 | Twenty Anson close to being sold for over $400m |
(SINGAPORE) Discussions are on-going for the potential sale of Twenty Anson near Tanjong Pagar MRT Station at over $400 million, with CapitaCommercial Trust (CCT) tipped as a potential buyer.
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| Raoul's silk road to Asia |
FOR homegrown fashion label Raoul, the road to China runs through Europe and the United States. |
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| A banking giant who played many roles |
FOR all his many achievements, banking stalwart Lee Hee Seng will probably be best remembered for his role in the bitter contest between DBS and United Overseas Bank (UOB) for Overseas Union Bank (OUB).
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| MBS show draws its millionth visitor |
ONE million people have watched Wonder Full, the spectacular nightly light- and-water show at Marina Bay Sands (MBS) since it started two years ago.
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| Govt likely to help SMEs cope with rising costs |
(SINGAPORE) Help with rising costs has been the repeated plea from businesses these past weeks, and is a genuine one participants at a recent BT roundtable think the government will respond to come Budget Day. But companies expecting huge Budget angpows should temper their hopes, they said.
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| Balancing act for traders over US data, $ |
(LONDON) Commodities mostly fell last week as traders balanced the weaker dollar and stalled Greek debt talks against ongoing Iran tensions and improving global economic data.
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| Low activity continues for 2nd week |
TRADING among directors remained very low with only 13 transactions worth $4.5 million based on filings on the Singapore Exchange from Jan 30 to Feb 3.
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| Decent market returns still possible |
THE Straits Times Index has gained 10 per cent so far in 2012.
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| Euro drops broadly after Greek debt stalemate |
(NEW YORK) The euro fell against the yen last week, dropping from a one-month high, as an unresolved Greek debt-swap agreement with private bondholders added to concern that the region's fiscal crisis is far from over.
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| Greek leaders hold emergency debt meeting |
(ATHENS) Greek Prime Minister Lucas Papademos held an emergency meeting with political allies yesterday after hours of 'superhuman' negotiations with European Union and International Monetary Fund (IMF) bailout auditors failed to produce a rescue deal.
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| Eurozone crisis pulling continent apart: Monti |
(MUNICH) Italy's prime minister warned on Saturday the eurozone crisis was pulling the continent apart, amid warnings from Australia and the World Bank that the turmoil could sideline Europe.
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| Govt pulls out of Dubai Group debt talks |
(DUBAI) The Dubai government has walked away from talks on a US$10 billion debt restructuring of Dubai Group, leaving the firm - part of the ruler of the emirate's personal empire - to deal directly with creditors and dashing hopes of a state-backed rescue.
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| Iran turning to Asia for trade as sanctions bite |
(TEHERAN) Grappling with US and EU sanctions that have become progressively tougher over the past 18 months, Iran is increasingly turning to Asia - in particular to China, now its top trading partner.
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| Mitt Romney sails to an easy victory in Nevada |
(LAS VEGAS) Republican front-runner Mitt Romney cruised to an easy victory in Nevada on Saturday, crushing his three remaining rivals and taking firm command of the party's volatile presidential nominating race.
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| Sandberg plays to a powerful demographic |
(SAN FRANCISCO) Seventy-two hours before Facebook's big moment, Sheryl Sandberg was half a world away, hobnobbing with the likes of Bono and Archbishop Desmond Tutu.
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| Germany fights rising burnout in workforce |
(BERLIN) Germany, holding up better than its eurozone partners in the current debt crisis, is battling the increasingly widespread phenomenon of 'burnout' which it says is costing its economy billions of euros each year.
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| New Special Needs Saving Scheme launched |
A SPECIAL Needs Saving Scheme (SNSS), designed to allow parents to save for the long-term care of their special-needs children, will be launched today.
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| Restructuring pain unavoidable |
(SINGAPORE) Budget 2012 is unlikely to spare companies the pain of restructuring where it is necessary for Singapore's economy to gear up for the future.
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| Global metal exchanges eye China market |
(SINGAPORE) Metal exchanges are taking comfort in China's gradual warming up towards derivatives for hedging purposes, with some expected to woo the world's biggest consumer of key commodities.
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| ABSD only a temporary deterrent: consultants |
(SINGAPORE) The additional buyer's stamp duty (ABSD) slapped on foreigners has not stopped expatriates from looking for well-priced buys, say consultants.
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| Three-Minute Digest |
BUDGET 2012 is unlikely to spare companies the pain of restructuring where it is necessary for Singapore's economy to gear up for the future.
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| The promise of Myanmar |
Are we seeing a 'new' Myanmar, and what does this tell us about its potential going forward? What areas of mutual business opportunity do you see opening up between Myanmar and Singapore as well as its other Asean neighbours?
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| CCTV video footage not available, MBS tells court |
(SINGAPORE) Marina Bay Sands (MBS) has told the High Court that it can't provide CCTV video footage that a Singapore gambler claims could show the casino violated local gaming laws when it allegedly offered unsolicited credit to him.
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| US recovery not foregone conclusion |
THE long-awaited resurrection of the US labour market drove the stock market to a near four-year high last week and prompted President Barack Obama to say the economic recovery is 'speeding up'.
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| New roles for veteran union leaders |
NINE central committee leaders of the National Trades Union Congress (NTUC) will step down and take on new roles as part of leadership renewal, said the Singapore labour movement yesterday.
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| Getting a check-up: it's a male thing |
HAVING problems getting your man to the doctor for a check-up? Especially if he's been constantly tired, unmotivated and irritable lately? Women might want to bring up their husbands or partners' sexual performance as an excuse to get them to see a doctor - and halt testosterone depletion in its tracks.
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| Boss calls the shots |
IT is a cold, quiet Friday afternoon in the Technology and Service Centre of the Hugo Boss headquarters in Metzingen (Stuttgart, Germany).
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| Uncharted star |
SINCE the Michelin guide formally - and loudly - cemented Japan's reputation as a culinary paradise, two things have happened. One, it opened up a lucrative international market for the country's rated chefs who enjoy both recognition and added business. Two, it has seen some chefs hightailing it in the opposite direction, staunchly preferring to do things on their own terms, with as little media attention as possible. Namely, chefs like Matsukawa Tadayoshi.
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| Japan's top baker |
AT the rate the Japanese devour baguettes, buns, croissants in every size, permutation and filling, it's a wonder they haven't turned into a population of rolling dough people.
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| Great food, relaxing soaks |
WINTER is a great time to visit Kanazawa, the capital of Ishikawa prefecture, especially if you're in the mood for the double-whammy sybaritic pleasure of food and hot spring soaking.
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| Swiss bank charged with tax conspiracy |
WEGELIN & Co, the 270-year-old private bank, became the first Swiss lender to be criminally charged in a broadening US crackdown on offshore firms suspected of helping Americans evade taxes.
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| ICAP cuts forecast for full-year profit |
ICAP, the world's largest interdealer broker, said that it was cutting both jobs and its forecast for full-year profit because of weaker trading linked to the eurozone crisis.
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| China pledges to help fight European debt crisis |
CHINA'S premier pledged to help Europe fight its debt crisis during a meeting yesterday with German Chancellor Angela Merkel, but a ruling party newspaper criticized sanctions on Iran.
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| China limits mortgage loans for foreigners |
CHINA will limit mortgage loans for home purchases by foreigners to stem overseas investment in its property market as part of efforts to cool prices.
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| Briefing |
India's services sector grew at its fastest pace in six months during January as new business swelled, extending the previous couple of months' positive trend into the new calendar year, a survey showed.
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| This week | Jan 30 - Feb 3, 2012 |
BUSINESSES here are hoping for measures to prop up jobs and productivity ahead of an expected slowdown.
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| Next week | Feb 6-10, 2012 |
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| <img width='1' height='1' src='http:/ |
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| The game changer |
ACCORDING to a report by the Deloitte Touche Tohmatsu (DTT) Chemical Group and Deloitte Research, the global process industry could face competitive dynamics very different from today by the year 2020.
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| Poor value in core country govt bonds |
OUTSIDE of the troubled countries in Europe, government bond yields in developed countries have fallen to generational, and in some cases, record lows.
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| Brokers' take |
'Risk on' trades are back on as the immediate danger of a euro zone-led global financial crisis recedes.
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| Singapore lauded as trust centre |
SINGAPORE is 'without doubt' the most progressive trust centre in the world, says Gurbachan Singh, managing partner at KhattarWong and a leading tax lawyer.
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| US builders see stable home market ahead |
THE chief executives of some of America's biggest homebuilding companies said on Thursday that they feel the housing market has stabilised.
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| Time to re-assess price-to-book stock picks? |
TWO weeks ago, I tested the strategy of buying baskets of stocks with varying ratios of dividend yield to price-to-book ratio.
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| Developers plan homes in central London |
MORE people will be making their homes among the banks and insurance companies of central London as a shrinking financial industry and the prospect of leasing out buildings for free prompts landlords to convert offices into luxury apartments.
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| Bouncer polices Android Market |
GOOGLE Inc has been quietly policing its online store for months now in an acknowledgement of malware's growing threat to its increasingly popular Android mobile software.
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| US to name 'systemically risky' financial firms this year |
US Treasury Secretary Timothy Geithner said the first non-bank financial companies deemed systemically risky will be named this year, and the department will release more plans for an overhaul of housing finance.
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| Obamas take to seasonal cooking |
THE White House has fully embraced one of eating's hottest trends - seasonal cooking with ingredients grown at home. |
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| Eurozone private sector activity rebounds in Jan: PMI survey |
EUROZONE private sector activity bounced back in January after four months of contraction, a key survey showed yesterday, with notable increases in the two biggest economies, Germany and France.
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| East Australia under water, many stranded |
MAJOR flooding hit parts of Australia's east yesterday, stranding thousands of residents, prompting a military airlift and leaving some communities accessible only by helicopter.
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| Privately public |
FACEBOOK's US$5 billion-plus initial public offering (IPO) won't bring a major status update. Listing on a stock exchange typically brings lots of changes. But tick through the list, and it's clear that the social network, which filed for its long-awaited US IPO on Wednesday evening, is already largely there.
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| World will manage nascent oil crisis - as usual |
IN THIS Year of the Black Water Dragon, attention is focused on the Strait of Hormuz, through which 20 per cent of the world's oil flows.
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| Brokers' Take |
BANKS' fourth quarter season could reflect much slower loan growth and potentially some tail- end effects of margin pressure.
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| Euro steady after Australian trade data |
(TOKYO) The euro held steady against the US dollar and yen in Asia yesterday after risk sentiment slightly improved on better-than-expected trade data from Australia.
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| Malaysia tycoon to gain from Facebook IPO |
(KUALA LUMPUR) Tycoon Vincent Tan Chee Yioun's personal wealth could increase by as much as US$500 million this year, thanks to the initial public offer of Facebook Inc, the world's largest social networking service company.
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| Pfizer recalls 1m birth control packets after mix-up |
(INDIANAPOLIS) Birth control pills are known to be nearly 100 percent effective when taken properly, but a recall of the drugs could send a shudder through women of childbearing age.
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| JP Morgan scores big win with Facebook IPO |
(NEW YORK) JPMorgan Chase & Co surprised Wall Street by winning a leading role in Facebook's much anticipated public offering, besting other banks that have competed for months for the coveted position.
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| Facebook's five core values |
(WASHINGTON) Facebook founder Mark Zuckerberg revealed his company's five core values on Wednesday in a letter as he filed paperwork to raise US$5 billion in the largest flotation ever by an Internet company.
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| Irish bonds best performer among govt debt markets |
(LONDON) Irish, Italian, and Belgian bonds are delivering the best returns this year among euro-area debt as a liquidity lifeline from the European Central Bank eases concern that banks will dump their value-impaired government securities.
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| Q4 productivity growth slows as hirings pick up |
(WASHINGTON) The productivity of US workers rose in the fourth quarter at a slower pace than in the prior three months, showing companies are reaching the limits of how much efficiency they can squeeze from existing workforces.
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| Gingrich capitalises on party divisions to stay in the running |
MITT Romney prevailed over Newt Gingrich in the Florida primary on Tuesday and - most likely - in the Republican battle for the presidential nomination.
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| Xstrata, Glencore in talks for merger deal |
(LONDON) Mining group Xstrata and commodities trader Glencore are in talks about an all-share deal that could create a combined group worth more than £50 billion (S$98 billion).
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| Investors turn their attention to rare autos |
(PARIS) Car dealers who are in Paris for sales of Porsche and Aston Martin classics have revealed that a Ferrari was bought this year for about US$32 million.
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| Indonesia must diversify its growth sources |
TRADE figures released in Indonesia this week show the country's exports rose 29 per cent in 2011. This is a stellar performance that contrasts with that of many other Asian countries - which have seen a decline in demand for goods overseas amid a slowing global economy.
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| Britain's expansionary austerity is not working |
NEVILLE Chamberlain is remembered today as the British prime minister who, as an avatar of appeasement of Nazi Germany in the late 1930s, helped to usher Europe into World War II.
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| Managing cash flow - a GST perspective |
IN today's uncertain economic situation, the need for businesses to conserve cash becomes even greater. Here, we offer some practical tips, from a goods and services tax (GST) perspective, that can help businesses manage their cash flow in these challenging times.
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| Internationalising the renminbi |
IT is becoming clear that the renminbi (RMB) will inevitably become the next global reserve currency. Policy-wise, in the upcoming 12 months, we expect regulators to shift gear and focus their RMB efforts away from appreciation towards internationalisation.
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| Fortis to open $70m colorectal specialist hospital |
(SINGAPORE) Fortis Healthcare International will be opening the region's first colorectal specialty hospital here in July, in a $70 million move to make Singapore its international hub.
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| Three-Minute Digest |
FACEBOOK'S initial public offering to raise US$5 billion might be the largest in Internet history, but deep-pocketed investors are not rushing to 'friend' it.
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| Bridging loans, jobs credit on SME wishlist |
(SINGAPORE) Small and medium-sized enterprises (SMEs) here are calling for a revival of some of the schemes Singapore introduced in 2009 to tide through the financial crisis, even though the government has signalled that this is unlikely to happen.
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| Insurance to cost more in areas hit by natural disasters |
(SINGAPORE) Commercial insurance rates in Asia are expected to climb in regions affected by natural disasters following record insurance losses last year.
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| Analysts zero in on higher bad debt reserves at MBS |
(SINGAPORE) Amid bullishness on Las Vegas Sands Corp's (LVS) stellar fourth- quarter earnings and its first-ever dividend payout, analysts have cast the spotlight on Marina Bay Sands' (MBS) higher bad debt reserves as the global economy slows down.
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| Genting S'pore's prospects given the thumbs-up |
A MAJOR laggard in 2011, Genting Singapore (GenS) appears on course to ride the water dragon's prosperity this year, according to gaming analysts.
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| India's top court cancels 122 licences in 2G auction scandal case |
(NEW DELHI) India's Supreme Court yesterday ordered telecoms licences issued under a scandal-tainted 2008 sale be revoked, striking a blow against corruption that plagues the country and roiling the world's second biggest cellular market.
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| Choice Jervois Rd plot draws 17 bids, topped by SingLand |
(SINGAPORE) A plum 99-year leasehold private condo plot at Jervois Road drew a whopping 17 bids yesterday, attesting to the site's choice location and relatively affordable investment size for the site's development. |
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| More dithering at Davos |
ANOTHER January, and another Davos summit has come and gone. And the world is no further than it was from the eurozone crisis and other economic malaises, despite past claims of light at the end of the tunnel and progress having been made.
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| America's super-rich as stooges for politicians |
WHATEVER else they are, the super-rich in the US have now become political props. Americans can thank President Barack Obama and Mitt Romney for this.
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| MBS seeks immediate recovery of $2m debt from businessman |
(SINGAPORE) Marina Bay Sands (MBS) has asked the Singapore High Court for immediate recovery of a $2 million gaming debt from a Singapore-based Japanese businessman, according to court papers filed this week.
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| Three-Minute Digest |
RISING rentals for commercial and industrial space have emerged as a pressing issue for small and medium enterprises, and the fingers are pointed squarely at the dominance of Reits as landlords.
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| Fewer foreigners buying private homes in S'pore |
(SINGAPORE) The proportion of private homes picked up by foreigners who are not Singapore permanent residents spiked in December before easing in January, according to preliminary numbers.
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| Goodwin's loss of knighthood stirs banker excess debate |
THE DECISION to strip Fred Goodwin of his knighthood has precipitated a vigorous debate on whether the British government's attempts to curb bankers' greed could drive business away from the City of London.
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| Greece throws in GDP sweetener for creditors |
(PARIS) Bondholders negotiating a debt swap with Greece may get a sweetener tied to a revival in economic growth that would ease the impact of accepting a lower interest rate on the new bonds, people with knowledge of the talks said.
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| London flame to land at Culdrose base |
(ATHENS) The flame for this year's London Olympics, scheduled to arrive in Britain on May 18, will land at a military base in Cornwall before starting the torch relay that will end with the Games' opening ceremony on July 27, documents revealed yesterday.
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| Risk of credit crunch in eurozone remains |
(FRANKFURT) A quarter of eurozone banks expect to make it harder for firms to get loans in the future, the European Central Bank said yesterday, although the bank's recent massive cash injection has eased the chance of a full-blown credit crunch.
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| Florida voters bring Gingrich back to earth |
WELL, it seems that Republicans in Florida have not warmed up to Newt Gingrich's plan to establish an American colony on the moon during the next eight years and turn it into America's 51st state.
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| Boosters for S'pore's R&D nursery |
TECHNOLOGICAL pro- gress will be crucial in determining the competitiveness of Singapore firms, nationally as well as internationally.
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| Of dollar's supremacy and conspiracy theory |
THE other day, a friend of mine of a rather conspiratorial bent sidled up to me and posed a conundrum.
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| Brokers' Take |
CDL Hospitality Trust (CDLHT) ended 2011 on a strong note. Fourth quarter 2011 revenue was $37.8 million (+13.4 per cent year-on- year), net property income was $35.5 million (12.7 per cent year- on-year), distributable income after deducting retained income was $28.4 million (6.6 per cent year-on- year) and DPU was 2.94 cents (5.8 per cent year-on- year).
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| Won down after data, profit-taking |
(SINGAPORE) The South Korean won slid yesterday after surprisingly weak export data, while investors booked profits from most emerging Asian currencies on concerns over slowing global growth, which could cut inflows to the region.
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| US running out of funds for highway repairs |
(WASHINGTON) The US government will run out of funds for highway repairs next year as improved vehicle fuel economy puts the brakes on growth in gas tax revenue, according to budget projections released on Tuesday.
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| Asia's family businesses face new challenges |
(SINGAPORE) From India's Ambani empire to the Li dynasty of Hong Kong, family firms are a pillar of Asian economies, but rising globalisation and generational shifts are throwing up new challenges.
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| Amazon keeps spending to grow, slashing profits |
(SAN FRANCISCO) Amazon.com Inc warned of a possible operating loss in the first quarter following a sharp drop in fourth-quarter profit, a sign that the online retailer is continuing to spend heavily on expansion and new ventures at the expense of shorter-term profits.
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| Japan car sales jump on tax breaks; Korea tumbles |
(TOKYO) Japanese car sales turned sharply higher last month, buoyed by the government's efforts to help its struggling car industry, while sales in South Korea shrank on a slowing economy and a lull during the Chinese New Year holiday.
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| Greenberg amends compensation suit |
(WASHINGTON) Maurice 'Hank' Greenberg, the former American International Group (AIG) Inc chief executive officer, has amended his lawsuit seeking US$25 billion over the US takeover of the insurer, claiming that a banker said the government wanted to 'steal' the business.
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| Companies add 170,000 workers in January |
(WASHINGTON) Companies added 170,000 workers last month, reflecting job gains in services and at small businesses, according to a private report based on payrolls, while construction spending rose for the fifth straight month.
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| Built for speed |
(PARIS) Visitors walking past a replica of a Bentley R Type Peterson. Over 100 cars and 35 motorcycles, including several French-built cars and three private collections, will be sold at Bonhams' Collectors' Motor Cars, Motorcycles and Automobilia auction held in Paris today.
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| Mining tycoon Rinehart increases Fairfax stake |
(SYDNEY) Australia's richest person, mining magnate Gina Rinehart, reportedly took her stake in press group Fairfax to 12.8 per cent yesterday, prompting government calls for tougher media ownership laws.
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| Portugal gains respite at treasury bill sale |
(LISBON) Portugal sold all of its planned issuance of 1.5 billion euros (S$2.5 billion) of treasury bills at lower yields yesterday, soothing fears over its ability to raise short-term funds after a surge in its bond rates prompted fears it may need a new bailout like Greece.
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| Developers may have sold 1,700-1,800 private homes in Jan |
(SINGAPORE) Developers may have sold 1,700-1,800 private homes excluding executive condos (ECs) in January, a sharp reversal from the mere 632 units moved in December. |
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| Toy time |
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| Santander feels pain of Spanish property hangover |
(MADRID) Santander, the eurozone's biggest bank, reported a sharp drop in annual profit after it set aside money against foreclosed Spanish property, anticipating government demands that lenders recognise heavy property losses.
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| Nokia Siemens to cut jobs in Germany, Finland |
(HELSINKI) Nokia Siemens Networks, the world's second-largest maker of mobile phone network equipment, is talking to labour unions in its home countries Germany and Finland about cutting more than 4,000 jobs, part of a company-wide shake-up.
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| Endaka, other woes keep things gloomy in Japan |
JAPANESE industrial production bounced back last December from damage inflicted by Japan's own natural disasters and by flooding in Thailand, and the improvement carried through to January.
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| Gingrich to keep fighting for nomination |
(JACKSONVILLE, Florida) A confident Mitt Romney prepared for victory in the Republican presidential primary in Florida yesterday as voters went to the polls, as Newt Gingrich, trailing in public opinion polls, vowed to wage a prolonged fight for the nomination.
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| Aviva Investors cuts 160 jobs in London |
(LONDON) Aviva plc, Britain's second-biggest insurer by market value, will cut 160 jobs at its asset management unit as the European sovereign debt crisis and the deteriorating UK economy crimp sales.
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| Consumer confidence unexpectedly drops in Jan |
(WASHINGTON) Confidence among US consumers unexpectedly dropped last month as petrol prices picked up and more Americans said that jobs were hard to get.
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| Eurozone jobless rate hits 10.4% in Dec |
(BRUSSELS) Eurozone unemployment has risen to its highest level since the single currency was introduced, data showed yesterday, a day after EU leaders promised to focus on creating millions of new jobs to try to kickstart Europe's floundering economy.
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| French banks would flee to UK to avoid tax, warns Cameron |
(BRUSSELS) British Prime Minister David Cameron took a fresh dig at cross-channel rival France Monday, warning that French banks would flee to Britain if Paris introduces a financial transactions tax.
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| Germany Dec retail sales dip unexpectedly |
(BERLIN) German retail sales fell unexpectedly in December, suggesting Europe's debt crisis unsettled consumers during key Christmas trade, although economists said that they expected the preliminary data to be revised upwards.
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| UK consumer confidence rises to 7-month peak |
(LONDON) British consumer morale climbed to its highest in more than half a year last month, as lower energy costs and retailer discounts provided hard-pressed consumers with some relief, at least for now, researchers GfK NOP said yesterday.
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| ANZ, NAB stand in good stead as funding costs soar |
(SYDNEY) Stubbornly weak Australian mortgage growth and soaring funding costs are tipping the scales in favour of business-lending focused ANZ and National Australia Bank among the 'Big Four' banks, as the economy slows and jobs are cut.
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| iPhone way ahead of Android devices in US holiday sales |
(SAN FRANCISCO) Samsung Electronics was the only smartphone maker partnering with Google Inc that found holiday cheer competing against Apple Inc's iPhone.
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| S&P warns of downgrade to G-20 nations from 2015 |
(NEW YORK) Ratings agency Standard & Poor's warned that it may downgrade 'a number of highly rated' Group of 20 countries from 2015 if their governments fail to enact reforms to curb rising healthcare spending and other costs related to ageing populations.
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| Business-loan demand climbs in Q4: Fed survey |
(WASHINGTON) Demand for business loans increased in the fourth quarter as economic growth accelerated, according to a Federal Reserve survey of senior loan officers at banks.
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| Abu Dhabi in talks to offload 49% stake in Aldar |
(DUBAI) Abu Dhabi has held talks to offload all or part of a 49 per cent government stake in struggling Aldar Properties in an attempt to stop its falling asset value from dragging down state investment fund Mubadala.
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| Three-Minute Digest |
THE unemployment rate here fell to a 14-year low in 2011, but job losses rose sharply in the final quarter of the year as the economic outlook deteriorated sharply. |
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| Eurozone fiscal compact unlikely to work |
THE latest big news to emerge from the European Union summit in Brussels is, at first glance, encouraging: 25 out of 27 EU members (except the UK and the Czech Republic) have given their assent to the fiscal compact championed by Germany, which will commit the signatories to tough fiscal discipline.
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| Beijing must tread carefully in its dealings with others |
THE United States has recently, and repeatedly, made clear that its new defence policy is to put greater emphasis on the Asia-Pacific region, with a view to playing a leadership role in Asia, to China's evident discomfiture.
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| India's stock market gets a shot in the arm |
THE year 2012 began on a sombre note for the Indian economy. Market sentiment was poor with the stock market dropping to one of its lowest levels in the last two-and-a-half years.
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| How to become more MNC-friendly |
THE Singapore government has been trying to encourage foreign multinational corporations to set up their regional headquarters here to oversee and manage their regional operations, and make outbound investments.
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| This year's US presidential poll will be race-soaked |
HERE are some things you could learn about black Americans from the recent statements and insinuations of Republican presidential candidates, Republican congressmen and Republican-friendly radio personalities: Black people have lost the desire to perform a day's work.
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| <img width='1' height='1' src='http:/ |
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| Anomaly in rules on SIPS trading |
I REFER to the article 'Trading in SIPs: fine-tuning needed' by R Sivanithy (BT, Jan 31) which hit the nail on the head in regard to the furore over the new SGX rule relating to these Specified Investment Products.
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| Euro under pressure despite slight rebound |
(TOKYO) The euro remained under pressure in Asian trade yesterday, despite a slight rebound following a sharp fall on Monday, as nervous investors waited for a fresh deal on the tense Greek debt crisis.
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| US foreclosed homes draw private equity |
(LOS ANGELES) Private equity firms are jumping into distressed housing as the US government plans to market 200,000 foreclosed homes as rentals to speed up the economic recovery.
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| Small apartment prices climb 11.8% in 2011 |
(SINGAPORE) Prices for small apartments islandwide as well as for larger apartments outside the Central Region rose about twice as fast as prices of larger apartments in the Central Region last year. This trend, while similar to the one in 2010, was more pronounced last year.
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| Expanding drains, canals to cost more than $750m |
(SINGAPORE) Expanding drains and canals alone will probably cost Singapore more than $750 million in the next five years - the current outstanding bill for 20 ongoing and planned projects throughout the island.
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| Three-Minute Digest |
SINGAPORE'S Infocomm Development Authority will require telecommunications players to raise the level of mobile phone coverage, and plans to mete out a much more severe penalty to those who don't meet the new standards.
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| Long haul for Myanmar to normalcy |
IN the last 10 months since its new civilian government came to power, Myanmar has impressed the world with its remarkable efforts to re-engage the international community after five decades under military rule.
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| Independent directors with vested interests |
THERE is a huge outcry in the UK about the salary and bonuses to be paid to senior bankers. Much of this is political, but the statistics of executive pay versus workers' pay generally are quite distressing.
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| Helping SMEs expand amid uncertainty |
THE global economic outlook remains uncertain. In the short term, high business costs and labour costs would be the key challenges facing Singapore enterprises, especially the small and medium-sized enterprises (SMEs).
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| Economic nationalism is back |
WE TAKE it for granted that the current political discourse in the US is dominated by the struggle for power between the Democrats and the Republicans, and the ideological clash between the 'liberals' and the 'conservatives' - and their many respective sub-groups and orientations.
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| Sometimes austerity can be a bad idea |
LAST week, the National Institute of Economic and Social Research, a British think tank, released a startling chart comparing the current slump with past recessions and recoveries.
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| Brokers' Take |
HEALTHWAY Medical saw its share price surge by 6.25 per cent last Friday on volume of almost 57 million shares, drawing a query from the Singapore Exchange.
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| Euro slips ahead of EU summit |
(TOKYO) The euro slipped against other currencies in Asia yesterday as market players awaited a European Union (EU) summit to see whether leaders will make progress on containing the region's debt crisis.
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| Bank Negara unveils new forex and derivatives measures |
(KUALA LUMPUR) Malaysia says it will further liberalise its domestic capital markets from today, relaxing rules on interest rate derivatives, debt and foreign exchange trading. |
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| Davos wowed by device reading code-of-life faster |
(DAVOS, Switzerland) It was the talk of Davos, grabbing the imagination of a forum otherwise shrouded in gloom: a miracle machine that cracks the code of life within hours and could revolutionise healthcare.
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| ABB buys Thomas & Betts for US$3.9b |
(BERLIN) ABB Ltd, the world's largest maker of power distribution equipment, agreed to buy Thomas & Betts Corp for US$3.9 billion to expand its North American distribution network and add low-voltage equipment.
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| Carrefour appoints Georges Plassat as new CEO |
(PARIS) Carrefour SA appointed Vivarte SA chief executive officer Georges Plassat as CEO, ending Lars Olofsson's three-year reign that saw shares of the world's second-largest retailer fall 24 per cent.
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| Spanish GDP shrinks 0.3% in fourth quarter |
(MADRID) Spain's economy shrank in the fourth quarter, pushing the country toward its second recession since 2009 and undermining government efforts to narrow the budget deficit.
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| France raises sales tax to finance cut in payroll levies |
(PARIS) French President Nicolas Sarkozy announced increased sales taxes and levies on financial incomes to fund a 13 billion-euro (S$21.45 billion) cut in payroll charges in the opening volley of a re-election bid that requires him to erase a 20-point poll gap in three months.
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| Greek debt talks fuel concerns in Lisbon |
(LISBON) The Greek debt swap negotiations that may produce relief for Athens are fuelling concerns in Lisbon where an agreement would make it more likely Portuguese investors would be next in line to accept a loss.
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| Dec consumer spending stalls as Americans boost savings |
(WASHINGTON) Consumer spending stalled in December as Americans used a jump in incomes to restore depleted savings, indicating the biggest part of the economy will not be a driver of the expansion.
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| Ex-UBS trader's trial for US$2b loss starts in Sept |
(LONDON) Former UBS trader Kweku Adoboli will stand trial in September after pleading not guilty yesterday to charges related to the loss of more than US$2 billion on trades the bank says were unauthorised.
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| Looking for a bargain |
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| World Briefs |
TOKYO) Canon Inc yesterday said its president Tsuneji Uchida would step down and his role would be taken up by chairman and chief executive Fujio Mitarai after the company forecast weaker-than-expected earnings growth for this year.
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| EU drafting law to counter Chinese restrictions |
(FRANKFURT) The European Union is drafting a law in response to Chinese protectionism in public markets, EU trade commissioner Karel De Gucht told the German Focus magazine in an interview expected to appear yesterday.
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| Deutsche Boerse faces queries on NYSE merger |
(LONDON) Deutsche Boerse's local regulator questioned whether it's 'viable' for the Frankfurt bourse to keep Germany as its European hub if it acquires NYSE Euronext, operator of the New York Stock Exchange.
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| BlackBerry comes under attack from Android in Europe |
(NEW YORK) The iPhone has taken a big bite out of the BlackBerry in a market where the older phone once dominated: business customers in North America.
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| Mexico losing US$50b a year in illegal outflows: report |
(MEXICO CITY) About US$50 billion a year is siphoned illegally out of Mexico due largely to tax evasion and trade manipulation, a report showed on Sunday.
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| Fund managers, big shareholders lead pack |
THE trading among directors was very low during the holiday-shortened week following the Chinese New Year holidays with only seven transactions worth a paltry $760,000. The three-day totals were sharply lower than the previous week's 22 trades worth $5.1 million.
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| Dollar tumbles on Fed rates outlook, Greek debt talks |
(NEW YORK) The dollar fell against all its most-traded counterparts after the Federal Reserve pledged to keep interest rates low for at least three years, spurring investors to seek higher-yielding assets.
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| Suit claims Silicon Valley anti-poaching conspiracy |
(SAN JOSE) In Silicon Valley's white-hot competition for tech talent, programmers can face a daily barrage of calls from recruiters seeking to woo them to rival companies with offers of better pay and perks.
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| We're not euro, UK tells China as it seeks funds |
(LONDON) Britain is making huge efforts to attract investment from China to kickstart an economy teetering on the brink of recession - and it is playing its trump card of being outside the eurozone.
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| Ministers optimistic about global trade deals |
(DAVOS) Trade ministers meeting on the sidelines of the World Economic Forum expressed cautious optimism last Saturday that global commerce can continue to be liberalised even without progress in the Doha round of trade talks.
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| Romney's wealth stands out |
(WASHINGTON) Just how rich is Mitt Romney? Add up the wealth of the last eight presidents, from Richard Nixon to Barack Obama. Then double that number. Now you're in Romney territory.
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| 4 former, current Sun journalists arrested on bribery allegations |
(LONDON) Four current and former employees of News Corp's tabloid The Sun were arrested on bribery allegations as a year-long police investigation spreads to Britain's best-selling daily newspaper.
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| Work in progress |
(JEDDAH) An artwork entitled 'World Map' by Saudi artist Hamza Serafi is displayed during Saudi Arabia's first public show of contemporary art entitled 'We need to talk' at al Furusia Marina here.
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| US beefs up trade enforcement with intelligence officials |
(DAVOS) A new team of US trade enforcers will make countries think twice about putting up unfair barriers to American exports, US President Barack Obama's top trade official said.
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| Swiss press to settle tax pact with US |
(DAVOS) The break-up of Switzerland's oldest bank Wegelin last Friday shows the need to settle a dispute with US authorities over tax cheats hiding cash in secret Swiss accounts, the finance minister said on Saturday.
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| Profitability, not regulation, seen capping bank bonuses |
(DAVOS) Budding bankers expecting the bumper bonuses of years gone by will have to think again, with only the top performers likely to be paid top dollar.
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| Only fraction of sanctioned regime assets recovered |
(ZURICH) Banks and regulators are powerless to find more than a fraction of the assets belonging to sanctioned regimes such as Syria - even though they are right under their noses, say top finance officials and campaigners.
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| Japan quietly doing its own resources grab |
CHINA'S global 'resources grab', backed by a system of state capitalism and huge foreign exchange reserves, has been making waves at this year's World Economic Forum in Switzerland, but a similar campaign by Japan has remained relatively low key.
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| Nokia strikes back with Windows Lumia phones |
(NEW YORK) Nokia, the world's largest seller of mobile phones by volume, said it suffered a huge loss in the fourth quarter but reported better than expected sales of its new Windows smart phones, sending its shares soaring.
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| Brazil's plus-size bikini revolution |
(RIO DE JANEIRO) Tall and tan and young and . . . chunky? The Girl From Ipanema has put on a few pounds and for many sunbathers on Brazil's beaches, the country's iconic itsy- bitsy, teeny-weeny bikini just doesn't suffice anymore.
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| Asia may not be the low-hanging fruit that Apple is hoping for |
(HONG KONG) Investors in Apple Inc have a one-word answer for those who wonder whether this corporate juggernaut can maintain its phenomenal momentum in the years ahead: Asia.
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| Perfect storm seen brewing: forum |
(DAVOS) Despite attempts by political and business leaders to suggest the eurozone has turned a corner, the prevailing view of pundits is things can only get worse and a 'perfect storm' is brewing.
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| Disorderly Greek debt default looks less likely |
(ATHENS) A disorderly and potentially devastating Greek debt default is looking much less likely.
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| IMF chief: Some euro countries can boost growth |
(DAVOS) The head of the International Monetary Fund said on Saturday that some countries that use the euro have the flexibility to boost growth to help shore up the ailing eurozone economy, which is widely expected to sink back into recession.
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| Italy's govt sticking to tough reforms |
(MILAN) Shored up in the polls and with a run of successful bond sessions in the bag, Italian Prime Minister Mario Monti's government is staying the course on bitter reforms despite countrywide strikes.
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| Djokovic beats Nadal in the longest ever Grand Slam final |
Novak Djokovic defeated Rafael Nadal in a five-set, six-hour final to win his third Australian Open title and become the fifth man to win three straight Grand Slam tennis championships since the sport went professional 44 years ago.
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| Prices mostly up on weak US$, Fed pledge |
(LONDON) Commodity prices mainly rose last week on the struggling dollar after the US Federal Reserve vowed to keep interest rates near zero for at least two years.
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| 2012 Singapore Airshow on firm trajectory |
(SINGAPORE) The Singapore Airshow is set to be bigger and more spectacular than it was two years ago. |
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| Three-Minute Digest |
BUSINESSES here are hoping for measures to prop up jobs and productivity initiatives in light of the imminent economic slowdown.
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| Budget hopes and wishes |
What does Singapore's 2012 Budget need to focus on, in the light of current economic and social developments? What is your Budget wish list for your industry, and for Singapore as a whole?
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| Ignored: real lesson of financial crisis |
THE recent release of the 2006 transcripts of the Federal Reserve's main policy-making body stimulated a small media frenzy. 'Little Alarm Shown at Fed at Dawn of Housing Bust,' headlined The Wall Street Journal. The Washington Post agreed: 'As financial crisis brewed, Fed appeared unconcerned.' The New York Times echoed: 'Inside the Fed in '06: Coming Crisis, and Banter.' |
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| BOA caps cash bonus at US$150k for some investment bankers |
BANK of America (BOA), the US lender seeking to preserve capital, will freeze base salary levels and limit cash bonuses to US$150,000 for some investment bankers, said two people with knowledge of the plans.
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| Revolving door of Congress, lobbyists |
IN the three years since the global financial crisis erupted, two dominant views of what went wrong have emerged. It is crucial that we understand each, because their implications for policymakers - and thus for the future health and stability of the global economy - could not be greater.
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| Under the table |
THE underground dining phenomenon may have been piping hot in Singapore last year but the trend had in fact slowly been gathering steam before that among Singaporeans overseas.
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| Eurozone ministers upbeat on Greece, crisis solution |
EUROZONE finance officials voiced optimism yesterday that a deal to avert a disorderly Greek default was imminent and that key building blocks to resolve Europe's sovereign debt crisis were gradually fitting into place.
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| Switzerland's Wegelin sells non-US business |
WEGELIN, Switzerland's oldest bank, has been forced to sell its non-US business to shield it from the fallout over a row with US authorities, which have threatened to charge it with helping US taxpayers to hide assets.
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| Japan retail sales in December up 2.5 per cent |
JAPAN'S retail sales grew at the fastest pace in more than a year as the rebound in consumer spending from the March earthquake propped up an economy reeling from a deepening export slump.
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| Essence of time |
DESPITE coming off the back of a record year in sales, luxury Swiss watch makers did not exactly come out guns blazing at the 22nd SIHH (Salon Internationale de la Haute Horlogerie) which ended last weekend in Geneva. The annual exhibition features 18 brands - most from Richemont, a global luxury goods group - showing off their novelties for the new year.
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| Spain's jobless rate shoots to 17-year high |
SPAIN announced yesterday that its jobless rate shot to a 17-year high of 22.85 per cent at the end of last year, the highest in the industrialised world, as unemployment punched above five million.
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| Chinese New Year boom for HK jewellery retailer |
CHOW Sang Sang Holdings International Ltd said customers nearly doubled their average spending during the Chinese New Year holiday as sales at the Hong Kong jewellery retailer jumped as much as 28 per cent in three days.
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| BNP to divest US$11b of oil & gas loans: sources |
BNP Paribas, France's largest bank, is aiming to dispose of up to US$11 billion of loans to oil and gas companies and has received interest from Canadian buyers, according to two banking sources familiar with the situation.
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| Something's afoot with 'Gillard shoe' on eBay |
A SHOE advertised as the one Australian Prime Minister Julia Gillard lost when she was bundled into a car by her bodyguards attracted a A$2,000 (US$2,674) bid before it was pulled from eBay yesterday.
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| Medicare overpays insurers by up to US$3.1b |
INSURERS offering Medicare health plans were overpaid by as much as US$3.1 billion in 2010 because the US government miscalculated how sick beneficiaries were, federal auditors said.
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| Ex-BI official a suspect in graft case |
FORMER Bank Indonesia senior deputy governor Miranda Goeltom said that the country's anti-corruption agency has named her as a suspect in the bribery case involving her election to the post in 2004.
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| DoCoMo bosses say 'sorry' with pay cuts |
THE president and five other top executives of Japan's biggest mobile phone operator will take pay cuts to apologise for a series of network troubles, NTT DoCoMo said yesterday. It admitted that it had struggled to deal with growing data traffic as smartphones boom in popularity, and pledged fresh investment to tackle the issue.
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| This Week | January 23-27, 2012 |
AS the Dragon Year beckons, experts in the financial and fengshui worlds can't seem to agree on whether the mythical creature's roar will light a fire under downbeat markets or leave everything in ashes in its wake.
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| Next Week | Jan 30 - Feb 3 |
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| <img width='1' height='1' src='http:/ |
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| Making the connection |
Mark Flower Director Commercial South-east Asia InterContinental Hotels Group
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| Home prices in Hamptons slip 13% in Q4 |
HOME prices in New York's Hamptons, the beachside retreat of financiers and celebrities, declined 13 per cent in the fourth quarter from a year earlier as buyers opted for less-expensive properties.
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| China home prices 'need to fall 30%' |
CHINA's property prices need to decline 30 per cent to reach a 'reasonable' level, according to He Keng, a deputy director of the Financial and Economic Affairs Committee of the National People's Congress. Housing prices will be at a 'reasonable' level when they are equivalent to about six years of salary for a family, the senior lawmaker said, according to the transcript of an interview with China National Radio.
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| Traders continue to be bullish on gold |
GOLD traders are bullish for a fourth consecutive week, betting that the Federal Reserve's pledge to keep interest rates low until late 2014 will extend the metal's best start to a year in more than three decades.
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| Whole-of-life alternative to universal life |
UNIVERSAL life plans which offer jumbo-sized death cover are a staple among private bank offerings.
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| Brokers' Take |
Close: $0.695 METRO was founded in 1957 as a department store operator and became a household name in the local retail scene in its heyday.
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| Waves from Europe won't sink Asia |
EUROPE confronts a complex set of political and economic challenges. Recent weakness in asset markets in Asia shows that investors now believe Europe's woes will put these regions at risk of a severe deterioration in economic and financial conditions. Exploring two possible scenarios in Europe can help us understand if this fear is justified:
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| Greek debt-swap talks resume amid dispute over costs |
(FRANKFURT) Talks on a debt swap to avert a Greek default were to resume yesterday as international policymakers squabbled over the mounting cost of the rescue.
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| Germany revives bank-rescue fund as bulwark against crisis |
(FRANKFURT) German lawmakers reopened the Soffin bank-rescue fund to counter the threat of financial-institution failures during the debt crisis, after allaying lenders' concerns that they would bear the brunt of the cost.
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| AT&T posts big quarterly loss of US$6.68b |
(NEW YORK) AT&T Inc posted a massive quarterly loss due to a break-up fee for its failed T-Mobile USA merger and other charges on top of costly subsidies for smartphones such as Apple Inc's popular iPhone, sending its shares down on opening.
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| Balancing short-term, long-term interests |
(NEW YORK) If billionaires, bankers and politicians extract one insight from the World Economic Forum, let it be this: Western civilisation is on the verge of a catastrophic failure to balance its short-term and long- term interests.
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| Singapore is 6th in top 30 for commercial property investment |
(SINGAPORE) The Republic has been ranked sixth in Jones Lang LaSalle's list of top 30 cities for direct commercial real estate investment for 2010 to Q3 2011. The city state saw about US$15 billion of such deals during this period. London, in top position, saw US$43 billion of deals, followed by Tokyo, with US$32 billion, New York (US$27 billion), Hong Kong (US$18 billion) and Paris (US$18 billion). Shanghai was in tenth position with US$10 billion of deals. |
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| Euro hits 5-wk high vs $ on Greek hopes |
(LONDON) The euro hit a five-week high against a broadly weak dollar yesterday, on speculation of progress in Greek debt negotiations and after the US Federal Reserve indicated interest rates would stay at ultra-low levels for at least another two years.
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| Three-Minute Digest |
RISK was back in favour yesterday after the US Federal Reserve said it might keep interest rates near zero till late 2014 - more than a year longer than it previously anticipated.
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| Durables orders up; new home sales decline |
(WASHINGTON) New orders for US manufactured goods rose in December and a gauge of future business investment rebounded, but sales of new US homes unexpectedly declined for the first time in four months and capped the slowest year on record for builders.
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| US firms may take tax move on the chin |
(SINGAPORE) Despite President Barack Obama's calls to put an end to US companies seeking to avoid paying taxes by shifting operations outside the US, American companies are likely to continue operations abroad.
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| Investor suit against Morgan Stanley moves ahead |
(SINGAPORE) Discovery proceedings have finally started more than a year after a group of Singapore investors sued Morgan Stanley for allegedly selling rigged Pinnacle Notes as 'safe, conservative' investments.
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| Public-funding reports lift Tepco shares |
TOKYO Electric Power Company (Tepco), operator of the Fukushima nuclear power plant crippled by a massive tsunami last year, saw its shares jump in value yesterday on reports that Japan's biggest power utility will accept a one trillion yen (S$16.2 billion) injection of public funds that would bring it at least temporarily under state control.
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| North-south divide splits GOP |
NEWT Gingrich's unexpected victory in the South Carolina Republican presidential primary election suggests that the Grand Old Party is facing a regional split similar to that which weakened the Democratic Party in the 1960s.
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| Sales of financial adviser firms down in 2011 |
(NEW YORK) Merger and acquisition (M&A) activity among registered independent advisers (RIAs) slowed in 2011 due to market volatility and the wavering economy, according to Charles Schwab Corp's adviser services arm.
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| Bills to cap commodity regulator move forward |
(WASHINGTON) Half a dozen bills to constrain the US commodities regulator as it writes new swaps regulations inched forward in the House of Representatives on Wednesday despite an uncertain future in the Senate.
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| Wall St baffled by Google's strategy, focus |
(SAN FRANCISCO) Google Inc, which revolutionised Internet searches with an easy-to-use website, has itself become an increasingly tricky business to grasp.
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| Myanmar told to modernise finance sector for growth |
(BANGKOK) Myanmar has the potential to quickly boost economic growth if the government modernises the financial sector and makes it easier for companies to trade and invest, the International Monetary Fund said.
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| Asian distributors turn to US for LNG supplies as prices fall |
(NEW DELHI) Liquefied natural gas buyers in Asia are seeking to take advantage of the cheapest US supplies in a decade, undermining a 40-year-old oil-linked price mechanism used from Japan to India and South Korea.
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| Global investors favour Obama's re-election: poll |
(WASHINGTON) US investors are rooting for Mitt Romney and those overseas are for Barack Obama. Newt Gingrich is generating little enthusiasm anywhere.
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| Tread carefully when embracing 'risk-on' |
CONTRARY to all expert predictions at the start of the year, equity markets are performing well. Western markets like Wall Street and most of Europe have gained about 5 per cent in three weeks while Asian markets like Hong Kong are up 11 per cent. Meanwhile, the Straits Times Index's (STI) return has been 9 per cent, which means the index in under a month has recouped more than half of last year's 17 per cent loss.
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| Respect others, and you will be respected |
FORTY years ago, the arch-conservative American president Richard Nixon shocked his country and the world by visiting communist China, a country that the United States did not recognise and whose soldiers had fought American soldiers in the Korean War.
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| Keeping Singapore's fund management advantage |
SINGAPORE'S holistic approach in cultivating the fund management industry has been reaping rewards and the Singapore resident fund scheme has attracted more fund managers to set up shop here.
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| China Sky saga: Quo vadis, SGX? |
THE application for a court order by the Singapore Exchange (SGX) against China Sky Chemical Fibre (CSCF) captured widespread attention as this would have been the first-ever confrontation between SGX and a listed company.
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| Future of US energy looks bright, but not green |
A WEEK after President Barack Obama denied the application for the Keystone XL pipeline - which would carry oil from Canada's tar sands deposits in Alberta to US refineries along the Gulf of Mexico - it's time for an energy reality check.
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| Brokers' Take |
SINCE the start of the year, Olam International's share price has staged a sharp recovery, rising 24 per cent year-to-date to hit a recent high of $2.64.
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| Central bankers 'out of ammunition', says Roach |
(DAVOS, Switzerland) Central bankers in the developed world are 'out of ammunition', and quantitative-easing policies in the US are not achieving traction, said Stephen Roach, non-executive chairman of Morgan Stanley Asia.
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| Rich play at Klosters, others talk at Davos |
| (ZURICH) Europe's rich and famous faced tough decisions as they assembled at a chic Swiss ski resort last weekend: whether to drink Taittinger or whisky- infused hot chocolate, and which piglet to back in the afternoon race. |
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| Davos elite confronts failures of Western model |
| (DAVOS, Switzerland) Chastened leaders of the global business elite admitted yesterday that the Western free-market model has come up short and faces being shoved aside by emerging power state capitalism. |
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| Pending sales of existing homes falls 3.5% in Dec |
| (WASHINGTON) The number of Americans signing contracts to buy previously owned homes fell in December from a 19-month high. |
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| Yahoo's revenue falls short of estimates |
| (SAN FRANCISCO) Yahoo! Inc, the largest US Web portal, reported revenue and forecast sales that fell short of estimates as ebbing demand for display advertising underscored the challenge facing new chief executive officer Scott Thompson. |
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| Silicon Valley newcomers still dreaming big |
| (SAN FRANCISCO) Atha Fong, 22, has trouble explaining to her mother exactly what she does as a product manager at iSkoot. 'Basically, her understanding is that I work with engineers to make mobile phone applications - but more than that, not really,' she said. |
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| Thai central bank cuts rates further to help spur recovery |
| (BANGKOK) The Bank of Thailand cut interest rates for the second consecutive meeting to help spur a recovery from the worst floods in almost 70 years as a deteriorating global economy threatens growth. |
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| Smarter people own more stocks, says study |
| (NEW YORK) The smarter you are, the more stock you probably own, according to researchers who say they found a direct link between IQ and equity market participation. |
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| Star managers set to launch breakaway funds |
| (LONDON) Several high-profile hedge fund managers are preparing to strike out on their own this year, supported by strong followings and unfazed by a year of poor industry performance that has shaken investor confidence in the US$2 trillion sector. |
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| HSBC said to seek buyer for Japan consumer ops |
| (TOKYO) HSBC Holdings Plc, Europe's largest bank, is seeking buyers for its Japanese consumer banking unit four years after starting the business, said three people familiar with the matter yesterday. |
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| Assange to host show on Kremlin-run network |
| (MOSCOW) WikiLeaks founder Julian Assange, under house arrest in the UK, will host a television talk show on an English-language channel controlled by the Kremlin, the Russian broadcaster RT said. |
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| BOE keeps bond purchase target unchanged |
| (LONDON) Bank of England policy makers voted unanimously this month to keep their target for bond purchases unchanged, with some officials saying more stimulus is 'likely' to be needed after the current programme is complete. |
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| German business confidence up for third month in a row |
| (FRANKFURT) Germany's much-watched Ifo index of business optimism rose for the third month in a row, a positive sign for the largest economy in the eurozone. |
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| Citi mulls cuts in securities and banking |
| (LONDON) Citigroup Inc said it may make further cuts in its securities and banking unit in 2012 if revenue does not pick up meaningfully, as the prospect of more layoffs looms large over investment banks globally. |
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| Roche makes hostile takeover of Illumina |
| (SINGAPORE) Roche Holding AG has offered about US$5.7 billion in cash for Illumina to bolster cancer-drug sales - the third time since 2007 that the Swiss drugmaker has made a hostile bid for a US company. |
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| Asian units rally after funds raise holdings |
| (SINGAPORE) Asian currencies strengthened, led by Malaysia's ringgit, after global funds added to holdings of regional assets on optimism policy makers will take steps to boost economic growth. |
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| Shareholders of Baker still in the dark |
| IN April 2010, Baker Technology accepted an offer from Yangzijiang to buy its PPL Holdings for US$155 million which would give it a 15 per cent stake in PPL Shipyard Pte Ltd. |
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| Brokers' Take |
| OFC booster to muted FY11 results: Keppel Land announced FY11 results with a huge booster of one-time gains totalling $1.086 billion mainly from the divestment of Ocean Financial Centre (OFC) and its attributed revaluation surplus, as well as partly from Marina Bay Financial Centre (MBFC) Phase 2 and K-Reit. |
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| Corruption the next hurdle for Indonesia |
| IT'S a rare economic story that involves Facebook Inc, God and credit ratings. |
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| Growing private equity in Singapore |
| The year 2011 was challenging with the eurozone economic crisis and significant natural disasters occurring worldwide. There is little doubt that the economic impact of these events will potentially be felt for years to come, including here in Asia. |
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| US is back as a global power, says Obama |
| ON THE same day that leading Republican presidential candidate Mitt Romney released his tax returns which showed that he paid less in taxes than top wage earners, US President Barack Obama launched his populist re-election campaign during his State of the Union Address. |
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| Be ready to slide further 'into the danger zone' |
| LATELY, the so-called Bretton Woods Twins (the IMF and World Bank) seem to have been trying to outdo each other in describing how dire is the state of the global economy. Other institutions such as the OECD have not been far behind in this regard. |
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| The US presidential race is of global interest |
| THE onset of a new US presidential election campaign provides an opportunity for non-American observers to restate the obvious: that whoever is elected to be the next president will become the world's most powerful figure - in a sense, a global president. |
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| Correction |
| Our Jan 23 commentary, 'Who cares what the erratic rating agencies think', said Fitch had yet to raise Indonesia's sovereign to investment grade. Fitch was in fact the first among the three largest international credit rating agencies to raise Indonesia to investment grade in December last year. We are sorry for the error. |
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| Three-Minute Digest |
| PRESIDENT Barack Obama called upon US corporations to do their duty and American millionaires to pay their fair share in taxes, putting down the markers for his re-election campaign in his third State of the Union address. |
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| Cash-rich Apple should reward shareholders |
| THE Apple juggernaut has regained warp speed with its new pilot, Tim Cook. The tech giant's results for the quarter ended December blew away the previous rare letdown - the US$30 billion of market cap added after-hours on Tuesday proves that. The latest iPhone fuelled a 73 per cent surge in sales from the year before. With cash rolling in, the destiny of nearly US$100 billion in Apple's piggybank is looming large. |
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| Apple exceeds forecasts, shares up 8% |
| (SAN FRANCISCO) Apple Inc's quarterly results blew past Wall Street's expectations after US consumers snapped up near-unprecedented numbers of iPhones and iPads, sending its shares up 8 per cent into record territory. |
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| Japan posts a trade deficit, after 30 years |
| JAPAN recorded its first annual trade deficit since 1980 last year as imports of fuel and other commodities surged in the wake of the Fukushima nuclear disaster while exports were hit by supply shortages caused by the incident and by a weakening in external demand from Europe and elsewhere, it was revealed yesterday. |
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| Industrial properties run into headwinds |
| (SINGAPORE) Singapore's industrial properties seem to be nearing the end of their strong run with growth in rents and capital values starting to taper off as worries over a supply glut grow. |
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| IRs upbeat as Dragon Year packs in visitors |
| (SINGAPORE) They refused to divulge casino traffic, but both integrated resorts were upbeat about the number of visitors that came calling as the Year of the Dragon kicked in. |
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| Most CEOs see weaker global economy: PwC |
| (SINGAPORE) Most chief executives around the world expect a weaker economy this year, but many remain positive about their companies' growth potential, a PricewaterhouseCoopers (PwC) survey shows. |
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| Inflation report now carries more details |
| (SINGAPORE) A more detailed breakdown of the consumer price index (CPI), a new sub-index as well as commentary and historical trends - these additions yesterday marked a significant change in the way Singapore's official monthly inflation is reported, reflecting perhaps the weighty policy issue inflation now is. |
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| Singapore's monetary policy options limited due to inflation |
| (SINGAPORE) Singapore's monetary policy options remain limited due to stubborn inflation, which eased a mere fifth of a percentage point from November to 5.5 per cent in December. |
|
| Ex-chiefs of CNB and SCDF out on bail |
| (SINGAPORE) The former heads of the Central Narcotics Bureau (CNB) and the Singapore Civil Defence Force (SCDF) who are under investigation by the Corrupt Practices Investigation Bureau (CPIB) were arrested under the Prevention of Corruption Act but are out on bail, the CPIB revealed yesterday. |
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| Obama plays tax card to get firms to hire in US |
| PRESIDENT Barack Obama called upon US corporations to do their duty and American millionaires to pay their fair share in taxes, putting down the markers for his re-election campaign in his third State of the Union address on Tuesday. |
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| Going green drive going strong |
| ICONIC building projects are important for any city as they showcase the city's achievements and capabilities, said Tai Lee Siang, president of the Singapore Green Building Council (SGBC). |
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| Singapore Roundup |
| THE government has appointed Stanley Loh Ka Leung as Singapore's next ambassador to the People's Republic of China. |
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| Fifth batch of NRF Fellowship winners named |
| TEN outstanding young scientists have been awarded the Singapore National Research Foundation (NRF) Fellowship to conduct cutting-edge research. |
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| New tech benefits video service providers |
| REACHFIELD IT Solutions has signed an agreement with Exploit Technologies Pte Ltd (ETPL) - the commercialisation arm of the Agency for Science, Technology and Research (A*Star) - to develop and market a new software technology that significantly simplifies current media transcoding, management and streaming processes. |
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| PM Lee to visit India in July to strengthen ties |
| PRIME Minister Lee Hsien Loong will make a high-profile visit to India in July - his second trip to the country as Singapore premier. |
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| PM Lee: need to better integrate new immigrants |
| PRIME Minister Lee Hsien Loong stressed the need to better integrate new immigrants yesterday, as the Singapore Federation of Chinese Clans Association (SFCCA) unveiled plans to set up a Chinese cultural centre to aid such integration. |
|
| Amni's farewell bash |
| AMNI Musfirah, one of the biggest supporters of The Business Times Budding Artists Fund (BT BAF) and The Little Arts Academy, is saying a temporary farewell to the charity this weekend in the same way she said hello three years ago - with a musical bang. |
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| Work may start soon on two petrochemical projects |
| DESPITE eurozone concerns, the go-ahead is expected soon for two planned petrochemical investments totalling over $500 million on Jurong Island. |
|
| Liquidity and momentum push up STI |
| THERE were no surprises in yesterday's trading as liquidity and momentum propelled the Straits Times Index (STI) 42.26 points or 1.5 per cent up to 2,891.64. |
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| Improve safety procedures and crew training: insurers |
| (LONDON) Passenger ship operators should tighten up safety procedures and crew training standards to prevent a repeat of the Costa Concordia shipwreck, potentially the costliest marine insurance loss on record, shipping insurers said on Tuesday. |
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| Stricken Costa Concordia's captain blames cruise firm: reports |
| (GIGLIO ISLAND, Italy) The confirmed death toll from the wreck of the stricken Costa Concordia liner has reached 16, amid media reports that the Italian captain blames company pressure for his criticised actions. |
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| Oil carrier rates up on Iran threat, shares rise |
| (TOKYO) Kyoei Tanker Co, a Tokyo-based shipping line that gets more than 90 per cent of revenue from the Middle East, led gains among oil carriers as rates rose following threats by Iran to disrupt shipments. |
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| Tanker rates seen rising on Asian routes |
| (SINGAPORE) Rates for dirty tankers on key Asian freight routes are expected to rise over the next week as spot market activity picks up again with the return of Chinese traders from holiday. |
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| Investors jump into arowana breeding venture |
| (KUALA LUMPUR) Michael Liu smiled broadly and wished a customer 'Happy Chinese New Year' after he cashed in a RM1,000 (S$413) sale at his shop here. |
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| Leading index signals weak M'sian recovery |
| A RESEARCH unit of a leading Malaysian bank said yesterday that Malaysia's economic recovery is likely to remain weak as its leading index - an index it tracks that signposts the economic trend going forward - fell 1.5 per cent last November. |
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| Bank Saudara seeks strategic investor via rights issue in 2013 |
| (JAKARTA) PT Bank Himpunan Saudara 1906, a small Indonesian lender, plans to expand in Southeast Asia's biggest economy by bringing in a strategic investor through a rights issue next year. |
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| Coffee for the Indonesian on the street |
| (JAKARTA) As well-heeled Indonesians sip lattes in the air-conditioned comfort of Starbucks, outside on the bustling, traffic-jammed streets of Jakarta the myriad poor turn to 'Starbikes' for their fix. |
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| Horlicks drives Glaxo sales in India |
| (LONDON) GlaxoSmithKline plc's best-seller in India isn't a treatment for asthma or cancer. It's a malted milk drink called Horlicks. |
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| Europe's woes could hit India |
| (NEW YORK) India's economy may slow if European leaders don't act to improve the continent's fiscal woes, billionaire Rahul Bajaj said in an interview in Davos, Switzerland yesterday. |
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| Solar energy going mainstream |
| (MUMBAI) India is producing power from solar cells more cheaply than by burning diesel for the first time, spurring billionaire Sunil Mittal and Coca-Cola Co's mango supplier to jettison the fuel in favour of photovoltaic panels. |
|
| Falling rates help push up house prices in Australia |
| (SYDNEY) Australian house prices edged up in the December quarter from the previous quarter, marking the first rise since September 2010, as falling interest rates supported the market, a report by property data provider Australian Property Monitors said. |
|
| Unlisted property funds favour Germany, Scandinavia |
| (LONDON) Germany and Scandinavia are the most favoured investment locations in Europe for unlisted real estate funds because money managers perceive them as more likely to weather the recession threatening the region, according to a survey published yesterday. |
|
| Architects' group sees mild jump in activity |
| (NEW YORK) An architects' trade group forecast a mild rise in US construction spending this year, helped by demand for new hotels and industrial space, but warned that high energy prices could yet derail a hoped-for recovery. |
|
| Gaw in talks to buy Goldman Sachs' HQ |
| (LONDON) Chinese real estate investor Gaw Capital Partners is in talks to buy Goldman Sachs' London HQ for about £pounds;300 million (S$593.4 million), the latest deal underlining the safe-haven appeal of the city's property market, a source said. |
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| Dubai property prices seen stabilising |
| (DUBAI) After facing years of downturn, realty prices in Dubai have started to stabilise, according to Kuwait-based bank Global Investment House. |
|
| US colleges farming out student housing |
| (NEW YORK) With state budgets tight and demand for a college education at a high point, public universities across the country are increasingly turning to the private sector to build and finance on-campus dormitories. |
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| Over 90% of units sold in Watertown picked up by S'poreans |
| (SINGAPORE) Initial evidence suggests that the additional buyer's stamp duty (ABSD) may have succeeded in cooling foreign buying. |
|
| More property launches on the way |
| A STRING of property launches are just around the corner as developers cash in on the current strong home buying momentum created by the release of Watertown condo in Punggol. |
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| Noda will find it hard to cut Japan's public debt |
| (TOKYO) Global markets may be fixated on Europe's debt crisis, but half a world away Japan has been dealing with an even bigger borrowing problem - one that threatens to burden its people for generations. |
|
| Australia's inflation remains steady in Q4 |
| (SYDNEY) Australian inflation held steady in the fourth quarter, data showed yesterday, a lower-than- expected result that stoked hopes for an interest rate cut to boost a 'quite sluggish' economy. |
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| Capitalism in crisis due to wide inequalities, say int'l investors |
| (WASHINGTON) International investors say capitalism is in crisis, with almost one in three backing radical changes to the system. |
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| Investors turn bullish on US markets: poll |
| (DAVOS) Investors are turning increasingly bullish on US markets as they declare its economy in better health than major rivals from Europe to Asia, according to the Bloomberg Global Poll. |
|
| HSBC marks 15th CNY celebration with elderly |
| THIS Chinese New Year marks the 15th year of HSBC's annual reunion dinner and celebrations with the elderly residents from its Henderson Aged Reachout Programme. |
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| OCBC S'pore Cycling Team gets UCI licence |
| THE OCBC Singapore Cycling Team has come of age, having been awarded the Continental Team licence by Union Cycliste International (UCI), the international governing body for cycling, for the 2012 season. |
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| Eurozone crunch won't derail Asia: Franklin Templeton |
| A BREAK-UP of the eurozone involving major economies is not likely, and a slowdown in the region as well as a deleveraging in European banks is unlikely to derail Asia's growth, a star fund manager at Franklin Templeton said. |
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| Distressed-debt investors taking wait-and-see approach to euro crisis |
| (NEW YORK) Europe's sovereign-debt crisis and concern about a double-dip recession in the US have distressed-debt investors split on whether to buy the riskiest securities amid an expected rise in defaults, according to a survey of 100 asset managers and traders. |
|
| CAC unit bags multi-million dollar contract |
| CHINA Auto Corp associate Neftech Pte Ltd has clinched a multi-million dollar contract to provide its proprietary cavitation fuel treatment technology to American President Lines, a wholly owned subsidiary of Neptune Orient Lines. |
|
| Jaya jumps 13% on buyout talk |
| SHIPYARD Jaya Holdings jumped 13.4 per cent to 55 cents yesterday on talk that it is in the acquisition crosshairs of Dutch shipbuilder IHC Merwede. |
|
| Marine stocks, Noble turn investor darlings |
| TALK of new orders and a less gloomy outlook drove the shares of Cosco Corp, Semcorp Marine, Noble and Neptune Orient Lines (NOL) yesterday as investors resumed trading with optimism following the long Chinese New Year weekend. |
|
| Cook says iPhone demand in China underestimated |
| (BEIJING) Apple Inc underestimated the 'staggering' demand for the iPhone 4S when it started sales in China this month, chief executive officer Tim Cook said. 'We thought we were betting bold,' Mr Cook said about sales of the device in China on a conference call on Tuesday. 'We didn't bet high enough.' |
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| Cold start to Year of the Dragon in HK |
| (HONG KONG) Temperatures in Hong Kong dropped to 7.4 degrees Celsius yesterday, the coldest reading during a Chinese New Year holiday since 1996, the Hong Kong Observatory reported. |
|
| New Asian buyers thirst for fresh wine tastes |
| (HONG KONG) Global economic uncertainty has hit the Asian wine market, with demand falling for top Bordeaux at Sotheby's first Hong Kong wine auction of the year in mid-January, leaving many bottles unsold. |
|
| Urban-rural income gap in China narrows |
| THE income gap between urban and rural residents in China has narrowed as a result of increases in agricultural production and prices, according to data from the National Bureau of Statistics (NBS). |
|
| More Canadians back oil exports to China |
| (OTTAWA) Canadian Prime Minister Stephen Harper is gaining support among Canadians for his plan to ship oilsands crude to China after US President Barack Obama rejected TransCanada Corp's US$7 billion Keystone XL pipeline to the US Gulf Coast. |
|
| Blaast launches in Indonesia with XL |
| FINNISH mobile software start-up Blaast has tied up with telecoms operator XL to launch in Indonesia. |
|
| Google revises privacy policies, use of data |
| (SAN FRANCISCO) Google said on Tuesday that it is revising its privacy policies and changing how it uses data from users of its services to provide more personalised search results and advertisements. |
|
| BYOD is becoming an unstoppable trend |
| THE Bring Your Own Device (BYOD) train is gathering momentum and is becoming an 'unstoppable' trend, according to Avanade. The company, which provides business technology services, conducted a recent survey that showed that more executives are electing to bring their own devices such as laptops and smartphones for use at work. |
|
| Airbus invests in materials research in US |
| (PARIS) Airbus SAS's US$1 million investment in Ohio for research into nano materials and carbon fibres builds on the European planemaker's effort to expand in the US, the company's North America chairman said. |
|
| Hiring in travel and tourism on the rise as industry picks up the pieces |
| (NEW YORK) As the economy has begun to improve from its darkest days in late 2008 and 2009, hiring in the travel and tourism industry has become one of the bright spots. |
|
| Delta Air diverts flights as solar storm hits |
| (DALLAS) Delta Air Lines Inc rerouted as many as eight transpolar flights between the US and Asia as the most-powerful solar radiation storm since 2003 hit Earth. |
|
| Inspections reveal more cracks on Airbus wing component: sources |
| (DUBLIN) Airbus faces more potential discomfort on the A380 superjumbo after industry sources said inspections ordered by European authorities had revealed the existence of more cracks on a wing component. |
|
| Norwegian Air buys 222 Airbus, Boeing planes |
| (OSLO, Norway) Budget airline Norwegian Air Shuttle ASA yesterday said that it has signed deals worth 127 billion kronor (S$27.3 billion) to purchase 222 planes from Boeing and Airbus. |
|
| Spain plan to force more provisions seen backfiring |
| (MADRID) Spanish Prime Minister Mariano Rajoy's proposal to force banks to recognise further losses from real estate holdings may backfire by saddling healthy lenders with the bill. |
|
