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South Korea's Kia to build new vehicle assembly plant in Mexico MEXICO CITY: South Korean automaker Kia Motors Corp has earmarked $1 billion to build a vehicle assembly plant in Mexico, and President Enrique Pena Nieto said on Wednesday he expects the plant will spur investments by suppliers of another $1.5 billion. The plant, with a capacity to build 300,000 vehicles a year, will be located in the state of Nuevo Leon and should open in the first half of 2016, Kia said. "This investment will trigger others, those of their suppliers. We estimate that suppliers will invest another $1.5 billion," Pena Nieto told an event in Mexico City. A slew of Korean suppliers are expected to invest in a supply network for the plant.Hyundai Mobis plans a module factory in Mexico, while Mando Corp, which makes parts for steering, braking and suspension systems, is considering a plant there, spokesmen at those companies said.Economy Minister Ildefonso Guajardo said the Kia facility ...

PBOC does 10bn yuan repos, injects 45bn yuan for week SHANGHAI: China's central bank will drain 10 billion yuan($1.63 billion) from the money markets through 14-day bond repurchase agreements on Thursday, traders said, meaning it will inject a net 45 billion yuan into the market this week.The People's Bank of China (PBOC) conducted a net injection of 11 billion yuan into the market last week.The PBOC has now injected a net 24 billion yuan into the market via its open market operations so far in ...

China's industrial profits grow 13.5pc yr/yr in July BEIJING: China's industrial profits grew 13.5 percent in July compared to a year ago, slowing from June's 17.9 percent annual rise, data showed on Thursday. Between January and July, profits rose 11.7 percent compared to the same period last year. China's economy has had a rough ride this year as unsteady foreign and domestic demand dragged on exports, factory output and domestic investment. A surprisingly sharp slowdown in the housing market has also further dampened ...

Further losses for Australia's Billabong amid 'turnaround' SYDNEY: Embattled Australian surfwear firm Billabong posted a Aus$233.7 million (US$218.2 million) net annual loss Thursday, an improvement from the previous year as it declared that a "turnaround is gaining traction".The global retailer said revenue rose 1.6 percent to Aus$1.13 billion in the year to June 30, although underlying earnings -- excluding discontinued businesses and significant items such as redundancy costs -- fell 26.2 percent to Aus$52.5 million.Billabong, which had posted a Aus$859.5 million net ...

Millions lose Internet access in US NEW YORK: Time Warner Cable apologized for a "very serious failure" after millions of people across the United States were knocked off the Internet on Wednesday because of a fault.An estimated 11 million Internet subscribers were hit by the early morning outage, which lasted more than hour, The Wall Street Journal said, while other reports said the problem affected customers nationwide."During an overnight network maintenance activity in which we were managing IP addresses, an erroneous ...

Lagarde charge raises ghosts of scandal at IMF WASHINGTON: The International Monetary Fund is again touched by scandal with chief Christine Lagarde's being charged in a French graft case, three years after predecessor Dominique Strauss-Kahn resigned in disgrace.The "negligence" charge against Lagarde Wednesday in a case dating back to her years as French finance minister bear little resemblance to the sexual-assault allegations from a hotel maid that led to the downfall of Strauss-Kahn in 2011.But Lagarde's legal challenge in the long-running Tapie affair ...

Kia to open $1bn car assembly plant in Mexico MEXICO CITY: South Korean carmaker Kia Motors on Wednesday announced plans to build its first auto assembly plant in Mexico.The $1 billion plant is to be built near the city of Monterrey in northern Mexico and would begin operations in 2016.It will have state-of-the-art technology and capacity to make 300,000 vehicles a year, the company's vice president for global strategy, Hyung-Kun Lee said. Lee did not say what types or models of vehicles are to ...


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WeeklyAugust 25, 2014
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