 | Q2 Japan capex decline lower than forecast; GDP seen revised up |
| JAPANESE companies cut capital spending in the April-to-June quarter by a less-than-expected 1.7 per cent from the same period last year, pointing to an upward revision of an anaemic preliminary reading for second-quarter gross domestic product (GDP) growth. |
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| Bank's pay practices still need improvement: survey |
| BANKS must do more to align employee pay with risk-taking and they have made little progress in meeting disclosure goals, according to a report from the Institute of International Finance. |
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| EU trade chief apologises for comments |
| THE European Union's trade chief apologised yesterday for blaming Jews and the 'Jewish lobby' in Washington for blocking Mideast peace as the embarrassed EU head office quickly distanced itself from his comments. |
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| Jakarta raises bank reserve ratio as inflation hits 16-month high |
| INDONESIA has ordered banks to set aside more cash as reserves after inflation accelerated to a 16-month high in the world's fourth most populous nation. |
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| UN telecoms chief urges data sharing |
| THE Canadian manufacturer of Blackberry should give law enforcement agencies around the world access to its customer data, the UN telecommunications chief said, adding that governments have legitimate security concerns that should not be ignored. |
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| 30m made jobless globally by financial crisis: report |
| THE global financial crisis has forced as many as 30 million people out of work since 2007, and economies need ways to generate more 'decent' jobs, the International Monetary Fund (IMF) and International Labour Organization (ILO) said. |
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| FAO to hold special meeting on price hikes |
| A UN food agency has called a special meeting on the recent spike in food prices, responding to fears of a repeat of the shortages that led to riots in parts of the world two years ago. |
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| SingTel technicians stung as soccer bug bites |
| A MONTH into the new season for the Barclays Premier League (BPL), the love for the game is keeping more than a few soccer-mad Singaporeans awake in the wee hours of the morning. |
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| Quiet achiever to head SIA |
| IN the end, it was a dark horse that nosed out the frontrunners to claim one of the most prized jobs in aviation. Singapore Airlines (SIA) has picked its former cargo chief, Goh Choon Phong, to succeed outgoing chief executive Chew Choon Seng. |
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| Briefing |
| LUI Tuck Yew, Acting Minister for Information, Communications and the Arts, has named eight new members to the National Arts Council (NAC). |
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| Red hot style at BT Wine Night |
| DIFFERENT styles of red wine from around the world took centre stage at The Business Times Wine Night on Thursday. |
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| Companies walk for a good cause |
| SEVERAL companies have stepped forward to support this weekend's Dover Park Hospice Sunday Walk 2010, a joint event organised by the hospice and The Business Times. |
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| NUH should work towards the next lap: SM Goh |
| SINGAPORE'S first restructured hospital, the National University Hospital (NUH), celebrated its 25th anniversary yesterday. Senior Minister Goh Chok Tong, who officiated at NUH's inauguration in 1986, was the guest-of-honour. The hospital was opened in June 24, 1985. |
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| Snazzy Suzuki |
| JAPAN'S most profitable small car manufacturer has entered the big car market with a model that sounds like a delicious morsel of raw fish on rice. The Suzuki Kizashi is a mid-sized saloon with a relatively large - by Suzuki standards - 2.4-litre engine. |
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| Mixed fortunes for global service sector: surveys |
| SURVEYS of the global service sector have highlighted a growing divergence in economic recovery, with a pick-up in growth in China and Germany but slowdowns in Britain and Spain and an expected deceleration in the United States. |
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| A personal, intimate dining experience |
| SHANGHAI'S central Bund area is a hotbed of gastronomic restaurants helmed by some of the world's top chefs. |
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| Here to stay |
| 'IS this the right place?' our taxi driver asks doubtfully as we trundle into Shanghai's quiet South Bund district, about a 20-minute walk from the central Bund area. |
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| Business briefing |
| CHIP Eng Seng Corporation said its subsidiary, Evervit Development, has entered into an option to buy the freehold industrial land at No 98 and 100 Pasir Panjang Road for $62.8 million excluding Goods and Services Tax. |
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| High clearing fees in the spotlight |
| THE Singapore Exchange will go live with new technology to boost trading speeds in the coming year, but some market participants are concerned that the exchange's clearing and settlement still carry high fees and are complex to execute in a pan-Asian context, reports Finance Asia. |
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| Relaunch of remaining Belle Vue units |
| WING Tai Holdings will relaunch the remaining apartments in its Oxley Walk luxury Belle Vue Residences at prices between $2,300 and $2,800 per square foot (psf), the developer said yesterday. |
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| Drinks firms eyeing S-E Asian acquisitions |
| Singapore |
|
| Clementi Mall operational by Jan |
| THE Clementi Mall, a new mall in which Singapore Press Holdings (SPH) has a 60 per cent stake, is scheduled to be operational by January next year, with Fairprice Finest, Foodfare and the National Library Board (NLB) as its anchor tenants. |
|
| Golden Agri confirms US$1.6b Liberia project |
| GOLDEN Agri Resources, the palm oil group owned by Indonesia's Sinar Mas Group, confirmed yesterday its involvement in the US$1.6 billion project to develop massive palm oil plantations in the war-torn West African nation of Liberia. |
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| Genting dominates; STI unexpectedly tops 3,000 |
| WHAT would traders do without the Genting stable to fall back on? |
|
| The modern face of TCM |
| RICHARD Eu has a twinkle in his eye - a testament to his love of mischief and tendency to go against the grain. |
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| Special perks for Avis customers |
| AVIS has an international network of over 5,100 locations in 174 countries. |
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| 3Par's venture investors reap US$560m by holding shares |
| PATIENCE has paid off for the venture capitalists who backed data-storage supplier 3Par Inc. |
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| Burger King ready to be bought by 3G Capital |
| BURGER King Holdings agreed on Thursday to sell itself for US$3.26 billion to 3G Capital, an investment firm with strong ties to Latin America. |
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| Get Seat and drive |
| IF YOU are visiting Barcelona, there is no better way to see more of this interesting Spanish city and the surrounding Catalonian countryside than by car. Especially in self-drive mode. |
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| Valley of automotive R&D |
| CARS may not be the first thing you associate Silicon Valley with but at a sprawling facility in Palo Alto, the Volkswagen Group has set up what it calls a bridge between Silicon Valley engineering and automotive engineering. |
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| Nordic exposure |
| SWEDEN is more often recognised for producing prolific interior and industrial designs, but thanks to designers such as Lee Cotter and Astrid Olsson of Fifth Avenue Shoe Repair (FASR), its fashion cred is also on the rise. |
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| Show-stopper |
| CREATIVE'S headphones are known more for sterling sound quality than bling, but that's changed with the HQ-1450, which comes in red, blue, green and black. |
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| Snack attack |
| FOR kueh aficionados working or living in KL's trendy Bangsar district, three o'clock is the magic hour. |
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| Making their mark |
| THEY grew up in the age of high-speed Internet, but a bug must've got them along the way, because Nick Lam, Kok Yen Yen, Josh Choo and Sandora Kwan are nothing like the e-enthusiastic youth of today. |
|
| Stalking the silent killer |
| OVARIAN cancer is widely known as 'the silent killer'. Its symptoms are non-specific and frequently, they are similar to more common conditions such as bladder or digestive disorders. |
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| Saving mentality is delaying US recovery |
| THE logic of the economic recovery isn't working - or, at any rate, not well. By that logic, over-borrowed Americans would repay loans and replenish depleted savings, creating a temporary drop in consumer spending and economic activity. |
|
| The casualties of Iraq war |
| US PRESIDENT Barack Obama has announced a formal end to US combat operations in Iraq and said that it was time to 'turn the page'. It will not be easy. |
|
| Giving a credit card its due in service stakes |
| YOU get what you pay for. This was once again brought home to me this week when I began terminating services following my younger son's departure for overseas study. |
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| China's forex reserves largely held in US dollars |
| CHINA yesterday offered a rare glimpse into its foreign exchange reserves, confirming that they are overwhelmingly allocated in dollars, while a central banker said the mountain of cash could face depreciation risks. |
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| Govt to raise DI coverage limit to $50,000 |
| SAVERS will enjoy higher deposit insurance (DI) of $50,000 - up from the current $20,000 - next year. |
|
| Maybank opens Islamic banking hub in S'pore |
| MAYBANK, Malaysia's biggest lender, has set up a dedicated Islamic banking hub here as part of a concerted push to expand the business beyond its home market, as it strives to gain an edge over rivals vying to stamp their name on South-east Asia. |
|
| Grand Prix 2010 has lots to offer |
| GRAND Prix Season Singapore (Sept 17-26) is zipping back into town. |
|
| Chinese investors eyeing Potash |
| CHINESE and other investors have approached at least one big Canadian pension manager about a bid for Canada's Potash Corp to rival BHP Billiton's US$39 billion hostile offer. |
|
| Progen ordered to repay liquidators $18.5m |
| THE creditors of bankrupt Progen Engineering may get some reprieve after the Court of Appeal on Thursday ordered its parent company to repay $18.5 million to liquidators to settle their debts. |
|
| Jobless rate up despite private firms' hirings |
| PRIVATE employers hired more workers over the past three months than first thought, lifting hopes for the weak US economy ahead of the Labor Day weekend. |
|
| Penalty threat to help HDB effect new rules |
| THE Housing & Development Board (HDB) will be relying on buyers of non-subsidised flats to declare if they own private properties here or overseas. |
|
| Jakarta plans infrastructure, green investment bonds |
| (HONG KONG) Indonesia is looking into infrastructure and green bonds, a senior adviser to the government said yesterday, as the biggest economy in Southeast Asia is in need of billions of dollars for the sector's development. |
|
| Lehman says two of its units need funds to avoid failure |
| (BANGALORE) Two struggling units of Lehman Brothers Holdings, the bankrupt US investment bank, need hundreds of millions of dollars in capital to stave off failure that could cost Lehman billions, court documents show. |
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| US August car sales weakest in 27 years |
| (DETROIT) Automakers posted their weakest US August sales in 27 years, underscoring uncertainty about the strength of the recovery in the world's largest economy. |
|
| Vedanta violating green laws, says govt |
| (NEW DELHI) India's environment ministry said on Wednesday that it has found 'serious violations' of green laws in Vedanta's existing alumina refinery in eastern India, the latest in the London-based firm's mining troubles in India. |
|
| India huffs and puffs to the Games venues |
| (NEW DELHI) With just a month before the opening ceremony of the Commonwealth Games, there are fears sports venues will not be up to international competition standards. |
|
| SAIL shortlists banks for its US$1.7b share sale |
| (MUMBAI) State-run Steel Authority of India Ltd (SAIL) has shortlisted Deutsche Bank, JP Morgan and four others to manage a share issue that may raise up to US$1.7 billion, sources with direct knowledge said yesterday. |
|
| RIM, Google and Skype told to build local servers |
| (NEW DELHI) India said it will ask Research In Motion Ltd, Google Inc, Skype Technologies and other service providers to set up servers locally and enable security agencies to monitor mail traffic. |
|
| Fund manager cautious on Indian stocks |
| (MUMBAI) Indian stock gains may be limited over the next three to four months as global growth, inflation and valuation concerns prompt investors to avoid riskier assets, HDFC Standard Life Insurance Co said. |
|
| A Vongerichten culinary treat at S'pore GP |
| SINGAPORE'S reputation as a food paradise is not lost on top-tier international chefs who have been turning up on our shores, and Formula One is just one more reason for acclaimed chef Jean-Georges Vongerichten to make a return trip. |
|
| Kane & Lynch 2 violent and disturbing |
| SOME games aren't suitable for children, such as fantasy game Dante's Inferno. But Kane & Lynch 2: Dog Days is a little too violent even for young teenagers. In fact, it's disturbing for adults. |
|
| Race to have fun |
| A SERIES of upcoming parties at different venues across Singapore, the Jet Black Party series will kick off with a Singapore Grand Prix pre-party on Sept 10 at Powerhouse (St James Powerstation). |
|
| Local jazz diva takes risks with debut |
| LISTENING to Sarah Cheng-De Winne's sassy debut EP, Let's Pretend, it's hard to believe the 22-year-old has no formal jazz theory training. |
|
| A promising debut; refreshing sounds |
| THERE comes a time in every cover band's career when it considers taking the leap into original material, and local band 53A has taken that step with its first album, Settle The Kettle. |
|
| Around Town |
| IN her third solo exhibition, Maya: An Illusion, artist Joyotee Ray Chaudhury explores the defining moments and characters from the monumental Indian epic, the Mahabharata. |
|
| Retrieving a lost page in history |
| IN 1777, a republic called the Lan Fang Republic was founded by a small group of Hakka Chinese in West Borneo. It went through 10 presidents before the Dutch took over in 1884 and has since become a fading story for its descendents. |
|
| Revisiting the 1980s for insights today |
| PLAYING Pac-Man, listening to Michael Jackson (on cassette tapes, no less) and watching Star Wars - these are memories that people all over the world who lived through the 1980s look back on with nostalgia. |
|
| Exploring terror, nostalgia in urban spaces |
| ACCORDING to the latest United Nations reports, almost half of the world's population lives in cities today and by the year 2030 they expect more than 60 per cent of the world population will be urbanised. |
|
| Flashy Rio Carnaval comes to town |
| THE Brazilian Carnival (or 'Carnaval', as Brazilians call it) in Rio de Janeiro and Salvador is one of the best-known Carnavals and street parties today - a riotous explosion of feathers, glitter and skin. |
|
| Where's everybody? |
| THE line between a plan and an idea is a fine one. A waver of the designer's pen, a slip of the draughtsman's sketchpad, and a workable concept could become just a concept. Something more suited to say, the Venice Art Biennale, which occurs in odd-numbered years, than the Venice Architecture Biennale, which is happening now. |
|
| Slice of the city - Singapore says it in style |
| LET'S say that Singapore meets its projected population of 6.5 million. And that it fits all these people into its tiny 710 square kilometres. If it manages to do so - and it looks like it will rather soon - then it follows that the planet's population of 6.5 billion, a thousand times that of 6.5 million, could very well fit into a thousand Singapores. That would take up only 0.5 per cent of the world's land area. |
|
| Where's everybody? |
| To be sure, nobody wants to walk through display after tedious display of public housing. Also, it would be misguided indeed to assume that the sophisticated Ms Sejima, the exhibition's first woman director, had only communal living in mind when she came up with her theme. |
|
| Dark tale of revenge and justice |
| MEL Gibson has been getting publicity for all the wrong reasons lately, but the frenzied edge in his private life is probably what makes him so good at playing movie roles about desperate men single-handedly battling steep odds. |
|
| Dark, sexy drama signals bright future for local film scene |
| SEX sells and Hush's director Jeremiah R Oh should know it by now. Even before his short film opens for several exclusive screenings at Sinema Old School for the public, it's been in the spotlight in the media for months and discussions have cropped up online about the movie's risque sex scenes and a brief scene of full-frontal nudity. All this based on a peekaboo trailer that has been making the rounds on the Internet. |
|
| Horror movies that don't scare anybody |
| WITH the Seventh Month festivities now in full swing, two new horror-themed movies have opened just in time before the real-life spookfest winds down in about a week. However, don't count on both films to give you the jitters. |
|
| It's tough Going the Distance with this one |
| AT THE start of Going the Distance, a film about the perils of the long-distance relationship, newly-single music executive Garrett (Justin Long) has just been dumped by his girlfriend because of a disturbing lack of interest in what women really want - a condition common to most young, healthy, beer-swilling males of his persuasion. |
|
| A toast to long-term cellaring |
| FINE wines need to age to develop to their optimum potential. This cellaring period varies depending on many factors, chief among which is their pedigree. |
|
| Fed officials against monetary easing |
| (HOUSTON) The US central bank should not rush into more monetary easing, which would do little to lower the high US unemployment rate, two top Federal Reserve officials said on Wednesday. |
|
| S Korean won soars, bonds fall |
| (SEOUL) South Korea's won rose to its strongest level in two weeks after the International Monetary Fund said the currency was 'undervalued' and raised its economic growth forecast for the nation. |
|
| US must find will for more stimulus: outgoing adviser |
| (WASHINGTON) The United States must find the political will for more economic stimulus, even if it pushed up the fiscal deficit in the short run, Christina D Romer, chairwoman of President Barack Obama's Council of Economic Advisers, said in a farewell speech on Wednesday. |
|
| Ozawa wants tougher moves to foil yen rise |
| VETERAN Japanese politician Ichiro Ozawa, who has a strong chance of replacing Nato Kan as Japan's prime minister this month, yesterday revealed his strategy for bringing the yen back to earth |
|
| Genting HK: a turnaround story |
| SOMETIMES the headlines don't tell the whole story. A case in point is the recent results of Genting Hong Kong. |
|
| Company Briefs |
| NZ FARMING Systems Uruguay has recommended that its shareholders accept Olam International's takeover offer. |
|
| Eratat bets on fashionable Chinese for growth |
| (SINGAPORE) Footwear and apparel maker Eratat Lifestyle, which is expanding its retail footprint in China, may enter the big league and open its first store in the country's fashion capital, Shanghai. |
|
| SMX clears its first trading, clearing cycle |
| SINGAPORE Mercantile Exchange (SMX), hailed as the first pan-Asian commodity and currency derivatives exchange, said yesterday that it has successfully completed its first trading, clearing and settlement cycle. |
|
| Semb Utilities to enlarge footprint in Shenyang |
| AS part of its expansion in China, Sembcorp Utilities entered into two framework agreements in the Shenyang area, its parent company Sembcorp Industries announced yesterday. |
|
| 8 S'pore firms debut on Best-Under-A-Billion list |
| THIS year's local showing on the Forbes list of the best 200 Asia-Pacific companies with turnover of less than US$1 billion reflected a tumultuous 12 months - none of 2009's Singapore entrants retained their place. |
|
| StarHub unveils new corporate services |
| THE arrival of Singapore's new fibre-optic network gives StarHub a chance to re-enter the exiled market for providing corporate connectivity - and the operator is wasting no time in seizing this market opportunity. |
|
| Silkair gets new CEO from Oct 11 |
| SILKAIR will have a new chief executive from Oct 11. Singapore Airlines (SIA) divisional vice-president for customer service Marvin Tan takes over from current CEO Chin Yau Seng who will return to parent SIA as divisional vice-president for cabin crew operations. |
|
| Hyflux, Sembcorp have good global prospects: report |
| SINGAPORE'S water firms are well placed to take advantage of increasing investment by governments in water infrastructure worldwide, according to a Credit Suisse report. |
|
| Super TDR issue price fixed at NT$14 apiece |
| SUPER Group, formerly known as Super Coffeemix Manufacturing, said the issue price of its 40 million Taiwan Depository Receipts (TDRs) has been fixed at NT$14 (S$0.59) apiece. |
|
| Legal battle over shipyard leads to lower price-tag for PPLH |
| AS the battle over PPL Shipyard wends its way through the courts, the Yangzijiang Shipbuilding consortium's US$155 million bid for PPL Holdings (PPLH) - which has a 15 per cent stake in the shipyard - has been lowered to US$116.25 million. |
|
| BNP Paribas' call: China big-caps on A, H markets |
| BNP Paribas, which recently upgraded its call on China to 'overweight' from 'neutral', recommends buying into the large caps listed on the A-share and H-share markets. |
|
| Securities trading volume, value firm in August |
| SECURITIES trading volume and value firmed in August but were lower than a year ago. |
|
| AIG Taiwan unit buyer optimistic about deal |
| (TAIPEI) One of the potential buyers of AIG's Taiwan Nan Shan Life unit still hoped for a favourable solution to the US$2.2 billion sale even after their bid was rejected by Taiwan regulators, an executive said yesterday. |
|
| No need for another stimulus as growth is stabilising: economist |
| (BEIJING) China's economic slowdown will be modest, ruling out the need for fresh stimulus or a major policy initiative, a senior government researcher said yesterday. |
|
| Rural credit co-ops put up for sale |
| (BEIJING) China is inviting domestic banks and private and foreign investors to take over the country's most problematic rural credit cooperatives. |
|
| Market access to foreign firms getting worse |
| (BEIJING) China has failed to honour promises to the World Trade Organization to open its oil and phone markets, a European business group said yesterday, adding to complaints of worsening conditions for foreign companies. |
|
| Ping An seeks control of Shenzhen bank |
| (BEIJING) Ping An Insurance (Group), China's second-largest insurer, will pay 29.1 billion yuan (S$5.75 billion) for a stake that will give it control of Shenzhen Development Bank and bolster its banking operations. |
|
| Garuda begins Jakarta-Tokyo service |
| (JAKARTA) Garuda Indonesia, the country's flag carrier, has started a direct service linking Jakarta and Tokyo, as part of business expansion, a paper said here yesterday. |
|
| MAS unit to maintain eight Air Mauritius aircraft |
| (KUALA LUMPUR) Malaysia Airlines System Bhd's wholly-owned unit, MAS Aerospace Engineering Sdn Bhd (MAE), has signed a one-year agreement with Air Mauritius for the maintenance of eight aircraft - six Airbus 340-200s and two Airbus 330-200s. |
|
| Germany moves burden of planned air tax to long-haul |
| (BERLIN) Germany's government, battling to find new ways of closing its budget gap, amended plans for raising 1 billion euros (S$1.73 billion) a year from a new tax on air passengers, by increasing the levy on long-haul flights. |
|
| Saab bets on Brazil, India to save its fighter jet |
| (LONDON) Saab AB is stepping up a campaign to sell its Gripen warplane in Asia and eastern Europe as Switzerland's decision to delay a US$1 billion fighter purchase threatens to curtail production of the 1,320 mile-per-hour jet. |
|
| Thai court ruling allows 74 stalled projects to restart |
| (BANGKOK) Most of the 76 industrial projects halted last year because of pollution and licensing concerns can be restarted, a Thai court ruled, a decision that may resolve uncertainties about the country's investment regulations. |
|
| Gillard closer to retaining seat as key lawmaker backs Labor |
| (CANBERRA, Australia) Prime Minister Julia Gillard edged closer to retaining power in Australia yesterday when an independent lawmaker said he would support her centre-left Labor Party to form a government. |
|
| Fed could have tackled risks better: Bernanke |
| (WASHINGTON) Federal Reserve chairman Ben Bernanke says the US central bank and other regulators could have done a better job tackling mortgage and banking risks that helped precipitate the worst financial crisis in seven decades. |
|
| New Lakeside auditors flag possible misrepresentations |
| (SINGAPORE) Auditors of New Lakeside Holdings said fraudulent misrepresentations may have been given to them during the audit of the fiscal 2009 financial results. |
|
| For S'pore, the dog wags the productivity tail |
| (SINGAPORE) There has been no secular decline in Singapore's productivity, says a leading American labour economist. |
|
| Mega IPOs primed to give year a bang |
| (SINGAPORE) After a slow start to the year, the market for initial public offerings (IPOs) may still end 2010 with a bang if some highly anticipated mega IPOs make their way here. |
|
| Singapore Roundup |
| THE Chinese Newspapers Division of Singapore Press Holdings has raised $150,000 for the President's Challenge 2010 through direct donations and the sale of tables at its charity gala dinner. |
|
| S'pore, Liaoning sign MOU; 4 other deals also inked |
| SINGAPORE and Liaoning yesterday signed a memorandum of understanding (MOU) to further develop Changxing Island, where several Singapore companies have invested in projects. |
|
| GIC Real Estate hires India country head |
| THE Government of Singapore Investment Corporation's real estate arm (GIC Real Estate) has hired Kishore Gotety, who was most recently at RREEF Alternative Investments, as its country head for India. |
|
| Committee for arts and culture review set up |
| THE Ministry of Information, Communications and the Arts (MICA) yesterday announced the formation of an Arts and Culture Strategic Review (ACSR) Steering Committee. |
|
| New rules cool PR hunt for resale flats |
| NEW rules that prevent people from owning both public and private properties appear to have discouraged some permanent residents from buying resale flats here - at least for now. |
|
| PMI in August down after 15 straight months of growth |
| SINGAPORE'S manufacturing economy shrank in August for the first time after 15 straight months of growth. But economists are not alarmed. They say a winding-down - after production surged earlier this year - was expected. |
|
| Early push gives way to late selling |
| AS correctly pointed out in this column yesterday, the Straits Times Index's 32-point jump on Wednesday was thanks to program buying ahead of a push on Wall Street that came later that day. |
|
| Surge in pirate attacks in South China Sea |
| (KUALA LUMPUR) Seafarers have reported a surge in attacks by armed pirates in a South China Sea shipping lane, an international maritime watchdog said yesterday. |
|
| China company in US$600m Venezuela port project |
| (CARACAS) Venezuela is refurbishing its main port, Puerto Cabello, with Chinese help at a cost of US$600 million after decades of under-investment and spurred on by a scandal over rotting food, officials said on Wednesday. |
|
| M'sia, Indon dispute may go to int'l court |
| (KUALA LUMPUR) Malaysia said yesterday its ongoing maritime border spat with Indonesia, which flared again recently, triggering angry protests, could end up in the International Court of Justice. |
|
| Realmild suit: Shares belonged to Umno |
| A MALAYSIAN businessman testified in the High Court yesterday that he was told by former premier Mahathir Mohamad that he could not claim for money paid for seven million shares in private company Realmild because the shares belonged to the ruling United Malays National Organisation (Umno). |
|
| Malaysia keeps interest rates unchanged |
| (KUALA LUMPUR) Malaysia's central bank left interest rates unchanged after three consecutive increases, choosing to support growth as the global recovery slows. |
|
| Japan paying price of just crying and doing nothing |
| IT'S the economy that cried wolf. With growth slowing, deflation deepening and the yen inexplicably surging in late August, Japanese policymakers pledged bold action. |
|
| Cooling the property market, flexibly |
| THE Singapore government has acted swiftly and decisively in introducing new and tougher rules to dampen property speculation - the third time in a year that the authorities have moved to cool an overheating market. |
|
| Three-Minute Digest |
| AFTER a slow start to the year, the market for initial public offerings may still end 2010 with a bang if some highly-anticipated mega IPOs make their way here. |
|
| Botox maker to pay US$600m to settle charge |
| (ATLANTA) The maker of anti-wrinkle agent Botox has reached a US$600 million settlement with federal prosecutors in Atlanta and agreed to plead guilty to illegal promotion of the product. |
|
| Takeover Code needs fine- tuning |
| ON April 29, Sim Siang Choon Ltd posted on SGX.net details of a mandatory takeover offer from Jit Sun Investments Pte Ltd at 11 cents per share. |
|
| Brokers' Take |
| M-O-M loan growth momentum moderated: July 2010 m-o-m loan growth was slower at 0.7 per cent compared to an average of 0.9 per cent over January to June. |
|
| Will nationalism dissolve the EU? |
| THE European Union is dying - not a dramatic or sudden death, but one so slow and steady that one day soon we may realise that the project of European integration that we've taken for granted over the past half-century is no more. |
|
| ADB and its middle-class la-la land |
| I WONDER how many of us would think of ourselves as being 'middle class', financially speaking, if we had to subsist on an income of US$2 a day (US$730 a year) or even ten times that amount? |
|
| Uphill task ahead for Obama in Mid-East |
| US President Barack Obama's televised address marking the end of America's combat mission in Iraq and this week's start of a new round of Israeli-Palestinian talks in Washington are both part of his ongoing efforts to turn back the radical foreign policy approach of former president George W Bush and his neoconservative advisers. |
|
| Petrobras to pay govt US$42.5b in stock for oil rights |
| (BRASILIA) Petroleo Brasileiro agreed to pay the Brazilian government US$42.5 billion in new stock for the right to develop five billion barrels of offshore oil reserves. |
|
| Get ready for Iran military option: Blair |
| (LONDON) Former British premier Tony Blair warned in an interview on Wednesday that the international community may have 'no alternative' to taking military action against Iran if it develops a nuclear weapon. |
|
| Apple offers new TV box to rent movies |
| (SAN FRANCISCO) Apple Inc is refining its plans to annex the living room into its entertainment empire. |
|
| ECB keeps rates steady, extends liquidity lifeline |
| (FRANKFURT) The European Central Bank held interest rates at a record low yesterday and extended its liquidity safety-net in response to a lopsided recovery and worries about vulnerable banks. |
|
| US productivity dip exceeds forecasts |
| (NEW YORK) The productivity of US workers fell more than previously estimated in the second quarter, pushing up labour costs and showing the slowdown in growth will limit profits. |
|
| Big BRIC firms victims of success with global funds |
| (LONDON) Shares of companies from the world's biggest developing economies are increasingly featuring in global fund portfolios, a possible reason why BRIC markets are underperforming in 2010 compared to emerging market peers. |
|
| Euro inches higher against greenback |
| (NEW YORK) The euro edged up yesterday supported by healthy results at Spanish and French bond auctions and stable global equities, but investors remained cautious ahead of a key reading on the US labour market on Friday. |
|
| Big MRT improvements planned over 10 years: LTA |
| (SINGAPORE) New initiatives are in the works to upgrade and expand Singapore's rail network over the next decade, with the Jurong East MRT Station modification project the first to be completed next year. |
|
| He advised Bush when US economy was on the brink of an abyss |
| (SINGAPORE) It was the best of times and the worst of times, says Edward Lazear of his stint as chief economic adviser to ex- president George W Bush from 2006 to 2009. |
|
| Thailand keeps close eye on soaring baht |
| (BANGKOK) Thailand yesterday ordered the central bank to keep a close eye on the baht and 'prepare measures' after the currency soared to a 29-month high against the US dollar, the finance minister said. |
|
| Sheikh's millions keep Man City as top football spender |
| (LONDON) Sheikh Mansour bin Zayed Al Nahyan's Manchester City accounts for more than a third of the total spent on new players by the Premier League's 20 teams in the transfer window that closed on Tuesday. |
|
| Russia home to wealthiest expats: Survey |
| (CANBERRA) Russia, Saudi Arabia and Bahrain are home to the wealthiest expats, with eurozone countries falling behind when it comes to paying for foreign expertise, according to a survey of expats yesterday. |
|
| Hitachi said to be planning IPO of US hard-drive unit |
| (LOS ANGELES) Hitachi Ltd is planning an initial public offering of its hard-drive unit in the United States, possibly by year's end, sources familiar with the situation said. |
|
| IMF issues warning over high debts in advanced economies |
| THE world's most highly indebted economies are approaching a 'debt limit' beyond which their fiscal positions may become unsustainable, the IMF said in reports published yesterday. |
|
| Price war in US hits Panasonic 3-D TV sales |
| (TOKYO) Panasonic Corp, the world's largest maker of plasma televisions, said it may fail to meet its sales target for 3-D sets after Samsung Electronics Co unleashed an 'unexpected' price war in the US. |
|
| US$ falls across the board; A$ soars |
| (NEW YORK) The US dollar fell against major currencies and the Australian dollar surged yesterday after upbeat data from China and Australia soothed worries about the health of the global economy and boosted risk appetite. |
|
| Brokers' Take |
| EARNINGS were generally good, but already factored into analysts' estimates. |
|
| German central banker clearly out of line |
| A JEWISH gene? Immigrants who are making Germany dumber? It is hard to imagine what precisely was running through the mind of Bundesbank board member Thilo Sarrazin when he was promoting his new book on what he sees as the decline of the German nation. |
|
| Welcome corrective on China, India |
| IN THE aftermath of the global financial crisis, the economies of North America and Europe remain fragile while those of Asia continue to grow. |
|
| US must now learn the lessons of Japan |
| BACK in the 1980s, the ascendancy of the Japanese economic model was taken for granted. The corollary was the imminent demise of the United States as an economic powerhouse. |
|
| It's time for moderates to stop extremists in Mid-East |
| US PRESIDENT Barack Obama is embarking on something I've never seen before - taking on two Missions Impossible at the same time. |
|
| Telco Act needs to stay relevant |
| WITH the Next Generation Nationwide Broadband Network (Next Gen NBN) hitting the home stretch, the telecommunications industry in Singapore, particularly broadband Internet access, is getting ready for a major shake-up. |
|
| Three-Minute Digest |
| SINGAPORE'S economy could expand by a record pace that exceeds the government's 13 to 15 per cent forecast, estimates by private sector economists show. |
|
| Petronas buys BP stakes in 2 petrochemical plants |
| MALAYSIAN national oil company Petronas signed a US$363 million deal yesterday to buy BP's interests in two petrochemical plants in the north-eastern state of Terengganu. |
|
| Economy the focus with end of US combat mission in Iraq: Obama |
| (WASHINGTON) US President Barack Obama said that with the end of the American combat mission in Iraq, the United States must focus on the 'urgent task' of bolstering the economy because the nation's strength is rooted in prosperity at home. |
|
| NTU-Imperial medical school to admit 50 students in 2013 |
| SINGAPORE'S third medical school will take in its first 50 students in 2013, Education Minister Ng Eng Hen said on Tuesday, sharing details on the partnership between Nanyang Technological University (NTU) and Imperial College London. |
|
| Eng Hen details changes to secondary education |
| (SINGAPORE) More pathways are being carved out in secondary education to smooth progression into higher education or employment, and offer students greater choice from 2012 onwards. |
|
| Business loans dip 0.4% in July |
| (SINGAPORE) Bank lending growth slowed in July as loans to businesses fell slightly, putting added pressure on banks already struggling to boost lending income amid low interest rates and heightened competition that is squeezing loan margins. |
|
| S'pore is world's fourth biggest forex market |
| (SINGAPORE) Moving ahead of Switzerland, Singapore is now the fourth largest foreign exchange centre in the world. |
|
| Govt stands its ground on cross-carriage |
| (SINGAPORE) The authorities here look set to press ahead with a controversial mandate that compels pay-TV operators to share exclusive programming - despite widespread protests from content suppliers. However, the government has decided to delay the implementation of the policy by up to nine months to give the media industry more time to adjust to the new regime. |
|
| Carrefour looks to be on shopping list of FairPrice, Dairy Farm |
| (SINGAPORE) The first round of an auction that began yesterday for the Southeast Asian operations of French retailer Carrefour attracted bids from private equity firms and retail chains in Europe and Asia including Singapore's NTUC FairPrice, sources close to the deal said. |
|
| Economists push past official GDP forecast |
| (SINGAPORE) The Singapore economy could expand by a record pace this year that exceeds the government's 13-15 per cent forecast, a survey of private sector economists shows. |
|
| Riding on a fruitful experience in Brazil |
| ST ELECTRONICS is getting a nice ride in Brazil - and it's looking forward to a great time ahead. |
|
| Brazil is unique - and Brazilians passionate |
| What are the major misconceptions Singaporean businesses have when doing business in Brazil? |
|
| Tap on FTAs to help business grow |
| IF you are thinking of venturing to Latin America, tap on the two Free Trade Agreements (FTAs) that Singapore has with Panama and Peru to gain greater competitiveness. |
|
| Rewards far outweigh challenges |
| MAKING a business decision in Brazil is not purely a commercial move. Not only do you have to get the workers on your side, but also the wider community where your business is located, says Tang Tat Kwong, group president and chief executive of Jurong International. |
|
| Time to samba: IE S'pore |
| THE next World Cup will take place in 2014, and the Olympic Games in 2016 - too far off to excite sports fans now. |
|
| Visa card spending during YOG jumped 38% year-on-year |
| SINGAPORE not only scored on the sports front during the Youth Olympic Games (YOG), it also saw foreign-branded Visa card spending soar. |
|
| CATS gets a new publishing system: CASH |
| SINGAPORE Press Holdings (SPH) advertising unit CATS Classified has rolled out a new cutting-edge publishing system that is faster and more user-friendly. |
|
| Entrepreneur of the Year shortlist unveiled |
| THE long-awaited shortlist of the prestigious Entrepreneur of the Year Award 2010, co-organised by the Association of Small and Medium Enterprises and Rotary Club of Singapore, was released yesterday. |
|
| COE bid deposit to be restored to $10,000 |
| THE certificate of entitlement (COE) bid deposit, which was halved to $5,000 for some vehicle categories to provide relief during the recession, will be restored to $10,000, starting with the COE bidding exercise on Oct 4. |
|
| Hiring up in retail, IT sectors: report |
| RECRUITMENT activity is increasing in several sectors such as information technology and logistics and supply chain, according to a report by Robert Walters. |
|
| 3Rs put ICM Pharma on the road to success |
| WITH just $5,000 borrowed from his father 40 years ago, Koe Khoon Poh started a company that now stocks its wares at pharmacy shelves all over Singapore. |
|
| Fresh grads getting paid higher salaries than in '09 |
| FRESH graduates are getting paid more this year than last year, says management consulting firm Hay Group. |
|
| Bedok mixed-use site draws top bid of $788.9m |
| THE tender of a residential-commercial site at Bedok Town Centre closed yesterday with nine bidders in the fray, most of which put up offers far exceeding expectations. |
|
| US may set up tax probe office here: lawyer |
| US tax investigators may set up an office in Singapore as they tighten the noose around US citizens and Asian green card holders who have undeclared money or assets. |
|
| Not surprising for PM to include education in rally |
| WHILE many observers were surprised at the inclusion of the education component in Sunday's National Day Rally speech, the changes announced on higher education, however, are in line with the recommendations of the Economic Strategies Committee (ESC) earlier this year. |
|
| Money on casino operator lifts STI |
| lTRADERS in the Singapore market yesterday pushed the Straits Times Index (STI) up 32.5 points to 2,982.83, probably betting on a Wall Street bounce for the day. |
|
| Hyundai Heavy wants to boost wind-power sales 13-fold |
| (SINGAPORE) Hyundai Heavy Industries Co, the world's largest shipyard, plans to increase wind-power sales 13-fold as concern about climate change spurs demand for alternative energy. |
|
| Supertanker rates remain depressed by surplus ships |
| (LONDON) A surplus of supertankers competing for two million-barrel cargoes of Middle East crude oil stayed unchanged, undermining owners who have refused charters to try to halt a collapse in rental income. |
|
| Dry bulk rates seen coming close to all-time lows |
| (SINGAPORE) Freight rates for dry bulk carriers could tumble near historic lows next year as new ships flood the market and iron ore demand in China weakens, said the head of Precious Shipping yesterday. |
|
| No travel advisory for Indonesia: Najib |
| (PUTRAJAYA) Malaysian Prime Minister Najib Razak said yesterday that his government will not issue a travel warning to Malaysians visiting Indonesia at this time unless anti-Malaysia sentiment in Indonesia deteriorates to the extent that the safety of Malaysians is threatened. |
|
| Malaysia issues four new Islamic insurance licences |
| (KUALA LUMPUR) Malaysia's central bank said yesterday it has approved four licences for Islamic life insurance to mostly foreign-led operators as part of an ongoing liberalisation to make Malaysia a regional Islamic finance hub. |
|
| M'sia, Indonesia seen holding rates steady |
| (SINGAPORE) Malaysian and Indonesian policy makers will probably keep interest rates unchanged this week to support their economies as the global recovery slows. |
|
| Pertamina lists 5 for refinery job |
| (JAKARTA) Indonesia's Pertamina has shortlisted five companies, including Japan's Toyo Engineering , Sinopec Corp and Italy's Saipem SP to build a US$1 billion refinery unit on Java, a company official said yesterday. |
|
| Manufacturing, exports point to slower growth |
| (BANGALORE) India's manufacturing growth eased in August as the pace of new orders cooled following a slowdown in exports, underlining expectations that economic expansion has peaked this year. |
|
| State of New York cuts borrowing costs by 31% |
| (NEW YORK) State of New York Mortgage Agency, which provides subsidised home loans to low- and moderate-income families, cut its borrowing costs 31 per cent since April on about US$133 million in tax-exempt housing bonds as demand from individual investors helped drive down yields. |
|
| Billionaire's Swiss resort may rival Verbier |
| (GENEVA) An Egyptian billionaire with a penchant for risk is transforming a sleepy Swiss village into a ritzy resort that may one day rival Verbier. |
|
| HK land sale shows builders still optimistic |
| (HONG KONG) Hong Kong sold a luxury residential site at auction for 26 per cent more that analysts estimated, a sign developers are confident home prices will withstand tighter mortgage rules and increased supply. |
|
| Savills is in 'strong hands, good shape' |
| WITH Savills Singapore managing director Michael Ng headed for Singapore Land (SingLand) and its parent United Industrial Corporation (UIC) on Oct 1, his current job at Savills will be assumed by the property consultancy group's Southeast Asia CEO, Chris Marriott. |
|
| Knight Frank's Peter Ow to retire |
| VETERAN residential property consultant Peter Ow is retiring from Knight Frank at the end of this year. |
|
| Thai inflation above 3% for 9th month |
| (BANGKOK) Thailand's inflation rate held above 3 per cent for a ninth month in August, supporting the central bank's view that interest rates can rise further. |
|
| S Korean exports slowing, inflation heading up |
| (SEOUL) South Korean average exports per working day hit a five-month low in August as the world economy cooled, but an expected pick-up in inflation will likely prompt the central bank to raise interest rates as early as next week. |
|
| Europe manufacturing growth slows, exports dip |
| (ZURICH) Growth in Europe's manufacturing industry slowed in August and export demand fell to the lowest in seven months, adding to signs that the economy is cooling after the second-quarter surge. |
|
| Aussie economy grows at fastest clip in 3 years |
| (SYDNEY) Australia's economy grew at the fastest pace in three years last quarter as households spent far more than expected while exports enjoyed an Asian-driven boom, reviving the risk of a further rise in interest rates. |
|
| Trading CFDs: some pointers |
| AS REPORTED in this column some weeks back ('How well do investors understand CFD risks?' BT, July 22), regulatory antennae in Australia were recently raised when the authorities found from a survey that a large number of retail players in the contracts for differences (CFD) market were ignorant of the risks associated with the instrument. |
|
| Company Briefs |
| PEOPLE'S Food Holdings' subsidiary, Linyi Xincheng Jinluo Animal Husbandry, has entered into a six-year term loan facility agreement for up to one billion yuan with the Agricultural Bank of China. |
|
| UniFiber to raise $178m with issue of new shares |
| TO help fund an acquisition and expand its woodchip business, United Fiber System (UniFiber) has proposed to raise $178 million through the issue of subscription shares to Falcon Capital Global Holding. This will result in the investor holding a 51.5 per cent stake in the enlarged share capital of UniFiber. |
|
| Malaysia to be Great Eastern's regional Islamic finance HQ |
| HAVING just won the right to distribute syariah-compliant life insurance products in Malaysia, Great Eastern Holdings will make the country its regional Islamic finance headquarters. |
|
| Commodity Booster ETFs launched |
| DEUTSCHE Bank yesterday launched two commodity booster exchange-traded funds (ETFs) on the Singapore Exchange (SGX): the DB Commodity Booster Light Energy USD Benchmark Index, and the DB Commodity Booster Dow Jones UBS Commodity USD Index (DJUBSCI). |
|
| Ezion and Swiber local picks for regional portfolio |
| EZION Holdings and Swiber Holdings were singled out as 'buys' in DnB Nor's newly launched Asia Alpha Portfolio yesterday at the Asian Investor Conference 2010, along with heavyweights like China Cosco Holdings, Hanjin Shipping and Wan Hai Lines. |
|
| Yangzijiang issues TDRs at NT$18.8 apiece |
| CHINA-BASED Yangzijiang Shipbuilding, which is listed on the Singapore Exchange mainboard, is issuing Taiwan Depository Receipts (TDRs) at NT$18.8 apiece. |
|
| Ezra shares dive on surprise news of rights issue |
| DESPITE 'buy' calls by some analysts, investors punished the stock of Ezra Holdings yesterday on news of a surprise one-for-five rights issue by the offshore logistics provider. |
|
| Asia Reit market cap up by a quarter |
| (HONG KONG) Asia's total market capitalisation for real estate investment trusts (Reits) rose by a quarter in the first six months to US$69 billion, global property services firm CB Richard Ellis said yesterday. |
|
| New Century still keen on an IPO in Singapore: Sources |
| CHINA's New Century Shipbuilding has not given up hopes of a Singapore mainboard listing, after an earlier botched attempt and a censure from Singapore's central bank for disclosure lapses, sources told BT. |
|
| Thai firm Sri Trang delays dual listing in Singapore |
| CITING global market volatility, Thailand-listed Sri Trang Agro-Industry Public Company Limited is delaying the dual primary listing of its shares in Singapore. |
|
| US Commerce Dept avoids yuan clash with China |
| (WASHINGTON) The Commerce Department on Tuesday sidestepped a clash with China over that country's currency policies, ruling that the value placed on the yuan could not be considered a direct subsidy to Chinese exporters. |
|
| China may probe BHP's bid for Potash: report |
| (BEIJING) China may launch an anti-monopoly probe into BHP Billiton's US$38.6 billion bid for Canada's Potash Corp, the China Business News said yesterday, citing a source familiar with the matter. |
|
| Fed approves CIC's higher stake in Morgan Stanley |
| (WASHINGTON) The US Federal Reserve on Tuesday approved China Investment Corporation's bid to buy up to a 10 per cent voting stake in investment giant Morgan Stanley. |
|
| Taiwan card issuer expects China profits to top home market |
| (TAIPEI) Chinatrust Financial, Taiwan's biggest credit card issuer, expects profits from the Chinese market to exceed those of its home market as it aims to tap the mainland's robust economic growth. |
|
| Buyers stepping up for AIG's Taiwan unit |
| (TAIPEI) Taiwan's Fubon Financial put its name forward yesterday as a possible buyer of American International Group Inc's (AIG) Taiwan unit after the collapse of a planned US$2.2 billion sale to a Chinese-led group. |
|
| China industries rebound, easing concerns |
| (BEIJING) Manufacturing in China rebounded in August, surveys showed yesterday, easing concerns the economy was heading for a sharp slowdown in the second half of 2010. |
|
| Comex 2010 opens today |
| GADGET lovers looking for the greatest and best at bargain prices will be flocking to Suntec for the Comex 2010, tradeshow which opens today. The show will run till Sunday and is expected to attract a record number of visitors and generate millions of dollars in sales |
|
| Intel buys wireless chip technology in mobile phone push |
| (SAN FRANCISCO) As the world's biggest maker of computer chips, Intel Corp can't afford to ignore its huge blind spot in mobile phones. |
|
| Data integration going wide in Asia: Informatica |
| COMPANIES continued to invest in data integration throughout the recent financial crisis and this investment has continued as economies pick up, said Informatica's CEO, Sohaib Abbasi. This interest has been a boon to Informatica, which specialises in data integration technology. |
|
| Big bucks in apps for telecoms carriers |
| IF the mobile applications market already seems crowded with handset makers and online portals trying to push apps to consumers, expect things to get even more interesting as telecoms carriers get into the game. |
|
| UniSIM opts for the cloud to save costs |
| FOLLOWING on the heels of the Ministry of Education's (MOE) move to put 30,000 teachers in 350 public schools on a Google cloud, Singapore's largest private tertiary institution - SIM University (UniSIM) - is also taking bold steps to put its archival data on a public cloud. |
|
| China suspends Huaxia Airlines flights: report |
| (SHANGHAI) China's aviation watchdog has ordered Huaxia Airlines to suspend all flights after the wings of one of its planes scraped the ground while landing, state media reported yesterday. |
|
| Copenhagen Airport's new terminal will be 35% cheaper |
| (COPENHAGEN) In a bid to attract customers looking for a bargain Copenhagen Airport's new low-cost terminal would offer airlines charges about 35 per cent lower than fees at its existing facilities, the airport operator said. |
|
| Air China to buy 15 Boeing planes for US$3.2b |
| (HONG KONG) Air China Ltd said that it had agreed to buy 15 Boeing 787-9 aircraft from Boeing for a total basic price of US$3.19 billion to expand fleet capacity. |
|
| Emirates needs US$28b for fleet expansion |
| (DUBAI) Emirates, the world's biggest airline by international traffic, needs more than US$28 billion through 2017 to expand its fleet of Boeing and Airbus SAS jets, almost double the amount raised since 1996. |
|
| Kingfisher to raise US$356m in share sales |
| (MUMBAI) Kingfisher Airlines Ltd, India's second- biggest carrier, plans to raise US$356 million selling shares to pare debt and help fund expansion. |
|
| Explosive growth seen in Internet users by 2015 |
| (SINGAPORE) The number of Internet users in the world's biggest developing markets will double to 1.2 billion by 2015, far exceeding the number in the most advanced countries. |
|
| Vietnam economy may grow 6.7%, exceeding govt target |
| (HANOI) Vietnam's economy may expand 6.7 per cent this year, surpassing the original government target of 6.5 per cent as domestic production restores growth momentum and global trade recovers. |
|
| DPJ unity at stake as battle for leadership begins |
| (TOKYO) Japan's Prime Minister Naoto Kan and his rival, powerbroker Ichiro Ozawa, kicked off a leadership battle yesterday that threatens to divide the ruling party only a year after it took power. |
|
| Greens Party supports Labor govt in Australia |
| (CANBERRA) A Greens lawmaker yesterday agreed to help the centre-left Labor Party form a minority Australian government while other kingmaker legislators said they are close to deciding whether to back Labor or a conservative coalition. |
|
| Goldman predicts jump in M&As in Japan |
| (TOKYO) Japan 'is ripe' for more mergers and acquisitions as companies have ample cash and the level of takeover activity is lower than it should be, according to Goldman Sachs Group Inc. |
|
| US utilities try to buy nuclear reactors off the shelf |
| (ATLANTA) US power utilities are trying to buy the next wave of nuclear reactors much like a consumer buys a light bulb: right off the shelf. |
|
| UN urged to revamp climate change panel |
| (NEW YORK) The United Nations needs to revise the way it manages its assessments of climate change, with the scientists involved more open to alternative views, more transparent about possible conflicts of interest and more careful to avoid making policy prescriptions, an independent review panel said on Monday. |
|
| Lenders query mountaintop mining industry practices |
| (NEW YORK) After years of legal entanglements arising from environmental messes and increased scrutiny of banks that finance the dirtiest industries, several large commercial lenders are taking a stand on industry practices that they regard as risky to their reputations and bottom lines. |
|
| Moving music |
| (DRESDEN, Germany) People listening to a computer-controlled sound installation as they visit the train wagon 'Outside in (Blue)' of the 'sounding D' project at the main railway station here last week. |
|
| Cisco seeks to acquire Skype, says tech blog |
| (WASHINGTON) US networking giant Cisco has made an offer to acquire Internet communications firm Skype, technology blog TechCrunch said on Monday. |
|
| HP authorises US$10b share buyback |
| (PALO ALTO, California) Hewlett-Packard's board of directors has authorised the repurchase of US$10 billion in shares. |
|
| Chip breakthrough on the cards |
| (NEW YORK) Scientists at Rice University and Hewlett-Packard are reporting this week that they can overcome a fundamental barrier to the continued rapid miniaturisation of computer memory that has been the basis for the consumer electronics revolution. In recent years, the limits of physics and finance faced by chipmakers had loomed so large that experts feared a slowdown in the pace of miniaturisation that would act like a brake on the ability to pack ever more power into ever smaller devices such as laptops, smart phones and digital cameras. |
|
| Aug consumer confidence beats forecast |
| (WASHINGTON) Confidence among US consumers rose more than forecast in August, a sign the biggest part of the economy may avoid a slowdown that would derail the recovery. |
|
| Yen nears 15-year peak as BOJ impact fizzles |
| (LONDON) The yen came within reach of a 15-year high against the dollar yesterday as investors shrugged off the Bank of Japan's latest policy easing, betting instead on more yen gains that would test official readiness to intervene. |
|
| ACCA helps firms in sustainability reporting |
| WE refer to the article 'Report environmental, social risks, firms told' by Jamie Lee (BT, Aug 30). |
|
| Brokers' Take |
| AWARDED 28 new shipbuilding contracts; maintain 'buy': Yangzijiang announced that it has won 28 new shipbuilding contracts valued at US$915 million. No details on the customers' profile were revealed. |
|
| The euro rulebook doesn't work |
| WHAT does a country need to do to make a success of the euro? The European Commission and the European Central Bank would say the recipe is simple: Cut your budget deficit, slash wages, keep taxes competitive, boost your exports, and live with austerity. |
|
| Why Wall Street is deserting Obama |
| DANIEL S Loeb, the hedge fund manager, was one of Barack Obama's biggest backers in the 2008 presidential campaign. |
|
| Bernanke makes it clear he isn't another Maestro |
| WITH the elected American politicians in the White House and Congress running out of policy options on the economic and national security fronts, President Barack Obama and Democratic and Republican leaders on Capitol Hill seem to be turning to the nation's top unelected officials for solutions. |
|
| Human rights drive in China: just a hollow third wave |
| THE only lady vice-minister in China's Foreign Ministry is Fu Ying, a well-coiffed, sophisticated, mild-mannered 57-year-old, an ethnic Mongol who speaks flawless English who has served as ambassador to the Philippines, Australia and the United Kingdom and who is known for her media skills. |
|
| Keeping bubble trouble at bay |
| CAUTIOUS and calibrated, or potentially excessive? Reactions to the government's latest package of measures to cool a frothy property market have touched both ends of the spectrum. On the one hand, observers are generally agreed that the curbs announced on Monday - the third wave of measures in 11 months - amount to a careful, calculated approach aimed squarely at weeding out speculators from genuine home buyers. |
