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Business news: the past week in Asia

Date: 11 Feb 2010

Australia’s richest man gets Chinese funding for a mega-mine, Kirin and Suntory end merger discussions, Temasek launches a new US$4 billion fund, and Taiwan lets its chip- and screen-makers invest more into the mainland.

Keywords (click to search): [Export-Import Bank of China] [National Australia Bank] [Rio Tinto] [BoCom International] [Kirin] [Suntory] [Lone Star] [Korea Exchange Bank] [Temasek]

Richard Morrow

AUSTRALIA
Clive Palmer, Australia’s wealthiest man, announced a deal on February 6 in which the Export-Import Bank of China would arrange US$5.6 billion of the US$8 billion financing he needs to build a mega-mine, dubbed “China First”, in Australia’s Queensland state. China Power Investment Corp. agreed to buy 30 million tonnes of coal from the projects annually for 20 years. The project could have a major impact on the US$350 billion annual global coal market.

BHP Billiton reported better than expected half-year profits but CEO Marius Kloppers, chief executive, said many economies – especially that of the US – remained dependent on stimulus spending. This dependency had not addressed structural issues such as labour markets and excess production capacity in developed markets. He added that “a further variable will be the impact of any measures to control loan growth in China”.

The Australian Competition and Consumer...

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