China's port authorities to strengthen dangerous goods shipment supervision

      

China's port authorities will strengthen supervision of dangerous goods shipments following devastating explosions at Tianjin port last week, the Ministry of Transport said on Wednesday. 

PHOTO: REUTERS

AUG 19, 201512:11 PM

[SHANGHAI] China's port authorities will strengthen supervision of dangerous goods shipments following devastating explosions at Tianjin port last week, the Ministry of Transport said on Wednesday.

Port authorities from provinces including Zhejiang, Liaoning and Guangdong have asked shipping firms involved in relevant activities to conduct self-inspections to check safety standards, and pledged to crack down on any illegal activities, according to a report posted on the ministry's website.

Over a hundred people have been killed by the blasts at a warehouse which stored hazardous chemicals at Tianjin Port.

The Chinese owner of the warehouse did not a license to handle hazardous goods until two months before the disaster, according to its government-registered company records.

REUTERS

      

Cathay Pacific first-half profit up nearly sixfold

Hong Kong flag carrier Cathay Pacific Wednesday said first-half profit rose to HK$1.97 billion (S$356 million) from a year earlier, helped by lower fuel prices, but the result missed expectations due to hedging losses. 

PHOTO: BLOOMBERG

AUG 19, 20151:22 PM

[HONG KONG] Hong Kong flag carrier Cathay Pacific on Wednesday said first-half profit rose to HK$1.97 billion (S$356 million) from a year earlier, helped by lower fuel prices, but the result missed expectations due to hedging losses.

Net profit for the first six months of the year was up nearly six times, but revenue for the period fell 0.9 per cent to HK$50.39 billion.

The airline said the growth was due to a 35 per cent, or a HK$7.08 billion, decrease in fuel costs and increase in passenger and cargo capacity.

"The group's performance in the first six months of 2015 was considerably better than in the same period in 2014," Cathay Pacific chairman John Slosar said.

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"We expect our business to do well in the remainder of 2015." But the results missed the median estimate of six analysts polled by Bloomberg, who were expecting a net profit of HK$2.22 billion.

The airline said it lost HK$3.74 billion in fuel hedging losses after a slump in crude oil prices last year, and warned it still faces "strong competition" from other airlines.

At last year's first-half results, the airline had warned of a "challenging" outlook in the face of surging competition.

A fall in fuel prices and a rise in the number of flights that are filled to capacity means airlines are expected to make US$29.3 billion, more than a previous estimate, in collective profit on revenues of US$727 billion in 2015, the International Air Transport Association said in June.

AFP

    

Japan's Kirin to buy F&N's stake in Myanmar Brewery for US$560m: source

Kirin Holdings President and Chief Executive Yoshinori Isozaki poses in front of the company logo at its headquarters in Tokyo on Aug 18, 2015.

PHOTO: REUTERS

AUG 19, 20151:43 PM

[SINGAPORE] Japan's Kirin Holdings is set to buy Fraser and Neave's (F&N) 55 per cent stake in Myanmar's biggest brewer, Myanmar Brewery Ltd, for US$560 million (S$786 million), a source familiar with the deal said on Wednesday.

An announcement on the deal could come as early as Wednesday, said the source, who declined to be identified due to the sensitivity of the matter.

Earlier this month, F&N agreed to sell its 55 per cent stake in Myanmar Brewery to government-backed Myanma Economic Holdings Ltd (MEHL) for US$560 million, bringing an end to a lengthy dispute. The source said Kirin was coming in as MEHL's nominee and is looking to buy the stake at the agreed price of US$560 million.

Kirin declined to comment and F&N had no immediate comment. Myanmar Brewery and MEHL could not be immediately reached for comment.

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Japan's Yomiuri daily reported on Wednesday that Kirin was set to buy F&N's 55 per cent stake in Myanmar Brewery for as much as 100 billion yen (S$1.13 billion), and that it would announce the deal "soon". It did not say where it got the information.

Reuters has previously reported that SABMiller was eyeing a stake in Myanmar Brewery, and Kirin and Thailand's Boon Rawd Brewery could also be interested.

REUTERS