|
| Three-Minute Digest |
| SINGAPORE telcos SingTel, StarHub and M1 are taking their bitter rivalry from this generation to the next in a services showdown on Singapore's next information superhighway. |
|
| Purchasing power of Asia's middle class rising rapidly: ADB |
| in Tokyo |
|
| US stocks recover on consumer confidence data |
| (NEW YORK) A surprise jump in consumer confidence gave US and European stocks a lift. |
|
| Reforms to defence export laws will boost jobs, security: Obama |
| (WASHINGTON) President Barack Obama yesterday announced moves to reform US export rules, hoping to boost trade while hampering the sale of sensitive technology. |
|
| AIA's business is in good shape: Tucker |
| in Hong Kong |
|
| Govt payments to NSmen: When and how |
| (SINGAPORE) The government will pay monetary awards to Singapore national servicemen (NSmen) who reach major milestones in their national service (NS) from Aug 29, to recognise their contributions, the Ministry of Defence (Mindef) said yesterday. |
|
| DC rate hikes keep step with property recovery |
| (SINGAPORE) As expected, the government has raised development charge (DC) rates for residential, commercial and industrial uses starting today on the back of Singapore's broad-based property market recovery. |
|
| SMX off the blocks, focuses on getting it right |
| (SINGAPORE) The Singapore Mercantile Exchange (SMX) finally began operations yesterday, after some two years of planning and preparation. |
|
| Telcos take their fight to the next level |
| (SINGAPORE) Local telcos SingTel, StarHub and M1 are taking their bitter rivalry from this generation to the next in a services showdown on Singapore's next information superhighway. |
|
| SIA, Changi Airport put up sterling performances |
| NATIONAL carrier Singapore Airlines (SIA) scored a record 79.3 points - out of a possible 100 - in the latest instalment of the Customer Satisfaction Index of Singapore (CSISG). |
|
| Satisfaction with public transport falls |
| COMMUTERS' recent complaints about trains and buses being overcrowded should soon be a thing of the past once upcoming infrastructure investments are completed, say public transport operators. |
|
| It pays to give students satisfying experiences |
| UNIVERSITIES and polytechnics may not typically look at students as customers, but one finding from this quarter's Customer Satisfaction Index for the education sector shows it is in their long-term interest to make sure students have satisfying experiences while they are at the institutions. |
|
| Following up complaints matters |
| FOLLOWING up complaints quickly has a strong impact on customer satisfaction, second-quarter findings for the Customer Satisfaction Index of Singapore (CSISG) 2010 show. |
|
| Educators keen to carry out CDAS proposals |
| HAILING the recommendations of the Committee to Develop the Accountancy Sector (CDAS), educators say they are keen to participate in the initiatives on enhancing continuing education for accountancy professionals. |
|
| Helping professionals to specialise |
| IT IS no mean feat for the accountancy sector to stay on top of its game. Besides battling a talent war with the very lucrative financial industry, the sector faces a lack of post-graduate and niche specialisation pathways for accountancy professionals. |
|
| MICE arm growing fast for MBS |
| MARINA Bay Sands (MBS) is making a splash on the meetings, incentives, conventions and exhibitions (MICE) scene. |
|
| F1 roads to reopen earlier |
| ROAD closures for the Formula One (F1) night race will be cut by 12 hours - which means affected roads will be open to morning traffic the day after the race ends. |
|
| Singapore Roundup |
| FORMER chief justice Yong Pung How has been appointed chancellor of Singapore Management University (SMU), taking over from former finance minister Richard Hu, who has been chancellor for eight years. |
|
| Japan defends policy moves as stocks tumble |
| (TOKYO) Japanese ministers yesterday defended measures pledged by the government and the Bank of Japan on Monday after concern deepened that the steps won't be sufficient to halt the yen's gain and boost economic growth. |
|
| 2010 census shows Singapore population crossed 5m in June |
| THE population of Singapore crossed 5 million in June, even as the increase in the number of permanent residents (PRs) slowed to a trickle over the past year. |
|
| Sustainable property market is the goal |
| THE latest slew of government measures to temper the property market is ultimately meant to build up a 'sustainable' market and will not affect genuine buyers, said the Minister in the Prime Minister's Office and Second Minister for Finance and Transport, Lim Hwee Hua. |
|
| Familiar names to kickstart revamp of accountancy sector |
| THE team tasked with kickstarting the overhaul of the accountancy sector has been revealed - and, expectedly, it includes familiar names from the accounting, legal and corporate fields. |
|
| Govt releases 5 more sites for private homes |
| ANOTHER five private housing sites - which could yield a total of 2,045 private homes - were released for sale by the State yesterday. |
|
| Batch of 3,032 HDB flats put up for sale |
| THE Housing and Development Board (HDB) is offering 3,032 flats for sale - the largest supply of flats in a single launch this year - under its Build-to-Order (BTO) and Sale of Balance Flats (SBF) exercise. |
|
| Havelock Road hotel site stirs developers' appetite |
| A HOTEL site at the junction of Clemenceau Avenue and Havelock Road has proved to be a top draw. It attracted 13 bids and a top offer of $101.1 million or $813 per square foot per plot ratio (psf ppr) - almost double what analysts had tipped just two months ago. |
|
| Late push cuts STI's initial loss |
| THE end of the month brought with it a fair amount of probable window-dressing yesterday as the Straits Times Index was propped up in the final minutes to register a close at the technical support of 2,950. Earlier in the day, it had weakened in line with Wall Street and others in the region, dropping as much as 35 points at 2,921 before the eleventh-hour push that cut the loss to just 6.73 at 2,950.33. |
|
| Peace in our time? |
| A FEW weeks ago, I mentioned that the man behind the Shipper's Voice website, Andrew Traill, is always good value for his opinions. I invariably disagree with them - but it's good to see the other side of the argument, especially when put cogently and colourfully, as is the case with Dr Traill. |
|
| Vinashin's new boss suspended |
| (HANOI) The new boss of one of Vietnam's largest state-owned companies has been suspended less than a month after the chairman of the debt-laden ship-building conglomerate was arrested on charges of mismanagement, a company spokeswoman said yesterday. |
|
| China Merchants, Spence to build Colombo terminal |
| (COLOMBO) China Merchants Holdings (International) Co and Aitken Spence & Co have won a contract to build a new terminal in Sri Lanka's Colombo port, the head of the island nation's ports authority said. |
|
| China Merchants H1 gain up 12% at HK$1.93b |
| (HONG KONG) China Merchants Holdings (International) Co, an investor in ports moving about a third of the country's containers, has said that first-half profit rose 12 per cent as gains in global trade lifted cargo traffic. |
|
| 'Aryan' a racist term? Not in this NZ car case |
| (WELLINGTON) New Zealand officials have allowed a motorist to keep her licence plate 'ARYAN 1' because it was intended to be a gesture of affection towards her former partner, not a statement of white supremacy, it was reported yesterday. |
|
| Great Wall eyes overseas markets |
| (BEIJING) China's Great Wall Motor Co Ltd plans to set up auto assembly lines in five countries by the end of 2012 as it steps up efforts to expand overseas, state media said yesterday. |
|
| Volvo's sporty V60 to take on BMW, Merc |
| (STOCKHOLM) Volvo Cars, the Swedish automaker owned by Zhejiang Geely, plans to challenge BMW and Daimler with its new V60 station wagon in Europe. |
|
| Honda's India unit to boost car dealerships by 28% |
| (NEW DELHI) Honda Motor Co plans to increase car dealerships by 28 per cent in India and will boost advertising to reverse flagging sales as it introduces its lowest-priced car next year. |
|
| Chrysler plans to bring Fiat cars back to US |
| (DETROIT) Chrysler on Monday told 400 dealers about its plans to bring the Fiat brand back to the US after a 30-year absence, starting with the Fiat 500 mini- car later this year. |
|
| Graded cars - take your pick |
| (WASHINGTON) Gasoline misers such as the Toyota Prius would get an 'A-' while muscle cars - including the Ferrari 612 - would get a 'D' under a labelling programme proposed by the Obama administration, which wants to convince consumers to buy vehicles that use less energy. |
|
| Need demonstrators? No problem |
| (JAKARTA) The business of supplying demonstrators in this large city has become an extraordinary trade that offers the unemployed an income and at the same time teaches them how to demonstrate in an orderly manner. |
|
| Indonesia jails businessman for bid to obstruct justice |
| (JAKARTA) An Indonesian businessman who played a leading role in a plot to undermine the graft eradication agency in one of Asia's most corrupt countries was sentenced yesterday to four years in prison. |
|
| Indonesia rejects bids in debt swap |
| (JAKARTA) An Indonesian bond swap aimed at extending the maturity profile of government debt and so ease refinancing pressure did not attract successful bids as investors were jittery ahead of inflation data and a central bank meeting. |
|
| Markets regulator lifts trading ban on Barclays |
| (MUMBAI) India's capital markets regulator revoked a ban on trading in some securities by Barclays Bank plc after the UK lender took steps to rectify its reporting systems. |
|
| Google, Skype under fire now in India |
| (NEW DELHI) After BlackBerry won a reprieve, Google and Skype stepped into the firing line yesterday as India's security agencies widened their crackdown on online communications firms. |
|
| Reliance Industries takes 14% stake in Oberoi hotel chain |
| (NEW DELHI) Billionaire Mukesh Ambani's Reliance Industries Ltd has acquired a stake in India's luxury Oberoi hotel chain - his seventh investment this year as he diversifies from the oil-and-gas industry that made him Asia's richest man. |
|
| Coal India to start giant IPO in October |
| (NEW DELHI) State-run Coal India said yesterday that its giant initial public offering, set to raise billions of dollars and possibly become India's biggest ever share sale, is due to start in October. |
|
| Indian economy grows 8.8%, fastest since 2007 |
| (MUMBAI) India's economy is on track to grow 8.5 per cent in the current fiscal year to end-March, Finance Minister Pranab Mukherjee said yesterday. |
|
| Congress needs to fix 'arbitrary' estate tax |
| (NEW YORK) The estate tax is a great wedge issue in a politically polarised time. Take this oft-cited example: If a billionaire dies this year, no estate tax will be paid, but the estate of someone with more than US$1 million who dies next year will pay a 55 per cent tax on that extra amount. That seems arbitrary if not bizarre, but such is the tax regime unless Congress changes it. |
|
| Of double dips and decoupling doubts |
| JUST when the worst appeared to be over, a new bout of fear has gripped financial markets, sending stocks, currencies and commodities into a precipitous plunge. Even as concerns about Europe's long-term debt problems and anaemic economy dissipate, fresh anxieties about the global recovery have returned with a vengeance. Talk of a double-dip recession in the US is finding increasing air-time, while every indication of moderating growth in China is seen as evidence that a downturn is imminent. |
|
| Sell signal on 36% profit gain has analysts in denial |
| (NEW YORK) Meyer Shields says earnings at Warren Buffett's Berkshire Hathaway Inc will increase the most since 2006 this year. He's also telling investors to sell the shares because the economic recovery is weakening. |
|
| JP Morgan to launch 21 funds for retail customers |
| JP MORGAN Asset Management is making its first foray into Singapore's crowded retail market with the launch of 21 funds. |
|
| Banking on more than just regions |
| PRIVATE banks typically segment markets geographically as they set out to attract assets. UBS has decided to add yet another approach to its Singapore-domiciled client base - segmentation according to industry or professions. |
|
| Thailand's manufacturing growth slows |
| (BANGKOK) Thailand's industrial production growth slowed in July as a faltering global recovery cooled demand for the country's electronics, giving the central bank less room to keep raising interest rates. |
|
| Aussie retail sales beat expectations |
| (SYDNEY) Australian retail sales were surprisingly strong in July while sales for June were revised higher, suggesting consumption was not nearly as subdued as feared and the next move in interest rates is still upward. |
|
| FJB pins its hopes on Raoul in China |
| GOING international may be the ultimate goal of many 'made-in-Singapore' fashion brand owners, but breaking into markets like China is definitely no cakewalk. |
|
| Company Briefs |
| YANLORD Group said yesterday that it had secured contracted pre-sales totalling 709 million yuan, after it sold 84.3 per cent, or 361 out of 428 apartment units from its Yanlord G53 Apartment project in Nanjing. |
|
| Bull Charge sponsor donates $100,000 |
| THAI Beverage yesterday announced its fourth year as a 'Diamond Sponsor' of the Bull Charge fun run - and a $100,000 donation. |
|
| OSIM to focus expansion plans on China |
| FIRST Singapore, then China - and then the world. |
|
| Ezra 1-for-5 rights issue to raise $155.3 million |
| EZRA Holdings is driving itself into 'a new lap of growth' with a one-for-five rights issue of new shares to raise about $155.3 million in gross proceeds. The amount raised could be more if existing convertible bonds are turned into new shares to qualify for the entitlement. |
|
| New futures contracts: SGX seeks feedback |
| SINGAPORE Exchange (SGX) is consulting the public on the proposed introduction of non-ferrous metals futures contracts for trading on its derivatives market. |
|
| S'pore banks safest in Asia: Global Finance |
| SINGAPORE'S three local banks have been ranked the safest in Asia. |
|
| August market cap dips to $759b amid global gloom |
| THE Singapore stock market, which has been treading waters amid overseas economic and market uncertainties, took a dip in August, an apparent additional factor being the measures taken by the government late in the month to cool the property market. |
|
| Bears bet China crash is simply unavoidable |
| (BEIJING) Three numbers should suffice to give Chinese economic policymakers a sleepless night: 65.4 million, US$28.7 billion and US$2.45 trillion. |
|
| China to give state-run unions more power over pay |
| (BEIJING) The Chinese government will give its state-run unions more power to negotiate pay claims and seek to ensure union leaders are not just installed by their firms as proxies of management, state media said yesterday. |
|
| Beijing upholds tax ruling on US poultry |
| (BEIJING) China upheld a preliminary ruling in April that said broiler chicken products imported from the US were subsidised, and imposed five-year punitive tariffs to replace temporary levies. |
|
| AIG sale of Taiwan unit likely to fail |
| (TAIPEI) Bailed-out insurer American International Group (AIG) faces the prospect of looking for another buyer for its Taiwan unit after regulators yesterday threw out its proposed US$2.2 billion sale of Nan Shan Life to a Chinese company. |
|
| Yuan slips on surprisingly low reference rate |
| (SHANGHAI) The yuan closed down against the dollar yesterday and notched its biggest monthly loss since its landmark July 2005 revaluation as the People's Bank of China set a surprisingly low mid-point, signalling its determination to halt the yuan's appreciation after its depegging in mid-June. |
|
| Indonesia to buy new airport radar for Jakarta |
| (JAKARTA) Indonesia will spend up to one trillion rupiah (S$150 million) on a new air traffic control radar at Jakarta's main airport after the existing system failed and caused delays, a minister said yesterday. |
|
| Crash sets off review of aircraft braking systems |
| (BANGALORE) Crash investigators are re-evaluating the performance of aircraft braking systems in rainy conditions, following the overshooting of an American Airlines plane on the runway while landing in Jamaica last year, the Wall Street Journal reported. |
|
| Mexico airports hurt by Mexicana's woes |
| (MEXICO CITY) Airport operators in Mexico are feeling the pinch after three troubled airlines suspended dozens of flights and uncertainty remains about whether other companies can pick up the traffic from cancelled routes. |
|
| JAL unveils recovery plan, with huge job, route cuts |
| (TOKYO) After a two-month delay, struggling Japan Airlines announced yesterday details of a rehabilitation plan that would see thousands of job cuts as well as route closures and a debt waiver. |
|
| China prods N Korea on economic reforms |
| (BEIJING) China has pressed North Korea to speed up economic reforms when the two countries leaders met this week, experts said yesterday. |
|
| Europe puts cork in Aussie 'Champagne' |
| (BRUSSELS) Wine producers in Australia can no longer use established names such as Champagne, Port or Sherry for their products under an agreement with Europe that comes into force today. |
|
| Kan fails to get Ozawa out of his way for polls |
| (TOKYO) Japan's Prime Minister Naoto Kan failed to persuade rival Ichiro Ozawa to drop a leadership challenge, risking a split in the ruling party that may undermine efforts to beat deflation and halt a surging yen. |
|
| Mitsubishi unit exits commo futures |
| (TOKYO) Mitsubishi Corp Futures, Japan's leading commodity brokerage, will end all trade at the country's two leading commodity futures exchanges, highlighting the plight of the industry in the country. |
|
| How CFE Engineers copes with challenging times |
| AS companies staggered back to their feet after last year's downturn, it was especially meaningful for CFE Engineers Asia Pte Ltd (CFE) to be among the winners of The Business Times' Enterprise-50 (E-50) Awards. |
|
| Lessons put to practical use |
| THE office of Medic Marketing Pte Ltd - a company dealing with medical products - may look the way it did a year ago to the outsider, but the company of about 35 people has been witnessing various small but impactful changes internally. |
|
| Salary gap between sexes wider now: report |
| (SYDNEY) Equal pay for men and women remains a pipe dream in Australia with a report yesterday showing the pay gap between the sexes is wider now than 30 years ago. |
|
| POSCO inks 3.37t won deal for Dawoo Int'l |
| (SEOUL) South Korea's top steelmaker POSCO signed a final deal yesterday to buy a 68 per cent stake in trading and energy firm Daewoo International for 3.37 trillion won (S$3.83 billion), officials said. |
|
| Sumatra volcano erupts two days in a row |
| (TANAH KARO, Indonesia) An Indonesian volcano that had been dormant for more than four centuries erupted for the second day in a row yesterday, spewing towering clouds of ash and forcing the evacuation of more than 21,000 people. |
|
| July consumer spending up 0.4% after 3 tepid months |
| (WASHINGTON) Americans spent last month at the fastest pace in four months, helped by a jump in demand for automobiles. |
|
| Druckenmiller shifts US$700m to his family foundation |
| (NEW YORK) Last year, billionaire fund manager Stanley F Druckenmiller shifted US$700 million of his own money to his family foundation. Before the transfer, the foundation had assets of about US$6.5 million. |
|
| Yen gains broadly as BoJ move disappoints |
| (NEW YORK) The yen rose broadly yesterday after the Bank of Japan's (BoJ) decision to expand a fund supply tool disappointed investors who had looked for more aggressive measures to curb the yen's strength. |
|
| When is mail delivered nowadays? |
| IN February, SingPost announced that, effective May 15, delivery and collection on Saturdays of what is now facetiously termed as 'snail mail' would stop. |
|
| E-mail makes banking easier |
| I REFER to the letter 'Turn off that phone, man!' from David Mason (BT, Aug 28) and am surprised that his attitude has not changed after 15 years. |
|
| Brokers' Take |
| WE have raised our FY11 earnings forecasts for Tiong Woon (TWC) by 6.8 per cent on the back of expectations that deferred projects would return by the beginning of 2011. |
|
| Q1 '11 date set for building Island Power's new station |
| CONSTRUCTION of the long-delayed $1.2 billion Island Power project here will start in the first quarter of next year, India's GMR Infrastructure announced yesterday, following its signing of an EPC (engineering, procurement and construction) deal with a Siemens/Samsung consortium. |
|
| Hostage drama a chink in Aquino's armour |
| THAT bloody hostage drama last week in Manila has damaged the political fortunes of Philippine president Benigno Aquino. |
|
| AEC: An ambitious but possible process |
| Asean economic ministers met last week in Vietnam to discuss the progress towards the Asean Economic Community (AEC). The AEC has been scheduled come into force in 2015 and critics are doubtful that it will go according to plan. |
|
| Dangers in India's path to nuclear energy |
| THERE have been few acts by the Indian government in recent months that have given rise to as many misgivings as its attempt to push through the nuclear liability Bill. |
|
| Getting India on the nuclear energy track |
| INDIA'S electric power plans should receive a push with the Lower House of Parliament approving a civil nuclear liability bill last week. The bill's passage in the Upper House is assured. |
|
| Three-Minute Digest |
| THE Prime Minister had hinted on Sunday that major moves were afoot to cool the property market. |
|
| Celestial wrong to treat returnable products as sales |
| (SINGAPORE) Celestial Nutrifoods - which posted a rare 'negative revenue' in its second quarter - should not have recognised goods with rights of return as sales, accounting experts have told BT. Its practice runs afoul of its own accounting policy, they add. |
|
| More expats coming on local packages |
| (SINGAPORE) The economy may be recovering fast from the recession, but companies here are still cautious about their bottom lines. |
|
| Property stocks slip; most analysts maintain ratings |
| (SINGAPORE) Property stocks slid yesterday after the government announced new measures to cool Singapore's residential property market, even though analysts said the impact on developers is likely to be minimal. |
|
| Impact of new measures on loans growth likely to be small |
| (SINGAPORE) New government measures to cool the property market and curb speculation in the resale market for HDB flats could cause headaches for banks here due to the extra checks needed for home-loan applicants, but the impact on loans growth will likely be small, a check by BT shows. |
|
| DBS's Rajan Raju leaves after 11 years |
| (SINGAPORE) Rajan Raju, head of DBS' consumer banking group, is leaving the bank after 11 years and it is believed he will be joining the global asset management arm of Deutsche Bank. |
|
| Taiwan keen on Singapore economic cooperation pact |
| WITH the ink barely dry from an economic agreement with China, Taiwan is is now anxious to form one with Singapore as well, a Taiwanese government official said in Tokyo yesterday. |
|
| Govt moves seen spurring entry of new telcos |
| (SINGAPORE) Fresh moves by the government to deter anti-competitive behaviour by telcos are aimed at bringing in more broadband service providers to make the best use of Singapore's upcoming high-speed network, analysts say. |
|
| Govt keeps heavy guns aside, but who will take a hit? |
| THE government has just announced the latest instalment in its gentle therapy of a series of calibrated measures to try and rein in the acceleration in home prices. |
|
| Private home-owners can't play HDB chip any more |
| (SINGAPORE) The Prime Minister had hinted on Sunday that major moves were afoot to cool the property market. Even so, when the Ministry of National Development (MND) spelt out the measures yesterday, several market-watchers did a double-take. Many of them expect private home prices and sales to be hit. |
|
| Top-down strategy that works |
| (BEIJING) DURING its decades of rapid growth, China thrived by allowing once-suppressed private entrepreneurs to prosper, often at the expense of the old, inefficient state sector of the economy. |
|
| YOG: A resounding success |
| SINGAPORE blew it out of the park with our handling and management of the inaugural Youth Olympic Games (YOG). |
|
| The chemical equation for entrepreneurial success |
| SEAH Cheong Leng fell in love with chemistry after reading a textbook when he was 12 years old. |
|
| Working to earn trust of clients |
| IF THE duplex stores of Dolce & Gabbana, Giorgio Armani, Tods and Emporio Armani renovated by GrandWork along Orchard Road are any indication, the future does seem brighter for Jay Chiu, the founder of GrandWork. |
|
| Property stocks weaken but STI up |
| PROPERTY stocks took a bit of a hit yesterday after the government announced fresh cooling-off measures. This - and a push on the ever-popular Genting - were the only features of interest on a boring day that ended with the Straits Times Index gaining 18.32 points to 2,957.06. |
|
| Sanofi acquisition bid puts pressure on Genzyme |
| (PARIS) US biotech company Genzyme yesterday rejected a US$18.5 billion acquisition bid by French drugmaker Sanofi-Aventis' saying it undervalues the company. |
|
| Cool heads amid the cold showers |
| ALTHOUGH none of the top three drivers had a perfect race in a dramatic and incident-packed Belgian Grand Prix, they all kept their cool as others fell by the wayside. Hamilton, Webber and Kubica all overcame adversity to score well-deserved podium positions. |
|
| BP probe says its managers misread data |
| (LONDON) BP plc's internal investigation of the Deepwater Horizon rig disaster pins some of the blame on the company for mistakes made when finishing the oil well, including misreading pressure data that indicated a blowout was imminent, according to a person familiar with the report. |
|
| Record number of visitors, $85m in sales at Natas fair |
| THE travel bug bit hard this year, with more Singaporeans shelling out bigger amounts for exotic year-end getaways as job security fears subside in the face of a rebounding economy. |
|
| Portfolio down 0.4% in the week |
| SOME buyers seemed to return to the market yesterday, but it was the blue chips which attracted most of the funds. |
|
| Singapore Roundup |
| ERIC Tan will relinquish his position as commissioner of the Immigration and Checkpoints Authority (ICA) and take over as director of the Corrupt Practices Investigation Bureau (CPIB) from Soh Kee Hean on Oct 1. |
|
| Citi puts up more to educate students on finance |
| CITI'S three-year $1 million-plus partnership with educators promoting financial literacy in Singapore schools has borne fruit - and will bear more in the coming years. |
|
| Peter Ong to head Civil Service, hold other posts |
| PETER ONG, permanent secretary at the Ministry of Finance, has been named head of the Civil Service and will wear several other hats from tomorrow. |
|
| Far East launches Novena Specialist Center |
| FAR East Organization yesterday released for lease 31 out of the 69 medical suites at its upcoming Novena Specialist Center. Ranging in size from 549 to 1,442 square feet, they will be rented out for $8-9 per sq ft (psf). |
|
| HBO takes 25 awards, ahead of ABC's 18 |
| (LOS ANGELES) HBO again grabbed the most prizes at the Primetime Emmy Awards on Sunday, but the premium cable network's little TV movie Temple Grandin stole the thunder of its US$200 million-plus miniseries The Pacific. |
|
| Euro 2012 terminal for Ukraine city |
| (KIEV) The international airport of the eastern Ukrainian city of Kharkiv opened a new modern terminal on Saturday in order to meet UEFA's demands and provide world-class facilities for Euro 2012. |
|
| Dhaka plans new US$7.2b airport |
| (DHAKA) Bangladesh on Sunday approved plans for a new international airport near Dhaka to be completed by 2013, officials said. |
|
| Cebu Pacific to start Beijing service |
| (MANILA) The Philippines' Cebu Pacific (CEB) will start flying to Beijing early next month, the airline said yesterday. The Manila-Beijing-Manila route is CEB's 16th international destination and will be launched on Sept 5, it said. |
|
| Task force set up to probe China air crash |
| (BEIJING) China has set up a special task force bringing together officials from six different government agencies to investigate a plane crash last week that killed 42 people, state media reported yesterday. |
|
| Work starts on KL budget terminal |
| (KUALA LUMPUR) Malaysia started the construction of its new low-cost carrier terminal (LCCT) in Sepang, Selangor. |
|
| Know-how, networking, fun - and lots more |
| A STRONG friendship with business associates was Aditi Nayak's greatest takeaway from last year's SMU-Spring SME Leaders Advanced Management Programme. |
|
| Back to school for SME leaders |
| WHILE most companies scurried around for solutions to ensure their survival during the economic tsunami two years ago, a handful of small and medium enterprise (SME) leaders decided instead to ride on the wave of opportunity to go back to school. |
|
| Transport, agri firms among fastest growing |
| THE transport and agriculture and related sectors which have been booming in line with the economic recovery are among the sectors which the 50 fastest growing companies hail from. |
|
| International forces intercept pirates: NATO |
| (LONDON) Japanese, EU and NATO forces cooperated on Sunday to intercept pirates who were preparing to attack ships in the Gulf of Aden, the NATO counter-piracy task force said. |
|
| China Merchants set to win Colombo job |
| (COLOMBO) China Merchants Holdings (International) Co and Aitken Spence & Co are likely to win a contract to build a US$500 million terminal in Sri Lanka's Colombo port, according to the island nation's Ports Ministry. |
|
| Pertamina plans to spend US$600m on new tankers |
| (JAKARTA) Indonesia's state oil and gas firm Pertamina said yesterday it plans to spend US$600 million on new oil tankers in the next three years to upgrade its ageing fleet and rely less on charter tankers. |
|
| Kelantan state sues Petronas for royalties |
| IN A historic move, the opposition-controlled Kelantan state government yesterday filed a suit against national oil giant Petronas for untold billions in non-payment of royalties. |
|
| NTPC eyes stakes in 2 Indonesian coal mines |
| (NEW DELHI) NTPC Ltd, Asia's second-largest power producer by market value, may buy stakes in two coal mines in Indonesia as it seeks access to the fuel to fire its generating units and help end blackouts in India. |
|
| India expected to post fastest growth since 2007 |
| (NEW DELHI) India's economy probably grew at the fastest pace in 21/2 years, adding pressure on the central bank to raise interest rates even as the global recovery falters. |
|
| BlackBerry avoids India ban with new proposals |
| (NEW DELHI) BlackBerry maker Research in Motion yesterday avoided an immediate ban in India after it offered the Indian government several solutions to access BlackBerry data. |
|
| Stockholm's rent controls boost black market |
| (STOCKHOLM) A charming one-bedroom apartment in what may be Stockholm's trendiest neighbourhood for a mere 410 rent-controlled euros (S$708) a month: sound too good to be true? It is. |
|
| UK house prices drop the most in 16 months |
| (LONDON) UK home values dropped in August by the most in 16 months as the housing market endured a 'modest re-pricing' that is likely to last as long as a year, Hometrack Ltd said. |
|
| Japan's Mitsui Fudosan to open more malls in China |
| (TOKYO) Mitsui Fudosan Co, Japan's largest developer, plans to open more shopping centres in China as the company bets consumer spending will spur demand even as the government attempts to cool the housing market. |
|
| Lower LVR decision could hit Malaysian property: Kenanga |
| (KUALA LUMPUR) The property sector is likely to be downgraded if Bank Negara Malaysia imposes a lower mortgage loan-to-value ratio (LVR), says Kenanga Research. |
|
| Subsidiary of Roxy- Pacific buys Bukit Timah site |
| AN associated firm of Roxy-Pacific Holdings has bought the freehold Toh Tuck Apartment site for $33.9 million. |
|
| Construction payment disputes resolved more efficiently now |
| THE number of payment dispute cases between building contractors and sub-contractors soared last year on the back of the property and construction boom. |
|
| AgBank temporarily stops property loans |
| (HONG KONG) Agricultural Bank of China said yesterday that it has temporarily suspended property market loans to counter a surge in real-estate lending, but insisted the country's property sector was 'healthy'. |
|
| Seoul to ease loan rules to boost housing market |
| (SEOUL) South Korea will ease mortgage lending rules and extend tax breaks to encourage buyers back to the property market after home sales slumped to the lowest level in almost a year and a half. Shares of builders and banks surged. |
|
| Q2 profits at Aussie firms beat analysts |
| (SYDNEY) Australian business profits advanced in the three months through June by more than three times the amount forecast by analysts as earnings at mining companies, builders and banks surged. |
|
| Growth, jobs more important than deficit: US survey |
| (NEW YORK) Policy makers should focus on promoting economic growth and job creation rather than deficit reduction, a majority of respondents said in a survey by the National Association for Business Economics released yesterday. |
|
| Iran shifts funds out of Europe to beat curbs |
| (TEHERAN) Iran has transferred assets out of European banks in its latest effort to defend itself against the effects of sanctions that are part of what Iranian officials have called an 'economic war' against the country by the United States and other Western countries. |
|
| US economy not expanding fast enough: Obama |
| (WASHINGTON) President Barack Obama said on Sunday the US economy was expanding, but not quickly enough, and there was no 'magic bullet' that will fix its problems. |
|
| Sarin on a roll with its Galaxy game changer |
| THE term 'game changer' is often overused and overrated. |
|
| Company Briefs |
| KIM Eng Holdings said the company and Berjaya Corporation Berhad have mutually agreed to discontinue discussion on a possible strategic investment in the stockbroking business of Inter-Pacific Securities Sdn Bhd. |
|
| Sales, margin boost for Micro-Mechanics |
| THANKS to a surge in revenue and gross profit margin, Micro-Mechanics (Holdings) posted a net profit of $4.8 million for the full year ended June 30, way above the net earnings of $540,000 for FY2009. This translated to earnings per share of 3.44 cents, up from 0.39 cent. The period saw gross profit margin surging to 47.5 per cent from 38.8 per cent. |
|
| Sinotel 1-for-4 rights issue to raise $23.6m |
| SINOTEL Technologies has launched a one-for-four rights issue to raise gross proceeds of up to $23.6 million. It said yesterday that the proposed renounceable non-underwritten rights issue will involve up to 84.35 million new shares at an issue price of 28 cents each. |
|
| Contract bonanza of US$915m for Yangzijiang |
| SHIPBUILDING company Yangzijiang has been actively churning the waters of late, landing 28 shipbuilding contracts worth a total of nearly US$915 million since July 1. |
|
| Not much to be gained from SGX announcing its probes |
| AMID criticism of the Singapore Exchange's practice of keeping probes private, one lawyer reckons disclosing such probes would not necessarily raise the level of governance in the market. |
|
| Fears of SGX losing mid-cap IPOs to Hong Kong |
| THE initial public offer market is expected to pick up in the current second half, but worries remain over a possible increase in the market-cap requirement for mainboard listings, industry watchers say. |
|
| UIC pays $160m in DC to redevelop UIC Building |
| UNITED Industrial Corp (UIC) yesterday said that it has paid a development charge of $160.1 million to the Urban Redevelopment Authority (URA) for the redevelopment of UIC Building. |
|
| Wife of appliance giant Gome's ex-head paroled |
| (BEIJING) A Chinese court yesterday freed on parole the wife of the former head of appliance giant Gome, prosecutors said, as the jailed disgraced tycoon battles for control of the empire he founded. |
|
| China state giants more profitable than private firms: report |
| (BEIJING) Two of China's major state-run companies, China Mobile and PetroChina, saw their net profit outstrip that of the nation's top 500 private firms put together in 2009, a report said yesterday. |
|
| China uni to expand foreign enrolment |
| (BEIJING) Tsinghua University, one of China's top universities, announced plans yesterday to expand the number of international graduate students to about 10 per cent of the programme by 2020, as China's top schools continue to add foreign students. |
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| Foreigners can apply for jobs at state firms |
| (BEIJING) China's government yesterday announced a global talent search to fill top posts at 12 major state-owned companies in its latest effort to improve performance at huge but inefficient government firms. |
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| Three-Minute Digest |
| THE government will take further action to cool the property market and curb speculation in the resale market for HDB flats, including building 22,000 new public homes this year, Prime Minister Lee Hsien Loong said last night. |
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| Japan may see refining shake-up |
| (TOKYO) Japan's new rule to boost capacity to process heavy oil represents a subtle policy change that industry sources say may shake up its overcrowded refining industry and prompt the exit of top foreign investor ExxonMobil. |
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| Japan's ruling party faces harsh reality |
| (TOKYO) A year after sweeping to power in a landslide win, Japan's centre-left governing party is unpopular, divided, and hobbled by policy gridlock as it grapples with pressing economic problems. |
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| US retailers venture into mobile shopping |
| (WASHINGTON) Back-to- school shopping deals are just a text message away this year as US retailers wade into the brave new world of mobile commerce. |
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| PCs fuel sales of consumer electronics |
| CONSUMER electronics demand is alive and well in Singapore, bucking a global downward trend, according to market research company GfK. |
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| Airline suspends crew for safety lapse |
| (LONDON) The crew of Jet Airways (India) Ltd's flight 9W2302 from Mumbai to Chennai on Friday was suspended for 'serious procedural lapses' in the evacuation of the plane, India's Directorate-General of Civil Aviation (DGCA) said. |
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| Airbus: A350 delivery schedule is 'comfortable' |
| (BERLIN) Airbus SAS said it's 'very comfortable' with its delivery schedule for the new A350 plane, responding to an article in Les Echos newspaper that the widebody model will get off to a slower start than planned. |
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| Brewers keen to capitalise on Vietnam's beer market |
| (DANANG, Vietnam) Vietnam's thirst for beer is hard to quench, and a new production line with a capacity for 50,000 bottles an hour is the latest industry attempt to target one of the region's key markets. |
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| New technology expected to spur smart card use: Frost |
| SINGAPORE is expected to see a healthy growth in the number of transactions taking place by means of contactless smart cards, especially with the advance of NFC (Near Field Communication) technology. |
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| Record server sales in Q2 confirm recovery is real |
| IF you think the uptick in the global economy is just limited to consumer electronics, think again. |
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| Big voices and even bigger hearts despite their tender years |
| AT age 12, Nathania Ong is already a seasoned performer, having sung on numerous occasions and at public venues. Her most recent gig was to sing the National Anthem at the closing ceremony for the Youth Olympic Games. |
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| Bankruptcies down in H1 |
| THE number of applications for personal bankruptcy here - and the number of bankruptcy orders made - fell in the first six months of this year, an indication that the swift economic recovery may have saved many from insolvency. |
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| Of known knowns and known unknowns |
| US unemployment remains stubbornly high, manufacturing is slowing, exports are down and consumer confidence is weak. Yet Wall Street finished the week with a bang on Friday. |
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| India aims to triple port capacity |
| (MUMBAI) India, Asia's third-biggest economy, plans to triple port capacity within a decade, as it tackles infrastructure deficiencies that threaten to dampen growth. |
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| Sime ol' story all over again |
| ALAS, poor Sime Darby. When Sime, Guthrie and Golden Hope merged three years ago to create the world's largest listed oil palm company, there was expectation amongst shareholders that the synergies inherent in such a merger would far outweigh any downside. |
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| 'Terminator' mozzies to fight dengue? |
| (KUALA LUMPUR) Malaysia is considering releasing genetically modified (GM) mosquitoes designed to combat dengue fever, in a landmark field trial that has come in for criticism from environmentalists. |
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| Thousands flee as volcano erupts in Indonesia |
| (JAKARTA) A volcano on the Indonesian island of Sumatra erupted for the first time in 400 years yesterday, spewing a vast cloud of smoke and ash into the air and sending thousands of people fleeing from their homes. |
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| India urged to 'pray' for completion of Games |
| (NEW DELHI) New Delhi's top official has urged Indians to 'pray' for the city's Commonwealth Games sporting venues to be completed on time, after massive delays in construction threatened the Oct 3 start. |
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| Will India pull the plug on BlackBerry after all? |
| (NEW DELHI) India's BlackBerry users are holding their breath as they wait to see if the government carries out a threat this week to ban encrypted messages sent on the phones due to fears of misuse by militants. |
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| Hungary told to stick with budget cuts, narrow gap |
| (BUDAPEST) Hungary should continue fiscal consolidation and bring its budget gap to below 3 per cent of gross domestic product (GDP) next year under the European Union's (EU) Excessive Deficit Procedure, Olli Rehn, the EU's economic and monetary affairs commissioner, said. |
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| Europe bordering on self-sustaining recovery: ECB |
| (FRANKFURT) Europe is on the brink of a self-sustaining recovery, European Central Bank governing council member Axel Weber said. |
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| Hapless Japan needs help to weaken yen |
| (LONDON) Any effort by Japan to weaken the yen after it rallied to a 15-year high may fail without help from the US and the European Union, currency strategists say. |
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| Transcu's fortunes set to turn around |
| TRANSCU Group's Japan-based skincare cosmetics unit has significantly ramped up sales through Japanese multi-brand stores. Meanwhile, its life sciences unit is in final negotiation with a Japanese pharmaceutical company to develop a new trans-dermal drug delivery device for the global market using Transcu's proprietary system. |
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| 1 in 2 IPOs to be foreign |
| THE Singapore Exchange (SGX) expects to see more than half of its initial public offerings (IPOs) over the next year to be foreign listings, chief executive Magnus Bocker said on Saturday. |
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| Keppel breaks ground on UK plant |
| KEPPEL Corporation broke ground for its $518 million energy-from-waste (EFW) plant in the UK - one of the largest such projects there - last Thursday. |
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| Report environmental, social risks, firms told |
| LISTED companies have been prompted by the Singapore Exchange (SGX) to manage and declare business risks linked to environmental and social issues. |
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| China defends curbs on exports of rare earth |
| (BEIJING) China defended its controls on exports of rare earth after Japanese officials raised concerns about supplies of the raw materials used in the manufacture of products from cell phones to radar. |
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| Wen urges Japanese firms to raise wages |
| (BEIJING) Chinese Premier Wen Jiabao yesterday urged Japanese companies operating in China to raise workers' wages, after a series of strikes led to costly factory shutdowns, Japan's foreign ministry said. |
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| Not just a pretty face(book) |
| E-MAILS are old hat; SMSes passe. Tweeting, blogging, and posting on 'walls' are no longer the domain of the under-30s. They have become a staple of the way most people in the world communicate today, and of the way Fortune 100 companies reach out to customers old and new too. |
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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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| Europe's best-kept secret |
| WHAT do brands like H&M, Bang & Olufsen, and IKEA have in common? Ever wondered where these companies originated from? A good number of outstanding global enterprises started in a beautiful region, filled with innovation and creativity. We call it 'Europe's best-kept secret'. And that place is none other than Scandinavia. |
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| HP's bid superior to Dell's: 3PAR |
| (WASHINGTON) Data storage firm 3PAR said on Saturday that a newly-raised acquisition offer by Hewlett-Packard was 'superior' to that made by Dell, amid a bidding war between the PC giants. |
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| Tackling hi-fi market customer renewal |
| THE early days of the MP3 revolution in the late 1990s seemed to ring the death knell for the hi-fi industry. The proliferation of abysmally low-quality digital files rendered discussions of audio quality pointless - it's hard to market the detail and dynamics of high-end hi-fi when customers don't have music media that can show off those abilities. But the hi-fi market didn't die. Some smaller brands disappeared but many other persevered, driven by older customers who hadn't discovered the wonders of the Internet. |
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| PM Lee spells out the 'foreigner' conundrum |
| (SINGAPORE) The economy may be bouncing back strongly - with year-on- year growth of 18 per cent in the first half and 13-15 per cent tipped for the full year - but the issue of foreign workers still looms large, if not larger. |
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| Another dousing to cool property market |
| (SINGAPORE) The government will take further action to cool the property market and curb speculation in the resale market for HDB flats, including building 22,000 new public homes next year - up from 16,000 this year, Prime Minister Lee Hsien Loong said last night. |
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| The uncomfortable math of monetary policy |
| (JACKSON HOLE, USA) Bigger, as the Federal Reserve may soon discover, is not always better. |
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| MTV success makes Viacom a hot property |
| (NEW YORK) Viacom Inc's Philippe Dauman, a cultured media chief who scored perfect results on his college entrance exam and entered Yale at 16, happens to be an ardent fan of sensational TV shows. |
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| Hamilton wins thrilling Belgian Grand Prix |
| (SPA-FRANCORCHAMPS, Belgium) McLaren's Lewis Hamilton won a chaotic and thrilling Belgian Grand Prix to seize back the Formula One championship lead from Red Bull's Mark Webber yesterday. |
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| Gold futures a hedge against uncertainties |
| GOLD futures have long been considered an ideal hedging instrument for various reasons. Setting the benchmark price for gold, these markets are where traders, commercial interests, banks and others turn to for price discovery, to lock in gold prices or to benefit from price volatility. |
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| Dollar drops against yen for 2nd week on US economic fears |
| (NEW YORK) The dollar fell for a second week against the yen after reports showed the recovery in the world's largest economy may be faltering, boosting the Japanese currency's attraction as a refuge. |
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| Portfolios shed 1.3% on average |
| WORRIES about the economy continue to weigh stocks down. Five out of six of our portfolios retreated. On average, the portfolios were down by 1.3 per cent. This compared with the flat performance of the Straits Times Index. |
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| Dive in director trades after two weeks of heavy activity |
| TRADING among directors plunged after heavy activity for two straight weeks, with only 20 companies that recorded 46 transactions worth $9.1 million, based on filings on the Singapore Exchange from Aug 23 to 27. The figures were sharply down from the previous week's 38 companies, 53 transactions, and $18.3 million. Buyers outweighed sellers with 17 companies that posted 43 purchases worth $8.4 million versus a paltry three firms with three disposals worth $680,000. |
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| Spotting the winners |
| From your understanding of recent developments and likely future scenarios, what are the greatest opportunities for retail investors today, particularly in Singapore and the region? Why? |
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| Big drive to ease pressure on trains |
| (SINGAPORE) The government will spend some $60 billion over the next decade to double Singapore's rail network and will add more trains to ease overcrowding, Prime Minister Lee Hsien Loong said yesterday. |
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| Keppel built the 'right' rig in Gulf of Mexico |
| (SINGAPORE) Keppel Corporation did not build the oil rig that exploded, sank and caused a major oil spill in the Gulf of Mexico that damaged marine and wildlife habitats as well as the Gulf's fishing and tourism industries. |
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| Coming soon: third medical school and uni town in Oxbridge mould |
| (SINGAPORE) Singapore will soon have a third medical school and an Oxbridge-style collegiate university town, Prime Minister Lee Hsien Loong said during his National Day Rally speech last night. |
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| Higher dividends follow firms' return to health |
| (SINGAPORE) There were few surprises from companies that reported full-year results in the recent reporting season. Most turned in better earnings or lower losses, in line with the global economic recovery. |
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| HK protesters call for probe by Philippines |
| (HONG KONG) Tens of thousands of Hong Kong citizens marched peacefully yesterday to demand a transparent investigation into the deaths of eight of the city's residents in a tour-bus siege in Manila. The protest attracted 80,000 participants, said one of the organisers, Tam Yiu Chung, who chairs local political party the Democratic Alliance for the Betterment and Progress of Hong Kong. |
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| Black September lurks, mood darkens |
| THE onset of hurricane season for the United States has yet to erupt in a major storm thus far this summer. The same could be said for the increasingly nervous US stock market, which has taken some hits in August but has merely slipped rather than fallen under the weight of a slowing global economy and the threat of a double-dip recession in the US. |
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| Monetary jolts needed to sustain rebound: BOE |
| (JACKSON HOLE) Bank of England deputy governor Charles Bean said that more monetary stimulus may be required to sustain the recovery as the aftermath of the recession continues to hamper the economy. |
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| Fiscal 'alchemy' must mimic monetary science: paper |
| (JACKSON HOLE) Tax and budget policies need the same regularity and independence as monetary policy if countries around the world are to cope with looming stresses from pension programmes, world central bankers were told at a Federal Reserve conference on Saturday. |
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| Outstanding issues in an exceptional year |
| LAST year at this time, the Singapore economy was in somewhat a state of flux. After 3-4 negative quarters (depending on the GDP measure), the worst of the recession appeared to be over but the economic outlook remained shrouded in uncertainty. |
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| Three-Minute Digest |
| AN established property developer with a memorable corporate history is headed for an exit from the Singapore Exchange. |
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| Cambridge U lab creates liver cells from human skin |
| LONDON) Scientists have created liver cells in a lab for the first time using reprogrammed cells from human skin, paving the way for the potential development of new treatments for liver diseases that kill thousands each year. |
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| US Gmail users get PC-to-phone service |
| (NEW YORK) Gmail users in the US will now be able to call telephones directly from their computers, Google Inc said on Wednesday. |
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| HSBC eyeing stake in South African bank |
| CHINA'S soaring trade and investment links with Africa have prompted HSBC to consider buying more than 70 per cent of Nedbank. |
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| Tomatina Splatterina |
| (VALENCIA, Spain) A man resting covered with tomato pulp during the annual tomato fight fiesta in the village of Bunol, near Valencia, on Wednesday. |
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| Fed seeks to delay release of bank data to courts |
| (WASHINGTON) The Federal Reserve Board sought to delay the court-ordered release of documents identifying banks that might have failed without the US government bailout while it considers an appeal to the US Supreme Court. |
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| Debt-ridden Greece pays long-dead cash |
| (ATHENS) Greece, which is struggling against monster debts, has wasted millions of euros a year on retirement payments to long- dead pensioners, labour ministry officials revealed. |
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| BP scraps plans to bid for Artic exploration licence |
| (LONDON) BP has scrapped plans to drill in the Arctic, where a new oil rush is expected, amid fears such a move would be 'political madness' after the Gulf oil spill, Britain's Guardian daily said yesterday. |
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| Tower to rise in Empire State's neighbourhood |
| (NEW YORK) The Empire State Building's owner lost his bid to stop a new skyscraper from rising in the neighbourhood when the New York City Council approved zoning and land use changes on Wednesday that pave the way for the 362.7 metre tower. |
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| Will tough times lead to a corporate art selloff? |
| (LONDON) Corporations worried about the bottom line are taking a look at their office walls. |
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| Robert Walters eyes Asia-Pac for more growth |
| (LONDON) British white collar recruiter Robert Walters said it identified enormous growth potential in the Asia-Pacific region as it swung to a first-half profit on the back of a pick-up of activity in the jobs market. |
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| Spain's economy up in Q2 on rising consumer spending |
| (MADRID) Spain's economic growth accelerated in the second quarter as consumers stepped up spending before a sales tax increase in July. Household spending grew 2 per cent from a year earlier after a 0.3 per cent contract in the first quarter, the National Statistics Institute said in Madrid yesterday in its breakdown of gross domestic product (GDP) data. |
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| Glencore's H1 profit up 42% on price gains |
| (LONDON) Glencore International, the world's largest commodity trader, said first-half profit jumped 42 per cent on rebounding metals demand and prices. |
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| Rally in yen, S franc stalls as stocks rise |
| (NEW YORK) A rally in safe-haven currencies such as the yen and the Swiss franc stalled yesterday as global share prices rebounded, although worries about the world economy slowing down kept them supported. |
|
| Brokers' Take |
| SEMBCORP Industries has signed a 20-year, long-term utilities services agreement with Jurong Aromatics Corporation (JAC) to supply steam and other water and wastewater treatment services to its new aromatics complex. |
|
| High-tech India plagued by potholes |
| (PUNE, India) Call it India's engineering paradox. Despite this nation's rise as a technology titan with some of the world's best engineering minds, India's full economic potential is stifled by potholed roadways, collapsing bridges, rickety railways and a power grid so unreliable that many modern office buildings run their own diesel generators to make sure the lights and computers stay on. |
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| Build smarter, not bigger |
| Traffic congestion is choking the air and economies of cities everywhere. Congestion is one of the single largest threats to our economic prosperity and way of life. Whether it takes the form of trucks stalled in traffic, cargo stuck at overwhelmed seaports, or airplanes circling over crowded airports, the price tag on congestion is a high one. |
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| How S'pore firms can save on customs duties |
| FOR many Singapore-based businesses, the European Union (EU) is an attractive but complex target market due to cultural differences, language barriers and the myriad number of laws and regulations involved. |
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| The land of the rising yen needs a new strategy - fast |
| YOU can feel the sense of panic rising in perfect sync with the yen. Will the Bank of Japan (BOJ) intervene to weaken it? Is Prime Minister Naoto Kan plotting action with lawmakers? What will happen to the economy as that mean, old US dollar weakens and wreaks havoc on the nation? Never mind that the economy was just as feeble when the yen was 125 per US dollar as it is now at 84. Or that Japanese executives are a bunch of crybabies. Germans don't bellyache about exchange rates; they adapt and make money. Yet Japan is in crisis, we are told with growing drama. Growth is doomed, deflation is accelerating and all hell will break loose. |
