Foreign news in brief

  • Business
  • Wednesday, 29 Jan 2003

SEOUL: Global tyre maker Michelin said yesterday it would buy a 10% stake in Hankook Tire to establish a strategic alliance. Hankook is one of the largest tyre makers in South Korea, which ranks as the world's fifth largest producer of motor vehicles behind the United States, Japan, Germany and France. 

A spokesman for Hankook Tire estimated the value of the planned stake purchase at 38.5 billion won (US$33.17mil). – Reuters 



SHANGHAI: Volkswagen AG plans to produce 330,000 vehicles at one of its two main auto ventures in China this year, up 18% from 2002, a top official at the German firm's Chinese partner said yesterday. 

Shanghai Volkswagen Automotive Co Ltd, a 50:50 venture between Volkswagen and China's No. 2 carmaker Shanghai Automotive Industry Corp (SAIC), had just begun producing its new Gol compact sedan and “we plan to push more products onto the market this year,” said SAIC chairman Chen Xianglin. – Reuters 



DETROIT: South Korean automaker Hyundai Motor Co plans to build a US$50mil automotive proving ground in California. The company said the move underscored its commitment to design Hyundai and Kia vehicles for North American consumers. 

Scheduled for completion in 2004, the project will feature a 10.3km oval track, a vehicle-handling course inside the oval track, a paved hill road and several special surface roads. – AP 


HONG KONG: PCCW Ltd, Hong Kong’s dominant fixed-line phone company, has placed US$456mil, 10-year unsecured bonds with private investors, the carrier and arranger Deutsche Bank confirmed yesterday. 

The bonds are the latest in a string of trips to the credit markets that PCCW has taken to refinance the US$4.7bil in bank debt it incurred after paying US$28.5bil in 2000 for Cable & Wireless HKT. – Reuters  

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