- China has completed the construction of two lighthouses in the disputed South China Sea, the official Xinhua news agency reported, as tensions in the region mount over Beijing’s maritime ambitions.
- A completion ceremony was held for the lighthouses on Huayang Reef and Chigua Reef in the Spratly islands, Xinhua said late on Friday.
- China claims most of the energy-rich South China Sea, through which $5 trillion in ship-borne trade passes every year, and the Philippines, Vietnam, Malaysia, Taiwan and Brunei have overlapping claims.
- Beijing has said construction in the region is to help maritime search and rescue, disaster relief, environmental protection and navigational security.
- The issue is central to increasingly tense relations between the United States and China, the world’s two largest economies.
AYS Ventures forms JV to cash in on Tokyo Olympics
- PETALING JAYA: AYS Ventures Bhd has set up a jointventure company with Japanese firms Okaya & Co Ltd and Kondo Steel Corp from Japan to cash in on the 2020 Olympic Games in Tokyo, Japan.
- AYS Ventures and Kondo Steel will each have a 45% stake in the new company while Okaya & Co will hold a 6% stake and Okaya International (Malaysia) Sdn Bhd will hold the remaining 4%.
Oh said AYS Ventures is confident of further collaboration with the Japanese firms and is looking into potential collaboration in various value-added services.
- When the new regulation comes in 2018, we continue to support the industry, expand our business to this country.
- Okaya International (Malaysia) Sdn Bhd managing director Takaya Wada said the Olympic Games is a big project and Japanese construction firms that are preparing for the project will need technologies including Building Information Modeling (BIM) technology.
“Our function here is supporting Japanese construction.