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| Obama holds economic talks with advisers |
| (VINEYARD HAVEN, Massachusetts) US President Barack Obama held a conference call with top economic advisers on Wednesday to discuss newly released grim data that has raised fears the economy is at risk of a new downturn. |
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| Wall Street's concerns over anaemic US economy resurface |
| THE disappointment and concern over the anaemic US economic recovery that have largely dominated recent nervous trading on Wall Street were back in force on Wednesday, after a Commerce Department report showed orders for durable goods barely rose last month. |
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| Ozawa to challenge Kan as PM and DPJ leader |
| ALREADY facing the prospect of currency and economic crises, Japan is about to be plunged into political turmoil too as political heavyweight Ichiro Ozawa yesterday revealed his intention to challenge Naoto Kan as prime minister and leader of the ruling Democratic Party of Japan (DPJ). |
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| Looks like electric speed record for Buckeye Bullet |
| (SALT LAKE CITY, Utah) A team of Ohio State University students that set out to build the fastest electric car on the planet is heading home with a broken clutch and a big grin. |
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| Barclays lent Lehman US$45b unaware of risks |
| (NEW YORK) British bank Barclays didn't know its risk when it bought Lehman Brothers Holdings Inc's brokerage and was told by the US Federal Reserve to lend the defunct firm US$45 billion, a former Barclays trading executive testified. |
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| Better deal on Sports Hub loans |
| (SINGAPORE) The global financial crisis may have wreaked havoc on Singapore's plans to build its long-delayed Sports Hub - but it has proven to be a blessing in disguise as far as the project's financing is concerned. |
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| US absence at Asean trade meeting criticised |
| (BANGKOK) The US absence at an Association of Southeast Asian Nations trade meeting and the Obama administration's failure to name an ambassador to the bloc drew criticism from Senator Richard Lugar and a Washington think tank. |
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| Genting surprises with 7.8% drop in Q2 net |
| MALAYSIAN casino, power and plantations conglomerate Genting announced a surprising 7.8 per cent slide in its second-quarter net profit yesterday. |
|
| Shareholders get to nominate directors: SEC |
| (WASHINGTON) US regulators will let investors owning 3 per cent of a company nominate directors on corporate ballots, a step that may help shareholders oust board members accused of overpaying executives and failing to boost shares. |
|
| In a blaze of glory |
| (SINGAPORE) After 12 days of intense competition that saw many triumphs and heartaches among the athletes, the Singapore 2010 Youth Olympic Games drew to a close last night. But sports was not the only winner. |
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| Housing costs, school places temper optimism of US firms |
| (SINGAPORE) Many more American companies here are now expecting profit and headcount growth, compared to a year ago. |
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| Taking no second chance on gambling |
| (SINGAPORE) If you are a key staff member of mainboard-listed Second Chance Properties, forget about going to the casino. |
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| Developer with colourful past poised for a delisting |
| (SINGAPORE) An established property developer with a memorable corporate history is headed for an exit from the Singapore Exchange. |
|
| Celebrating eternal love in China |
| WALKING through Suzhou, Shanghai or Beijing this past Aug 16 and seeing roses in every florist's window, teddy bears everywhere in gift shops and many a blissful-looking young couple strolling hand in hand, one would have thought it was Valentine's Day all over again; it may as well have been because it was Qi Xi. |
|
| Singapore Roundup |
| SP PowerGrid said the electricity supply to Bishan and parts of Ang Mo Kio was interrupted around 1.30pm yesterday, but that 'supply was fully restored within 15 minutes'. |
|
| Citi sets up China Desk to engage Chinese companies |
| TO ride the rise of the Chinese dragon, Citi Singapore has launched a series of initiatives to encourage more Chinese companies that are looking to expand globally to set up their bases in Singapore. |
|
| Merrill wins US$9.4m suit against ex-client |
| MERRILL Lynch has won its suit in Singapore against a former private-banking client for US$9.4 million that he owed the bank. |
|
| Yokogawa honoured with Maxa award |
| AS other manufacturers shed staff during the economic downturn, not only did Yokogawa Electric Asia keep its 600-strong team, it actually diversified its business. |
|
| Industrial output up 9.9% in July |
| SINGAPORE'S industrial output rose 9.9 per cent year on year in July 2010, driven by 24.5 per cent growth in the electronics cluster. |
|
| YOG part of a larger game plan of repositioning S'pore: Vivian |
| THROUGHOUT the entire inaugural Youth Olympic Games (YOG), some detractors continued to pour scorn on the government's decision to spend $387 million to organise the event - more than three times what it originally budgeted. |
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| Caution rules ahead of US data |
| TRADING here and around the region was listless and dull yesterday, as investors continued to tread cautiously ahead of data releases that may give clues to the state of the US economy. The Straits Times Index drifted sideways for much of the session, before closing 0.68 of a point lower to 2,925.87. Volume was thin, with just 1.3 billion shares changing hands. |
|
| China plants flag deep under South China Sea |
| (BEIJING) China said yesterday that it had used a small, manned submarine to plant the national flag deep beneath the South China Sea, where Beijing has tussled with Washington and South-east Asian nations over territorial disputes. |
|
| Brazil govt to take over five Amazon ports |
| (SAO PAULO) The Brazilian government will take over control of five Amazon ports as well as partial administration of the two southern grain ports of Paranagua and Rio Grande, a local newspaper reported on Wednesday. |
|
| M'sia to woo more European firms |
| (KUALA LUMPUR) Malaysia will take advantage of the setbacks in the European economy to attract companies to relocate to Malaysia, says Deputy Minister of International Trade and Industry Mukhriz Mahathir. 'There are still uncertainties in the eurozone, especially in Greece and Portugal. So when there is a challenge like this, there will also usually be opportunities to attract them to relocate to Asia, which has high growth,' he told a media briefing after the soft launch of the KL International Trade Forum 2010 here yesterday. |
|
| CIMB Q2 profit jumps 34% to RM890m |
| (KUALA LUMPUR) CIMB Group Holdings, Malaysia's second-biggest bank, said second-quarter profit rose 34 per cent bolstered by its Indonesian unit and lower bad debt provisions. |
|
| RM777m provisions drag Sime into the red for Q4 |
| (KUALA LUMPUR) Malaysian conglomerate Sime Darby, the world's largest oil palm company, reported its second straight quarterly loss due to more provisions for its troubled energy and utilities arm, dragging annual profit down by 68 per cent. |
|
| Indonesia's economy may grow 6% this year: trade minister |
| (DANANG, Vietnam) Indonesia's economy may grow 6 per cent this year and will probably accelerate in 2011, Trade Minister Mari Pangestu said. |
|
| India lifts ban on imports of telecom equipment |
| (MUMBAI) India has relaxed an eight-month ban on imports of telecommunication equipment, approving orders from China's ZTE and Huawei and Finland's Nokia Siemens Networks, executives said on Wednesday, as security fears fade before a high-priority roll-out of third-generation wireless infrastructure. |
|
| Gold demand almost doubles in H1 |
| (MUMBAI) India's gold demand rose 93.74 per cent in the first half of this year due to strong economic growth and investment-led buying, and festivals are likely to maintain the momentum, an official at the World Gold Council (WGC) said on Wednesday. |
|
| Nuclear liability law may put off equipment firms |
| (NEW DELHI) India's push to end a three-decade ban on buying nuclear equipment from abroad may founder on laws passed by its own parliament. |
|
| Things are looking up for local band |
| MOST independent bands struggle for years to be heard and many give up halfway. But not local power-pop quartet TypeWriter. Formed in 2001, it has gone through various line-up changes but their hard work has hit paydirt, attracting the attention of Ken Stringfellow and Jon Auer from seminal American power pop band The Posies to give them their personal endorsements. |
|
| Re-invention versus variation |
| IT'S impossible to migrate a game to Apple's iPad tablet without customising the controls for the touchscreen interface, but some approaches are more successful than others. |
|
| Powering up your iPad with the right app |
| NUMEROUS companies, such as Samsung and LG, hope to start selling touchscreen tablets before the end of the year to rival the iPad, but for the next few months at least, Apple's got the market all to itself. |
|
| An enjoyable, approachable work |
| MASH-UPS - made popular by TV programme Glee - usually refer to songs, when two or more pre-recorded songs are blended together, by the overlaying of the vocal track of one song over the instrumental track of another. |
|
| Taking a trip way past memory lane |
| THE latest incarnation of Fried Rice Paradise, the Singapore musical, kicked off about a week after National Day and just a few days before the National Day Rally. It marked the 50th anniversary of the People's Association and is meant to embody social cohesion and racial harmony, along with all the other things musicals usually celebrate - love, friendship, laughter. |
|
| Out in the sun from the shadow of curbs |
| A 'FORGOTTEN' German painter is the focus of Art Trove's first exhibition. |
|
| Adding wholesale value to artworks |
| WORKS of art are often sold piecemeal by galleries, but one gallery is keen to market them by the collection - seeing more value when an art collection is kept together and documented. |
|
| Vacationing on high seas |
| THIS year's Natas fair, which kicks off today, will probably leave many holidaymakers at sea - in terms of their vacation choices, that is. After all, judging from industry figures, cruising is what now floats Asian travellers' boats. |
|
| The concert of redemption |
| CON jobs are such good fun that they transcend cultures, and French movie The Concert features the classic con - impersonation. A motley group of Russian musicians who haven't played together for 30 years conspire to impersonate the Bolshoi Orchestra in Paris, without rehearsals. |
|
| Quaint look at a post- consumerist society |
| THE starkly obvious perils of living in - and falling victim to - an all-consuming consumer society are addressed in The Joneses, a movie that takes a satirical look beyond the glossy lifestyle most of us aspire to, only to find there's more to life than, well, keeping up with the Joneses. |
|
| Hit French rom-com looks set for remake |
| BETTER known for its arthouse fare, French cinema shows its lighter side and tries its hand at commercial filmmaking with Heartbreaker, a featherweight farcical take on the type of chick flicks - using resident hunks and babes in lead roles - that Hollywood periodically churns out. |
|
| Highly-praised local film lives up to hype |
| JUST when it looked like the local film industry was scraping the bottom of the barrel with back-to-back releases of two low-budget slapstick comedies - Old Cow Vs Tender Grass and PCK The Movie - comes a quiet little movie that has renewed our faith in local movies. |
|
| New kid on the film block |
| LOCAL film-making has a brave new face and if Boo Junfeng's ambitious debut feature film Sandcastle is any indication, the future looks bright for both him and the industry. |
|
| Around Town |
| AN Esplanade Presents programme, The
Studios 2010, is presenting an
award-winning double bill of
contemporary Korean dance, Out There
by Lee Sun-A and Ice or
Water by Hong's Dance
Company this weekend. |
|
| Magic of Pinot Noir |
| THE enthusiasm and search for Pinot Noir continues to escalate. Wherein lies the fascination of Pinot Noir? For wine lovers and wine growers alike, Pinot Noir continues to fascinate and to elude! I was recently fortunate enough to be a guest at a sumptuous dinner complete with wines from some of the greatest names in the world. Our host cleverly chose two reds to complement and simultaneously to highlight the differences. Point Counterpoint. |
|
| IMF facing power struggle between US, Europe |
| (WASHINGTON) A power struggle threatens to throw the International Monetary Fund into disarray unless a compromise is reached soon between the United States and Europe over how to give more say to emerging powers. |
|
| Philippine economy up 7.9% in Q2 as GDP grows |
| (MANILA) Election spending, rebounding exports and a recovering global economy boosted the Philippine economy to 7.9 per cent growth in the second quarter, officials said yesterday. |
|
| China tyre tariffs not yielding positive results: US businesses |
| (WASHINGTON) President Barack Obama's decision to slap duties on tyres from China doesn't appear to have reduced overall tyre imports or saved US jobs, the US-China Business Council (USCBC) said on Wednesday. |
|
| US set to move against unfair trade practices |
| (WASHINGTON) The US Commerce Department plans to toughen rules against what it sees as unfair foreign trade practices that threaten US jobs, senior department officials said in advance of new proposals yesterday. |
|
| China's direct investment in US plunges |
| (WASHINGTON) China's direct investment in the US plunged in the first half even as its overall foreign acquisitions rose to a record, underscoring Beijing's efforts to diversify its portfolio, according to the Heritage Foundation. |
|
| Company Briefs |
| NEWS and lifestyle websites of Singapore Press Holdings (SPH) received 29 awards in the Hitwise Top 10 Rankings in the first half of the year, said SPH yesterday in a media statement. |
|
| Trading of Design Studio shares suspended |
| DESIGN Studio Furniture Manufacturer has suspended trading of its shares after Dubai's Depa Interiors LLC - which offered to take the company private in June - secured more than 90 per cent of the company. |
|
| UniFiber rejects CMEC's claim |
| UNITED Fiber System has disputed claims by China National Machinery & Equipment Import & Export Corporation (CMEC) over a US$19.7 million debt allegedly owed to CMEC. |
|
| PEC's Q4 net more than doubles to $10.8m |
| PLANT and terminal engineering specialist PEC yesterday posted a fourth quarter net profit of $10.77 million, a 137 per cent increase from $4.55 million a year back. |
|
| Eu Yan Sang posts 47% jump in earnings to $19.2m |
| HEALTHCARE company Eu Yan Sang International posted a 47 per cent year-on-year increase in net profit to $19.2 million for the financial year ended June 30. |
|
| Centillion reports loss for fourth year running |
| CENTILLION Environment & Recycling stayed in the red for the fiscal year ended June 30 for the fourth consecutive year, dragged by losses in its US operations. |
|
| Olam's Q4 net almost doubles to $92.3m |
| HIGHER sales and commodity prices helped Olam International almost double its fourth-quarter net profit to $92.3 million. |
|
| Ying Li acquires Chongqing site for RMB697m |
| SINGAPORE-listed Ying Li International Real Estate said yesterday it has acquired a commercial development site in China's Chongqing city for 697 million renminbi (S$139.5 million). |
|
| Federal Int'l unit loses appeal against ruling |
| THE Singapore High Court yesterday dismissed an appeal by an indirect subsidiary of Federal International (2000) Ltd to overturn a judgment awarding damages to a Singapore commodities trading house. |
|
| F&N subsidiary buys 23.1% stake in CHB for RM54.6m |
| FRASER and Neave (F&N) Limited's Bursa-listed subsidiary is buying a 23.1 per cent stake in Cocoaland Holdings Berhad (CHB) for RM54.6 million (S$23.6 million), in a bid to strengthen its food products portfolio. |
|
| NOL sells $280 million of bonds amid strong demand |
| NEPTUNE Orient Lines (NOL) yesterday sold $280 million worth of 10-year, Singapore-dollar bonds, the latest in a series of bond sales by companies here eager to lock in long-term funding while interest rates are low. |
|
| China calls for more mergers in coal industry |
| (SHANGHAI) China called for further mergers and consolidation in its massive coal industry to eliminate outdated capacity and improve efficiency, its cabinet, the State Council, said on its website yesterday. |
|
| No talks with AIG since March on buying stake: China Life |
| (HONG KONG) China Life, the world's most valuable insurer, said it has not held talks with AIG since March, despite reports it may be part of a Chinese consortium that aims to buy 30 per cent of AIA. |
|
| ICBC, BOC headed for slower growth after strong Q2 |
| (SHANGHAI) Top Chinese lenders Industrial and Commercial Bank of China (ICBC) and Bank of China signalled a peaking of earnings growth after strong second-quarter profits, as they slow their lending and focus on asset quality. |
|
| China hopes for wider use of yuan in S-E Asia |
| (DANANG, Vietnam) China said yesterday it hoped for wider use of its currency in trade with South-east Asian nations. |
|
| China curbs use of foreign IT security technology |
| (BEIJING) China has ordered its banks and other major companies to limit use of foreign computer security technology, setting up a possible trade clash with the United States and Europe while adding to strains over high-tech secrecy as some nations threaten to curtail Blackberry service. |
|
| Boeing to double workforce at China parts factory |
| (BEIJING) US aircraft maker Boeing plans to double the number of employees at its parts factory in northern China to keep up with renewed demand for planes, state media reported yesterday. |
|
| Airport not responsible for crash: China |
| (YICHUN, China) A top aviation official defended the safety of an airport in remote northeast China where a flight crashed while coming in for a night landing, raising questions about the facility's design, a state news agency reported yesterday. |
|
| PAL suffers hostage fiasco fallout |
| (MANILA) Flag-carrier Philippine Airlines (PAL) said yesterday hundreds of people from Hong Kong and mainland China had cancelled flight bookings to Manila after a hostage crisis left eight tourists dead this week. 'PAL is beginning to feel the initial impact of a Hong Kong government advisory warning its residents to refrain from all travel to the Philippines,' airline president Jaime Bautista said in a statement. |
|
| Japan develops 'touchable' 3D TV technology |
| (TOKYO) A Japanese research team has developed the world's first 3D television system that allows users to touch, pinch or poke images floating in front of them. |
|
| S Korean tablet PCs to challenge iPad |
| (SEOUL) South Korean firms will soon release tablet PCs to contend with the imminent arrival of Apple's iPad after the roaring success of the American firm's smartphones. |
|
| Aussie independents fault Abbott policy |
| (SYDNEY) Australia's conservatives faltered in their bid for office yesterday after rebuffing requests from independent lawmakers who are key to resolving the country's political impasse after inconclusive polls. |
|
| The value of a medal tally |
| IT'S a common gripe that I've heard again and again at the various sporting venues, at the international media centre and even on the MRT: Why doesn't the Youth Olympic Games (YOG) have an official medal tally? |
|
| Company Briefs |
| AVAPLAS Ltd will be delisted from the Official List of the SGX-ST with effect from 9am on Aug 27, 2010. |
|
| Companies exploiting lowest funding costs in 2 decades |
| BOND sales are accelerating as companies on an island vying for the title of world's fastest-growing economy exploit the lowest funding costs in at least two decades to finance expansion. |
|
| Changes in Tung Lok's list of substantial shareholders |
| TUNG Lok Restaurants (2000) has had a slight change in its pool of substantial shareholders. |
|
| China Minzhong aims higher after notching 27.6% profit jump |
| CHINA Minzhong yesterday posted a 27.6 per cent jump in net profit to 367.5 million yuan (S$73.5 million) for the year ended June 30 - its first reported earnings post-IPO - and is now gunning for even stronger earnings for the current financial year. |
|
| Shangri-La H1 profit rises 11% to US$74.8m |
| LUXURY hotel group Shangri-La Asia yesterday posted a half-year profit of US$74.8 million, 11 per cent up from US$67.3 million a year ago. |
|
| Tiong Woon net for full year dives 43% to $23.9 million |
| MAINBOARD-listed heavy lift and haulage firm Tiong Woon yesterday posted a full-year net profit of $23.9 million - a 43 per cent dive from the $42.3 million it made last year. |
|
| No listing plan for See Hup Seng unit |
| CORROSION prevention specialist See Hup Seng has completed the acquisition of its subsidiary Tat Petroleum, making the latter's listing on the main board 'not an issue any more', SHS told BT. |
|
| Sim Lian FY2010 profit soars 169% |
| SIM Lian Group reported a 169 per cent surge in net profit for the year ended June 30, as it recorded more revenue from residential projects under development. |
|
| Federal Int'l unit to appeal award of US$1.35m damages |
| AN indirect subsidiary of Federal International (2000) Ltd is appealing a Singapore High Court ruling that awarded US$1.35 million in damages to a Singapore-based commodities trading house. |
|
| Richard Seow resigns from Parkway board |
| FORMER investment banker Richard Seow resigned from the board of Parkway Holdings yesterday, following the change in shareholding control at Asia's largest private healthcare provider. |
|
| China steps up push for wider use of yuan abroad |
| (BEIJING) China is stepping up efforts to increase overseas use of the yuan as the nation seeks to reduce its exposure to the US dollar and allow its currency to take on a greater global role, analysts say. |
|
| Hewlett-Packard could spark bidding war with Dell for data storage company |
| (NEW YORK/SAN FRANCISCO) 3PAR Inc said on Tuesday it will start merger talks with Hewlett- Packard Co (HP) after HP's US$1.6 billion offer for the data storage company trumped a bid by its smaller rival Dell Inc. |
|
| Smartphone sales expected to explode |
| GROWTH in the Asia-Pacific smartphone market is expected to skyrocket in the coming years. |
|
| Apple in talks to offer show rentals on iTunes |
| (LOS ANGELES) Apple Inc is in talks with News Corp, Walt Disney, and other media conglomerates to rent TV shows to viewers for 99 US cents through iTunes, three sources with knowledge of the matter said. |
|
| Bing now powers Yahoo! search |
| (BANGALORE) Internet firm Yahoo! Inc said it has completed the transition of its US and Canadian English-language search capabilities to Microsoft Corp's Bing platform. |
|
| Mobile banking back with a bang here in Singapore |
| ALMOST 10 years ago, banks like Citibank and UOB scrapped their mobile banking services due to lack of user interest. DBS Bank, too, bowed out of the mobile scene in 2005. |
|
| Fujitsu to launch cloud offering in Singapore |
| JAPANESE giant Fujitsu Corp has picked Singapore as its first country in Asia to launch its cloud computing initiative and will offer large- and medium-sized companies secure private, public, and hybrid clouds. |
|
| Cloud services market worth US$68b in 2010 |
| IF you think the cloud is still hazy, think again. Worldwide cloud services revenues will cross US$68 billion this year, up 16.6 per cent over 2009. By 2014, global cloud services will reach US$148.8 billion in revenues, growing at a 21 per cent annual clip between now and then. |
|
| Tibet Airlines eyes European market |
| (BEIJING) Tibet Airlines, which plans to launch its first domestic flights from the remote Himalayan region next year, is eyeing direct flights to Europe to pull in tourists, state media said yesterday. |
|
| Nigerian airlines allowed to fly their own planes direct to US |
| (ABUJA, Nigeria) Nigerian airlines have gained the right to fly their own planes to the United States after an improvement in the West African nation's aviation safety standards, Nigerian and US officials said here on Tuesday. |
|
| Rolls-Royce blowout shuts Airbus, Boeing test bed |
| (LONDON) Rolls-Royce Group plc has yet to reopen a site used to trial jet engines for Boeing Co's 787 Dreamliner model and the rival Airbus SAS A350 after a US$17 million turbine blew up on the test bed three weeks ago. |
|
| Embraer to probe China crash |
| (SAO PAULO) A crew of technicians at Embraer, the world's largest maker of regional jets, flew to China to investigate a crash of one of its ERJ-190 planes, which has been called the Asian nation's worst accident in recent years. |
|
| Global passenger, freight traffic up in July: Iata |
| (MELBOURNE) The International Air Transport Association (Iata), which represents 230 airlines, said international passenger and freight traffic rose in July as flights increased in Asia and the Middle East. |
|
| Aussie PM hopefuls pledge full term |
| (CANBERRA) The contenders to become Australia's next prime minister each promised yesterday to govern for a full term if three key independent lawmakers support their competing parties to form an administration after indecisive elections. |
|
| BHP unveils best half-time results in two years |
| (MELBOURNE) BHP Billiton fired a warning shot to its takeover target Potash Corp and potential counterbidders, showing off its best half-year profit in two years and a hefty balance sheet. |
|
| Ozawa leaves door open for PM bid |
| (TOKYO) Ichiro Ozawa, Japanese ruling party power broker, left the door open yesterday to challenging Prime Minister Naoto Kan in a party leadership vote next month even as an ally tried to prevent him from deepening a split in the group. |
|
| Australia, Japan top holiday destinations |
| (SYDNEY) Maybe it's the beaches or possibly the food but Australia and Japan were yesterday named the most desirable holiday destinations in the Asia-Pacific in an annual survey. China replaced Hong Kong in third place. |
|
| When feng shui helps determine a deal's fate |
| (NEW YORK) In July, Michael Rudder, a broker at Time Equities, was nearing completion of a deal with a Chinese client to buy two floors of office condominiums at 131 W 33rd St when the client made some last-minute requests that struck Mr Rudder as peculiar. |
|
| Islamic finance mulls global Syariah adviser platform |
| (KUALA LUMPUR) A global authority may be set up to oversee Islamic finance Syariah advisers, a religious scholar said, amid calls to address the fragmented regulation which threatens to slow the industry's growth. |
|
| Dr M slammed for going back on Vision 2020 |
| FORMER prime minister Mahathir Mohamad's implicit criticism of Prime Minister Najib Razak's Malaysia and New Economic Model policies were slammed by the opposition yesterday as a seeming repudiation of his own Vision 2020. |
|
| Indonesia worst in Asia at protecting intellectual property: poll |
| (SINGAPORE) Indonesia has the worst record when it comes to protecting intellectual property rights (IPR) in Asia and Singapore the best, a survey of expatriate business people showed yesterday. |
|
| Indonesia seeks compensation for Timor oil spill |
| (JAKARTA) Indonesia plans to seek at least US$2.2 billion in compensation from Thailand's state- controlled PTT Exploration and Production Plc (PTTEP) for damage caused by a 2009 oil spill in the Timor Sea, a government source said yesterday. |
|
| FASB chairman Robert Herz to retire |
| (NEW YORK) Robert Herz, the chairman of the Financial Accounting Standards Board that sets US accounting rules, said on Tuesday he is retiring after more than eight years at the helm. |
|
| ONGC in two minds over counter-bid for Cairn |
| (MUMBAI) State-run Oil and Natural Gas Corp (ONGC) is divided over making a counter-bid for Cairn India, which is the target of a US$9.6 billion takeover offer by Vedanta, the Business Standard reported yesterday. |
|
| Curbing inflation top priority: India central bank |
| (NEW DELHI) India's central bank said controlling inflation is its top priority, a stance that may fuel speculation it will raise interest rates for the fifth time since mid-March. |
|
| Jump in Q2 Aussie property returns; slower rises seen |
| (SYDNEY) Total annualised returns for Australian property rose nearly six-fold in the second quarter from three months earlier, but future rises will likely be moderate, property research firm IPD said yesterday. |
|
| AgBank to curb property loans till end-Aug: sources |
| (BEIJING) Agricultural Bank of China Ltd will halt all lending to property developers for the remainder of the month, three sources familiar with the decision told Reuters on Wednesday. |
|
| Credo sets up new business units |
| HOME-GROWN property consultancy firm Credo Real Estate has appointed veteran property consultant Ong Teck Hui to head its newly minted research and consultancy division. |
|
| Allianz puts its bet on Chinese property stocks |
| (LONDON) Allianz has gone overweight on Chinese property stocks, betting that higher sales volumes even at lower prices will boost profits at real estate companies. |
|
| Henderson's H1 operating profit seen sliding |
| (HONG KONG) Henderson Land Development Co, controlled by billionaire Lee Shau-kee, will probably report lower first-half profit today after a HK$734 million (S$128 million) charge from 20 failed luxury apartment sales. |
|
| China housing prices will start dropping in Q4: bankers |
| (BEIJING) Chinese property developers are facing strained cash flows and will be forced to cut prices beginning in the fourth quarter, a state newspaper reported on Tuesday, citing several bankers. |
|
| Derwent shakes off slump fears as London rents rally |
| (LONDON) Office landlord Derwent London reported sustained growth in the value of its portfolio to £pounds;2.2 billion (S$4.6 billion) yesterday, easing fears of a new real estate slump as Britain's economic prospects wilt. |
|
| Housing slump clouds US recovery prospects |
| (WASHINGTON) US home sales are plunging despite rock-bottom mortgage rates as high unemployment prevents people from buying houses and threatens to curtail economic recovery. |
|
| Institute says British Budget will hit the poor hardest |
| (LONDON) The British government's June budget will hit the poor hardest, the Institute of Fiscal Studies said yesterday, contradicting Finance Minister George Osborne's assertion that his plans are progressive. |
|
| German business confidence rises |
| (BERLIN) Germany's business confidence rose further in August, according to a key survey yesterday, suggesting Europe's biggest economy continues to grow as companies plan to hire more and manufacturers enjoy improved demand. |
|
| Ireland disagrees with S&P's latest downgrade |
| (DUBLIN) Ireland's financial headache worsened yesterday after Standard & Poor's (S&P) cut its credit rating - a move criticised by the country's debt management agency. |
|
| Double-dip US recession risk has risen: Fed official |
| (INDIANAPOLIS) The risk of a double-dip US recession has risen in the last six months, Chicago Federal Reserve Bank president Charles Evans said on Tuesday. |
|
| Global outlook casts shadow over Fed retreat |
| (WASHINGTON) Central bankers from around the world will assess a darkening economic outlook at their annual US mountain retreat this week with discussion of printing yet more money to spur growth on the agenda. |
|
| Thailand raises interest rates |
| (BANGKOK) Thailand's central bank raised borrowing costs for the second-straight month and signalled it may raise interest rates further after the economy overcame political unrest to grow more than estimated last quarter. |
|
| Asia tankers: Crude rates stay near year low |
| (SINGAPORE) Freight rates for crude and fuel oil tankers bound for Asia are expected to remain near 2010 lows next week due to ample tonnage and limited demand, traders and industry experts said yesterday. |
|
| US data takes toll on Asian stocks |
| FALLING US home sales added to market woes yesterday, sending Asian stocks sliding again. |
|
| Cosco Pacific H1 profit jumps 82% |
| (HONG KONG) Cosco Pacific Ltd, Asia's third-largest container-terminal operator, said first-half profit rose 82 per cent on recovering world trade and the sale of a stake in a logistics venture. |
|
| Ship broker Clarksons' H1 profit jumps 49% |
| (BANGALORE) Shipping services firm Clarksons posted a 49 per cent rise in first-half pre-tax profit, helped by a better-than-expected improvement in dry bulk markets, and said it was confident of future growth. |
|
| Daewoo eyes 30% of revenue from wind power |
| (SEOUL) Daewoo Shipbuilding & Marine Engineering Co, the world's second largest shipyard, aims to generate 30 per cent of its sales from wind power by 2020 as pollution concerns spur demand for alternative energy. |
|
| Yangzijiang in talks to buy shipyards |
| (HONG KONG) Yangzijiang Shipbuilding Holdings Ltd, the biggest Chinese shipbuilder listed in Singapore, is in talks to buy shipyards after an industrywide slump in orders last year damped prices. |
|
| China's monster traffic jam could last for weeks |
| (BEIJING) China has just been declared the world's second biggest economy, and now it has a monster traffic jam to match. |
|
| Teledata's ex-CEO seeks $1.35m damages |
| IT and communications firm Teledata faces a possible lawsuit from its former chief executive Christopher Pan. |
|
| AIG decision on AIA's pre-IPO sale 'next week' |
| (HONG KONG) American International Group Inc (AIG) is expected to decide by early next week whether to enter formal negotiations with strategic investors for AIA, its Asian life insurance business, sources familiar with the process told Reuters yesterday. |
|
| Carrefour hauls China firm to court over trade mark |
| (BEIJING) Carrefour, the world's No 2 retailer, has accused a Chinese supermarket chain of trade-mark violations by illegally using the Paris-based firm's Chinese name and logo at mainland stores, the China Daily reported yesterday. |
|
| China Telecom surprises with 11% rise in Q2 profit |
| (HONG KONG) China Telecom, the smallest of China's three wireless carriers, reported an 11 per cent rise in second-quarter profit, beating expectations, as it aggressively promoted its new 3G network to gain market share. |
|
| SPRING sets up $30m SME talent initiative |
| SPRING Singapore yesterday announced the launch of a close to $30 million initiative targeted at tertiary students and university graduates to build a talent pipeline to SMEs. |
|
| Commuters rate bus, MRT services poorly |
| COMMUTERS are rating bus and MRT services more poorly than before, providing a drop in the Customer Satisfaction Index for public transportation for the third straight year. |
|
| Land of the rising yen may slam the brakes |
| CURRENCY market intervention by Japanese authorities to stem the runaway rise of the yen is seen as inevitable in coming days as the sense of crisis among government and business leaders in Japan increases. |
|
| More bidders wooing Potash |
| (SHANGHAI) More suitors have emerged to woo Canada's Potash Corp a week after it rejected a US$40 billion hostile bid from BHP Billiton. |
|
| CPF-linked funds post 6.6% loss in Q2: Lipper |
| (SINGAPORE) Funds registered under the Central Provident Fund investment scheme (CPFIS) suffered an overall loss in the second quarter of this year, reversing from slight gains in Q1, as uncertainty over the eurozone debt crisis and the US economy took hold. |
|
| Profitable Plot thickens, with a tinge of green |
| (SINGAPORE) 'Completely misguided' is how the directors of strategic land investment firm Profitable Plots have described the complaints made against the company - complaints that have prompted the white-collar crime police to step in. |
|
| Moody market thinks party's over for now |
| (SINGAPORE) Even earnings surprises in an exceptionally strong reporting season for the second quarter failed to excite the market bulls as investors concern themselves with other worries - slower earnings growth in the second half and global uncertainties. |
|
| A tale of 2 megacities |
| (CAIRO) THE highway west out of Cairo used to promise relief from the city's chaos. |
|
| Yale plays catch-up in Ivy League edifice race |
| (NEW YORK) YALE University's School of Management, which aspires to be among the world's best business schools, crams its students and faculty into 19th century homes and former astronomy buildings linked by a rabbit-warren of basements. |
|
| Singapore Roundup |
| THE government is increasing the employer CPF contribution rate by one per cent in two phases so as to moderate the impact on employers. |
|
| Always one step ahead |
| UNDER visionary leadership and with constant reinvention, Star Furniture has been able to be consistently one step ahead of its competition. Since its formation in 1981, the company has come a long way and now become a leading furniture retailer catering to different market segments under five different brands: Star Furniture, Mondi, Zen Tradition, LUCANO and BEDz Store. It also has a wide global reach with exports to over 45 countries. |
|
| Apple case throws spotlight on corruption |
| LAST year I wrote a commentary titled 'Beware of corruption risks' (BT, Sept 4) where I argued that Singapore companies may not be paying enough attention to corruption risks when they do business overseas and that global companies are increasingly focused on risks residing along the supply chain. |
|
| Need to turn a foolish fetish into a sensible goal again |
| THE question of what to do about Fannie Mae and Freddie Mac - the two US government-created enterprises that have backed massive loans to the housing market - involves much more than finance or real estate. It marks the end of an era. The relentless promotion of homeownership as the embodiment of the American Dream has outlived its usefulness. Historically, the pursuit of homeownership dates to the Great Depression of the 1930s, notes historian A Scott Henderson of Furman University. In some ways, it's a great success story. In 1940, 44 per cent of households owned a home; by 1985, the rate was 64 per cent. The size and quality of homes have increased dramatically. Owning a home contributes to neighbourhood stability and encourages property improvement. |
|
| Monitor courses by 'trading gurus' |
| THE proliferation of online trading 'academies' and self-styled 'trading gurus' claiming to be able to empower anybody to become profitable share and currency traders needs to be watched. |
|
| Three-Minute Digest |
| EVEN earnings surprises in an exceptionally strong reporting season for the second quarter in Singapore failed to excite the market bulls as investors concern themselves with other worries - slower earnings growth in the second half and global uncertainties. |
|
| US reveals cyberattack on military computers |
| (WASHINGTON) Now it is official: The most significant breach of US military computers was caused by a flash drive inserted into a US military laptop on a post in the Middle East in 2008. |
|
| Maybank Singapore rakes in record profit |
| (SINGAPORE) Maybank's Singapore business raked in its highest ever profit in its latest financial year to end-June, contributing to the group's record profit reported last Friday. |
|
| Two young giants to call Jurong Island home |
| (SINGAPORE) Sembcorp is building a new S$800 million facility on Jurong Island to supply steam and other water and wastewater treatment services to Jurong Aromatic Corporation's (JAC) US$2 billion petrochemicals complex under a 20-year utilities supply deal signed by the two on Tuesday evening. This essentially confirms that two new projects will be coming up next on the petrochemicals island. |
|
| Random wins e-book battle |
| (NEW YORK) An e-book battle between Random House and the Wylie Agency appears to have ended. |
|
| IRS to dig deeper into uncertain tax positions |
| (NEW YORK) Every year, thousands of largest US corporations are required to report to the Internal Revenue Service whether they have reduced their tax bills by using questionable accounting strategies. |
|
| August merger deals highest since Dec 2008 |
| (PARIS) A boom in mergers and acquisitions has shaken markets out of their summer doldrums as major companies, flush with cash from cost-cutting and with meagre growth prospects, look to pick up bargains. |
|
| Hungary rules out new IMF deal |
| (BUDAPEST) Hungary's government yesterday ruled out signing a new financing deal with the International Monetary Fund (IMF), triggering renewed forint weakness and uncertainty about the country's fiscal outlook. |
|
| Merkel's Cabinet backs bank levy measures |
| (BERLIN) Chancellor Angela Merkel's Cabinet approved measures requiring German banks to contribute to a bailout fund, reigniting efforts to introduce an international banking levy to prevent future financial crises. |
|
| Durable goods orders up less than forecast |
| (WASHINGTON) Orders for US durable goods increased less than forecast in July, a sign that one of the few remaining bright spots in the economy is cooling. |
|
| Dubai World eyes sale of prized assets |
| (DUBAI) Dubai World plans to sell its prized assets over a period of eight years to generate as much as US$19.4 billion to pay off creditors burned by its over-ambitious expansion, according to a restructuring document obtained by Reuters yesterday. |
|
| Yen retreats from highs, $ pares gains |
| (NEW YORK) The yen pulled back from 15-year highs against the dollar and a nine-year peak versus the euro yesterday, on speculation that Japanese authorities may take action to stem the currency's rise. |
|
| Bull run on US bonds may end in a thud |
| FIVE months ago Bill Gross, who runs the world's biggest mutual fund at Pacific Investment Management Co, declared that the 30-year bull market in fixed-income securities was over. |
|
| Dissecting the 'longest recession' view |
| IMMIGRATION officials are rarely in a mood to chat these days, given their obsession with 'terrorist' threats. So it was a pleasant surprise when one such official struck up a conversation with me on the state of the global economy as I arrived in Auckland this week. |
|
| Google buys shopping comparison site Like.com |
| (SAN FRANCISCO) Search giant Google has bought the shopping comparison website Like.com, the two companies said on Monday. |
|
| Chevron fights to ward off US$27b damages payout |
| (LAGO AGRIO, Ecuador) A run-down court building that also houses the local casino in this Amazon jungle town is the unlikely venue for the largest environmental damages lawsuit ever tried. |
|
| Drilling moratorium will stay, US spill panel told |
| (WASHINGTON) The top federal offshore oil drilling regulator told the presidential oil spill commission that the temporary halt to deep-water drilling will remain in place for a couple of more months. |
|
| Judge blocks Obama's stem cell directive |
| (NEW YORK) Federal funding for embryonic stem cell studies in the US is once again under attack after a judge blocked President Barack Obama's expanded rules for scientists, potentially disrupting the field and discouraging new research. |
|
| Smartphone makers hit as chips are down |
| (NEW YORK) The seemingly recession-proof smartphone is suffering from a side effect of the rough economy: Manufacturers simply cannot build enough of the gadgets because chip-makers that rolled back production last year are now scrambling to play catch-up. |
|
| HP-Dell battle for 3Par highlights data storage demand |
| (SAN FRANCISCO) Data storage used to be one of the more mundane corners of the technology industry. Now it is where an increasing number of tech companies - and Wall Street - want to be. |
|
| J&J recalls contact lenses in Japan, Europe |
| (NEW YORK) Johnson & Johnson (J&J) is voluntarily recalling contact lenses in Japan and elsewhere in Asia and Europe following customer complaints. |
|
| Potential suitor sounds out Chi-X Europe |
| (LONDON) Trading platform Chi-X Europe said it may sell all or part of its business after being approached by an unnamed third party, placing rivals such as Nasdaq OMX and BATS in the spotlight as the sector consolidates. |
|
| Home sales plunge 27% to lowest level in 15 years |
| (NEW YORK) Sales of previously occupied US homes fell to the lowest level in 15 years last month as the economy weakened. |
|
| Yen hits 15-yr high vs $, 9-yr high vs euro |
| (NEW YORK) The yen rose to a 15-year high against the dollar and a nine-year peak versus the euro yesterday amid fears that the global economy is slowing, testing Japanese authorities' resolve to stem the currency's climb. |
|
| Brokers' Take |
| RESULTS are above estimates. Q4 2010 core net profit of $69 million forms 42 per cent of our FY2010 forecast and 30 per cent of consensus, with FY2010 earnings at 122 per cent of our forecast. |
|
| Can Mr Nice Guy get nasty now? |
| UNLESS US President Barack Obama and the Democrats are showered with unexpected good news in the coming three months - Unemployment falls to 5 per cent! Economy grows 5 per cent! Osama bin Laden is captured! Sarah Palin is a Muslim! - the consensus among pollsters is that the Republicans are going to take over the House of Representatives and increase their power in the Senate. |
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| Effective corporate governance for SMEs |
| IN MAY this year, the Singapore Corporate Awards were given to a few outstanding companies in recognition of their effective governance practices. Given the mounting cases of corporate fraud in the last few years, such recognition could not have come at a better time. |
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| Copyrights and copy wrongs |
| I PRIDE myself on being a man of substance. A wonk. A nerd, even. And like most nerds, I don't have a great eye for fashion. |
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| China should rethink its strategy of threats |
| CHINA is warning Asian countries that holding military exercises with the United States is bad for their health. |
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| Keeping energy supply ahead of demand |
| THE lights will never go out in Singapore, a former genco chief used to say, referring to the fact that electricity- generating capacity here, or supply, has always tended to exceed demand. |
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| Three-Minute Digest |
| SIX brokerages banned up to one year from selling structured notes can resume sales of such products now, after the Monetary Authority of Singapore lifted the ban yesterday. |
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| Tiger Woods, wife officially divorced in 10-minute hearing |
| (PANAMA CITY, Florida) After nine months of turmoil over his extramarital affairs, Tiger Woods and his Swedish-born wife officially divorced on Monday. |
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| Myrna Thomas to leave Temasek at end of year |
| (SINGAPORE) More high- level changes are afoot at Temasek Holdings: its managing director of corporate affairs, Myrna Thomas, has signalled her intention to leave the Singapore investment firm, after more than four years on the job. |
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| Recovery fears hammer stocks amid rising yen |
| (LONDON) World stock markets dropped yesterday amid fears about the pace of the global economic recovery, which caused the yen to surge to a 15-year high against the dollar and a nine-year best against the euro. |
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| Extra supply by PowerSeraya boosts YTL profit |
| (SINGAPORE) Singapore's second-biggest generating company, PowerSeraya, supplied 10 per cent more electricity to the local market in the year ended June, which helped propel revenue and profits for its Malaysian owner YTL Corp. |
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| PCCW raises HK$1.3b in new share placement |
| (SINGAPORE) After a five-year absence from the international debt market, PCCW Limited - Hong Kong's largest provider of telecom services - has raised about US$664 million in barely a week. |
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| Beijing warns about travel to Philippines |
| (MANILA) China warned its citizens yesterday about travel to the Philippines and demanded answers over how eight Hong Kong tourists were killed in a hostage stand-off in Manila following a day of botched negotiations. |
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| Move to help delisted firms' shareholders get share certs |
| (SINGAPORE) The Singapore Exchange (SGX) said yesterday that it was in discussions with the Monetary Authority of Singapore (MAS) and the Accounting and Corporate Regulatory Authority (ACRA) over changes to the current law that would help shareholders of delisted companies obtain their share certificates on a more timely basis. |
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| Biotech sector gets top marks but local players are surprised |
| (SINGAPORE) Singapore has trumped the UK and other well known biotech hotspots to become the No 2 in the world for its capacity to nurture biotechnology innovation, according to a study conducted by a US magazine. But several local biotech players feel that the report flatters Singapore and that it still has some way to go before it deserves this prime perch. |
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| 6 brokerages emerge from ban's shadow |
| (SINGAPORE) Six brokerages banned up to one year from selling structured notes can resume sales of such products now, after the Monetary Authority of Singapore (MAS) lifted the ban yesterday. |
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| Space Furniture to spend $50m on flagship complex |
| HIGH-END retailer Space Furniture, which is headquartered in Australia, will spend $50 million on a flagship complex in Singapore. |
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| More S'poreans visiting Switzerland for holidays |
| SINGAPOREANS have been developing a growing love affair with all things Swiss, making Singapore one of the most important tourism markets in Asia for the land of the Alps. |
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| End in a blaze of glory in Jalan Besar |
| IF THERE was one sport at the Youth Olympic Games (YOG) that could be labelled a letdown of sorts, it would be football. |
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| JOil makes biofuels feedstock breakthrough |
| THE first-ever commercially produced Jatropha curcas plants through Singapore-developed tissue culture will be ready for markets in India and other regions like East Africa and South-east Asia by the middle of next year. |
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| 7 hi-tech start-ups get investments under NRF scheme |
| SINGAPORE'S move to nurture high-tech start-ups is off to a running start now that three of the seven under the Technology Incubation Scheme (TIS) have made their first investments. |
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| New benchmark set for condo land in Yishun area |
| A NEW benchmark has been set for condominium land in the Yishun/Semba- wang area. A state tender that closed yesterday for a 99-year leasehold plot at Miltonia Close next to Orchid Country Club fetched a top bid of $405.53 per square foot per plot ratio (psf ppr) or $165 million from a tie-up between Hoi Hup Realty and Sunway Developments. |
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| US futures check Asia market gains |
| A SHARP fall in Wall Street futures and a weak opening in Europe spooked otherwise stable Asian markets towards the close of trading yesterday. |
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| Germany's multi-billion rail masterplan sparks friction |
| (STUTTGART) With work barely begun, public ire over one of Europe's biggest construction projects has exposed some hard truths about Germany, the continent's top economy. |
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| Ch Karnchang wins Thai rail contract |
| (BANGKOK) Thailand's Ch Karnchang Pcl has offered the lowest bid to build a rail system, part of Bangkok's 52 billion baht (S$2.24 billion) 'blue line' mass transit project, a government agency said yesterday. |
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| China Railway in talks on SAfrican project |
| (BEIJING) China Railway Group Ltd, the world's second-largest publicly traded heavy construction company, said it is in talks with South Africa's government for a US$30 billion high-speed rail project. |
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| Get ready for the Rotterdam Rules |
| AFTER having read some 5,000 words on the Rotterdam Rules on carrier liability, I have quite a headache. That, I hasten to add, is no reflection on the writing skills of the article's author, Craig Neame, a partner in London-based law firm Holman Fenwick Willan (HFW). |
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| Warning: piracy up in South China Sea |
| (SINGAPORE) Global shipping industry groups warned oil tankers and freight vessels on Monday to take precautionary measures when travelling in the South China Sea after a recent spike in piracy. |
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| Japan to inspect damaged Mitsui oil tanker |
| (TOKYO) Japanese inspectors were due to board an oil tanker when it sailed into Tokyo Bay yesterday, almost a month after a suspected militant attack in the Strait of Hormuz between Iran and Oman. |
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| Ship supply seen weighing on rates |
| (LONDON) Tufton Oceanic, advisers to the world's largest shipping hedge fund, expects the dry bulk fleet to grow for up to three years and freight rates to be under pressure. |
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| Hero Honda sees slowdown on rates rise |
| (MUMBAI) Hero Honda Motors Ltd, maker of about half the motorcycles sold in India, says demand will grow more slowly this year as the central bank raises interest rates to pare inflation. |
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| Prius gets sound option for better safety |
| (TOKYO) Toyota's Prius hybrid is becoming a little less quiet with a new electronic humming device that is the automaker's answer to complaints that pedestrians can't hear the top-selling car approaching. |
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| Toyota's China sales may rise 10% in 2011 |
| (BEIJING) Toyota Motor Corp's sales in China may grow more than 10 per cent next year, the company's local chief said. |
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| Activists hail Norway's blacklisting of timber firm |
| (KUALA LUMPUR) Malaysian activists yesterday applauded a decision by Norway's state pension fund to blacklist timber firm Samling Global, which is accused of rampant environmental destruction in Borneo. |
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| New ringgit rules will boost trade: Bank Negara |
| (KUALA LUMPUR) Recent moves to allow the Malaysian ringgit to be used more widely for trade settlement will bolster this South-east Asian country's trade with major Asian trading partners, the central bank said yesterday. |
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| Lingam, ex-judges allowed to seek review of panel's findings |
| MALAYSIA's Court of Appeal yesterday granted controversial lawyer V K Lingam and two retired top judges leave to seek a review of the findings of the 2007 Royal Commission of Inquiry which investigated their roles in allegedly fixing judicial appointments. |
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| Reliance Power may invest US$5b in Indonesia |
| (JAKARTA) Indian power utility Reliance Power is considering investing as much as US$5 billion in Indonesia, a spokesman for Indonesia's vice-president said yesterday. |
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| 'Yoga wars' spoiling spirit of ancient health system |
| (NEW DELHI) Heard of Naked Yoga? Kosher Yoga? Yoga for Carpal Tunnel Syndrome? More than 30 million Americans practise some sort of yoga in an ever-expanding industry generating an estimated US$6 billion in the US alone. |
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| India extends tax refund for exporters by 6 months |
| (NEW DELHI) India will extend by six months a plan to refund taxes to exporters as the government tries to boost overseas sales amid risks to global economic growth. |
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| India rejects Vedanta's bauxite mine project |
| (NEW DELHI) New Delhi yesterday rejected a plan by India-focused mining group Vedanta Resources plc to mine bauxite in an eastern state, a blow to the company already facing hurdles to a planned US$9.6 billion energy deal in the country. |
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| Investors shaking up funds with record bond love affair |
| (BOSTON) Retail investors in the US, burned by two market crashes in a decade, have shunned stocks for the longest stretch in more than 23 years, upsetting the balance of power in the US$10.5 trillion mutual-fund industry. |
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| No longer a nation in waiting |
| INDONESIA is the world's sixth best performing stock market year to date, with about 30 per cent returns. In 2009, the Jakarta Composite Index rose 86 per cent. |
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| Investors banking on diversification |
| (NEW YORK) Investors shifted from full-blown fear as the stock market plummeted in 2008 to a mood of rampant risk-taking after the market took off in March 2009. They have now become nervous again, or so the conventional wisdom goes. |
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| Bumper year for many insurers |
| THE year 2009 may have started on a grim note but it turned out to be a bumper year for a number of insurance firms in terms of investment returns. Insurers' commentaries on their participating or with-profits funds report returns ranging between 9 and 23 per cent. This strong performance has enabled firms to either maintain or raise bonuses. This is in sharp contrast to 2008 when par funds reported losses. |
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| 'Too big to fail' hurts small banks |
| (OVERLAND PARK, Kansas) Kansas City Federal Reserve Bank president Thomas Hoenig warned on Monday that landmark financial reforms may not end market perceptions that taxpayers will rescue the largest banks and cautioned against speculative investments in housing. |
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| South African Q2 economic growth slowed to 3.2% |
| (JOHANNESBURG) South African economic growth slowed to an annualised 3.2 per cent in the second quarter on waning demand for exports, even after the football World Cup lured thousands of visitors to the country. |
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| Greek debt restructuring fears unfounded |
| (BRUSSELS) Greece is on track in its efforts to cut spending and return to financial stability, and concerns that it could be forced to restructure its debt are unfounded, the EU's economic and monetary affairs commissioner wrote in the Wall Street Journal. |
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| German budget deficit jumps to 3.5% in H1 |
| (BERLIN) Germany's deficit rose sharply to 3.5 per cent of economic output in the first half of 2010, putting it on track to break EU budget rules due to the costs of the global economic and financial crisis, official data showed yesterday. |
