Chinese authorities accuse GSK of using bribery to boost sales
British drugmaker GlaxoSmithKline is under investigation by Chinese authorities for alleged bribery and price fixing. Gao Feng, head of the economic crimes investigation unit at China's Ministry of Public Security, said an investigation was underway and that four senior company executives had been detained. Authorities suspect GSK offered bribes to officials and doctors to try to boost sales and to raise the price of its medicines. It is alleged they did so through travel agencies. Gao said that since 2007 the company had transferred as much as 3 billion yuan to more than 700 travel agencies and consultancies. "We have sufficient reason to suspect that these transfers were conducted illegally," he said. "You could say the travel agencies and GSK were criminal partners." Image: © Getty Copyright is owned by Asia Outlook and/or Outlook Publishing. All rights reserved.
Samsung posts record Q2 profit
South Korea's Samsung Electronics, the world's largest technology firm by revenue, has posted another record quarterly net profit. The results however disappointed investors who had expected an operating profit of 10 trillion won. Samsung said its April to June net profit jumped nearly 50 percent on last year to 7.77 trillion won, with growth driven by its flagship Galaxy S and higher chip prices. Q2 operating profit was up 47.5 percent to 9.53 trillion won as sales grew 20.7 percent on-year to 57.46 trillion won. The figures were in line with the firm's forecast at the start of the month. Samsung is the world's largest smartphone maker. In the January to March quarter, it sold more smartphones than the next four vendors combined and one in every three smartphones sold in the period was made by Samsung, according to market researcher IDC. Samsung's record earnings come after U.S. giant Apple unveiled its fiscal third-quarter results, which showed net profits fell by 22 percent year-on-year Image: © Getty Copyright is owned by Asia Outlook and/or Outlook Publishing. All rights reserved.
Rio Tinto sells Northparkes stake to Chinese firm
China Molybednum has agreed a deal to buy Rio Tinto's 80 percent stake in Northparkes copper and gold mine in Australia for $820 million. The Northparkes stake is one of several assets Rio has put up for sale as it aims to slash $5 billion in costs, pare debt and focus on its biggest, most profitable mines. Chief financial officer Chris Lynch said the sale "represents great value for our shareholders and demonstrates our continued focus and discipline in the way we allocate capital across the Group. "Northparkes is a successful business but is not of sufficient size to be a good fit with our strategy. We believe it will have a strong future under its new ownership. Rio Tinto will continue to manage Northparkes to the highest safety and environmental standards during the transition to the new owner. "The agreed sale of Northparkes follows our recently completed divestment of the Eagle nickel project in the United States while the Palabora sale is now unconditional and expected to close on 31 July. As always, any decision to sell is driven by our focus on delivering the best value for our shareholders." The sale is subject to regulatory and shareholder approval and to Rio's joint venture partners in the mine, Sumitomo Metal Mining and Sumitomo Corporation Mineral Resources, waiving their right to, or failing to match, the offer. If approved by regulators and shareholders, the deal - which is the biggest Chinese mining deal since China Guangdong Nuclear Power Corp won control of the Husab uranium project…
Bibby Ship Management
Bibby Ship Management opens two new offices Liverpool-based Bibby Ship Management recently announced the opening of two new offices in Singapore and India, bringing the total number of global locations to six. Writer Ian Armitage Project manager James Mitchell UK-based Bibby Ship Management Ltd, part of the Bibby Line Group, provides "a quality assured comprehensive technical management service to the International Marine Industry" its website says. The firm can trace its roots back to more than 200 years. "In a highly competitive environment a dedication to quality brings economic advantages," its website says, adding, "Our adherence to the Quality Management System means that we prioritise the long term interests of our clients. This means acting with foresight and integrity, especially in our primary role as providers of a personalised Ship Management Service. These principles have brought success to several sectors within the Marine Industry, namely but not limited to: Oil, Chemical and Gas Tanker Management; General Cargo ships; Ro-Ro Vessels; Ferries; Cable Layers; Offshore Vessels; Floating Production Storage and Offloading; Floating Storage Unit; Jack Up Rigs; and Floating Accommodation vessels." In early 2013 Bibby Ship Management was "delighted to announce" the opening of two new offices in "key strategic locations across the globe" – Singapore and India. The opening of those new locations brought the total number of global Bibby Ship Management locations to six, ensuring the company is "ideally placed to service the needs of its customers worldwide", it said in a press release. Bibby Ship Management's new office in India is situated in Mumbai.…
