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Business news: the past week in Asia

Date: 15 Oct 2009

China and Russia conclude trade talks and HK aims to release more land to head off a property asset bubble. AIG sells its Taiwanese life assurance company, OCBC buys ING's Asia private banking assets and Bumi Resources signs up to an alliance with China's CIC.

Keywords (click to search): [Market wrap] [Asia-Pacific] [China] [Russia] [property bubble] [AIG] [OCBC] [ING] [Bumi Resources]

Richard Morrow

Australia
Telstra Corp. said Canberra’s planned amendments to break up the company could create uncertainties about the planned A$43 billion (US$38.9 billion) national broadband network and destroy shareholder value. The proposed amendments would make the telecom company either split up its retail and wholesale networks or face tougher regulations and potentially be unable to buy new mobile spectrum. In a submission to a Senate inquiry, Telstra said the plans could “potentially destroy value for the approximately 1.4 million Australian shareholders who purchased Telstra shares from the government over the past 12 years”.

Mining firm Rio Tinto raised its forecast for iron production from 200 million tonnes to between 210 and 215 million tonnes this year. The Anglo-Australian company said that the raise was based on “very strong demand from all markets” in the latest quarter, according to Sam Walsh, Rio’s chief executive for iron ore. ...

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