BUSINESS UPDATES
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The United Arab Emirates property company Rakeen has teamed up with India’s Trimex group to build US$5 billion worth of townships all over India.
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Baidu ventures into news service China’s premier local search engine Baidu has secured a coveted Internet news licence on the Internet and has formed a small core team to study ways to provide news using the Web 2.0 methods to its numerous users. The listed Baidu aims to establish itself as a major player in the fast growing net advertising market.
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A look at what happened in North Asian businesses, three years to this day.
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Walk, not drive, Mazda staff are told Employees of the Japanese carmaker are given $12 a month to encourage them to walk to the office to improve their health and protect the environment.
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US ho! Tokyo Marine Holdings, Japan’s largest non-life insurer by sales, is buying Philadelphia Consolidated Holdings, an American non-life insurer, for US$4.7 billion.
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Please wait Australia will make a decision "in a few months" on whether Sinosteel Corp can take a stake in Murchison Metals, after Sinosteel made a A$1.36 billion (US$1.3 billion) bid for Murchison’s rival, Midwest Corp.
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Japanese annual inflation hit 1.2% in March, the highest in a decade. This helped trigger a huge sell-off in yen bonds in late April after the figures were released. Investors feared Japan had little immunity from price increases and its central bank might be forced to raise rates, despite a weak economy.
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Back to his roots Ratan Tata has decided to make his Nano, the world's cheapest car, in Gujarat, the state where the Tata clan, of Parsi faith, made their first home in India after their ancestors fled Persia (now Iran). If all goes well Tata Motors will be given a 1,000 acre site near Sanand, 26 km from the western fringes of Ahmedabad, to build the first Nano plant. Completed cars, which seat four, would be sold around US$2,500. Tata Motors has pulled out of a planned plant in West Bengal due to protest by farmers and other residents.
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