| Public sector may need to help out Greece: Lagarde |
| (PARIS) Public sector holders of Greek debt, such as the European Central Bank (ECB), may have to take a haircut if a private sector restructuring is not enough to make Greece's debt burden sustainable, International Monetary Fund (IMF) MD Christine Lagarde said yesterday, as the ECB continues to oppose any restructuring of its Greek bond holdings. |
|
| Be ready to slide further 'into the danger zone' |
LATELY, the so-called Bretton Woods Twins (the IMF and World Bank) seem to have been trying to outdo each other in describing how dire is the state of the global economy. Other institutions such as the OECD have not been far behind in this regard. |
|
| US is back as a global power, says Obama |
ON THE same day that leading Republican presidential candidate Mitt Romney released his tax returns which showed that he paid less in taxes than top wage earners, US President Barack Obama launched his populist re-election campaign during his State of the Union Address. |
|
| Correction |
Our Jan 23 commentary, 'Who cares what the erratic rating agencies think', said Fitch had yet to raise Indonesia's sovereign to investment grade. Fitch was in fact the first among the three largest international credit rating agencies to raise Indonesia to investment grade in December last year. We are sorry for the error. |
|
| Smarter people own more stocks, says study |
(NEW YORK) The smarter you are, the more stock you probably own, according to researchers who say they found a direct link between IQ and equity market participation. |
|
| Thai central bank cuts rates further to help spur recovery |
(BANGKOK) The Bank of Thailand cut interest rates for the second consecutive meeting to help spur a recovery from the worst floods in almost 70 years as a deteriorating global economy threatens growth. |
|
| Brokers' Take |
OFC booster to muted FY11 results: Keppel Land announced FY11 results with a huge booster of one-time gains totalling $1.086 billion mainly from the divestment of Ocean Financial Centre (OFC) and its attributed revaluation surplus, as well as partly from Marina Bay Financial Centre (MBFC) Phase 2 and K-Reit. |
|
| Shareholders of Baker still in the dark |
IN April 2010, Baker Technology accepted an offer from Yangzijiang to buy its PPL Holdings for US$155 million which would give it a 15 per cent stake in PPL Shipyard Pte Ltd. |
|
| Asian units rally after funds raise holdings |
(SINGAPORE) Asian currencies strengthened, led by Malaysia's ringgit, after global funds added to holdings of regional assets on optimism policy makers will take steps to boost economic growth. |
|
| Roche makes hostile takeover of Illumina |
(SINGAPORE) Roche Holding AG has offered about US$5.7 billion in cash for Illumina to bolster cancer-drug sales - the third time since 2007 that the Swiss drugmaker has made a hostile bid for a US company. |
|
| Citi mulls cuts in securities and banking |
(LONDON) Citigroup Inc said it may make further cuts in its securities and banking unit in 2012 if revenue does not pick up meaningfully, as the prospect of more layoffs looms large over investment banks globally. |
|
| German business confidence up for third month in a row |
(FRANKFURT) Germany's much-watched Ifo index of business optimism rose for the third month in a row, a positive sign for the largest economy in the eurozone. |
|
| BOE keeps bond purchase target unchanged |
(LONDON) Bank of England policy makers voted unanimously this month to keep their target for bond purchases unchanged, with some officials saying more stimulus is 'likely' to be needed after the current programme is complete. |
|
| Assange to host show on Kremlin-run network |
(MOSCOW) WikiLeaks founder Julian Assange, under house arrest in the UK, will host a television talk show on an English-language channel controlled by the Kremlin, the Russian broadcaster RT said. |
|
| HSBC said to seek buyer for Japan consumer ops |
(TOKYO) HSBC Holdings Plc, Europe's largest bank, is seeking buyers for its Japanese consumer banking unit four years after starting the business, said three people familiar with the matter yesterday. |
|
| Star managers set to launch breakaway funds |
(LONDON) Several high-profile hedge fund managers are preparing to strike out on their own this year, supported by strong followings and unfazed by a year of poor industry performance that has shaken investor confidence in the US$2 trillion sector. |
|
| Pending sales of existing homes falls 3.5% in Dec |
(WASHINGTON) The number of Americans signing contracts to buy previously owned homes fell in December from a 19-month high. |
|
| Davos elite confronts failures of Western model |
(DAVOS, Switzerland) Chastened leaders of the global business elite admitted yesterday that the Western free-market model has come up short and faces being shoved aside by emerging power state capitalism. |
|
| Rich play at Klosters, others talk at Davos |
(ZURICH) Europe's rich and famous faced tough decisions as they assembled at a chic Swiss ski resort last weekend: whether to drink Taittinger or whisky- infused hot chocolate, and which piglet to back in the afternoon race. |
|
| Public sector may need to help out Greece: Lagarde |
(PARIS) Public sector holders of Greek debt, such as the European Central Bank (ECB), may have to take a haircut if a private sector restructuring is not enough to make Greece's debt burden sustainable, International Monetary Fund (IMF) MD Christine Lagarde said yesterday, as the ECB continues to oppose any restructuring of its Greek bond holdings. |
|
| Spain plan to force more provisions seen backfiring |
(MADRID) Spanish Prime Minister Mariano Rajoy's proposal to force banks to recognise further losses from real estate holdings may backfire by saddling healthy lenders with the bill. |
|
| Growing private equity in Singapore |
The year 2011 was challenging with the eurozone economic crisis and significant natural disasters occurring worldwide. There is little doubt that the economic impact of these events will potentially be felt for years to come, including here in Asia. |
|
| Corruption the next hurdle for Indonesia |
IT'S a rare economic story that involves Facebook Inc, God and credit ratings. |
|
| Silicon Valley newcomers still dreaming big |
(SAN FRANCISCO) Atha Fong, 22, has trouble explaining to her mother exactly what she does as a product manager at iSkoot. 'Basically, her understanding is that I work with engineers to make mobile phone applications - but more than that, not really,' she said. |
|
| Yahoo's revenue falls short of estimates |
(SAN FRANCISCO) Yahoo! Inc, the largest US Web portal, reported revenue and forecast sales that fell short of estimates as ebbing demand for display advertising underscored the challenge facing new chief executive officer Scott Thompson. |
|
| The US presidential race is of global interest |
THE onset of a new US presidential election campaign provides an opportunity for non-American observers to restate the obvious: that whoever is elected to be the next president will become the world's most powerful figure - in a sense, a global president. |
|
| Doubts over efficacy of Europe's austerity moves |
| (PARIS) With much of Europe embarked on a programme of budget-cutting and belt-tightening, doubts about whether more austerity is the answer to its economic troubles are popping up in the strangest places. |
|
| Economists find holes in US economic data |
| (NEW YORK) A decline in unemployment and pick-up in manufacturing point to accelerating US growth but some economists say the numbers may not be as good as they look. |
|
| Trading in SIPs: all concerned have to raise their game |
| THERE appear to be rumblings of discontent within broking ranks with the new rules surrounding Specified Investment Products (SIPs) that came into effect on Jan 1. |
|
| S-chips not seen regaining favour in Dragon year |
| THE seemingly endless string of bad news from the S-chips cluster has hurt hopes of any potential re-rating of S-chips in the near term and investors trapped in the suspended counters of troubled S-chips would probably resolve to stay away from the cluster for the time being. |
|
| Foreign investors waking up to risks in China firms |
| (SHANGHAI) Jack Ma, the chairman of the Chinese Internet giant Alibaba, surprised investors last May when he acknowledged that he had transferred the assets of the company's online payment platform to a private company that he controlled. |
|
| China's financing slowdown cuts systemic risk: Moody's |
| (SYDNEY) China's slowing non-bank financing growth will help the economy achieve a 'soft landing' and reduces concerns about systemic risk, Moody's Investors Service said in its Weekly Credit Outlook on Monday. |
|
| China's heir apparent to meet Obama |
| (BEIJING) President Barack Obama will host China's likely next leader, Vice-President Xi Jinping, at the White House on Feb 14, in a visit set to boost Mr Xi's credentials as the man who will steer Beijing's close but quarrelsome ties with Washington. |
|
| Aussie regulator files lawsuit against AirAsia |
| (SYDNEY) AirAsia was yesterday slapped with a lawsuit by Australian regulators accusing the Asian budget carrier of failing to disclose the full price of fares on its website. |
|
| American to take US$713m writedown on jet values |
| (DALLAS) AMR Corp's American Airlines will take a US$713 million non-cash charge to reduce the value of some Boeing Co 757 aircraft and related assets as the carrier reorganises in bankruptcy. |
|
| Orders rise at business jet maker Bombardier |
| (MONTREAL) Bombardier Inc's airplane orders jumped 24 per cent as the company sold more business aircraft and its proposed CSeries jet met rising demand. |
|
| NetJets widens Lufthansa ties for private US flights |
| (ATLANTA) NetJets Inc, the private-aircraft company owned by Warren Buffett's Berkshire Hathaway Inc, has deepened a partnership with Deutsche Lufthansa AG to offer private-jet service to 3,000 North American airports. |
|
| Spain drops airport sale plan in poor market |
| (MADRID) Spain will ditch a plan to privatise airports and come up with a new management model, the new Transport Minister Ana Pastor said. |
|
| BA parent IAG working to identify takeover targets |
| (MADRID) British Airways parent IAG, seeking to build on its formation from a merger of the UK carrier with Spain's Iberia a year ago, is working to identify new takeover targets including long-haul operators. |
|
| Magellan tests waters to expand Houston pipeline |
| (NEW YORK) Magellan Midstream Partners LP is testing the waters to see if there is enough shipping interest to expand the scope of a previously announced project to carry crude from West Texas oil fields to the refineries along the Gulf Coast's refinery row. |
|
| Dutch crews prepare to pump fuel out of wreck |
| (GIGLIO ISLAND) A Dutch company was set to begin pumping 2,380 tonnes of fuel out of an Italian cruise shipwreck yesterday as rescue workers kept up the search for 17 people still missing after the crash. |
|
| Charter rates plunge as Baltic ice shrinks |
| (LONDON) Oil tankers may plough through the smallest amount of Baltic Sea ice in almost three centuries this year, speeding up deliveries and driving charter rates to their lowest since at least 1997. |
|
| Maruti Suzuki reports 64% slump in quarterly profit |
| (MUMBAI) India's biggest carmaker Maruti Suzuki on Monday reported a fall of nearly 64 per cent in quarterly profit as high fuel prices, strikes at a major factory and higher interest rates hit operations. |
|
| Google's self-driving vehicles have a long and tortuous road ahead |
| (SANTA CLARA) Even as Google tests its small fleet of self-driving vehicles on California highways, legal scholars and government officials are warning that society has only begun wrestling with the changes that would be required in a system created a century ago to meet the challenge of horseless carriages. |
|
| Thailand may roll out record 2m cars this year |
| (BANGKOK) Thailand is expected to produce a record high two million vehicles this year, driven by a recovery in both domestic and external demand after supply disruptions in 2011 caused by serious flooding, the Federation of Thai Industries (FTI) said. |
|
| Poor image slows down Nano |
| (NEW DELHI) When India's Tata Motors launched the Nano in 2009, the concept of the 'world's cheapest car' in one of the world's fastest growing auto markets seemed pre-destined for commercial success. |
|
| Legoland M'sia targets a million visitors |
| (JOHOR BARU) Legoland Malaysia is projecting its nearly-completed theme park to attract a million visitors during its first year of operation. |
|
| Jakarta responds to US appeal against 'kretek' ruling |
| (JAKARTA) The Indonesian government has responded to the United States' appeal against a World Trade Organization (WTO) panel ruling that requires Washington to stop discriminating against kretek (clove-flavoured) cigarettes from Indonesia, an official was quoted by Antara news wire as saying yesterday. |
|
| Indonesia's tin industry reeling from low prices |
| (JAKARTA) When Johan 'Jim' Murod joined Indonesia's tin rush some three years ago and began his family-run smelting business, prices of the industrial metal were about to go through the roof. |
|
| RBI cuts cash reserve ratio, holds interest rates |
| (MUMBAI) India's central bank left interest rates on hold yesterday but cut the cash reserve ratio for banks by 50 basis points, a move that eases tight liquidity in the banking system and underscores a policy shift from fighting inflation to reviving growth. |
|
| Wall St may be heeding contempt for CEOs' bonuses |
| (NEW YORK) Wall Street may be starting to get it - 'it' being the post-crisis contempt over excessive bonuses for chief executives. In 2010, some banks unduly increased compensation for their bosses. The Goldman Sachs board, for one, doubled chief executive Lloyd Blankfein's total pay even though the firm's earnings, returns and stock price all fell. Based on the first few to release information about 2011, executive handouts are less out of whack. |
|
| US stocks trading at lowest level since '08 |
| (NEW YORK) Trading in US stocks has fallen to the lowest level since at least 2008 amid mutual fund withdrawals and Wall Street job cuts. |
|
| Art fund targets investors with promise of 12% returns |
| (LONDON) Investors are being invited to join a European-based group that plans to buy about US$80 million worth of art and forecasts annual returns of 12 per cent. |
|
| Nordic banks may lose defensive edge |
| (STOCKHOLM) Swedish and Norwegian banks, among the few in Europe able to sell senior debt after avoiding toxic assets polluted by the euro crisis, may lose their edge over European peers as funding stresses abate. |
|
| Pimco targets European clients amid debt crisis |
| (MUNICH) Pacific Investment Management Co (Pimco), the asset manager owned by German insurer Allianz SE, plans to tap concern about the European debt crisis to lure more clients in the region. |
|
| Downgrades of European credit a yawn |
| (LONDON) INVESTORS are pouring money into the government bonds of nations such as France and Austria even after the countries lost their AAA ratings at Standard & Poor's. |
|
| Greece names and shames alleged tax dodgers |
| (ATHENS) Debt-crippled Greece has named some 4,000 alleged tax dodgers, including a former media magnate and a prominent entertainer, with the worst offender owing the state nearly 1 billion euros (S$1.7 billion). |
|
| Finland wins opt-out from ESM provision |
| (BRUSSELS) Triple A-rated Finland secured on Monday an effective opt-out from future bailouts it disagrees with under a new eurozone rescue fund to enter force in July, Finnish and other diplomats said. |
|
| FSA mulls bonus rules for hedge funds, private equity |
| (BRUSSELS) The UK Financial Services Authority (FSA) may set bonus rules specifically for hedge fund and private equity managers as it works to implement European Union (EU) regulations. |
|
| Anglo Irish's payment draws flak from public |
| (PARIS) Anglo Irish Bank is poised to pay more than 1 billion euros (S$1.7 billion) today to unsecured creditors, drawing criticism from Irish taxpayers who are paying the enormous bill for the country's bank bailout. |
|
| Private holders' offer on Greek bonds rejected |
| (BRUSSELS) Eurozone finance ministers rejected as insufficient an offer made by private bondholders to help restructure Greece's debts, sending negotiators back to the drawing board and raising the threat of Greek default. |
|
| US, EU sever Iran's key financial lifeline |
| (WASHINGTON) The United States and European Union (EU) took steps to cut off from the international financial system Bank Tejarat, the last institution financing high-volume exports and imports between Iran and Europe. |
|
| Could the tide be turning for London's plutocrats? |
| (LONDON) London's super-rich, their numbers swelled by fat cats from China, Russia and the Middle East, are spending more on luxuries than before the financial crisis, but there are signs that some may be cutting back on the cream. |
|
| English assert identity as Scots eye separation |
| (LONDON) As Scotland moves towards a referendum on independence, English people are becoming energised about their own national identity - and increasingly bitter about the Scots, a report found on Monday. |
|
| Studios, Internet firms seek deal after anti-piracy bill fails |
| (LOS ANGELES) The collapse of anti-piracy bills in Congress has left Hollywood studios searching for a compromise with Internet companies after an online protest by Google Inc and Wikipedia unravelled support for the legislation. |
|
| Action against Megaupload won't pull plug on piracy |
| (SAN FRANCISCO) The crackdown on file-sharing site Megaupload is expected to do little to reduce overall piracy of music, software and Hollywood movies, while potentially stifling emerging means of distributing content online. |
|
| Predicting the future of Broadway |
| (NEW YORK) Leaders in entertainment, academics and marketing gathered on Monday to peer into their crystal balls and try to predict what Broadway will look like in 2032. Many agreed on at least one thing: Change is coming. |
|
| RIM shares drop further as new CEO offers nothing new |
| (OTTAWA, Ontario) Thorsten Heins, the newly appointed chief executive of BlackBerry maker Research in Motion, introduced himself to sceptical securities analysts on Monday, and shares of the company fell 8.5 per cent. |
|
| Leaning Tower of London? Big Ben tilting |
| (LONDON) The landmark clock tower containing Big Ben at Britain's Palace of Westminster is tilting, while media reports on Monday said the mother of all parliaments was slipping into the River Thames, raising fears over its future. |
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| Brazil president protege to be first female Petrobras CEO |
| (RIO DE JANEIRO) State-run oil giant Petrobras announced on Monday that top executive Maria das Gracas Silva Foster, a protege of Brazilian President Dilma Rousseff, soon would take over as the company's first female chief executive. |
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| Corruption still major issue in India elections |
| AS THE campaign for state assembly elections in five states - Uttar Pradesh (UP), Punjab, Manipur, Uttarakhand and Goa - heats up, corruption remains a major issue. |
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| Fortifying the S'pore gateway to Asia |
| SINGAPORE experienced a phenomenal economic recovery in 2010 after the 2009 global financial crisis. Now, just over a year later, it is riding on a tide of uncertainty as the sovereign debt crisis in Europe and the US economic woes may tip the world into recession this year. |
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| Republican race gets wide open and more divisive |
| FORMER Massachusetts governor Mitt Romney has lost his earlier designation as his party's presumptive presidential nominee after his electoral defeat in the Republican presidential primary in South Carolina on Saturday. |
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| Are emerging markets in for big correction in 2012? |
| EMERGING markets have performed amazingly well over the last seven years. In many cases, they have far outperformed the advanced industrialised countries in terms of economic growth, debt-to-GDP ratios, countercyclical fiscal policy, and assessments by ratings agencies and financial markets. |
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| Tokyo's forex intervention makes more sense |
| A GROWING band of Japanese business leaders is urging Prime Minister Yoshihiko Noda's government to adopt a Swiss-style solution to the problem of the strong yen by fixing an exchange rate beyond which the nation's currency will not be allowed to appreciate. The people involved include such figures as Carlos Ghosn, head of Nissan Motors, who has been joined recently by Shigetaka Komori, president of Fujifilm. They want to see the line drawn at around 90 yen to the US dollar (from 78, where it stands at present). |
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| Three-Minute Digest |
| CHINA-WATCHERS sighed with relief when the year-end statistics were published last week as the surprises were mostly positive. |
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| It's high time we took decisive action: Japan PM |
| JAPAN'S Prime Minister Yoshihiko Noda vowed yesterday to break with what he called the 'politics that can't decide' and to confront squarely the issues facing the country. |
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| SBI ready to ride Indian business wave here |
| (SINGAPORE) It is important for a bank to focus on its customers and to offer them retail products that they can understand. |
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| The long and the short of it for LCCs |
| (SINGAPORE) The big news in recent days about AirAsia X's decision to pull out of key long-haul routes like India, London-Gatwick and Paris will no doubt be closely followed by the folks at Scoot. |
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| Global financial system in danger zone: IMF |
| THE global financial system has moved 'deeply into the danger zone', the IMF warned in a report published last night while calling for the establishment of some kind of 'gatekeeper' mechanism to prevent panic deleveraging of assets by banks in Europe and elsewhere as they seek to shore up capital ratios. |
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| The eurozone: still reasons to be fearful |
| (SINGAPORE) In town last week was Klaus Regling, CEO of the European Financial Stability Facility (EFSF), which is the eurozone's main bailout fund for troubled sovereign debtors. |
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| Heads of SCDF, CNB removed from posts |
| (SINGAPORE) Singapore Civil Defence Force (SCDF) Commissioner Peter Lim Sin Pang and Central Narcotics Bureau (CNB) director Ng Boon Gay have been removed from their posts while the Corrupt Practices Investigation Bureau (CPIB) investigates allegations of 'serious personal misconduct'. |
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| Property sector may darken China's cheery growth story |
| CHINA-WATCHERS sighed with relief when the year- end statistics were published last week as the surprises were mostly positive. But while many proclaimed that fears of a hard landing had vanished, the Year of the Dragon may still pack a bite. |
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| The euro on life support |
| BY the autumn of 2011, several European countries had debt-to-GDP ratios that were high enough to make default a serious possibility. Sharp writedowns in the value of their sovereign debts are not a feasible solution because they would do substantial damage to European banks and possibly to banks and other financial institutions in the United States. |
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| Why the experiment failed |
| THE EURO should now be recognised as an experiment that failed, says Martin Feldstein. This failure, which has come after just over a dozen years since the euro was introduced, in 1999, was not an accident or the result of bureaucratic mismanagement but rather the inevitable consequence of imposing a single currency on a very heterogeneous group of countries. |
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| Citigroup's Pandit takes centrestage |
| (LONDON) CITIGROUP Inc's Vikram Pandit, leader of the US bank that took the most government aid in the financial crisis and that has the worst stock performance over the past decade, is ready for a starring role at Davos. |
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| Plenty of sales at Watertown over CNY break |
| THE Chinese New Year festivities did not dampen home-buying fervour at the Watertown project. About 215 residential units were sold at Watertown over the four-day Chinese New Year break, taking total sales in the 99-year leasehold project in Punggol to slightly over 500 units. |
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| Simply delighted about the Dragon Year ahead |
| Dr Tan See Leng, group CEO and managing director, Parkway Pantai Ltd, is more upbeat than most on the year just ushered in. He turns 48 this year. |
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| Liquidity and momentum to keep equity ball rolling |
| IS THE first half of 2012 likely to be when the best money for the year is to be made? Or will the market live up to the widespread expectation among experts at the start of the year of a poor first half that would hopefully be followed by a better second six months? |
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| Canadian rail company takes ex-CEO to court |
| (VANCOUVER) In another twist to a battle brewing in Canada's usually staid rail sector, Canadian National Railway said on Monday it has halted pension and other payments worth nearly US$40 million to its former CEO Hunter Harrison. |
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| A 'Deepwater Horizon moment' |
| THE capsize of the Costa Concordia - with the loss of 15 lives and 17 people still missing - has continued to dominate the news over the past week. |
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| US consumers go online to shop for home loans |
| (NEW YORK) With US mortgage rates at historic lows and consumers' power through social media at an all-time high, those looking to buy homes or refinance can find the combination advantageous if they go online to shop for a mortgage. |
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| Talks to restructure Zabeel's 6b dirham debt fizzle out |
| (DUBAI) Debt restructuring talks at Zabeel Investments, owned by the crown prince of Dubai, have ground to a halt with multiple loans in limbo and few assets available for sale, leaving banks facing steep haircuts, five people familiar with the matter said on Monday. |
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| Great leap forward reaps dividends |
| TAKING a big leap into unknown territory is not the usual formula for small start-up businesses. But three-year-old Tocco Studios reckons this could provide the magic touch needed to spark off its multi- touch solution business. |
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| S'pore storage software market to grow 4% in '12 |
| THE Singapore storage software market is expected to grow by a modest 4 per cent this year, according to IT research agency IDC. |
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| Rare Google misstep hints at tech landscape shift |
| GOOGLE Inc's accelerated efforts to carve out a position in the fast-growing mobile and social networking markets leapt into the spotlight on Friday, a day after the giant Internet company reported a rare earnings miss. |
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| China's challenge to the iPad raises a red flag |
| CHINA Communist Party members can now carry a tablet PC to verify identification cards, read the blogs of cadres, and manage state-owned firms without fretting that using a bourgeois Apple Inc iPad will ruin their street cred. |
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| Samsung's US$41b investment splurge may shake Apple's tree |
| SAMSUNG'S US$41 billion investment splurge should ring alarm bells at its competitors. At least half of the Korean conglomerate's planned outlays will probably go to expanding its global lead in smart phones and the chips and screens that drive them. It's a bold bet in a slowdown. |
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| Zuji's move to adopt data analytics pays off |
| ONLINE travel site, Zuji, has joined the growing number of companies deploying data analytics to mine its database, in order to keep ahead of the competition. |
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| Anti-piracy laws shelved by online protests |
| OUTSPENT but hardly outgunned, online and high- tech companies triggered an avalanche of Internet clicks to force Congress to shelve legislation that would curb online piracy. They outmanoeuvred the entertainment industry and other old guard business interests, leaving them bitter and befuddled. |
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| Bombardier sets goal for 40 CSeries buyers |
| BOMBARDIER Inc wants to sign up about 40 customers for its CSeries jets by the time the aircraft enters service at the end of next year, senior vice president Chet Fuller said. |
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| Congress reaches breakthrough on US bill |
| CONGRESSIONAL leaders reached a breakthrough compromise on Friday on the most difficult issue holding up action on long-stalled US aviation legislation that would accelerate modernisation of the ageing air traffic system. |
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| Indonesians dump flowers, flip-flops for child rights |
| A COMMUNITY in eastern Indonesia has placed 1,000 pink adenium flowers outside the local parliament, police station and courtroom, not to say thanks, but to send a message: Leave our children alone. |
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| Indonesia seeks to increase rice crop |
| INDONESIA, the world's third-largest rice consumer, wants to increase domestic production of the grain by 10 million tonnes, Agriculture Minister Suswono Asyraf said. |
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| Guessing game on who to lead Proton begins |
| IT may still be early, but the guessing game on the man to lead Proton Holdings Bhd into a new era has begun after Khazanah Nasional, the Malaysian government's investment arm agreed to sell its controlling 42.7 per cent stake in Proton to DRB-Hicom for RM1.29 billion (S$528 million). |
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| No rate cut seen in India tomorrow |
| INDIA'S central bank will keep interest rates at close to four-year highs when it meets tomorrow despite mounting anxiety over cooling growth in Asia's third-largest economy, analysts say. |
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| Red tape, graft overshadow Indonesia's rating upgrade |
| INDONESIA'S designs on joining the top table of global economies have been boosted by its upgrade to investment status, but corruption and a poor infrastructure are hurdles to full membership. |
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| Davos to seek reform of 'outdated' capitalism |
| ECONOMIC and political elites meeting this week at the Swiss resort of Davos will be asked to urgently find ways to reform a capitalist system that has been described as 'outdated and crumbling'. |
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| Investors eye Myanmar's untapped potential |
| DRAMATIC changes afoot in Myanmar have whet the appetite of foreign investors who are eyeing a slice of the frontier market's rich and largely untapped economic potential. |
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| Olympus scandal triggers shareholder activism in Japan |
| AFTER British whistleblower Michael Woodford was sacked as CEO of Olympus and revealed the Japanese firm had covered up losses of US$1.7 billion, he mounted a campaign to get his job back. |
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| Feng shui masters have a go at taming the Dragon |
| WANT to know what's in store for 2012? Who will win the US election? Will the eurozone implode? China's feng shui masters tackle the big issues with their predictions for the Year of the Dragon. |
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| Banks' ECB cash hoarding raises concerns |
| CRISIS-HIT eurozone banks are parking record amounts of cash at the European Central Bank (ECB) for overnight storage, despite low interest rates, indicating to some analysts the threat of a new credit crunch. |
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| Greek debt-swap accord 'coming into place' |
| GREECE and its private creditors said that they had made progress during talks in Athens on a debt-swap accord needed to lower the country's borrowings and clear the way for a second round of international aid. |
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| London 2012 mascot factory in China under probe |
| THE organisers of this year's London Olympics said yesterday they were investigating claims that cuddly toy versions of the Games mascots are being made by poorly paid workers in a Chinese factory. |
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| Lawsuit on new CFTC rules must go to lower court first: US appeals court |
| A US appeals court has dismissed a lawsuit by the financial industry challenging new federal regulations aimed at cracking down on speculation in commodities markets - a move that will likely delay a decision over whether the rules pass muster. |
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| Not a festive bonus season for top banks' CEOs |
| JPMORGAN Chase, the largest US bank, posted a record profit for 2011. That didn't translate into a bigger bonus for CEO Jamie Dimon. |
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| China income gap narrows in 2011 |
| THE income gap between urban and rural residents in China has narrowed as a result of increases in agricultural production and prices, according to data from the National Bureau of Statistics (NBS). |
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| Investors with longer-term horizon might find value |
| THE Straits Times Index (STI) put on 2.1 per cent in the last week of the Year of the Rabbit. Last week also saw some of the busiest trading days in months. |
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| Trading among directors plunges |
| THE trading among directors plunged in the week before the Chinese New Year holidays with only 12 companies that recorded 20 purchases worth $3.77 million and two firms with two disposals worth $1.34 million. |
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| Dragon Year, here we come! |
| How do you see this year turning out for your industry, and for the economy generally? As we enter this Year of the Dragon, what message do you have for your fellow Singaporeans? |
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| Dragon Year holds promise for baby businesses |
| THIS year, which happens to be the Year of the Dragon, holds promise not just for the Total Fertility Rate (TFR) here but also for businesses retailing maternity and baby products. |
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| Profits in Q4 for all 13 firms reporting so far |
| FOURTH-QUARTER results are looking promising early in the reporting season, with all 13 of the Singapore Exchange-listed companies which released their financial results by last Friday chalking up profits. |
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| Temasek to buy 4.9% stake in Indian firm |
| TEMASEK Holdings Pte, Singapore's sovereign wealth fund, has agreed to buy a 4.9 per cent stake in India's Godrej Consumer Products Ltd for 6.85 billion rupees (S$173 million). |
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| Tokyo urged to have clear 'engagement policy' with China |
| AN influential group of Japanese academics, former senior diplomats and business representatives is urging Prime Minister Yoshihiko Noda's government to enact 'national emergency legislation' in order to deal with any possible threat to Japanese territory posed by China or other countries. |
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| Boustead takes strategic 8.6% stake in OM Hldgs |
| MAINBOARD-LISTED Boustead Singapore has clinched a critical claw-hold in the resources sector through the purchase of an 8.6 per cent stake in Sydney-listed manganese producer OM Holdings (OMH). |
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| Gingrich defeats Romney in South Carolina primary |
| NEWT Gingrich stormed to an upset win in the South Carolina primary on Saturday night, dealing a sharp setback to Mitt Romney and scrambling the race to choose a Republican challenger to President Barack Obama. |
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| New Changi rule irks private flight operators |
| CHANGI Airport's decision to force all non-scheduled flights to apply for slots is causing consternation among charter and private flight operators. |
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| A magical creature both feared and revered |
| CONTRARY to popular belief, the Dragon is not always the best of the zodiac creatures. If the Chinese zodiac is anything to go by, the Rat finished first. |
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| Finance, fengshui square off over this Dragon Year |
| AS THE Dragon Year beckons, experts in the financial and fengshui worlds can't seem to agree on whether the mythical creature's roar will light a fire under downbeat markets or leave everything in ashes in its wake. Market watchers believe that the year will end on an upbeat note as the world puts most of the eurozone crisis behind it, while zodiac followers are forecasting doom and gloom in the markets. |
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| Making the best of a sticky situation |
| THE intoxicating whiff of glue and the associated health hazards may be a thing of the past if a Temasek funded biodegradable 'bioglue' is successfully commercialised. |
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| Tanker rates to climb as much as 20%: Credit Suisse |
| RENTS for ships hauling refined fuels will gain the most among oil tankers in 2012, rising as much as 20 per cent because of longer voyages and scrapping of older vessels, Credit Suisse Securities LLC said. |
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| Hard disk could shed light on disaster |
| DIVERS salvaged on Saturday a hard disk from Italy's capsized cruise ship with video footage that could shed light on the captain's actions, as another body was pulled from the wreckage. |
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| Who cares what the erratic rating agencies think? |
| PERHAPS we should no longer bother with what the rating agencies have to say; investors don't seem to anyway. When Standard and Poor's (S&P) downgraded the United States' AAA rating, billionaire Warren Buffett scoffed, saying the US should be given a quadruple A rating instead. And more people have faith in Mr Buffett than the rating agencies because he has been more consistent over a longer period. |
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| ETFs: A false sense of comparative safety |
| RISKS of exchange-traded funds (ETFs) have been overblown by recent regulatory scrutiny, though this has prompted more disclosure from providers that should continue, a detailed study of European ETFs by EDHEC-Risk Institute said. |
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| China snowfalls hamper annual human migration |
| HEAVY snow and freezing rain that has hit central and eastern China in the past three days will continue through today, disrupting transport as the Chinese New Year holiday spurs what's usually the world's biggest annual human migration. |
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| Urbanisation rattles on, but at what cost? |
| CONSTRUCTION worker Xie Feng arrived in Beijing three months ago from the tropical southern Chinese island of Hainan and is finding life in the city cold and lonely. |
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| Get started now |
| Do you aspire to be a successful young investor? Are you keen on taking the first step towards achieving that? |
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| An introduction to sgx.com |
| IF there is one website the young investor should be familiar with, it is arguably sgx.com, where investors can access daily market updates, product video clips and guides, price information, and sign up for investment courses, as made available by Singapore Exchange (SGX). |
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| Survey paints bleak picture of global economy in 2012 |
| A GLOBAL survey of 3,775 professional accountants, including 1,414 senior executives, has revealed fears of a renewed global economic downturn in 2012. |
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| SIA directed to check its A380s |
| SINGAPORE Airlines is inspecting its fleet of A380 jumbos after receiving an airworthiness directive (AD) following the discovery of wing cracks in more of the world's largest jetliner. |
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| Parkway Pantai sticks to Mt Elizabeth Novena Hospital |
| PARKWAY Pantai Ltd has gone ahead to change the name of its newest hospital to Mount Elizabeth Novena Hospital, despite earlier protests from a group of doctors practising at Mount Elizabeth Medical Centre near Orchard Road. Formerly known as Parkway Novena Hospital, the new medical facility sits along Novena Terrace/Irrawaddy Road, and is slated for completion in the second half of this year. |
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| Growing veggie in flats: Offer ideas, win prize |
| MINISTER of State for Trade and Industry and National Development, Lee Yi Shyan, launched a competition yesterday calling for ideas from residents and industries on growing vegetables in HDB flats. |
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| More IRAS clarifications on ABSD |
| IN its revised e-Tax Guide on the government's latest property cooling measure, the Inland Revenue Authority of Singapore (IRAS) has stated that the additional buyer's stamp duty (ABSD) is not applicable to development charges (DC). |
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| Court order brings relief to Turf City sub-tenants |
| THE new master tenant of Turf City has stepped in to help resolve tenancy issues brewing between the existing sub-tenants and the current master tenant, Singapore Agro Agricultural (SAA). |
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| SPH to press mall business advantage |
| SINGAPORE Press Holdings (SPH) is hoping to cement its track record of owning Paragon and The Clementi Mall and establish a foothold in the retail mall sector in the long term. |
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| Getting paid while you wait |
| IN a chat with Benny Ong, founding director of Life Planning Associates, in October last year, he shared his strategy of buying high dividend paying stocks which are trading at deep discounts to their asset values. It's a strategy that pays you while you wait, so to speak. |
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| Secondary market deals shrink last year |
| THE percentage of private homes purchased in the primary market, that is, from developers, increased last year while conversely the proportion bought in the secondary market declined. |
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| Civic virtue |
| OVER eight generations and four decades, the Honda Civic has blended distinctive styling and sporty driving so well that it has become one of the most interesting Japanese compact models on the market. |
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| Staying connected on the go |
| THE new Audi A1 Sportback may be a compact model but it has all the connectivity options of its bigger siblings. |
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| A1 plus two equals fun |
| TWO more doors and, when possible, two less cylinders. With this, Audi has made its A1 model more practical and more efficient. |
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| SGX, broker launch platform to train futures traders |
| SINGAPORE Exchange (SGX) is working with Singapore's first futures brokerage on a professional traders development programme, SGX said yesterday. |
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| ST Engineering adds $350m to order book |
| SINGAPORE Technologies Engineering clinched $350 million of contracts in the last quarter of 2011, including a light-rail communications project in a third Taiwan city, the company said yesterday. |
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| Defaults may temper H1 high-yield debt issuance in Asia: Moody's |
| ASIA Pacific high-yield corporate debt issuance will remain slow in the first half of 2012 as defaults creep higher, but the second half could see a revival amid improving macroeconomic conditions, said Moody's Investors Service. |
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| S'pore may beat HK as synthetic ETF centre: consulting firm |
| SINGAPORE may displace Hong Kong as Asia's hub for synthetic exchange-traded funds due to regulatory changes, Boston-based financial research and consulting firm Celent said in a report. |
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| GuocoLand Q2 earnings plunge 67% |
| GUOCOLAND posted a 67 per cent drop in net profit for the second quarter, dragged down by a slide in quarterly revenue. |
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| Banks face 5-6% negative earnings surprises |
| A CREDIT Suisse research report released yesterday says that there is a 'high probability' that net interest margins (NIMs) and credit costs will go up in 2012 - possibly springing negative earnings surprises of around 5 to 6 per cent for Singapore's three banks. |
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| SingPost to acquire Novation for US$9.8m |
| SINGAPORE Post Ltd yesterday announced that it is acquiring Hong Kong-based Novation Solutions Ltd for US$9.8 million (approximately S$12.7 million), through its wholly owned subsidiary, DataPost Pte Ltd. |
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| CCT posts declines in Q4, full-year DPU |
| CAPITACOMMERCIAL Trust (CCT) has posted declines in its Q4 and full-year distribution per unit (DPU) figures. |
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| Euro's pain, European luxury houses' gain |
| THE fashion world is about to embrace a new trend, and it's got nothing to do with paisley prints or exotic silks. |
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| SIAS gets no answers from SGX on China Sky |
| A 30-MINUTE meeting between the Singapore Exchange (SGX) and the Securities Investors Association (Singapore), or Sias, came and went yesterday, leaving investors none the wiser about the fate of suspended S-chip China Sky Chemical Fibre, as the regulator maintained its deafening silence on the matter. |
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| Line between manufacturing, services blurring |
| THE typical sectoral split of many economies into manufacturing and services, may before long become a bit off, with the rise of manu-services - said to have replaced high-tech industry as the key source of potential comparative advantage for economies engaged in advanced manufacturing. |
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| Changi a key low-cost carrier hub in the region |
| CHANGI Airport has emerged as one of the region's - if not Asia's - key low-cost carrier (LCC) hubs. Last year, LCCs carried 26.3 per cent more passengers through Changi, while passenger movements on full service airlines grew 6.2 per cent, albeit from a larger base. |
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| Changi Airport sets fresh records in traffic |
| SINGAPORE Changi Airport broke new records in traffic numbers last year, thanks to buoyant travel demand in the Asia-Pacific region and continuing growth in long-haul traffic to Europe. |
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| Government to ramp up elderly care services |
| IN the race against a rapidly ageing population, the government will be pushing for a big and faster ramp-up of elderly care services, especially those which are home-based. |
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| China manufacturing activity remains weak |
| CHINA'S factory activity likely fell for a third successive month in January, suggesting Beijing's pro-growth policies will remain in place despite early signs that the downward drift is slowing, a survey of purchasing managers showed yesterday. |
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| With switch to chips, banks tally the cost |
| BANKS here are scrambling to count the cost of boosting card payment security as the industry reluctantly agrees to switch to chip technology in two years' time, following the recent DBS ATM card-skimming incident. |
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| Analysts still cautious but turning positive |
| THE consensus view among analysts remains one of caution for 2012, but some are beginning to express more positive views particularly on emerging markets. |
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| Brokers' Take |
| WHILE First Ship Lease Trust's (FSL Trust) operating cash flows in Q4 2011 were largely in line with estimates, the key surprise was a 90 per cent cut in distribution per unit (DPU) to 0.10 US cent. |
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| World economy and investment outlook |
| THE latest rating downgrades to various countries in Europe and its bailout fund itself are a reminder the European crisis is continuing. |
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| Balancing economic growth and well-being |
| THE economic weight of Asia in the global mix is shifting and many global companies now consider this region a growth engine. |
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| Next week | Jan 23-27, 2012 |
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| this week January 16-20, 2012 |
| Small funds gear up for tighter rules |
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| Existing home sales rise to highest in 12 months |
| SALES of previously owned US homes rose for a third month in December to the highest level since January 2011, a sign that the housing market ended last year with momentum. |
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| Regional tussles in play for ECB board seat |
| THREE candidates will contend for a seat on the European Central Bank's board, setting the stage for a potential clash between northern and southern nations in the euro region. |
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| Greece, private bond holders near deal |
| GREECE was closing in on an initial deal with private bond holders yesterday that would prevent it from tumbling into a chaotic default but lose investors up to 70 per cent of the loans that they have given to Athens. |
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| India court rejects tax bill on Vodafone |
| INDIA'S Supreme Court rejected yesterday a US$2.5 billion tax bill slapped on British phone giant Vodafone by India over its purchase of a local operator in a ruling closely watched by foreign investors. |
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| Man up |
| EVERY January, the relative tranquillity of Florence - as compared to its frenzied chic sister city Milan - is shattered with the arrival of fashion industry hordes, braving the midwinter chill for Pitti Uomo, the bi-annual men's fashion trade fair. |
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| Penang classics |
| TO most foodies and even non-foodies, Penang is synonymous with good hawker fare. Even hawkers from other Malaysian states concede this point, hence the penchant to slap on the word 'Penang' on their stalls. |
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| Malaysian food fare |
| NEVER in the field of hawker food has so much been owed by so many to so few. |
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| Soaking it up |
| THEY came, they sniffed and slurped, and they went home inspired. Those, at least, were the aims of the most recent round of the Global Chef Exchange organised by the Singapore Tourism Board. |
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| Reaching new peaks |
| THE Deliciae group burst onto the local culinary scene last year when they rolled out three concepts on Duxton Hill within a span of 13 months. |
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| Exercise may keep Alzheimer's at bay |
| ALZHEIMER'S disease, with its inexorable loss of memory and self, understandably alarms most of us. |
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| Benefits of offshoring for Stanchart |
| IN the tribal village of Masinagudi in Tamil Nadu, India, 25 young women turn up for work each morning. |
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| Behind ECB's wall of money |
| THROUGHOUT the crisis period, the European Central Bank's behaviour has been conditioned by the tension between what it can do and what it is allowed to do. |
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| Tech giants beat estimates and project bullish outlook |
| BUOYANT business demand appears to be girding the largest technology companies against Europe's debt crisis and a consumer spending slump, as Microsoft Corp, Intel Corp and International Business Machines Corp issued results on Thursday that topped analysts' estimates. |
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| Bankruptcy a move to reinvent itself, says Kodak |
| IN filing for bankruptcy protection, Eastman Kodak executives say they are seeking to follow the path of US corporations that have reinvented themselves after a court-supervised reorganisation, like United Airlines and Chrysler. |
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| Global economy chiefs warn on growth, jobs, trade |
| ECONOMIC growth, jobs and protectionism are the top three worries at the start of 2012, according to a 'Call to Action' published by 11 leaders of international organisations yesterday in a bid to kick-start debate at next week's Davos Forum. |
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| File-sharing site Megaupload shut down by US |
| WITH 150 million registered users, about 50 million hits daily and endorsements from music superstars, Megaupload.com was among the world's biggest file-sharing sites. |
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| Olympus to keep listing on Tokyo exchange |
| OLYMPUS Corp was allowed to keep its stock market listing after an accounting fraud that cut the company's market value by about US$4 billion. |
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| A chance to bridge the divide between UK and EU |
| MICHEL Barnier, the official in charge of regulating finance in the European Union, meets George Osborne on Monday in what are likely to be tough talks over rules the British finance minister believes will hurt the City of London. |
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| Worst is yet to come for Europe: Sweden |
| THE worst is yet to come for Europe's debt crisis and the region's failure thus far to fix its woes now threatens to overshadow growth in Asia and the US, Swedish Finance Minister Anders Borg said. |
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| China wealth fund buys stake in Thames Water |
| CHINA's US$410 billion sovereign wealth fund said it had bought a minority stake in Thames Water, the water network that serves London, marking the fund's first acquisition in Britain. |
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| Japan manufacturers' sentiment remains weak in Jan: survey |
| JAPANESE manufacturers remained pessimistic about business conditions for the second straight month in January as Europe's debt crisis and slowing global growth cloud the outlook, a Reuters poll showed yesterday. |
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| Azumi urges IMF to seek US cooperation in fund raising |
| JAPAN's Finance Minister Jun Azumi urged the International Monetary Fund (IMF) to seek US cooperation for its plan to raise funds to contain the fallout from the European sovereign debt crisis, saying such cooperation was essential. |
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| Screen gems |
| MOVIE players that play digital movie files instead of plastic discs have been around for years, but they've been difficult to use and have had primitive remote controls. |
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| AGC addresses issues raised over discretionary powers |
| THE Attorney-General Chambers yesterday explained why guidelines for prosecutorial decisions are not made public, in a bid to address issues raised after a recent appellate court decision concerning two drug traffickers who were involved in the same crime but charged differently. |
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| Q4 power demand falls as mercury dips in Dec |
| POWER demand in Singapore fell 2.2 per cent in the fourth quarter of last year compared with the same period a year earlier, official data showed. |
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| Contrarians outperform, thanks to Europe, Wall St |
| THANKS to encouragement from Western markets, it has been a good week for contrarians who took the plunge, provided of course they didn't stray too far from the Straits Times Index component stocks. |
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| Information socialist |
| THE US National Football League(NFL) is one of those places where size does matter. It's a sports league where even a highly athletic six-footer could feel physically disadvantaged. |
|
| Probing human psyche |
| Dancers performing in Martha Graham Dance Company's 'Appalachian Spring'. |
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| France and Spain sell bonds at low rates despite downgrades |
| (PARIS) France and Spain successfully raised funds at lower rates on the markets despite a raft of eurozone credit downgrades. |
|
| CPI stays flat in Dec for 2nd straight mth |
| (WASHINGTON) US consumer prices were unchanged last month, the latest sign that inflation remains tame. US builders however ended last year with a third straight year of dismal home building. |
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| Strutting their stuff |
| Creations by Lebanese designer Georges Chakra for his 2012 Spring/Summer collection during a fashion show in Beirut on Wednesday. |
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| Trouble spots of 2011 work to woo back tourists |
| (MADRID) Tunisia, Egypt and Japan are working hard to lure back visitors who steered clear of their countries last year due to civil unrest and an earthquake, officials said at a world tourism fair. |
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| Applications at elite US colleges slow |
| (NEW YORK) Elite US colleges such as the Massachusetts Institute of Technology and Columbia University are experiencing a slowdown or drop in applications for freshman admission after years of record increases. |
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| Economists pan Republican calls for gold standard regime |
| (WASHINGTON) As Republican presidential hopefuls entertain calls to fix the value of the US dollar to the price of gold, a panel of leading economists on Wednesday roundly panned the idea of a return to the gold standard. |
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| GOP congressman takes up Buffett tax dare |
| (WASHINGTON) Warren Buffett will have to contribute US$49,000 from his multi-billion dollar fortune after a Republican congressman took up his dollar-for-dollar challenge for donations to help cut the US deficit. |
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| A laughing matter |
| (LISBON) A woman stopping to admire portraits on a street here in the Portuguese capital on Tuesday. The photos are part of French photographer Joanne Gatefield's large-scale art project called 'Inside Out Lx', which aims to spread joy by showing laughing people. |
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| US leads peers in reducing total debt: study |
| (NEW YORK) Three years after the height of the global financial crisis, the US has made the most rapid progress in reducing its debt compared to its peers, with the deleveraging process only just beginning in most other countries, a report found on Wednesday. |
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| Obama rejects Keystone oil line proposal |
| (WASHINGTON) US President Barack Obama on Wednesday rejected the proposed Keystone XL pipeline from Canada, saying that he could not vouch for its safety by a deadline despite intense election-year pressure. |
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| London Olympics faces 'perfect traffic storm': report |
| (LONDON) The opening weekend of the London Olympics in July has all the ingredients to whip up a 'perfect traffic storm', a report analysing expected summer congestion levels in the capital warned on Wednesday. |
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| New York City likely to add jobs, many with lower pay |
| (NEW YORK) As Wall Street banks sharply cut costs, many of the industry's star bankers and traders are leaving their shrinking pay packages and firms behind. |
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| Wall St stars exit as firms, pay shrink |
| (NEW YORK) As Wall Street banks sharply cut costs, many of the industry's star bankers and traders are leaving their shrinking pay packages and firms behind. |
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| Euro up after strong Spanish auction |
| (LONDON) The euro rose yesterday, supported by a solid response to a Spanish debt auction with an improvement in risk appetite spurring investors to unwind bearish positions, although brief rallies are unlikely to break the single currency's downtrend. |
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| Brokers' Take |
| CAPITAMALL Trust (CMT) announced Q4 2011 distributable income of $75.5 million or a distribution per unit (DPU) of 2.30 cents. |
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| The Neanderthal cure to health spending |
| IT turns out that there is a way to control America's health spending: clobber the economy. When unemployment rises, people lose health insurance. |
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| Make S'pore even more fund-friendly |
| SINGAPORE is a key location for fund managers of private equity, real estate and hedge funds to be based in, especially for investments into the Asia-Pacific region. Singapore is also increasingly being used for the location of fund vehicles (funds). |
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| Sparking a new age of reporting renaissance |
| THE accounting profession has a role to play in reshaping reporting practices, beyond compliance and shareholder-focused orientation to one that is holistic, integrated and stakeholder-focused. |
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| Winner from EU's turmoil may just get a Pyrrhic victory |
| FINANCIAL crises come and go - the Latin American crisis, the Asian crisis, the (US-centred) sub-prime mortgage crisis and now the European or euro crisis - and they always seem to deflect attention from what is happening elsewhere in the world where other crises may be brewing. |
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| A necessary national conversation |
| FEW countries in the world can match the economic achievements of Singapore in its first 40 years of nationhood. |
|
| Three-Minute Digest |
| SMALL and medium-sized enterprises in Singapore are much gloomier over their business prospects for the first half of this year compared with a year ago, and expect to cut back on expansion and capital investments. |
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| IMF plan to boost war chest runs into roadblocks |
| (WASHINGTON) The US and other countries are placing roadblocks to an IMF plan seeking to more than double its war chest by raising US$600 billion in new resources to help countries deal with the fallout of the eurozone debt crisis. |
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| DBS ATM fraud duo plan to plead guilty |
| (SINGAPORE) The two Malaysians who were arrested in the DBS ATM skimming case said yesterday that they intend to plead guilty. |
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| RBS accuses former exec of gross misconduct |
| (SINGAPORE) In defending a decision to fire a former senior manager in Singapore, the Royal Bank of Scotland cited an investigation into alleged manipulation of the bank's submitted London interbank offered rates. |
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| Court slaps MBS with CCTV footage order |
| (SINGAPORE) The Singapore High Court has ordered Marina Bay Sands to declare whether it has CCTV video footage that a patron claims could prove that the casino violated local gaming laws when it allegedly offered unsolicited credit to him. |
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| Correction |
| IN the Jan 19 article 'Structured warrants benefit from market turmoil, MF Global collapse: issuer', we incorrectly wrote that the total trade value of structured warrants in Singapore grew about 2 per cent in 2011 to about $7.3 billion. The correct rate of growth should have been 28 per cent. We apologise for the error. |
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| Inflation in Asia likely to fall then rise by year-end |
| (SINGAPORE) Inflation across Asia will fall quickly in the next six months, but Deutsche Bank chief economist for Asia Michael Spencer thinks that by the end of the year, price increases will pick up speed again. |
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| Better news on EU debt raises Asian currencies |
| (SINGAPORE) Anything less bad is good enough these days. Asian currencies such as the Singapore dollar, South Korean won and Indonesian rupiah jumped to their highest levels in weeks yesterday, as possible improvements in the eurozone debt crisis whetted investors' risk appetite. |
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| India bourse opened to foreign individuals |
| THE Indian government's offer to foreign individuals to invest directly in India's stock markets has cheered some investors. The new rule - which kicked in on Jan 15 - is aimed at bolstering the Indian capital markets and raising foreign inflows into the country. |
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| SMEs turn cautious, hold back expansion |
| (SINGAPORE) What a difference a year makes. Amid greater economic uncertainty, small and medium-sized enterprises (SMEs) here are less bullish about their business prospects in the first half of the year compared to a year ago, and expect to cut back on expansion and capital investments. |
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| No more Kodak moments |
| (NEW YORK) Eastman Kodak Co - which invented the hand-held camera and helped bring the world the first pictures from the moon - has filed for bankruptcy protection, capping a prolonged plunge for one of America's best-known companies. |
|
| Two 99-year residential sites up for grabs |
| EVEN as buyers snap up more units at the preview of Watertown in Punggol yesterday, the Urban Redevelopment Authority and Housing Development Board have released two more 99-year leasehold residential sites for tender, |
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| Social workers get new tool to speed up case assessment |
| TWO private sector companies - Vector Scorecard Group (VSC) and Financial Alliance Islamic Wealth Advisory (FAiWA) - have come up with a new assessment framework that will help social workers rapidly identify the multiple needs of low income Malay-Muslim families. |
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| Signalling fault on Circle Line leads to half-hour disruption |
| SMRT experienced signalling woes for the second time in 11 days yesterday with a 32-minute disruption to service on the Circle Line, caused by a fault in equipment along the track. |
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| Law Society updates rules for property deals |
| THE Law Society of Singapore has updated a set of standard terms and conditions for consideration by property buyers and sellers to be included in their contracts. |
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| Lawrence Leow takes SMEC helm |
| LAWRENCE Leow, who recently stepped down as the president of the Association of Small and Medium Enterprises (Asme), is set to continue pushing for the interests of SMEs here as the newly appointed chairman of the SME Committee (SMEC). |
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| New EMBA gatekeeper in town at INSEAD |
| MASTER of Business Administration (MBA) aspirants should look to brushing up their oral communication skills, with the inclusion of a presentation component in the new Executive MBA (EMBA) test. |
|
| New $25m ACE fund to spur entrepreneurship |
| MORE entrepreneurial Singaporeans will stand to benefit from a $25 million start-up seed capital fund as the Action Community for Entrepreneurship (ACE) moves to eliminate age limit and bureaucratic red tape to spur business start-ups. |
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| GradeA office rents decline in Q42011 as office stock climbs |
| SINGAPORE'S office leasing market buckled in Q4 2011 under the stress of the heightened uncertainties and volatility arising from the debt crisis in the eurozone, said a new report from Colliers International. |
|
| Western markets help bolster stocks |
| A FIRM overnight session for Wall Street and news that the International Monetary Fund (IMF) is looking to increase its lending capacity by US$500 billion yesterday helped stocks in this part of the world rebound from their Wednesday losses. |
|
| Cruise lines use law and contracts to limit liability |
| (NEW YORK) The wreck of the Costa Concordia has attracted those habitual companions of disaster: lawyers. |
|
| Charterers stop covering cost of moving ships for loading |
| (LONDON) Shipowners are paying as much as US$50,000 a day for fuel to get vessels that haul dry-bulk commodities to cargo-loading ports as customers stop covering those costs amid a glut of carriers, shipbrokers said, which could lead to ships being anchored rather than being kept in service. |
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| M'sia's 2012 growth seen missing target |
| (KUALA LUMPUR) Malaysia's growth will probably miss the government's forecast this year amid the faltering global economy, according to the Malaysian Institute of Economic Research. |
|
| Capital flight seen if Najib stumbles |
| A PROMINENT regional economist said yesterday that Malaysia could witness capital flight if Prime Minister Najib Razak did not succeed in making real gains for the ruling Barisan Nasional (BN) coalition in the next general election. |
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| Foreign investment in Indonesia hits record |
| (JAKARTA) Indonesia hopes to attract more investors this year, buoyed by a Moody's credit upgrade to investment grade status and after record foreign direct investment (FDI) of close to US$20 billion in 2011. |
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| Starbucks may open first India store with Tata |
| (NEW DELHI) Starbucks Corp, the world's biggest coffee shop operator, may open its first store in India in the second half of this year as it seeks expansion in the fastest growing major economy after China. |
|
| India govt wants upstream subsidy: sources |
| (NEW DELHI) India's finance ministry has suggested upstream companies should give a discount of US$56 per barrel to state fuel retailers this fiscal year, government sources said, a move that could raise their subsidy payout by over 60 per cent from a year ago. |
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| India PM pledges help for power sector |
| (NEW DELHI) India's prime minister tepidly pledged help on chronic power shortages strangling economic growth, offering few specifics in a meeting with business leaders in the sector who sought faster coal and gas development and to pass on rising costs. |
|
| Old-school game banks on basics |
| WHEN you play a title by celebrity game designers like Hironobu Sakaguchi and Peter Molyneux - of Final Fantasy and Fable fame, respectively - you can be sure they are responsible for the overall creative vision but can be equally certain that the execution was handled by a diverse team. |
|
| Cheesy fun with Green Lantern |
| ONE of the big challenges for actors playing comic-book superheroes is switching between identities - hero and civilian disguises - convincingly, so one might assume that a role that dispenses with that should be a walk in the park. |
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| Bands keep up the beat |
| SUCCESS is the worst curse when new albums can't live up to it, as shown in the latest works from Within Temptation and Evanescence. |
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| A force of nature called willpower |
| THE illusionist David Blaine is better known these days for his amazing feats of self-control, such as fasting for 44 straight days, or standing 35 hours on an 80-foot high pillar with no safety harness. Yet he admits, 'I have self-discipline at work, but I have none in my life sometimes.' Why is that so? |
|
| Surreal and disturbing |
| IT'S not uncommon to find office halls decked with artworks that are chosen for aesthetic and tactile reasons. At Ernst & Young, however, you find paintings of babies connected by umbilical cords and people with hands for heads staring out at you from the walls. |
|
| Chinese angst in art |
| CHINESE contemporary artists take centre stage at Linda Gallery and the Museum of Contemporary Art (MOCA) to offer thought-provoking works on the inner struggles of the current generation. |
|
| Art Stage can do more for home team |
| THE biggest international art fair in Singapore, Art Stage Singapore, might have drummed up considerable international interest this year - as evidenced by the number and calibre of foreign galleries which participated - but there's a mixed reaction from local gallerists, with a few questioning the run-on effect for Singapore galleries and artists. |
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| A fair feat |
| ART STAGE Singapore is over and offstage for another year but as collectors, curators and gallery owners go home and gear up for the next event on the international art circuit - many will reconvene at the India Art Summit in New Delhi next week - the kudos, comments and criticisms involving Singapore's contemporary art fair will resonate for a little while longer. |
|
| Rub it right |
| THOUGH the need for escape was the underlying theme that ran through all seven plays in last week's Rub My Antenna at The Arts House, the audience was in no hurry to leave after the executioner's blade had fallen at the end. |
|
| Around Town |
| Nine artists feature in Thai show IN a time when the cultural spirit of Thailand is being redefined by a wave of younger artists, the Institute of Contemporary Arts Singapore presents Cut Thru: A View on 21st Century Thai Art. Featuring nine emerging Thai artists, the exhibition cuts through tradition and culture to access 21st century Thailand. The result is an exploration of ideas in the tradition versus industrial, religious beliefs versus secular, and the old against new. |
|
| Can't stop the music |
| GONE are the days when music fans would covet CDs and pay astronomical sums for out-of-print titles. Illegal file-sharing and even legal digital downloads have commoditised recorded music and robbed it of much of its mystique and collectibility. |
|
| Festive outings to warm hearts |
| ACCORDING to Jack Neo, kids aren't stupid, and in his new movie, apparently, they aren't naughty either. |
|
| Sandler drags camp to a new low |
| OUCH! When it comes to cringe-worthy stinkers, Jack and Jill is about as painful as it gets. The latest Adam Sandler movie not only makes The Hangover 2 look like a comedy masterpiece, it also reduces Al Pacino (aka. 'Godfather' Michael Corleone) into a sad parody of his once all-conquering self. |
|
| Megastars shore up |
| DON'T be fooled by the title of the star-studded Lunar New Year blockbuster The Viral Factor. |
|
| Chop-socky gone Haywire |
| IN HAYWIRE, covert operative Mallory Kane (Gina Carano) spends much of her screen time punishing the people who double-crossed her after a seemingly routine operation goes very wrong. Methinks Michael Douglas, Ewan McGregor, Michael Fassbender, Antonio Banderas and Channing Tatum should do the same to director Steven Soderbergh for hoodwinking them into this dud of an action thriller. |
|
| Burgundy trajectory |
| A WHOLE morning of Burgundy at the top level, culminating with a vertical tasting of Domaine Michel Gros's Vosne-Romanee 1er Cru Clos des Reas (Monopole), 11 vintages from the recently heralded great 2009 back to 1990. That was two weeks ago, Sunday, Jan 8, the closing event of Celebration Eighty-Five. |
|
| UK consumer sentiment falls in Dec |
| (BELFAST) UK consumer confidence fell in December to close to a record low as rising unemployment and the euro crisis sapped Britons' expectations for the economic recovery, Nationwide Building Society said. |
|
| NZ consumer confidence rebounds in Jan |
| (WELLINGTON) New Zealand consumer confidence bounced back for the first time in five months in January, but consumers were seen remaining cautious on spending, a survey showed yesterday. |
|
| Australia lost more jobs than expected in Dec |
| (SYDNEY) Australia unexpectedly lost jobs for a second straight month in December, capping the nation's worst year for employment in almost two decades and weakening the local currency as traders raised bets on interest-rate cuts. |
|
| Few US cities recoup jobs lost during 1998 recession |
| (WASHINGTON) More than 90 per cent of US metropolitan areas have failed to recoup the jobs lost during the recession that ended in 2009, a report found, underscoring the slow pace of recovery by urban economies. |
|
| Julius Baer wins ruling to recover 34m euros over trade |
| (SINGAPORE) Julius Baer Group won a bid in Singapore to recover 34.1 million euros (S$56 million) from LonGains Investment for a trade involving credit-linked notes, according to two people familiar with the dispute. |
|
| TSH in share subscription deal with Equation |
| CATALIST-LISTED TSH Corporation Ltd plans to subscribe for $2 million worth of new shares in Equation Corp Ltd, with a call option to subscribe for redeemable convertible bonds worth an additional $2 million. |
|
| MF Global court hearing postponed to Jan 30 |
| CLIENTS of MF Global Singapore will have to wait until at least Jan 30 for the High Court to decide on a proposal to begin a partial return of customers' assets. |
|
| Asset sales: 'JPMorgan was slow to process trade' |
| (NEW YORK) JPMorgan, in its role as middleman, was able to control the speed with which MF Global's asset sales were processed, according to people familiar with the situation. |
|
| Jack-up still ablaze, but it's insured: KSE |
| THE KS Endeavor jack-up rig which caught fire late on Monday off Nigeria is reportedly 'almost submerged into the waters, while the fire continues', rig owner Singapore-listed KS Energy (KSE) said in an update yesterday morning. |
|
| Asiatravel probe finds lapses in governance |
| AN investigation into allegations of management conflicts of interest at Asiatravel.com Holdings has revealed lapses in corporate governance and a possible breach of the Companies Act. |
|
| Megabourse ruling: UK wants no political meddling |
| (LONDON) Britain urged European Union competition officials on Wednesday to reject 'political interference' and 'vested interests' when ruling on plans to create the world's biggest exchange operator. |
|
| HKEx set to raise profile in field of commodities |
| (HONG KONG) Hong Kong Exchanges and Clearing Ltd (HKEx), which is among the world's largest bourse operators, says it plans to ramp up spending to upgrade infrastructure in the commodities space and confirmed its commitment to deeper ties with its mainland peers. |
|
| Marco Polo Marine bags $22.5m job |
| MARINE logistics group Marco Polo Marine has clinched a $22.5 million ship outfitting deal through its wholly owned subsidiary PT Marcopolo Shipyard (PT MPSY), it announced yesterday. |
|
| Suntec Reit Q4 DPU rises 7%, beating forecast |
| SUNTEC Real Estate Investment Trust (Suntec Reit) reported a distribution per unit (DPU) of 2.479 cents for the fourth quarter ended Dec 31, 2011, up 7 per cent year on year, and 19.9 per cent higher than its forecast. |
|
| One-off events pull down Ascott Trust DPU |
| DISTRIBUTION per unit for the fourth quarter at Ascott Residence Trust has fallen 15 per cent from a year ago and is 8 per cent below the trust manager's forecast, due to costs incurred for one-off events in the quarter. |
|
| MapletreeLog DPU rises 9.7% in Q4 |
| MAPLETREE Logistics Trust (MLT) saw distributable income increase 12.2 per cent to $41.3 million for the fourth quarter ended Dec 31, 2011, from $36.8 million the year before. |
|
| KepLand Q4 profit rises 47.3% to $1.17b |
| KEPPEL Land's unveiling of full-year record net profits yesterday - on the back of higher disposal and fair value gains - was accompanied by news that it had acquired a prime commercial site in Beijing. |
|
| Dart close to SGX listing of int'l assets? |
| DART Energy, a leading Australian coal-bed methane (CBM) player, is on track to list its international assets on the Singapore Exchange (SGX) early this year, BT understands. |
|
| China warning banks to resist local govt credit demands |
| (BEIJING) China warned its banks to resist demand for credit from local governments as new officials in cities, towns and villages pursue projects that bolster growth, a person with knowledge of the matter said. |
|
| China eyes pension fund boost for bourse |
| (BEIJING) China's local governments could plough up to 360 billion yen (S$73 billion) into the domestic stock market under a proposal, which sources familiar with the matter say is with the Cabinet, to allow them to allocate some of their pension funds into shares. |
|
| Plenty of policy flexibility for China to counter slowdown |
| (BEIJING) China faces what could be its worst year of growth in a decade with policy firepower that developed nations can only dream of. |
|
| Made-in-America seen making a return in 5 years |
| (HONG KONG) The notion of America winning back jobs from China in a big way seems as likely as In-n-Out opening a store in Hong Kong. Oh, wait. |
|
| China implicated in US e-mail hacking |
| (WASHINGTON) Suspicion is growing that operatives in China, rather than India, were behind the hacking of e-mails of an official United States commission that monitors relations between the US and China, US officials said. |
|
| Chinese Premier defends Iran oil trade |
| (BEIJING) Chinese Premier Wen Jiabao defended his country's extensive oil trade with Iran against Western sanctions pressure in comments published yesterday, and yet also warned that Beijing firmly opposes any efforts by Tehran to acquire nuclear weapons. |
|
| AMR could lose control of bankruptcy exit |
| (DALLAS) American Airlines parent AMR Corp risks losing control of its ability to exit bankruptcy as an independent carrier after three possible suitors emerged within two months of its Chapter 11 filing. |
|
| Kingfisher in funding talks with Lowy of Hong Kong |
| (NEW DELHI) Debt-laden Indian carrier Kingfisher Airlines says it is in talks with Hong Kong-based distressed debt company SC Lowy Financial for a possible investment, throwing a potential lifeline to the cash-strapped airline. |
|
| China Southern to boost capacity 10% |
| (HONG KONG) China Southern Airlines Co, Asia's biggest carrier by passenger numbers, plans to expand capacity about 10 per cent this year to match projected traffic growth of a similar level for the company. |
|
| UK looks into £50b airport in Thames estuary |
| (LONDON) Britain may build a £50 billion (S$98.5 billion) airport on the mudflats of the Thames estuary instead of expanding London's crowded Heathrow hub as the government examines how to meet burgeoning demand for flights. |
|
| Qantas A380 blast in Nov caused by defective pipe |
| (SYDNEY) A mid-air engine blast on a Qantas A380 superjumbo that sent shards of metal raining down on an Indonesian island was triggered by a defective pipe, an update on the investigation said yesterday. |
|
| Thailand in hurry to put flood defences in place |
| (BANGKOK) Thailand is racing to implement water management schemes costing 300 billion baht (S$12.09 billion) to prevent a repeat of last year's flood disaster, but companies want to see even more haste while some specialists say things shouldn't be rushed. |
|
| Furore in Japan over govt plan to restart N-reactors |
| (TOKYO) Japan's push to restart nuclear reactors shut for maintenance by proving their safety through stress tests and plans to let them operate for as long as 60 years have sparked an angry response from the public, which is wary of atomic power in the aftermath of the Fukushima disaster. |
|
| Japan ready to support IMF on Europe |
| (TOKYO) Japan stands ready to provide bilateral loans to the International Monetary Fund (IMF) to back Europe's efforts to contain its debt crisis, but wants to see strong efforts by European countries themselves to resolve the issue, a senior government official told Reuters yesterday. |
|
| Japan newspapers defy West's media malaise |
| (ISHINOMAKI, Japan) Printed newspapers may be in crisis in the West but circulations remain enormous in high-tech Japan - and its media will even resort to medieval methods to get copies to readers. |
|
| World Briefs |
| Bank of America Corp reported a fourth-quarter profit, reversing a year-earlier loss, boosted by one-time items and lower expenses for bad loans. |
|
| 7 charged in record-setting insider trading case |
| (NEW YORK) Greed on Wall Street has set a new record, federal authorities said on Wednesday, as they unveiled a massive insider trading case charging a hedge fund co-founder with engineering a trade that earned a staggering US$53 million in profits. |
|
| UK jobless rate rises to 16-year high of 8.4% |
| (LONDON) UK unemployment rose to the highest in 16 years in the quarter through November, deepening concerns Britain is heading for another recession as turmoil in the euro area damps the global economic outlook. |
|
| BNP, Natixis to refocus on strategic clients |
| (PARIS) French banks BNP Paribas and Natixis are to focus investment-banking activity on a select list of large clients to help preserve capital and cut debt amid the eurozone debt crisis, according to memos obtained by Reuters. |
|
| Winter power-saving measures send chills up Koreans' spines |
| (SEOUL) 'It's freezing!' complained chef Byun Sang-won, jogging on the spot with arms folded and teeth clenched as he tried to keep warm in the luxury Seoul hotel where he works. 'I can't even imagine working without wearing extra underwear and hot packs because it's too cold in the kitchen and hallways,' the 26-year-old said. |
|
| Most tech giants sit out Internet blackout |
| (SAN FRANCISCO) A blackout scheduled for yesterday to protest against proposed US legislation on online piracy has failed to get the support of the biggest Internet players. |
|
| Even big online stores suffer cyber attacks |
| (NEW YORK) Recent security breaches at Zappos and 6PM, two online shoe retailers owned by Amazon, may have compromised account information for 24 million customers - the largest breach of an online retailer since a series of cyberattacks against Sony last year that compromised 100 million customer accounts. |
|
| Co-founder Jerry Yang quits Yahoo |
| (SAN FRANCISCO) Yahoo Inc co-founder Jerry Yang has quit the Internet company that he started in 1995, appeasing shareholders who had blasted the Internet pioneer for pursuing an ineffective personal vision and impeding investment deals that may have transformed the struggling company. |
|
| IMF needs to raise lending resources by up to US$600b |
| (WASHINGTON) The International Monetary Fund is estimating it needs to raise up to US$600 billion in new resources to lend to countries struggling with the fallout from the growing eurozone debt crisis, IMF sources said yesterday. |
|
| Temasek unit to sell 6.2% stake in Shin Corp |
| (SINGAPORE) A unit of Singapore investor Temasek Holdings is selling 200 million shares or a stake of 6.2 per cent in Thailand's Shin Corp Pcl in a deal that could raise as much US$261 million, IFR reported yesterday. |
|
| Goldman profit beats estimates |
| (NEW YORK) Goldman Sachs Group, the fifth-biggest US bank by assets, said that profit dropped 58 per cent, beating analysts' estimates as the company cut compensation in response to falling revenue. |
|
| Germany cuts 2012 growth forecast |
| (BERLIN) German growth will slow sharply this year, the government said yesterday, but vowed that Europe's top economy would dodge recession despite the ongoing eurozone crisis and weaker demand from emerging markets. |
|
| Wholesale prices decline 0.1% in Dec |
| (WASHINGTON) US wholesale prices fell last month while industrial production saw a rebound in December. |
|
| Euro rallies against most major counterparts |
| (NEW YORK) The euro strengthened for a second day against the US dollar and yen as the International Monetary Fund was said to seek a US$500 billion expansion of its lending resources to safeguard the global economy. |
|
| Brokers' Take |
| OCBC has announced the retirement of David Conner as CEO effective April 14. |
|
| Domestic demand underpins Malaysia's GDP growth |
| THE small, open and trade-dependent Malaysian economy has been growing on the strength of its domestic demand in the past few years. |
|
| Putting productivity in the front seat |
| 'PRODUCTIVITY is the magic elixir of economic progress,' former US Federal Reserve chairman Alan Greenspan once said. And it is with this spirit that Singapore is embracing productivity. |
|
| Only Peace Pipeline can solve Pakistan power woes |
| IN a recent quarterly economic report, Pakistan's finance ministry estimated Pakistan's GDP growth rate at 2.4 per cent, the lowest since independence. |
|
| Romney's business history turns against him |
| FOR Mitt Romney, it is the best of times and the worst of times. While his New Hampshire win brings him closer to the Republican nomination, his campaign narrative against President Barack Obama may be unravelling. |
|
| Banking security: Tougher standards needed |
| 'I DON'T have a debit card. I believe it's one of the worst financial tools ever given to the American public,' said Frank Abagnale, the former fraudster turned security consultant who inspired the film Catch Me if You Can. |
|
| Correction |
|
|
| Three-Minute Digest |
| THE global economy 'has entered a very difficult phase', the World Bank declared yesterday while slashing its growth forecasts in the light of slumping world trade growth and plunging global capital flows. |
|
| DRB open to selling Lotus after Proton takeover |
| (KUALA LUMPUR) Malaysian billionaire Syed Mokhtar Al-Bulkhary's DRB-Hicom Bhd said it's open to selling unprofitable sportscar maker Lotus Group International Ltd after taking over parent Proton Holdings Bhd. |
|
| Greece, creditors in new push to avoid costly default |
| (ATHENS) Greece began talks with its creditors yesterday amid rising optimism that the country can overcome an impasse in the discussions and hammer out a bond swap deal to stave off a painful default. |
|
| 'Tis the season to be extravagant |
| (SINGAPORE) The extra-auspicious Year of the Dragon is prompting Singaporeans to relieve their wallets of cash more readily in the lead-up to Chinese New Year. |
