CompanyBy Heda Bayron
Credit Pacific Service Union A North American wine glut is blamed for a $200 million loss for
Foster's, Australia's biggest wine producer and maker of the
country's
best known beer brand.Visit our
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Card Credit Mobile Service June 14, 2004 (AXcess News) Hong Kong - An Australian beverage
maker is facing tough times in its global wine business and a
Chinese state bank undergoes massive restructuring.
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Card Credit Discover Service A North American wine glut is blamed for a $200 million loss for
Foster's, Australia's biggest wine producer and maker of the
country's best known beer brand.Jamie Odell, Foster's head of
global wine trade, says the setback is forcing changes to company
strategy, including bigger investments in new products and a more
efficient supply chain. "What this plan delivers is a more balanced
business model to deal successfully with the market of today and
tomorrow," he says.
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Credit Public Service Union China says wheat harvest this season
(summer) will increase for the
first time in four years. The agriculture ministry expects a
harvest of 455 million tons for the year, a three percent rise
from last year. The improvement is due to good weather, better
pest control and
tax cuts to farmers.
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Card Credit Processing Service China's grain production has fallen in recent years, and a
bumper harvest means it might reduce its wheat imports in the next
few months.
Center Credit Service Union In the banking sector, China Construction
Bank will separate into two companies in the next few months. One
company will manage non-banking operations, such as
investments, while the other will concentrate on deposits, lending
and credit card operations. The move is part of China's plan,
started in December, to restructure its state banks, which are
troubled by billions of dollars in unpaid loans.
Card Credit Service Wireless The U.S. car giant, General Motors (NYSE: GM), has set up a
joint venture with Samsung Card in South Korea to offer car
financing. G.M. will own 80 percent of the new company.
Credit Security Service Union Also in South Korea, the central bank, Bank of Korea, estimates
that the North Korean economy grew nearly two percent last year,
partly due to increased industrial production. The bank says this
is the fifth consecutive year of growth for the Stalinist country,
which has in recent years suffered from famine caused by
natural calamities and economic
mismanagement.
Credit Report Service North Korea's state-controlled economy remains largely closed to
foreigners and the country relies heavily on international aid to
feed its impoverished population.Source: Voice of America
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