Singapore Petroleum buys RI firm
Singapore Petroleum buys RI firm
SINGAPORE: Oil producer and refiner Singapore Petroleum Co.
has bought an Indonesian subsidiary of U.S.-based gas and oil
giant El Paso Corp. for US$23.2 million, SPC said on Saturday.
Coastal Indonesian Sampang owns a 40 percent working interest
in oil and gas fields off the East Java coast.
The move "will provide a more stable earnings stream in the
long run," SPC chief executive officer Koh Ban Heng told The
Straits Times.
Since 2000, SPC has moved from its role as a refining and
trading operation with the purchase of a 15 per cent stake in a
production-sharing contract involving a 654km gas pipeline from
the West Natuna sea off Indonesia to Singapore.
SPC acquired a 40 per cent share in another gas pipeline
project from Singapore to Sumatra last year. --DPA
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Corporate-Germany-auto
VW cautious about Chinese market
JP/14/Brief
VW cautious about Chinese market
FRANKFURT: Volkswagen, Europe's biggest car maker and the
market leader in China, said on day it was cautious about the
Chinese market after reporting its first half-year sales decline
there.
"We remain very cautious about the growth outlook, even more
so because the forecasts for this market are difficult," said
management board chairman Bernd Pischetsrieder.
VW earlier reported net profit in the first six months fell
35.7 percent from a year earlier to 383 million euros (US$.4
million) and issued a profit warning for the full year.
For the first time, sales in China fell by 4.2 percent to
310,657 units.
The company attributed the decline in China to increasing
competition, notably from VW's arch-rival General Motors, and the
sharp increase in sales incentives from rivals. -- AFP
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Corporate-Britain-banking
Spanish banking bidding for Abbey
JP/14/Brief
Spanish banking bidding for Abbey
MADRID: The board of SCH, Spain's largest bank, was to meet on
Sunday to decide whether to launch a multi-billion euro takeover
offer for Britain's Abbey National.
A deal between the two institutions would create Europe's
fourth-largest bank by market capitalization, behind HSBC, the
Royal Bank of Scotland and UBS, and the eight-biggest worldwide.
The meeting, which SCH said on Friday would be "evaluating
opportunities related to Abbey National" was to take place on
Sunday afternoon, while a bank spokesman could not confirm if a
statement would be made later.
Analysts expect SCH would offer its own shares and a cash top-
up for Abbey National shareholders in an eventual bid, and
predict that it would be worth between 12-13 billion euros
(US$14.5-$15.7 billion). -- AFP
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Corporate-SKorea-banking
S. Korean banks post record profit
JP/14/Brief
S. Korean banks post record profit
SEOUL: South Korean banks posted record earnings in the first
half of this year thanks to a surge in interest income, a
financial watchdog said on Sunday.
The Financial Supervisory Service said 19 banks posted a
combined net profit of 3.58 trillion won (US$3.1 billion) in the
first six months to June, compared to 733 billion won a year ago.
Their first-half operating profit rose to 3.98 trillion won
from 1.19 trillion won a year ago, it said.
The watchdog said South Korean banks reported bigger interest
income and a drop in loan loss reserves.--AFP
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Corporate-China-auto
Ford to build plant in China
JP/14/Brief
Ford to build plant in China
SHANGHAI: Ford Motor Co.'s plan to build a third auto plant
in China with the cooperation of Japan's Mazda Motor reflects
foreign carmakers continued ambitions in the world's fastest
growing market.
The deal signed on Thursday means that Ford is moving ahead
with its previously announced US$1billion expansion in China as
it seeks to catch U.S. rival General Motors Corp and Germany's
Volkswagen AG.
The three-way agreement, which includes China's Chongqing
Changan Automobile, is further evidence that China is the most
important battleground for the world's auto giants despite
mounting evidence of slowdown. -- AFP