Deugro
Continued expansion in Asia for deugro Asia Outlook talks to Sven Hergemoeller, deugro's Regional Vice President for Southeast Asia. Writer Ian Armitage Project manager James Mitchell Founded in Germany in 1924, the deugro Group is one of the world's leading project freight forwarding companies and has completed complicated turnkey logistics contracts on almost every continent. deugro is historically known for project logistics, specialising in turnkey projects and complicated cargo moves to and from major industrial sectors. It is also active in international freight services such as sea freight and airfreight. "We are a global leader in our niche of project logistics and freight forwarding," says Sven Hergemoeller, deugro's Regional Vice President for Southeast Asia. "deugro is a truly global presence but significantly we remain a privately held, family organisation in the third generation. We are highly specialised offering a diversified portfolio of services to a variety of clients located in every corner of the globe. Our company slogan is "Minds over Matter" and our strength and competitive advantage lies in our people – they are our most valuable resource. This, and close working relationships with our clients, distinguishes us from our competitors and provides a platform for future growth, flexibility and superior service." He says deugro takes "the best minds to make the right moves." "Our philosophy is to get the best people in the industry. Our people really do make the difference." deugro has enjoyed substantial growth over the last year and it aims to continue to expand its core business in existing and new…
Alfa Tech VestAsia
Invest in SE Asia Asia Outlook talks to Zach Wilson, the Managing Director of Alfa Tech VestAsia, and learns more about the company's growth in Southeast Asia. Writer Ian Armitage Project manager James Mitchell When Zach Wilson set about establishing Alfa Tech VestAsia he was regularly told he was "wasting his time" and "didn't stand a chance". For a while it looked as though the critics were right. Despite successfully entering the market in 2007 - thanks to long time partner Ultratech who needed help in setting up its own operations in Singapore - it was several months before the next contract was signed. "Moving to a new market is difficult," says Wilson, Managing Director of Singapore-based Alfa Tech VestAsia (ATVA). "It is even more difficult when that market is a mature market. We built this business from scratch and carving out a niche wasn't easy. After we finished the Ultratech job we didn't have any concrete opportunities. Eventually we won several prospects and we haven't looked back." ATVA is today renowned for an almost unrelenting focus on customer service and delivery. Wilson says, "It is like a restaurant, if you go somewhere and have bad service and terrible food, which is late and cold, you don't go back. And you certainly don't tip. We want to make sure people come back and tip!" The result is a brand that even its biggest competitors envy. "There is great potential here," Wilson says. "Despite the global downturn Asia-Pacific economies continue to grow and as international businesses -…
Lian Beng Construction
Dare to dream It pays to dream big. And dream big is what Lian Beng has done. Within the first four months of 2013, it has secured six construction projects worth about S$750 million, taking its orderbook to record highs. Construction Director Jeffrey Teo tells us more. Writer Ian Armitage Project manager James Mitchell In 1978, Ong Pang Aik joined his father to help run the family business. At the time, the company, Lian Beng, was a civil engineering sub-contractor. Mr Ong wanted more. He wanted to expand. It was his dream and a lot can be said for the power of the dream – he helped grow Lian Beng from a subcontractor that took on small-scale civil engineering a to a Building and Construction Authority Grade A1 main contractor, and subsequently to an SGX-listed company with close to $250 million in market capitalisation and an annual turnover of close to $450 million . Today Lian Beng's wholly-owned subsidiary, Lian Beng Construction, is the chief revenue driver. While it has gone into property development and continues to grow along the value chain into other construction support services such as ready mixed concrete, construction equipment and machinery leasing and engineering works, they are a secondary focus. "While we have ventured into property development and other fields, construction remains our group's main business, forming more than 75 percent of our turnover," Mr Ong said in a recent interview. Notable on-going construction projects include Thomson Grand, developed by the Cheung Kong Group from Hong Kong, Waterfront Isles, developed by…
