Asian economic and corporate news summary

BEIJING (AFX) - A summary of Asian economic and corporate news at 0500 GMT



JAPAN:

-Sumitomo Trust yr to March net profit 100.1 bln yen vs 96.9 bln

-Sumitomo Trust sees yr to March 2007 net profit at 105 bln yen

SOUTH KOREA:

-POSCO agrees to 19 pct iron ore contract price hike with Rio Tinto

HONG KONG:

-China Life Insurance Jan-April premium income 77.75 bln yuan

-China Telecom adds 1.31 mln subscribers in April vs 2.14 mln in March

-Bank of East Asia completes purchase of US' National American Bancorp

-Poly (Hong Kong) to sell entire stake in insurance firm for 100 mln hkd

-Daqing Petroleum to buy stake in China co for 280 mln hkd

-Stone Group disposes 21.2 mln CCB shares at avg 3.56 hkd

CHINA:

-China to boost yuan flexibility this year - central bank

-China end-April mobile phone users reach 416.64 mln - Xinhua

-Germany's Merkel begins China visit

-Germany, China agree Iran should not have nuclear weapons capability - Merkel

-China Unicom end-April GSM mobile subscribers 98.79 mln vs 97.91 mln end-March

-China Southern Airlines launches new Singapore, Azerbaijan routes

-Chinese airlines Q1 net loss at 2.14 bln yuan on rapid rise in costs

-China Biopharm Q1 net profit 0.19 mln usd vs 0.41 mln on acquisition costs

-Guangdong Qinglian Highway signs loan deal for up to 4.66 bln yuan

-ICBC to be among world's top 10 banks by assets, capitalization after HK listing

TAIWAN:

-Taiwan Jan-April China-bound investment approvals up 46.9 pct

-Taiwan approves 10 China-bound investment projects worth 181.05 mln usd

-Asia LCD panel contract prices in 2nd half of May mostly lower than 1st half

-Toppoly Optoelectronics approved to invest in Philips Shanghai unit

-Taiwan exchange gives preliminary approval for Hon Hai unit to list

-China Motor unit buys 0.11 pct of Mitsubishi Motors

SINGAPORE:

-SembCorp Marine to increase stake in Cosco to 8.17 pct

-Mapletree Logistics to buy warehouse property for 38 mln sgd

-SATS, SIA Engg win new 5-yr deal from Jetstar Asia, Valuair

-China Milk yr to Mar net profit up 27.66 pct on strong sales

-China Milk FY net profit 268.20 mln yuan vs 210.08 mln

-BH Global wins 2.5 mln sgd deal from MODEC International

MALAYSIA:

-YTL Power Generation 'AA1' long-term debt rating reaffirmed - RAM

INDONESIA:

-Bank Indonesia says rupiah has factored in Moody's ratings upgrade

-PLN says Java-Bali to face 300 MW power deficit on gas shortage

PHILIPPINES:

-Treasury cancels tomorrow's auction of 25-year T-bonds

-ICTSI buys 95 pct of Indonesian port operator for 5.6 mln usd

-Benpres Q1 consolidated net profit 2.08 bln pesos, up 640 pct

-Paxys Q1 net profit up 49 pct year-on-year on higher revenue

-Semirara Q1 net profit down 20 pct yr-on-yr on higher tax

-Filinvest Land Q1 net profit up 11.7 pct yr/yr on interest gains

AUSTRALIA & NEW ZEALAND:

-Australia April new vehicle sales rise adj 0.5 pct from March

-Air China announces intention to join Star Alliance - CAPA

-PMP says on track to meet FY forecast EBIT of 80-85 mln aud

-Toll has 83 pct of Patrick Corp ahead of offer expiry

-Mission Biofuels wins approval for 2nd Malaysian biofuel plant

xiaojing.jiang@xinhuafinance.com

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