 | Coming up roses |
| A visitor viewing US artist Cy Twombly's 'untitled (roses)' at the Brandhorst Museum here. |
|
| MGM Mirage sells 10-year bonds to repay loans |
| (LAS VEGAS) MGM Mirage, the biggest casino owner on the Las Vegas Strip, sold US$845 million of bonds to repay some of its loans under an arrangement that it already struck to extend the borrowings. |
|
| Millionaires' club in US up 16%: study |
| (NEW YORK) The millionaires' club in the United States grew by 16 per cent last year - a sharp reversal after their number fell 27 per cent in 2008. |
|
| CEO bonuses in US cut up to 59% last year |
| (NEW YORK) US consumer, financial and technology companies slashed bonuses for their chief executives by more than half last year, a leading firm that tracks pay data said on Tuesday, as companies moved to more closely tie executive pay to performance. |
|
| AIG asset sales reap paper gains for bondholders |
| (NEW YORK) Bondholders of American International Group reaped at least US$3.2 billion after the bailed-out company announced deals to sell its two largest non-US life insurance divisions for US$51 billion. |
|
| Senate closing in on deal to create US$50b trust fund |
| (WASHINGTON) Senate negotiators are closing in on a deal to create a US$50 billion trust fund from fees on large financial firms that may include Goldman Sachs Group and Citigroup and be used to wind down failing institutions, said a Senate aide and two people familiar with the talks. |
|
| Bailed out US companies see their stocks surge |
| (WASHINGTON) Shares of four companies that have received huge infusions of taxpayer cash soared on Tuesday after a report that the government would sell its stake in Citigroup raised hopes that other bailed-out companies would follow. |
|
| Class action suits may cost Toyota US$3b |
| (MIAMI) Toyota owners claiming that massive safety recalls are causing the value of their vehicles to plummet have filed at least 89 class action lawsuits that could cost the Japanese auto giant US$3 billion or more, according to an Associated Press review of cases, legal precedent and interviews with experts. |
|
| Economic data proves Obama critics wrong |
| (WASHINGTON) The political consensus may be that US President Barack Obama's handling of the economy has been weak. The judgment of money in all its forms has been overwhelmingly positive, and that may be the more lasting appraisal. |
|
| Yen slips amid monetary easing expectations |
| (LONDON) The yen slipped yesterday, giving back recent gains, amid increasing expectations that the Bank of Japan will adopt further easing measures, while the pound sterling fell on persistent credit and economic concerns. |
|
| Professionalise directorship |
| I REFER to your article, 'Time to beef up governance disclosure' (BT, March 9). |
|
| Broker's Take |
| MAINTAIN 'outperform'. We raise our FY2009-2011 profit forecasts by 15-25 per cent to factor in higher sales and margin assumptions. |
|
| Heed Keynes' advice about tightening |
| JOHN Maynard Keynes wrote during the Great Depression that only 'fools and madmen' will tell you 'the path of escape is to be found in strict economy'. |
|
| With a win like this, who needs defeat? |
| THE recent election in Iraq seems to have triggered a wave of historical revisionism among American neoconservatives. |
|
| A China bust? No way; better worry about West |
| FEW, if any, are promoting 'collapsist' theories about China of the kind often heard in relation to North Korea, but the notion of a China 'bust' seems to be gaining ground. |
|
| Are today's young the 'chump' generation? |
| THE 'generation gap' endures as a staple of American political and social analysis. |
|
| Limits to taxing the super-rich |
| TAXES for some people were actually raised in the recent Budget but judging by the apparent indifference of those affected, one could assume that these folks do not actually mind paying more. |
|
| Local companies lag west on code of conduct |
| LOCAL firms appear to have some catching up to do where a formal framework for business ethics is concerned. |
|
| M'sia conference to woo private investment, FDI |
| THE Invest Malaysia 2010 conference aims to boost flagging private investment by highlighting Malaysian companies that are 'regional and global champions', as well as foreign direct investment (FDI) opportunities. |
|
| Female say in family spending rising: survey |
| WHEN women rule the world was a television show that aired in the United Kingdom but it looks like it is becoming a reality here. |
|
| Go-ahead for ANZ to buy RBS's S'pore assets |
| AUSTRALIA and New Zealand Banking Group has received approval from the Monetary Authority of Singapore to buy Royal Bank of Scotland's businesses in Singapore, part of a deal that ANZ announced last August. |
|
| Cathay surges on return to profit |
| (HONG KONG) Cathay Pacific Airways Ltd, Hong Kong's biggest carrier, rose the most in about a month after posting a better-than-expected profit on capacity cuts and the sale of a stake in a maintenance venture. |
|
| Japan pension fund to retain its model despite low returns |
| (TOKYO) Japan's public pension fund, the world's largest, will not change its asset allocation model for the next five years after the health ministry urged the fund to keep investing in safe assets, the Nikkei business daily reported. |
|
| Economists forecast robust 9.5% first-quarter growth |
| (SINGAPORE) The economy is expected to register robust growth this quarter - 9.5 per cent, according to economists' forecasts - though it'll be more of a technical rebound than anything else. |
|
| Lippo: No change in strategy for OUE |
| (SINGAPORE) It will be business as usual for Overseas Union Enterprise (OUE), even as Indonesia's Lippo Group takes sole control of the property firm. |
|
| Krishnan may break even but disputes linger |
| THE sale of a 44 per cent interest in Overseas Union Enterprise (OUE) for $957 million will bring closure to a five-year partnership between two South-east Asian tycoons that went sour. |
|
| Rising power prices may raise a sweat |
| (SINGAPORE) Hot weather, increased economic activity, and hiccups in Indonesian gas supplies. A triple whammy that have led to one thing: climbing electricity prices that could impact businesses, according to sources. |
|
| COE premiums surge across the board |
| CONTINUING expectations of cuts in certificate of entitlement (COE) quotas kept premiums rising in the latest bidding exercise, with increases in all categories, especially for the popular Category B for cars above 1,600cc - this leapt $2,500 to $26,389, even higher than the previous period's $709 rise to $23,889 which was already a six-year high. |
|
| Chocolate fuelled race car not a nutty idea after all |
| (BOSTON) Fuelled by leftover chocolate and with components made from carrots, potato starch and flax, the world's first sustainable Formula 3 racing car has a top speed of 135 miles per hour and can go from zero to 60 in 2.5 seconds. |
|
| Thai central bank mulls rate rise to 'normal' levels |
| (BANGKOK) Thailand's central bank said yesterday that it was considering following Malaysia in raising rates from record lows to return policy to normal settings but the domestic political crisis made the timing highly uncertain. |
|
| A giant who still looms over M'sia |
| SOMETIME in the mid-1990s, an analyst attempting to understand Malaysia's sprawling Berjaya Corporation (BCorp) asked its founder Vincent Tan Chee Yioun whether he would be prepared to sell one of the group's assets that he seemed particularly fond of. |
|
| Why is Uncle Sam's credit rating higher than China's? |
| MOODY'S Investor Services warned last month that the triple A credit rating of the highly geared US economy should not be taken for granted. |
|
| Clarification |
| IN 'How SMEs can get that bank loan' (BT, March 10), we reported Singapore Manufacturers' Federation president Renny Yeo as saying SMEs contribute a third of the economy's total value-add. The federation has clarified that SMEs contribute half of the economy's total value-add. |
|
| Yuan may not follow China trade bounce |
| (SINGAPORE) China's better than expected trade results, released yesterday, prompted speculation that a revaluation of the currency may come soon but analysts have warned that this may not be the case. |
|
| Three-Minute Digest |
| HOT weather, increased economic activity, and hiccups in Indonesian gas supplies. |
|
| Oil price seen hitting US$100 by 2011 |
| (SINGAPORE) Crude oil may hit US$100 per barrel by 2011, as demand outstrips supply on tight capacity from the producers, according to a UK-based commodities fund manager. |
|
| China inflation seen rising in February |
| (TAIPEI) China's inflation accelerated last month, according to a survey of economists, increasing the likelihood of the central bank raising interest rates from a five-year low. |
|
| S'pore's Voiceroute in Google apps store |
| (SINGAPORE) Home-grown technology start-up Voice- route is among the first wave of software developers featured in the eye-catching Google Apps Marketplace. |
|
| Google opens online apps store |
| (SAN FRANCISCO) Google Inc, owner of the most popular Internet search engine, opened an online store that helps developers of business software sell their own programs. |
|
| NTU, National Instruments in R&D lab tie-up |
| (SINGAPORE) Technologies to make wireless as fast as wired communications are being hatched in a research venture by National Instruments (NI) and Nanyang Technological University (NTU). |
|
| EU seeks to revive global climate talks |
| (STRASBOURG) The European Union must show leadership in the fight against climate change and should 'swiftly' enact the Copenhagen Accord, the EU's executive said in its strategy to revive global talks. |
|
| Testing of Boeing's new 787 continues apace |
| (MINNEAPOLIS) Boeing Co is putting its new 787 through an aggressive flight-testing schedule, with the fourth plane set to begin test flights on Sunday. |
|
| Cyber attacks affect 66% of S'pore enterprises: study |
| (SINGAPORE) A global study on cyber attacks shows that 66 per cent of Singapore enterprises have experienced attacks in the past 12 months and this resulted in losses in the region of US$495,000 for these companies. |
|
| Singapore server market looking up |
| THE downturn may have dragged Singapore's server market down in 2009, but vendors signed off the year on a high note which points to a recovery this year, according to technology research firm Gartner. |
|
| Slow growth in US air travellers |
| (WASHINGTON) US airline passenger numbers will reach one billion in 2023, two years later than previously projected, because of slow economic growth, the Federal Aviation Administration (FAA) says. |
|
| QuEST setting up global HQ in Singapore |
| (SINGAPORE) India-based engineering and testing solutions specialist QuEST Global Engineering yesterday announced plans to establish its international headquarters in Singapore with effect from April 1. |
|
| SATS sets up new MTN facility |
| SINGAPORE Airport Terminal Services (SATS) has established a new $500 million multicurrency medium-term note (MTN) programme to help finance potential investments and expansion. |
|
| Tiger passenger traffic up 90% in February |
| TIGER Airways Holdings yesterday reported strong February operating numbers for its Singapore and Australia operations. |
|
| S-Reits outperform peers for total returns in 2009 |
| REAL estate investment trusts (Reits) in Singapore have outperformed their counterparts in other major markets in terms of total returns in 2009, according to a report released yesterday. |
|
| China Mobile in Pudong bank stake deal |
| (HONG KONG) China Mobile will pay US$5.8 billion for 20 per cent of Shanghai Pudong Development Bank, the company said yesterday, a move it hopes will help it dominate the country's nascent mobile e-commerce market. |
|
| Citic Pacific swings to profit again after currency bets bailout |
| (HONG KONG) Citic Pacific Ltd, an investment company backed by China's Cabinet, rebounded to an annual profit after it sold assets and was bailed out for losses incurred on currency bets. |
|
| China, India give qualified nod to climate deal |
| (AMSTERDAM) China joined India on Tuesday in giving qualified approval to the Copenhagen climate accord calling for voluntary limits on greenhouse gas emissions. |
|
| China to set up US-like trade office |
| (BEIJING) China is setting up a new agency to help streamline its trade negotiating bureaucracy as the world's third-largest economy faces a growing number of commercial disputes. |
|
| Taiwan acts to drain excess cash, cool asset prices |
| (TAIPEI) Taiwan's central bank is using open-market operations to drain excess cash from the nation's financial system, a bank official said, as policy makers seek to avoid excess liquidity fuelling asset prices. |
|
| Taiwan regulator sets conditions for AIG deal |
| (TAIPEI) Taiwan's top financial regulator has set five conditions for a review of AIG's stalled US$2.2 billion sale of its unit Nan Shan Life Insurance Co, and will give a report on the deal to the island's parliament today. |
|
| Lankom Electronics to buy two property firms in $586m RTO deal |
| LANKOM Electronics, which was placed on the Singapore Exchange (SGX) watch-list last week, has proposed to acquire two property firms in a $586 million reverse takeover (RTO) deal. |
|
| OCBC research arm maintains buy calls on Noble, Olam |
| THE stabilisation in commodity markets bodes well for supply chain managers, says OCBC Investment Research, which favours Noble and Olam. |
|
| Banyan Tree files petition to wind up Bahrain firm |
| BANYAN Tree Holdings has found itself at the centre of a third legal tussle within a seven-month period by seeking to wind up Bahrain firm Al Areen Holding Co BSC for debt default. |
|
| Company Briefs |
| SINGAPORE Exchange (SGX) yesterday said it expects to offer options on the S&P CNX Nifty Index - the leading index for large companies on the National Stock Exchange of India - and related products in the coming year. |
|
| SSC buys car carrier for US$50m |
| SINGAPORE Shipping Corporation (SSC) has finally taken the plunge after biding its time, with the US$50 million purchase of a pure car truck carrier. |
|
| Sembcorp finishes 2nd wastewater plant in China |
| SEMBCORP continues to expand the footprint of its high- concentration industrial wastewater treatment business in China, announcing yesterday the completion of its second facility: a 12,500 cubic metres per day plant in the Nanjing Chemical Industrial Park (NCIP). |
|
| Super Coffeemix rebranding for stronger growth |
| SUPER Coffeemix is starting a 12-month rebranding exercise as it moves to another level of growth. It aims to refresh its brand identity with the help of London-based consultancy The Brand Union (TBU). |
|
| As Fed ends loan scheme, policy challenges arise |
| (ARLINGTON, Virginia) The Federal Reserve has terminated nearly all of the extraordinary lending programmes it created in 2007 to combat the credit crisis. |
|
| Arbitrage potential in Swissco takeover |
| EVERY now and then, market imperfections throw up arbitrage potential from corporate activity. |
|
| Aztech diversifies into food business |
| MATERIALS supply, marine logistics, property, lighting - and now, the food business. Tech old-hand Aztech Group, seemingly on a whirlwind diversification trek for the past two years, yesterday declared its foray into the canned and frozen food market. |
|
| Sun Plaza goes on the market for over $300m |
| THE shopping centre investment scene seems to be abuzz. At least one property is being put on the market officially. |
|
| US economists raise March growth forecast |
| (WASHINGTON) US economists have raised their forecast for economic growth in 2010 in March, the third straight monthly rise, while trimming their growth forecast for 2011, according to a survey released yesterday. |
|
| Credit default swaps only helped, not harmed, Greece: analysts |
| (NEW YORK) Derivatives have become a dirty word. The complex financial products helped blow up the US housing market. |
|
| Europe acts to curb trading in credit default swaps |
| (BRUSSELS) Europe moved ahead of the United States on Tuesday in advocating new measures to ban certain types of financial speculation, after concerns surfaced that traders used complex financial instruments to push Greece deeper into a fiscal crisis and threaten the European economy. |
|
| Japan deflation slows but no let-up on BOJ |
| THE pace of wholesale price deflation in Japan slowed somewhat last month but not enough to take political pressure off the Bank of Japan (BOJ) which is being urged by Prime Minister Yukio Hatoyama's government to come up with new anti-deflation measures as early as next week. |
|
| Developer sees potential in India's mid-tier housing segment |
| (MUMBAI) BPTP Ltd, an Indian developer backed by Citigroup Inc and JPMorgan Chase & Co, aims to tap demand for housing from India's middle class, managing director Kabul Chawla said here yesterday. |
|
| Grand Park Orchard to open in July |
| (SINGAPORE) Grand Park Orchard - formerly known as Park Hotel Orchard - will be opening its doors in July after an $80 million makeover. |
|
| Cheung Kong has a grand Vision for the West Coast |
| CHEUNG Kong has set its sights on building the tallest - and perhaps priciest - condominium project in the West Coast area. |
|
| World Expo likely to boost Shanghai room rates |
| (SHANGHAI) Home Inns & Hotels Management Inc, China's second-biggest budget hotel operator, said this year's World Expo here will boost room rates by as much as 20 per cent, and it's adding up to 200 hotels nationwide. |
|
| China's property prices rise, highlighting bubble risk |
| (HONG KONG) China's property prices rose at the fastest pace in 23 months in February, adding urgency to the government's efforts to rein in speculation and increase the stock of affordable housing. |
|
| Henderson launches property equity funds in China |
| (SINGAPORE) Henderson Global Investors, an independent asset manager with US$93.8 billion of assets under management at end-2009, is introducing a suite of property equity funds in China. |
|
| Big 7.9% fall in Aussie home loans in Jan surprises analysts |
| (SYDNEY) Australian home loans fell the most in nearly eight years in January, hit by the scaling back of government grants to buyers and higher mortgage rates, suggesting past increases in interest rates were starting to bite. |
|
| Malaysia's palm oil output at lowest in 3 years |
| (KUALA LUMPUR) Palm oil production in Malaysia, the world's second-largest grower, slumped to the lowest level in almost three years last month, draining stockpiles amid concerns that dry weather will limit supplies this year. |
|
| Bali bombing suspect confirmed killed in raid |
| (JAKARTA) Indonesian counterterror authorities won international praise yesterday for killing a top-ranked South-east Asian militant wanted for planning the deadly 2002 Bali bombings. |
|
| Indonesia must build more roads to revive car demand |
| (SINGAPORE) PT Astra International, Indonesia's biggest car dealer, says that the nation must build more roads and keep interest rates low to revive demand for Toyota Motor Corp cars that slumped amid last year's global recession. |
|
| Jakarta debt on way to investment grade |
| (JAKARTA) Indonesia should be able to reach investment grade within one year, Finance Minister Sri Mulyani Indrawati said on Tuesday, in a more confident assessment than many analysts who still see obstacles for South-east Asia's biggest economy. |
|
| Govt mulling new tourist visa guidelines |
| (NEW DELHI) The Indian government on Tuesday said it was ready to revisit the new guidelines issued for granting tourist and conference visas if there were genuine grievances, Press Trust Of India (PTI) reported. |
|
| Russia eyes over US$10b deals with India |
| (MOSCOW) Russia plans to sign over US$10 billion worth of deals with India during the visit of Prime Minister Vladimir Putin this week, Mr Putin's deputy, Sergei Sobyanin, said yesterday. |
|
| Govt to borrow more from market in first half |
| (NEW DELHI) India will raise by September more than half of its record US$100 billion planned borrowing for the financial year that begins on April 1, a top adviser said yesterday, allowing more space for private borrowing as the economic growth picks up steam. |
|
| Bank customers here a demanding lot: poll |
| A CONSIDERABLE number of bank customers in Singapore appear pretty hard to please, according to a survey conducted by the IBM Institute for Business Value. |
|
| US tech firm FormFactor opens $30m facility here |
| AMERICAN technology company FormFactor said yesterday that its new $30 million facility in Singapore will become the sole source of the component at the heart of its manufacturing process. |
|
| New support measures for families with special needs |
| TWO new initiatives to support children with special needs and their families were announced in Parliament yesterday - one to defray costs of care and the other to encourage saving for long-term care. |
|
| Help in the works for smaller private schools |
| A SUPPORT scheme is being formulated for smaller players in the private education sector that may have difficulty transiting to the new regulatory regime introduced last December, Minister of State for Education S Iswaran said in parliament yesterday. |
|
| STI decoupling from Hong Kong? |
| HOPES ran high among brokers yesterday that the local stock market might finally have decoupled from Hong Kong when the Straits Times Index remained firm, rising 22.75 points to 2,862.29 even when the Hang Seng weakened to close unchanged. |
|
| West-bound container trade rises 10.6% in Jan |
| (LONDON) Ship container volumes from Asia to Europe rose for a third consecutive month in January, growing by over 10 per cent year on year in the biggest monthly rise since records started in October 2008, data on Tuesday showed. |
|
| China Navigation opens head office here |
| (SINGAPORE) With the hard work and the active encouragement of the Maritime and Port Authority (MPA), Singapore saw yet another big shipping industry player set up shop with the Swire Group's deep-sea shipowning and operating arm China Navigation Co (CNCo) opening its new head office at The Concourse this week. |
|
| Baltic Trading taps US$228m in NYSE listing |
| (NEW YORK) Baltic Trading Ltd, the New York-based shipping company formed to operate dry-bulk vessels, raised US$228 million in its initial public offering after selling shares at the low end of its price range. |
|
| BOA drops overdraft fees on card purchases |
| (CHARLOTTE, North Carolina) Bank of America said on Tuesday it will no longer charge overdraft fees on debit card purchases as of this summer, a move that may cost millions in fee income. |
|
| Abbot buys immunology specialist Facet |
| (NEW YORK) Abbott Laboratories, maker of the arthritis drug Humira, agreed to buy Facet Biotech Corp for US$27 a share in cash, for a net US$450 million, adding experimental medicines in cancer and immunology. |
|
| Electric cars set to drive demand for lithium |
| (NEW YORK) For many years, few metals drew bigger yawns from mining executives than lithium, a lightweight element long associated mostly with mood-stabilising drugs. |
|
| Great deal of consensus on climate policy, says Kerry |
| (WASHINGTON) A bipartisan group of lawmakers achieved a 'great deal of consensus' on energy policy at the White House on Tuesday, Senator John Kerry said. He said he is moving 'rapidly' to introduce legislation on the subject. |
|
| IMF suggests fund-raising programmes |
| (NAIROBI) The head of the International Monetary Fund (IMF) on Monday proposed a plan for the world's governments to pool together to raise money needed to adapt to climate change, a rare step for an organisation that normally does not develop environmental policies. |
|
| SEC economist quits over new short-selling rule |
| (WASHINGTON) The Securities and Exchange Commission's top economist is leaving the agency after chairman Mary Schapiro merged his office with another and commissioners passed short-selling rules that hedge funds said ignored financial analysis. |
|
| Glencore profit down 43%, expects volatile recovery |
| (LONDON) Commodity trader Glencore, which recently took first steps towards a possible stockmarket flotation, has warned of a bumpy recovery after posting a 43 per cent fall in 2009 net profit on weak prices hit by the downturn. |
|
| Oil traders place spring bets on petrol |
| (LONDON) Some of the boldest speculative oil traders at banks and hedge funds are betting on a return of petrol's strength ahead of peak summer demand, bringing an early shift to summer from winter to the oil market. |
|
| Reinsurers see US$7b in claims from Chile quake |
| (ZURICH) Last month's huge earthquake in Chile might cost the insurance industry up to US$7 billion in damage claims, the world's top two reinsurers say, but it looks unlikely to raise reinsurance prices. |
|
| Oil giants lower the bar to grab less attractive assets |
| (NEW YORK) Oil companies such as Exxon Mobil, BP and Total are investing in assets that previously weren't worth their time or money after oil-rich nations reduced access to reserves and exploration drilling faltered. |
|
| Fancy seeing you here |
| (ISLA MUJERES, Mexico) A diver swimming past the 'The Archive of Lost Dreams' sculpture by British artist Jason de Caires in the waters near Isla Mujeres, Mexico. |
|
| US extension of jobless benefits draws criticism |
| WASHINGTON - The Depression-era unemployment payment programme created by the US government as a temporary bridge for laid-off American workers is turning into an expensive entitlement, critics say. |
|
| LSE sells 9% of Turquoise to 3 banks |
| (LONDON) The London Stock Exchange (LSE) sold 9 per cent of Turquoise to three banks, a sign of confidence in the alternative trading platform, which operates in a crowded market where profit is scarce. |
|
| Roche, Biogen suspend arthritis medicine |
| (ZURICH) Swiss drugmaker Roche Holding and US biotechnology company Biogen Idec are suspending experimental rheumatoid arthritis and lupus treatment ocrelizumab after deaths following its use, casting doubt over its future. |
|
| UAE to implement new foreign ownership law by year-end |
| (DUBAI) The United Arab Emirates (UAE) will review rules governing foreign ownership of companies in the next month and implement a new law by the end of this year, Economy Minister Sultan bin Saeed al- Mansouri said yesterday. |
|
| Disney may block bigger operators next |
| (WASHINGTON) Walt Disney Co, which blocked some viewers from the first 13 minutes of the Oscars show on Sunday night amid a dispute with Cablevision Systems Corp, may be about to do it again with bigger cable operators, analysts said. |
|
| US states taking more risk with investments |
| (NEW YORK) States and companies have started investing very differently when it comes to the billions of dollars that they are safeguarding for workers' retirement. |
|
| Nakheel bonds rebound |
| (DUBAI) Nakheel bonds climbed the most in two months after JPMorgan Chase & Co said there is a 'small probability' that creditors will get paid at face value as part of parent Dubai World's US$26 billion debt restructuring. |
|
| UK banks may have to cut assets by £530b: Credit Suisse |
| (LONDON) UK banks including Barclays plc may need to shrink their balance sheets by as much as £530 billion (S$1.11 trillion) to meet new liquidity and capital requirements, according to Credit Suisse Group analyst Jonathan Pierce. |
|
| New rules herald new F1 season |
| (BANGKOK) The new Formula One season begins this week with yet another set of new rules and regulations, including an end to in-race refuelling. |
|
| Asian market quiet amid cautious mood on Wall St |
| OTHER than a rally in Japanese yen, the Asian foreign exchange currency market was otherwise quiet, amid cautious sentiments on the back of a flat close on Wall Street overnight. |
|
| Why did Pru prefer HK? |
| I REFER to your column, 'SGX can't trade on the status quo' (BT, March 9), which compares the Hong Kong stock exchange (HKEx) with the Singapore Exchange (SGX), and in particular the number and value of IPOs launched last year with the former having more in both number and value. |
|
| HK bourse strategic plan a wake-up call for SGX |
| WITH reference to the Hock Lock Siew column, 'SGX can't trade on the status quo' (BT, March 9), I couldn't agree more with the writer Wong Wei Kong. |
|
| Brokers' Take |
| KEPLAND's positioning in superior prime offices and township developments in China forms its strongest value proposition. |
|
| Paying lawyers what they're worth |
| LAW firms in Singapore are becoming increasingly concerned about the liberalisation in the market and the changes that may bring about in terms of both competition for clients and competition for talent. |
|
| Wall St economists divided on future |
| IF YOU'RE confused about the outlook for the US economy and stocks one year after the market hit bottom, then you've got good company - the Wall Street economists and strategists who are supposed to have this all figured out. Rarely have the experts seemed so divided about the future. |
|
| Boosting citizen safety with a smarter planet |
| DID you know the Singapore Police Force (SPF) is on Facebook? Since April 2009, if you've missed an episode of Crime Watch, you can catch it on this official SPF site with a mere click on a video link. |
|
| Beijing must lower Taipei's sense of vulnerability |
| CHINA'S Foreign Minister Yang Jiechi has denied that his country is being unnecessarily 'tough' with the United States, insisting that it is Washington that has damaged bilateral ties by selling arms to Taiwan and by receiving the Dalai Lama. |
|
| Hatoyama deserves more time |
| JAPAN'S hapless government is being pilloried almost daily and from many different quarters for alleged 'weakness and indecision' after only six months in office. |
|
| Three-Minute Digest |
| THE tenuous alliance between Indonesia's Riady family and Malaysian tycoon Ananda Krishnan in Overseas Union Enterprise has come to an end - at a price of almost $1 billion. |
|
| China wary of adding to its gold holdings |
| (BEIJING) China, the world's biggest holder of foreign exchange reserves, renewed its commitment to the US Treasury market yesterday but said it would be wary of adding to its gold holdings. |
|
| SGX woos Moscow execs for Russian IPOs |
| (MOSCOW) Singapore Exchange (SGX) will have a team of top executives here today in a bid to lure Russian companies' initial public offerings (IPOs) away from its Hong Kong rival. |
|
| Unemployment may not ease in US after all |
| (CHICAGO) The widely held outlook that US unemployment will ease this year may be overly rosy if companies continue to boost productivity at faster- than-usual levels, economists from the San Francisco Federal Reserve Bank said in a study released on Monday. |
|
| Upscale releases kick up average home transaction to $1.78m |
| (SINGAPORE) As developers released more upmarket projects, the average transaction value of private homes sold in the primary market in the first two months of this year rose to $1.78 million per unit, a study by CB Richard Ellis shows. |
|
| Several senior SICC execs quit suddenly |
| (SINGAPORE) Several leading and long-serving executives of the prestigious Singapore Island Country Club (SICC) have resigned suddenly over the past week. |
|
| S'pore Exim bank won't get subsidies |
| (SINGAPORE) The Government is studying the examples of Hong Kong, Sweden and Canada to decide how best to set up a specialist financial institution to plug gaps in the supply of cross-border financing for Singapore firms. |
|
| Temasek II not the way: Lim Hwee Hua |
| (SINGAPORE) The Government has shot down a suggestion to set up a 'Temasek II' government fund that invests in Singapore companies. |
|
| Prudential's listing in HK raises questions about S'pore |
| (SINGAPORE) Prudential's surprise announcement that it will list in Hong Kong, following its US$35.5 billion decision to buy over rival AIG's Asian operations, has led market watchers here to wonder why the UK life assurance giant did not pick Singapore instead for its secondary listing. |
|
| Lippo buys Krishnan's OUE stake for $957m |
| (SINGAPORE) The tenuous alliance between Indonesia's Riady family and Malaysian tycoon Ananda Krishnan in Overseas Union Enterprise (OUE) has come to an end - at a price of almost $1 billion. |
|
| Fuel quality affects marine engines |
| THE composition of marine fuel oils is changing, and with it the risk portfolio to which the health of marine engines is now exposed. Driven by developments in refining and bunkering technology, the global economy, as well as stricter emissions regulations and the growing emphasis on fuel sulphur content, fuel-testing agencies continue to correlate declining sulphur levels, increasing levels of catalyst fines and subsequent engine damage. |
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| Spain's solar power industry recovers from initial shocks |
| (PUERTOLLANO, Spain) TWO years ago, this gritty mining city underwent a brief, 21st-century gold rush. Long famous for coal, Puertollano discovered another energy source it had overlooked: the relentless, scorching sun. |
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| Mexico facing crisis from oil depletion |
| (VENUSTIANO CARRANZA, Mexico) TO THE Mexican people, one of the great achievements in their history was the day that their president kicked out foreign oil companies in 1938. |
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| Elector list exhibition ends |
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| How SMEs can get that bank loan |
| SMALL and medium enterprises (SMEs) that want to borrow from banks must show they are committed to their core business and have day-to-day control over it, a banker says. |
|
| HDB releases Hougang residential site for condo devt |
| THE Housing & Development Board (HDB) yesterday released a residential site at Hougang Avenue 7 for application by interested developers. |
|
| Concerns over brain drain and worker training |
| ONE of the concerns raised at the Enterprise 50 Executive Briefing yesterday is the issue that the growing focus on employee training could lead to a further brain drain of local talent, who could be poached by other competitors in regional economies after Singapore invests in their training. |
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| What the beasts can teach us about family bonds |
| HEALTH Minister Khaw Boon Wan peppered his first speech yesterday with touching stories on animal observation and the recent passing of the people he knew. |
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| MOH to raise medisave withdrawal limits |
| MEDISAVE withdrawal limits will be raised to make it easier for patients to adjust to community care - both in the hospital and rehabilitation setting. |
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| Ministry beefing up healthcare manpower for ageing populace |
| THE Ministry of Health will be spending significant resources on expanding and strengthening healthcare manpower, in anticipation of a growing and ageing population, according to Health Minister Khaw Boon Wan. |
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| SIT to start courses earlier, in August |
| THE Singapore Institute of Technology (SIT) will launch courses this August - a year ahead of schedule - with an initial 500 places for polytechnic graduates upgrading to industry-relevant degrees. |
|
| Jardine props up STI again |
| THANKS once again to the Jardine group, the Straits Times Index managed a 4.97 points rise to 2,839.54 in a marginally soft and lacklustre session, that saw investors take the opportunity to sell into strength. |
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| Avoiding maps of contention |
| MUTUAL insurer International Transport Intermediaries Club (ITIC) says there has been an increase in the number of professional indemnity claims made against professional service providers who are its members. |
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| Asia holds the key to future of shipping markets |
| IN these days of electronic communication, shipping very much stands out as a business where personal relationships and face-to-face contact remain extremely important. This is not to say that email, instant messaging and the like are not popular in shipping, as they surely are, but the personal one-to-one interaction is still king. |
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| Array of ship protection devices crops up |
| (NAIROBI) Somali pirates raked in an estimated US$60 million in 2009 but the Indian Ocean's ransom hunters have also spurred a much larger industry of ship protection devices. |
|
| Mid-East VLCC surplus halves |
| (LONDON) The supply of supertankers competing for two million barrel shipments of Middle East crude more than halved as demand gained and owners sent empty vessels to West Africa for higher returns. |
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| IE Singapore touts Busan port as N-E Asia hub |
| SINGAPORE companies keen to get into the North- east Asian market and that want a good base to hub from were given an introduction to the advantages that South Korea's Port of Busan can offer at a seminar organised by IE Singapore yesterday. |
|
| Toyota finds no flaw in electronic safety system |
| (DETROIT) Toyota Motor Corp has said that it had found no flaw with its throttle controls as it seeks to dismiss an external study critical of its electronic safety systems. |
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| SMRT's first full low-floor bus on trial |
| SOUTH-EAST Asia's first full low-floor bus will hit the roads here soon. |
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| Tan Chong eyeing small van market |
| AUTHORISED Nissan distributor Tan Chong Motor Sales is confident of gaining a whopping 30 per cent of the light commercial vehicle (LCV) market when its new NV200 panel van enters the market next month. |
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| Thai-made Japanese cars to lag Koreans on price |
| SINGAPORE motorists may soon get a wider range of less expensive Japanese cars built in Thailand, but ultimately, they will still not be as attractively priced as Korean models, say some distributors. |
|
| M'sia eyes growth in palm oil exports for 2010 |
| (KUALA LUMPUR) Malaysia, the world's second-largest palm oil producer, said yesterday it expects exports to rise in 2010 thanks to higher prices and an increase in the amount of land devoted to the commodity. |
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| M'sian economy to grow 4.9% this year: RAM |
| RATING Agency Malaysia (RAM) has forecast the local economy to expand 4.9 per cent this year, underpinned by growth in all industry categories. |
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| Japanese bank to lend Indonesian power projects US$943m |
| (JAKARTA) The Japan Bank for International Cooperation (JBIC) has agreed to lend US$943 million to two independent power projects in Indonesia. |
|
| Job market stabilising for business students |
| (CHARLOTTESVILLE) With banks climbing out of the recession, more business students across the United States are finding banking jobs and internships, enrolling in finance clubs and going on class trips to Wall Street, universities say. |
|
| Outsourcing firms on hiring spree again |
| (BANGALORE) Indian software engineer Prithvi Sen has a spring in his step after getting re-hired by the country's flagship outsourcing industry, which is shaking off the effects of the global recession. |
|
| Govt seeks to cut its State Bank of India stake |
| (NEW DELHI) India is seeking legislative approval to cut its stake in State Bank of India to 51 per cent, which could raise about US$2.5 billion, a quarter of what the bank needs to grow over the next five years. |
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| Upper House passes women MPs quota bill |
| (NEW DELHI) India's Upper House of Parliament voted overwhelmingly yesterday for a historic bill that would reserve one-third of legislative seats for women, despite a boycott by socialist lawmakers. |
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| Tata stock slumps after Daimler sells stake |
| (NEW DELHI) Tata Motors Ltd, India's biggest truckmaker, yesterday fell the most in a month in Mumbai trading after Daimler AG sold its stake, ending ties stretching back more than five decades. |
|
| Indian firms keen to buy coal mines in South Africa |
| (MUMBAI) Indian steam coal end-users have stepped up their hunt for South African junior coal mines in a bid to secure supply from this year if possible but are finding attractive assets scarce, would-be buyers said on Monday. |
|
| Deficit cut expected to help rate policy |
| (BANGALORE) Indian central bank governor Duvvuri Subbarao said that the government's plan to narrow the budget deficit makes it easier to set interest rates in the world's fastest-growing major economy after China. |
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| Equity funds' rapid cash depletion may slow market's rally |
| (NEW YORK) Equity mutual funds are burning through cash at the fastest rate in 18 years, leaving them with the smallest reserves since 2007 in a sign that gains for the Standard & Poor's 500 Index may slow. |
|
| Rich pickings in high disaster premiums |
| INSTITUTIONAL investors searching for uncorrelated assets could consider a segment of insurance where premiums remain elevated and returns relatively attractive. |
|
| The rise of policy risk |
| THE phrase 'Catch-22', taken from the title of Joseph Heller's seminal work, has come to describe a double-bind scenario where one feels caught between the devil and the deep blue sea. It may also soon come to describe the situation for developers here with the recent announcement of new government measures aimed at cooling property market sentiment and avoiding a housing bubble, barely half a year after the introduction of initial measures. |
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| Man Group CEO positive on outlook for hedge fund returns |
| THE outlook for returns among hedge funds is optimistic, says Man Group chief executive Peter Clarke, thanks to a renewed backdrop for 'alpha' trades. |
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| Going against the grain pays off |
| IN THE past couple of years, Wong Kok Hoi, chairman and chief investment officer of APS Asset Management, has been quoted in the media frequently for his comments on the investment performance or strategies of the Government of Singapore Investment Corp (GIC) and Temasek Holdings. |
|
| Japan's Jan composite index up for 10th month |
| (TOKYO) Japan's broadest indicator of economic health rose for the 10th month, extending the longest streak since 1997 as exports fuelled the recovery. |
|
| Brazil acts to stop US cotton subsidies |
| (BRASILIA) Brazil will raise tariffs on 102 US exports, including wheat, cars, boats and chewing gum, and break patents worth US$238 million in a bid to force the United States to end subsidies to cotton producers. |
|
| Aussie biz confidence climbs for second month |
