HK's currency move

AGENCE FRANCE PRESSE

HONG KONG: Hong Kong Monetary Authority (HKMA) has sold $ 603 million worth of Hong Kong dollars in the foreign exchange market in an effort to curb the currency’s rise, a report said. The move came as US dollar hit HK$ 7.75, the lower limit of the trading band in which the greenback is allowed to trade against the local currency. The HK dollar is typically allowed to trade in a narrow range between HK$ 7.75 and HK$ 7.85. HKMA said demand for local unit was robust due to a weakness in US dollar and stabilisation of European markets, which triggered capital inflows to Asian currencies and stocks. —

Petronas bid too low

MONTREAL: A top Canadian official said his country is not satisfied with the $ 5.3 billion bid by Malaysian state energy firm Petronas to buy Canadian gas producer Progress Energy Resources. “I can confirm that I have sent a notice letter to Petronas indicating that I am not satisfied that the proposed investment is likely to be of net benefit to Canada,” industry minister Christian Paradis said in a statement. The two energy companies signed a deal in June for the purchase, saying it was aimed at securing stable supplies of liquefied natural gas from North America. But the transaction must still get a green light from the industry ministry.

Nissan to add jobs

CHICAGO: Japanese automaker Nissan announced plans to add 810 jobs to its Tennessee factory to support a third shift as it expands local production of its core models. Nissan said it aims to have 85 per cent of all Nissan and Infiniti products that are sold in the US produced in North America by 2015. “The dedicated workforce in Tennessee continues to build high-quality vehicles that compete and win globally, and we’re committed to ensuring this doesn’t change,” vice chair of Nissan Americas Bill Krueger said. Nissan’s plant in Smyrna, Tennessee, has an annual output capacity of 550,000 vehicles and began production in June 1983. It currently produces the Nissan Altima, Maxima, Pathfinder and Infiniti JX.

Posco to invest $11bn

SEOUL: South Korean steel giant Posco plans to nearly double its Indonesia investments to $11 billion over five years, country's chief economics minister said. The world's fourth-largest steelmaker currently has $6 billion invested in Indonesia, which is seeking overseas money to build infrastructure it needs to maintain strong economic growth, which hit 6.5 per cent last year. "Posco will increase its commitment up to $11 billion for further development in cold steel, energy and smelters," Hatta Rajasa told reporters. —