|
| Property stamp duty yields $2b annually |
| (SINGAPORE) Stamp duty from property transactions add some $2 billion to the state coffers each year, while the Electronic Road Pricing contributes around $150 million. |
|
| Kovan residential site draws top bid of $194.6m |
| (SINGAPORE) Suburban sites continue to receive keen interest in spite of market cooling measures and the wider economic uncertainty. |
|
| Final day's cut and thrust on pay issue |
| (SINGAPORE) The third and last day of the parliamentary debate on political salaries saw spirited exchanges taking place between members from opposing sides of the House. |
|
| Govt will continue to release GLS sites: Khaw |
| (SINGAPORE) The government will continue to release sites through the Government Land Sales (GLS) programme, Minister for National Development Khaw Boon Wan said in a written parliamentary reply to MP Gan Thiam Poh. |
|
| Be pragmatic with ministerial pay: Kuan Yew |
| 'I LISTENED to several of the speeches in Parliament on Ministerial salaries and read the rest in the newspapers. With a different generation, political attitudes change. But for Singapore, the basic challenge remains unchanged: that unless we have a steady stream of high quality men and women to serve as PM and ministers, Singapore as a little red dot will become a little black spot. |
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| Fix ministers' basic pay for full term: MPs |
| (SINGAPORE) Members of Parliament from the ruling People's Action Party (PAP) yesterday defended the government's proposal to continue linking ministerial salaries to private sector pay, but suggested improvements to the new pay structure. |
|
| In search of common ground on ministers' pay |
| (SINGAPORE) Both sides of the House have 'taken a major step forward to bridge the once-wide gap' between them on the prickly issue of ministerial pay, said Deputy Prime Minister Teo Chee Hean yesterday as he brought to a close three days of debate on proposed pay revisions. |
|
| Tsien taking over OCBC in testing times |
| (SINGAPORE) OCBC's incoming chief executive will have his work cut out for him as he takes over the reins amid an economic slowdown and stiffer competition as more banks try to outdo each other to become Asian regional players. |
|
| Obvious, but true, it'll be a hard grind from hereon |
| THE global economy 'has entered a very difficult phase', the World Bank declared yesterday while slashing its growth forecasts in the light of slumping world trade growth and plunging global capital flows. The trigger, of course, was the eurozone crisis. |
|
| Pride in being open and unique |
| INTERIOR design consultancy Designphase prides itself on its non-formulaic work, according to managing director Derek Mackenzie. |
|
| Consortium to develop plastic that keeps food fresh longer |
| A NEW plastics technology will keep food fresh over a longer time by blocking moisture, oxygen and ultraviolet (UV) rays. |
|
| COE premiums rise amid a flurry of promotion deals |
| COE premiums rose as attractive deals lured buyers back into the showrooms and order books began to fill up. |
|
| Clan association donates $3m to SUTD |
| THE Singapore Hokkien Huay Kuan (SHHK) yesterday made its first endowed donation to the Singapore University of Technology and Design (SUTD) - Singapore's fourth publicly funded university. |
|
| Good leadership helps to retain employees: survey |
| 'LEADERSHIP' has been ranked the most important employee engagement driver in Singapore, while 'career development' was a close second, according to a Towers Watson survey. |
|
| Getting the right mix for stable power supply |
| SINGAPORE is trying to tweak the mix of different fuels - fuel oil and natural gas currently, and coal, electricity imports and even possibly solar in future - that will be used to generate electricity here. |
|
| Private home owners paid highest COV in Q4: Khaw |
| PRIVATE property owners paid the highest median cash over valuation (COV) amount for resale HDB flats in the last quarter of 2011, National Development Minister Khaw Boon Wan said yesterday. |
|
| STI weaker on Europe's soft opening |
| A WEAK opening for Europe in the late afternoon brought pressure to bear on local stocks yesterday, dragging the Straits Times Index off its intraday high of 2,824 down to 2,795.4 for a net loss of 20.45 points. |
|
| Glut of supertankers shrinks to 14-month low |
| (LONDON) A glut of supertankers competing to load cargoes of Persian Gulf oil shrank to a 14-month low on Chinese crude purchases and persistent tensions over a possible closing of the Strait of Hormuz. |
|
| Baltic index falls on weaker China iron ore demand |
| (LONDON) The Baltic Dry Index, a measure of commodity shipping costs, fell below 1,000 for the first time since January 2009 on signs Chinese demand for iron-ore cargoes is slowing, worsening a glut of vessels. |
|
| Lenders agree to extend Torm's instalment deferral |
| (COPENHAGEN) Danish shipping company Torm A/S said that its banks agreed to extend a deferral of instalments on its US$1.8 billion of debt to Feb 15 and it hoped to reach a comprehensive financing solution to secure its future. |
|
| Malaysia's central bank gets tough on household credit |
| (KUALA LUMPUR) Malaysia's central bank seems to be living by the old adage that its job is to take away the punch bowl just as the party gets going. |
|
| Rubber glove makers 'overweight': AMMB unit |
| A MALAYSIAN research house has called an 'overweight' on rubber glove makers ahead of its industry peers, citing increased margins from declining latex prices and a weakening ringgit. |
|
| Khazanah's portfolio slips to RM108.1b |
| (KUALA LUMPUR) The investment portfolio of Malaysia's state strategic investment arm, Khazanah Nasional, fell slightly to RM108.1 billion (S$44.4 billion) at the end of last year from RM112.6 billion at the end of 2010, its managing director Azman Mokhtar said yesterday. Khazanah has been aggressively scaling back its holdings in the South-east Asian country's top companies as part of a government strategy to boost liquidity in the stock market and lighten the state's heavy hand in the economy. |
|
| M'sia inflation slows to nine-month low in Dec |
| (SINGAPORE) Malaysia's inflation slowed to a nine-month low in December, giving the central bank scope to leave interest rates unchanged for a fourth meeting this month to support growth as the world economy falters. |
|
| Moody's upgrades Indonesia's debt |
| (JAKARTA) Moody's ratings agency upgraded Indonesia's debt to investment grade yesterday, a status that will lure more fund inflows and confirm Southeast Asia's biggest economy as a hot emerging market. |
|
| India hikes gold import duty by 90% |
| (MUMBAI) India hiked its gold import duty by 90 per cent and doubled the tax on silver as the world's biggest consumer of bullion seeks to increase revenues, sending futures prices higher and hitting shares of jewellers. |
|
| Rising coal price stalls Indian power plants |
| (NEW DELHI) Soaring coal prices across Asia have led India's richest families to shelve plans for a record US$36 billion investment in new power stations needed to fuel growth. |
|
| Australia's UGL eyeing more acquisitions in China |
| (SHANGHAI) Australian infrastructure firm UGL Ltd will make more acquisitions in China and is looking at buying opportunities in engineering firms globally, a senior executive from the firm said yesterday. |
|
| Henderson Land sets HK$16b sales target |
| (HONG KONG) Property developer Henderson Land Development Co Ltd said yesterday that it had set a Hong Kong sales target of HK$16 billion (S$2.64 billion) for this year as it focuses on selling less-expensive apartments amid a slumping housing market. |
|
| Home prices in most China cities fall in Dec |
| (SHANGHAI) China's moves to curb property speculation are finding their mark as home prices in nearly three-quarters of its major cities fell in December from November, the government said yesterday. |
|
| Private equity to boost hotel investments in smaller US cities |
| (LOS ANGELES) Private-equity firms will help drive an increase in hotel transactions this year in smaller US cities, where investment returns tend to be higher than in large markets, according to Jones Lang LaSalle Hotels. |
|
| CBRE: 2011 property trends in Europe will continue |
| (LONDON) European commercial property investors are likely to focus on top-quality real estate in core markets such as the UK and France in 2012, as concern over the region's economic outlook continues to sap appetite for riskier assets, CBRE said. |
|
| A home away from home for budget travellers |
| (NEW YORK) With hotel rates on the rise, vacation rentals are looking attractive, often providing more space and amenities for less than you would spend on a hotel. But finding that apartment in Paris or seaside cottage in Florida can be a daunting task. |
|
| Jones Lang LaSalle buys MPS Property of Australia |
| (HONG KONG) Jones Lang LaSalle (JLL) said yesterday it had bought MPS Property, a tenant-advisory firm in Australia, the latest sign of consolidation in the property brokerage business. |
|
| New York commercial property sales seen to rise |
| (NEW YORK) Sales of commercial properties in New York City are likely to be 'way up' this year from 2011's US$25.6 billion, as the market rebounds from the financial crisis, executives from Massey Knakal Realty Services said. |
|
| Middle class in Africa grows to 34.3% on solid economic growth |
| (PARIS) Africa's middle class has tripled over the last 30 years, with fully one in three now considered above the poverty line but not among the wealthy, according to the African Development Bank (AfDB). |
|
| Third shifts at US car plants adding jobs to economy |
| (SOUTHFIELD, Michigan) Bobbi Marsh puts her 11-year-old son to bed each night and then heads to her job at General Motors Co's metal-stamping plant in Lordstown, Ohio. She gets home in time to make him breakfast. |
|
| Brazil may cut rate to shield fragile recovery |
| (BRASILIA) Brazil will likely cut its benchmark interest rate by half a percentage point for the fourth consecutive meeting in a bid to shield its fragile economic recovery from the European debt crisis. |
|
| Investors downgrade S&P for decision making |
| (PARIS) Investors are again downgrading the decision- making of Standard & Poor's. |
|
| Company Briefs |
| TRITECH Group's wholly owned subsidiary Tritech Consultants Pte Ltd has secured a contract worth $6.34 million from the Land Transport Authority (LTA). The consultancy contract includes professional engineering supervision services for the construction and completion of two elevated MRT stations above Pioneer Road and alongside Tuas West Drive, and 2.2km of elevated MRT viaduct. |
|
| Swire Properties pares gains after climbing on debut |
| (HONG KONG) Shares of Swire Properties Ltd pared gains yesterday after climbing as much as 11.3 per cent, on their first day of trade as a spinoff from Swire Pacific Ltd. |
|
| Keppel, SembMarine deny bids for stake in STX OSV |
| KEPPEL Corporation and Sembcorp Marine yesterday denied speculation that they are bidding for a 50.75 per cent stake in Norwegian shipbuilder STX OSV Holdings. |
|
| Cache Logistics reports 8.5% jump in Q4 DPU |
| CACHE Logistics Trust posted a fourth-quarter distribution per unit (DPU) of 2.10 cents, up 8.5 per cent from the previous corresponding period's 1.94 cents. |
|
| Delong to buy 80% stake in Aoyu Steel for 264m yuan |
| SINGAPORE-listed steel manufacturer Delong Holdings Limited yesterday unveiled plans to acquire an 80 per cent stake in Laiyuan County Aoyu Steel Co Ltd for 264 million yuan (S$53.6 million). |
|
| MF Global lost US$1.5m in Dec: report |
| (NEW YORK) MF Global Holdings Ltd had a net loss of US$1.5 million in December, according to an operating report for the month filed in bankruptcy court in Manhattan. |
|
| Asia-Pac bankers turn to convertible bonds |
| (HONG KONG) Asia-Pacific bankers, digging deep into their tool boxes for new revenue streams and client ideas to take up the slack in equity capital market (ECM) deals, are pinning their hopes on an unglamorous but steady product - convertible bonds (CBs). |
|
| Structured warrants benefit from market turmoil, MF Global collapse: issuer |
| THE structured warrants market could continue to grow after a stellar second half of 2011 as market volatility and the fallout from MF Global's collapse send investors to call and put options, says Barnaby Matthews, head of derivatives at Macquarie Securities in Singapore. |
|
| Fund managers less risk-averse in January |
| FUND managers are a little more willing to stomach risk this month compared with the end of last year, but this has not benefited equities in emerging markets, where investors have reduced their allocations. |
|
| Former CEO of SGX appointed honorary chairman of SIAS |
| THE Securities Investors Association (Singapore) or SIAS has appointed Hsieh Fu Hua - former chief executive officer (CEO) of Singapore Exchange Ltd (SGX) - as its new honorary chairman, with effect from Jan 2, 2012. |
|
| Keppel T&T's 2011 net jumps 38% to $79.4 million |
| A YEAR of acquisitions and expansion in 2011 hauled in for Keppel Telecommunications and Transport (T&T) a full-year net profit of $79.4 million, up 38 per cent from $57.6 million. |
|
| Reliance eyeing US$1.5b S'pore IPO for unit? |
| (NEW DELHI) Indian telecoms company Reliance Communications is looking to raise up to US$1.5 billion through an initial public offering in Singapore of its undersea cable unit, two sources with direct knowledge of the matter said yesterday. |
|
| Valuation of CCT properties up |
| CAPITACOMMERCIAL Trust (CCT) said yesterday that the valuation of its Singapore properties, including its 60 per cent stake in Raffles City but excluding its 40 per cent share in the Market Street office development, totalled $5.73 billion at the end of last year. |
|
| CMT's Q4 DPU falls 2.5% to 2.3 cents |
| CAPITAMALL Trust (CMT) rounded up the financial year with a slight uptick in distributable income in its final three months, even as distribution per unit (DPU) fell 2.5 per cent to 2.3 cents. |
|
| China, India stocks may outperform Asia: Manulife |
| (BANGKOK) Chinese and Indian equities may outperform other Asian markets this year as slowing inflation allows the countries' governments to ease monetary policies and spur growth, according to Manulife Asset Management. |
|
| Chinese firms rated 'AA-' face 9% interest rates |
| (BEIJING) Chinese banks are shunning loans to private companies with anything but the three highest credit ratings, forcing firms to pay interest rates as high as 9 per cent in the yuan- denominated bond market. |
|
| FDI in China up 9.7% in '11 to record US$116b |
| (BEIJING) Foreign direct investment (FDI) in China rose 9.7 per cent in 2011 to a record US$116 billion, though December's inflow of US$12.24 billion was down 12.7 per cent versus year-ago levels, the Commerce Ministry said yesterday. |
|
| China to skid, then rebound in Q3 |
| CHINA'S economy is likely to bottom out in the next few months before regaining momentum in the third quarter, economists said after the National Bureau of Statistics unveiled on Tuesday the country's lowest expansion in nine quarters. |
|
| Sony looks to groom its new execs here |
| SONY plans to groom a crop of business leaders in Singapore, with the opening of its Sony University here. |
|
| Apple sues Samsung in German court |
| (BERLIN) Apple Inc filed another suit in Germany, seeking to ban sales of Samsung Electronics Co's smartphones, including the Galaxy S Plus and the S II, extending the global legal dispute between the two companies. |
|
| Samsung may combine Bada with Tizen |
| (SEOUL) Samsung Electronics Co, the world's largest smartphone maker, said it may combine its Bada mobile-phone operating system with the Intel Corp-backed Tizen software under development. |
|
| Wikipedia protests against Internet bills |
| (WASHINGTON) Wikipedia went dark, Google blotted out its logo and other popular websites protested yesterday to voice their concern over legislation in the US Congress intended to crack down on online piracy. |
|
| Social media data maturing in 2012 |
| AS SOCIAL media matures into a more widely used platform, the data it generates is quickly becoming a viable source of information for companies, say industry voices. |
|
| Southwest adds seats as part of refurbishment |
| (DALLAS) Southwest Airlines Co will add six seats to most of its planes as part of cabin refurbishments that will cut fuel use and boost revenue by at least US$250 million a year at the biggest discount carrier. |
|
| India may let foreign carriers buy 49% of local airlines |
| (NEW DELHI) India's civil aviation and finance ministries recommended allowing overseas airlines to buy as much as 49 per cent of local carriers as Kingfisher Airlines and rivals struggle to raise funds amid industrywide losses. |
|
| EADS dismisses financing fears |
| (HAMBURG) Aerospace group EADS batted away concerns over the financing needed to maintain a record wave of jet deliveries this year, as bumper orders from its Airbus unit and a major Japanese leasing deal provided fresh evidence of Asia's rising economic power. |
|
| Profitable Q4 seen for most US airlines |
| (CHICAGO) Most US airlines are poised to report profitable fourth quarters, a trend set to continue this year as cost cutting and fare hikes help the industry weather rising fuel costs and global economic uncertainty that could hamper travel demand. |
|
| Catholic Church in Italy under pressure to pay taxes |
| (ROME) Nothing may prove to be untouchable in the European debt crisis. |
|
| Effective income tax rate for rich Americans drops |
| (NEW YORK) The effective federal income tax rate paid by the wealthiest Americans has dropped significantly during the last several decades, largely because of tax cuts on investment income. |
|
| Japan on course for dire straits: minister |
| JAPAN is facing a 'very dire' fiscal situation, Finance Minister Jun Azumi warned yesterday, likening the challenge of overcoming the problem to 'scaling Mount Everest'. |
|
| Asset sales may hit BOA's profit target by US$2.8b |
| (NEW YORK) Bank of America Corp's (BOA) US$33 billion of asset sales last year, designed to help meet international capital standards, may slice at least US$2.8 billion from 2012 profit that the firm also needs to reach its target. |
|
| Run state-backed ventures with clear guidelines |
| THE heat is on for the National Feedlot Corporation (NFC). And rightly so. |
|
| Indian central bank imposes guidelines for pay and bonuses |
| (MUMBAI) India's central bank has set guidelines for compensation of senior bank executives, imposing restrictions on guaranteed bonus, severance pay as well as a cap on variable pay, in line with global moves to rationalise pay structures and curb risk taking. |
|
| Public anger over Italian tax dodgers spills online |
| (ROME) As Italy's cash- strapped government launches its latest bid to crack down on tax evasion of up to 150 billion euros a year (S$245.9 billion), it is getting a little help from mobilisation on social networks. |
|
| Sarkozy takes a leaf from Germany's book |
| (PARIS) As the German economy shines, next door France plunges into recession, shedding jobs and losing its top credit rating. But President Nicolas Sarkozy has a plan to save the country, by making it more like Germany. |
|
| Company Briefs |
| ASCENDAS Real Estate Investment Trust (A-Reit) clarified that it is not in talks with Mapletree Investments Pte Ltd or any other party to invest in Pune or any other part of India. |
|
| Focus on outlook, prospects, say analysts |
| WORRIED about the omnipresent and never-ending list of global uncertainties, and how these have affected companies' Q4 2011 earnings? |
|
| China presses for Saudi oil access |
| (BEIJING) Chinese Premier Wen Jiabao pressed Saudi Arabia to open its huge oil and gas resources to expanded Chinese investment, media reports said yesterday, against a backdrop of growing tension over Iran and worries over its crude exports to the Asian power. |
|
| Get started now |
| Do you aspire to be a successful young investor? Are you keen on taking the first step towards achieving that? |
|
| Riding a commodities roller-coaster |
| WITH three billion middle-class consumers from emerging countries waiting in line to join the world economy by 2030, commodity markets are bracing for a long-term upswing in demand. Whether it is oil, metals, gold or rice - virtually every raw material - the past decade alone has upended a downward trend in resource prices that has lasted a century. |
|
| Blazing a trail in Asia for the tech community |
| TECHNOLOGY blogger and entrepreneur Willis Wee may be fresh out of university but he is no stranger to business. He had his first taste of entrepreneurship at the age of 10, when he ran a business selling insects like grasshoppers and spiders with his brother. |
|
| New technology delivers feeling into mobile phones |
| (LAS VEGAS) Sure, today's phones can deliver the sound of a heartbeat. But how would you like to actually feel the throbbing? A few companies want to replace the crude vibration motors in today's phones and tablets with something that provides a much wider range of sensations, allowing you to feel the rumble of a Harley or the reverberation of a shotgun blast. The new technology can even let you feel the outlines of a button on the screen. |
|
| Critical for telcos to manage data demand |
| WHILE many operators in Singapore are looking at withdrawing plans which provide unlimited data bundles, data download volumes will continue to increase, according to an industry watcher. |
|
| Global PC shipments slump in Q4 |
| PRELIMINARY calculations show that, after two quarters of positive growth, worldwide PC shipments slumped by 1.4 per cent year-on-year in the fourth quarter of last year to 92.2 million units, according to research agency Gartner. |
|
| Open home/work files anywhere with iTwin's key |
| (LAS VEGAS) A USB-style key that splits in two lets people open their home or work computer files from any Internet-linked computer. |
|
| eBay, SingPost launch shipping service to US |
| EBAY is collaborating with SingPost to launch a new shipping service for local merchants shipping to the US. |
|
| S'pore a safe haven for intellectual property |
| SINGAPORE is quickly emerging as a safe haven for the creation of new intellectual property and knowledge, according to a senior World Intellectual Property Organisation (WIPO) official. |
|
| US wants proof of Airbus subsidy rollback |
| (GENEVA) The United States pressed the European Union on Friday for hard evidence that it has complied with a trade ruling on subsidies to planemaker Airbus in a showdown that could kick off the next stage in the world's largest and costliest trade dispute. |
|
| US judge's nod for Air India loan pledges |
| (WASHINGTON) US pilots and airlines have failed to persuade a judge to temporarily block the Export-Import Bank of the United States from providing Air India Ltd with US$1.3 billion in loan guarantees to buy Boeing Co aircraft. |
|
| Baltic Dry Index falls to 11-month low |
| (LONDON) The Baltic Dry Index, a measure of costs to transport dry-bulk commodities, fell to an 11-month low as a worsening glut of ships pulled rents below operating costs in the Pacific Ocean. |
|
| Hungary's PM seen as threat to democracy |
| (BUDAPEST) He paid youths to attend his speech and clap. He championed laws to silence critical journalists. He rammed through a constitution aimed at remaking Hungary on conservative Christian values. |
|
| Europe downgrade a lesson for Japan: Noda |
| (TOKYO) Japanese Prime Minister Yoshihiko Noda said Standard & Poor's credit rating downgrade of nine European nations underscores how critical it is to boost Japan's finances to contain the world's largest public debt load. |
|
| No dividend till govt aid is paid back, says Dutch bank ING |
| (LONDON) Dutch financial services group ING has said that it will not pay a dividend to shareholders until it repays all of the state aid it received during the recent financial crisis. |
|
| UK finance minister comes East to look for investment |
| (LONDON) British Finance Minister George Osborne travels to China and Japan this week in a drive to attract Asian investment and lift Britain's faltering economy. |
|
| Casino plans sprout as US states seek revenue |
| (NEW YORK) A Malaysian company's plan to build a US$4 billion convention centre and big-time casino on the outskirts of New York City could be the biggest shot fired yet in a tourism arms race that has seen a growing number of Eastern states embrace gambling as a way to lure visitors and raise new revenue. |
|
| Deutsche-NYSE merger heading for the rocks |
| (BRUSSELS) The proposed merger of Deutsche Boerse and NYSE Euronext - which would create the world's largest market operator, worth over US$17 billion - looks seriously compromised just weeks from a European Union competition decision. |
|
| Thai group presses to change lese-majeste |
| (BANGKOK) A Thai group began a public campaign to change a law protecting King Bhumibol Adulyadej from criticism amid a rising number of cases, resisting pressure from the military and royalist groups to avoid discussing the topic. |
|
| Peak booking season swells Carnival's loss |
| (NEW YORK) The timing of Carnival Corp's Costa Concordia cruise ship's grounding off the coast of Italy, at the start of the peak booking season, may exacerbate the company's losses. |
|
| Luxury labels flocking to Brazil's rich caught in red tape |
| (RIO DE JANEIRO) Brazil has been long dismissed as the land of skimpy bikinis and rubber flip flops. But with its galloping economy and hordes of newly minted millionaires, the South American giant is the fashion and luxury industry's newest darling. |
|
| EU to reward Myanmar for reforms |
| (YANGON) The European Union will respond 'in concrete terms' to recent reforms by Myanmar's regime, France's foreign minister said yesterday after a historic meeting with pro-democracy leader Aung San Suu Kyi. |
|
| UK faces renegotiation with EU if Scotland breaks away |
| (BRUSSELS) Britain would have to renegotiate its European Union membership if Scotland voted for independence, senior EU sources have told AFP as Scotland and England fight a high-stakes referendum battle. |
|
| 'French Steve Jobs' shakes mobile sector |
| (PARIS) Hailed as the French Steve Jobs, entrepreneur Xavier Niel is shaking up the country's mobile phone market with a maverick style far removed from France's traditionally conservative business practices. |
|
| Japanese firms' acquisitions overseas soar |
| (TOKYO) Japan Inc is on an acquisitions march across Asia and around the world, new figures show, as firms armed with ever more valuable yen take strategic advantage of the currency's post-war highs. |
|
| Trading among directors surges |
| TRADING among directors surged last week with 18 companies that recorded 37 purchases worth $16.9 million, versus six firms with nine disposals worth $4.07 million. |
|
| Euro in longest losing streak since 2010 |
| (NEW YORK) The euro last week slumped for a sixth week, the longest stretch of losses versus the dollar since 2010, as the stripping of France's top credit rating by Standard & Poor's magnified concern that the region's financial turmoil will intensify. |
|
| Oil prices fall amid supply-demand tensions |
| (NEW YORK) Oil prices dipped last Friday at the end of a week in which the prospect of reduced energy demand offset tight supply worries caused by turmoil in key crude producers Iran and Nigeria. |
|
| There's value, but keep some powder dry |
| THERE is value in risk assets, but the uncertainties surrounding the eurozone may cause significant volatility in the markets in the months to come - that is the prognosis of most analysts and market strategies. |
|
| A public transport system we can be proud of |
| Has Singapore's public transportation system developed satisfactorily over the years? What can be done to make it truly world-class? |
|
| Three-Minute Digest |
| BOUTIQUE fund managers are bracing themselves for higher costs and other challenges as regulators look set to bring in new rules tightening supervision of the industry. |
|
| Earnings to stretch or break rally |
| THIS week, a star-studded cast of earnings reports will compete for the spotlight with France and the euro. |
|
| Surbana finds good prospects in mass housing projects in Asia, Middle East |
| (SINGAPORE) Singapore-based consultancy and township development company Surbana is gunning for a larger share of the mass market housing business in Asia and the Middle East. |
|
| DBS's disclosure on ATM security in the spotlight |
| (SINGAPORE) And so it has finally emerged: the two DBS Bank automated teller machines hit by the latest ATM card-skimming scam that resulted in $1 million of fraudulent withdrawals did not have a key security feature switched on. |
|
| S'pore ready for slowdown: PM Lee |
| (SINGAPORE) Prime Minister Lee Hsien Loong is hopeful that Singapore will be able to weather the uncertainties ahead. |
|
| India welcomes individual foreign investors from today |
| (SINGAPORE) From today, for the first time, individual foreign investors will be able to buy Indian stocks directly in India's markets, rather than through funds or depository receipts listed overseas. Up to now, only foreign institutional investors were permitted to buy Indian stocks directly. |
|
| Eurozone woes back to haunt global markets |
| GLOBAL market fears have returned following a brief respite. |
|
| Small funds gear up for tighter rules |
| (SINGAPORE) Boutique fund managers are bracing themselves for higher costs and other challenges as regulators look set to bring in new rules tightening supervision of the industry. |
|
| Adapting to change crucial for water, O&M firms |
| SINGAPORE'S offshore and marine, and water industries must both keep their thinking hats on to prepare for an uncertain and fast-changing future. |
|
| Drainage issues mostly solved: PUB chairman |
| SINGAPORE has made huge strides in tackling its drainage issues, but small isolated pockets remain to be solved, PUB chairman Tan Gee Paw told BT. |
|
| Cisco Systems expected to sign UE Bizhub East lease |
| CISCO Systems is understood to be close to sealing a deal to lease about 110,000 square feet of space at UE Bizhub East at Changi Business Park. This may be the latest case of an MNC relocating from Singapore's Central Business District to the suburbs as businesses grow increasingly cost conscious. |
|
| Contrarians hold sway - for now |
| ON the face of it, you'd have to say the market is in the grip of contrarians. Virtually all observers believe a bankrupt Europe will soon sink into a dire recession that will spread to the rest of the world which means that logically, risk assets such as equities should be avoided - yet this isn't the case. |
|
| Knowing when to make a move |
| AS an indecisive market kept reversing direction last autumn, portfolio managers faced a choice: Try to time its helter-skelter moves; or simply sit back with confidence in an existing portfolio, resisting the temptation to trade with each new bullish or bearish lurch. |
|
| Manhattan apartment rents surge in Q4 |
| MANHATTAN apartment rents jumped 9.5 per cent in the fourth quarter as landlords emboldened by increasing demand cut concessions and pushed price increases in what's traditionally the slowest leasing season. |
|
| The best way toget exposure to emerging markets |
| WE ALL know the story. All is not well in the economy of the developed world. Growth, it seems, will be in the exclusive domain of emerging markets for years to come. |
|
| Brokers' Take |
| CSE Global's shares fell by as much as 14 per cent (from end-November 2011) to $0.67 on Dec 20 11, but subsequently rallied to $0.75 by the end of 2011. |
|
| Making the best of leveraged investing |
| OPENING an account with a private bank can be a glamorous and exhilarating event. With a prestigiously branded partner to provide expert investment advice and solutions, investors feel confident, sophisticated and empowered to grow their wealth. |
|
| Engaging the Asian consumer |
| ASIA: truly a region that cannot be averaged. With a mix of emerging and mature territories, each with its own unique cultural, social and economic dynamics, marketing to a diverse audience of Asian consumers has become increasingly complex. |
|
| Next week | Jan 16-20, 2012 |
| Dec industrial production |
|
| This week | January 9-13, 2012 |
| HEDGE funds are losing much of their lustre, proving as vulnerable as their conventional counterparts to the global downturn. |
|
| Briefing |
| JPMORGAN Chase yesterday announced it made a record annual profit of US$19 billion last year, even as banks fretted about increased regulation and mulled the end of a bumper earnings era. |
|
| CEO group wants SEC- Citigroup ruling overturned |
| A GROUP of chief executives at more than 200 large US companies have urged a federal appeals court to undo a judge's controversial decision making it harder for companies to settle US Securities and Exchange Commission (SEC) fraud cases. |
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| China bans transfer of bills to trusts |
| CHINA's banking regulator has banned lenders from transferring holdings in commercial bills to trust companies, a person with knowledge of the matter said. |
|
| Fall in China's reserves signals need to shift monetary policy |
| CHINA's official reserves slipped to US$3.18 trillion in the final quarter of 2011, signalling that the days of rampant export-led accumulation of foreign currency are numbered and that new monetary policy steps may be needed to counter capital outflows. |
|
| Wynn at loggerheads with its largest investor |
| A LEGAL dispute between the founder of Wynn Resorts Inc and his longtime Japanese business partner has cast a spotlight on a strained relationship between the company and its largest shareholder, spooking Wall Street. |
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| Australia faces fiscal straitjacket, warns analyst |
| AUSTRALIA has little fiscal room to cushion a downturn should the global economy retrench, said Stephen Walters of JPMorgan Chase & Co, the only economist to predict the nation's first interest-rate increase in 2009. |
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| Apple suspends iPhone 4S sales in China after scuffle at stores |
| APPLE said yesterday it was suspending sales of the new iPhone at its China stores after fans desperate to get their hands on it fought with security and threw eggs at an official outlet. |
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| IMF, EU concerned over Hungary's internal policy changes |
| HUNGARY held talks here on Thursday on a much-needed new International Monetary Fund (IMF)-European Union (EU) financing package for the country, but was told Budapest needs to demonstrate its commitment to address key policy worries. |
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| Japan faces rude awakening in wake of N-crisis |
| JAPAN'S nuclear crisis may achieve what the global financial crisis and the eurozone debt debacle failed to accomplish |
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| Obama notifies Congress of US$1.2t increase in debt limit |
| PRESIDENT Barack Obama has asked Congress for another US$1.2 trillion in government borrowing authority, the third and final request under an August deal with lawmakers that averted a US default. |
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| US trade deficit widens more than forecast |
| THE US trade deficit widened more than forecast in November as American exports declined and companies stepped up imports of crude oil and automobiles. |
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| Lavish feasting |
| FOR the chocolate cake eater, the inevitable question is always - do you prefer more cake or frosting? |
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| Heritage appeal |
| WHEN you've been in the restaurant business for as long as Andrew Tjioe has, there's little you haven't already seen, and even less to impress you. |
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| Monthly source of misery |
| BAD menstrual cramps accompanying 'that time of the month' for women are not normal, despite what your grandmother, mother, aunts and female friends might have told you. In fact, the pain is most likely an indication of endometriosis - a condition where cells from the lining of the womb grow in other areas of the body - and the earlier it is looked into, the sooner the pain can be alleviated and the problem addressed before it progresses to infertility. |
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| Destressing tired tresses |
| IN an age where you can get everything - your shoes, your perfume, even your coffee and cocktails - made bespoke, it seems par for the course that hair treatments should be custom-made for one's specific needs too. |
|
| Nail the glossy festive look |
| THERE'S nothing more uplifting than to finish off your new Chinese New Year ensemble with perfectly manicured nails. |
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| Detox havens |
| IT seems like only yesterday we were celebrating Christmas and indeed, given the early Chinese New Year this year, it feels as though it's been one long holiday. |
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| Soak in Japanese spa tradition |
| YOU could stick foot pads on the soles of your feet while you sleep, but if you wanted a more pampering, whole-body feel of a Japanese detoxification programme, then a soak and a Rimpa lymph node massage at Ikeda Spa is exactly the thing. |
|
| World may grow uneasily as Europe ails |
| FEAR of eurozone breakup became the world's leading terror in 2011. That calamity can be avoided in 2012, even if the zone may well shrink later. |
|
| It is Asean's turn to shine |
| THERE is much talk these days about talents, or more to the point, how much are they worth. From living rooms to coffee shops the chatter is about what is the fair amount to pay Singapore political office holders. |
|
| Japan PM reshuffles cabinet to push through tax plan |
| EMBATTLED Japanese Prime Minister Yoshihiko Noda yesterday unveiled a partial reshuffle of his cabinet in a bid to kick-start negotiations with opposition political parties over his controversial plan to raise Japan's unpopular consumption tax, a move deemed politically risky but essential to avert a fiscal crisis. |
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| Throughput at PSA ports worldwide increases in 2011 |
| PSA International last year handled 57.09 million standard-sized containers at its ports around the world - excluding Hong Kong - which marked a 5.6 per cent increase from 2010. |
|
| UBS sees recovery for S'pore economy in Q1 |
| THE Singapore economy is likely to start to recover in the first quarter of this year and the world economy will probably do better than most investors fear, despite the debt crisis in Europe, a senior analyst said yesterday. |
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| Prepare for bumpy ride: Stanchart warns investors |
| INVESTORS need to remain strapped in for a bumpy ride as Greece could leave the eurozone next year and China will encounter a setback at some point, said Standard Chartered chief economist Gerard Lyons. |
|
| Going beyond the numbers |
| WHEN discussing whether the government's economic forecast is too pessimistic, two things stand out. |
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| Consumer confidence up in Jan |
| CONFIDENCE among US consumers rose more than forecast in January to the highest level in eight months, a sign household spending may hold up as the new year begins. |
|
| Singapore retail sales dip 0.6% in November |
| WHERE have all the shoppers gone? It's a fair question to ask, given the Department of Statistics's latest figures on retail sales. |
|
| General Atlantic opens office in Singapore |
| WITH an eye on business opportunities in South-east Asia, General Atlantic LLC (GA), one of the world's largest private equity firms, yesterday announced the opening of its office in Singapore. |
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| S'pore trader caught in US-Iran crossfire |
| THE US this week raised the heat on Iran by slapping sanctions on three international oil traders - including Singapore's Kuo Oil - for conducting deals there. |
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| Lamborghini's roaring decade in Singapore |
| MELVIN Goh sells cars to people who do not intend to drive them. |
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| Possible breakthrough in DBS ATM fraud case |
| POLICE may soon crack the DBS ATM fraud case, with the arrest of two Malaysians who were found with ATM skimming equipment. |
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| Nanyang Poly to offer new healthcare courses |
| SINGAPORE's healthcare sector will soon get much needed access to a larger pool of locally trained occupational therapists and physiotherapists (OTPT). |
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| Hongbaos as branding tool? |
| THE simple red packet given and exchanged during Chinese New Year has become an excellent branding vehicle for many companies here. |
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| HDB shops get $11m boost under ROS scheme |
| THE Housing & Development Board (HDB) yesterday unveiled initiatives to further assist HDB shops as part of its Revitalisation of Shops (ROS) scheme. |
|
| Power demand falls in Q4 |
| POWER demand in Singapore, including by power-guzzling industries, dipped in the fourth quarter last year, reflecting the economic slowdown here. This resulted in electricity demand for the whole of last year growing a marginal 0.5-1.4 per cent from 2010, industry officials estimate. |
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| Banks, Jardine drive most of STI rise |
| A BOUNCE in Hong Kong and a firm opening for Europe yesterday helped the Straits Times Index (STI) to a 47.88-point gain at 2,791.34 as traders anticipated an overnight rise in Western markets. |
|
| A super regional bank |
| IF you've learnt all that you know about banking from HSBC, how do you go one better, especially if you're competing in the banking giant's backyard? |
|
| Opportunity in a crisis |
| THE lingering European debt crisis is a pretty scary thing with the potential to get much worse, but from where ANZ CEO Mike Smith is sitting, these developments provide a window of opportunity. |
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| ELECTRIC VISION |
| WITH lofty ambitions to lead the premium electric vehicle segment by 2020, it comes as no surprise that Audi plans to launch its first production e-tron by end-2012. |
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| New 911 and a new way to pay for it |
| THE launch of Porsche Financial Services in Singapore is expected to increase total sales volume of the German sports car maker by 5-10 per cent, said its chief financial officer Lutz Meschke. |
|
| German muscle car |
| SOME cars look fast on paper but their numbers do not always translate into the heart-stopping drive that you may expect. The Mercedes-Benz CLS63 AMG is not one of those cars - the moment you blip the gas pedal of this modified version of the 'four-dour coupe', it promises to feel and sound sufficiently high-performance. |
|
| Kagoshima month |
| IF SINGAPOREANS can't go to Kagoshima, Kagoshima will come to Singapore. The latest in a series of longstanding cultural exchanges between Singapore and Kagoshima prefecture takes place here, starting this weekend with a month-long food promotion at various venues and featuring products from the Kagoshima region. |
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| Savouring nature's bounty |
| GIVEN our near-religious devotion to the culinary arts and the vast hordes of Singaporeans who travel to Japan on restaurant pilgrimages and food discovery trips each year, it's a little surprising that Kagoshima - a city at the southern tip of the island of Kyushu that's a 90-minute ride on the bullet train from Fukuoka or about a two-hour flight from Tokyo - is still an undiscovered destination among the will-travel-for-food fraternity. |
|
| Business briefing |
| ADAMPAK said that its Thai subsidiary has entered into a lease agreement for a new factory site located in Chonburi Province. |
|
| Hedge Fund Sec aims to tap Japan's retail investors |
| HEDGE Fund Securities, run by a former Nikko Securities Co banker, aims to raise six billion yen (S$100.8 million) by March 2013 from Japanese individual investors by offering hedge funds run by Epic Partners Investments Co. |
|
| HK watchdog steps up checks on trading |
| HONG KONG'S financial watchdog has ramped up inspections of trading floors and asset management houses in the city as concerns grow that choppy market conditions could push some firms to the brink of failure. |
|
| Sino-Forest gets reprieve from bondholders |
| SINO-FOREST Corp, the Chinese timber company fending off allegations of fraud, said it reached a waiver agreement with a group of bondholders, reducing the risk of bankruptcy. |
|
| MF Global braces for Jan 20 ruling on payment plan |
| MF Global Singapore expects to know by Jan 20 whether it can go ahead with its plan to return most of its customers' money. |
|
| Scorpio East names KPMG to review internal systems |
| SCORPIO East has appointed KPMG Services to review its internal controls and risk management system, after findings by its special auditor uncovered 'round-tripping' of cash and other irregularities at the group. |
|
| Hiap Seng seals new partnership with Cosco (Shanghai) |
| HIAP Seng Engineering is stepping up its expansion plans in China with a new partnership to pursue floating oil-and-gas processing and storage projects in Shanghai. |
|
| S i2i eyes higher end of cheap handset market |
| HANDSET maker and Internet telephony firm S i2i, which caters to the masses for whom the latest iPhone or Blackberry is beyond their means, is making inroads into higher-end phone territory in a bid to fatten its margins. |
|
| PetroChina, Chevron set to revive project |
| OIL giants PetroChina and Chevron are preparing to spend big bucks this year to upgrade their joint 290,000 barrel per day Singapore refinery. They are considering not only restarting an earlier-postponed US$300-400 million 'green' petrol project, but also adding at the same time, a base oil or lubricants feedstock plant, BT understands. |
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| Ford recalls about 539,000 minivans, SUVs worldwide |
| (DETROIT) Ford Motor Co, the No 2 US automaker, recalled about 539,000 vehicles worldwide in two separate actions to repair flaws that may lead to fires in some SUVs and the loss of power in some Mercury and Ford minivans. |
|
| Euro area showing signs of stability: ECB |
| (FRANKFURT) European Central Bank president Mario Draghi said there are some signs the euro-area economy is stabilising even as the sovereign debt crisis poses downside risks to the outlook. |
|
| Deutsche Boerse in balance as chiefs meet in New York |
| (NEW YORK) Time is running out on efforts by Reto Francioni and Duncan Niederauer to win approval for the merger of Deutsche Boerse AG and NYSE Euronext. |
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| Buffett vows to match Republican's debt donations |
| (BOSTON) Warren Buffett is willing to put his money where his mouth is, if only congressional Republicans would join him. |
|
| Goldman trading chiefs join partner exodus |
| (NEW YORK) Goldman Sachs Group Inc says two leaders of its biggest division are leaving the company a week before it reports what some analysts predict will be the lowest annual profit since the firm went public. |
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| Austerity calls on God of Fortune |
| HAPPY New Year. Gong Xi Fa Cai. It is I, the God of Fortune, here to shower you with great abundance atop this luxuriously decorated float, where my devoted fans gather and bask in my presence. I understand my appearances have been somewhat limited this year because of the very short time frame between the Gregorian new year and its lunar equivalent, but... Hey, you in the white shirt, what are you doing? Why are you removing the decorations from my float? |
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| Asia units drop as export outlook dims |
| (SINGAPORE) Asian currencies weakened, led by Thailand's baht, as concern a sovereign-debt crisis will pull Europe into a recession dimmed the outlook for exports. |
|
| Brokers' Take |
| HAVING declined 23-25 per cent from their 2011 peaks, Singapore banks appear cheap. |
|
| Socio-economic reforms better Myanmar outlook |
| MYANMAR saw a series of positive changes in 2011. President Thein Sein embarked on several political and social reforms so as to make Myanmar more liberal and more transparent to the international community. |
|
| ABSD: Questions that beg for answers |
| IT IS more than a month since the introduction of the additional buyer's stamp duty (ABSD). I am still scratching my head on the whys. |
|
| Euro crisis - the risks and opportunities |
| THIS month marks the 10th anniversary of the birth of the euro. It will not be a peaceful anniversary despite the fact that the euro has become the most circulated currency and the second most traded currency in the world. |
|
| US allies should object to Iran being the next Iraq |
| I EXPERIENCED strong feelings of deja vu and an even stronger sense of foreboding this week watching Japanese officials, and to a lesser extent those from South Korea, scuttling around to secure extra supplies of oil from various Gulf country suppliers in case of 'supply interruptions' from Iran. |
|
| The Philippines: case for cautious optimism |
| THE Philippines, long dismissed as the 'sick man of Asia', could well be on the brink of a turnaround, based on a number of market indicators. |
|
| Three-Minute Digest |
| FRESH revisions to regulations and corporate governance guidelines for the new year have won the approval of market watchers. |
|
| DBS to start SMS alerts for overseas ATM withdrawals |
| (SINGAPORE) As part of its efforts to beef up security, DBS Bank will from today start sending SMS alerts to customers following ATM withdrawals overseas that go beyond a certain limit. |
|
| No-go for HK's proposed cap on multiple directorships |
| (SINGAPORE) Hong Kong regulators' gallant attempt to weed out multiple directorships by setting a limit has given way to strong protests from the marketplace, as revisions to its corporate governance code - most of which take effect this year - showed. |
|
| Bocker sees ID numbers rising over time |
| (SINGAPORE) The number of independent directors on boards in Singapore and the region should increase over time, especially as the role of boards evolves, said Singapore Exchange (SGX) chief executive Magnus Bocker at a seminar yesterday. |
|
| Thai government outlines plans to rebuild its economy |
| (SINGAPORE) The Thai government is pushing to rebuild its economy and avoid a repeat of last year's flood crisis that devastated businesses and rocked investor confidence in the kingdom, said Thai Deputy Prime Minister and Minister of Commerce, Kittiratt Na-Ranong, yesterday. |
|
| Retail sales inch up 0.1% in Dec |
| (WASHINGTON) Retail sales barely rose in December, but the gain was enough to lift sales to a record level for 2011. |
|
| DPJ team warns US against bid to woo Japan to TPP |
| in Tokyo A GROUP of ruling Democratic Party of Japan (DPJ) members has warned US officials in Washington that moves to get Japan to join the Trans-Pacific Partnership (TPP) could generate 'anti-American sentiment' in the country, and that the Japanese Parliament is unlikely to ratify any agreement by the government to join the accord. |
|
| Cat A quota to rise 13% |
| (SINGAPORE) As expected, the certificate of entitlement (COE) quota for the next six months - February to July 2012 - will see an uncharacteristic increase in Category A, thanks to a spike in vehicle deregistrations for that class in the second half of 2011. |
|
| All signs point to US economy gathering pace |
| US DATA is strengthening into the steady engine rumble of an economy about to take off, which will be welcome news for the global economy. |
|
| Budget Day 2012: Feb 17 |
| (SINGAPORE) Singapore's Budget 2012 will be delivered on Feb 17, the Finance Ministry (MOF) said yesterday. |
|
| Many share cautious optimism on economy |
| (SINGAPORE) Is the government's projection for 1 to 3 per cent GDP growth this year too pessimistic? |
|
| Tightening of rules seen testing directors |
| (SINGAPORE) Fresh revisions to regulations and corporate governance guidelines for the new year have won the approval of market watchers, who see these improvements aligning Singapore's rules and best practices with those of other jurisdictions. |
|
| New shipping service for local eBay sellers |
| EBAY and SingPost launched a new shipping service for Singapore sellers yesterday. |
|
| Three-quarters of Far East's The Hillier sold |
| FAR East Organisation's The Hillier project in Hillview Avenue has sold 309 units out of the 411 that have been released so far. |
|
| Frasers Hospitality aims for foothold in Jakarta |
| FRASERS Hospitality, the service residence arm of Fraser & Neave, yesterday kick-started construction of its second property in Jakarta, Indonesia, saying it has plans to expand into the country's secondary cities. |
|
| Gillman Barracks, S'pore's art cluster, has its first 13 tenants |
| CHINA has its 798 Art District; South Korea, its Heyri Art Village; and New York has its arty hub in Chelsea - now Singapore is going to have its Gillman Barracks. |
|
| Clementi condo site attracts top bid of $408m |
| A 99-YEAR leasehold condominium site along Jalan Lempeng has attracted a top bid of $408 million in an eight-cornered bidding session among developers. |
|
| Lower real wages, fewer hires likely this year: survey |
| REAL wages are likely to fall further coupled with lower expectations to hire this year, data from a recent survey showed. |
|
| STI weakens after early gains |
| A BOUNCE in the banking sector helped the Straits Times Index (STI) to a maximum intraday gain of 13 points at 2,759 yesterday, but late selling in Hong Kong and a mixed opening for Europe whittled this down to a net loss of 3.47 points at 2,743.66. |
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| 15 more maritime firms to go green |
| (SINGAPORE) A new crop of 15 major maritime sector companies yesterday signalled their commitment to clean and green shipping practices under the Singapore Green Pledge initiative. |
|
| Singapore 2011 box traffic hits new record |
| (SINGAPORE) Singapore's ports handled an estimated 29.94 million twenty-foot containers in 2011, breaking the previous record set in 2008 by over 21,000 boxes. This advance estimate of the 2011 throughput was a 5.3 per cent increase from the year before, which registered 28.4 million twenty-foot equivalent units (TEUs). |
|
| Asia shipping expected to ride out stormy downturn |
| (SINGAPORE) The ongoing shipping downturn may mean more consolidation among shipping companies, but Asia will emerge from the ongoing shipping downturn as the new shipping nexus of the world, said key leaders of Singapore's maritime industry yesterday. |
|
| KTMB inches closer towards privatisation |
| (KUALA LUMPUR) National railway company Keretapi Tanah Melayu Bhd (KTMB) could be closer to being taken private by MMC Corp Bhd, after it was asked to assist in conducting due diligence on its business starting this month. |
|
| Pengerang gearing up to become regional oil storage hub |
| EARMARKED as an up- and-coming oil storage hub for Asia, Johor's Pengerang is expected to see a step up in activities this year, with Malaysian companies led by Petronas committed to investing tens of billions of ringgit there. |
|
| Bank Indonesia keeps rate unchanged |
| (JAKARTA) Indonesia's central bank held its benchmark overnight rate at a record low 6 per cent for a second month yesterday, signalling that its concerns have switched back to inflation from supporting growth. |
|
| India's Infosys cuts revenue growth forecast |
| (BANGALORE) India's Infosys Ltd cut its annual revenue-growth outlook for a second time and warned of lower client spending due to the eurozone debt crisis, sending its shares down more than 8 per cent, their biggest fall in nine months. |
|
| India's factory output in Nov beats forecasts |
| (NEW DELHI) India's industrial output recovered in November, providing a glimmer of optimism for a battered economy and giving the central bank room to hold off on easing monetary policy after two years of tightening. |
|
| Love, warts and all |
| SOME romantic comedies will happily sacrifice plausibility and character development to chalk up the maximum number of laughs per minute, but the genius of Crazy, Stupid, Love is that it's as sweet and believable as it is hilarious. |
|
| Divas trill on new outings |
| BEING able to nail all the glory notes doesn't necessarily mean that anyone will remember your voice. |
|
| Lashings of ire |
| IT'S hard to believe that eight years ago, Craig Thompson was in danger of being pigeonholed as a sweet sentimentalist with his autobiographical second graphic novel, Blankets. It was beautiful and bittersweet, but also gentle and chaste. |
|
| Bawdier roasting on iChestnuts15 |
| TO say 2011 was an eventful year for Singapore - with not one but two elections, the Orchard Road floods and the massive train breakdown - might sound like a bit of an understatement. But all that has been turned into comedy fodder for Jonathan Lim, creator of the annual parody revue, Chestnuts. |
|
| Old world meets edgy and new |
| IT can be difficult to catch a glimpse of high-profile art that has been hidden away in private collections, and perhaps just as hard to get a full view of Singapore's best emerging artists all together in one space. |
|
| Pop en pointe |
| THEY executed high leaps but also hip-hopped, pumped to the rhythm and also pirouetted and went en pointe - all in all, Cuba's Ballet Revolucion strung together ballet and pop dance with the most effortless aplomb. |
|
| Around Town |
| AS the Lunar New Year approaches, feast your eyes on the solo oil painting exhibition, Glorious Legend of Chinese Pi Xiu going on at Element Art Space. The show features the Pi Xiu (below), a Chinese mythical animal that resembles a winged lion, a subject of choice by Chinese artist Wang Xiao Qing (right). |
|
| Super-sized Art Stage |
| EVEN before the second edition of contemporary art fair Art Stage Singapore opened at the Marina Bay Convention Centre on Wednesday afternoon for the vernissage (private showing to specially invited guests), Fair director Lorenzo Rudolf was giving a welcome speech to an even more select group of people just inside the entrance to the fair. |
|
| Art Stage must-sees |
| THERE is a strong showing of craft-based art in this year's Art Stage Singapore - from landscapes created from millions of needles to garments stitched from toilet roll yarn - indicative of Asia's rich tradition of craft. |
|
| When push comes to stove |
| COME the last weekend of March, the crowds that enter the Marina Bay Pit Building will not be jostling for a peek at Sebastian Vettel or a marked-down Lanvin frock at a Club 21 bazaar sale. |
|
| No sleight of hand |
| IN a haste to show off his bag of tricks, Hong Kong director Derek Yee turns his latest movie The Great Magician into one big mess. |
|
| All hands on deck |
| MARK WAHLBERG has made a pretty decent career playing wise-cracking tough guys and working-class heroes from the wrong side of the tracks. He sticks to a familiar script in Contraband, a movie about a reformed criminal who is forced by circumstances beyond his control to return to his roots. He plays a smuggler who is so good at being bad - and enjoys doing it - that making an honest living starts to look a little overrated. |
|
| California dream |
| BART and Daphne Araujo are not your typical American couple. Maybe that's why their wines are not your typical Californian wines either. |
|
| A spirited bash |
| THERE are many ways one can think of to celebrate turning 80 years old, but for wine connoisseur Dr N K Yong and his wife, Melina, they wanted to focus on their three loves - good food, great wine and giving to charity. |
|
| Full-bodied year for Bordeaux |
| IN early November 2010 I had my first taste of Bordeaux 2009 from the barrel, and my review of those I had tasted during a week in Bordeaux was summed up thus: |
|
| Greece's economic outlook worsening, says Lagarde |
| (ATHENS) IMF chief Christine Lagarde is warning Europe that Greece's economic prospects are deteriorating and the European Union will either have to pony up more money to rescue Athens or debt holders will have to stomach steeper losses. |
|
| HSBC aims to stay in Top5 in HK IPO business |
| (HONG KONG) HSBC Holdings aims to remain among the top five underwriters of initial public offerings in Hong Kong this year by drawing on banking relationships that helped the lender reach its highest ranking since 1999. |
|
| Investors address climate change risks |
| INSTITUTIONAL investors are increasingly aware of the investment risks and opportunities afforded by climate change, a Mercer survey has found. |
|
| Twin forces put Asian risk assets under pressure |
| ASIAN risk assets will be kept under pressure this year as the region suffers from a twin pincer movement from a collapse in European growth and an economically unstable China that is rapidly slowing, Citi Private Bank strategists said yesterday. |
|
| At least 2 serious suitors emerge for LME: source |
| (LONDON) At least two serious potential bidders have emerged so far for the London Metal Exchange (LME) from 15 suitors who expressed interest in the world's biggest metals marketplace, a source with knowledge of the matter said on Wednesday. |
|
| 400 protest against cut in HK brokers' break |
| (HONG KONG) About 400 people marched in Hong Kong's financial district yesterday to protest against a shorter lunch break, which the bourse operator has said is crucial to boost competitiveness and align it more closely with China. |
|
| Company Briefs |
| WILMAR International priced S$250 million of five-year 3.5 per cent notes and S$100 million of seven-year 4.1 per cent notes yesterday, the company announced. |
|
| Ezra's Q1 profit stays flat at US$13.3m |
| EZRA Holdings's profit for its first quarter ended Nov 30, 2011 stayed flat at US$13.3 million, even as revenue more than doubled to US$180.5 million from US$75.9 million. |
|
| Sembcorp in Vietnam power plant study |
| SEMBCORP Industries hopes to grow its utilities presence in Vietnam with a deal to explore the feasibility of developing a 1,200 megawatt plant. |
|
| Work starts on Westgate in Jurong Gateway |
| CAPITAMALLS Asia (CMA), CapitaMall Trust (CMT) and CapitaLand yesterday broke ground for Westgate - a shopping mall and office tower development that will be a new icon in Jurong Gateway. |
|
| Reits outshine STI; healthcare plays lead |
| THE majority of Singapore real estate investment trusts (Reits) outperformed the Straits Times Index (STI) last year, data from the Singapore Exchange (SGX) shows. |
|
| Shareholders query China Titanium over new business direction |
| THE issue of three independent directors not seeking re-election took a backseat at China Titanium's annual general meeting (AGM) yesterday as the future direction of the company, known formerly as Jade Technologies, took centrestage. Shareholders appeared to be more keen to seek answers about the company's potential new businesses. |
|
| China inflation cools to 15-month low in December |
| (BEIJING) China's inflation cooled to a 15-month low and producer-price gains were the smallest in two years last month, leaving the government more room to support growth as a global slowdown hurts exports. |
|
| SIA, SAS seal interline deal |
| (SINGAPORE) Just weeks after inking a key interline agreement with US-based JetBlue, Singapore Airlines (SIA) has sealed a similar deal with Scandinavian Airlines (SAS) to boost air services between Singapore and destinations in Scandinavia - including direct flights to the Swedish capital, Stockholm. |
|
| RBS announces job cuts in investment arm |
| (LONDON) UK state-owned lender Royal Bank of Scotland (RBS) has cut 3,500 jobs as part of a reorganisation of its investment banking arm. |
|
| Industrial output in Europe falls for 3rd month |
| (ZURICH) European industrial production declined for a third straight month in November, adding to signs that the economy failed to expand in the fourth quarter. |
|
| World food prices on down trend after December fall |
| (MILAN) World food prices are likely to extend recent falls in the coming months as recession fears sap demand and supplies remain strong, but they can rebound on adverse crop weather and rising demand, the United Nations' Food and Agriculture Organization (FAO) food agency said yesterday. |
|
| Japan game arcades rolling in silver yen |
| (TOKYO) Once the preserve of rowdy teenagers, game arcades in Japan are rapidly becoming the hippest place to hang out for a whole new generation - their grandparents. |
|
| Noda asks fiscal hawk Okada to become deputy |
| (TOKYO) Japan's prime minister, faced with sinking popularity rates and hostile opposition, has asked ruling party heavyweight Katsuya Okada, a fiscal hawk, to become his deputy to oversee tax and social security reform, domestic media reported yesterday. |
|
| CIMB set to buy Bank of Commerce stake |
| PHILIPPINE beer, property and oil-and-gas conglomerate San Miguel Corporation is set to close a deal to sell 60 per cent of its banking arm, Bank of Commerce, to the CIMB Group, according to Reuters yesterday. CIMB is Malaysia's second-largest bank and the fifth-largest bank in the region. |
|
| Market gives thumbs-up to WBL chairman's ouster |
| (SINGAPORE) WBL Corp's shares leapt to life yesterday as investors appeared to react positively to the surprise ouster of chairman Ng Ser Miang, whose removal corporate observers say is a fair outcome of shareholder unhappiness. There were mixed views, however, on the manner in which he was removed. |
|
| S'pore construction sector needs major makeover |
| (SINGAPORE) While Singapore's construction industry looks healthy over the next three years, restructuring and rebranding are needed to ensure sustained growth. |
|
| India: foreign brands cleared to go it alone |
| (NEW DELHI) India's government has allowed foreign brands such as Adidas or home furnishings giant Ikea to open 100 per cent owned shops, but will continue to block the entry of supermarkets. |
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| Closure of wealth manager ipac hits S'pore, HK clients |
| (SINGAPORE) The closure of the wealth manager ipac Singapore and Hong Kong is expected to impact clients with combined portfolio assets of roughly US$500 million. |
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| Official economic outlook is too pessimistic: Gupta |
| (SINGAPORE) DBS chief executive Piyush Gupta is cautiously optimistic that 2012 won't turn out as badly as projected and thinks the government is too pessimistic in its outlook. |
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| Special audits can't mend broken companies |
| (SINGAPORE) Special audits commissioned by the Singapore Exchange (SGX) have sounded the death knell for several listings in recent years. They are also expensive exercises for both the affected companies and their shareholders, but such audits remain one of the few options available to the SGX to uncover possible regulatory lapses given its limited powers. |
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| ICPAS launches certification course on auditor skills |
| AUDITORS, especially those working in small and medium-sized practices, can now look forward to a new course to update their skills. |
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| Auction to raise funds for Art Outreach |
| IN 1860, the British Army bought the site of a former nutmeg plantation for 25,000 Spanish dollars and built military barracks for its British troops. |
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| Most S'pore firms plan to expand overseas: survey |
| MOST Singapore companies intend to expand overseas in the near future but face difficulties, according to a Regus Global survey. |
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| HDB offers 3,923 new flats in year's first BTO launch |
| THE Housing and Development Board (HDB) launched five new build-to-order (BTO) projects yesterday, offering 3,923 new flats in Choa Chu Kang, Punggol, Sengkang and Tampines. |
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| SLA clarifies Turf City tenancy agreement |
| THE Singapore Land Authority (SLA) has stepped in to clarify that it has absolved an existing master tenant of responsibilities to reinstate parts of the property, following calls by some sub-tenants to help resolve their tenancy issues. |
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| Most firms expect to outdo their industries |
| EXECUTIVES in Singapore are a glass half-full lot when it comes to business prospects for the new year - which is a glass half-full way of saying that they are in denial. |
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| Construction demand seen dropping in 2012 |
| THE value of construction demand, as measured by contracts awarded in Singapore, is projected to hit between $21 billion and $27 billion in 2012, a fall from the $32 billion clocked last year. |
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| Market inching towards recovery? |
| DARE we hope that the Singapore stock market is reaching an inflexion point? Could interest in stocks - at least in a selected few - be gradually returning? |
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| Baltic index hits 5-month low |
| (LONDON) The Baltic Exchange's main sea freight index, which tracks rates to ship dry commodities, fell to its lowest in five months as a growing slowdown in cargo bookings hurt sentiment. |
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| Container ship capacity may rise 8.3% this year |
| (SINGAPORE) The global fleet of container ships may increase 8.3 per cent in 2012, the most in two years, prolonging an oversupply of vessels on all major trade lanes that could undermine efforts to raise rates, Alphaliner says. |
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| South Korea shipbuilders mull over joint bid for France's GTT |
| (SEOUL) The battle between South Korea and China to own Gaztransport & Technigaz (GTT), a firm that develops systems for storing liquefied natural gas (LNG) on ships, could ultimately be one of survival for Korean shipbuilders after the country lost most of its market share in the building of standard ships to China. |
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| M'sia's exports growth hits 4-mth low |
| (SINGAPORE) Malaysia's exports grew at the slowest pace in four months in November, and well short of forecasts, as sales of electrical and electronic goods to the US and Thailand fell. |
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| RHB, OSK IB merger closer |
| PREVIOUSLY a merger target, RHB Bank is poised to become a standalone bank and the largest broker in Malaysia, as its merger negotiations with OSK Investment Bank (OSK IB) come within sight of completion. |
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| India's state-run firms told to boost spending |
| (NEW DELHI) The Indian government has asked state-run firms to boost investment to stimulate a slowing economy, The Times Of India (TOI) reported yesterday, citing government sources. |
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| Skyscraper boom may signal bubble: Barclays |
| (HONG KONG) India, which is building the world's second-tallest skyscraper, is catching up with China in an office building boom that may indicate that an economic slowdown is imminent, according to Barclays Capital Research. |
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| Steady sales at office, industrial projects |
| A STEADY stream of sales has been achieved for strata office and industrial units in two new projects that went on the market in late December. |
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| Investors bet on US charter schools |
| (CHICAGO) A warehouse where workers once shaped and cut steel on Milwaukee's north side is getting a second life. It's being transformed into a charter school that's scheduled to open in August. |
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| 'Designer' folk join crowds, straining US soup kitchens |
| (NEW YORK) After losing her job as a consultant for non-profits, Martha Heassler and her husband, a graphic artist, no longer had money for their daughter's college education, new clothing or groceries. |
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| European leaders, IMF chief set for fresh talks |
| (PARIS) European leaders and the International Monetary Fund (IMF) chief headed into fresh talks on the eurozone yesterday as new data showed the German economy was able to grow robustly last year despite the drag of the debt crisis. |
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| Kodak goes for sharper focus |
| (NEW YORK) Eastman Kodak Co announced a new business structure on Tuesday that divides its film group into its two other business units as the once-iconic photography company tries to refocus as a digital company to help fend off financial difficulties. |
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| ST launches Android app next Monday |
| THE Straits Times (ST), the flagship newspaper of Singapore Press Holdings (SPH), will launch its application for Android smartphones next Monday. |
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| China Fishery drops plan for HK dual listing |
| CHINA Fishery Group has dropped its plan for a dual primary listing in Hong Kong, citing continuing adverse market conditions. |
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| STX OSV's rise spurs stake sale expectation |
| STX OSV's stock price has started peeling away from the broader market in the past week, stoking expectations that its parent STX Europe might soon be selling its 50.75 per cent majority stake in the offshore vessel builder. |
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| Ascott to manage new Citadines in Surabaya |
| CAPITALAND'S serviced residence business unit, The Ascott Ltd (Ascott), has secured a new management contract for its first Citadines aparthotel in Surabaya, Indonesia. |
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| 150 units of CDL's EC project sold on first day |
| CITY Developments Ltd (CDL), which sold 150 units on the first day of sales yesterday for its The Rainforest executive condominium (EC) project in Choa Chu Kang, is planning to release at least three other residential projects this year. |
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| Factory sale gain lifts Qian Hu's Q4 earnings |
| ORNAMENTAL fish service provider Qian Hu Corporation posted a fourth-quarter net profit of $886,000, up 40 per cent from $634,000 in the year-earlier period, thanks to gains from the sale of its Guangzhou factory. |
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| China Titanium IDs step down, cite ineffective management |
| THE independent directors of China Titanium have stepped down, suggesting that the lack of experience among senior management required them to be too involved in the company at the expense of their independence. |
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| Private banks lead charge for CMA retail bonds |
| PRIVATE banks led a rush for CapitaMalls Asia's public sale of 10-year retail bonds, and the strong demand could encourage more issuers to come to the market, the deal's bookrunner said. |
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| MF Global Singapore gives up on sale, moves to return funds |
| LIQUIDATORS of MF Global Singapore have stopped trying to sell the business and are now seeking court approval to return customers' funds, the company said yesterday. |
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| Chinese brokers' profits down over 40% in 2011 |
| (SHANGHAI) Net profit at four Chinese securities firms including GF Securities and Southwest Securities tumbled more than 40 per cent in 2011, preliminary data released yesterday showed, foreshadowing a dismal earnings season for China's struggling brokerage industry. |
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| China sets up agency to protect investors |
| (SHANGHAI) China's securities regulator has set up an 'investor protection bureau' to safeguard investors' interests in the world's third largest stock market, as it takes on rampant wrongdoing that has eroded confidence. |
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| US, China pledge to build economic ties |
| (BEIJING) US Treasury Secretary Timothy Geithner and Chinese leaders pledged yesterday to build economic ties but Beijing gave no sign it would relent in its opposition to American sanctions on Iran's oil industry. |
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| Thai floods hit Q4 PC shipments: Microsoft |
| (SEATTLE) Microsoft Corp, the world's largest software maker, said industrywide sales of personal computers will probably be lower than analysts projected in the fourth quarter because supply was hurt by flooding in Thailand. |
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| Panasonic not investing in Olympus at present |
| (LAS VEGAS) Panasonic Corp's president said his company has no intention to invest in scandal-hit Olympus Corp at the moment, while Sony Corp said it would be inappropriate to comment at present. |
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| Apple still ahead of the pack in tablet market: Lenovo CEO |
| (NEW YORK) Lenovo Group Ltd chief executive officer Yang Yuanqing said there's scant room for growth in the tablet market and that devices running Google Inc software - including his company's machines - will keep trailing the iPad. |
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| Gadget sales to top US$1t for first time in 2012: analysts |
| (LAS VEGAS) Developing countries like China and India will drive global sales of consumer electronics above US$1 trillion this year for the first time, even as cash-strapped shoppers in the US and western Europe ease off spending for high-tech gear, industry analysts said on Sunday. |
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| S'pore partners with SKorea on IT security |
| SINGAPORE has taken a step towards opening up South Korea as a lucrative market for local IT security firms, said Ngair Teow Hin, chairman of the security & governance chapter for the Singapore IT Federation (SiTF). |
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| Fab spending to slide 10.6%: SEMI |
| THE global semiconductor industry is expected to put the brakes on buying equipment for fabs this year, particularly in the first half, with spending expected to decline by 10.6 per cent to US$35 billion, according to the global industry body SEMI. |
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| Banks reject Air India debt plan |
| (MUMBAI) A debt restructuring plan for troubled national carrier Air India has been rejected by the airline's lenders, the Business Standard newspaper reported yesterday, as bankers refused to take a stake in the loss-making airline. |
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| Incheon airport operator nears US$3b MBS-style resort plan |
| (SINGAPORE) Incheon International Airport Corp, operator of South Korea's busiest gateway, is close to approving plans for a US$3 billion resort in the vein of Singapore's Marina Bay Sands to help lure more Chinese tourists. |
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| Busiest Dec for Heathrow as BAA airports' traffic rises |
| (LONDON) Traffic at airports operated by BAA rose last month with Heathrow enjoying its busiest December ever in terms of both passenger numbers and cargo - which grew for the first time since February 2011 on an underlying basis. |
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| Smartphones will replace airport check-ins: report |
| (LONDON) Airport check-in will become the exception rather than the rule within 10 years as terminals and airlines boost connectivity with smartphones, a study from reservation systems provider Amadeus IT Holding suggests. |
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| US airlines may see gains from EU tax |
| (BRUSSELS) US airlines may post windfall gains of as much as US$2.6 billion after their inclusion in the European Union emissions trading system, according to an academic study that contradicts aviation industry estimates. |
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| Romney wins New Hampshire primary |
| (MANCHESTER, New Hampshire) Mitt Romney cemented his status as the Republican presidential front-runner on Tuesday with a win in the New Hampshire primary that left rivals fighting for a chance to derail his march to the nomination as the race moves south. |
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| Wealth divide seen as threat to globalisation |
| (LONDON) A backlash against rising inequality - evident from the Occupy movement to the Arab Spring - risks derailing the advance of globalisation and represents a key threat to economies worldwide, according to the World Economic Forum (WEF). |
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| Banks stash away ECB loans meant to avert credit crunch |
| (LONDON) Banks are hoarding the European Central Bank's (ECB) record 489 billion euro (S$803 billion) injection into the banking system, thwarting attempts by policymakers to avert a credit crunch in the region. |
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| Danish European Union presidency torn amid euro crisis |
| (COPENHAGEN) As it takes the reins of the European Union (EU) presidency, Denmark finds itself torn between its refusal to adopt the euro, its doggedness to keep close ties to the single currency and its aim to avoid a two-speed Europe. |
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| Rolls-Royce expects more sales in US than China |
| (HONG KONG) Luxury carmaker Rolls-Royce, owned by German automotive giant BMW AG, said its US sales could overtake China this year, revving up the British company for record global revenue in 2012, its chief executive Torsten Müller-Ötvös said. |
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| Bonds may fund Asian projects as loans decline |
| (HONG KONG) Asian infrastructure companies may sell dollar bonds to finance projects as bank regulations and tightening liquidity complicate loans that dominated funding for the past 15 years, according to HSBC Holdings plc. |
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| Most Asian units fall on Europe concerns |
| (SINGAPORE) Most Asian currencies fell, led by South Korea's won, as concern Europe's debt crisis will worsen countered an improvement in US jobs data. |
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| Brokers' Take |
| RELATIVE outperformer. Since the market sell-down in August last year, City Developments Ltd (CDL) has been a relative outperformer (-14.2 per cent) compared to big-cap peers CapitaLand (-19.5 per cent) and Keppel Land (-39.2 per cent), even slightly outperforming the Straits Times Index (-15.4 per cent). |
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| Enough austerity, it's time for reform |
| SEMANTICS could help save the eurozone. There is a crying need to distinguish between fiscal austerity and structural reform. The endless austerity programmes adopted by the GIIPS - Greece, Ireland, Italy, Portugal and Spain - threaten to crush their economies so much that they are socially unbearable. |
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| Are GOP squabbles helping Obama? |
| WHILE the Republican presidential candidates in the United States have been blasting one another, things seem to be looking better than expected for President Barack Obama in recent days. |
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| Lessons from iconic Kodak's failed moments |
| RECENT reports in the business press discuss the possibility of a bankruptcy filing by Kodak, which was once a member of the Dow Jones Industrial index and, until very recently, an American (if not global) icon. |
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| How the US and China can better engage Asia |
| OF all the realisations Barack Obama has made in three years in the White House, this may be the most crucial: The US is a Pacific nation. |
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| Malaysia needs to stem flow of red ink |
| IN recent weeks Malaysia's national debt has come under scrutiny for all the wrong reasons. Consider these remarks from the Malaysian Institute of Economic Research's distinguished fellow, the noted economist Mohd Ariff. |
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| Three-Minute Digest |
| SPECIAL audits commissioned by the Singapore Exchange have sounded the death knell for several listings in recent years. |
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| ATM fraud: Gupta sorry for inconvenience |
| (SINGAPORE) DBS Bank's CEO apologised yesterday for the inconvenience and anxiety caused by last week's rash of fraudulent ATM withdrawals in Malaysia. |
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| Crisis measures starting to pay off for banks |
| (NEW YORK) The global effort by central banks to ease stresses in the market for bank funding amid Europe's sovereign-debt crisis is starting to pay off. |
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| Australia home building gets hint of rebound |
| (SYDNEY) Approvals to build new homes in Australia jumped sharply in November in a partial recovery from two months of steep falls, offering hope the struggling sector might have finally hit bottom now interest rates are falling. |
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| Belgian response a test of EU's new powers |
| (BRUSSELS) Europe's new-found powers over national taxing and spending face a first test when the European Commission prods Belgium to make deeper savings just over a week into the budget year. |
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| Nov US consumer loans in biggest jump in 10 years |
| (WASHINGTON) Americans are feeling confident enough in the economy to go back to a time-honoured tradition - taking on a little extra debt. |
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| Thailand's TAC to invest 40b baht |
| (BANGKOK) Total Access Communication Pcl (TAC), Thailand's second-largest mobile phone operator by subscribers, said on Monday it planned to spend more than 40 billion baht (S$1.62 billion) over the next three years. |
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| People.cn plans Shanghai listing |
| (HONG KONG) People.cn Co, controlled by the Chinese Communist Party's newspaper publisher, aims to sell shares in an initial public offering as state media companies seek stock listings to compete with private rivals. |
|
| China Sky-SGX saga a test case |
| INVESTORS of China Sky Chemical Fibre are caught in the stand-off between the Singapore Exchange (SGX) and China Sky Chemical Fibre. And there appears to be no easy way out of the mess. |
|
| Company Briefs |
| HUTCHISON Whampoa Ltd is marketing a five-year and a 10-year US dollar bond at a spread of about 275 basis points more than Treasuries for both maturities, according to a person familiar with the matter. |
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| SPH profit dips 4.7% in Q1 |
| SINGAPORE Press Holdings (SPH) achieved higher recurring earnings for its fiscal first quarter but lower investment income resulted in a 4.7 per cent fall in net profit. |
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| SGX launches investor education portal |
| THE Singapore Exchange (SGX) has introduced an online portal that provides educational information for investors. |
|
| CFOs expected to cover even more ground these days |
| CHIEF financial officers (CFOs) are wearing more hats than ever as the market expects them to not only balance the books but also preserve liquidity, manage risks, and be a critical adviser to the chief executive officer. |
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| Wee Hur unit wins $35m management job from Ascendas |
| WEE Hur Construction Pte Ltd - a wholly owned subsidiary of mainboard-listed Wee Hur Holdings Ltd - has secured a management contract worth $35 million from Ascendas (Tuas) Pte Ltd. |
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| Analysts cut SGX estimates after disappointing December |
| ANALYSTS are trimming their forecasts for Singapore Exchange on the back of disappointing December trading volumes and macro concerns in the year ahead. |
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| CapitaLand leads group in Chongqing project |
| CAPITALAND has left its mark on what is said to be Chongqing's biggest development project - in terms of land size and investment quantum - in a decade. |
|
| Did China Sky, SGX meeting breach code? |
| CHINA Sky Chemical Fibre's latest document defending its non-compliance towards a directive from the Singapore Exchange (SGX) has cast the spotlight on a piece of information that is bound to raise eyebrows. |
|
| Window in sight for China to widen yuan's trading band? |
| (BEIJING) China's policymakers might just have the wiggle room they need to deliver the more flexible currency they say they want. |
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| China's export growth slows in December |
| (BEIJING) China's export growth slowed in December, reflecting weakening global demand and the fallout from Europe's debt crisis. |
|
| Regulators to review IndiGo's fleet expansion |
| (NEW DELHI) India's aviation regulator plans to review the massive fleet expansion plans of IndiGo, the country's No 2 airline, as an unreleased report by the industry's top regulator showed that many of India's airlines are rife with safety violations. |
|
| 2012 outlook hazy for Indian software companies |
| (BANGALORE) Indian software companies are bracing for a slower pace of outsourcing contracts in 2012 when they kick off quarterly earnings this week because of the lingering debt crisis in Europe, their biggest market after the US. |
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| Hedge funds sit out stocks rally as caution rules |
| (NEW YORK) Rallying stocks have done little to entice professional money managers back to US equities. |
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| Maintain a balanced portfolio: UOBAM |
| UOB Asset Management (UOBAM) is advising its clients to maintain a balanced portfolio of 55 per cent equities, 38 per cent bonds, 4 per cent commodities and 3 per cent cash to start the year, as 2012 can either turn out really good or really bad depending on whether the Eurozone breaks up. |
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| Won leads gain in Asian units |
| (SINGAPORE) Asian currencies strengthened, led by South Korea's won and Taiwan's dollar, as European leaders stepped up efforts to tackle their debt crisis, bolstering demand for emerging-market assets. |
|
| Narrowing inequality for growth in S-E Asia |
| THE distributional consequences of economic growth and development in South-east Asia have been the centrepiece of public and policy debates. Rising inequality has evidently posed a serious threat to inclusive growth and the accomplishment of the Millennium Development Goals (MDGs). |
|
| Bracing for unpredictable weather |
| SINGAPORE is not immune to the shifting global economic winds. With the unfolding debt crisis in Europe and potentially worsening economic woes in the US, Budget 2012 needs bold fiscal measures to help Singapore tide over the economic challenges, and at the same time, stay focused on carving out a blue-ocean strategy that will continue to burnish Singapore's credentials as an excellent place to do business. |
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| Need for risk-free global financial supply chain |
