News in brief

  • Business
  • Wednesday, 19 May 2004

SEOUL: Daewoo Shipbuilding & Marine Engineering Co Ltd has set a long-term target for consolidated annual sales, including overseas operations, of up to 20 trillion won by 2015 from 4.5 trillion won projected for this year. 

The shipbuilder would establish a global business network covering Eastern Europe, the Middle East, Africa and East Asia and take on energy and other new business related to existing operations to hit the sales target, it said in a statement. 

“We aim to raise our sales about 14.5% annually with the construction of global business networks,” it said. – AFX-Asia 

SYDNEY: Qantas Airways Ltd has applied to the International Air Services Commission for the right to operate seven additional services a week to Britain. 

In a statement, executive general manager John Borghetti said the new flights, if approved, would increase Qantas' weekly services to Britain to 28 from 21 over the next two years, including flights through Hong Kong for the first time. – AFX-Asia 

SHANGHAI: Nissan Motor Co, Japan’s third largest vehicle maker, and partner Dongfeng Motor Corp said they plan to double capacity at their new China plant to 300,000 vehicles within three years as they seek a bigger share of the world’s fastest growing car market. 

The venture, which has an existing plant with a capacity of 70,000 units, also planned to quadruple its annual sales to 300,000 passenger vehicles by 2007, Yoshida said. – Bloomberg 

HONG KONG: Subway operator MTR Corp will invest more than US$1bil on railway projects in Beijing and Shenzhen, The Standard reported, quoting chief executive officer Chow Chung-Kong. 

Chow said that MTRC was pursing business opportunities in China to fuel earnings growth as its operations here slowed. 

In Shenzhen, MTRC will invest US$725mil over four years to add 16.5km of tracks to an existing 4.5km line extending north. And in Beijing, the company plans to spend about US$290 mil to build and operate a new 28.7km subway line as the capital prepares to host the 2008 Olympics. – AFX-Asia 

SEOUL: Samsung SDI Co Ltd has developed an active matrix organic light emitting diode (OLED) display, at 17 inches claimed to be the largest in its category. 

“The development of the world's largest OLED display will enable us to secure a price edge against our rivals,” it said in a statement.  

The previous largest size was 15.5 inches. – AFX-Asia 


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