| (SYDNEY) Australian business confidence increased in February for a second month, adding to signs the economy is robust enough to weather higher interest rates. |
|
| UK goods trade gap widest since August '08 |
| (LONDON) Britain's goods trade deficit with the rest of the world unexpectedly widened in January to its biggest since August 2008, raising further concerns about the strength of the country's broader economic recovery. |
|
| New York Fed to add firms for reverse repos |
| (NEW YORK) The US Federal Reserve is taking an additional measure to lay the groundwork for draining excess reserves from the banking system. It had injected US$1 trillion in cash into the system during the global credit crisis. |
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| German chancellor supports European Monetary Fund idea |
| GERMAN Chancellor Angela Merkel announced her backing on Monday for a European Monetary Fund (EMF) proposal to enhance inter-euro zone economic cooperation. |
|
| Rules on short selling must be calibrated |
| SHORT-SELLING, or the selling of stock not owned with a view to buying back later after prices have fallen, has suddenly sprung into regulatory focus in many countries in the past few weeks. |
|
| OSIM to triple stores in China over 5 years |
| OSIM International Ltd, Asia's biggest maker of massage chairs outside Japan, will add as many as 80 stores annually in China over the next three to five years to tap growing demand in the world's most populous country. |
|
| Lian Beng wins $144m condo contract |
| LIAN Beng Group has bagged a $144 million building contract for a condominium development at Dakota Crescent. |
|
| Singapore Land group GM Vito Koh quits |
| SINGAPORE Land group general manager Vito Koh Leong Huat will leave his post from end-May to pursue his personal interests. |
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| Judge orders Airocean trio to answer charges |
| THE subordinate court said yesterday that it is satisfied that the prosecution's evidence has established grounds for charges against three former directors of Airocean and has ordered the trio to present their side of the story. |
|
| Del Monte unveils overhaul move |
| PINEAPPLE plantation group Del Monte Pacific Limited (DMPL) has embarked on a major move to streamline and update its operations. |
|
| Ex-staff of Deutsche Bank planning hedge fund |
| (HONG KONG) The ex-Asia head of Deutsche Bank AG's Saba proprietary trading desk is planning a hedge fund seeking to profit from mispricing of securities in Asia's equity and credit markets, said two people with knowledge of the matter. |
|
| UPP's slow shuffle to Peter Lim's tune |
| STOCK prices used to dance to the tune of ex-remisier king Peter Lim's moves in the past, but his latest corporate move received a muted response in the market. |
|
| JurTech gets extension of time, staves off delisting |
| JURONG Technologies Industrial Corp (JurTech) has managed to stave off an impending delisting from the stock exchange - scoring an extension of time for it to prove that its shares can resume trading. |
|
| Yong Xin shares dive on news of CEO's death |
| THE sudden death of Yong Xin International Holdings' executive chairman and chief executive officer Pu Dexing, described as a brilliant entrepreneur, sent the shares of the company reeling yesterday. |
|
| Quadra, China utility SGID in Chilean JV deal |
| (TORONTO) Quadra Mining said on Monday it has agreed to form a joint venture with China's largest utility company to help expand its Chilean operations and fund its huge Sierra Gorda copper project, which is expected to cost over US$2 billion. |
|
| China mulls pumping more money into CIC |
| (BEIJING) China said yesterday that it was still considering whether to pump more money into China Investment Corp (CIC), the country's US$300 billion sovereign wealth fund. |
|
| RBS identifies partner for China securities JV |
| (HONG KONG) British lender Royal Bank of Scotland Plc has identified a partner for its planned Chinese securities joint venture, a source with knowledge of the matter said yesterday. |
|
| Lending to local govts may pose risks: central banker |
| (BEIJING) Bank lending to special purpose finance vehicles set up by Chinese local governments may pose a future risk, deputy central bank governor Su Ning said on Monday. |
|
| China to focus on improving social safety net: lawmaker |
| (BEIJING) China's top lawmaker said yesterday that legislative priorities this year would focus on improving social security and fostering more equitable economic development, but he rejected calls to open up the political system. |
|
| China developers turn to PE funds for capital |
| (BEIJING) Capital-hungry Chinese developers are turning to real estate private equity funds this year as big domestic banks tighten lending to help Beijing curb property prices, a top concern for most Chinese. |
|
| ETF plan signals more China market reforms |
| (SHANGHAI) China's plan to introduce exchange-traded funds (ETFs) that track overseas stock indexes signals a push to create more opportunities for investors as the market matures, according to West China Securities Co. |
|
| JPMorgan gears up to tap China's energy IPOs |
| (BEIJING) JPMorgan expects to see more deals and new business in China this year, particularly as new energy and natural resource companies aim to go public to finance rapid expansion, the bank's China boss said yesterday. |
|
| Taipei may ask banks to raise reserve ratio |
| (TAIPEI) Taiwan's central bank may follow China and order domestic lenders to set aside more deposits as reserves to curb loan growth and cool surging property and stock prices, according to Citigroup Inc and Standard Chartered plc. |
|
| Fund raising plan lifts China Southern |
| (HONG KONG) Shareholders cheered China Southern Airlines' US$1.58 billion fund raising plan, lifting the airline's shares to a 21-month high in Hong Kong on expectations that the move could speed up the airline's debt repayments, cutting its gearing by half. |
|
| EADS plunges into the red |
| (PARIS) Airbus parent EADS fell to a heavy 2009 loss and axed its dividend as production niggles on its A380 superjumbo swelled provisions and dampened the outlook for this year, despite signs of an aviation recovery. |
|
| Boeing set to win tanker contract |
| (WASHINGTON) Boeing was poised on Monday to win a US$35 billion US Air Force aerial refuelling tanker plane contract after rivals Northrop Grumman and its European partner EADS, which makes Airbus planes, bowed out. |
|
| Sony to begin selling 3D TVs in June |
| (TOKYO) Sony Corp will launch 3D televisions in June, entering an increasingly crowded market that is betting the revolutionary TV will become the next hot product in the electronics industry. |
|
| Thai govt invokes ISA ahead of rally |
| (SINGAPORE) Bangkok is bracing itself for its second 'Judgment Day' in as many weeks after the Cabinet approved a proposal to invoke the Internal Security Act (ISA) to give authorities greater powers ahead of a mass protest rally this weekend. |
|
| Colony Capital takes over debt of famed photographer |
| (NEW YORK) Colony Capital agreed to take over the debt of Annie Leibovitz after the celebrity photographer bought back control of her works and real estate from Art Capital Group. |
|
| Racing to the top with HiVelocity |
| IT is often said that passion is essential to run a business. In the case of endurance sports enthusiasts Adrian Mok, 34, and Benjamin Wee, 37, that passion is clearly evident. |
|
| Growing together |
| THE growth capital for helping, viable, deserving and vulnerable SMEs should be broad-based to ensure survival and success |
|
| The sky's the limit with cloud computing |
| CLOUD computing provides business services on demand via a secure online environment, referred to as the 'cloud'. |
|
| Unusual financing options for SMEs |
| GEORGE Lee, head of group investment banking at OCBC Bank, noticed a curious pattern among the bank's small and medium enterprise (SME) customers years ago. |
|
| Shorter processing time for car exporters |
| AN INITIATIVE by the Land Transport Authority (LTA) will cut processing time for used-car exporters, thanks to a suggestion backed by the Pro-Enterprise Panel (PEP). |
|
| A shrewd head for business |
| EVEN after 20-plus years in the marine fuel industry, Magdalene Tan, managing director of Victory Petroleum Trading, would rather have been a full-time homemaker and mother to her four children. |
|
| Small-cap portfolio edges up 1.1% |
| IT has been a good five trading sessions for blue chip stocks - but not so good for small caps. |
|
| Pan-Asian business angel network to be set up |
| LEADING angel investor groups in the region agreed yesterday to set up a Pan-Asian business angel network. |
|
| Hiring may hit pre-recession high even as jobs growth eases |
| AFTER surging for two straight quarters, jobs growth momentum in Singapore is tipped to ease in the next three months. |
|
| Education R&D centre opens |
| MICROSOFT yesterday launched Asia's first regional School Technology Innovation Centre (STIC) - in Singapore. The launch was in conjunction with the Microsoft Asia-Pacific Regional Innovative Educators Forum, held here today and tomorrow. |
|
| Hng Kiang: SRI scale-back not likely to affect businesses |
| THE gradual scaling back of the Special Risk-sharing Initiative (SRI) is unlikely to have a big impact on businesses, says Trade and Industry Minister Lim Hng Kiang. |
|
| New measures to reduce noise and save energy |
| THE National Environment Agency (NEA) will soon start prohibiting construction activities from 10pm on the night before a Sunday or a public holiday to 10am on the day itself. This new prohibition will apply to construction sites within 150 metres of residential areas and noise-sensitive developments that start work from Sept 1 this year. |
|
| Zeroing in on the value between sectors |
| CAPTURING the value between the manufacturing and services sectors will be one of the key growth strategies the Ministry of Trade and Industry (MTI) plans to pursue in the medium term to help Singapore take advantage of global trends, Trade and Industry Minister Lim Hng Kiang said yesterday. |
|
| Spring seeking ways for SMEs to share resources |
| SPRING Singapore will be looking at how it can help SMEs share resources such as infrastructure and services in order to leverage on economies of scale, said Minister of State for Trade and Industry and Manpower Lee Yi Shyan. |
|
| BCA pushing industry into being leaner and greener |
| THE Building & Construction Authority (BCA) is set to make changes to some of its regulations to push the construction industry towards green building and greater productivity. |
|
| Rogue waves, towering terror on the high seas |
| (PARIS) They are known as rogue or freak waves, though some people simply call them monsters of the sea. |
|
| Oil traders eye alternative routes |
| (DUBAI) Oil traders are concerned about supply disruptions via the Malacca Strait after the Singapore Navy warned of possible attacks on tankers, but say that alternate routes could be used which add slightly to costs while stocks on landed and floating storages offer ample buffer. |
|
| Malaysia to resume sales of seven-year bonds |
| (SINGAPORE) Malaysia will resume selling bonds maturing in seven years for the first time since 2004, adding a new benchmark to the local debt market, according to data published by the central bank on its website. |
|
| Bursa expects another year of profit growth |
| (KUALA LUMPUR) Bursa Malaysia Bhd, the country's stock exchange manager, expects profit to increase for a second year as the economy recovers and the government accelerates efforts to open the market to foreign investors. |
|
| Aussie-Indonesia ties need new economic life: report |
| (SYDNEY) Australia-Indonesia ties have stagnated, focusing on negative perceptions and issues such as terrorism and people smuggling, said a report released yesterday on the eve of a visit by Indonesia's president. |
|
| Farmers under scrutiny in water scarce India |
| (NEW DELHI) India faces a water crisis with availability in decline and demand rocketing, and the profligate agricultural sector is in the firing line. |
|
| Essar seen listing power unit in UK |
| (MUMBAI) Indian conglomerate Essar Group plans to raise about US$2.5 billion to US$3 billion by listing its energy and power businesses on the London bourse in late April, tapping new investors to fund its ambitious expansion plans. |
|
| Protests stall women's quota bill in India |
| (NEW DELHI) Two political parties yesterday withdrew support for India's ruling Congress party to protest against a controversial bill reserving one-third of legislative seats for women, possibly weakening the government's capacity to pass laws. |
|
| Few takers for homes in posh New York suburb |
| (NEW YORK) Bryan Roddy says it seemed like a smart investment in April 2007 when he and his partners bought a US$1.2 million home in Greenwich, Connecticut, added two bedrooms and baths and priced it at US$2.9 million to lure Manhattan buyers. |
|
| New plan to help defaulting US homeowners |
| (WASHINGTON) In an effort to end the foreclosure crisis, the Obama administration has been trying to keep defaulting owners in their homes. Now it will take a new approach: paying some of them to leave. |
|
| CREO mulls AIM exit for listing in Singapore |
| (LONDON) China Real Estate Opportunities (CREO), one of the biggest companies on London's AIM (Alternative Investment Market), may abandon its UK listing to be quoted in Singapore, in a quest to deepen its investor base and tap stronger capital flows in Asia. |
|
| China's 2009 investment in housing up 16.1% |
| (BEIJING) China's 2009 investments in the real estate industry rose 16.1 per cent to 3.6 trillion yuan (S$738 billion), the country's housing ministry said yesterday in a report ahead of a press conference. |
|
| 95,000 sq ft of offices for lease at JTC's HQ |
| JTC Corporation is seeking to lease out about 95,000 square feet of offices at its headquarters building near Jurong East MRT Station. It recently conducted a tender exercise to appoint a sole marketing agent to help it find tenants for the building. |
|
| Who will blink first: employers or consumers? |
| (ST LOUIS) To understand why jobs in the US are so scarce, consider John McFarland and Nicole Rosen. The two share something in common: they're reluctant to spend freely. |
|
| No wage cuts, tax hikes in Portugal budget |
| (LISBON) Portugal's long-term budget austerity plan encompasses spending cuts by reducing tax breaks and containing public sector wages, but entails no Greece-style wage cuts or tax hikes, local media said over the weekend. |
|
| Microsoft gives rival browsers a lift after antitrust case |
| (PARIS) Rivals of Microsoft's market-leading Web browser have attracted a flurry of interest since the company, fulfilling a regulatory requirement, started making it easier for European users of its Windows operating system to switch. |
|
| Thirsty grapevines? New Web app will detect it |
| (LOS ANGELES) A Web application that alerts wine grape farmers when their vines are thirsty has won first place in a competition to spur entrepreneurs in the investment-starved water sector, organisers said yesterday. |
|
| Dubai World creditors split over repayment |
| (DUBAI) Hopes of progress this week on Dubai World's US$26 billion debt restructuring lifted stocks and eased fears of default, but potential divisions emerged among creditors to the state-owned conglomerate. |
|
| Bigelow's Oscar win masks startling gender imbalance |
| (HOLLYWOOD) Kathryn Bigelow made Oscars history here on Sunday after becoming the first woman filmmaker to be crowned best director in the 82-year history of the Academy Awards. |
|
| Independents muscle out major studios |
| (LOS ANGELES) It was a disappointing night for Hollywood's major studios. |
|
| Europe firms hoard cash, curb acquisitions |
| (PARIS) Europe's biggest companies hoarded more cash last year than in the preceding three years, curbing acquisitions and waiting for an economic recovery that remains in doubt. |
|
| Oil rises above US$82 on growing confidence |
| (LONDON) Oil rose to a two-month high above US$82 a barrel in New York amid growing confidence that the economic recovery is proceeding and set to bolster fuel demand. |
|
| Yen, US$ dip; euro up as Greece concerns ease |
| (LONDON) The yen and the US dollar fell against the euro and higher-yielding currencies yesterday as Friday's above-forecast US jobs data and easing concerns over Greek debt lifted investor demand for risk. |
|
| Sustainability of STI rally still uncertain |
| THE ST Index nullified our prognosis of continued ranging pattern last week, spurred by a firmer US market, which responded to better economic data and easing concerns in Europe, with the successful auction of Greek bonds. Although sentiment seems to have improved, we are uncertain on the sustainability of the rally. |
|
| Broker's Take |
| AUSTRALIAN acquisition improves earnings stability. CDL HT's share price has declined 8 per cent versus the S-Reit index (+2 per cent) since the announcement of its Australian portfolio acquisition in January 2010. |
|
| Bailout fallout a big test for Yudhoyono |
| IT'S quite troubling that Sri Mulyani Indrawati has been roped into a corruption scandal. |
|
| Time to beef up governance disclosure |
| ONE of the worst kept secrets in the Singapore corporate scene is the fact that the corporate governance statements of many companies are partly fictional. This is a common view shared by many, including accountants, lawyers, company secretaries and directors themselves. |
|
| Roadblocks to Obama's financial reform plan |
| LEGISLATION for financial reform that gives the federal government a larger role in regulating financial products such as securities and derivatives seems to be making some headway in Congress in recent days. |
|
| Four factors that caused the financial crisis |
| EVERYONE has a theory about the financial crisis. These theories range from the absurd to the plausible - from claims that liberal Democrats somehow forced banks to lend to the undeserving poor (even though Republicans controlled Congress) to the belief that exotic financial instruments fostered confusion and fraud. |
|
| A challenging new model for Malaysia |
| MALAYSIA raised interest rates last week, signalling that its economy was back on the growth track. |
|
| Three-Minute Digest |
| THE government yesterday announced tweaks to its bi-annual land sales programme in a bid to make land supply more responsive to market demand. |
|
| Fed seen hiking rates within 6 months |
| (WASHINGTON) Most US business economists expect the Federal Reserve to raise benchmark interest rates within six months by between a quarter and a half percentage point, according to a survey released yesterday. |
|
| AIG sells foreign life unit for US$15.5b |
| (NEW YORK) AIG is selling its foreign life insurance unit to MetLife Inc for about US$15.5 billion, its second major asset sale in a week as it raises funds to repay a massive US government bailout. |
|
| Greek debt problems unlikely to spread: IMF head |
| (NAIROBI) The crisis over Greece's debt mountain is unlikely to spread to other eurozone countries with high levels of public debt, the International Monetary Fund (IMF) managing director said here yesterday. |
|
| Lending slump casts doubt on BOJ's moves |
| (TOKYO) Japanese bank lending fell last month from a year earlier, matching the largest drop in more than four years. |
|
| Seoul warning against hiking rates too soon |
| (SEOUL) South Korea's finance minister warned yesterday that the country's economic recovery remains too fragile to withstand an increase in borrowing costs from a record low, cautioning the central bank just days ahead of a rate-setting policy meeting. |
|
| SGX can't trade on the status quo |
| IF THE Singapore Exchange (SGX) has indeed been losing ground to its chief rival Hong Kong Exchange and Clearing (HKEx) in recent years, then there is real concern that it may find itself being left further behind. |
|
| Company Briefs |
| UNITED Engineers Ltd (UEL) is in negotiations with OCBC Bank on the redevelopment and construction of a hotel cum retail mall at the former Specialists' Centre and Hotel Phoenix site. UEL said that it is looking to forming a special purpose wholly-owned subsidiary to undertake the project. |
|
| SIA stock has run ahead of fundamentals: Citi |
| SINGAPORE Airlines' earnings may be poised to take off - but its stock has run ahead of prevailing fundamentals, says Citi Investment Research. |
|
| CSC Holdings bags deals worth $70m |
| MAINBOARD-LISTED construction and engineering specialist CSC Holdings yesterday announced that it has in the past three months won more than $70 million worth of geotechnical and foundation contracts. |
|
| Viet oil flow a proud moment for Technics |
| IT sounds like a contradiction, but sometimes it takes a long time to do something quickly. |
|
| SingTel offers pay-TV buffet after mio outage |
| SINGAPORE Telecommunications will offer customers an all-you-can-watch pay-television buffet for three days to make up for its mio TV outage. |
|
| Hyflux lands $43.8m job on Jurong Island |
| HYFLUX has won another desalination project. Its subsidiary Hydrochem has been awarded a $43.8 million contract by Tuas Power unit TP Utilities. |
|
| Gems TV to shut down US ops |
| A MAJOR change is underway for Gems TV's business in the United States. |
|
| Qingmei launches IPO of 184m shares |
| QINGMEI Group Holdings Limited, an original design manufacturer (ODM) of mid-end and high-end sports shoe soles manufacturer in China, has launched its initial public offering (IPO) of 184 million shares at 31 cents each for a Singapore Exchange mainboard listing. |
|
| CapitaMalls Asia pays $114m for Chengdu project |
| CAPITAMALLS Asia (CMA) has bought an integrated development in Chengdu comprising retail, residential and office components for 554.2 million yuan (S$114 million) from CapitaRetail China Development Fund II (CRCDF II). |
|
| Jardine, Wall Street give boost to STI |
| THANKS in no small part to a large push on the Jardine group and a two per cent jump in Hong Kong's Hang Seng Index that was in reaction to Friday's rise on Wall Street, the Straits Times Index yesterday gained 44.28 points at 2,834.57 in decent volume of 1.5 billion units worth $1.6 billion, excluding foreign currency stocks. |
|
| Only 1 of 20 Beijing golf courses legal |
| (BEIJING) Only one of the some 20 golf courses in Beijing has been developed legally, a member of the law committee in China's parliament said. |
|
| China should build up state oil, fuel reserves |
| (BEIJING) China should step up efforts to build up state reserves of crude oil and refined fuel to enhance the country's energy security, state media cited lawmakers as saying. |
|
| Any rise in yuan will be gradual: minister |
| (BEIJING) Any rise in the yuan's exchange rate will be gradual, China's trade chief said yesterday in comments that underline the competing interests at the heart of Chinese policy-making. |
|
| China Eastern bullish on passenger numbers |
| (SHANGHAI) China Eastern Airlines Corp, the nation's second-largest carrier, expects passenger numbers to rise more than 20 per cent this year, chairman Liu Shaoyong said on Sunday. |
|
| Japanese Boeing, Airbus supplier may expand capacity |
| (OSAKA) Shinmaywa Industries Ltd, a Japanese supplier for Boeing Co's 787 Dreamliner and Airbus SAS, may invest several billion yen this year to boost capacity as it seeks to increase orders from the aerospace companies. |
|
| Shenzhen Airlines president probed by police |
| (SHANGHAI) The president of Shenzhen Airlines, China's fifth-biggest carrier, has been removed from his position and is under police investigation for alleged 'economic crimes', the carrier said yesterday. |
|
| FedEx ally blocks FAA measure |
| (WASHINGTON) Senator Bob Corker, who represents FedEx Corp's home state of Tennessee, has said that he will block legislation funding the Federal Aviation Administration (FAA) because a provision may be added later, making it easier for workers at the company to join unions. |
|
| BHP for short-term deals on ore prices |
| (SYDNEY) Top global miner BHP Billiton's move to shorter-term coal prices for steel mills is likely to be followed for iron ore contracts that could help the company earn billions of dollars more in revenues. |
|
| Toyota sees US sales recovery in March |
| (TOKYO) Toyota Motor expects that its North American sales could recover this month after plunging in February when the automaker suspended sales of some recalled models. |
|
| Dai-ichi sets price range for 1.1t yen IPO |
| (TOKYO) Dai-ichi Mutual Life Insurance said its IPO would raise as much as 1.1 trillion yen (S$17 billion) at the top of a price range that was roughly in line with expectations. |
|
| Shell, PetroChina in US$2.96b bid for Arrow Energy |
| (SYDNEY) Royal Dutch Shell and PetroChina joined forces for a US$2.96 billion bid for Australia's Arrow Energy yesterday, hoping for a bigger slice of the country's booming liquefied natural gas (LNG) sector. |
|
| Asia leading way in making power systems efficient |
| (SEOUL) Japan, South Korea and China are investing about US$9 billion this year in infrastructure and information technology to make electricity networks more efficient, creating lucrative opportunities for niche technology and equipment providers. |
|
| MAS overhauls organisational structure |
| (SINGAPORE) The Monetary Authority of Singapore has made seven new senior managerial appointments as part of an overhaul of its organisational structure. |
|
| Baby steps for China stock index futures |
| (BEIJING) China aims to kick off its long-awaited stock index futures market next month, and an exchange official says that a top concern is that the landmark scheme will attract too many investors who spark volatile trade. |
|
| Feasibility study for 3rd underground facility |
| (SINGAPORE) No stone is being left unturned in Singapore's underground push. Even the birds at Jurong Bird Park will not be ignored as the impact of construction and cavern operation on them will also be taken into account under a full-scale feasibility study called last Friday for an underground warehousing/logistics and data centre in Jurong. |
|
| EMA to plug gaps after mercury traces in natural gas |
| (SINGAPORE) Singapore is looking at putting safeguards in place after traces of mercury, a toxic metal, were found in Indonesian natural gas imported from West Natuna last June. |
|
| Land sales tweaked to ensure smoother supply |
| (SINGAPORE) The government has tweaked its bi-annual land sales programme to make land supply more responsive to market demand. |
|
| Investors grow their own start-ups with EIRs |
| THE print hanging behind the receptionist's desk at Foundation Capital screams, 'Our greatest thrill is to loan you money' - in chunky, capitalised red letters. |
|
| Voters in Iceland reject US$5b debt deal |
| (REYKJAVIK) Icelandic voters vented their fury on Saturday at the bankers and politicians who ruined the economy, overwhelmingly rejecting a US$5 billion deal to repay debts to Britain and the Netherlands. |
|
| Surprise rise in US consumer credit in Jan |
| (WASHINGTON) Borrowing by consumers unexpectedly rose in January for the first time in a year, led by auto and student loans, a sign Americans are gaining confidence in the economy. |
|
| Why KL is revving up drive to cut spending |
| SOMETIME last week or thereabouts, a high-powered meeting of civil servants was told to cut spending by their respective ministries to corral expenditure by Malaysia's federal government. |
|
| MAS flying high after sweeping reforms |
| (KUALA LUMPUR) Not long ago, Malaysia Airlines (MAS) was on life support, forced to sell off its headquarters and firing thousands of staff to avoid bankruptcy, but analysts are now bullish about its prospects. |
|
| Leather hub feels the pain of Ganges cleanup |
| (KANPUR, India) On the banks of the Ganges in northern India, tanneries that have poured effluent into the holy river for decades are closing. For environmentalists, it's a victory over filthy companies with no regard for nature and a rare example of pollution legislation being enforced. |
|
| Essar acquires Trinity Coal, eyes other deals |
| (MUMBAI) Essar Group, the Indian business group controlled by billionaire brothers Shashi and Ravi Ruia, said it has acquired 100 per cent of Trinity Coal Corp. |
|
| Fine-tuning India's growth path |
| (MUMBAI) India needs fiscal restraint to resume a faster pace of economic growth, Finance Minister Pranab Mukherjee said. |
|
| Philippine rates to stay despite inflation data |
| (MANILA) The Philippine central bank will not hike interest rates yet despite core inflation ticking up last month, and will focus on adjusting liquidity-boosting measures, a senior official said at the weekend. |
|
| Aussie economy in robust recovery mode |
| (MELBOURNE) Australia's economy continues to strengthen, underpinned by the government's stimulus measures and a recovery in private sector demand, Treasurer Wayne Swan said yesterday. 'When most advanced economies went into recession, our economy not only continued to grow, but grew solidly,' Mr Swan said in an e-mailed statement. 'The economy continues to strengthen.' |
|
| Jobs get short shrift in US focus on health care |
| (WASHINGTON) US President Barack Obama's furious, final push to get a healthcare bill passed threatens to shove aside the message he promised would top his list this year: Creating jobs. |
|
| Tough call at roulette wheel of Genting valuation |
| A PARALLEL could quite easily be drawn between trading in the shares of Genting Singapore and trying one's luck in Genting's casino in Sentosa because whether money is made appears to be entirely left to chance. |
|
| OCBC celebrates with SMEs |
| OCBC Bank held its customer celebration event on Thursday, March 4, at Resorts World Convention Centre. |
|
| HG Metal to further cut stake in BRC Asia |
| HG Metal Manufacturing's subsidiary, HG Metal Pte Ltd (HGPL), will sell 28 million shares in steel company BRC Asia Limited (BRC), to help meet HG Metal's short-term debt. |
|
| Nomura bearish on S'pore developers |
| THE latest Nomura Singapore Residential Property Report held firm to its bearish stance on local developers, based on expectations of a continued fall in transaction volumes. |
|
| Boards need to evaluate their performance regularly |
| STOCK exchanges should encourage the boards of listed companies to periodically review their effectiveness and performance, but stop short of regulating such an action, says Ashley Summerfield, the head of Egon Zehnder International's Global Board Practice. |
|
| China's coal demand likely to underpin world prices |
| (SHANGHAI) China's appetite for imported coal will provide a solid floor for global prices of the commodity this year, but its imports may miss last year's peak as price-sensitive buyers shy from recovering prices. |
|
| China says it's up to the US to improve relations |
| (BEIJING) China said yesterday that it is up to the United States to improve relations that soured over US arms sales to Taiwan and a meeting between President Barack Obama and the Dalai Lama. |
|
| Beijing defends its growing energy ties with Africa |
| (BEIJING) China yesterday rejected foreign concerns over its growing energy links with Africa, saying it benefits African nations by bringing badly needed trade and infrastructure development. |
|
| Stanchart keen to list in Shanghai |
| (HONG KONG) Asia-focused bank Standard Chartered will seek to list shares in Shanghai as soon as regulations concerning the exchange's international board become clear, a senior executive said. Other than also listing in India, the bank had no other fund-raising plans before the end of 2010, Standard Chartered's Asia CEO Jaspal Bindra told a briefing in Hong Kong on Friday. |
|
| Ore price hikes to hit China steel mills hard |
| (BEIJING) Chinese steel mills are facing massive difficulties during this year's annual iron ore benchmark talks with big price hikes set to push many of them into the red, the head of China's third biggest steel firm, Wuhan Iron & Steel Group, said yesterday. |
|
| Shareholder value and the financial crisis |
| TODAY, capitalism is in crisis, and shareholder-value driven finance is seen by many as a contributory cause. But some of the responsibility at least should lie with shareholders themselves. |
|
| Be smart with your finances |
| FANCY becoming the next Warren Buffett or George Soros? Or even the famous Robert Kiyosaki? Then read on. |
|
| NUS students' proud inventions |
| A SUPERIOR cell-penetrating peptide (CPP) resistant to digestive enzymes, an inter-generational family entertainment system and a user-friendly computer interactions system that simulates the human touch. |
|
| China vows to punish hackers if Google complains |
| (BEIJING) China has pledged to punish hackers who attacked Google if there is evidence to prove it, but said it has yet to receive any complaint from the world's top search engine. |
|
| Data storage rebound continues in Q4, says IDC |
| (SAN FRANCISCO) Sales of computer data-storage equipment dipped less than 1 per cent in the fourth quarter, industry tracker IDC said, as the market continued to rebound from lows seen earlier in the year. |
|
| Videogame makers racing to develop iPad games |
| (WASHINGTON) As an electronic reader, Apple's iPad has been touted as a possible 'Kindle killer' but what has videogame makers buzzing is the potential of the touchscreen tablet computer as a gaming platform. |
|
| Google takes aim at Microsoft with start-up acquisition |
| (SAN FRANCISCO) Google Inc stepped up its assault on Microsoft Corp's MSFT.O productivity software business with the acquisition of a small start-up company that allows Microsoft users to edit and share their documents on the Web. |
|
| China Unicom to slow overall investment, focus on 3G |
| (BEIJING) China Unicom, China's No 2 mobile carrier, said last Saturday its total investments will decrease this year as it scales back spending on areas like broadband and focuses on its new 3G wireless network. |
|
| IT networks target of organised criminal elements |
| A RECENT global study on IT security breaches, commissioned by Datacraft, has shown Singapore companies face a threat landscape inhabited by determined and organised criminals. |
|
| Sony developing handheld devices: WSJ |
| (WASHINGTON) Japanese electronics giant Sony is developing a new lineup of handheld products to counter Apple's stable of portable devices, The Wall Street Journal reported. |
|
| iPad to go on sale in US on April 3 |
| (SAN FRANCISCO) Apple will start selling the iPad in the US on April 3, a few days later than planned, and will take preorders for its multimedia tablet this week. |
|
| Four honoured for IT contributions |
| TECH industry veteran Lim Hup Seng helped shape Singapore's e-government blueprint. Civil Service head Peter Ho helped the country better prepare for national security threats. |
|
| Samsung eyes 30% TV sales growth here |
| SAMSUNG, which sold 150,000 television units in Singapore last year, is gunning for a 30 per cent growth this year, according to the company's head of global TV sales and marketing. |
|
| Buyers move to resolve A400M funding issue |
| (BERLIN) The nations that ordered the Airbus A400M military transporter have agreed to pay 3.5 billion euros (S$6.67 billion) more to address cost overruns and keep the troubled project alive, manufacturer EADS and the German Defence Ministry said on Friday. |
|
| Body scanners to be rolled out across the US |
| (BOSTON) The Transportation Security Administration on Friday announced nine more US airports that will receive body-scanning technology, as the US heightens its effort to detect hidden explosives and other weapons amid a threat highlighted by an attempted airplane bombing on Christmas Day. |
|
| Prudential CEO out to charm UK shareholders |
| (SINGAPORE) Prudential Plc CEO Tidjane Thiam will attempt to charm leading shareholders today, moving to quell disquiet over the British insurer's US$35.5 billion bid for AIA, the Asian arm of American International Group, the Financial Times reported on its website. |
|
| Hatoyama's popularity slides as airbase deadline looms |
| (TOKYO) Only about one- third of Japanese voters support Prime Minister Yukio Hatoyama's government, and about the same percentage plans to vote for the main opposition party in a key mid-year poll, a survey showed yesterday. |
|
| Corporate Japan's weak spot: crisis management |
| (TOKYO) Toyota's poor handling of its massive global recalls has highlighted a glaring weakness in Japan's otherwise sophisticated corporate culture: crisis management know-how. |
|
| Earnings of Thai listed firms soar 42% in 2009 |
| THAI-LISTED companies saw net profits surge by 42 per cent last year to 446.51 billion baht (S$19.13 billion) on sales totalling 6.39 trillion baht, the Stock Exchange of Thailand (SET) says. |
|
| Korea Life prices 1.72t won IPO below range |
| (SEOUL) Korea Life Insurance Co priced its oversubscribed 1.72 trillion won (S$2.11 billion) initial public offering (IPO) below the reference range, sources said on Friday, as investors kept an eye on bigger IPOs due from Samsung Life and Japan's Dai-ichi Mutual. |
|
| Dai-ichi offering may kickstart Japan's stagnant IPO market |
| (TOKYO) Initial public offerings (IPOs) don't get much larger than the US$12 billion IPO from Dai-ichi Mutual Life Insurance Co, Japan's second-biggest insurer, and optimism is running high that it will kickstart the country's moribund IPO market. |
|
| Norway's oil fund posts 26% returns in 2009 |
| (OSLO) Norway's vast fund for oil wealth posted a 25.6 per cent return on investment for 2009 - its best ever - as international markets recovered from the global financial crunch, the central bank said on Friday. |
|
| Back Greece or risk euro's future: Sarkozy |
| (ROME) French President Nicolas Sarkozy said the European Union must support Greece or risk destroying the euro as Prime Minister George Papandreou heads for Paris to lobby support for the debt-laden country. |
|
| Ex-AIG CEO ready to testify on General Re |
| (NEW YORK) Maurice 'Hank' Greenberg, the former chief executive of American International Group Inc (AIG), believes he no longer faces possible criminal charges over a sham transaction involving the insurer and a unit of Warren Buffett's Berkshire Hathaway Inc. |
|
| Three European insurers may bid for ING's Asian assets |
| (LONDON) European insurers looking for a bigger slice of Asia's high-growth markets could consider unsolicited bids for ING's Asian business, as a growing number of trade buyers hijack plans for initial public offerings (IPOs). |
|
| Pfizer CEO gets US$13.7m compensation |
| (TRENTON, New Jersey) The chief executive of drug giant Pfizer Inc, Jeffrey Kindler, received a 2009 compensation package valued by The Associated Press at US$13.7 million, down 7.6 per cent from 2008, as the board reduced the stock awards he received, citing economic pressures. |
|
| Gaming industry in US hit by recession, expansion |
| (WASHINGTON) US casinos have run into a string of bad luck as the recession and other factors cut into gambling revenues, even as more states move to get a piece of the action. |
|
| UK bank bosses shun bonuses to salvage industry reputation |
| (LONDON) Faced with public outrage over excessive bankers' pay, the bosses of Britain's five biggest banks have taken the unprecedented step of spurning bonuses worth millions of pounds. |
|
| Recession forces shift in firms' charity priorities |
| (NEW YORK) Giving by US companies endured the recession with mixed results as some pared back philanthropy in the face of tough times, others increased budgets and most predicted a steady 2010. |
|
| High relapse risk for UK economy: business chamber |
| (LONDON) Britain, which emerged from recession in the final quarter of 2009, faces a 'high' risk of relapse, and below average growth in the next two years, the British Chamber of Commerce warned yesterday. |
|
| Friday stock rally gives heart to bulls |
| THE stronger-than-expected jobs report on Friday fuelled a spurt on Wall Street, capping a two-week rally that has brought US stocks into positive territory for the year, and within striking distance of the S&P 500's recent January high. |
|
| Silicon Valley rules the Oscars in 2010 |
| (SAN FRANCISCO, NEW YORK) No matter which film gets the Oscar for best visual effects at the Academy Awards, it's a guaranteed win for Autodesk Inc and Nvidia Corp. |
|
| Optimism about US economy lifts risk appetite |
| (NEW YORK) The US dollar soared against the yen on Friday after a government report showed US employers cut fewer jobs than expected last month, boosting hopes a US economic recovery was still on track. |
|
| Base metals may face more volatility |
| IF China is the factory for the world's manufactured goods, then base metals are the key raw materials needed for their industrial production. |
|
| Lowest PE portfolio gains most |
| IN a still rather edgy week, our portfolios ended the week mixed, with two moving higher, two retreating and two barely changed. |
|
| Buying among directors up, selling remains low |
| THE buying rose, while the selling among directors remained low last week based on filings on the exchange in the first week of March. |
|
| Building confidence |
| Nirvik Singh Chairman & CEO Grey Group Asia Pacific THE Singapore property market has always been a buoyant one, and has weathered several economic crises with resilience. |
|
| Three-Minute Digest |
| AMID calls from small and medium sized enterprises for a platform to facilitate merger and acquisition matches, service providers such as auditors, investment bankers and lawyers are standing up to say they are already doing the job. |
|
| Private equity investment poised for recovery |
| (SINGAPORE) The private equity industry in South-east Asia is expected to recover substantially from the lows of 2009, according to a new survey. |
|
| China may want slot for yuan in IMF currency basket |
| IN A move that could further undercut Japan's role as Asia's number one economic and financial power, China is seeking to have its currency included in the basket that makes up the International Monetary Fund's special reserve currency, according to reports. |
|
| Foreign worker levy hike: short pain, long gain |
| AS Members of Parliament (MPs) spent last week discussing Budget 2010 in Parliament, one topic stood out: the increase in foreign worker levies. While there was merit in most of the arguments posed, one key issue was raised that took the discussion into uncharted territory, and that is the impact of the foreign levy hike on the wages of Singaporeans. |
|
| 1 Finlayson Green sold, say sources |
| (SINGAPORE) The office block that is 1 Finlayson Green has been sold, BT understands. |
|
| SME matchmakers know the ropes, will tie more knots |
| AMID calls from small and medium-sized enterprises (SMEs) for a platform to facilitate merger and acquisition (M&A) matches, service providers such as auditors, investment bankers and lawyers are standing up to say they are already doing the job. |
|
| The story of a 'miracle' cancer drug |
| (NEW YORK) GEORGE Demetri had witnessed countless near-death experiences in his career as a cancer doctor. This time, the life of a drug was on the line. |