| THE catastrophic earthquake, tsunami and nuclear disaster that hit Japan in March 2011 halted production of key components on which many global supply chains depend. |
|
| Air quality data disclosure a victory for Chinese people |
| IN July 2009, China's Foreign Ministry made a demand of the American embassy: Stop making measurements of air pollution in Beijing available to ordinary Chinese since they conflicted with official data and could lead to 'confusion' among the public and undesirable 'social consequences'. |
|
| Mapping the next frontier: underground |
| IT is timely that land-challenged Singapore is preparing an underground masterplan (details of which are expected this year) to map out the economic use of space deep within the bowels of the island. |
|
| Three-Minute Digest |
| BUSINESSES are feeling the severe pinch of tightened foreign worker inflows, a recent survey shows, even as there are renewed pleas for a review of policy changes aimed at reducing Singapore's reliance on foreign manpower. Some 45 per cent of the 251 companies polled recently by the Singapore Chinese Chamber of Commerce and Industry reported 'serious' or 'very serious' business repercussions from shrunken foreign labour supply. |
|
| Main-Line takes on DBS now for alleged patent infringement |
| (SINGAPORE) An Irish technology firm that successfully fought a patent infringement suit against United Overseas Bank (UOB) is now duking it out with DBS on similar claims in the High Court. |
|
| Swiss bank unfazed by threat of legal action |
| (ZURICH) Wegelin & Co, one of Switzerland's oldest banks, on Monday played down any threat by the US authorities to take legal action that could lead to charges that the bank enabled wealthy Americans to evade taxes. |
|
| US probing alleged hacks by Indian govt spy unit |
| (WASHINGTON) US authorities are investigating allegations that an Indian government spy unit hacked into e-mails of an official US commission that monitors economic and security relations between the United States and China, including cyber-security issues. |
|
| MF Global's UK customers clamour for their money |
| (LONDON) MF Global Holding Ltd's UK customers demanded their money back at a London creditors' meeting as administrators KPMG said they racked up £pounds;17.5 million (S$35 million) in fees since the broker's collapse without returning anything to clients. |
|
| Geithner visits China, Japan to discuss Iran, yuan |
| (WASHINGTON) US Treasury Secretary Timothy Geithner will urge Asia's two biggest economies to cut Iranian oil imports and seek to narrow differences with China on trade and currency disputes on a visit to Beijing and Tokyo starting yesterday. |
|
| Oil-rich Abu Dhabi may rescue more property companies |
| (DUBAI) Abu Dhabi, the oil-rich sheikhdom that spent 36 billion dirhams (S$12.6 billion) bailing out its biggest developer in 2011, will probably reach for its chequebook again as property companies in the United Arab Emirates (UAE) face a stalled market and deadlines to repay debt. |
|
| Apple's Tim Cook could be highest paid CEO in America |
| (LOS ANGELES) Tim Cook could well end up being the highest paid CEO in America in 2011, after Apple Inc granted him a million restricted stock units last August for taking the reins shortly before co-founder Steve Jobs died. |
|
| Give up .com and pick your own domain name |
| (NEW YORK) The body that polices Internet registrations will launch tomorrow a domain name 'revolution' in the face of the concerns of global bodies ranging from the United Nations to the US Congress. |
|
| New Porsche seen speeding ahead despite slowdown |
| (SINGAPORE) The new Porsche 911 will be launched in Singapore tomorrow night at the Ritz-Carlton and authorised distributor Eurokars expects it to help total Porsche sales speed ahead to a new record this year despite the weaker economy. |
|
| GM likely to retake top-seller title |
| (DETROIT) General Motors Co (GM) is on track to retake the title of world's top-selling carmaker, riding strong sales in the US and China to beat Volkswagen and Toyota. |
|
| Wearnes is BMW dealer in Malaysia |
| (SINGAPORE) BMW has driven into Wearnes Automotive's forecourt - in Malaysia. This is the first time the listed company - the biggest multi-brand dealership in Singapore - is representing the German luxury brand in this region. |
|
| Florida ruling a boost for Genting's casino plans |
| (TALLAHASSEE, United States) Florida would become the most populous state with full casino gambling outside American Indian control under a proposal that has cleared its first legislative hurdle. |
|
| Anwar's acquittal good for Malaysia: WSJ |
| THE acquittal of Malaysia's opposition leader Anwar Ibrahim on Monday will improve the country's prospects of becoming a more mature, resilient democracy, a foreign newspaper oftentimes critical of the country said yesterday. |
|
| Johor's Nusajaya draws up tough security plans |
| NUSAJAYA could arguably be one of the most guarded residential areas in Malaysia going by security plans being put in place. |
|
| Turkish bank quits as liaison for India buyers of Iran oil |
| (MUMBAI) Turkiye Halk Bankasi AS has told Indian oil refiners it may no longer be able to act as an intermediary for their purchases of Iranian crude, four people with knowledge of the matter said. |
|
| States approve Delhi's GST proposal: report |
| (MUMBAI) India's states have given their in-principle approval to a proposed national goods and service tax (GST), the Mint newspaper reported yesterday, raising hopes that the ambitious tax reform could be included in the upcoming budget next month. |
|
| Aung San Suu Kyi set to run for parliamentary seat |
| (YANGON) Myanmar opposition leader Aung San Suu Kyi confirmed that she will run for a seat in parliament, her party said yesterday, a move that will infuse April by-elections with legitimacy, star power, and historic significance. |
|
| Wall Street mulls pay freeze for junior bankers |
| (NEW YORK) Wall Street's biggest firms, facing a slump in investment- banking revenue, are considering freezing compensation levels for some junior bankers, according to people familiar with the deliberations. |
|
| European banks in uphill battle to raise capital |
| (LONDON) UniCredit, Italy's largest bank, is undergoing a trial by fire in the stock market, underscoring the challenges that European banks face in trying to right themselves. |
|
| Know your primaries from your caucuses |
| FOR all the hype and emphasis associated with the Iowa caucuses last week, it can be argued that the race for the Republican Party's nomination for the US presidential election truly kicks into high gear in New Hampshire - the country's first primary. |
|
| Romney looks for New Hampshire win |
| (CONCORD, United States) Republican White House hopefuls faced New Hampshire voters yesterday in a bellwether primary which is all but certain to tighten frontrunner Mitt Romney's hold on the nomination. |
|
| BofA axes senior ranks in Asia investment banking: sources |
| (HONG KONG) Bank of America-Merrill Lynch (BofA), the second-largest US bank by assets, is cutting around a fifth of its managing directors across its Asia investment banking division, sources said on Monday, in a bid to cut costs as the outlook sours in a once- booming region. |
|
| Singapore: the next hub for global transaction services? |
| TODAY, the great financial hubs of the world are located in the West. London is the centre for global transaction services (GTS), with New York just after it. But what happens now that we are seeing the rise of the Asian economies? |
|
| Art Stage opens tomorrow |
| INDIAN artist Paresh Maity, returning to Art Stage Singapore for his second showing, will be hanging up more than 300 flickering lanterns over a boat, to the sound of ocean waves, for his installation at the fair which opens tomorrow. Memory brings alive the fishing village from the 46-year-old artist's childhood. |
|
| Maybank customer airs ATM fraud grouse |
| A MAYBANK customer has complained that the bank has been tardy in addressing his complaint of unauthorised ATM withdrawals, in contrast to DBS's swift response to its recent ATM fraud. |
|
| KPMG, EDB to launch centre of excellence |
| IN just three weeks, KPMG and the Singapore Economic Development Board (EDB) will launch the KPMG Centre of Excellence (COE) initiative - the first of its kind to be established by a Big Four accounting firm in Singapore. |
|
| Ascendas in JV to develop Chennai township |
| ASCENDAS will partner a Japanese consortium and an Indian property group to develop an integrated township in Chennai, India, the company said yesterday. |
|
| Take the train at these times to make money |
| THE frustrated train commuter will get a chance to make some of his money back over the next six months in a new study launched by the National University of Singapore (NUS) and Stanford University yesterday. |
|
| Panel advises getting better data before drainage review |
| AN international expert panel said that with mounting rainfall in Singapore, PUB has to take up more advanced and comprehensive methods to measure water levels and flow in the drainage system. |
|
| Investors remain in cautious mode |
| DESPITE the benchmark Singapore market index ending in positive territory, the story behind the topline was anything but spectacular, with stocks muddling through a lacklustre session marked by tepid trading volumes. |
|
| Bimco's 2012 wish list |
| AT THE beginning of the year, it is traditional to look ahead at what opportunities and challenges the coming 12 months could bring. In the case of 2012, it looks like the challenges could dominate. |
|
| Fiat, Chrysler may have new partner to lower costs |
| (DETROIT) Fiat SpA and Chrysler Group LLC may seek to combine with another carmaker to increase efficiencies and cut development costs, Sergio Marchionne, chief executive officer of both Fiat and Chrysler, said on Monday. |
|
| India car sales up 8.5% in Dec as rebound continues |
| (NEW DELHI) Car sales in India climbed 8.5 per cent in December, an auto industry body said yesterday, the second consecutive monthly rise as the industry continued to rebound from record falls in sales in late 2011. |
|
| Applications open for Emerging Enterprise Award |
| (SINGAPORE) The Emerging Enterprise 2012 Award (EE2012) was launched yesterday, with applications for this year's award now open. |
|
| SMEs want restoration of Jobs Credit Scheme |
| (SINGAPORE) Measures to help cope with manpower shortages rank highest on the Singapore Chinese Chamber of Commerce and Industry's (SCCCI) Budget 2012 wish-list, shaped by a survey of 215 of its member companies. |
|
| Tough task ahead for new Swiss central bank chief |
| THE successor of former Swiss National Bank (SNB) chairman Philipp Hildebrand will have his work cut out for him as he works to bolster the reputation of the central bank and the confidentiality of the banking industry as a whole. |
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| Olympus files suit against 19 executives |
| JAPAN'S Olympus Corp said yesterday that it had filed damages suits totalling 3.6 billion yen (S$60.4 million) against 19 current and former executives of the scandal-hit company, including president Shuichi Takayama, demanding that they pay up to 3.6 billion yen in compensation for losses caused by a cover-up of massive investment losses. |
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| New index tracks inflation expectations |
| (SINGAPORE) A new index to track the general public's perception of how prices change was launched yesterday by MasterCard and the Singapore Management University (SMU). |
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| Condo plot draws lower top bid as caution prevails |
| (SINGAPORE) The latest tender results confirm a softening in land prices as developers remain cautious after the additional buyer's stamp duty kicked in last month. The tender for a 99-year-leasehold private condo plot near Bartley MRT Station has drawn a top bid 20.2 per cent lower than what a diagonally opposite site sold for about 10 months ago. The latest tender drew five bids, down from eight in the earlier one. |
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| Ng Ser Miang voted out as WBL chairman |
| (SINGAPORE) Well-known corporate figure Ng Ser Miang was ousted as chairman of WBL Corp yesterday in a surprise development that once more thrusts Chew Gek Khim and her Tecity group into the spotlight. |
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| Firms hit by tightened foreign worker inflows |
| (SINGAPORE) Businesses are feeling the severe pinch of tightened foreign worker inflows, a recent survey shows, even as there are renewed pleas for a review of policy changes aimed at reducing Singapore's reliance on foreign manpower. |
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| Buyout industry campaigns to curb fallout from Romney bashing |
| (NEW YORK) The buyout industry, seeking to contain damage as Mitt Romney draws criticism over his role at Bain Capital LLC, plans to counter perceptions that firms profit at the expense of workers, according to a person familiar with the plans. |
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| Why young talents opt to work for SMEs |
| MAY Lee had a good feeling about Select Group the moment she found out that the man conducting the job interview was the company's managing director himself. At the other companies where she had applied for a job, it was managers who were conducting the interviews. |
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| Packing a punch after riding out financial crisis |
| SUCCESSION planning is an issue that keeps many heads of SMEs awake at night. Taking over a business in the midst of the global financial crisis of 2008-2009 could prove to be even more challenging to business owners. |
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| A healthy appetite for success |
| ONE might be fooled into thinking that Jocelyn Chng, always immaculately attired, is just another tai-tai but nothing could be further from the truth. |
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| Singaporeans phoned it in during the festive shopping season |
| SINGAPOREANS shopped up a storm both online and on their mobile devices during the recent Christmas period, according to a series of studies by global e-commerce firm PayPal. |
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| Dutch firm Doedijns buys over S'pore's Wilmax |
| SINGAPORE company Wilmax Group has been bought over by the Dutch firm Doedijns International BV for a substantial, but undisclosed, amount. |
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| Over 800 apply online for CDL's 466-unit EC The Rainforest |
| CURBS may have been put in place to slow demand for properties here, but at least one developer continues to see strong interest for its projects. |
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| Spinning off PayPal will give EBay shareholders better value |
| (SAN FRANCISCO) Instead of running auctions for artillery shells, harpoons and zen gardening kits, a faster way for EBay Inc to enrich its owners would be to split off PayPal. |
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| Ezra's subsea unit bags two contracts from Statoil |
| EZRA Holdings' subsea unit, EMAS AMC, has won two contracts from Statoil, worth about 450 million krone (S$97 million). The deals are worth up to 600 million krone if options to expand the work to more floating platforms are exercised. |
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| KSH Holdings wins $110m condo contract |
| KSH Holdings has secured a $110.28 million condominium contract, raising its construction business order book to above $467 million. |
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| Vodafone eyes partnerships in Asia, S America |
| (LONDON) Vodafone, the world's largest mobile operator in terms of revenue, outlined yesterday plans to expand into fast-growing markets in Asia and South America through new partnerships to support international customers. |
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| Keppel O&M unit bags US$150m rig deal |
| KEPPEL Offshore and Marine's subsidiary in the United States bagged a US$150 million (S$195 million) contract to start the year off. |
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| Eu Yan Sang could buy failed Aussie retailer |
| EU Yan Sang International sits on a short-list of potential buyers for bankrupt Australian health products retailer Healthzone, Eu Yan Sang chief executive Richard Eu told BT yesterday. |
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| Get your queries answered by SMU |
| HAVE a pressing question about a business related issue that your company is facing? |
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| Dismissal case touches on Libor 'fixing' |
| (SINGAPORE) A lawsuit brought against the Royal Bank of Scotland (RBS) by its former senior manager in Singapore could prove to be more complicated than a simple case of wrongful termination, The Business Times has learnt. |
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| Banks sue Countrywide for UK mortgage losses |
| (LONDON) Suninder Sandha bought his luxury apartment in Coleorton Hall, a 19th century country mansion near Leicester in central England, using a £1.2 million (S$2.4 million) loan from Barclays plc in 2005. |
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| UAE banks may refinance US$3b of bonds |
| (DUBAI) Banks in the United Arab Emirates may opt to refinance more than US$3 billion of bonds due this year should pricing remain at current levels, as they seek to extend the average maturity of their debt. |
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| Regulators signal leeway on new bank liquidity rules |
| (LONDON) Global regulators vowed on Sunday to press ahead with tough new liquidity rules for banks from 2015, but in a move to head off opposition from industry, also said lenders can tap into safety buffers in times of stress. |
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| Company Briefs |
| OVERSEA-CHINESE Banking Corp (OCBC) has appointed Government of Singapore Investment Corp (GIC) veteran Quah Wee Ghee as a non-executive and independent director. Mr Quah currently leads the sovereign wealth fund's India group. He is also an independent director of Singapore Exchange. |
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| Far from perfect credit ratings still play critical role |
| THE market's indifference to Standard & Poor's recent decision to drop coverage of Cheung Kong Holdings is the latest smudge on the shine of credit ratings. |
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| Yanzhou bid for Gloucester Coal has 'big chance' of success |
| (SHANGHAI) Chinese miner Yanzhou Coal Mining Co's A$2 billion (S$2.65 billion) bid to take over Australia's Gloucester Coal has a big chance of success, financial adviser UBS said yesterday. |
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| HMV gets Christmas respite as sales fall slows |
| (LONDON) Struggling British entertainment retailer HMV got a little respite over Christmas as sales declines slowed, providing a glimmer of hope that the firm may have a future. |
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| Indonesia mindful of inflation amid room to cut rates: official |
| (SINGAPORE) Bank Indonesia (BI) remains mindful of inflation even as it sees room to cut interest rates further if needed, deputy governor Hartadi Sarwono said. |
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| Indonesia land Bill boosts rating outlook |
| (SINGAPORE) Legislation aimed at speeding up infrastructure projects will improve Indonesia's chance of a debt-rating upgrade, says Moody's Investors Service, as yields on the country's Islamic bonds approach a three-month low. |
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| India's rice export seen doubling this year |
| (NEW DELHI) Rice exports from India, the world's second-largest producer, may more than double this year on a record crop and as importers seek alternatives to expensive supplies from Thailand, a shippers' group said yesterday. |
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| US shopping centre leasing rises |
| (SEATTLE) US shopping centres had their first net gain in occupied space in four years as consumer confidence and job growth began to strengthen, Reis Inc said. |
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| China home prices seen falling as supply grows |
| (BEIJING) Home prices in China are likely to fall moderately in the first half of 2012 before stabilising in the second half as Beijing maintains market tightening measures, according to a report released yesterday by Reico, a research institute sponsored by developers. |
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| Action on housing still key to US economic expansion |
| (WASHINGTON) In an unusual step, the Federal Reserve sent a white paper to congressional committees last week, urging them to look again at what ails the US housing market and at possible remedies. More can be done, the Fed says, to help it revive. |
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| Shenzhen '11 land sales fall 22% |
| (SHENZHEN) China's southern boom- town of Shenzhen reported a 21.7 per cent decline in land sales in 2011 as property control measures hampered growth prospects. |
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| London luxury-home prices gain for 14th month in Dec |
| (LONDON) Luxury-home prices in central London gained for a 14th consecutive month in December as overseas buyers sought safer investments and competed for a smaller number of properties for sale, Knight Frank LLP said. |
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| Asia set to see V-shaped growth in '12 |
| THIS year will again be a year of two halves for Asian economies, which ought to prepare for the V-shaped growth path they are set to take in 2012, says Nomura's chief economist for Asia ex-Japan, Robert Subbaraman. |
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| Bout of late selling pulls down STI |
| THE absence of leads, lack of conviction about the underlying strength of the US jobs market and continuing concerns over the eurozone debt crisis weighed heavily on market sentiment, sending benchmark indices across the region sharply southwards coming into the first full working week of the year. |
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| China firm delays ship rental payments |
| (SINGAPORE) China's Shagang Shipping has failed to pay millions of dollars in vessel rental fees to Diana Shipping, said a source close to the Greece-based firm, as Chinese maritime companies struggle through a downturn in the dry bulk freight market. |
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| NZ starts cleanup after cargo ship splits |
| (WELLINGTON) Shipping cargo and debris are littering a beach on New Zealand's North Island after Rena, the 236-metre container vessel stranded on a reef since October, yesterday split into two in rough seas. |
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| Ship union to seek extra pay for members |
| (LONDON) A union representing 23,000 seafarers will seek extra payments for its members if Iran's threat to disrupt oil shipments through the Strait of Hormuz endangers their safety, as US officials ramped up rhetoric against the Islamic state. |
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| PLUS to issue biggest sukuk of RM30.6b |
| A MEGA RM30.6 billion (S$12.6 billion) sukuk issuance by highway operator Projek Lebuhraya Usahasama Bhd, or PLUS, this week will boost Malaysia's Islamic finance credentials notwithstanding the aggregation exercise behind it. |
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| Indonesia palm oil consumption rising |
| (JAKARTA) Palm oil exports from Indonesia, the world's largest producer, dropped 5 per cent to 19.4 million tonnes last year, the agriculture ministry said yesterday, highlighting rising domestic consumption. |
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| Indonesia's refined tin exports double in Dec |
| (JAKARTA) Refined tin shipments from Indonesia, the world's top exporter, nearly doubled in December after smelters abandoned a self-imposed shipping stoppage and released stocks, a trade ministry official said yesterday. |
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| MPs examine what made SMRT tick |
| (SINGAPORE) Some of the inner workings of SMRT's operations came under scrutiny in parliament yesterday as Transport Minister Lui Tuck Yew responded to queries from Members of Parliament about the causes and aftermath of the December train service disruptions. |
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| All eyes on GLS tenders for condo sites |
| (SINGAPORE) As the first Government Land Sales (GLS) tender for a 99-year leasehold private condo plot for 2012 closes today for a site at Mount Vernon Road near Bartley MRT Station, expectations are running high that the cautious bidding seen during the last state tender closing in 2011 (at Punggol Place) will continue. |
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| A victory for Anwar, Najib and investment climate |
| TEN minutes after the hearing began, on a cool and rainy morning at the Duta Court Complex in Kuala Lumpur, opposition leader Anwar Ibrahim walked out a free man. The outcome may have been the best thing for not just him and Prime Minister Najib Razak but Malaysia's investment climate as a whole. |
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| Disruption probe may lead to penalty review |
| (SINGAPORE) Following the December train service disruptions that affected more than 200,000 commuters, the committee of inquiry (COI) will hold public hearings and put out findings that will be used to review the regulatory and penalty framework, Transport Minister Lui Tuck Yew told Members of Parliament yesterday. |
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| Targeting SMEs' mobile business |
| WITH more than 10 years' experience in outsourcing and IT services under his belt, it seemed like a natural progression for Sachin Goklaney to start a mobile application developing company. |
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| China central bank to help growth of 'real economy' |
| THE People's Bank of China (PBOC) said that it will support the growth of the country's 'real economy' this year through a combination of monetary tools, aiming to help small and micro-enterprises and encourage technology innovation. |
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| Safety of air shows, races under scrutiny |
| (WASHINGTON) Despite suffering severe injuries in the worst air race accident in the US in more than half a century, some victims have told their lawyer they would like to attend future races. |
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| FedEx stands to lose as USPS restructures |
| (NEW YORK) FedEx Corp, the delivery company that is both a partner and rival to the US Postal Service, may see a federal mail-flying contract drop by more than 27 per cent in 2013 as the agency restructures. |
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| Chinese airlines add 14,000 flights for CNY |
| (BEIJING) China's civil aviation regulator said that domestic airlines can add some 14,000 flights to meet massive passenger flow during the 40-day peak spring travel season, which started last Sunday. |
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| Bombardier offered incentives to create jobs in Kansas |
| (CHARLOTTE) Bombardier Inc will hire another 400 workers in Wichita, Kansas, in exchange for state and local incentives, a Sedgwick County official said, offsetting some of the losses from Boeing Co's planned shutdown in the city. |
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| HK Airlines to delay IPO over market conditions |
| (HONG KONG) Hong Kong Airlines Ltd has decided to delay its initial public offering (IPO), originally scheduled for early this year, until the third quarter because of stock market volatility, a company official said yesterday. |
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| BMW aims for top spot in 2012 as luxury sales soar |
| (FRANKFURT) BMW posted record car sales for last year and forecast a boom in luxury cars would keep it ahead of rivals this year as the world's number one maker of luxury cars enjoys strong demand from China and the US. |
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| Italy acts to boost competition, revive economy |
| (ROME) Italian Prime Minister Mario Monti plans liberalisation steps to promote competition in several industry sectors and revive the ailing economy, he said on Sunday, ahead of meetings with European partners to discuss ways to stem the debt crisis. |
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| Hildebrand quits SNB after franc trade dispute |
| (ZURICH) Philipp Hildebrand resigned as head of the Swiss National Bank (SNB) after a currency transaction by his wife last year dented the credibility of the franc's chief guardian. |
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| Merkel, Sarkozy say EU budget rulebook could be ready in Jan |
| (BERLIN) Eurozone leaders may complete their new budget rulebook by Jan 31, one month ahead of schedule, and are considering accelerating capital contributions to the bailout fund being set up this year to stem the debt crisis. |
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| Artistic Icy Marvels |
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| US, British officials victims of Stratfor hack: report |
| (LONDON) E-mail addresses and passwords belonging to British, US and Nato officials were posted online following the hacking of a US intelligence analysis firm over Christmas, The Guardian daily reported yesterday. |
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| Asian firms in pole position as Myanmar beckons |
| (TOKYO) As Myanmar emerges from a half century of isolation, Asian companies with high tolerance for risk are sizing up business opportunities in what was once one of Asia's wealthiest nations. |
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| Uncertainty damaging Scottish economy |
| (LONDON) Uncertainty over the timing, result and legal implications of a Scottish vote for independence from Britain were damaging the Scottish economy, British Prime Minister David Cameron said on Sunday. |
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| US tech show loses clout as place for big news |
| (NEW YORK) The International Consumer Electronics Show (CES), which will open today in Las Vegas, is impossible to ignore. It will smother the city's gigantic convention centre with gadgets and those who make and promote them; more than 140,000 people are expected to attend for a frenzy of old-fashioned social networking with other members of the tech set. |
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| British financial firms to step up job cuts: survey |
| (LONDON) British financial firms plan to shed jobs at a faster pace after the escalating eurozone sovereign debt crisis dented their confidence during the final three months of 2011, according to a survey published yesterday. |
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| Asian units weaken on risk aversion |
| (SINGAPORE) Asian currencies weakened, led by Indonesia's rupiah and Malaysia's ringgit, as concern Europe's debt crisis will worsen prompted investors to favour assets perceived safer than those in emerging markets. |
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| Brokers' Take |
| MANAGEMENT optimistic about prospects: We caught up with Tat Hong Holdings' management recently for an update. The group is seeing some improvements in its Australian business and remains optimistic that it will do better during this financial year (ending March 2012), compared with the previous year. |
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| Latin America puts monetary policy to test |
| ON MATTERS of sex, the citizens of mostly Roman Catholic Latin America often proclaim one thing and practise something very different. |
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| Another war that nobody wants |
| REPORTS that members of the European Union (EU) were planning to impose an embargo on Iranian oil as part of a US-led strategy to force Teheran to end its alleged nuclear military programme should not have come as a major surprise. |
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| Olympus saga: Lessons in corporate reform |
| FOR Briton Michael Woodford, whose brief reign as president and CEO of Japanese camera and medical equipment maker Olympus was summarily terminated when he was dismissed last October, the fight to make a comeback has ended, 'not with a bang but a whimper'. |
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| How China's model is moving from boom to bust |
| EVEN China? Could the world's economic juggernaut, having grown an average of 10 per cent annually for three decades, face a slowdown or what for China would be a recession? |
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| EU emissions trading rule will hurt aviation |
| THE European Union's Emissions Trading Scheme (ETS) is running into a thick figurative fog. |
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| Three-Minute Digest |
| FOLLOWING the December train service disruptions that affected more than 200,000 commuters, the committee of inquiry will hold public hearings and put out findings that will be used to review the regulatory and penalty framework, Transport Minister Lui Tuck Yew told Members of Parliament, yesterday. |
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| Insurers up rates by up to 50% for disaster-hit regions: Marsh |
| (SINGAPORE) Insurers, rocked by record losses from natural calamities, raised property catastrophe insurance rates for affected countries in the fourth quarter last year, said Marsh yesterday. |
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| Act your age, Mickey |
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| Lloyds boss returns, faces tough revival task |
| (LONDON) Lloyds Banking Group chief executive Antonio Horta-Osorio said that he was'thrilled' to return to work yesterday after a two-month absence due to fatigue, but faces an even bigger challenge turning around the part-state-owned lender than when he left. |
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| Expanding Stamford Canal among flood prevention options |
| (SINGAPORE) Stamford Canal will have to be expanded by at least a third to reduce the risk of flooding along Orchard Road. |
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| DBS upbeat on market outlook, sees ECB easing euro crisis |
| MARKET uncertainty in the first quarter of this year could give way to more favourable conditions, with the European Central Bank (ECB) expected to be more accommodative in its dealing of the eurozone crisis, said senior DBS analysts at a briefing yesterday. DBS expects the Straits Times Index (STI) to eventually crawl back to the 3,000-level by year-end as Europe's debt situation improves. The STI closed yesterday at 2,691.28 points. |
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| Analysts divided on outlook for China stocks this year |
| (SHANGHAI) Even after a two-year bear market wiped 33 per cent from China's benchmark stock index, there's no consensus on the direction in equity prices this year among the nation's biggest and most accurate brokerage firms. |
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| Shrinking China trade surplus may take heat off yuan |
| (HONG KONG) China's trade surplus may narrow to an eight-year low in 2012 as slowing external demand undermines exports - a shift that may help the nation rebuff overseas criticism for maintaining an undervalued exchange rate. |
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| China loan growth ramps up at end 2011 |
| (BEIJING) China's banks ratcheted up lending in the last month of 2011 on the back of stronger money supply, reinforcing perceptions that the central bank is gently easing policy to cushion the impact of the global economic slowdown. |
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| 95% of PRs who own HDB flats are owner-occupants |
| MORE than 95 per cent of Singapore permanent resident (PR) households who own HDB flats are owner-occupants, according to figures released by the Ministry of National Development (MND). |
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| Slew of collective sales hits the market |
| TWO freehold developments - Royalville and Ming Arcade - have been put up for collective sale by tender for a second time, with a reduced asking price. |
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| Local banks face plenty of challenges in 2012 |
| (SINGAPORE) Banks here are going into 2012 with major worries - slower loan growth, wobbly property markets and exposure to China's economic problems. But they will have reasons to be cautiously optimistic after a remarkably positive year in 2011. |
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| Rig builders set sights on Petrobras contract |
| (SINGAPORE) With Brent crude above US$100 a barrel for most of 2011, Singapore rig builders Keppel Corp and Sembcorp Marine have taken in a record number of offshore vessel orders. Whether 2012 bodes a better year for the pair will depend on news out of Latin America. |
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| Eurozone crisis still hurting US stock market |
| EUROPE continues to pull the US stock market under like a millstone, jeopardising an otherwise strong swimmer. But traders are hoping the American market can escape the eurozone's clutches, starting this week. |
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| Olympus may sue board members over cover-up |
| JAPAN'S Olympus affair continued to gather momentum at the weekend despite the decision by the famous camera maker's former president and CEO, Michael Woodford, to abandon his dramatic attempt to regain the helm of the scandal-hit company from which he was fired after revealing US$1.7 billion of hidden financial losses. |
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| Hedge funds prove as vulnerable as peers |
| HEDGE funds are losing much of their lustre, proving as vulnerable as their conventional counterparts to the global downturn. |
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| Fed unlikely to start fresh round of buying: official |
| (SAN FRANCISCO) Federal Reserve Bank of St Louis president James Bullard said the Fed probably won't begin a new round of bond purchases following 'encouraging' data showing the US economy gained 200,000 payroll jobs in December. |
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| Latest jobs report may boost Obama's re-election chances |
| (WASHINGTON) US President Barack Obama called last Friday's jobs report a sign the US economy is on the rebound. His prospects for re-election may depend on it. |
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| Koskie, Siskinds to lead Sino-Forest suit |
| (VANCOUVER) Koskie Minsky LLP and Siskinds LLP won approval from an Ontario judge to lead an investor class-action lawsuit against Sino-Forest Corp and its executives, according to court documents. |
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| Obama to unfreeze federal pay in 2013 budget |
| (WASHINGTON) US President Barack Obama will propose lifting a federal pay freeze in his upcoming budget plan to give government employees a 0.5 per cent salary rise, a White House official said. |
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| Noda to reshuffle Cabinet soon; defence minister may lose job |
| (TOKYO) A Cabinet reshuffle in Japan is coming, and is likely to include the removal of a defence minister who outraged the public with gaffes about a rape by US servicemen. |
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| Higher starting salaries for poly grads in '11: survey |
| POLYTECHNIC graduates in 2011 received higher starting salaries than those in 2010, a recent survey showed. |
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| S'pore sculpture shines at Festival of Lights in France |
| SINGAPORE'S In Celebration, has become the first Asian artpiece ever to have been showcased at the 159- year-old Fête des Lumières (Festival of Lights) in Lyon, France. |
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| S Africa's performance impressive: Lagarde |
| (PRETORIA) International Monetary Fund (IMF) chief Christine Lagarde has praised South Africa's 'impressive' economic performance but again warned that the European debt crisis posed a risk to Africa's largest economy. |
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| India's PM sees 7% growth despite global worries |
| (NEW DELHI) India's Prime Minister said yesterday that the economy would likely withstand an uncertain external environment to grow about 7 per cent this fiscal year, lower than a revised forecast of about 7.5 per cent growth issued by his government last month. |
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| Americans failed to pay US$385b in taxes in '06 |
| (WASHINGTON) The Internal Revenue Service (IRS) estimates that US companies and individuals failed to pay US$385 billion in taxes they owed in 2006, an increase from US$290 billion five years earlier. |
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| Welcome windfall for US TV stations |
| (NEW YORK) One winner in 2012's US political races already has been decided: local television stations. |
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| 'Melancholia', Dunst and Pitt win top film critics awards |
| (NEW YORK) The apocalyptic psychological drama Melancholia was named the year's best film on Saturday by the National Society of Film Critics (NSFC), which chose its star Kirsten Dunst as best actress and Brad Pitt as best actor for the baseball drama Moneyball as well as The Tree of Life. |
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| 1793 penny fetches US$1.38m at auction |
| (ORLANDO, Florida) A one-cent copper coin from the earliest days of the US Mint in 1793 has sold for a record US$1.38 million at a Florida auction. |
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| Cameron vows veto power for shareholders on execs' pay |
| (LONDON) British Prime Minister David Cameron has vowed to give shareholders the right to veto executives' pay packages, amid mounting political pressure and public anger over huge salaries and bonuses. |
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| 2011 a year of record earnings for tipsters in US |
| (WASHINGTON) Whistleblowers earned more than US$532 million in 2011 through lawsuits alleging fraud against the US government, a record for such payouts, according to a law firm's study. |
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| Paulson's Advantage Plus Fund ends 2011 down 52% |
| (NEW YORK) Hedge fund manager John Paulson lost more than half of the capital in one of his firm's biggest funds, people familiar with the number said on Friday. |
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| Wall St banks brace for dismal 4th quarter |
| (NEW YORK) For most Wall Street bankers, 2011 was a year they would rather forget. Investors will soon find out just how bad that year was for the country's biggest financial institutions. |
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| Euro drops in longest losing streak since 2010 |
| (NEW YORK) The euro fell for a fifth week versus the dollar in its longest losing streak in almost two years on concern that Europe's debt crisis is worsening and as data showed the US labour market is strengthening. |
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| Asian market slowdown likely to be short-lived, bargains seen |
| (NEW YORK) The European credit crisis has dominated the headlines, but the biggest reaction to shaky global economic and financial conditions has been in Asia. Stock markets there - and funds investing in them - trailed other major regions during the fourth quarter of 2011. |
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| US stock funds see second worst year as clients pull out |
| (BOSTON) US stock mutual funds that invest in domestic equities had their second-worst redemptions last year as record market swings sent investors to the perceived safety of bond funds. |
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| Telcos top picks in two outlook reports as volatility persists |
| WITH global uncertainties carrying over from 2011 into the new year, telecommunications stocks have once again come up as top picks in two market outlook and strategy reports. |
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| China's holiday travel may see 3.2b trips |
| (BEIJING) The world's largest annual migration of people officially began in China yesterday with millions of travellers boarding public transport to journey across the vast country for Lunar New Year celebrations. |
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| World Bank to recommend China financial reforms |
| (CHICAGO) The World Bank will recommend reforms to China's domestic financial system as part of broader proposals to help wean the country from a dependence on exports to sustain economic growth, World Bank president Robert Zoellick said on Saturday. |
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| Local govt loans threaten China's financial system |
| (BEIJING) Local governments across China have borrowed billions of dollars to build bridges, shopping malls and apartments, leaving many insolvent and endangering the country's financial system, analysts say. |
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| Reduce risks from local govt debt, urges Wen |
| (BEIJING) China's Premier Wen Jiabao has urged the country to reduce risks stemming from local government debt and called for better regulation to manage the risks, although he described the debt situation as 'still under control'. |
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| Get started now |
| THINK you can forecast where the market's headed? Then put your skills to the test and familiarise yourself with our local stock market index, the Straits Times Index (STI), now. |
|
| Investing in networking |
| YOU may not need to have the charisma of Bill Gates or the late Steve Jobs to sell a new idea successfully, but even getting your product to the first stage of development can entail a certain degree of fraternising. |
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| Customising tour plans for all travellers |
| MUHAMMAD Fiaz, 24, has been actively involved in his family's carpet business since he was young. So when the banking and finance graduate of SIM Global Education said that he wished to strike out on his own - by setting up an eatery bringing Middle Eastern cuisine to Singapore - it came as no surprise to those who knew him. |
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| Nokia prospects brighten as chairman search narrows |
| (HELSINKI) Struggling phone maker Nokia basked in brightening prospects for its much-hyped Windows phone last Thursday as it prepared to strengthen the hand of new boss Stephen Elop by replacing its old-guard chairman. |
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| Apple's legal strategy may undervalue its patents |
| (SAN FRANCISCO) Steve Jobs, the co-founder of Apple Inc, told his biographer that he'd rather wage 'thermonuclear war' with Google Inc than make deals to share its technology with the maker of the Android operating system. |
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| Yahoo dangles US$27m pay package to get new CEO |
| (SAN FRANCISCO) Yahoo dangled a US$27 million pay package to lure its newly hired CEO Scott Thompson away from PayPal. |
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| Yahoo's new CEO aims at turning firm around |
| (SAN FRANCISCO) As president of eBay Inc's PayPal unit, Scott Thompson used an eye for detail and a push into mobile payments to more than double revenue and boost the user base to more than 100 million. He'll face a bigger challenge at the helm of Yahoo! Inc. |
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| Telcos let down by retail outlets |
| THE topic of buying a mobile device in Singapore came up in conversation recently. |
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| India aviation ministry favours higher FDI cap |
| (MUMBAI) India's Civil Aviation Ministry is likely to drop its opposition to higher investment by foreign airlines in the sector and agree to let them hold up to 49 per cent in domestic carriers, the Economic Times reported, citing an unidentified ministry official. |
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| Hong Kong Air to hold US$300m IPO in Q3 |
| (LONDON) Hong Kong Airlines Ltd, backed by China's HNA Group, expects to hold a US$300 million initial public offering in the third quarter of the year as it adds planes to challenge Cathay Pacific Airways Ltd. |
|
| Asian banks battle for RBS Aviation: source |
| (HONG KONG) China Development Bank (CDB) and Japan's Sumitomo Mitsui Financial Group (SMFG) are slugging it out in the final days of an auction for Royal Bank of Scotland's (RBS) aircraft leasing business in a deal that could fetch up to US$7.5 billion, a source with direct knowledge of the matter told Reuters. |
|
| Boeing loses to Airbus in order race, pledges to fight back |
| (WASHINGTON) Boeing lost the 2011 order race by a wide margin and lagged its archrival Airbus on deliveries for the ninth year in a row, figures showed, but it pledged to fight back in 2012 with big sales of a revamped narrow-body. |
|
| Indonesia will not introduce tin export tax, says govt |
| (JAKARTA) Indonesia, the world's top refined tin exporter, will not impose export taxes on the base metal this year, a trade ministry official said. |
|
| India stocks reform only a partial boost, say analysts |
| (MUMBAI) The Indian government's decision to allow foreign nationals to invest directly in stock markets is an attempt to revive its reform agenda but any benefits will only be seen long term, analysts say. |
|
| Three-Minute Digest |
| HEDGE funds are losing much of their lustre, proving as vulnerable as their conventional counterparts to the global downturn. |
|
| Oil traders sell into price spike as Iran steps up rhetoric |
| (LONDON) How does an oil trader play the market when Iran threatens to shut the Strait of Hormuz and strangle Middle East oil supplies? 'Buy!' some would say. But 'Sell!' could come from cooler heads, the grizzled veterans who can cut through the bellicose rhetoric and who remember the 1980s Gulf 'tanker war' in the Iran-Iraq conflict. Iran did not block the Strait then, nor during decades of tensions with the West. |
|
| Counting the cost of smuggling |
| MALAYSIA is implementing tighter scrutiny at its border checkpoints to better control smuggling. The latest moves come in the wake of an expose by local daily New Straits Times last week on the widespread and rampant corruption at the country's borders which has allowed for the easy exit of price-controlled items from Malaysia and the entry of contraband goods. |
|
| Low volume hints at difficult weeks ahead |
| THE Straits Times Index sometimes fails in its role as a benchmark for the local stock market. |
|
| Baltic index slides to its lowest in nearly five months |
| (LONDON) The Baltic Exchange's main sea freight index, which tracks rates to ship dry commodities, fell to its lowest in nearly five months as a slump in cargo trade and a growing vessel surplus took their toll. |
|
| Nordic solar cell plant to run at full capacity |
| NORWEGIAN solar cell maker Renewable Energy Corporation (REC) said last week that it is continuing to run its new $2.5 billion integrated Singapore plant - its biggest and most efficient worldwide - at full capacity. |
|
| Belgium freezes spending after EU warns of deficit overrun |
| (BRUSSELS) Belgium froze 1.3 billion euros (S$2.1 billion) in spending after the European Union (EU) warned that a weaker-than-projected economy would push the deficit above the new government's targets. |
|
| No more 'neither admit nor deny' escape route for US firms |
| (WASHINGTON) The Securities and Exchange Commission (SEC) is making a major change in how it settles some securities fraud cases, telling companies that they will no longer be allowed to say they neither admit nor deny the commission's civil charges when, at the same time, they admit to or have been convicted of criminal violations. |
|
| Japan govt eyes Tepco common shares: report |
| (TOKYO) Japan's government is preparing to take control of Tokyo Electric Power Co (Tepco), operator of the crippled Fukushima nuclear power plant, by buying a majority stake in its common shares, Jiji News Agency said. |
|
| IMF losing confidence in Greece: report |
| (BERLIN) The International Monetary Fund (IMF) is losing confidence in Greece's ability to clean up its public finances and work off its mountain of debt, German magazine Der Spiegel reported on Saturday. |
|
| Romney shrugs off rivals' criticism at key debate |
| (CONCORD, New Hamp-shire) Mitt Romney's rivals failed to bruise the frontrunner for Republican presidential nominee in New Hampshire after he largely brushed aside their criticism in the opening round of a weekend debate doubleheader. |
|
| Cameron vows to block financial transaction tax |
| (LONDON) British Prime Minister David Cameron said for the first time yesterday he would veto a European-wide financial transaction tax unless it was imposed globally, deepening a confrontation with European Union (EU) heavyweights France and Germany. |
|
| Scam-hit Swiss National Bank to review own-transaction rules |
| (ZURICH) The Swiss National Bank (SNB) will review its internal rules governing own transactions made by board members as it seeks to clean up its image following a trading scandal centred on its chief. |
|
| ECB to take wait-and-see approach to rates: analysts |
| (FRANKFURT) The European Central Bank, after cutting interest rates for the past two months, is unlikely to do so again this month, analysts say, but additional cuts could still be on the cards later this year. |
|
| Markets hit by strong dollar; oil spikes on Iran |
| (LONDON) Commodity markets were roiled last week as the dollar surged against the beleaguered euro and oil prices spiked close to eight-month highs on simmering tensions over key crude producer Iran. |
|
| How cheap is the Singapore market? |
| HOW cheap is the Singapore market now? |
|
| Most insider buyers and firms in buyback deals see paper losses |
| LAST year was a difficult year for directors and listed firms as the majority of stocks ended the year down from their average purchase prices. |
|
| Investors treading carefully on IPOs |
| IT WILL take more than Facebook to heat up the tepid market for initial public offerings. |
|
| When is a trade surplus a pesky thing? |
| I WAS at a friend's Christmas party last month. After all the fun and revelry, and when the crowd had dwindled to just three, the topic turned serious: we started discussing the eurozone crisis. |
|
| How important is social media? |
| HOW does one distinguish between a fad and a social or business transformation? |
|
| Next week | Jan 9-13, 2012 |
| Wholesale inventories |
|
| This week | Jan 2-6, 2012 |
| SINGAPORE has to take the expected economic slowdown in 2012 in its stride, Prime Minister Lee Hsien Loong said a day after delivering a sobering New Year message. |
|
| Briefing |
| SUMITOMO Mitsui Financial Group (SMFG) plans to acquire a minority stake in a mid-sized Chinese fund house to access China's struggling but still attractive mutual fund industry, two sources said. |
|
| PwC hit with record fine for UK audit failures |
| TOP auditor PricewaterhouseCoopers has been fined a record £1.4 million in Britain for wrongly telling local regulators for seven years that JPMorgan Securities was keeping client money safe. |
|
| New economic gauge: China's pork prices |
| THE price of pork in China could soon rival US payrolls as the world's most watched economic indicator. |
|
| Proton chairman offers to buy Khazanah's stake |
| PROTON Holdings Bhd, Malaysia's national carmaker, said chairman Mohd Nadzmi Mohd Salleh bid for Khazanah Nasional Bhd's controlling stake. |
|
| Swiss central bank chief vows not to resign over currency trades |
| PHILIPP M Hildebrand, head of the Swiss central bank, said on Thursday that he regretted carrying out currency trades that have threatened his international reputation as an advocate of tougher bank regulation. |
|
| Phone sales power Samsung to record profit |
| SAMSUNG Electronics, the world's top maker of memory chips and smartphones, reported a record quarterly profit yesterday, aided by one-off gains and best-ever sales of high-end phones. |
|
| KL court dismisses voting suit by M'sians in UK |
| THE High Court of Malaya in Kuala Lumpur yesterday dismissed a suit brought by six Malaysians living in Britain for the right to be registered as absent voters in the next general election (GE). |
|
| Iran oil sales to China, Japan set to drop |
| IRAN faced the prospect of cutbacks in its oil sales to China and Japan as new measures to block Teheran's crude exports over its nuclear programme appeared to be driving its economy to the wall. |
|
| Net worth of HK's richest falls 7.4% in 2011: Forbes |
| THE combined wealth of Hong Kong's top 40 richest people, led by Li Ka-shing, fell 7.4 per cent to US$151 billion last year from 2010 as China's economic growth slowed and property prices dropped, Forbes magazine said yesterday. |
|
| Euro unlikely to 'vanish' this year: IMF chief |
| THE euro is unlikely to 'vanish' this year, International Monetary Fund (IMF) chief Christine Lagarde said yesterday, but warned a report this month will show the global economy growing slower than the 4.0 per cent estimated in September. |
|
| Relationships take backseat in credit crunch |
| THE most lucrative client relationships take years to build, yet the tough lending decisions banks now face could sever them in minutes. |
|
| Duxton debut |
| DUXTON'S debauched past is something that the area would rather forget - but that was exactly what attracted the latest entrants to the hipper-by-the-minute dining enclave. |
|
| Say hello to simplicity |
| THE year 2011 saw diners in Singapore drinking a lot of fancy coffee, hanging out in neighbourhoods previously frequented by patrons in non-designer shorts and slippers, nibbling on frosted cupcakes, and frequenting trendy eateries run by enterprising foreigners or career-changing locals. |
|
| wine&dinewith BTWeekend |
| Bar on 5 |
|
| Sweet talk |
| AFTER an exercise workout, you may not think twice before reaching out for your favourite ice-cooled sugar-sweetened drink to savour its refreshing taste and quench your thirst. |
|
| Greening the European Investment Bank |
| OVER the past four years, the European Investment Bank - the European Union's house bank - has loaned 48 billion euros (S$79.5 billion) to energy projects around the world. |
|
| Can Obama win the election? |
| COULD 2012 turn conventional wisdom on its head? Here's the conventional wisdom: President Barack Obama's re-election is vulnerable to the weak economy and high joblessness. |
|
| Proposed ministerial pay structure still flawed: WP |
| IT is a 'step in the right direction' but the pay structure recommended by the Ministerial Salaries Review Committee remains 'flawed' and has redundant elements, says the Workers' Party (WP). |
|
| The return of the Indian natives |
| WHEN Bollywood Queen Madhuri Dixit Nene relocated to Mumbai with her family last October after 10 years in Denver, Colorado in the United States, her move stirred enormous excitement in India. 'India is the land of opportunity now,' declared Mrs Nene. |
|
| Chief Justice mulls making pro bono work a criterion for SC appointments |
| IN an effort to make pro bono work part of the DNA of Singapore's legal profession, Chief Justice Chan Sek Keong has proposed, among other things, making pro bono work in criminal matters a requirement for determining future Senior Counsel appointments. |
|
| SP tunnel firm seen tapping financial markets |
| SINGAPORE Power (SP) will kick-start an over $2 billion project this quarter: building an extra-high-voltage underground power transmission network to replace the current one that is some 30-40 years old. |
|
| Woodford withdraws bid to return as Olympus head |
| MICHAEL Woodford, the British executive who exposed long-concealed financial losses at Japanese giant Olympus Corp and was then fired as its head, yesterday threw in the towel on his bid to return as head of the firm. |
|
| ATM fraud hits DBS to the tune of $500k |
| DBS Group has lost $500,000 to fraudsters who withdrew the cash from the accounts of about 400 customers earlier this week at ATMs in Malaysia but does not expect further losses, it said yesterday. |
|
| SGX asks for court order in China Sky case |
| IN what could be an unprecedented move, Singapore Exchange (SGX) has resorted to applying for a court order to enforce its directive on a defiant S-chip company. |
|
| US unemployment rate in Dec falls to lowest level in 3 years |
| A BURST of hiring in December pushed the US unemployment rate to its lowest level in nearly three years, giving the economy a boost at the end of 2011. |
|
| After colourful stint, Saw axes herself |
| SAW Phaik Hwa, who joined SMRT Corporation in a blaze of colour almost a decade ago, went out with a fizzle yesterday. |
|
| Fishery ports, markets urged to adapt to modern lifestyles |
| LOCAL fishery ports and wet markets must take into account Singaporeans' growing preference for frozen fish as they formulate their plans for the future, according to National Development Minister Khaw Boon Wan. |
|
| Two Senior Counsel, first Honorary SC appointed |
| TWO Senior Counsel were announced by Chief Justice Chan Sek Keong at the opening of the Legal Year 2012, along with the first-ever appointment of a Senior Counsel (honoris causa) or Honorary Senior Counsel - a title conferred on non-advocates. |
|
| Give older workers a fair deal: minister |
| SINGAPOREANS must 'change ageist mindsets and embrace more enlightened attitudes' for the newly minted rehiring law to be a success, said Minister of State for Manpower Tan Chuan-Jin. |
|
| Foreigner share of resale ECs spikes to 49% |
| SALES of completed executive condominiums (ECs) on the resale market saw a surge of interest from foreigners in the first 11 months of 2011. Sales of new units too locked in a record number of transactions from January to November last year. |
|
| Reality check sets in for Singapore market |
| AFTER flirting on the sunny side for the first few days of the new year, Singapore's stock market found itself haunted by gloomy realities once again yesterday. |
|
| Global reach, local depth |
| ALLEN & Overy (A&O), the prodigious international law firm that is looking to join forces with local Big Four law firm Allen & Gledhill (A&G), is not content to stop there; 'We see Singapore as a springboard for regional expansion,' says its worldwide senior partner and executive chairman, David Morley. |
|
| Happy hatchday |
| IS it possible for the accomplished Volkswagen Golf GTI to be an even more fun drive? The answer, apparently, is yes. And it comes in the form of the VW Golf GTI Edition 35. |
|
| A refined beauty |
| HYUNDAI'S 'fluidic sculpture' design philosophy has produced two pretty but somewhat similar looking sedans of varying size - the i45 and the Elantra. Now, there is a third model with the same sculpted look but with a more distinctive and sensuous profile - the i40 Wagon. |
|
| Electric style |
| TO the casual observer, it may seem like Japanese models have been overtaken by the Germans with their superior drivetrain technology and left by the wayside. But that's not totally true. Toyota and Honda still have the hybrid card to play and they have come up with two compact petrol-electric versions - the Prius C and the CR-Z. |
|
| A fresh beginning for the Big Apple |
| JUST days after cheering the arrival of the record-breaking 50 millionth visitor of the year to New York City, officials are starting over and counting from one. Now, with the New Year's confetti cleared from Times Square and 2012 under way, the city's promoters are back at work hoping to draw another 50 million tourists - and more - in the coming 12 months. |
|
| Business briefing |
| LORENZO International Ltd warned of a loss for the fiscal year ended Dec 31, 2011, following a large one-off provision and weak operating results. |
|
| STATS ChipPAC shares up on new plant |
| SHARES of Singapore semiconductor firm STATS ChipPAC jumped as much as 10.5 per cent yesterday after it started building a factory in Singapore and said it expects to invest an additional US$220 million in the city-state over the next few years. |
|
| Thai home builder sees higher profit in 2012 |
| THAI home builder Quality Houses Pcl, part-owned by Singapore's GIC, expects its 2011 net profit to drop due to the impact of flooding last year, but it sees higher 2012 net profit and revenue growth of 30 per cent. |
|
| Quantedge fund sees assets doubling |
| SINGAPORE-BASED hedge fund Quantedge Capital aims to double assets to US$400 million by end of 2012 after a 32 per cent gain in its global macro fund last year, a top executive said yesterday. |
|
| Temasek partners UBS to launch fixed income fund |
| TEMASEK Holdings unit Fullerton Fund Management Company has partnered UBS Wealth Management to launch a Singapore dollar fixed income fund targeting the affluent. |
|
| JAL plans IPO amid fresh challenges |
| JAPAN Airlines Co is preparing for an initial public offering that may make it the world's most valuable carrier even as new low-fare airlines threaten to lure travellers in its home market. |
|
| Cosco shares boosted by news of deal |
| SHARES of Singapore-listed Chinese shipbuilder Cosco Corp rose as much as 2.7 per cent yesterday, bucking the broad weak market trend, after the firm said it won a contract worth over US$220 million from an Asian company for two offshore construction vessels. |
|
| New chairman at Cosco in second major change |
| COSCO Corporation (Singapore) appointed Ma Ze Hua as its new chairman with immediate effect yesterday as Liu Guo Yuan retired from the post he had held since September 2010. |
|
| SIA, Qantas say cracks found in wing ribs of Airbus A380s |
| SINGAPORE Airlines (SIA) and Qantas Airways said yesterday that they discovered cracks on the wing ribs of their Airbus A380s, but said the cracks pose no threat to safety and repairs have been carried out. |
|
| CAD seeks KXD Digital documents in probe |
| CHINA-BASED KXD Digital Entertainment has been ordered by the Commercial Affairs Department (CAD) to produce company documents in a probe by the white-collar crime buster under the Securities & Futures Act. |
|
| Brokers' Take |
| COSCO has confirmed a US$220 million order for two offshore construction vessels from SapuraCrest. |
|
| Dividends new hope for investors in 2012 |
| WHEN the global economy slowed last year, investors looking for reasons to be bullish could at least point to one positive sign: the continued strength of corporate profits. |
|
| New stamp duty seen depressing bungalow sales |
| THE 10 per cent additional buyer's stamp duty on foreigners buying private homes in Singapore will lead to a fall in their bungalow purchases on Sentosa Cove in coming months. |
|
| Some return units to developers, fearing price dip |
| (SINGAPORE) Developers of major projects released in November and early December have seen some units being returned. Market watchers say this could be a knee-jerk reaction to the introduction of the additional buyer's stamp duty. |
|
| New windows open as neighbours get cosy |
| DECADES after they went their separate ways, Singapore and Malaysia are poised to get closer to each other than ever before. |
|
| Moody's stays negative on UK bank environment |
| (LONDON) Moody's continues to view the operating environment for British banks as negative, the credit rating agency's senior vice-president Elisabeth Rudman told Reuters. |
|
| Africa oil drilling seen boosting supply ships |
| (PARIS) Bourbon SA, owner of the biggest fleet of supply and crew ships for the oil industry, expects improved demand and higher rates for vessels this year and next as explorers develop offshore projects in Asia and West Africa. |
|
| STI chalks up third successive rise |
| THANKS to a large push on the Jardine group, the Straits Times Index (STI) yesterday managed a third consecutive rise for 2012, this time by two points to 2,713.02. However, the index was 20 points off its intraday high of 2,733 - which was also reached courtesy of Jardine stocks. |
|
| Put Somali pirates on trial, urge UK lawmakers |
| (LONDON) The British government should consider bringing Somali pirates to Britain for trial, lawmakers said yesterday, accusing the government of not doing enough to tackle a problem that cost US$135 million in ransoms last year alone. |
|
| Weakness in US housing market barrier to recovery |
| (WASHINGTON) A report from Federal Reserve chairman Ben Bernanke called the weakness in the housing market a 'significant barrier' to US economic health and said that Fannie Mae and Freddie Mac might have to bear greater losses to stoke a broader recovery. |
|
| PwC report clears SNB head of rules violation |
| (ZURICH) The Swiss National Bank (SNB) has announced that an external probe into the conduct of its chairman Philipp Hildebrand shows he did not use privileged information for his personal enrichment and that unspecified rumours are 'unfounded'. |
|
| Brits' love affair with housing on the rocks |
| (LONDON) Young Britons are being forced to ditch the aspiration of home ownership that has reigned in the UK for several decades, as new government measures will fail to give many the chance of buying their first home this year and beyond. |
|
| Wall St gurus find predictions game getting harder |
| (NEW YORK) With every new year come a new round of bold predictions for financial markets. |
|
| Perry, Santorum still in Republican presidential race |
| (DES MOINES) Michele Bachmann was out, Rick Perry was back and Rick Santorum was up in the most volatile Republican presidential nominating contest in decades on Wednesday, as conservative Republicans searched for an alternative to frontrunner Mitt Romney. |
|
| Euro jitters back amid slump in bank stocks |
| (PARIS) The spectre of Europe's debt crisis returned yesterday after a brief respite, as markets fell broadly on worries about losses on government debt and a French bond auction drew lacklustre demand from investors. |
|
| Will Scott Thompson be able to revive Yahoo? |
| (SAN FRANCISCO) Yahoo's previous turnaround attempts have flopped under three different leaders with dramatically different backgrounds - former movie mogul Terry Semel, beloved Yahoo co-founder Jerry Yang and profanity-spewing Silicon Valley veteran Carol Bartz. |
|
| Private hiring surges, jobless claims dip |
| (NEW YORK) US private-sector hiring surged in December as employers added 325,000 new workers while claims for jobless benefits fell, raising hope that recent labour market improvement would continue in 2012. |
|
| Euro falls broadly on eurozone worries |
| (NEW YORK) The euro slipped to its lowest since September 2010 against the US dollar and an 11-year low versus the yen yesterday, as concerns about eurozone sovereign funding pressures and signs of weakness in the region's banks prompted investors to sell the shared currency. |
|
| Government should cut consumption, not income, taxes |
| WITH monotonous regularity, Singapore's major public accounting firms call for lower corporate and personal income tax rates as we approach budget time each year. |
|
| Redas chief's critique of property curbs motivated by self-interest |
| I REFER to the article 'Developers, govt agree to disagree' (BT, Dec 28, 2011). |
|
| Brokers' Take |
| THE Urban Redevelopment Authority's (URA) latest flash estimates indicate that private home prices stayed flat at up 0.2 per cent q-o-q in Q4 2011, against being up 1.3 per cent in the previous quarter. |
|
| Faulty US strategy towards Iran |
| THE latest warning by Iran - that a US aircraft carrier that recently transited through the Strait of Hormuz should not do so again - is a sign to the West that should be well observed. It tells us the regime in Teheran is ready for a fight. |
|
| Secrecy in private banking under Western siege |
| TAX authorities in many developed countries have been concerned about the erosion of their tax base and have tackled the issue by attacking tax avoidance and evasion through cooperation among themselves. |
|
| Why, despite the gloom, it could be a happy year |
| I DO not regard myself as being exactly a raging bull when it comes to assessing short-term prospects for the global economy, but the kind of bearish sentiment I've been hearing from others over the New Year has left me feeling that maybe I'm the last remaining optimist in the world. More about this later. |
|
| Will India's demographic dividend be a time-bomb? |
| CONVENTIONAL wisdom has it that South Asia, and India in particular, is reaping a 'demographic dividend', as East Asia did more than a generation back. |
|
| Worrying slump in electronics sector |
| THE 0.8 per cent rise in Singapore's Purchasing Managers' Index (PMI) for December shows a slight uptick in industrial activity. |
|
| Three-Minute Digest |
| SINGAPORE and Malaysia are poised to get closer to each other than ever before. |
|
| Genting plans bigger NY casino, huge convention centre |
| GENTING Malaysia, the region's largest gaming firm, announced yesterday that it had given a 'non-binding' letter of intent to a New York developer to consider building a US$4 billion complex that would include a 3.8 million square foot convention centre, 3,000 hotel rooms and an expansion of its New York casino. |
|
| Ministerial pay: CEOs question core benchmark |
| (SINGAPORE) A private sector benchmark for political salaries ought to be accompanied by the transparency and accountability demanded of corporate leaders, say CEOs who spoke to BT, most of whom welcomed the ministerial pay review committee's recommendations. |
|
| Past decade's data puts national bonus at 0.8 to 4.9 months |
| (SINGAPORE) A national bonus of 4.9 months for 2010, or an average of 2.7 months over the past decade, is what ministers would have received if the new proposed bonus formula had been in place. |
|
| S'pore-M'sia land swop areas devt to begin next year |
| WORK to develop two land parcels in Marina South and Ophir-Rochor - the outcome of the breakthrough land swop deal between Singapore and Malaysia in May 2010 - is due to start next year. |
|
| Euro sinks against US$ and S$ |
| (SINGAPORE) The euro slumped against the US dollar and Singapore dollar yesterday as markets turned their attention back to debt problems in the eurozone. |
|
| China Sky's independent directors step down with immediate effect |
| (SINGAPORE) The board split at China Sky Chemical Fibre came to a head yesterday after the group failed to appoint special auditors by the final deadline set by the Singapore Exchange. |
|
| DBS customers hit by fraudulent ATM withdrawals in Malaysia |
| (SINGAPORE) Fraudsters have stolen at least $200,000 from the accounts of DBS and POSB customers through unauthorised withdrawals at ATMs in Malaysia, likely using cloned ATM and debit cards. |
|
| Baltic index falls for 5th straight session |
| (LONDON) The Baltic Exchange's main sea freight index, which tracks rates to ship dry commodities, fell for a fifth straight session on Wednesday due to lack of demand. |
|
| Singapore Roundup |
| CAPITAL Extension Land Sdn Bhd is offering 284 units of freehold luxury apartments for sale across the Causeway. |
|
| EL Devt launches freehold industrial development |
| ELDIX, a freehold industrial development, is being launched by EL Development at an average price of $470 per square foot (psf) today. |
|
| MOH to carry out recommendations in palliative care report |
| THE Ministry of Health will form a taskforce to study in greater detail the suggestions of the National Strategy for Palliative Care report before implementing them at the national level. |
|
| Two more firms formed to drive Singbridge mission |
| TWO companies have been set up to help drive Singbridge's mission to invest in, develop and manage sustainable integrated developments - leveraging on Singapore's developmental experience. |
|
| COEs slip further with buying sentiment weak |
| PASSENGER car COE premiums continued to slip amid what some motor distributors referred to as the holiday mood. |
|
| Q3 tourism receipts up 12% at $6b |
| TOURISM receipts in the third quarter of last year hit $6 billion, a 12 per cent year-on-year jump driven largely by shopping expenditure, the Singapore Tourism Board (STB) said yesterday. |
|
| Govt urged to do more to ease business costs |
| WITH Singapore teetering dangerously close to a technical recession, Ernst & Young Solutions LLP is hoping that the government will do more to ease business costs and promote productivity in its Budget for this year. |
|
| Big switch to industrial sector unlikely |
| PREDICTIONS that the introduction of the Additional Buyer's Stamp Duty (ABSD) for the residential market will lead to spillover demand in the industrial segment may not necessarily hold true, says Dennis Wee Group (DWG). |
|
| Hybrid car sales picking up speed in M'sia |
| HYBRID vehicle sales in Malaysia are projected to jump 61 per cent next year to 13,400 units as excise duty exemptions narrow the pricing gap between the eco-friendly and petrol- fuelled cars to about 20 per cent. |
|
| Indonesians kick up a storm over child rights |
| (PALU, Indonesia) Indonesians dumped over 1,200 pairs of sandals, flip-flops, and slippers at collection points across the country in support of a teenage boy who was convicted of stealing on Wednesday. |
|
| Indonesia consumer confidence at six-month high in December: poll |
| (JAKARTA) Indonesia's consumer confidence index in December last year rose to a six-month high on growing optimism about the country's economic growth prospects despite a weakening global economy, a survey showed yesterday. |
|
| Carmakers make beeline to India Auto Expo |
| (NEW DELHI) The world's leading carmakers jostled for space at the start of India's Auto Expo yesterday, eyeing a market that has slowed sharply but remains a hotspot compared with depressed Western economies. |
|
| Bollywood looks to tap China market |
| (MUMBAI) India's Bollywood film industry is eyeing its Asian rival China as a potential market, after a successful run of 3 Idiots, the coming-of-age comedy starring Aamir Khan. |
|
| Mediaeval master-blaster |
| TO borrow a line from Russell Crowe, 'What we do in life echoes in eternity', a sentiment that nicely sums up the latest instalment in the Assassin's Creed series, Revelations. |
|
| Jazzy shades of Noir |
| BLINK and you might miss Noir's two albums. Especially when some of the best local jazz albums of the last three years - like last year's Tze n Looking Glass's Stories from Wonderland, the Darren Moore Quintet's Isolation Has Its Advantages from 2010, and 2009's Smoke Signals from Greg Lyons - featured original compositions, whereas Noir stuck exclusively to covers of jazz standards. |
|
| Blighted frights bring on gags |
| IF starting work in the new year feels like an extended version of the Monday blues, Fright Night on Blu-ray 3D should help banish that bleakness with its larger-than-life scares and laughs. |
|
| Picture-book take on bestseller |
| WHEN 400-odd pages of serious prose is adapted into a 132-page graphic novel, you can expect a fair amount of streamlining, and in the case of Khaled Hosseini's The Kite Runner, that's more of a good than bad thing. |
|
| Around Town |
| AT first glance, Indian artist Mithu Sen's works appear to be innocent. A light bulb, a broken chandelier, or a telephone - simple commodities that you don't usually think twice about. Yet there is something rather unnerving about her works, bordering on provocative. Then it hits you, these everyday objects have been painted with sexual nuances, that once you realise it, they become all the more clearer. |
|
| China art market booms |
| WHAT was China's hottest investment market in 2011? No, it wasn't stocks or apartments. It was art. |
|
| Celebrating pioneers in Huayi 2012 |
| HIGHLIGHTS of Huayi 2012 which is based around 'courage' as its theme. This year's programming celebrates the pioneers and practitioners of the art scene that have pushed the boundaries of contemporary Chinese arts. |
|
| Unfolding scroll of drama |
| SINGAPORE, Hong Kong and China veteran theatre practitioners and also youth studying the arts - from different artistic disciplines - came together to create One Hundred Years of Solitude 10.0 - Cultural Revolution. |
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| Under the skin of great mien |
| IN Ikkan Art Gallery's latest exhibition, Requiem for the XX Century, what appear to be portraits of famous people, such as Einstein, Mao Zedong, Andy Warhol and Salvador Dali, hang on the walls. This, however, isn't an ordinary exhibition of portraits of famous people. They are, in fact, self-portraits of Japanese artist Morimura Yasumasa. |
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| Art Stage's fringe benefits |
| Collaborative exhibitions which are part of Art Stage Singapore's fringe event list: |
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| On an art outreach |
| SINGAPORE will get to see more international artists' works here, and on a more regular basis, now that collaborations between local and foreign galleries are taking off. |
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| Join the Collector's Club |
| WHEN Lorenzo and Maria-Elena Rudolf compared the Asian art scene with that of Europe or North America, one stark difference that struck the couple was how disconnected the major Asian collectors were. |
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| All the world's on Art Stage |
| ART Stage Singapore is back, not bigger and bolder than its inaugural edition last year, but with a tighter control on quality. |
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| Riotously ribald rites of passage |
| ITS jokes are so crassly juvenile, sensible adult viewers will look forward to catching The Inbetweeners in darkened theatres - so no one can catch you sniggering in delight. |
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| The Marilyn no one knew |
| WHEN playing the role of Marilyn Monroe, Michelle Williams has turned herself into a bit of a star with her impressive karaoke acting. |
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| Shedding light on France's dark history |
| INSTEAD of spinning a history lesson about the Holocaust, director Gilles Paquet-Brenner weaves a mystery thriller into the sentimental family drama, Sarah's Key. |
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| Wrath of a goth anti-heroine |
| SOMETHING is rotten in the Swedish state, and it's up to an unconventional pair of sleuths to get to the bottom of a murder mystery that has remained unsolved for 40 years. |
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| Tale of two villages |
| IS it because we live in an age where instant gratification is the order of the day, that the limelight and glamour are focused on the 'stars', the big names and in the case of red Burgundies on the Grands Crus Chambertin, Richebourg, Romanee-Conti, and the like? Just as it is with cars and handbags where Louis Vuitton and Chanel are the magnets? |
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| Australia's Nov trade surplus narrows |
| (SYDNEY) Australia's trade surplus narrowed slightly in November to the lowest in nine months, and analysts see further slippage ahead as a slowdown in China cools exports while strong business investment at home sucks in imports. |
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| Sweden has lessons for EU's non-euro countries |
| (STOCKHOLM) Sweden faces a difficult year - like every other European economy - but unlike the rest of the European Union, it is equipped to cope. There are lessons here, especially for the EU's other non-euro countries. |
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| India's chief economic adviser upbeat |
| (NEW DELHI) For all the sudden pessimism about India's economy, Kaushik Basu sleeps soundly at night - and if something was going to keep him awake it wouldn't be the risk of a balance of payments crisis. |
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| Double-dip global recession increasingly likely: BlackRock |
| (SINGAPORE) BlackRock has turned more bearish over the global economy, lifting the probability of a double-dip recession from 20 per cent to as high as 40 per cent, senior analysts from the asset management firm said. |
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| KDB Financial eyes IPO this year: chairman |
| (SEOUL) KDB Financial Group Inc, South Korea's largest state-run banking group, aims to complete an initial public offering this year as part of the government's plan to privatise the firm, chairman Kang Man Soo said. |
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| Harita plans IPO of nickel mining unit in Singapore |
| (SINGAPORE) PT Harita Jayaraya has hired Citigroup Inc and DBS Group Holdings Ltd to manage an initial public offering of its nickel mining unit in Singapore, said two people with knowledge of the matter. |
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| Company Briefs |
| COSCO Corporation (Singapore) has secured a contract worth over US$220 million to build two self-propelled pipelay heavylift offshore construction vessels |
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| STATS ChipPAC's new plant ready by Q4 |
| STATS ChipPAC's new 197,000 sq ft factory in Singapore will be operational by the fourth quarter of this year, the semiconductor test and packaging service provider said yesterday at the groundbreaking ceremony. |
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| CMA doubles size of retail bond offering |
| CAPITAMALLS Asia Ltd (CMA) has doubled the size of its retail bond offering to $400 million following strong interest from institutional investors. |
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| StarHub is LionsXII official broadcaster |
| THE red team has gone green. StarHub was named the official broadcaster and principal sponsor of Lions XII yesterday. |
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| TTI shares jump on hopes of Big Box project revival |
| SHARES of TT International (TTI) surged further yesterday as investors snapped up the stock on hopes that its crucial Big Box project in Jurong East would be revived. |
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| CDL picks up a third site in China for 540m yuan |
| PROPERTY group City Developments Ltd (CDL) is actively expanding its footprint in China, with its third acquisition in just over a year. Fully owned unit CDL China clinched a site in Chongqing for 540 million yuan (S$110 million) in a government land tender on Wednesday. |
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| Low-cost operators hit by tighter investment rules |
| THE tightening of investment regulations in Singapore is putting pressure on low-cost business models to adapt to survive, said industry veterans. |
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| Ex FrontPoint manager launches Asia fund |
| (HONG KONG) Former FrontPoint portfolio manager John Foo is preparing to launch an Asia-focused hedge fund that will start trading with about US$50 million on March 1 in Singapore. |
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| China trade surplus falls to US$160b in 2011 |
| (SHANGHAI) China's trade surplus narrowed to around US$160 billion in 2011, the commerce minister said yesterday, as the world's No 2 economy faced weaker demand from key export markets. |
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| China services sector holds steady in December |
| (BEIJING) China's services sector entered a seventh straight year of expansion in December, a survey of purchasing managers showed yesterday, but a slowdown in the world's second-biggest economy saw overall levels of activity mired at three-month lows. |
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| China's largest civil helicopter ready for sale |
| (BEIJING) China's largest-ever civil helicopter yesterday received its certification from the Civil Aviation Administration of China, the country's civil aviation authority. |
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| Boeing to close Wichita plant next year |
| (WICHITA) The Boeing Co, for decades the brand that helped support Wichita's claim as the aviation capital of the world, announced on Wednesday that it will shut down facilities in the city by the end of 2013 and send work to plants in three other states as it deals with defence spending cutbacks. |
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| EU may have to scale down carbon curbs |
| (NEW DELHI) The European Union faced increased pressure to scale down its plan to impose carbon curbs on airlines after China's carriers said they won't comply with the rules and India signalled that it may attempt to scupper the EU plan. |
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| Japan sushi chain takes loss on tuna for patriotism |
| (TOKYO) A Japanese sushi chain will take a more than US$600,000 loss on the most expensive fish ever sold at Tokyo's Tsukiji market, as it sells US$74 pieces of tuna for US$5 apiece. |
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| S Korea to set up fund for reunification |
| (SEOUL) South Korea said yesterday that it would set up a fund this year to prepare for eventual reunification with North Korea, as the death of the North's longtime leader Kim Jong-il refocused attention on the issue. |
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| JPMorgan sees Japan trade in deficit, first since 1963 |
| (TOKYO) Japan probably recorded its first annual trade deficit since 1963 last year, part of a shift that may see the world's largest net creditor come to rely on inflows of foreign capital by 2015, according to JPMorgan Chase & Co. |
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| Carmakers tap bond market as sales surge |
| (NEW YORK) Automakers are selling bonds at the fastest pace since before credit markets froze as the best year for car sales since 2008 boosts the confidence of fixed-income investors. |
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| Former News of the World editor joins US tabloid |
| (NEW YORK) The New York Daily News has a new editor-in-chief: the last editor of Rupert Murdoch's News of the World in London before it folded amid a phone hacking scandal. |
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| Toyota US sales pip forecasts, Kia leads Asia brands |
| (LOS ANGELES) Toyota Motor Corp's December sales gain beat analysts' estimates and Kia Motors Corp had the biggest increase among Asia-based brands, capping the US auto industry's best year since 2008. |
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| Euro falls vs $ after German auction |
| (LONDON) The euro slipped against the US dollar yesterday after a German Bund auction found muted but adequate demand, and looked vulnerable to selling by investors nervous about eurozone sovereigns' ability to attract funding. |
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| Brokers' Take |
| IN a twist of its expansion plans, Mewah will be investing in a manufacturing plant in Indonesia and delaying its expansion in Sabah and China. |
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| Implement innovative policies to cut joblessness |
| POLICIES to reduce the scourge of unemployment in the rich nations have proved to be a dismal failure. |
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| Death of capitalism is exaggerated |
| WITH the world's rich economies struggling and the leaders of the European Union intent on making things worse, the gravity of the economic crisis still confronting the West is hard to exaggerate. Nonetheless, it can be done. |
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| Wide open GOP race after the Iowa primary |