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| European June industrial orders beat expectations |
| (LUXEMBOURG) European industrial orders rose more than economists forecast in June as strengthening global growth helped fuel the region's fastest expansion in four years in the second quarter. |
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| Kan says steep yen moves undesirable |
| (TOKYO) Japan's Prime Minister Naoto Kan said 'steep currency moves are undesirable' as the yen's climb to a 15-year high prompted the country's top labour leader to urge joint action from the Group of Seven (G-7) countries. |
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| Port operations boost Portek to record FY2010 profit of $12.6m |
| DESPITE slimmer revenues, Portek fattened its net profits by 46.7 per cent to $12.6 million for the year ended June 30. Revenues for the port operator and engineering group dipped 9.5 per cent to $125.6 million. |
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| Time Watch clocks near tripling of Q4 net to HK$34.3m |
| TIME Watch Investments yesterday posted a near tripling of its fiscal fourth quarter net profit, thanks to a big boost in fair value of investment properties and higher sales. |
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| Cerebos opens big Thai plant for BRAND'S products |
| CEREBOS Pacific has opened the world's largest manufacturing facility for its flagship BRAND'S® products at the Pinthong Industrial Estate in Thailand. |
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| Raffles Education posts 2.8% higher earnings of $52.6m |
| RAFFLES Education Corp lifted net profit for its fiscal 2010 2.8 per cent to $52.6 million on the back of a fair-value gain, as revenue dipped. |
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| Yellow Pages apologises for mailer snafu |
| GLOBAL Yellow Pages has apologised for 'any misunderstanding' in sending notices to businesses to demand payment for a directory-listing service that they had not signed up for. |
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| Genting M'sia shareholders OK casino deal |
| A MAJORITY of Genting Malaysia's shareholders voted yesterday in favour of a £pounds;340 million (S$713 million) cash acquisition of 44 UK casinos under the Circus, Maxims, and Mint brands from its affiliate Genting Singapore. |
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| Tiger Airways gets go-ahead to lease planes |
| BUDGET carrier Tiger Airways has received the green light from the Philippines' Civil Aeronautics Board (CAB) to lease two Airbus A319 aircraft to Southeast Asian Airlines (SEAIR). |
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| Olam raises offer price for NZ Farming |
| COMMODITIES group Olam International yesterday increased its takeover offer for NZ Farming Systems Uruguay (NZFSU) to NZ$0.70 a share, cranking up the heat on rival bidder Union Agriculture Corporation. |
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| JLJ Holdings appoints lawyer as its non-executive chairman |
| JLJ Holdings, which has been mentioned in an indictment and civil suit by US technology group Apple Inc against a former Apple employee, is appointing a lawyer as its non-executive chairman. |
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| Shanghai B shares jump on merger speculation |
| (SHANGHAI) China's B shares jumped as much as 9 per cent yesterday afternoon, its biggest daily gain since November last year, propelled by speculation the tiny market will be merged into the country's forthcoming international currency board. |
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| China condemns attack on HK tourists |
| (BEIJING) China has condemned the killing of eight Hong Kong tourists by a disgruntled ex-policeman who hijacked their bus in the Philippines and has demanded an investigation into the attack. |
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| China will 'tolerate' breach of 2010 loan target |
| (BEIJING) Chinese officials are likely to 'tolerate' banks breaching the nation's 7.5 trillion yuan (S$1.5 trillion) loan target for 2010 to sustain growth as the economy cools, Societe Generale SA says. |
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| Citigroup, HSBC, CIMB seek yuan bonds licence as market opens |
| (SHANGHAI) Citigroup Inc, HSBC Holdings Plc, and CIMB Group Holdings Bhd plan to apply to invest in yuan bonds following the People's Bank of China (PBOC) decision to open up its interbank debt market. |
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| TPG launches 2nd yuan fund in Chongqing |
| (SHANGHAI) TPG, one of the world's biggest private equity firms, yesterday launched its second yuan- denominated fund in China, underscoring its ambition to expand in the world's fastest-growing major economy. |
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| Strong demand for Huijin's 7-year bond sale |
| (SHANGHAI) Central Huijin Investment Co auctioned seven-year bonds in China's interbank market yesterday at a coupon well below forecasts, reflecting strong demand for the issuer's high credit standing amid ample liquidity. |
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| Small plane crashes in Nepal, 14 feared dead |
| (KATMANDU, Nepal) A small passenger plane heading to the Mount Everest region crashed yesterday outside Nepal's capital in heavy rain with 14 people aboard, including five US nationals and a Japanese tourist, officials said. |
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| Swiss airport gets int'l safety status |
| (GENEVA) Switzerland's Sion airport - in the heart of Alpine ski and summer mountain touring country - has won top-level safety status, putting it on the same level as major international hubs. |
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| Taiwan investors exit from China carrier |
| (TAIPEI) Taiwanese flag carrier China Airlines and two other firms have terminated their investment in a Chinese cargo airline, the island's sole holdings in a mainland carrier, officials said yesterday. |
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| LaGuardia goes for upscale restaurants |
| (NEW YORK) Forget about greasy french fries, soggy pizza or that sandwich that's been sitting out for hours. Filet mignon, crispy duck confit and crab cakes are taking off at the city's main domestic airport. |
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| Dubai Airport hits 4m monthly passenger mark |
| DUBAI International Airport, a leading rival hub airport of Singapore's Changi, broke the elusive 4 million monthly passenger mark coming into the second half of the year. |
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| No Australian party is clear favourite to win elections |
| (SYDNEY) Millions of dollars are riding on the outcome of Australia's deadlocked elections. But betting agencies said yesterday that no party was clear favourite even as bets were continuing to come in. |
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| Rio Tinto may be considering bid for Potash |
| (SYDNEY) Rio Tinto Group may be considering a takeover bid for Potash Corp of Saskatchewan Inc together with a Chinese partner to rival a proposal by BHP Billiton Ltd, the Globe and Mail reported, citing unidentified people. |
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| Nordstrom's inventory brainstorm paying off |
| (SEATTLE) US retailers have been deploying all sorts of gimmicks and promotions to spur customer spending. |
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| Big investors shun stocks, go for gold, bonds |
| (NEW YORK) The smart money has moved away from stocks. So is the era of stock investing over? |
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| Brokers' Take |
| ASCOTT, a wholly-owned subsidiary of CapitaLand, will be injecting its interests in 28 serviced apartments in Europe (17 in France under Citadines and the Somerset brand) and Asia (eight across Singapore and Vietnam) into Ascott Residence Trust (ART) for a net purchase consideration of $970 million. |
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| Cracks starting to show in the euro |
| THE growing failure of European monetary union can't be measured by superficial yardsticks such as the number of tiny euro-area economies at risk of meltdown or of monthly turbulence in currency markets. The main development has been the dashing of hopes for monetary stability. |
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| Europe takes the bull by the horns |
| THE industrialised countries have moved from the financial meltdown through the great recession to a crisis questioning the viability and effectiveness of the political system and economic model. |
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| The last chance for climate negotiators |
| IT IS hardly news that climate change talks have stalled. In fact, negotiations are going backwards. Even the little progress achieved in Copenhagen is at risk of being reversed. Worse, the humbler goal of reaching agreements in Cancun on some components of a future global climate deal seems to be at serious risk now. |
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| Will foreign tycoons buy into Manila gaming firm? |
| THE mere mention of the names of Malaysian tycoons Robert Kuok, Ananda Krishnan and Francis Yeoh as potential investors was more than enough to ramp up the privatisation prospects of Manila's state-run gambling firm Pagcor. |
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| The strengthening ringgit |
| LAST week, the ringgit surged to a 28-month high against the US dollar. It closed at RM3.126 against the greenback and eased off only slightly the next day. There are several good reasons for the appreciation which should continue until, if some estimates are right, the ringgit approaches RM3 to the US dollar. |
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| Three-Minute Digest |
| DEVELOPMENT charges in Singapore are set to appreciate further, led by the residential sector which has seen brisk land deals. |
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| FJ Benjamin returns to profit with $8.3m net |
| ROBUST consumer spending powered by a strong recovery regionwide helped propel fashion retailer FJ Benjamin Holdings Ltd's full-year earnings back to the black, the company announced late yesterday. |
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| National Day Rally Speech on Sunday |
| (SINGAPORE) Prime Minister Lee Hsien Loong will deliver his National Day Rally (NDR) Speech 2010 at 6.45pm on Sunday. |
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| Philippine bus hostage crisis ends |
| (MANILA) A dramatic hostage siege in the Philippine capital involving a busload of Hong Kong tourists ended after 12 hours yesterday with several captives walking free and at least 7 hostages dead. |
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| AIMS AMP Reit plans $79m rights issue |
| (SINGAPORE) AIMS AMP Capital Industrial REIT (AIMSAMPIREIT) is looking to acquire a ramp-up warehouse and logistics facility for $161 million, which will be partially funded through a rights issue. |
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| A Singaporean silver lining |
| SHE raised the roof in Kallang with every point she scored, but Singaporean paddler Isabelle Li just could not muster enough to deliver the gold medal finish that an entire nation was hoping for last night. |
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| Gillard vows to retain mining tax |
| (SYDNEY) Australia's embattled Prime Minister Julia Gillard yesterday vowed to retain a controversial tax on mining profits if she succeeds in forming a government following deadlocked national polls. |
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| SingTel may suffer fallout from A$ jitters |
| (SINGAPORE) While risks of a political stalemate in Australia are putting the Aussie dollar under pressure, the currency weakness is seen as a short-term blip with muted impact on Singapore-listed companies with exposure Down Under. |
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| Mortgage default rates halve in two years |
| (SINGAPORE) Mortgage default rates in Singapore have fallen dramatically in the last two years, as a buoyant property market and a stable employment situation helped individuals repay more easily. |
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| Residential sector may lead hike in DC rates |
| (SINGAPORE) Development charges are set to appreciate further, led by the residential sector which has seen brisk land deals. These charges are payable to enhance or intensify the use of some sites. |
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| Beyond green packaging |
| GREENPAC, as the name suggests, is into eco-friendly packaging. It also packs a punch. Today, the two-time Enterprise 50 Award winner is one of the fastest growing SMEs in Singapore, with sales doubling annually, except during the recent year of global economic recession. |
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| Ready to ride any storm to deliver to its customers |
| EXPERIENCED - Professional - Safe - Efficient. Such is the motto of the company whose name extends with a global reach into the oil and gas industry. |
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| Appreciate the importance of a brand - then start building it |
| IT IS apparent that SMEs have a growing awareness of branding issues and a conscious need to do more in this area. They are fast accepting they need to better brand themselves in order to be more competitive. However, with the numerous programmes being hosted by SPRING, SMU and other supportive organisations for Singapore's enterprises, are there significant hurdles being raised which are causing further confusion and dismay in the minds of business owners and founders? In the light of this new language of 'branding' being thrown at the SMEs, are we expecting people to wear too many hats and take control of too many responsibilities? |
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| Uncertain outlook, so cautious optimism |
| Despite experiencing two quarters of sterling economic growth, SMEs here are among the least optimistic among their peers in the region, with only 49 per cent of those polled expecting better business prospects this year. This is according to a recent UPS Asia Business Monitor study. What do you think has given rise to this lacklustre sentiment? Are you optimistic or pessimistic about your company's growth prospects this year? |
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| Humble beginnings |
| PTS started out in 1993 as a 'small outfit in Macpherson' that distributed components and did material kitting, with only three people and $50,000-$60,000 in capital. Mr Loh used his experience in procurement to secure clients, but at first it was not enough - he and his two staff drew no salary for six months. And when he finally turned a profit, he 'gave them all the money'. They are both still working at PTS. |
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| Trio puts Singapore on navigation map |
| IN Transformers, the autobot Bumblebee transforms into a nifty Camaro, has its own idea of how to careen down the roads and faithfully protects its friend, Sam Witwicky, from harm. Aiming to translate reel-life to real-life with at least some of Bumblebee's attributes is Navigator Systems, with their new product. |
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| How earrings help firm develop unique tag |
| HOMEGROWN radio frequency identification (RFID) tag manufacturer PTS Technologies partly owes its success to earrings. |
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| Push for 'green' plastic bags |
| FOR years, wheat husks from local food company Prima - of Prima Deli and Prima Taste fame - were carted away to its wheat milling site to be turned into animal feed. |
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| Gains in some stocks offset losses in others |
| OUR small cap portfolio was little changed in the last five trading sessions, with gains in some stocks making up for losses in the others. |
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| 'Inclusive workforce' needed for future growth: Swee Say |
| TO keep Singapore's economy growing in the years ahead, the labour force must be more 'inclusive' and productive to adjust to a more limited supply of foreign workers, said labour chief Lim Swee Say to NTUC staff, union leaders, and labour partners yesterday. |
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| BT to help in two fund-raisers |
| THE Business Times is partnering Dover Park Hospice in two upcoming fund-raisers: its second family walk, and a charity dinner. 1. Dover Park Hospice SUNday Walk 2010: This year's walk takes place on Sept 5 on Sentosa, where participants will walk from Tanjong Beach to Palawan Beach. Carnival activities for the family start at Tanjong Beach at 2.30pm before the walk at 4.30pm. There will be prizes for those who show up in the best sunflower-themed outfits. |
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| Sending people off with dignity |
| SEET Ai Mee was contemplating life after politics in 1991, surveying the social sector for an area to pour her energy into, when some friends suggested hospice work. |
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| UBS hopes to race ahead with Formula 1 |
| SWISS bank UBS is coming on board as a global partner of Formula 1 (F1), in a tie-up that will be launched at the Singapore Grand Prix next month (Sept 24 to 26 ). |
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| July's CPI edges up 1.3% from June |
| COST of living in Singapore rose in July compared with the previous month, reversing from a month-on- month decline in June. |
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| Asian markets down but off lows |
| WITH the outlook for the US economy in sharp focus, risk aversion kept most key Asian markets in negative territory yesterday, though most closed off their lows. |
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| Bangladesh court deals major blow to ship-breakers |
| (DHAKA) Bangladesh's Supreme Court has reimposed strict environmental controls on the country's ship-breaking yards, a lawyer said yesterday, in a verdict likely to trigger protests from the sector. |
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| Port Klang union urges standardisation |
| (PORT KLANG) The Union of Port Ancillary Supply Services (Unepass) yesterday called on the Port Klang Authority (PKA) to standardise the lashing and unlashing rates to avoid undercutting by contractors. |
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| S'pore, S Korea boost maritime ties with MOU |
| (SINGAPORE) Maritime relations between Singapore and South Korea were further forged with the signing of a memorandum of understanding (MOU) by the maritime authorities of the two countries yesterday. |
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| Indian ports to outsource all clean-up jobs |
| (NEW DELHI) Ports in India will be allowed to outsource all future clean-up operations to global agencies with expertise in the area. |
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| Proton reports 55% jump in Q1 profits |
| (KUALA LUMPUR) Malaysian national carmaker Proton said yesterday its first-quarter profits had leapt 55.13 per cent on the back of rising vehicle sales and improved profit margins. |
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| 'Big scope' for M'sian products in India |
| (MUMBAI) If Malaysia plays its cards well, it can easily foray into India's huge market which has developed an insatiable appetite for good-quality products from Malaysia and other Asian countries. |
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| Indonesia inflation seen rising 1% in Aug |
| (JAKARTA) Indonesia's consumer prices are seen rising by about one per cent this month and pushing annual inflation to about 6.5 per cent, above the central bank's target, the head of the statistics bureau said yesterday. That would mark a further pick-up after July inflation came in higher than expected at 6.22 per cent, above the central bank's year- end target range of 4-6 per cent. |
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| Indonesian banks stock up cash for holiday spike in withdrawals |
| (JAKARTA) Indonesian banks are making preparations for the expected increase in banking transactions in the lead-up to the Muslim's Idul Fitri festivities, which fall on Sept 9 and 10, local media reported here yesterday. |
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| Merkel defends nuclear tax in clash with industry |
| (BERLIN) German Chancellor Angela Merkel on Sunday stood by her plan to levy a tax on nuclear power providers, pitting her coalition against industry in a turbulent return to government business after the summer lull. |
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| Potash gets Sinochem, Vale overtures |
| (NEW YORK) Potash Corp of Saskatchewan Inc was contacted by China's Sinochem Group and Brazil's Vale SA as the company tries to fend off a hostile takeover from BHP Billiton, said a person with knowledge of the matter. |
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| India's proposed reforms up in the air with political wrangling |
| (NEW DELHI) With India's main opposition party continuing to object to bills on tax reform and opening up the US$150 billion nuclear power market, several reforms proposed by the coalition government may be delayed. |
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| India's Mahindra aims to become global SUV player |
| (SEOUL) Indian carmaker Mahindra and Mahindra said yesterday that it will use its purchase of South Korea's Ssangyong Motor to become a global player in the sport utility vehicle market. |
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| Japan Reit bond market thaws, still faces risks |
| (TOKYO) Japan's real estate investment trust (Reit) bond market is starting to thaw after two years as the economy rebounds, though property prices would need to rise for a full recovery, according to Fitch Ratings. |
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| Shanghai new home sales halved in January-July |
| (SHANGHAI) Sales of new homes in Shanghai dropped 48 per cent in the first seven months of 2010 from a year earlier, as China's efforts to cool the property market began to bite, state media said yesterday. |
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| False Shanghai data blurs China property picture |
| (BEIJING) Chinese companies in Shanghai have falsified answers in replies to some surveys by the national statistics agency, calling into question the reliability of the country's property market data. |
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| Over 80% of Viva Vista's shoebox units snapped up |
| MORE than 80 per cent of the 144 residential units in Oxley Holdings' Viva Vista were snapped up during the project's preview yesterday - indicating that there is still strong demand for small, or shoebox, apartments. |
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| More buyers spend above $1 million on homes |
| MORE private home buyers are paying more than $1 million apiece for a property as prices climbed in the past year, a new report from DTZ shows. |
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| Housing prices may send US back into recession |
| (NEW YORK) Housing led the US out of seven of the last eight recessions. This time, it may kill the recovery. |
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| China ramps up public housing investment |
| (BEIJING) With one arm, China is pouring cold water on property speculators. With the other, it is tossing a life buoy to the real estate sector via increased spending on affordable housing. It is a tricky balancing act, and the stakes are high. |
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| Thai economic growth in Q2 beats estimates |
| (BANGKOK) Thailand's economy expanded more than estimated last quarter as surging exports drove a recovery, countering the impact of political turmoil in April and May that prompted a crackdown on protesters. |
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| Viet inflation slows for fifth month in August |
| (HO CHI MINH CITY) Vietnam's inflation cooled for a fifth month in August, a slowdown that may ease concerns that the government's devaluation of the dong will stoke price pressures. |
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| Economist urges Fed to consider rate increase |
| (NEW YORK) Raghuram Rajan accurately warned central bankers in 2005 of a potential financial crisis if banks lost confidence in each other. Now the former chief economist of the International Monetary Fund says the Federal Reserve should consider raising rates, even as almost 10 per cent of the US workforce remains unemployed. |
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| US home ownership won't yield rich rewards again: economists |
| (NEW YORK) Housing in the US will eventually recover from its great swoon. |
|
| Reveal more on fair-value changes in commodity plays |
| FAIR-VALUE changes - depending on which way they swing - can bolster or wreak havoc on the financial bottom line of agricultural and commodities companies. This explains the often erratic nature of profitability in the industry. But while such a situation could be a norm in the industry, what is not so understandable is the frequent lack of clear explanation from companies on how fair values of agricultural and biological assets are arrived at and, more importantly, what caused those wild swings. Also, shouldn't there be prior guidance before the release of results on what is in store for investors? |
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| Ryobi Kiso Q4 net falls 52% to $5 million |
| RYOBI Kiso Holdings yesterday reported a 52.1 per cent drop in net profit to $5.02 million in the fourth quarter ended June 30, from $10.47 million a year ago. |
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| High-margin drugs push C&O to record profit |
| MAINBOARD-listed C&O Pharmaceutical has reported a 62 per cent jump in fourth-quarter net profit to HK$60 million (S$10.5 million), as revenue rose 16 per cent to HK$189.3 million. |
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| Wing Tai back in the black with $69m Q4 earnings |
| PROPERTY group Wing Tai Holdings yesterday reported a return to the black for its fourth quarter ended June 30, 2010. |
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| Silverlake to help build CIMB regional platform |
| SILVERLAKE Axis, a Singapore-listed company, is one of four technology players that will help the CIMB Group build a regional core banking platform costing RM1.1 billion (S$469 million). 1Platform will be implemented across Malaysia, Indonesia, Singapore and Thailand. |
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| SMX tie-up with TOCOM a boon for investors |
| INVESTORS trading on the Singapore Mercantile Exchange (SMX) and Tokyo Commodity Exchange (TOCOM) will soon be able to enjoy high-speed trading access to Singapore and Japan with the latest collaboration between the two exchanges. |
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| SingTel appoints new chief of international operations |
| SINGAPORE Telecommunications (SingTel) has appointed Hui Weng Cheong as CEO International. The appointment will be effective from Oct 1. |
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| Wilmar sweetens sugar craving with 2 more purchases |
| NEARLY two months after Wilmar International Ltd shocked the market with its A$1.75 billion (S$2.11 billion) purchase of Australian conglomerate CSR Ltd's sugar business, the Singapore-listed palm oil group yesterday unveiled two more purchases in the sugar industry, making it four acquisitions in two months. |
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| Transcu CEO settles dispute over debt |
| TRANSCU Group's chief executive has agreed to settle a dispute with Bellezza Club Japan (BCJ), which had seized his controlling stake in Transcu as part of a debt claim by BCJ. |
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| 2009 listings: S'pore sixth among 13 mid-cap markets |
| SINGAPORE has been ranked sixth globally in terms of the number of listings brought in last year among 13 mid-cap markets, according to a survey by audit firm Nexia International. |
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| China Resources H1 profit up 8.5% |
| (HONG KONG) China Resources Power Holdings Co, the Hong Kong-listed mainland electricity producer, has increased first-half profit 8.5 per cent after boosting generation to meet demand in the world's fastest-growing major economy. |
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| ZTE wins US$254m Hungary network contract |
| (BEIJING) Chinese telecoms equipment maker ZTE has won a US$254 million contract to build a mobile network in Hungary, reflecting the company's growing strength in Europe, a report said yesterday. |
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| China may end death penalty for some crimes |
| (BEIJING) China may eliminate capital punishment for some economic crimes as it moves to curb use of the death penalty in a country that is believed to execute more people than the rest of the world combined. |
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| Cathay stock rises on staff pact, lower valuation |
| (SINGAPORE) Cathay Pacific Airways Ltd, Hong Kong's biggest carrier, rose the most in two weeks yesterday because of an agreement with cabin crew at a unit that averted a strike and as the stock traded at a valuation cheaper than Asian rivals. |
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| European airlines risk sabotaging own recovery |
| (MADRID) As if they didn't have enough problems, Europe's airlines may soon be sabotaging their own recovery. Most of the continent's legacy carriers are adding capacity despite the still- fragile market and high fuel prices. The growth will almost certainly reduce ticket prices, just when they are rising again. More caution is warranted from this most cyclical of industries - but is unlikely. |
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| July passenger traffic at Changi up 15.9% |
| (SINGAPORE) MORE than 3.67 million passengers passed through Changi Airport's gates in July 2010, an increase of 15.9 per cent compared to July 2009. |
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| Recovery gives China Airlines record Q2 net |
| (TAIPEI) China Airlines Ltd, Taiwan's largest carrier, has posted a record quarterly profit as an economic recovery spurred demand for cargo shipments and travel. |
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| Rice prices jump on climate turbulence |
| (BANGKOK) Rice is set to rally as consumers and investors seek alternatives to wheat after heat waves, wildfires and floods ruined crops across the Northern Hemisphere. |
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| Cambodia, Thailand to reinstate envoys |
| (PHNOM PENH) Cambodia and Thailand are to reinstate their ambassadors after fugitive former Thai premier Thaksin Shinawatra resigned yesterday from a controversial role as economic adviser to Phnom Penh. |
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| SABMiller, Asahi eyeing Foster's beer operations |
| (LONDON) Beverage groups SABMiller and Asahi Breweries are looking at Foster's Group's beer operations, valued at more than US$10 billion, but have not yet made any formal offers, sources say. |
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| HSBC looking to buy 70% stake in Nedbank |
| (JOHANNESBURG) HSBC is in talks to buy up to 70 per cent of South Africa's Nedbank, in a potential US$6.8 billion deal that would give Europe's biggest lender a broader gateway to the fast-growing African continent. |
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| Euro under pressure, US$ falls versus yen |
| (NEW YORK) The euro edged lower yesterday, hurt by concerns over the euro zone economy and prospects of loose monetary policy until year-end, leading investors to bet against the single currency. |
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| Television makers predict bright future for 3D sets in US |
| (LOS ANGELES) Now that almost two-thirds of American homes have ditched their old tube televisions for flat-screens and high-definition sets, TV makers are trying to lure consumers back into the stores for the next big thing: 3D TV. |
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| Claimants who accept final payment cannot sue BP |
| (NEW YORK) Kenneth Feinberg, who yesterday started drawing from a US$20 billion escrow fund for Gulf oil spill victims, hasn't decided whether they must waive their right to sue companies involved if they accept final reimbursement. |
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| Delta to recall, hire attendants |
| (DALLAS) Delta Air Lines the world's largest carrier, said it will recall laid- off attendants and hire an undetermined number of new workers as it adds flights. The airline expects to begin training the attendants in January and have them flying by mid-2011, chief executive Richard Anderson told employees. He didn't say how many flight-attendant jobs the Atlanta-based carrier will fill. |
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| US airline travel demand down 1% in July |
| (WASHINGTON) Travel on major US airlines fell roughly one per cent in July with one key measure of revenue growth slowing, according to an industry trade group that also said the sector's finances remain fragile. |
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| Fun in a tub |
| (COLOGNE, Germany) A visitor wearing 3D glasses and playing with a PlayStation at Gamescom 2010 here last week. The five-day Gamescom convention, Europe's largest video games trade fair, ended yesterday. |
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| ShoreBank, seven other US banks closed |
| (SAN FRANCISCO) ShoreBank Corp, the Chicago lender operating under a Federal Deposit Insurance Corp (FDIC) cease-and-desist order for 13 months, and seven other banks were shut by regulators last Friday as 2010 bank failures climbed to 118. |
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| HSBC seen as frontrunner to buy Nedbank: report |
| (HONG KONG) HSBC Holdings plc has emerged as the frontrunner to buy a controlling stake in Nedbank, South Africa's fourth-largest bank, in a deal that could be announced as early as today, the Financial Times quoted people familiar with the talks as saying. |
|
| Sweden drops arrest warrant for WikiLeaks founder |
| (STOCKHOLM) The Swedish authorities issued an arrest warrant for the founder of the whistle-blowing website WikiLeaks on Saturday on suspicion of rape, but then swiftly withdrew it. |
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| Nakheel pays trade creditors 2.5b dirhams |
| (ABU DHABI) Nakheel PJSC, the Dubai World- owned property developer, has paid 2.5 billion dirhams (S$923 million) of bills that it owes trade creditors, chairman Ali Lootah was quoted as saying by Al Khaleej newspaper. About 80 per cent of its trade creditors have agreed to new payment terms, he said. |
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| US recalls half a billion chicken eggs |
| (WASHINGTON) One of the largest-ever US recalls grew to more than half a billion chicken eggs on Saturday when a second producer pulled eggs potentially contaminated with salmonella bacteria, an industry official said. |
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| Ex-UN diplomat Shashi Tharoor weds girlfriend |
| (THIRUVANANTHAPURAM, India) Former UN diplomat Shashi Tharoor married girlfriend Sunanda Pushkar yesterday, months after the couple were the focus of a cricket team ownership scandal that saw him quit the Indian government. |
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| India getting to grips with stabilising its population |
| (SATARA, India) Sunita Laxman Jadhav is a door-to- door saleswoman who sells waiting. She sweeps along muddy village lanes in her nurse's white sari, calling on newly married couples with an unblushing proposition: Wait two years before getting pregnant, and the government will thank you. |
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| Vietnam must rethink growth strategy: analysts |
| (HANOI) Vietnam must rethink the growth strategy that propelled it from poverty to the ranks of Asia's fastest-growing economies, analysts say, or risk stagnating. |
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| South Africa's Zuma to visit China |
| (JOHANNESBURG) South Africa's President Jacob Zuma tomorrow makes an official visit to China to broaden ties with the emerging superpower which is fast becoming a top investor in Africa. The visit is seen as an opportunity to harness shared interests, with no begging bowl in hand. |
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| UN board could rein in US$2.7b carbon market |
| (UNITED NATIONS) An obscure UN board that oversees a US$2.7 billion market intended to cut heat- trapping gases has agreed to take steps that could lead to it eventually reining in what European and US environmentalists are calling a huge scam. |
|
| US home sales likely slid 12% in July: survey |
| (WASHINGTON) The US economy is straining to sustain its recovery from the worst recession since the 1930s as economists predict home sales probably plunged in July, and orders for long-lasting goods climbed for the first time in three months. |
|
| It's no joke, Australia is No 1 |
| WHEN I lived in New Zealand back in the 80s and early 90s, there were lots of jokes about Australia. Many of these jokes revolved around the fact that Australia was a penal colony set up by the British government. The late New Zealand prime minister Robert Muldoon once said: 'New Zealanders who go to Australia raise the IQ of both countries.' Well, at least as far as corporate governance is concerned, the joke is over. Australia arguably now has the best corporate governance regime in the world. |
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| MapletreeLog acquires second Korean warehouse |
| MAPLETREE Logistics Trust (MapletreeLog) is investing $32 million to buy a second warehouse in South Korea. |
|
| Nomura stays cautious on Genting Singapore |
| GENTING Singapore's second-quarter earnings surprise may have prompted many industry naysayers to change their tune but Nomura Securities is sticking to its guns. |
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| Sinopec H1 net rises an unexpected 6.7% |
| (BEIJING) China Petroleum & Chemical Corp, Asia's biggest refiner, unexpectedly posted a 6.7 per cent increase in first-half profit as a rebound in the nation's economy spurred demand for oil, gas and petrochemicals. |
|
| US bars Taiwan execs from leaving: firm |
| (TAIPEI) A leading Taiwan flat-screen maker said yesterday that its three top executives had been barred from leaving the United States for their alleged role in a price-fixing case. |
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| Premier calls for political reform |
| (BEIJING) China has to pursue political reform to safeguard its economic health, Premier Wen Jiabao said during a visit to the booming town of Shenzhen, the official Xinhua news agency reported. |
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| China closes factories as deadline looms |
| (BEIJING) China, facing the risk of embarrassment if it misses a looming environmental deadline, has ordered thousands of companies to close high-polluting plants as its leadership vies to retool economic growth. |
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| Climbing the new corporate ladder |
| AS young professionals start their careers, their immediate focus is usually on short-term success. But some are planning the next career steps and a few have already set their sights on a CEO post. |
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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. |
|
| In search of fame and fortune |
| THE humble dartboard is, in many ways, the ideal metaphorical representation of the United States. |
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| Former model sues YouTube over unauthorised videos |
| (NEW YORK) A business consultant wants a court to force YouTube and owner Google to unmask a cyber cipher who posted what she says are unauthorised videos of her and online comments that hurt her reputation. |
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| Beyond cloud jargon, open data to rule |
| WHAT we know today as the cloud is not real cloud computing, said Nobuhiro Endo, NEC Corporation's president. 'We think about the cloud in its IaaS (infrastructure as a service), PaaS (platform as a service) and SaaS (software as a service) layers,' he said, of the typical cloud player's segmented role. |
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| NEC eyes foreign boost to business |
| AS developing nations modernise, electronics players are rubbing their hands in glee. To them, this spells the next wave of income and NEC Corporation is all set to tap this potential. |
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| Avnet inks deal to distribute SingTel's ICT offerings |
| AVNET Technology Solutions, Singapore, a value-added solutions distributor of enterprise computing products, has signed an agreement with Singapore Telecommunications (SingTel) to distribute the telco's suit of ICT (Infocomm Technology) services in Singapore to Small and Medium-sized Businesses (SMBs) |
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| Symantec needs alliances to vie with Intel: analyst |
| (SAN FRANCISCO) Intel Corp's US$7.68 billion purchase of McAfee Inc may put pressure on security software rival Symantec Corp to build hacker-thwarting technology inside corporate computers and forge new alliances to stay competitive. |
|
| DRAM chips supply crunch may raise end-user prices |
| THE global uptick in sales of notebooks, netbooks and personal computers may have claimed its first victim - DRAM (dynamic random access memory) chips. DRAM is the most common type of computer memory. |
|
| HCL looking to build on SGX win |
| INDIAN IT services company HCL Technologies is looking to build on its recent US$110 million outsourcing and services contract win with Singapore Exchange to enhance its presence in the city-state and the region. |
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| S'pore SMBs more aware of information security: Symantec |
| A SURVEY done by Symantec shows that Singapore-based small and medium-sized businesses (SMBs) are more aware of the need to adopt a holistic information protection strategy that goes beyond just a basic anti-virus solution. |
|
| Ban on Gulf drilling will hit 23,000 workers |
| (WASHINGTON) A six- month ban on deepwater drilling in the Gulf of Mexico would directly put more than 9,000 people out of work and indirectly affect another 14,000 jobs, according to a memo from the nation's top drilling regulator. |
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| BP starts removing damaged wellhead's equipment |
| (WASHINGTON) BP said on Saturday that it has begun removing drill pipe and other equipment from a damaged wellhead under the Gulf of Mexico, as it prepares to replace its giant blowout preventer valve with a new one. |
|
| US business lobby a force to reckon with |
| (WASHINGTON) At times subtle, at times loud, the US Chamber of Commerce is spending record amounts on lobbying and in election battlegrounds, elbowing into the nation's politics in unprecedented ways for the business community. |
|
| Don't forget the interest in currency trading |
| FLUCTUATIONS in currency values exert an impact on our everyday lives, affecting everything from the price of vehicles to the direction of interest rates. But when it comes to investing, many overlook currency as an investable asset class alongside traditional assets such as stocks and bonds. |
|
| Wheat and oil prices decline |
| (LONDON) Wheat prices fell over the past week despite a brief late surge on reports that drought-ravaged Russia plans to import the commodity, while oil futures extended losses on poor US economic data. |
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| Directors' transactions surge for second straight week |
| TRADING among directors surged for the second straight week with 38 companies recording 59 transactions worth $18.3 million based on filings on the Singapore Exchange in the third week of August. |
|
| S-chips enable one portfolio to report gain |
| THE past week hasn't been particularly great for stocks, with only one out of six of our portfolios managing to eke out some gains. The biggest upgrade in analyst sentiment is the lone gainer among our portfolios. |
|
| The next big thing |
| After the IRs and the F1 race, and now the YOG, what should be the 'next big thing' for Singapore? How would you propose to raise the excitement level here and overseas, and improve the quality of life in Singapore? |
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| Correction |
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| Three-Minute Digest |
| AUSTRALIA'S dollar may fall and equities investors may look to other markets after the nation's federal election failed to deliver a majority government for the first time in 70 years, according to market analysts. |
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| CCB reports 20% jump in Q2 net profit |
| (HONG KONG) China Construction Bank (CCB), posted a 20 per cent rise in second-quarter profit as the world's second-biggest lender by market value seeks to raise US$11 billion to fuel growth restrained by a weak capital base. |
|
| Greek shops feel pain from austerity measures |
| (ATHENS) The plan to rescue Greece from bankruptcy has kicked in, and with a vengeance. As the government slashes spending and hikes taxes, the deficit is way down - but jobs are vanishing, shops are closing, and on the streets gloom is prevailing. |
|
| Emerging markets must boost domestic demand |
| (SINGAPORE) Risks to emerging economies' growth will hinge on fiscal adjustment in the developed world, says HSBC global head of macro and investment strategy Philip Poole. |
|
| F1 corp hospitality suites selling out faster this year |
| (SINGAPORE) More than 90 per cent of the corporate hospitality offerings for this year's Formula One Grand Prix have been snapped up, with less than five weeks to race weekend (Sept 24-26). |
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| SCM, PPLH stake dispute widens into a board tussle |
| (SINGAPORE) What had started out as one of the issues in the shipyard showdown is turning out to be a rather key one. |
|
| Traders edgy over economy |
| THE summer doldrums are firmly in place with what feels like half of Wall Street away on vacation but there is no mistaking the nervous tension pervading the stock market's psychology as August draws to a close. |
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| S'pore companies exploring M&A deals, but cautiously |
| (SINGAPORE) With the end of the long-drawn takeover battle for Parkway Holdings, the search is on for the next piece of M&A action. |
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| Australia's hung election to deepen market jitters |
| (SYDNEY) Australia's dollar may fall and equities investors may look to other markets after the nation's federal election failed to deliver a majority government for the first time in 70 years, according to market analysts. |
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| Overconfidence in forecasting |
| (CHICAGO) BUSINESSES in nearly every industry were caught off guard by the Great Recession. Few leaders in business - or government, for that matter - seem to have even considered the possibility that an economic downturn of this magnitude could happen. |
|
| Keep it small and beautiful |
| BEFORE the first Youth Olympic Games (YOG) began some nine days ago, global interest in this multi-sport event was muted, to say the least. |
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| HSBC launches SecureIncome savings plan |
| HSBC Insurance has unveiled a new plan to help Singaporeans save for retirement. |
|
| Staying nimble is the name of the game |
| CONCERNS about the foundering US economic recovery and the absence of traders during the August summer break has not just weighed down Wall Street and global stocks to their lowest levels this year, but also sharply driven down trading volumes. |
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| Mexican group buys controlling stake in troubled airline |
| (MEXICO CITY) A Mexican consortium, aided by private equity firm Advent International, has stepped up to buy a controlling stake in troubled airline Mexicana after financial woes pushed the carrier to the brink of collapse. |
|
| VLCC charter rates fall 19% to US$11,869 |
| (LONDON) Returns from delivering Middle East crude oil to Asia fell for a fourth day, rounding out the biggest weekly drop in seven weeks, as tanker owners who had spurned unprofitable charters re-entered the market. |
|
| Tough jungle campaign for M'sian opposition |
| (MIRI, Malaysia) Harrison Ngau's description of dirty politics in the rainforest state of Sarawak on Borneo island reads like a chapter in a spy novel, complete with subterfuge, threats and contraband. |
|
| Banks make impressive rebound |
| WHAT a difference a year makes. On Friday, Malaysia's largest bank, Malayan Banking or Maybank unveiled a sterling set of figures for its financial year to June 2010. It announced a 452 per cent jump in net profit to RM3.82 billion (S$1.6 billion) from RM692 million in the previous corresponding period. |
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| Ex-Chevron head to join Aramco board |
| (DUBAI) Saudi Arabia's King Abdullah named David O'Reilly, who built Chevron Corp into the world's fourth- largest publicly traded oil company, to be a board member at state-run Saudi Aramco. |
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| Maybank posts record RM3.8b profit |
| MALAYAN Banking Bhd reported record full-year earnings as Malaysian bank profits rebounded with the country's economy after last year's recession. |
|
| Japan in touch with G-7 'over rising yen' |
| JAPAN began communicating with its Group of Seven (G-7) partners yesterday in what was seen as a prelude to possible foreign-exchange market intervention aimed at stemming the yen's rise. |
|
| Korea National Oil makes £1.87b bid for UK explorer |
| KOREA National Oil Corp made a hostile £1.87 billion (S$3.9 billion) bid for UK explorer Dana Petroleum plc after its takeover offer was rejected. |
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| China must balance social, economic development: UN official |
| THE chief of the United Nation's Asia-Pacific regional arm sees China still needing to balance its economic and social development for further sustainable growth even as its GDP in the second quarter surpassed that of Japan as the world's second-largest economy after the United Sates. |
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| Anshan committed to moving ahead with US project |
| CHINA'S Anshan Iron & Steel Group Corp said it was committed to pushing forward with a US steel project, a day after an executive of its listed unit said the deal was on hold due to opposition from US lawmakers. |
|
| Govt sees German recovery easing in H2 |
| GERMANY'S recovery will likely continue in the second half of the year although at a slower pace as foreign demand decelerates, the German Finance Ministry said in its monthly report yesterday. |
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| Cambodia: Don't neglect potential of the Mekong |
| NATIONS around the Mekong are tightening transport and other links but have neglected the region's very heart - the river itself, a Cambodian minister said yesterday. |
|
| Petrobras' July oil-gas production up 3.3% |
| BRAZIL'S state-owned oil and gas giant Petrobras announced on Thursday that its average oil and natural gas production in July rose by 0.7 per cent from the previous month and 3.3 per cent compared with the same period of 2009. |
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| US plants shield Honda profits as yen jumps |
| HONDA Motor Co became the first Japanese carmaker to build cars in the United States 28 years ago in part to fulfil a long-held goal of founder Soichiro Honda. |
|
| A tale of two Germans |
| THERE'S nothing like lineage to inspire confidence, and German companies Sennheiser and Beyerdynamic both helped create the headphone industry they now operate in. |
|
| Mulberry's bag specialist |
| ENGLISH heritage brand Mulberry has a past embroidered with tumultuous times and ownership tussles. |
|
| Fish alive! |
| HERE'S an interesting tidbit about giant garoupers that you may never have thought to ask. |
|
| Lip-smacking goodness |
| HE GIVES the pearly white noodles a few expert swirls in the bubbling water, then deftly scoops them up into cheap, melamine bowls. |
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| Au naturel |
| IN THE world of beauty today, the word 'natural' has become a catchphrase that many cosmetics companies have latched onto, all in a bid to appeal to increasingly health-conscious consumers. |
|
| Time to end debate on renewable energy |
| IT was recently reported in several papers that the oil price shock of 2009 was caused by a drunk trader who bought seven million barrels of oil. |
|
| Learn the successful strategy behind Google's birth |
| WHEN do you get your best ideas? You probably answer 'At night,' or 'In the shower,' or 'Stuck in traffic'. You get a flash of insight. Things come together in your mind. You connect the dots. You say to yourself, 'Aha! I see what to do.' |
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| Govt to explore ways to improve YOG ticketing situation |
| THE government will look at ways to better manage the ticketing situation at the Youth Olympic Games (YOG) after scores of fans have complained of being frozen out of venues even though they have not yet reached full capacity. |
|
| Asian film makers have fewer financing avenues |
| ASIAN financial institutions don't believe the region's film industry has as much financial promise as their counterparts do in the West, said Hyde Park Entertainment CEO Ashok Amritraj. |
|
| HupSteel's Q4 profit up 62%; Union Steel's doubles |
| THE demand for steel is not expected to pick up pace in the short term. |
|
| ART buys 28 properties from The Ascott |
| ASCOTT Residence Trust (ART) is buying 28 properties from its sponsor, The Ascott Limited, for $969.6 million, and selling one to the latter for $214 million. |
|
| Gentlemen, start your engines |
| The exclusive Pebble Beach was transformed into an exotic motor city with rare vintage cars and futuristic soon-to-be classics on display last weekend. |
|
| Lazy days of summer |
| IT'S 11am when you finally tumble out of bed, sick at heart with the knowledge of what you are about to do. You've been avoiding it for the longest time, but now you can put it off no longer. |
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| Room with a view |
| THERE'S a large wall-sized painting of a bulldozer by Malaysian artist Phuan Thai Meng which landscape architect Ng Sek San has in his art collection. |
|
| Business briefing |
| 3.1% to $4.06m GRP says its net profit for the year ended June 30 slipped 3.1 per cent to $4.06 million. |
|
| SIA pledges US$3m to Indonesian rainforest project |
| AN Indonesian rainforest 1.5 times the size of Singapore got a leg up yesterday after Singapore Airlines pledged US$3 million towards its conservation. |
|
| Olam in Gabon tie-up to develop timber SEZ |
| OLAM International, a global integrated supply chain manager and processor of agricultural products and food ingredients, has entered into a strategic partnership agreement with the government of Gabon to jointly develop a special economic zone (SEZ) at Nkok for timber processing in Gabon. |
|
| August turning into major merger month |
| COMPANIES sitting on almost US$3 trillion in cash are starting to spend it, putting what is typically the slowest month for mergers and acquisitions on course to be the busiest this year. |
|
| Panel's building productivity tips |
| FOREIGN workers need to be upgraded continually while locals should join a formalised apprenticeship programme in order to raise retention rates within the construction industry. |
|
| Asian bourses knocked by US jobs and business confidence data |
| THE latest figures from the US, showing rising joblessness and falling business confidence, weighed heavily on Asian markets yesterday - just when it seemed they were poised to recover. |
|
| The exchange builder |
| ON Aug 31, trading will begin on a new commodity and currency exchange in Singapore, the Singapore Mercantile Exchange (SMX). |
|
| Mega fun |
| FEW cars can go from zero to wow in just one generation but the new Megane Renault Sport comes close. |
|
| Getting sued on Facebook? Hang on while I tweet that |
| THE problem with having a successful idea is that everyone wants to be a part of it. |
|
| Aussie pizza chain plans to open 11 more outlets here |
| AN Australian gourmet pizza chain is setting its sights on opening up to 11 more restaurants in Singapore by the end of 2011, as part of a massive expansion campaign across Asia. |
|
| Grounded RWS ride may restart in early-2011 |
| THE Battlestar Galactica (BSG) ride will hopefully take flight early next year, Resorts World Sentosa (RWS) said yesterday. |
|
| Australia's 'Mad Monk' scents election shock |
| AUSTRALIA'S conservative opposition leader Tony Abbott has successfully tempered his image as a gaffe-prone 'Mad Monk' to draw within sight of a remarkable election win today. |
|
| SMX, BT tie up to produce magazine |
| SINGAPORE Mercantile Exchange (SMX) and The Business Times are collaborating to produce a quarterly magazine, SMX Markets, dedicated to providing pan-Asian coverage on commodities and currency derivatives. |
|
| Not enough credit for Asian growth story: UBS ED |
| INVESTORS are not giving the Asian growth story sufficient credit as the region deserves a higher market premium, said Andrew Gates, executive director and senior international economist of UBS Investment Bank. |
|
| Commodity, shipping firms eye SGX listings |
| THE Singapore Exchange (SGX) expects some large global commodity trading firms and European shipping companies to list their Asian operations here in the next few months, an SGX senior executive said yesterday. |
|
| Will Paul the Octopus do it again? |
| THE team bidding to bring soccer's World Cup to England for the first time since 1966 has signed up a new supporter: Paul the Octopus. |
|
| 'Crust' of the matter - cafe vs a pizza giant |
| ONE is a little cafe located within Costa Del Sol, a condominium complex in Singapore's laid-back East Coast. The other is a 62-store Australian gourmet pizza chain with big expansion plans in Asia, including Singapore. |
|
| First Chevron House, then Hitachi Tower |
| CHEVRON House could be the next big office deal on the cards, say market watchers. This follows the sale of about $1.9 billion worth of office blocks so far this year. |
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| How best to give |
| PHILANTHROPY may involve giving away family wealth, but the families behind many of Asia's successful businesses are starting to see how such giving can yield even richer gains. |
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| JTC offers two sites for sale by tender |
| JTC said yesterday that two sites - at Yishun and the Biopolis - will be put up for sale by tender. The site at Yishun Street 23/Yishun Avenue 9 is 4.65 ha and has a 60-year lease. Near Yishun Industrial Park, it is to be developed as a ramp-up factory with direct vehicle access to all units. It will be launched on Monday and sold under the Industrial Government Land Sales programme. The tender closes on Oct 4. |
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| Downtown line to cost more, but will be longer |