|
| Stanchart starts online business centre for women |
| IN conjunction with International Women's Day, Standard Chartered Bank will today launch an online tool called the Women in Business Resource Centre for women with entrepreneurial aspirations. |
|
| New centre teaches online trading |
| CALIFORNIA-BASED Online Trading Academy (OTA) - a worldwide network of financial education centres that focuses on teaching the art of trading - has opened a new campus in Singapore. |
|
| Bridging S'pore, Danish education systems |
| DENMARK may pride itself on being one of the most innovative countries in the world today, but there is still much that this tiny Scandinavian country can learn from Singapore - particularly in the field of education. |
|
| Commercial property insurers see tougher times |
| A BUMPER 2009 for commercial property insurers could depress premiums and hurt returns this year, according to Shivan Subramaniam, chairman and CEO of FM Global, a mutual commercial insurer. |
|
| Selling into strength in confused market |
| IT'D be fair to say that markets are currently exhibiting a fair amount of confusion. Apart from Friday's push here which, as we pointed out in Saturday's column was most probably buying ahead of an expected upmove on Wall Street, there's no clear direction forthcoming from any front. |
|
| EU force tracking hijacked Norwegian tanker |
| (BRUSSELS) The European Union's (EU) anti-piracy mission said on Saturday it was tracking a hijacked chemical tanker off east Africa as Turkey and France announced the capture of 29 suspected pirates. |
|
| Keppel unit signs MOU with Norwegian marine research body |
| KEPPEL Offshore & Marine Technology Centre (KOMtech) and the Norwegian Marine Technology Research Institute (Marintek) signed a memorandum of understanding (MOU) on Saturday to collaborate on the development of technologies and training opportunities. |
|
| This is no time for stimulus cut or rate rise, says Volcker |
| (BERLIN) White House adviser Paul Volcker said it's too soon for US policy makers to withdraw the stimulus measures and interest rate cuts used to fight the worst slump since the Great Depression. |
|
| Luxembourg court blocks claims from Madoff investors |
| A COURT ruling on Thursday is likely to mean UBS avoids direct compensation claims from investors who lost money to fraudster Bernard Madoff in a fund the Swiss bank had set up. |
|
| Big money a thing of the past for top stars |
| MOVIE stars, who not so long ago vied to make US$20 million or even US$25 million a picture, have seen their upfront salaries shrink in the last several years as DVD sales fell, star-driven vehicles stumbled at the box office and studios grew increasingly tightfisted. |
|
| MetLife near US$15b deal for AIG unit |
| METLIFE Inc, the biggest US life insurer, may reach an agreement as early as this weekend to buy a unit of American International Group (AIG) after a tax decision cleared the way for the deal, said a person with knowledge of the matter. |
|
| House passes bill to spur jobs creation |
| THE House on Thursday approved a US$15 billion measure intended to spur job creation by granting tax breaks to businesses that hire workers, as Democrats, bracing for new jobless figures, tried to show that Congress was doing something about stubborn unemployment. |
|
| Temasek might sell Shin stake if buyer emerges |
| TEMASEK Holdings could divest its stake in Shin Corp if the right buyer comes along, said the Thai telecommunications giant's executive chairman and acting president Somprasong Boonyachai. |
|
| Indian firm offers handset with AAA battery power |
| AN Indian mobile phone company has launched a low-cost handset that uses commonly available AAA- sized batteries aimed at the hundreds of millions of people who live in areas where power supplies are erratic. |
|
| Malaysia pursues new economic model |
| MALAYSIANS must be prepared to adapt to the challenges of globalisation and the initial hardships this will involve because the government intends to pursue a new economic framework that emphasises greater competitiveness, Second Finance minister Ahmad Husni Hanadzlah said yesterday. |
|
| Analysts see more rate hikes and stronger ringgit |
| BANK Negara Malaysia's 25 basis-point increase in its overnight policy rate has set the stage for further interest rate rises and a firmer ringgit, analysts say. |
|
| Outta sight |
| PEOPLE who recently forked out hefty sums for fancy high-definition flatscreen televisions might want to kick themselves for not waiting - because new TVs that display three-dimensional (3D) images will be arriving soon. |
|
| House style |
| USP - those three letters are surely familiar to any working adult who has yawned through a boardroom Powerpoint presentation, but they're relatively new when it comes to describing a fashion collection. Until now, that is. |
|
| In fine fashion |
| There was a time when many would have called Singapore's fashion scene backward - no cult labels and certainly no space for mercurial, rising designers. |
|
| Shop to your gut's content |
| SHOP-CAFE. The term has been fleshed out too many times by businesses with half-baked shopping and dining components - and, as a result, no staying power. |
|
| 'Who Cares Anyway' party might win British election |
| ELECTION fever is too strong a way to describe the state of politics in the UK, where a General Election is due to be held within 10 weeks. |
|
| The secret love affair with India |
| SOME friends had contested the twin themes of Looking East to Look West: Lee Kuan Yew's Mission India even before I began writing the book. |
|
| Philanthropy heroes not necessarily the biggest givers |
| FORMER Singapore Exchange chief executive Hsieh Fu Hua, entrepreneur Elim Chew, Lee Foundation chairman Lee Seng Gee and Lien Foundation chairman Laurence Lien are the four Singaporeans who made Forbes Asia's list of Asia-Pacific philanthropy 'heroes' this year. |
|
| Women more resilient than men, says survey |
| WHEN it comes to dealing with corporate challenges - especially in the aftermath of the global financial meltdown - the key attribute that all leaders must have is resilience. |
|
| Average CPFIS fund yields solid 1-year returns |
| PEOPLE who have invested their CPF savings can heave a sigh of relief - the average fund in the CPF Investment Scheme put up a relatively strong showing in 2009. A longer holding of three years, however, still reflects a cumulative loss. |
|
| Fewer jobs lost than expected; analysts optimistic |
| US EMPLOYERS cut a smaller than expected 36,000 jobs in February, leaving the unemployment rate steady at 9.7 per cent, bolstering views that the labour market was on the brink of creating jobs. |
|
| S'pore Inc backs Prudential bid |
| SINGAPORE INC has decided to back Prudential's ambitious bid to create Asia's largest insurer, reflecting its confidence in the region. |
|
| RWS prepared for hiccups at Universal Studios' soft opening |
| RESORTS World Sentosa (RWS) has announced that Universal Studios Singapore (USS) will have its soft opening on March 18. |
|
| GIC sitting on 5b Swiss franc paper loss in UBS |
| THE Government of Singapore Investment Corp's (GIC) 11 billion Swiss franc investment in UBS bonds is showing a paper loss of over five billion francs after the bonds converted into ordinary shares when they matured yesterday, giving GIC a 6.6 per cent stake in the Swiss bank. |
|
| HDB revises policies to stamp out speculation |
| THE Housing & Development Board (HDB) yesterday unveiled policy changes designed to hurt speculators and make it more expensive for non-Singaporeans to buy government-subsidised flats. |
|
| Real brick and mortar war rages silently |
| AS 'levy' rapidly became the new four-letter word among the 10,000-odd construction firms in Singapore this week, others were looking past the simplicity of the foreign worker levy hike. |
|
| Singapore roundup |
| THE Housing & Development Board yesterday awarded an executive condominium site near Buangkok MRT Station to the highest bidder - a tie-up between Frasers Centrepoint unit Opal Star and Lum Chang Building Contractors. |
|
| Citi appoints new head of credit payment products |
| CITIBANK Singapore has appointed Han Kwee Juan as head of credit payment products, replacing John Denhof, who moved to Turkey late last year to become Citigroup's head of consumer business there. |
|
| Better card security to cut identity theft |
| THE Association of Banks in Singapore (ABS) yesterday unveiled measures to tighten the security of card transactions to reduce identity theft. |
|
| S'pore infocomm employment up 1.3% in 2009 |
| SINGAPORE'S infocomm sector stayed bright last year despite the economic dark clouds. Employment in the sector rose 1.3 per cent to 140,800 in June 2009, from 139,000 a year ago. The strongest areas of employment growth include software development, digital media and animation and R&D. |
|
| Asian Kitchen in tie-up to tap Japan efficiency |
| IN line with calls for higher productivity and less reliance on foreign workers, The Asian Kitchen Food Company has confirmed a partnership with Nippon Restaurant System (NRS) under which it can adopt the latter's efficient operating system to create quality dishes. |
|
| STB expects higher visitor arrivals this year |
| THE Singapore Tourism Board (STB) is projecting to see 11.5-12.5 million in visitor arrivals and rake in $17.5-$18.5 billion in tourism receipts in 2010, up from 9.7 million visitors and $12.4 billion in receipts last year. |
|
| NSmen to get more allowances for annual in-camp training call-ups |
| FROM this April, national servicemen will receive at least 5 per cent more in rank allowances for their annual in-camp training (ICT) call-ups, Minister of State for Defence Koo Tsai Kee told Parliament. |
|
| Private sector key ally in terror fight: Kan Seng |
| EVEN as security agencies constantly seek out new technologies to strengthen surveillance and security levels in Singapore, the fight against terrorism will require individuals and the private sector to play their part as well, said Deputy Prime Minister Wong Kan Seng in Parliament yesterday. |
|
| Buying ahead of a push on Wall Street? |
| IT wasn't a particularly notable week by any standard. Other than Genting Singapore's volatility and the rotational punting of penny stocks, there wasn't much to distinguish the five days that have just passed from the many that preceded them. |
|
| Valley visionary |
| JOHN Hennessy looks to the day when, as he walks along a street, the tiny chip embedded in the corner of his eyeglasses prods him with timely tips from his surroundings. |
|
| Going upmarket |
| THE Sylphy may be the quintessential Nissan sedan, but in Singapore, it is outsold by the Latio two to one. |
|
| Big body, small engine |
| THE GT-R may be the iconic super sports car that represents the technology and history of the Nissan brand. But as a mass market make, nothing quite captures the essence of Japan's third biggest carmaker as its Sylphy compact sedan. |
|
| A new journey |
| THE crossover is like the tasting menu of the automotive world - you get a bit of everything in a car. |
|
| Off the beaten path |
| IT'S a place where sun-seekers and live turkeys like to hang out, whether to eat or tan, without letting fears of skin cancer or capture get the better of them. |
|
| CEO Pun has big dreams for Myanmar's Yoma |
| YOMA Strategic Holdings Ltd must be - at the best of times - a bewildering investment for its shareholders. |
|
| Cosco unit agrees to defer deliveries |
| SHIPBUILDER Cosco Corporation (Singapore) announced yesterday that its subsidiary, Cosco (Zhoushan) Shipyard, has agreed to reschedule the delivery dates of four 57,000 dwt bulk carriers that were contracted by a European shipowner. |
|
| 25 from OCBC cycle from KL to S'pore for charity |
| A PASSION for helping the needy has driven 25 OCBC Bank employees to cycle from Kuala Lumpur to Singapore to participate in this weekend's OCBC Cycle Singapore 2010. The 35-hour, 400-km road trip raised about RM130,000 (S$54,000) from supporters and well-wishers in aid of two Malaysian charities - the National Autistic Society of Malaysia and the Home of Peace, a shelter for girls. |
|
| FJ Benjamin opens flagship Bell & Ross boutique |
| FASHION retailer and distributor FJ Benjamin has opened the world's first Bell & Ross watch boutique in Singapore - and it has three more on the drawing board for other parts of Asia this year. |
|
| Jardine Strategic to buy back 13.9m shares |
| JARDINE Strategic Holdings is looking to purchase 13.9 million of its shares for up to US$250 million. |
|
| Ex-British army homes may become S'pore hedge-fund hub |
| SINGAPORE is planning to create its own hedge-fund capital modelled after Greenwich, Connecticut, in a cluster of ex-British army homes called Nepal Hill, a 15- minute cab-ride from the city-state's main banking district. |
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| IndoAgri to double new oil palm planting this year |
| SINGAPORE-listed Indofood Agri Resources Ltd (IndoAgri) expects to more than double its new oil palm plantings in 2010, as part of US$200 million of capital spending slated for this year, its chief executive said yesterday. |
|
| Shanghai leaves Hong Kong behind in size of the economy in '09 |
| SHANGHAI'S economy exceeded the size of Hong Kong's for the first time in at least three decades after stimulus spending helped China skirt the global crisis and lead the world out of recession. |
|
| China eyes 8% growth; vows to fight inflation |
| IN an annual report on the opening day of Chinese parliament yesterday, Premier Wen Jiabao announced an economic growth target of 8 per cent during a crucial year of recovery. |
|
| Citigroup's Pandit supports strong consumer protection |
| (NEW YORK) Citigroup Inc chief executive Vikram Pandit said he supports an 'enhanced' federal consumer protection authority because problems for consumers can affect the entire financial system. |
|
| White House pushes for Wall Street regulations |
| (WASHINGTON) The Obama administration on Wednesday began negotiations on regulating Wall Street, seeking limits on the size of financial institutions and insisting that protecting the consumer remain a central objective of attempts to legislate rules for the industry. |
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| Ethics, values missing in financial crisis debate |
| (PARIS) The debate about fixing the financial crisis seems to be missing a key factor - a broad ethical discussion of what is the right and wrong thing to do in a modern economy. |
|
| New 10-year Greek bond issue sold out |
| (ATHENS) Greece launched a critical 10-year bond issue yesterday, a day after winning approval from markets and the European Union for painful austerity measures designed to lift the debt-ridden country out of its financial crisis. |
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| ECB to roll back more of its crisis assistance |
| (FRANKFURT) The European Central Bank took further steps yesterday to unwind the extraordinary help it has given the eurozone economy in the global crisis, although it still forecasts a fragile recovery. |
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| HSBC to pay CEO extra £300,000 |
| (LONDON) HSBC is to pay its chief executive an extra £300,000 (S$632,000) a year to cover living costs in Hong Kong following his relocation there, the bank's annual report showed this week. |
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| Greece bond demand helps euro pare losses |
| (LONDON) The euro pared losses yesterday after Greece's sale of 10-year bonds drew solid demand, while investors awaited comments from European Central Bank President Jean-Claude Trichet. |
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| Brokers' Take |
| FIVE out of the eight Singapore real estate investment trusts (S-Reits) under our coverage reported Q4 2009 earnings that were in line with our estimates |
|
| Stuck in a 'doomsday cycle' |
| OVER the last three decades, the US financial system has tripled in size, as measured by total credit relative to gross domestic product (GDP). |
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| HK's budget mantra: Big market, small govt |
| HONG KONG Financial Secretary John Tsang delivered his 2010-2011 budget statement to the Hong Kong Legislative Council on Feb 24. This was two days after Singapore Finance Minister Tharman Shanmugaratnam delivered his 2010 budget statement to the Singapore Parliament. |
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| Not making hard choices leaves US in la-la land |
| THERE is a make-believe quality to modern American politics: People - and this applies across the political spectrum - say things that are stupid, misleading or unattainable and think (or pretend) that these very same things are desirable, candid and realistic. |
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| Putting productivity in perspective |
| PRODUCTIVITY - that shy, often overlooked, contributor to the process of creating national wealth - is suddenly in the spotlight again. |
|
| Correction |
| IN the report 'Second-tier cities offer growth potential' (BT, March 4), Loh Shyh is the CEO of Mapletree Investments, China, and not the CEO of Mapletree Investments. We are sorry for the error. |
|
| Three-Minute Digest |
| FINANCE Minister Tharman Shanmugaratnam yesterday announced refinements to the Productivity and Innovation credit scheme while he spelt out how Budget 2010 was fundamentally different from last year's Resilience Package. |
|
| Terror threat spurs extra Malacca Strait patrols |
| (SINGAPORE) Malaysia, Singapore and Indonesia have stepped up maritime and air patrols in the Malacca Strait after receiving a warning that a terrorist group is planning attacks on oil tankers in the waters, one of the world's busiest shipping lanes. |
|
| S'pore slips to 7th spot in innovation rankings |
| (SINGAPORE) Singapore slipped two ranks from its fifth position last year in the latest rankings of the world's most innovative countries and economies compiled by global business school Insead. |
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| Prudential-AIA merger 'good' for employees |
| (SINGAPORE) Staff of Prudential and AIA, worried about their future, heard first-hand yesterday why the merger of their two companies is good for them. |
|
| Stanchart S'pore tops $1b pre-tax profit for first time |
| (SINGAPORE) Standard Chartered Bank Singapore has emerged from the recession standing tall, reaping a pre-tax profit of US$714 million for the year ended Dec 31, 2009. |
|
| Bank Negara hikes rates by 25 basis points |
| (KUALA LUMPUR) Malaysia's central bank raised interest rates by a quarter of a point to 2.25 per cent yesterday, making it the first central bank in Asia outside Australia to hike as part of efforts to unwind crisis measures. |
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| Buangkok site attracts highest-ever EC bid |
| (SINGAPORE) A 99-year-leasehold executive condominium (EC) housing site near Buangkok MRT Station has fetched the highest ever bid for an EC site. |
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| $1.25m Lexus sold at speed of light |
| (SINGAPORE) How fast can one sell the new $1.248 million Lexus LFA supercar - the first that Japan has ever produced? Probably as fast as the car itself. Two units bound for Singapore were sold even before the price was confirmed. |
|
| Growth-seekers to get pick of the goodies |
| (SINGAPORE) Finance Minister Tharman Shanmugaratnam yesterday announced refinements to the Productivity and Innovation credit scheme while he spelt out how Budget 2010 was fundamentally different from last year's Resilience Package. |
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| Schools to increase students' use of ICT |
| SCHOOLS will devote at least 20 per cent of the curriculum over the next five years to using info-communications technology (ICT) to support self-directed and collaborative learning. |
|
| Egypt minister sees CECA with S'pore in 1 year |
| OVER three years have passed since the first seeds for a trade deal between Singapore and Egypt were planted, with the finish line to wrap up negotiations now in sight. |
|
| Kan Seng: No cap on foreigners becoming PRs |
| THE government will tighten the framework to raise the quality of immigrants in Singapore but it will not place a cap on the number of new permanent residents allowed each year, said Deputy Prime Minister Wong Kan Seng. |
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| It wasn't wrong to speed up economic growth: Tharman |
| THE grow-as-fast-as-we- could strategy Singapore took in the past decade was not wrongheaded, as critics have claimed, Finance Minister Tharman Shanmugaratnam said yesterday. |
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| Programmes for seniors to get $100m funding |
| THE government will be setting aside $100 million over the next five years to promote wellness and active ageing among seniors as well as to enhance the delivery of care to the elderly. |
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| Boosting productivity with fewer foreign workers aim of levy hike |
| THE move to raise the foreign worker levy is to encourage employers to improve productivity with fewer foreign workers, not just to push them to replace foreign with local workers, Manpower Minister Gan Kim Yong said yesterday. |
|
| Shares end lower on China concerns |
| AFTER being out of the picture for the better part of the past two months, China appears to be a factor again. |
|
| Finnish port strikes hit goods flow |
| (HELSINKI) Finnish port workers went on strike yesterday, halting the flow of goods into and out of the country, the Transport Workers' Union said after talks with employers on a new wage deal failed. |
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| AP Moller-Maersk sees return to the black |
| (COPENHAGEN) Danish shipping and oil group AP Moller-Maersk said that it would return to a 'modest' profit for 2010 after weak global trade knocked freight rates and dragged it to a deeper loss than expected for 2009. |
|
| Fresh MCA polls likely as more officials quit |
| (KUALA LUMPUR) Two-thirds of the leaders of the second-biggest party in Malaysia's ruling coalition have quit after months of infighting, triggering internal elections. |
|
| M'sia shelves two-tier pricing plan for petrol |
| THE Malaysian government yesterday said that it would not proceed with a 'two-tier pricing' proposal for fuel purchases owing to public opposition, but would await the findings of a subsidy taskforce before making the next move. |
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| Stop demonising palm oil: Jakarta |
| (NUSA DUA, Indonesia) It is blamed for everything from deforestation to threatening the extinction of the orangutan, but palm oil is a vital source of income for many developing countries, the crop's producers say. |
|
| Bailout probe sets biggest political crisis for Yudhoyono |
| (JAKARTA) Indonesian's Parliament called for a criminal investigation into a US$715 million government bank bailout in a vote that analysts said yesterday created the greatest political crisis of Susilo Bambang Yudhoyono's six-year presidency. |
|
| EU trade chief sees progress in India FTA talks |
| (BRUSSELS) A free trade agreement with the European Union could create new export opportunities worth US$9 billion for Indian industries, EU trade chief Karel de Gucht said yesterday. |
|
| Mumbai's failed land sale may hit property prices |
| (MUMBAI) Mumbai's failure to lure any bidders in the first government land sale in at least 11/2 years may cause rates in that area to fall as India's financial hub seeks to develop the reclaimed marshland into a key business district. |
|
| Sonia signals fuel tax rise will stay |
| (NEW DELHI) Sonia Gandhi, head of the ruling Congress party and India's most powerful politician, yesterday backed the finance minister, effectively signalling her support for a move to raise taxes on fuel, lawmakers said. |
|
| New opportunities for S'pore businesses in India |
| 'SINGAPORE'S FDI inflows into India should get higher priority,' said Indian High Commissioner to Singapore T C A Raghavan in his address at a seminar on the Indian budget here yesterday. |
|
| Showing a much more sober side of gaming |
| THE very notion of video gaming is intrinsically linked to fun and entertainment, but Singapore's been looking for ways to keep the former while stripping out the latter. |
|
| Off the beaten path |
| ANYONE who complains that today's music all sounds the same simply hasn't listened widely enough to what's out there. |
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| 'Local' musicals aim for the big time |
| THERE hasn't been a made-in-Singapore musical that's toured overseas yet - at least not in a big enough way that will make musical theatre fans around the world sit up and notice. |
|
| Love, death and a trove of forgotten music |
| A MAN discovers love letters written by his late father to his late mother, unknowingly summons his mother's spirit as he reads them aloud, and she starts to fall in love with her own son as he speaks his father's words. |
|
| Around Town |
| COLLECTORS Contemporary presents Dirty Pretty Things, a solo show by renowned US-based British artist, Russell Young. |
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| Fresh passable update of familiar work |
| TOY Factory's latest show is an interesting study in contrasts. The set and sound design, as well as the choreography, are bold, inventive creations that evoke film noir and the minimalist methodology of modern experimental theatre. |
|
| Remembering the genius of Carnatic vocalist GNB |
| A TOP French music academic once said: 'To study music, we must learn the rules. |
|
| Want to go to a Turkish Cypriot wedding? |
| I ATTENDED an ethnic wedding at the National Museum the other evening, and even though I didn't know any of the other guests or, for that matter, the bride and groom, and it was merely a dress rehearsal, I had a pretty good time. In fact, it was more fun than some real weddings I've been to. |
|
| The fine art of Indonesian politics |
| ART and politics are close relatives. Art often reflects the political and social environment in which it is created. |
|
| When east meets west |
| CHUA Ek Kay was a Chinese ink painter with a difference, an eminent Singaporean artist best known for an artistic style that successfully combined the eastern and western sensibilities of art. |
|
| Hello beer! Bye wine! |
| MOVE over, wine bars. The art of wine appreciation and food to match may well be losing its appeal if the recent activity in the beer scene is anything to go by. |
|
| Wonderland with precious little wonder |
| SO Johnny Depp plays the Mad Hatter in a Tim Burton adaptation of Lewis Carroll's Alice in Wonderland. Well, blow us down. And Helena Bonham Carter, Burton's partner, plays an unpredictable, imperious, highbrow (and highbrowed) woman with a penchant for decapitation. Colour us surprised. |
|
| What goes up must come down |
| ANYONE who has ever been ensnared and subsequently enslaved by frequent flyer programmes and the need to qualify for those coveted privileges that come with being a member of a not-so-exclusive club, will feel a twinge of envy for Ryan Bingham (George Clooney), a man whose job as a professional downsizer (he fires people for a living) requires him to take to the skies more often than the average migrating bird. |
|
| A passable disaster movie that skimps on science |
| THERE'S something satisfyingly cathartic about watching disaster movies, which tend to make us grateful for the mundane monotony of our lives, as well as envious of the opportunities for dramatic heroism actors seem to revel in. |
|
| When a good ole boy turns bad |
| SOME people have been around the block a few times in their lives, but Bad Blake (Jeff Bridges) is the kind of guy who makes it a daily habit - and all before breakfast. |
|
| Crystal ball gazing ahead of Oscar night |
| THE live spectacle that best captures the thrill of victory and the agony of defeat is upon us once again - and I'm not talking about the Winter Olympics or American Idol. |
|
| A toast to the magic of German Riesling |
| IT has taken a long time but there are distinct signs that Riesling is at last beginning to feature in Singapore as a viable alternative to Chardonnay when white wine is being thought of. |
|
| French jobless rate climbs to 9.6% in Q4 |
| (PARIS) French unemployment rose sharply in the fourth quarter of 2009 to reach a rate of 9.6 per cent, wiping out the country's gains on the jobless front over the past decade, official figures showed yesterday. 'The unemployment rate has climbed sharply and is now at the level of 1999,' said the Insee state statistical agency. |
|
| Australia's Jan trade deficit hits 7-month low |
| (SYDNEY) Australia's trade deficit narrowed to its lowest in seven months in January as fuel imports fell sharply while exports of iron ore picked up, a hopeful sign that trade will be less of a drag on the economy going forward. |
|
| US economy plods ahead despite snowstorm losses |
| (WASHINGTON) The US economy has continued its slow growth but harsh snowstorms crimped activity along the East Coast last month, according to a Federal Reserve report. |
|
| UOB's calculated gamble |
| UNITED Overseas Bank (UOB) has taken a gamble - a deliberate, and cautious one. |
|
| Company Briefs |
| DEUTSCHE Bank said that it would list on the Singapore Exchange (SGX) the world's first Exchange Traded Fund (ETF) that tracks the performance of the CSI 300 |
|
| POSB helps students make cents of coin recycling |
| EVERY year, an estimated 50 million coins go 'missing', never to be seen in circulation again, says Yip Pak Ling, mint director of the Singapore Mint. |
|
| 'Pay special dividend' call to Lion Asiapac |
| SOME shareholders of Lion Asiapac want the company to pay out some of its $190 million cash hoard as a special dividend to boost the share price, which is trading a third below the company's cash value. |
|
| SGX investing $70m in system upgrade |
| SINGAPORE Exchange (SGX) is spending $70 million over the next 10 years to upgrade its trading and clearing system. |
|
| S-E Asian telcos shine, tap mobile data for growth |
| (BANGKOK) Trendy smartphones are emerging as a boon for telecommunications operators in South- east Asia, where growth in telecom services is set to outpace the rest of Asia as the region snaps back from the financial crisis. |
|
| Raffles Edu may invest RM200m in Johor campus |
| RAFFLES Education Corporation (REC) may pump RM200 million (S$83 million) into a campus in Iskandar Malaysia over five years. |
|
| Dairy Farm profit up 9% despite tough climate |
| DAIRY Farm International Holdings said yesterday its sales and profit rose last year despite tough economic conditions. |
|
| HKLand turns around with US$1.64b profit |
| HONGKONG Land Holdings (HKLand) has announced a net profit of US$1.64 billion for the year ended Dec 31, 2009, a turnaround from 2008's US$109 million loss. |
|
| HKEx warns of tougher China competition |
| (HONG KONG) Hong Kong Exchanges & Clearing, the world's No 2 exchange operator by market value, warned of tougher competition from mainland China as it posted quarterly earnings just below analysts' forecasts. |
|
| China's defence spending up 7.5% |
| (BEIJING) China announced yesterday a planned 7.5 per cent boost in defence spending this year, a smaller increase than expected and the first time in more than two decades the jump has been less than double-digit. |
|
| CIC: Managing assets more complex in 2010 |
| (BEIJING) China's US$300 billion sovereign wealth fund completed most of its investments in 2009, leaving relatively little cash on hand, a senior executive said yesterday. |
|
| Politics seen blocking fixes to economic imbalance |
| (BEIJING) Premier Wen Jiabao calls China's economic growth path 'unbalanced, uncoordinated, and unsustainable'. This week's annual parliament session may prove that he is unable to change its course. |
|
| Air China keen on M&As, expects better earnings |
| (BEIJING) Air China, the country's flag carrier, is keen on mergers and acquisitions at home and abroad as it expects earnings to improve in 2010. |
|
| Indian airlines seen returning to profit, but not Air India |
| (MUMBAI) Jet Airways (India) Ltd, the nation's largest carrier, and SpiceJet Ltd may return to profit next fiscal year on rising travel demand even as state-run Air India continues to lose money with ballooning debt. |
|
| American Airlines flight attendants plan strikes |
| (DALLAS) American Airlines flight attendants said contract talks with the carrier have stalled after 20 months and federal mediators should start a 30-day clock to a possible strike. |
|
| Bangkok retains riot insurance cover for tourists |
| (BANGKOK) Thailand is continuing to offer insurance coverage worth US$10,000 to anyone harmed in riots and demonstrations as it seeks to attract tourists scared off by political turmoil, officials say. |
|
| Prius stays top model in Japan despite recall woes |
| (TOKYO) Toyota's Prius remains the top-selling car in Japan despite the automaker's global recall woes that included braking problems with the hit hybrid. |
|
| Mining magnate Forrest Australia's richest man |
| (SYDNEY) Mining magnate Andrew 'Twiggy' Forrest has ridden a wave of iron ore exports to China to become Australia's richest man, replacing casino tycoon James Packer, Forbes magazine said yesterday. |
|
| BOJ, govt clash again amid plans to force yen rate down |
| THE war of words between Japan's government and the Bank of Japan over how to prevent the world's second economy sliding into a deflationary spiral took a new turn yesterday when it was revealed that the government is seeking more funds to finance possible currency market intervention. |
|
| 'The Hurt Locker' producer barred from Oscars |
| (LOS ANGELES) The Hurt Locker producer Nicolas Chartier was barred from attending Sunday's Oscars ceremony after he solicited votes and disparaged a competing film vying for best picture. |
|
| Obama proposes energy rebates for homeowners |
| (SAVANNAH, Georgia) President Barack Obama on Tuesday proposed rebates of up to US$3,000 to help homeowners pay for the cost of making their homes more energy efficient, a US$6 billion programme intended to create jobs. |
|
| MAS urges insurers to address protection gap |
| THE central bank has urged insurers to address the current insurance protection gap for consumers, rather than pushing investment-linked products which may yield higher returns given the improving market sentiment. |
|
| Halimah pokes holes in UBS study |
| LABOUR leader Halimah Yacob yesterday rejected a UBS study that concluded that wages and purchasing power in Singapore are lower than those in Dubai, Seoul, Hong Kong and Taipei. |
|
| Labour chief backs move to up productivity |
| JUST as it had backed the growth-at-all-cost strategy, the labour movement will now go along with the move to boost productivity to drive the economy. |
|
| STI rises 10 points in soft session |
| STOCK prices yesterday exhibited the same directionless motion they have for the past several days, which is another way of saying that brokers spent another boring day at their terminals. |
|
| India fuel exports rise on shipments to US, Japan |
| (NEW YORK) Bookings of tankers to export fuels from India's west coast, the home of two Reliance Industries refineries, rose in February as India sold more gasoline to the US and Japan. |
|
| Macquarie plans Miclyn IPO to raise up to A$365m |
| (MELBOURNE) Australia's largest investment bank, Macquarie Group, is looking to float oil and gas services firm Miclyn Express Offshore in an initial public offering that could raise up to A$365 million (S$461.2 million). |
|
| Academy set up to offer professional shipper courses |
| THE Singapore National Shippers' Council (SNSC) yesterday launched the Singapore Shippers' Academy to offer professional courses to local and regional shippers and train at least 1,000 people from the industry within three years. |
|
| Brazil's OSX planning 9.9b reais IPO |
| (SAO PAULO) OSX, the Brazilian shipbuilder owned by billionaire Eike Batista, plans to raise up to 9.92 billion reais (S$7.7 billion) in what could become the nation's largest initial public offering this year. |
|
| Foreign labour shortage hits M'sian palm output |
| (KUALA LUMPUR) Malaysia, the world's No 2 palm oil producer, will miss its output target of 18.1 million tonnes because of a shortage of foreign labour even as yields recover, a top industry official said yesterday. |
|
| Penang looks to spillover of tourism from S'pore |
| WITH its services sector, particularly tourism, expanding at a faster clip in recent years, Penang is counting on the success of Singapore's integrated resorts and a spillover of tourists from the south to help advance its economy. |
|
| Indonesia lawmakers okay probe into bailout |
| (JAKARTA) Indonesian lawmakers narrowly voted yesterday to recommend that law enforcement agencies investigate the 2008 government bailout of a small bank. But, in a political compromise, they stopped short of citing any officials by name. |
|
| Allianz JV to start ops by year-end |
| (LONDON) The funds arm of German insurer Allianz, expects its Indian joint venture to start operations by year-end, and to score an advantage over rivals who were quicker to enter the much-touted market, its CEO said. |
|
| India services industry grows at fastest pace since Jan 2009 |
| (BANGALORE) India's banking, hotels and other services grew in February at the fastest pace since at least January last year, aiding growth in Asia's third-largest economy. |
|
| Mittal spooks investors with Africa move |
| (NEW DELHI) Indian telecoms tycoon Sunil Bharti Mittal may be known for his Midas touch, but investors are questioning if his multi-billion-dollar bid to gain a foothold in Africa is a step too far. |
|
| Reliance looks elsewhere as Lyondell rejects offer |
| (MUMBAI) LyondellBasell has rejected Reliance Industries' offer that values the bankrupt US petrochemicals group at US$14.5 billion, Bloomberg said on Tuesday, a decision that could leave the Indian energy group having to look elsewhere for takeover targets. |
|
| China home prices unlikely to crash: CBRE |
| RENOWNED short-seller Jim Chanos sees a property bubble on the verge of bursting in China. But other well-known investors disagree - and on their side of the fence is CB Richard Ellis president and CEO for Asia Chris Brooke. |
|
| 313@somerset draws more people than expected |
| ORCHARD Road newcomer 313@somerset has received a higher than expected nine million visitors since it opened three months ago, the mall's owner, Lend Lease Group, said yesterday. |
|
| Japan Reit sector may halve due to M&As |
| (TOKYO) Japan's real estate investment trusts will accelerate takeovers in the US$32 billion industry as banks pressure them to consolidate amid a tighter credit market and falling property prices, said Curtis Freeze, who agreed to sell his Reit to a unit of Oaktree Capital Management LLC. |
|
| RAM sees promising outlook for M'sia |
| (KUALA LUMPUR) The outlook for the Malaysian property market is promising, with sales volume expected to increase by 5 to 10 per cent this year, according to RAM Holdings Bhd. |
|
| Prices of new luxury homes surge |
| LAUNCH prices of new luxury residential projects in Singapore rose about 20-25 per cent last year and could appreciate a further 10-15 per cent this year, says CB Richard Ellis. |
|
| US jobs stalemate worries Republicans |
| (WASHINGTON) Congressional Republicans, nervous over the fallout from an impasse over jobs legislation, pressed one of their own to end a stalemate on Tuesday that has disrupted highway construction projects and unemployment benefits for hundreds of thousands of Americans. |
|
| UK Feb service sector activity rises |
| (LONDON) Britain's services sector bounced back faster than expected in February to record its strongest expansion in more than three years, a survey showed yesterday. |
|
| MIT professor tapped for Fed governor job |
| (WASHINGTON) The White House has contacted Peter Diamond, an economics professor at the Massachusetts Institute of Technology (MIT), about joining the Federal Reserve's board of governors, according to people familiar with the discussion. |
|
| Australia's GDP up 0.9% last quarter |
| (SYDNEY) Australia's economy grew at the fastest pace in almost two years in the fourth quarter of last year. |
|
| First rise in Japanese wages in 2 years brings cheer |
| JAPANESE workers' wages, including overtime and bonuses, rose in January for the first time in nearly two years, it was reported yesterday. |
|
| Does Tiger really need to have a new cub? |
| COULD the Tiger be poised to bite off more than it can chew? |
|
| Company Briefs |
| ST Engineering electronics arm ST Electronics has won a contract worth about 48 million yuan (S$9.8 million) from Changchun Bombardier Railway Vehicles Co Ltd (CBRC). |
|
| CastleBay Capital hires ex-Galleon Asia equities team |
| (SINGAPORE) Singapore-based fund manager CastleBay Capital said yesterday it has hired Justin Pollock, a former Galleon Asia portfolio manager, and his team for a new long/short Asian equity fund. |
|
| Teledata names Howard Kim new MD |
| IT company Teledata (Singapore) has appointed Howard Kim, who has more than 20 years of experience in the communications business, as its managing director. |
|
| Airocean trial: Three ex-directors file defence |
| A LAWYER representing former Airocean Group director Peter Madhavan argued in a subordinate court that the prosecution has failed to provide credible evidence to charge him with disclosure failure and with making a misleading statement. |
|
| Midas plans global offer for HK dual-listing |
| MIDAS Holdings yesterday revealed that its intended dual-listing in Hong Kong shall be by way of a global offering of new shares. |
|
| APB issues 4th series of $40m notes |
| ASIA Pacific Breweries (APB) has announced that it has issued a fourth series comprising $40 million in fixed rate notes under its $1 billion multicurrency medium term note programme established in April last year. |
|
| China Printing to be delisted on Monday |
| CHINA Printing and Dyeing Holding is making its exit from Singapore Exchange (SGX) on Monday - about three-and-a-half years after its listing on the mainboard in September 2006. |
|
| Chemoil likely to remain listed after mandatory offer |
| FROM all indications, mainboard-listed marine fuel supplier Chemoil Energy is likely to stay publicly listed on the Singapore Exchange (SGX) - unlike home-grown Singapore Petroleum Company which was bought by oil giant PetroChina last year. |
|
| Asia-Pac airline stocks see mixed performance |
| AIRLINE stock prices worldwide have risen one to 2 per cent this year and remain well over 50 per cent above their February 2009 lows, thanks to improving business conditions and balance sheets. |
|
| Taiwan approves China financial investment rules |
| (TAIPEI) Taiwan has approved guidelines for investment by Taiwanese and Chinese financial institutions in each other, two government sources said yesterday, in a further strengthening of trade ties between the former political foes. |
|