| THE Republican front-runner has changed seven times since leaders and activists started their party's process of nominating the 2012 presidential candidate early last year, according to an analysis of opinion polls issued by the Gallup company last Monday. |
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| Eurozone can save itself; all it takes is political will |
| GREAT empires rarely succumb to outside attacks. But they often crumble under the weight of internal dissent. This vulnerability seems to apply to the eurozone as well. |
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| A pay review that sends the right message |
| 'POLITICAL service is not a job or a career promotion,' said Prime Minister Lee Hsien Loong in his swearing-in speech after the general election last May 21. |
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| Curbs on property, foreign workers to stay: economist |
| (SINGAPORE) Recent curbs on property and foreign workers are here to stay because Singapore is now trying to raise productivity instead of its population to drive growth, said Bank of America Merrill Lynch economist Chua Hak Bin. |
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| Airfare hike looms as EU emissions tax kicks in |
| (SINGAPORE) Flying to Europe could cost more from this year as airlines are considering recouping the cost of the new European Emission Scheme (ETS) tax that kicked in this month. |
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| Committee proposes scrapping pension scheme, adopting CPF |
| THE Committee to Review Ministerial Salaries has proposed to scrap the pension scheme for the president and all political appointment holders, and adopt the Central Provident Fund (CPF) system. |
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| Stepping away from the current system |
| (SINGAPORE) The Committee to Review Ministerial Salaries has proposed broadening the base on which ministers' pay is fixed from the current structure, which is pegged to the salaries of just the top eight earners in each of six professions. |
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| New bonus to be tied to well-being of Singaporeans |
| (SINGAPORE) The controversial gross domestic product (GDP) bonus that ministers receive when the economy is booming may be replaced with a bonus tied more closely to gains in the well-being of both average and lower income Singapore citizens. |
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| A clear-eyed look at a touchy topic |
| TOO little, or too much - the committee tasked to review ministerial pay will surely not satisfy all the critics with its recommendations. |
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| All routes examined to arrive at proposals |
| (SINGAPORE) Doing it our way. |
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| PSD to see if proposals applicable to civil service |
| (SINGAPORE) Civil servants should not have to make the same sacrifice in salaries that politicians are expected to, the ministerial salaries review committee said yesterday. |
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| Use of local benchmarks is appropriate, observers say |
| (SINGAPORE) While the debate will rage on over how deep the cuts in ministers' salaries should be, the fresh benchmark that takes into account unemployment and income disparity, and the thorough review, has won praise from some observers. |
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| Proposed framework should not deter talent |
| (SINGAPORE) The proposed pay cuts sweep across the political board - from a 51 per cent cut for the President and a 36 per cent cut for the Prime Minister all the way through the ranks of ministers, the Speaker and Members of Parliament. |
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| Ministers face pay cut to strike new balance |
| (SINGAPORE) Singapore's ministers could see pensions removed from their pay packages and their annual salaries cut by up to 40 per cent under proposed new benchmarks. |
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| 40 firms give back with Project We Care |
| Some 40 companies have come together for the first time to give back to the community with Project We Care. |
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| Developers launch a slew of projects before CNY |
| DEVELOPERS are off to a running start in 2012, rolling out a host of housing projects before Chinese New Year. |
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| Harpreet Singh joins WongPartnership |
| LAWYER Harpreet Singh Nehal has joined WongPartnership after having taken a six-month break since leaving Drew & Napier LLC last year. |
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| Large Cabinet team joins PM Lee on M'sia visit |
| IN a show that Singapore values its 'very good' ties with Malaysia - and wants to take cooperation with its neighbour to new heights - two-thirds of its Cabinet ministers will be present when Prime Minister Lee Hsien Loong meets his Malaysian counterpart in Putrajaya today for their regular Leaders' Retreat pow wow. |
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| Manufacturing failed to break out of slump in Dec |
| SINGAPORE'S manufacturing sector remained in a slump last month despite a slight uptick in a key indicator of industrial activity. |
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| Banks, Jardine group push STI up |
| LARGE gains for the Jardine stable of companies - Jardine Matheson, Jardine Strategic, Hongkong Land, and Cycle & Carriage - and the banks played a big part in the Straits Times Index (STI) rising for the second consecutive session yesterday, this time by 22.66 points to 2,711.02. |
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| Maersk records biggest fleet increase in 2011 |
| (SINGAPORE) AP Moeller-Maersk A/S, owner of the world's biggest container shipping company, increased capacity by a record last year as it added more of the world's largest vessels that haul boxes to reduce unit costs. |
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| Maersk unit to pay US$32m to settle suit |
| (WASHINGTON) A unit of Danish shipping and oil group AP Moller-Maersk has agreed to pay US$31.9 million to settle claims it overcharged the US military for transporting cargo to support American troops in Afghanistan and Iraq, the US Justice Department said. |
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| Key Baltic index slides to lowest in three months |
| (LONDON) The Baltic Exchange's main sea freight index, which tracks rates to ship dry commodities, slid again on Tuesday, the lowest in around three months due to low fixing activity during the Christmas and New Year holidays. |
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| Tanker glut shrinks to 7-week low |
| (LONDON) A surplus of tankers competing to load two million-barrel cargoes of crude from ports in the Persian Gulf shrank to a seven-week low after bookings of the vessels accelerated to a record. |
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| Training centre for shippers, logistics sector |
| A SLOWDOWN can offer the chance for retraining, and the shippers and logistics sector have readily embraced that ethos. |
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| M'sian sukuk may fuel record sales in Q1 |
| (KUALA LUMPUR) Malaysia's record RM30.6 billion (S$12.6 billion) corporate sukuk sale from PLUS Bhd and offerings planned to follow may help carry Islamic bond sales to their best quarter ever in the first three months of 2012. |
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| Felda co-op halts EGM as court hears injunction case |
| AN extraordinary general meeting scheduled to be held today by the Federal Land Development Authority's (Felda's) cooperative has been cancelled, Felda's lawyers told the High Court of Kuantan, in a case where an injunction to stop the EGM by four settlers was being heard, an opposition news portal reported yesterday. |
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| Suzuki to invest 60b yen in Indonesia |
| (JAKARTA) Suzuki Motor Corp, the third-biggest carmaker in Indonesia, will spend 60 billion yen (S$1 billion) to increase capacity in the South-east Asian nation, including setting up another factory to build engines. |
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| Reliance, BP get Delhi's nod for gas plan |
| (MUMBAI) Indian billionaire Mukesh Ambani's Reliance Industries and BP plc won government approval to spend US$1.5 billion to develop four discoveries that may increase output from India's biggest natural gas field, three people with direct knowledge of the matter said. |
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| India's services sector grows at fastest pace in 5 months |
| (BANGALORE) India's services sector grew at its fastest pace in five months in December riding on a surge in new business and expansion in employment, but rising input prices will likely add to inflationary pressures in the coming months, a survey showed. |
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| UK mortgage approvals little changed in Nov |
| (LONDON) UK mortgage approvals were little changed in November as weakening consumer confidence and economic uncertainty restrained demand for property. |
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| China home prices fall for fourth month |
| (SHANGHAI) China's home prices fell for a fourth month in December after the government reiterated plans to maintain property curbs, according to SouFun Holdings Ltd. |
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| Las Vegas hotel-casino loses Hilton name |
| (LAS VEGAS) The Las Vegas Hilton hotel-casino officially changed its name to drop its hotel chain moniker on Tuesday after a licence agreement expired at the start of 2012. |
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| Manhattan apartment sales slide 12% in Q4 |
| (NEW YORK) Manhattan apartment sales fell 12 per cent in the fourth quarter from a year earlier as Europe's debt crisis and sluggish US job growth dimmed buyer appetites. |
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| Hope for US housing market in 2012 |
| THIS new year might be the one in which the housing market starts to strengthen, according to the 2012 predictions of several housing industry observers and specialists. |
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| BRICS nations yet to speak with one voice |
| (SAO PAULO) A slow but steady shift in the global balance of power towards the China-led BRICS club of emerging nations was confirmed in 2011, but it will take some time before its members can speak with one voice, experts say. |
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| Temasek taps ex- UBS CFO as its Europe president |
| (SINGAPORE) Singapore investment company Temasek Holdings has hired former UBS CFO, John Cryan, as its European president, a newly created role that shows the sovereign investor is turning its focus to the battered region. |
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| MF Global UK bonuses near bottom of claims |
| (LONDON) MF Global Holdings' UK employees owed bonuses by the failed broker were placed behind most other creditors in the bankruptcy process and may never receive their money. KPMG, the administrators of MF Global's UK unit, said cash bonuses would be treated as unsecured claims, near the bottom of the creditor pile. Unvested share awards and stock options for the unit's 700 employees, valued at about US$62 million for the year ending in March 2011, are virtually worthless with the stock trading at less than eight cents on Tuesday. |
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| Yoma seeks to develop land in Myanmar |
| MAINBOARD-LISTED Yoma Strategic Holdings Ltd plans to acquire the land development rights of a 54-hectare area in Myanmar known as Star City - about 9.6 km away from the country's largest city, Yangon. |
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| SingTel's 3G services disrupted twice in 24 hours |
| SINGTEL experienced another bout of service disruptions for the second time in five months, on Tuesday and yesterday. |
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| Citigroup sues hedge fund manager over losses |
| (SINGAPORE) Citigroup Inc's Singapore unit has sued Hong Kong- based hedge fund manager Raghavendran Rajaraman, seeking to recoup US$1.03 million in trading losses that the bank says that he incurred after gold fell from a record high in September. |
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| Lucrum Capital to invest $200m in TTI's Big Box |
| SINGAPORE-BASED private equity group Lucrum Capital has agreed to pump in at least $200 million into the Big Box project of TT International (TTI) - a move that could potentially revive the long-stalled warehouse cum retail project in Jurong East. |
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| Trading on SGX securities market slows down sharply |
| TRADING activity on the Singapore Exchange (SGX) securities market saw a dramatic year-on-year slowdown in December last year. |
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| Shenzhen to raise minimum wage in Feb |
| (HONG KONG) Shenzhen, a major manufacturing hub in southern China, will increase its minimum wage by 13.6 per cent in February despite warnings from factory owners that the move could deal another blow to exporters already reeling from a sharp drop in Western orders. |
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| Local govt debt audit finds 530b yuan in irregularities |
| (BEIJING) China has uncovered 530 billion yuan (S$108.5 billion) worth of irregularities with local government debt, the National Audit Office said yesterday. |
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| 1.4m orders for world's cheapest tablet in India |
| (NEW DELHI) The world's cheapest tablet computer has clocked 1.4 million bookings since it was put up for sale online two weeks ago in India, a spokeswoman told AFP on Tuesday. |
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| Samsung brings out five new devices here |
| SAMSUNG has launched a slew of phones and tablets in the country: two Android phones and tablets, and a Windows Phone. |
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| Flyer rechannels marketing dollars to digital media |
| THE Singapore Flyer is shifting its marketing budget to digital ways of reaching out to sightseers, its head of IT told BizIT. |
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| Insurance claims nosedive in safest year for aviation |
| (NEW YORK) Global airlines' insurance claims fell 45 per cent to the lowest in seven years in 2011, as the industry posted its safest year on record, according to Ascend. |
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| US$10.2m owed on 19 jets, AMR Corp tells court |
| (SYDNEY) AMR Corp, the owner of American Airlines that filed for bankruptcy last year, said it plans to keep 19 planes on which US$10.2 million is owed for rent or debt payments under aircraft agreements. |
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| Garuda to spin off Citilink unit |
| (JAKARTA) Indonesia's leading flag carrier PT Garuda Indonesia aims to spin off its Citilink unit by the end of March so that it can compete in the country's low-cost airline business, local media reported yesterday. |
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| 150 Qantas pilots on unpaid leave after cuts |
| (SYDNEY) Qantas Airways, Australia's biggest carrier, said that about 150 of its more than 2,000 pilots were taking unpaid leave after it cut services in a bid to revive unprofitable international operations. |
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| BOC Aviation appoints a new chairman |
| SINGAPORE-BASED aircraft lessor BOC Aviation has appointed senior Bank of China (BOC) official Chen Siqing as its new chairman. |
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| Boeing meets Kansas staff as it mulls plant's closure |
| (SEATTLE) Boeing Co was gathering all of its employees in Wichita, Kansas for a mandatory meeting last night as the world's largest aerospace and defence company considers closing operations in the area. |
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| Samsung seen closing 2011 with a bang |
| (SEOUL) Samsung Electronics, the world's top maker of memory chips and smartphones, is set to report a robust quarterly profit rise tomorrow, starting 2012 on an upbeat note aided by record-smashing sales of smartphones. |
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| Murder most foul on Queen Elizabeth's country estate |
| (LONDON) A murder mystery with elements of an Agatha Christie whodunit is unfolding at the vast country estate where Queen Elizabeth II and her family gathered in rural splendour to celebrate Christmas and New Year's. |
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| 3 Thomas Cook directors leave in leadership clearout |
| (LONDON) Thomas Cook said yesterday that three board members will leave next month, two of them early, as the travel firm shakes up its leadership after a funding crunch that triggered a collapse in its share price. |
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| Big banks may line up to block LME sale |
| (LONDON) Top bank stakeholders of the London Metal Exchange are likely to amass enough support to block a sale they fear would bring a more heavily regulated owner and hurt their lucrative warehousing businesses, senior industry sources say. |
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| Aus mining tax may raise less |
| (SYDNEY) Australia's politically charged mining profits tax could raise less than the initial A$11 billion (S$14.7 billion) that Prime Minister Julia Gillard is promising if iron ore prices return to November levels, accountants BDO warned in a senate submission. |
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| Noda bent on raising Japan's consumption tax |
| JAPANESE Prime Minister Yoshihiko Noda yesterday said he would 'never give up' in his fight to persuade everyone of the need to revamp the country's tax and social welfare system. |
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| Belgian chosen as ECB's chief economist |
| (FRANKFURT) The European Central Bank unexpectedly named Peter Praet, a Belgian, its de facto chief economist on Tuesday, breaking a tradition of German hardliners occupying that crucial policymaking post. |
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| Demand for factory goods up in Nov |
| (WASHINGTON) Orders to American factories rose in November by the most in four months, showing gains in manufacturing will help the economy grow. |
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| Obama opens election year with focus on economy |
| (WASHINGTON) President Barack Obama's first trip of the election year puts him at a crucial juncture for his chances to win a second term: talking about the economy in Ohio, a key swing state that was battered by the recession. |
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| Romney wins narrowly as Santorum surprises Iowa |
| (DES MOINES, Iowa) Mitt Romney's quest to swiftly lock down the Republican presidential nomination with a commanding finish in the Iowa caucuses was spoiled on Tuesday night by the surging candidacy of Rick Santorum, who fought him to a draw on a shoestring budget by winning over conservatives who remain sceptical of Mr Romney. |
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| Fed to publish forecasts of interest rate shifts |
| (WASHINGTON) The Federal Reserve will begin later this month to publish the predictions of its senior officials about their own decisions, hoping to increase its influence over economic activity by guiding investor expectations. The change was approved at the most recent meeting of the Fed's policy-making committee, in December, but was kept secret until Tuesday afternoon, when the Fed released an account of the meeting after a standard three-week delay. |
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| Double take |
| A creation called 'Double Mona Lisa' made by Brazilian artist Vik Muniz with peanut butter and jam is presented as part of the exhibition 'The Imaginary Museum' at the Collection Lambert museum of modern art in Avignon, South-eastern France. The exhibition will run till May 2012. |
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| Brazil's trade surplus in 2011 is highest in 4 years |
| (BRASILIA) Brazil's 2011 trade surplus soared 47.8 per cent to nearly US$30 billion, compared with the previous year, the highest since 2007, with record exports and imports, official data showed. |
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| Berkshire underperforms benchmark, dips 4.7% |
| (NEW YORK) Warren Buffett, the billionaire investor who has highlighted his record of beating the market when stocks languish, oversaw a decline last year as the Standard & Poor's 500 Index ended unchanged. |
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| France's top power broker keeps low profile |
| (PARIS) With France widely expected to lose its vaunted AAA credit rating any day now, the government here is bracing for the fallout. But as President Nicolas Sarkozy heads into a tough re-election fight, for financial damage control he is increasingly reliant on a civil servant of whom few people outside France have heard: Ramon Fernandez. |
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| Noda eyes poll if tax bills not passed: report |
| (TOKYO) Japanese Prime Minister Yoshihiko Noda wants to call a snap general election if Parliament does not approve bills needed for a sales tax increase, the Sankei newspaper reported yesterday. |
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| Legionella bacteria found in HK govt building |
| (HONG KONG) Water samples taken from the office of Hong Kong's chief executive Donald Tsang were found to contain bacteria that causes Legionnaires' disease, after the city's education secretary contracted the illness. |
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| US$7.6t debt of biggest economies maturing in 2012 |
| (LONDON) Governments of the world's leading economies have more than US$7.6 trillion of debt maturing this year, with most facing a rise in borrowing costs. Led by Japan's US$3 trillion and the United States' US$2.8 trillion, the amount coming due for the Group of Seven (G-7) nations and Brazil, Russia, India and China is up from US$7.4 trillion at this time last year. |
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| No euro if no bailout deal: Greek official |
| (ATHENS) Greece will have to leave the eurozone if it fails to clinch a deal on a second, 130 billion euro (S$218.6 billion) bailout with its international lenders, a government spokesman said yesterday. |
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| Iowa set to launch war for White House |
| (DES MOINES, Iowa) Judgment day dawned for Republican contenders vying to take on Barack Obama in November's presidential election, with a pivotal vote in Iowa yesterday likely to dramatically winnow the field of contenders. |
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| Dec mfg grows at fastest pace in six months |
| (WASHINGTON) Manufacturing in the United States grew in December at the fastest pace in six months, remaining at the forefront of the expansion entering 2012. |
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| Data from Germany, China boosts euro |
| (LONDON) The euro rose yesterday as better-than-expected economic data boosted riskier assets and triggered short-covering, but it is likely to remain pressured in 2012 on worries over high sovereign debt and low growth in the eurozone. |
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| Raise the CFO's profile through accreditation |
| IS CFO a homogeneous designation? Apparently not. Based on a recent KPMG report titled 'Who are our CFOs?', about 83 per cent of chief financial officers have an accounting background and the larger companies are more likely to have CFOs who are not accountants. |
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| The failure of the euro |
| THE euro should now be recognised as an experiment that failed. This failure, which has come after just over a dozen years since the euro was introduced, in 1999, was not an accident or the result of bureaucratic mismanagement but rather the inevitable consequence of imposing a single currency on a very heterogeneous group of countries. |
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| Signs point to tepid consumer spending |
| US CONSUMERS are running out of tricks. As the US weak economy has trudged on, they are leaning on credit cards to pay for holiday gifts, many bought at discounts. |
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| Sino-Japan ties rests on China joining global ranks |
| THE death of Kim Jong-il caused Japanese Premier Yoshihiko Noda to shift the focus of his discussions in Beijing from bilateral issues to North Korea. |
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| Preparing for a year of slower growth |
| THE 4.8 per cent GDP growth recorded last year for the Singapore economy was almost in line with the official forecast of 5 per cent. But reaching the upper end of the 1-3 per cent range predicted for 2012 will be a challenge. |
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| Three-Minute Digest |
| AS Singapore enters a slowdown, this year's Budget must focus on intensifying long-term economic restructuring efforts, Deputy Prime Minister Tharman Shanmugaratnam said yesterday. |
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| Restaurant partners' dispute reaches High Court |
| (SINGAPORE) A dispute among three partners of Jin Shan Lou over the ownership of the Chinese fine-dining restaurant at Marina Bay Sands has escalated to Singapore's High Court. |
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| Malaysian stocks slip 1.1% in new year |
| MALAYSIA's stock market got off to a weak start in the new year, with investors expected to turn defensive in the first six months on expectations of a slowing global economy. |
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| Scrap rate points to smaller COE quota this year |
| (SINGAPORE) The quota for certificates of entitlement is expected to shrink further this year based on the current rate of deregistrations. |
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| SMRT starts internal probe of NSL service disruptions |
| (SINGAPORE) SMRT has unveiled the seven-member internal investigation team (IIT) looking into the train service disruptions which affected more than 100,000 commuters in December. |
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| Singapore's productivity drive to target 4 more sectors |
| (SINGAPORE) Singapore's productivity drive will embrace four more sectors - financial services, accountancy, social services and process construction and maintenance - raising the annual GDP contribution of sectors on board the national movement from 40 per cent to 55 per cent. |
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| Shrinking economy flirts with technical recession |
| (SINGAPORE) As the economy ended 2011 with a quarter-on-quarter dip, it revived speculation on whether Singapore was on the verge of slipping into a technical recession. |
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| Home prices sputter, poised to fall this year |
| (SINGAPORE) Prices of both private homes as well as HDB resale flats are poised to fall this year. This was foreshadowed in the official flash estimates for the fourth quarter of last year which showed a slowdown in growth for both segments. |
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| Budget to focus on long-term strategies |
| (SINGAPORE) As Singapore enters a slowdown - with at least two years of sub-par growth ahead of it - this year's Budget must focus on intensifying long-term economic restructuring efforts, Deputy Prime Minister Tharman Shanmugaratnam said yesterday. |
|
| Singapore Roundup |
| IN ACCORDANCE with the Constitution, President Tony Tan has reappointed Lim Chee Onn and Stephen Lee Ching Yen as alternate members of the Council of Presidential Advisers (CPA) from Jan 2, for a further period of four years. Both men were first appointed to the CPA for a four-year term from Jan 2, 2008. |
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| Temasek sets up unit for N Asia investment |
| (SINGAPORE) Singapore investment company Temasek Holdings has set up a new subsidiary, Pavilion Capital Pte Ltd, that will invest primarily in privately owned firms in North Asia. |
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| GIC unit, Canada pension fund seal bid for Aussie Reit |
| (SYDNEY) A Government of Singapore Investment Corp (GIC) affiliate and a Canadian pension fund have signed a binding agreement to pay A$1.2 billion (S$1.6 billion) for most of Charter Hall Office Reit. |
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| Prime - last of 7 taxi firms - to up fares from Friday |
| PRIME Taxi will be joining its competitors in raising fares, a move it says will apply to cabs under its fleet starting this Friday, reported The Straits Times. |
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| 2011: Year of heightened compassion |
| While 2011 might have been a year plagued by fatal and costly natural disasters, it was also a year of heightened compassion with sharp increases in funding to humanitarian organisations for disaster relief. |
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| Eurozone crisis hits Q4 business confidence: poll |
| GLOBAL economic uncertainty resulting from the eurozone crisis sapped local business confidence in Q4, prompting fears that business growth will be more difficult this year compared to 2011. |
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| STI starts 2012 with 1.6% rise |
| A 2.4 per cent rise in Hong Kong's Hang Seng Index most probably because of buying ahead of an expected Tuesday bounce in Western markets meant that the Straits Times Index (STI), which last week lost 35 points, got off to a decent start to 2012 when it rose 42.01 points or 1.6 per cent yesterday to 2,688.36. |
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| Re-inventing the wheel |
| FEW shipowners will have fond memories of 2011. It was a difficult year for almost everybody and a really awful one for some who experienced the 'perfect storm' of low freight rates, falling vessel values and a huge overhang of debt. |
|
| Giant Vale ship completes maiden voyage to China |
| (SINGAPORE) The first of Vale's giant dry bulk vessels to arrive in China has completed delivery of its iron ore cargo, shipping data showed yesterday, a key step forward in the Brazilian miner's plan to cut shipping costs to its biggest market. |
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| Investors should buy Maersk, Frontline 2012, says Platou |
| (OSLO) Investors should buy shares of shipping companies AP Moeller-Maersk A/S, Diana Shipping Inc, and Frontline 2012 Ltd, RS Platou Markets AS said. |
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| Frontline completes revamp |
| (OSLO) Frontline Ltd, the world's biggest operator of the largest crude tankers, completed a restructuring as it sold vessels, pared commitments for new ships, and eliminated its bank debt to tackle a shipping market slump. |
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| Top shipping hedge fund sees LNG beating oil, coal |
| (LONDON) Tankers hauling liquefied natural gas (LNG) at sea will earn record rates in 2012 as demand reaches an all-time high, beating returns from vessels carrying oil and coal, according to the world's biggest shipping hedge fund. |
|
| US high-speed rail network finds support among Republican candidates |
| (NEW YORK) President Barack Obama's programme to bring bullet trains to the United States has been left on life support by the strident opposition of Republicans in Congress and in statehouses around the nation. |
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| US car sales to pick up speed in 2012 |
| (DETROIT) After hitting a 30-year low in 2009, US car sales are poised for a second straight year of growth - the result of easier credit, low interest rates, and pent-up demand for cars and trucks created by the Great Recession. |
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| India's luxury car market worth US$1b |
| (MUMBAI) From farmers who swapped fields for cash to 20-something CEOs that inherited the family business, hot new money is flooding India's luxury car market as roaring sportscar engines announce the country's growing wealth on its roads. |
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| Global carmakers to unveil 50 models at India's Auto Expo |
| (MUMBAI) Fuel-efficient cars and a slew of new SUV models will be unveiled at India's Auto Expo later this week as global carmakers continue to rev up their activity in one of the world's few growth engines despite a recent slowdown in sales. |
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| Few car brands may change hands in 2012 |
| THE new year will see a few new players taking on new marques but most motor distributors do not expect more brands to change hands in 2012, mainly because of the weak economy and the contracting COE quota. |
|
| M'sia police forbid protest for Anwar |
| (KUALA LUMPUR) Malaysia's opposition alliance vowed yesterday to rally 100,000 people outside the court delivering the verdict in opposition leader Anwar Ibrahim's sodomy trial, despite police threats to prevent any demonstration. |
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| Malay Chamber offers to buy fund's KFC stake |
| (KUALA LUMPUR) The Malay Chamber of Commerce Malaysia said it is prepared to outbid CVC Capital Partners Ltd in offering to buy Lembaga Tabung Haji's 23 per cent stake in fast-food operator KFC Holdings (Malaysia) Bhd. |
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| Shares of F&N Malaysian unit climb 11.7% |
| DESPITE floods in Thailand which closed its plant since October and the termination of its agreement with The Coca Cola Company (TCCC), the shares of the Malaysian unit of beverage maker Fraser and Neave Holdings (F&N) have continued to climb, moving up 11.7 per cent since early October to RM18.20 yesterday. |
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| Ratan Tata calls for belt tightening: report |
| (MUMBAI) The head of India's giant Tata conglomerate has urged group companies to revise their future projections and cut costs drastically because of global financial turmoil, a report said yesterday. |
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| Pessimism over India's plan for FDI in stocks |
| (MUMBAI) India's bid to lure overseas capital by loosening curbs on stock investments may be undermined by Europe's debt crisis, according to a strategist who predicted a year- end drop for the nation's equities. |
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| Tiny gain seen for S&P500 in 2012 |
| (NEW YORK) FORECASTERS at securities firms are more conservative on US stocks than any time in seven years, predicting the Standard & Poor's 500 Index will rise 7.2 per cent in 2012 as budget deficits around the world limit gains. |
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| Fund managers bet on rising commodity prices |
| (NEW YORK) Speculators increased wagers on rising commodity prices by the most since August 2010 on signs that sustained economic growth will drive a rebound in raw materials from their first annual slump since the recession. |
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| Bond sales by S Korean firms seen to hit record high in 2012 |
| (SEOUL) Foreign-currency bond sales by South Korean companies will climb to a record in 2012 as European banks, facing an escalating sovereign-debt crisis at home, pare back on their lending, the market's biggest underwriters predict. |
|
| US dollar's safe-haven role intact |
| (NEW YORK) MOVES by the Federal Reserve to flood the world with dollars are doing little to dent the currency's value, bolstering the appeal of US assets at a time when the government needs the support of foreign investors the most. |
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| Aussie post-Christmas sales in line with expectations |
| (MELBOURNE) Australian retailers are seeing post-Christmas trading in line with already reduced expectations of a 2.4 per cent annual increase, a leading industry group said yesterday. |
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| US major chains expected to post healthy Dec sales |
| (NEW YORK) WHEN top US retailers post their December sales this week, Wall Street analysts are expecting them to report a healthy end to the holiday season, helped by discounts, improved consumer sentiment and tactics like extended hours and layaways. |
|
| Majority of UK analysts see bleak year: FT poll |
| (LONDON) A large majority of economists polled by the Financial Times believed that this year would rival 2009 for economic weakness in Britain as output was hit by the eurozone debt crisis, the newspaper reported yesterday. |
|
| Seoul advances budget spending to help economy |
| (SEOUL) South Korea said yesterday that it would allocate more than 40 per cent of its annual budget spending on the current quarter - the most in at least a decade - to cushion the impact from slowing global demand. |
|
| German unemployment in Dec falls more than forecast |
| (BERLIN) German unemployment fell more than forecast in December as exports of cars and machinery boomed and one of the mildest winters on record helped support jobs in construction. |
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| Company Briefs |
| TECHNICS OIL and Gas has secured two contract-engineering projects worth a total of $10.1 million. |
|
| Sembcorp finally gets new Natuna gas supply |
| EARLIER-DELAYED piped gas supplies from Natuna under Sembcorp's new, second Indonesian gas supply agreement (GSA) are now flowing into Singapore. |
|
| Mewah plans to invest 1.3 trillion rupiah in Indonesian refinery project |
| PALM oil refiner Mewah International Inc is planning to invest 1.3 trillion Indonesian rupiah (S$184 million) in a refinery and packaging plant project in East Java. |
|
| Keppel buying stake in Norway's OWEC Tower |
| KEPPEL Corp is forking out 61 million kroner (S$13.2 million) for a 49.9 per cent stake in Norwegian offshore wind turbine foundation designer OWEC Tower. |
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| Singapore market may see turnaround in Q1: DMG |
| HERE are some glad tidings for the new year: While Q1 is expected to be the worst-performing quarter of 2012, a trough during the period could also mark the start of recovery and a turnaround for the Singapore market. |
|
| Sino Techfibre appoints SFCA to value business |
| SINO Techfibre has appointed Stone Forest Corporate Advisory Pte Ltd (SFCA) to conduct a business valuation for the group after its special audit drew a blank. |
|
| SGX seeks to remove 'iceberg order' function |
| THE Singapore Exchange (SGX) is seeking to remove a trading-engine function provided to market participants in both the securities and derivatives markets to slice large orders into smaller ones. |
|
| CapitaMalls Asia launches $200m bond offer |
| IN the first retail bond offering of 2012, CapitaMalls Asia (CMA) yesterday announced its offer of up to $200 million in subscription and placement bonds. |
|
| China's Dec PMI rebound distorted by CNY holidays? |
| AN increase in production ahead of the Chinese Spring Festival this month might have distorted China's manufacturing output in December, reflected in the official purchasing managers' index (PMI) for last month, economists said yesterday. |
|
| US senator wants transparency over scanner radiation levels |
| (NEW YORK) One of the great joys of flying the Delta Shuttle to Washington, DC, out of the Marine Air Terminal at New York City's LaGuardia Airport - oh, what am I saying? There are no joys associated with flying the Delta Shuttle from LaGuardia, or from anywhere. |
|
| It's never been a safer time to fly than now |
| (NEW YORK) Boarding an airplane has never been safer in the US, but there are still some corners of the world where flying is risky, including Russia, the Democratic Republic of the Congo, and Somalia. |
|
| Airlines to pass on costs of EU emissions scheme to passengers |
| (FRANKFURT) Several airlines will pass on the costs of a European Union (EU) carbon trading scheme to passengers. |
|
| Surrendering Aum fugitive turned away |
| (TOKYO) Japanese police turned away one of the nation's most wanted fugitives when he tried to surrender at Tokyo police headquarters on New Year's Eve after nearly 17 years on the run, reports said Tuesday. |
|
| It's back to the future for RBS's investment bank |
| (LONDON) It's back to the future for Royal Bank of Scotland's investment bank. The UK government has said that the state-backed bank should further shrink its wholesale arm and focus on serving UK companies. The outcome could be something resembling County NatWest, the UK progenitor of RBS's current Global Banking & Markets (GBM) unit. |
|
| BP seeks spill costs from Halliburton |
| (NEW YORK) BP called on its contractor Halliburton to pay all costs and expenses the oil major incurred to clean up the 2010 Gulf of Mexico oil spill, according to a court filing by BP's lead trial attorney. |
|
| Wall Street's new optimism about deals |
| (NEW YORK) Before Europe's debt crisis flared anew last summer, rattling markets and choking off a revival in mergers and acquisitions, huge corporate cash piles and cheap debt had fostered hopes that dealmaking would recover strongly last year. |
|
| Thrift outside US hitting Tiffany the most |
| (WASHINGTON) With Europeans and Asians buying fewer US$65,000 diamond necklaces and US$10,000 amethyst earrings, Tiffany & Co may be in for a less-than-glittering 2012. |
|
| Stanford seeks trial delay after experts quit on pay |
| (SAN FRANCISCO) R Allen Stanford, accused of running a US$7 billion investment fraud, is seeking a three-month delay of his Jan 23 trial date after his expert witnesses quit because they weren't being paid. |
|
| Putin starts building a Eurasian Union trade bloc |
| (ALMATY) Russian Prime Minister Vladimir Putin has a vision for a Soviet Union-lite he hopes will become a new Moscow-led global powerhouse. But, his planned Eurasian Union won't be grounded in ideology: this time it's about trade. |
|
| India's factory activity at six-month high in Dec |
| (BANGALORE) India's manufacturing activity surged to a six-month high in December thanks to a spike in factory output and new orders from domestic and international firms, a survey of purchasing managers showed yesterday. |
|
| Blackstone unit buys Indian firm for 8.1b rupees |
| (NEW DELHI) An affiliate of US private equity giant Blackstone has bought a firm that owns a special economic zone in India from the country's top-listed developer DLF Ltd and its partner for 8.1 billion rupees (S$197 million). |
|
| Manhattan penthouse's asking price jumps 12% to US$110m |
| (NEW YORK) The developer of One57, slated to become New York City's tallest residential building, raised the asking price for the six-bedroom penthouse overlooking Central Park by 12 per cent, to US$110 million. |
|
| US is top 2012 property investment pick |
| (NEW YORK) The United States will remain the top choice of most global commercial real estate investors in 2012, but the country has lost ground to Brazil which ranked No 2 this year, according to a survey. |
|
| HK builder's investment in movie venture on hold |
| (HONG KONG) A Hong Kong construction company said on Friday that a plan to invest US$220.5 million in a Hollywood-China movie production venture is on hold because of rocky financial markets. |
|
| US consumers likely to remain in slow lane for some time |
| (WASHINGTON) It's up to the consumer to drive the US economy and lift world growth in 2012, and the outlook is far from encouraging. |
|
| Greek doctors, pharmacists go on strike |
| (ATHENS) Greek pharmacists and doctors yesterday kicked off a week of labour mobilisation against cost-cutting measures and liberalisation reforms pursued by the country's debt-struck government. |
|
| US jobless rate at its lowest level in nearly 3 years |
| (WASHINGTON) The long-suffering US job market ended 2011 better off than it began. |
|
| Israel's biggest firm has its first non-Israeli CEO |
| (BERLIN) Teva Pharmaceutical Industries Ltd named Jeremy Levin of Bristol-Myers Squibb Co to replace Shlomo Yanai as chief executive officer, as the world's biggest generic-drug maker seeks to diversify its portfolio of innovative medicines. |
|
| US small business borrowing soars |
| (WASHINGTON) Borrowing by small US businesses hit its highest level in nearly four years in November, pointing to underlying strength in the economy. |
|
| We'll tackle bankers' pay excesses, says Cameron |
| (LONDON) UK Prime Minister David Cameron pledged more action to deal with 'excess' in pay in the finance industry as he said the country 'will get through' a difficult year. |
|
| Spain's public deficit may top 8%: minister |
| (MADRID) Spain's public deficit for 2011 may be even higher than the above-target 8 per cent of gross domestic product forecast by the new centre-right government on Friday, Economy Minister Luis de Guindos said yesterday. |
|
| European leaders seek to buy time for euro rescue |
| (MUNICH) European leaders return to work from Christmas holidays seeking to buy time for the Spanish and Italian governments to wrest control over their debt and rescue the single currency from fragmentation as the region's crisis enters a new year. |
|
| Who will save the triple-A rating? |
| REMEMBER America's triple-A credit rating? The benchmark that was eroded during the debt-ceiling standoff last year? |
|
| Customers (citizens) come first |
| SINGAPORE topped the Networked Society Index, with Seoul in third place, closely following Stockholm. |
|
| Helping firms continue to hire S'poreans |
| SINCE the days of Sir Stamford Raffles, Singapore has attracted immigrants from China, the Malay Peninsula and India. Many of these foreigners, who came looking for a better life, worked hard and decided to settle down in Singapore. |
|
| Washington's ill-informed obsession with US debt |
| IN 2011, as in 2010, America was in a technical recovery but continued to suffer from disastrously high unemployment. |
|
| Encouraging figures - but stay cautious |
| ECONOMIC data released this week has renewed optimism in some quarters that Asia may be less affected by the economic problems in Europe and the US than earlier feared. |
|
| Cooling measures freeze Beijing home sales |
| (BEIJING) Sales of both new and existing homes in Beijing plummeted in 2011 as a result of the government's efforts to cool down the runaway property market. |
|
| UK home prices may decline this year: report |
| (LONDON) UK house prices may decline in 2012 as economic turmoil emanating from the euro area's sovereign debt crisis pushes up unemployment and undermines consumer confidence. |
|
| The worst is yet to come, says German minister |
| (BERLIN) The new year will probably be worse than the last, but Germany, Europe's biggest economy, should be able to withstand it, German Finance Minister Wolfgang Schaeuble said in an interview yesterday. |
|
| Creating jobs, taming inflation top priorities: S Korea's Lee |
| (SEOUL) South Korea's president said yesterday that creating jobs and taming inflation were his top economic priorities this year, vowing to spend more than US$8.6 billion on expanding employment. |
|
| Eurozone mfg downturn extends to fifth month |
| (LONDON) Eurozone manufacturing activity declined for a fifth consecutive month in December, although at a slightly slower rate than November's 28-month record low, a survey showed yesterday, suggesting the decline would continue in the early months of 2012. |
|
| Long live gloom - it's a great time to buy stocks |
| IT is the oldest saw in the investment handbook: buy low and sell high. But with global shares at their cheapest in a generation, confident equity investors are a rare breed. |
|
| China couple defy strict one-child rule with eight kids |
| (BEIJING) In a country that limits most couples to one child, many Chinese were amazed to learn that a couple had spent nearly a million yuan (S$206,150) and illegally enlisted two surrogate mothers to help have the four boys and four girls. |
|
| Thousands protest in China against scams |
| (BEIJING) Thousands of protesters converged on a train station in central China on Sunday, angered by collapsing illegal investment schemes that residents said the government had failed to staunch, according to news reports and a government notice yesterday. |
|
| India aviation ministry proposes subsidy for remote area flights |
| (NEW DELHI) India's civil aviation ministry said that airlines operating unprofitable flights to remote destinations may be given subsidies to help boost regional connectivity without affecting the carriers' finances. |
|
| Suspect charged in Texas airport explosives case |
| (MIDLAND) Authorities have charged a member of the US military who was arrested after trying to go through a security checkpoint at a Texas airport with explosives in military-grade wrapping, the FBI said. |
|
| Indonesia's Dec inflation hits 21-month low |
| (JAKARTA) Indonesia's annual inflation in December eased more than expected to a 21-month low of 3.79 per cent, giving the central bank more room to cut interest rates again if needed next week to shield South-east Asia's largest economy from the global slowdown. |
|
| Indian central bank may reverse rate rises |
| (MUMBAI) India's central bank may reverse its record pace of interest rate increases to boost growth as inflation shows signs of easing, the British Broadcasting Corp reported, citing governor Duvvuri Subbarao. The central bank's approach to managing inflation and growth will be different in 2012, the BBC quoted Mr Subbarao in an interview posted on its website yesterday. |
|
| Three-Minute Digest |
| ELEVEN years into Singapore's biomedical sciences push, the sector has grown into a sizeable stable of almost 300 companies and businesses. |
|
| Franck Muller's growing love affair with Asia |
| FRANCK Muller is a man with big, warm smiles. Nowadays, much of his cheeriness is intimately tied to Asia, a region to which this world-famous watch designer and maker, now 53, has returned every year since the age of 18. |
|
| TWG rolls out plan to expand overseas |
| (SINGAPORE) The global economy may be slowing in 2012 but it's full speed ahead for homegrown luxury tea brand TWG as it rolls out its aggressive plan to expand overseas. |
|
| Latest H5N1strain not transmissible between humans |
| (BEIJING) The strain of H5N1 bird flu that killed a Chinese man cannot spread among people, a health agency said yesterday, appealing for calm after the country's first reported case of the disease in humans in 18 months. |
|
| What recession? Boat Asia's all set to party |
| (SINGAPORE) Despite economic uncertainty in Europe and the United States, sales of superyachts will not abate in Asia - nor will the allure of boating or boat-owning here dim, says the organiser of the yearly Boat Asia show here. |
|
| Another tough year looms for shipping industry |
| (SINGAPORE) This year was clearly not the year for shipping magnates, who are facing sleepless nights over how to pay the bills when freight rates are low, oil costs are high and debt schedules for their ships are looming. |
|
| Singapore shares thriving on US OTC market |
| (SINGAPORE) In a foreign market 13 hours away, an active trade in Singapore shares is taking place either in the form of American Depository Receipts (ADRs) or ordinary shares. |
|
| Biomedical sciences push bearing fruit |
| (SINGAPORE) Eleven years into Singapore's biomedical sciences (BMS) push, the sector has grown into a sizeable stable of almost 300 companies and businesses. |
|
| From waste land to up-market district |
| JUST over 10 years ago, the reclaimed-land district of Western Harbour in Malmo, a southern Swedish city, was a waste land. It was a polluted one at that. |
|
| The cloud and beyond |
| CLOUD computing is here - and small and medium enterprises (SMEs) in Singapore need to embrace it. |
|
| Brace for 'longish period' of slow growth |
| SINGAPORE not only has to prepare itself for an economic slowdown this year, said Trade and Industry Minister Lim Hng Kiang yesterday, but also ready itself for a 'somewhat longish period' of slow growth. |
|
| A win-win for NUS biz students and top SMEs |
| IT is a little known but unique partnership between a top local business school and 50 of the most successful small and medium-sized enterprises (SMEs) in Singapore. |
|
| Little India shophouses up for sale at $24-25m |
| SIX adjoining three-storey shophouses in the Little India conservation area have been put up for sale by expression of interest, with an indicative price of $24-25 million. |
|
| Jamaica coming alive with Kennedy airport arrivals |
| (NEW YORK) A steady stream of travellers dragging wheeled suitcases and speaking a Babel of tongues is helping revive downtown Jamaica, a vibrant hub of the borough of Queens that weathered several decades of decay and crime. |
|
| Indonesia rescues hijacked tug boat |
| (KUALA LUMPUR) Indonesian authorities have rescued a tug boat with nine crew believed to have been hijacked in the Straits of Singapore, a sea lane seeing a rise in attacks, an official said yesterday. |
|
| Oil tanker operator Frontline completes revamp |
| (OSLO) Frontline, the largest independent global oil tanker operator, completed its restructuring with the help of Norwegian tycoon John Fredriksen, a key step in its revival as the industry struggles with weak demand and overcapacity. |
|
| Austal may start production at Cebu shipyard in Q1 |
| in Manila |
|
| Germany, France send political players to ECB |
| (LONDON) Germany and France sent two key government officials to fill positions at the European Central Bank (ECB) yesterday, setting off a struggle for the job of chief economist. |
|
| Google ads use emotional stories to connect with users |
| (NEW YORK) The search giant made its first push into advertising with a Super Bowl ad in 2010 about a young couple falling in love. But through last year it began a more focused television campaign, as well as taking on other efforts, like hosting Google-themed conferences, in an effort to represent its online brand in the offline world. |
|
| Arab Spring gives Syariah banking a boost |
| (DUBAI) Syariah-compliant finance may reap the benefits of regime changes in North Africa, where protests last year toppled three leaders who persecuted Islamists. |
|
| Denmark as EU president to seek to keep UK in check |
| (COPENHAGEN) Euro outsider Denmark, which took over the six-month presidency of the European Union on Sunday, will strive during its term to make sure Britain does not stray too far from the fold as the EU grapples with a debt crisis, its prime minister said, but some analysts believe the country holds little sway over most matters. |
|
| Looking ahead, EU plans for less unanimity |
| (BRUSSELS) For decades, any European Union nation could block proposed laws in the most sensitive policy areas, like taxation, consigning them to the scrap heap if they encroached too much on its power. |
|
| Tom Cruise makes mission to stay on top possible |
| (LOS ANGELES) Tom Cruise appears to have left behind his weird period, at least at the North American box office. |
|
| Eurozone seen breaking up |
| (LONDON) It is all but certain that the eurozone will break up within the decade, according to the Centre for Economics and Business Research (CEBR). |
|
| Greek debt talks near end, says Germany |
| (BERLIN) Germany's government declined to comment on a report that it may push for creditors to accept bigger losses on Greek debt than previously agreed upon, saying only that talks on lowering Greece's debt level may end soon. |
|
| Grounded cargo ship off NZ breaks up into two pieces |
| (WELLINGTON) A Liberian-flagged cargo ship that grounded on a New Zealand reef almost three months ago has effectively broken into two pieces, New Zealand's shipping authority said yesterday. |
|
| Iran navy tests surface-to-surface cruise missile as part of drill |
| (TEHRAN) Iran's navy said that it test-fired a surface-to-surface cruise missile yesterday during a drill in international waters near the strategic Strait of Hormuz, the official IRNA news agency reported. |
|
| Mayban plans to invest RM1b in next 5 years |
| (KUALA LUMPUR) Malayan Banking Bhd's private equity arm Mayban Ventures Sdn Bhd plans to invest RM1 billion (S$409.2 million) in the next five years targeting companies in the traditional sector. |
|
| Freeport workers delay their return |
| (JAKARTA) Workers at Freeport McMoran Copper & Gold Inc's Indonesia unit delayed their return after a three-month strike because 500 employees of sub-contractors lack job security, a senior union official said yesterday. |
|
| Obama the statesman |
| THE world may see Barack Obama as a leader weakened by the intractability of American domestic politics, but, as the 2012 presidential campaign heats up, the American public still sees him as a strong, capable leader in foreign affairs. |
|
| After the promised land |
| AT THE height of the Arab uprisings last spring, many Europeans were gripped by nightmare visions of a tsunami of migrants crashing against the continent's shores. |
|
| Hope springs eternal |
| ALMOST a year has passed since revolution in Tunisia and protests in Cairo's Tahrir Square toppled ossified authoritarian regimes and ignited a much wider - and still raging - storm in the Arab world. |
|
| Occupy the government |
| TOO much of the talk nowadays about how social media has affected politics focuses on awareness: people adopt social media, discover that they are not alone, start to protest, and eventually their 'Facebook revolution' overwhelms those in power. |
|
| Asia enters the storm |
| AS 2011 draws to a close, there are growing signs that Asia is becoming caught up in the global slowdown, dashing hopes that the region's economies would 'decouple' from the prolonged recession in Europe and America's lacklustre recovery. |
|
| Reinvigorate the rich to help the poor |
| FOR the third time in five years, the world's poorest countries are at risk of being hit by a crisis not of their making - a prospective downturn brought on by financial turmoil in the world's most advanced economies. |
|
| The Europe of the future |
| WHENEVER people seek a justification for European integration, they are always tempted to look backwards. |
|
| What China wants in 2012 |
| WITH economic globalisation and the advent of a multi-polar world, China and other emerging countries are clearly set to play much more important roles not only in 2012, but in the coming decades. |
|
| Industrialisation's Second Golden Age |
| 'THE golden age of finance,' the economist Barry Eichengreen has said, 'has now ended.' If that is true - and let us hope that it is - what follows will most likely be a new golden age of industrialisation. |
|
| The year of rational pessimism |
| SOMEONE recently quipped that the best thing about 2011 was that it was likely better than 2012. |
|
| All fired up for the New Year |
| IT was a show to lift the spirits as Singapore ushered in the New Year at the stroke of midnight with a fireworks extravaganza at Marina Bay-Esplanade waterfront. Hundreds of thousands of spectators packed the area to catch the eight-minute display, which was synchronised to a specially commissioned music score composed by Cultural Medallion winner Iskandar Ismail. |
|
| Update on damaged trains |
| SMRT yesterday said that all but one of the trains damaged in the service breakdowns last month are up and running. |
|
| Japan firms in Asia bullish about prospects |
| THE business outlook for 2012 is generally grim, but apparently not for Japanese companies operating in Singapore and many other parts of the Asia-Pacific region. |
|
| Capesize rate seen sinking to 10-year low |
| THE weakest growth in demand in at least a decade for shipments of iron ore, the second-biggest commodity cargo after crude oil, means that rates for the largest vessels will plunge to the lowest level since 2002. |
|
| Anxious investors are seeking safety in numbers |
| IT seems that anxious investors in these troubled economic times are seeking safety in crowds. |
|
| 'Split in China Sky board over special audit' |
| THERE is a split in China Sky Chemical Fibre's board over whether to comply with a Singapore Exchange (SGX) directive for a special audit, independent director Lai Seng Kwoon suggested yesterday, a day after the company reshuffled its governance committees. |
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| Limits of volatility |
| PICKING up from our earlier article, where we discussed some of the principles and theories that can be used to measure volatility, the next question probably is: what next? |
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| Online recruitment goes virtual |
| ECHOING the calls for 'cheaper, better, faster' workers, HR solutions start-up Quantine is offering an online recruitment platform which it thinks will help employers hire 'better, faster, stronger'. |
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| High-end telepresence gives way to mass-use video-conferencing |
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| Modest growth seen in semicon market |
| THE global semiconductor market is expected to see modest growth of 2.2 per cent to US$309 billion this year, up from last year's expected US$303 billion, according to research agency Gartner. |
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| Kindle sales on fire, at 1m a week in Dec |
| New York |
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| Amazon may miss Q4 sales estimates: Goldman |
| New York |
|
| Man with explosives stopped at Texas airport |
| A MAN was detained after trying to go through a security checkpoint at a Texas airport with explosives in military-grade wrapping, federal and local officials said. |
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| Market set to continue 'going nowhere, fast' |
| ANY economics professor teaching the folly of short-term trading can point to the jagged 2011 financial market charts that impaled speculators like MF Global but left long-term investors almost unscathed. |
|
| Economists expect S'pore inflation to ease |
| GLOBAL economic slowdowns tend to bring with them some reprieve from inflation, but the let up in price increases will be slow this time round. |
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| 2012 a year of defensive play for investors |
| INVESTORS should stay 'defensive' in 2012 and stick to high-quality, dividend-paying counters that have strong balance sheets, analysts say. They warn that growth in the global economy will slow to 1.8-3.5 per cent this year with a downward bias to these estimates, depending on how the European debt crisis plays out. |
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| PM Lee: Take coming slowdown in stride |
| SINGAPORE has to take the expected economic slowdown in 2012 in its stride, Prime Minister Lee Hsien Loong said a day after delivering a sobering New Year message. |
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| The citizen bank |
| SOON after the financial crisis began in 2008, I was at a meeting in the United States where a senior White House economic adviser put a question to me: 'Do you think banks can be good citizens?' |
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| Europe's 2012 challenges |
| FOR more than six decades, Europe's integration process has been steadily evolving. |
|
| Russia's bo-toxic president returns |
| WHEN a tsar is treated with mockery, rather than regarded with awe, it is time for him to consider retirement, or to prepare for a palace coup. |
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| The rise of Asian women |
| INDIA'S Indira Gandhi, Sri Lanka's Sirimavo Bandaranaike, Pakistan's Benazir Bhutto, Sheikh Hasina of Bangladesh, Corazon Aquino of the Philippines, and Megawati Sukarnoputri of Indonesia - these women leaders dominated South and South-east Asia for much of the past four decades. |
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| Taking faith seriously |
| London |
|
| Europe's year of indecision |
| THE dire economic situation in which most of the rich world found itself in 2011 was not merely the result of impersonal economic forces, but was largely created by the policies pursued, or not pursued, by world leaders. |
|
| Briefing |
| New Delhi INDIA will allow individual foreign investors direct access to its stock market from Jan 15, the government said yesterday, the latest step to liberalise Asia's third-largest economy after a year of big losses on the benchmark Sensex index. |
|
| Facebook mega-IPO expected this year |
| FACEBOOK co-founder and chief executive Mark Zuckerberg has deflected talk of going public for years, but it looks like it is finally going to happen in 2012. |
|
| No fireworks to mark euro's 10th anniversary |
| WHEN the euro was introduced just after midnight on Jan 1, 2002, celebratory fireworks exploded above the European Central Bank (ECB) headquarters in Frankfurt. |
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| India tops in churning out of junk mail |
| INDIA has emerged as the world's top source of junk mail as spammers make use of lax laws and absent enforcement to turn the country into a centre of unsolicited email messages. |
|
| malaysia insight Racially driven boycott call cuts no ice |
| IF it's a 'bread war' it's one with an unfortunate racial twist. In the past weeks, a campaign has been waged online by persons unknown against Gardenia bread in favour of Massimo's. |
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| Olympics at risk from fixers: minister |
| FIXING now poses the biggest threat to the integrity of the Olympics, the British minister for the 2012 London Games told The Sunday Times newspaper, citing illegal Asian betting rings. |
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| HK likely to top IPO markets yet again for 2011 |
| HONG KONG looks set to retain its crown as the world's biggest IPO market for the third year in a row, pipping New York, but analysts warn of a tough 2012 as market volatility continues. |
|
| 2012 is 'full of risks', Sarkozy warns voters |
| FACING a tough election fight in four months, French President Nicolas Sarkozy kicked off the New Year warning voters that 2012 is 'full of risks' and that France's future will hang in the balance. |
|
| World eagerly welcomes 2012, better future |
| REVELLERS erupted in cheers amid a confetti-filled celebration in New York's Times Square to welcome in the new year, part of star-studded celebrations and glittering fireworks displays around the world to usher in 2012. |
|
| Promising 2011 ends with STI down 17% for the year |
| WHAT a year it has been. While 2011 started promisingly enough, the uncertainties cast by the European and the US debt crisis dampened sentiment significantly through the course of the year. |
|
| 2011 the 2nd most active year in buyback history |
| DIRECTORS ended 2011 with a whimper as their purchase activity fell for the second straight week while the selling remained very low during the holiday-shortened week of Dec 27 to 30, 2011. A paltry seven companies recorded 11 purchases worth $760,000 versus three companies with three disposals worth $80,000. The buy figures were sharply down from the previous week's five-day totals of 19 firms, 28 purchases and $1.56 million. The sales, on the other hand, were consistent with the previous week's three firms, six disposals and $230,000. |
|
| Less sanguine rental outlook for malls |
| RENTS at Singapore's malls, which have ridden on the nation's success as a world-class shopping and event destination for most of the year, are expected to remain stable at best in 2012. Over the past two years, retail malls have enjoyed an uplift in rental rates on the back of robust economic growth which drove domestic consumption and tourist expenditures skywards. Certain areas still continue to show healthy rental gains amid the increasingly cautious market. |
|
| From traditional crimes to shadow banking |
| THE Yakuza, or Mafia, have been back in the news in Japan these past few months, although not because of street battles between rival gangs or activities such as gambling, drug dealing and prostitution that they have traditionally been associated with. Instead, they have been suspected of engaging in 'shadow banking'. |
|
| China PMI shows slight expansion in December |
| CHINA'S big manufacturers narrowly avoided a contraction last month, a survey showed yesterday, but downside risks persist and suggest the world's second's second-largest economy will need fresh policy support to counter a slowdown in growth. |
|
| Re-Employment Act takes effect as economy faces global uncertainties |
| IT looks like bad timing to roll out the Re-Employment Act - which came into effect yesterday - at a time when the global market is sinking and wage costs are rising. |
|
| In search of wisdom |
| PEOPLE want to be virtuous but rules kill moral skills, and incentives kill moral will, says American psychologist Barry Schwartz. |
|
| What will next year bring? |
| WITH 2011 drawing to a close, how should investors be positioned for the coming year? This year will surely stand out as having been exceptionally tumultuous. |
|
| Next week | Jan 2-6, 2012 |
| ISM Manufacturing Index |
|
| This week | Dec 27-30, 2011 |
| THE primary reason cited by analysts is politics. In a year of power transfer, a China landing, soft or hard, would resemble more a slow-motion drama than an action film, at least until the handover to the next central leadership in March 2013. |
|
| Japan's DPJ agrees to defer sales tax rise |
| JAPAN'S ruling party tax panel, facing growing public opposition, agreed yesterday on a new timetable for increases in the sales tax, with the first rise not coming until April 2014, six months later than originally planned. |
|
| Indian govt criticised over stalled anti-corruption law |
| New Delhi |
|
| China announces curbs on foreign investment in auto production |
| CHINA said on Thursday that it will 'withdraw support' for foreign investment in auto manufacturing to encourage the domestic industry in the world's largest car market. |
|
| Retailers hit hard as Aussies cut spending |
| AUSTRALIA'S mining boom, which has powered the nation's economy to faster growth than the United States, Europe and Japan, isn't filtering down to the country's A$250 billion (S$330 billion) retail sector. |
|
| US job market ends year in better shape |
| THE long-suffering US job market is ending the year better off than it began. The number of people applying for unemployment benefits each week has dropped by 10 per cent since January. |
|
| Firms get bonus from stock option tax benefits |
| THE stock market's rebound from the financial crisis three years ago has created a potential windfall for hundreds of executives who were granted unusually large packages of stock options shortly after the market collapsed. |
|
| A year of failed bids for bourses |
| THE biggest wave of takeover offers ever for publicly traded stock and derivatives exchanges has done little for investors in 2011, as more than US$21 billion of equity value was erased and only one deal closed. |
|
| Spain revises up 2011 budget deficit |
| SPAIN'S new government warned yesterday that the country's budget deficit will be higher than anticipated this year as it unveiled a first batch of austerity measures that include surprise income and property tax hikes. |
|
| Pyongyang maintains tough stance with Seoul |
| NORTH KOREA warned the world yesterday that there would be no softening of its position towards South Korea's government after Kim Jong Il's death as Pyongyang strengthened his son and heir's authority with a new title: Great Leader. |
|
| Bank of America set to finish last for the year |
| BANK of America is on track to be this year's worst performer in the Dow Jones Industrial Average as concern about mounting mortgage losses and a global economic slowdown weighed on the second-biggest US lender. |
|
| Fair of face |
| CHRISTMAS Day may have come and gone but that doesn't mean that the shopping must stop - particularly in the run up to an early Chinese New Year in 2012. |
|
| Vintage pundit |
| EX-CABARET singer Cameron Silver is exactly the sort of person you want by your side when you're trying to buy something as tricky as a piece of vintage fashion. |
|
| Chefs not cooking |
| YOU may know them by their cuisine, or maybe even for their tempers, but have you ever wondered what exactly chefs do when they are not sweating it out in the kitchen? |
|
| Timely arrival |
| LAMENTS over the neglect of our local artists run rife in Singapore, but at least one restaurateur is making a personal effort to stymie the situation. |
|
| New year, new nosh |
| The Michelin starred restaurant in Tokyo's glitzy Ginza district will make its first Singapore foray in the form of a 1000 sq ft restaurant in the newly minted mall. |
|
| Up-and-coming hotspots 2012 |
| HELPING to bolster Singapore's reputation of being a garden city is Gardens by the Bay - 101 hectares of prime land at Marina Bay that is made up of three gardens, namely Bay South (the largest at 54 hectares), Bay East (32 hectares) and Bay Central (15 hectares). |
|
| Hotspots 2011 |
| ONCE better associated as the go to place for curries, spices and saris, new lifestyle concepts have, for the past two years, been slowly but surely breathing new life into Little India. |
|
| New spa offerings on the way |
| BEAUTY coaching, online wellness, snow showers and sound massages are just a few of the luxury treatments clients at spas around the globe will be experiencing in 2012. |
|
| Managing talent with a long-term view |
| NO one in the recruitment sector would dispute that the travails of the global economy are affecting Singapore's employment market. |
|
| Capitalising on human nature |
| IN TODAY'S hyper-competitive, global - and now, turbulent - business environment, where will your company's next big performance gains come from? |
|
| Putting the 'pond' in an imponderable |
| HOW is this for doing everybody a favour? Thanks to the PUB, families got to argue about something else for a change when they gathered to eat the cultural incongruence that is logcake and catered beehoon last Christmas weekend: what is 'ponding' and how has a geographical feature become a verb? |
|
| Padding hard knocks with sweet talk |
| MOST people fear hard truths. And so as financial markets got tougher this year, the words from world leaders and CEOs got softer. |
|
| CPF changes, tax cuts figure in PwC's Budget 2012 wish list |
| THE Central Provident Fund (CPF) needs to be strengthened as a retirement savings mechanism, says PricewaterhouseCoopers Singapore (PwC), which hopes the government will raise employers' contribution back to its former 20 per cent rate and halt the use of CPF savings for non-retirement purposes. |
|
| Small industrial units on older sites get fresh selling point |
| SOME developers marketing small strata industrial units on sites that they had bought at earlier state land tenders are expected to tout the 'scarcity value' of such units to potential investors. However, not everyone thinks that that would work. |
|
| Pay review panel submits report |
| THE committee tasked to review ministerial salaries has handed its report to Prime Minister Lee Hsien Loong. |
|
| Dismal end to year for stocks; property sector badly bruised |
| IT was not a pretty picture for stocks across most sectors but especially nasty bruises showed up on the property scene. |
|
| Dip in China purchasing managers' index in Dec |
| CHINA's manufacturing contracted for a second month in December as Europe's debt crisis cut export demand, fuelling speculation that the central bank may cut lenders' reserve requirements within days. |
|
| CPF to cap wrap fees at 1% from July |
| THE Central Providend Fund took another step to control costs on individual investments, announcing a cap on wrap fees that could cut revenue for some financial advisers in 2012. |
|
| China Sky brought back to earth by SGX |
| THE Singapore Exchange (SGX) has issued an ultimatum to China Sky Chemical Fibre to appoint a special auditor by Jan 5 amid the group's continued defiance of its directive. |
|
| Bleak 2011 sees $130b bleed away from market |
| IN a year battered by financial instability in the eurozone, and social unrest, uprisings and natural calamities elsewhere, the Singapore market ended trading yesterday with a 15.4 per cent drop in value. |
|
| Far from the shopping crowd |
| IT'S often touted as the sale worth waiting for. But this little boy was oblivious to all the pedestrian traffic leaving Centrepoint with big bags marked "sale". |
|
| PUB working to prevent more floods |
| FOLLOWING last Friday's flash floods, national water agency PUB says it will work closely with the management of affected buildings to find out the cause of the floods and identify ways to prevent a recurrence. |
|
| Lee Kuan Yew Fund for Bilingualism draws $58m |
| BARELY a month after it was started, the Lee Kuan Yew Fund for Bilingualism has attracted more than $58 million in donations and pledges - more than half its target. |
|
| STI slides 1%, takes loss to 17% for 2011 |
| THE Straits Times Index (STI), having risen on Thursday ahead of the day's bounce in Western markets, yesterday ended 2011 on a dour and downbeat note when it fell 26.43 points, or 1 per cent, to 2,646.35. |
|
| Champion of Asian integration |
| ONCE seen as a model of regional economic integration for Asia and others to emulate, the European Union has now become a theatre of global concern as it struggles to retain its own viability and that of the euro. |
|
| Wolf in sheep's clothing |
| THE simple act of compressing air can lend itself to the creation of playthings that allow for many entertaining applications. Like paintball guns, for example, or scuba tanks. And, of course, the turbochargers in the new BMW M5. |
|
| Singapore's next top model? |
| BMW'S firecracker performance this year has seen the German luxury brand speeding up the sales charts as Singapore's top make. Its 5 Series also clinches the top spot as the Republic's favourite model. And it looks like BMW will repeat its success story in 2012 when the new 3 Series arrives. The 3 Series has consistently been a global best-seller and this new-generation car doesn't look it will be any different. Get set for the ultimate driving machine becoming the most popular driving machine again. |
|
| New for 2012 |
| Mercedes-Benz LONGER, wider and low, the new Mercedes-Benz B-Class (below) also looks more desirable. While the first-generation model appeared somewhat dumpy, the second-generation model is more elegant. This compact model sits on a new platform and offers more luxury and versatility for five passengers than the usual MPV/hatch alternatives. Merc's brilliant 1.6-litre turbocharged engine drives the front wheels via a seven-speed dual-clutch transmission. Arrival: Mid-year |
|
| Business briefing |
| KEPPEL Land's deemed interest in K-Reit Asia has risen to 47 per cent from 46.51 per cent. |
|
| Fortune Reit hires ANZ, DBS and Stanchart for loan |
| FORTUNE Real Estate Investment Trust (Reit) hired Australia and New Zealand Banking Group Ltd (ANZ), DBS Bank Ltd and Standard Chartered plc (Stanchart) to arrange and underwrite a HK$1.4 billion (S$233 million) three-year loan, according to a person familiar with the matter. |
|
| Asia-Pac loans touch record US$342b |
| ASIA Pacific (ex-Japan) syndicated loan volume reached a new record of US$342 billion via 1,082 deals in 2011, a 27 per cent increase from 2010's US$268.5 billion via 943 deals, according to Thomson Reuters. |
|
| Asia Silk EGM on Feb 1 to seek RTO approval |
| ASIA Silk Holdings will hold an extraordinary general meeting on Feb 1 to seek shareholders' approval for the acquisition of Chaswood Resources Sdn Bhd for $60.79 million in a reverse takeover (RTO) deal. |
|
| PCRT seals lease deal with Shanghai Summit |
| MAINBOARD-LISTED Perennial China Retail Trust (PCRT) said yesterday that it has leased out parts of its Shenyang Longemont Shopping Mall to Shanghai Summit Group for a total contract value of 94.1 million yuan (S$19.2 million). |
|
| Partners may loan up to $794m for Market Street Car Park project |
| UP to $794 million of funding for the redevelopment of Market Street Car Park could be provided via a unitholder loan from its project partners CapitaLand, CapitaCommercial Trust (CCT) and Mitsubishi Estate Asia (MEA). |
|
| Cacola Furniture names E&Y as auditor to validate cash position |
| CACOLA Furniture International has appointed Ernst & Young Advisory as an independent auditor to verify its current cash position. |
|
| Federal Int'l selling Banyan Utilities stake to Greenbridge |
| MAINBOARD-LISTED Federal International is selling off its 75 per cent stake in Banyan Utilities - a dedicated five-megawatt (MW) cogeneration plant which was built to supply utilities to now-defunct Australian biofuels maker Natural Fuels' US$130 million Jurong Island plant. |
|
| Bank lending edges up 2.3% in November |
| BANK lending rose modestly in November as loans to businesses resumed growth after shrinking in October. |
|
| Tackling concerns over ETFs |
| NEW guidelines that could be adopted next year on how exchange - traded funds (ETFs) are sold would be a shot in the arm for the industry |
|
| UK home prices post first fall in four months |
| UK house prices declined for the first time in four months in December and may drop in 2012, according to Nationwide Building Society. |
|
| UK govt bonds perform best as London avoids euro stress |
| THE UK is home to this year's best-performing government bond market as investors seek a haven in nations with top credit ratings and their own monetary policy. |
|
| Aussie home prices drop 3.7% as banks doubt 2012 rebound |
| HOME prices in Australia's eight capital cities slid 3.7 per cent in the first 11 months of 2011, extending the biggest drop in at least 12 years on concerns Europe's debt crisis may damp the nation's economic growth. |
|
| Board changes at IE S'pore, JTC Corp and STB |
| THERE will be a few board changes at statutory boards International Enterprise Singapore (IE Singapore), JTC Corporation (JTC) and the Singapore Tourism Board starting Jan 1. |
|
| Bank of Spain says economy shrank in Q4 |
| (MADRID) A day before Spanish Prime Minister Mariano Rajoy is set to unveil his first budget measures for the stricken country, available data suggest the euro area's fourth-biggest economy contracted in the final months of the year. |
|
| Malay Chamber set to outbid CVC Cap for Kulim's QSR stake |
| (KUALA LUMPUR) The Malay Chamber of Commerce Malaysia said it plans to offer RM6.90 per share for Kulim (Malaysia) Bhd's controlling stake in fast-food restaurants operator QSR Brands Bhd, trumping an earlier bid by CVC Capital Partners Ltd and Johor Corp. |
|
| Slowing inflation gives ECB room to cut rates next year |
| (FRANKFURT) The European Central Bank has more room to cut interest rates to a record low early next year after reports showed the sovereign debt crisis is damping inflation pressures. |
|
| US retail sales head for solid holiday finish |
| (SAN FRANCISCO) US retail sales look poised for a solid finish to the holiday season as warm weather and deep discounts encouraged shoppers to hit the stores or go online to snap up last-minute gifts, according to data released on Wednesday. |
|
| NOL chairman to retire in April next year |
| NEPTUNE Orient Lines (NOL) chairman Cheng Wai Keung will retire from the board after its annual general meeting in April 2012, the company said yesterday. |
|
| Wiig rolls with the punches |
| IF laughter is the best medicine, then Bridesmaids should be in everyone's first aid kit during this rainy season. It keeps you laughing for two hours without ever seeming like it's trying too hard. |
|
| Spielberg's leap of faith |
| STEVEN Spielberg's War Horse doesn't get off to a galloping start but it does come to a winning end. |
|
| Hong Kong wuxia hits the mark |
| TYPICAL of Hong Kong action auteur Tsui Hark, he goes overboard with just about everything in his new film Flying Swords of Dragon Gate. |
|
| When stocks hit the fan |
| MARGIN CALL is the most relevant movie in cinemas today and should be required viewing for hotshot investment bankers and their bosses everywhere, if only to remind them (if they need reminding at all) of recent history on Wall Street and how quickly the house of cards they and their predecessors helped to build comes tumbling down. |
|
| Toast to Pinot Noir |
| THE word is out. Burgundy is in - and in a big way. But again the focus is on the big names - DRC and Henri Jayer in particular, as expected. |
|
| Vietnam maintains growth at 6% for fourth quarter |
| (HANOI) Vietnam's growth held near 6 per cent this quarter, reducing the pressure for further monetary tightening after higher interest rates limited the boost to the economy from exports and domestic consumption. |
|
| India's biggest slum runs big business |
| (MUMBAI) In the labyrinthine slum known as Dharavi are 60,000 structures, many of them shanties, and as many as one million people living and working on a triangle of land barely two-thirds the size of Central Park in Manhattan. Dharavi is one of the world's most infamous slums, a cliche of Indian misery. |
|
| Corporate bond risk increases in Australia |
| (SYDNEY) The cost to insure against default of Australian corporate bonds is poised for the biggest annual increase since 2008 as the nation's economy comes under threat from Europe's sovereign debt crisis. |
|
| West-educated Kim may open North Korea |
| (SEOUL) Kim Jong-un may relax state controls over North Korea's economy and ease the isolation entrenched by his late father's nuclear weapons programme, according to a banker who fled the communist state after years working for the regime. |
|
| Company Briefs |
| KOON Holdings, through subsidiary GPS Alliance Home Solutions, has set up a new business unit, Muse Living Pte Ltd, to provide home furnishing, design consultancy and installation services. |
|
| Keppel O&M wins jobs worth $150m |
| KEPPEL Offshore & Marine Ltd (Keppel O&M) wrapped up 2011 on a record-breaking note, with latest contracts of $150 million raising the year's new orders to a high of some $10 billion. |
|
| Yoma hits high as Myanmar optimism generates interest |
| YOMA Strategic Holdings is a unique and possibly undervalued proxy to recent optimism about Myanmar, a fund manager said following a spike in the company's stock price. |
|
| Fortune Reit eyes 2 assets for HK$1.9b |
| FORTUNE Real Estate Investment Trust (Fortune Reit) is looking to acquire two retail properties in Hong Kong for a total consideration of HK$1.9 billion (S$319 million). |
|
| Value of global M&As slumps in final quarter |
| (NEW YORK) The value of global takeovers fell to the lowest level in more than a year this quarter, and dealmakers say Europe's debt crisis may hamper a recovery in 2012 as cash-rich companies hold off on major purchases. |
|
| Dec global investor confidence dips |
| GLOBAL investor confidence slipped slightly this month, but a look at individual regions showed that European institutional investors are more upbeat than their North American and Asian peers for the second consecutive month. |
|
| Yields for Italy's 10-year bonds ease to 6.98% |
| (ROME) Italy's borrowing costs eased for a second day yesterday but the country's new premier said that his government has more to do before it convinces financial markets that it can manage the heavy debts that have made it the focus of the eurozone crisis. |
|
| Business activity expands faster than expected in Dec |
| (WASHINGTON) Business activity in the US expanded more than forecast in December, as did the number of Americans signing contracts to buy previously owned homes in November, in the latest signs that the US economy is weathering the slowdown in Europe. |
|
| Euro falls vs yen, $ after Italy debt sale |
| (LONDON) The euro fell to a 10-year low against the yen and its lowest in more than 15 months versus the dollar yesterday, after high borrowing costs at an Italian bond sale fuelled investor concerns about the eurozone crisis. |
|
| Brokers' Take |
| FUXING recently announced that it expects to achieve a lower Q4 FY11 operating profit compared with that of Q4 10 and could see impairment losses from write-down of its tangible and intangible assets. |
|
| Nab them when they're still at Princeton |
| The committee has been reconvened in haste to respond to a disturbing new trend: the uprisings by students on elite college campuses. |
|
| 2012 the year of Counter-Revolution? |
| THE outgoing 2011 is the Year of the Protester, according to Time magazine. The insurgency targeting the ruling political elites, first in Tunisia, and then in Egypt, Libya, Syria, Yemen and Bahrain, has not been confined to the Middle East. |
|
| Right mix of austerity and growth is needed |
| EUROPE'S sovereign-debt crisis has rumbled on for so long that some people are beginning to take it for granted that eurozone leaders can continue to stumble from one non-solution to the next without risk of cataclysm. |
|
| Budget debate exposes failure of US political system |
| THERE are moments when America's political system, whose essential job is to mediate conflicts in broadly acceptable and desirable ways, is simply not up to the task. |
|
| Flexibility needed in policy towards NE Asia |
| GEOPOLITICAL tectonic plates are grinding against each other in Northeast Asia with China's 'emergence' and America's reassertion of its role as an Asian power. |
|
| Three-Minute Digest |
| THOSE hoping to make a quick buck by investing in tiny small strata industrial units are in for a reality check. |
|
| Prospect of technical recession looms |
| (SINGAPORE) Singapore's economy will get worse before it gets better, with some economists now saying that it may sink into a technical recession in the next few quarters. |
|
| Chief district judge to steer SMRT probe |
| (SINGAPORE) The government has appointed a three-member committee to investigate the severe disruptions to the SMRT network earlier this month. |
|
| The importance of Japan-China currency pact |
| THE surprise announcement in Beijing last weekend that China and Japan will cooperate on currency issues and in bond markets could have considerable significance for future monetary developments in Asia. |
|
| FibreChem creditors may seek S-chip's liquidation |
| (SINGAPORE) Creditors of FibreChem Technologies are considering filing a petition to liquidate the S-chip after their statutory demands for loans repayment were not met. |
|
| MARKETS DIGEST |
| ST INDEX |
|
| Fasten your seat belts for 2012 |
| NO, the world is not going to crash in 2012 - although financial markets might just - but it's going to be a bumpy ride. |
|
| Govt acts to rein in industrial space prices |
| (SINGAPORE) Those hoping to make a quick buck by investing in small strata industrial units are in for a reality check. |
|
| Guangzhou's designing ways |
| DESIGN translates an idea or a message into something tangible. This may take shape in the form of wacky installations, as the inaugural Beijing Design Week demonstrated earlier this September. |
|
| 2012 - through the crystal ball |
| EVEN the 'dullest morn', says an old English folksong, 'often heralds in the fairest day', but as 2012 dawns darkly it is difficult to see much that is fair by way of economic and financial prospects for the New Year. |
|
| Petronas seals buy of stake in GMR's Jurong Island plant |
| MALAYSIAN national oil and gas company Petronas is now officially a power player here, having closed this week its purchase of a 30 per cent stake - involving S$69 million so far - in GMR Energy's S$1.2 billion facility, Singapore's newest power station under construction on Jurong Island. |
|
| Retail bonds seen getting early revival in 2012 |
| SINGAPORE'S retail bond market is poised for a revival in the next few weeks as bookrunners seek to apply lessons from the earliest deals. |