| THE Downtown Line will be longer, and is expected to cost more. The Land Transport Authority yesterday announced the alignment of the final phase of the Downtown Line, which will have one more station than originally planned. |
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| Cavinder Bull appointed deputy chairman of SIAC |
| SENIOR Counsel Cavinder Bull has been appointed deputy chairman of the Singapore International Arbitration Centre (SIAC). |
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| How China can make the next leap |
| THE beginning of the end, or the end of the beginning? |
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| Net Gen norms - the new culture of work |
| WHETHER we like it or not, we are living in the digital age where new rules are made and changed by those who have grown up digital. |
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| Debate over quantitative easing doesn't help the jobless |
| CAN the US Federal Reserve do more to stimulate the stagnant American economy? And should it? |
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| Give retail investors better access to bonds |
| JUST over a decade ago, fixed-income instruments were shrugged off by many retail investors as staid assets where returns accrued too slowly. |
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| Three-Minute Digest |
| WALLS were closing in on all sides early last year for sell-side analysts as they battled poor market sentiment and the nagging scepticism surrounding the independence of their research. |
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| Hedge fund titan to shut down Duquesne Capital |
| (NEW YORK) Stanley F Druckenmiller, the hedge fund titan who led George Soros' famous bet against the British pound, told clients on Wednesday that he was quitting the business and shutting down his investment firm, Duquesne Capital, after 30 years. |
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| Ringgit surges to 13-year high |
| THE Malaysian ringgit rose to a 13-year high against the US dollar yesterday following the easing of rules to allow the currency to be used for settling cross-border trades. |
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| Holistic approach to public transport proposed |
| (SINGAPORE) Switching to environmentally-friendly transport won't mean more pain and discomfort, if the suggestions in reports by two government-appointed focus groups are anything to go by. |
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| How to get to INVEST Fair 2010 at MBS this weekend |
| (SINGAPORE) Due to road closures for the Youth Olympic Games (YOG) this weekend, BT INVEST Fair 2010 participants and others who want to go to Marina Bay Sands (MBS) have to either use shuttles, public transport or stick to specific routes if driving. |
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| Business sentiment among SMEs improves slightly: study |
| (SINGAPORE) Business sentiment among SMEs here has picked up slightly, but many of them are still cautious about capital expenditure in the next six months, according to the latest study by the Singapore Business Federation (SBF) and DP Information Group. |
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| JLJ's exec chairman steps aside amid Apple suit |
| (SINGAPORE) The Apple bribery case took another turn yesterday when the executive chairman of the Singapore company named in the action voluntarily stepped down from his duties for the time being after providing information to the Corrupt Practices Investigation Bureau (CPIB) here. |
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| Accounting of leases may change, affect debt load |
| (SINGAPORE) Global accounting standard setters are proposing changes that could affect just about every single company with an operating lease on its books. |
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| Call for land tenders that go beyond price |
| (SINGAPORE) Singapore may have a greener tinge and a vastly more interesting skyline, if the suggestions contained in the final reports by two focus groups for Concept Plan 2011 see the light of day. |
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| As SembMarine, PPLH fight, a Keppel link emerges |
| (SINGAPORE) The Keppel Group may have played a role in a string of events that eventually led to the ongoing dispute between Sembcorp Marine (SembMarine) and PPL Holdings (PPLH) over a 15 per cent stake in PPL Shipyard. |
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| And the awards go to... bulls with a sense of timing |
| (SINGAPORE) Walls were closing in on all sides early last year for sell-side analysts as they battled poor market sentiment and the nagging scepticism surrounding the independence of their research. |
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| Fund managers value honest analyst reports |
| FUND managers value honest and independent analyst reports that offer a different viewpoint. But they feel that such reports are few and far between. |
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| Matters of credibility |
| BEING a sell-side analyst is no easy feat, with hardly a pat on the back when investors make money but lots of flak when one fails to warn investors that a company is close to defaulting. |
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| Looking outside to forecast earnings |
| WHEN it comes to earnings forecast, the answers are not always found in the excel spreadsheets laboriously drawn up by analysts, or the line items on the company's balance sheets. The answers are often found right outside the company. |
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| The art of estimating earnings accurately |
| THE 2008-09 financial crisis was a big test for Kim Eng Securities stock analyst Pauline Lee. |
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| Caution reigns but STI leaps 27 pts |
| SIGNS of a recovery in Wall Street futures helped Asian markets clamber to higher ground yesterday. |
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| Proving the naysayers wrong |
| THE belief that there are opportunities in even the bleakest of economies is how Derrick Ong managed to ensure that the company he founded emerged from the 2008 financial crisis relatively unscathed. |
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| SIM marks a milestone in training CEOs on their jobs |
| ONE of Singapore's longest-running executive development programmes recently marked its 30th birthday, with over a thousand executives having passed through its doors. |
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| Medical fees guide infringes Competition Act: panel |
| THE competition authority yesterday ruled that the Singapore Medical Association (SMA) fee guidelines infringe the Competition Act, after a year-and-a-half review. |
|
| Freeloaders or half-empty venues? |
| IT'S a sight that no Olympic host nation would be proud of: images of half-empty stadiums and arenas that are beamed around the world. |
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| S'pore commercial property sizzling: DTZ |
| SINGAPORE'S prime industrial, retail and office properties offer some of the most attractive returns in the world, according to a new study by DTZ. |
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| Island Power project slated for take-off |
| CONSTRUCTION of the long-stalled $1.2 billion Island Power project will finally get underway next quarter, once an estimated $800 million to $850 million engineering, procurement and construction (EPC) deal is signed this month by Indian owner GMR Infrastructure and a Siemens-Samsung consortium. |
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| Trade push shaping Islamic finance |
| (KUALA LUMPUR) Split by an age-old rivalry stemming from the fight for market share and differences in syariah interpretation, Islamic banking hubs Malaysia and the Middle East have struggled to work together in the past, resulting in fragmented standards and localised markets which have divided the industry. |
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| Hankook Tire to build mfg plant in Indonesia |
| (JAKARTA) South Korea's biggest tyre producer Hankook Tire plans to invest US$1.2 billion to build a manufacturing plant in Indonesia, a report said yesterday. |
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| Jakarta expects 2011 start to Inpex gas plant |
| (JAKARTA) Indonesia expects Japan's Inpex Corp to start construction of a US$10 billion floating liquefied natural gas (LNG) plant next year in the Timor Sea, energy watchdog BPMigas said yesterday. |
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| India pacifies states over draft GST |
| (NEW DELHI) India's finance minister on Wednesday offered concessions on most major demands by states on legislation needed to allow an ambitious tax reform to take effect from next April. |
|
| Have a real blast on Cybertron |
| AT long last, a game has been made that does justice to the Transformers franchise. Transformers: War for Cybertron is the game fans have been waiting for. |
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| Debut album with some good numbers |
| BEFORE its gig at SINGfest earlier this month, the Hail the Villain band was virtually unknown in Singapore. |
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| Exploring lonely voices |
| MUSIC soundtracks are commonplace in theatre and full-blown musicals sing their dialogue, but instruments rarely shoulder the narrative burden by themselves. |
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| Nailing down an amorphous plot |
| PREQUELS are the safe ground most game tie-in novels tread because they don't meddle with plot continuity. |
|
| Around Town |
| IF you missed American artistes The Click Five and local artistes Inch Chua and Nathan Hartono at Celebration @ Marina Bay last week, do not worry as there are plenty more music performances coming your way. |
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| Impactful show with a tinge of nostalgia |
| HIGHLY acclaimed thespian Bai Yan, who was awarded Television Corporation of Singapore's (TCS) 'Lifetime Achievement Award' in 1996, might have retired 14 years ago, but his name is still one that many Singaporeans, even those from the younger generation, recognise. |
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| Looking back and ahead |
| PERFORMING in New York, where the audience is one of the most well-versed in the performing arts, and receiving a warm response is a dream come true for many dancers around the world. |
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| Choreography that's hard to pin down |
| CHOREOGRAPHY is a slippery routine, changing during rehearsals and production in a way that is supposed to lead to a final state of completion. |
|
| Colours and symbols of Bali |
| THE force of colour is what hits you first in Swiss artist Paul Husner's paintings. Then your eyes are drawn to the composition - with the many Balinese symbols acting like signposts - guiding your eyes, and forming your interpretation of the work. |
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| Creating an impact with everyday things |
| SINGAPORE artist Kumari Nahappan hasn't had a solo exhibition or been part of a group exhibition here for the past four to five years, but there hasn't been any real need to - not when several public and private spaces on the island itself have been her galleries. |
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| Nothing comical about it |
| TURNING comics into movies has long been a money-making machine for Hollywood, and while Singapore's comic industry doesn't look set to receive the same kind of boost, it could grow 5-10 per cent a year between now and 2014, according to a Global Intelligence Asia (GIA) research report commissioned by Reed Exhibitions. |
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| Exploring a great Paris attraction: its cinemas |
| (PARIS) It may seem backward to travel to one of the most beautiful cities in the world to sit in the dark. |
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| Surprisingly good fun |
| MOVIES about maverick military groups have been the rage this year, with the likes of The A-Team and The Expendables grabbing the headlines. |
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| No superhero can save this movie |
| SUPERHERO movies are ambitious projects and if there's any proof you'll need a decent budget to make a credible one, City Under Siege is it. |
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| Muscling their way to the top |
| LAUGH all you want about the geriatric beefcake museum that's the cast of The Expendables because the joke's definitely not on the movie's actor-writer-director Sylvester Stallone. |
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| Affordable ways to tasting benchmarks |
| THE frenetic and bull-market nature of the recent 2009 Bordeaux en primeur campaign has raised again the question of who the great wines are for. |
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| UK July retail sales surge; public borrowing down |
| (LONDON) British retail sales volumes rose nearly three times faster than expected in July, official data showed yesterday. |
|
| Vietnam's dong slumps to record low |
| (HANOI) Vietnam's currency dropped for a fourth straight day yesterday to a record low after an adviser to the prime minister said that the country risks a foreign currency liquidity 'shock'. |
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| Asia consumers' clout in global spending surges |
| (NEW DELHI) Consumer spending in Asia, powered by the emergence of a rising middle class in China and India, is likely to reach US$32 trillion by 2030, the Asian Development Bank said yesterday. |
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| TTI may shine again with Boustead's help |
| COULD cash-rich Boustead Singapore be the saviour of once high-flying trading firm TTI International? In a move which surprised some market watchers, Boustead emerged as a 'white knight' to rescue troubled TTI's stalled flagship Big Box project. |
|
| Company Briefs |
| CITIGROUP has named its Malaysian retail bank head Paul Hodes as Asia-Pacific head of wealth management products for its regional consumer bank in a bid to boost sales of investment products to wealthy Asians. |
|
| Jaya reports full year net profit of $103.7m |
| JAYA Holdings has posted a net profit surge to $103.72 million for the year ended June 30, 2010, up from just $1.2 million for FY2009. |
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| UOB launches swanky branch for rich at MBS |
| UNITED Overseas Bank (UOB) has launched a swanky new branch for rich customers at Marina Bay Sands, as part of plans to expand its business catering to the growing number of wealthy people in Asia. |
|
| Thai broker Kim Eng expects a much better H2 |
| (BANGKOK) Second-half profit at Kim Eng Securities, Thailand's largest stockbroker, could be 'surprisingly' better than the first if recent stock trading volumes are sustained, its chief executive said yesterday. Daily turnover on Thailand's resurgent stock market has swelled to an average 31 billion baht (S$1.3 billion) a day from 21.4 billion baht in the first six months, when political unrest sparked selling by foreign investors. |
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| Genting S'pore needs to amass cash: analysts |
| SHAREHOLDERS of Genting Singapore won't be receiving dividend payouts from now through 2011 - due to restrictions in a $4 billion bank loan it took to build its flagship Resorts World Sentosa (RWS) - even though the company's earnings potential looks robust in light of its recent second-quarter results. |
|
| Temasek ropes in BOA's former CEO candidate |
| TEMASEK Holdings has hired a former CEO candidate of Bank of America (BOA) to oversee its interests in the financial services and strategic engagements in the Americas. |
|
| Rotary may take stakes in storage terminals in the region |
| OIL and gas infrastructure services firm Rotary Engineering said it is expanding its horizon to building, owning and operating oil storage terminals in South-east Asia and the Middle East. |
|
| Key Tiger shareholders cut their stakes |
| ARE key shareholders - including the chief executive - bailing out of Tiger Airways? |
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| CNOOC's H1 profit more than doubles to 26b yuan |
| (SHANGHAI) CNOOC Ltd, the smallest of China's three main state-owned oil companies, said yesterday that its net profit more than doubled in the first half of the year, swelled by higher prices and a stimulus-linked surge in production. |
|
| China to shut polluting copper smelters |
| (BEIJING) China, the biggest smelter of copper, may shut plants that violate environmental rules, as the government tightens regulations after a series of industrial accidents led to waste spilling into rivers and seas. |
|
| China Mobile bets on new CEO, services |
| (HONG KONG) China Mobile is banking on a leadership change and value-added services like music downloads to reignite growth, after reporting quarterly earnings that beat expectations but were still sluggish. |
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| China says local govt debt risks under control |
| (BEIJING) China yesterday played down the risks involved in a wave of borrowing by local governments, saying officials were tackling a debt problem that could destabilise the country's financial system if not managed properly. |
|
| Beware of huge, stray vulture, pilots warned |
| (EDINBURGH) Pilots in Scottish airspace have been warned of the potential danger posed by a vulture which flew off from a public display and failed to return, air traffic controllers said on Wednesday. Gandalf, a seven-year- old female Ruppell's Griffon vulture, was performing in a display at the World of Wings birds of prey centre in Cumbernauld, near Glasgow, on Tuesday when it took flight, possibly caught in a gust of wind. |
|
| 5b Swiss francs sought for 22 fighter jets |
| (ZURICH) The Swiss defence ministry is proposing to spend as much as five billion Swiss francs (S$6.5 billion) to finance an unpopular plan to buy 22 new fighter jets, Swiss TV said citing an internal document. |
|
| Japanese PM may face bid to topple him |
| JAPANESE political heavyweight Ichiro Ozawa is expected to announce as early as next week whether he will make a bid to topple Naoto Kan as prime minister and as president of the ruling Democratic Party of Japan (DPJ) |
|
| Transocean wins revival of Maersk patent lawsuit |
| (WASHINGTON) Transocean Ltd, the world's largest offshore oil driller, has won an appeals court ruling that revives its patent- infringement lawsuit against shipping company AP Moeller Maersk A/S over a way to drill wells. |
|
| Middle East tanker rates fall due to oversupply |
| (LONDON) The cost of delivering Middle East crude oil to Asia, the world's busiest route for supertankers, fell for a second day because of an oversupply of ships. |
|
| Oil stored in tankers posts first rise this year |
| (LONDON) Oil products held on tankers at sea have posted the year's first build in volumes as refinery production outpaced flattening demand, potentially luring refiners to produce even more. |
|
| State minister backs rejection of power plant plan |
| (KUALA LUMPUR) Environmentalists have won a victory in the battle to prevent a coal-fired power plant being built in Malaysian Borneo, with a minister yesterday rejecting the plan due to environmental concerns. |
|
| China's phenomenal growth: At what cost? |
| OVER the last two decades, China has seen phenomenal growth. Such growth has boosted the confidence of the Chinese people, who expect that were China to continue to grow at such pace, its economy will soon surpass the economy of not only Japan (which it has already done) but also eventually that of the United States. |
|
| Trading halt not warranted |
| WE refer to the commentary, 'Should Wilmar have called a trading halt?' (BT, Aug 17) and wish to respond as follows |
|
| HSBC told to hand over Madoff reports |
| (NEW YORK) HSBC Holdings Plc should turn over internal reviews of fraud and other operational risks at Bernard Madoff's business from 2006 and 2008, a New York judge has ruled. US Bankruptcy Judge Burton Lifland, in an Aug 17 ruling, asked the High Court in London to order the bank to hand over all reports, contracts, audio recordings and documents related to examinations conducted by an affiliate of KPMG International. |
|
| Foreign investors' losses in Iceland may top US$58b |
| (LONDON) Foreigners who invested in Iceland before its 2008 economic collapse may end up losing US$58.5 billion, Iceland's Finance Minister said yesterday. |
|
| Conference Board index up 0.1% in July |
| (WASHINGTON) The index of US leading indicators rose in July for the second time in four months, extending a see-saw pattern that indicates slower growth through the end of the year. |
|
| Dollar slips to near 15-year low vs yen |
| (NEW YORK) The US dollar fell to near a 15-year low against the yen yesterday, after weak US economic reports fuelled concerns about the strength of the US economic recovery and pushed US bond yields lower. |
|
| Ditching engineering for equities pays off handsomely for Pang |
| HIS first love was civil engineering, but the blossoming of a new one - investing - led to an unusual career switch. |
|
| Contrarian and convincing |
| IF the presumption of a herd instinct is anything to go by, sticking out like a sore thumb must be a knee-shaking experience. But for Kenneth Ng, head of research at CIMB, not trying to fit into the crowd but standing firm on inner convictions paid off. |
|
| Bounce in global trade lifts Maersk and DP World |
| (DUBAI) A recovery in global trade lifted profits at key port and shipping operators yesterday and promised even better results in the second half of the year. |
|
| M'sian firms raise payout to directors last year: survey |
| (KUALA LUMPUR) Malaysian Business magazine's annual survey revealed that listed companies had paid out higher remuneration to their directors in 2009 compared with the year before. |
|
| Commonsense the way forward for the West |
| WESTERN nations are in urgent need of commonsense policies to regenerate their ailing economies. Clearly, the monetary and Keynesian fiscal policies that were instituted during the recession can hardly be regarded as a success. |
|
| A win-win game for China, Japan |
| NEWS this week that the size of China's economy surpassed that of Japan's in the second quarter of 2010 generated a good deal of excitement, not least among newspaper editors (this being the 'silly season' for news). |
|
| Brokers' Take |
| THE FTSE ST Real Estate Investment Trusts Index is up 7 per cent YTD, outperforming the Straits Times Index (STI, up 4 per cent), and the FTSE ST Real Estate Holding and Development Index (down one per cent). |
|
| Euro gains on Europe debt sales; yen up too |
| (NEW YORK) The euro rose against the dollar yesterday after a German government bond auction attracted solid demand, easing some concerns about fiscal instability in the European Union. |
|
| German reliance on exports may backfire |
| (BERLIN) Germany may have become too competitive for its own good. With exports driving the fastest economic growth since reunification, consumers are failing to respond in kind as companies from Siemens AG to Daimler AG hold fast to the wage restraint that's given them an international edge. |
|
| BHP makes hostile bid for Potash Corp |
| (LONDON) Anglo-Australian mining giant BHP Billiton yesterday launched a hostile takeover bid for Canada's Potash Corp which values the world's largest fertiliser producer at about US$40 billion. |
|
| M'sia eases forex rules to cut trade transaction costs |
| (KUALA LUMPUR) Malaysia yesterday eased regulations in the nation's foreign-exchange markets to help lower the transaction costs of external trade, moving a step closer to making the ringgit a freely traded currency. |
|
| Pertamina boosts purchases ahead of festive season |
| (SINGAPORE) Indonesia's Pertamina has bought 1.2 million barrels of spot gas oil for August delivery, after importing 3.7 million barrels to meet stronger demand during the fasting period and ahead of the festive season, traders said yesterday. |
|
| Indonesia will delay global sukuk offer to 2011: official |
| (JAKARTA) Indonesia will delay a planned US$650 million global sukuk offer to the first half of 2011 because a lower budget deficit forecast reduces this year's borrowing needs, a government official said yesterday. |
|
| Reliance, CBS to launch 3 new TV channels in South Asia |
| (MUMBAI) Reliance Broadcast Network Ltd and CBS Studios International are to launch three new television channels in India and South Asia, the companies announced yesterday. |
|
| Mine controversy: Vedanta willing to relocate |
| (NEW DELHI) Vedanta Resources is willing to relocate a controversial mine planned on land considered sacred by tribal groups in India, the company's boss was quoted as saying yesterday. |
|
| India may cap nuclear liability, opening doors |
| (NEW DELHI) India is set to introduce a revised bill to cap liability for nuclear accidents, resolving a two-year standoff that has kept companies including General Electric Co (GE) out of the nation's US$175 billion atomic energy market. |
|
| Car parts shortage means long wait for buyers |
| (MUMBAI) Utkarsh Parasrampuria, a Mumbai jewellery designer, has waited about three months to receive his new Volkswagen AG Polo. He's still not sure when it will arrive. |
|
| Downtown housing project in Oakland revived |
| (OAKLAND, California) When first conceived by its original developer, Oakland City Walk seemed a safe bet. The four-building condominium complex stands two blocks from the ornate tower of City Hall and directly across the street from the city's largest office buildings. |
|
| Luxury hotelier Nazarian shops in New York and renovates in Florida |
| (LOS ANGELES) Sam Nazarian, the US hospitality entrepreneur who played himself on HBO's Entourage, plans to renovate the Ritz Plaza Hotel in Miami Beach as he shops in New York for property and reworks debt on a Las Vegas casino. |
|
| Landmark site at City Hall draws 14 bids |
| (SINGAPORE) Ten developers and consortiums handed in 14 different bids to buy and redevelop a landmark commercial site at City Hall - with the historic Capitol Theatre, Capitol Building and Stamford House on it - by the close of the state tender yesterday. |
|
| US architecture billings index rises in July |
| (NEW YORK) A closely watched leading indicator of US non-residential construction spending rose in July but remained at a level that indicates falling demand for the 30th consecutive month, an architects' trade group said yesterday. |
|
| Demand for JTC industrial space mixed in Q2 |
| (SINGAPORE) JTC Corporation has turned in a mixed report card for the second quarter in terms of demand for its industrial properties. |
|
| Moderate rise in Australian wage index |
| (SYDNEY) Australian wages rose only moderately last quarter, keeping annual growth well below levels that would threaten inflation and adding to signs that interest rates can stay on hold for a while to come. |
|
| NZ economic growth seen slowing in Q2 |
| (WELLINGTON) New Zealand's economic growth has probably slowed in the second quarter amid a flat housing market, rising unemployment, and mixed confidence levels, a private bank survey showed yesterday. |
|
| S Korea bonds rally on talk of foreign buying |
| (SEOUL) South Korean domestic bond prices rallied yesterday, with long-term paper leading on talk that foreign buying would continue to grow on the back of ample cash liquidity in major countries. |
|
| Kan to outline fresh stimulus |
| (TOKYO) Japan's Prime Minister Naoto Kan plans to flesh out new stimulus measures as early as September in a bid to safeguard a recovery threatened by a strong yen, a report said yesterday. |
|
| Aussie, NZ dollars weaken on BOJ's yen stance |
| (SYDNEY) The Australian and New Zealand dollars fell against the yen on speculation Japan's officials are not ready to weaken their domestic currency, damping demand for the South Pacific nations' higher-yielding assets. |
|
| Another spin for gaming stocks |
| THAT the phrases 'surprising' and 'trumping expectations' showed up in a number of recent analyst reports on Genting Singapore is in itself surprising. |
|
| Company Briefs |
| CONTEL Corporation said that it has accepted a six-month standstill offer granted by its major creditor, Virago Capital Ltd. |
|
| Head to western China, S'pore firms told |
| SINGAPORE companies that want a piece of action in China should 'go west' - in other words, to venture into China's western region, where the growth potential is enormous. |
|
| Soilbuild divests logistics warehouse for $60m |
| SOILBUILD Group Holdings is divesting Penjuru Logistics Hub, a five-storey purpose-built logistics warehouse, for $60 million. |
|
| Autron loses its last independent director |
| THE last independent director of Autron Corporation - a mainboard listed company saddled with credit and legal issues - has resigned for health reasons. |
|
| CSC unit sued for over $10m by Penta-Ocean |
| A SUBSIDIARY of mainboard-listed CSC Holdings faces a $10.34 million claim from Penta-Ocean Construction, CSC said in a Singapore Exchange (SGX) announcement yesterday. |
|
| Court rules in favour of Dovechem founder |
| IN a case once described as that of 'an old man being played out by his own family members', the High Court of Singapore has decided to award judgment in favour of the old man. |
|
| Genting S'pore shareholders approve sale of UK casinos |
| SHAREHOLDERS of Genting Singapore yesterday gave the green light to the sale of its UK casino operations - including Crockfords, the world's oldest private gaming club - to parent Genting Malaysia Bhd for £340 million (S$716 million). |
|
| Hedge funds turn the corner in July |
| HEDGE funds bounced back in July after two months of flat or negative returns, a Eurekahedge report shows. |
|
| US tells China to boost trade role in Latin America |
| (BEIJING) The US hopes China can play a greater role in bringing development and jobs to Latin America, an area where Chinese investment and trade is small but growing fast, a senior US official said yesterday. |
|
| Foxconn reaches out to workers to halt suicides |
| (HONG KONG) Foxconn Technology Group, maker of Apple iPhones and Sony games consoles, plans to increase its China workforce by as much as 40 per cent and locate factories closer to the homes of its migrant workers after a series of suicides prompted it to halt hiring and raise wages. |
|
| Everbright shines on first day of trading |
| (SHANGHAI) China Everbright Bank shares closed up 18 per cent on their Shanghai debut, trumping first-day performance forecasts for the US$3 billion initial public offering (IPO), boding well for at least US$20 billion in China bank fundraising in the pipeline. |
|
| Reforms bring China closer to 'big bang' |
| (SINGAPORE) China may be on the cusp of a 'big bang' as it allows foreign investors increased access to its domestic capital markets, according to Nomura Holdings Inc. |
|
| Lawson rides manufacturing boom in Asia |
| ENTERPRISE resource planning (ERP) software company Lawson is betting big on the Asia-Pacific region where it sees robust growth over the next five years. |
|
| India may be near resolution of BlackBerry dispute |
| (MUMBAI) Indian officials and Research in Motion (RIM), the maker of popular BlackBerry devices, appear to be making progress toward resolving a battle over the government's ability to monitor encrypted e- mail and instant messages. |
|
| Many Singapore firms ill-prepared for new law, says HP official |
| WHILE Singapore may have introduced a new law last year requiring firms to produce electronic information as evidence in court when requested, companies here continue to be ill prepared to furnish them if necessary. |
|
| Search giant back on the prowl |
| IN January 2009, Carol Bartz took over as CEO of Yahoo! Inc and sent this missive to all Yahoo! staff: 'Look for this company's brand to kick ass again.' |
|
| Yahoo! mulls data centre in Singapore |
| ONE of the world's biggest IT companies, Yahoo! Inc, is thinking of setting up its first Asia data centre (DC) in Singapore. |
|
| AirAsia's Q2 earnings jump 43% to RM199m |
| (KUALA LUMPUR) Budget carrier AirAsia said yesterday second quarter profit surged 43 per cent, buoyed by strong passenger growth and rising income from in-flight services. |
|
| King's rainmakers take to the skies to ease Thai drought |
| (HUA HIN, Thailand) High above Thailand's parched landscape, the kingdom's fleet of intrepid royal rainmakers work their meteorological wizardry. |
|
| UK travel firm collapse ruins vacationers' plans |
| (LONDON) Budget travel firm Kiss Flights has become the latest British holiday company to collapse, leaving plans for tens of thousands of holidaymakers in tatters. |
|
| Chatter over mobile-phone use on flights |
| (CHICAGO) A battle is brewing in the court of public opinion and in Congress over whether US aeroplane passengers should be allowed to use mobile phones in flight as many foreign airlines now permit but which critics say is unsafe and annoying. |
|
| S Korea, EU set to seal free trade deal in Oct |
| (SEOUL) South Korea and the European Union (EU) are expected to ink the bilateral free trade agreement (FTA) in October, South Korea's trade ministry said yesterday. |
|
| Carbon profit grows on trees as NZ farmers ditch sheep |
| (AUCKLAND) New Zealand's sheep farmers are flocking to a government carbon trading programme that pays more to plant trees than sell wool and mutton. |
|
| Levi Strauss launches new global brand in China |
| (SHANGHAI) Jeans maker Levi Strauss & Co launched a new global brand in China yesterday, joining a growing list of companies that hope to crack this fast-growing and youthful market by tailoring their products to Chinese tastes. |
|
| Australia's Labor govt headed for narrow win: poll |
| (CANBERRA) Australian Prime Minister Julia Gillard's Labor government will narrowly win Saturday's election, a Reuters Poll Trend showed yesterday, paving the way for a controversial mining tax and a possible carbon trading scheme. |
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| Panalpina sees strong global freight demand |
| (SINGAPORE) Swiss logistics group Panalpina said it was 'cautiously optimistic' that China's economy would remain strong for the next few years, driving global demand for air and ocean freight. |
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| China Shipping earnings jump 60% in H1 |
| (HONG KONG) China Shipping Development, the dry-bulk arm of the nation's second-biggest shipping group, said first-half profit rose 60 per cent as rates for transporting iron ore, coal and grains increased. |
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| Singapore Roundup |
| SENIOR Minister Goh Chok Tong has been reappointed chairman of the Monetary Authority of Singapore, MAS said yesterday. |
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| Eagle wings of excellence |
| BEING awarded the Enterprise 50 title in 2009 is not the only reason Christopher Yeo, managing director of Borden Company Pte Ltd, celebrated this year. This company also commemorated its 50th anniversary in March 2010. |
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| COE premiums generally lower |
| THE COE premium for small cars fell substantially in yesterday's bidding exercise. Most of the other certificate of entitlement categories also slipped - but only slightly. And only the open category (which is transferrable) rose. |
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| Newton View for sale en bloc |
| OWNERS of Newton View have climbed aboard the collective-sale bandwagon, putting their estate up for tender with an indicative price of $153-155 million. |
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| Celebrating Indian entrepreneurship in Singapore |
| At 18, he was an assistant to a cameraman with big dreams of becoming a media icon himself. Less than 10 years later, JK Saravana has not just achieved that but has won the Singapore Indian Entrepreneur Award in recognition of his achievements. |
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| A silver good as gold |
| WHAT a race. What a battle. What drama. It was the swim of a lifetime for Singapore's Rainer Ng last night. In the end, all that separated him from earning that coveted Youth Olympic Games (YOG) gold medal was a mere 0.09 seconds. |
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| More unionised firms re-hiring older workers |
| A GROWING number of unionised companies in Singapore are re-hiring older workers. But companies still need to work on other areas, such as putting more effort into re-employment consultation before the retirement age. |
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| Asia stocks drift despite Dow surge |
| IT WAS another featureless session on Asian equity markets as caution continued to reign despite a strong overnight close on Wall Street. Traders said there was no strong catalyst to prompt players to take positions one way or other. |
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| Singamas sees better H2 margins |
| (HONG KONG) Singamas Container Holdings, the world's No 2 shipping container maker, expects gross margins to rise from the first half of the year on strong demand as global trade recovers, its CEO said yesterday. |
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| The downside to productivity targets |
| (SINGAPORE) While targets provide a useful benchmark to determine whether a policy is bearing fruit, this may not always be the case, and is actually a 'bad idea' when it comes to measuring productivity. |
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| Seoul rejects Pyongyang's summit offer |
| (SEOUL) North Korea has offered to hold a summit with South Korea in an apparent bid to secure economic aid, but Seoul rejected the idea citing increased tensions, a news report said yesterday. |
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| Big brother leaves law firm, junior steps in |
| (SINGAPORE) Drew & Napier director Manoj Sandrasegara will be leaving the firm for rival WongPartnership - currently led by his older brother, Dilhan Pillay Sandrasegara. |
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| Appeal against TT Int'l scheme: judgment reserved |
| (SINGAPORE) The Court of Appeal yesterday reserved judgment on two creditors' objection to a High Court approval of a scheme of arrangement for troubled firm TT International. |
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| M'sia nears end of fast lane with 8.9% Q2 growth |
| MALAYSIA'S economy decelerated in the second quarter, registering 8.9 per cent growth in real gross domestic product terms from the 10.1 per cent chalked up in the first quarter. |
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| Office market crackles as banks go hunting for space |
| (SINGAPORE) The Singapore office market is buzzing with leasing interest as banks and other occupiers expand their operations and plan moves to new Grade A office buildings. |
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| When a hit product isn't enough to make it overseas |
| BREAKING into the overseas market with help was hard enough for home-grown Bluetree Electronics. |
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| Qian Hu relies on two 'D' words |
| HOME-GROWN Qian Hu Corporation's decision to move into the export business and its strategy to stay in it are based on two 'D' words: 'diversify' and 'differentiation'. |
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| Avoiding negotiation pitfalls |
| Export negotiations remain one of the major problems that exporting companies face. What are some of the pitfalls in export negotiations and how do companies avoid them? |
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| Helping hand for S'pore exporters |
| IT'S a no-brainer. Singapore is just a tiny red dot. Its home market is even smaller - too small to feed many businesses for long. |
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| Meteoric rise of another controversial Indian tycoon |
| LATE Indian industrialist Dhirubhai Ambani used to say that at every radical stage of growth you have to move into a new orbit where the rivalries and problems of the earlier stage are no longer important as they were before. |
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| Quicker response needed to aid Pakistan |
| THE World Bank's move on Tuesday to release US$900 million to help fund relief efforts for Pakistan's flood disaster underscores the urgency of the situation and hopefully, would help galvanise global response to the calamity. |
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| Three-Minute Digest |
| THE Singapore office market is buzzing with leasing interest as banks and other occupiers expand their operations and plan moves to new Grade A office buildings. |
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| A few years needed to dig US out of recession: Obama |
| (SEATTLE) A campaigning President Barack Obama said on Tuesday it will take a few years to dig the United States out of the recession, warning impatient voters that any candidate promising faster results 'is just looking for your vote.' |
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| Dow could tumble to 8,000: analyst |
| (LONDON) US stocks could sink by more than 20 per cent if the neckline of a head-and-shoulders pattern on the Dow Jones Industrial Average is breached, according to Elliott Wave International Inc's Robert Prechter. |
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| Eurozone bond spreads seen holding |
| (LONDON) The growing risk of a global economic slowdown could scupper any further tightening of peripheral eurozone bond yield spreads, which will also depend on sovereigns successfully selling debt into a volatile market. |
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| Latin America seen stepping up forex intervention |
| (SANTIAGO) South American policymakers will likely step up intervention to stem surging currency gains, but they tread a fine line that risks fuelling inflation and could even put the brakes on a regional rate up-cycle. |
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| Goldman, Eurotunnel group bulks up for UK rail bid |
| (LONDON) Goldman Sachs and Groupe Eurotunnel have expanded their bidding group for Britain's only high-speed rail line, a consortium spokesman said on Tuesday, as first-round bids were due for the £1.5 billion (S$3.1 billion) route. |
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| ArcelorMittal deals meeting resistance |
| (JOHANNESBURG) ArcelorMittal South Africa's sale of shares to black investors linked to government and plans to buy a company with ties to one of the sons of the nation's president are 'seriously embarrassing' and should be stopped, unions said. |
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| Calm before the storm in the UK after 100 days of coalition govt |
| (LONDON) Britain's coalition government marked its first 100 days yesterday with Deputy Prime Minister Nick Clegg claiming it had surprised many with action not paralysis, though sweeping cuts are to come. |
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| Latinos, African Americans hit hard by mortgage defaults |
| (LOS ANGELES) Latinos and African Americans are about twice as prone to foreclosures in California, being more likely to receive higher-cost sub-prime mortgages than their non-Hispanic white counterparts, a study released on Tuesday finds. |
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| EMI may need more funds to deal with debt |
| (LONDON) EMI's parent company said yesterday further equity injections may be needed, particularly in 2011, as the music group continues to struggle under the weight of its debt in spite of an improved trading performance. |
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| Public Art D(R)ive |
| (SANTA MONICA BOULEVARD) A neon figure displayed on Santa Monica Boulevard, the historic Route 66, in West Hollywood, California earlier this month. |
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| Waning competitiveness is what really ails the West |
| THE global economy is like fried ice cream: If you don't act fast, it turns into a mess. |
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| Abbot wary of foreign state firms |
| (CANBERRA) Australia's opposition will be cautious about investments by foreign state-owned firms if it won cliffhanger elections on Saturday, as economic credibility emerged as a key voter issue. |
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| FM Holdings in talks on exit option |
| FM Holdings - which has been forced to delist by the Singapore Exchange (SGX) - is in preliminary talks with its two controlling shareholders on an exit option, but no firm offer has been made. |
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| Link Crest offers to take Pine Agritech private |
| PINE Agritech's major shareholder Link Crest, which has gained control of 40.97 per cent of the soybean products maker, has launched a mandatory conditional offer to take the mainboard-listed company private. |
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| Viking appoints chairmen for three of its units |
| HOPING to lay the groundwork for the future flotation of three of its unlisted subsidiaries, Catalist-listed Viking Offshore and Marine yesterday appointed chairmen for three unlisted subsidiaries. |
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| Olam to invest US$43.5m in Ivory Coast facilities |
| OLAM International said yesterday it would invest US$43.5 million in Africa's Ivory Coast to set up a greenfield cocoa processing facility in Abidjan and a primary processing and warehousing facility in San Pedro to boost margins. |
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| CapitaLand bond issue heavily oversubscribed |
| CAPITALAND yesterday sold $350 million worth of 10-year, Singapore-dollar bonds more cheaply than expected, in a debt issue that was heavily oversubscribed by investors hungry for returns. |
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| Li Ka-shing pays top dollar for two sites |
| (HONG KONG) Hong Kong's richest man, Li Ka-shing, snapped up two prime residential sites yesterday for prices well above market estimates, despite government measures to cool the overheating property market. |
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| Yuan climb slows as data from Japan, US worry China |
| (SHANGHAI) A slew of weak data from major global economies has set off alarms bells in Beijing, prompting the People's Bank of China (PBOC) to slow the yuan's climb against the US dollar partly to protect the country's exports. |
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| LAN-TAM merger should meet regulatory muster: CEO |
| (SAO PAULO) Brazilian airline TAM said on Monday it was certain its deal to merge with Chile's LAN would not violate rules restricting foreign investment, after discussing the plans with Brazil's President Luiz Inacio Lula da Silva before announcing the merger. |
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| China Southern H1 profit surges more than 50-fold |
| (SHANGHAI) China Southern, Asia's largest carrier by passenger numbers, said first-half net profit soared more than 50-fold from a year earlier due to surging demand and the sale of its maintenance unit. |
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| 6 badly hurt in 'miracle' crash flown to Bogota |
| (BOGOTA, Colombia) Survivors say everything seemed normal as a jetliner with 131 people on board prepared to land in a storm on a Caribbean resort. Suddenly it plunged to earth, killing one person - a death toll so low the island's governor called it a miracle. |
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| UK airports strike on busy holiday weekend averted |
| (LONDON) A strike that could have shut down six British airports on a key holiday weekend was averted on Monday after management offered a new pay deal to workers, both sides said. |
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| Waves can power Australia's future: scientists |
| (SINGAPORE) Waves crashing on to Australia's southern shores each year contain enough energy to power the country three times over, scientists said yesterday in a study that underscores the scale of Australia's green energy. |
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| Online video service Hulu plans IPO |
| (NEW YORK) Hulu, the Web video service owned by three of the biggest US broadcast networks, is planning an initial public offering (IPO) that could value the company at more than US$2 billion, a source familiar with the situation said on Monday. |
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| Fund managers pile into energy stocks in Q2 |
| (BOSTON) Top hedge fund managers went bargain hunting in the oil sector in the second quarter, buying shares whose prices had tumbled after BP's Gulf of Mexico well disaster and in the face of lower oil prices. |
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| Barclays to pay US$298m in 'trading with enemy' case |
| (WASHINGTON) Barclays Bank has agreed to pay US$298 million over criminal allegations that it illegally engaged in financial transactions with banks in five countries that were sanctioned by the US. |
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| No quick fix seen for Fannie and Freddie |
| (WASHINGTON) The Obama administration will pick the brains of housing finance leaders on how to fix Fannie Mae and Freddie Mac, but made one thing clear yesterday: there is no going back to their pre-crisis structure. |
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| 'Dark pools' not a big threat to Asia markets |
| (WELLINGTON) 'Dark pools' and other alternative trading systems are not as big a threat to Asia's bourses as they are for their western counterparts, because of regulators' reluctance to grant them a free reign and structural differences in markets. |
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| Gartmore bleeds assets after Rambourg debacle |
| (LONDON) UK fund manager Gartmore wants to remain independent despite a continued loss of clients as it struggles to recover from the departure of star manager Guillaume Rambourg. |
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| Drug firms in disputes over job cuts, pensions |
| (LONDON) Europe's pharmaceuticals industry, not known for industrial disputes, is experiencing a spate of clashes as employees fight back against cuts in jobs and benefits. |
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| Industrial output increases 1% in July |
| (WASHINGTON) Production in the United States rose more than forecast in July, easing concern the industry that led the economy out of the recession is beginning to slow. |
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| Madoff staff case hit by mounds of 'evidence' |
| (NEW YORK) The case against a former executive and two computer programmers charged with cooking the books for disgraced financier Bernard Madoff has been bogged down by a mountain of potential evidence, their lawyers said on Monday. |
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| Euro up after Irish, Spanish bond sales |
| (NEW YORK) The euro rallied for the second straight day against the US dollar and rose from seven-week lows against the yen yesterday, bolstered by Irish and Spanish bond auctions that alleviated concerns about heavily indebted euro zone countries. |
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| Brokers' Take |
| JULY residential sales rebounded 82 per cent month-on-month (m-o-m) to 1,544 units, taking sales in the first seven months to 9,957 units. |
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| The crisis in Europe is far from over |
| THE euro area is growing again. The banking system has survived its stress tests. The Greeks have implemented their first austerity measures with some success. |
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| The politics of identity |
| AN ANGRY debate has erupted among Americans over the plan to build an Islamic centre (aka the Ground Zero Mosque) in New York City, two blocks from where Muslim terrorists destroyed the World Trade Center in 2001. |
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| Balancing thirst for oil with safety |
| SOMETIMES statistics collide at just the right time to paint a picture. China's growing energy needs are resulting in a surge of industrial incidents, and there is little chance that the country's string of environmental catastrophes are likely to ebb any time soon. |
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| China should consider its route to development |
| WHILE voices in China continue to be raised against American naval exercises near the China coast, asserting Beijing's increased influence in global affairs, other voices are now being heard questioning the wisdom of China's increasing assertiveness. |
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| S'pore poised to be Asia's commodity hub |
| COME Aug 31 and we will witness the emergence of a big new player in Singapore's financial market landscape. It will be the Singapore Mercantile Exchange (SMX), which bills itself as the first pan-Asian multi-product exchange. |
|
| Three-Minute Digest |
| WITH environmental group Greenpeace hot on its heels in homeland Indonesia, Golden Agri Resources is looking more seriously at a reported US$1.6 billion diversification of its palm oil operations to Liberia. |
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| World Bank offers US$900m for flood-ravaged Pakistan |
| (ISLAMABAD) The World Bank will release US$900 million to help fund relief efforts for Pakistan's flood disaster as international agencies warned millions of people were at risk from disease. |
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| Khazanah unit evaluating Parkway listing status |
| (SINGAPORE) With Parkway Holdings' public float falling below 10 per cent after Khazanah Nasional raised its stake in the local healthcare company to 95 per cent, the Malaysian sovereign wealth fund is evaluating its position relating to the listing status of Parkway. |
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| Fed adopts rules to protect home buyers |
| (NEW YORK) The Federal Reserve on Monday moved to end a controversial lending practice that had helped propel the housing boom to unsustainable heights and then accelerated its collapse. |
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| Kim Eng eyes major stake in Berjaya's broking unit |
| BERJAYA Corporation told the stock exchange late Monday that it was 'in discussions' with Singapore-based stockbroker Kim Eng Holdings for the latter to possibly become a strategic investor in Berjaya's Inter-Pacific Securities. |
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| Singapore firm at core of suit has dealt with Apple since 2001 |
| (SINGAPORE) One of the Singapore companies embroiled in Apple's latest legal battle has had a relationship with the US tech giant stretching back to 2001. |
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| Japan plans crisis meetings on slowing economy |
| JAPANESE government officials will later this week begin a series of crisis meetings on the nation's economy following Monday's surprise news that Japan's GDP growth slowed to a virtual halt in the second quarter this year. |
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| Transport counters dip after rail system changes announced |
| (SINGAPORE) Shares in transport groups ComfortDelGro Corp and SMRT Corp fell slightly in trading yesterday, after the government said on Monday that it will make changes to the Rapid Transit Systems (RTS) Act. |
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| S'pore exports ease more than expected in July |
| (SINGAPORE) It is perhaps the first sign of a second-half economic slowdown everyone is talking about. |
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| Chinese state firm sinks roots in S'pore, plans to take on the world |
| (SINGAPORE) A Chinese state-owned enterprise is quietly growing its global footprint out of a nondescript industrial building in the leafy suburbs of Bukit Batok. |
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| Golden Agri seeks solace in Liberia |
| (SINGAPORE) With environmental group Greenpeace hot on its heels in homeland Indonesia, Golden Agri Resources is looking more seriously at a reported US$1.6 billion diversification of its palm oil operations to Liberia. |
|
| Chipmakers fight for top spot in LTE technology |
| (TOKYO) LTE, the next generation of high-speed wireless technology, should be a goldmine for chip companies, though smaller players will face big challenges as they jostle to compete behind market leader Qualcomm Inc. |
|
| Start-up aims to slay chip Goliath Intel |
| (NEW YORK) A GROUP of investors - including companies from the United States, Europe and the United Arab Emirates - have formed a venture in a bid to disrupt one of Intel's most lucrative franchises. |
|
| Katong apts put up for collective sale |
| AMBER Glades, off Amber Road, and Robin Court, with an adjoining bungalow at Robin Drive, are being put up for collective sale - for the third time. |
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| Singaporeans going the distance for work |
| ACCORDING to a study by global workplace solutions provider Regus, long-distance commuting is still the norm with 20 per cent of Singaporean commuters. |
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| Richer pickings in India for S'pore firms |
| SINGAPORE businesses and investors interested in India can look forward to a more favourable business and investment environment, according to TCA Raghavan, the Indian High Commissioner to Singapore. |
|
| Still waiting for a Singapore superstar |
| FROM past records, Olympic host nations typically fair quite well on home soil when it comes to racking up the medals. |
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| Singapore refining margins rising after tepid first half |
| SINGAPORE refining margins have started climbing again, the latest figures from BP show. But this appears to be due more to refiners here benefiting from product shortages caused by recent regional hiccups, rather than a market uptrend. |
|
| No surprises as Genting dominates |
| BEFORE trading opened yesterday, most players would probably have predicted few fireworks, little participation, a lop-sided focus on Genting shares and various penny speculatives, and above all, broad-based weakness in the absence of direction from overseas markets. |
|
| ITF still flies two flags after all these years |
| SINCE 1948, the International Transport Workers' Federation (ITF) has pursued a campaign against so-called flags of convenience (FOCs) as a key objective. |
|
| Fleet growth may cap freight rates |
| (SINGAPORE) Freight rates for some of the biggest vessels which carry iron ore, coal and grains may be capped because of fleet growth, said DnB NOR ASA, Norway's largest bank. |
|
| S'pore ideal location for Greatship |
| INDIA-BASED Great Eastern Shipping's wholly owned subsidiary Greatship (India) Ltd was looking to develop its global offshore operations and found Singapore to be an ideal location, given its large international maritime cluster and pro- business environment. |
|
| Centre to groom S'pore supply chain specialists |
| SINGAPORE is one of the most critical supply chain management nodes in the Asia-Pacific - yet very few Singaporeans have training, skills and expertise in this area. |
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| Renault to unveil Korean-built SM5 luxury sedan |
| (PARIS) Renault SA, struggling to maintain a European foothold in larger cars, plans to bolster its upscale offering with South Korean imports. |
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| US probing steering problems in 2010 Kia Soul |
