BHP Billiton

Briefs, October 10, 2012

PUBLISHED : Wednesday, 10 October, 2012, 12:00am
UPDATED : Wednesday, 10 October, 2012, 4:25am

Suntech to cut solar panel production costs

Jiangsu-based Suntech Power, the world's largest maker of solar panels, yesterday said it aimed to reduce the non-silicon production costs of its panel by 30 per cent to 55 US cents per watt by the end of the year from last year. Last month, the debt-ridden company said it was temporarily shutting down a quarter of its annual production capacity of a solar panel part called solar cell to 1.8 gigawatts. It also set at the time a target to slash annual operation expenses by 20 per cent this year. Eric Ng

Singaporean reit lines up yuan offering

ARA Asset Management, a Singaporean real estate fund manager backed by Li Ka-shing, will start taking orders this week for an US$800 million yuan-denominated initial public offering for a China-focused real estate investment trust, Dow Jones quoted sources as saying. If successful, ARA-sponsored Dynasty Reit's offering will be Singapore's first initial public offering to be sold in yuan and the second such flotation outside China. Peggy Sito

BHP to axe iron ore jobs as slowdown bites

Top global miner BHP Billiton said it planned to shed an undisclosed number of jobs in iron ore, its most profitable business, as it battled weaker demand and higher costs, adding to mining job losses in Australia. The cuts in iron ore, following the closure of two of BHP's coal mines, will stoke worries about weakness in the Australian economy, which has been underpinned by booming demand for iron ore and coal, now slowing due to cooling growth in China. Reuters

Li & Fung gets new finance chief from Citi

Li & Fung, a multinational consumer goods sourcing, distribution and logistics services provider, has appointed Ed Lam as chief financial officer, who will report to group chief operating officer Spencer Fung. Prior to the appointment, Lam was head of Hong Kong corporate and investment banking at Citi and had advised Li & Fung on its acquisitions, equity placements, bond offerings, trade finance and corporate loan deals. Eric Ng

Fiat to cut outlook for European car market

Fiat would cut its outlook for the European vehicle market when the company updated its five-year plan that ran to 2014, chief executive Sergio Marchionne said. To assume that Fiat's outlook for Europe was going to be confirmed "is nonsense because the market won't be there", Marchionne said. Bloomberg