|
| China speeds up foreigner quota to invest in markets |
| (SHANGHAI) China has since October granted nearly US$1 billion in quotas for foreign institutions to invest in the country's capital markets following a five-month hiatus, reflecting Beijing's desire to encourage inbound investment amid signs of a capital outflow. |
|
| Alibaba nudges closer to Yahoo buy |
| (WASHINGTON) Alibaba Group has hired a Washington lobbying firm, in a sign that the Chinese e-commerce company would be willing to make a bid for all of Yahoo Inc in the event that talks to unwind their Asian partnership fail. |
|
| Korea Aerospace signs 711b won deal to build fighter jets |
| (SINGAPORE) Korea Aerospace Industries Ltd, South Korea's only maker of planes, said it signed a 711.2 billion won (S$797.6 million) contract to build the country's first jet fighter for the air force. |
|
| Airlines face EU cap-and-trade scheme in the new year |
| (BRUSSELS) Airlines will have to buy pollution permits to fly in Europe from Jan 1 under a disputed EU system to fight climate change, but slumping carbon market prices could make the bill less painful. |
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| Global airlines cruising to safest year ever |
| (WASHINGTON) The global airline accident rate is on pace this year to reach the lowest recorded, according to a trade group. |
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| A year when rich mining firms splurged |
| (MANILA) The China-driven commodities boom transformed economies and environments across the globe in 2011, a year that saw cashed-up mining giants invest record amounts into extracting Earth's riches. |
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| Japan store offers 20.12m yen New Year lucky dip |
| (TOKYO) A Japanese department store is offering anyone with a quarter of a million dollars a lucky dip bag stuffed with expensive jewellery to ring in the New Year. |
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| Good Tepco assets may be listed after takeover |
| (TOKYO) Tokyo Electric Power Co may be approaching the end of its life as a private company as the cost of the Fukushima nuclear disaster drains cash and the government considers nationalising the utility. |
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| Nomura comes out tops in Japan M&A |
| (TOKYO) Nomura Holdings pulled ahead of Goldman Sachs Group to hold on to the top spot for mergers and acquisitions advisory work in Japan in 2011, after the two competed neck and neck during the last two months. |
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| 'Policy mistakes' more likely with slowing economies |
| (SINGAPORE) Asian policy makers eager to sustain growth in 2012 may put their economies at risk with interest- rate cuts or fiscal stimulus that some can ill afford. |
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| Partisan view of China |
| AFTER the made-in-America global financial crisis of 2008/09, the made-in-Europe sovereign debt crisis of 2010/11 and the sordid tales surrounding greedy financiers |
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| Around Town |
| To some Singapore adults, the traditional provision shop is something like Mr Magorium's magic emporium - with everything you ever needed, and more, which can be found on the shelves. |
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| Raw power possesses stage |
| IT seems like 2011 will best be remembered as the year when the world exploded in social unrest. The Arab Spring engendered a fury that spread quickly to Zuccotti Park, London and other cities. |
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| The pre-eminent Giselle |
| IT'S not that ballet fans haven't seen the core works of the classical repertoire - Swan Lake, The Nutcracker, Giselle and the like - but it's a rare occasion to see a classical piece performed by a company for which it was originally choreographed. |
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| Red-hot visual arts scene |
| A GALLERY owner described this year as 'stellar' and indeed, the consensus is that this superlative isn't an exaggeration when rating Singapore's art scene in 2011. |
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| State of play |
| THE disappointing turnout for this year's Singapore Arts Festival sounded a cautionary note for the local arts scene - was the public losing its interest in the arts? |
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| The year's best in films |
| In 2011, cinema screens sparkled with heroic deeds, historical dramas, political intrigue and fascinating journeys of discovery. |
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| Asia comes of age |
| DIRECTOR Giddens Ko turns his semi-autobiographical novel into one of the most enjoyable teen movies of the year. |
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| Mixed bag of fortunes awaits M'sia in 2012 |
| WITH eurozone and US debt problems still not fully resolved, Malaysia is unlikely to remain unscathed from the global capital-market volatility that is expected to seep into next year. |
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| Indonesian fund eyes property firms |
| (JAKARTA) Sucorinvest Asset Management, one of the few Indonesian funds to record a profit in 2011, said it will next year target property companies that hold giant land banks ripe for development into industrial estates. |
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| India's govt bonds face biggest losses in two years |
| (MUMBAI) India's bonds are headed for their worst year since 2009 as slowing government revenue threatens efforts to cut the budget deficit and fuels concern the nation will continue to sell a record amount of debt. |
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| India's food inflation eases to nearly six-year low |
| (NEW DELHI) India's annual food inflation eased for a ninth straight week to its lowest in nearly six years in mid-December on improved supplies, bolstering hopes of a cooling in overall inflation that will allow the central bank to shift focus to reviving growth by cutting rates. |
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| Indian regulator to review IPO rules after firms misuse funds |
| (MUMBAI) India's capital market regulator is reviewing the initial public offering process to stop companies from raising funds using falsified information, after seven firms were found to have violated rules. |
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| Sequel power |
| IF you're looking for brand new games to play in 2012, the wait may be longer than you think. |
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| Stay in the loop, get footloose |
| IT'S party season as the year draws to a close over the long weekend, so here's some party music that should fit the season nicely. |
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| Niche music rocks |
| LOCAL pop music's seen modest development this year, with concerts by Ocean Butterflies, JJ Lin and Kit Chan, but there have been far more interesting highlights in niche genres like jazz, classical and indie. |
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| Party with Macy Gray |
| MANY music stars make their Singapore debuts relatively quietly at smaller events before making a splash with stand-alone concerts, and R&B singer Macy Gray will be doing just that tomorrow when she performs at Capella Singapore as part of the Capella under the Stars New Year's Eve party. |
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| New rules streamline conveyancing |
| IN an effort to streamline conveyancing transactions, Singapore's Ministry of Law has introduced new rules aimed at simplifying the payment of stamp duties and the depositing of monies into conveyancing accounts. |
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| Increase in industrial land supply expected to soften prices, rents |
| THE planned increase in land supply under the Industrial Government Land Sales (GLS) Programme in H1 2012 will help soften industrial property prices and rents to a level within reach of genuine end users, say some property consultants. |
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| STI gains 6.5 points in thin volume |
| IT WAS another ho-hum session for the local stock market yesterday as traders wound down their positions against a backdrop of European uncertainty and thin liquidity. |
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| Rotterdam beats own throughput record this year |
| (THE HAGUE) Rotterdam, Europe's largest container port and among the world's top 10, said yesterday it registered a new record throughput of 433 million tonnes, despite the continent's economic downturn. |
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| Iran may take lower-level action instead of closing Hormuz |
| (WASHINGTON) Iran could make good on its threat and temporarily shut down or disrupt oil shipping through the strategic Strait of Hormuz, but it would trigger a devastating US military reaction and leave Teheran utterly isolated on the world stage, experts say. |
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| Overnight deposits with ECB hit record high again |
| (LONDON) Overnight deposits from the region's financial institutions hit an all-time high for a second straight day, The European Central Bank said yesterday. |
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| Carlyle returns US$15b to partners |
| (NEW YORK) Carlyle Group LP, the Washington-based private-equity firm planning to go public next year, returned US$15 billion to its limited partners during the first three quarters of this year, the most the firm has ever distributed over a nine-month period, according to an investor. |
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| Deutsche Boerse, NYSE push back merger deadline |
| (LONDON) Deutsche Boerse and NYSE Euronext have extended the deadline for completion of their planned merger to March 31 next year as they seek to convince European regulators to back the US$9 billion deal. |
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| New home loans at 8-year low in Spain |
| (MADRID) New Spanish home loans collapsed to the lowest number in at least eight years in October, official data showed Wednesday, as the economy battled a feared recession. |
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| Three-Minute Digest |
| TEMASEK Holdings is looking to sell its majority stake in troubled Pakistan lender NIB Bank, just months after it injected over $100 million into the bank. |
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| Japan's November industrial output plunges 2.6% |
| HIT by sagging overseas demand, Japan's industrial output fell more than twice as fast as expected last month. |
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| How long will ABSD stay in the market? |
| (SINGAPORE) The president of the Real Estate Developers' Association of Singapore raised eyebrows on Tuesday by asserting that the latest cooling measures were likely to be short-term in nature. |
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| Renewed push for productivity |
| (SINGAPORE) THE electronics industry may still be in the doldrums, but for at least one company here, 2011 has turned out to be a rollicking good year. |
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| SPH to fight Yahoo over copyright claims |
| (SINGAPORE) Singapore Press Holdings will strenuously pursue its copyright claims against Yahoo Southeast Asia, the newspaper publisher said on Wednesday. |
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| Shoebox apartment prices continue dipping in Nov |
| (SINGAPORE) The prices of shoebox apartments and their prospects are back in the limelight. |
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| US$ Sibors hit 52-week highs |
| (SINGAPORE) Less supply and more demand for US dollars in the banking system here are showing up in fast rising benchmark interest rates. |
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| Swiss bourse SIX wants to stay independent |
| (ZURICH) The Swiss stock exchange, SIX Group, wants to stay independent although its German counterpart, Deutsche Boerse AG, has shown an interest in joining forces several times, its chairman Peter Gomez told a Swiss newspaper on Sunday. |
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| SGX ready to act on FibreChem findings |
| THE Singapore Exchange (SGX) stands ready to take action against any breach of its listing rules after investigations into FibreChem Technologies pointed to potential breaches. |
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| GE gets into retail deposits by buying MetLife's online bank |
| (NEW YORK) General Electric Co jumped into the retail deposits business on Tuesday, buying the online bank from life insurer MetLife Inc in a deal that will let GE's capital arm expand its funding base and lessen reliance on wholesale markets. |
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| IPO market headed for another volatile year |
| SIZE does matter when it comes to initial public offerings (IPOs) as 2012 looks set to be another volatile year. |
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| Xinhua urges US to end row over currency |
| (SHANGHAI) China's state news agency yesterday urged the United States to put an end to a 'meaningless quarrel' over its yuan currency, a day after Washington declined to name Beijing a currency manipulator. |
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| Workers at LG plant in China go on strike |
| (NANJING) Workers at a factory in eastern China have gone on strike, halting some LG Display production, the company said yesterday, in the latest show of strength by China's increasingly assertive labour force. |
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| China needs new policy to tackle capital outflows |
| (BEIJING) China's economy has surfed for years on a crest of hefty capital inflows, but the tide that brought gains in money supply is turning as global growth slows. |
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| Wen Jiabao urges farmer rights protection |
| (BEIJING) Chinese Premier Wen Jiabao called on officials to better protect the rights of farmers and ensure they receive a bigger share of profits from the conversion of their land to industrial and residential use. |
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| Google+ may have 400m users next year |
| (SAN FRANCISCO) Google Inc is adding 625,000 new users a day to the Google+ social networking service, which may total 400 million members by the end of next year, according to independent analysis. |
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| GSM phones vulnerable to hijacking: researcher |
| (BERLIN) Flaws in a widely used wireless technology could allow hackers to gain remote control of phones and instruct them to send text messages or make calls, according to an expert on mobile phone security. |
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| Survey: mobile Web media use rising in S'pore |
| MOBILE Web usage is likely to continue to grow and dominate Singaporeans' consumption of media. |
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| Mobile to keep pushing security boundaries |
| WITH the momentum in which mobile and cloud projects have been adopted this year, vulnerabilities arising from these same projects will have to be tracked closely in the coming year, security professionals tell BizIT. |
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| China building world's tallest airport in Tibet |
| (BEIJING) China will start work on the world's highest airport next year, in Tibet's Nagqu county, state media said on Tuesday. The airport will be about 100m higher than the existing record holder in another part of the remote and restive region. |
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| Jakarta orders airlines to pay compensation for delays |
| (JAKARTA) The Indonesian Transportation Ministry will require airline companies to pay 300,000 rupiah (S$42) to each passenger as compensation for a delayed flight starting from Jan 1, a local media reported here yesterday. |
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| San Miguel confirms talks on PAL's refleeting |
| (MANILA) Philippine food-to-power conglomerate San Miguel Corp said yesterday Filipino tycoon Lucio Tan, owner of Philippine Airlines, sought its help for the flag carrier's refleeting and modernisation plans. |
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| A testy year ahead for global aviation |
| (SINGAPORE) Though not as turbulent as some of the worst years during the past decade, 2011 has presented global aviation with its fair share of challenges. |
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| N Korea bids wintry mass farewell to late leader |
| (SEOUL) Tens of thousands of weeping North Koreans bade farewell yesterday to longtime leader Kim Jong-il as his young son and successor walked beside his father's coffin through a snowbound Pyongyang. |
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| Wendy's investing US$200m in return to Japan |
| (TOKYO) Wendy's Co, the third-biggest US fast-food chain, added goose-liver pate and truffles to burgers as it invests as much as US$200 million on a return to Japan two years after leaving the country. |
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| Most credit downgrades in Japan in 2011 |
| (TOKYO) Credit rating companies issued a record number of downgrades in Japan this year as an earthquake and nuclear power plant failure pushed the world's third-largest economy into its third recession in a decade. |
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| Italy's debt costs halve at bond auction |
| (MILAN) Italy's short-term debt costs halved at auction yesterday as a new package of budget austerity and an injection of cheap long- term money from the European Central Bank (ECB) won Rome some respite in thin year-end markets. |
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| Obama nominates two for Fed board |
| (WASHINGTON) US President Barack Obama said that he will nominate two former US Treasury Department officials for the Federal Reserve Board, including one who served in a Republican administration. |
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| Carrefour sells 365m euros in property assets |
| (PARIS) French retailer Carrefour, dogged by profit warnings and eroding investor confidence, said on Tuesday it had sold 97 supermarket properties held by its real-estate arm to an asset manager for 365 million euros (S$617.6 million). |
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| NY Times Co to sell 16 US regional papers for US$143m |
| (BANGALORE) The New York Times Co said that it will sell 16 regional newspapers spread across the US south-east and California to Halifax Media Holdings for US$143 million in cash as it looks to cut costs and focus on its most important papers and their websites. |
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| Fly me to the moon, let me play among the stars |
| An undated artist rendering provided by the US National Aeronautics and Space Administration (Nasa) last week showing the twin Grail spacecraft mapping the lunar gravity field. |
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| 2012 possibly biggest year for Internet IPOs since 1999 |
| (NEW YORK) Facebook and Yelp are set to lead the biggest year for US initial public offerings by Internet companies since 1999, testing demand for IPOs after investors lost money on Zynga and Pandora Media. |
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| Temasek may cut losses on troubled Pakistan venture |
| (SINGAPORE) Temasek Holdings is looking to sell its majority stake in troubled Pakistan lender NIB Bank, just months after it injected over $100 million into the bank. |
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| Track claws secured, trains to maintain lower speed: SMRT |
| TRAIN operator SMRT Corporation has secured all claws used along the underground tracks of the North-South and East-West Lines, it said yesterday. |
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| Full production at Bukom by year-end |
| SHELL expects its oil refinery at Pulau Bukom to be in full production by the end of this year, Channel NewsAsia yesterday reported. |
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| Diamonds to outshine gold from next year: analysts |
| (MELBOURNE) Diamond prices are poised to rise for the next four years, outpacing gold, as increased spending on luxury goods in China, India and the Middle East outpaces supplies of the precious stone, analysts said. |
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| Tote Board chief to stay another year |
| THE Minister for Finance has re-appointed Bobby Chin Yoke Choong as the board chairman of the Singapore Totalisator Board ('Tote Board') for another year, with effect from Jan 1 next year. |
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| MBS files 7 lawsuits to recover $7.89m debt |
| WITH Marina Bay Sands' provision for uncollected gaming debts growing, the casino has stepped up debt collection efforts against local and international highrollers in Singapore's High Court. |
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| STI edges down amid thin trading |
| THE Straits Times Index (STI) edged lower yesterday amid thin trading, with investors unmoved by data showing stronger consumer confidence in the US. |
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| Pirates hijack Italian ship with 18 crew off Oman |
| (ROME) Pirates hijacked an Italian cargo ship with 18 crew on board off the coast of Oman in an area notorious for attacks by Somali pirates, officials said. |
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| Partnership deal lifts shipping stocks |
| (SINGAPORE) Hanjin Shipping Co, South Korea's largest shipping company, climbed to the highest level in three months in Seoul trading on expectations cargo rates may rise following a partnership on trade between Asia and Europe. |
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| Fuel oil seen trading at '3-year high' |
| (SHANGHAI) Fuel oil may trade at a three-year high relative to crude in Asia in 2012 as surging demand from shipping companies and reduced refinery supplies counter slowing consumption by Chinese power stations and factories. |
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| Vale's giant ship arrives at China port for 1st time |
| (SINGAPORE) One of the world's largest commodity ships operated for Vale SA reached a Chinese port for the first time, after the nation's refusal to allow such vessels delayed by more than six months the Brazilian miner's plan to control shipments with giant carriers. |
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| Challenging year ahead for M'sia: OCBC |
| (KUALA LUMPUR) The Malaysian economy is expected to face a challenging 2012, despite its strong domestic demand performance this year. |
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| Contractor urged to settle labour dispute |
| (JAKARTA) Pressure mounted on an Indonesian firm yesterday to resolve a local dispute with workers at a Freeport McMoran Copper & Gold Inc mine that has prompted the union to halt a return to work after a three-month strike. |
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| Indonesian stocks expected to climb on ratings upgrade |
| (JAKARTA) Indonesia's stocks may climb 20 per cent next year after posting the third-biggest gains in Asia in 2011 on the prospect of credit-rating upgrades and increased infrastructure spending, said the nation's third-largest fund. |
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| India anti-graft Bill faces Upper House hurdle |
| (NEW DELHI) Prime Minister Manmohan Singh is one hurdle away from creating the anti-corruption agency that has been repeatedly rejected by Indian lawmakers over four decades as he bids to end a year of protests against graft. |
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| Nomura Real Estate eyes more home sales |
| (TOKYO) Nomura Real Estate Holdings Inc, Tokyo's third-largest developer, plans to boost its home sales by about 18 per cent next year as a drop in housing inventories signal a rebound after the March 11 earthquake. |
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| Regulator shoots down Nakheel's extra fees |
| (DUBAI) Nakheel PJSC, Dubai's largest property developer by assets, doesn't have the right to deny residents of a palm-shaped island access to communal facilities by turning them into exclusive clubs, according to the emirate's property regulator. |
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| Casino plans impact Miami real estate |
| (MIAMI) When the Florida Legislature returns from its holiday recess, it will consider a bill to allow three Las Vegas-style casino resorts to be built in the southern part of the state. |
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| Mortgage loans drawn down in HK fall 8% |
| (HONG KONG) New mortgage loans drawn down in Hong Kong totalled HK$10.6 billion (S$1.77 billion) in November, down 8 per cent from a month earlier, Hong Kong Monetary Authority (HKMA) data showed. |
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| 2012 could be a quiet year for collective sales |
| CAUTION pervades discussions of collective sales come 2012, with analysts of the opinion that it could be a quiet year given recent developments. |
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| Best is over for BRIC funds, says Goldman |
| (LONDON) Goldman Sachs Group Inc, which coined the term BRIC, says that the best is over for the largest emerging markets. BRIC funds recorded US$15 billion of outflows this year as the MSCI BRIC Index sank 24 per cent, EPFR Global data show. |
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| Big, poor Brazil economy has a long way to go |
| (RIO DE JANEIRO) Brazil beamed with pride on Tuesday on news that it has powered past Britain to become the world's sixth biggest economy but officials say it will take another 20 years before the country can match the Europeans' standard of living. |
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| Thailand's factory output in Nov falls 48.59% on floods |
| (BANGKOK) Factory output in Thailand in November was slashed by half from a year earlier due to floods that halted a series of huge industrial estates, the Industry Ministry said yesterday, forecasting a fall of as much as 10 per cent for the whole of 2011. |
|
| Eurozone heading into a turbulent year |
| (BRUSSELS) The new year promises to be make or break time for the eurozone, with dramatic integration into a new fiscal union for most and predictions that one 'small country' could leave the currency area. |
|
| Australian bond yields poised to fall for fourth quarter |
| (SYDNEY) Europe's financial turmoil is delivering the longest rally for Australian bond investors since the Asian financial crisis, as demand for havens drives yields to record lows. |
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| Company Briefs |
| WILMAR International has established a US$5 billion guaranteed medium term note programme. DBS is the arranger and dealer of the programme. |
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| Hafary sells Aljunied property for $65.28m |
| HAFARY Holdings Limited has sold all the units at its freehold Aljunied property for a collective consideration of $65.28 million. |
|
| Osaki Electric is mystery bidder for SMB United |
| TOKYO-LISTED Osaki Electric Co yesterday revealed itself as the mystery bidder that is going head-to-head with rival Boer Power for all of SMB United's issued shares. |
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| Crunch averted as corporate bond sales top US$3t for third year |
| (NEW YORK) Corporate bond sales around the world surpassed US$3 trillion for the third straight year as yields plunged, belying concern that Europe's fiscal crisis would lock out borrowers. |
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| US needs a clear political mandate in 2012 |
| ONE way of approaching the coming US presidential (and congressional) election campaign next year is by looking at the bright side of things. |
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| Four hard truths why 2011 turned ugly |
| WE STARTED 2011 in recovery mode, admittedly weak and unbalanced, but nevertheless there was hope. The issues appeared more tractable: how to deal with excessive housing debt in the US, how to deal with adjustment in countries at the periphery of the eurozone, how to handle volatile capital inflows to emerging economies, and how to improve financial sector regulation. |
|
| Asia may feel like world's ending next year |
| THE Mayans were wrong. The world won't end in 2012, but at times it may feel as if it's about to. |
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| Euro steady in thin trade, Italy bond sale pending |
| (LONDON) The euro was steady against the dollar in thin trade yesterday following a sharp fall in Italian short-term bond auction yields, but any gains looked limited ahead of a longer-dated debt sale later in the week. |
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| Brokers' Take |
| SEMISUB order from Sete Brasil: Confirming our confidence that Petrobras awards could materialise by Q1 FY12 (latest), Keppel said it has secured a US$809 million ($1.05 billion) order for a semisub drilling rig from Sete Brazil. |
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| India's solar drive speeds up |
| INDIA has firmly embraced solar power, advancing the target date by five years for selling solar-generated electricity at the same rate as electricity generated by fossil fuel plants, from 2022 to 2017. |
|
| Climate fight remains a chimaera for now |
| SO WAS Durban a triumph after all? The recently concluded climate change conference actually managed to tackle an intractable issue: responsibility for reducing emissions. It has been debated for 17 years. |
|
| Will good sense prevail after all? |
| AS WE prepare to enter the New Year and look back over what was achieved in 2012, it's remarkable to see what can be done when good sense and goodwill prevail. Who would have thought that the eurozone crisis would be resolved so smoothly, the global economy set on a path to sustainable recovery and a large part of Asia moving towards unification and mutual prosperity. |
|
| Boustead still keen on Exxon M'sia assets |
| (KUALA LUMPUR) Boustead Holdings Bhd, the Malaysian plantations, engineering and financial services group, is still interested in buying Exxon Mobil Corp's oil and gas assets in the South-east Asian nation if San Miguel Corp's planned acquisition falls through, group managing director Lodin Wok Kamaruddin said. |
|
| Investors pressure Proton to divest Lotus unit |
| (KUALA LUMPUR) James Bond stopped using Lotus as his vehicle of choice to fight villains 30 years ago. Investors say that Malaysia's Proton Holdings Bhd should follow suit in abandoning the sports-car maker. |
|
| French motor industry in for bumpy ride |
| (PARIS) It is one of the key engines of the French economy and a historically vital industry, but France's auto sector is heading into 2012 amid dire forecasts for its future and warnings of major job losses. |
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| Audi chief says industry faces tougher 2012 |
| (Ingolstadt, GERMANY) The automotive industry faces a tougher year in 2012 than it has done this year, Audi chief executive Rupert Stadler told Reuters in an interview. |
|
| Yen set to climb despite BOJ pledge |
| (SINGAPORE) There's been no better currency in 2011 than the yen and strategists forecast more gains, even as Japan promises to intervene again in foreign-exchange markets and expands the world's biggest debt burden. |
|
| Sears closes more stores as sales dip |
| (NEW YORK) Sears Holdings Corp will close up to 120 stores in its Kmart and namesake chains, blaming poor sales of consumer electronics so far this holiday season and saying it would focus its energy on its better performing stores. |
|
| Brazil will remain one of the top economies: minister |
| (BRASILIA) Brazil has overtaken the United Kingdom this year to become the world's sixth-largest economy, and will remain one of the fastest-growing nations in the coming years, the country's Finance Minister Guido Mantega said. |
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| EU securities regulator has work cut out |
| (PARIS) Steven Maijoor, the chairman of Europe's new securities regulator, has been piling up the frequent flier miles. |
|
| Economists still see the euro's benefits |
| (PARIS) For all its troubles, the introduction of the single euro currency did have its benefits, analysts say. |
|
| US lawmakers get richer even in worst of times |
| (WASHINGTON) Largely insulated from the country's economic downturn since 2008, members of the US Congress - many of them among the 'one percenters' decried by Occupy Wall Street protesters - have gotten much richer even as most of the country has become much poorer in the past six years, according to an analysis by The New York Times based on data from the Center for Responsive Politics, a non-profit research group. |
|
| US antitrust regulators get tough as firms test limits |
| (NEW YORK) US antitrust regulators are sending a clear message to companies contemplating gobbling up their rivals - don't push it. |
|
| US equities not as bad as they look |
| (NEW YORK) WITH only a week left in 2011, the Standard & Poor's 500-stock index has a dubious distinction: Its performance has been far worse than that of a basic basket of bonds in the last 12 years. |
|
| No violation found in Olympus handover: E&Y audit panel |
| (TOKYO) A panel reviewing the auditing of Olympus Corp after its US$1.7 billion accounting scandal says it has so far not found any wrongdoing by the Japanese arm of Ernst & Young (E&Y) and questioned the accuracy of a separate investigation critical of auditors. |
|
| Tepco seeks 689b yen, faces govt takeover |
| (TOKYO) Tokyo Electric Power Co needs to consider all options for the future of its business, including the government taking temporary control of the utility, Trade and Industry Minister Yukio Edano told the company's president Toshio Nishizawa in Tokyo yesterday. |
|
| Oil traders slash bets as prices swing |
| (NEW YORK) Large traders pulled out of the oil market, cutting bets to a four-year low as crude climbed above US$100 a barrel on rising tension with Iran, then fell on concern over the European economy. |
|
| MF Global fallout fuels calls for reforms |
| (CHICAGO) Agricultural bankers and other players in the world's grain markets say fallout from the collapse of giant broker MF Global is changing cash grain trading and fuelling calls for alternatives and reforms. |
|
| Italians' seasonal spending lowest in 10 years |
| (ROME) Italians spent on average 48 euros less per person than in previous years during the Christmas period, marking the worst holiday season in 10 years, consumer group Codacons said. |
|
| Berkshire completes deal to buy Omaha World-Herald |
| (OMAHA, Nebraska) Berkshire Hathaway Inc has completed the purchase of company chairman Warren Buffett's hometown newspaper, the Omaha World-Herald. |
|
| Hackers target Stratfor clients for speaking out |
| (NEW YORK) Victims of a data breach at the security analysis firm Stratfor apparently are being targeted a second time after speaking out about the hacking. |
|
| Bargain hunters, foreigners fuel UK retail surge |
| (LONDON) Britons defied transport strikes and a gloomy economic outlook on Monday to register 'record-breaking' levels of trade on the first day of post-Christmas sales. |
|
| Mega Monday brings plenty of cheer for US retailers |
| (CHICAGO) Shoppers found a mixed bag of bargains and so-so deals on Monday, as a day off for many Americans lured some out for what was likely to be the third-busiest shopping day of the holiday season. |
|
| Euro struggles, at risk from Italy auction |
| (LONDON) The euro hobbled near an 11-month low against the US dollar yesterday and remained at risk of more selling if Italy struggles to sell government debt later in the week, highlighting how the eurozone debt crisis has worsened. |
|
| Iran's nuclear programme is a radiological Pandora's box |
| 'ANYONE who is thinking of attacking Iran should be prepared for powerful blows and iron fists.' So declared Iran's supreme leader, Ayatollah Ali Khamenei, on Nov 10, speaking in response to reports that Israel may strike Iran's nuclear plants. But the risk of tit-for-tat attacks raises a spectre that few seem to recognise: the first radiological war in history. |
|
| Bond market will move to centrestage soon |
| CAN the bond market take the place of banks? That question will be partially answered in 2012, as borrowers seek to bypass strained lenders in search of cheaper sources of credit. For big companies, tougher regulation of banks has accelerated a long-term shift to seeking funds directly from investors. But small companies and consumers won't find it so easy to make the switch. |
|
| When consumers form a collective |
| COMPANIES have often grappled with the 'ownership' of their brands. Ultimately, the brand is simply what it represents in the minds of consumers. Strong brands generate strong emotions, and consumers can have a real sense of ownership - and an equal willingness to criticise decisions that affect that brand in ways that they do not like. When The Coca-Cola Company tinkered with its formula and introduced New Coke in the mid-80s, the subsequent uproar from consumers forced a U-turn. |
|
| Wanted: managers who care about businesses |
| MUCH commentary about the American economy nowadays leaves the impression that economists should fix its problems. But Washington is teeming with smart economists, and the problems remain. |
|
| N Korea may be moving towards less military rule |
| NORTH Korean leader Kim Jong-il had a chequered relationship with Beijing but one that was solidified in the last year and a half of his life, when he visited China three times in 13 months and sought, and obtained, China's acceptance of his youngest son as his political heir. |
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| Caution, not optimism, is the watchword |
| AS 2011 draws to a close, perhaps one consolation for economists inclined to revisit their forecasts for the year is that just about everyone was too optimistic about how the major economies would fare, even if the growth predictions were in the 3-4 per cent range. For Asia, on the other hand, the worry of the day one year ago was the consequences of too-high growth. |
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| Three-Minute Digest |
| THAT the government and developers disagree over the latest cooling measures was made plain at last night's Redas dinner, where deeply divergent views were publicly aired. |
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| Japan eases ban on weapons exports, paving way to lucrative sales |
| in Tokyo THE Japanese government yesterday agreed formally to relax the country's long standing and self-imposed ban on exports of weapons and related technologies, opening the door to potentially lucrative sales of military-related equipment in certain overseas markets by leading Japanese companies. |
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| R&D spending rises to S$6.5b in 2010: A*Star |
| (SINGAPORE) R&D spending from both the public and private sectors rose last year, data from the Agency for Science, Technology and Research (A*Star) showed. |
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| Sembcorp, Hyflux vying for plant project in Oman |
| (SINGAPORE) Two Singapore companies, Sembcorp Utilities and Hyflux, are reportedly among a slew of international groups looking to build Oman's latest desalination facility, the US$350-400 million Ghubrah independent water project (IWP) in the Sultanate. |
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| Main-Line seeks $30m from UOB, FCC |
| (SINGAPORE) An Irish technology firm that had won a patent infringement case against United Overseas Bank (UOB) and a local company is now fighting another legal battle to assess its damages and lost profits. |
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| Danger of froth in strata industrial, office segment can be averted |
| W ITH the additional buyer's stamp duty expected to cool the private home market, many have predicted that monies will continue to flow to other property segments, most notably strata industrial, office and shop units. |
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| Dec consumer confidence beats forecasts |
| (WASHINGTON) Confidence among US consumers rose in December to the highest level in eight months as an improving job market helped regain all the ground lost following the mid-year government budget battle and credit rating downgrade. |
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| Iskandar ex-boss's husband charged with taking bribes |
| HIS wife was the head of the Iskandar development region. Now, Mohd Amin Suhaimi faces charges that he pocketed RM1.6 million (S$655,000) from a construction firm to help it clinch a huge tender awarded by Iskandar Investment Bhd (IIB). |
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| Developers, govt agree to disagree |
| (SINGAPORE) That the government and developers disagree over the latest cooling measures was made plain at last night's Redas dinner, where deeply divergent views were publicly aired. |
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| Mizuho mulls bid for bank to boost Asian presence |
| (TOKYO) Mizuho Financial Group Inc, Japan's second-largest lender by assets, is considering buying an investment bank in Asia to help improve slow growth in winning equity and debt offerings in the region. |
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| Parliament panel to sift through 50 NMP proposals |
| A PARLIAMENT panel will sift through 50 proposals for the post of Nominated MP (NMP) - the most it has received since the scheme started in 1990. |
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| Region's govt agencies still use cash and cheques heavily |
| The majority of government agencies in the region still rely heavily on manual processes such as cash and cheques when making payments. |
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| Hino to launch diesel-electric hybrid truck |
| SINGAPORE'S first hybrid truck will go on sale in February, aimed at eco-minded multi-national companies. |
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| Property auctions market stabilising in Q4, says JLL |
| A HIGHER than expected proportion of properties sold at auctions this quarter reflects a stabilisation in the market, according to a report from property firm Jones Lang LaSalle (JLL). |
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| Poor volume as stocks trade lower |
| THE full brunt of the holiday season hit the local stock market yesterday as volume excluding foreign currency issues dried up to 363 million units worth $226 million - the poorest one-day total for the year. With Hong Kong closed and not much in the way of overseas inspiration, the Straits Times Index (STI) hardly budged throughout the day and ended at 2,673.62 for a nett loss of 2.85 points. |
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| China unveils new high-speed train |
| (SHANGHAI) China has unveiled a prototype train capable of reaching speeds up to 500 kilometres an hour, state media said yesterday, as the nation pushes ahead with high-speed rail despite a fatal crash. |
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| Naval presence still critical |
| A STRONG naval presence off Somalia is more necessary than ever. |
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| Vale ore carrier for Philippine port |
| (SINGAPORE) One of Vale's mega ore carriers, among the world's biggest, is expected to arrive in the Philippines this week to unload its maiden cargo of Brazilian iron ore as the miner's fleet remains locked out of its biggest market, China. Vale has been forced to divert its fleet of six mega vessels to the Philippines, Italy, Oman and other destinations while waiting for Beijing to give it access to Chinese ports. |
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| Container vessel scrapping hits two-year high |
| (SINGAPORE) Shipowners scrapped the most container vessels in two years this month as they seek to revive cargo rates amid an oversupply of ships and higher fuel costs. |
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| Toyota unveils most fuel-efficient hybrid |
| (TOKYO) Toyota Motor Corp has launched the world's most fuel-efficient hybrid car, as the company looks to fight off competition from pure electric vehicles. |
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| Successful GM rescue may backfire on Obama |
| (SOUTHFIELD, Michigan) General Motors Co, saved by the Obama administration with a US$50 billion bailout, is making more money than it has in its history, adding jobs and gaining market share. It's still a headache for Barack Obama. |
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| Noda set to sign trade deals during India visit |
| (TOKYO) Japanese Prime Minister Yoshihiko Noda left for India yesterday, where economic ties will be the order of the day as Tokyo looks to shore up a financial friendship. |
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| Indian telecoms panel relaxes merger rules |
| (MUMBAI) India's telecommunications commission approved increases in available wireless spectrum, sharing and trading of airwaves and steps to make it easier for mobile phone companies to buy rivals. |
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| Investment funds struggle to fill bank lending shoes |
| (LONDON) Hopes that investment funds will increase direct lending to companies in 2012 and help fill the gap left by retreating European banks are being dashed as the low returns on offer keep new investors away. |
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| A year for dividend investing in Asia |
| AMID the upheaval in global financial markets, it is useful to take a step back and re-assess one's long-term investment strategy. |
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| Indian tycoon's dilemma: Plenty of money, nowhere to invest |
| (MUMBAI) Ajay Piramal is sitting on a mountain of cash. Yet the billionaire Indian tycoon, working in one of the world's fastest-growing economies, is struggling to figure out what to do with the money. |
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| Sukuk sales surge amid EU woes |
| (DUBAI) ISLAMIC bond sales in the Persian Gulf surged to a four-year high in 2011 as borrowers, discouraged by Europe's escalating debt crisis, chose to woo wealthy regional investors who favour syariah-compliant debt. |
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| Bleak outlook seen for Spain's economy |
| (MADRID) Spain's economy will shrink in the last quarter and faces a bleak outlook for the coming months, its new economy minister warned on Monday, heightening fears of a fresh recession. |
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| S Korea consumer confidence sinks to 3-month low |
| (SEOUL) South Korean consumer confidence fell to a three-month low in December, as concern that the political outlook in the North will worsen in the wake of Kim Jong-il's death compounds the risk from Europe's debt crisis. |
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| Britain in serious danger of return to recession: think tank |
| (LONDON) The ongoing crisis in the eurozone and sapped consumer confidence risk sending Britain into a new recession, a leading centre-left think tank warned yesterday. |
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| EU debt woes hit Japan markets: BOJ members |
| (TOKYO) Some Bank of Japan board members said Europe's sovereign debt woes were already affecting Japan's financial markets and warned their impact could increase, minutes of the bank's Nov 15-16 meeting showed yesterday. |
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| US Treasuries command best showing since 1995 |
| (NEW YORK) The US government received record demand for its bonds in 2011, pushing longer-maturity Treasuries to their best performance since 1995 in a sign that President Barack Obama may have little difficulty financing a fourth consecutive year of US$1 trillion budget deficits. |
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| Company Briefs |
| HOTEL Properties Limited's (HPL's) subsidiary HPL Properties (Indian Ocean) Pte Ltd has inked a deal with ASB Development Limited to acquire a 30 per cent equity interest in Bilila Lodge Holdings Limited (BLHL) for US$16.5 million. |
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| OCBC maintains 'buy' call on Valuetronics |
| THE technology sector is treading on choppy waters but OCBC Investment Research has maintained its 'buy' call on Valuetronics Holdings, albeit with a lower 'fair value'. |
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| Bank of Ayudhya expected to win in bid for HSBC business |
| (BANGKOK) Bank of Ayudhya, Thailand's fifth-largest lender, is tipped to win the bidding to buy HSBC's Thai credit card and retail business, which are worth up to US$1.28 billion, sources close to the deal said yesterday. |
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| Kepco picks Germany's RWE for new trading tie-up |
| (SEOUL) Korea Electric Power Corp has chosen Germany's RWE AG as the preferred bidder for its first overseas trading joint venture mainly to procure raw materials, sources at Kepco and other utilities said on Monday. |
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| Midas bags three contracts worth 142m yuan |
| MIDAS Holdings has secured three new contracts from international and Chinese customers totalling 142.2 million yuan (S$29 million). |
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| China Minzhong opens bigger facility in Fujian |
| CHINA Minzhong Food Corporation Ltd has officially opened its new industrial park processing facility in Putian City in Fujian Province. |
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| Internal controls failed to catch Asiasons breach |
| ASIASONS WFG Financial said that internal controls failed to catch a breach of its stockbroking arm's operating licence, its non-executive deputy chairman Ng Teck Wah said yesterday. |
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| Report of Changi interest propels India's GVK |
| (MUMBAI) GVK Power & Infrastructure Ltd rose the most in more than 10 months in Mumbai after Economic Times reported that Singapore's Changi Airports International may buy a 26 per cent stake in its airports business. |
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| Hyflux injects 2 China plants into JV for US$41.2m |
| HYFLUX Ltd has injected two China water-treatment plants into Galaxy NewSpringworth - a 50:50 joint venture with Mitsui & Co - for a consideration of US$41.2 million. |
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| Financial discrepancies at FibreChem uncovered |
| THREE years of investigations have uncovered several financial and accounting irregularities at FibreChem Technologies, including an unauthorised share transfer and HK$777 million (about S$130 million) in missing cash. |
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| China confines gold trading to Shanghai exchanges |
| (BEIJING) China restricted gold spot and futures trading to the Shanghai Gold Exchange and the Shanghai Futures Exchange as part of efforts to crack down on the illegal buying and selling of commodities. |
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| Profit growth slows at China industrial companies |
| (BEIJING) Growth of profits at Chinese industrial companies has cooled, adding to evidence that the government may need to ease policy to protect the nation's economic expansion. |
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| China to speed up M&A deal assessment in 2012 |
| (BEIJING) China will speed the vetting of merger and acquisition (M&A) proposals in 2012 to handle a fast growing number of domestic and cross-border deals, a Commerce Ministry official said here yesterday. |
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| China needs 15% annual export growth, says govt researcher |
| (BEIJING) China needs annual export growth of at least 15 per cent to ensure stable economic expansion as the rate of domestic investment cools, the head of the trade ministry's think tank said in comments published yesterday. |
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| Man who foiled 'underwear bomber' sues airlines |
| (NEW YORK) A New York man sued Delta Air Lines and Air France-KLM for US$10 million for injuries he says he sustained while helping to stop the so-called 'underwear bomber' from blowing up a plane on Christmas Day 2009. |
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| Internet provider Gogo files for IPO of up to US$100m |
| (BANGALORE) In-flight Internet connectivity provider Gogo Inc, which serves some of the biggest names in the airlines industry, has filed with US regulators to raise up to US$100 million in an initial public offering of its common stock. |
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| Strike at French airports ends |
| (FRANCE) An 11-day strike by French airport security personnel is over after employers and four unions signed an agreement on new pay and working conditions, the Transport Ministry said in a statement. |
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| Come Jan, US airlines can't hide taxes in fine print |
| (NEW YORK) Advertisements that make airfares seem enticingly low will soon lose that asterisk pointing to a dense paragraph of additional taxes and fees that make a cheap ticket much more costly. |
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| Indonesia's power woes may hurt firms |
| (SINGAPORE) Indonesia's inability to meet the rising energy needs of its businesses, from steelmakers to hotel resorts, threatens to put the brakes on growth in Southeast Asia's largest economy. |
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| Beijing targets 11% ind'l output growth |
| (BEIJING) China's industrial output is expected to grow 11 per cent for 2012, easing from an estimated 13.9 per cent in 2011, Minister of Industry and Information Technology Miao Wei said yesterday. |
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| Japan, China to push yen, yuan direct trading |
| (TOKYO) Japan and China will promote direct trading of yen and yuan without using US dollars and will encourage the development of a market for companies involved in the exchanges, the Japanese government said. |
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| American allowed to buy 32 Boeing jets |
| (NEW YORK) AMR Corp, the bankrupt parent of American Airlines, won permission to pursue a deal to buy 32 planes from Boeing Co through 2012 and to reject leases on some aircraft as it reorganises with a more competitive fleet. |
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| US airlines shed colours in efforts to stay in the black |
| (NEW YORK) Airplanes have become just as bland on the outside as they are on the inside. |
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| Saudi Arabia to open domestic services to foreign carriers |
| (RIYADH) Saudi Arabia will soon allow foreign airlines to fly domestic routes, its aviation regulator said, opening the market beyond state-owned Saudi Arabian Airlines (Saudia) and private National Air Services, which struggled to meet demand. |
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| China group to sue EU on airline carbon rule |
| (BEIJING) China's transport association will file a lawsuit against the European Union over an EU law to charge airlines for carbon emissions on flights to and from Europe, despite dim prospects of winning the legal action, Chinese media reported. |
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| Japan relies on debt for 49% of its 96t yen budget |
| THE Japanese government has begun sounding alarm bells over soaring public debt levels as it prepares to push through Parliament a record 96 trillion yen (S$1.6 trillion) budget for fiscal 2012 which will rely on the issuance of bonds to cover just under a half of total expenditures. |
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| Sony sells stake in LCD venture to Samsung |
| (TOKYO) Sony Corp has agreed to sell its nearly 50 per cent stake in an LCD joint venture with Samsung Electronics to the South Korean company for US$940 million, as it struggles to reduce huge losses at its TV business. |
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| Kim Jong-un hosts S Korean delegation |
| (PYONGYANG) North Korea's next leader burnished his diplomatic skills yesterday, welcoming a private South Korean mourning delegation, as state media revealed a new title that gives Kim Jong-un authority over political matters. |
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| Tsunami risks underestimated: probe |
| (TOKYO) Japan's response to the nuclear crisis that followed the March 11 tsunami was confused and riddled with problems, including an erroneous assumption that an emergency cooling system was working and a delay in disclosing dangerous radiation leaks, a report revealed yesterday. |
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| Why was SMRT left in the lurch? |
| (SINGAPORE) IN THE aftermath of the recent train breakdowns, a writer to the Straits Times Forum asked a very important question: Why was SMRT left to tackle the problem alone? |
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| Monetising data: long time coming & some way to go |
| (SINGAPORE) THE move by telcos to stem the tide of unlimited 3G data usage might have picked up steam last week with SingTel and StarHub announcing revisions to their 3G plans, but the writing has been on the wall since at least September. |
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| Europe holds key to market direction |
| SANTA Claus was generous to Wall Street but traders still fear wintry conditions in credit markets. |
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| Redas, industry studying cooling measures: sources |
| (SINGAPORE) The Real Estate Developers' Association of Singapore (Redas) has been holding a series of meetings with industry players to look into the impact of the latest round of property curbs, sources told BT. |
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| Volatility seen for S'pore debt market in 2012 |
| (SINGAPORE) A tale of two halves told the story of the Singapore debt capital market over the past year, and 2012 will be ushered in by a wave of nervous volatility, according to market observers. |
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| Hard landing in China? Not in 2012: analysts |
| IF China is headed for a hard landing, it is unlikely to happen in 2012. |
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| Get your queries addressed by SMU |
| HAVE a pressing question about a business-related issue that your company is facing? Starting from January, we will be working with professors from the Singapore Management University (SMU) to provide expert advice and answers to your queries. |
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| Learning about corporaterisk taking from sports pros |
| WHAT can businesses learn from professional sports? Sports leagues such as the National Football League (NFL) in the United States and others, such as soccer with which we are more familiar on this side of the globe, can offer us much more than just an exciting battle among oversized brutes - they can shed light on how management teams behave, specifically how risky decisions might be shaped by performance feedback and deadline proximity. |
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| Not your usual plastic bag |
| A WORLD without plastic bags would be quite unimaginable for many consumers long used to having these items to hold their purchases. |
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| Occupy Wall Street is like a work of art |
| IT took Occupy Wall Street just three months to go from Twitter hashtag to global movement. Since the first protest promoted by the anti-consumer magazine Adbusters set up camp in lower Manhattan, the number of Occupy sites around the world has surpassed 2,500. |
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| Policy drift worsening the sharp slide in Indian rupee |
| WHATEVER the current hype about India's economic performance, a look at the state of its currency will provide a proper perspective: the rupee is the worst performing currency in Asia so far this year. On top of that, the country's current account deficit has grown and the stock market has lost about 22 per cent since January. |
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| Managing Singapore's LNG import model |
| IT is worth noting that even as Singapore's piped gas importers and their foreign gasfield suppliers are working out a swap arrangement proposed by Indonesia - aimed at diverting some Singapore-destined supplies to meet urgent domestic needs there - the Republic is starting to look at how it wants to procure future LNG supplies. |
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| Three-Minute Digest |
| IF China is headed for a hard landing, it is unlikely to happen in 2012. |
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| The man behind UNLV S'pore's turnaround |
| (SINGAPORE) When gaming industry veteran Jonathan Galaviz stepped away from the private sector to take over as interim head of the UNLV Singapore campus in June, student enrolment was on the verge of expanding at rates that were said to 'defy imagination'. |
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| 'Arab Spring' movement goes viral worldwide |
| (SINGAPORE) All it took was a match from a 26-year-old Tunisian vegetable seller, Mohamed Bouazizi, in the city of Sidi Bouzid to start the fire of revolution sweeping through many parts of the Arab world. |
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| Hackers breach website of intelligence group Stratfor |
| (NEW YORK) While the rest of the world engaged in merriment and good cheer, hackers used the holidays to attack a US research group that puts out a daily newsletter on security issues. |
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| US$ selling seen on portfolio rebalancing |
| (NEW YORK) The US dollar last Friday closed the week lower against a currency basket, and more losses were likely next week as portfolio managers rebalance their portfolios for the year-end after gains in US assets. |
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| Oil in biggest weekly gain in 2 months |
| (WASHINGTON) The Standard & Poor's GSCI gauge of 24 commodities rose 0.1 per cent to close at 645.88 at 3.44pm in New York last week. The UBS Bloomberg CMCI index of 26 raw materials climbed 0.2 per cent to 1,518,97, up for a sixth straight session. |
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| Director purchases plunge, sales stay low |
| THE buying plunged while the selling among directors remained very low in the run-up to the Christmas holidays with 19 companies that recorded 28 purchases worth $1.56 million versus three firms with six disposals worth $230,000. The buy figures were sharply down from the previous week's 25 companies, 52 acquisitions and $7.26 million. The sales, on the other hand, were not far off from the previous week's two firms, three disposals and $520,000. |
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| Wall St pros try to predict the unpredictable |
| (NEW YORK) The good news is that Wall Street experts think that stock prices will rise more than 10 per cent next year. The bad news is that they expected big gains in 2011 and got nearly zero instead. |
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| Tax cut battle in House exposes divisions within Republican Party |
| REPUBLICANS were licking their self-inflicted political wounds after what would probably be recalled as the Great Christmas-Eve Tax Cuts Battle (GCETCB) concluded with a legislative ceasefire but with clear political victory for President Barack Obama and the Democrats. |
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| US firms seize opportunities as EU banks rush to raise funds |
| (NEW YORK) As Europe struggles with its debt crisis, US businesses and financial firms are swooping in amid the distress, making loans and snapping up assets owned by banks there - from the mortgage on a luxury hotel in Miami Beach to the tallest office building in Dublin. |
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| Sino-Forest bondholders face bleak prospects in getting money back |
| (TORONTO) It's tough enough for offshore creditors of Chinese firms to get their money back when businesses run into trouble. The complex corporate structure of Chinese timber firm Sino-Forest could make it tougher still for its bondholders. |
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| Wilmar unit buys back Wilmar China stake |
| PALM oil giant Wilmar International said late on Friday night that its fully-owned subsidiary WCL Holdings Limited (WCLH) has inked a deal with six members of the Kuok Group to buy the remaining 1.61 per cent interest in Wilmar China Ltd not held by WCLH for a total of about HK$1.93 billion (S$320.8 million). |
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| 'Tis (still) the season to be spending... |
| DESPITE economic uncertainty worldwide, the majority of Singapore's 'rising rich' probably spent as much this year - if not more - than they did last Christmas. |
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| SMEs take running leap into the digital world |
| APPLICATIONS and social media sites used to be platforms purely for entertainment and socialising but recently, local companies - even SMEs - are increasingly incorporating these tools into their marketing strategy. |
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| Hard-pressed to find a sanguine forecast |
| A YEAR ago in the final week of 2010, window-dressing enabled the Straits Times Index to jump 53 points between Monday and Thursday. Even though it then sank 22 points on Friday, the net gain of 31 points at 3,190 that final week brought the rise to 10 per cent for the year - not great but modest enough, and a nice round number nonetheless. |
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| Shanghai to remain world's top container port |
| (HONG KONG) Shanghai, China's wealthiest city, said it will remain the world's busiest port for a second year ahead of Singapore as the nation's economic growth boosts trade volumes. |
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| Torm of Denmark sells two ship contracts at a loss |
| (COPENHAGEN) Danish shipper Torm, which is in debt restructuring talks with its banks, had agreed to sell two shipbuilding contracts at a loss which would lead to deeper full-year 2011 losses than earlier indicated. |
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| Oil tanker rates plunge 23% this year |
| (LONDON) Returns for the largest oil tankers hauling two million barrel cargoes of Middle East crude to Asia ended the year 23 per cent lower, as fleet growth exceeded cargo demand. |
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| Baltic's main freight index ends year on low |
| (BANGALORE) The Baltic Exchange's main sea freight index, which tracks rates to ship dry commodities, ended trading for the year on a low dragged down by a slow holiday season. |
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| A firm stand against graft will pay off |
| FORMER Malaysian deputy premier Musa Hitam once remarked that the only way to indicate that corruption would not be tolerated was to send a big fish to jail. 'Once you do that, you send the message out. You make an example, and everyone will fall in line.' |
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| Khazanah to buy 75% of Turkish hospital chain |
| (SINGAPORE) Khazanah Nasional Bhd, Malaysia's state investment company, has agreed to buy 75 per cent of Acibadem Saglik Hizmetleri & Ticaret AS, in a deal that values the owner of Turkey's largest hospital chain at US$1.68 billion. |
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| Ramayana in talks with potential supermarket partner |
| (JAKARTA) PT Ramayana Lestari Sentosa, Indonesia's second-most profitable retailer, is in talks to partner an overseas company for the supermarket business as it expects to miss its 2011 sales forecast amid competition from rivals such as Carrefour SA. |
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| Bollywood heroes rescue box offices in 2011 |
| (MUMBAI) Bollywood struck gold in 2011, revving up lacklustre box offices in India with help from its leading men who wooed audiences back to cinemas after a dismal 2010. |
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| HK retail rents will be hit if China cuts import duties |
| (HONG KONG) Last Christmas, Fion Ng had an unusual request from a mainland Chinese customer at the high-end cosmetics store she manages in Hong Kong's Causeway Bay district, the most expensive place to rent a shop in Asia. |
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| First-time UK home buyers at new low |
| (LONDON) The number of first-time home buyers in Britain fell to a record low in 2011, despite house prices declining to their most affordable levels in eight years, mortgage lender Halifax said in a survey yesterday. |
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| Rupee slump may lure realty inflows |
| (MUMBAI) India's property market may attract US$3 billion from overseas as the rupee's slide to a record and a decline in prices make assets attractive to foreign funds and Indians living abroad, according to Jones Lang LaSalle Inc. |
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| China land sales expected to remain weak in H1 |
| (BEIJING) Land sales in China are likely to remain sluggish in the first half of 2012 as local governments delay auctions amid poor market sentiment, with authorities reluctant to sell property at reduced prices as they seek to preserve the value of their assets, market observers said. |
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| Yields in China seen to fall on property dip |
| (SHANGHAI) China's top-performing bond fund manager says that the biggest rally in three years will send yields on 10-year government notes to 2009 lows by June as the property market slumps. |
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| Europe's carbon trading hits a slump |
| (PARIS) Europe's market in carbon emissions is hoping for outside help after a year in which prices slumped to record lows, savaging claims that trading in CO2 slows down the rise of dangerous greenhouse gases. |
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| Mid-East govt bonds withstand regional unrest |
| (DUBAI) Middle East government bonds weathered regional political turmoil and spillover from Europe's debt crisis in 2011, led by debt from oil producers Qatar and Abu Dhabi. |
|
| Germany has benefited from the euro |
| (BERLIN) Germany has undoubtedly benefited from 10 years of the euro, analysts agree, but the single currency is not the only reason for the success of Germany's export-driven economy, Europe's biggest. |
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| Ultro proposes to take over Ley Choon for $110 m |
| ULTRO Technologies, which has been on the Singapore Exchange's Watch List since Dec 3, 2009, is proposing to fully acquire Ley Choon Constructions and Engineering Pte Ltd (LCCE) from its existing shareholders for $110 million. |
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| Bharti rises with other Indian telecoms firms |
| (MUMBAI) Shares of Bharti Airtel Ltd and other Indian telecommunications companies rose in Mumbai trading yesterday after a dispute tribunal put on hold a government order telling wireless providers to end some roaming agreements. |
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| Changi Airport in talks to buy into India firm: report |
| (MUMBAI) Changi Airport Group is in talks to buy a 26 per cent stake in the airport business of GVK Power & Infrastructure Ltd, the Economic Times reported, potentially giving it the chance to tap into India's fast-growing air travel industry. |
|
| HK universities expand to mainland China |
| (NEW YORK) Setting up an outpost in mainland China has become increasingly common for the world's higher education leaders. From New York University to Stanford, Western institutions are eager to establish a foothold in a country with one of the fastest growing economies. |
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| Pollux buys Geylang Road property for $25m |
| POLLUX Properties has bought a property at Geylang Road for $25 million, citing its potential for redevelopment. |
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| On time online |
| Outside the world of MMORPGs, the best instant gaming gratification comes from Steam (store.steampowered.com). It's an online gaming store that features most of the best publishers and titles. |
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| What won't happen in 2012 |
| THE year 5 AC (After Crisis), otherwise called 2012, may well become known for the long list of expected things which never quite happened. |
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| Protecting the customer in volatile times |
| THESE are exciting times for the insurance industry in Singapore. The industry here and the region has expanded and evolved over the years, thanks in part to strong economic growth and rising affluence. |
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| Next week | Dec 26-30, 2011 |
| Consumer confidence |
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| This week | Dec 19-23, 2011 |
| GOOD news for the global economy at last. Commodity prices from gold and oil to copper and cotton have fallen sharply from their peaks this year and will help manufacturers and importers. |
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| Taking back control has a price |
| JACK Ma wants to take back control of Alibaba, the Chinese e-commerce group he founded. |
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| ECB should use QE if deflation risk arises: official |
| EUROPEAN Central Bank (ECB) executive board member Lorenzo Bini Smaghi said that policy makers shouldn't shirk from using quantitative easing if deflation becomes a danger to the euro region. |
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| Beijing will give first-time home buyers fiscal support |
| CHINA plans to give first-time home buyers financial support but will keep a crackdown on property speculation in place, the Minister of Housing and Urban-Rural Development was quoted as saying by Xinhua yesterday. |
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| House Republicans agree to extend payroll tax cut |
| THERE won't be a tax hike for some 160 million American workers next month after all. |
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| Consumer spending ticks up 0.1% in Nov |
| US consumer spending was tepid in November and a gauge of business investment plans fell for a second month, pointing to some loss of momentum in the economy as the year ends. |
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| Nanjing massacre movie whips up passions as Noda visits |
| WHEN Japan's Prime Minister Yoshihiko Noda arrives in China tomorrow, a new blockbuster movie will ensure that the foremost image of the Japanese in many Chinese people's minds will once again be of the country's brutal wartime misdeeds. |
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| 2011 a 'truly distressing year': Japan's emperor |
| JAPAN'S Emperor Akihito marked his 78th birthday yesterday by recalling a 'truly distressing year' but praising the unity of the Japanese people in overcoming March's earthquake-tsunami-nuclear disasters. |
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| Emphasis on 'panda diplomacy' expected |
| JAPANESE Prime Minister Yoshihiko Noda will begin his first official visit to China as premier tomorrow after a week which has seen potential tensions rise between the two countries. |
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| Christmas is serious business in Indonesia |
| AN imported Christmas tree. Santa taking wish lists from children. Fake snow and carols at shopping malls. Christmas is serious business in Indonesia, the world's most populous Muslim nation. |
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| Fitch cuts 2012 growth forecast for Asia to 6.8% |
| GLOBAL ratings agency Fitch yesterday cut its 2012 growth outlook for Asia to 6.8 per cent from 7.4 per cent previously, citing the weak global economy. |
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| Asian markets rise on positive US jobs data |
| ASIAN stock markets rose yesterday as investors welcomed better-than-expected jobs data from the United States which suggest that the economic recovery there is gaining traction. |
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| Timeless elegance |
| AS a brand, German stalwart AIGNER has always been known for being able to stand the test of time, growing and evolving as the world continues to change. |
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| Last minute catering tips |
| IF planning is not your strong suit, the chances are high that you will wake up this morning realising that you have nothing to serve for Christmas dinner tonight. |
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| ... and so this is Christmas |
| CHRISTMAS in the Wiluan family is a real family affair. 'We'll get together with friends throughout the Christmas/New Year period but on Christmas Day |
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| The fat that matters |
| SHOULD I take Omega-3 ,6 and 9 fatty acid supplements for my heart? |
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| E-billing may not be all that green |
| IT is hard to miss the promotions with an image of a happy tree aimed at persuading customers to ditch paper statements for online billing. |
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| What financial investors really want for X'mas |
| DEAR Santa, Merry Christmas! I know you and your elves must be really busy now with Christmas just around the corner. |
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| Europe bank retreat hits Asia private equity |
| ASIA's private equity firms face a shrinking pool of bank loans as European lenders pull back from the region, crimping both investments and re-financings for buyout-backed companies and adding to the list of challenges the industry will face next year. |
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| PM to get minister pay report soon |
| THE committee set up after the May general election to review ministerial salaries intends to submit its report to Prime Minister Lee Hsien Loong by next Friday. |
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| Lawyers for China Sky demand apology |
| A WAR of words that has hogged headlines in recent days has now escalated into a nascent legal battle. |
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| Raining on F&B year-end parade |
| IT came. Then it left. But now it's back again. |
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| Noble supports Gloucester-Yanzhou merger |
| NOBLE Group is backing the A$2.1 billion (S$2.8 billion) cash and stock merger between its Australia-listed subsidiary Gloucester Coal and China's Yanzhou Coal Mining Co Ltd, a deal that it believes will help it net a one-time gain of US$200 million. |
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| Nov inflation matches Aug's three-year high |
| SINGAPORE'S inflation sped ahead of market forecasts again to hit 5.7 per cent in November, matching August's three-year high. |
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| Nov forecasts go out the window as manufacturing slumps |
| SINGAPORE'S manufacturing sector shrank 9.6 per cent from a year ago in November, confounding the market's consensus forecast for growth of 12.2 per cent and raising the spectre of a sequential contraction in fourth-quarter GDP, economists say. |
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| Singapore sits moodily atop wealth pole |
| LAST month, if Singapore had been a person, it would have stood above the unwashed tableau of Occupy Wall Street (OWS), watching from its penthouse and laughing into its cognac. |
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| Briefing |
| LG ELECTRONICS has appointed Scott (Soon Seop) Jung as president of LG Electronics Singapore. |
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| HDB to build 1,600 car park lots next year |
| TO better address parking needs, the Housing Development Board (HDB) will build 1,600 car park lots next year, and will study the use of high-rise mechanised parking systems for older HDB estates. |
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| Private bus companies set to keep growing |
| PRIVATE bus operators have reported a rise in demand over the last 2-3 years, but have not seen any spike in enquiries following last week's train service disruptions. |
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| PUB to roll out 10 drainage projects next year |
| NATIONAL water agency PUB said yesterday that it will be rolling out 10 major drainage projects next year as part of its effort to improve the drainage system. |
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| 64 graduate with HR qualification |
| THE ruling People's Action Party is not just on the hunt for the right candidates to refresh its leadership. It's also developing talent scouts to pick the right people for jobs in other parts of the party machinery. |
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| Pay of S'pore production workers rises more than overseas rivals' |
| A TIGHT labour market pushed up production workers' pay faster here last year compared with many other manufacturing centres, chipping away some of Singapore's competitiveness in the eyes of American multinational corporations. |
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| Noble, Keppel Corp and China Sky in focus |
| THERE was little excitement this week as liquidity dwindled to its lowest levels this year ahead of the Christmas holidays and as more investors exited the market because of worries over next year's economic outlook. |
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| The Iskandar vision |
| EVERY Tuesday at the Iskandar Regional Development Authority's (IRDA) office in Johor Baru, staff dons the same sky-blue collared shirt - embroidered with his or her name on it. |
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| Fast fourward |
| A FERRARI is hardly a conventional automobile but the new FF is radical even by the Italian super sports car maker's standards. |
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| White Christmas |
| AS WITH each Christmas, Reinhold Carl will be skiing right through the festive season in what is usually an annual affair for the managing director of Audi Singapore and his family. |
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| Warm Christmas |
| THIS Christmas will be special for Neil Fiorentinos and not just because he'll be home for the first time this year. |
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| Magnet Mona |
| TASMANIA isn't really on the way to anywhere - unless you're a humpback whale on vacation heading for a long, long weekend in Antarctica. |
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| STT withdraws from eircom board |
| EIRCOM'S owner Singapore Technologies Telemedia (STT) has withdrawn from the board of the struggling Irish telecom firm after lenders rejected its proposal to restructure 3.75 billion euros (S$6.3 billion) of borrowings, eircom said yesterday. |
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| STX OSV wins 200m krone deal to build forage carrier |
| NORWAY-BASED specialised vessel builder STX OSV has clinched a 200 million krone (S$43.6 million) contract to construct a forage carrier that transports fish feed to fish farms. |
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| Asiasons unit's CMS licence lapses |
| THE securities dealing unit of Asiasons WFG Financial has found itself in trouble over lapses under regulations governing financial and margin requirements for holders of capital markets services (CMS) licences. |
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| Hiap Seng subsidiary enters alliance with CNOOC unit |
| HIAP Seng Engineering has entered a strategic alliance with one of China's biggest offshore engineering firms to expand its presence in China. |
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| Petronas in talks with oil majors for tie-up |
| PETRONAS is in talks with several global oil majors including Shell and ExxonMobil to develop petrochemical plants within its US$20 billion refinery complex in southern Malaysia, two sources with direct knowledge of the matter said. |
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| SGX to add ADRs of 15 big companies |
| SINGAPORE Exchange (SGX) will soon add new American Depositary Receipts (ADRs) of 15 large companies - including several Europe-based firms - to its product suite, it said yesterday. |
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| Christmas cheer at KK Hospital |
| OCBC Bank's Mighty Savers mascots made their rounds at the KK Hospital's (KKH) children wards this festive season, distributing Christmas goodie bags. |
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| Ascott unit to manage service residences at CapitaMall Wusheng |
| ASCOTT Property Management (Shanghai) (APMS) has been appointed the technical adviser and manager for CapitaMall Wusheng's service residences. |
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| Hedge fund industry loses US$9.4b in Nov |
| THE hedge fund industry shrank by nearly US$10 billion last month to US$1.73 trillion on the back of losses and withdrawals, said hedge fund tracker Eurekahedge. |
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| Mortgage rates for 30-year US loans slump |
| MORTGAGE rates for 30-year US loans dropped to the lowest level on record amid signs the housing market may be set for a turnaround. |
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| Industrial property momentum seen slowing |
| INDUSTRIAL real estate prices are expected to increase by 5-10 per cent next year, while rentals should register more moderate growth of 3-8 per cent year on year, said SLP International in a report. |
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| What should I do with my life? |
| I HAD dinner with a reader some months back. During dinner, I lamented how the modern economy is compensating people in the finance industry. |
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| Biggest financial surprises of 2011 |
| IN every year, there are a host of surprises that come along like earthquakes: They are nearly impossible to predict. |
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| Brokers' Take |
| KEPPEL Corp announced that it has won a semisubmersible newbuild contract worth US$809 million from Urcal Drilling BV, a subsidiary of Sete Brasil which is an investment company owned by Petrobras and seven Brazilian banks and pension funds. |
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| Olam acquiring 75.2% stake in Spain's MCT |
| SINGAPORE-LISTED Olam International is acquiring a 75.2 per cent interest in Spain's Macao Commodities Trading (MCT) for 15 million euros (S$25.3 million), with an option to take over the remaining 24.8 per cent stake in five years' time. |
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| ST Engineering invests US$33m in EcoServices |
| SINGAPORE Technologies Engineering (ST Engineering) has struck a new partnership with Pratt & Whitney to broaden its range of aftermarket solutions. |
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| Keppel unit wins US$809m deal |
| KEPPEL Corp's offshore and marine unit has won a US$809 million contract to design and build an oil rig for Brazilian firm Sete Brasil Participacoes. |
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| CWT no longer keen on MF Global S'pore |
| CWT Ltd clarified yesterday that it is no longer pursuing an acquisition of MF Global Singapore. 'The board wishes to clarify that Straits Financial Group considered the offer in November 2011 but has decided not to pursue further,' CWT said in a press release. |
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| Hi-P resolves dispute at Shanghai plant |
| HI-P International said that it has resolved a labour dispute at a production plant in Shanghai that started last month over the proposed relocation of the plant. |
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| SATS, Spanish partner bag deal as ICT operators |
| CHRISTMAS has come early for airport ground handler SATS Ltd. |
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| China acts to curb hoarding of sites |
| (SHANGHAI) China has ordered companies to begin construction on idle land to deter speculators from hoarding sites in amendments to draft rules. |
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| China banks expect easing |
| (BEIJING) China's commercial banks anticipate looser monetary policy in the first three months of 2012 as household inflation expectations ease and business sentiment sours, three quarterly surveys from the People's Bank of China (PBOC) revealed yesterday. |
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| Airbus widens lead over Boeing in orders race |
| (PARIS) Airbus is on course to end 2011 with well over 1,600 orders, pushing Boeing to the lowest market share of their 40-year rivalry, but Boeing has stored up momentum for a comeback as both companies put fresh vigour into their most-sold jets. |
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| Kingfisher's share of India market falls to 14% |
| (MUMBAI) India's struggling Kingfisher Airlines fell to fifth place in domestic market share during November, from third in the previous month, after the cash-strapped carrier grounded planes and cut routes, government data showed. |
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| Changi's passenger traffic up 7.4% in Nov |
| (SINGAPORE) Changi Airport handled 3.89 million passenger movements last month, up 7.4 per cent from November 2010. |
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| Iata put off by EU court ruling on emissions |
| (SINGAPORE) The International Air Transport Association yesterday expressed disappointment at the decision by the Court of Justice of the European Union which upheld European Union plans to include international aviation in the EU emissions trading scheme (ETS) from 2012. |
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| Tepco to hike rates for firms to offset costs |
| (TOKYO) Tokyo Electric Power (Tepco) plans to raise electricity rates for companies from April to help offset the rising costs of fuel to run thermal power plants after the Fukushima disaster shut down most of its nuclear reactors. |
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| Grammys to honour Jobs for contribution to music |
| (LOS ANGELES) The Grammys will pay special tribute to late Apple founder Steve Jobs at the upcoming awards show, the organisation announced. |
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| Greece's creditors resist push from IMF for more losses |
| (ATHENS) Greece's creditors are resisting pressure from the International Monetary Fund (IMF) to accept bigger losses on holdings of the indebted nation's government bonds, said three people with direct knowledge of the discussions. |
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| Gulf firms facing funding crunch as EU banks pull out |