| (WASHINGTON) The 2010 Kia Soul, a boxy vehicle that has been marketed to urban motorists, is being investigated by government regulators for potential loss of steering control. |
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| Singapore's top GM exec heads to Malaysia |
| GENERAL Motors (GM) veteran Kittichai Jarusrojpoka is leaving Singapore and heading across the Causeway to take over the carmaker's operations in Malaysia. |
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| US port authority moves to end nepotism |
| (TRENTON, New Jersey) The Delaware River Port Authority, which has borrowed more than US$1 billion to maintain road and rail links between New Jersey and Philadelphia, may end 'free rides' while trying to curb nepotism and conflicts of interest. |
|
| Used-car imports take a back seat |
| LESS than 5 per cent of the parallel-imported cars sold in Singapore this year were used - and this number may not increase because of strong COE (certificate of entitlement) premiums. |
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| Proton-Perodua merger welcomed but can be a difficult process: Mahathir |
| (SHAH ALAM) Malaysia's former prime minister Dr Mahathir Mohammad, who inspired the establishment of Proton in the early 80s, has welcomed the idea of a merger between the national car manufacturer and second national car maker Perodua, but says it could be a difficult process. |
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| M'sia sees national income rising to RM1.7t by 2020 |
| (KUALA LUMPUR) Malaysia's gross national income is projected to increase to almost RM1.7 trillion (S$730 billion) in 2020 under the government's economic transformation programme (ETP) from RM600 billion last year, Prime Minister Najib Razak said yesterday. |
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| Jail terms cuts, release for 58,000 in Indonesia |
| (JAKARTA) Indonesia's Justice Ministry said 58,000 convicts benefited from Indonesia's national day celebrations yesterday. Most had their jail terms shortened while some 4,700 prisoners were given their freedom. |
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| Indonesia calls for maritime border cooperation |
| (JAKARTA) Indonesian Maritime Affairs and Fisheries Minister Fadel Muhammad wants economic cooperation at the Malaysia-Indonesia maritime border to enable fishermen from both countries to fish in the area without any problems. |
|
| US is toughening reviews for deepwater oil drilling |
| (WASHINGTON) The US government is toughening environmental reviews for all new deepwater oil drilling, ending an easy path to oil riches that allowed BP to drill its blown-out well in the Gulf of Mexico with little federal scrutiny. |
|
| Delhi's Games woes a boon for GMR, Reliance? |
| (NEW DELHI) India's efforts to stage the Commonwealth Games for US$7.9 billion contrast with the US$70 billion makeover of Beijing for the 204-nation Olympics in 2008. While state control in China ensured the city was ready for rehearsals, Delhi's government-run efforts have been mired in delays, accusations of corruption and mismanagement. |
|
| Microfinance firms in India attracting strong interest |
| (MUMBAI) The first microfinance company to sell stock to the public in India got a strong endorsement from investors on Monday when its shares closed up 10.5 per cent on the first day of trading. |
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| Rich Londoners hire new breed of housing agents |
| (LONDON) Beverley Kirby gave up trying to buy a house on her own in London's Chelsea area after twice getting burned by owners reneging on agreements to sell to her. |
|
| Commodities still buoyant |
| COMMODITY investments hit a record US$300 billion in assets under management in July, but will the party continue? |
|
| Pledging fortunes takes extra effort in shaky recovery |
| (NEW YORK) Warren Buffett and Bill and Melinda Gates gave billionaires a jolt of positive publicity two weeks ago with the unveiling of The Giving Pledge - a promise by 40 individuals and couples to donate at least half of their fortunes to charity. Their commitments were outlined in individual letters explaining their reasons. |
|
| Family philanthropy - beyond giving |
| IT HAS always been a tradition in Asia and across the globe that the very rich give substantial sums as alms to the very poor. The motivation varies, but normally revolves around the theme of social responsibility: 'giving back'; remembering roots and 'appeasing the gods' (as one philanthropist put it); or repaying a debt of gratitude for good fortune or assistance received - 'paying it forward'. |
|
| German investor sentiment falls to 16-month low |
| (BONN) German investor confidence dropped to a 16-month low in August, suggesting economic growth will slow from the record-breaking pace set in the second quarter. |
|
| CPI rate in Britain slows; but inflation still above target |
| (LONDON) British consumer price inflation slowed in July but as analysts had expected remained above 3 per cent, forcing a third open letter from the Bank of England this year to explain why inflation is still above target. |
|
| Danes face challenge of sustaining their benevolence |
| (COPENHAGEN) For years, Denmark was held out as a model to countries with high unemployment and as a progressive touchstone to liberals in the United States. The Danes, despite their lavish social welfare state, managed to keep joblessness remarkably low. |
|
| WTO raps EU tariffs on electronic products |
| (GENEVA) A World Trade Organization panel gave broad backing on Monday to the United States, Japan and Taiwan in their complaint over controversial European duties on electronic products, and told Brussels to bring its trade measures into line with international rules. |
|
| F&N - the beauty of being big |
| CONGLOMERATES are big, but the investing community does not always find them beautiful. The theory is that they are inefficient, hard to understand, and therefore worth less than the sum value of their separate business parts. |
|
| Company Briefs |
| NOVO Group warned that due to the slowdown of the economic recovery, the group expects to report a lower profit for the first quarter ended July 31, 2010. |
|
| German utilities offer billions in nuclear deal |
| (BERLIN) Germany's utilities are offering to pay the government billions to let them keep their nuclear power plants running longer instead of shutting them down as mandated under current law, energy giant RWE AG has said. |
|
| Hedge funds slash bullish gas bets to 2010 low |
| (LONDON) Hedge funds slashed their bets on rising natural gas to the lowest level this year as prices fell, a sign the fuel may repeat last year's 19 per cent August slide during a so-far quiet hurricane season in the Gulf of Mexico. |
|
| Michael Page's H1 profit up 42% to £pounds;61.4m |
| (LONDON) Recruiter Michael Page posted a 42 per cent rise in first-half pre-tax profit, boosted by growing demand in Asia and Latin America, defying concerns that a sluggish economic recovery would hit job turnover. |
|
| UK equity trade slides on investor caution: report |
| (LONDON) UK equity trading volumes are this year on track to hit their lowest point, relative to the value of the market, since 2002, research released yesterday showed, with investors cautious about the state of the economy. |
|
| Greenback under pressure in Asia |
| (TOKYO) The US dollar was under pressure in Asian trade yesterday as investors closely watched for possible steps Japanese authorities may take against the yen's strength, dealers said. |
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| Have your say |
|
|
| MDA not involved in StarHub deal |
| WE refer to the article, 'Match-making the future of TV' (BT, Aug 12). |
|
| MDA encourages Web TV content |
| WE thank your reporter for highlighting MDA's efforts to catalyse the creation of Web TV content ('Match- making the future of TV', BT, Aug 12). |
|
| Brokers' Take |
| SECOND quarter 2010 core net profit of $32.2 million (up 25 per cent y-o-y) accounts for 23 per cent of our FY2010 forecast (H1 2010 at 49 per cent) and consensus forecasts. |
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| China still cares who you are and where you're from |
| WANG Aijun is the editor of the Beijing News, one of China's most influential private daily newspapers. Yet here in the capital, Mr Wang said, he often feels like a second-class citizen. |
|
| Asean on path to achieving AEC goal |
| ASEAN leaders have repeatedly conveyed their political will and commitment to build an Asean Economic Community (AEC) by 2015. They signed the Asean Charter in 2007, which put in place the institutions and mechanism to build up an Asean community. |
|
| Living with oil demand - and offshore drilling |
| THE worst oil spill in US history would have set oil prices afire if it had happened two years ago. |
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| Inequality in China reaching danger level |
| NOW that's one big mattress. Last week, we learned China's households hide as much as 9.3 trillion yuan (S$1.9 trillion) of income not reported in official figures - 80 per cent of it by the nation's wealthiest. This massive pile of stashed cash is equal to about 30 per cent of GDP. |
|
| Of dinars, dirhams and Malaysian politics |
| IT would be easy to dismiss the Kelantan PAS state government's attempt to revive the use of gold and silver coins for trade as a quixotic way to hearken to the glory days of the Islamic civilisation. |
|
| Correction |
| IN our report 'Car crash depresses June retail sales' (BT, Aug 14), we gave the wrong figure for the drop in the retail sales index that included vehicle sales. It should be 4.9 per cent, not 4.5 per cent. We are sorry for the error. |
|
| Three-Minute Digest |
| THE government will amend the Rapid Transit Systems Act to implement a new rail financing framework and inject greater contestability in the industry. |
|
| Robert Gates confirms plans to leave office in 2011 |
| (WASHINGTON) US Defense Secretary Robert Gates confirmed yesterday plans to leave office next year, saying he first wanted to make sure the start of the American withdrawal from Afghanistan is on track. |
|
| Ex-DLA Piper partner's jail term reduced to a day |
| (SINGAPORE) DLA Piper LLP's former Singapore partner Rudy Lim had his jail term for forging a pay slip cut by an appeals judge to one day, from two months. Lim was also fined $10,000. |
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| Mapletree to launch US$500m Japan fund |
| (SINGAPORE) Mapletree Investments, a real estate firm wholly owned by Singapore investment company Temasek Holdings, plans to launch a US$300-500 million Japan property fund this year as it looks to expand in that country's property sector. |
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| China dislodges Japan as 2nd largest economy |
| (SHANGHAI) After three decades of spectacular growth, China passed Japan in the second quarter to become the world's second-largest economy behind the US, according to government figures released yesterday. |
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| Developers sell 9,957 homes in first 7 months |
| (SINGAPORE) Developers' sales of private homes surged 82 per cent month on month to 1,544 units in July from the low of 847 units in June, according to latest official figures. This reflects a resumption in home buying, which had taken a breather during the school holidays and World Cup. |
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| SMX to go live on Aug 31 with Asian bet |
| (SINGAPORE) Singapore Mercantile Exchange (SMX) is expected to go live on Aug 31 and will soon add two currency products - the Australian dollar-US dollar futures and the yen-US dollar futures - to its current suite of four products, SMX chief executive Thomas McMahon told BT yesterday. |
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| Game-changer for rail industry chugs into view |
| (SINGAPORE) The government will amend the Rapid Transit Systems (RTS) Act to implement a new rail financing framework and inject greater contestability in the industry. |
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| Respecting tradition |
| AS part of our company's tradition, we observe the Hungry Ghost Festival, which falls in the seventh lunar month. |
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| Colombia on the rise |
| SECURITY gains and capitalist- friendly investment rules are spurring an unprecedented mining and oil boom in Colombia, a pro-business outpost on the increasingly leftist continent of South America. |
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| Managing compliance tax risks |
| COMPLIANCE risk covers the risks associated with meeting a company's tax compliance obligations. |
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| Guys and gals, what are you made of, underneath it all? |
| PEOPLE have always wondered why none of Superman's enemies recognise him when he is dressed as 'mild-mannered' reporter Clark Kent - after all the only disguise he has on are his glasses. |
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| Focusing on just a few things |
| BILL Gates once said: 'My success, part of it certainly, is that I have focused on a few things.' This is a principle that Cables International echoes. |
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| A leader in temporary housing solutions |
| MILLIONS were left homeless after the massive Sichuan earthquake struck in May 2008. However, there was light at the end of the tunnel for some of these unfortunate victims. One company stepped forward to help put a roof over their heads. |
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| Local SMEs less optimistic about growth prospects |
| DESPITE the improving economic climate, Singapore SMEs are less optimistic about their own growth prospects this year than their regional peers. |
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| Annie's itch to be her own boss pays off |
| INSPIRED by her boss at the company she used to work for, Annie Yap started up AYP Associates in March last year to fulfil her dream of being an entrepreneur. |
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| From gamer to entrepreneur |
| JOSEPH Ng, founder and managing director of Gatekeeper Laboratories, always thought he would follow in his father's footsteps and become an engineer. 'Engineering was a passion and an interest,' he recalls. |
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| Smartflex sets its sights on emerging markets |
| SMARTCARD integrated circuit assembly and test services provider Smartflex Holdings plans to ride on the needs of emerging markets. |
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| No spillover from China rally |
| CONCERNS about the sustainability of the global economy has taken a toll on stock markets globally. |
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| Briefly |
| SINGAPORE has been spared the fallout from the European sovereign debt crisis - so far at least, Trade and Industry Minister Lim Hng Kiang told Parliament yesterday. |
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| Int'l panel to advise on construction productivity |
| THE Building and Construction Authority (BCA) has put together a panel of 12 design and construction professionals to explore ways to raise construction productivity. |
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| GST exemption bill for some businesses approved |
| THE BURDEN of the goods and services tax (GST) will soon be lighter on some businesses. |
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| In taekwondo ring, politics spoils fight |
| BOTH boys had put on a stellar showing in their respective taekwondo semi-final matches. |
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| Not time yet to do away with retirement age |
| RECENTLY, Minister Mentor Lee Kuan Yew said that there should be no set retirement age. So that question was asked yesterday in Parliament: Should we dump it? |
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| Genting supports STI and market |
| UNSURE of how Wall Street might open the week and confronted by conflicting signals from Hong Kong, which rose, and Europe, which weakened, traders here opted for safety first yesterday and sent the Straits Times Index (STI) down 6.46 points to 2,933.51. |
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| Suez Canal gets highest daily revenue since crisis |
| (ISMAILIA) The Suez Canal last week earned its highest daily revenue since the 2008 financial crisis triggered a world trade slump, the canal authority said on Sunday, citing a recovering economy and canal improvements. |
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| US urges greater vigilance against Iran |
| (LONDON) All governments should step up their vigilance against dealings with Iran's shipping sector, a senior United States official said on Monday, describing it as a 'critical lifeline for Iran's proliferation and evasion'. |
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| Conflict of interest cited in inspections |
| (WASHINGTON) To ensure that oil rigs, tankers and other commercial ships are in safe operating condition, governments around the world, including the United States government, often rely on inspections by private firms that are hired and paid by the vessels' owners. |
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| US Islamic funds flocking to M'sia |
| (KUALA LUMPUR) Malaysia is attracting Islamic investment funds from the US seeking higher returns in Asia as growth in developed economies slows. |
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| Jakarta to take steps that may boost debt rating |
| (JAKARTA) Indonesia will spend more on infrastructure, raise tax revenues and cut subsidies next year, the president said yesterday, moves that would improve prospects for an investment grade credit rating. |
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| M'sia director-general of tourism charged with graft |
| IN another move signalling Malaysia's tougher attitude towards corruption, three senior officials - including a director-general of the tourism ministry - were charged yesterday with criminal breach of trust. |
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| SAfrica mining rights disputes a threat to investments, jobs |
| (JOHANNESBURG) Anglo American plc and Lonmin plc, which employ 100,000 people in South Africa, say the government has deprived them of mine rights, threatening investment and job creation in the country's biggest export industry. |
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| Vedanta to pay US$8.5b to US$9.6b for Cairn India stake |
| (MUMBAI) Vedanta Resources plc has agreed to pay US$8.5 billion to US$9.6 billion for a 51 per cent to 60 per cent stake in the India unit of Britain's Cairn Energy plc, the companies said yesterday. |
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| India's growth could outpace China's |
| (NEW DELHI) India may become the world's fastest growing major economy by 2015 outpacing China, as the nation doubles infrastructure investment and adds six-fold more workers than its northern neighbour, Morgan Stanley said. |
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| India's inflation slows to 6-month low in July |
| (NEW DELHI) India's inflation cooled to a six-month low in July, providing central bank governor Duvvuri Subbarao room to temper the pace of monetary tightening after four interest rate hikes in five months. Bonds pared losses. |
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| HK property stocks hit by tighter mortgage lending rules |
| (HONG KONG) Developers fell in Hong Kong trading after the government tightened mortgage lending rules and said it will increase the supply of land to help cool surging home prices. |
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| DTZ aims to focus on major emerging markets |
| (HONG KONG) Real estate services company DTZ Holdings aims to be profitable at the operating level in the current financial year, although uncertainties in Europe are a major concern, a top executive said yesterday. |
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| Fusionopolis' Solaris 60% leased |
| SOLARIS, an extension of the Fusionopolis research cluster at Buona Vista, has been 60 per cent leased ahead of its completion by the end of the year. |
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| S'pore still cheaper to build in than HK and London: DLS |
| SINGAPORE is still a much cheaper place to build than Hong Kong and London, the director of Davis Langdon & Seah Singapore (DLS) said yesterday - refuting an earlier report that found otherwise. |
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| Daiwa Securities raises stake in DA Office |
| (TOKYO) Daiwa Securities Group said yesterday it will take an additional 15 per cent stake in DA Office Investment Corp, making it the biggest shareholder in the real estate investment trust (Reit). |
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| MGPA to build malls in smaller Chinese cities |
| (SINGAPORE) Property fund manager MGPA plans to build malls in smaller Chinese cities as it sees opportunities arising from China's rapid growth and international retailers planned expansion into the country's interior. |
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| Fund outflow from stocks to bonds widens valuation gap |
| (NEW YORK) Investors are moving more money than ever before out of stocks and into bonds, widening a valuation gap and convincing JPMorgan Chase and BlackRock that now is the time to buy equities. |
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| Deep UK spending cuts fuel scepticism, concern |
| (LONDON) The British government may find it hard to stick to a coherent strategy as ministries scramble to cut spending by up to 40 per cent on Treasury orders. |
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| Growth anxiety drifts back to US from EU |
| (WASHINGTON) After worrying about Europe for several months, economists are now turning their focus back to the United States, where high unemployment and a historic housing slump just won't go away. |
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| Japan growth slowing earlier than expected |
| JAPAN's economic recovery appears to have stalled earlier than expected, according to data issued yesterday showing that gross domestic product crept up by only 0.4 per cent on an annualised basis in the second quarter of this year after slowing dramatically from the 4-plus per cent growth rates of the two previous quarters. |
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| Should Wilmar have called a trading halt? |
| PALM oil giant Wilmar's acquisition of a 20 per cent stake in its smaller rival Kencana Agri last Friday raises a number of issues - not so much about the deal itself than about an apparent lack of coordination between the two parties regarding the disclosure and handling of market-sensitive information. |
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| Company News |
| KHAZANAH garnered 95 per cent of shares in Parkway Holdings, including valid acceptances, at the close of its $3.5 billion general offer yesterday. |
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| Stanchart to hire 800 bankers for emerging affluent segment |
| STANDARD Chartered plans to hire 800 bankers in the next 12-18 months for a new service aimed at affluent Asians who do not currently qualify for priority banking services. |
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| Citi plans dark pool trading in S'pore |
| CITIGROUP says it will start so-called dark pool electronic trading in Singapore early next year to meet growing demand in Asia. |
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| DBS appoints new HK CEO, Singapore manager |
| DBS Group has appointed two senior executives to head its biggest markets - one to fill the newly created post of Singapore country manager, and the other to replace Hong Kong chief executive Amy Yip of four years, who will retire at the end of the year. |
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| IOI undecided on resuming palm oil trade with SMART |
| (KUALA LUMPUR) Malaysia's IOI Corp stopped buying palm oil from PT SMART three to four weeks ago, and is still undecided on whether to resume purchases after an environmental audit last week gave a mixed score card to the Indonesian planter, traders said yesterday. |
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| Cosco-linked stocks soar in Shanghai, HK |
| SHARES in China Cosco Group, a leading dry-bulk shipping operator, surged on the Shanghai Stock Exchange and the Stock Exchange of Hong Kong yesterday amid market murmurs about a possible injection of assets into its tanker fleet in the future. |
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| S-chips show strong results |
| A MAJORITY of S-chips put up a strong showing in the second quarter and first half this year, marking higher profits and margins as they rode the domestic consumption wave. |
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| CDLHT eyeing Asia-Pacific hotels, but will give China a miss |
| CDL Hospitality Trusts (CDLHT), one of the largest hotel owners in Singapore, is looking to acquire hotels in Vietnam, India and Japan, but will avoid China due to an oversupply. |
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| Teledata executive director and MD quit |
| BARELY two months after terminating the services of its chief executive officer without a replacement, Teledata (Singapore) is now faced with a management vacuum as two other key persons have resigned. The two include executive director Rayson Hazra, one of the remaining two executive directors whom major shareholder Meritus Resources Ltd is seeking to oust. |
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| NOL finalises order for two new ships |
| NEPTUNE Orient Lines (NOL) said yesterday that it has finalised an order for two new 10,700-TEU (twenty foot-equivalent unit) container ships, on a day when it also reported higher container shipping volumes. |
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| Olam faces rival bid for NZ Farming |
| COMMODITIES group Olam International's takeover offer for NZ Farming Systems Uruguay (NZFSU) at NZ$0.55 per share has been upstaged by the Uruguayan-based Union Agriculture Group, which threw in a bid of NZ$0.60 per share yesterday. |
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| Chinese banks face rocky H2 as profit growth slows |
| (BEIJING) China's major banks could report rising problem loans when they release quarterly earnings, which are expected to show slowing profit growth as Beijing tightened monetary policy to cool a racing economy. |
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| Kuwait Airways gets local bank loan for salary payments |
| (KUWAIT) Kuwait Airways Corp, the state- owned carrier being prepared for sale, got a loan from a local financial institution to help pay salaries, an airline spokesman said on Sunday. |
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| Virgin Blue scraps domestic services in New Zealand |
| (MELBOURNE) Virgin Blue Holdings, Australia's second-largest airline, will scrap New Zealand domestic services as chief executive officer John Borghetti overhauls operations to focus on more profitable routes. |
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| ANA gets boost as loyalty card holders soar |
| (TOKYO) All Nippon Airways Co intends to boost profit at its 20.5 million-member frequent flyer programme after adding twice the number of new cardholders as rival Japan Airlines Corp, which is under bankruptcy protection. |
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| Malaysia Airlines posts Q2 loss of RM535m |
| (KUALA LUMPUR) National carrier Malaysia Airlines (MAS) yesterday said it sank into the red in the second quarter, due to losses on fuel hedging and higher fuel prices. |
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| Airline passenger numbers show healthy growth in H1 |
| (SINGAPORE) The global airline industry enjoyed a strong rebound in travel demand during the first half of this year, with premium travel rising 11.9 per cent, while economy travel was up 6.3 per cent. |
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| Nomura sees record Asia bond sales this year |
| (TOKYO) Asian company bond sales may climb to a record this year as borrowers in some of the world's fastest-growing economies lure US investors with better returns than they can get at home, Nomura Holdings Inc said yesterday. |
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| Kirin's net profit halved in H1; cuts full-year forecast |
| (TOKYO) Kirin Holdings, one of Japan's top beer companies, said yesterday net profit halved in the first six months and cut its full-year forecast due to charges related to a subsidiary that fudged records. |
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| Banks to reap US$120m from GM listing |
| (NEW YORK) Wall Street banks led by JPMorgan Chase & Co and Morgan Stanley stand to make a combined US$120 million on General Motors' (GM) initial public offering (IPO). |
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| I am standing here |
| (Wittenberg, West Germany ) A young girl checking out the plastic statuettes of 16th-century Protestant reformer Martin Luther, which are part of the art installation 'Martin Luther - I'm Standing Here' by German artist Ottmar Hoerl, in the main square here. |
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| Last straw that led to ouster of HP's Hurd |
| (SAN FRANCISCO) Hewlett-Packard Co's Mark Hurd surprised the board by settling a sexual-harassment claim before directors could learn more about the incident, a final breach of trust that contributed to his ouster as chief executive officer, two people familiar with the decision said. |
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| CEO turnover in US falls to 5-year low |
| (MONTERREY) Don't be fooled by CEO exits at Hewlett-Packard, General Motors and Sara Lee this month. Chief executive officer turnover has fallen to a five-year low and may not rise until the economic outlook clears and stock-option values rebound. |
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| RIM said to reassure Goldman et al on BlackBerry security |
| (NEW YORK) Research In Motion Ltd (RIM) is seeking to reassure Wall Street customers about the security of its BlackBerry e-mail service as countries including Saudi Arabia and India press for more access to its network, say two people familiar with the situation. |
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| Will next CEO be a steady veteran or a risk-taker? |
| (SAN FRANCISCO) The top job at Hewlett-Packard Co (HP) offers a singular opportunity at the helm of a powerful Silicon Valley icon - but comes with daunting challenges and high expectations. |
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| Euro, double-dip fears may up risk aversion |
| HOW quickly they forget. Just a short while ago, the term everyone was fixated on was 'PIIGS', which referred to the debt-laden countries of Portugal, Ireland, Italy and Spain, and their associated sovereign debt problems. The euro was supposed to collapse and an ill-conceived currency union, at least according to market behaviour, was doomed. |
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| Baltic index rises, capesize market steady |
| (LONDON) The Baltic Exchange's main sea freight index, which tracks rates to ship dry commodities, rose on Friday with Chinese iron ore enquiry still providing support, especially on the larger capesizes. |
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| VW inks deal with DRB: report |
| (KUALA LUMPUR) Europe's biggest carmaker Volkswagen is to join forces with DRB-Hicom to assemble and manufacture cars in Malaysia, a report said yesterday. |
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| Rebranding KL will take much work |
| THERE are growing calls to rebrand Kuala Lumpur. The Malaysian capital is looking dull and jaded, provincial in contrast to bustling and 'happening' Hong Kong, Bangkok and Singapore. Even Jakarta is attracting admirers, its new vibrancy so palpable it is infectious, say Indonesia watchers. |
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| Indonesia may miss coal output target on bad weather |
| (JAKARTA) Indonesia may miss its 2010 production target for coal after a longer-than-usual rainy season disrupted mining, according to an industry group. |
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| Hike in US job visa fees angers India outsourcers |
| (NEW DELHI) India's flagship outsourcing industry reacted angrily on Saturday to a new US law tightening security at the Mexico border with measures paid for by steep hikes in American work visa fees. |
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| PM promises a successful Commonwealth Games |
| (NEW DELHI) India's prime minister promised a successful Delhi Commonwealth Games yesterday, a day after he intervened to rescue the troubled event that has been beset by delays and allegations of corruption. |
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| India needs new farm methods, says Manmohan |
| (NEW DELHI) India needs to invest in technology to cultivate dry areas and boost farm production lagging at the slowest pace of growth in five years, Prime Minister Manmohan Singh said in his Independence Day speech. |
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| Swedish premier pledges 20b kronor in tax cuts |
| (STOCKHOLM) Swedish Prime Minister Fredrik Reinfeldt pledged a further round of tax cuts to reduce unemployment and galvanise economic growth as the Nordic country prepares for general elections next month. |
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| Europe recovery still gradual, says ECB official |
| (KUALA LUMPUR) Despite surging growth in Germany, the euro zone's largest economy, that helped push the 16-member bloc to its fastest expansion rate in three years, Europe's economic recovery is still 'gradual', European Central Bank (ECB) rate setter Patrick Honohan said yesterday. |
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| Fed leader slams US rate policy |
| (LINCOLN, Nebraska) The Federal Reserve is undertaking a 'dangerous gamble' by keeping rates at near zero for so long, and it must start raising rates or risk damaging the nascent US recovery, a top Federal Reserve official said last Friday. |
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| Trust us, we are paying for performance |
| OVER the last few years, more companies have introduced share plans either to replace or supplement their share option plans. These share plans - often called performance share plans - look remarkably similar to each other. Between March and April this year, at least 15 companies issued shareholders' circulars seeking shareholders' approval for adoption of performance share plans. |
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| Barclays offers Treasury-linked ETNs |
| (NEW YORK) Barclays Plc offered what it says are the first exchange-traded notes designed for betting on changes in yields between different-maturity Treasury bonds, as the Federal Reserve announced this week it would buy longer-term US debt. |
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| Weekend woes from quarterly results? |
| THE bad news can wait, even when it comes to the results season. |
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| China clears milk powder after tests |
| (BEIJING) China's Health Ministry found no link between milk powder and apparent breast growth in three babies after an investigation in China's latest product safety scandal. |
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| Individual tourists may soon travel to Taipei |
| (TAIPEI) The Chinese mainland supports individual tourist travel to Taiwan, but wants time to prepare for possible large tourist flows, said a senior mainland official yesterday. 'We are positive about allowing individual mainland tourists to travel to Taiwan, but a lot of work must be done before that,' Shao Qiwei, president of the Cross-Strait Tourism Exchange Association (CTEA), said. |
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| China military thinking outdated, paper warns |
| (BEIJING) China's military thinking is outmoded and it should learn from others, especially the United States, when it comes to modernising its vast armed forces, a leading armed forces newspaper said yesterday. |
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| Turkmenistan seeks US$4b China loan |
| (ASHGABAT, Turkmen- istan) Energy-rich Turkmenistan is reaching out to China for a US$4.1 billion loan to develop one of the world's largest natural gas fields, state media reported on Friday. |
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| Be prepared for market shocks |
| ALL of us are given an opportunity to manage our own time and resources. Every day, we are given 86,400 seconds - to invest or to spend, the choice is yours. If you have invested your time well, you would mostly likely find that you have created enough wealth. |
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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. |
|
| Standing theory on its head |
| ARMED with theories, hypotheses and interview questions, 20 of us from the Singapore Management University went to China as part of a course. |
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| PayPal hopes to make micropayments easier online |
| (SAN FRANCISCO) PayPal wants to make it easier to buy low-cost digital goods online, whether it's a single article on a news website or virtual items in a video game. |
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| Asian cellphone makers fight global players on home turf |
| ASIA is experiencing explosive growth in mobile phone sales, and local manufacturers are putting up a serious fight on home turf against large global players, in the large unpenetrated markets of India and China. |
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| Protecting data, inspiring confidence |
| SECURITY today is not about putting up higher walls around information or locking down the use of mobile devices within the enterprise network. |
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| Time for consumer brands to get online |
| GOOGLE, StarHub and SingTel. |
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| Major govt projects boost IT spend in '10 |
| THE government is the biggest infotech spender, both in Singapore as well as in the major developed countries worldwide. In fact, the current uptick in the global ICT markets would not be sustainable without government ministries and departments continuing to plonk big bucks to beef up their ICT infrastructures. |
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| Qantas plans to expand capacity |
| (SYDNEY) Qantas Airways, Australia's biggest carrier, will look to expand capacity on international routes as demand recovers amid 'positive signs' in the previous quarter, chief executive Alan Joyce said. |
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| Braving the uncertain China property market |
| (SINGAPORE) It is getting increasing difficult to get a sense of the state of China's residential property market. |
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| Tipping point for double dip may be near |
| (NEW YORK) Like a car spinning its wheels, the American economy hasn't been getting much traction. Many financial indicators are issuing worrisome signals, millions of people are still out of work, and growth is slowing. |
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| Market calm amid summer break but storm brewing ahead |
| ON Wall Street, the final two weeks of August are known as the quiet season, a period unrivalled even by the holiday weeks around Christmas and New Year's for the sheer number of money managers, traders, and market analysts who have left their offices for summer vacation. |
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| Celestial posts rare 'negative revenue' |
| (SINGAPORE) Celestial Nutrifoods - which made headlines last year for defaulting on convertible bonds worth more than $200 million - has posted what it called a 'negative revenue' for its second quarter, an item not often seen in financial statements. |
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| Autron evicted from its S'pore HQ |
| (SINGAPORE) Autron Corporation - a mainboard listing that was once linked to Temasek Holdings - has been evicted from its headquarters in Singapore after failing to pay rent, BT has learnt. |
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| All set for the next level of cloud? |
| CLOUD computing is perhaps the most important technology that is on the radar screens of C-level executives of both large enterprises as well as SMBs (small and medium-sized businesses). |
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| What drives Newsweek's 92-year-old buyer? |
| THE day after he turned 92 (yes, 92), Sidney Harman, audio industry pioneer, philanthropist, author, university professor, lover of Shakespeare and soon-to-be-owner of Newsweek magazine, was feted at the Aspen Institute, the research organisation on whose board he sits. |
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| Archie & gang is going places |
| HAS Archie Andrews 'gone wild'? Last fall, Archie, the comic book redhead from Riverdale, got married - twice. (No worries: Archie is not a bigamist. The story line showcased two possible futures.) |
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| Asia's top four business schools band together |
| THE top four business schools in Asia, as ranked by the Financial Times, have broken from old traditions of competing with each other to secure Western students for their MBA (Master in Business Administration) programmes. |
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| Opening the games with a bang |
| WITH about half-an-hour to go before the opening ceremony, ominous dark clouds blanketed the Marina Bay area. |
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| S Korea president calls for 'reunification tax' |
| (SEOUL) South Korean President Lee Myung-bak yesterday proposed a 'reunification tax' to help fund the expected US$1 trillion bill when the two Koreas eventually rejoin. |
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| Aussie opposition leads Labor in latest poll |
| (SYDNEY) Australian opposition leader Tony Abbott's coalition has an election-winning lead over Prime Minister Julia Gillard's Labor Party before voters go to the polls on Saturday, according to an opinion poll published yesterday. |
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| Federal agencies go all out to be transparent |
| (WASHINGTON) After passage of the law overhauling the nation's financial regulations, the federal agencies responsible for writing the rules are striving for transparency to avoid the appearance of improper coziness with lobbyists, bankers and executives in the financial services industry. |
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| Kentucky tells insurers not to retain death benefit |
| (NEW YORK) Kentucky's insurance regulator has prohibited life insurers in the state from automatically retaining death benefits in their corporate general funds and issuing so-called checkbooks to the survivors. |
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| Leaders for the next wave |
| What are the leadership qualities and capabilities needed to ride on the next wave of growth and recovery as the world emerges from the downturn? |
|
| Three-Minute Digest |
| AUTRON Corporation - a mainboard listing that was once linked to Temasek Holdings - has been evicted from its headquarters in Singapore after failing to pay rent, BT has learnt. |
|
| Japan steps up search for missing centenarians |
| THE official search for Japan's 'missing centenarians' is hotting up following the discovery last month of the partly mummified remains of a man who was supposed to be still alive at the age of 111 and who had received millions of yen in state pension payments since his death some 30 years ago. |
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| Govt policies not set in stone: MM |
| (SINGAPORE) Government policies are not cast in stone and have evolved to suit changing circumstances, said Minister Mentor Lee Kuan Yew. |
|
| Blackstone won't have to pump cash into Dynegy |
| (NEW YORK) Blackstone Group's deal to buy Dynegy Inc is an unusually structured buyout that would give it control of the power company without having to refinance or invest much cash. |
|
| S Korea boosts LNG imports for 6th month |
| (SEOUL) South Korea, the world's second-largest buyer of liquefied natural gas (LNG), increased imports of the fuel for a sixth month as power generators used more gas amid an economic recovery. |
|
| Website security falls under certification cloud |
| (SAN FRANCISCO) Computer security researchers are raising the alarm about vulnerabilities in some of the Web's most secure corners: the banking, e-commerce and other sites that use encryption to communicate with their users. |
|
| EU move hits Sri Lanka exporters |
| (DANKOTUWA, Sri Lanka) Sri Lankan exporters braced for hard times as the EU's withdrawal of import concessions took effect yesterday after Colombo's refusal to allow scrutiny of its human rights record. |
|
| Dollar Index breaks longest losing streak in over 5 years |
| (NEW YORK) The Dollar Index surged last week, breaking its longest stretch of weekly losses in more than five years, as concern that the global economic recovery is stumbling curbed investors' appetite for higher-yielding assets. |
|
| Volatility returns to world wheat markets COMMODITY WATCH |
| VOLATILITY has returned to the Chicago Board of Trade (CBOT) wheat futures market, as players contemplate supply issues after drought affected much of the crop in eastern Europe's Black Sea region. |
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| Economic fears weigh on portfolios |
| CONCERNS about the global economy weigh down stock prices globally last week. Not spared either were Singapore stocks. The Straits Times Index ended the week down 1.8 per cent. Our portfolios fared slightly better, after taking into consideration dividend distributions. On average, our portfolios declined by 1.5 per cent. The median is 1.8 per cent. |
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| Director trading and corporate buybacks rise sharply |
| THE trading among directors rebounded sharply after two weeks of very low activity with 17 companies that recorded 30 transactions worth $5.4 million, based on filings on the Singapore Exchange during the holiday-shortened week of Aug 10 to 13. The figures were sharply up from the previous week's five-day totals of seven firms, 12 transactions, and $624,000. Buyers outweighed sellers last week with 12 companies that posted 22 purchases worth $4.06 million versus five firms with eight disposals worth $1.3 million. |
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| Proposal to form Latin America's largest airline |
| (SANTIAGO) Brazil's TAM and Chile's LAN announced a proposed merger on Friday that would create Latin America's largest airline and compete for the region's booming demand for passengers and cargo. |
|
| Japan PM shuns visit to controversial war shrine |
| (TOKYO) Breaking from past governments' tradition, Japanese Prime Minister Naoto Kan yesterday shunned a visit to a shrine that has outraged Asian neighbours for honouring war criminals. And he apologised for the suffering World War II caused. |
|
| Baltic Dry Index's 7.5% gain the best in 14 months |
| (LONDON) The Baltic Dry Index, a measure of commodity-shipping costs, rose the most in 14 months as rents continue to surge for the capesize-class ships that typically haul iron ore. |
|
| MMC unaffected by failed port rationalisation: analyst |
| (KUALA LUMPUR) The failed rationalisation of the Port of Tanjung Pelepas (PTP) and Johor Port may not affect the performance of MMC Corp Bhd much, but it does bring up the question of what will happen to PTP and its expansion plans, says a report in Malaysia's Business Times. |
|
| Singapore at 45 |
| AUGUST 9th marks an important day: the separation of Singapore from Malaysia 45 years ago. On the Malaysian side, MPs of the Alliance were instructed to vote for the separation, which was passed on that day after three readings. Over in Singapore, then PM Lee Kuan Yew broke the news on television and radio. |
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| Indonesia to build new container port |
| (JAKARTA) Indonesia's state port firm will start building a new container terminal in Jakarta this year to cope with overflowing volumes at the main shipment hub in Indonesia's capital as trade grows. |
|
| Rise in June factory output smallest in 13 months |
| (NEW DELHI) India's industrial production grew at the slowest pace in 13 months in June as growth in electricity, cement and refinery output decelerated. |
|
| Meeting over BlackBerry inconclusive |
| (NEW DELHI) A meeting of Indian officials and telecoms operators on whether to restrict Research in Motion's BlackBerry services over national security fears was inconclusive, a top government official said yesterday. |
|
| Putting PlayStation in nifty motion |
| MICROSOFT'S completely hands-free Kinect motion control game system for its Xbox 360 console will hit stores at $229 in November, but Sony's PlayStation Move will arrive first on Sept 15 for less money. |
|
| Feet in two worlds |
| WHAT happens to American Idol rejects? For runner-ups like Clay Aiken and Adam Lambert, life's not bad at all, but when Carly Smithson was booted out early in Idol's 2007 season, things didn't look so bright. |
|
| Not that easy to make it all work |
| IN the crowded bookshelves marked 'Time & Life Management', two works stand out for the mini-industries each has spawned. Stephen Covey's 7 Habits of Highly Effective People is the better known, with its myriad follow-up books, courses, audio and video products, software programs and even its own planner. |
|
| Aroundtown |
| AS a meditative response to
time, UOB Award winner Soh
Chee Hui created his ninth solo
exhibition, notes, featuring a
series of still-life works that
depart from the figurative
works featured in his previous
exhibition. |
|
| Enjoyable farce (earplugs not provided) |
| SINGAPORE is hardly big enough for a man to be in relationships with three different women without any of them ever meeting each other, much less when they're in the same house. But in a bedroom farce where hilarity increases proportionately with the improbability of the storyline, anything goes - which happened in the case of Boeing Boeing last Saturday. |
|
| Baring the complexity of a human's life |
| A STREETLIGHT flickers above a solitary man, bent over as he steps forward. A woman runs in slow motion towards the audience, hurdling through the air with immense control of every fibre of her being. |
|
| Savour a spiced up 'Fried Rice Paradise' |
| IN 1974, the song was written. In 1991, a musical was built around the song and performed to a sold-out show at Victoria Theatre. In 2010, Dick Lee, the conceiver of it all, returns to the musical and rewrites it, offering the audience a new and improved 'recipe' of Fried Rice Paradise. |
|
| Superb finish of Austrian Pinot Noir |
| TO the world of Pinot Noir, one must now add Austrian Pinot Noir. Hitherto regarded as a minor player and even a kind of curiosity, a recent blind tasting here pitting the best of Austrians against renowned names in Burgundy and the New World produced very interesting (and humbling) results! |
|
| Beautiful feast for the eyes and ears |
| THE audience was plunged into darkness, making it seem as though there was nothing but pin-drop silence for company. Then, the sound of rain came in. A slight drizzle at first, before it grew into the roar of a heavy downpour and the curtains opened, revealing a gorgeous, slanted set, which proved to be highly useful in the later scenes. |
|
| A showcase of light art |
| ONE used to go 'wow' at light festivals, when sculptures or buildings are lit up at night. In these ecologically-sensitive times though, a light show will only make you think: 'This is certainly a lot of wasted electricity.' |
|
| Concerned about the end of an era |
| THERE'S a reason David Foster's current tour is called Hitman. Few figures embody the traditional music industry like he does. As a prolific producer and songwriter, he helped to create it, and in those same capacities, and as a performer, he has also been shaped by it. |
|
| Casting the net wide |
| A PERENNIAL question for festivals and large events here is how narrowly to focus their programmes. Curiously, many have opted for a broad sweep, which flies in the face of the conventional wisdom that mature and crowded markets encourage specialisation. |
|
| Unimaginative movie; waste of top actors' talent |
| BOASTING an all-star cast with the likes of Jessica Alba, Jessica Biel, Bradley Cooper, Jaime Foxx, Anne Hathaway, Jennifer Garner, Ashton Kutcher, Julia Roberts, Patrick Dempsey and many others, Valentine's Day seems full of promise for a rich film that would be talked about in years to come. |
|
| PCK's shot at movie-making no good, lah |
| NOT every TV series progresses to the big screen. But if you're Singapore's longest-running sitcom (167 episodes, eight seasons, 10 years), maybe a cinematic outing is inevitable. So just when you think it's safe to leave your television off ... |
|
| An intelligent murder-mystery |
| THE Girl with the Dragon Tattoo is one of those rare movie pleasures - an intelligent, well-constructed, all-consuming murder-mystery with a killer storyline, fascinating lead characters and a slew of unsavoury suspects - that will keep your eyes riveted to the screen even as you squirm uncomfortably in your seat. |
|
| EU industrial output unexpectedly down in June |
| (LUXEMBOURG) European industrial production unexpectedly declined in June, led by a drop in durable consumer goods such as furniture and home appliances. |
|
| Watchdog panel cites global impact of US bailout |
| (WASHINGTON) The US$700 billion US bailout programme launched in response to the global economic meltdown had a far greater impact overseas than other countries' financial rescue plans did on the United States, according to a new report from a congressional watchdog. |
|
| Fed resorting to tools Japan used in past decade |
| (WASHINGTON) The Federal Reserve's decision to sustain the current level of its assets intensifies the focus of the central bank on policy tools similar to those used with little impact by Japan last decade. |
|
| Why did Haw Par keep mum? |
| TIGER Balm maker Haw Par Corporation, already facing tough questioning from the US Food and Drug Administration (FDA), should also be put under scrutiny for its lack of disclosure of the whole affair. |
|
| Company Briefs |
| DELONG Holdings' second-quarter net profit jumped more than three-fold to 124.65 million yuan (S$25 million) from 34.9 million yuan as it sold more hot rolled coils and at higher prices. |
|
| Heng Long's Q2 net profit more than doubles on rising sales |
| HENG Long International Limited's net profit more than doubled to $1.06 million in the second quarter ended 30 June. The 173.5 per cent boost in net profit from $389,000 a year earlier came on the back of increased sales following a recovery in the global luxury industry. |
|
| Boustead's Q1 earnings more than triples |
| MAINBOARD-LISTED Boustead Singapore more than tripled its quarterly earnings during its April-June first quarter, thanks to strong contributions from all its four main businesses and revenue recognition from the sale of a major commercial-industrial complex. |
|
| Boustead rides to the rescue of TT Int'l's project |
| MAINBOARD-LISTED conglomerate Boustead Singapore has emerged as a 'white knight' to rescue troubled TT International's stalled Big Box project in Jurong East and facilitate a financial restructuring which will boost the company's cashflow and lift its balance sheet back into the black. |
|
| Petra Foods Q2 earnings rise 58% to US$9.6m |
| PETRA Foods yesterday reported a 58.4 per cent year-on-year surge in second-quarter net profit to US$9.6 million, from US$6.1 million a year back. |
|
| Kingsmen Creatives Q2 profit up 30.2% to $4.6m |
| DESIGN group Kingsmen Creatives chalked up a 30.2 per cent rise in second-quarter profit to $4.6 million as it booked in higher contributions from its exhibitions and museums and interiors divisions. |
|
| Fair-value changes dent Indofood Q2 gain |
| AS a result of substantially lower gains from fair-value changes of its biological assets and net foreign exchange, Indofood Agri Resources Ltd found itself with a 65.5 per cent plunge in second-quarter net profit to 235.4 billion rupiah (S$36 million). |
|
| Noble Group's Q2 profit tumbles 65% |
| COMMODITIES supply chain manager Noble Group's earnings for the second quarter tumbled 65 per cent from a year ago - which saw a US$154 million one-time gain from the acquisition of Australia's Gloucester Coal Ltd. |
|
| Profit surge sees dividend from Soilbuild |
| SOILBUILD Group yesterday posted higher earnings for the second quarter ended June 30 and declared its first dividend. |
|
| CAOS still keen on working ties with BP |
| DESPITE its China principals now assuming greater leadership at China Aviation Oil Singapore (CAOS), the jet fuel supplier/oil trader is still keen to maintain a working relationship with strategic shareholder BP, which has helped the once-beleaguered CAOS back to its feet, insiders say. |
|
| Parkway Q2 profit slips 9% to $36.78m |
| PARKWAY Holdings saw net profit slide 9 per cent year on year to $36.78 million for the second quarter ended June 30, 2010. |
|
| PPLH's Anthony Aurol out of PPL Shipyard's board |
| SEMBCORP Marine said yesterday that PPL Holdings (PPLH) has failed in its bid to reinstate Anthony Aurol as director and executive director of PPL Shipyard Pte Ltd (PPLS). |
|
| Sembcorp's Q2 net up 13.6% to $161m |
| SEMBCORP Industries posted a 13.6 per cent increase in its second quarter net profit, from $141.9 million to $161.2 million, driven by the bottom line for its marine business sector. |
|
| CDL reports 18% hike in Q2 earnings |
| CITY Developments Limited (CDL), Singapore's second-largest property company, posted an 18 per cent increase in second-quarter net profit as economic recovery boosted demand for its homes and office space. |
|
| Mahindra preferred bidder for S Korea's Ssangyong |
| (SEOUL) India's leading utility vehicle maker Mahindra & Mahindra has been chosen as the preferred bidder to take over Ssangyong Motor Company, Ssangyong and its creditors said yesterday. |
|
| China's hidden wealth put at 9.3t yuan |
| (BEIJING) China's households hide as much as 9.3 trillion yuan (S$1.87 trillion) of income that is not reported in official figures, with 80 per cent accrued by the wealthiest people, a study showed. |
|
| Worker shortage to delay Cotai Strip's opening |
| (MACAU) Sands China, the Macau unit of Las Vegas Sands, said a worker shortage will delay the opening of its new Cotai Strip mega resort to the fourth quarter of 2011, as it ramps up recruiting efforts for the project in an area billed as Asia's version of the Las Vegas Strip. |
|
| More carriers taking their B747s out of desert storage |
| (LONDON) Boeing 747 jumbo jets are being brought out of desert storage as surging bookings spur carriers including British Airways, Cathay Pacific Airways and United Airlines to put their biggest planes into operation. |
|
| Thai Airways seeks 20b baht bank loans |
| (BANGKOK) Thai Airways International said on Wednesday its board had approved a plan to seek 20 billion baht (S$854.2 million) in loans from domestic banks to help restructure its finances. |
|
| Qantas expects higher profit growth this year |
| (SYDNEY) Qantas Airways expects recovering demand for air travel to lift earnings growth this year after returning to profit in the second half from a year ago, but warned of volatile trading conditions. |
|
| Briefly Asia |
