Briefs, January 8, 2013

AirAsia founders plan to list insurance firm

The Malaysian founders of AirAsia are expected to launch a US$65 million initial public offering of Tune Insurance by the end of next month, two people close to the deal said. It would be the first of three initial share sales to raise a combined US$500 million that Tony Fernandes and Kamarudin Meranun are planning this year. Tune Insurance is a unit of conglomerate Tune Group, which the two men own. Reuters

Large appliances help improve Sharp's results

Sharp had a better-than-expected operating profit for October-December, thanks mostly to higher revenue from large household appliances and a slight pickup in LCD television sales, its president, Takashi Okuda, said, as the struggling Japanese consumer electronics giant scrambles to generate profits in the hope of securing fresh financing. Reuters

HTC disappoints on dearth of new models

HTC, Asia's second-largest smartphone maker, posted earnings lower than analysts' estimates as a lack of new models caused a loss of market share. Fourth-quarter operating income was NT$600 million (HK$160 million), and net income was NT$1 billion, the Taiwan-based firm said. Bloomberg

Lower prices cloud outlook for China Glass

China Glass expects to book a loss for last year, mainly because of the slowdown in the mainland's economic growth and the uncertainty in the global economy, which have affected the glass industry and caused a decrease in selling prices of the Hong Kong-listed company's products. Toh Han Shih

Thick ice in Bohai Bay affects CNOOC output

China National Offshore Oil Corp said output in Bohai Bay, its largest offshore oil and gas production base, had been affected by icy conditions. Large amounts of water had frozen in the area, forming a layer of ice up to 15cm thick, the company said. Reuters

Investment in NBA China begins to pay off

China Merchants China Direct Investments has received US$17.25 million from its capital investment in NBA China. The amount represents 75 per cent of the US$23 million the firm invested in NBA China in 2008. NBA China is obliged to return the entire principal amount to preferred equity holders. Paul Soh