Foreign business news in brief

SEATTLE: Boeing Co has resumed development of a long-haul jetliner that had been mothballed after the Sept 11, 2001, terror attacks on the United States. 

The new jet – 777-200LR – would be able to fly more than 9,100 nautical miles or nearly 17,000km for non-stop trips such as Singapore to New York, Dallas to Hong Kong, Mumbai to Los Angeles, and Chicago to Sydney, Boeing said. Commercial production of the new aircraft should begin in October next year, it added. – Reuters 



BEIJING: Michelin group plans to turn Shanghai Michelin Warrior Tyre Co Ltd, its joint venture with Shanghai Tyre & Rubber Co Ltd, into its largest global production base within the next two years. 

The Shanghai-based International Finance News said Michelin had invested US$200mil in 2001 in the joint-venture plant, which produced seven million tyres last year. The report said the firm was also targeting a four-fold increase in its turnover in China in the next three years, but provided no detailed figures. – AFX 



SHANGHAI: Dutch financial giant ING Groep NV and its Chinese partner are to launch an investment fund sale from Monday, the first Sino-foreign joint venture to issue funds in the country. 

A senior ING executive said the company had won approval to launch a fund targeted at Chinese investors and their US$1.2 trillion in personal savings, marking a key step in the opening of China’s huge but shuttered financial markets. – Reuters 



SEOUL: The American unit of South Korea’s Hynix Semiconductor Inc plans to spend US$100mil to upgrade memory chip production at its sole US plant in Oregon. 

“We are launching a US$100mil upgrade of our DRAM (dynamic random access memory) fabrication facility in Eugene, Oregon,” Hynix Semiconductor Manufacturing America said in a statement. – Reuters  

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