| (JAKARTA) The Indonesian government has raised 1.37 trillion rupiah (S$208 million) selling a stake in PT Bank Negara Indonesia, the nation's third-biggest state-owned bank, said State Enterprises Minister Mustafa Abubakar yesterday. |
|
| A stand for indigenous peoples |
| (MANILA) Members of global rights group Amnesty International leading hundreds of other activists wearing colourful masks in a march to celebrate the 16th International Day of the World's Indigenous Peoples in Manila last weekend. The group says that there remains an urgent need to respect the basic rights of the world's many diverse indigenous tribes and peoples. |
|
| Japan picks investment firms for test |
| (TOKYO) Japan's financial regulator picked Goldman Sachs Group, Morgan Stanley and Nomura Holdings Inc as initial subjects of a new unit to scrutinise risk-taking among investment banks, a person with direct knowledge of the matter said. |
|
| July growth in Australian employment slows |
| (SYDNEY) Australian employment growth slowed in July, driving down the nation's currency as investors bet that the central bank would extend a pause in the most aggressive round of interest-rate increases by a member-nation of Group of 20. |
|
| Has the Bernanke Put lost its shine? |
| WALL Street has had a good run since its March 2009 low, its bankers paying themselves huge bonuses, courtesy of federal government handouts while the market's major indices have bounced 55 per cent. Providing the main support throughout these past 17 months for sentiment and stocks has been the 'Bernanke Put', an explicit declaration by the Federal Reserve chairman that if it deems it necessary, the Fed would undertake more monetary stimulus to keep US growth on track. |
|
| Greek recession deepens in Q2 on austerity cuts |
| (ATHENS) Greece's recession deepened in the second quarter, according to official estimates released yesterday, as the country felt the painful consequences of the government's drive to reduce its debt load with aggressive austerity cuts. |
|
| GM posts best quarterly results since 2004, set for IPO filing |
| (DETROIT) General Motors posted its biggest quarterly profit in six years yesterday, a day ahead of an expected IPO filing that would open the gates for the US government to slash its stake in the carmaker. |
|
| Dollar adds to gains on risk aversion |
| (NEW YORK) The US dollar rose yesterday, extending the previous day's strong gains, due to risk aversion fuelled by an unexpected rise in US weekly jobless claims and weaker-than-expected Greek data. |
|
| Brokers' Take |
| H1 2010 revenue has increased by 38 per cent y-o-y to US$1.35 billion from US$978 million in H1 2009. Q2 2010 revenue has increased by 28 per cent y-o-y to US$726 million from US$566 million. |
|
| Company code of conduct applies to all |
| I WAS once told a story about a student who, when asked the question 'What is courage?' in an important final examination, wrote these words at the end of several blank pages: 'This is courage.' One could also say: 'Or stupidity.' |
|
| Alarm over India's yawning trade deficit |
| A YAWNING trade deficit would be a matter of concern for any economy. But the effect can be blunted when inflows of foreign capital more than make up for the gap. |
|
| Branding challenges for firms in Asia |
| UNLIKE during the industrial era when manufacturing excellence was the key to success, today's business environment rewards companies that have valuable capabilities in design, marketing, distribution and service. As a result of this 'value shift', manufacturing has become a commoditised capability with low margins. Manufacturing has also moved to Asia and China has become the world's factory. |
|
| Working 10 good Inception ideas into Asian leaders |
| THE dream thriller Inception is quite the mind-bender. Few films in recent memory provoked more chatter than this corporate-espionage tale featuring Leonardo DiCaprio implanting an idea into a young billionaire's head. |
|
| Three-Minute Digest |
| BANKS outside the United States already tread carefully when it comes to taking on US citizens or green card holders (permanent residents) as depositors, in the wake of the American crackdown on tax evasion. |
|
| AIG solicits big investors for AIA stakes: FT |
| (NEW YORK) American International Group Inc (AIG) has approached some of the world's biggest investors about taking stakes in its Asian life insurance business AIA, the Financial Times said on Wednesday, citing people familiar with the matter. |
|
| Forex markets tense as threat of BOJ intervention looms |
| YESTERDAY was a day of drama in foreign exchange markets as dealers braced for official intervention by the Bank of Japan (BOJ) after Prime Minister Naoto Kan termed the yen's recent surge 'rough' and as officials of the Japanese central bank began formally checking rates against other currencies, which is normally a prelude to intervention. |
|
| HSA balm soothes Haw Par's American pain |
| (SINGAPORE) The Republic's Health Sciences Authority (HSA) yesterday backed Haw Par Corporation, saying that its healthcare products are safe for use. |
|
| CityDev unveils $300m China push |
| (SINGAPORE) City Developments Limited (CDL), which now gets most of its income from Singapore, has set up a new unit with some $300 million on hand to build up its presence in China. |
|
| mio TV rings in sales of $14m in Q1 |
| AFTER struggling to make a dent for more than three years, SingTel's fledgling pay-television service appears to have finally stepped into the big league. |
|
| SingTel Q1 profit down 0.2% to $943m |
| (SINGAPORE) Singapore Telecommunications' net profit for the first quarter of its financial year came in flat, as improvements by its units in Singapore and Australia were negated by the weaker performance of regional associates Bharti, Telkomsel and Globe. |
|
| Sands, law association settle dispute |
| (SINGAPORE) After four months of legal wrangling, Marina Bay Sands (MBS), a Singapore unit of Las Vegas Sands Corp, and its first convention user, a law association, reached an 'amicable' settlement under undisclosed terms. |
|
| Jurong EC tender tale with a twist - and no bids |
| (SINGAPORE) The tender for an executive condominium (EC) site at Jurong West drew gasps of astonishment from market watchers when it closed yesterday - not because there were many bids but because there was absolutely none. |
|
| Heavy-duty US law sits hard on banks, funds |
| (SINGAPORE) Banks outside the United States already tread carefully when it comes to taking on US citizens or green card holders (permanent residents) as depositors, in the wake of the American crackdown on tax evasion. |
|
| Genting S'pore gets a billion reasons to smile |
| (SINGAPORE) The numbers are startling and the contrast with last year even more so. |
|
| Bright colours in an old city |
| ON one Sunday every year, the Indian city of Hyderabad bursts into a riot of colours, costumes, role-play, dancing and near-deafening drum beats. |
|
| 34 more firms sign up as YOG sponsors to help defray costs |
| WITH just hours to go before the inaugural Youth Olympic Games (YOG) gets underway, 34 more companies have jumped onboard the sponsorship bandwagon, bringing the total to 77. |
|
| Tuas Power raises market share further |
| SINGAPORE's third largest generating company Tuas Power (TP) - now owned by China Huaneng - continued to increase its share of the electricity market here in the first half, latest Huaneng figures show. |
|
| Civil service to see leadership change |
| LEADERSHIP renewal is on the cards for Singapore's civil service. Peter Ong, currently the Ministry of Finance's permanent secretary, will replace Peter Ho as Head of the Civil Service come Sept 1. |
|
| STI sheds almost 100 pts in 8 days |
| NOT unexpectedly, some of the selling pressure seen over the past few days eased in the second half of yesterday's session as traders bet on Wall Street stabilising after Wednesday's sell-off. |
|
| World youth joblessness to hit record |
| (GENEVA) World youth unemployment is set to hit a postwar record this year, increasing the potential for social unrest, crime and violence, the International Labour Organisation (ILO) said yesterday. |
|
| CEO's warning sends Cisco shares tumbling |
| (NEW YORK) Cisco Systems Inc CEO John Chambers has warned of 'unusual uncertainty' in the global economy and forecast revenue that missed Wall Street targets, sending its shares plummeting and raising fears that a nascent recovery in technology spending could be derailed. |
|
| Green website for Hollywood launched |
| (LOS ANGELES) Television and movie makers have no excuse for not jumping on the 'green' movement bandwagon. |
|
| Panel urges big thinking in US 'flash crash' response |
| (WASHINGTON) US securities regulators are moving forward with technical fixes to the still-unexplained 'flash crash' in May but some market players say they want a more wholesale review of high-speed trading. |
|
| Prudential trims cost of botched AIA deal |
| (LONDON) British insurance company Prudential said yesterday that it had reduced the cost of its failed bid for AIG's Asian unit while confirming it has no further appetite for M&A as the insurer reported forecast-beating half-year profit. |
|
| Tiger Woods' poor form worries TV networks |
| (NEW YORK) Tiger Woods was heading out of Ohio by the time live final-round television coverage of last week's Bridgestone Invitational began. |
|
| 'Cathy' comic strip ending after 34 years |
| (KANSAS CITY) The comic strip 'Cathy,' which has chronicled the life, frustrations of its namesake for more than 30 years, is coming to an end. |
|
| German experts fuel debate about retirement at 70 |
| (BERLIN) Germans are famous for being hard workers - but retirement at 70? That's the prescription of two think-tanks, which say years of more toil are inevitable due to stubbornly low birthrates and the ballooning costs of the cradle-to- grave welfare system in a country that already has decided to bump up the retirement age from 65 to 67. |
|
| Chemoil Q2 earnings fall 74% to US$3.2m |
| MARINE fuel oil supplier Chemoil's second-quarter net profit fell 74 per cent year-on-year to US$3.2 million, as higher oil prices in April-June translated into costlier supplies and hit margins. |
|
| Yangzijiang Q2 profit a quarterly record |
| YANGZIJIANG Shipbuilding yesterday posted 800.5 million yuan (S$161.1 million) in net profit for the second quarter ended June 30 - a quarterly record - as it delivered more vessels during the period. It now expects second-half earnings to be stronger than the first half, as it is slated to deliver 26 vessels compared to 22 vessels in the first half. |
|
| Khazanah receives enough Parkway offer acceptances |
| KHAZANAH Nasional received sufficient acceptances by Tuesday to meet the condition for its $3.5 billion general offer for Parkway Holdings, making the offer unconditional. |
|
| Sembcorp to invest $414m more in UK JV project |
| SEMBCORP plans to invest another $414 million in its waste-to-energy joint venture (JV) with SITA UK at the latter's Teeside site in north-east England. |
|
| EU rapped on anti-dumping duties |
| (BRUSSELS) The World Trade Organization (WTO) has condemned the way the European Union assesses duties on unfairly priced imports in a complaint brought by China over sales of screws and bolts, a person familiar with the case said on Tuesday. |
|
| HKEx's profit up 3% to HK$2.26b in H1 |
| (HONG KONG) Hong Kong Exchanges & Clearing Ltd, operator of Asia's third-biggest stock market, said first-half profit rose 3 per cent as new listings increased, countering slowing market turnover. |
|
| Off-balance sheet tactic in jeopardy |
| (HONG KONG) China's banking regulator has ordered banks to transfer off-balance-sheet loans onto their books and make provisions for those that may default, three people with knowledge of the situation said. |
|
| Foreign banks may get to underwrite more debt |
| (BEIJING) Foreign banks may be allowed to underwrite a wider range of debt on China's interbank bond market as the nation seeks to develop its financial system, the regulator said in a statement. |
|
| Revenue surge boosts July budget surplus |
| (BEIJING) China reported a big budget surplus for July on the back of another month of surging fiscal revenue, giving the government the fire-power if needed to spend its way out of any unforeseen swoon in growth. |
|
| No meltdown seen for China economy |
| (BEIJING) Growth in Chinese investment and factory output slowed further last month as the government brought credit growth back to normal after a record lending spree in 2009 to counter the global financial crisis. |
|
| Web-based threats account for almost half of all cyber attacks |
| DATA security firm SonicWALL said yesterday in its 2010 mid-year cybercrime summary that Web-based threats now account for 45 per cent of all cyber attacks worldwide - an astronomical jump from just 4 per cent last year. |
|
| New software to treat heart attack patients |
| (SYDNEY) The National Heart Foundation of Australia yesterday demonstrated new computer software which aims to help health professionals diagnose, risk assess and manage patients suffering from heart attack and unstable angina. |
|
| Freedom of information at centre of BlackBerry debate |
| (DUBAI) The militants who carried out the 2008 terror attacks in Mumbai, India, used mobile phones and other handheld gadgets to coordinate an assault that left 166 dead. |
|
| $8M digital campus for Temasek Poly |
| INTERACTIVE 3D digital displays, an LED video wall and a network to link the digital signage across the Temasek Polytechnic (TP) campus. |
|
| Asia-Pacific key market for InfoPrint |
| INFOPRINT Solutions, which recently became a wholly owned subsidiary of Ricoh, sees big growth opportunities in the Asia-Pacific region. |
|
| Youth Olympics to be a test of IT infrastructure |
| WITH just two days to go before Singapore's first ever global sporting event - the 2010 Youth Olympic Games (YOG) - begins, the information and communication technology (ICT) systems that monitor the Games will be as closely watched as the athletes. |
|
| Democrats lose Wall St support after reform bill |
| (WASHINGTON) Wall Street and its financial allies did an about-face in political spending in June, giving Republicans over two-thirds of their campaign contributions as Democrats pushed financial reform forward in Congress, a report said on Tuesday. |
|
| Disney's Q3 profit soars on ESPN, studio gains |
| (LOS ANGELES) The Walt Disney Co said net income for the latest quarter jumped 40 per cent from a year ago thanks to a huge boost from ESPN and a turnaround at its movie studio because of Toy Story 3. |
|
| UK budget cuts: quick and painful for many |
| (LONDON) The British government last month abolished the UK Film Council, the Health Protection Agency and dozens of other groups that regulate, advise and distribute money in the arts, healthcare, industry and other areas. |
|
| Bank of Ireland to shake off government support slowly |
| (DUBLIN) Bank of Ireland plans to wean itself cautiously from state support by raising debt outside a government guarantee, gradually repaying taxpayers' funds and finally resuming dividends for private investors. |
|
| New Orleans judge to oversee oil spill cases |
| (WILMINGTON, Delaware) A New Orleans federal judge will oversee several hundred civil lawsuits stemming from the Gulf of Mexico oil spill, a decision that was welcomed by plaintiffs' attorneys who want the cases to be heard in a place hard hit by the disaster. |
|
| Hurd may find job in private equity after HP |
| (SAN FRANCISCO) Mark Hurd, who was forced to resign last week as chief executive officer of Hewlett- Packard Co, may have a career ahead of him in private equity rather than as head of a publicly held company, analysts and executive recruiters said. |
|
| Nestle posts 5.45b franc half-year profit |
| (GENEVA) Swiss food and drinks company Nestle SA reported a 7.5 per cent rise in half-year net profit to 5.45 billion Swiss francs (S$7.03 billion) and raised its full-year outlook as global sales increased despite adverse currency exchange rates. |
|
| Germany split over continued use of nuclear power plants |
| (BERLIN) Chancellor Angela Merkel has made combating climate change one of her priorities. But she is having difficulty finding consensus even within her own government on a new energy policy, especially on the most contentious issue: the future of Germany's nuclear plants. |
|
| ING's Q2 profit rises to 1.09b euros |
| (AMSTERDAM) ING Groep NV, the Dutch bank and insurance company, yesterday reported a sharp rise in second quarter earnings, mostly because it avoided some of the losses it made a year ago on stocks, bonds, and real estate-related investments. |
|
| A green idea for brown farm fields in California |
| (LEMOORE, California) Thousands of acres of farmland here in the San Joaquin Valley have been removed from agricultural production, largely because the once-fertile land is contaminated by salt buildup from years of irrigation. |
|
| US mortgage applications index increases for second week in a row |
| (NEW YORK) An index of mortgage applications in the US increased for a second week as borrowing costs dropped to a record low, encouraging homeowners to refinance. |
|
| Africa eyes East for help on SWFs |
| (LONDON) Africa's nascent sovereign funds are turning to Asia and the Gulf for a steer on how to manage resource revenues, a move that could shield wealth for the future and lure more attention from international investors. |
|
| Yen soars to 15-year high against dollar |
| (NEW YORK) The US dollar fell to a 15-year low against the yen yesterday as US government debt yields fell, while a gloomier outlook from the Federal Reserve and slower Chinese factory growth dented risk appetite. |
|
| 'Busy' directors still an issue in independence |
| I REFER to the article 'Matchmaker to firms, directors goes hot' (BT, Aug 6). It is timely to launch a matching service for boards and directors. |
|
| Oil hub Basra dreams of its share of wealth |
| OLD pictures hanging on the walls of restaurants show canals flowing through the handsome streets of the southern city of Basra, which Iraqis used to call 'The Venice of the Middle East'. |
|
| Value chains and emerging markets' cars |
| THE 2008 and 2009 recession started in the US, but due to a globalised financial sector and strong international trade linkages, its effects were felt around the world. Of particular importance for developing countries was the impact on global value chains. |
|
| The world is facing a serious currency crisis |
| NOT so much a 'forgotten' as a hidden war, the conflict currently playing out in foreign exchange markets among major global currencies marks a failure of economic diplomacy and political statesmanship among world leaders. As such, it can only end in tears. |
|
| No QE2 in sight as Fed forgoes passive tightening |
| DOWNGRADING its assessment of the pace of the economic recovery from 'moderate' in June to 'more modest than anticipated', the Federal Reserve took a symbolic step towards additional easing of monetary policy. |
|
| The courage to insist on integrity |
| MARK Hurd, Hewlett-Packard's recently-exited CEO, was asked to resign by the tech giant's board after an investigation into a sexual harassment claim showed that, while he didn't violate the harassment policy, he had made inaccurate expense reports and concealed a personal relationship with a woman named Jodie Fisher. |
|
| Three-Minute Digest |
| OVERSEAS Union Enterprise has bought DBS Towers One and Two for $870.5 million or around $970 per sq ft of net lettable area, inking the largest commercial property deal in Singapore so far this year and perhaps since mid-2008. |
|
| UBS sued for alleged plagiarism |
| (LONDON) Swiss bank UBS AG's unit in the UK has been sued for allegedly copying articles from oil and gas publications and reprinting them in their investment research distributed to clients. |
|
| After the spree, investment banks start pruning back |
| REGULATORS may be intent on making investment banking less risky. But it will never be the safest industry in which to work. |
|
| Wholesale deflation deals blow to Japan |
| ASIAN and other foreign buyers have become wary of UK residential property because of economic weakness and the recent revival of sterling. |
|
| Asians wary as UK property falters |
| ASIAN and other foreign buyers have become wary of UK residential property because of economic weakness and the recent revival of sterling. |
|
| Match-making the future of TV |
| (SINGAPORE) Traditional TV is still its bread and butter, but StarHub is ensuring it has a stake in the Web TV pie, if that is where the future of entertainment lies. |
|
| Stanchart steps up tussle for the 'emerging affluent' |
| (SINGAPORE) Standard Chartered Singapore is upping the ante in the fight for consumers by extending rewards and services typically reserved for the rich to the 'emerging affluent'. |
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| Khazanah sukuk issue stirs interest in local bond market |
| (SINGAPORE) Foreign corporates are sitting up and taking notice of the local bond market following Khazanah Nasional's landmark $1.5 billion sukuk issue last week. |
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| China data, Fed's words spread gloom in markets |
| MARKETS around the world plunged yesterday as disappointing Chinese economic data added to a gloomy outlook voiced by the US Federal Reserve the day before. |
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| US regulator stings maker of Tiger Balm |
| (SINGAPORE) Tiger Balm maker Haw Par Corporation has received a stern warning from the United States drug regulator for violating manufacturing standards at its Singapore plant. |
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| OUE strikes a towering deal on Shenton Way |
| (SINGAPORE) Overseas Union Enterprise (OUE) has bought DBS Towers One and Two for $870.5 million or around $970 per sq ft of net lettable area, inking the largest commercial property deal in Singapore so far this year and perhaps since mid-2008. |
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| SMU welcomes new president |
| THE Singapore Management University (SMU) may have officially welcomed over 1,700 new students into its family yesterday, but much of the attention was focused instead on a 56-year-old Belgian academic who is just a fortnight away from assuming his role as the varsity's new president. |
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| Get carded at Youth Olympic Games events |
| IN what will be a first in Olympics history, all 25,000 people attending this Saturday's glitzy Youth Olympic Games (YOG) opening ceremony will use a pre-paid, all-in-one card when they enter the Marina Bay floating platform. |
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| Shoppers clean up at this year's GSS |
| CASH registers rang loud and clear during this year's Great Singapore Sale (GSS), according to MasterCard. Total spending by local and tourist MasterCard holders jumped 28 per cent year- on-year to $1.21 billion. |
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| Markets fall on double-dip concerns |
| FEARS of a potential double-dip recession hit markets yesterday, sending stocks sliding across the region. |
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| India tells salvagers to speed removal of containers |
| (MUMBAI) India told salvagers to quicken work clearing hundreds of containers ditched into the sea off Mumbai's coast as the nation's busiest cargo-box harbour remained closed for a third day. |
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| Island of ice poses risks to oil platforms and shipping lanes |
| (STOCKHOLM) An island of ice more than four times the size of Manhattan is drifting across the Arctic Ocean after breaking off from a glacier in Greenland. |
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| Palm oil prices in Q4 seen falling on supply surge |
| (MUMBAI) Palm oil prices will drop 'significantly' in the fourth quarter as output from new trees in Indonesia, the biggest grower, surpasses estimates and buyers switch to soyabean oil, DBS Vickers Securities (Singapore) said. |
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| Genting's NY 'racino' bid wins backing |
| (NEW YORK) Genting New York LLC's bid to redevelop Aqueduct Racetrack and operate New York City's first slot machine-style 'racino' won support from the state Senate majority leader, moving it close to final approval. |
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| Indonesia beats target in bond auction |
| (JAKARTA) Indonesia raised four trillion rupiah (S$608.7 million) in a bond auction on Tuesday, higher than targeted, with yields sharply declining in line with expectations on strong demand after the country's plans to cut bond issuance. |
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| Drug-resistant germs in India spreading to West: scientists |
| (MUMBAI) People who travel to India and Pakistan for cheaper healthcare may be at risk from new type of drug-resistant bacteria, an international team of scientists reported. |
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| Indian official sees inflation easing |
| (NEW DELHI) India's headline inflation should ease faster than expected by the central bank, as past actions take effect, and this will reduce the pressure to further tighten monetary policy, a top government adviser said. |
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| Govt urged to give low-cost housing incentive |
| (KUALA LUMPUR) Developers should be given incentives to build low-cost houses in the upcoming Budget 2011 to cater to the demand. |
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| Istithmar sells London building for £172m |
| (DUBAI) Istithmar World PJSC of Dubai sold an office building on London's Trafalgar Square for about £172 million (S$367.5 million), a person with knowledge of the transaction said. |
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| Graigner bullish about prospects despite weakening prices in UK |
| (LONDON) Britain's largest residential landlord Grainger yesterday said it remained bullish about its prospects as the wilting housing market carved out new opportunities to buy real estate at attractive discounts. |
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| More US home sellers forced to cut prices in July |
| (NEW YORK) Owners cut prices on one-quarter of US homes listed for sale in July, a fourth straight monthly rise, as job market fallout trumped record low mortgage rates, real estate website Trulia.com said yesterday. |
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| Mining boom revitalises Australia's most isolated state capital |
| (PERTH) As cranes swing across Perth's skyline, busily erecting towers of steel and glass, Australia's most isolated state capital is reinventing itself as the gleaming face of a mining boom. |
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| Aussie property firms lining up to sell bonds |
| (SYDNEY) Australian property borrowers are queuing up to sell bonds, seeking to diversify their funding and spread out maturities to strengthen their balance sheets after being scarred by the global financial crisis. |
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| Top bid for Ubi Rd industrial site springs a surprise |
| (SINGAPORE) Oxley Rising has emerged as the top bidder for a 3.5 hectare industrial site at Ubi Road 1. |
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| Key property markets in Asia may face slower H2 |
| (HONG KONG) Major property markets in Asia are likely to face a slower second half because of policy risks and an expected increase in housing and office supply, after some developers had a positive first six months. |
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| S Korea's July jobless rate rises but mood improves |
| (SEOUL) South Korea's unemployment rate rose in July but strong growth in both employment numbers and job seekers suggested domestic demand was on a gradual recovery track, government data showed yesterday. |
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| US House passes bill to aid struggling states |
| (WASHINGTON) The US House of Representatives on Tuesday approved, and President Barack Obama promptly signed into law, an election-year bill providing US$26 billion to struggling states by closing tax loopholes for multinational companies and cutting food aid to the poor. |
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| Economists cut US growth forecasts |
| (NEW YORK) A lack of jobs will shackle consumer spending and restrain the US recovery more than previously estimated, according to a new survey. |
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| FDIC acts to cut use of credit ratings |
| (WASHINGTON) Federal regulators have taken a first step toward eliminating the use of credit ratings in rules for banks, under a mandate of the new financial overhaul law. |
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| Bank of England lowers economic growth forecast |
| (LONDON) British inflation will fall well below its 2 per cent target in two years, even if interest rates remain at record lows, the Bank of England said yesterday, leaving room for more policy easing if the economy worsens. |
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| M1 plays doctor to PCs and phones |
| M1's latest attempt at diversifying its revenue stream has come in the form of playing doctor to computers and smartphones. The company yesterday launched a new troubleshooting service called mFix for PCs and handsets. |
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| Bharti outlook better as price war recedes |
| (NEW DELHI) The focus for Bharti Airtel will be to maintain profit margins as a vicious price war recedes, after India's top telecoms firm reported that quarterly profits fell by a third. |
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| Company Briefs |
| THE Singapore Exchange (SGX) has announced longer trading hours for its derivatives market, among other enhancements, from Aug 30. |
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| Hong Leong Finance Q2 net rises 15% to $32 million |
| HONG Leong Finance (HLF) yesterday posted a $32 million net profit for its second quarter ended June 30, a 15 per cent gain year-on-year, despite an 8.7 per cent drop in income before operating expenses to $52.9 million from last year's near-$58 million. |
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| Boost for SingTel's mobile subscriber base |
| A SUBSCRIBER boom at overseas associates Bharti and Telkomsel helped lift Singapore Telecommunications' regional mobile subscriber base to 351 million in the second quarter, up 34 per cent from a year ago. |
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| Bright numbers fail to dispel Greenpeace shadow |
| GOLDEN Agri-Resources (GAR) has reported a 19.9 per cent jump in second-quarter net profit to US$66 million, from US$55.1 million a year back. But the company is still sore about accusations levelled at its parent Sinar Mas by environmental group Greenpeace. |
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| Robust sofa sales lift HTL Q2 profit 66.9% to $7.8m |
| LEATHER tanner and sofa manufacturer HTL International Holdings has reported a 66.9 per cent year-on-year increase in second-quarter net profit to $7.8 million. |
|
| Yanlord posts 9% rise in Q2 profits to $99.9m |
| YANLORD Group posted a 9 per cent rise in net profit for the second quarter ended June 30 to $99.9 million, citing an increase in gross floor area (GFA) delivered. |
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| New businesses add fizz to APB results |
| STRONG organic growth and contributions from its recently acquired businesses in Indonesia and New Caledonia enabled Asia Pacific Breweries (APB) to boost its third-quarter profit for the three months to end-June by 90 per cent to $77.5 million. |
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| Super Group doubles Q2 net profit to $18.8m |
| SUPER Group, formerly known as Super Coffeemix Manufacturing, doubled its second-quarter net profit to $18.8 million, from $9.4 million for the corresponding quarter last year. |
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| Australia has exciting jobs for bored Brits |
| (SYDNEY) An Australian state is using exotic jobs like koala catcher, shark tagger and even beer taster to try to lure young, bored British workers to head down under for some adventure and maybe a new life. |
|
| Netflix signs streaming deal with Paramount, MGM |
| (LOS ANGELES) Netflix Inc will pay nearly US$1 billion during the next five years for the online streaming rights to movies from Paramount, Lionsgate and MGM in a deal that could help convert even more people to the idea of getting their entertainment piped over high-speed Internet connections. |
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| Planemakers mull next step in engine wars |
| (LONDON) Airbus and Boeing are sweating this summer over whether to upgrade their best-selling aircraft with new, more efficient engines, a move which could reshape the $80-billion jetliner industry. |
|
| Briefly Asia |
| (SHANGHAI) China Everbright Bank has set the price for its Shanghai initial public offering at the top of an indicative range, putting it on course to raise up to US$3.2 billion, the Wall Street Journal and a banking source said. |
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| Commonwealth Bank posts H2 profit of A$2.75b |
| (SYDNEY) Commonwealth Bank of Australia said that second half profit rose 28 per cent as loan losses fell in an improving domestic economy. |
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| Thai king's health has improved, says queen |
| (BANGKOK) The health of Thailand's hospitalised 82-year-old king, the world's longest-serving monarch, has 'substantially improved' but further treatment is required, Queen Sirikit said in a radio address yesterday. |
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| Drivers at fault in most 'runaway' Toyota crashes |
| (CHICAGO) Drivers were at fault for failing to brake in most of the cases of 'runaway' Toyota cars investigated by US safety regulators, a report presented to lawmakers on Tuesday found. |
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| Consumers go beyond sake to Japanese whiskies |
| (SAN FRANCISCO) It wasn't too long ago that Owen Westman's customers at Rickhouse Bar did not even know there were Japanese whiskies available, let alone ask for them by name. |
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| Supreme Court rejects Thaksin's asset appeal |
| (BANGKOK) Thailand's Supreme Court yesterday rejected an appeal by fugitive former prime minister Thaksin Shinawatra and his family against the seizure of US$1.4 billion of their assets. |
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| Air India seeks US$1b over Dreamliner delay |
| (MUMBAI) Flagship carrier Air India said yesterday it wants compensation from Boeing for delays in the delivery of Dreamliner planes, with media reports saying the airline is demanding US$1 billion. |
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| AirAsia sets record selling 500,000 seats |
| (KUALA LUMPUR) AirAsia Bhd has achieved a world record by selling more than 500,000 seats on the first day of its 'Mind Blowing Fare' campaign. |
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| Global oil demand forecast to rise, but at slower pace |
| (PARIS) Global demand for oil will exceed the International Energy Agency's earlier estimates, even as the agency predicts the economic recovery will slow next year. |
|
| Alaskan airspace chalks up another crash |
| (DALLAS) The plane crash that killed former Alaska Senator Ted Stevens and four other people adds to a deadly legacy in a state dependent on small aircraft and filled with aviation hazards including mountains, fog and ice. |
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| BofA may get US$13b boost |
| (NEW YORK) Bank of America Corp, hit by last month's disclosure of a potential US$10 billion charge tied to new regulations, may add US$13 billion to its book value when it posts gains from a Chinese bank stake for the first time in October. |
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| Luxury housing for US museum chiefs, rent free |
| (NEW YORK) In addition to her US$877,000 compensation package, Ellen V Futter, president of the American Museum of Natural History, lives rent free in a US$5 million New York apartment that the museum bought when she came aboard. |
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| Pentagon job cuts hit key command, contractors |
| (WASHINGTON) US Defence Secretary Robert Gates said on Monday the Pentagon will cut thousands of jobs, including a substantial chunk of its private contractors and a major military command based in Norfolk, Virginia. |
|
| Cash-starved American states in race to open casinos |
| (ATLANTIC CITY) America's cash-starved states are increasingly being drawn to the lure of easy money in casinos - a bet that could ultimately hurt taxpayers if the supply of slot machines, poker tables and racetracks outpaces customers' demand. |
|
| 'The Great Russian Fire' takes heavy toll on people, economy |
| (MOSCOW) Russia's record heat wave may already have taken 15,000 lives and cost the economy US$15 billion, or one per cent of gross domestic product, as fires and drought ravage the country. |
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| GDF Suez to take control of Int'l Power |
| (LONDON) GDF Suez is offering International Power shareholders a cash sweetener of US$2.2 billion in a reverse takeover of the British firm that will create the world's largest independent power producer in terms of revenue. The move will also give GDF, Europe's second-biggest utility, a greater presence in the US, Middle East and Asia, as well as give it access to the UK and Australia. |
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| Research In Motion gets Saudi reprieve on BlackBerry ban |
| (JEDDAH) BlackBerry maker Research In Motion (RIM) yesterday won a reprieve from a threatened ban on its Messenger texting service as Saudi Arabia said progress was being made on addressing its concerns. |
|
| Be prepared for the next downturn |
| EVEN as Singapore is on track to becoming the world's fastest-growing economy this year with the economy expected to expand 13-15 per cent, there are more than enough warning signs to suggest that such red-hot growth is unsustainable. |
|
| Global investment banks to deepen job cuts in Japan |
| (TOKYO) Global investment banks will eliminate more jobs in Japan as they question growth prospects in the world's second-biggest economy and deploy staff to expanding Asian markets including China, Tokyo-based Executive Search Partners Co said. |
|
| Bank of Japan leaves policy unchanged, draws flak |
| THE Bank of Japan yesterday stood pat on monetary policy in the face of increasingly strident demands for it to take action to stem the yen's rise, which is widely perceived to be damaging Japan's export-led economic recovery and exacerbating the country's chronic deflation. |
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| New KepCorp power plant to triple capacity |
| (SINGAPORE) With the economy back in full swing and demand for power growing, Keppel Corp wants to triple its generating capacity here by building a 900-megawatt plant expansion starting this year-end. The project is likely to cost well over $800 million. |
|
| Lending less profitable for Singapore banks in Q2 |
| THE Singapore banks struggled to boost lending income in the second quarter despite the improving economy as falling interest rates and loan margins offset higher demand for bank loans. |
|
| GIA estimates July 17 flooding cost insurers $12.5m |
| (SINGAPORE) The dollars and cents of damages caused by the three floods in June and July have been unveiled: Estimates from the General Insurance Association (GIA) of Singapore show that the latest flooding on July 17 cost insurers here $12.5 million, making up the bulk of the $22.9 million bill chalked up for the three floods. |
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| Exports surge to ease even as NODX rises 28% in Q2 |
| (SINGAPORE) The Republic's exports growth accelerated in the second quarter, thanks to stronger global trade flows, but a more subdued phase is on the cards. |
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| HP's fear of headlines costs CEO his job |
| (PALO ALTO) In the end, it wasn't actual sexual misconduct but fear of sensationalist headlines that convinced Hewlett-Packard's board to force the resignation of CEO Mark Hurd. |
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| Sizzling growth shows first hint of moderation |
| (SINGAPORE) The Republic's economy grew by a record 18.8 per cent in the second quarter from a year earlier, slower than the 19.3 per cent estimated last month, though still the fastest year-on-year expansion ever for the country. |
|
| Portugal gives itself a makeover |
| (LISBON) FIVE years ago, the leaders of this sun-scorched, wind-swept nation made a bet: To reduce Portugal's dependence on imported fossil fuels, they embarked on an array of ambitious renewable energy projects - primarily harnessing the country's wind and hydropower but also its sunlight and ocean waves. |
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| Ringing in the elderly |
| WITH the launch of an updated mobile phone for the elderly, homegrown phone maker Foresight Technologies hopes it can corner a niche market in the region. |
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| SMS to check if a charity is licensed |
| PUBLIC donations to charities increased 14 per cent year on year to $240 million in 2009, according to the Commissioner of Charities' (COC) annual report. |
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| Survey: business confidence of CEOs in Asia rising |
| RECENT results published by the Global YPO (Young Presidents' Organization) Global Pulse Survey showed that business confidence in Asia is on the rise. |
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| Paya Lebar, Hougang sites for en bloc sale |
| THE collective sale market continues to gain momentum, with two freehold residential sites at Paya Lebar and Hougang up for tender. |
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| Peg performance to profits, workers tell employers: survey |
| WANT higher productivity from your workers? Split your profits with them. |
|
| Expected US weakness pulls down STI |
| THE Straits Times Index dropped 10.77 points to 2,984.29 yesterday ahead of an anticipated weak Tuesday for Wall Street. Evidence that this might be the case came in the form of a 1.5 per cent loss for Hong Kong's Hang Seng index, feeble finishes in Japan and Australia and Europe-wide softness when markets there opened in late afternoon. |
|
| Container ships: is bigger better? |
| THERE was some good news from the liner trades last week. Neptune Orient Lines (NOL) swung back into the black with a second-quarter net profit of US$100 million, reversing a net loss of US$146 million a year earlier. |
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| Marine engineering, the rush for wind - and urban solutions |
| MEN and women who go to sea in ships develop a special ethos. Mariners work in a hostile and unpredictable environment over which they have no control. A unique blend of vigilance and adaptability is bred from operating huge industrial structures within the ever-changing forces of wind, waves and currents, varying from calm to storm, tropical to arctic. |
|
| Jianghuai to invest 30b yuan in green cars |
| (SHANGHAI) Chinese carmaker Jianghuai Automobile Co said yesterday it plans to invest about 30 billion yuan (S$5.9 billion) in production of clean- technology vehicles through a partnership with Yang Rong, a Chinese car tycoon who fled the country after being accused of economic crimes. |
|
| Petition wants firm to stop renting recalled cars |
| (WASHINGTON) Enterprise Holdings Inc, the largest US rental-car company, lets cars under federal safety recalls be rented before repairs, consumer advocates said in a petition asking the Federal Trade Commission (FTC) to bar the practice. |
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| China car sales may rise to 16 million this year |
| (SHANGHAI) China's car sales may rise to 16 million this year, a carmakers' group said, boosting its forecast from a previous estimate of 15 million. |
|
| Honda to cut Japan output 4% after subsidies end |
| (TOKYO) Honda Motor Co plans to reduce its Japanese car production by 4 per cent in October compared with the July-September quarter, in what would represent a small impact from the end of government subsidies to stimulate demand. |
|
| General Motors takes the sub-prime route to its expected IPO |
| (NEW YORK) There goes the General Motors (GM) pre-IPO roadshow. President Barack Obama visited Detroit last week and declared: 'We expect taxpayers will get back all the money my administration has invested in GM.' |
|
| M'sia industrial output growth slows in June |
| (KUALA LUMPUR) Malaysia's industrial production climbed at the slowest pace in four months as exports eased, reducing the scope for further interest- rate increases by the central bank after three moves this year. |
|
| Developers expect hike in M'sia housing prices in H2 |
| MALAYSIAN developers expect housing to cost up to 20 per cent more in the second half of this year, as raw material prices increase and supply tightens in popular areas. |
|
| Green study clears Sinar Mas |
| (JAKARTA) An independent study has cleared Sinar Mas Group, the world's second-biggest palm oil producer, of destroying rainforests in Indonesia, according to a statement from PT Sinar Mas Agro Resources and Technology Tbk. |
|
| State firms exempted from 25% share rule |
| (NEW DELHI) India has exempted state-owned firms from new rules requiring companies to have a public float of at least 25 per cent, following two major share sales from government-owned firms earlier in the year that drew tepid responses. |
|
| CDS market won't be delayed |
| (MUMBAI) India will not delay the launch of a credit default swaps (CDS) market but will move carefully due to the risks associated with such derivatives, a central bank deputy governor said yesterday. |
|
| India GST poised to miss deadline again |
| (NEW DELHI) India's most ambitious indirect tax reform is at serious risk of missing another deadline following failure so far to win opposition support for a bill crucial for business and public finances. |
|
| Preparing for deflation |
| AS chatter has grown about the possibility of a double-dip recession, so, too, have fears about another 'D' word: deflation. |
|
| Inflation staying low over next few years |
| FEARS about inflation and deflation have fluctuated wildly in recent times. In late 2008, at the height of the global financial crisis, the big worry was a 'debt deflation spiral' dragging the world into depression. Six months ago, many were worried about inflation. |
|
| Hedge funds bet on poor in a 'Simpsons' farce |
| BETTING on the poor has never been this profitable or this tasteless. |
|
| Researchers find significant chance of recession in US |
| (CHICAGO) There is a 'significant' chance that the US economy will slip back into recession in the next two years although a reversal is unlikely in the next few months, researchers at the San Francisco Federal Reserve Bank said on Monday. |
|
| Riyadh to spend 1.44t riyals on 5-year plan |
| (JEDDAH) Saudi Arabia unveiled a five-year plan budgeted at 1.44 trillion Saudi riyals (S$517.5 billion), the state-run Saudi Press Agency (SPA) reported. |
|
| Iran to expunge 'dirty' dollar, euro reserves |
| (TEHERAN) Iran announced plans on Monday to get rid of its dollar and euro reserves in response to the latest United Nations sanctions for its contested nuclear programme. |
|
| UK's June trade gap narrows on higher exports |
| (LONDON) Britain's goods trade deficit narrowed more than expected to a four-month low in June as exports jumped, rekindling forlorn hopes that the economy might be rebalancing. |
|
| UK housing gauge sees first price dip in a year |
| (LONDON) A UK housing market gauge signalled the first decline in prices for a year in July as demand for homes fell, a sign the economic recovery may be losing steam. |
|
| 'Double top'? Maybe, maybe not - but caution is advised |
| ON Monday last week, the Straits Times Index (STI) rose past 3,000 for the second time this year and eventually closed at 3,025, surpassing the previous 2010 closing high of 3,019. |
|
| Company Briefs |
| CELESTIAL Nutrifoods warned that it will 'suffer huge losses' due to significant sales returns for Q2 FY2010. It did not provide further details. |
|
| BreadTalk Q2 profit falls 23.7% |
| A 25 per cent jump in second-quarter revenue to $71.24 million failed to translate to better earnings for BreadTalk Group. |
|
| Tiger Airways posts 42% rise in July passenger numbers |
| LOW cost carrier Tiger Airways saw a strong set of operating numbers for July as both passenger volume and load factor grew. |
|
| China Gaoxian posts 4% rise in Q2 profit |
| CHINA Gaoxian Fibre Fabric Holdings, which is eyeing a dual listing in South Korea, reported a 4 per cent rise in net profit to 94.9 million yuan (S$19 million) for the second quarter ended June on the back of an improvement in sales. |
|
| ThaiBev Q2 net profit dips 7% to 2.56b baht |
| THAILAND'S largest brewer and distiller Thai Beverage Public Company (ThaiBev) has posted a 7 per cent drop in net profit to 2.56 billion baht (S$108.6 million) for the second quarter ended June 30, on the back of hits taken by its beer, spirits and non-alcoholic beverage segments. |
|
| Pacific Andes posts 35.4% Q3 profit jump |
| THE financial third quarter turned out to be a bountiful catch for Pacific Andes Resources Development and its 79 per cent subsidiary China Fishery, with both posting higher earnings and revenues. |
|
| KSH posts 54% leap in Q1 profits to $4.2m |
| KSH Holdings yesterday posted a 54 per cent year-on-year leap in net profit to $4.2 million for its first quarter ended June 30. Revenue was also up 21 per cent at $72.4 million, propelled by its construction segment. Also helping to boost its profit attributable to shareholders was a 54 per cent drop in finance costs to $625,000. |
|
| Sound Global Q2 profits dip 3.3% |
| SOUND Global, known formerly as Epure Holdings, yesterday reported a 3.3 per cent decline in net profit to 74.5 million yuan (S$14.9 million) for the second quarter ended June 30. Profit was dragged down by expenses related to the company's dual-listing exercise in Hong Kong. |
|
| DBS ups profit forecast for Genting Singapore |
| DBS Group Research Equity is revising upwards its 2010 earnings guidance for Genting Singapore, Asia's largest listed casino operator, and maintaining a 'buy' call on the company and its Malaysian gaming parent Genting Bhd. |
|
| Market holds its horses with NOL |
| DESPITE exceeding expectations with its second-quarter results last week, Neptune Orient Line's share price has slumped 6.1 per cent since last Thursday's close, showing the market's wariness over what the second half of the year has in store for the industry. |
|
| UOB Q2 profits grow 28% to $602m |
| UNITED Overseas Bank's (UOB) net profit grew 28 per cent to $602 million in the second quarter compared to a year ago, slightly ahead of analysts' estimates, due to a sharp drop in bad-loan charges. |
|
| Rare earth miners to set unified prices: report |
| (BEIJING) China's leading rare earth miners may effectively fix global prices for the group of metals that are widely used in a number of electronic devices and military applications, an official newspaper said yesterday. |
|
| China property inflation eases further in July |
| (BEIJING) Annual house price inflation in China fell in July for the third month running under the impact of a government drive against property speculation. |
|
| China trade surplus soars to 18-month high |
| (BEIJING) China's trade surplus surged unexpectedly in July to an 18-month high of US$28.7 billion as exports beat forecasts, but a government-induced slowdown in investment took a toll on imports. |
|
| Just how much does it cost to fly? |
| (NEW YORK) If you thought airline tickets have been getting more expensive, you are right. But how much more expensive is difficult to say. |
|
| FAA proposes fix on 747s to avoid takeoff risk |
| (WASHINGTON) The US Federal Aviation Administration (FAA) proposed that airlines modify wing-flap wiring on certain Boeing 747-400 models to avoid a risk that the planes won't take off properly. |
|
| Union in talks to save Mexican airline |
| (MEXICO CITY) Employees of airline Mexicana de Aviacion are talking with investors in a bid to keep the cash-strapped carrier flying, a union official said on Monday. |
|
| Airbus hopes Mideast plane orders take off in 2010 |
| (CAIRO) Airbus is on track to secure orders for over 50 aircraft in the Middle East and North Africa this year as the industry recovers from a dismal 2009, a senior executive at the European planemaker said. |
|
| Briefly Asia |
| (BEIJING) A Chinese firm has developed a special protective case known as the 'Apple Peel' for converting the iPod Touch media player into a mobile phone, state media said yesterday. |
|
| StanChart wants Korea to relax regulations |
| (SEOUL) Standard Chartered Plc has asked South Korea's government to loosen regulations governing its holdings of foreign-exchange derivatives in the country, a spokesperson for the bank here said yesterday. |
|
| Philippines placing its bets on integrated resorts to boost tourism |
| (MANILA) The Philippines aims to become Asia's next big gambling hub with casino and entertainment resorts built in key tourist spots across the country, the country's gaming regulator said. |
|
| Aust opposition wants to scrap broadband plan |
| (CANBERRA) Australia's opposition will scrap a US$38 billion high-speed broadband network if it wins an Aug 21 election. |
|
| Japan PM offers apology to Korea for suffering caused |
| JAPAN'S Prime Minister Naoto Kan yesterday issued a landmark personal statement expressing his 'deep remorse and heartfelt apology' for the suffering caused to Korean people during Japan's 36 years of colonial rule of the Korean peninsular. |
|
| Buffett warns of inflation, cuts duration of bonds held |
| (NEW YORK) Warren Buffett shortened the duration of bonds held by Berkshire Hathaway after warning that deficit spending could force inflation higher. |
|
| Nude painting |
| (HEREFORDSHIRE, England) Members of the public taking part in a naked installation for American artist Spencer Tunick at the Big Chill festival near Ledbury in Herefordshire last Saturday. |
|
| The economic roots of America's summer of fear |
| POLITICS always seems to get a bit off-kilter when the temperature goes up. But instead of the familiar silly-season stuff of years past - made-up scandals and who-cares gossip - the past two summers have been filled with vitriol. Last year we had town halls gone wild, fuelled by the threat of death panels pulling the plug on Grandma. This year, us-vs-them controversies are proliferating, linked by a surge in xenophobia. This is our summer of fear. |
|
| Moving with climate-change policy shifts |
| THIS checklist is a guide for CEOs as they equip their organisations in preparation for the impact of any changes in the climate-change policies of the countries they operate in. |
|
| Steps for reporting carbon emissions |
| THE world is inevitably moving towards low-carbon economies. Most national governments now accept the need for action to reduce greenhouse gas emissions. |
|
| Time for UK to break up big banks is now |
| WHEN is a good time for the British government to take a sledgehammer to the financial system and break up banks such as Royal Bank of Scotland Group plc (RBS) and Barclays plc? Not when they are teetering on the edge of bankruptcy and there is a risk of killing them. And not when lenders are raking in billions in profits because they will be too powerful. |
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| Beijing out to split Asean after years of assurances |
| AFTER years of assurances that they have nothing to fear from a rising China, newly assertive Beijing is using divide-and-conquer tactics against its neighbours in Southeast Asia, trying to isolate claimants of disputed islands in an area rich in oil and gas. Chinese Foreign Minister Yang Jiechi acknowledged that 'there are territorial and maritime rights disputes' between China and some of its neighbours but, he said, 'those disputes should not be viewed as ones between China and Asean as a whole just because the countries involved are Asean members.' |
|
| Three-Minute Digest |
| SINGAPORE'S economy grew by a record 18.8 per cent in the second quarter from a year earlier, slower than the 19.3 per cent estimated last month, though still the fastest year on year expansion ever for the country. |
|
| Economic pessimists' views gaining currency |
| (LONDON) The central question dividing economists these days is whether Western governments should spend more to ward off a potential second recession or retrench to hold down their ballooning debts to restore confidence among investors. |
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| KKR calls off US$500m new share sale |
| (NEW YORK) Private equity firm Kohlberg Kravis Roberts & Co (KKR) has cancelled plans to sell US$500 million of new stock, less than one month after it listed on the New York Stock Exchange (NYSE). |
|
| Skype puts in papers for US$100m IPO |
| (NEW YORK) Internet phone services provider Skype has filed to raise up to US$100 million through an IPO, hoping that its wide name recognition and rapid growth will outweigh concerns that few of its customers actually pay. |
|
| MatthewSimmons, peak oil theory advocate, dies at 67 |
| (DALLAS) Matthew R Simmons, an energy investment banker and a leading proponent of the 'peak oil' theory that claims the Earth is running out of crude, died on Sunday. |
|
| Productivity unexpectedly declines in Q2 |
| (WASHINGTON) The productivity of US workers unexpectedly fell in the second quarter, showing companies may find it harder to keep cutting costs as the recovery unfolds. |
|
| US dollar rises as Fed easing hopes fade |
| (NEW YORK) The US dollar rose across the board yesterday as investors scaled back expectations that the Federal Reserve would announce further aggressive easing measures to prop up a softening US economic recovery. |
|
| Brokers' Take |
| BASED on the 11th Five-Year Plan (2006-2010), China has committed to increasing the use of renewable energy resources from 7.86 per cent in 2006 to 20 per cent of its total energy production by 2020. |
|
| Asian units gain for 3rd week as growth attracts funds |
| ASIAN currencies strengthened for a third week, led by South Korea's won and Malaysia's ringgit, as signs that the US recovery is losing traction spurred demand for assets in the faster-growing economies of the world. |
|
| Wheat prices rocket on Russia export ban |
| (LONDON) Wheat prices struck two-year highs last week as major exporter Russia banned grain exports after a record drought and fires ravaged its crop. |
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| Portfolios advance more than ST Index |
| SMALL cap stocks in Singapore fared pretty well in the last two weeks on the back of decent corporate earnings. On average, our six portfolios advanced by 1.4 per cent, higher than the blue chip index's 0.7 per cent move. |
|
| Directors' transactions remain low; buyback activity plunges |
| THE trading among directors remained low last week with only 12 transactions worth $624,000 based on filings on the Singapore Exchange in the first week of August. |
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| Japan's economy enters the mummy state |
| IT SOUNDS more like a plot for a horror film than a legitimate news story. |
|
| Fixing India's food-for-poor system |
| (JHABUA, India) INSIDE the drab district hospital, where dogs patter down the corridors, sniffing for food, Ratan Bhuria's children are curled together in the malnutrition ward, hovering at the edge of starvation. |
|
| Growth, opportunity, and happiness |