| Google wants US to take China to WTO |
| (WASHINGTON) The Obama administration is weighing the merits of taking China's censorship of Google Inc to the World Trade Organization (WTO) as an unfair barrier to trade, a move that could further raise diplomatic tensions between Beijing and Washington. |
|
| IBM cuts 2,400 workers, says group |
| (NEW YORK) International Business Machines Corp (IBM), the world's largest computer-services provider, fired about 2,400 workers, mostly in the US, according to an employee advocacy group. |
|
| HTC shares fall in trading after Apple lawsuit |
| (TOKYO) HTC Corp fell the most in three weeks in Taipei trading after Apple Inc filed a patent-infringement complaint seeking to stop imports of the company's handsets running Google Inc's Android software into the US. |
|
| Online RPG aims to teach children finance management |
| AN online role-playing game called Bao Bao Tang aims to teach children and families the basics of financial management. |
|
| Cisco acquisition of Tandberg to boost telepresence market |
| VIDEO conferencing in high definition - called telepresence - is expected to get a major boost in the Asia-Pacific region with Cisco's proposed acquisition of Tandberg, a major player in the video conferencing market. |
|
| Eight in 10 ICT companies see business growth in 2010 |
| INFOCOMM technology (ICT) firms in Singapore are seeing good times ahead, with eight in 10 expecting their business to grow this year, according to a new survey by the Singapore infocomm Technology Federation (SiTF). |
|
| China's Little Giant opens R&D unit here |
| A SOFTWARE company dubbed 'China's Little Giant' has opened its first R&D centre outside China in Singapore. Kingdee International Software Group Company, which has been operating in Singapore since early last year, said yesterday that it chose the island because of the government's strong support for the IT industry. |
|
| Lufthansa's profits beat estimates |
| (FRANKFURT) Lufthansa posted a 2009 operating profit that was better than expected after the German flagship carrier started slashing costs to become more lean and compete with low-cost carriers and Asian rivals. |
|
| Boeing sued over Ethiopian jet crash |
| (BEIRUT) Relatives of passengers killed in an Ethiopian Airlines crash in Lebanon earlier this year have filed a multi-million dollar lawsuit in a US court against plane-maker Boeing, their attorney said on Tuesday. |
|
| Cost-cutting in the works at Air India |
| (MUMBAI) State-run carrier Air India is set for dramatic cost-cutting in the months ahead that will test the willingness of workers to accept painful restructuring. |
|
| Rudd to overhaul Australian healthcare system |
| (CANBERRA) Australian Prime Minister Kevin Rudd proposed a sweeping overhaul of the country's healthcare system yesterday that would bring hospitals and primary care under government control. |
|
| US Service industries grew more than forecast in Feb |
| (WASHINGTON) Service industries in the US expanded in February at the fastest pace since October 2007, a sign the recovery is broadening. |
|
| US may call for brake override system |
| (NEW YORK) The Obama administration may recommend that carmakers install a brake override system that is intended to prevent the sudden acceleration episodes that have led to recalls of millions of Toyotas, the Transportation Secretary, Ray LaHood, said on Tuesday. |
|
| Hedge funds still below 'high-water' marks |
| (LONDON) Hedge fund investors could be left out of pocket as managers conjure up shortcuts to earn once again the lucrative bonuses based on performance fees that were a feature of the industry before the credit crisis. |
|
| If the shoe fits |
| The sculpture 'Cinderella' by Joana Vasconcelos on display at the press premiere of her exhibition 'Netless', at the Berardo contemporary art museum here on Monday. |
|
| Saudi Arabia cuts Asian, raises US crude prices |
| (LONDON) Top world oil exporter Saudi Arabia cut the official selling price of most of its crude grades in April to customers in Asia and raised most prices to the United States, the state oil company said on Tuesday. |
|
| Plan for Fed consumer protection unit gets flak |
| (WASHINGTON) A US Senate compromise to create a consumer protection unit in the Federal Reserve encountered a wall of resistance over the scope of the powers planned for the regulator. |
|
| Euro up against US$ as Greek plan details emerge |
| (LONDON) The euro rose against the US dollar yesterday, hitting the day's high as a Greek government source cited details of fresh plans to tackle Greece's debt problems. |
|
| Property tax for most will still be lower even if AV is hiked |
| MR DENIS Distant said that the benefits of the new progressive property tax may not last long if IRAS starts revaluing the Annual Value (AV) of properties (BT, Feb 26, 'Property tax boon may be short-lived'). |
|
| Broker's Take |
| OVERWEIGHT position on Singapore unchanged; end-2010 index target lowered from 3,200 to 3,160. |
|
| Not all firms that default may be liquidated |
| WE OFTEN assume that when a business defaults, this is tantamount to liquidation. Some research, for instance, assumes that equity holders choose the timing of default, knowing that once they do so the firm is immediately liquidated. |
|
| Nurturing innovative start-ups |
| AN ENTREPRENEUR with a brilliant idea and a marvellous business plan alone cannot guarantee the survival of a business, much less its success. |
|
| Asia's man to helm the US-based IMF? |
| I RAISED an eyebrow recently when a well-placed source suggested to me that the next managing director of the International Monetary Fund (IMF) could be from Asia and not from Europe. |
|
| Flintstones will lose out to Jetsons for investment |
| I WAS travelling via Los Angeles International Airport (LAX) last week. |
|
| Washington gets back to work again |
| ANYONE who has been following the efforts made by US President Barack Obama to win Congressional approval for an ambitious plan to fix the ailing US healthcare system would know by now that under the American system, even the most popular president cannot get anything done without a green light from a powerful Congress. |
|
| Three-Minute Digest |
| GIVING a sense of how Singapore's productivity dynamic will play out in the future, Deputy Prime Minister Teo Chee Hean made it clear that the lead would have to come from the enterprises themselves. |
|
| Citi looks to Asia, Latin America for growth |
| (SINGAPORE) Citigroup is looking to Asia and Latin America for most of its growth in the next few years, its chief financial officer John Gerspach said this week. |
|
| Stanchart posts record profit of US$3.38b |
| (LONDON) Standard Chartered plc (Stanchart) yesterday reported a seventh consecutive record annual profit, US$3.38 billion, as stronger wholesale banking earnings offset an increase in provisions for bad loans and other credit risks. |
|
| Greece seeks EU support for tough austerity plan |
| (ATHENS) Greece's Cabinet approved a sweeping new austerity programme yesterday, the third in as many months, intended to rein in a bulging budget deficit and secure European financial support. |
|
| Prudential CEO to woo S'pore soon |
| (SINGAPORE) Tidjane Thiam, Prudential's chief executive, will hit town before the end of the week as part of his Asian tour to win the support of staff and some major shareholders for his bold bid to take over AIA and create Asia's largest insurer. |
|
| Bankers could earn US$660m in fees from Prudential deal |
| (NEW YORK) Prudential Plc's US$35.5 billion agreement to buy AIA from American International Group may generate US$660 million in fees for investment bankers, according to research firm Freeman & Co. |
|
| Contra trading hurts equity derivatives' growth: SGX chief |
| (SINGAPORE) Contra trading is here to stay but it is hurting the growth of equity derivatives here and will probably need to be re-priced, the new chief executive of the Singapore Exchange said yesterday. |
|
| Sundaresh Menon to be new AG; Walter Woon returns to NUS |
| (SINGAPORE) Former Judicial Commissioner, and Rajah & Tann's managing partner, Senior Counsel Sundaresh Menon, will be Singapore's new Attorney-General (AG), come October. |
|
| Law firms hike salaries, slice bonuses |
| (SINGAPORE) Singapore's largest law firms have upped the monthly salaries of their lawyers significantly, as they brace themselves for the onslaught of competition from the foreign law firms, amid the liberalisation of the legal industry here. |
|
| Businesses to lead push for productivity |
| (SINGAPORE) Giving a sense of how Singapore's productivity dynamic will play out in the future, Deputy Prime Minister Teo Chee Hean made it clear that the lead would have to come from the enterprises themselves. |
|
| Venturing into food industry |
| Question: My company is a food manufacturer and we intend to set up operations in Western China. |
|
| Second-tier cities offer growth potential |
| WHERE does one invest in China, which is such a vast market? One of Mapletree Investment's strategies is to focus on second-tier cities with good growth potential, where it can find better value in real estate. And where growth has not fully taken off. |
|
| Save on duties |
| DO you know that you can potentially save up to 35 per cent in import duties for your exports to China? |
|
| Head for China's western frontier |
| LOOKING to invest in China? Go west, to Chongqing in central western China. Or head for Xian in the central north-west region. Both cities are on a new economic frontier that China is opening up. |
|
| Suntec, RWS in cross selling partnership |
| IN A move that is expected to boost business for Singapore's meetings, incentives, conventions and exhibitions (MICE) scene, Suntec Singapore and Resorts World Sentosa (RWS) are joining hands in a partnership to cross sell each other. |
|
| Chinese agency wins LKY Water Prize |
| THE Yellow River Conservancy Commission (YRCC), an agency under China's Ministry of Water Resources, beat 49 other nominees to emerge as the third winner of the Lee Kuan Yew Water Prize yesterday. |
|
| Life science showcase |
| THE Agency for Science, Technology and Research (A*Star)'s annual Science and Technology Festival is taking place at Biopolis until tomorrow to showcase the latest life science products and services. This year, it aims to reach out to the burgeoning biomedical science research community in Singapore. |
|
| Singapore-EU FTA talks kicking off on Monday |
| SINGAPORE and the European Union (EU) will kickstart talks next Monday on a free trade agreement (FTA) that would open up new opportunities for both traders and consumers. |
|
| Toyota incident offers key lessons for brands |
| BRANDS play an important role in modern society in both scope and scale. Think of last month's incident around Toyota and its handling of the recall of 8.5 million Prius hybrid cars. It is a perfect case in crisis management of brands and a compelling one of how not to handle it. |
|
| Coping with rising urban population |
| THERE was a time when if someone asked about Singapore's population, the answer would be '3.5 million'. Today, the same question elicits a resounding 'about five million'. According to the Singapore Department of Statistics, Singapore's total population as at June 2009 was 4.997 million. |
|
| Should taxpayers pay for bankers' mistakes? |
| A REFERENDUM in Iceland isn't the kind of event that would usually attract much world attention. This time will be different. |
|
| History not on China's side over US arms sale to Taiwan |
| RECENTLY, after the Obama administration announced a substantial arms sales package for Taiwan - one that was almost entirely defensive - China responded vociferously by suspending military exchanges. |
|
| A return to fiscal prudence in India |
| TWO pieces of news after India's Budget last week give a good indication of the direction in which the government wants to take Asia's third-largest economy. |
|
| Three-Minute Digest |
| THE upswing in office leasing deals that started around July last year shows no signs of letting up. |
|
| Need for compliance services rising |
| GROWING global concern over environmental and security issues and the resulting requirements to comply with new regulations such as the EU Reach and US Importer's Security Filing 10+2 programmes are causing more supply chain companies to see a need for more compliance services and to outsource some or all of their compliance functions, with the trend being highest among Asia-Pacific companies, a recent survey found. |
|
| Overseas Shipholding posts over US$23m loss for Q4 |
| (NEW YORK) Overseas Shipholding Group (OSG), the largest US-based oil tanker owner, reported a fourth-quarter loss of US$23.2 million as shipping rates tumbled. |
|
| Senate close to nailing down new rules for Wall Street |
| (WASHINGTON) More than a year after Lehman Brothers' collapse set off a financial panic, Senate negotiators appear close to resolving a narrow dispute that was holding up broad legislation to set new rules for Wall Street. |
|
| Wealthy fans plan possible takeover of Man Utd |
| (MANCHESTER) A group of wealthy supporters of Manchester United is looking into a possible bid for the English football club though its billionaire American owners say it is not for sale. |
|
| Hyundai feeds on Toyota woes while GM joins recalls |
| (DETROIT) South Korea's Hyundai Motor Co announced a sharp rise in February sales, benefiting from recall woes at rival Toyota Motor Co, which planned aggressive incentives to win back US customers. |
|
| A$ rally fizzles out after news of RBA's rate hike |
| ALL eyes were on the Reserve Bank of Australia (RBA) yesterday and whether it would raise the cash rate by another 25 basis points to 4 per cent. |
|
| Brokers' Take |
| UNITED Overseas Bank remains our top 'buy' within the banking space. |
|
| Somali pirates set to gain from Asia coal boom |
| (LONDON) Booming Asian demand for South African coal will put more ships at risk from Somali pirates operating in the Indian Ocean and raise insurance and freight costs already hiked due to seaborne attacks. |
|
| MPs weigh in on productivity debate |
| TEO Chee Hean is the best man to head the National Productivity and Continuing Education Council because of his long years in the Singapore Armed Forces (SAF), which has been long in the practice of getting more for less. |
|
| STI loses 1.86 points in quiet trading |
| ANOTHER ho-hum day yesterday ended with the Straits Times Index first rising to an intraday high of 2,787 before drifting lower to 2,772.2 for a nett loss of 1.86 points. There was little in the way of meaningful features to speak of, other than Genting Singapore's continued slide and rotational playing of the second line by proprietary traders, which meant brokers spent a large portion of the day trading in their own accounts to pass the time. |
|
| Muted response to emissions breakthrough |
| I HAVE been a shipping journalist for over 20 years now but I am sure I have never come across a story like the one about Singapore-based Ecospec Global Technology's CSNOx gas abatement system. |
|
| Sembcorp's rig for seadrill |
| SEMBCORP Marine recently held a naming ceremony for West Orion, the third of a series of four turnkey ultra-deepwater semi-submersible drilling rigs its Jurong Shipyard unit is building for Seadrill. |
|
| Gearing up for challenging times |
| DESPITE the problems of the past year or so, the common refrain from the maritime industry has been that recovery is coming and that it will be led by Asia. |
|
| Know thyself and know the house rules |
| A PRETTY, young intelligent contact and her friends paid a visit to Resorts World Sentosa's spanking new casino over the Chinese New Year (CNY). |
|
| Resorts World - adding it up |
| A MIDDLE-AGED woman strolled up to the roulette table, clutching her branded handbag as she reached inside for a wad of notes. She changed them for $500 worth of chips and wasted no time in placing them on various numbers on the table. |
|
| Singapore Roundup |
| START-UP Rhapsody Biologics has secured a licence for a portfolio of technologies from Exploit Technologies. |
|
| Leo Burnett eyeing Asia-Pac ad market |
| 2010 might be the year that it all comes together for ad firm Leo Burnett, and Singapore will be at the epicentre of its growth in the region. |
|
| Online users willing to pay for content |
| MUCH remains unknown about the future of the Internet and how online businesses will shape up, but according to a recent survey by Nielsen, selling content such as books, movies and music online might just be the way to go. |
|
| Manufacturing slightly up in Feb |
| CONTINUING its expansion for the 10th consecutive month, Singapore's manufacturing activity rose marginally in February, even though growth in the electronics sub-segment appeared to have slowed. |
|
| Diagnosing dengue with a finger prick |
| A PRICK of the finger will now be enough to diagnose dengue, thanks to a new viral diagnostic test developed by researchers from A*Star's Institute of Microelectronics (IME). |
|
| Course for IT retail sales staff |
| SINGAPORE'S first customised retail training course for IT retail salespeople was launched yesterday. |
|
| Media's role in raising productivity |
| THE media - along with the National Productivity and Continuing Education Council - must play a key role in driving home the productivity message, Member of Parliament Ho Geok Choo said yesterday. |
|
| Obama gets chance to remake Fed |
| (WASHINGTON) The No 2 official on the Federal Reserve Board said on Monday that he will retire, opening a third seat on what may be the world's most powerful economic body and giving President Barack Obama a historic opportunity to reshape the central bank. |
|
| Blowing hot and cold over gold |
| (SINGAPORE) The phenomenal rise in gold prices last year has clearly caught the eye of big-time investors, including legendary speculator George Soros as well. |
|
| Australia hikes interest rate as economy picks up |
| (SYDNEY) Australia's central bank raised interest rates yesterday, saying that the economy is strong enough to withstand any impact from global investor concerns on sovereign-debt risks. |
|
| AIA policyholders' Prudential poser |
| PRUDENTIAL plc has hit the sweet spot in its stride across the Asian insurance landscape. Its acquisition of the AIA Group, which parent AIG itself calls the 'crown jewel' among its assets, occurs at a time when insurance penetration in Asia remains relatively low, and yet profit margins are rich. |
|
| Asian banks courted to underwrite Prudential deal |
| (SINGAPORE) Asian banks, including those from Singapore, are being courted to help underwrite Prudential's purchase of AIA, which will involve raising a record amount of cash. |
|
| Big boys go looking for swank, new offices |
| (SINGAPORE) The upswing in office leasing deals that started around July last year shows no signs of letting up. The healthy demand has persuaded some property consultants that rents for the best quality space in Singapore's financial district could be close to their bottom and poised to perk up. |
|
| How maritime community harnesses satellite technology |
| VAST advances in technology have improved satellite communications to the point that almost all land-based services are also available at sea. While the infrastructure is becoming more widespread, what needs to catch up is the provision of services to ensure that seamless communication is made possible. |
|
| Madoff whistleblower reveals all, blasts SEC |
| 'GIVE me Madoff for five minutes and three questions and I could have him put away.'. Published by John Wiley & Sons |
|
| New ez-link cards launched for private buses |
| EZ-Link has partnered an Australian-based technology company to unveil the next-generation contactless fare payment system for private bus operators, which could be used to replace the system now found in public buses. |
|
| India Infrastructure may use US$500m of forex reserves |
| (MUMBAI) India Infrastructure Finance Co, a state-run entity that extends loans at preferential rates, may use US$500 million of the nation's foreign-exchange reserves in the coming fiscal year to build roads, ports and power plants. |
|
| Daimler, BYD to develop electric vehicle |
| (TOKYO) Daimler AG and BYD Co, the Chinese carmaker backed by billionaire Warren Buffett, will jointly develop an electric vehicle to be sold in China, the world's largest car market. |
|
| Opel pins revival hopes on Insignia |
| AUTHORISED Opel distributor Auto Eurokars is hoping that the new Insignia will signal a resurgence of the German brand in Singapore and is targeting annual sales of 100 units. |
|
| Higher earnings seen for M'sian firms in 2010 |
| MALAYSIAN companies turned in a mixed performance in the final quarter of 2009 - but analysts have raised their earnings forecast for the current year based on the banking sector's surprisingly robust display. |
|
| Indonesia, Australia launch A$30m forest CO2 project |
| (SINGAPORE) Indonesia and Australia launched a A$30 million (S$38 million) project yesterday to fight deforestation in Sumatra as part of efforts to cut greenhouse gas emissions and boost a planned forest-carbon trading scheme. |
|
| Probe fails to resolve reform divisions |
| (JAKARTA) A parliamentary probe yesterday failed to resolve bitter divisions over the fate of two key pro- market lawmakers in Indonesia's Cabinet, signalling conflict over whether economic reform would continue. |
|
| Govt to retain majority stake in state-run firms |
| (MUMBAI) India plans to retain at least a majority stake in government-controlled companies as it accelerates asset sales to raise 400 billion rupees (S$12.22 billion) in the financial year starting next month. |
|
| India's exports rise for third month in January |
| (NEW DELHI) India's exports rose in January for a third straight month as economic recoveries in the US and Europe created demand for the nation's cars and jewellery. |
|
| Agencies wrong on India rate call, says official |
| (NEW DELHI) Goldman Sachs Group Inc analysts are likely to be proven wrong on forecasting three percentage points of interest rate increases in India this year, an aide to the prime minister said. |
|
| The 'too early' star strategist |
| JEREMY Grantham warned in January 2000 that US equities were 'more overpriced than at any time in the last 70 years due to the massive overpricing of technology and especially dotcom stocks'. |
|
| Insider insight still fairly accurate |
| CORPORATE insiders are sending fairly positive signals about the market. When stocks began to fall in mid- January, insiders cut back on sales of their companies' shares and increased their purchases, according to David Coleman, editor of the Vickers Weekly Insider Report. |
|
| China targeting bigger budget deficit in 2010 |
| (BEIJING) China will target a higher budget deficit this year of more than one trillion yuan (S$205 billion), a senior lawmaker said yesterday. |
|
| Japan jobless rate falls for 2nd straight month |
| (TOKYO) Japan's unemployment rate fell for the second straight month in January and household spending posted solid growth despite a decline in wages - further signs of recovery in the world's second largest economy. |
|
| Norway fund revises ethical investment guidelines |
| (OSLO) Norway has launched revised ethical guidelines for its US$450 billion fund, Europe's biggest equity investor, putting increased emphasis on active ownership of the fund's investments, the finance ministry said yesterday. |
|
| Buffett slams M&A advisory fee structure |
| (NEW YORK) 'Don't ask the barber whether you need a haircut.' That little nugget was buried in Warren Buffett's annual letter to Berkshire Hathaway shareholders published over the weekend. |
|
| Parkway's CEO-designate chomping at the bit |
| PARKWAY Holdings will see a change in leadership come mid-April but plans to expand its presence in emerging and regional markets will stay the course, a growth strategy which could see it in good stead considering the strong prospects for the healthcare industry in the Asia-Pacific. |
|
| Company Briefs |
| SIX companies have been added to the Singapore Exchange's watch-list today for possible future delisting - Creative Master Bermuda, AEM Holdings, Sinobest Technology Holdings, Lankom Electronics, JEL Corporations Holdings, and Plastoform Holdings - taking the total number of firms on the watch-list to 23. |
|
| Orchard Capital bets on Asian issues |
| (HONG KONG) Orchard Capital Partners is betting on large initial public offerings and secondary placements and higher implied volatility in Asian markets in 2010, said a co-founder of the Hong Kong-based hedge fund manager. |
|
| STC takes over Chancery Five project |
| THE Straits Trading Company (STC) is taking over a private developer and its cluster bungalow project at Chancery Lane. |
|
| Sicom secures new clearing licence |
| SINGAPORE Commodity Exchange (Sicom) has secured a licence to operate a Commodity Market and Clearing House under the Commodity Trading Act (CTA), giving it room to roll out new commodity categories. |
|
| Datapulse's Q2 net profit drops 37.9% to $2.2m |
| DATAPULSE Technology Ltd, a provider of CD and DVD services in the Asia-Pacific region, saw its net profit drop 37.9 per cent to $2.2 million for its second quarter ended Jan 31, 2010. |
|
| MediaRing declares its first dividend |
| A CHANGE in ownership has led to MediaRing declaring its first ever dividend in a decade-long history. MediaRing's share price rose one cent on Monday but eased half a cent to 22.5 cents yesterday after its board proposed a final dividend of 0.1 Singapore cent a share last Friday. |
|
| Swiber narrows Q4 loss to US$6.5m |
| OFFSHORE construction player Swiber Holdings narrowed its fourth-quarter net loss by more than a fifth to US$6.5 million from US$8.3 million a year ago despite a 3.3 per cent fall in turnover of US$99.5 million. |
|
| Sino-Env board, CEO on right path: SIAS |
| THE Securities Investors Association of Singapore (SIAS) yesterday met the new chairman and chief executive of troubled Sino-Environment Technology Group to discuss the concerns of its minority shareholders. |
|
| ETF tracks European sovereign bonds |
| AMONG Deutsche Bank's latest exchange traded funds (ETFs) launched is one that tracks the performance of European sovereign bonds, including those of debt-ridden Italy, Ireland, Spain and Portugal. |
|
| Trading calms down after roaring start |
| AFTER a blistering start in January, the Singapore Exchange's (SGX) turnover in the securities market simmered down in February but remained starkly higher year on year, according to the latest set of monthly figures released by the exchange. |
|
| Sands China's 2009 profit up |
| (HONG KONG) Sands China Ltd, the Macau casino operator controlled by billionaire Sheldon Adelson, said 2009 profit rose 22 per cent on higher spending in the world's biggest gambling hub. |
|
| Wealth gap at its widest last year |
| (BEIJING) China's rural-urban wealth gap was the widest last year since the nation launched its economic transformation three decades ago, state media said yesterday, amid concerns the disparity could spark unrest. |
|
| Enforce credit policy to ensure growth: regulator |
| (BEIJING) China must find the right balance in lending to ensure steady economic growth while keeping inflationary pressures in check, the country's top banking regulator said in remarks published yesterday. |
|
| Qantas CFO quits for personal, health reasons |
| (SYDNEY) Qantas Airways, Australia's largest carrier, said chief financial officer Colin Storrie will step down at the end of this week because of 'personal and health reasons'. |
|
| Thai Airways planning 40b baht bond issue |
| (BANGKOK) Thai Airways International Pcl, the nation's state-controlled carrier, said its board approved a plan to sell as much as 40 billion baht (S$1.7 billion) of bonds over the next five years. |
|
| Boeing seeks foreign buyers for giant cargo jet |
| (LOS ANGELES) Boeing has been engaged in an intensified sales campaign to seek foreign buyers for its mammoth cargo plane C-17 in hopes of keeping its sprawling assembly line in Long Beach, California, from closing in two years, the Los Angeles Times said on Monday. |
|
| Global air passenger traffic in January up 6.4% |
| COMMERCIAL airline traffic has continued to improve in January, according to the International Air Transport Association (Iata). |
|
| Thai IRPC plans US$1.4b expansion over 5 years |
| (BANGKOK) Thailand's IRPC Pcl, operator of South-east Asia's biggest integrated petrochemical complex, aims to spend US$1.4 billion in the next five years on expanding capacity to meet rising demand, an executive said. |
|
| Japan may extend programme for buying stocks from banks |
| (TOKYO) Japan may extend a programme to buy stocks from banks because the risk of losses on cross- shareholdings may rise if the nation's economy falters, an executive at the Banks' Shareholders Purchase Corporation said. |
|
| More women in Asia-Pac see a bright future: survey |
| (SINGAPORE) They're confident, hold the household purse-strings and earn good money: more women in the Asia-Pacific area this year are feeling empowered and optimistic about the future after 2009's economic woes, a survey shows. |
|
| Thai firms in former Thaksin stable hit by court decision |
| THE controversial court ruling last Friday that saw ex-Thai prime minister Thaksin Shinawatra forfeit 60 per cent of his frozen assets has caused shares in companies majority-owned by Singapore's Temasek Holdings to slump in Thailand. |
|
| BHP, Rio lose $US20b on iron ore: Goldman |
| (MELBOURNE) BHP Billiton Ltd, Rio Tinto Group and Fortescue Metals Group Ltd may be missing out on about US$20 billion of sales a year by not selling iron ore mined in Australia at cash prices, said Goldman Sachs JBWere Pty. 'We cannot understand why any producer would not look to urgently and decisively aim to receive the market price,' Goldman Sachs JBWere analysts led by Neil Goodwill said in a report yesterday. |
|
| US highway plans, jobless aid disrupted |
| (WASHINGTON) Unemployment benefits for hundreds of thousands of jobless people ran out on Monday and highway programmes across the United States suspended work after a Republican lawmaker prevented their renewal. |
|
| Obama set to unveil changes to health care reform plan |
| (WASHINGTON) US President Barack Obama will offer changes to his health care overhaul this week, the White House said on Monday, and Democrats said they were working to include more ideas advocated by Republicans. |
|
| Craving for snacks turns US kids into 'constant eaters' |
| (WASHINGTON) American children eat an average three snacks a day on top of three regular meals, a finding that could explain why the childhood obesity rate has risen to more than 16 per cent, researchers said yesterday. |
|
| UOB to merge its two bank subsidiaries in Indonesia |
| UNITED Overseas Bank (UOB) will merge its two Indonesian bank subsidiaries in compliance with Bank Indonesia's single presence policy. |
|
| Sino-Env CEO on why nTan services were terminated |
| AS part of its cost-cutting measures, troubled S-chip company Sino-Environment has terminated the services of its independent financial adviser nTan Corporate Advisory with effect from Feb 18. |
|
| Goldman's picks include Tsingtao and Zhejiang |
| (SINGAPORE) Goldman Sachs Group Inc recommended China's car, healthcare, personal computer, insurance and Internet stocks, predicting gains from consumption growth. |
|
| Shares seen struggling until more policy clarity |
| (SHANGHAI) China's stocks are 'likely to struggle' until there's more clarity on government policies to rebalance the economy, according to JPMorgan's Adrian Mowat. |
|
| China February factory output slows: surveys |
| (BEIJING) China's manufacturing grew at a slower pace last month, reducing the risk of overheating in the fastest-growing major economy. |
|
| Etihad to introduce in-flight health monitoring system |
| (MELBOURNE) Etihad Airways will install new state-of-the-art technology on its long and ultra long-haul aircraft which can monitor the condition of passengers who display signs of sickness that might require immediate medical attention. |
|
| Chile's international airport resumes operation |
| (SANTIAGO) The international airport of Santiago will start resuming operations slowly and will completely go into full operation today, the commander-in-chief of the Chilean Air Force said. |
|
| US carriers back in ring for premium passengers |
| (ATLANTA) Delta Air Lines and American Airlines, the world's two largest carriers, are counting on lie-flat seats and Tahitian crab soup to help win back their most-profitable customers. |
|
| JFK runway shutdown has far-reaching consequences |
| (NEW YORK) The main runway at New York's John F Kennedy International will be closed for four months starting yesterday. |
|
| Asean ministers urge Obama to boost US investment |
| (PUTRAJAYA, Malaysia) US President Barack Obama needs to grasp South-east Asia's economic potential and help boost US investment when he travels to Indonesia three weeks from now, economic ministers from the region said. |
|
| Toyota president apologises to Chinese customers |
| (BEIJING) Toyota president Akio Toyoda apologised yesterday to the company's customers in China, the fast-growing market that has become increasingly important to carmakers as they struggle with weak global sales. |
|
| Hang Seng Bank H2 profit up 34% |
| (HONG KONG) Hang Seng Bank Ltd, majority owned by HSBC Holdings, has posted a 34 per cent gain in second-half profit as demand for investment products increased on stock gains. |
|
| Wilmar to expand its India business |
| WILMAR International Ltd, the world's biggest palm oil trader, aims to expand its India business to about half the size of its Chinese operations in the next 10 years, chief executive officer Kuok Khoon Hong said. |
|
| PSC places bet on lottery business as it diversifies |
| PSC Corporation, perhaps best known for iEcon minimarts and the Channel 8 variety show PSC Night, has been diversifying its business quietly over the last few years. Over the weekend it launched its latest venture - a sports lottery in Cambodia. |
|
| FibreChem unveils US$50m lifeline |
| FIBRECHEM Technology has made it in time to submit a proposal to the Singapore Exchange (SGX) for resumption of trading of its shares. |
|
| Value gains lift planters' profits |
| VALUATION of biological assets clearly has a positive impact on planters, as both Kencana Agri and First Resources reported higher full-year profit thanks to gains on this front. |
|
| NOL's container shipping volume up 63% |
| NEPTUNE Orient Lines' (NOL) container volumes are well on the way to recovery, leaping 63 per cent for the six-week period from Dec 26 to Feb 5, although average revenue remains weak. |
|
| Asia now depends on new locomotive |
| THEORIES abound - and seem to change constantly - as to whether or not Asian economies have 'decoupled' from dependence on the West. |
|
| Three-Minute Digest |
| PRUDENTIAL yesterday said it will acquire the American International Group's life insurance business in Asia for US$35.5 billion, a deal that signals loudly its intention to expand aggressively in the region where growth rates for the wealth and insurance markets are expected to outstrip global averages. |
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| Oil, natural gas, coal to stay top energy sources: study |
| (SINGAPORE) From now till 2030, oil will remain the world's largest energy source, with natural gas moving into second spot ahead of coal. The three fossil fuels will account for close to 80 per cent of global energy needs, says ExxonMobil's senior energy adviser, David Reed. |
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| Japan govt, BOJ in war of words over deflation |
| FRICTION between the Japanese government and the Bank of Japan (BOJ) moved nearer to a state of open war yesterday as Finance Minister Naoto Kan set a deadline - the end of this year - for ending chronic deflation. |
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| EU urges Greece to take new steps to cut budget gap |
| (ATHENS) European Union Monetary Affairs Commissioner Olli Rehn urged Greece to quickly outline new ways to cut the region's largest budget deficit as governments craft a possible rescue package for the cash-strapped nation. |
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| HSBC posts profit of US$5.83b, missing estimates |
| (LONDON) HSBC Holdings, Europe's biggest bank, posted full-year net income that missed analyst estimates after impairments for bad loans rose and profit in Asia fell. |
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| Tiger Airways looking to start up another 'cub' |
| (SINGAPORE) With its Australian start-up returning to the black and the Singapore operations cruising to higher profitability, Tiger Airways is looking at starting up another 'cub' in the Asia-Pacific. |
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| Changi Airport lands stake in Rome airports |
| (SINGAPORE) Changi Airports International (CAI), the wholly owned international airport consultancy unit of Changi Airport Group (CAG), now owns a slice of Rome's main airport. It has bought a 5 per cent stake in Gemina SpA, the holding company of Aeroporti di Roma (AdR). |
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| Brokers fight for the right to contra trade |
| (SINGAPORE) Any move to remove contra trading will be resisted by brokerages, which have recently had informal chats on the subject with the Singapore Exchange (SGX). |
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| Prudential snaps up AIG unit for US$35.5b |
| (SINGAPORE) Prudential yesterday said it will acquire the American International Group's life insurance business in Asia for US$35.5 billion, a deal that signals loudly its intention to expand aggressively in the region where growth rates for the wealth and insurance markets are expected to outstrip global averages. |
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| An encouraging move |
| THE recent tax incentives targeted at supporting business restructuring and facilitating M&A come as a pleasant surprise, particularly for those SMEs which have grown organically to a certain size and sophistically enough to explore further synergies and expansion. |
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| 5 ways for SMEs to capitalise on the Budget |
| BUDGET 2010 looks beyond the immediate rebound in the economy. It invests into Singapore's future. |
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| Global growth holds key to success |
| INTERIOR design and furniture specialist Falcon Incorporated is opening a furniture factory in Hanoi, said to be the largest of its kind in the Vietnamese capital. |
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| What companies should know before going for an IPO |
| MANY ambitious enterprises have dreams of going for a public listing. However, they may be clueless about how to prepare for the journey, or even when they should start to think about it. |
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| Emerging Enterprise contest hotting up |
| WITH less than a month to the application deadline for Emerging Enterprise 2010 (EE10), there are already signs that this year's competition is hotting up. |
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| Patsnap eyes China patent market |
| CHINA'S State Intellectual Property Office is reported to have issued more than 580,000 patents in 2009, a record-breaking 41 per cent increase from the previous year. |
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| SMART way to achieving business excellence |
| SPRING Singapore's SME Management Action for Results (SMART) is targeted at helping small and medium enterprises (SMEs) along the journey towards business excellence by providing consultancy services and funding support. |
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| Bridging the generation gap |
| WHEN Kaden Choa, fresh out of university, started working full-time for his father at Excel Hardware - a wholesale distributor of furniture parts - in 2007, he decided to try and modernise some of his company's processes. |
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| Small-cap portfolio advances 2.9% |
| SMALL-CAP stocks have outpaced big caps on a weekly basis for the first time since the second week of January. |
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| Cold weather drives Chinese vegetable prices up |
| PRICES of Chinese vegetables have been increasing, following a cold snap in the provinces, such as Guangzhou, on the eve of Chinese New Year. |
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| Poor customer service threatens S'pore brand |
| LOW levels of customer satisfaction in the service sectors here are very worrying for Singapore, said top executives at a forum yesterday. |
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| New building-tax scheme panned at roundtable |
| THE new tax allowance scheme that replaces the Industrial Building Allowance (IBA) and aims to raise land productivity is not business friendly. |
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| Singapore Roundup |
| HEALTH Management International's education arm, HMI Institute of Health Sciences (HMI-IHS), signed a memorandum of understanding with the Chinese Development Assistance Council (CDAC) yesterday. |
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| Festival aiming to improve Asian material for kids |
| AN ASIAN Festival of Children's Content (AFCC) - the first of its kind - will be held at The Arts House from May 6-9. |
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| D-SIMLAB gets funding from Tan Gee Beng |
| D-SIMLAB Technologies Pte Ltd, a provider of simulation-based decision support solutions for the aerospace and semiconductor manufacturing industry, has successfully raised another round of investment from Tan Gee Beng Pte Ltd (TGBPL) yesterday. |
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| Egypt delegation here to woo local investors |
| A HIGH-LEVEL delegation from Egypt will be in Singapore this week to showcase the country as a key destination for investors seeking opportunities in the vast, largely untapped market of Africa. |
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| Market up amid selective buying |
| THE Straits Times index registered a respectable rise yesterday - it was more a result of selective stock purchases than a return to real buying interest. |
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| Bangladesh gets US$145m cash injection to build jetty |
| (DHAKA) Bangladesh will provide funds of nearly US$145 million from the Jeddah-based Islamic Development Bank (IDB) to build a jetty in the Bay of Bengal and connect it to the country's only refinery, senior officials said yesterday. |
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| Militants blow up Nato oil tanker in Pakistan |
| (PESHAWAR, Pakistan) Suspected Islamist militants armed with guns and rockets yesterday blew up a tanker carrying fuel through Pakistan for Nato troops based in neighbouring Afghanistan, police said. |
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| Somali pirates free Greek freighter after 2 months, ransom paid |
