On Friday the Dow and S&P 500 dropped on China's move to lift banks reserve requirement, on weaker-than-expected data on US consumer sentiment and business inventories and euro zone GDP data. U.S. markets close tonight for the Presidents' Day holiday.
Japanese car maker Nissan Motor Co Ltd (TYO:7201) expects to be debt-free by the end of 2010 and is looking to double its market share in the Middle East region, said its chief executive. The company could have a tactical advantage in a short term when Toyota is impacted by its massive recall. Nissan also plans to launch a new platform in Geneva next month with small cars that would be "very well" priced for everyone.
Shinsei Bank (TYO:8303) and Aozora Bank (TYO:8304), the two Japanese banks owned by overseas investors, said the two have decided not to merge in October as planned. The two banks are facing difficulties in working out a business strategy, including system integration and choice of core operation. The two banks reached the basic merger accord last July with the aim of restoring their financial health and turning around their business through the merger.
BHP Billiton (ASX:BHP) chief Marius Kloppers hinted that iron ore benchmark prices are set to jump strongly while analysis showed that China's steel industry was likely to double output by 2025. Mining giants BHP Billiton and Rio Tinto (ASX:RIO) are currently believed to be in negotiations with Chinese steel mills to set a benchmark price for the next 12 months.
Nomura (TYO:8604) will buy the European natural gas and power trading operations of Canadian company Nexen Inc. (NYSE:NXY) (TSE:NXY) for around US$55 million, the Financial Times reported Monday. The transaction will double the Japanese bank's commodities trading capacity in Europe, the Middle East and Africa, the report said.
Michelle Liang Asia Business News Asia Bureau TEL: +61-2-9247-4344 Email: firstname.lastname@example.org
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