The Star Online: Business
The Star Online: Business |
- China manufacturing ticks up in April but still contracts
- Australia to buy 58 US F-35s for US$11.6bil
- Japan's Seibu Holdings valued at US$5.6bil on relisting
| China manufacturing ticks up in April but still contracts Posted: 22 Apr 2014 06:48 PM PDT BEIJING: China's manufacturing downturn eased slightly in April as declines in new orders and output slowed, a preliminary survey showed on Wednesday, though factory activity showed an overall contraction for the fourth straight month. The HSBC/Markit flash Purchasing Managers Index (PMI) for April rose to 48.3 from March's final reading of 48.0, still below the 50 line separating expansion from contraction. The survey showed contractions in new orders and output moderated somewhat, though new export orders slipped back below the 50 line after a pickup in March, suggesting that the external environment remains difficult for Chinese firms. The survey indicated a weak start to the new quarter, and came after figures last week showed that China's economy expanded 7.4% between January and March from a year earlier, its slowest pace in 18 months. "Domestic demand showed mild improvement and deflationary pressures eased, but downside risks to growth are still evident as both new export orders and employment contracted," said Qu Hongbin, chief economist for China at HSBC, in a statement accompanying the PMI. He added that he expected more government support measures in coming months. Signs of a slowdown in the first quarter had been evident in a series of economic indicators, prompting the government to unveil a series of measures to promote growth, although it has ruled out major stimulus. It has also said that its main focus will be on job creation, and that it did not matter if growth in 2014 came in a little below the official target of 7.5%. The final Markit/HSBC manufacturing PMI for April is due on May 5. – Reuters |
| Australia to buy 58 US F-35s for US$11.6bil Posted: 22 Apr 2014 06:12 PM PDT SYDNEY: Australia will purchase 58 more F-35 Joint Strike Fighters at a cost of Aus$12.4 billion ($11.6 billion) in a major upgrade to defence capabilities, the government said. The new aircraft will bring Australia's total JSF force to 72 aircraft, with the first due to arrive in Australia in 2018 and enter service in 2020."The F-35 will provide a major boost to the Australian Defence Force's intelligence, surveillance and reconnaissance capabilities," Prime Minister Tony Abbott said in a statement released late Tuesday. "The fifth generation F-35 is the most advanced fighter in production anywhere in the world and will make a vital contribution to our national security." The deal with US aerospace giant Lockheed Martin is in addition to 14 F-35s Australia already approved in 2009. "The acquisition of F-35 aircraft will bring significant economic benefits to Australia, including regional areas and local defence industry," Abbott added. The government, which was to make a detailed announcement on the deal later Wednesday, will also consider an option to buy another squadron of F-35s to replace the air force's fleet of ageing F/A-18 Super Hornets which are due for retirement from 2022. The overall price tag includes weapons, spare parts and maintenance facilities, with Australia's defence industry reportedly set to benefit by up to Aus$1.5 billion in flow-on business. The fighter programme will see Aus$1.6 billion spent on upgrading air force bases at Williamtown in New South Wales and Tindal in the Northern Territory where the planes will be based. Australia had originally indicated it would buy 100 of the jets, and that is still a target figure for air force chiefs, but budgetary constraints under the previous government saw it trim back and delay the order in 2012. The JSF, costing US$160 million each on Pentagon figures and not due to enter service until 2016, has been touted as a technological wonder and the ultimate stealth attack plane able to evade radar detection. However it has suffered setback after setback and is seven years behind schedule with a budget blow out of US$167 billion dollars to more than $390 billion, making it the costliest weapons programme in US history. South Korea has plans to finalise the purchase of 40 F-35 jet fighters from Lockheed Martin later this year. Australia is one of eight countries, apart from the United States, taking part in the JSF programme: Britain, Canada, Denmark, Italy, the Netherlands, Norway and Turkey. - AFP |
| Japan's Seibu Holdings valued at US$5.6bil on relisting Posted: 22 Apr 2014 06:07 PM PDT TOKYO: Japanese railway and hotels giant Seibu Holdings returned to the stock market Wednesday after aggressive restructuring following its delisting more than nine years ago, with early trade valuing the group at US$5.6 billion. Seibu was changing hands at 1,685 yen after the first 30 minutes of trading, up 5.3 percent from its initial public offering (IPO) price.The price put the total value of the company's shares at 576 billion yen ($5.6 billion). The IPO price was the bottom end of the company's proposed range as the Tokyo stock market has lost momentum recently and global investors are becoming more selective about Japanese shares. Because the price range Seibu had set was lower than expected, its top shareholder, Cerberus Capital Management, decided not to sell shares in the listing. Cerberus will continue to hold its current 35.4 percent stake. Despite Cerberus's decision, the company's other major shareholders, including Norinchukin Bank and Development Bank of Japan, intend to sell their shares. Seibu was delisted more than nine years ago. The group returned to the stock market after aggressively shedding assets, cutting costs and receiving a private bailout. |
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