| (BRUSSELS) Somali pirates released Sunday a Greek-owned freighter and its crew of 19, captured two months ago, after receiving a ransom payment, the EU's naval force announced. |
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| Cooperation leads to tug boat recovery |
| CLOSE cooperation among regional authorities has enabled the quick recovery - within three weeks - of a tug hijacked off Pulau Tioman earlier this month, the The Regional Cooperation Agreement on Combating Piracy and Armed Robbery against Ships in Asia (ReCAAP) information sharing centre (ISC) said last Friday. |
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| KL urges GLCs to invest more at home |
| (KUALA LUMPUR) Malaysia's government-linked companies and businessmen are being pressed to boost spending at home amid concern that more money is being invested abroad than flowing into the country. |
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| Analysts mixed over Genting M'sia |
| ANALYSTS seem to have mixed feelings about Genting Malaysia, the former Resorts World and the Genting conglomerate's gaming and hospitality arm. And it is for purely ironic reasons - competition from two new casinos in Singapore, one of which is 54 per cent owned by Genting Malaysia's parent. |
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| Epure profit up 37.7% |
| EPURE International enjoyed a 37.7 per cent jump in net profit for the year ended Dec 31, 2009, to 280.5 million yuan (S$57.8 million). This was helped by higher revenue, lower finance costs, a drop in income tax and the absence this time round of a 28 million yuan net foreign exchange loss it saw in FY08. |
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| Leeden profit slides 24% to $8.9 million |
| DESPITE the boost from the consolidation of an acquired gas business, welding, gas and safety specialist Leeden posted a 24 per cent slide in net profit to $8.9 million for the year ended Dec 31, 2009. |
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| Individual investors' SGS holdings to shift to CDP |
| THE Singapore Exchange (SGX), DBS Bank, United Overseas Bank (UOB) and OCBC Bank yesterday announced that all Singapore Government Securities (SGS) holdings of individual investors will be migrated to the Central Depository (CDP) for safekeeping starting from next month. |
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| Company Briefs |
| SINOBEST Technology Holdings warned it may be placed on the watch-list by the Singapore Exchange after it reported a pre-tax loss for the third straight year. |
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| Sweden fell back into recession in Q4 |
| (STOCKHOLM) Sweden unexpectedly slipped back into recession in the fourth quarter as domestic consumption lost momentum and the slow global economic recovery slashed demand for exports, which make up more than half Swedish output. |
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| Scottish investors expect sterling to plunge |
| (LONDON) While the world focuses on Greece's debt crisis, investors in Edinburgh are busy preparing for the UK to be next. |
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| S Korean exports jump to 17-month high |
| (SEOUL) South Korean exports soared to a 17-month high in February, easing investor concerns about the impact from monetary tightening in countries like China and over the fading effects of global stimulus spending. |
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| Feb eurozone PMI jumps; Greece, Spain lag behind |
| (LONDON) Manufacturing activity in the euro zone grew slightly faster than previously thought last month but Spain and Greece continued to lag far behind the bloc's big three economies, a survey showed yesterday. |
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| Data confirms Aussie economy on the mend |
| (SYDNEY) Australia's trade deficit widened in the last quarter as the relative strength of domestic demand and business investment sucked in imports, while companies reported healthy sales and improving profits. |
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| US Senate panel agrees to scrap consumer agency |
| (WASHINGTON) Senate Banking Committee negotiators, working through the weekend, agreed to drop the stand-alone consumer agency sought by the Obama administration and opposed by the banking industry, removing an obstacle that has stalled new US financial rules. |
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| For Hyflux, a challenge of shallower waters |
| WE all know Hyflux is a top, top company. Founder and CEO Olivia Lum was named tenth most trusted personality by none other than a Reader's Digest poll. |
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| UK mortgage approvals fall to 8-month low |
| (LONDON) UK mortgage approvals in January have dropped by more than economists forecast to an eight-month low, adding to evidence that the housing market recovery may be losing momentum. |
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| Prices of London luxury homes up 17% in February |
| (EDINBURGH) Luxury home prices in central London jumped 17 per cent in February from a year earlier, the biggest gain in almost two years, as more buyers competed for a dwindling number of properties, Knight Frank LLP said. |
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| Buffett closes the book on credit card 'fiasco' |
| (NEW YORK) Billionaire Warren Buffett shut a Berkshire Hathaway credit-card business and sold bad loans at 55 cents on the dollar in what he called a 'very expensive business fiasco.' |
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| Shell selling fields and LPG assets |
| (LONDON) Royal Dutch Shell is selling assets including fields in the North Sea and its European liquefied petroleum gas business to help finance its US$28 billion capital spending programme this year, the Financial Times said, citing unidentified people involved in the proposed transactions. |
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| Survey finds most magazine websites not turning a profit |
| (NEW YORK) The only thing standard about magazines' websites is that there are no standards. |
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| Pay curbs make little sense, hurt AIG's ability to perform, says chairman |
| (NEW YORK) Compensation limits imposed by US paymaster Kenneth Feinberg make 'little business sense' and hurt the insurer's ability to repay its government bailout, Harvey Golub, American International Group chairman, said. |
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| Gold price soars even as physical demand wanes |
| THE unsung song about gold is that it is currently trading at a record euro price of 824 euros (S$1,570) an ounce. |
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| Major blow to Chile's recovery from recession |
| (MEXICO CITY) A devastating earthquake in Chile will set back the country's recovery from recession and put pressure on central bankers to keep interest rates low to help the economy. |
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| Curfew imposed as govt rushes to provide aid |
| (CONCEPCION) The United Nations yesterday said that it would begin rushing aid deliveries to Chile after the government officially asked for help in its recovery from this weekend's massive earthquake. |
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| Dubai cuts spending to save US$1b |
| (DUBAI) Dubai has ordered government departments to cut spending this year to reduce the size of the emirate's planned six billion dirham (S$2.29 billion) deficit, the department of finance said yesterday. |
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| Merck to pay US$7.2b to take over Millipore |
| (NEW YORK) Merck of Germany said on Sunday that it has agreed to buy Millipore, an American provider of purifiers and filters for biotechnology laboratories, for about US$7.2 billion, including debt. |
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| Heavy trading of Transmile shares continues |
| SHARES of Transmile Group continued to be heavily traded yesterday after widening losses caused the company to slip into distressed status last week. |
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| Manufacturing growth hits a high |
| (MUMBAI) India's manufacturing industry in February grew at its fastest pace in 20 months, expanding for the third month thanks to rising output and new orders, a survey showed. |
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| Delhi expects return to 9% growth in 2 years |
| (RIYADH) India said it expects its economy to rebound to 9 per cent annual growth rates within two years and wants to expand its energy ties with top OPEC exporter Saudi Arabia to help fuel the recovery. |
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| Indian market can absorb fresh govt borrowing |
| (NEW DELHI) India's market will be able to absorb record government borrowing announced in the Budget, one of the country's most powerful economic advisers said, despite an initial negative reaction from bondholders. |
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| Australian property sales hit record |
| (SYDNEY) Australian property prices are rising strongly and show no signs of abating, analysts said yesterday, after weekly sales in one state hit a record A$1.03 billion (S$1.3 billion). |
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| US, Japan to see leap in distressed property sales: poll |
| (LONDON) The US and Japan are expected to see the biggest rise in distressed property sales in the first quarter, as the fallout from the global property downturn intensifies, the results of a survey showed yesterday. |
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| Suntec Reit eyes convention centre |
| (SINGAPORE) There are plans for Suntec Real Estate Investment Trust (Suntec Reit) to purchase the entire Suntec International Convention & Exhibition Centre. But this is unlikely to happen until the latter has been repositioned to produce a more stable income stream. |
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| 9% of CBD blocks have over 20,000 sq ft floor plates |
| (SINGAPORE) As of December last year, only 9 per cent of Singapore's CBD office buildings had floor plates of over 20,000 sq ft, which are favoured by big occupiers, particularly financial institutions. |
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| Manufacturing sector expands for 7th month |
| (NEW YORK) The US manufacturing sector expanded in February for the seventh straight month while a measure of employment jumped to the highest level in more than five years. |
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| Euro steady on signs of support deal for Greece |
| (LONDON) The euro was steady against the US dollar yesterday as signs emerged that a support deal for Greece may be near, while the pound sterling fell to a nine-month low versus the US dollar as UK political uncertainty increased. |
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| Proposals for trade resumption must meet IPO standards |
| WE refer to the article, 'More clarity needed for SGX policy on firms at risk of delisting' (BT, Feb 24). |
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| Brokers' Take |
| NET profit of $522 million was 6 per cent ahead of our estimate, but in line with the market consensus ($503 million). |
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| Any advance likely to be a relief rally |
| DESPITE a flurry of corporate results last week that beat street estimates, the STI continued to mark time in lacklustre trading. |
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| Virtual events extend reach |
| VIRTUAL reality is one of the enduring images of science fiction: Think of epic action-hero battles, complete with martial arts moves and superhuman agility, or holograms that transport the human protagonists to another time and place. |
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| A politically correct Indian budget |
| RELEASES of India's annual budgets are followed with almost as much curiosity and trepidation as those of star-studded Bollywood movies. |
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| How to overcome the people shortage |
| IN A recent speech Prime Minister Lee Hsien Loong worried about Singapore's population situation. |
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| How long can Bernanke keep up the juggling act? |
| US FEDERAL Reserve chairman Ben Bernanke's semi-annual report on the state of the American economy last week was comforting. He reassured everyone that the economy was slowly getting better. |
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| US labour unions' agenda hits roadblock |
| (WASHINGTON) US labour's hopes for major gains under President Barack Obama and a Democratic Congress have dimmed, raising fresh doubts about union leverage even in the best of political times. |
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| Singapore economy: advanced or not? |
| FOR some years now, Singapore has set its sights on becoming a global city - a distinctive leading one, no less. |
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| Prudential in advanced talks to buy AIG's Asian arm |
| (LONDON) Prudential, Britain's largest insurer, is in advanced talks to buy the Asian arm of American International Group in a deal worth about US$35.5 billion, sources familiar with the matter said on Saturday. |
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| Turning old CBD offices into prime new homes |
| (SINGAPORE) Some one million square feet of office space in the Central Business District (CBD) is likely to be converted into at least 1,000 private homes over the next three years. |
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| New storage platform boost for Bank of Singapore |
| THE need to cope with escalating data management and transactional demands prompted the Bank of Singapore (BOS) to overhaul its data storage infrastructure. |
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| FMC Technologies bets on virtualisation |
| OIL and gas industry equipment giant FMC Technologies is banking on virtualisation to improve its data storage and back up operations this year. |
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| Data storage technology shifts into higher gear |
| NEW and maturing storage technologies combined with a brightening economy are expected to throw up interesting ways for businesses to deal with their data crunch this year. |
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| BG Group's LNG project proceeds |
| ANOTHER piece of Singapore's LNG plan is falling into place. Britain's BG Group - Singapore's designated liquefied natural gas (LNG) buyer - has just embarked on its Queensland Curtis LNG project which will supply to the Republic. |
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| Saving the great white hope |
| IF energy conservation is the lead on today's stage of hot-button issues, wildlife conservation is an understudy waiting in the wings. |
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| A decoupling from Wall Street? |
| WHICH came first - the loss of upward momentum, or a feeling that stock markets have probably outrun their fundamentals? |
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| Somali pirates release S'porean ship for cash |
| (NAIROBI, Kenya) Somali pirates freed a Singaporean-flagged chemical tanker after a ransom was delivered by parachute last week, a spokesman for the European Union Naval Force said, as an expert warned pirate activity was likely to spike in coming weeks. |
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| Oversupply of vessels set to hurt recovery: Moody's |
| (SINGAPORE) An oversupply of vessels may obstruct a recovery of the shipping industry, putting pressure on freight rates, Moody's Investors Service said in a recent report. |
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| Malaysia enjoys increase in investor confidence |
| (SEMPORNA) There has been a marked increase in investor confidence among local and foreign investors to invest in various economic sectors in Malaysia since early this year, says Deputy Minister of International Trade and Industry Mukhriz Mahathir. |
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| Restructuring the economy |
| THE worst of the global financial crisis appears to be over for the Malaysian economy which expanded by a better-than-expected 4.5 per cent in the last quarter of 2009. |
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| Antam's profits fell 59% on lower nickel prices |
| (JAKARTA) PT Aneka Tambang (Antam), an Indonesian nickel and gold miner, said its 2009 net profit fell 59 per cent to 559 billion rupiah (S$84.07 million), hit by lower nickel prices and ferronickel sales. |
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| Jakarta eyes new deal with US: official |
| (WASHINGTON) Indonesia hopes to sign a framework agreement with the United States to bolster economic, political and security ties when President Barack Obama visits the country in March, a top Indonesian official said. |
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| New Delhi proposes tax on production of coal |
| (NEW DELHI) India proposed on Friday a small tax on production of coal to raise millions of dollars for a National Clean Energy Fund that could help the world's fourth biggest polluter to shift to a low-carbon economy. |
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| Jaguar Land Rover posts 1st profit since Tata takeover |
| (MUMBAI) Jaguar Land Rover reported its first quarterly profit since being bought by Tata Motors after shedding staff and boosting sales of luxury cars amid an economic revival. |
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| Deficit reduction target must be met, says official |
| (NEW DELHI) India's government must be ready to take 'corrective steps' to achieve its fiscal deficit reduction target for next year should its budget assumptions start falling through, an aide to the prime minister said. |
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| G-20 officials discuss sovereign credit default swaps |
| (INCHEON) Officials from the Group of 20 leading economies discussed the sovereign credit default swaps (CDS) market, but did not get into details of possible regulatory reform, a senior IMF official said yesterday. |
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| Europe sees signs of flagging recovery |
| (PARIS) Europe's economy may be coming unstuck from the global recovery as governments to the south of the region struggle to reverse budget deficits and consumers in the north pull back spending. |
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| Look into creating a new reserve currency: IMF chief |
| (WASHINGTON) The head of the International Monetary Fund said on Friday that it would be 'intellectually healthy to explore' the creation of a new global reserve currency to reduce dependence on the US dollar. |
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| Profit-driven regulator? Competition is the key |
| ALTHOUGH it's been around for about 10 years now, it would be fair to say that the idea of a profit-maximising market regulator like the Singapore Exchange (SGX) has not gained widespread acceptance with a sceptical local public, because of the inherent conflict of interest in such an arrangement. |
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| Yongnam posts full-yr profit of $48.8m |
| STEEL contractor Yongnam Holdings on Saturday announced full-year net profit of just over $40 million, up 18 per cent year-on-year. |
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| Wilmar International Q4 profit jumps 18% to US$442m |
| Wilmar International's net profit for the final quarter of 2009 jumped 18% from a year ago to US$442 million. |
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| China top holder of US debt, revised data show |
| (WASHINGTON) China remained the top holder in the ballooning US debt last year, revised data showed, after earlier indications that it had been eclipsed by Japan drew speculation about Beijing's motives. |
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| Toyota head to visit China, talk about problems |
| (TOKYO) Fresh from a grilling by US lawmakers, Toyota president Akio Toyoda will speak today in China about his company's quality problems, seeking to boost confidence and ease consumer worries in the world's biggest car market. |
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| China to expand yuan trade settlement trial |
| (BEIJING) China will expand a trial scheme allowing some firms to settle trade deals in the yuan currency, as businesses seek to control exchange rate risks, an official newspaper reported yesterday. |
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| Where angels need to tread |
| BUSINESS angels play the most crucial role in the creation of a new enterprise. An 'angel' is typically a first-generation entrepreneur who has completed one or more cycles of wealth creation through starting and exiting ventures - and is now ready to move from being a 'captain' to a 'coach'. |
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| Be smart with your finances |
| FANCY becoming the next Warren Buffett or George Soros? Or even the famous Robert Kiyosaki? Then read on. |
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| Opening up new horizons |
| W INNING the Lee Kong Chian Scholarship in 2006 was a huge milestone in my life. Coming from a poor family, I have been working part-time to pay my university fees. The scholarship was an immense financial relief for me. |
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| Google may spend 'hundreds of millions' on broadband |
| (SAN FRANCISCO) Google Inc said it may spend as much as 'hundreds of millions' of dollars on an experimental broadband service that offers Internet speeds 100 times faster than current networks. |
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| Facebook inks deal with M-E digital ad firm |
| (DUBAI, United Arab Emirates) Facebook says it is teaming with a Middle Eastern digital advertising company as the online meet-up site looks to capitalise on its rapid growth in the Arab world. |
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| China attacks on Google may have hit 100 companies |
| (SAN FRANCISCO) The Chinese cyber attacks that Google Inc reported in January may have targeted more than 100 companies - a larger number than previously thought, according to security research firm ISEC Partners Inc. |
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| Palm shares dive on weak sales of new smartphone |
| (NEW YORK) A year ago, handheld devices pioneer Palm seemed poised for a comeback. |
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| OCBC Bank wins innovation award |
| OCBC Bank's emphasis on delivering innovative products and services to its customers, which has resulted in a substantial increase in new business, was recognised at the Asian Financial Services (AFS) Congress on Friday when it won the Financial Insights Innovation Award (FIIA). |
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| SAS predicts sales rebound in 2010 |
| AFTER a pause in 2009, business intelligence (BI) software maker SAS is aggressively ramping up its Singapore operations in anticipation of a return to boom times this year. |
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| Underaged workers used, reports Apple |
| (SAN FRANCISCO) Apple Inc says three of its suppliers hired 11 underage workers to help build the iPhone, iPod and Macintosh computer last year - a violation it uncovered as part of its onsite audit of 102 factories. |
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| CeBIT focus on smart gadgets and 3D |
| (HANOVER) The world's biggest high-tech fair kicks off tomorrow with a focus on 'smart' gadgets as well as Avatar-inspired 3D products to make consumers' lives easier - and more fun. |
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| Cyber warriors gather as online threats rage |
| (SAN FRANCISCO) US national security leaders and top cyber warriors from around the world are gathering here to plot defences against criminals and spies that increasingly plague the Internet. |
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| Kaspersky plans S'pore office, branding drive |
| FAST-RISING information security software firm Kaspersky Lab is considering setting up its first Singapore office to gain a foothold here. |
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| Cathay Pacific to buy into Air China Cargo |
| (HONG KONG) Cathay Pacific Airways Ltd, Hong Kong's largest carrier, will invest 1.7 billion yuan (S$351.4 million) in affiliate Air China Ltd's cargo unit as a global economic rebound revives Chinese exports. |
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| Asean hopeful of single market by 2015 |
| (PUTRAJAYA, Malaysia) South-east Asian nations yesterday said they are still aiming to set up a European Union-style economic community by 2015 despite concerns that the global slump has led to a rise in trade protectionism. |
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| GM, Ford turn to local banks for Thai plants |
| (BANGKOK) The two largest American carmakers are turning to local banks in Asia to pay for their expansion in the region, a departure from previous years that allows them to tap the deep pool of savings in the region. |
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| Rudd takes a 'pounding' in new opinion poll |
| (SYDNEY) Australia's ruling Labor party lost its lead over the opposition for the first time since winning power in 2007, after a barrage of setbacks on environmental policy, according to a new opinion poll yesterday. |
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| Thaksin ruling 'priced in': analyst |
| THE Supreme Court's landmark ruling to seize 46.37 billion baht (S$1.97 billion) in assets belonging to the family of former prime minister Thaksin Shinawatra is unlikely to have a significant impact on the Stock Exchange of Thailand index or investor sentiment in general, analysts say. |
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| Three-Minute Digest |
| SOME one million square feet of office space in the Central Business District is likely to be converted into at least 1,000 private homes over the next three years. |
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| Miyazato wins HSBC Champions |
| (SINGAPORE) Ai Miyazato won the HSBC Champions yesterday to become the first LPGA Tour player in 44 years to sweep the first two events of a season, closing with 3-under 69 for a two-stroke victory over Cristie Kerr. Miyazato, the 24-year-old Japanese star who won the LPGA Thailand last week, took the lead with a birdie on the par-4 16th - a hole she played in 5 under for the week - and parred the final two holes to finish at 10 under on Tanah Merah's Garden Course. |
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| UBS boosts rewards for Asia private bankers |
| (SINGAPORE) UBS AG, the biggest Swiss bank by assets, increased to 200,000 Swiss francs (S$262,100) the maximum bonus private bankers in Hong Kong and Singapore can earn this year by bringing in new money from rich clients. |
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| Unwinding of US$ carry trades, if it comes, may disrupt global markets |
| (SINGAPORE) The parallels are there. |
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| Investors mark time as stocks see-saw |
| A TWO-WEEK long rally on Wall Street slipped back into neutral territory as February drew to a close at the end of last week. And as the new month begins, US equities appear no closer to climbing out of the same band of range-bound trading the stock market has been stuck in since last November. |
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| Building for the future |
| Terry O'Connor President - British Chamber of Commerce CEO - Courts MY immediate reaction to the budget is that it sets the tone for Singapore's long-term development and is very business-focused particularly in regards to aligning with the recommendations of the Economic Strategies Committee (ESC). The British Chamber of Commerce welcomes the angel investor scheme as similar schemes have helped promote entrepreneurship and start-ups in the UK. We also see the support for R&D as positive, and more targeted towards SME members than larger companies. We are intrigued to understand more of how the various productivity initiatives can be driven through business chambers and will be exploring our role in promoting productivity and regional expansion support initiatives. |
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| The problem with being a Madoff |
| (NEW YORK) Bernard L Madoff's relatives are not the only people suffering indignities for bearing the Madoff name. |
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| ECB faces a key meeting on Thursday |
| (FRANKFURT) The European Central Bank (ECB) faces one of its most important meetings in months on Thursday when policymakers tackle the latest twists in Greece's debt crisis and refine a roadmap to unwind emergency policy measures. |
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| Acropolis now - no respite ahead of EU audit |
| (ATHENS) Between a media row over German war reparations and an imminent EU audit of its finances that could bring fresh austerity cuts, Greece is set for another tough week on its quest to slash its massive debt. |
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| Arabtec extends due diligence for Aabar deal |
| (DUBAI) Dubai's Arabtec yesterday said that the due diligence date for its US$1.7 billion merger with Aabar Investments had been extended to April 16, in a move which will encourage investors that the deal will progress. |
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| Rough diamond sold for US$35.3m |
| (LONDON) A 507-carat diamond as big as a chicken's egg sold for US$35.3 million, breaking the record for the highest price ever paid for a rough diamond, the supplier said on Friday. |
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| Buffet strikes confident note |
| (NEW YORK) America's most famous investor, Warren Buffett, struck a confident note in his annual letter to shareholders of his holding company on Saturday as he described in characteristically colourful terms how his businesses had largely ridden out the calamity of the recent financial crisis. |
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| Financial reform battle goes on over consumer protection |
| (WASHINGTON) Marathon negotiations in the US Senate on financial regulatory reform were set to continue yesterday with a renewed focus on financial consumer protections after key Republicans rejected a compromise offer from the banking committee chairman. |
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| Board shuffle ahead of 'new Citi' rebranding campaign |
| (NEW YORK) Bracing for more criticism over its enormous bailouts, Citigroup shook up its board on Friday and is preparing a marketing campaign to revamp its image with Washington and Wall Street. |
|
| Economic loss may hit US$30b |
| (CONCEPCION, Chile) The total economic damage from Saturday's magnitude-8.8 quake in Chile may be as much as US$30 billion, or about 15 per cent of the South American country's gross domestic product, according to estimates by disaster-scenario modeller Eqecat Inc. |
|
| Greenback falls against euro on talk of aid to Greece |
| (NEW YORK) The US dollar fell against the euro on Friday as investors pared extreme short positions in the euro on the last business day of the month after its recent declines. |
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| Director transactions low; buyback activity soars |
| THE trading among directors remained low last week with 31 transactions worth $6.8 million, based on filings on the Singapore Exchange in the last week of February. The figures were not far off from the previous week's three-day totals of 13 trades worth $2.7 million. Buyers outweighed sellers with 14 companies that recorded 27 purchases worth $3.6 million versus two firms with four disposals worth $3.2 million. |
|
| Portfolios up 2% on average |
| SMALL cap stocks outperformed blue chips last week, with our portfolios putting on an average 2 per cent compared with the Straits Times Index's 0.8 per cent gain. |
|
| Biofuels and a new era for energy |
| IN February 2010, the US Environmental Protection Agency established a regulation for all refiners' and importers' petrol and diesel volume to be at least 8.25 per cent renewable fuel. The Renewable Fuel Standard programme will increase the required volumes of renewable fuel to 36 billion gallons by 2022. (source: EPA) |
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| Silence is golden |
| NOISE pollution is a problem everywhere these days, especially in crowded cities, and an obvious way to escape from the din is to don a pair of noise-cancelling headphones. |
|
| 100% Tetsuya |
| TOP Australian chef Tetsuya Wakuda says that his new restaurant at Marina Bay Sands will be '100 per cent Tetsuya', and if his establishment Down Under is anything to go by, that equates to something which local diners can look forward to 100 per cent. |
|
| More than meets the eye |
| FERRAN Adria may be closing El Bulli soon, but rather than throw up your hands and lament, 'Damn there goes any miniscule hope of getting a table there this year', here are some words of comfort. Go to Tokyo. |
|
| Defying the odds |
| AFTER breast cancer patient Jane Soong, in her 50s, was 'cured' in 2001, she didn't think the disease would come back - especially not after seven years in remission. |
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| The yuan needs an offshore market |
| US President Barack Obama calls for a stronger yuan. Does he have real clout or is this just a publicity stunt to appease voters back home? |
|
| Restless computing |
| IN June last year, I predicted that Apple would join the e-book party, likely with its own tablet computer. |
|
| Kofi Annan to Asia: Help Africa succeed for mutual benefit |
| ASIA'S growing economic and political power can help Africa overcome many of the obstacles that have hindered its development for decades, former United Nations secretary-general Kofi Annan said in a public lecture here yesterday. |
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| 46b baht of Thaksin's assets to be seized |
| THAILAND'S Supreme Court will confiscate 46 billion baht (S$1.96 billion) of the frozen assets belonging to the country's fugitive former prime minister Thaksin Shinawatra, after ruling that he had illegally concealed his ownership of telecoms shares during the five years when he was in office, among other revelations. |
|
| Tide turns for superyacht traffic |
| IF the movement patterns of superyacht owners indicate discretionary income among the well-heeled, economic conditions turned in the third quarter of last year and are set to recover this year. |
|
| Singapore banks beat market expectations |
| FOURTH-quarter earnings at the Singapore banks have exceeded analysts' expectations, boosted by a mix of trading gains and a steep drop in charges for bad loans as economic conditions improved. |
|
| SGX firms turn in robust Q4 numbers |
| SINGAPORE-LISTED companies turned in a strong fourth-quarter performance, with some reporting sharply higher profits than a year back. |
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| Slower inventory drawdown kicks up Q4 growth to 5.9% |
| THE US economy grew faster than initially thought in the fourth quarter as businesses drew down inventories at a much slower pace and boosted investment, a government report showed yesterday. |
|
| Goggle-eyed at Google Singapore |
| IT did not bode well for Google's trendy upstart image at first, finding out that its Singapore office is located in the steel cuboid jungle of Shenton Way - a sprint away from the Monetary Authority of Singapore, no less. |
|
| DC rates take striking hike in scenic Sentosa |
| SENTOSA has seen a big jump in development charge (DC) rates, reflecting higher land values on the island following this month's opening of Resorts World Sentosa (RWS). |
|
| Productivity, innovation and incentives |
| Key emphasis of this Budget is increasing productivity. What do you understand by this? |
|
| The sound of sweet charity |
| 'PARTNERSHIP is the key to our business,' said Ajay Kanwal, regional head of consumer banking, Singapore and South-east Asia, Standard Chartered. Mr Kanwal lived up to his motto on Thursday evening at the Shangri-La Hotel. He took the stage along with Ray Ferguson, Stanchart's regional CEO, Singapore and South-east Asia, and well-known Canto pop star Frances Yip to belt out an evergreen Mandarin number, Tian Mi Mi (Sweet Honey) as part of the evening's charity auction programme. |
|
| Group M stamps its Power of One Day across the Asia-Pacific |
| ON a mission to do their part for charity, Group M employees from across the Asia-Pacific stopped working for clients yesterday and undertook various activities to make a difference both locally and abroad. |
|
| Budget hits & misses get airing at PwC talk |
| THE political and social sensitivities of immigration policy, and Singapore's economic need to turn away some foreigners while drawing others, stirred discussion at PricewaterhouseCoopers' 2010 Budget seminar yesterday. |
|
| HELP centres set up in Subordinate Courts |
| THE Subordinate Courts have set up two help centres for the increasing number of people who can't or don't want to engage lawyers, Chief Justice Chan Sek Keong said yesterday. |
|
| Commissioning work begins on Shell's new cracker |
| SHELL has started commissioning work, including testing and running-in of its new ethylene cracker complex - the centrepiece of its new US$3 billion Shell Eastern Petrochemicals Complex (SEPC) in Singapore which will be fully operational by next month. |
|
| Visitor arrivals post strong 17.6% gain |
| IN one of the strongest showings in the last year or so, visitor arrivals to Singapore jumped 17.6 per cent year-on-year to 908,000 for the month of January. |
|
| Business Receipts Index dips 0.2% in Q4 |
| WHILE recent manufacturing output data surged above expectations, the latest figures on Singapore's services sector have merely held steady. |
|
| Record passenger numbers at Changi in Jan |
| A RECORD 3.38 million passengers passed through Changi Airport last month - a 10 per cent rise from January last year and almost 9 per cent more than the pre-crisis level of January 2008. |
|
| Jan factory output grows 39.4% |
| SINGAPORE'S factory output expanded 39.4 per cent year-on-year last month, thanks to a production surge in the electronics and biomedical cluster, the latest figures show. |
|
| Genting, UOB in focus in directionless week |
| PERHAPS the only thing of interest this week from a macro standpoint was an apparent decoupling of the local market from Wall Street. |
|
| All business |
| THERE'S no better way to describe Sunny Verghese, Mr Olam, than business-like. |
|
| A new beginning |
| TO SAY Opel has been through a rough patch is like saying driving in a North American snow storm can be hazardous. Both are gross understatements. |
|
| From small to big |
| THE current Kia lineup in Singapore reflects the slow infusion of the Korean carmaker's new design DNA into its model range. |
|
| Kia's best Forte |
| IN 2009, Kia was the phenomenon of the recession year when it jumped seven places to No 4 in the ranking among authorised distributors. And the model that powered it up the charts was a brand new model called the Cerato Forte. |
|
| Electric avenue |
| WHAT makes for a truly momentous occasion? The discovery of penicillin? The fall of the Berlin Wall? Or maybe a little Mitsubishi with blue and yellow plates? |
|
| Land of plenty |
| IN New Zealand, luxury is defined by the abundance of space, the purity of nature and the freshness of its produce. |
|
| Business briefing |
| FERROCHINA Limited said it will be delisted on March 11, as it is now insolvent and cannot make a reasonable exit offer to the shareholders, as directed by the Singapore Exchange. |
|
| Baker Tech Q4 net profit up 23%; dividend yield 7.5% |
| DESPITE sluggish revenue and new orders, oil & gas equipment and services specialist Baker Technology has shown strong earnings growth and declared a dividend of more than 7 per cent yield. |
|
| Delong back in the black to tune of 668.8m yuan |
| THINGS have finally turned around for China-based steelmaker Delong Holdings, which reported a return to the black yesterday with a full-year net profit of 668.8 million yuan (S$137.8 million) following a successful debt restructuring. |
|
| YHI's Q4 profit climbs 85% to $7.3m |
| YHI International sped to an 85.1 per cent rise in net profit to $7.3 million for the fourth quarter ended Dec 31, 2009, thanks to higher revenue, lower operating expenses and currency exchange gains. |
|
| Venture back on profit growth path in Q4 |
| A SHARP drop in one-time charges helped put Venture Corporation back on the profit growth path in the fourth quarter, after three straight quarters of bottom-line decline. |
|
| Cerebos eyes 10-20% growth |
| SINGAPORE-listed health supplements company Cerebos Pacific said yesterday that it is aiming for a 10-20 per cent revenue growth over the next three years as it steps up its presence in China, Indonesia and Vietnam. |
|
| ThaiBev posts 2.2% rise in 2009 profit |
| THAI Beverage Public, Thailand's largest brewer and distiller, posted a 2.2 per cent increase in net profit to 10.57 billion baht (S$449 million) for the full year ended Dec 31, 2009. |
|
| UOB-Kay Hian's Q4 net profit up 85.2% |
| BROKING house UOB-Kay Hian has turned in a strong performance for the year ended Dec 31, 2009 - with commission income rising 20.4 per cent and net profit 5.2 per cent. |
|
| February market capitalisation flat at $664 billion |
| THE Singapore market in February posted flat growth in value over the month, worn down by concerns over the mounting debt of Greece and its European Union (EU) neighbours. |
|
| Midas full year profit rises 15% to $37.5m |
| MIDAS Holdings reported a 14.9 per cent rise in net profit yesterday to $37.5 million for the financial year ended Dec 31, 2009. |
|
| Raffles Medical posts 20% profit rise |
| PRIVATE healthcare provider Raffles Medical Group posted a 20.1 per cent increase in net profit to $37.88 million for the full year ended Dec 31, 2009, helped by a higher patient load and better operating efficiencies. |
|
| UOB Q4 profit up 57% as impairment charges fall |
| UNITED Overseas Bank (UOB) yesterday said that fourth-quarter 2009 net profit rose 57.2 per cent from a year ago to $522 million largely on reduced impairment charges. |
|
| Blackstone's yuan fund reeling in big China investors: sources |
| US buyout giant Blackstone has nailed down three commitments so far to its landmark yuan-denominated fund for China, with the country's national pension fund expected to be a major investor. |
|
| BNP pans concerns over India as Greece of Asia |
| INDIA'S monetary policy flexibility may help the country trim its budget deficit and deflect comparisons as the Greece of Asia, BNP Paribas said. |