| (DUBAI) Persian Gulf companies may struggle to refinance almost US$90 billion of borrowings maturing through 2013 as the sovereign debt crisis forces European banks to retreat, leaving a gap that local lenders may be unable to fill. |
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| Q3 spurt in UK growth; won't last, says BOE |
| (LONDON) UK economic growth accelerated more than previously estimated in the third quarter in a surge that the Bank of England (BOE) says is unlikely to be repeated as Europe's debt crisis curbs bank lending and dents confidence. |
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| London stockbrokers 'throw in the towel' |
| (LONDON) London's stockbrokers are shrinking as Europe's sovereign debt crisis and competition from international firms squeezes revenue and fees. |
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| Banks' advisory fee slump deepens in Q4 |
| (LONDON) Europe's debt woes dragged worldwide investment banking income down this year, data showed, with fees on the continent slumping to the lowest quarterly level ever recorded and company listings and acquisitions grinding to a near halt. |
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| Workload increases for debt advisers |
| (NEW YORK) For bankers advising Europe's lenders on debt negotiations with the Greek government or the bankruptcy of MF Global Holdings Ltd, it's starting to feel like the aftermath of the financial crisis all over again. |
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| Kissing Santa puts me on his 'nice' list |
| Rupert, a seven-month-old dachshund, licking the face of volunteer Patrick Ashton, dressed as Santa Claus, during a fund-raising event for the Montgomery County Animal Shelter at a Petsmart shop here last Sunday. |
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| Consumer sentiment rises more than forecast in Dec |
| (WASHINGTON) Confidence among US consumers rose more than forecast in December, to a six- month high, as Americans began wrapping up their holiday spending. |
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| Swiss central banker acts to defuse global threats |
| (FRANKFURT) For Swiss central bank president Philipp Hildebrand, it was a reminder of what happens when you get between bankers and their bonuses. |
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| The nightmare before Christmas |
| The Commuter's Refrain (with apologies to Clement Moore's 'Twas The Night Before Christmas |
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| Euro trims gains vs $ in choppy trading |
| (LONDON) The euro pared gains against the US dollar yesterday in choppy year-end conditions with ongoing concerns that the eurozone debt crisis could intensify next year, driving investors to sell into any rebounds in the single currency. |
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| Others, too, offer online booking for restaurants |
| IT is always excellent to see articles on real-time online reservations for restaurants in Singapore such as 'Restaurants get online help with table booking' (BT, Dec 20), which focused on the services provided by the Chope Group. |
|
| Brokers' Take |
| THE past year has been good for the construction sector. Total construction contracts handed out (till October) totalled $27.4 billion, exceeding the total amounts in 2009 and 2010. |
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| A surprising upswing for US economy |
| THE US economy is ending 2011 on a roll. The job market is healthier. Americans are spending eagerly on holiday gifts. A long-awaited turnaround for the depressed housing industry appears to be under way. Gas is cheaper. Factories are busier. |
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| ECB does just what central banks do |
| That should be the slogan of Mario Draghi, president of the European Central Bank (ECB). |
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| Austerity all round except for bankers |
| SANTA Claus came early this year for four former executives of Washington Mutual (WaMu), a large US bank that failed in fall 2008. |
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| Taiwan's elections having impact on China |
| OUTSIDE of Taiwan, no one is watching the presidential elections slated for Jan 14 more closely than people in China. And it is not just the Chinese government that is doing it. |
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| Lessons from the SMRT fiasco |
| EIGHT days have passed since SMRT suffered the first of a series of embarrassing service breakdown, yet the public furore it engendered shows little sign of abating. |
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| Three-Minute Digest |
| ELECTRONICS exports may have begun to recover from their dramatic plunge, but companies in the electronics sector say its shrinking spell may continue into the new year with growth resurfacing only in 2012's second half. |
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| Japan cuts growth forecast until March '13 |
| (TOKYO) Japan yesterday cut its economic growth forecast for the year to March 2012 and the following 12 months, citing the impact of a soaring yen, natural disasters and the eurozone debt crisis. |
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| Fitch warns of US downgrade by 2013 |
| (NEW YORK) The United States' AAA rating will probably be cut by Fitch Ratings by the end of 2013 unless lawmakers are able to formulate a plan to reduce the budget deficit after next year's congressional and presidential elections. |
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| Q3 economic growth slower than estimated |
| (WASHINGTON) US economic growth was slower than previously estimated in the third quarter on a sharp drop in healthcare spending, but stronger business investment and a fall in inventories pointed to a pick-up in output in the current period. |
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| Prices of resale HDB flats seen correcting |
| (SINGAPORE) While HDB resale prices are expected to remain stable in 2012, with marginal softening of the COVs (cash-over-valuation), leading to an overall price correction of between 1 and 5 per cent, sales volumes could fall slightly as buyers assess their options beyond the resale market. |
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| Yanzhou inks A$700m deal for Gloucester Coal |
| (SYDNEY) China's Yanzhou Coal Mining Co Ltd said yesterday it plans to merge its Australian unit with Gloucester Coal in a A$700 million (S$917 million) deal that will create one of Australia's largest listed coal companies. |
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| New investment hurdles won't trip up business |
| (SINGAPORE) The makers and sellers of financial products covered under a new set of rules to raise hurdles for retail investors say they are mostly on schedule to comply in the new year and expect limited effect from the changes. |
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| SGX refuses China Sky's request to lift suspension |
| (SINGAPORE) The Singapore Exchange (SGX) has declined China Sky Chemical Fibre's request to lift the suspension of share trading, citing 'circumstances of the suspension, including the persistent non-compliance with the exchange's direction to the company to appoint a special auditor'. |
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| Buffet-style 3G pricing may go off the table |
| (SINGAPORE) The telcos' crusade against virtually unlimited mobile data usage might soon be upon 3G shores. StarHub and SingTel are taking a good look at revising their 3G price plans, the two telcos told BT yesterday. |
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| Electronics shock may crackle through next year |
| (SINGAPORE) Electronics exports may have begun to recover from their dramatic plunge, but companies in the electronics sector say its shrinking spell may continue into the new year with growth resurfacing only in 2012's second half. |
|
| Musical journey of friendship & hope |
| DESPITE the current economic uncertainty, donors still gave readily for this year's ChildAid concert which raised a record $1.88 million. The seventh annual for-children-by-children charity concert took place over three nights between Dec 8 and Dec 10 this year. At a gala evening on Dec 9, Singapore Press Holdings chairman Lee Boon Yang and Emeritus Senior Minister Goh Chok Tong presented the mock cheque for $1.88 million to beneficiaries representing The Straits Times School Pocket Money Fund and The Business Times Budding Artists Fund. |
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| The making of ChildAid 2011 |
| CONCERTS don't have to be ostentatious to make an impression, as this year's ChildAid performances demonstrated. The concerts, which ran Dec 8-10 at the NUS University Cultural Centre and featured some 130 children, raised a record $1.88 million for The Straits Times School Pocket Money Fund and The Business Times Budding Artists Fund (BT BAF) in spite of being less lavish than last year's event that was held at Resorts World Sentosa. |
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| Singapore Roundup |
| THE Ministry of Manpower (MOM) has appointed Dr Jukka Takala as the first executive director (ED) of the Workplace Safety and Health (WSH) Institute as of Dec 28. |
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| Corporate bond sales set record |
| (LONDON) Corporate bond sales from borrowers in emerging markets soared 14 per cent to a record this year as their economies grew four times faster than the developed world and debt yields fell. |
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| A Gucci you can drive - with a little help from Fiat |
| A BIT like chili padi, the Fiat 500 has had quite a following since its rebirth in 2007. |
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| IPC status for ST Pocket Money Fund |
| THE Straits Times School Pocket Money Fund (SPMF) will become a full-fledged charity with its own Institution of a Public Character (IPC) status from Jan 1 next year. This means that the SPMF, which is currently administered by the National Council of Social Service (NCSS), will become an independent charity. |
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| S'pore blogshops' sales hit $96m this year |
| BLOGSHOPS in Singapore are estimated to have accounted for $96 million, or 6 per cent, of the $1.6 billion local e-commerce sales this year. |
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| MHA officer charged with cheating |
| AN OFFICER with the Ministry of Home Affairs (MHA) was charged with cheating the government of $617,087 following stepped-up internal audits in the wake of the massive Singapore Land Authority (SLA) scam. |
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| SMRT forms own team to probe train disruptions |
| SMRT has formed its own task force - separate from the formal Committee of Inquiry called by Prime Minister Lee Hsien Loong - to look into the spate of train disruptions last week. |
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| URA releases 3 plots; can yield 1,325 units |
| THREE parcels of residential land, the last of the bumper supply injected into the market this year, were released for sale yesterday, potentially yielding about 1,325 units. |
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| Two new projects attracting S'pore buyers |
| WHILE most residential developers mull over whether or not to release new projects following the introduction of the additional buyer's stamp duty on Dec 8, the developers of at least two new projects - The Hillier in the Hillview area and The Nautical in Sembawang - have gone ahead with previews. Both are 99-year leasehold projects. |
|
| Euro fears return, STI's bounce halts |
| THE Straits Times Index yesterday was unable to add to its 59-point Wednesday bounce, instead slipping 8.52 points to 2,664.80 in possibly the lowest full-day volume this year - 535 million units worth $429 million. |
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| Container-ship alliances to boost rates: Platou |
| (LONDON) Rates for ships hauling boxloads of manufactured goods may rise next year after owners said they will cooperate on some trade routes to overcome a vessel glut and slowing trade growth, RS Platou Markets AS said. |
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| MAS, AirAsia X mull sale of Islamic bonds |
| (KUALA LUMPUR) Malaysian Airline System Bhd and AirAsia X Sdn are joining Emirates in considering sales of Islamic bonds as banks curb lending on Europe's debt crisis. |
|
| BHIC dips 2% on denial of privatisation plans |
| MALAYSIAN patrol vessel maker Boustead Heavy Industries Corporation (BHIC) fell nearly 2 per cent yesterday to RM3.33 following a denial by its parent Boustead Holdings that it plans to take the subsidiary private. |
|
| KL anti-graft body probing allegations about NFC |
| THE pressure is mounting on Cabinet Minister Shahrizat Jalil now that the Malaysian Anti-Corruption Commission (MACC) has announced it is investigating allegations surrounding the National Feedlot Corporation (NFC). |
|
| Reliance invests in US nuclear design firm |
| (NEW DELHI) Reliance Industries Ltd, operator of the world's biggest oil refinery complex, has invested in Terra Power LLC, a nuclear design and engineering company partly funded by Microsoft Corp chairman Bill Gates. |
|
| Indian govt backtracks on pension funds FDI |
| (NEW DELHI) Indian Prime Minister Manmohan Singh has shelved plans to allow foreign direct investment (FDI) in pension funds in the second major policy setback this month, according to one of the government's largest parliamentary allies. |
|
| Force lets rip in cyberspace |
| A STAR WARS game may not traditionally represent Christmas, but for fans of George Lucas's lucrative science fiction franchise, Christmas came early on Tuesday when Star Wars: The Old Republic, launched in the United States and Europe. |
|
| Time-out for the arts |
| IN the venerable New York Public Library one weekend last month, the usual quiet of the Rose main reading room was suddenly shattered by an ear-splitting din of electric guitars. |
|
| EU chiefs wasted year not tackling crisis: IMF |
| (WASHINGTON) The International Monetary Fund's (IMF) chief economist said on Wednesday that dithering EU policymakers had wasted a year and allowed their crisis to deteriorate, leaving Europe more exposed to 'schizophrenic' investors. |
|
| Bocelli's central perks |
| ONE of the joys of Christmas is letting your spirit take flight as you kick back over the long weekend, and Andrea Bocelli's Concerto: One Night in Central Park lets you escape to New York's iconic park in the comfort of your living room. |
|
| Do you hear what I hear? |
| CYNICS might assume that Christmas albums are all the same but there's really tremendous variety out there, ranging from traditional takes on the classics to urban-style remakes that will get some people dancing and other people cringing. |
|
| Novel loses the plot with tangled yarn |
| THE hardest games for novels to tie into are non-linear ones with multiple endings, such as the pair of Star Wars: Knights of the Old Republic games from 2003 and 2005. |
|
| Merry misfits and a menagerie |
| IMAGINE going out to hunt for a house and somehow ending up with a zoo instead. That's the preposterous but (sort of) true story behind We Bought a Zoo, a family-oriented film that is a departure of sorts for Cameron Crowe, the writer-director responsible for one of the more memorable movie catchphrases in recent times ('Show me the money!' - Jerry Maguire, 1996). |
|
| Strong Q4 seen as blip; growth to slow next year |
| (WASHINGTON) A spate of unexpectedly good economic data suggest that this quarter will have some of the strongest economic growth since the recovery started in 2009, causing a surge in the stock market and cheering economists, investors and policymakers. But the good news comes with a caveat. |
|
| Company Briefs |
| FUXING China Group said that it is likely to register a loss in the fourth quarter ending Dec 31, 2011. |
|
| EU antitrust hurdles for Deutsche Boerse-NYSE deal remain |
| (FRANKFURT) European Commission antitrust officials on Wednesday showed no sign of being swayed by Deutsche Boerse and NYSE Euronext's last-ditch arguments to save their US$9 billion deal, sources said, making it increasingly likely the exchange operators will have to take their campaign directly to the commissioners. |
|
| Yahoo mulls reducing investments in Asia |
| (NEW YORK) The board of Yahoo is considering a sale of the bulk of the company's valuable holdings in the Alibaba Group of China and Yahoo's Japanese affiliate back to their majority owners in a complicated transaction that values the stakes at about US$17 billion, according to people briefed on the matter. |
|
| ExxonMobil's upstream cracker nears completion |
| EXXONMOBIL'S long-delayed upstream cracker on Jurong Island - the heart of its US$5-6 billion second Singapore petrochemical complex - 'is nearing completion'. |
|
| A wordless work of art |
| FOR a silent film, The Artist is making a noise on the awards circuit. It's leading the Golden Globes with six nominations in all the major categories, including, believe it or not, Best Screenplay. To think the film barely has enough lines to fill a sheet of paper. |
|
| Smoke and mirrors |
| IF it's not broken, don't fix it. That seems to be the theory director Guy Ritchie had in mind while making Sherlock Holmes: A Game of Shadows, the sequel to his highly successful re-imagining two years ago of Sir Arthur Conan Doyle's classic literary character. |
|
| Scents and sensibility |
| LAST week at the President's Dinner of the International Wine & Food Society, Tanglin, Singapore, I spied a magnum of Chateau Talbot 1998. It had been some time since I last drank a Talbot so I took the opportunity to look at it again, especially at a 10-plus year-old Talbot in large format. And it proved exceedingly enjoyable, to my very pleasant surprise. |
|
| Tipple topples amid fiscal woes |
| GROWTH in wine sales by the five leading auction houses slowed to about 14 per cent this year from 75 per cent in 2010 as the global financial crisis cooled demand for Chateau Lafite-Rothschild and other top Bordeaux producers. |
|
| Japanese brewers favour Vietnam over China |
| (TOKYO) Japanese brewers are looking past China's US$57 billion beer market to a country with less than one-tenth the population: Vietnam. |
|
| Slowest population growth in US since 1940s |
| (WASHINGTON) The population of the United States grew at its slowest rate since the 1940s this year, the Census Bureau reported on Wednesday, as the gloomy economy continued to depress births and immigration fell to its lowest level since 1991. |
|
| Foreigners buy Korea stocks, ignoring likely upheaval |
| (SEOUL) Foreign investors bought the most Kospi index stocks in three weeks as some fund managers overlooked possible political upheaval in North Korea to buy equities in South Korea, Asia's cheapest major market. |
|
| Hairy issues get an airing |
| DO not be deceived by this little black box of a play. Mata Hati, a 90-minute work staged by local Malay theatre group Teater Ekamatra, tackled all the hot potatoes you could find in a political work: race, religion, government and, yes, sex. |
|
| Get the party started |
| Jazz fans and whisky connoisseurs should consider spending Christmas Eve at B28, nestled in the basement of The Club Hotel, No 28 Ann Siang Road. |
|
| Cartier's timeless story about art |
| THERE'S a story behind every watch at the Cartier Time Art exhibition, now on at the ArtScience Museum at Marina Bay Sands. |
|
| Hitachi Plant setting up SEAsia and India units |
| IT ONLY just set up a subsidiary in Singapore this month, but Hitachi Plant Technologies already has several more planned all over South-east Asia and India. |
|
| M'sia reaffirms financial liberalisation hopes |
| MALAYSIA has reiterated its commitment to financial-sector liberalisation by encouraging greater foreign participation in its banking institutions, including allowing for more flexible equity limits and employment opportunities. |
|
| Asians grow taste for luxury chocolate |
| (JAKARTA) Arriving in Indonesia just a little over a decade ago, Belgium chocolatier Thierry Detournay was dismayed at the lack of quality chocolate on offer in the world's third-largest cocoa producer. |
|
| Indonesian strike success may give rise to copycats |
| (JAKARTA) As the longest-running strike in Indonesia's mining industry draws to a close, mine owners need to brace themselves for a spate of copycat pay disputes, an official from the Indonesian Mining Association (IMA) said on Tuesday. |
|
| Indian cabinet approves powers for anti-graft agency |
| (NEW DELHI) India's cabinet approved powers for a graft-fighting agency that fell short of demands made by activists, who pledged to next week renew protests against the government that had earlier won nationwide support. |
|
| Specialty Reits proving their worth |
| (NEW YORK) Real estate investment trusts, or Reits, have largely outperformed other investment vehicles in the sluggish US economy of the past few years. |
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| Japan's small developers starved of cash |
| (TOKYO) Hulic Co's take- over of Shoei Co, in a transaction estimated at 268.7 billion yen (S$4.47 billion), underscores the plight of smaller Japanese builders struggling to survive as loans dry up. |
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| Poor retail sales seen stoking UK insolvencies |
| (LONDON) UK retail insolvencies may reach the highest level in four years as weak Christmas sales leave chains struggling to meet rent payments due this month, according to restructuring firm AlixPartners LLP. |
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| Taiwan vulnerable if a global crisis hits in 2012 |
| (TAIPEI) Taiwan could be the hardest hit among Asian peers next year should the whole global economy spiral into crisis, as the exports that propel its growth fall away to reveal structural weaknesses and a lack of domestic drivers beneath. |
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| You can leach a new dog with old tricks |
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| China will stabilise export policy: Wen |
| (BEIJING) China's Premier Wen Jiabao said China will stabilise export policy, including on rebates, and provide capital support to small companies. He also told the nation's banks to clean up lending policies that have left some businesses struggling with excessive borrowing costs as slowing export growth and other pressures eat into profits, state newspapers reported yesterday. |
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| The real reasons why US bankers don't like Basel rules |
| THE Federal Reserve, according to reports, has decided that big US banks will have to comply with an emerging new global rule on capital. It's a move the banks have fought, arguing that it will increase their costs and discourage lending. |
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| Three-Minute Digest |
| AS THE eurozone crisis points a gun to their heads, European banks and corporates may offload some of their Asian assets to Asian buyers, choosing survival over growth for now, market watchers say. |
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| French banks struggling to fund debt payments |
| (PARIS) BNP Paribas, Societe Generale, Credit Agricole and Groupe BPCE, France's biggest banks, are struggling to fund about 37 billion euros (S$63 billion) of debt payments due in the first quarter. |
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| Japan exports in Nov down 4.5% |
| THE impact of Europe's problems began to show through more strongly yesterday as Japan reported a further drop in exports along with a rising trade deficit. |
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| Analysts cautiously optimistic on Sands after HK probe ends |
| (SINGAPORE) Gaming analysts are cautiously optimistic about an all-clear given to a Macau unit of Las Vegas Sands Corp (LVS) after a nine-month probe by Hong Kong regulators ended late last week, as this removes only one of several regulatory probes facing the international casino operator. |
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| Telcos set to roll with the punches in 2012 |
| (SINGAPORE) After spending the last two years bracing for regulatory upheaval and bottomline disruption from mounting data usage, the telcos might find things turning in their favour - albeit slowly - in 2012. |
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| Cash hoards surge at S'pore firms |
| (SINGAPORE) Large listed companies in Singapore have been hoarding cash at some of the fastest rates in the last two years, building up not just a buffer for the economic slowdown but also a war chest for potential acquisitions. |
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| Olympus raided over accounting scandal probe |
| (TOKYO) Japanese prosecutors raided offices of Olympus Corp and the home of a former executive yesterday in a probe into a US$1.7 billion accounting scandal that has threatened the survival of the once-proud camera and medical equipment maker. |
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| Credit Suisse buys HSBC's Japan private banking unit |
| (SINGAPORE) Credit Suisse is buying HSBC's private banking business in Japan, raising its profile in the world's third-largest economy where it began onshore private banking just two years ago. |
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| Home purchases up, but earlier sales are weaker |
| (WASHINGTON) The number of Americans who bought previously occupied homes rose last month. But the National Association of Realtors says it overstated more than three million sales during and after the Great Recession, showing the housing market was weaker than previously thought. |
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| Razer gets US$50m boost from Beijing-based VC fund |
| LEADING video game hardware company Razer has secured US$50 million from a Beijing-based venture capital fund that takes it potentially closer to a public listing, the company said yesterday. |
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| COE premiums fall across the board |
| TAXI companies bidding strongly for certificates of entitlement (COEs) pushed up the small car premium yesterday, leading some motor distributors to contemplate the link to the recent cab fare increase. |
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| Social media can help firms engage workers |
| CHANGE and communication have always posed a big challenge in staff management - particularly when it comes to getting employees in sync with a company's profit-making goal. |
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| Prime retail rents seen staying flat next year |
| SINGAPORE's retail rents remained stagnant in the fourth quarter of this year, and prime retail rent is likely to stay flat come 2012, say market watchers. |
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| Bounce in Western markets lifts STI |
| THANKS to a Tuesday bounce in Western markets, the Straits Times Index (STI), which had fallen a total of 158 points in the previous 13 sessions, managed a 58.87-point or 2.3 per cent rebound to 2,673.32 yesterday, probably aided by a generous dose of short-covering. |
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| DNB, Nordea seen profiting among shipping banks |
| (HAMBURG) DNB ASA and Nordea Bank AB, the largest providers of ship financing, may benefit as competitors face capital shortages from Europe's sovereign debt crisis. |
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| Malaysia's inflation slows in November |
| (SINGAPORE) Malaysia's inflation slowed in November, increasing the central bank's scope to leave interest rates unchanged while assessing the risks to growth from a faltering global economy. |
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| Deputy minister denies receiving any kickbacks |
| THE Malaysian deputy finance minister yesterday admitted to receiving political contributions from a 'long-time donor' to fund 'social programmes' in Bachok, Kelantan. |
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| Banks take up 489b euros in three-year ECB loans |
| (FRANKFURT) Banks took a huge 489 billion euros (S$828.3 billion) at the European Central Bank's (ECB) first ever offering of three-year funding yesterday, raising hope that a credit crunch can be avoided and that the money may be used to buy Italian and Spanish bonds. |
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| CWT open to buying MF Global Singapore |
| (SINGAPORE) Commodities logistics company CWT Ltd could buy embattled MF Global Singapore to give its fledgling broking business a shot in the arm. |
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| Asia private banking shows teflon status |
| (SINGAPORE) The private banking business in Asia is recession proof, and if anyone still doubts its teflon status, just look at the 2011 operations. |
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| From fighting Apple to picking up the crumbs |
| (SINGAPORE) The local company that could have beaten Apple to making the first tablet PC is having problems staying afloat. |
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| Office landlords sweeten deals as market weakens |
| (SINGAPORE) As the office leasing market starts to weaken, some landlords have begun to offer bigger incentives to clinch tenants. |
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| Asia primed to buy European assets |
| (SINGAPORE) As the eurozone crisis points a gun to their heads, European banks and corporates may offload some of their Asian assets to Asian buyers, choosing survival over growth for now, market watchers say. |
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| Average tourist spend may rise 9% in two years |
| TOURISTS are likely to increase their spending here by an average of 9 per cent to $2,381 over the next two years, according to a survey by Visa. |
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| VMware moving beyond virtualisation |
| FOR virtualisation market leader VMware, keeping ahead of the competition has moved beyond the mechanics of providing virtualisation technology these days, according to its chief technology officer Steve Herrod. |
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| EU unyielding on airline carbon plan despite US pressure |
| (BRUSSELS) The European Union (EU) will go ahead with its hotly contested plan to charge airlines for carbon emissions despite US threats of reprisal, should it win European Court of Justice (ECJ) backing, EU sources said on Tuesday. |
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| Tiger Airways scores a first with launch of S'pore-Dhaka flights |
| (SINGAPORE) Tiger Airways has become the first low-cost carrier to offer direct services between Singapore and Dhaka, Bangladesh. |
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| Jetstar Japan lodges Tokyo AOC application |
| (SINGAPORE) Jetstar Japan, which plans to take to the skies at the end of next year, has lodged its Air Operators Certificate application in Tokyo. |
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| Emerging markets' decade of disruption |
| OVER the past decade, emerging markets have become the global economy's main growth engine. According to HSBC, 19 of today's emerging-market countries will be among the world's 30 largest economies in 2050, and they will be more important than the current Organisation for Economic Co-operation and Development (OECD) countries. |
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| China village ends protests after govt compromise |
| (WUKAN, China) Organisers of a Chinese village protest that tested the ruling Communist Party for more than a week decided yesterday to end their action after senior officials offered concessions over a land dispute and a suspicious death in custody. |
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| US developers learn to do business in China |
| (NEW YORK) With the slowdown in commercial building in the United States, some US developers are planning projects in China, hoping to capitalise on an immense, increasingly urbanised market with a rising middle class. |
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| US economy may be turning the corner |
| (WASHINGTON) FEDERAL Reserve chairman Ben Bernanke finally may be catching a break: His easy-money policies are showing signs of speeding up the economic rebound three years after he cut interest rates to zero. |
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| Singapore Inc's gag disorder |
| WHEN the lights winked out on SMRT trains last Thursday, passengers and the public were kept in the dark in more ways than one. |
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| Company Briefs |
| LEADER Environmental Technologies' subsidiary, Jilin Anjie Environmental Engineering Co Ltd, has entered into an agreement with Tonghua Iron & Steel Co Ltd 'to undertake operations and maintenance (O&M) of the desulphurisation system of a sintering system'. |
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| Shares of NOL, partners ride on news of alliance |
| (SINGAPORE) Hanjin Shipping Co, South Korea's largest shipping line, rose the most in three weeks in Seoul trading on market expectations that a new alliance of carriers will help stem a decline in rates and bolster competitiveness. |
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| Temasek is fertiliser firm's biggest shareholder |
| (TORONTO) Singapore investment company Temasek Holdings increased its stake in Mosaic Co to become the biggest shareholder of North America's second-largest fertiliser producer. |
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| IEV shares soar as M'sian associate wins contract |
| SHARES of IEV Holdings surged yesterday, buoyed by news that its 30 per cent-owned associate had won a turnkey supply and installation contract worth RM262 million (S$107 million). |
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| Ascott may inject M'sian assets into ART |
| (KUALA LUMPUR) The Ascott Ltd, the world's largest serviced residence owner-operator, may group its assets in Malaysia and float them on the local bourse, The News Straits Times reported yesterday. |
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| Dukang Distillers launches sake range |
| DUKANG Distillers Holdings has launched a range of sake products to tap rising demand for healthier alcoholic beverages in China. |
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| OCBC agrees to buy 5 firms from M'sian unit |
| OCBC Bank has agreed to buy the operating companies of its Malaysian subsidiary, PacificMas Bhd, for RM428.2 million (S$175.2 million) after the latter's board accepted its offer last month. |
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| SGX directive to China Sky reasonable, says SIAS |
| IN a follow-up response to a reprimand by the Singapore Exchange (SGX), China Sky Chemical Fibre yesterday accused the SGX of continued failure to state the basis and rationale of directing the company to appoint a special auditor. |
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| JPMorgan seeks court permission to trade claims on MF Global |
| (NEW YORK) JPMorgan Chase & Co, a lender to bankrupt MF Global Holdings Ltd, asked a judge if it can trade claims on the company, including its bank loans and 6.25 per cent bonds. |
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| E-mail clues in tracking MF Global customers' money |
| (NEW YORK) Federal authorities investigating the collapse of MF Global have uncovered e-mails that detail the transfers of money in the firm's last days, including transfers that contained customers' money, according to people close to the investigation. |
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| SMRT to try out higher speeds, use more trains |
| MRT commuters who have stayed away because of the slower and less frequent service after two major train disruptions have some reason to hop back on board. |
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| Optimist dreams of a tranquil Asia |
| I'M no Martin Luther King, and I'm not even Asian, yet 'I have a dream' of what Asia, or at least the north-eastern part of this great continent, could look like if only politics and prejudice did not stand in the way. |
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| Bank of Japan keeps rates steady, lowers outlook |
| (TOKYO) The Bank of Japan kept monetary settings unchanged yesterday but cut its assessment of the economy on mounting evidence of the pain Europe's debt crisis is inflicting on global growth and Japan's recovery prospects. |
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| Turning curse of resource bonanza to blessing |
| LIBYANS have a new lease on life, a feeling that, at long last, they are the masters of their own fate. Perhaps Iraqis, after a decade of warfare, feel the same way. |
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| N Korea under ruling group headed by Kim Jong-un |
| (BEIJING) North Korea will shift to collective rule from a strongman dictatorship after last week's death of Kim Jong-il, although his untested young son will be at the head of the ruling coterie, a source with close ties to Pyongyang and Beijing said. |
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| Europe's carbon market fighting for survival |
| (BRUSSELS) Europe's main weapon in the battle against climate change is now fighting for its own survival. |
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| Oracle Q2 results shock investors, shares plunge |
| (SAN FRANCISCO) Oracle Corp's earnings fell short of Wall Street's forecasts for the first time in a decade as software and hardware sales sputtered, sending its shares down more than 10 per cent and stoking fears a global recession will hurt tech spending. |
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| Better disclosure will help protect investors |
| FROM January, some retail investors will have to pass an examination if they want to trade complex products such as structured warrants, extended settlement contracts and exchange-traded funds. |
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| Fed proposes new capital rules for large US banks |
| (WASHINGTON) The Federal Reserve has proposed rules that would require the largest US banks to hold more capital - and to keep it more easily accessible - to protect against another financial crisis. |
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| BlackBerry turns down takeover offers |
| (TORONTO) Research In Motion turned down takeover overtures from Amazon.com Inc and other potential buyers because the BlackBerry maker prefers to fix its problems on its own, according to people with knowledge of the situation. |
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| Congress in limbo over US jobless benefits |
| (WASHINGTON) More than three million people stand to lose unemployment insurance benefits in the near future because of an impasse in Congress over how to extend the aid and how to offset the cost. |
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| Asian units gain on US housing data |
| (TAIPEI) Asian currencies strengthened, led by South Korea's won, as housing data in the US beat economists' estimates, brightening the export outlook. |
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| Brokers' Take |
| SINGTEL will launch its 4G (Long Term Evolution - LTE)-based mobile broadband service today for both consumers and businesses in selected districts. |
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| Atec, GVK in talks on rail project for Queensland's Galilee coal basin |
| (SYDNEY) Atec Rail Group Ltd is in talks with India's GVK Group and Adani Enterprises Ltd to buy a stake in a proposed rail link in Australia's Galilee Basin, where about US$32 billion of coal projects are being developed. |
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| US, eurozone credit markets move in sync |
| (NEW YORK) For all the evidence that the US economy is expanding, the nation's credit markets are unable to decouple from Europe as everything from junk bonds to interest rate swaps move increasingly in lockstep with the euro region. |
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| AT&T drops US$39b bid for T-Mobile USA |
| (NEW YORK) AT&T has dropped its controversial US$39 billion bid for Deutsche Telekom's US wireless unit, bowing to fierce regulatory opposition and leaving both companies scrambling for alternatives. |
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| German business confidence up in December |
| (LONDON) German business confidence unexpectedly rose for a second month in December as two economic institutes predicted Europe's biggest economy will stave off the debt crisis and avoid a recession next year. |
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| Banks snap up Spain debt with ECB loans |
| (MADRID) Short-term financing costs for eurozone struggler Spain more than halved yesterday as banks lapped up debt at an auction, with much of the purchasing power said to come from cut-rate money to be lent by the European Central Bank (ECB). |
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| Farewell letter of South Pole explorer to go on the block |
| (LONDON) A farewell letter written by British explorer Robert Falcon Scott when he realised that he would not survive his ill-fated expedition to the South Pole is to be sold in London, Bonhams auction house said yesterday. |
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| Shadow banks in the spotlight as tougher rules kick in |
| (FRANKFURT) International regulators' efforts to strengthen the financial system by tightening bank rules may inadvertently serve to boost opportunities for unregulated or 'shadow' financial players. |
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| Euro advances after Spanish auction |
| (LONDON) A sharp fall in Spanish short-term borrowing costs boosted the euro yesterday albeit in thin trade, with fresh signs that the German economy is holding up in the teeth of the eurozone debt storm also supportive. |
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| LME to create its own clearing service |
| (LONDON) The London Metal Exchange has decided to create its own clearing service called LMEClear, it announced, a move traders say is designed to make the exchange more attractive ahead of a potential sale next year. |
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| Gone with the crisis - year-end bashes by big Wall St players |
| (NEW YORK) Three years after the financial crisis, the Grinch still hovers over Wall Street. |
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| America's richest 1% defend their wealth |
| (NEW YORK) Jamie Dimon, the highest-paid chief executive officer among the heads of the six biggest US banks, turned a question at an investors' conference in New York this month into an occasion to defend wealth. |
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| Anticipation builds over imminent Fed rules for big banks |
| (WASHINGTON) The Federal Reserve is expected to release this week a highly anticipated proposal for how it will oversee the largest US banks, a person familiar with the plan said on Monday. |
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| HSBC may save US$1.5b on loss-absorbing capital norms |
| (LONDON) HSBC Holdings, Europe's largest bank by market value, may escape US$1.5 billion of additional costs after the government diluted plans requiring British lenders to raise extra loss-absorbing capital. |
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| Aquino declares state of national calamity |
| (ILIGAN, Philippines) Philippine President Benigno Aquino yesterday declared a state of national calamity after flash floods and land slides caused by a typhoon swept through a southern region late last week, killing about 1,000 people and leaving tens of thousands homeless. |
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| UK taxman too cosy with big firms: panel |
| (LONDON) Lawmakers yesterday attacked 'cosy' relations between Britain's tax authorities and large companies, saying they could cost the country millions of pounds. |
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| Noble may strike it rich with sale of Gloucester |
| (SINGAPORE) Noble Group's Australia-listed coal mining subsidiary Gloucester Coal could be sold to China's Yanzhou Coal Mining for US$2 billion (S$2.6 billion) or more and create Australia's biggest independent coal miner. |
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| SingTel launches 4G plan and battleship in data war |
| (SINGAPORE) The days of virtually unlimited mobile data usage are numbered. SingTel will be launching Singapore's first fourth-generation (4G) - or Long Term Evolution (LTE) - mobile broadband service for both consumers and businesses tomorrow, as the first of a three-part pricing strategy. |
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| Singapore Roundup |
| THE Housing & Development Board (HDB), as the Singapore government's land sales agent, yesterday awarded a 99-year leasehold private condo land parcel at Punggol Central/Punggol Place to Wee Hur Development. |
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| Accounting Standards Council gets new head |
| THE man who used to head PricewaterhouseCoopers (PwC) in Singapore has been tasked to lead the Accounting Standards Council (ASC), the group formed in 2007 to develop and review accounting standards for entities that are under its purview. |
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| Flexible work space provider sees Asia-Pacific potential |
| WITH Singapore commuters facing disruptions in recent days, the concept of flexible work practices may now have added appeal. In fact, employees who spend a lot of time travelling to and from their workplace report 'increased dissatisfaction, decreased productivity, as well as a lower quality of life', said William Willems, regional vice-president for Australia, New Zealand and South-east Asia of Regus Group, which provides flexible workspaces. |
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| S-E Asia ad spending up 16% in Q3 |
| REGIONAL advertising expenditure exceeded US$5 billion in Q3, reflecting healthy growth across mainstream media, data from a Nielsen report released yesterday showed. |
|
| Supply risks push Brent futures above US$104 |
| BRENT crude futures rose above US$104 yesterday, buoyed by the risk of supply being disrupted from Central Asian oil producer Kazakhstan, even as sanctions-hit Iran struggles to maintain its production and Libyan output is delayed. |
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| F&H injects $15m into JR Foodstuff |
| LOCAL food maker JR Foodstuff has secured $15 million in investment from private equity firm F&H Fund Management, which it says it will use to break into the Chinese market. |
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| ST Index ends flat in tepid session |
| WITH most major investors having closed their books for the year and headed out for the holidays, market activity remained muted yesterday with interest largely focused on situational counters. |
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| Drydocks debt revamp almost done |
| (DUBAI) Drydocks World, a unit of Dubai World, expects to complete its long-delayed debt restructuring by the end of March 2012 and has not asked the Dubai government for financial support, its chairman said on Tuesday. |
|
| Tanker glut to spell losses for shipowners |
| (LONDON) The biggest glut of crude tankers in a quarter century means at least another year of losses for Frontline Ltd and Overseas Shipholding Group as the shipping market suffers its worst rout since the mid- 1990s. |
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| Oil tanker hire costs rise on pre-holiday bookings |
| (LONDON) Hire costs for the largest oil tankers hauling two million barrels of Persian Gulf crude to Asia advanced to the highest level in a week, as oil companies and traders prepared to book ships ahead of the holiday period. |
|
| Tsunami reveals durability of Nissan's Leaf |
| (DETROIT) Nissan inadvertently gained some valuable insight into the durability of its electric car, the Leaf, when about two dozen of them were destroyed in the tsunami that ravaged Japan in March. |
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| Honda's air bag recall policy called into question by victim's lawyer |
| (TOKYO) Georgia college student Kristy Williams was almost killed when a metal piece flew out of an air bag in her 2001 Honda Civic - a traumatic accident her lawyer says might have been avoided had there been an earlier, more comprehensive recall. |
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| Indian solar firms seek protection against rivals |
| (MUMBAI) India may jump into an escalating US-China trade fight over solar energy as local manufacturers lobby New Delhi for protection against imports from rivals including First Solar Inc and Suntech Power Holdings Co. |
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| Investment bank deals seen in conflict of interest |
| THERE was a lot of back slapping at Morgan Stanley when Zynga went public last Friday. But it should hold the self-congratulatory applause. |
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| Unlimited liability a way to avert banking crises |
| ANY discussion of financial regulation and its chronic failures should start with a simple, jarring truth: It's impossible to outregulate a banker. Each crisis in the financial sector brings calls for new rules, which take hold after much political jostling. Then we are supposed to sleep easier, certain that this time we are protected. We never are. Fresh rules are like antibodies, and banking - much like viruses - keeps evolving to outwit the regulations. |
|
| End of the road for Saab as owners file for bankruptcy |
| (NEW YORK) After months of trying to stay in business, the owner of Saab Automobile filed for bankruptcy on Monday when hopes of a life-saving investment from Chinese investors collapsed in the face of opposition from General Motors (GM). |
|
| Wealth managers tell clients to hang tight after gold's rout |
| (NEW YORK) Gold investors who pared their positions several months ago should hang tight after last week's rout, despite signs that the precious metal has lost its lustre as a safe-haven asset, say US wealth managers. |
|
| It's not looking very bright out there |
| ALL'S not well with the world of finance. Pessimism permeates almost all areas - from the industry's perception of itself, to job prospects and to expected market performance, according to a recently conducted survey by CFA Institute. For example, over three-quarters of survey respondents see no prospect of improved integrity in the markets in 2012 despite significant regulatory reform efforts globally. |
|
| US mortgages due in 2012 may fail to refinance |
| (NEW YORK) More than half of commercial mortgages packaged into bonds in 2007 and coming due next year may fail to refinance as maturities reach the most ever and lenders pull back, according to Standard & Poor's. |
|
| Aussie economy holding firm in face of euro crisis |
| (SYDNEY) Australia's central bank said resource investment is helping the economy ride out Europe's sovereign-debt crisis, sending the local currency higher as traders reduced bets on the scale of future interest-rate cuts. |
|
| Fed official sees 2-2.5% growth in US next year |
| (ATLANTA) Federal Reserve Bank of Richmond president Jeffrey Lacker predicted the US economy will grow 2 per cent to 2.5 per cent next year, with inflation likely to meet central bank goals, and urged no additional stimulus. |
|
| Company Briefs |
| BANK of Singapore has appointed two seasoned bankers to its Greater China team. |
|
| MF Global used US$2.4m in collateral to pay staff: trustee |
| (NEW YORK) MF Global Holdings Inc used US$2.4 million in cash collateral of its largest lender JPMorgan Chase & Co for the month ended Nov 30, the majority of it for payroll. |
|
| OCBC to buy stake in Malaysian brokerage |
| (KUALA LUMPUR) Oversea-Chinese Banking Corp (OCBC), South-east Asia's second-largest lender by assets, plans to buy a stake in the brokerage business of Malaysia's KAF-Seagroatt & Campbell Bhd, a person with knowledge of the matter said. |
|
| KB Asset stocks up on Korean bond futures |
| (SEOUL) KB Asset Management Co, a unit of South Korea's second-largest financial services group, is buying futures on the nation's bonds, betting that declines after the death of North Korean leader Kim Jong Il won't last. |
|
| Chairman of ST Asset Management retires |
| ST Asset Management Ltd, the manager of mainboard-listed Global Investments Limited, has informed the mutual fund company of major board changes. |
|
| Eurozone bond issuance may keep markets on edge |
| LARGE-SCALE issuance of Treasury bills and bonds of key eurozone nations is likely to keep markets jittery in the first quarter of next year, as European pension funds, insurance companies and other investors are called upon to fund indebted and recession-ridden nations. |
|
| More foreign builders in Australia housing scene |
| (SYDNEY) Overseas property developers, including Fraser & Neave Ltd and Far East Consortium International Ltd, are building the most housing in Australia in more than two decades as they seek geographic diversity and steady demand for properties, according to CBRE Group Inc. |
|
| APL joins forces with five to form G6 alliance |
| CONTAINER shipping may have fallen on some hard times of late, but it has not lost its sense of opportunity. |
|
| Hang Ten shares soar as Li & Fung makes takeover offer |
| (HONG KONG) Shares of Hang Ten Group Holdings Ltd jumped more than 55 per cent to a one- year high after Li & Fung (Retailing) Ltd offered to buy the apparel and accessories retailer for HK$2.7 billion (S$452 million) in a bid to beef up its presence in Asia. |
|
| New channel to deploy offshore yuan launched |
| CHINA last week launched its latest investment scheme for foreign investors, the RQFII, which will go some way in deploying offshore yuan deposits and is seen as a step towards Beijing's renminbi (RMB) internationalisation policy. |
|
| SembMarine's Brazil yard ready by end-2014 |
| SEMBCORP Marine has commenced construction works on Estaleiro Jurong Aracruz, the group's first overseas integrated yard facility in Brazil, with subsidiary Jurong Shipyard holding a groundbreaking ceremony on Monday to mark the occasion. |
|
| HK probe clears Sands Macau; shares up |
| (HONG KONG) Shares in the Macau unit of Las Vegas Sands rose yesterday after it was cleared by Hong Kong regulators following a nine-month probe, one of several investigations the casino giant is facing. |
|
| Kingfisher has 1.3b rupees in income tax dues |
| (NEW DELHI) Cash- strapped Indian carrier Kingfisher Airlines has not deposited with the government most of the income tax that it deducted from its employees' salaries for the last two fiscal years, a junior finance minister told lawmakers yesterday. |
|
| New venture eyes London-NY business sector |
| (PARIS) Bankers may be languishing in popularity polls but a new airline wants their business and is prepared to challenge British Airways for it once the financial crisis is over. |
|
| Fears resurface over closure of Boeing's Kansas plant |
| (KANSAS) Fears about the closure of Boeing Co's Wichita plant resurfaced on Monday after a lawmaker's comments that he had been told that modification work on Air Force refuelling tankers will be done in Washington state, but Boeing says that its study of all programmes at the Kansas site is still going on. |
|
| Japan orders 42 F-35 Joint Strike Fighters from Lockheed Martin |
| (TOKYO) Lockheed Martin Corp won a contract from Japan to supply F-35 Joint Strike Fighters, the aircraft's first win in a competitive tender. |
|
| Seamless links from SIA and JetBlue deal |
| (SINGAPORE) New York-hubbed discount carrier JetBlue Airways and Singapore Airlines (SIA) have signed an interline agreement that will enable each to feed customers into the other's network. |
|
| Thou shalt not manage corporate earnings? |
| WHETHER a business is profitable and will be successful in the long run can often be seen in its earnings, because these figures are an indication of a firm's profitability. |
|
| 2011: A Year of 'People Power' |
| THE most electrifying event of the year, for me, was the Egyptian revolution. I'd long had an interest in Gandhian-style struggles. Here was a non-violent struggle unfolding in real time against Hosni Mubarak's repressive regime. Tens of millions of people were gaining their freedom. |
|
| Why S Korea is lit at night, N Korea isn't |
| SATELLITE images of Asia at night are eerily beautiful, illuminated as they are by hundreds and thousands of bursts of light. That light is what civilisation looks like from space. It's the glow of fluorescent bulbs in office buildings and warm lamps in homes and bright runways crisscrossing airports. |
|
| No better time than now to grow your business |
| BUSINESS is all about growth. If you don't believe me, read any of the great economists, from Karl Marx to JM Keynes, Joseph Schumpeter or Milton Friedman. Whether they are monetarists or political theorists, whether they concentrate on demand or supply, they all end up believing in some kind of business cycle. |
|
| A cliffhanger election looming in Taiwan |
| IT is clear that Beijing is holding its breath as Taiwan's presidential race enters the final stretch. After having maintained a low profile since the campaign got under way in earnest about six months ago, China made its preference known last week. |
|
| Correction and clarification |
| THE article sourced from the news agency Reuters, 'New MAS rules to protect investors in the spotlight' (BT, Dec 20), suggested that mutual funds are listed on the Singapore Exchange (SGX) and that investors need to take a series of online tutorials on the SGX website and pass certain tests in order to buy them, or else be certified by a financial adviser. SGX has pointed out that mutual funds are not listed on its bourse and its free online education module does not cover them. We are sorry for the error. |
|
| Three-Minute Digest |
| THE days of virtually unlimited mobile data usage are numbered. |
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| Apple wins suit over smartphone features |
| (NEW YORK) A federal agency ruled on Monday that a set of important features commonly found in smartphones are protected by an Apple patent, a decision that could force changes in how Google's Android phones function. |
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| Tumbling BOA stock a bad anniversary gift for bank chief |
| (NEW YORK) Two years after Brian Moynihan became Bank of America's (BOA) chief executive, the beleaguered bank's shares crashed through the psychologically important US$5 mark on Monday, the lowest they've traded since March 2009. |
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| Sustainability reports gain traction |
| (SINGAPORE) Sustainability reports are increasingly becoming a must-have for businesses instead of just being a nice-to-have aside. |
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| Fallout fears over N Korea leader's death subside |
| THE state of alarm in South Korea as well as elsewhere in Asia and in the US triggered by Monday's announcement of North Korean leader Kim Jong-il's death eased somewhat yesterday on signs that the transition of power to Mr Kim's son, Jong-un, may be going off more smoothly than feared initially. |
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| Sarkozy changes tune on rating as elections loom |
| (PARIS) President Nicolas Sarkozy is trying to accomplish a delicate public relations U-turn over France's endangered AAA credit rating that could tarnish his credibility with voters just four months before a tough re-election fight. |
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| EU ministers agree to boost IMF loans |
| (BRUSSELS) Eurozone ministers agreed on Monday to boost IMF resources by 150 billion euros (S$255.55 billion) to ward off the debt crisis and won support for more money from EU allies, but it was unclear if the bloc would reach its 200 billion euro target after Britain bowed out. |
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| Housing starts rise fastest in 19 months |
| (WASHINGTON) Builders broke ground in November on more houses than at any time in the past 19 months, led by a surge in multi-family units, signalling the market is stabilising heading into 2012. |
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| Times Co shedding non-core papers |
| (NEW YORK) The New York Times Co said on Monday that it was in advanced talks to sell 16 regional newspapers, another indication that the company was divesting itself of assets to concentrate on its core newspaper business. |
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| Brave investors take long-shot bet on North Korean debt |
| (NEW YORK) The price of hard-to-find North Korean debt edged higher on Monday as some adventurous investors took a long-shot bet that the secretive country could open up after the death of Kim Jong-il. |
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| Santos coal-seam gas investments may top A$16b |
| (SYDNEY) Santos Ltd, Australia's third-biggest oil producer, and its partners may spend more than A$16 billion (S$21 billion) on coal-seam gas development in New South Wales state, a report released by the company shows. |
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| Ousted CEO's Olympus return looks doomed |
| (TOKYO) Michael Woodford, the ousted boss of Japan's Olympus Corp, has won the battle to force his former employer to admit to more than a decade of accounting fraud. His bid to return as chief executive officer, however, appears doomed. |
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| Dividend plays falling out of favour with US investors |
| (NEW YORK) Since the financial crisis, money managers had flocked to high-paying dividend stocks, lured by one of the only bright spots in the volatile US equity market. Not anymore. |
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| Travel agencies report pick-up in CNY bookings |
| (SINGAPORE) Even as tour bookings pick up for the upcoming Chinese New Year (CNY) holidays, the travel industry is bracing itself for an uncertain outlook next year. |
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| Toyota Prius C eyeing top hatchback spot |
| (SINGAPORE) Toyota aims to be the leader in the hatchback segment with its new Prius C hybrid, with authorised distributor Borneo Motors Singapore (BMS) targeting conventional petrol models as its key competition. |
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| COE premiums seen rising next year |
| (SINGAPORE) COE premiums are expected to weaken slightly in today's bidding exercise for certificates of entitlement - the final tender for this year - but most motor distributors believe 2012 will see them strengthen because of a tightening quota. |
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| GIC connection may have given Sunway a leg up |
| THE Government of Singapore Investment Corporation (GIC) is believed to have played a significant role in Sunway Bhd's acquisition of 691 acres of land in Iskandar Malaysia for RM745 million (S$305.1 million) or RM25 psf, a transaction viewed as beneficial since it is cheaper than recent land deals in the area. |
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| Stanchart to delay Borneo Lumbung loan |
| (SINGAPORE) Standard Chartered Plc will delay financial close and funding of a US$1 billion loan for PT Borneo Lumbung Energi & Metal until next year as the company waits on certain approvals from Indonesia's capital markets regulator, according to a person familiar with the matter. |
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| Indonesia's sukuk poised to outperform Malaysia's |
| (JAKARTA) Indonesia's elevation to investment grade may propel the nation's sukuk to outperform Malaysian bonds in 2012 after trailing the debt this year. |
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| Eurozone ministers in bid to finalise funding to IMF |
| (BRUSSELS) European finance ministers are seeking to meet a self-imposed deadline for drawing additional aid to the debt crisis and to form new budget rules as investor confidence that a comprehensive solution is achievable wanes. |
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| Italy's austerity budget enters home stretch |
| (ROME) Italy's austerity budget, vital to get Rome's accounts in order and help save the euro from collapse, enters its final stretch this week, with unions still mounting roadblocks to its path. |
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| Tough times lie ahead, warns Spain's next PM |
| (MADRID) Warning that very hard times lie ahead for Spain, the country's next prime minister said his incoming conservative government aims to reduce the country's deficit by 16.5 billion euros (S$28 billion) next year. |
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| Funds drawn back to eurozone peripheral debt |
| (LONDON) Fund managers are finding the eye-catching returns on eurozone peripheral bonds too good to resist, and have begun to buy back into the crisis-hit countries' bond markets despite worries the region is still far from resolving its debt crisis. |
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| Homebuilder confidence rises in December |
| (WASHINGTON) Confidence among US homebuilders rose in December for a third consecutive month, a sign of stabilisation in the housing market. |
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| US$ assets up on flight to quality |
| (NEW YORK) Four months after Standard & Poor's stripped the US of its AAA credit rating and said the world's biggest economy was no longer the safest of borrowers, dollar-denominated financial assets are doing nothing but appreciating. |
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| ECB will not step up bond purchases |
| (FRANKFURT) European Central Bank (ECB) president Mario Draghi damped expectations that the bank will step up bond purchases to tame the sovereign debt crisis, saying that it cannot overstep its mandate. |
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| Euro hovers near 11-mth lows vs US$ |
| (LONDON) Concerns that the eurozone debt crisis will damage global growth pushed the euro back towards 11-month lows yesterday, while the safe-haven dollar got support from uncertainty after the death of North Korean leader Kim Jong-il. |
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| Brokers' Take |
| INDUSTRIAL Reits have proven its defensive nature YTD, having generally outperformed both the broader Reit sector and benchmark Straits Times Index. |
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| China another danger spot in world economy |
| CONSIDER the following picture: Recent growth has relied on a huge construction boom fuelled by surging real estate prices, and exhibiting all the classic signs of a bubble. |
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| Humbling lessons from China |
| MORE than a century ago, China's foremost modern intellectual, Liang Qichao, declared that his country, struggling for modern nationhood, didn't need a socialist revolution. |
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| Silence sceptics, make aid work better |
| EVEN sceptics admit it: Effective aid works. In the last 25 years, the share of poor people in developing countries has been cut by half, and the last decade has witnessed impressive development successes in countries once thought beyond help. |
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| Massive debts muddle Keynesian economics |
| 'Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist.' |
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| Post Kim Jong-il, an opportunity for N Korea |
| THE unexpected death of North Korean leader Kim Jong-il, which was announced yesterday, will be little mourned outside the 'hermit state' that he ran with autocratic ruthlessness for 17 years. |
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| Three-Minute Digest |
| MUCH of Asia was thrown into a state of shock yesterday after the announcement around mid-day of the death of North Korean leader Kim Jong-il |
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| Integrated reporting in Asia still some ways away |
| (SINGAPORE) Plain old business reporting in Asia will eventually morph into integrated reporting that shows more than just financial information, but the change is still three years away, said a panel of specialists. |
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| OCBC Cycle to run corporate charity ride |
| (SINGAPORE) OCBC Cycle Singapore, an annual mass participation cycling event, will see a special addition to its 2012 line-up - The Business Times Corporate Charity Ride. |
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| JRC's phase 1 set to be taken up by 2013-14 |
| (SINGAPORE) Demand for oil and petrochemicals storage here continues to be strong, with the entire S$890 million first-phase Jurong Rock Cavern (JRC) set to be taken up by the time the underground project is completed in 2013-14. |
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| New MAS rules to protect investors in the spotlight |
| (SINGAPORE) Buying a mutual fund in Singapore may not be a cakewalk anymore. |
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| Coutts to refocus on growth regions |
| (SINGAPORE) Armed with its new old name, private bank Coutts is refocusing on growth markets such as Asia and pulling back from regions where it is unlikely to achieve scale. |
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| Faulty train on N-S line causes delays |
| (SINGAPORE) Frustrated train commuters suffered further delays to their journey on the North-South MRT Line last night after a faulty train had to be withdrawn from service. |
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| GLP, CIC to buy 15 Japan logistics facilities |
| (SINGAPORE) Global Logistic Properties (GLP) has entered into a joint venture with Chinese sovereign wealth fund China Investment Corp (CIC) to acquire 15 logistics facilities in Japan for 122.6 billion yen (S$2.1 billion), making it one of the largest property transactions Japan has seen in the last few years. |
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| Bank lending may hit the skids next year |
| (SINGAPORE) Loan growth for local banks could slow to a crawl next year. It is expected to plunge by as much as 70 per cent as the global slowdown hits all sectors of the economy. |
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| Markets go red-eyed at Dear Leader's death |
| MUCH of Asia was thrown into a state of shock yesterday after the announcement around mid-day of the death of North Korean leader Kim Jong-il |
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| Kim's death an opportunity for a fresh diplomatic start? |
| (BERLIN) World governments are viewing the death of North Korean leader Kim Jong-Il with wary optimism - a possibly destabilising moment for the region as power passes to his son but also an opportunity for a new diplomatic start. |
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| 'Dear Leader' ruled with absolute power |
| (PYONGYANG) Even as the world changed around him, North Korean leader Kim Jong-il remained firmly in control, ruling absolutely at home and keeping the rest of the world on edge through a nuclear weapons programme. |
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| Young, inexperienced son set to take over |
| (SEOUL) Young and inexperienced, Kim Jong-un is seen as poised to take over North Korea with the death of his father and extend the Kim dynasty's rule over the reclusive state for a third generation. |
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| Japan gets ready for any fallout from Kim's death |
| (TOKYO) Japan scurried to prepare for the unexpected yesterday after news that Kim Jong-il, the leader of its unpredictable neighbour North Korea, had died of a heart attack. |
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| China local debts dwarf ambitions |
| COPY of Manhattan, complete with Rockefeller and Lincoln centres and what passes for the Hudson River, is under construction an hour's train ride from Beijing. |
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| Building a strong employer brand |
| THE benefits of a strong employer brand are well-documented. In the book Employer Brand: Bringing the Best of Brand Management to People At Work, authors Simon Barrow and Richard Mosley cite some of the key benefits of a strong employer brand as: |
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| Bringing in the next generation |
| RECRUITING and retaining talent is always a consideration for family-run businesses, especially as a company's founder and original staff grow older and begin to contemplate retirement. |
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| Restaurants get online help with table booking |
| IF you've ever tried calling a popular restaurant for a booking during the festive season, you'd know that it's often a tedious, frustrating process. |
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| Moving up the production value-chain |
| THE founder of Component Technology Pte Ltd faced a struggle for survival three years ago during the global financial crisis. |
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| Jan 1 start for EU greenhouse gas rules |
| (BRUSSELS) ONE of the most contested global environmental initiatives ever undertaken is scheduled to get under way on New Year's Day, when the European Union plans to begin regulating greenhouse gas emissions from airlines. |
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| Cathay Pacific defers delivery of 2 freighters |
| (HONG KONG) Cathay Pacific Airways has pushed back delivery of two Boeing 747-8F freighters to 2013, cutting cargo capacity growth to 10 per cent next year from 17 per cent amid weak cargo demand. |
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| Deadly floods blamed on poor warnings |
| (MANILA) A freak storm, poor warning systems, flimsy buildings and human folly are all being blamed as Philippine officials struggle to explain one of the deadliest flash floods to have hit the country. |
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| Baltic index falls again after sharp rise |
| (LONDON) The Baltic Exchange's main sea-freight index, which tracks rates to ship dry commodities, stayed negative on Friday with light activity capping earnings. |
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| The writing's on the wall |
| (ERDEVEN, France) A French civil guard clearing sand contaminated with fuel on the Kerminihy beach here after the TK Bremen cargo ship was stranded by high winds on Dec 17. |
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| New CEO for Maersk's container-shipping unit |
| (COPENHAGEN) AP Moeller-Maersk A/S said Soeren Skou will take over as chief executive officer at its unprofitable Maersk Line container-shipping unit as Eivind Kolding departs to run Denmark's largest bank. Mr Skou, currently head of the company's tanker division, will take his new post on Jan 16, the Copenhagen-based company said yesterday. |
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| NPLs in shipping trade on the rise |
| (OSLO) Norwegian bank DNB, a key lender to the global shipping industry, said its loan book to the sector would worsen in 2012, with non-performing loan rates rising as crude transport rates stay weak and already low dry bulk rates could fall further. |
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| Sarawak no more a fixed deposit for BN |
| IN a precursor to a general election that's likely to be called in the second quarter of 2012, the state elections in Sarawak, on Borneo island, proved more anticlimactic than what the Opposition had hoped for. Even so, there were underlying trends that will probably be repeated on the peninsula. |
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| Indonesian tin smelter organisation fires chairman |
| (PANGKAL PINANG, Indonesia) Following the breakdown of a self- imposed tin export ban, political infighting has broken out in the Indonesia Tin Association (ITA), a smelter organisation established to create a unified front for producers. |
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| Qantas, union agree to end standoff |
| (SYDNEY) Qantas and one of the three unions at the centre of a long-running industrial dispute that led to the airline's fleet being grounded reached an agreement yesterday to end their standoff. |
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| Lone Star exits South Korea with US$3b in costs |
| (SEOUL) What does it cost to do deals in South Korea? For Lone Star Funds, a Dallas-based buyout firm, almost US$3 billion. |
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| Saudi Prince buys US$300m stake in Twitter |
| (DUBAI) Saudi investor Prince Alwaleed bin Talal and his investment company have agreed to buy a US$300 million stake in Twitter Inc, the microblogging service with about 100 million users. |
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| Mom, look what the cat dragged in |
| Lioness Abi and her cubs, Heidi and Indi, eyeing their Christmas presents a tad cautiously at London Zoo. |
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| Britain decides to accept ICB bank reforms in full |
| (LONDON) Britain said yesterday it will accept proposals to shake up the country's banks, forcing lenders to form barriers between their retail operations and riskier investment arms to protect ordinary customers better in any future crisis. |
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| Bigger H1 loss at HMV betrays dire shape |
| (LONDON) British entertainment retailer HMV, grappling with waning demand in its core CD and DVD markets, posted wider first-half losses and warned that it is facing a battle to stay in business. |
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| Jakarta approves land acquisition bill |
| (JAKARTA) Indonesia's parliament has approved a land-acquisition bill that will allow the government to accelerate road, port and airport projects, bolstering President Susilo Bambang Yudhoyono's efforts to boost growth. |
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| Negotiating the labour labyrinth in Indonesia |
| (JAKARTA) Indonesia, the largest economy in South-east Asia, is also among the top 20 economies in the world, with growth this year of around 6 per cent. The ratings agency Fitch upgraded the country to investment grade status last week. |
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| Food subsidy for poor to widen India's deficit |
| (NEW DELHI) India approved plans to grant the nation's poor the right to buy food grains at subsidised rates, meeting a pledge by the ruling Congress party to spread the benefits of growth while putting at risk the deficit target. |
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| Foreign funds in India outshone by locals |
| (HONG KONG) Foreign mutual funds that invest in Indian shares are trailing onshore rivals by the widest margin in 13 years due to a dive in the rupee, raising the risk of sharp investor withdrawals unless funds embrace unfamiliar and costly currency risk hedging. |
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| HK luxury rents reach tipping point as banks retrench |
| (HONG KONG) Hong Kong luxury home rents, which fell last quarter for the first time since mid-2009, may slump 10 per cent next year as banks and hedge funds scale back amid the threat of a global recession, according to brokers including Jones Lang LaSalle Inc and Colliers International. |
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| Dijaya launches luxury bayfront condo in Johor's Iskandar region |
| (SINGAPORE) Tropicana Danga Bay Sdn Bhd, a joint venture between lifestyle developer Dijaya Corporation Bhd and Iskandar Waterfront Sdn Bhd, yesterday said they launched Tropez Residences. |
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| Clearer ABSD guidelines needed |
| THE latest rule on Additional Buyer's Stamp Duty (ABSD) could make transactions of small housing plots more difficult. |
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| Britain to propose stricter mortgage market rules |
| (LONDON) Britain is to propose stricter rules for mortgage lending that aim to prevent a recurrence of irresponsible practices - such as 'liar loans' - that led to the global financial crisis. |
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| UK home sellers cut asking prices in Dec |
| (LONDON) UK home sellers cut asking prices last month, according to Rightmove plc, which said that the property market will remain 'challenging' next year. |
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| No chance of US IMF boost: Schaeuble |
| (BERLIN) German Finance Minister Wolfgang Schaeuble sees no chance of the United States increasing its contribution to the International Monetary Fund (IMF) to help Europe because of opposition in Congress, he told German radio yesterday. |
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| HK unemployment rate rises to 3.4% on European crisis |
| (HONG KONG) Hong Kong's unemployment rate rose for a straight second month from the lowest level in 13 years, adding to risks of a recession in the city. |
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| Iceland banks ready to issue international bonds again |
| (REYKYAVIK) Iceland's banks are preparing their return to international bond markets three years after an US$85 billion default by the island's biggest lenders wiped out its financial system. |
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| Hungary proceeds with new law despite EU flak |
| (BUDAPEST) Hungary is pushing on with a central bank bill that had drawn criticism from the European Union and led to an interruption of financing talks with the trading bloc and the International Monetary Fund. |
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| Beware developers' overseas exposure |
| WITH all eyes peeled on the Singapore property market again following the cooling measures unveiled on Dec 7, it may seem odd to raise questions regarding developers' overseas exposures. |
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| Company Briefs |
| IEV Holdings announced that on Dec 13, its 30 per cent associate, IEV (Malaysia) Sdn Bhd, secured a supply and installation contract worth RM262 million (S$107.5 million). |
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| Speculators cut bets on commodities but Goldman still bullish |
| (NEW YORK) Speculators reduced bets on commodities to a 31-month low on mounting concern that global economic growth is slowing as Goldman Sachs Group and Barclays Capital reiterated predictions that prices will gain. |
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| Sunway, Khazanah in RM745m land buy |
| MALAYSIA'S Sunway Bhd and Khazanah Nasional have jointly acquired two sites of land in Iskandar Malaysia for RM745.3 million (S$306 million). |
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| Sembawang Shipyard lands US$140m deal |
| SEMBCORP Marine's Sembawang Shipyard unit has won a US$140 million contract for a ship conversion to be completed next year. |
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| Citic Pacific loses 2nd bid to shield documents from police |
| (HONG KONG) Citic Pacific, which delayed reporting a potential HK$15.5 billion (S$2.6 billion) loss from a failed derivatives bet, lost a second bid to block police access to documents it had argued were private. |
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| Default notices spur review at Sino-Forest |
| (TORONTO) Sino-Forest, a China-focused forestry company accused of fraud, said it received notices of default from its noteholders and set up a committee to look at options for the company that could include its sale. |
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| Boer extends deadline of offer for SMB United |
| HONG KONG-LISTED Boer Power Holdings Ltd yesterday announced the extension of the closing date for its voluntary cash offer for the entire issued share capital of Singapore-listed SMB United Ltd. |
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| China Int'l pumps more into oil project |
| CHINA International Holdings is raising its stake in a petroleum exploration project in Papua New Guinea, announcing yesterday a further investment of US$3.5 million. |
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| Goldman Sachs set to be No 1 adviser again |
| (NEW YORK) Goldman Sachs Group Inc is poised to win the top spot among advisers on both global takeovers and equity offerings for the first time in five years, a sign the bank hasn't lost the trust of corporate executives. |
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| Take long-term view of US banks: fund manager |
| MARKETS have neglected the long-term investment potential of US banks, which are trading at low valuations and are in better shape now than they were three years ago, says prominent fixed-income manager Western Asset Management. |
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| Explosion at Apple supplier injures 61 |
| (TAIPEI) Apple Inc supplier Pegatron Corp reported an explosion at a subsidiary's plant in Shanghai over the weekend that it said had injured 61 workers, the latest in a series of incidents that have spotlighted safety concerns at factories in China. |
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| South China faces power shortage |
| (BEIJING) Southern Chinese provinces will face persistent power shortfalls throughout 2012, with the deficit peaking near 8-14 GW due to rising demand, lower-than-normal rainfall and inadequate generating capacity, the local grid operator said. |
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| China sees further capital outflows in Nov |
| (BEIJING) China endured its second month of capital outflows in four years in November as a slowing domestic economy and mounting global uncertainties led some investors to withdraw speculative funds. |
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| Myanmar's new int'l airport goes into operation |
| (NAYPYIDAW) A new international airport in Myanmar's capital Naypyidaw was put into operation yesterday in an effort to accommodate a sharp increase in the number of travellers from across the world in the years ahead. |
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| Etihad raises Air Berlin stake to 29.2% |
| (BERLIN) Etihad Airways, Abu Dhabi's state-controlled airline, will pay 72.9 million euros (S$122 million) to increase its holding in Air Berlin plc to 29.2 per cent as the two carriers deepen their operational cooperation. |
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| Ailing Kingfisher Air grounds 15 jets: report |
| (MUMBAI) Troubled Indian carrier Kingfisher Airlines has been forced to ground 15 aircraft because it is unable to pay their maintenance costs, the Economic Times newspaper said yesterday. |
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| Generating the right buzz |
| THREE years ago, their student partnership won them the technology competition Microsoft Imagine Cup 2008. |
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| Singapore Round-Up |
| MARINA Bay Sands (MBS) has appointed Chan Yit Foon as senior vice president, human resources, with immediate effect. |
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| No change to some CPF interest rates |
| CENTRAL Provident Fund (CPF) members will continue to enjoy risk-free interest rate of 4 per cent on their Special and Medisave Accounts (SMA) for the first three months of next year. |
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| Bigger gender income disparity at top: survey |
| THE income disparity between male and female finance professionals appears to be more prevalent in higher-powered positions, even though gender discrimination does not seem to be commonplace in Singapore. |
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| Changing times change the game for travel industry |
| TRADITIONAL travel agents that are unable to adapt are dying a slow death. |
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| MacPherson industrial site up for sale |
| A FREEHOLD industrial site at the junction of MacPherson Road and Howard Road was put up for sale by tender yesterday, with an indicative pricing of between $33 million and $35 million, or $438 to $464 per square foot per plot ratio (psf ppr). |
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| Fifth phase of Fusionopolis up for tender |
| JTC Corporation has launched a concept and price tender (CPT) for the fifth phase of Fusionopolis. |
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| STI slides on Europe, Korea jitters |
| OTHER than rotational playing in the second line that came in tandem with (or because of) weakness in blue chips brought on by European debt worries, and pressure from North Asian markets that fell after news of the death of North Korea's leader Kim Jong-il, there was not much to distinguish yesterday's session from the dozens that had preceded it over the past six months. |
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| UK to 'accept in full' bank reforms: Cable |
| (LONDON) The British government will give its full backing to a shake-up of the banking sector proposed by the country's Independent Commission on Banking (ICB), British Business Secretary Vince Cable said yesterday. |
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| Charity arm of CME crippled by MF Global scandal |
| (CHICAGO) CME Group Inc, which has given US$22 million to Chicago-area schools and charities over the past five years, has stopped making grants through its main foundation, citing the collapse of MF Global Holdings Inc. |
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| Downgrade blues chill ties across the Channel |
| (PARIS) To the long list of victims emerging from Europe's financial crisis, make room for a new one: the 'Entente Cordiale' between Britain and France. |
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| US firm refutes takeover target claims |
| (WASHINGTON) Martin Marietta Materials Inc said that its position on a potential takeover of Vulcan Materials Co was 'seriously' mischaracterised in court papers filed by Vulcan. |
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| Draghi holds on to tough line as Europe sweats |
| (WASHINGTON) Mario Draghi is playing a high-stakes game of poker, and leaders from Europe's biggest economies are trying to decide whether to call his bluff - or whether he's bluffing at all. |
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| Last US troops pull out of Iraq, ending 9-year war |
| (BAGHDAD) The last convoy of US soldiers pulled out of Iraq yesterday, ending nearly nine years of war that cost almost 4,500 American and tens of thousands of Iraqi lives and left a country grappling with political uncertainty. |
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| Young US veterans' new war: unemployment |
| (COLUMBUS) In Afghanistan, Clayton Rhoden earned about US$2,500 a month as a corporal jumping into helicopters to chase down improvised explosive devices or check out suspected bomb factories. |
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| What's eating New Zealand |
| MENTION New Zealand in the context of business and the country's name is lobbed back at you by the listener, this time with a questioning lilt and a slight nose-wrinkle. |
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| Plan to import electricity silent on exports |
| SINGAPORE'S plan to import electricity - as set out in a consultation paper by the Energy Market Authority last week - is currently a one-way document which does not present the possibility for gencos here to export spare electricity to neighbouring countries as well. |
