News in brief

  • Business
  • Thursday, 20 Feb 2003

Japan firms in Airbus supply deal 

TOKYO: European aircraft maker Airbus has placed orders worth US$400mil with Japan's Yokogawa Electric Corp, Casio Computer Co Ltd and Makino Milling Machine Co Ltd for equipment for its new 555-seat A380 super-jumbo plane, which is due to enter service in 2006.  

This means Airbus now has 13 supply partners in Japan for the A380 development programme, with contracts totalling over US$2.15bil in value. Airbus said Yokogawa Electric would supply display modules for the A380 cockpit, with Casio Computer providing the liquid crystal display screens for the system. Makino Milling would provide machines to produce precision parts for the A380 wing. – Reuters 

China gives nod to new fund venture 

SHANGHAI: China has granted initial approval for a fund management joint venture between London-listed global asset manager Amvescap plc and Chinese partners including Great Wall Securities.  

The venture, Amvescap Great Wall Fund Management Co, would have paid-in capital of 100 million yuan (US$12.08mil) and be based in China’s booming southern city of Shenzhen, the official Shanghai Securities News reported. – Reuters 

Astra to sign deal with Toyota 

JAKARTA: Indonesia’s leading auto maker PT Astra International plans to sign a memorandum of understanding with Japan’s Toyota Motor Corp today involving manufacturing unit PT Toyota Astra Motor. 

Astra, 34.31% owned by Singapore’s Cycle & Carriage, declined to give details ahead of the signing. But it is known the company has been in talks to sell to Toyota the manufacturing unit that produces Toyota models in Indonesia as part of efforts to reduce its debts and focus on the distribution business. Analysts estimated the deal at US$150mil-US$200mil. – Reuters  

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