|
| SEC studying credit default swaps' destabilising effects |
| UNITED States securities regulators said on Thursday that they are examining the potential abuses and destabilising effects of credit default swaps |
|
| Deflation data seen pressuring BOJ |
| DEFLATION showed no sign of easing its grip on Japan last month despite a sharper-than-expected rise in retail sales and in industrial output during the month. |
|
| Financial crisis CEOs return |
| FROM moviemaking to architecture, the shamed and banished chief executives of the 2008 credit crisis have opted for some unusual career paths, either by choice or necessity. |
|
| AIG posts US$8.9b Q4 loss, may seek more help |
| AMERICAN International Group, the insurer rescued by the US, posted a fourth-quarter loss on charges tied to paying down its bailout debt and boosting commercial insurance reserves. |
|
| Swiss banks shun untaxed money |
| SWITZERLAND said that it would no longer accept untaxed money into its banks as it tries to ease pressure on its US$2 trillion offshore banking industry from key trading partners seeking to boost tax revenues. |
|
| UK 4th quarter growth revised upwards to 0.3% |
| BRITAIN'S economy grew faster than expected in the last three months of last year, but the 18-month recession from which it emerged proved to have been even deeper than previously thought. |
|
| Buoyed by growth, India to cut deficit |
| INDIA'S economy has weathered the global recession well and may grow at a 10 per cent pace in the 'not-too-distant future', but the country also needs to review public spending and improve its fiscal position. |
|
| Classic tale gets MTV makeover |
| TO celebrate its 20th anniversary, local theatre company Toy Factory will be staging an audacious re-imagining of one of the most pervasive stalwarts of the American literary canon. |
|
| Is it a workplace or a nightspot? |
| TO paraphrase the old Belinda Carlisle song: 'Heaven is a workplace on earth'. . . or at least it could be to a dozen small businesses from mid-March. |
|
| Bringing lifestyle into the workplace |
| YOU could describe 75 High Street as serviced offices disguised as a boutique hotel. Or as an event space with catering services. |
|
| Working a treat |
| 991C Alexandra Road Telephone 6225 7789 |
|
| Slow and dull treatment of a little-known story |
| VALKYRIE, for all its pomp and pedigree, is a hollow piece of movie-making. |
|
| A tear-jerker with limited ambitions |
| JUST as we know exactly what to expect when we go to a fast-food joint, a film that has been adapted from a novel by Nicholas Sparks is not likely to yield any surprises. |
|
| Light but filling |
| THERE are remakes - and then there's A Woman, a Gun and a Noodle Shop, Zhang Yimou's oddly inventive interpretation of Blood Simple, the Coen brothers' memorable 1984 debut feature about murder and mayhem in a small Texas town. |
|
| The delicate art of tasting wines |
| TASTING, as opposed to drinking, implies a conscious effort to note and record the taste, aroma and other qualitative attributes of the wine. |
|
| Australian business investment up 5.5% in Q4 2009 |
| (SYDNEY) Australian business investment rebounded in the fourth quarter last year - a sign that the economy is strengthening enough for the central bank to raise interest rates next week for the fourth time in six months. |
|
| Euro zone's economic confidence dips in Feb |
| (BRUSSELS) European confidence in the economic outlook unexpectedly worsened in February after the euro region's recovery almost stalled in the fourth quarter. |
|
| Euro in tough situation but will pull through: Merkel |
| (BERLIN) The euro is in a difficult situation for the first time since its launch, but it will come through, German Chancellor Angela Merkel said in an interview published yesterday. |
|
| Company Briefs |
| THE Singapore Exchange (SGX) has proposed to amend its derivatives clearing rules to accommodate physically deliverable contracts. |
|
| Structured deposits: when less could be more |
| SOME banks have begun selling structured deposits to yield-hungry savers who must be wondering how long more they have to suffer the current ridiculous low interest rates. |
|
| Haw Par earnings fall 27% to $57m |
| HAW Par Corporation's revenues inched up 1.5 per cent year on year to $124 million for the year ended Dec 31, 2009, boosted in part by the group's improved sales of Tiger Balm and other Tiger products around the world. |
|
| Chemoil Q4 net plunges 76.4% to US$2.9m |
| LAST year's global recession took its toll on marine fuel supplier Chemoil Energy, which saw its fourth-quarter net profit plunge by over three-quarters, or 76.4 per cent, to US$2.9 million, despite a 45 per cent increase in revenue to US$1.84 billion. |
|
| Japan Land unveils $250m data centre |
| JAPAN Land unveiled its new data centre here yesterday - the largest in Singapore, and with environment-friendly features that won it a Green Mark Gold award from Singapore's Building & Construction Authority (BCA). |
|
| HTL back on profit path for Q4, full year |
| HTL International Holdings yesterday announced a full-year net profit of $48.3 million for FY2009, a turnaround from a FY2008 net loss of $20.3 million. |
|
| Rotary Engg posts 36% jump in Q4 earnings |
| PETROCHEMICAL terminals and storage terminals builder Rotary Engineering beat market expectations by posting its highest-ever net profit of $54.2 million, a 7 per cent rise over the previous year's $50.9 million. |
|
| Yanlord net jumps 44% in FY09 despite poor Q4 |
| YANLORD Land Group's net profit dropped 16 per cent to $118.4 million for the fourth quarter ended Dec 31, 2009, as revenue and gross profit margins plummeted. |
|
| BreadTalk Q4 profit falls 24.5% |
| DESPITE a 5.4 per cent year-on-year rise in revenue to $68.2 million, BreadTalk Group ended the fourth quarter of 2009 with a 24.5 per cent fall in net profit to $3.29 million. Factors cited included start-up and renovation costs. |
|
| Jardine C&C's profit up 12% to US$503m |
| JARDINE Cycle & Carriage saw its net profit for the year ended Dec 31, 2009 rise 12 per cent to US$502.8 million, boosted by record profits from its Astra unit. |
|
| Allgreen 2009 profit more than doubles |
| ALLGREEN Properties posted a more than doubling in full-year net profit, helped by firmer sales and a higher provision write-back. |
|
| Banyan Tree posts Q4 net of $2.97m |
| BANYAN Tree Holdings chalked up a $2.97 million net profit in the fourth quarter of last year, compared to a $6.96 million loss in Q4 2008, thanks in part to a stronger performance by its hotel investment segment. |
|
| SC Global gets boost from AVJ consolidation |
| SC Global Developments saw a near eight-fold jump in fourth-quarter net profit to $33.2 million - from just $4.2 million a year ago - as it consolidated the results of new subsidiary AV Jennings Ltd (AVJ). |
|
| A tale of two plantation groups |
| ON the face of it, the contrast couldn't have been starker. |
|
| Full Apex delisting foiled |
| A SLIM voting margin of 0.15 of a percentage point prevented the controlling shareholder of Full Apex Holdings from delisting the company. |
|
| Sembcorp FY09 net jumps 35% with very strong Q4 |
| SEMBCORP has turned in sterling fourth-quarter results, growing net profit more than two-and-a-half times to $259 million from $100.8 million in the previous corresponding quarter on strong performances from the utilities and marine divisions and improved results from the environment and industrial parks arms. |
|
| BNY Mellon sees doubling in Asian business in 5 years |
| (BEIJING) Bank of New York Mellon Corp, the world's largest custodian of financial assets, expects its Asian business to double within five years and its Chinese operations to grow even faster. |
|
| Strong demand for gold from China, India |
| (BEIJING) Gold demand by the world's top two consumers has started strong in 2010, with India's jewellery industry buying regularly and tighter monetary policy in China not affecting purchases, the World Gold Council said yesterday. |
|
| No emissions cap for now |
| (BEIJING) China's top climate change negotiator has said the world's biggest carbon polluter has no intention of capping greenhouse gas emissions for the time being, state media reported yesterday. |
|
| China to hold yuan stable to help exports |
| (BEIJING) China yesterday reaffirmed its determination to hold down the yuan's exchange rate to help its beleaguered exporters. |
|
| Changi Rewards card being launched |
| CHANGI Airport Group is launching a card to reward people who patronise the airport's shops and other outlets. |
|
| Regional air travel continues upbeat recovery |
| (SINGAPORE) Preliminary figures released yesterday by the Association of Asia Pacific Airlines (AAPA) show a continuing recovery in demand for air travel. |
|
| Higher load factor helps Tiger post $14.1m profit in Q3 |
| (SINGAPORE) After huddling over the financial numbers for well over two and half hours after the market's 5 pm close yesterday, Tiger Airways' board finally released third quarter figures which showed that the airline is on track to profitability by the end of the current financial year. |
|
| Lend Lease in rights issue to fund projects |
| (SYDNEY) Australian property developer Lend Lease Corp launched a deeply discounted A$806 million (S$1.01 billion) rights issue yesterday to help finance new projects and stop its credit rating falling into junk status. |
|
| Nissan, Suzuki and Daihatsu to recall cars in Japan |
| (TOKYO) Three Japanese carmakers announced recalls on Thursday, mostly in their home market. |
|
| M&A: leveraged deals relief? |
| COMPANIES considering mergers and acquisitions (M&A) as part of their growth strategy received a shot in the arm from the government in the recently unveiled Budget 2010. |
|
| Sharing info globally to chase the tax dollar |
| LAST month, it was announced that Singapore would host the 2010 global forum on transparency and exchange of information for tax purposes from Sept 30 to Oct 1. It is likely that for most, this announcement went unnoticed. But the implications of the global sharing of companies' tax information will not. |
|
| US climate change legislation loses puff |
| EVEN before the electoral loss that the Democrats suffered in the Massachusetts special Senate race, depriving them of their filibuster-proof majority of 60 seats, most political analysts seemed to agree that the climate change legislation mandating industry reductions in greenhouse gas emissions was facing serious obstacles on Capitol Hill. |
|
| Disclosure: quality counts, not just quantity |
| TIGER Woods' widely televised apology in which he spoke for 15 minutes, essentially saying nothing new, bears a striking similarity to the way disclosure is practised in local corporate and financial circles. |
|
| Three-Minute Digest |
| DEVELOPERS will be bringing forward their property launches over the next few months to satisfy strong demand from homebuyers |
|
| South Beach to start building by 2011 |
| (SINGAPORE) The consortium that owns the South Beach site now plans to begin construction 'by next year' - since most of the mega projects including the two integrated resorts are nearing completion and 'contractors will be hungry' for business by then. |
|
| Manufacturing orders take an unexpected fall |
| (WASHINGTON) New orders for long-lasting US manufactured goods excluding transportation unexpectedly fell in January, while the number of workers filing for jobless benefits rose last week, suggesting a loss of momentum in the pace of economic recovery. |
|
| Fix health care, it hurts everyone, says Obama |
| (WASHINGTON) President Barack Obama opened a bipartisan summit on health care yesterday, saying rising costs for medical services and insurance are among the 'biggest drags' on the US economy and must be dealt with even as the government grapples with the recession. |
|
| CDL generates $1b cash from operating activities in '09 |
| (SINGAPORE) City Developments Ltd (CDL), which yesterday posted its second-highest full-year net profit, is getting ready for at least five Singapore residential property launches this year. |
|
| Alliance group's Bridget Lai resigns |
| BRIDGET Lai has resigned as the chief executive of Malaysia's Alliance Financial Group. |
|
| MAS plans bigger deposit insurance net |
| (SINGAPORE) The Monetary Authority of Singapore (MAS) has proposed widening the deposit insurance (DI) scheme to cover businesses and unincorporated entities, in effect giving more protection to small companies. |
|
| Gold loses more lustre as US dollar shines |
| (SINGAPORE) Gold prices continued to head south yesterday, with some analysts predicting more selling pressure in the coming weeks. |
|
| Developers put home launches on fast track |
| (SINGAPORE) DEVELOPERS will be bringing forward their property launches over the next few months to satisfy strong demand from homebuyers, said Real Estate Developers' Association of Singapore (Redas) president Simon Cheong yesterday. |
|
| Eco-park to be a hotbed of ideas, jobs, business |
| (SINGAPORE) Singapore's first eco-business park is expected to create 20,000 jobs and draw some $2.5 billion worth of investments in buildings by its 2030 completion. |
|
| The art of the Barongsay Festival |
| THE city of Cirebon is about 297 kilometres east of Jakarta, in the province of West Java. |
|
| Dancing in a more open society |
| ON the morning of Dec 17, 2009, we received an e-mail in Bahasa Indonesia from our Muslim friend living in Cirebon, West Java, Indonesia. |
|
| Currency experts give their take on euro, US$ |
| THE outlook on the US dollar was the subject of a seminar yesterday held at the NUS Business School's spanking new building, but worries over the euro and China took centre stage. |
|
| 1,000 delegates to attend cities summit |
| SINGAPORE will host the second World Cities Summit from June 28 to July 1 to drive dialogue on sustainable cities. Jointly organised by the Centre for Liveable Cities (CLC) and Singapore's Civil Service College, the summit is expected to attract more than 1,000 delegates, up from 800 in 2008. |
|
| US semicon firm Lattice opens Asia ops centre here |
| THE pull of Asia has drawn Lattice Semiconductor Corporation, the world's third largest supplier of programmable logic devices, to set up its first Asian operations centre in Singapore. |
|
| Hougang reserve list site open for application |
| PROPERTY developers looking to boost their residential landbanks can get their cheques ready for a new piece of state land. |
|
| April27 target is 'ambitious', says MBS CEO |
| WITH about two months to go before Marina Bay Sands' (MBS) opening, its president and chief executive Thomas Arasi says the project's construction schedule is 'ambitious'. |
|
| News media business model must change |
| AS social media and search aggregators such as Google continue to grow in popularity, the business model for traditional news media must evolve as well. |
|
| Retired Shell chief exec made honorary citizen |
| SINGAPORE yesterday conferred on Jeroen van der Veer, retired chief executive of Royal Dutch Shell plc, the honorary citizen award for his valuable contributions to the Republic. |
|
| Rise in services trade surplus in '08 proves '07 was no fluke |
| SINGAPORE has continued to sell more services than it buys from overseas, proving that its services trade surplus in 2007 - the first in over a decade - was no fluke. |
|
| Citi to add more branches and ATMs |
| CITIGROUP plans to add new branches and more ATMs to its network here this year as it continues its push into the Singapore consumer banking market. |
|
| Firms unfazed by changes to tax rules on buildings |
| CHANGES to building allowances will be unfavourable to some land-intensive companies but are unlikely to affect business plans significantly. |
|
| GM to close Hummer after China deal fails |
| (DETROIT) General Motors will close Hummer after Chinese regulators blocked a local company's purchase of the brand, whose military- style vehicles clash with government policy. |
|
| Freddie Mac bracing for more pain |
| (WASHINGTON) Freddie Mac lost almost US$26 billion last year, ominous news for US taxpayers who are footing the bill to rescue the mortgage finance company and its sibling Fannie Mae. |
|
| STI loses 13 points in quiet session |
| A LIMP trading session yesterday finished with brokers heaving a sigh of relief that the boredom had ended and with the Straits Times Index standing 12.99 points weaker at 2,749.19. |
|
| Cargotec looks to future with new $20m facility |
| (SINGAPORE) Even though flat growth is expected in the year ahead, cargo-handling solutions provider Cargotec is positioning itself for the future with a new $20 million 17,721 sq m facility at the recently rebranded Tukang Innovation Park. |
|
| Muhyiddin riled by Razaleigh |
| MALAYSIA'S Deputy Premier Muhyiddin Yassin yesterday questioned Tengku Razaleigh Hamzah's loyalty to the United Malays National Organisation (Umno) in relation to an ongoing dispute over oil royalty payments to Kelantan. |
|
| JCY falls 9% below IPO price on debut |
| HARD disk drive maker JCY International made a poor debut on Bursa Malaysia yesterday when its shares closed nearly 9 per cent or 14 sen lower, despite its offer price having been fixed at the lower end of indicative pricing - RM1.60. |
|
| 200b rupee refinery plan revived |
| (NEW DELHI) Hindustan Petroleum Corp, India's third-biggest state-run refiner, has revived plans to build a 200 billion rupee (S$6.1 billion) refinery and petrochemicals plant in southern India to benefit from rising Asian fuel demand. |
|
| Power ministry against tax on turbine imports |
| (NEW DELHI) India's power ministry is opposing a proposal to double taxes on imported turbines and boilers because it will raise costs for electricity producers and delay capacity addition needed to curb blackouts, according to two officials at the ministry. |
|
| India's 3G auction will help govt plug deficit |
| (NEW DELHI) India's plan to auction licences for nationwide third-generation mobile phone services may raise enough money to trim the nation's 16-year high budget deficit, Moody's Investors Service and Nomura Holdings said. |
|
| Space opera game gets a second act |
| The most highly anticipated science fiction role-playing game (RPG) of the first half of this year is probably Final Fantasy XIII, the Japanese version of which was released in December, with the English dub hitting stores next month. |
|
| Viva vinyl! The Observatory's LP release rocks |
| IT WILL surprise many that the old school vinyl long-playing, or LP, format is still a thoroughly modern medium when it comes to preserving audio quality of the highest order. |
|
| Instrumental Mosaic |
| ANYONE who has heard great vocal music can attest to its ability to transcend language boundaries, but instrumental music bypasses words altogether to commune directly with the mind and spirit. |
|
| Cold comfort |
| A FATHER in a train bounces his toddler girl on his knee, chatting with fellow passengers, among whom is the author Xinran. |
|
| Where the girls are |
| ONCE in a while, a book, along with its author, comes along that is not so much a subject to be reviewed or discussed, but a life to be felt. |
|
| Around Town |
| THE story unravels after a man stabs a Member of Parliament (MP) at a Meet-the-People Session. |
|
| Moulding imaginative plant forms |
| IT is late evening and Han Sai Por is directing some movers as they struggle to position her heavy granite sculptures in their new exhibition space. |
|
| Giselle, an apt farewell for Victoria Theatre |
| BEFORE the Victoria Theatre as we know it goes dark for the last time, she will be given a royal send-off by Singapore Dance Theatre's (SDT) performance of Giselle. |
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| Outreach group casting succeeds |
| FOR buds theatre company, doing a good thing proved to be quite difficult. After the success of the non-profit group's last production, The Shagaround, they decided to engage with local outreach groups for their next project. |
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| Geithner may give leeway on Volcker Rule |
| (WASHINGTON) The Treasury Department wants to give regulators discretion to define proprietary trading as the White House tries to revive its plan to bar banks from making risky bets that could cause another financial crisis. |
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| Coca-Cola in talks to buy operations of largest bottler |
| (NEW YORK) Coca-Cola Co is in talks to buy most of its largest bottler for roughly US$15 billion, including debt, a person familiar with the situation said on Wednesday. |
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| Senate panel seeks expanded auto review |
| (WASHINGTON) A US Senate committee on Wednesday asked a government watchdog to expand its review of how regulators handled recent Toyota Motor Corp recalls to include other carmakers. |
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| Rehab me - or tip me good |
| GOOD morning. Thank you for joining me. I want to apologise to each and every one of you out there - I am deeply sorry for my irresponsible and selfish behaviour. |
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| Euro falls, yen gains on Greece concerns |
| (LONDON) The euro hit a one-year low against the yen yesterday as investors sold the single currency on concerns about Greece's fiscal position, prompting safe-haven flows into the low-yielding Japanese currency. |
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| Have your say |
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| Property tax boon may be short-lived |
| I REFER to the revision of the property tax rate on owner occupied properties which has the effect of reducing by $240 the property tax currently paid by the majority of homeowners, based on exemption of tax on the first $6,000 of annual value (AV) which at present attracts tax at 4 per cent. |
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| Quality of life is the bigger issue - not productivity |
| THIS year's Budget trains the spotlight squarely on increasing productivity, and this will be the clarion call for the next five years, with $5.5 billion in the kitty. |
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| Brokers' Take |
| MAINTAIN 'Outperform': FY2009 results 13 per cent above expectation. |
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| Delhi needs to speed up state firms' sale |
| IN the last 10 months, India has raised US$3.5 billion selling off pieces of state-run companies, more than such sales brought in during the previous four years. |
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| Hutchison to invest £1b in UK assets |
| Hutchison Whampoa Ltd, billionaire Li Ka-shing's biggest company, plans to invest £1 billion (S$2.18 billion) in its UK assets over the next two years. |
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| China postpones some military exchanges with US |
| (WASHINGTON) China has postponed several high-level exchanges between the United States and Chinese military leaders since Washington angered Beijing by announcing a US$6.4 billion arms package for Taiwan, US officials said on Tuesday. |
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| Beijing rejects Tengzhong's bid for Hummer: source |
| (HONG KONG) Beijing has rejected a bid by an obscure Chinese industrial equipment maker to buy General Motors' (GM) money-losing Hummer brand, a source said, dealing a possible death blow to the controversial deal. |
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| A more exciting Media fest to draw the crowds |
| A HOMEGROWN e-book reader which taps content from Singapore's public libraries and an educational software that superimposes the faces of its young readers onto cute animated cartoon characters. |
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| Handset market seen rebounding |
| (HELSINKI) The cellphone market will rebound more strongly than expected this year as improving economies boost spending on new gadgets and handset vendors push cheap smartphones, research firm Gartner said on Tuesday. |
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| HCL bags big regional Electrolux deal |
| INDIAN software major HCL Technologies, which has its Asia-Pacific headquarters in Singapore, has signed a major IT infrastructure management deal with Electrolux for the region. The deal will be managed out of Singapore and India. |
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| HP opens new S'pore research lab |
| US computer giant HP has opened a new advanced research lab in Singapore - part of the company's renowned HP Labs family - with the aim of developing cutting-edge cloud computing technologies through close collaborations with local researchers and organisations. |
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| Cathay, Air China to form cargo venture: sources |
| (HONG KONG) Cathay Pacific Airways Ltd, Hong Kong's largest carrier, and affiliate Air China Ltd intend to sign an agreement on forming an air-cargo venture before the end of the week, said three people familiar with the negotiations. |
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| In-principle deal on troubled Airbus project |
| (PALMA DE MAJORCA, Spain) Partners in the delayed A400M military transporter plane have reached an agreement in principle to rescue the troubled Airbus project, Spain's defence minister said yesterday. |
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| Airfares soar as World Cup nears |
| (PORT ELIZABETH, South Africa) South Africa's World Cup will be played over dizzying distances, but high airfares could complicate fans' travels across a country three times larger than Germany. |
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| No sympathy from Toyota's Japanese suppliers |
| (KARIYA, Japan) As Toyota's president Akio Toyoda faces American lawmakers, his company will be facing something else here in Japan's auto manufacturing heartland: an unprecedented level of opprobrium. |
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| Brokers' Take |
| Q409 core net profit of 51.9 million yuan (-22 per cent y-o-y) was ahead of consensus but in line with our expectations. |
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| HSBC shareholders reject pay rise for chief exec: FT |
| (LONDON) HSBC has shelved plans to award its chief executive a pay rise of more than a third, after shareholders rejected the proposal amid concerns of a rising backlash over banker pay, the Financial Times reported on Tuesday. |
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| Life gets back to normal for Google |
| (BEIJING) Google Inc's China business is hiring and advertisers are returning, as concerns ease that the government will shut the company's operations after it threatened to defy censorship rules. |
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| Chinese banks told to tighten local govt loans |
| (SHANGHAI) China's banking regulator has told commercial lenders to tighten their grip on credit to local governments in an effort to ward off potential risks of default, state media reported yesterday. |
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| HK experience holds lessons for Chinese rule in Tibet |
| PRESIDENT Barack Obama's meeting with the Dalai Lama provoked fury in Beijing, even though the American leader had informed President Hu Jintao when he visited China in November that this would happen. |
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| The plus side of China's coastal labour crunch |
| OF late, we've been reading about the labour crisis in China's coastal hubs. |
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| Three-Minute Digest |
| HONG Kong yesterday raised the stamp duty on luxury property sales and warned that more such measures could follow |
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| World trade sees biggest drop since WWII |
| (BRUSSELS) Global trade last year suffered its biggest collapse since World War II, an unprecedented 12 per cent drop according to new figures, with worrying signs suggesting that 2010 threatens only mediocre recovery. |
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| Fed: Nascent US recovery still needs low rates |
| (WASHINGTON) Federal Reserve chairman Ben Bernanke said the US economy is in a 'nascent' recovery that still requires low interest rates to encourage demand by consumers and businesses once federal stimulus expires. |
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| Horizon Towers lawsuits headed for trial |
| (SINGAPORE) The latest legal tussle involving Horizon Towers looks set to go into full swing, with the High Court having dismissed the action by the two defendants to strike out the lawsuits filed against them. |
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| Game on as MBS gears for April 27 opening |
| (SINGAPORE) With Singapore's first casino hogging the headlines and the clientele so far, the second one has edged its way into the picture by announcing that it will open for business on April 27. |
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| HK acts again to prick its property bubble |
| (SINGAPORE) Hong Kong's government yesterday raised the stamp duty on luxury property sales and warned that more such measures could follow - the clearest sign yet that officials there fear the consequences of a bubble forming, and then bursting, in the territory's private- home market. |
|
| More pocket money or serious incentive? |
| (SINGAPORE) Small and medium enterprises welcomed the Productivity and Innovation Credit announced in Budget 2010. But pending details from IRAS this June, many were hesitant to say if it will induce actual spikes in their spending on areas like research and development and design. |
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| Mixed response to shipping tax breaks |
| (SINAGPORE) The various tax incentives for the maritime sector were met with a mixed response from industry players, however the consensus was that it was a positive signal to encourage the development of Singapore as a maritime hub. |
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| Let's make Budget 2010 happen |
| (SINGAPORE) IT WAS this sentence, from the Minister's Budget speech, that struck me the most |
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| Singapore Roundup |
| THE Urban Redevelopment Authority (URA) yesterday awarded the tender for a 99-year leasehold residential site at the junction of Choa Chu Kang Road and Woodlands Road to Dollar Land Singapore |
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| Open category, big car COEs hit 6-year high |
| PREMIUMS for certificates of entitlement rose across the board yesterday, with the big car and open categories hitting six-year highs as demand for new vehicles edged up over the past week, some motor traders said. |
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| MHA releases detainee Abdul Basheer |
| A SINGAPOREAN detained under the Internal Security Act (ISA) for planning and preparing to engage in militant activities was released on a Suspension Direction on Feb 21, the Ministry of Home Affairs (MHA) said yesterday. |
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| 7,500 to take part in health survey |
| THE Health Ministry said yesterday it will conduct field work for the National Health Survey 2010 from March to June. |
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| Temasek prices $1b worth of bonds |
| TEMASEK Holdings yesterday priced $1 billion of 15-year and 25-year bonds due 2025 and 2035 respectively under its US$10 billion guaranteed global medium-term note programme. |
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| Three new schemes to boost skills in local industry |
| IN response to the nation's call for greater productivity, three new courses under the Singapore Workforce Skills Qualifications (WSQ) system have been launched for the local manufacturing industry. |
|
| Maybank offers guaranteed structured deposit |
| MAYBANK Singapore has launched a guaranteed structured deposit linked to the performance of an underlying basket of Singapore blue chips. |
|
| Most financial advisers here favour fee-commission mix |
| FINANCIAL planners in Singapore are strongly in favour of a compensation structure that includes both fee and commission income, rather than relying on just fees or commissions alone, according to a new survey. |
|
| Travel agency targets Sands high rollers |
| DYNASTY Travel is investing $500,000 in an upmarket outlet at Marina Bay Sands (MBS) - aimed at the high rollers who will pass through the casino resort's doors. |
|
| Stocks slip back into the red |
| ONE step forward, one step back' is probably an apt description of current trading - after the Straits Times Index rose 25 points on Tuesday |
|
| UN urges East Asia to protect its seas |
| (NEW YORK) The East Asian economy could suffer seriously if seas are not protected, according to the United Nations Environment Programme (UNEP), Vietnam news agency reported on Tuesday. |
|
| Ships in key strait risk terror hits |
| (SANAA) Al-Qaeda could target ships in the strategic Bab al-Mandab strait between Yemen and Somalia but could never completely control it, Yemeni Foreign Minister Abu Bakr al-Kurbi was quoted on Tuesday as saying. |
|
| Tanker rates poised for hike: report |
| (NEW YORK) The world tanker market stands to benefit if an improving economy and declining oil inventories prompt the Organization of the Petroleum Exporting Countries to increase production, according to a report from Jefferies & Co. |
|
| Two-tier fuel purchase plan shelved by KL? |
| DAUNTED by the prospect of an electoral backlash, Malaysia is likely to defer addressing two prickly subsidy issues |
|
| Malaysia's Q4 GDP grew a better than expected 4.5% |
| MALAYSIA'S economy, in real gross domestic product terms, grew 4.5 per cent in the fourth quarter of 2009, confounding the consensus forecast of 3.2 per cent by private economists. |
|
| India's review of fuel prices rivets energy firms |
| (NEW DELHI) Energy firms are focused on India's moves to review fuel pricing, a long-awaited decision that will cut subsidy bills, revive competition in the transport fuel market and encourage efficient use of energy. |
|
| India Budget to push for financial inclusion |
| (MUMBAI) The Indian government's push for financial access for hundreds of millions of the unbanked is helping to secure its vote base and creating lucrative opportunities for financial institutions, technology and mobile services firms. |
|
| India to spend US$9b on railway expansion |
| (NEW DELHI) India unveiled a US$9 billion plan yesterday to expand its creaky and overstretched railway system. |
|
| HK ups stamp duty on sales of luxury homes |
| (HONG KONG) Hong Kong raised taxes on luxury homes for the first time in more than a decade, a move some analysts said may backfire by fuelling speculation in the cheaper housing market. |
|
| US commercial mortgage defaults soar |
| (SAN FRANCISCO) The default rate for commercial property mortgages held by US banks more than doubled in the fourth quarter and may reach a peak of 5.4 per cent at the end of next year, according to Real Capital Analytics Inc. |
|
| US home prices rise in December |
| (WASHINGTON) Home prices in 20 US cities rose in December for a seventh consecutive month, indicating the industry at the heart of the worst recession since the 1930s is stabilising. |
|
| Lower gearing allows MRCB to acquire more land |
| (KUALA LUMPUR) Malaysian Resources Corporation Bhd's (MRCB) lower gearing provides more room for it to acquire new land bank for future growth, says Kenanga Research. |
|
| Wyndham puts more eggs in hotel basket |
| (NEW YORK) Wyndham Worldwide Corp projects that its hotel unit will be a larger part of its business in the next five to 10 years, as it seeks to grow in China, India and a host of other global hotspots. |
|
| Beijing scraps some home purchase incentives |
| (BEIJING) Beijing will scrap some home purchase incentives after property prices surged, reducing the scope of the housing sales-tax exemption and enforcing the 40 per cent down payment requirement for second homes. |
|
| Buzz in private housing sales continues |
| THE buzz in private home sales appears to be continuing even after last Friday evening's government announcement of new measures to cool the property market. |
|
| Exports prop up stumbling Germany economy in Q4 |
| (BERLIN) Germany's economic recovery stalled in the fourth quarter of 2009, as weak consumption and a liquidation of inventories offset firmer exports, leaving Europe's largest economy on a weak footing going into 2010. |
|
| US recovery extremely unbalanced: Greenspan |
| (WASHINGTON) Former Federal Reserve chairman Alan Greenspan said on Tuesday that the US economic recovery was 'extremely unbalanced', driven largely by high earners benefiting from recovering stock markets and large corporations. |
|
| Japan exports jump 41% on China boost |
| JAPANESE exports jumped 41 per cent by value in January from their level a year earlier, marking their third largest gain on record and further kindling hopes that the world's second largest economy may be able continue growing despite low domestic demand and deflation. |
|
| Senators closer to US financial reform deal |
| (WASHINGTON) A year and a half since the collapse of Lehman Brothers, there appears to be a good chance for a breakthrough now in creating the new regulatory apparatus to make sure it doesn't happen again. |
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| Good progress, but the work will get harder |
| OCBC Bank has come a long way since its current chief executive David Conner was appointed in 2002. |
|
| Company Briefs |
| ARA Asset Management, the manager of Fortune Reit, is seeking a dual primary listing of the Reit's units in Hong Kong to gain direct access to Hong Kong's capital market and exposure to a wider range of private and institutional unitholders. |
|
| Riverstone Q4 earnings leap 89.5% to RM11m |
| GLOVE maker Riverstone Holdings has reported an 89.5 per cent jump in net profit to RM11 million (S$4.56 million ) on a 43.7 per cent rise in revenue to RM47.4 million for the fourth quarter ended Dec 31. |
|
| Straco Q4 net dips, full-year up 14% |
| SINGAPORE-controlled but China-based tourism attractions operator Straco Corporation reported a 14 per cent increase in net profit to $8.84 million for the year ended Dec 31. |
|
| Raffles Education to set up uni in Iskandar Malaysia |
| RAFFLES Education Corporation (REC) is looking to extend its ties with Malaysian state investor Khazanah Nasional with a possible collaboration on a multi-institutional education campus in Iskandar Malaysia. |
|
| Buoyant Q4, full year for Oceanus |
| FAIR value gains, higher sales and the absence of goodwill write-off lifted Oceanus Group's 2009 net profit by 77 per cent to 343.16 million yuan (S$70.62 million). |
|
| Koon clinches $226m Vietnam port project |
| KOON Holdings has won a $226 million port project in Vietnam - its first major overseas contract. |
|
| Friven holds Asia licence for pop group Hi-5 |
| LIFESTYLE company Friven & Co Ltd has signed an agreement to acquire a 51 per cent stake in Sheares Asia Production Pte Ltd - a move that will make it the licence holder, merchandiser and tour partner for Asia for the Australia-originated children's pop music group, Hi-5. |
|
| Design Studio FY09 earnings double |
| DESIGN Studio Furniture Manufacturer Ltd has doubled its full-year earnings on the back of a more than 50 per cent rise in topline revenue, thanks to recognition of numerous projects in Singapore and North Asia. |
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| Kingsmen profit up 11.3% in Q4 |
| DESPITE challenging economic conditions, communications design company Kingsmen Creatives recorded its sixth consecutive year of growth, with record revenue and profit and a steadily growing orderbook. |
|
| United Engineers posts net profit of $52m |
| CONSTRUCTION and property group United Engineers yesterday reported a net profit of $52.2 million for 2009, a significant jump from $6.0 million in 2008. |
|
| Hyflux profit hits another high |
| WATER treatment group Hyflux yesterday reported yet another year of record profit as earnings continued flowing from its massive project wins in North Africa. |
|
| CNOOC posts 2009 profit of US$7.6b |
| (BEIJING) China National Offshore Oil Corp (CNOOC), the country's third-biggest oil producer, made a profit of US$7.6 billion in 2009, president Fu Chengyu said yesterday. |
|
| Fans rally to turn HK 'love hotel' to Bruce Lee memorial |
| (HONG KONG) The rundown house at 41 Cumberland Road in Hong Kong's quiet Kowloon Tong district might escape the notice of passers-by if it were not for a sign signalling that it is a 'love hotel'. |
|
| Lloyds CEO to forgo £2.3m bonus |
| Britain's state- rescued Lloyds Banking Group announced on Monday that its chief executive Eric Daniels would not take his annual bonus of £2.3 million (S$5 million). |
|
| Finally, Japanese investors look at Asia |
| I DON'T imagine that news this week of an inaugural issue of 'water bonds' in Japan by the Asian Development Bank had exactly everyone jumping up and down in excitement, or that the oversubscription of a Philippine Samurai Bond issue in Tokyo had a similar effect. |
|
| How China grows economically |
| CONVENTIONAL wisdom suggests that well-developed legal and financial systems are necessary for economic growth. |
|
| Blippy: Social media for shopaholics? |
| BY asking what's happening or what's on our minds, Facebook and Twitter have prodded people to broadcast just about anything, from what they ate for lunch to what movie they're going to see. Now a new site wants to unearth more - by asking people to automatically reveal things they buy. |
|
| Wall St bonuses jump 17% to top US$20b |
| (NEW YORK) The big money is back on Wall Street. Flush with record profits last year, investment banks and securities firms paid employees in New York City an estimated US$20.3 billion in annual bonuses, according to a report released on Tuesday by the New York state comptroller. |
|
| Three antitrust complaints filed against Google |
| (BRUSSELS) Google Inc, owner of the world's most popular Internet search engine, faces European antitrust scrutiny after three companies filed complaints about unfair competition. |
|
| Boost for fuel cell technology? |
| (SUNNYVALE, California) A Silicon Valley company is claiming a breakthrough in a decades-old quest to develop fuel cells that can supply affordable and relatively clean electricity. |
|
| FDIC faces fresh wave of bank failures |
| (NEW YORK) The Federal Deposit Insurance Corp (FDIC) is bracing itself for a new wave of bank failures that could cost the agency many billions of dollars and further strain its finances. |
|
| Greek Deputy PM blasts Germany |
| (LONDON) Italy did more than Greece to mask the state of its finances to secure eurozone entry, Greek Deputy Prime Minister Theodoros Pangalos said. He also said that Germany's history made it ill-placed to criticise his country. |
|
| Trump, Icahn in court battle over casinos |