Deugro
Continued expansion in Asia for deugro Asia Outlook talks to Sven Hergemoeller, deugro's Regional Vice President for Southeast Asia. Writer Ian Armitage Project manager James Mitchell Founded in Germany in 1924, the deugro Group is one of the world's leading project freight forwarding companies and has completed complicated turnkey logistics contracts on almost every continent. deugro is historically known for project logistics, specialising in turnkey projects and complicated cargo moves to and from major industrial sectors. It is also active in international freight services such as sea freight and airfreight. "We are a global leader in our niche of project logistics and freight forwarding," says Sven Hergemoeller, deugro's Regional Vice President for Southeast Asia. "deugro is a truly global presence but significantly we remain a privately held, family organisation in the third generation. We are highly specialised offering a diversified portfolio of services to a variety of clients located in every corner of the globe. Our company slogan is "Minds over Matter" and our strength and competitive advantage lies in our people – they are our most valuable resource. This, and close working relationships with our clients, distinguishes us from our competitors and provides a platform for future growth, flexibility and superior service." He says deugro takes "the best minds to make the right moves." "Our philosophy is to get the best people in the industry. Our people really do make the difference." deugro has enjoyed substantial growth over the last year and it aims to continue to expand its core business in existing and new…
Last-gasp Ivanovic goal sees Chelsea win Europa League
Chelsea's Champions League failure had a happy ending Wednesday when they defeated Benfica to win the Uefa Europa League. Serbian defender Branislav Ivanovic scored in the 93rd minute to secure a dramatic 2-1 victory against a Portuguese side who had dominated the game in the Amsterdam ArenA. Spanish striker Fernando Torres gave Chelsea the lead on the night, against the run of play, before Oscar Cardozo equalised nine minutes later from a penalty. Interim Chelsea manager Rafael Benitez, who has proved an unpopular appointment with supporters after replacing Blues hero Roberto Di Matteo in November, hailed the win as a "special night". "The players have worked so hard, all season. It was not easy. I'm really pleased, really proud," the former Liverpool manager told ITV in Amsterdam. It is Chelsea's second European trophy in consecutive years, after their Champions League win in 2012, and they became first English team to win all three European trophies – the Champions League, Europa League and the now defunct Cup Winners Cup. They will remain defending European Champions until the Champions League final on May 25, a game which will be contested by German giants Bayern Munich and Borussia Dortmund. Benitez will take charge of Chelsea for the final time when they face Everton on Sunday. They are set to qualify for next season's Champions League sitting third in the English Premier League, two points ahead of fourth placed Arsenal and three ahead of fifth placed Spurs but with a vastly superior goal difference. Should Chelsea draw 0-0 with Everton…
Japan’s economy shows signs of recovery, grows in Q1
Japan's economy, the third largest in the world, grew at a faster than expected pace in the first quarter led by robust private consumption and a rebound in exports on the back of the government's radical policies to reflate the economy. Real Gross Domestic Product (GDP) grew by 0.9 percent, bringing GDP growth on an annualised basis to 3.5 percent. It confirmed Japan's exit from recession, with consumers spending more. The data is seen as an early mark of success for Prime Minister Shinzo Abe's bid to stimulate an economy that has been stagnant for almost two decades. Abe's policy, dubbed "Abenomics", involves big government spending and aggressive central bank easing. "The Japanese economy is on the right track to recovery," said Hideki Matsumura, from the Japan Research Institute. "The economy is expected to grow further for now thanks to the impact of Abenomics." Image: © Getty Copyright is owned by Asia Outlook and/or Outlook Publishing. All rights reserved.
