Briefs, October 19, 2012
China's crude steel output and refinery throughput rose last month, with higher fixed asset investments and industrial output signalling that demand for bulk commodities and energy in the world's leading buyer is on the mend. Average daily steel output rose 2 per cent year on year, while refinery throughput rose 7 per cent, official figures show. Reuters
Chinese appliance maker Haier said it will be taking a majority stake in New Zealand's Fisher and Paykel Appliances after some institutional investors accepted a sweetened offer. Haier, which already owns 20 per cent of the laundry and kitchen appliance maker, raised its offer by 6.7 per cent The move is set to beef up Haier's technology and reduce its reliance on a slowing domestic economy, although it was not clear how big the company's stake would be. Reuters
A surge in Japanese real estate investment trusts to a 16-month high is signalling expectations the Bank of Japan will increase purchases of riskier assets to revive the economy. The Tokyo Stock Exchange's reit index has jumped 25 per cent this year to its highest level since June 2011. Several banks say the BOJ could boost reit buying at its October 30 meeting. Bloomberg
State-owned China Guangdong Nuclear Power has mandated four investment banks to arrange investor meetings next week for an offshore yuan bond issue, people with knowledge of the deal said. Bank of China International and China Development Bank will be joint global co-ordinators. "The roadshow will be held next Monday in Hong Kong and Tuesday in Singapore," one of the people said. Reuters
Hawker Beechcraft said it would no longer pursue the sale of its operations to Superior Aviation Beijing, as the transaction could not be completed on acceptable terms. The Kansas-based plane-maker said it protected itself during the exclusive talks by obtaining a US$50 million non-refundable deposit. AP
