Foreign news in brief


  • Business
  • Thursday, 05 Feb 2004

Cheung Kong sees flat sales  

HONG KONG: Cheung Kong (Holdings) Ltd, the property flagship company of tycoon Li Ka-shing, expects flat sales this year of about HK$10bil–HK$12bil, after generating HK$18bil in 2003. 

Hong Kong’s second largest property company by market capitalisation plans to put up to 4,500 units on the market this year, but could add up to 10% more if the market stays hot, according to executive director Justine Chiu. Last year Cheung Kong sold 6,200 apartments in the territory. – Reuters 

Samsung Elec, EMC form alliance  

SEOUL: Samsung Electronics Co Ltd and storage technology giant EMC have signed a memorandum of understanding (MoU) to form an alliance to jointly develop and market storage gears in the domestic market and develop storage-related technology. 

Under the MoU, EMC will sell its storage-related products in South Korea through Samsung Electronics’ marketing networks, and the latter will supply some storage-related core parts to the US company. – AFX-Asia 

Sanofi to take over Japan venture  

TOKYO: French drugs firm Sanofi-Synthelabo is to acquire the 49% of a joint venture with Taisho Pharmaceutical Co that it does not own to build up its own sales network in Japan. 

Under the deal announced yesterday, Taisho, Japan’s largest over-the-counter drug maker, will sell its 49% stake in the joint venture, which has about 30 sales staff, to Sanofi on March 31, 2006. Taisho said the terms had not yet been set. – Reuters 

Sony investing in IBM chip plant  

NEW YORK: Sony Corp is to invest US$325mil in IBM Corp’s upstate New York semiconductor plant and work with Big Blue to produce tiny new chips for next-generation computer systems and consumer electronics. 

IBM said it planned to begin pilot production of the new microprocessors, code-named “Cell”, and other chips for Sony at the plant in the first half 2005. The Sony deal follows a November announcement by Microsoft Corp that IBM would make chips for the next version of the Xbox video game consoles. – Reuters 

China 2003 gold output hits record 

SHANGHAI: China, one of the world’s five biggest gold producers, pounded out a record 200.598 tonnes of the metal in 2003, up 5.68% from the previous year, the China Gold Association said. And according to the World Gold Council, physical demand from China, the world’s third biggest consumer of gold, is expected to grow steadily in coming years after hitting 215.0 tonnes in 2002. – Reuters  

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