| (CAMDEN, New Jersey) Celebrity real estate developer Donald Trump and investor Carl Icahn took their fight for the Atlantic City hotel-casinos bearing Mr Trump's name to US bankruptcy court on Tuesday, with nearly a quarter of the resort's gaming sites at stake. |
|
| Tate puts together Henry Moore show |
| This photograph of 'Reclining Figure 1929' by British sculptor and artist Henry Moore was released in London on Monday. Moore was best known for his abstract monumental bronze sculptures. |
|
| New home sales hit record low in Jan |
| (WASHINGTON) Sales of new homes plunged to a record low in January, underscoring the formidable challenges facing the US housing industry as it tries to recover from the worst slump in decades. |
|
| Hyundai recalls new Sonata sedans |
| (DETROIT) Hyundai Motor will recall 47,000 of its new Sonata sedans to fix faulty door latches, seeking to avoid the damaging criticism Japanese rival Toyota Motor Corp faces for its handling of a series of safety problems. |
|
| Toyota president braces for tough US Congress hearing |
| (WASHINGTON) Toyota Motor Corp's president Akio Toyoda braced for tough questions from a US congressional panel last night after the Japanese automaker conceded it had let safety standards slip and could still not explain most incidents of unintended acceleration. |
|
| Summit may revive health care bill |
| (WASHINGTON) President Barack Obama may be creating the best chance to push through his stalled health care plan by summoning his political foes to a summit today. . |
|
| US$ finds support ahead of Bernanke testimony |
| (LONDON) The US dollar held broad gains yesterday after weak US consumer confidence data the previous day stung risk appetite, and as investors braced for testimony from Federal Reserve chairman Ben Bernanke. |
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| Have your say |
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|
| Committee to help small audit practices merge |
| I REFER to the letter, 'SME mergers: let markets determine', by Helen Sim (BT, Feb 12). |
|
| Judge approves BOA's US$150m SEC deal |
| (NEW YORK) In a ruling that freed Bank of America from some legal problems, a federal judge wrote on Monday that he had reluctantly approved a US$150 million settlement with the Securities and Exchange Commission (SEC). |
|
| Toyota under US federal probe |
| (WASHINGTON) Federal prosecutors have launched a criminal investigation into Toyota Motor Corp's safety problems and the Securities and Exchange Commission was probing what the carmaker told investors, the company disclosed on Monday. |
|
| Microsoft veteran out to shake up marketplace for ideas |
| (BELLEVUE, Washington) Nathan Myhrvold wants to shake up the marketplace for ideas. His mission and the activities of the company he heads, Intellectual Ventures, a secretive US$5 billion investment firm that has scooped up 30,000 patents, inspire admiration and angst. |
|
| Toyota case seen as failure of 2000 safety law |
| (NEW YORK) TOYOTA Motor Corp's recalls of millions of vehicles show that a law passed after fatal crashes of Ford Explorers with Firestone tyres a decade ago isn't working, former US officials and consumer advocates said. |
|
| Tender soon for Yishun industrial site |
| THE Urban Redevelopment Authority (URA) will put a 60-year leasehold industrial site in Yishun up for tender after a developer triggered the sale with a minimum bid of $11.5 million. |
|
| White collar profile of problem gambler |
| THE mild mannered executive sitting next to you by day could just be a hard core gambler by night. This is according to the profile of Singaporean problem gamblers by the National Council on Problem Gambling (NCPG). |
|
| Donate for arts and culture - online |
| A NEW one-stop cultural philanthropy portal, www.give2arts.sg, was launched yesterday by Lui Tuck Yew, Acting Minister for Information, Communications and the Arts. |
|
| Michael Phelps is YOG's official ambassador |
| THE inaugural Youth Olympic Games (YOG) - to be held in Singapore over two weeks this August - got a boost yesterday when American swimming sensation Michael Phelps was unveiled as its first official ambassador. |
|
| Consumer prices up 0.2% in Jan |
| SINGAPORE'S consumer prices rose in January - but the annual growth in overall prices was less than expected. |
|
| Corporate travel budgets likely to increase in Asia |
| CORPORATE travel in Asia is likely to rebound with a growth of 10-15 per cent this year in markets such as Singapore and Hong Kong, although companies may be reluctant to lift the cost-saving travel policies implemented during the recession. |
|
| STI rises in anticipation of US rebound |
| A VOLATILE session in Hong Kong yesterday made for an equally topsy-turvy day in the local market. The Straits Times Index first dropped sharply before bouncing up to 2,782.55 for a net gain of 25.09 points in line with the Hang Seng Index's down-up movement. |
|
| Good time to modernise fleet |
| REGULATIONS for the restriction of air pollution from ships will mean extra costs and responsibilities for shipowners, UK-based BMT Group's subsidiary BMT Marine & Offshore Surveys told a London insurance market seminar recently. |
|
| S Africa intercepts N Korean arms shipment |
| (UNITED NATIONS) South Africa has told a UN Security Council committee that it intercepted a North Korean weapons shipment bound for Central Africa, which diplomats said was a violation of a UN ban on arms sales by Pyongyang. |
|
| Supertanker surplus shrinks on demand |
| (LONDON) The supply of supertankers competing to haul cargoes of Middle East crude oil shrank as falling rates spurred demand. |
|
| India Feb oil export rise on shipments to US |
| (MUMBAI) Bookings of tankers to export fuels from India's west coast, the home of two Reliance Industries Ltd refineries, rose in February as India sold more petrol to the US. Shipments of at least 1.07 million tonnes, or about 9.1 million barrels, of oil products have left West India so far this month for places such as Japan, the US, and the UK, up from 760,000 tonnes in January, according to ship-bookings information compiled by Clarkson Research Services Ltd, a unit of the world's biggest shipbroker. |
|
| Myanmar invites firms to run 6 Yangon ports |
| (YANGON) Myanmar's military government has invited offers from private companies to operate six major ports in the country's commercial capital and build more in anticipation of a boost in exports. |
|
| Japan looks to strengthen product recall systems |
| (TOKYO) Japan's government said yesterday it would review the country's automotive and other product recall systems to strengthen consumer protection following Toyota's global safety recalls. |
|
| VW to take over Renault's Leng Kee showroom |
| EVEN as the car market consolidates because of the rapidly tightening COE supply, Volkswagen is expanding aggressively. |
|
| Japan carmakers' global output surges in Jan |
| (TOKYO) Global production at Japanese automakers surged in January amid booming demand for new cars in China. |
|
| Ferrari's global sales slip 5%, outpace market |
| ITAL Auto delivered its first Ferrari late last month, the California, a convertible which has helped the Italian super sports car maker deflect the pain from the global economic crisis by reaching out to new customers. |
|
| Saab sale likely to close this week |
| (STOCKHOLM) General Motors' sale of Saab Automobile to Spyker Cars NV will probably close this week, moving the Detroit carmaker closer to trimming |
|
| Razaleigh backs Kelantan's demand for oil royalties |
| TENGKU Razaleigh Hamzah, the founder chairman of national oil company Petronas, is continuing his battle against the federal government to compel it to begin making royalty payments to the state of Kelantan for oil discovered off its shores. |
|
| M'sia real GDP grew in Q4, say economists |
| in Kuala Lumpur |
|
| CIMB earnings jump 44% to RM2.8b |
| in Kuala Lumpur |
|
| Bank Danamon returns to profit in Q4 |
| (JAKARTA) PT Bank Danamon Indonesia, controlled by Temasek Holdings and Deutsche Bank AG, returned to profit in the fourth quarter after reducing the amount of money it must set aside for derivatives-related losses. |
|
| India's debt sales may rise 2% in FY2010-11 |
| (MUMBAI) India will borrow a record 4.6 trillion rupees (S$140 billion) next fiscal year as debt payments double and the government only gradually withdraws policies to support economic growth, a survey showed. |
|
| Indian 3G spectrum auction may start after March |
| (NEW DELHI) A multi-billion dollar auction of 3G spectrum to help plug India's budget deficit may only kick off in the next financial year, a government minister said on Monday. |
|
| Maoist rebel leader offers ceasefire |
| (NEW DELHI) A top Maoist guerrilla leader in India has offered to halt his group's violent activities and hold talks with the government if it calls off a crackdown against the rebels, news reports said. |
|
| Swiss bank chief upbeat on property market |
| SINGAPORE real estate is 'exceptionally attractive' from a yield and capital appreciation perspective, says Bank Sarasin chief investment officer Burkhard Varnholt. |
|
| Beware of quick fixes for low productivity |
| THERE has been much said about the low productivity nature of Singapore's economic growth in the past decade. Average productivity growth has been only one per cent per annum in the past decade. |
|
| Collectible-car market still robust |
| WE ALL wish we'd bought Microsoft stock in the 1980s. But what if you'd tucked away a 1965 Shelby roadster like the one that just sold at auction in Scottsdale, Arizona, for more than US$1 million? Or garaged a pristine 1971 Dodge Challenger, which went for US$187,000, or that rare 1970 Ford Mustang for US$275,000? More to the point, what should you buy now that will turn out to be the collectible car of tomorrow? The collectible-car market, while off the nosebleed highs of 2006-2007, is still robust. Some cars rolling off the line today are destined to be the auction surprises of the future. I asked collectors, classic-car experts and auto industry executives which new or recent car they would buy today to re-sell in the year 2030. |
|
| Corporate investment to spur US growth |
| (NEW YORK) Corporate investment will contribute to stronger growth in the US and the economy will start to add jobs early this year, a survey of business economists showed. |
|
| Estate tax may rise from the dead |
| (NEW YORK) THE estate tax isn't dead. It's resting. The tax has been eliminated for 2010, but the estates of people who die before the year is out may still not pass free and clear to their heirs. |
|
| American jobs bill clears hurdle in Senate |
| (WASHINGTON) A bipartisan jobs bill cleared a Republican procedural roadblock on Monday with critical momentum provided by the Senate's newest Republican, Scott Brown of Massachusetts. |
|
| BOJ says fiscal policy must win trust, minutes show |
| (TOKYO) Bank of Japan (BOJ) policy makers said growing scrutiny of public debt worldwide increased the need for policies that secure the trust of investors, the minutes of its January meeting show. |
|
| Receding prospects of Doha pact frustrate WTO |
| (GENEVA) Gloom and frustration pervaded the World Trade Organization (WTO) on Monday as the prospects of completing a new global commerce pact this year receded. |
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| More clarity needed for SGX policy on firms at risk of delisting |
| WHY is it that shareholders' hopes of recovering their investments in China Printing & Dyeing and FerroChina should be dashed when a restructuring deal looks so close to being sealed? |
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| Company Briefs |
| KEPPEL Corp has said that Singbridge International Singapore, a unit of Temasek Holdings, has acquired a 10 per cent stake in Singapore Tianjin Eco-City Investment Holdings Pte Ltd (STEC). |
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| Yangzijiang's Q4 profit up 63% at 645.1m yuan |
| YANGZIJIANG Shipbuilding continues to hold its own amid the tough conditions in the shipbuilding industry, posting a 63 per cent year-on-year rise in fourth-quarter net profit to 645.1 million yuan (S$133.2 million) from 395.1 million yuan. |
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| Parkway sets sights on China, India, M-E markets |
| PARKWAY Holdings is growing its presence overseas, having set its sights on markets such as China, India and the Middle East. |
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| Noble Group's Q4 profit falls to US$85m |
| COMMODITIES supply chain manager Noble Group yesterday said net profit for the fourth quarter fell to US$84.9 million from US$138.9 million in Q4 2008. |
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| Operations of key Sino-Env unit have ceased, says board |
| SINO-Environment said that all business operations at its main subsidiary in Fuzhou have ceased, leaving its plant and equipment sitting idle. |
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| Golden Ocean gets approval for dual listing |
| OSLO-listed Golden Ocean Group has received regulatory approval for a dual-listing in Singapore, the Singapore Exchange said yesterday. |
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| Wheelock posts $169.4m profit for Q4 |
| WHEELOCK Properties yesterday reported a fourth-quarter net profit of $169.4 million, boosted by a $129.4 million fair-value gain on its investment properties. |
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| UOL full-year profit surges to $424.2m |
| UOL Group, whose net profit nearly trebled to $424.2 million, said that the completion of at least five Singapore residential projects this year could translate to gross sales proceeds of about $800 million. The sum will also include progressive recognition on other ongoing residential projects. |
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| Enter the tiger |
| This wax figure of martial arts icon Bruce Lee was unveiled by his daughter Shannon Lee at Madame Tussauds in Hollywood just before the start of the Year of the Tiger, in celebration of the Chinese New Year. |
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| China is unlikely candidate to buy IMF gold |
| (NEW YORK) China, the world's biggest gold producer, isn't a 'realistic candidate' to buy bullion from the International Monetary Fund, the World Gold Council said. |
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| Ping An shares hit by founders' 5-year sale plan |
| (HONG KONG) Ping An Insurance, China's second-largest insurance company, said three of its mainland shareholders would sell 800 million restricted A-shares over the next five years, sparking a sell-off of its Shanghai shares to a more than five-month low. |
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| Beijing raps Fitch for downgrading 2 banks |
| (BEIJING) China's banking system is sound, including the two banks downgraded by Fitch Ratings this month, a senior central bank official said in comments published on Monday. |
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| TPG, KKR near purchase of stake in CICC |
| (HONG KONG) TPG Capital LLP and Kohlberg Kravis Roberts & Co (KKR) are in final talks to buy Morgan Stanley's stake in China International Capital Corp (CICC), the first Sino- foreign investment bank, for more than US$1 billion, said four people with knowledge the matter. |
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| HK govt likely to hand out less in budget |
| (HONG KONG) Hong Kong's economic growth probably accelerated in the fourth quarter as exports and retail spending rebounded, encouraging the government to limit stimulus and relief measures in today's budget. |
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| Kingfisher Airlines to join Oneworld |
| (MUMBAI) Kingfisher Airlines Ltd, owned by India's largest brewer, agreed to join Oneworld, becoming the first carrier from the south Asian country to gain entry into one of the major international airline alliances. |
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| Aegean, Olympic agree to merger: sources |
| (ATHENS) Greece's two largest carriers, Aegean, and recently privatised Olympic, have agreed to team up, forming a stronger player to take on foreign competition, officials close to the deal said on Monday. |
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| Cathay Pacific, Air China near cargo venture deal |
| (HONG KONG) Cathay Pacific Airways Ltd, Hong Kong's largest carrier, and affiliate Air China Ltd intend to sign an agreement on forming an air-cargo venture before the end of the week, said three people familiar with the negotiations. |
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| French strikes disrupt European flights |
| (PARIS) As pilots at German flagship carrier Lufthansa agreed to suspend a strike until March 8, action yesterday by French air traffic controllers and a strike vote by British Airways staff spells more turbulence ahead. |
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| Lufthansa, union agree on talks |
| (BERLIN) Lufthansa hopes to have flights back to normal by the end of the week after the airline agreed to hold talks with pilots, ending a costly and damaging strike at Europe's biggest airline. |
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| Mueck in Melbourne |
| (MELBOURNE) Visitors at the National Gallery of Victoria in Melbourne looking at a sculpture, 'In Bed', by Australian sculptor Ron Mueck. The gallery is holding an exhibition of Mueck's work, including four new sculptures, till April 18. |
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| Philippines sells 100b yen of Samurai bonds |
| JAPAN'S US$20 billion a year Samurai bond market is springing to life as a major source of capital for Asian government and other issuers after decades of serving mainly as a conduit for channelling Japan's huge institutional savings into non-regional investments. |
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| Bangkok braces for fiery Friday |
| (SINGAPORE) 'Judgment day' descends on Bangkok this Friday as Thailand braces for possibly more political unrest after the Supreme Court decides whether to seize the frozen assets of fugitive former Prime Minister Thaksin Shinawatra and his family. |
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| Drug firms' aid to train doctors raises queries |
| (NEW YORK) More than half of America's medical residency programmes to train doctors in internal medicine accepted financial support from the drug industry, even though three-fourths of the programmes' directors said accepting the aid was 'not desirable,' a survey found. |
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| Glaxo shares fall on US report over Avandia heart risk |
| (NEW YORK) GlaxoSmithKline plc fell in London trading on Monday after a report from two US senators raised concerns that the drugmaker may be more vulnerable to lawsuits charging that its Avandia diabetes pill causes heart attacks. |
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| Obama in tactical mode to push health care plan |
| (WASHINGTON) US President Barack Obama may be setting up a carefully choreographed attempt to ram his healthcare plan through the US Congress over the objections of rival Republicans. |
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| Walmart to buy digital movie provider |
| (LOS ANGELES) Wal-Mart Stores will buy broadband entertainment provider Vudu, a deal that gives the world's biggest retailer the ability to sell movies directly through TVs and Blu-ray players over the Internet. |
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| Where's the doctor? |
| A visitor at Bonhams in London wearing a Cyberman mask from the British BBC science-fiction TV series 'Doctor Who' while standing in front of a Dalek, another character from the popular series, during a viewing last week in preparation for the 'Doctor Who' memorabilia auction. |
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| Keynesian economics: dying where it was born |
| The UK has produced notable economists over the years, but John Maynard Keynes, the guru of government intervention, was one of truly global significance. So it may be fitting that the UK will also become the deathbed of Keynesian economics. |
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| Euroland's mess shrinks the euro |
| AS the global financial crisis raged last year and the US Federal Reserve cut interest rates to near zero, a number of economists and currency watchers predicted that the US dollar could go nowhere but down. |
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| Three-Minute Digest |
| AS the Ministry of Manpower released more details on the planned increases in foreign worker levies, the construction industry said that it would be hit hard. |
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| Thanks for the tax incentive, we want a matchmaker too |
| (SINGAPORE) The issue of finding a good match in a courtship takes precedence over tax incentives when it comes to mergers and acquisitions among SMEs. |
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| Ten Mile Junction site draws robust bids |
| (SINGAPORE) The first government land sale tender to close after measures were announced last Friday to cool the property market managed to draw some solid bids. |
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| Short on hongbaos, long on the supply side |
| (SINGAPORE) Panellists at a forum yesterday had differing views on the contents of this year's Budget - but agreed on two points. |
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| Reits hail extension of tax concessions |
| (SINGAPORE) Real estate investment trusts (Reits) had much to cheer about after Budget measures for the industry were announced on Monday. |
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| Building muscle for the days to come |
| (SINGAPORE) Economists and accountants are unanimous in their verdict that this year's Budget has been a generous one in terms of helping Singapore attain long-term growth, through a concentrated focus on boosting productivity. |
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| BT journos bag two awards |
| (SINGAPORE) BT journalists won two awards at the yearly Singapore Press Holdings' English and Malay Newspaper Division (EMND) awards yesterday. |
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| Productivity rises on the cusp of a smile |
| (SINGAPORE) THE key thrust of Budget 2010 is aimed squarely at raising productivity, with the government committing some $5.5 billion over the next five years to achieve the goal. Even so, there are still limits to legislating for productivity growth, notwithstanding heavy investments in training and education. This is because productivity involves a human factor, and there is an emotional quotient that needs to be taken into account. |
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| DC rates may rise and affect en bloc sales |
| (SINGAPORE) Development charges, which are paid to enhance or intensify the use of some sites, are headed north for residential use at the upcoming DC rate revision effective March 1, say property consultants. |
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| Construction jittery as levy hike is spelt out |
| (SINGAPORE) AS the Ministry of Manpower (MOM) released more details on the planned increases in foreign worker levies, the construction industry said that it would be hit hard. Some contractors may try to pass on the costs. |
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| Company's Jan global sales up 15.3% yoy |
| (TOKYO) Toyota Motor's global sales in January were up 15.3 per cent year-on-year, the company said yesterday, as the Japanese automaker showed resilience despite being hit by massive recalls that month. |
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| Reticent president typical of leaders in Japanese firms |
| (TOKYO) Americans are likely in for a surprise if they expect Toyota president Akio Toyoda to put on a show of authoritative 'the-buck-stops-here' clout at today's congressional hearing on the carmaker's massive recalls. |
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| Pakistan finance minister decides to step down |
| (KARACHI) Pakistani Finance Minister Shaukat Tarin said yesterday he was stepping down to focus on his private business interests. |
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| Revaluation of yuan hangs in the balance |
| WILL China do it or won't it? |
|
| Why leave accounting firms out in the cold? |
| WE refer to the report 'Singapore invests on road to the future' by Anna Teo (BT, Feb 23). |
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| Broker's Take |
| PATMI of $297 million (+106 per cent q-o-q; +328 per cent y-o-y) was more than double Citi's ($120 million) and Street's ($126 million) forecasts. |
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| Getting the show back on the road |
| THIS time last year, Singapore found itself in the middle of a crisis - not, admittedly, of its own making - which called for the implementation of a 'resilience package' that would enable it to hunker down and survive the passing storm. |
|
| Obama drifting into war with Iran |
| IT is quite possible that confounding the conventional wisdom, the Obama administration has been conducting secret negotiations with Iran that could open way to a diplomatic detente between the two governments. It is also possible that Washington is working behind the scenes with the Israelis and Palestinians to create the conditions for bringing about a peace accord between these two peoples. |
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| US and Europe dig themselves in fiscal hole |
| THE fiscal time bomb is ticking ever louder, from Greece to Japan and from Britain to the United States, not to mention Portugal, Spain and Ireland. But the ominous sound is being muffled by the clamour for economic growth to be maintained at all costs, even at the expense of bankrupting governments. |
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| Why Budget is non-event for shares |
| AROUND this time every year, stock market investors ponder the potential impact of the government's Budget on equity prices. |
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| 2nd update to registers of electors complete |
| THE second update of the voter rolls in Singapore has been completed and the lists are open for public inspection from today to March 8. |
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| SINGAPORE ROUNDUP |
| Furniture show at |
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| Old Chang Kee earnings surge |
| THE proof is in the puff - Old Chang Kee has reported a 92.4 per cent jump in net profit for the full year on firmer gross profit. |
|
| Hotel Prop full-year profit rises 7.2% |
| THANKS to a sharp drop in fair-value losses, Hotel Properties Ltd reported a 7.2 per cent rise in full-year net profit despite a 27.6 per cent dive in revenue. |
|
| China Milk says it has cash to repay debt |
| CHINA Milk Products Group yesterday said that it holds enough cash to repay some US$170 million in debt, 10 days after it admitted that it was in technical default due to 'administrative and procedural' delays in repayment. |
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| ARA's Q4 net up 47%, proposes bonus issue |
| ARA Asset Management posted improved fourth quarter earnings and proposed a cash dividend and a one-for-five bonus issue. |
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| Downturn drags Cosco net down 64% |
| COSCO Corporation's net profit tumbled 64 per cent to $110 million for the full year ended Dec 31, 2009, as operating costs swelled and core operations weakened. |
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| ST Engg arm wins RSAF contracts worth $363m |
| ST ENGINEERING yesterday announced that its aerospace arm, ST Aerospace, had been awarded two maintenance contracts for six years by the Republic of Singapore Air Force (RSAF) for a total of $363 million. |
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| SPH to issue $300m fixed-rate notes |
| SINGAPORE Press Holdings (SPH) will issue $300 million of fixed-rate notes due in 2015 and has mandated OCBC Bank as dealer. |
|
| SembMarine posts record profit |
| SEMBCORP Marine managed to ride through last year's downturn to post a record high net profit of $700.1 million, a 62.8 per cent rise over $429.9 million in FY'08 as higher revenue recognition from completed rigs rolled in. More than two-fifths of the net earnings came from the fourth quarter. |
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| Taiwan's Ta Chong Bank takes cue from McDonald's |
| (SINGAPORE) Ta Chong Bank Ltd, the Taiwan lender controlled by Carlyle Group LP, will woo retail customers with a 'McDonald's strategy' and boost profit fivefold by 2012 to attract potential buyers, president Edmund Koh said. |
|
| Calls flood school in Google row |
| (BEIJING) A Chinese school accused last week of links to cyberattacks on Google that have strained Sino-US ties has since received a flood of calls from students interested in attending. |
|
| Taiwan's GDP grows by 18.02% in Q4 |
| (TAIPEI) Taiwan's economic growth accelerated in the fourth quarter, beating expectations on a boost from strong Chinese demand for high-tech products, though the strength is unlikely to alter the monetary policy outlook. |
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| India charges British duo over planespotting |
| (NEW DELHI) Two British planespotters detained in New Delhi last week have been charged with illegally intercepting communications between pilots and airport authorities, police said yesterday. |
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| Gulf Air to combine first and business classes |
| (BAHRAIN) Bahrain's national carrier Gulf Air will combine its first class and business class, starting on March 1, its chief executive said on Sunday, as the loss-making airline looks to reduce costs. |
|
| Lufthansa pilots start four-day strike |
| (FRANKFURT) Deutsche Lufthansa AG, Europe's second-largest airline, scrapped 67 per cent of its services yesterday as pilots start a four-day strike over work assignments. |
|
| M'sia Airlines Q4 net profit tops RM610m on fuel-hedge gains |
| MALAYSIA Airlines has posted a slight operating profit of RM4 million in the fourth quarter to end December owing to a reduction in capacity, the result of the economic downturn. |
|
| Support for Japan PM tumbles: poll |
| (TOKYO) Japan's prime minister is on thinning ice with voters, who expressed growing discontent in a new poll and rejected the ruling party's candidate in a key local election at the weekend. |
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| Japan's No 2 life insurer plans 1.07t yen IPO |
| (TOKYO) Dai-ichi Mutual Life Insurance will sell about 1.07 trillion yen (S$16.49 billion) worth of shares, the company said on Sunday. |
|
| LME proposes joint venture with Baltic Exchange |
| (LONDON) The London Metal Exchange (LME), the world's largest market for aluminium and copper, has proposed forming a joint venture with the Baltic Exchange to take trading of freight derivatives onto a new exchange. |
|
| Fresh dough to nourish globally competitive firms |
| IN a bid to develop more home-grown globally competitive companies (GCCs), the government will pump almost $400 million into programmes to help local firms boost their capabilities, internationalise and develop talent. |
|
| Maritime sector gets some fresh wind in its sails |
| SINGAPORE'S maritime industry was one of several to benefit from incentives unveiled in this year's Budget targeting 'high-growth potential' activities to grow Singapore into a 'global business hub'. |
|
| Cheaper anti-piracy actions needed |
| (NEW YORK) The US says that it wants to find cheaper options to battle pirates off the coast of Somalia, as an international naval force has pushed the seaborne brigands from the one million square miles of the Gulf of Aden into an area twice that size in the Indian Ocean. |
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| China's oil imports seen to drive tanker market |
| (SINGAPORE) China, the world's second-largest energy consumer, may lead an increase in demand for tankers as its energy needs rise, Poten & Partners said in a report. |
|
| Dry spell to hit M'sia palm oil output |
| (KUALA LUMPUR) Malaysia may see weak palm oil production growth for a second straight year and miss government output target as yields suffer due to the current hot weather, estate owners said on Monday. |
|
| Big first step in a decade-long journey |
| THIS year, Finance Minister Tharman Shanmugaratnam unveiled what is intended to be a transformational Budget. This is targeted chiefly at improving the skills of the local workforce, raising productivity and helping local Singapore businesses conquer overseas markets. |
|
| Supporting family members becomes less taxing |
| THIS year's Budget gave greater recognition to taxpayers who have to support their family members, especially handicapped and disabled ones. |
|
| Green rebate for imported used hybrids as well |
| THE Green Vehicle Rebate scheme will be extended to imported used green vehicles, thus allowing used petrol-electric hybrids to enjoy the same lower registration taxes as new hybrids. |
|
| In good spirits |
| CHEERS to the government! Yesterday, Finance Minister Tharman Shanmugaratnam said that travellers will be given the flexibility to purchase an additional litre of duty-free wine or beer in lieu of one litre of duty-free spirits. |
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| A carrot for becoming productive through innovation |
| CUSTOMERS at Japanese restaurant Ebisboshi Shotengai don't have a waiter to tend to them and take their orders when they dine there. |
|
| S'pore pumps another $1.5b into R&D |
| THE government is offering higher tax incentives to encourage more companies to use Singapore as their base for bringing ideas from concept to reality. |
|
| M'sia recovering better than expected: Zeti |
| (KUALA LUMPUR) Malaysia is on the path to recovery and any increase in interest rates should be viewed as 'normalisation' and not 'tightening', the country's central bank governor said yesterday. |
|
| Jakarta eyes limits on rights issues for foreigners |
| (JAKARTA) A proposal by Indonesia to limit foreign investors' participation in certain share issues could scare off overseas investment, some analysts and fund managers said. |
|
| Indonesian CPO contract faces hurdles |
| (JAKARTA) A planned new palm oil futures contract in Indonesia, the world's largest producer of the commodity, faces an uphill struggle against an established Malaysian rival and the imminent launch of a US competitor. |
|
| India's NMDC eyes Brazilian stake |
| (MUMBAI) Indian state-run miner NMDC Ltd is set to buy 50 per cent of Ferrous Resources Ltd's Brazilian operations for US$2.5 billion, the Economic Times newspaper said yesterday. |
|
| Reliance ups bid for LyondellBasell |
| (NEW YORK) Reliance Industries Ltd, owner of the world's largest oil-refining complex, raised its offer for bankrupt LyondellBasell Industries AF to about US$14.5 billion, according to two people with knowledge of the offer. |
|
| India's GDP seen growing 7.5% this year |
| (NEW DELHI) India's economy will accelerate in the coming years as it recovers from the global downturn and the government will act to protect the poor from the impact of food inflation, the Indian president said yesterday. |
|
| US$500m Gulf property fund launched |
| (DUBAI) Al Rajhi Capital, the investment arm of Saudi Arabia's Al Rajhi Bank and Bahrain's Arcapita Bank has launched a US$500 million Gulf property income fund to capitalise on falling prices, the firms said yesterday. |
|
| Malaysia'sMah Sing may gear up for land acquisitions |
| (KUALA LUMPUR) Mah Sing Group Bhd, a Malaysian developer, may gear up to build a RM1 billion (S$414.26 million) war chest for acquiring land to capitalise on an expected rebound in the Malaysian property market, group managing director Leong Hoy Kum said in a statement yesterday. 'We believe that developers like us with sufficient cash and a healthy balance sheet will continue to grow stronger,' Mr Leong said, in a statement accompanying the company's fourth-quarter results. |
|
| Prime office rents continue to dip: Cushman |
| PRIME office rents continued to soften going into 2010 and could slip another 2-3 per cent this quarter, says Cushman & Wakefield. |
|
| Fewer in US falling behind in mortgage payments |
| (WASHINGTON) The number of American borrowers falling behind on their mortgage payments dropped sharply at the end of last year, a sign the foreclosure crisis is beginning to ebb. |
|
| Sun Hung Kai wins Hong Kong's first land auction of year |
| (HONG KONG) Sun Hung Kai Properties Ltd, the world's biggest developer by market value, won Hong Kong's first land auction of the year with a bid that exceeded most analysts' estimates after selling 900 homes over the weekend as demand for property in the city surges. |
|
| Goldman lowers China developers' price estimates |
| (SINGAPORE) China's property developers had their share-price estimates lowered by as much as 32 per cent at Goldman Sachs Group Inc, which cited increased uncertainty from government tightening measures. |
|
| Eyes on Estuary for impact of anti-speculation moves |
| ALL eyes in the property market are on MCL Land's preview this week of its Yishun condo to see if demand has been dented by last Friday's anti-speculation measures. |
|
| Ex-US Treasury secretaries back 'Volcker Rule' |
| (WASHINGTON) Five former US Treasury secretaries urged Congress on Sunday to bar banks that receive federal support from engaging in speculative activity unrelated to basic bank services. |
|
| S Korean pension fund to change rules to buy IPO stock |
| (SEOUL) South Korea's pension fund, National Pension Service (NPS) expects to change its rules so that from next month, it can buy into major domestic initial public offering (IPO) shares, including Korea Life Insurance. |
|
| Thailand's Korn is world's top finance minister |
| (BANGKOK) At 1.93 metres in height, Thailand's finance minister often stands above the crowd. That's even more the case after winning 'Global Finance Minister of the Year' honours from The Financial Times' Banker magazine. |
|
| Lehman bankruptcy advisers paid US$642m |
| (NEW YORK) Lehman Brothers Holdings, the investment bank liquidating in bankruptcy, paid its lawyers and other advisers US$641.9 million in 16 months since September 2008, according to a regulatory filing. |
|
| BP, Shell plans to cut project costs may falter |
| (LONDON) BP plc and Royal Dutch Shell plc may falter in their campaigns to save billions in oil and gas project costs as a resurgence in drilling and demand for engineers threaten to revive inflation in the industry. |
|
| RBS chief waives bonus as bank negotiates pay deal |
| (LONDON) Stephen Hester, chief executive of Royal Bank of Scotland, will forgo his 2009 bonus, sources said on Sunday, as the rescued bank hammers out a pay deal for staff with the British government. |
|
| US$ slips on slight upturn in risk appetite |
| (LONDON) The US dollar slipped yesterday due to a slight improvement in risk appetite after US stocks eked out gains on the view that the financial system had improved enough for the Federal Reserve to increase its discount rate. |
|
| Brokers' Take |
| GENTING Singapore reported a FY2009 net loss of $277.6 million versus a net loss in 2008 of $124.8 million and the street's expectation of $210 million. |
|
| New $2b fund to boost productivity |
| THE National Productivity Fund will have $2 billion to back its moves to boost productivity in specific industries and enterprises. |
|
| More tax deductions to spur innovation |
| ALL businesses may claim more tax benefits on spending on a wider range of innovative activities, under a new Productivity and Innovation Credit scheme announced in yesterday's Budget. |
|
| Foreign worker levies raised to give businesses a nudge |
| (SINGAPORE) Singapore is raising its foreign worker levies in a bid to get businesses here to restructure and upgrade their operations - and rely less on lower skilled foreign labour. |
|
| A budget for quality jobs, quality growth |
| From preserving jobs to creating quality jobs; from putting a floor under growth to boosting the quality of growth. That's the big shift from year of recession 2009 to year of recovery 2010. |
|
| Small-cap portfolio rises just 1.4% |
| THE year started strongly for the equities market, before fears of excessive tightening in China and sovereign defaults by fringe European Union countries caused risk aversion to spike. |
|
| Johor oil storage terminal plans RM90m expansion |
| WITH continuing strong demand and limited supply of oil storage in Singapore, a newly-opened Johor oil storage terminal yesterday announced further expansion plans to try to capture terminalling business from Singapore-based oil traders. |
|
| Caution despite market strength |
| DESPITE yesterday's strength in regional markets, we have reasons to stick to our cautious view. |
|
| Turning Singapore into an advanced economy |
| These are excerpts of the Budget speech delivered yesterday in Parliament by Finance Minister Tharman Shanmugaratnam: |
|
| Will Japan become the next Greece? |
| THE search for the next Greece is finding its way to an unlikely place: Japan. |
|
| Greece's pain puts spotlight on future of welfare state |
| IT would be possible in other circumstances to disregard the ongoing story of Greece and its debts as a tedious tale of financial markets. |
|
| Impact of speculation curbs open to debate |
| IN a move that took some people by surprise, the government last Friday unveiled two measures designed to cool speculation in the property market. |
|
| Three-Minute Digest |
| IF the task last year was a dire need to save jobs, Budget 2010 is set squarely on the longer term, with sights on quality jobs for a restructured advanced economy. |
|
| After year-long recession, Thai economy grows 5.8% in Q4 |
| (BANGKOK) Thailand's economy emerged from a year-long recession last quarter on increased exports and government spending, adding pressure on the central bank to start withdrawing monetary stimulus. |
|
| ADB plans water bonds in Japan |
| THE Asian Development Bank and Daiwa Securities Group plan to issue 'water bonds' in Japan designed to lure wealthy but conservative institutional and individual investors into helping finance solutions to a looming water crisis in parts of Asia and the Pacific. |
|
| Anti-speculation moves dent property counters |
| (SINGAPORE) Singapore property counters took a hit yesterday, after the government's latest moves to quell speculation. |
|
| S'pore invests on road to the future |
| (SINGAPORE) If the task last year was a dire need to save jobs, Budget 2010 is set squarely on the longer term, with sights on quality jobs for a restructured advanced economy. |
|
| Developers come under pressure |
| PRESSURE on property developers was one of the main features of trading yesterday after the government announced a fresh set of anti-speculative measures over the weekend. |
|
| Strike hits Bangladesh's ship-breaking industry |
