KUALA LUMPUR: Global steel prices have increased rapidly in annual terms as steel producers press for price increases to cover growing input cost, according to MEPS (International) Ltd.

This is despite weak demand from end user sectors, prompting steel product distributors to be cautious about rebuilding inventories.

TOKYO: Mitsubishi Estate Co, Japan's second-largest property developer, posted a near doubling of quarterly profit and projected a larger-than-expected profit this year, prompting its shares to jump 6%.

KUALA LUMPUR: Ho Hup Construction Co Bhd faces trading suspension on May 10 after it failed to provide the audited financial statement for the financial year ended Dec 31, 2009 (AFS FY2009) by the April 30 deadline.

MELBOURNE: Former MP and One Nation leader Pauline Hanson has taken her Queensland home off the market following a backlash against her decision not to sell to Muslims.

Hanson has been forced to shelve plans to sell her million-dollar property in Coleyville, southwest of Brisbane, and move to the UK.

HONG KONG: Wheelock Properties saw its shares soar to a 52-week high on Wednesday, April 28, after its parent company launched a HK$6.9 billion (RM2.85 billion) privatisation bid for the developer.

The generous offer proposed by Wheelock & Co, chaired by Peter Woo Kwong-ching, sent the shares up 136.77% to close at HK$12.62.

Construction sector
According to the Syarikat Prasana Negara Bhd, 17 contractors have been pre-qualified to be the main contractor for the RM7 billion to RM8 billion light rail transit (LRT) extensions.

Also, 15 companies were pre-qualified as nominated sub-contractors for the fabrication and delivery of segmental box girders.

SYDNEY: Australian city home prices rose 1.4% in March to be up a strong 4.2% for the first quarter, by one industry measure, underlining why policymakers are concerned about speculative froth in the market.

The rise in the Data-Rismark Hedonic Australian Home Value Index came on top of an upwardly revised 1.7% increase in February. Home prices are up 12.5% on March last year.

KUALA LUMPUR: Low-profile tycoon Datuk Law Tien Seng, better known as David Law, has regained his appetite for Malaysian assets and is bringing home the fortune he had made overseas in the past few years.

In the short span of five months, Law has spent at least RM340 million to acquire local assets.

HONG KONG: The MTR Corp's HK$33 billion (RM13.6 billion) Nam Cheong Station project has attracted interest from 12  developers - four more than when it was first launched five years ago.