More than $5 billion was wiped off the market value of Sun Hung Kai Properties on Friday, after the billionaire owners of Asia's largest real estate developer were arrested on suspicion of corruption. Hong Kong's Independent Commission Against Corruption (ICAC) arrested Raymond and Thomas Kwok in the agency's biggest investigation since it was set up in 1974 to root out what was seen as widespread corruption in the government and police. Rafael Hui, a former No.2 official in the government, was also arrested, according to media reports. Hui resigned as an independent director of insurer AIA Group late on Thursday.
SK Hynix in initial Elpida bid; Micron, Toshiba in fray
South Korea's SK hynix said on Friday it has made a preliminary bid for Japan's Elpida Memory, while sources said US-based Micron Technology also plans to enter the fray for taking over the bankrupt memory chipmaker. With sources saying Toshiba too is considering bidding for Elpida, a three-way contest is looming for the Japanese company which last month made the nation's biggest ever bankruptcy filing by a manufacturer after failing to secure a rescue from other chipmakers. SK hynix said it had submitted its initial interest for the bid on Friday, the first deadline for a bid proposal, adding it would decide whether to make a formal bid after conducting due diligence.
DBS to bid for Temasek stake in Danamon
DBS Group, Southeast Asia's biggest lender, is making a bid for a controlling stake in Indonesia's Bank Danamon worth about $3.2 billion and owned by an arm of Singapore state investor Temasek Holdings, sources said on Friday. Fullerton Financial Holdings, the Temasek unit, confirmed it had received an offer for its 68% stake in Danamon, but did not elaborate on the name of the bidder in a statement. Sources said the offer came from DBS, which is also 29% owned by Temasek.
BAE Systems wins $709-m Typhoon support contract
Europe's biggest defence contractor BAE Systems on Friday said it had won a 446 million ($709.58 million) deal to provide engineering support for Eurofighter Typhoon jets, helping sustain some 600 jobs in Britain. The five-year contract covers the support of 306 Typhoon jets currently used by Britain, Germany, Italy and Spain. The number will increase as more jets are delivered. BAE has been hit by continued cuts to military spending by the United States and Britain, a delay in key orders and the end of the Iraq war. As a result, the group said last year that it would cut around 3,000 jobs in Britain.
Iran helps Syria ship oil to China: Sources, data
Iran is helping its ally Syria defy Western sanctions by providing a vessel to ship Syrian oil to a state-run company in China, potentially giving the government of President Bashar al-Assad a financial boost worth an estimated $80 million. Iran, itself a target of Western sanctions, is among Syria's closest allies and has promised to do all it can to support Assad, recently praising his handling of the year-long uprising against Assad in which thousands have been killed. China has also shielded Assad from foreign intervention, vetoing two West-backed resolutions at the UN over the bloodshed, and is not bound by sanctions against Syria, its oil sector and oil firm Sytrol.
Yahoo Japan to speed up development of apps
Yahoo Japan, operator of the countrys most-visited web portal, said it plans to accelerate development of mobile-device applications as the number of smartphone users rises. The one thing Ive decided is to make smartphones our priority, Manabu Miyasaka, who will become CEO of Yahoo Japan on April 1, said. Miyasaka is replacing Masahiro Inoue, 55, as part of a management overhaul that includes creating a new position to oversee smartphone services. Shin Murakami, 35, will be chief mobile officer from April.