IN BRIEF (Page 14)
Oz manufacturing grows, profits up
Australian company profits increased for the first time in five quarters and manufacturing expanded at the fastest pace since 2007, strengthening the case for the central bank to resume raising interest rates on Tuesday.
Gross operating profits jumped 2.2 percent last quarter from the previous three months, the Bureau of Statistics said in Sydney on Monday. An index of manufacturing performance rose to 53.8 points in February, according to a separate report from the Australian Industry Group and PricewaterhouseCoopers survey.
Vivendi earnings beat estimates
Vivendi SA, owner of the world's largest video-game company, posted a less-than-expected decline in full-year profit as it introduced new titles.
Adjusted net income, or profit excluding one-time gains or charges, fell to 2.59 billion euros ($3.53 billion) from 2.74 billion euros in 2008, the Paris-based company said in an e-mailed statement on Monday. Analysts had predicted profit at 2.46 billion euros, the average of 20 estimates compiled by Bloomberg. Revenue rose 6.9 percent to 27.13 billion euros.
Prudential to buy AIG's Asian unit
British insurer Prudential PLC said on Monday it will buy the Asian unit of US insurance company AIG in a deal worth $35.5 billion.
Prudential will pay $25 billion in cash, including $20 billion from a rights issue, and $10.5 billion in new shares and other securities to acquire AIA Group Ltd. The combined group will be the leading life insurer in Hong Kong, Singapore, Malaysia, Indonesia, Vietnam, Thailand and the Philippines, Prudential said.
HSBC posts $5.83b FY net income
HSBC Holdings Plc, Britain's biggest bank, posted full-year net income that missed analyst estimates after costs for bad loans climbed and profit fell for units in Europe, the Middle East and Asia.
Earnings increased to $5.83 billion from $5.73 billion a year earlier, the London-based lender said on Monday in a statement. That was less than the $7.76 billion median estimate of analysts surveyed by Bloomberg. The bank's shares fell in London trading.
Shanghai Electric fundraising plan
Shanghai Electric Group Co cut the amount it plans to raise in a private placement to as much as 3.56 billion yuan ($522 million), according to a statement to the Shanghai Stock Exchange on Monday.
The electric equipment maker said in April it planned to raise as much as 5 billion yuan in a sale of up to 700 million shares.
Fubon, Citic form leasing venture
Fubon Financial Holding Co said its unit and Citic Asset Management Corp formed a financial leasing venture on the mainland.
Fubon Financial Holding Venture Capital Co invested 125 million yuan for a 25 percent stake in Citic Futong Financial Leasing Corp, the Taipei-based financial services company said. Citic Asset will hold a 51 percent stake in the venture.
China Railway to make placement
China Railway Construction Corp plans to conduct a private placement of shares, the company said on Monday, without disclosing how big it would be.
The infrastructure construction group said in a filing to the Shanghai Stock Exchange that its shares would be suspended from Monday for at most five working days.
ICBC increases overseas assets
Industrial and Commercial Bank of China (ICBC) increased its overseas assets by 22.9 percent last year to $49.2 billion, the world's largest bank by market capitalization said.
That is about 2.9 percent of ICBC's total assets, which stood at 11.67 trillion yuan ($1.71 trillion) at the end of September. ICBC said it had set aside ample provisions for a wide range of risky assets overseas.
Astellas makes hostile offer for OSI
Astellas Pharma Inc, Japan's second-largest drugmaker, began a $3.5 billion hostile takeover offer for OSI Pharmaceuticals Inc to expand in treatments for cancer.
The bid values Melville, New York-based OSI at $52 a share in cash, 40 percent above the closing price of $37.02 on Feb 26, Astellas said. The offer isn't subject to financing conditions, the company said.
Bloomberg-AP-Reuters
(China Daily 03/02/2010 page14)
