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Asia business briefs
NEW DELHI, Feb 12: American Paints India Ltd. signed an agreement with US-based Sherwin Williams Co. to manufacture and market Sherwin Paint products in India, a report said Monday.
American.Paints will raise funds, for the project through a public issue, the Pioneer newspaper said.
In April. American Paints hopes to begin commercial production of paints that can be used on houses, industries ahd automobiles.
BEIJING — Annual per capita income in Chinas 35 largest cities grew 3.9 per cent in real terms last year to 5.059 yuan (609 dollars), an official, report said Monday.
Last week, media reports showed per capita Income growing around 4 per cent in the cities and 5 per cent in the countryside. .Monday's report, in the newspaper Economic Information Daily, showed City wages to be 1.5 times higher than those in the countryside.
The data, supplied by the State Statistical Bureau, showed that the, main source of income growth was higher wages, which grew 22 per cent from last year to 3,482 yuan (dlrs 419). Wages accounted for '69 per cent of total income the. report said.
Wage increase were highest at private enterprises, reaching a nominal growth-rate of 35 per cent, while wages at state-run enterprises rose an average of 23 per cent, and at collectives 13 per cent. Il said.
SEOUL: South Korea’s largest car maker. Hyundai Motor Co. plans to sell its idle car plant in Bromong. Canada, company officials said Monday.
The Canadian plant, the first overseas plant built in 1989 by a South Korean auto maker, has been idle since 1993 because of a dwindling demand for its medium-size model in North America.
"In view of various problems expected from a reactivation of the plant, sale of the plant is the most viable option." Shin Dong-ho. a Hyundai spokesman, said.
"Negotiations are under way to sell off the plant to GM. Ford. Chrysler, and we can expect to announce something concrete soon." he said.
According to the spokesman Hyundai's Canadian Plant had planned to produce 100.000 units of its mid-sized Sonata model annually, but produced only about 20,000 units until 1993.
Hyundai Motor Co. is a subsidiary of the giant Hyundai group. South Korea’s second largest conglomerate. It controls some 60 per cent of the nation's automobile exports and some 46 per cent of domestic sales.
It has an annual production capacity of 1.26 million vehicles. It produces 300,000 units abroad. — Source: AP