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| Is the Singapore market cheap? |
| TRADING volume has been dwindling over the past few months. That's very likely to continue with Christmas and the New Year drawing closer, as more players leave the market. |
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| Russian drilling rig sinks off Sakhalin, 49 missing |
| (MOSCOW) An oil drilling rig with 67 crew on board capsized and sank off the Russian Far East island of Sakhalin yesterday when it ran into a storm while being towed, leaving 49 of the crew unaccounted for, the regional Emergencies Ministry said. |
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| Contrasting tales of two carriers |
| MALAYSIAN carriers Malaysia Airlines (MAS) and AirAsia couldn't be ending the year in a more contrasting fashion. |
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| 200 feared dead as migrant boat sinks |
| (WATULIMO, Indonesia) More than 200 people were feared dead after a heavily overloaded boat packed mostly with Afghan and Iranian asylum-seekers sank off Indonesia en route to Australia, rescuers said yesterday. |
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| India has new civil aviation minister |
| (NEW DELHI) India's Prime Minister Manmohan Singh inducted a minister into his Cabinet yesterday to accommodate a regional party that joined the federal ruling coalition last week. |
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| Thailand to sign currency swap deal with China |
| (BANGKOK) Thailand plans to sign a bilateral currency swap agreement this week worth seven billion yuan (S$1.44 billion) with China's central bank to help facilitate international trade between the two countries, the Bank of Thailand said yesterday. |
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| Homeless, jobless swell in Greece as recession bites |
| (ATHENS) Poverty in Greece has risen to new heights under a gruelling recession exacerbated by austerity that has swelled the ranks of the unemployed, the homeless and the destitute, experts said. |
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| Obama averts govt shutdown but at a price |
| (WASHINGTON) US President Barack Obama yesterday faced a new congressional gridlock over a payroll tax cut after he had signed into law a US$1 trillion spending bill, averting a government shutdown. |
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| Ratings losing weight as investors rely on own judgment |
| (PARIS) In a world where the US no longer has a AAA and big economies like France and Germany risk losing theirs, investors are increasingly relying as much on their own judgement of top-bracket creditworthiness as on the opinions of ratings agencies. |
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| US investors cut exposure to equity, bond funds |
| (NEW YORK) Investors cut their exposure to both US equity and bond funds in the week ended Dec 14, with anecdotal evidence pointing to institutional investors doing much of the selling, data from Thomson Reuters'Lipper showed last Thursday. |
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| Buy and hold but not just yet |
| IT MUST surely be one of the market's greatest ironies that in a low-liquidity, high-volatility environment, probably the best survival strategy for retail investors is the time-honoured and passive 'buy and hold', since this offers the best chance of riding out heightened volatility. |
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| Emerging markets' capital outflows to continue: ING |
| EXPECT more outflows from emerging markets next year as foreign capital heads home, a strategist from ING Investment Management said. |
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| GM still against sale of Saab to China investors |
| (MICHIGAN) General Motors Co has reiterated its opposition to the sale of the Swedish carmaker Saab to a group of Chinese investors. |
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| When markets plunge, Asia's rich flock to art |
| (HONG KONG) In a spacious, luxury apartment perched on the leafy hills of Hong Kong, Kai-Yin Lo browses through a trove of Chinese art acquired over several decades, reflecting how her niche, scholarly pursuit has now hit the mainstream. |
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| China to keep 'appropriate' investment growth: planner |
| (BEIJING) China will keep 'appropriate' investment growth in 2012 to help underpin the economy amid the global downturn, the country's top economic planner said in comments published yesterday. |
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| China's Nov housing inflation hits year's low |
| (BEIJING) China's November housing inflation hit its lowest level this year, a victory for Beijing's campaign to ward off property bubbles as it steadily eases monetary policy to ensure a soft landing in the world's second-largest economy. |
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| Understanding volatility |
| VOLATILITY - a word that makes investors quake in their boots? While securities with higher volatility are generally perceived to be riskier, understanding the concepts involved can better enable young investors to judge if an investment is suited to his/her risk appetite. |
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| Get started now |
| THINK you can forecast where the market's headed? Then put your skills to the test and familiarise yourself with our local stock market index, the Straits Times Index (STI), now. |
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| Showdown with conventional mindset |
| WHAT started out as a game turned out to be a business opportunity for John Lim. |
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| Zynga makes tepid Nasdaq debut |
| (NEW YORK) Zynga, the online gaming company, kicked off its first day of trading with the usual fanfare. |
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| Apple trails in China smartphone market; let down by network technology |
| (HONG KONG) Apple Inc's share of China's booming smartphone market has risen sharply in the past two years, but for now the company that sells the iconic iPhone is being outpaced by nimble rivals. |
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| Google app pullouts stoke Android rage |
| THE hysteria over Android's security holes has been mounting over the past few months and now made worse by Google removing 22 malicious apps from its mobile app store last week. |
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| Groupon makes it to top search terms: Google |
| THEY may be one of the most popular daily deal sites in the world, but Singaporeans have only just started taking a stronger interest in them. |
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| Palo Alto Networks zeroes in on firewalls |
| WHAT does a former attack-helicopter pilot has to do with running a network firewall company? Military-honed principles that taught him how to focus on a task precisely, he told BizIT. |
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| Pilots' strike forces Iberia to cancel flights |
| (MADRID) Spanish airline Iberia has cancelled a third of its flights because of a strike by pilots fearing job losses when company planes are diverted for use by Iberia's new budget carrier. |
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| Boeing, Airbus in tight race to sell new planes |
| (CHICAGO) Boeing Co started a year later than its European rival Airbus in a race to overhaul the US$2 trillion narrowbody aircraft market, and is fighting hard to restore balance to their tense duopoly. |
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| Japan takes a leaf from Bangladesh's microfinance book |
| (TOKYO) The world's third-largest economy might not seem the obvious place to find the need for microfinancing, but for businesses in tsunami-ravaged northeast Japan, it could be the key to revival. |
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| Gillard says she'll stay as Labor leader for 2013 election |
| (SYDNEY) Prime Minister Julia Gillard said she's the best person to lead Australia's Labor Party to the next election in 2013 as speculation increased over a challenge to her leadership after she changed her Cabinet. |
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| Hundreds missing, killed as typhoon hits south Philippines |
| (CAGAYAN DE ORO, Philippines) Rescuers searched for hundreds of people still missing in the southern Philippines yesterday after flash floods and landslides swept houses into rivers and out to sea, killing more than 650 people in areas ill-prepared to cope with deadly storms. |
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| Czech revolution icon Havel dies at 75 |
| (PRAGUE) Former Czech president and hero of the Velvet Revolution Vaclav Havel, who steered his country to independence from Soviet rule in 1989, died yesterday at the age of 75, his office said. |
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| Flood-hit Thai firms limp back to normality |
| (AYUTTHAYA) Piles of rubbish, rusting furniture and discarded machinery litter one of Thailand's top high- tech parks, a former symbol of economic prowess laid to waste by weeks of flooding. |
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| Car sales may have given US consumer spending a boost |
| (WASHINGTON) Consumer spending probably climbed last month as Americans flocked to car dealer showrooms and shopped for holiday bargains, giving the US economy a boost heading into 2012, economists said before a report this week. |
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| UK audit body to probe sale of Northern Rock |
| (LONDON) Britain's National Audit Office (NAO) is to probe the sale of nationalised bank Northern Rock to Virgin Money, the opposition Labour Party said, after the terms of the deal meant the taxpayer would effectively book a loss on the disposal. |
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| Belgium must reach deficit target: minister |
| (BRUSSELS) The downgrade of Belgium's credit rating by agency Moody's underlines the need to cut the budget deficit next year to 2.8 per cent of gross domestic product as agreed by the ruling coalition, Belgian Finance Minister Steven Vanackere said. |
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| Crisis in coalition partner adds to Merkel's woes |
| (BERLIN) Just when she should be devoting all her energy to saving the euro, German Chancellor Angela Merkel is beset by political turbulence at home, in particular a crisis within her coalition allies. |
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| US offers Swiss banks deal to end tax row |
| 8(ZURICH) US officials are offering 11 Swiss banks, among them Credit Suisse, a deal that allows them to avoid criminal prosecution in exchange for revealing full details of their US offshore business to Washington, a paper reported yesterday. |
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| Europe states face higher debt bill in 2012 |
| (LONDON) Euro nations may have to pay more to borrow US$1.1 trillion next year as cash-strapped banks cut back on making markets in government bonds. |
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| Asia units gain, paring weekly losses, on US jobs data |
| (SEOUL) Asian currencies strengthened, paring weekly declines, after a government report showed jobless claims in the United States fell to the lowest level since 2008, buoying the region's export outlook. |
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| Buying by directors surges; selling very low |
| THE buying of shares surged while the selling among directors remained very low based on filings on the Singapore Exchange from Dec 12 to 16. |
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| Prices retreat on global economy strains |
| (LONDON) Commodity prices slumped last week on increasing worries about the future of the eurozone, the possibility of fresh recession in major economies and a Chinese manufacturing slowdown, analysts said. |
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| Three-Minute Digest |
| GOOD news for the global economy at last. Commodity prices from gold and oil to copper and cotton have fallen sharply from their peaks this year and will help manufacturers and importers. |
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| Top ECB official says he left over state of euro crisis |
| (BERLIN) Top European Central Bank policymaker Juergen Stark said that he quit in September as he was unhappy with the way the situation in the eurozone had developed, according to German weekly WirtschaftsWoche. |
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| Europe shipping firms seek harbour in S'pore |
| (SINGAPORE) Europe-based shipping companies expecting heavier taxation in their home jurisdictions in the future are increasingly heading to tax-friendly Singapore to set up shop, said London maritime law firm Ince & Co. |
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| Ascendas may launch more Reits, funds |
| (SINGAPORE) Business space provider Ascendas will grow its fund management unit by launching more Reits (real estate investment trusts) and funds over the next few years, said its chief executive Chong Siak Ching. |
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| Santa Claus rally hinges on further positive data |
| SANTA Claus took a wrong turn in Europe last week, but traders hope that cheery economic and earnings data will bring him to the US stock market this week. |
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| Trains to run slower as rail culprit is revealed |
| (SINGAPORE) An overnight inspection to get to the root of the recent train disruptions threw up several startling findings - and may add several minutes to your travel time. |
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| Olympus raid may unmask other 'kiters' |
| INVESTIGATORS are expected to conduct an official raid on the headquarters of Japan's scandal-tainted Olympus Corporation this week in search of evidence that former senior executives of the camera and medical equipment maker used fraudulent accounting to cover up long-standing financial losses by the firm. |
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| Importers perk up as commodities plunge |
| GOOD news for the global economy at last. Commodity prices from gold and oil to copper and cotton have fallen sharply from their peaks this year and will help manufacturers and importers. |
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| SGX chides China Sky for ignoring directive |
| SINGAPORE Exchange (SGX) yesterday rapped China Sky Fibre Chemical and its directors for ignoring SGX's directive to appoint a special auditor. |
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| K-Reit's Aussie tower gets anchor tenant |
| K-Reit Asia's 50 per cent-owned 8 Chifley Square - a premium office tower that is under construction in Sydney - has found its first anchor tenant for 40 per cent of its net lettable area. |
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| DBS taps US$ commercial paper market |
| DBS Bank has set up a US$5 billion US commercial paper programme amid expectations that the retreat of European banks from Asia will drive up borrowing costs. |
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| Euro worries continue to take centre stage |
| TO be honest, it's difficult to find fault with the assertion that dealers and remisiers would have been better-off if they'd gone for their holidays early this year. |
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| Wellness on the go |
| TURN the interior of your car into your own mobile clean room with the Philips GoPure automotive clean air system. According to Philips, there is pollution from outside the car in the form of exhaust fumes, and pollution from inside the car from the chemicals in the plastics used. This portable purifier will neutralise it with its three filters. |
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| Designer car |
| INSTEAD of yet another designer handbag this Christmas, how about a designer car? |
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| Mini mobility |
| NO emissions, no ERP and best of all, no COE. The Mini Folding Bike offers compact mobility from the iconic British marque. Park and ride takes on a whole new meaning with this two-wheeler that can be folded in under a minute to be stored in any boot, not just a Mini Cooper's, then unfolded for use again. |
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| GIFT BLISS |
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| A better black box |
| INEXPENSIVE in-car recording devices from China are now readily available but the Caidrox CD3000 Car Black Box from Korea promises to be different because of its GPS technology. Add a G-force sensor, and two-channel capability to record both the front and rear views, and the CD3000 immediately stands out from the competition. Merely fix the camera onto the windshield and hook it up to the digital video recorder to collect video data, vehicle speed information, GPS coordinates and Google map view. The 142.5-degree wide-angle lens and auto viewer light control technology will automatically brighten dark patches or reduce glare. Caidrox CD3000 Car Black Box, $498 from Stamford Tyres 6262 3355 |
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| The gourmet trail with Audi |
| GIVE the gift that keeps on, er, letting you eat. |
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| Ferrari |
| FOR another kind of driving holiday, there is the Pilota Ferrari on Ice 2012. This special winter programme allows for a drive in the Ferrari FF on snow in St Moritz, Switzerland. Under the supervision of Pilota Ferrari driver-instructors, participants get the opportunity to improve their driving technique and hone their control of a vehicle in typical winter conditions. And if the low-grip surface doesn't get your heart racing, then the V12 power should. Transfers, meals and two nights' hotel stay are included. Perfect for all motorsport fans, whether or not they own a Prancing Horse. Pilota Ferrari on Ice 2012, 8,000 euros (S$13,600) from Ital Auto 6475 1118 |
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| Jaguar |
| IF the Jaguar owner you know also enjoys a fine claret, then the Jaguar Leaper Corkscrew and Jaguar Leaper Bottle Stopper ought to be perfect. The former will remind him of his car as he pops the cork, while the latter will keep his wine in peak condition as he contemplates his next vintage or model year. Jaguar Leaper bottle stopper, $38 and Jaguar Leaper corkscrew, $60 from Wearnes Automotive 6473 7755 |
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| Never get lost again |
| PERSONAL navigation devices are not only getting smaller but more sophisticated. Leader PND manufacturer Garmin is now offering its latest Nuvi 2575R model equipped with a driving recorder and analogue TV. This all-in-one design supports rear camera video input. The high-definition video camera stores the footage on a micro SDHC memory card with the option of real-time playback. |
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| Eyes on make-or-break moves by Paul, Howard |
| BASKETBALL is a game for superstars. With only five men per team on court at any one time, individuals are always going to stand out, even when they are not playing. |
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| Arsenal a stern test of Man City's resolve |
| WHAT does the world's richest club do after suffering its first Barclays Premier League (BPL) defeat of the season? Why, go to a party, of course. And not just any party, but a fancy-dress Christmas bash at the hippest nightclub in London's swanky West End, no less. |
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| The Circle tightens around SMRT boss |
| THIS year has been SMRT CEO Saw Phaik Hwa's annus horribilis and it might also be her last. |
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| Seeking to make a strong impact |
| KOREA has big plans for developing its MICE (meetings, incentives, conventions and exhibitions) industry and central to that is the declaration of next year as 'Korea Convention Year'. |
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| Making every event memorable |
| KOREA'S offerings as an attractive MICE (meetings, incentives, conventions and exhibitions) destination are enhanced by the variety and number of activities it can provide. |
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| Offering a wide range of attractions |
| THE cities of Seoul, Busan and Jeju are popular MICE (meetings, incentives, conventions and exhibitions) destinations in Korea due to their many attractions and well-established infrastructure and network. |
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| George Yeo made vice-chairman of Kerry Group |
| FORMER foreign minister George Yeo will join Malaysian conglomerate Kuok Group as vice-chairman of Kerry Group (HK) Pte Ltd from Jan 1 next year. |
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| SMRT 'very sorry' for MRT breakdown |
| THE five-hour disruption on the North-South MRT Line on Thursday started with four trains stopping in the tunnel, leaving 127,000 commuters stranded - 4,000 of whom were stuck in stuffy carriages. |
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| Reinventing Philips |
| Frans van Houten's career has been a procession of almost uninterrupted, and sometimes spectacular, successes. As the new CEO of Philips, however, he faces his stiffest challenge yet. |
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| Philips' transformer |
| IN 1992, just six years into a promising career with Dutch giant Royal Philips Electronics, 32-year-old Frans van Houten was handed his first big managerial challenge: take over a struggling high-tech company and turn its fortunes around. He passed that test with flying colours. |
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| Audi at the 4 front |
| MORE power with less fuel is the principle that German carmakers have been embracing with a vengeance of late. The latest Audi A4 successfully adheres to this, but also goes one step further. |
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| Briefing |
| CENTILLION Environment & Recycling has proposed a one-for-one rights cum warrants issue. |
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| S'pore most at risk among Asean states: report |
| SINGAPORE will have the most vulnerable economy among Asean countries in 2012, due to its high exposure to Europe, according to Bank of America Merrill Lynch global research estimates released yesterday. Exports to Europe in the first nine months of the year totalled US$19.8 billion for Singapore, accounting for 15.5 per cent of the Republic's total exports. In addition, among Asean countries, Singapore has the greatest exposure to European banks, with US$185.5 billion (based on data as at June 2011), accounting for 60 per cent of total bank claims. |
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| Income distribution forecast tough: PST |
| PACIFIC Shipping Trust (PST) - which will be taken private by its holding company after unitholders voted in favour of the proposed delisting yesterday - said forecasts on its income distribution could be inaccurate given the current economic uncertainty. |
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| MF Global Singapore targets February for return of funds |
| MF Global Singapore hopes to start returning customer funds in February next year, liquidators of the futures brokerage said yesterday. |
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| Ascendas, Accor buy 49% of Aussie hotel fund |
| A CONSORTIUM comprising Singapore's Ascendas and Paris-based hospitality group Accor has acquired a 49.2 per cent stake in Mirvac Wholesale Hotel Fund, an investment vehicle that owns seven hotels in Australia, in a deal believed to be worth around 103.3 million euros (S$175.6 million). |
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| EPF borrows £300m for UK property |
| MALAYSIA'S Employees Provident Fund (EPF) closed a five- year £300 million (S$607 million) loan, its first offshore loan, to fund the acquisition of three London-based properties, Thomson Reuters publication Basis Point reported yesterday. |
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| Auction sales of properties plunge in 2011 |
| THE value of properties sold at auction this year has plunged to a three-year low of $95.62 million. |
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| Brokers' Take |
| WITH continued tensions in the eurozone, any developments from Europe will continue to dominate market attention in 2012. |
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| It's not too late to reduce your taxes |
| ECONOMIC uncertainty and market turmoil may be making a lot of people nervous, but there's one thing that's still within our control: income taxes. |
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| The times they are a-changin' |
| EVEN against the backdrop of a volatile economic landscape, the travel industry continues to thrive. |
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| Next week | Dec 19-23, 2011 |
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| This week | Dec 12-16, 2011 |
| THE private bank business has always been a gold mine, but never more so than in today's tight liquidity environment with the US dollar still the lifeblood of global trade despite the hype about the mighty yuan. |
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| Asia-Pac M&A volume set to rise by 33% in 2012 |
| MERGER and acquisition (M&A) volume in the Asia-Pacific region, excluding Japan, is set to rise by a third next year after dipping in 2011, Thomson Reuters/Freeman Consulting estimates showed, as cashed-up Asian companies step up acquisitions using depressed asset prices. |
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| US Congress compromises on spending measure |
| REPUBLICANS and Democrats in Congress appear to have found a compromise way out of a deeply partisan stand-off that threatened millions of Americans with a big New Year's tax increase, the unemployed with loss of government benefits and the whole federal government with a shutdown. |
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| CPI remains unchanged in Nov, inflation cools |
| US CONSUMER prices were flat in November as car and petrol prices went down, a further sign of a cooldown in inflation that could give the Federal Reserve more room to help a still-weak economy. |
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| Four more banks in Aussie class suit; claims close to US$200m |
| AN Australian class action against bank fees grew to include four more institutions yesterday, with lawyers saying that they are now acting for some 150,000 consumers over claims worth close to US$200 million. |
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| China looks to SMEs as growth slows |
| CHINA aims to free up its infrastructure and financial businesses to private investment in 2012 to bolster growth in the world's No 2 economy in the face of a global slowdown, the country's top economic planner said. |
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| Japan aims to bolster M&A disclosure after Olympus scandal |
| JAPAN signalled plans to strengthen disclosure rules on mergers and acquisitions (M&A) after a US$1.7 billion accounting fraud at Olympus Corp, one of the nation's worst corporate scandals, which involved a series of shady deals. |
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| Christopher Hitchens, militant pundit, dies at 62 |
| CHRISTOPHER Hitchens, the author, essayist and polemicist who waged verbal and occasional physical battle on behalf of causes left and right and wrote the provocative best-seller God is Not Great, died on Thursday night after a long battle with cancer. He was 62. |
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| PT Bakrie looking for foreign partners to develop projects |
| PT BAKRIE & Brothers, an Indonesian holding company controlled by the politically well connected Bakrie Group, is looking for foreign strategic partners to develop its infrastructure projects as it aims to tap growth in the sector, its chief executive said yesterday. |
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| India holds rate at 8.5%, shifts focus to growth |
| INDIA's central bank sent a strong signal yesterday that its next move is likely to be an easing of monetary policy as risks to economic growth increase, but acknowledging high inflation, it left its policy rate on hold at a three-year high. |
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| Timely gifts |
| Buben & Zorweg |
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| Gifts with a heart |
| IF you are sick of lamenting how the holidays have become overrun with wild consumerism, take heart. One does not need to look very hard to find Christmas gifts with a conscience in Singapore. |
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| Maze of management literature |
| THIS is one statistic nobody follows and yet it is mind-boggling. In some ways, it reminds you of the rotting apples of a bumper crop. |
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| Smartphone - changing the rules of engagement |
| IMAGINE having instant and total control of your money. To spend, save, invest and pay whenever you need to just by tapping your finger or saying the word. |
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| Not cutting down on Xmas trees |
| THE economy may not be so buoyant, but that hasn't dampened consumer sentiment for the festive season, going by the sale of Christmas trees at nurseries here. |
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| A white-collar hero's breakthrough role |
| IN the CBD, one marine insurance professional now gets swaggering rights in cubicle land, with the distinction of having smashed an SMRT train's glass window with a fire extinguisher. |
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| Shenton Way crowd loses its cool |
| THEY switched to trains after losing their season parking lots in the Central Business District (CBD). But many are now seething after the MRT breakdown on the North-South Line on Thursday left thousands stranded. |
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| Stable condition achieved at Fukushima: Japan |
| THE Japanese government formally declared yesterday that a state of stable 'cold shutdown' had been achieved at the crippled Fukushima nuclear power plant which was inundated by a massive tidal wave on March 11 causing the world's worst nuclear disaster since Russia's Chernobyl crisis two decades ago. |
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| Asia-Pac exposed to capital flight |
| THE Bank for International Settlements (BIS) has raised red flags on Asia-Pacific's vulnerability to sharp capital outflows through the banking system as market volatility spikes. |
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| New airline takes lady-boy tack |
| PC Air, a privately owned Thai carrier, is planning to take to the skies soon with a crew comprising largely of what the Thais call 'lady-boys'. |
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| S'pore exports make surprise turnaround |
| AFTER two straight months of decline, Singapore's non-oil domestic exports (NODX) perked up in November to post year-on-year growth of 1.6 per cent, International Enterprise (IE) Singapore's latest trade figures show. |
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| Spain's bond sale draws strong demand |
| (MADRID) Spain saw solid demand for its bonds yesterday, paying more than two percentage points less to borrow over five years than Italy a day earlier as budget cuts helped ease concerns that it could be among the next to fall in the eurozone's debt crisis. |
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| Current-account gap shrinks to smallest in 2 yrs |
| (WASHINGTON) Slowly but surely, the revival of the US economy continues, as a string of largely positive data released yesterday provided more evidence that conditions have improved. |
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| Big US firms don't plan to hire in next 6 months |
| (WASHINGTON) Two- thirds of chief executives of the largest US companies don't plan to hire in the next six months, mainly because of sluggish growth in the United States and financial turmoil in Europe. |
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| Senator Levin rebuts tax break proponents |
| (WASHINGTON) Twenty-seven US companies holding a total of US$538 billion in untaxed profits outside the country have 46 per cent of that money invested in US banks or assets, according to a report by Senator Carl Levin. |
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| Korean won leads fall in regional currencies |
| (SEOUL) Asian currencies weakened, led by South Korea's won, as signs Europe's debt crisis and the global economy are worsening deter investment in emerging market assets. |
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| Brokers' Take |
| THE latest US$291.6 million order from Prosafe for an accommodation semisub lifted YTD 2011 new orders to $3.55 billion (+17 per cent y-o-y), and in line with our FY11 forecast. |
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| Will Gingrich be the Obama of 2012? |
| FOUR years ago, after a large number of candidates had entered the Democratic Party's presidential primaries, the conventional wisdom among the political professionals was that New York Senator and former first lady Hillary Clinton would win the race. |
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| Riding the wave of business clusters |
| IT is worth remembering that the United States - still the world's leading industrial power - has perhaps done more than any other nation to push the idea of business clusters as drivers of economic growth. |
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| No easy way out from Europe's purgatory |
| BY now, it's obvious that adopting the euro was a colossal blunder. It may rank as Europe's worst policy mistake since World War II. |
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| Europe's shrinking rivers hit firms' bottom line |
| (VIENNA) Germany's driest November has shrunk Europe's rivers, creating month-long delays for oil and ore-carrying barges while uncovering the continent's deadly past. |
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| IHC Merwede in talks to buy Asian shipyard |
| THE world's largest builder of dredging ships, IHC Merwede, is in 'advanced' stages of talks to snap up its first offshore vessel shipyard in Asia by the first half of 2012. |
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| Anwar's sodomy trial ends; verdict on Jan9 |
| (KUALA LUMPUR) The long-running, politically charged trial of Malaysian opposition leader Anwar Ibrahim closed yesterday with a judge setting Jan 9 for a verdict with potentially major implications. |
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| Farmers urge govt to freeze Felda IPO plan |
| (KUALA LUMPUR) A coalition representing thousands of farmers yesterday urged Malaysia's government to freeze plans for an IPO for the country's largest plantation operator amid concerns they would not receive their fair share of benefits. |
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| Jakarta regains investment grade after 14 years |
| (JAKARTA) Fitch Ratings upgraded Indonesia's credit status yesterday to coveted investment grade for the first time since 1997, the first of three ratings agencies that are poised to give the emerging market a lift. |
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| India govt, opposition fail to agree on graft bill |
| (NEW DELHI) Indian Prime Minister Manmohan Singh and the Opposition failed to agree on the scope of a proposed anti-corruption bill, casting doubt on whether it will be passed before Parliament ends next week, The Hindu newspaper has reported. |
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| India firms seen struggling to meet debt obligations |
| (MUMBAI) Billionaire Anil Ambani's Reliance Communications, India's No 2 mobile carrier, has a US$925 million convertible bond maturing in March at a conversion price of 654 rupees (S$15.50) - more than nine times its current stock price. |
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| Upping the gaming stakes |
| THE best-looking game for Apple iPads and iPhones may be the repetitive Infinity Blade II, but the title that firmly established mobile gaming's potential for depth and digital art this year is Superbrothers: Sword & Sworcery EP. |
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| You go, Girls |
| ONE would have imagined that a three-hour concert featuring nine gorgeous South Korean lasses with legs that go on forever would attract a predominantly male audience. |
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| Tech tryst in Tokyo |
| IN 1Q84, Japanese author Haruki Murakami's considerable imagination is exercised to its fullest. |
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| Around Town |
| FOLLOWING its highly-acclaimed political play, Charged, Teater Ekamatra is taking another political piece, Mata Hati (left), which examines political leadership by racial minorities in Singapore. |
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| SDT's Nutcracker pirouettes and plies to a new height |
| THE Singapore Dance Theatre's (SDT) version of The Nutcracker this year may have differed from the original, but it was definitely memorable in its own right. |
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| Italians among richest even after decline in wealth |
| (ROME) Italians remain among the richest and least-indebted people in the world, even as net household wealth declined last year, according to the Bank of Italy. |
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| Republicans push US$915b spending bill |
| (WASHINGTON) Republicans introduced a US$915 billion spending bill in the US House of Representatives early yesterday in an attempt to force Democrats to finalise legislation that would keep the US government operating beyond the weekend. |
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| Rhapsody in ink |
| ONE of the things that Cheah Thien Soong recalls from the late Cheong Soo Pieng, is how he would 'dot' each painting after he was finished. |
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| Cramp-inducing gags |
| LIKE the concert equivalent of a box of chocolates, one really never knows what to expect when it comes to Crazy Christmas. |
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| Evaristo steps up |
| HE is the oomph and pow behind the Big Bang - of the Korean pop variety, that is. |
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| Stand-up and be counted |
| OVER the past decade, there have been countless attempts to develop a semblance of a stand-up comedy scene in Singapore. |
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| Cosy up to reel deal-clinchers |
| OLD films look great when they've been remastered for Blu-ray, but the medium is truly flattered by new movies shot with the latest equipment, such as Tron Legacy. |
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| Hard act to follow |
| FROM start to end, Mission: Impossible - Ghost Protocol looks, sounds and feels every bit like the blockbuster it sets out to be. |
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| Standout French films |
| THE inaugural Societe Generale Private Banking 1st Rendezvous with French Cinema, which ended on Tuesday, was a success with encouraging attendance numbers. |
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| Mayhem with 'munks |
| If you thought the music of Lady Gaga was unbearable, you haven't heard anything. |
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| Chanel's other great scent |
| IF you think a bottle of Chateau Rauzan-Segla 2009 looks a bit more fashionable, you're not wrong. This particular vintage of the second growth wine from Margaux in Bordeaux bears the artistic input of none other than Chanel designer Karl Lagerfeld. |
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| Two women, two great whites |
| CHRISTINE VERNAY and Ayana Misawa are both successful female winemakers but they will be the first to tell you that the realm of wine is still a man's world. |
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| Rauzan-Segla's renaissance |
| BACK in the late 1980s when I was starting my exploration of Bordeaux, Chateau Rauzan Segla's reputation, although a Second Growth, was not where it should have been, certainly not as a Second. |
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| Hunger stalks US cities as poverty rises: survey |
| (WASHINGTON) A growing number of families in the United States are struggling to put food on the table as poverty rises in major cities, a new survey showed yesterday. |
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| US views TPP as model for free trade |
| (WASHINGTON) The US said on Wednesday it wants the ambitious trans-Pacific pact it is negotiating with eight other nations to serve as a model of how to conduct international trade. The Trans-Pacific Partnership includes mostly medium-sized economies alongside the world's largest, the US. But in a move that could expand it greatly, the world's third-largest economy, Japan, last month said it wanted to enter the negotiations. The second-largest, China, is not involved. |
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| Eurozone output shrinks for 4th month in Dec |
| (LONDON) European services and manufacturing output contracted for a fourth month in December as the region's leaders failed to stem the worsening debt crisis. |
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| Planned CDP revamp raises many questions |
| ACCORDING to a recent news report, the Singapore Exchange (SGX) is looking at allowing stockbrokers access to clients' Central Depository (CDP) accounts so that dealers and remisiers can see just what stocks their customers have at any one time. |
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| SIA's passenger load factor falls 3.7 pts in Sept |
| Singapore Airlines on Thursday reported that its passenger load factor for November fell 3.7 points to 75.2 per cent from 78.9 per cent a year ago. |
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| Company Briefs |
| HOTEL Grand Central Ltd, through its wholly owned subsidiary Grand Central (NZ) Ltd, has entered into a conditional sale-and-purchase agreement to acquire a property in New Zealand for NZ$20.32 million (S$20.01 million) |
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| Chances of Toronto bourse deal's failure high: traders |
| (NEW YORK) Traders are betting that the takeover of TMX Group Inc is more likely to fail than any other deal in North America, threatening to join more than US$20 billion in exchange acquisitions that have collapsed this year. |
|
| Jurong Shipyard secures US$291.6m rig order |
| AFTER two months of radio silence, Sembcorp Marine is coming across loud and clear with a new order. |
|
| Tough for Asian banks to fill gap left by retreating Europeans |
| THE retreat of European banks from Asia could create a US$390 billion hole that drives up borrowing costs and crimps growth. |
|
| ABN Amro eyes selective growth in Asia |
| ABN Amro is aiming for selective growth in Asia at a time when some of its European peers are cutting back in the region. |
|
| Bank of S'pore keeps pace with fast growth |
| BANK of Singapore, OCBC Bank's private bank unit, has added 150 more staff in the past year to keep pace with its rapid growth amid challenging conditions in the global financial markets. |
|
| MF Global S'pore left with skeleton crew |
| MF Global Singapore laid off 40 more employees last week, leaving just a skeleton crew of about 20 at the embattled futures brokerage, market sources said. |
|
| MF Global fund transfers' trail now clearer |
| (WASHINGTON) US regulators now have a more complete picture of money transfers in the final days of bankrupt brokerage MF Global, but must sort out which transactions were legitimate before more money can be released to customers. |
|
| China vows crackdown on village revolt leaders |
| (BEIJING) China's government is trying to defuse a revolt in a small fishing village, offering to investigate the land seizures that touched off the rebellion and vowing to punish leaders of the uprising. |
|
| Cargo traffic in November down for Cathay Pacific |
| (HONG KONG) Cathay Pacific Airways Ltd, the world's largest air cargo carrier, said cargo demand failed to peak in November for the Christmas season, with freight volume down 13.8 per cent and the passenger outlook uncertain for 2012. |
|
| Loss-making MAS to axe routes |
| (KUALA LUMPUR) Loss-making national carrier Malaysia Airlines said it will cut eight routes to Europe, Africa, the Middle East and other destinations starting next month as it seeks to return to a profit. |
|
| Kingfisher Air may find support from banks: PM |
| (NEW DELHI) Kingfisher Airlines Ltd, the Indian carrier that sought government assistance after losses widened, may find support from banks in its turnaround efforts, said Prime Minister Manmohan Singh. |
|
| iPad to replace pilot's 16kg safety bag on American |
| (WASHINGTON) Apple's iPad has been cleared for use by American Airlines pilots during takeoff and landing in a move that could make bulky flight bags crammed with manuals and charts a thing of the past. |
|
| Jetstar Asia CEO stepping down |
| AFTER more than five years at the helm of Jetstar Asia, CEO Chong Phit Lian is quitting. |
|
| Olympus says it'll mull over reinstating CEO |
| (TOKYO) Japan's disgraced Olympus Corp said yesterday it would consider reinstating its sacked CEO, Michael Woodford, but the gesture failed to erase doubts that it would ever rehire the foreigner who blew the whistle on its crooked accounts. |
|
| Don't deny shareholders of Beyonics fruits of recovery |
| SGX-listed Beyonics Technology Ltd is being subjected to a complete takeover and delisting via a scheme of arrangement under Section 210 of the Companies Act. |
|
| China leaders mustn't forget Deng's pledge on hegemony |
| LAST week, President Hu Jintao urged the Chinese navy to accelerate its transformation and 'make extended preparations for warfare'. |
|
| Financial advisers need practical framework |
| THE last two decades have seen major financial crises, an explosion of investment scams and a significant tightening of regulations surrounding financial advice and the sale of investment products in Singapore and the rest of the world. |
|
| Three-Minute Digest |
| EVEN though job growth was still strong in the July-September quarter, signs of softening are unmistakable in the latest employment numbers unveiled yesterday by the Ministry of Manpower. |
|
| North-South MRT line disrupted |
| (SINGAPORE) A second MRT disruption in two days - this time on the North- South Line - has affected thousands of evening peak-hour commuters. |
|
| Japan business confidence takes a hit |
| BUSINESS confidence among leading Japanese manufacturers has been undermined by a conjunction of factors, including the eurozone crisis, the strong yen and the flooding in Thailand, according to the Bank of Japan's latest quarterly 'tankan' survey published yesterday. |
|
| Asian firms cautious but still upbeat: polls |
| (SINGAPORE) A sense of wariness is growing among Asian businesses amid global economic uncertainties, but regional executives remain among the most optimistic in the world, according to two separate surveys. |
|
| Johor property poised to draw spotlight |
| MORE costly private homes in Singapore - the result of new taxes - as well as perceivable improvements to Iskandar Malaysia, could turn the spotlight on Johor real estate next year. |
|
| Google breaks ground on US$120m data centre |
| (SINGAPORE) Google has started construction on a new Singapore data centre. |
|
| FDI in China drops for first time in 28 months |
| (BEIJING) China's economic growth could be slowing further as data yesterday showed the first year-on-year drop in foreign direct investment (FDI) in 28 months and a fresh fall in new orders signalled a further contraction in factory activity. |
|
| After Nov rush, home sales to hit the brakes |
| (SINGAPORE) Just before the cooling measures on Dec 7 changed the property landscape, private home sales had spiked sharply in November, the latest numbers released by the Urban Redevelopment Authority (URA) show. |
|
| Jobs market goes soft as harder times lurk |
| (SINGAPORE) Even though job growth was still strong in the July-September quarter, signs of softening are unmistakable in the latest employment numbers unveiled yesterday by the Ministry of Manpower. |
|
| When all the lights go on in Lyon |
| LYON, the capital of the Rhône-Alpes region, is the second largest metropolis in France. |
|
| Powering towards the final frontier |
| UNDER the expert leadership of Talgat Mussabayev, who was appointed chairman of Kazakhstan's National Space Agency (Kazcosmos) when it was created in 2007, the Central Asian republic's space programme has grown by leaps and bounds in a short period of time. |
|
| Tracing a fresh path to the stars |
| YOU know having a space programme is a big deal when one of the first things you are asked before the interview begins is whether your country has one. |
|
| Growing to its full potential |
| KAZAKHSTAN'S development in just two decades from a state that emerged from the collapse of the Soviet Union to one of the leading lights of Central Asia is nothing short of remarkable. |
|
| Lee Kuan Yew pays tribute to ex-personal security aide |
| FORMER minister mentor Lee Kuan Yew last night paid tribute to his personal security officer during a critical phase of his term as prime minister of Singapore. |
|
| Deloitte's Budget wish list looks at jobs |
| DELOITTE has come up with what it says is an out-of-the-box idea to boost employment for Singaporeans as an economic slowdown looms - the government could grant businesses an enhanced tax deduction for salary paid to locals. |
|
| Liver surgeon expands practice with US tie-up |
| LEADING liver surgeon Tan Kai Chah's Asian Centre for Liver Diseases and Transplantation (ACLDT) will set up a new unit in Singapore to serve Asian and Middle East patients. |
|
| Oct retail sales better than expected |
| SINGAPORE'S retail sales increased more than economists estimated in October as consumers spent more on vehicles and fuel. |
|
| Punggol condo site bids point to cooling market |
| PROVISIONAL tender results for a 99-year leasehold private condo site near Punggol MRT Station show that the latest cooling measures are working, say market watchers. |
|
| Telstra gets IDA nod to build its own network |
| TELSTRA has received the nod from the Infocomm Development Authority of Singapore (IDA) to own and operate telecommunications infrastructure here, including voice and data networks. This green light came in the form of a facilities-based operator (FBO) licence from IDA, effective from yesterday. |
|
| Banks big losers as STI slides |
| THE local stock market appears to be stuck in its own painful version of the Hollywood movie Groundhog Day, where the date is different but everything else is the same. |
|
| Revisionist Oz |
| AFTER months of anticipation, audiences in Singapore finally got a taste of international hit musical Wicked. |
|
| UK still very much at the heart of Europe: High Commissioner |
| (SINGAPORE) The UK still sees itself very much at the heart of Europe in terms of its single-market policies, despite suggestions that it could be headed for the exit. |
|
| New clearing houses in Asia may lack visitors |
| (SINGAPORE) Money being poured into central clearing houses for derivatives in Asia may be headed down the drain, with banks and brokers unwilling to sign up due to the costs and complexities involved. |
|
| Jakarta passes law to speed up land acquisition |
| (JAKARTA) Indonesian members of parliament yesterday approved the final draft of a long-awaited land bill that investors hope will speed up land acquisition for government infrastructure projects in South-east Asia's biggest economy. |
|
| Company Briefs |
| HG Metal Manufacturing said it had been served two writs of summons on Dec 9. |
|
| Equation's DiSa launches anti-theft system in Germany |
| EQUATION Corp's 67.3 per cent-owned subsidiary DiSa Digital Safety GmbH has launched the commercialisation of an anti-theft system in the German market. |
|
| Thai floods widen Beyonics Q1 loss |
| THE Thai floods have taken a heavy toll on Beyonics Technology's bottom line, with the integrated manufacturing services group yesterday posting a net loss of $14.28 million for the first quarter ended Oct 31, 2011, up from a net loss of $2.78 million a year ago. |
|
| Shin Corp sees stake sale by major shareholder |
| (BANGKOK) Shin Corp major shareholder Cedar Holdings, an affiliate of Temasek Holdings, is likely to sell more of its Shin shares to help boost the number of tradable shares in the market. |
|
| Credit Suisse still bullish on Asian equities |
| ASIAN equities are trading at attractively low valuations and investors should take advantage of the current uncertainty to add to their stock holdings ahead of the eventual recovery in the world economy, Credit Suisse strategists said yesterday. |
|
| CNMC Goldmine narrows third-quarter loss |
| CNMC Goldmine Holdings, the recently listed company that has the backing of 'IPO King' Peter Choo Chee Kong, narrowed its net loss to US$136,439 for the third quarter ended Sept 30. |
|
| Adviser explains basis of assessing PST exit offer |
| THE independent financial adviser (IFA) appointed by Pacific Shipping Trust (PST) had considered several factors before arriving at its opinion on the exit offer for PST. |
|
| Asia may shift theme to dividends |
| (HONG KONG) |
|
| Smaller-sized, lower-valuation IPOs seen for HK next year |
| HONG KONG will have more smaller-sized, lower-valuation initial public offerings (IPOs) next year instead of heavyweight listings amid uncertainties in the global stock markets, according to law firm Jones Day. |
|
| China set to be top listing destination: poll |
| CHINA is well on its way to becoming the world's top destination for capital-raising activity by 2025. But a tinge of uncertainty about market discipline may take away some of its shine, a report by PricewaterhouseCoopers suggested. |
|
| Global IPO capital raised down 45% at US$155.8b |
| IT was a tale of two halves. |
|
| Chinese wines beat Bordeaux in blind tasting |
| (BEIJING) A remote region of northern China that began growing grapes for fine wine just a decade ago has beaten the centuries-old French wine-producing region of Bordeaux in a blind tasting held in Beijing. |
|
| Contest for HK's top post turns into public spectacle |
| (HONG KONG) Candidates to become the next leader of Chinese-ruled Hong Kong are engaged in an unusual bout of mudslinging over private affairs and business deals, turning what is usually a staid, scripted contest into a public spectacle - not necessarily to Beijing's liking. |
|
| New China sovereign fund of US$300b on the way |
| (BEIJING) China's central bank has announced plans to create a new sovereign wealth fund to manage US$300 billion in foreign reserves, in the clearest sign yet of Beijing's waning faith in bonds issued by Europe and the United States. |
|
| Intel in venture with INSIDE Secure to manufacture NFC chips |
| (SAN FRANCISCO) Intel and INSIDE Secure on Tuesday unveiled an alliance which will enable the US chip colossus to make processors that let mobile gadgets act as wallets, tickets, car finders, and more. |
|
| Top buzzword in S'pore: track record |
| PROFESSIONALS in Singapore seem to feel that having a great track record is the priority when it comes to introducing themselves to other professionals or a prospective employer. |
|
| Dealised buys Hong Kong Groupon clone |
| GROUP-BUYING technology vendor Dealised has acquired Hong Kong-based group-buying network Lokaly. |
|
| Running a global start-up |
| VODAFONE Global Enterprise (Vodafone GE) sits within its parent company, the world's largest mobile telecoms firm, as a bit of a paradox. |
|
| Heathrow airport looks to bigger jets, glitzier shops |
| (LONDON) London's Heathrow airport, hemmed in by urban sprawl and barred from adding a new runway, is turning to bigger jets and glitzier shops to keep growing in the face of a campaign to build a rival hub on the Thames estuary. |
|
| New plane could revolutionise space travel |
| (WASHINGTON) A giant airplane that can, in mid- flight, launch a rocket carrying cargo and humans into orbit is the future of space travel, billionaire philanthropist and Microsoft co- founder Paul Allen said on Tuesday. |
|
| Qantas should base Asian hub in KL: Fernandes |
| (SYDNEY) Australian airline Qantas should base its Asian operations in Malaysia rather than Singapore if it is serious about expanding in the region, AirAsia chief Tony Fernandes said yesterday. |
|
| Commerzbank on verge of another bailout |
| (FRANKFURT) The cloud of dread hanging over European banks darkened after reports that Commerzbank could be on the verge of another government bailout. |
|
| Asia will be hit hard if eurozone crisis worsens |
| (SYDNEY) An escalation in Europe's debt crisis could hurt trade across Asia, drive up bank funding costs and depress confidence at home, a top Australian central banker warned yesterday. |
|
| UK jobless rate surges to 17-year high in Q3 |
| (LONDON) UK unemployment rose to a 17-year high in the three months to October, deepening concerns Britain is heading for another recession as turmoil in the euro area damps the global economic outlook. |
|
| Protesters around the world make it to Time cover |
| (NEW YORK) Time magazine yesterday named the collective 'protester' around the world as its person of the year, citing the change brought by street demonstrations from Arab countries to New York. |
|
| FTSE tightens rules to shield minorities |
| (LONDON) FTSE Group is tightening its entry rules to help protect minority investors and address concerns that companies with poor corporate governance are able to secure a spot in London's prestigious FTSE 100 index by exploiting loopholes. |
|
| Greece slipping on promised reforms: IMF |
| (WASHINGTON) Greece's international rescue programme continues to slip as the nation's leaders shirk promised changes, investors flee a beleaguered banking system and concern that Europe will fall into recession adds to the pressure, the International Monetary Fund said yesterday in its latest report on the country. |
|
| ECB under renewed pressure to save euro |
| (PARIS) Pressure mounted again yesterday for the European Central Bank (ECB) to intervene more decisively after financial markets judged that yet another European Union (EU) summit had failed to resolve the eurozone's debt crisis. |
|
| Asian units down as Fed offers no stimulus |
| (SEOUL) Asian currencies declined after the Federal Reserve offered no new measures to spur economic growth and as European leaders' plans to stem their debt crisis failed to assure investors. |
|
| Brokers' Take |
| LOOKING to 2012, we highlight three key themes that will guide our investment thesis for the S-Reits in FY12. |
|
| China firms should go for win-win in overseas ventures |
| IN looking at China's economy, one of the notable trends in recent years is that it is increasingly looking outside its national borders for new growth. But such ventures hold new perils for China that it needs to manage. |
|
| It's now time for the ECB to act |
| PANIC is beginning to overwhelm the eurozone. Italy and Spain are caught in the maelstrom. Belgium is slipping into the danger zone. As France is dragged down, the widening gap between its bond yields and Germany's is severely testing the political partnership that has driven six decades of European integration. |
|
| US focus on Asia wakes up Europe |
| AMERICA'S recent focus on the Asia-Pacific appears to have acted as a much-needed wake-up call for the European Union (EU). Over the coming months and despite the sovereign debt crisis, EU policymakers are expected to take a closer look at Europe's relations with Asia and hopefully come up with a new blueprint for invigorating flagging Europe-Asia ties. |
|
| Giving a new shape to multilateral trade pacts |
| THE wheel of fortune turns, and finally it comes around full circle. This is pretty much what is happening at present in the case of the World Trade Organization (WTO) and that of the International Monetary Fund (IMF), and in both cases the cycle promises to have especial significance for Asia. |
|
| Tackle climate change at the individual company level |
| THE good news about the Durban climate negotiations is they didn't break down; the bad news is that action was delayed for years. It calls to mind that immortal line of Samuel Beckett's: 'You must go on, I can't go on, I'll go on.' |
|
| A chance for planet Earth to be saved |
| WHEN she brought the hammer down on the Durban climate talks in the early hours of Sunday morning after an arduous final session, Maite Nkoana-Mashabane, South Africa's foreign minister who chaired the summit, declared that 'we have saved planet Earth for the future of our children and our great-grandchildren to come', and that 'we have made history'. |
|
| Three-Minute Digest |
| PRIVATE-SECTOR economists expect Singapore's economy to expand by just 3 per cent next year, down sharply from an earlier forecast of 4.9 per cent, according to the latest quarterly poll of analysts by the Monetary Authority of Singapore. |
|
| Liz Taylor jewellery auction fetches record US$116m |
| (NEW YORK) An auction of the late actress Elizabeth Taylor's world-renowned jewels took in US$116 million, more than double the record for a single collection and setting new marks for pearls, colourless diamonds, and Indian jewels. |
|
| Japan to set up trilateral dialogue with US and China |
| JAPAN's Foreign Minister Koichiro Gemba last night set out a vision of a new diplomatic role for Japan in which it would establish trilateral dialogue among senior diplomats of Japan, China and the United States. |
|
| Olympus revises accounts, shows it remains solvent |
| in Tokyo EMBATTLED Japanese camera and medical equipment-making firm Olympus, which is at the centre of a scandal involving a cover-up of financial losses totalling US$1.7 billion, yesterday published revised accounts showing that the firm has remained solvent despite the fact that the losses have left its balance sheet badly dented. |
|
| Average condo size used in GLS calibration shrinks again |
| (SINGAPORE) The average size of condos used to estimate housing supply in the Government Land Sales (GLS) Programme has shrunk again - as Singapore's planning authority keeps pace with market trends. |
|
| IEA identifies key factors Opec should consider |
| (SINGAPORE) High oil prices are hurting an already-struggling global economy, and Opec ministers currently meeting in Vienna to decide on oil production levels will hopefully take this into account, the International Energy Agency's (IEA) chief economist Fatih Birol said in Singapore yesterday. |
|
| Fed says US economy expanding moderately |
| (WASHINGTON) Federal Reserve policy makers said that the US economy is maintaining its expansion even as the global economy slows, while refraining from taking new actions to lower borrowing costs. |
|
| Hong Kong is world's top financial centre |
| (SINGAPORE) Hong Kong has claimed pole position in a ranking of the world's financial systems this year, beating the United States, the United Kingdom, and close competitor Singapore with the help of strong initial public offering (IPO) and insurance activity. |
|
| Tony Fernandes' swipe at Singapore doesn't fly |
| AUSTRALIAN airline Qantas should base its Asian operations in Malaysia rather than Singapore if it is serious about expanding in the region, according to Tony Fernandes. |
|
| China 'guarantees' growth, but analysts expect only minor tweaks to policy |
| in Beijing AGAINST the grim economic outlook elsewhere, China held out a bold guarantee yesterday. It pledged to 'guarantee growth' in the coming year, with commitments to stability. |
|
| Economists cut forecasts, cross fingers |
| (SINGAPORE) Private-sector economists expect Singapore's economy to expand by just 3 per cent next year, down sharply from an earlier forecast of 4.9 per cent, according to the latest quarterly poll of analysts by the Monetary Authority of Singapore (MAS). |
|
| Swiss Post opens Singapore office for regional reach |
| SWISS Post Solutions (SPS) is opening an office in Singapore, supporting its continued expansion into the Asian market. |
|
| Managers not spending enough time with teams |
| MANAGERS are spending too much time in meetings and writing reports, leaving precious little of their day left to interact with their teams. |
|
| Hearing of Morgan Stanley lawsuit adjourned to Jan 16 |
| A LAWSUIT brought by Morgan Stanley in Singapore's High Court is now in limbo after a US court ordered it to stop trying to thwart a suit by Singapore Pinnacle Notes investors in New York. |
|
| Sing Hldgs buys another Robin Rd site |
| SING Holdings will be acquiring another freehold residential site along Robin Road at an en bloc price of $52 million. |
|
| GRTH Building up for tender sale with $82m tag |
| GRTH Building - the first collective sale launch since the latest round of cooling measures - was launched for sale by tender yesterday, with an asking price of around $82 million. |
|
| STI drifts lower in poor volume |
| THERE was not much market-moving news out of either Europe or the US on Tuesday and this, in turn, made for a quiet session in this part of the world yesterday. This was all the more so given the upcoming holidays. The result was one of the lowest trading volumes in recent memory - 830 million units worth $737 million, excluding foreign currency issues. |
|
| PM Singh brokering bill against graft |
| (NEW DELHI) Indian Prime Minister Manmohan Singh aimed to meet political leaders yesterday to broker an agreement on an anti-corruption bill, with activists threatening to revive protests if lawmakers fail to enact the measure this month. |
|
| Indian inflation remains high |
| (NEW DELHI) India's wholesale prices rose more than expected in November, leaving inflation stubbornly high and suggesting the central bank would hold rates steady at its review tomorrow even as worries grow over the health of the economy. |
|
| HK home prices need to slide to draw buyers back |
| (HONG KONG) Hong Kong home prices, which have risen the most globally in the past year, may need to fall as much as 10 per cent in 2012 before buyers are lured back, according to Standard Chartered. |
|
| London luxury home prices rise fastest in 14 months |
| (LONDON) Luxury home prices in central London climbed the most in 14 months in November as the risk of a recession in Europe grew and overseas buyers sought safer investments, Knight Frank LLP said. |
|
| US existing home sales data to be revised down |
| (WASHINGTON) Data on sales of previously owned US homes from 2007 through October this year will be revised down next week because of double counting, indicating a much weaker housing market than previously thought. |
|
| Vietnam's property market stagnant |
| (HONG KONG) Vietnam's once-frenzied property market has ground to a halt, leaving local developers limping and international investors salivating at the chance of snapping up distressed deals. |
|
| JCorp, CVC Capital make offer for QSR Brands and KFC Holdings |
| in Kuala Lumpur JOHOR Corporation (JCorp) and private equity firm CVC Capital Partners Asia III Ltd have made a conditional offer for QSR Brands and KFC Holdings in an attempt by the former to keep its cash cow within the group. |
|
| Tenaga may source gas from open market |
| in Kuala Lumpur MALAYSIAN state utilities firm Tenaga Nasional Bhd (TNB) may have to source gas from the international markets next year to make up for a shortfall in power generation, a Malaysian newspaper reported yesterday. |
|
| Indonesia worried over sugar supplies |
| (JAKARTA) Indonesia is concerned about domestic white sugar supplies between March and May next year when current stocks of 740,000 tonnes run out and the new crushing season has yet to start, a senior trade ministry official said yesterday. |
|
| United Maritime exploring sale: sources |
| (BANGALORE) United Maritime Group, owned by Greenstreet Equity Partners and Jefferies' private equity arm, is exploring a sale, two people familiar with the matter told Reuters. |
|
| Strike at Western Australia port delays mineral exports |
| (PERTH) Iluka Resources Ltd, the world's biggest zircon producer, delayed an export shipment and may postpone two more because of strike action at Bunbury Port in Western Australia. |
|
| TUI to sell Hapag-Lloyd stake to majority owner |
| (FRANKFURT) TUI AG, the German owner of Europe's largest travel company, said its executive board resolved to sell most of its stake in the Hapag-Lloyd AG container-shipping business to majority owner Albert Ballin. |
|
| US west coast port operations back to normal |
| (BALTIMORE) Police in Baltimore evicted anti-Wall Street protesters on Tuesday and operations returned to normal at west coast ports a day after a series of marches that disrupted operations at several terminals. |
|
| Risks soar for Japanese shipping lines |
| (TOKYO) Nippon Yusen KK's bond risk rose the most of any Japanese company in the past month as a surging supply of vessels and falling transportation rates prompted a warning of a credit rating downgrade. |
|
| Fitch sees stable outlook for banks in M'sia |
| (SINGAPORE) Fitch Ratings says in a new report that the outlooks of its rated Malaysian banks are expected to remain stable, even if a fresh economic slowdown were to emerge from the mounting global uncertainty. |
|
| Online films target M'sia rare earth plant |
| (KUALA LUMPUR) Satirical Malaysian short films depicting cat-sized cows and mutant produce were screened on Sunday to take aim at an Australian miner's planned rare earth plant after they proved a hit online. |
|
| No board seat for top Wijaya shareholder |
| (KUALA LUMPUR) Anuar Adam, who took control of Wijaya Baru Global last week, says that he will not be seeking board representation in the company. |
|
| Indonesia denies trade curbs are protectionist |
| (JAKARTA) Indonesian Trade Minister Gita Wirjawan denied that the country's move to restrict some imports and exports was protectionist, said a report published yesterday. |
|
| India's factory output falls 5.1% in Oct |
| (NEW DELHI) India's industrial production shrank in October for the first time in more than two years, adding pressure on the central bank to pause this week after a record run of interest rate increases. |
|
| Qantas pushes on with Asian carrier plan |
| (SYDNEY) Qantas chief Alan Joyce said yesterday he was pushing ahead with plans for a joint-venture premium airline in Asia while insisting damage to the brand from grounding the fleet was only 'temporary'. |
|
| Australian PM reshuffles Cabinet |
| (CANBERRA) Australia's Prime Minister Julia Gillard reshuffled her Cabinet yesterday, focusing on job creation and labour relations, as she tries to reverse plummeting voter support ahead of elections due within two years. |
|
| Australian mining firms in A$3b merger |
| (SYDNEY) Australian miners Aston Resources and Whitehaven Coal will merge to form the nation's largest listed independent coal company, worth A$5.1 billion (S$6.7 billion). |
|
| Massive Aussie fraud sparks health overhaul |
| (BRISBANE) The premier of Australia's Queensland state abolished its troubled health department yesterday after one of its top executives allegedly embezzled A$16 million (S$21 million). |
|
| Eurozone summit bungles at the foothills |
| AS many feared and most expected, the just-concluded European summit left much to be desired. |
|
| European unity, even democracy, under siege |
| IT'S TIME to start calling the current situation what it is: a depression. True, it's not a full replay of the Great Depression, but that's cold comfort. Unemployment in both America and Europe remains disastrously high. |
|
| Rising interest in emerging market equities |
| COME 2020, companies in emerging markets could face a shortfall of US$12.3 trillion in terms of funds to finance their growth in the public equity markets, according to a recent study by consulting firm McKinsey & Co. |
|
| Three-Minute Digest |
| MALAYSIA'S national car company has taken a fork on the road that could change its fortunes. |
|
| Clarification |
| IN the report 'Agents step up marketing of commercial, industrial units' (BT, Dec 12), we said that City Developments (CDL) was offering relief packages at selected projects in the wake of new government measures to cool the residential market. This information was gathered by BT from its own sources, and not from CDL. The company's response to BT's query over the weekend was: 'The Palette is priced very competitively and is value for money for a property located close to the MRT station.' |
|
| OECD economic indicator at its weakest in two years |
| (PARIS) All major economies are losing momentum, the Organisation for Economic Cooperation and Development said yesterday, with economic activity across OECD countries at its weakest in two years. |
|
| New authentication system makes online deals safer |
| (SINGAPORE) A new national system for securing online transactions was launched yesterday. |
|
| Stanchart appoints S'porean as group executive director |
| (SINGAPORE) UK-based banking group Standard Chartered (Stanchart) will be welcoming the first Singaporean to its board next year. |
|
| EMA gears up for power imports |
| (SINGAPORE) Once it's all systems go, electricity imports into Singapore - aimed at diversifying the energy mix here, both in terms of fuel type and supply sources - could start from 2017-2018, says the Energy Market Authority. |
|
| SG Changi crashes out, Motorsports Hub on hold |
| (SINGAPORE) Piles have already been driven into the soil, but no one knows when the Changi Motorsports Hub (CMH) will be more than just steel in the ground. |
|
| Q4 investment sales up 42% so far |
| (SINGAPORE) Investment sales of property have hit about $6.8 billion so far this quarter, up 42 per cent over the Q3 figure of $4.8 billion. |
|
| Greenback on steroids is king for now |
| (SINGAPORE) The US dollar is turning out to be this year's comeback kid as investors re-embrace havens, and there may be enough fear left in the markets yet to drive the currency higher next year. |
|
| Dr M moves the needle on Proton share price |
| MALAYSIA'S national car company has taken a fork on the road that could change its fortunes. |
|
| The business community's views... |
| MANPOWER constraints are increasingly a challenge to players in Singapore's service industry, what with the tight labour market and tightening of foreign worker inflows. |
|
| Cultivating service excellence |
| AN ECONOMIC downturn and resultant dives in consumer spending looms on the one hand, and Singapore's tight labour market continues to constrain manpower-intensive businesses on the other. |
|
| About the Medallion |
| THE Singapore Service Excellence Medallion aims to catalyse a transformation in the way public and private sector organisations in Singapore deliver service, and produce worthy role models for both organisations and individuals to emulate. |
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| The art of building good customer relationships |
| IT'S not just about smiles and handshakes, says Edwin Teo, sales advocate at Atlas Sound and Vision. |
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| Service is in Changi Airport's DNA |
| FOR an international airport where, roughly every 100 seconds a flight to or from some place round the world takes off or lands, it is fitting that what's most eye-catching about Changi Airport Group's logo are the vibrant coloured ribbons encircling a globe-like sphere. |
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| Get your queries addressed by SMU |
| HAVE a pressing question about a business related issue that your company is facing? |
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| Tradition and technology in a bowl of bee hoon |
| THAILAND'S recent price support programme has raised prices of grain. This has caused worry among businesses that import grain from the world's largest rice exporter. |
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| IEQ Global aims to light up the competition with its products |
| ECOLIGHT Design Consultants (EDC) was fully acquired by IEQ Global just last October and it is already invading the commercial space with IEQ's highly efficient next-generation lighting. |
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| Developing your employer brand |
| TEN years ago, when I asked Singapore companies about the factors that limited their growth, the things that I heard most often were the lack of money to sustain international expansion and the lack of trust in their corporate brand by new customers. |
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| Turning waste into wealth |
| FERTILISER that smells like cupcakes? Hard to imagine and you'd suspect that it probably doesn't work. |
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| Singapore Roundup |
| THE Council for Estate Agencies (CEA) launched its first educational brochure yesterday to educate consumers on estate agency work. |
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| SMRT revises taxi fares from Dec 20 |
| SMRT is revising its taxi fares with effect from Dec 20 in a bid to help its taxi drivers mitigate rising operating costs and inflation. This comes hot on the heels of a similar fare revision by ComfortDelgro. |
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| Many to slog over festive period: survey |
| DECEMBER may not turn out to be a carefree season to be jolly for many Singaporeans this time round. |
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| China's top leaders meet to set economic priorities for 2012 |
| (BEIJING) China's top leaders opened a three-day meeting yesterday to set out the country's economic priorities for 2012, the last before a once-in-a-decade transition of power begins next year. |
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| M&A buyers in Asia keep eye on price trend |
| ACTIVE mergers and acquisitions discussions are going on in the region, but Asian buyers are still watching if prices will head deeper south in the next six to nine months, says a Credit Suisse senior banker. |
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| Conflict of interest unlikely, says SPH |
| LEE Boon Yang, recently named non-executive chairman of Singapore Press Holdings (SPH), is unlikely to face a conflict of interest even if the property arms of SPH and Keppel Corp compete for land, SPH said. |
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| LSE snaps up Pearson's FTSE stake |
| (LONDON) British publishing group Pearson is to sell its 50 per cent stake in the FTSE International to the London Stock Exchange (LSE) for £450 million (S$912.8 million) as part of its drive to focus on news and analysis and away from data. |
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| Slimmer year ahead for local telecoms players: Fitch |
| THE pickings for 2012 are set to be slimmer for all three telecommunications players here, as people text and talk less but consume more data which carry lower margins, according to the latest report from Fitch Ratings. |
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| Yangzijiang to form 2 offshore engg ventures |
| YANGZIJIANG Shipbuilding Holdings took another step yesterday towards diversifying into offshore building, but it will need more help to execute its plan, analysts said. |
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| Funds cut bets on rising food costs to 27-month low |
| (CHICAGO) Hedge funds cut bullish bets on agricultural prices to the lowest level in more than two years on signs of expanding global supplies. |
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| SMX appoints V Hariharan as chief executive |
| THE Singapore Mercantile Exchange (SMX) has appointed V Hariharan as its chief executive officer, six months after its previous chief Thomas McMahon resigned. |
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| C&G secures waiver on ID condition for principal units |
| C&G Environmental Protection Holdings has received the green light from the Singapore Exchange (SGX) to waive a condition that the boards of its principal subsidiaries should have at least one independent director (ID) residing in Singapore. |
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| UK's luxury house market holding up: Investec |
| (LONDON) Britain had 11 per cent more houses valued at £1 million (S$2 million) or more available for purchase in the third quarter than it did a year earlier, Investec Specialist Bank said in a report on Sunday. |
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| Halifax sees stagnant UK house prices in 2012 |
| (LONDON) Britain's housing market is likely to stagnate in 2012, with low interest rates offset by a squeeze on household budgets, mortgage lender Halifax said yesterday. |
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| US group starts work on Tianjin complex |
| (TIANJIN) Construction on a US-invested financial plaza began yesterday in north China's coastal city of Tianjin. |
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| 999-year conservation shophouses up for sale |
| (SINGAPORE) Three 999-year leasehold conservation shophouses at Liang Seah Street were put up for sale through an expression-of-interest exercise, at an indicative price of $30 million. |
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| Charlton Residences sees brisk sales |
| (SINGAPORE) Catalist-listed SingXpress Land Ltd's (SingXpress Land's) latest freehold development, Charlton Residences, continues to draw keen interest from buyers despite worsening market conditions. It has sold around 80 per cent of its units even before the project's official launch in January 2012. |
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| Aussie Oct home loans gain for seventh month |
| (SYDNEY) Australian home-loan approvals rose in October for a seventh straight month before central bank governor Glenn Stevens lowered borrowing costs for the first time in 31 months. |
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| Hongkong Land to build office tower for HK$560m |
| (HONG KONG) Hongkong Land Holdings, the biggest landlord in Hong Kong's Central district, will spend HK$560 million (S$93 million) to knock down commercial building The Forum to build a seven-floor office tower in its place. |
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| US bonds shine despite economic recovery |
| (NEW YORK) The strengthening US economy is proving no deterrent to the biggest rally in Treasuries since 2008, and America's largest bank says it may get even better for bond investors. |
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| Australia's Oct trade surplus narrows by more than expected |
| (SYDNEY) Australia's trade surplus narrowed by more than expected in October as imports outpaced a flat export performance, and further slippage looms as Europe's crisis hits trade finance while China's red-hot growth cools. |
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| Europe banks may be caught in vicious circle |
| (NEW YORK) European banks turning to their governments to raise required capital could trigger a downward spiral of declining sovereign-debt prices and further losses for the lenders. |
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| Currency strategists take their axes to the euro |
| (NEW YORK) Foreign exchange strategists are slashing their forecasts for the euro at the fastest pace this year as European Central Bank president Mario Draghi's interest rate cuts remove one of the currency's pillars of support. |
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| Company Briefs |
| SINGAPORE'S Neptune Orient Lines (NOL), the world's sixth largest container shipping firm, reported yesterday a 14 per cent fall in average revenue per container due to lower rates in major trade lanes. |
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| Rubber growers may set up physical market |
| (BANGKOK) Thailand, Indonesia and Malaysia, which account for about 70 per cent of natural-rubber output, plan to set up a regional physical market to try to create a new benchmark for the commodity, according to a trade group. |
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| Lenders demand FibreChem repay $87.8m |
| CREDITOR banks have slapped statutory demands on beleaguered FibreChem Technologies, after an investment rescue plan for the group failed to take shape. |
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| Etihad orders US$2.8b Boeing planes |
| (DUBAI) Abu Dhabi's Etihad Airways will buy 12 planes from Boeing, including 10 787-9 Dreamliners, in a deal valued at US$2.8 billion at current list prices. |
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| AirAsia Indonesia puts off IPO until 2012 |
| (JAKARTA) The Indonesian subsidiary of Asia's biggest budget carrier AirAsia will postpone its initial public offering (IPO) until next year due to the global economic slowdown, its spokeswoman said yesterday. |
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| Falling demand hits Norway solar player REC |
| PLUNGING demand for solar cells arising from eurozone woes plus global oversupply especially from Chinese manufacturers have hit Norway's Renewable Energy Corporation (REC) which operates a new $2.5 billion plant in Singapore. |
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| Only 1 in 10 tech startups get VC |
| ONCE largely based in the US, the venture capital industry is increasing its global dimension with the establishment of new foreign venture capital firms that are independent of the US firms. |
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| Hiring outlook dimmest in 2 years: poll |
| IN another sign of growing caution in hiring, the latest Manpower employment outlook for Singapore in the next three months has fallen sharply to its dimmest in more than two years. |
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| Global growth seen slowing sharply in 2012 |
| ECONOMIC growth worldwide will slow sharply next year but Asia will continue to expand while economies in the West stall or shrink, economists say. |
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| Doubts set in over European deal |
| FRIDAY'S bounce in Western markets initially led to firmer prices in Singapore yesterday but scepticism over the effectiveness of the latest European debt measures set in as the day progressed and stocks eventually closed mainly weaker. |
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| Brazil's Vale may start iron ore hub in Subic Bay next year |
| (SINGAPORE) Vale may start operating an iron ore transshipment centre in the Philippines early next year, two years ahead of a similar facility in Malaysia, as the world's top iron ore miner moves closer to its biggest market, China. |
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| Prospects for shipping industry unlikely to improve much: APL |
| (SINGAPORE) Shipping firms are operating in an unsustainable economic environment with prospects unlikely to improve much in 2012 due to high fuel prices, low freight rates and slowing demand, said the head of the world's sixth largest container firm. |
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| Chinese captain stabs Korean officers, killing one |
| (SEOUL) A Chinese fishing boat captain stabbed two South Korean coast guard officers yesterday, killing one and injuring the other, after his boat was stopped for illegally fishing in South Korean waters, officials said. |
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| UK regulator faults RBS for bank's collapse |
| (LONDON) Banks should need regulatory approval for significant acquisitions to avoid disasters like the 2008 collapse of Royal Bank of Scotland plc, Britain's financial regulator said in a wide-ranging report which faults itself as well as bank management and the government for the lender's failure. |
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| Most China-based data theft done by a few hacker teams |
| (WASHINGTON) As few as 12 different Chinese groups, largely backed or directed by the government there, do the bulk of the China-based cyberattacks stealing critical data from US companies and government agencies, according to US cybersecurity analysts and experts. |
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| Surge in attacks on energy sector computers |
| (DOHA) Hackers are bombarding the world's computer controlled energy sector, conducting industrial espionage and threatening potential global havoc through oil supply disruption. |
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| Basel panel looks at liquidity rule amid criticisms |
| (BRUSSELS) Global financial regulators meeting this week will seek to eradicate unintended consequences from their draft bank-liquidity standards to avert a threat to lending. |
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| Time Warner makes US$1.3b all-cash offer for Endemol |
| (AMSTERDAM) Time Warner Inc made a US$1.3 billion all-cash offer for Endemol NV as the Dutch producer of Big Brother television shows seeks to reach an agreement with lenders over reorganising its debt. |
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| Goldman Sachs intended target of port blockades |
| (SAN FRANCISCO) Goldman Sachs Group Inc, the fifth-biggest US bank by assets, is a major target of Occupy Wall Street demonstrators who plan to blockade ports from Anchorage to San Diego to cut into profits of the company they blame for helping spur the financial crisis. |
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| Greece in talks to unlock EU loan package |
| (ATHENS) Greece yesterday opened new talks with international austerity inspectors on a second rescue loan package agreed to weeks ago - but not yet finalised - to keep the debt-crippled country solvent while easing its crushing debt burden. |
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| EU fiscal pact fails to restore confidence |
| (LONDON) A European summit deal to strengthen budget discipline in the eurozone failed to restore financial market confidence yesterday, forcing the European Central Bank to step in again gingerly. |
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| Rupee leads declines among Asian units |
| (SINGAPORE) India's rupee led declines among Asian currencies as data showed manufacturing in Asia's third-largest economy contracted more than economists forecast, adding to concern Europe's debt crisis is slowing growth. |
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| Changi committed to safe and smooth air traffic flow |
| WE refer to Prithpal Singh's commentary, 'Crowded skies over Changi' (BT, Nov 30). |
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| Brokers' Take |
| Since our last report issued on Nov 14, the share price of Goodpack Ltd fell by almost 21 per cent to its lowest level since February last year. |
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| Yuan bonds under the spotlight |
| THE new offshore yuan bond market (regularly dubbed the 'Dim Sum' market) kicked off in earnest in the middle of 2010 when the Chinese authorities lifted certain restrictions and made it feasible for many more institutions to issue bonds. |
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| Will Obama's populist message win him votes next year? |
| PRESIDENT Theodore Roosevelt is one of the three most revered Republican presidents in US history (the other two being Abraham Lincoln and Ronald Reagan) which raises an interesting question: why is Democratic President Barack Obama trying to sound like that Republican president as he prepares to confront his Republican challenger next year? |
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