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Sumitomo Electric Industries Ltd. (TYO:5802) plans to boost its supply of automotive wire harnesses to Mitsubishi Motors Corp. (TYO:7211) to about 5 billion yen within a year, company officials said Thursday.
Sumitomo Electric Industries Ltd. (TYO:5802) plans to boost its supply of automotive wire harnesses to Mitsubishi Motors Corp. (TYO:7211) to about 5 billion yen within a year, company officials said Thursday.
Sydney, Feb 19, 2010 AEST (ABN Newswire) - Wall Street Thursday closed modestly higher, marking its third straight day of gains. The market was inspired by the strong regional manufacturing data. Technology stocks rose on Hewlett-Packard's better-than-expected result, while Wal-Mart's sales drop and disappointing forecast pulled retail sector lower.

Most Asian markets fell Thursday as investors took profit from recent rallies. Resources shares declined across the region after news that International Monetary Fund plans to sell 191.3 metric tons of gold on open markets. Hong Kong's Hang Seng Index lost 0.5 per cent and South Korea's Kospi fell 0.4 per cent. However, Japan's Nikkei stock average rose 0.3 per cent while the Bank of Japan left its interest rate at 0.1%. China, Taiwan and Vietnam markets remained closing on Friday.

Company News

Sumitomo Electric Industries Ltd. (TYO:5802) plans to boost its supply of automotive wire harnesses to Mitsubishi Motors Corp. (TYO:7211) to about 5 billion yen within a year, company officials said Thursday. The plan will make the Osaka-based company Mitsubishi Motors' largest supplier of the harnesses. The company also plans to expand transactions with PSA Peugeot Citroen (EPA:UG) while Mitsubishi Motors reinforces its tie-up with the French automaker. The company will also acquire part of Mitsubishi Cable Industries Ltd.'s (TYO:5804) wire harness operations.

South Korea's Hanjin Shipping Co. (SEO:117930) aims to shift to an operating profit this year on recovering demand and cost cuts. If the general rate increase for the U.S. route is raised in May, the company will likely to turn around this year in terms of operating profit, said the company's chief executive.

Singapore Technologies Engineering Ltd. (SIN:S63) said fourth-quarter net profit rose 27% on year and forecasted a better performance in 2010 than in 2009. Net profit for the three months ending Dec. 31 rose to S$129.7 million from S$102.2 million a year earlier. The result was due to higher contributions from all its businesses, including the aerospace and marine divisions.

State-run Korea Electric Power Corp. (Kepco) (SEO:015760), is considering making a bid for a stake in Aston Resources, which plans to raise between A$200 million-A$300 million in a partial initial public offering of the company within six months, said a person familiar with the matter. Aston has settled the $480 million purchase of the Maules Creek coal mine from Rio Tinto (ASX:RIO) subsidiary Coal & Allied (ASX:CNA).

Contact

Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net


Related Companies

Sumitomo Electric Industries, Ltd       
Singapore Technologies Engineering Limited       
Rio Tinto Limited          
PSA Peugeot Citroen S.A.       
Mitsubishi Motors Corporation       
Mitsubishi Cable Industries, Ltd.       
Korea Electric Power Corporation (KEPCO)       
Hanjin Shipping Company        
Coal & Allied Industries Limited       

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