Iranian firm to buy Daewoo Electronics

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JNN 25.08.10 Creditors of Daewoo Electronics are about to ink a deal to sell the South Korea’s number 3 electronics firm to Iranian home appliance maker Entekhab Industrial Group.

The South Korean company’s creditors including Woori Bank, chose in April Iran’s Entekhab Industrial Group as the preferred bidder for their 97.5 percent stake in Daewoo Electronics, Yonhap news agency quoted financial sources as saying on Tuesday.

The final decision will be reached after the creditors end negotiations with Entekhab on the sale price during a meeting to be held next week.

The sale price is estimated to be at a range of 470 billion won ($395.7 million) to 520 billion won which is considerably lower than the 605 billion won (508 million U.S. dollars) Entekhab had originally offered to pay.

“Majority creditors are expected to agree on the sale plan even though the sale price is lower than before,” a creditor bank official said. “The sale of Daewoo Electronics sale has been delayed so long and there is no guarantee that we can receive higher prices from other prospective buyers.”

Daewoo Electronics, a former subsidiary of the Daewoo Group which collapsed during the Asian financial crisis, was put under a debt workout program in January 2000.

Creditors’ previous attempts to sell the company in 2006 and 2008 went in vain due to disputes over the bidding price.

A person familiar with the situation said in July that Entekhab sought to lower its initial bid price after identifying losses in Daewoo’s books.

Ahmadinejad to visit flood-hit Pakistan,Iran envoy visits Pakistan flooded areas ,

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JNN 25.08.10 Iran’s President Mahmoud Ahmadinejad plans to visit flood-ravaged Pakistan in the near future, as the United Nations continues calling on governments for assistance.

“Due to the severity of the disaster, Iranian President Mahmoud Ahmadinejad has decided to visit Pakistan to make decisions required to better supply relief to the victims,” Iran’s Interior Minister Mostafa Mohammad Najjar said on Wednesday.

The minister further added that the Islamic Republic would use all its facilities to help the survivors of the disaster in Pakistan.

“The survivors are prone to infectious diseases which may spread to neighboring states; therefore, precautionary measures should be adopted,” Najjar went on to say.

Iran, which was among the first countries to send aid to Pakistan, has so far dispatched 330 tons of humanitarian aid, including food, water, medicine and tents to its eastern neighbor.

Deadly rains in Pakistan left more than 1,600 people dead and affected 20 million lives within 25 days. The disaster is far from over as the country braces itself for a fresh wave of floods in the country’s south.

Floodwaters have surged deeper into areas of Sindh province in southern Pakistan. More rains have been forecast for several parts of the flood-stricken country.

The deputy consul general of Iran in Pakistan has visited flood-stricken areas of the country to assess how to provide medical services to the affected people.

Hadi Sheikh Ghafouri, accompanied by a team of doctors, visited Sukkur town in southern Pakistan, where he was briefed about relief and rescue work and medical assistance provided to the people of the district and the surrounding areas of Sindh province, a Press TV correspondent reported Thursday.

The envoy offered his sympathy to the Pakistani victims and said the Iranian government will provide Islamabad with medical assistance.

“Medicines, field hospitals and public health teams will be provided to the flood affected people of Sukkur,” he went on to say.

More than 1,600 Pakistanis have lost their lives in the heavy floods that have hit nearly one fifth of the country.

Iran was among the first countries to send aid to Pakistan as the UN was calling for aid for the victims.

Iran’s Ambassador to Islamabad, Mashallah Shakeri, said on Wednesday that Iran has so far sent more than 400 tons of humanitarian supplies including tents, blankets, food stuff and medication to the country.

Shakeri said that a team of seven Iranian doctors were in Pakistan to assess the medical needs, adding that Iran would also establish three field hospitals in the country.

The situation caused by the floods is worsening as hunger, lack of hygiene and drinking water, and the threat of an epidemic have put lives of many Pakistanis at risk.

Iran-made plane engines show up soon

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JNN 25.08.10 Iran will become self-sufficient in the production of light airplane engines by the year’s end, head of Iran Air Industries Organization says.

“Iran has great potential in the production of small aircraft engines [and] can even manufacture customized engines suitable for both domestic and international use,” IRIB reported Manouchehr Manteqi, director of the country’s Air Industries Organization, as saying on Thursday.

According to Manteqi, Iran seeks to produce heavy plane engines within the next five years.

He further pointed out that Iran has a great deal of the technical know-how for the production of heavier aircraft fuselage and wings.

In 2009, Iran announced plans for the production of Ukraine’s Antonov An-148 mid-range jet airliner.

The plans were meant to provide the country’s air transportation sector with the 20,000 seats it needs.

The manufacturing cost of each An-148 unit, which can carry between 85 and 99 passengers, is estimated at $18-$22 million.

Iran is cooperating with Ukraine and Russia in the production and operation of the Antonov An-140 airliner, which can carry 52 passengers.

After purchasing the production license for An-140 from Ukraine in 2000, Iran built its first Iran-140 passenger plane in 2003