| (DHAKA) Bangladesh's ship-breaking yards in Chittagong, the country's second-largest city, ground to a halt yesterday as some 30,000 workers protested against a government decree aimed at improving environmental standards in the industry, police said. |
|
| What they say |
| As expected, the 2010 Budget is rather soft on the property market given the run-up in the residential market. |
|
| Some practical pointers on using market research |
| WHILE most people have some sense of what market research involves - eg 'do a survey' or 'run focus groups' - they do not always understand what research can or cannot do. |
|
| Hand-holding with credit and insurance |
| WHEN businesses were reeling from the economic crisis last year, OCBC Bank made a surprising move by offering unsecured loans to small firms with a track record of just one year. |
|
| Lots of hongbao and feasting |
| CHINESE New Year (CNY) celebration is one of the major events in our company which employees look forward to very much every year. |
|
| White Lodge branching to Vietnam, India |
| LOCAL kindergarten group White Lodge is expanding overseas, with branches planned in Vietnam and India. |
|
| From Resorts World to your living room |
| IF YOU were impressed by the wallcoverings at the newly opened Resorts World Sentosa (RWS), it is now much easier to get something similar for your own home - without the help of interior designers or architects. |
|
| Tharman's transformational Budget |
| WHAT is most remarkable about Budget 2010 is what could remain unstated. While much of the world is still focusing on how to unwind the massive fiscal stimulus that had to be deployed at the height of the Great Recession of 2009, Singapore's stimulus is a non-issue, as the economy has returned to self-sustaining growth. |
|
| Govt expects Budget deficit of $3 billion |
| THE Singapore government expects to incur an overall Budget deficit of around $3 billion for the financial year 2010 - up slightly from the $2.9 billion for last year. |
|
| Could the government have gone further? |
| THE stated aim of the Budget was 'to chart a new course for the economy, growing it by improving productivity'. In theory, this marks an important shift in the way in which economic growth is generated in Singapore - with less dependence on expanding the workforce (via immigration) and more emphasis on increasing output per head. |
|
| DPM Teo to lead productivity council |
| DEPUTY Prime Minister Teo Chee Hean will lead the high-level National Productivity and Continuing Education Council that will take on the big challenge to more than double Singapore's productivity growth to 2-3 per cent yearly over the next decade. |
|
| Tax allowance to make M&A cheaper |
| COMPANIES keen to take the mergers and acquisitions (M&A) route to growth will be boosted by a new tax allowance that offers them cost savings. |
|
| Property tax gets a welcome tweak |
| MOST market watchers have welcomed Finance Minister Tharman Shanmugaratnam's move towards a progressive property tax regime for owner-occupied residential properties as a fairer system. |
|
| Moving towards inclusive growth |
| THE 2010 Budget delivered by Finance Minister Tharman Shanmugaratnam yesterday adds further substance to the recommendations of the Economic Strategies Committee (ESC) which were released recently. |
|
| Hurt Locker trounces Avatar at the Baftas |
| (LONDON) The Hurt Locker was the big winner of this year's British Academy Film Awards, or Baftas, as director Kathryn Bigelow repeatedly defeated her ex-husband James Cameron, maker of Avatar. |
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| Schlumberger to buy Smith Int'l for US$11b in stock |
| (NEW YORK) Schlumberger Ltd, the world's biggest oilfield services company, has agreed to buy fellow industry player Smith International Inc for about US$11 billion in stock. |
|
| Greece ready to do more to meet goal |
| (ATHENS) Greece is prepared to take extra fiscal measures to make sure it meets its deficit-cutting targets, the country's central banker said yesterday. He said financial markets were over-reacting to its financial woes. |
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| Toyota's internal document raises new questions |
| (TOKYO/WASHINGTON) A Toyota Motor internal document has raised new questions about whether it stalled on a US regulatory response to red flags about its vehicle safety. |
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| Obama proposes new Medicare tax |
| (WASHINGTON) US President Barack Obama proposed the first Medicare tax on unearned income, while raising fees on drugmakers and scaling back a levy on high-end benefits as part of a new plan to overhaul the nation's health care system. |
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| 2 measures to up construction productivity |
| FINANCE Minister Tharman Shanmugaratnam yesterday announced two key initiatives to help the construction industry raise its productivity levels - fresh funds for contractors to develop new capabilities and technologies, and a higher foreign worker levy. |
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| New scheme to maximise land use benefits 9 sectors |
| THE government has decided to do away with a tax allowance scheme for businesses introduced in the 1940s to encourage Singapore's industrialisation. The axed scheme will be replaced by one designed to enhance land productivity - but only companies from nine chosen sectors will benefit from the new scheme. |
|
| Lufthansa strike hits SIA code-share flights |
| (SINGAPORE) Singapore Airlines (SIA) said the pilots' strike at its star Alliance partner Lufthansa had effected almost 260 of its code-share flights. |
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| Tax wings for angels to lift funds for firms |
| THE government will provide up to $250 million as initial seed capital for public-private co-investment funds to be set up later this year to invest in Singapore firms, part of a broader initiative to help Singapore businesses attract more private capital to grow. |
|
| Share sales in India may surge to US$30b this year: Citi |
| (MUMBAI) Indian equity and equity-linked offerings may jump by as much as a third this year as companies and the government tap a growing pool of domestic capital and the economy recovers, according to Citigroup Inc. |
|
| US state governors warn of difficult year ahead |
| (WASHINGTON) Although the US national economy has begun to bounce back, governors said on Saturday that the worst had yet to come at the state level, where revenues are still falling short of projections. |
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| Fed move signals recovery on track: economists |
| (MADRID) The Federal Reserve's decision to raise its discount rate shows that the global recovery is on track and other central banks can afford to keep withdrawing emergency measures, former policy makers and economists said. |
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| Asia leads global march away from easy credit |
| (HONG KONG) The US Federal Reserve has just kick- started its cautious exit from unprecedented emergency lending measures - but the process has been going on for months in the Asia-Pacific region, underscoring the two-speed path of the global recovery. |
|
| All eyes on Bernanke testimony this week |
| (WASHINGTON) US Federal Reserve chief Ben Bernanke is expected to shed light this week on the central bank's sudden decision to hike an emergency bank lending rate, triggering speculation on monetary tightening. |
|
| Police raids home of PCCW's Richard Li |
| (HONG KONG) Police have raided the home of Richard Li, the chairman of Hong Kong telephone firm PCCW, as part of a probe linked to the failed privatisation bid of the company last year, the South China Morning Post said. |
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| An absence of bears in a sceptical market |
| IF YOU were to search for an appropriate phrase to describe Thursday's surprise discount rate hike in the US, it would have to be either 'a rude awakening' or 'a timely reminder'. |
|
| Too early to judge Bharti's Zain deal |
| FROM questions over the price it paid for the BPL (Barclays Premier League) to criticism surrounding the recent World Cup debacle, SingTel is finding it increasingly difficult to pander to market pundits. |
|
| Global Yellow Pages files suit |
| DIRECTORY publisher Global Yellow Pages Ltd (GYPL) has started legal proceedings against Reed Business Information, StreetDirectory and Promedia Directories. |
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| Bharti to complete Zain deal by April |
| (NEW DELHI) Bharti Airtel is aiming to conclude its planned purchase of the African assets of Zain telecom by late April, it was reported on Saturday, as the Indian company's chief defended the deal. |
|
| Singapore is No 1 Asian investor on Wall Street |
| SINGAPORE overtook Japan as the biggest Asian investor on Wall Street in 2009. Investors here snapped up a net US$12.61 billion of US stocks in a year when the US equity market closed with its best annual gains since 2003. |
|
| China regulator okays stock index futures rules |
| (SHANGHAI) China's securities regulator has formally approved rules on contracts and services for planned stock index futures trading, clearing the way for setting up investor accounts, the Xinhua news agency reported on Saturday. |
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| China FDI rises 7.8% in Jan, up for a sixth month |
| (BEIJING) Foreign direct investment (FDI) in China climbed for a sixth month as the effects of the financial crisis faded. |
|
| More tension over China farm exports likely: US economist |
| (WASHINGTON) Chinese farm exports are set to become a greater source of trade tension as China boosts its production and becomes a bigger player in world markets for labour- intensive crops, a US agricultural economist said on Friday. |
|
| CNOOC, Sinopec mull Devon's Azeri stake |
| (HONG KONG) CNOOC Ltd and China Petroleum & Chemical Corp (Sinopec) are considering bidding for a Devon Energy Corp stake in an Azerbaijan oil field that may fetch as much as US$3 billion, said two people with knowledge of the matter. Japan's Itochu Corp and Inpex Corp are also among companies that may bid for the 5.6 per cent holding in the Azeri-Chirag-Gunashli oil project, four people said, asking not to be identified because they aren't authorised to discuss the sale publicly. |
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| Turning fruits of research into viable products |
| WHAT do Google, Gatorade and a pacemaker have in common? These innovations were all first developed within a university, and later released into the market when their commercial potential became obvious. It is new technology inventions like these that are changing the world as we know it, making it a better place. |
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| Be smart with your finances |
| FANCY becoming the next Warren Buffett or George Soros? Or even the famous Robert Kiyosaki? Then read on. |
|
| The world is my classroom |
| UNIVERSITY education is about more than just obtaining paper qualifications. Now in my final semester at school, I realise the past three- and-a-half years were arguably the most challenging yet rewarding time of my life so far. |
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| China schools deny hacking charges: report |
| (SHANGHAI) Two prominent schools in China have disputed allegations that hacking attacks on Google and other firms originated from them, a report said. |
|
| Acer claims local PC crown on strong 2009 |
| THINKING small and moving fast were the two attributes which helped Acer climb to the top of Singapore's PC market for the very first time in nearly a decade. According to latest statistics released by technology research firm Gartner, the Taiwanese computer maker edged past usual frontrunner Hewlett- Packard (HP) to claim the throne in terms of local PC shipments in 2009. |
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| Apple removing risque iPhone apps: reports |
| (WASHINGTON) Apple has begun removing risque iPhone and iPod Touch applications from its online App Store, including some which had previously been approved for sale, according to reports on Saturday. |
|
| Dell's China sales soar in Q4, sees solid growth in 2010 |
| (HONG KONG) Dell Inc, the world's No 3 PC seller, expects to log solid double-digit growth in China this year, following a near doubling of sales in its latest quarter fuelled by government stimulus measures. |
|
| Microsoft has talked about buying RIM or Nokia: analyst |
| (SEATTLE) The new Windows phone software is a big improvement on its predecessor but may not be enough to reverse market share losses, and Microsoft Corp may have to eventually buy Nokia or BlackBerry maker Research in Motion (RIM) to get back into the game. |
|
| Webvisions eyes 10% annual growth |
| FRESH from sealing a key acquisition and bolstered by the improving economy, home-grown Webvisions is gunning for sustained growth of 10 per cent yearly for the next three years, according to its group chief executive Roger Lim. |
|
| Business fares will go up: Qantas CEO |
| (SYDNEY) Qantas Airways Ltd has forecast an increase in business class fares as demand recovers after a global travel slump. |
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| Airbus 'needs to tap talent beyond Europe' |
| (SINGAPORE) AS A global company, Airbus has to embrace talent and resources wherever they may be available, according to its chief executive Tom Enders. |
|
| Forster's: Pull up one-quarter of Aussie grape vines |
| (SYDNEY) Australian drinks giant Foster's yesterday warned that one-quarter of Australia's grape vines needed to be pulled up to reverse a damaging wine glut that is forcing growers to let their fruit wither on the vine. |
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| Indian govt panel seeks sugar imports amid falling output |
| (NEW DELHI) India needs to urgently import 3-5 million tonnes of white sugar and may ship in rice to calm food prices, a top aide of the prime minister said, signalling a tighter supply situation than previous estimates. |
|
| Time for the silent majority to speak up |
| SOMETIME in the early 1980's, someone from the opposition Parti Islam SeMalaysia suggested that Muslims found guilty of zina (illicit sex, or that out of wedlock) should be sentenced to death by stoning as prescribed by the hudud (syariah criminal law). |
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| Indonesia aims to be world's breadbasket |
| (JAKARTA) Following Brazil's trail, Indonesia is encouraging foreign and local investors to lease huge swathes of fertile countryside and help make the country a major food producer. |
|
| Maybank unit proposes rights issue |
| MAYBANK subsidiary Bank Internasional Indonesia (BII) has proposed a rights issue amounting to 1.4 trillion rupiah (S$212 million) to strengthen its balance sheet and to enable it to meet its investment and longer-term growth goals in Indonesia. |
|
| Don't sell your homes prematurely for a quick buck: PM Lee |
| (SINGAPORE) Please take good care of your home and don't sell it prematurely to make a quick buck. |
|
| Edgy investors take Fed's discount rate hike in stride |
| LAST Thursday's surprise action by the Federal Reserve to tighten its discount rate couldn't unhinge the rally in the US stock market last week, despite the unmistakable implications of the central bank move. |
|
| Speculation: 'More steps if needed' |
| (SINGAPORE) The government will take more measures to curb speculative activity in the property market if it has to, Minister for National Development Mah Bow Tan said yesterday. |
|
| Sunny economy spurs budding enterprises |
| (SINGAPORE) A sunny economic climate appears to have a positive impact on the level of entrepreneurial activity, according to research by BT and the Accounting and Corporate Regulatory Authority (Acra). |
|
| No plans to help Greece: Germany |
| (BERLIN) Germany's Finance Ministry said it has no specific plans for helping Greece combat its deficit crisis, denying a magazine report that euro-area governments may offer as much as 25 billion euros (S$48 billion) in aid. |
|
| The real victims of Greek tragedy |
| (BRUSSELS) THE crisis stalking the euro economy began with a footnote. |
|
| S'pore food players take bite of Mid-East market |
| SINGAPORE food players are showing a big appetite for opportunities in the Middle East, judging by the strong participation and keen queries in this year's Gulfood Conference, said IE Singapore. |
|
| Expect a bold Budget |
| IN THE run up to the Budget, to be unveiled by Finance Minister Tharman Shanmugaratnam this afternoon, the rumour mills have been working overtime on what might be in store. |
|
| Stressing a point by raising the feet |
| THE economy is turning around, and Choo Sai Wen, 63, drove home the point by standing upside down to use his feet to unfurl two scrolls bearing New Year and prosperity greetings. |
|
| Several cities vying to host next America's Cup |
| (SAN FRANCISCO) America's Cup champion Larry Ellison said that San Francisco was his first choice for the next regatta - but quickly added that it was not guaranteed to host an event that will provide a significant boost to the host city's economy. |
|
| Penang finally shuts down its Victorian railway |
| (KUALA LUMPUR) After years of breakdowns and stranded tourists, Malaysia's island resort of Penang yesterday bid farewell to its rickety Victorian funicular railway. |
|
| AIG bonus fiasco could happen again |
| (WASHINGTON) To many Americans, it's a matter of common sense: traders who failed so spectacularly at their jobs that they nearly brought down the global economy should be fired, not rewarded with handsome bonuses. |
|
| Tamweel to request share trading resumption in March |
| (DUBAI) Dubai's Tamweel will request that its shares resume trading in the next month and is in discussions with the United Arab Emirates federal government over financial assistance in 2010, its chairman said yesterday. |
|
| Hurt Locker wins screenplay award |
| (LOS ANGELES) Iraq war drama The Hurt Locker enhanced its status as front-runner for next month's Oscars here on Saturday after scooping a top prize at the Writers Guild of America (WGA) Awards. |
|
| Obama's health care move a high wire act |
| (WASHINGTON) In a crucial week of high wire politics, Barack Obama is seeking to transform his top priority health care plan, now a liability for his presidency, into a trump card to outwit Republicans. |
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| IMF study backs capital controls in certain cases |
| (WASHINGTON) Capital controls are a 'legitimate' tool in some cases for governments facing surges in investment that threaten to destabilise their economies, an International Monetary Fund (IMF) study said. |
|
| Gordon Brown denies hitting his staff |
| (LONDON) British Prime Minister Gordon Brown said he has 'never, never' hit anybody as his office dismissed media allegations of staff intimidation which have threatened his pre- election fightback. |
|
| Tall order to get US job creation back on its feet |
| (WASHINGTON) Job creation in the US is stuck on an uphill treadmill. |
|
| Greenback rises for sixth week against euro |
| (NEW YORK) The US dollar posted its sixth straight weekly gain against the euro, the longest streak since 2000, as investors speculated on when the Federal Reserve would withdraw monetary stimulus after it raised the discount rate last Thursday. |
|
| Portfolios flat as traders mull Fed move |
| MARKETS generally recovered somewhat from the jitters caused by the sovereign risks in a few peripheral European countries such as Greece, Portugal and Spain. But a new concern emerged last week after the US Federal Reserve unexpectedly raised interest rates for emergency bank loans, triggering fears that regular borrowing costs could also move higher soon, hence slowing the recovery in the world's largest economy. |
|
| Director, fund manager trades low in holiday-shortened week |
| TRADING by directors was low during the week with the Chinese New Year holidays with only eight companies recording 13 purchases worth $2.7 million based on filings with the Singapore Exchange from Feb 17-19. |
|
| Platinum, palladium prices seen rising higher |
| PLATINUM and palladium are two of the six platinum group metals (PGMs) that are silvery-white in colour and have unique chemical properties that account for their widespread use in the industrial sector, in addition to their being precious metals investments. |
|
| Tiger, tiger, burning bright |
| What is your vision for Singapore in 12 years' time, when the next Tiger Year rolls around? What needs to be done to achieve this dream? |
|
| Three-Minute Digest |
| A SUNNY economic climate appears to have a positive impact on the level of entrepreneurial activity, according to research by BT and the Accounting and Corporate Regulatory Authority. |
|
| Japan may review car recall system |
| (TOKYO) Japan's Transport Ministry may review and improve its car recall system, reports said yesterday, as Toyota Motor Corp battles accusations it may have delayed acting on drivers' complaints. |
|
| Companies don't see revenue growth for at least a year: study |
| (SINGAPORE) Overall optimism in the global economy may have increased, but it continues to be tempered with uncertainty. A study has found that most businesses are still reluctant to pursue new market opportunities and believe growth cannot be achieved for at least another year. |
|
| New US bill seeks more powers for treasury secretary |
| (WASHINGTON) The chairman of the Senate banking committee is aiming to release a new wide-ranging bill this week that would overhaul financial regulation, including a provision that could for the first time give the treasury secretary a direct role in the oversight of individual financial companies, according to aides. |
|
| Choose right, eat well |
| EAT less junk food. Eat healthily. Join the club if that's your resolution for 2010, especially after all that Chinese New Year binging. But don't think you're doomed to a diet of raw vegetables and fruit juices. You don't even need to step into an organic store either as the healthy eating revolution has swept into your neighbourhood supermarket, as well as high-end gourmet food stores. Shopping aisles these days are stocked with a smorgasbord of healthful food options that will surprise you - all you need is to take the time to scrutinise the label. |
|
| Why the fate of Greece matters to the world |
| OVER the past few weeks, financial headlines have been hijacked by Greece. A number of commentators have almost buried the euro, pointing to the failure of Greece as the first domino to fall and to be followed by Italy, Spain, Ireland and Portugal. All those who had predicted in the 1990s that the euro was a stillborn project are at it again. |
|
| Trapped in a political gridlock |
| THE announcement by Democratic Senator Evan Bayh, 54, from Indiana that he would not be seeking re-election this year is continuing to send political shockwaves across Washington. |
|
| Fed discount rate hike hammers Asian stocks |
| THE US Federal Reserve has taken the first step towards mopping up excess liquidity by raising its discount rate - a move that led investors to dump stocks, commodities and currencies on fears of further rate increases. |
|
| Federal Reserve move may signal end to easy bank profits |
| FEDERAL Reserve to Wall Street: the days of easy money - and, just maybe, easy profits - are numbered. |
|
| RWS leases Tiger plane to fly in IR guests from overseas |
| HIGH rollers flying in on a budget carrier? Perhaps. |
|
| KL puts best foot forward with shoe fest |
| MALAYSIA has set a target of 24 million tourists this year and earmarked new events to generate interest, including an international shoe festival involving celebrity designer Jimmy Choo. |
|
| Gain-sharing key to enhanced productivity |
| GAIN-SHARING is probably one of the best ways to enhance productivity, Labour Chief Lim Swee Say said yesterday, at a demonstration of SIA Engineering Company's (SIAEC) Cheaper, Better, Faster, (CBF) initiatives. |
|
| Economic rebalancing to benefit Asia |
| THE removal of global economic imbalances may result in slower economic growth, even though many Asian economies look set to benefit from this, according to analysts at UBS Investment Research. |
|
| CapitaLand to give $5m to children in need |
| CAPITALAND yesterday announced a $5 million donation to children's charities both in Singapore and overseas this year to kick-start a year-long series of activities as part of its 10th anniversary celebrations. |
|
| Wholesale trade rises in Q4'09 |
| SINGAPORE's domestic and foreign wholesale trade indices both rose at a faster pace in the last quarter of 2009 compared to the preceding one, the Department of Statistics (DOS) said yesterday. |
|
| Shanghai visit raises spectre for S'pore |
| EARLIER this month, I went to Shanghai on a business trip and was looking forward to seeing the city since my last visit was some 10 years ago. |
|
| Budget 2010 on Monday |
| THE 2010 Budget will be unveiled on Monday afternoon. Finance Minister Tharman Shanmugaratnam will deliver the Budget statement in Parliament at 3.30pm, and the speech will be broadcast live over television, radio, and on the Singapore Budget and Reach websites. |
|
| Draw from tiger traits, says SSA chief to members |
| THE Singapore Shipping Association celebrated Chinese New Year last night, with Transport Minister Raymond Lim as guest of honour. |
|
| Fed's discount rate hike brings sense of deja vu |
| BACK in January 1994, the local stock market's first 'super-bull' run was brought to an abrupt halt when the US Federal Reserve unexpectedly raised interest rates. What ensued was a lengthy consolidation in stock prices that lasted a few years until the next bull run in 1999, after the regional financial crisis and during the Internet boom. |
|
| The sportier alternative |
| WITH their accurate steering and confident handling, Honda cars have always been the sportier alternative among Japanese models. It also had engineering advances such as a double-wishbone suspension and VTEC engine with variable valve lift and timing technology. |
|
| Honda's Civic leader |
| HONDA may be the most expensive mainstream Japanese make here, but it still manages to stay in the Top 3 consistently. Its current Honda Civic was even Singapore's most popular model in 2008 (among authorised distributors), despite being the priciest mid-sized Japanese sedan. |
|
| No lightweight |
| THE Audi A8 may have been a technological breakthrough with its aluminium body and quattro all-wheel-drive, but as a contender in the full-size luxury limousine market, it hasn't been able to overtake the traditional German powerhouses in this segment. But things should change from here on. |
|
| High-tech design |
| THE first A8 in 1994 represented a technological breakthrough when it became the first production car to feature an aluminium bodyshell. The signature aluminium space frame continued with the second generation in 2003, but for 2010, the third generation uses some steel - in the centre pillars - for improved space efficiency. |
|
| Business briefing |
| A-SONIC Aerospace has warned that the company is expected to register losses attributable to its logistics business for year ended Dec 31, 2009. |
|
| Noble to store gasoline on tankers |
| NOBLE Group has chartered two tankers to store gasoline, the first trading house to make the rare move, which has over the past year been limited to distillates and fuel oil, traders and shipbrokers said yesterday. |
|
| M&C to convert Copthorne Orchid Hotel into condos |
| HOTELIER Millennium & Copthorne (M&C), a unit of Singapore's City Developments, says it is planning a project to convert the Copthorne Orchid Hotel Singapore into condominiums. |
|
| Thakral turns around with $5.7m Q4 profit |
| THAKRAL Corporation chalked up a net profit of $5.7 million for the fourth quarter ended Dec 31 - a turnaround from an $11.2 million loss a year earlier - thanks to higher sales and bigger margins. |
|
| Fastech Synergy's RTO proposal rejected by SGX |
| FASTECH Synergy's plan to get off the Singapore Exchange's (SGX) watch-list through a reverse takeover (RTO) has been scuppered. And it now faces delisting - unless it manages to convince SGX otherwise. |
|
| SGX says it has no objection to China Printing's delisting |
| SHAREHOLDERS of China Printing & Dyeing could soon be left holding shares in a debt-ridden private company, with a much slimmer chance of recovering their investments. |
|
| OCBC Q4 profit soars 67% to $502m |
| OCBC Bank's net profit for the fourth quarter surged 67 per cent from a year ago to $502 million, boosted by trading and investment gains. |
|
| OCBC's Conner signals he's staying on as CEO |
| 'YES.' With that one-word reply, OCBC Bank chief executive David Conner confirmed yesterday that he plans to stand for re-election as a director at the group's next shareholders' meeting in mid-April. |
|
| Genting stock takes a hit as euphoria fizzles out |
| GENTING Singapore shares have been taking a beating, falling almost 30 per cent from its peak of about $1.30 per share a month ago to 94 cents yesterday. |
|
| China puts onus on US to fix strained ties |
| CHINA has accused US President Barack Obama of damaging ties by meeting the Dalai Lama and said that it was up to Washington to repair relations between the two global powers, while stopping short of threats of retaliation. |
|
| Labour shortages may hit laptop supply: Taiwan firm |
| A LEADING Taiwanese laptop maker has warned labour shortages in China's booming coastal cities could affect the supply of computers amid an expected surge in world demand. |
|
| India sees economic growth returning to boom levels |
| INDIA'S economy should grow 8.2 per cent next year and return to previous boom levels of 9 per cent the following year, an influential government panel forecast yesterday. |
|
| Maxis set to dial up 4-8% sales growth in Q4 |
| MAXIS Bhd, which is due to release its fourth-quarter result on Feb 25, is expected to see revenue growth of 4 to 8 per cent to RM2.3 billion (S$953 million) compared to the RM2.16 billion in the previous quarter, according to OSK Research yesterday. |
|
| Google hacked from China schools: report |
| THE Internet attacks that may end up driving Google Inc out of China originated from two prominent schools in the country, according to a report published late on Thursday. |
|
| Republicans to join Democrats on budget panel |
| WITH the US debt soaring, Republican leaders reluctantly consented on Thursday to join Democrats on a bipartisan commission to address the government's budget problems. |
|
| Microsoft-Yahoo partnership gets the green light |
| UNITED States and European regulators have cleared the Internet search partnership between Microsoft Corp and Yahoo Inc, enabling the rivals to form a tag team as they try to mount a more serious challenge to Google Inc. |
|
| MGM Mirage Q4 loss wider than expected, shares close 7.1% lower |
| MGM Mirage, which opened the massive CityCenter casino-resort on the Las Vegas Strip last December, posted a wider-than-expected loss in the fourth quarter of 2009 as lower room rates hurt revenue. |
|
| Kan piles pressure on Japan's central bank |
| JAPAN'S Finance Minister Naoto Kan yesterday raised pressure on the Bank of Japan (BOJ) to battle deflation more vigorously in a sign of growing tension between the government and the central bank over the conduct of monetary and fiscal policy. |
|
| US consumer prices up less than expected in Jan |
| THE cost of living in the US rose in January less than anticipated and a measure of prices excluding food and fuel fell for the first time since 1982, indicating the recovery is showing few signs of inflation. |
|
| Toyoda to face US Congress grilling |
| THE head of Toyota Motor Corp will testify before US lawmakers and explain the company's safety crisis. |
|
| Gem of an idea |
| IT used to be that unless one was prepared to fork out exorbitant amounts of money for heirloom-type jewellery pieces, there were certain shops you would never even dare set foot into. |
|
| King of the ring |
| EVERY year the fanciest new mobile phones are usually unveiled in Barcelona at the annual Mobile World Congress show, and this year was no exception, with Samsung and Sony Ericsson among the manufacturers showing off their wares. |
|
| Clean palate |
| AT Madrid Fusion, Spain's top gastronomic conference, food is not just food, and chefs are not just cooks stuck in a hot kitchen. |
|
| Flipping out over prata |
| PARATHA goes by many names around the globe - in Mauritius, it's farata; in Myanmar they call it palata and the Trinidadians know it as htat ta ya - but it's unmistakeably the same dish the world over: a ball of kneaded flour that has been flattened into a circle, flipped and fried. |
|
| 'Killer' favourites don't deter him |
| HOW much does Allen Lew love hawker fare? Enough to find time to eat it regularly, then fit in four hour-long exercise sessions a week to work it off. |
|
| Fannie, Freddie face reform of housing goals |
| (WASHINGTON) Fannie Mae and Freddie Mac would no longer be able to rely on sub-prime mortgages to meet their government-mandated goals for helping lower-income Americans obtain home loans, according to proposed regulations. |
|
| Strong server, PC sales boost HP Q1 profit |
| (SAN FRANCISCO) Hewlett-Packard Co (HP) has posted better-than-expected quarterly results and raised its full-year outlook. |
|
| Greek currency swaps a 'scandal', says Merkel |
| (BONN) German Chancellor Angela Merkel said it would be a 'scandal' if banks helped Greece massage its budget figures, as attention turned to Goldman Sachs Group's role in Greek efforts to conceal the size of the country's deficit. |
|
| UN's top climate change official Yvo de Boer to quit in July |
| (AMSTERDAM) Yvo de Boer, the top UN climate change official, told The Associated Press yesterday that he was resigning after nearly four years, a period when governments struggled without success to agree on a new global warming deal. |
|
| Swiss watch exports rise on roaring Asian demand |
| (ZURICH) Roaring demand in China and Singapore helped Swiss watch exports post their first year-on-year rise since 2008, the latest sign the beleaguered sector is recovering, data showed. |
|
| LV Sands Q4 earnings meet expectations |
| (NEW YORK) Las Vegas Sands Corp, the casino company expanding in Macau and Singapore, reported fourth-quarter earnings that met analysts' estimates as growth in the Chinese gambling market countered a US slump. |
|
| Brokers' Take |
| ACQUIRING three properties for $228.5 million. Ascendas Reit (A-Reit) announced that it has signed two separate conditional sale and purchase agreements to acquire DBS Asia Hub and 31 Joo Koon Circle for $116 million and $15 million respectively. |
|
| 'Worker ants' pose socio-economic challenge for Beijing |
| (TANGJIALING, China) They sleep in boxy rooms crammed into dingy low-rises and spend hours commuting to work on crowded buses as part of a trend of poorer white-collar workers being forced to the fringes of China's wealthiest cities. |
|
| Stricter tax regimes can benefit S'pore |
| THE last few months have seen significant changes to regional tax rules as tax authorities in several countries have started to focus on the use of special purpose vehicles (SPVs) or holding companies as a means of trying to secure tax efficiencies through the use of double taxation agreements ('treaties'). |
|
| Long wait for India's poor for growth to 'trickle down' |
| THE image of India has changed over the past couple of decades. There is a new confidence in the air. But amidst all the gleaming signs of wealth, poverty continues to blight many millions of families. |
|
| Opec must not derail the recovery |
| CLIMATE change enthusiasts are not alone in feeling let down by this year's severe northern hemisphere winter. Oil producers, who are in the opposite camp, are not cheering the record snow storms either. |
|
| Of tax rates, SMEs & going green |
| With Budget Day coming up on Monday, Feb 22, CEOs share their wish lists in this special edition of Views From The Top |
|
| Three-Minute Digest |
| SEVERAL large companies, including some from China, may list here for up to $1 billion later this year if equity markets stay robust, according to senior investment bankers. |
|
| IMF to sell gold in phases to avoid disrupting market |
| (SINGAPORE) The International Monetary Fund said it will soon begin sales of 191.3 tonnes of gold remaining in its plan to raise new resources for lending, with traders saying it may seek buyers among Asian central banks. |
|
| US fuel stocks rise on feeble demand |
| (SINGAPORE) Crude oil fell yesterday for the first time in three days after an industry report showed a rise in US fuel supplies, sparking concern that consumption spending there may slow down. |
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| Fed sets goal for exiting housing finance |
| (WASHINGTON) Federal Reserve officials set a long-term goal to keep only US government securities in their portfolio as they debated how and when to pull back on the most aggressive monetary policy in US history. |
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| Corolla hit in US, but S'pore drives a different car |
| (SINGAPORE) Toyota is facing a new problem with the Corolla in the US, this time over the popular compact sedan's power steering. But in Singapore, the authorised distributor says that no such issue has surfaced with its cars. One reason: the car sold here is not the same as the one driven in the US. |
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| Key indicators rise for 10th straight month |
| (WASHINGTON) The index of US leading indicators rose in January for a 10th straight month, pointing to an economy that will keep expanding through the first half of this year. |
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| New rules curb London bankers' post-bonus musical chairs |
| (LONDON) Britain's one-off 'supertax' and new longer-term payout systems have put paid to London's traditional springtime merry-go-round of City bankers moving firms soon after they pocket their bonuses. |
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| High time for lower temperatures |
| (SINGAPORE) Selecting the desired temperature for an entire industrial estate may soon be almost as easy as playing the simulation computer game SimCity. |
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| Care needed in slowing down foreign worker intake: MM |
| (SINGAPORE) The last few years have seen vast numbers of foreigners flock to Singapore to work, causing concern among some locals who feel their personal space has been eroded. |
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| Unit in leafy Siglap sold at $1,634 psf |
| (SINGAPORE) Few would associate the leafy suburbs of Siglap with lofty property prices. |
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| Big China interest may set IPO scene buzzing |
| (SINGAPORE) Several large companies, including some from China, may list here for up to $1 billion later this year if equity markets stay robust, according to senior investment bankers. |
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| ITE and polytechnics to increase tuition fees |
| TUITION fees for polytechnics and Institute of Technical Education (ITE) will be increased this year. |
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| Career, education exhibition back again from March 4-7 |
| ASIA'S biggest career and education exhibition returns from March 4-7 at Suntec Singapore. |
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| Plan to up foreign worker, skill levies draws most protests |
| OF the Economic Strategies Committee's key recommendations, those relating to the foreign workforce have garnered the most disagreement from the public, according to feedback collated by REACH and released yesterday. |
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| Saving the threatened animal of the year |
| TO mark the start of the Year of the Tiger, marketing and advertising company Ad Planet Group launched a 'Save the Tiger' campaign by distributing tiger-themed hongbao packets, cartoon paraphernalia and specially dressed-up tiger beer cans. |
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| HDB flats value for money, say most residents |
| A MAJORITY of public housing residents feel that their flats are value for money, according to a study conducted by the Housing and Development Board (HDB). |
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| Renewable-fuel energy output to fall short of ESC proposal |
| POWER projects using renewable fuels (such as palm kernel for Tuas Power's latest clean coal/ biomass plant) - and if taken to broadly include waste-to-energy facilities - will account for about 2 per cent of Singapore's peak electricity demand by 2014, going by current projects and others underway here. |
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| Genting in spotlight as price falls |
| GENTING Singapore's collapse provided the main talking point in an otherwise dreary session which saw trading dictated - as always - by expectations of how Wall Street and Europe might perform in the hours ahead. |
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| Maersk taking slow steaming all the way |
| (NEW YORK) It took more than a month for the containership Ebba Maersk to steam from Germany to Guangdong, China, where it unloaded cargo on a recent Friday - a week longer than it did two years ago. |
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| Platform to develop green shipping solutions |
| THE Maritime and Port Authority of Singapore (MPA) and Nanyang Technological University (NTU) yesterday jointly launched the $15 million Maritime Clean Energy Research Programme (MCERP) to focus on research platforms that promote green, carbon-neutral, energy management solutions. |
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| CIMB Thai chief sets 3 priorities to strengthen foundation |
| (BANGKOK) Newly appointed CIMB Thai chairman, Chakramon Phasukvanich, has set three priorities towards laying a stronger foundation for the bank and achieving a better result this year. He said the priorities are to reduce non-performing loans (NPLs), find a niche market for small and medium enterprise (SME) customers and expand the bank's operation into Indo-China. |
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| Group urges NEAC to keep pro-Malay policies |
| A STRIDENT right-wing Malay group has presented a memorandum to the National Economic Advisory Council (NEAC) ahead of the soon-to-be-released New Economic Model, urging that affirmative action policies for the Malays remain in place and that economic liberalisation be 'guided'. |
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| Indonesia zoning rule a threat to mining: official |
| (JAKARTA) Confusion over a new Indonesian land use regulation could halt the operations of some mining firms, providing a new threat to billions of dollars of proposed new investment in the sector, an industry official said on Wednesday. |
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