| AS SINGAPORE is celebrating her 45th birthday, it is indeed timely to take stock of how the economy and the society have been performing since her independence or earlier. |
|
| America on the unlit, unpaved road to nowhere |
| THE lights are going out all over America - literally. Colorado Springs has made headlines with its desperate attempt to save money by turning off a third of its streetlights, but similar things are either happening or being contemplated across the US, from Philadelphia to Fresno. |
|
| Implications of weak US dollar, strong yen |
| JAPAN bewails the 'strong yen' phenomenon - and indeed the strength of the yen is a legitimate cause for concern. But there is also the problem of the 'weak dollar'. |
|
| Three-Minute Digest |
| FOREIGNERS including permanent residents bought 81 landed homes in Singapore in the second quarter of this year, up from 69 in Q1. |
|
| When good looking women are overlooked |
| (LOS ANGELES) Too hot to be an engineer or prison guard? |
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| Q2 earnings soar as economy recovers |
| (SINGAPORE) After a sluggish start, listed companies in Singapore made up for lost time in the second quarter, with their bottom lines jumpstarted by the recovering economy. |
|
| A mentor to CEOs and directors |
| (SINGAPORE) After more than three decades of business travel as a McKinsey man, Hsieh Tsun-yan found himself in a rather unusual setting for about two weeks in early June - on a coach through Turkey and Syria with his wife and about 20 other couples. |
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| Manila to study US$10b offer for casino franchise |
| (MANILA) Philippine President Benigno Aquino said yesterday his government would study a US$10 billion offer from a local tycoon to take over the government's monopoly casino franchise with Malaysian help. |
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| NDP show leaves crowds misty-eyed |
| (SINGAPORE) Euphoria rose from a sea of red and white at the Padang last night, as Singapore celebrated its 45th year of independence. |
|
| Landed home purchases by foreigners surge |
| (SINGAPORE) Foreigners including permanent residents bought 81 landed homes in Singapore in the second quarter of this year, up from 69 in Q1. And the Q2 figure is the strongest quarterly showing since Q2 2007, according to Knight Frank's analysis of URA Realis caveats information up to July 30. |
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| Saving cost and effort |
| THE Singapore Accounting Standards Council has proposed that Singapore adopt the International Financial Reporting Standard for Small and Medium-sized Entities for SMEs here. |
|
| Wowing the fitness business |
| GOURMET Jimmie Lee has been featured in The Business Times recommending his favourite haunts to fellow foodies, but industry experts recognise him for something else altogether. |
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| Smart and fast-acting leadership |
| SLIGHTLY less than a decade ago, it was a simple carpentry firm. |
|
| It pays to have a banker relationship |
| COMPANIES that want a loan are reluctant to reveal all about themselves to the bank. We say then that the information is opaque, not transparent. |
|
| Helping hand for fans of online shopping |
| LOCAL start-up Comgateway offers its customers a unique proposition - access to US online merchants without the hassle of worrying about payment and delivery. |
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| Griffin jumps onto pharma wagon |
| HAVING forged a strong position in spare parts logistics for the marine and offshore sectors, home-grown Griffin Kinetic now wants to penetrate the pharmaceutical logistics industry as well. |
|
| Earnings boost for small-cap portfolio |
| THE past couple of weeks have been good for stocks, as decent corporate earnings reports lifted sentiment. Our small-cap portfolio added 1.8 per cent, more or less in tandem with the blue-chip Straits Times Index's 1.7 per cent advance. |
|
| Starring Singaporeans |
| STARS were a prominent feature at NDP 2010, appearing in performances and decorative paraphernalia. NDP 2010's second act - 'Five Stars' - revolved around the meaning of the five stars on the Singapore flag - which stand for the nation's ideals of democracy, peace, progress, justice and equality. |
|
| InterGen stake sale won't hit Island Power project |
| GMR Infrastructure's current bid to sell its half-stake in US power generation company InterGen will not affect the Indian group's plan to push ahead with the long-stalled S$1.2 billion Island Power project in Singapore. |
|
| Stick to index, buy the dips, sell into strength |
| IT would be easy to say stocks look like they're caught between two opposing forces - the urge to sell because of weakening US economic data that suggests a drastic slowdown is on the cards, versus the urge to buy because of supposedly better-than-expected earnings. |
|
| India's busiest port closed, containers float in sea after collision |
| (MUMBAI) Jawaharlal Nehru Port, India's busiest container harbour, was closed yesterday morning as hundreds of containers floated in the sea following a collision between two vessels on Saturday. |
|
| Terrorist attack caused damage to Japan tanker |
| (WASHINGTON) Investigators in the United Arab Emirates said on Friday that a terrorist attack caused the mysterious damage to a Japanese oil tanker last week as it passed through the Strait of Hormuz, raising fears of future attacks in the narrow channel that serves as a passageway for shipping crude oil from the Middle East to the rest of the world. |
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| Full steam ahead for S'pore |
| SINGAPORE has had tremendous success in establishing a strong and dynamic maritime cluster covering all commercial, financial, operational and service aspects related to the maritime industry. |
|
| GE eyes Malaysia's healthcare sector |
| (PETALING JAYA) General Electric (GE) is actively looking into enhancing its presence in Malaysia's healthcare industry, particularly tourism healthcare, said the president of GE Asean, Stuart Dean. |
|
| Pertamina may restart Cilicap refinery unit this week |
| (JAKARTA) Indonesia state oil and gas firm PT Pertamina may restart a 230,000 barrels per day (bpd) Cilicap refinery unit this week, company officials said yesterday, helping to replenish gasoline and diesel supplies. |
|
| Bashir arrested for alleged terrorist links |
| (JAKARTA) Indonesia's anti-terrorism unit arrested a radical Islamist cleric yesterday for alleged ties to an Al-Qaeda-affiliated cell accused of plotting high-profile assassinations and Mumbai-style attacks targeting foreigners in Jakarta. |
|
| Indonesia seen as economic golden child |
| (JAKARTA) After years of being known for inefficiency, corruption and instability, Indonesia is emerging from the global financial crisis with a surprising new reputation - economic golden child. |
|
| Delhi may open stock markets to foreign retail investors |
| (NEW DELHI) India may loosen rules to allow foreign individual investors to invest in the country's share markets as part of moves to reform Asia's third-largest economy, a report said yesterday. |
|
| Infrastructure bottlenecks to prolong high India inflation |
| (MUMBAI) India is girding itself for a 'new normal' of inflation running at 6 to 8 per cent, from the roughly 5 per cent considered acceptable by policymakers in recent years, as a racing economy exacerbates structural bottlenecks. |
|
| Trove of master architect put up for sale |
| (NEW YORK) A huge and previously unknown trove of archival material from Philip Johnson's architectural practice - including his hand-drawn sketches for towers that helped define postmodern architecture - is to be put up for sale by one of Johnson's former partners, who has had them in storage for years. |
|
| China developers tapping trust funds |
| (BEIJING) China's trust firms are channelling a growing amount of money to real estate developers eager for access to credit, but such funding might be curbed later this year, the China Business News reported yesterday. |
|
| Property prices in China will fall: top developer |
| (BEIJING) Property prices in China's major cities will fall later this year because of the government's tightening campaign and a coming surge in housing supply, the country's top listed developer said in comments published yesterday. |
|
| Lower percentage of US mortages under water |
| (SEATTLE) The percentage of US homeowners who owe more than their properties are worth declined in the second quarter as tax credits boosted prices in California and foreclosures surged, a real estate data provider said. |
|
| UK's Pier Walk sold to German fund manager |
| (LONDON) British property investor Quintain Estates and Development has sold Pier Walk at its Greenwich Peninsula development near London's Canary Wharf to a unit of Germany's largest open-ended fund manager DekaBank. |
|
| Vietnam villa and townhouse market stagnating |
| (HANOI) The villa and townhouse market in Hanoi has stagnated over the last two months, Vietnam's news agency quoted industry insiders as saying last week. |
|
| Optimistic outlook for M'sian property |
| (KUALA LUMPUR) The Real Estate and Housing Developers'Association Malaysia (Rehda) is optimistic of the future prospects of the property market in Malaysia. |
|
| June Australian home-loan approvals fall |
| (SYDNEY) Australian home-loan approvals fell in June, after gaining in May for the first time in eight months, adding to signs that the most aggressive round of interest-rate gains by the Group of 20 member is cooling demand for dwellings. |
|
| Growth forecasts for Japan, US cut as govt stimulus tapers off |
| (TOKYO) Goldman Sachs Group has cut its growth forecasts for the world's two largest economies on signs that stimulus boosts will wane. |
|
| Ex-minister slams Hungary's fiscal policy |
| (BUDAPEST) Hungarian Premier Viktor Orban, who says that he's fighting for 'economic self-rule', will end up increasing dependence on creditors by resisting IMF demands to cut next year's budget deficit, former finance minister Peter Oszko said. |
|
| German exports up higher than forecast |
| (BONN) German exports rose more than economists forecast in June as the global recovery helped bolster an export-led expansion in Europe's largest economy. |
|
| US investors own bigger share of Treasuries |
| (NEW YORK) US investors own more Treasuries than foreign holders for the first time since the start of the financial crisis in August 2007. |
|
| China's JGB purchases spark market talk |
| CHINA again bought significant amounts of Japanese government debt in June, it was revealed yesterday, touching off speculation about what motives lie behind China's recent large purchases and whether these have to do with financial or trade strategy on Beijing's part. |
|
| Time for a new index for S-chips |
| IT HAS been taken for granted that when assessing the general share price performance of S-chips, one would consider the FTSE ST China Index or the FTSE ST China Top Index - the two indices that each track a cluster of China-related stocks. |
|
| China car sales slow, India's at record high |
| (BEIJING) Car sales in China rose at their slowest in 15 months in July as the world's largest auto market cooled further after a roaring 2009, but Indian sales hit a record high thanks to sound economic prospects and new models. |
|
| News Corp sells controlling stake in China TV channels |
| (HONG KONG) Rupert Murdoch's News Corp yesterday said that it will sell control of its three Chinese TV channels to a fund backed by China's No 2 media company, in a pullback from the market after years of difficulty. |
|
| Hormones in babies blamed on milk powder |
| (BEIJING) Parents and doctors in central China fear that hormones in milk powder they fed their infant daughters have led the babies to prematurely develop breasts, state media reported yesterday. |
|
| GDP set to grow 10-11% this year: govt economist |
| (BEIJING) China's economy will enjoy a strong, stable second half, putting it on course for full-year growth of about 10-11 per cent, a leading government economist said in comments published yesterday. |
|
| China asks firms to shut outdated plants |
| (SHANGHAI) China has ordered more than 2,000 companies in 18 industries, including cement, coking, iron, paper and dyeing, to shut outdated manufacturing capacity by the end of September, state media reported yesterday. |
|
| MAS to use Kota Kinabalu as hub |
| (KOTA KINABALU) Malaysia Airlines yesterday announced that it has chosen Kota Kinabalu to be its Eastern Hub, as the airline sets its eyes on China, Taiwan, North Asia, Indonesia and Australia markets. |
|
| Moscow chokes under smog; air travellers trapped |
| (MOSCOW) Thousands of air travellers were stranded yesterday as Moscow choked in the worst smog in living memory from spreading wildfires that threatened a second Russian nuclear facility. |
|
| Embraer sees backlog topping US$17b by Dec |
| (BOSTON) Empresa Brasileira de Aeronautica SA, the world's fourth-largest aircraft maker, will have a backlog of more than US$17 billion before the end of the year, said Luiz Carlos Aguiar, the company's vice president of finance. |
|
| Baghdad back on map of airlines after 20 years |
| (BAGHDAD) Baghdad is getting back on the map of international airlines after 20 years of violence as the prospect of multi-billion oil deals lures business travellers. |
|
| UAE brokerages struggling to survive |
| (DUBAI) Stock brokers in the United Arab Emirates are struggling to make ends meet as trading volumes tumble to the lowest in four years, forcing some to close. |
|
| Market to be consulted on NAB-AXA deal |
| (SYDNEY) Australia's competition regulator has agreed to consult the market on National Australia Bank's (NAB) proposals to salvage its US$12 billion takeover of AXA Asia Pacific, giving it a glimmer of hope that the deal would eventually succeed. |
|
| Trial on Democrat Party election funding starts |
| (BANGKOK) A Thai court began a trial yesterday into alleged funding irregularities by the ruling Democrat Party, a case that could complicate a long-running political crisis in South-east Asia's second- largest economy. |
|
| Accuser of ex-HP CEO Hurd steps forward |
| (SAN FRANCISCO) The woman whose sexual harassment accusation against Mark Hurd led to his ouster as chief executive of Hewlett-Packard (HP) came forward yesterday, saying she never intended for Mr Hurd to lose his job. |
|
| Art from Lehman's branches to be auctioned |
| (LONDON) Artwork from the European branches of the collapsed US investment bank Lehman Brothers will go under the hammer in London next month in a £pounds;2 million (S$4.3 million) auction, administrators said yesterday. |
|
| Saga of The Economist still stirring |
| (NEW YORK) Its fire-engine-red logo peeks out of fashionable handbags and from the back pockets of designer jeans. Bankers read it in first-class. Hipsters read it on the subway on their way to work. |
|
| Hawaii sugar grower to power US Navy |
| (HONOLULU) The US federal government has turned to a 130-year-old Hawaii sugar grower for help in powering the Navy and weaning the nation off a heavy reliance on fossil fuels. |
|
| Euro rallies 5.9% since mid-May, defying the bears |
| (NEW YORK) The euro's rally from a four-year low in June resulted in losses for followers of bears from Paul Volcker to Dennis Gartman. |
|
| Bullish investor sentiment on wheat may be peaking |
| (CHICAGO) Wheat speculators slowed their bets on higher prices after the biggest monthly gain in Chicago Board of Trade (CBOT) futures in 37 years, a sign the rally may be peaking, according to Grain Service Corp. |
|
| BP's costs for Gulf spill rise to US$6.1b |
| (NEW ORLEANS) BP says its costs to respond to the massive oil spill in the Gulf of Mexico has risen to about US$6.1 billion. |
|
| Campbell got diamonds promised her by Taylor: ex-agent |
| (THE HAGUE) Naomi Campbell received a late-night gift of diamonds which ex-Liberian dictator Charles Taylor had promised her over dinner just hours before, the supermodel's former agent testified yesterday at Taylor's war crimes trial. |
|
| Chrysler's net loss narrows to US$172m in Q2 |
| (SOUTHFIELD, MICHIGAN) Chrysler Group LLC, the US automaker run by Fiat, reported that net loss narrowed to US$172 million in the second quarter, benefiting from lower costs and higher US demand, while operating profits widened. |
|
| AstraZeneca agrees to settle 17,500 lawsuits |
| (LONDON) AstraZeneca plc will pay about US$198 million to settle 17,500 lawsuits, or about two-thirds of the total, alleging its antipsychotic drug Seroquel causes diabetes in some users. |
|
| AIG: New rules may hurt business |
| (NEW YORK) American International Group says that new controls on Wall Street may force the insurer to raise capital, undergo stress tests and limit bets on private equity and hedge funds. |
|
| analysis Mexicana's pain could mean US airlines' gain |
| POSSIBLE bankruptcy for one of Mexico's two major airlines could benefit US carriers, but the latest shake-up in a troubled air sector is not seen seriously denting the country's tourism industry for now. |
|
| The IT consumerisation threat |
| A HOLISTIC security policy is needed as the use of popular social networking tools within the enterprise continues to grow, according to Internet security provider Symantec. |
|
| Microsoft ditches controller as game-changer |
| MICROSOFT hopes dumping the Xbox controller will elevate its console to the No 1 spot in the video games market here. |
|
| Cloud ensures 'democratisation' |
| EVERYONE will have access to cloud computing, predicts Chris Whitney, the newly appointed director of HP Labs in Singapore. |
|
| Apple's iPad finds niche market among Japan's elderly |
| HIKOSABURO Yasuda says he knows a trend when he sees one and plans to buy Apple's iPad to keep up with junior members in his computer club. Mr Yasuda is 95. |
|
| Outsourcing of IT security soon to be the norm |
| WORRIED about hiring trustworthy technicians to safeguard your important data, or implementing the latest enterprise security features all by yourself? These concerns may seem outdated in a few years' time, if Jimmy Fong is right. |
|
| Air Berlin urged to focus on Frankfurt to provide better links |
| AIR Berlin plc, the German airline that agreed to join the Oneworld alliance last month, should refocus its operations on Frankfurt to provide better links with the flights of its new partners, the airport's owner said. |
|
| KL rejects Jakarta's minimum wage proposal for maids |
| MALAYSIA said yesterday that it could not accept an Indonesian proposal on a minimum wage for its maids amid delays on a working conditions deal following a series of shocking abuse cases. |
|
| Japan power firms mostly behind CO2 cut goals: survey |
| MOST Japanese power firms are behind self-imposed goals to cut carbon emissions under the Kyoto Protocol, a Reuters survey showed on Friday, but carbon traders said the companies have enough UN credits to offset the lag. |
|
| Japan seeks to export green technologies for offset credits |
| JAPAN is seeking to export low-carbon technology and equipment to nine mostly Asian countries in exchange for 'right-to-pollute' credits, a press report said yesterday. |
|
| Business outsourcing changing Filipino society |
| DAYBREAK is happy hour in a world turned upside down at a trendy bar in the Philippines' financial district, the clientele young and loud and with a vague California accent. |
|
| S Korea's president picks young reformist as prime minister |
| SOUTH Korean President Lee Myung-bak named a young reformist as prime minister yesterday and replaced half his Cabinet in a mid-term reshuffle aimed at pushing through his pro-business reform agenda. |
|
| Graft cases deal blow to Taiwan democracy |
| A FORMER president jailed for graft, a retired head of military police indicted for embezzlement, three top judges accused of taking bribes - the list goes on. Taiwan has a problem with corruption. |
|
| Boom prompts German unions to push for pay hikes |
| AFTER years of agreeing to moderate pay hikes to safeguard jobs, Germany's powerful unions are gearing up for a dramatic change of strategy, bidding for wage gains that bosses say could derail the recovery. |
|
| China's savings rate will drop rapidly in coming years: BIS |
| CHINA's high savings rate is expected to fall substantially in coming years as its workforce shrinks, the population ages and social security spending increases, a BIS report shows. |
|
| Fourth female US Supreme Court Justice sworn in |
| ELENA Kagan was sworn in on Saturday as the 112th person, and fourth woman, to serve on the US Supreme Court, continuing a generational and demographic transformation of the nation's highest bench. |
|
| Greenspan calls for repeal of Bush tax cuts |
| IT was not enough, it seems, for Alan Greenspan, the former Federal Reserve chairman and a self-described lifelong Republican libertarian, to call for stringent government regulation of giant banks, as he did a few months ago. |
|
| Flood-hit Pakistanis face rising food prices |
| PAKISTANIS grappled with skyrocketing fruit and vegetable prices yesterday caused by floods that have destroyed more than 405,000 hectares of crops and left at least four million people in need of food assistance in the coming months. |
|
| Apec nations agree to boost growth quality |
| ASIAN and Pacific countries yesterday agreed to improve the 'quality' of their growth and help put the global economy back on track from its crisis. |
|
| iPhone hardware man Papermaster leaves Apple |
| MARK Papermaster, the Apple executive in charge of hardware for the company's flagship iPhone, has left the company in the wake of widely reported problems with the antenna of the recently introduced iPhone 4. |
|
| Downside to spate of firms taken private |
| HAVING pitched hard for local and foreign issuers to list on the bourse, Bursa Malaysia can't be too happy about the spate of companies going private. |
|
| BOA estimates litigation losses could hit US$1.4b |
| BANK of America Corp (BOA) projects that its losses from pending litigation could be as high as US$1.4 billion, the company disclosed in its second-quarter report filed on Friday with securities regulators. |
|
| No common view for climate change deal |
| THE new climate change treaty under negotiation for the past 21/2 years begins with a brief document called 'A Shared Vision'. The problem is, there isn't one. |
|
| Berkshire Q2 profit falls 40% on derivative losses |
| WARREN Buffett's Berkshire Hathaway Inc said on Friday second-quarter profit fell 40 per cent, as declining stock prices depressed the value of his derivative contracts. |
|
| Keep up efforts to sustain growth |
| THE following is the text of Prime Minister Lee Hsien Loong's National Day Message 2010. |
|
| Struggling US stock market stares at a tipping point |
| AS the stock market enters the second week of August, the economy's struggles will be taking take centre stage. |
|
| All eyes on Fed meeting as recovery slows in US |
| THE Federal Reserve's rate-setting panel will meet tomorrow amid pressure to resume crisis-era spending to restart a stalled recovery. |
|
| One transplanted Singaporean's homecoming |
| IS THE worst recession in US history since the Great Depression showing any signs of letting up? Just a few weeks ago, I got a chance to find out when I drove cross country from Utah to Florida as part of a 'walkabout'. |
|
| In search of the real Singapore Inc |
| SINGAPORE Inc as we know it is disappearing. Now that the Chinese have bought Singapore's only homegrown oil company and the Malaysians are moving in on Parkway Holdings, the struggle to define a local company has taken a brow-furrowing turn. |
|
| S'pore going strong at 45, pulls in 17.9% growth |
| SINGAPORE needs to look beyond the current rebound and focus on growing its economy with sustained effort from all, Prime Minister Lee Hsien Loong said in his National Day Message last night. |
|
| face to watch |
| Andreas Sohmen-Pao Chief Executive Officer BW Maritime SINGAPORE became my home exactly ten years ago, and moving here was one of the better decisions I have made. Travelling for half of the year to countries from Brazil to Norway, China to Nigeria, I feel lucky to come home to a place which is green yet developed, efficient yet peaceful, safe yet stimulating. And that's before I even get started on the topic of food. |
|
| trailblazers in shipping |
| Y C Chang / S S Teo Founder / Managing Director Pacific International Lines MR Chang, founder of Pacific International Lines (Private) Limited based in Singapore, together with his son, S S Teo (Teo is the dialect form for the Chang family name), wish all Singaporeans many more successful years ahead, as we celebrate our National Day. |
|
| face to watch |
| Tan Tong Hai Chief Operating Officer StarHub TAN Tong Hai is constantly on the cusp of change. In 2000, he shook up Singapore's consumer Internet market as general manager of upstart StarHub Internet. The company surprised the industry by introducing a free, unlimited dial-up access plan that rewrote the dynamics of competition. |
|
| trailblazers in telecoms |
| Leong Keng Thai Deputy CEO and director-general (Telecoms and Post) Infocomm Development Authority of Singapore MARKET liberalisation is a tricky undertaking. And Leong Keng Thai has the daunting job of doing it time and again. |
|
| face to watch |
| Ng Gim Choo Founder and Managing Director EtonHouse International Education Group WHEN I set up EtonHouse International Education Group, I knew I should leverage on the 'Made-in-Singapore' brand, as Singaporeans have long established a very good reputation for being honest, reliable and trustworthy. Parents, corporate partners and many overseas governments deem EtonHouse highly, based on such merits. We also became a strong magnet in attracting foreign teachers to be part of our teaching force, in particular to being posted to Singapore. Many of our teaching staff have told me that Singapore is acclaimed to be an international, first-class place to work in, well-known for its literacy rate and as a place that is relatively easy for most expatriates to adjust to and live in. Most notably, when I was in Japan for the recent opening of EtonHouse in Tokyo, many Japanese I met told me that Singapore is a preferred place for expatriate postings for the same reasons. |
|
| trailblazers in enterprise |
| Richard Eu Group CEO Eu Yan Sang RICHARD EU is the group CEO of Eu Yan Sang International and a third-generation descendent of the late Eu Tong Sen, who was a well-known businessman and philanthropist in Singapore. Although his family had 10 per cent of the business in 1989 then - the year when he entered the company - he was told not to expect taking over the reins. After all, he has three siblings and more than 70 cousins, even if not all are contending to lead the firm. |
|
| trailblazers in property |
| Kwek Leng Beng Executive Chairman City Developments Limited THE world has changed considerably in the forty-odd years since I started out in business and the rate of change continues to accelerate. I have always enjoyed my life and am constantly refreshed and energised by the people I meet and by the new and often unexpected challenges that every new day brings before me. Life goes by pretty quickly when you're engaged in your work, inspired by your surroundings and when you have solid aspirations. |
|
| face to watch |
| Carol Fong CEO CIMB Securities IT has proven to be a metamorphosis for CIMB's stockbroking arm when it acquired the securities business from Singaporean old-timer GK Goh Holdings. Once a new kid on the block, the top Malaysian investment bank has join the league of top five stockbroking firms here with a market share of 7-10 per cent. |
|
| face to watch |
| Piyush Gupta CEO DBS Group Holdings AS I travel around Asia, the buzz is palpable. Unlike in the West, where many economies remain in the doldrums, policy makers in this part of the world are grappling with a different set of concerns. These include worries about the blistering pace of growth, asset inflation and property bubbles. |
|
| trailblazers in banking |
| Peter Seah Chairman DBS Group Holdings I AM a post-War baby, born in 1946. I had to learn three national anthems - God Save the Queen, Negara Ku and Majulah Singapura. They signify Singapore's political evolution from British colony, to being in Malaysia, to independence. |
|
| Reflections |
| As Singapore turns 45 today, there is much reason to celebrate. |
|
| Bringing spaces to life |
| A conceptualiser is a person who comes up with big ideas - the concepts that drive the very soul of a company. |
|
| Business is brewing very well for Nestle Nespresso |
| IT'S hard not to notice them almost everywhere you go these days - in hotel bars, premium banking lounges, cafes, the chief executive's office, your best friend's kitchen, perhaps. |
|
| Tanker owners may suspend leasing |
| OWNERS of supertankers delivering the world's seaborne crude oil may emulate industry leader Frontline Ltd and stop leasing the vessels until a plunge in rental income is reversed, shipping analysts said. |
|
| Baltic index rises as iron ore boosts capesize activity |
| THE Baltic Exchange's main sea-freight index, which tracks rates to ship dry commodities, rose for a second session on Friday as iron ore enquiry bolstered activity for larger capesize vessels. |
|
| Keppel rigs to make more headway in Gulf of Mexico |
| KEPPEL FELS' fourth drilling rig that it is building for Texas-based Ensco - the Ensco 8503 - is expected to gain entry into the Gulf of Mexico when it is delivered early next year. |
|
| Cerebos picks Telstra to manage network |
| MAINBOARD-listed Cerebos Pacific Ltd, which makes the famous Brand's Essence of Chicken, has outsourced the management of its network infrastructure to Australian giant Telstra International. Under the deal which was signed last month, Telstra will manage 11 of Cerebos' sites spread across the Asia-Pacific region where Cerebos has operations. |
|
| Duxton fund betting on food and wine |
| DUXTON Asset Management, a firm set up by former Deutsche Bank executives, is investing in farmland in a bet food prices will continue to rise and the world face occasional shortages with food stockpiles near record lows. |
|
| What's not in directors' fees? |
| SECTION 169(1) of the Companies Act states: 'A company shall not at any meeting or otherwise provide emoluments or improve emoluments for a director of a company in respect of his office as such unless the provision is approved by a resolution that is not related to other matters and any resolution passed in breach of this section shall be void.' |
|
| 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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| Better, faster and more accurate |
| THE co-existence of search engines such as Google, Yahoo!, Bing and Baidu is evidence that media search is big business. |
|
| Volunteer extraordinaire |
| YOUTHS in Singapore are doing more for society, but Oliver Loke laments it's still not enough. |
|
| Xilinx rides communications sector growth in region |
| THE rush of modernising Asian economies building up their wireless infrastructure has been a boon to Xilinx's Asia-Pacific headquarters in Singapore, according to its senior vice-president, Vincent Tong. |
|
| Spain tourism body seeks end to strike threat |
| SPAIN'S travel companies association urged air traffic controllers on Saturday to accept a government offer of arbitration to avoid a strike that could wreak economic havoc at the height of the tourist season. |
|
| Boeing reports loss of 26 aircraft orders |
| BOEING Co has lost 26 orders for new aeroplanes in the past month, including 15 for its new 787 jet that had been ordered by an aircraft-leasing company in the United Arab Emirates. |
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| Airbus more than doubles 2010 orders |
| EUROPE'S Airbus said last Friday that it had more than doubled its tally of 2010 orders due to a bumper Farnborough Airshow, however, the pick-up was marred by US$3 billion in cancelled orders from Dubai Aerospace Enterprise (DAE). |
|
| Uniquely Singapore |
| FEW people know this, but nearly every time fashion designer Ashley Isham comes back to Singapore, he almost always makes a trip to the Singapore Botanic Gardens. |
|
| Business briefing |
| HENGXIN Technology Ltd said it expects the operating results of the group to experience a decline in the second quarter and first half of 2010. |
|
| US sweats July's job numbers |
| WITH the US economy poised between anaemic growth and a double-dip recession, yesterday's job numbers held a special significance. |
|
| Leading the way in giving and caring |
| THERE is a spontaneous giving that rises to the occasion when there is need. Then, there is the kind of giving that is more structured and planned, and instead anticipates future needs. |
|
| Date to the world |
| HENRY David Thoreau publishes Walden, one of the most highly regarded books of all time. |
|
| Group effort pays |
| ABOUT 50 volunteers from OCBC Bank and Bank OCBC NISP went to Bandung, Indonesia, in late July to spend three days helping the local community. |
|
| Axiom still treading where others shun |
| AXIOM Asia Private Capital, run by former managers of Government of Singapore Investment Corp, plans to allocate more money to Vietnam and other private-equity markets that are shunned by most investors. |
|
| CWT Commo not for sale: official |
| CWT Commodities is not for sale but is instead expanding operations including another facility in the US, an official said yesterday. |
|
| Asean wants formal code in disputed South China Sea |
| THE 10-member Association of South East Asian Nations (Asean) wants to establish a formal code of conduct in the South China Sea to avoid tension around disputed territories, a senior Filipino diplomat said yesterday. |
|
| Creditors vote down Agus payment proposal |
| FORMER bank owner Agus Anwar's plan to keep off the chains of bankruptcy has been thwarted by his creditors. Unconvinced by his payment proposal, creditors yesterday voted against it - even as he tried to sweeten the deal by raising the amount to be paid in each instalment. |
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| Cricket could be headed for a long innings in Singapore |
| THERE is good news for cricket fans in Singapore as there are plans to position the Republic as a leading destination for international Test matches as early as next year. |
|
| YOG cost worth every penny: sports prof |
| THE cost of hosting next week's Youth Olympic Games may have more than tripled to $387 million so far - but it's an investment worth every penny in terms of the spillover effect it will have on the Singapore economy. |
|
| A puzzling week of two contrasting halves |
| IT WOULD be fair to say a large number of traders spent part of this week scratching their heads as they pondered why stocks in the US, here and most other markets were rising in the face of growing signs of a slower second half as government stimulus packages wear off. |
|
| Super sub maker |
| FRED DeLuca has a problem that many of us would give an arm and leg to have. He has 'ungodly' amounts of money and doesn't know what to do with it. |
|
| Making of a milestone |
| TWENTY-FIVE years after the first BMW M3 captivated boy racers and serious enthusiasts alike with its power and electric handling, the Munich-based carmaker marked this milestone at the Ascari race track in southern Spain. |
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| SingLand, UIC turn around in Q2 |
| PROPERTY sales at Singapore Land (SingLand) lifted net profit for the second quarter ended June 30 to $60 million compared with a net loss of $344.7 million a year ago when its results were dampened by a huge fair-value loss on investment properties. |
|
| Olam makes its mark in US$250m bond issue |
| COMMODITY player Olam International yesterday sold US$250 million worth of 7.5 per cent, 10- year bonds - the first unrated Singapore company to do so in international debt markets. |
|
| Ascott Reit sells Jakarta asset |
| ASCOTT Residence Trust (Ascott Reit) has agreed to sell Country Woods in Jakarta for $33.91 million. The sale price - the highest submitted in a bidding process - is 60 per cent above the property's valuation of $21.2 million at June 30. Ascott Reit said that it expects a net gain of $5.7 million from the sale. The transaction is expected to be completed in the fourth quarter. |
|
| Parkway Life Reit on the prowl |
| HOT on the heels of two recent acquisitions, Parkway Life Reit has indicated it could take a more aggressive growth stance as the recovering property sector in the Asia-Pacific presents more acquisition opportunities. |
|
| NOL steers itself into profit territory |
| NEPTUNE Orient Lines (NOL) swung sharply back into the black in the second quarter, turbocharged by soaring container volumes and rising freight rates across all its trade lanes. |
|
| National Day 2010 |
| Singapore's transformation from an idyllic fishing village to a bustling modern city of the 21st century has been nothing short of spectacular. |
|
| More for less |
| FOR Michael Hinz, the greatest improvement that the all-new Volkswagen Jetta represents is its ability to offer so much car for so little. |
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| Jett setter |
| WHERE once the Volkswagen Jetta used to be a Volkswagen Golf with a boot added on, the German carmaker now calls its compact sedan 'independent'. Independent because the Jetta saloon no longer shares any body components with the Golf hatchback. |
|
| GM chief wants govt to sell its stake in firm |
| EAGER to rid his company of the stigma of being government owned, the chief executive of General Motors (GM), Edward Whitacre, said on Thursday that GM wanted Washington to sell its entire stake during an initial public offering (IPO). |
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| Social media websites costing UK billions: survey |
| EMPLOYEES who fritter time away on Facebook, Twitter and other social media websites are costing British businesses billions, new research suggests. |
|
| China appliance giant Gome sues jailed founder for damages |
| CHINA'S biggest appliance retailer is suing its founder and former chairman for damages after he was jailed for economic crimes and manoeuvres from prison to exert control over the company. |
|
| Beijing's interest policy hurts savers |
| PEKING University professor Michael Pettis was discussing declining bank-deposit returns when a student interrupted with a story about her aunt that may stymie China's plan to boost consumer spending. |
|
| FSA probes Coutts' bond fund sales |
| THE UK's Financial Services Authority (FSA) has opened a probe into sales of a bond fund by Royal Bank of Scotland's (RBS) private banking arm Coutts, which counts Queen Elizabeth II among its clients. |
|
| Paulson funds pare bullish bets |
| HEDGE-FUND manager John Paulson, whose US$32 billion firm has been betting on an economic recovery by 2012, has pared bullish bets across his funds, according to a person briefed on the investments. |
|
| Rotary's Q2 earnings rise 6% to $13.74m |
| ROTARY Engineering's second-quarter net profit rose 6 per cent year on year to $13.74 million despite revenue surging 28 per cent to $209.4 million. |
|
| Creative posts loss; stays cautious |
| CREATIVE Technology warned yesterday that it expects to report an operating loss for its current first quarter, as the overall market for the group's products remains difficult. |
|
| UOL rebounds to post Q2 profit of $147.8m |
| UOL Group staged a comeback for the second quarter ended June 30, helped by higher earnings from property development, property investments and hotel operations and a favourable shift in investment property fair value. |
|
| Breathing difficulties |
| ABOUT one in two smokers who have been smoking for 10 years will have chronic obstructive pulmonary disease (COPD) - a condition related to the decrease in lung function - but this tends to go undetected. |
|
| One week to a stronger you |
| BEFORE the week begins, you'll want to hammer out your itinerary, says Lisa Himmelfarb, a Washington-based social worker who specialises in weight management. |
|
| Stay put, stay fit |
| IF YOU flip on a reality-TV show about weight loss, you can expect to see an exercise montage and get a helpful nutrition tidbit or two. |
|
| Mega-jubilee to kill global debt monster |
| LEADERS, lenders and spenders cannot agree how best to recover from the financial crisis and recession. |
|
| Seeking a better quality of life |
| 'They're all millionaires. They've made it," said Mikael Charette of the thousands of wealthy Chinese - his clients - who apply to emigrate to Canada every year on that country's investment immigration programme. |
|
| JTC exploring how to make fuller use of limited land |
| WITH the world's largest oil/petrochemical companies like ExxonMobil and PetroChina planning even more investments here, Singapore is studying how to intensify land use for the industry. |
|
| NZ gambler trumped by own casino ban |
| A MAN who won NZ$60,000 (S$59,300) playing poker at an Auckland casino was refused the jackpot because he had banned himself from the premises for gambling too much, a newspaper reported yesterday. |
|
| Pets on holiday have it good |
| ALYSA Binder and her husband were so stressed when their Jack Russell Zoey was consigned to the cargo hold that they founded Pet Airways, a pets-only fleet of Beechcraft 1900 planes rebuilt so all cosseted critters can fly in climate-controlled main cabin luxury. |
|
| Dodd-Frank rules propelling sea change across Wall St |
| THEY are the elite among the elite at Goldman Sachs, highfliers who are the envy of Wall Street. |
|
| Bring out the beef |
| SOME like it dry, with moist, fragrant mince and thin, slurp-able egg noodles; others like it soupy, complete with chopped pickled vegetables for a tangy Hainanese twist. |
|
| Old faithfuls |
| TAKING a culinary walk down memory lane somehow seems appropriate during the National Day weekend, but even as Singapore celebrates its 45th year of independence, it is also increasingly apparent that restaurants of a similar vintage (or older) are in danger of - without sounding overly melodramatic - fading into the mists of time. |
|
| Sime Darby executive charged with graft |
| A SENIOR official in Malaysia's Sime Darby conglomerate was charged with corruption yesterday, and faces imprisonment of up to 20 years if found guilty, a prosecutor said. |
|
| More flats next year if demand stays strong: Mah |
| THE Housing & Development Board (HDB) could roll out more than 16,000 new flats across various estates next year if demand for public housing stays firm, National Development Minister Mah Bow Tan said yesterday. |
|
| Key Obama economic aide quits in another blow to president |
| US PRESIDENT Barack Obama lost a second member of his economy team as economist Christina Romer decided to return to teaching. |
|
| Private equity firms powering M&A deals |
| PERSISTING global uncertainties are unlikely to derail the recovery in M&A (merger and acquisition) activities, with private equity firms back on the prowl for new acquisition targets. |
|
| DBS caught too in Bank of Singapore's poaching spree |
| BANK of Singapore, OCBC's private bank, has hired three senior bankers from DBS Group, among some 40 private bankers it has attracted from rivals in recent months, BT has learned. |
|
| He made the Flyer fly, but with SkyPark he touched the sky |
| HE was instrumental in bringing the Singapore Flyer to life. And as the giant observation wheel lit up the city skyline two years ago, nothing that structural engineer Brendon McNiven imagined could have topped the experience of being part of the design team tasked with building it. |
|
| Wheat price rise fuels fears of food inflation |
| SUPPLIERS of Russian wheat to Asia are edging nearer to cancelling contracts after Moscow's ban on grain exports, forcing buyers to turn to alternative origins as US wheat futures soar to a 23-month high. |
|
| Eurozone buoyant in Q2 but recovery two-speed |
| A LEAP in German industry output over the second quarter and a moderate rise in Italian economic growth have added to evidence that the eurozone is in a robust recovery phase, but with divergences within the bloc. |
|
| Talks on to avert BlackBerry bans |
| THE US and Canadian governments have started talks with the authorities in countries including the United Arab Emirates (UAE) to try and head off possible bans on the use of Research In Motion Ltd's (RIM) BlackBerry. |
|
| AIG posts US$538m loss for Q2 |
| INSURANCE giant American International Group (AIG) yesterday reported a US$538 million loss in the second quarter due to charges related to selling assets to repay the federal government bailout. |
|
| It's a lock! |
| COMPARED to our neighbours, Singapore has a relatively low crime rate and this often leads homeowners here to take security for granted. The statistics, however, tell a different story. |
|
| Case studies |
| APPLE'S iPad is still out of stock in Singapore, and the iPhone 4 is selling fast, which is no surprise since even the cheapest iPhone plans from SingTel, M1 and StarHub all give monthly free allowances of 500 SMS/MMS and 12GB of mobile broadband data. |
|
| IRS reorganises unit to focus on int'l tax evasion |
| (NEW YORK) The Internal Revenue Service (IRS) said on Wednesday that it would overhaul a unit devoted to scrutinising large corporations and wealthy individuals, a shift that would bolster the agency's growing focus on international tax evasion. |
|
| BT Corporate Golf League off to a good start |
| (SINGAPORE) It's tight at the top of the table after the first round of play in the inaugural Business Times Corporate Golf League, which took place on Wednesday at Tanah Merah Country Club's Garden Course. |
|
| Most firms see higher overall sales |
| (SINGAPORE) Business activity may have slowed, but the majority of firms here still expect their overall sales this year to exceed sales in 2009. |
|
| Financial impact on DBS negligible, say analysts |
| (SINGAPORE) The blow to DBS Group's reputation from the systems crash on July 5 and Wednesday's censure by the Monetary Authority of Singapore (MAS) is likely to be greater than any impact from the extra regulatory capital that the bank is now required to set aside. |
|
| Premier League looms in SingTel's goalmouth |
| (SINGAPORE) Come Aug 14, the Barclay's Premier League (BPL) broadcast on SingTel mio will be a make- or-break event for the operator's TV service. |
|
| Barclays pays £194m to settle US probe |
| (LONDON) Barclays, Britain's third-largest bank, paid £194 million (S$413 million) in an effort to settle a probe by US investigators into payments made to countries or people that have had sanctions imposed on them. |
|
| Psst...wanna know a few secrets? |
| SO you think it's only the US military that's worried about having its secret files on Afghanistan released to the public on Julian Assange's whistle- blowing website Wikileaks? |
|
| German data, Spanish auction lift euro |
| (NEW YORK) The euro rose yesterday, boosted by solid German industrial data and signs that Spain and Greece are making progress in trimming budget deficits. |
|
| Brokers' Take |
| Q2 FY10 core net profit of S$112 million was broadly in line with our estimate, forming 20 per cent of our FY10 estimate (H1 FY10 forms 43 per cent of our forecast). |
|
| The smaller the fraud, the harder they fall |
| AS Americans approach the second anniversary of the US Treasury Department's oft-maligned Troubled Asset Relief Program (TARP), here's a trivia question to see just how much you have learned about the way justice is meted out in Bailout Nation. |
|
| New practising turf for foreign lawyers |
| AS an assistant attorney-general for New York state, Christopher Wheeler used to spend most of his time arguing in courtrooms in New York City. |
|
| Singapore's pivotal role in Asian real estate |
| THE story of Singapore as a resilient and fast-growing financial centre is not a new one. The new story, however, is that Singapore is quickly becoming Asia's real estate investment trust (Reit) hub. |
|
| Shale gas is good news on the energy front |
| YOU probably have never heard of oilman George Mitchell, but more than anyone else, he has changed the global energy outlook. |
|
| MAS's censure: adequate and apt? |
| IT was one of the worst-ever system crashes by a local bank, resulting in a seven-hour disruption of ATM, mobile banking and Internet services. |
|
| Germany warns of Apple security problems |
| (BERLIN) Several versions of Apple's iPhone, iPad, and iPod Touch have potentially serious security problems, a German government agency said in an official warning on Wednesday. |
|
| More US billionaires pledge to give away wealth |
| (NEW YORK) Dozens of US billionaires pledged on Wednesday to give at least 50 per cent of their fortunes to charity as part of a philanthropic campaign by two of the world's richest men - Warren Buffett and Bill Gates. |
|
| CIC denies link to Liverpool bid |
| CHINA Investment Corporation (CIC), the US$300 billion-plus sovereign wealth fund, yesterday rubbished reports that it was interested in buying Liverpool Football Club. |
|
| Japan may need to act over yen's rise: minister |
| AMID increasing evidence that Japanese firms are being hit by the strong yen, threatening to stall the country's economic recovery, Trade Minister Masayuki Naoshima yesterday suggested that official action may be needed to deal with the situation. |
|
| Matchmaker to firms, directors goes hot |
| (SINGAPORE) The match-making service for listed companies and directors is now on. The Singapore Institute of Directors (SID) officially launched the search service yesterday to help companies cast the net wider to find suitable directors. |
|
| Clarification |
| THE story 'Keeping official spending above board' (BT, Aug 4) said the Auditor-General's 2009/10 Report offers no details on the 10 statutory boards. The AG has clarified that 'selected audit observations of statutory boards' were made in the report. |
|
| New Islamic bank sets up regional HQ in Singapore |
| A NEW Islamic private equity bank will make Singapore its Asia-Pacific headquarters. |
|
| Contrasts rule at BT Wine Night |
| A THEME of contrasts was clearly evident at The Business Times Wine Night on Wednesday, where The Business Times & Knight Frank CEOs' Hawker Guide was also launched. |
|
| CEOs' Hawker Guide |
| THE Business Times CEOs' Hawker Guide is a collection of CEOs' favourite hawker haunts. Stalls were chosen from a short-list put together by a panel of foodies, with a total of 26 food types reviewed. The panel then short-listed 10 stalls for each food type and BT circulated the list among CEOs for voting. Four to five stalls with the highest number of votes were then profiled by BT's food writers. |
|
| Temasek sets up two foundations in pioneers' honour |
| TO celebrate the nation's upcoming 45th birthday in style, Temasek Holdings yesterday announced the launch of two philanthropic foundations: the Temasek International Foundation and the Temasek Education Foundation. |
|
| Stanchart posts US$419m pre-tax profit |
| STANDARD Chartered Singapore has posted a first-half 2010 pre-tax profit of US$419 million, down 2.6 per cent year-on-year as costs rose and low interest rates ate into margins. |
|
| Life insurance sales register healthy growth |
| THE insurance industry here is continuing on its road of recovery on the back of Singapore's rebounding economy. |
|
| Traders unsure of Wall St's direction |
| FOR a second straight day, traders here displayed uncertainty over how Wall Street might behave. |
|
| Low rents speed up scrapping of single-hull tankers |
| (LONDON) Scrapping of older supertankers with single hulls will speed up as a collapse in rents leaves the vessels unable to find employment, Fearnley Consultants said. |
|
| Possibility of Sime's biggest ever loss spooks investors |
| THE prolonged uncertainty over the extent of Sime Darby's loss arising from cost overruns in its energy and utilities division continues to weigh on the Malaysian conglomerate, with a report that it could potentially be posting its biggest loss ever further spooking investors. |
|
| S'pore, M'sia ready for closer business ties |
| (SINGAPORE) Singapore and Malaysia are well-placed to intensify trade and investment relations, said Malaysian Minister of International Trade and Industry Mustapa Mohamed and his Singapore counterpart, Lim Hng Kiang, yesterday. |
|
| After China growth, SPX moving into India 'in a bigger way' |
| (BOSTON) SPX Corp plans to boost its presence in India because the potential for growth there is approaching China's, where the US manufacturer notched a 50 per cent rise in second-quarter revenue. |
|
| Aggressive rate hikes may hurt recovery, says India |
| (NEW DELHI) India's government said on Wednesday overly aggressive interest rate hikes to check double-digit inflation could derail economic recovery as it promised to do all it could to tame prices. |
|
| Soften new rules on foreign telcos, India urged |
| (MUMBAI) Telcos and trade groups are urging India to soften tough new security regulations on foreign telecommunications companies - believed to be aimed at China - which they say could set a troubling global precedent for onerous security norms. |
|
| Sprawling ode to alienation |
| THE best game plots are those that confound expectations, and Red Dead Redemption does that abundantly and with apparent glee. |
|
| Summer packaged in an album |
| CRITICS were quick to label Katy Perry a one-hit wonder when she shot to fame in 2008 with her single, I Kissed a Girl |
|
| No sex, no drugs - just good ol' rock and roll |
| YOU'D think that after Slash left the stage at Fort Canning on Monday night, he'd be busy indulging in some good old backstage rock-and-roll debauchery. |
|
| The real sound of Singapore |
| THERE'S more to Singapore's musical voice than National Day songs in the air and JJ Lin's awful Youth Olympic Games cheer. |
|
| Classical concerts off the beaten track |
| ROCK music is packed with sub-genres such as emo and post-hardcore, so it shouldn't surprise people that classical music isn't monolithic either. |
|
| The sound of music |
| LOCAL music fans have had a good week so far. Since Monday, there have been well over a dozen big-name international acts - including pop diva Katy Perry, R&B superstar Lupe Fiasco, veteran rockers Smashing Pumpkins and girl group Wonder Girls - staging shows here. |
|
| Around Town |
| PORTRAITS by 50 finalists from the KL PHOTOAWARDS Contemporary Photographic Portrait Competition have travelled from Kuala Lumpur and will be featured here in Singapore. |
|
| 'Rafta Rafta' going to Chennai |
| JUST three months after the successful run of their debut production Rafta Rafta, HuM Theatre will take the fun-filled show to Chennai on Aug 12. |
|
| Using dog's image as alter ego |
| IN 1992, Vincent Leow made headlines in the Singapore art scene when he urinated in a cup and drank his own urine in front of an audience. |
|
| Heritage fest concert to focus on veteran artistes |
| FOR the first time since its inauguration in 2004, the Singapore Heritage Festival will be holding a three-day festival finale titled Heritage Sparkles in the City, which will feature four concerts, performing art showcases, culinary demonstrations and ethnic craft demonstrations. |
|
| Down to 'earth' from 'space' - and content |
| IN ceramics, form is like marriage, it's what you have to live with on a longer term; while surface decoration is like dating. That's something which ceramicist Wee Hong Ling heard recently in a lecture, which pushed her into dating mode. |
|
| Home is where the art is |
| WHEN Michelle Lim was leaving for further studies in Australia, one of the common assumptions her friends made was that this was her ticket out of Singapore. |
|
| Just a whole lot of, well, nothing |
| GERARD Butler should stick to roles that involve kicking Persian messengers down massive holes in the ground - while being half-naked, of course - and Jennifer Aniston needs to stop turning every role she has into Rachel from Friends. |
|
| An unpretentious gangster flick |
| THE Hong Kong film industry has had a monopoly on Chinese gangster movies, and in the 1990s that wasn't a bad thing. In the last decade, however, its movie output has started to parody itself in a slick procession of predictable cliches and the same old faces. |
|
| As long as she's spicy, who cares who she is? |
| IF not for recent real-life headlines about sleeper Russian agents going under deep cover for decades and leading alternate lives as suburban moms and dads, a movie about a CIA intelligence officer who is a Russian superspy (maybe) would be dismissed as mere grist for the Hollywood blockbuster mill. |
|
| Fantasy epic defies hatred |
| HERE'S the good news: for once, critics and moviegoers alike seem to agree that The Last Airbender, a live-action adaptation of the popular Nickelodeon animated TV series Avatar, sucks |
|
| Bordeaux 1970: holding up but just |
| IN 1982 (the year I started looking seriously at wine), the most recent collectible vintage was 1970. |
|
| Mortgagee sales set to rise on global bank reform |
| (LONDON) More distressed property sales are expected in the next 12 months as changes to international regulations will likely raise the capital cost of holding commercial property on banks' balance sheets, an industry body said. |
|
| Thai economy poised for 8% jump this year |
| (BANGKOK) Thailand's economy may expand as much as 8 per cent this year, the fastest pace since 1995, as surging shipments overseas help spur a recovery from the nation's worst political violence in almost two decades. |
|
| Geithner blasts Bush policies for US debt |
| (WASHINGTON) The Bush administration's 'misguided' policies are to blame for huge US budget deficits, Treasury Secretary Timothy Geithner said on Wednesday as he sought to build an election-year case for ending tax cuts for the wealthiest Americans. |
|
| Rough ride over the next year for SMRT |
| SMRT Corp's first-quarter results may be setting the stage for the year ahead - one potentially fraught with continuing losses from its Circle Line operations and rising costs putting the squeeze on profit margins. |
|
| Company Briefs |
| CHINA Taisan Technology Group Holdings said that it has submitted an application to the Taiwan Stock Exchange and the Taiwan Central Bank to list up to 125 million Taiwan Depository Receipts (TDR). |
|
| National Day 2010 |
| For such a young nation, I am impressed by Singapore's achievements in many respects. |
|
| Instant attraction for Consciencefood |
| INDONESIA-BASED instant-noodle maker Consciencefood Holdings Ltd made a sterling trading debut on the Singapore Exchange (SGX) mainboard yesterday, closing at 30 cents - 36.4 per cent above its initial public offering price of 22 cents. |
|
| Riverstone confident about H2 orders |
| CLEAN-ROOM gloves maker Riverstone Holdings sees the second-half of 2010 as challenging, due to the weakening US dollar and higher raw material costs. |
|
| Australand positive on residential business |
| CAPITALAND'S Australian unit Australand expects its residential development business to drive earnings growth over the next 18 months. |
|
| Hyflux's Q2 net profit rises 5% to $27.3m |
| WATER company Hyflux said yesterday its second-quarter net profit rose 5 per cent to $27.3 million. And, for the first time, the company declared an interim dividend - one cent a share. |
|
| Venture Corp profit drops 24.8% in Q2 |
| CONTRACT manufacturer Venture Corporation yesterday reported a net profit of $45.8 million for the second quarter ended June 30, 2010, down 24.8 per cent from $60.9 million a year ago, which had included positive fair value adjustment of $25.0 million for derivative financial instruments. |
|
| One-off gain lifts CWT's Q2 earnings |
| BOOSTED by a one-off gain of $147.6 million from the sale and leaseback of two hub properties, logistics player CWT Ltd ended the second quarter this year with a net profit of $154.4 million - almost 18 times the net profit of $8.7 million for 2009's corresponding quarter. |
|
| M&C Q2 profit climbs 24% to £20.3m |
| CITY Developments' (CityDev) London-listed hotel arm Millennium & Copthorne Hotels (M&C) yesterday reported a 23.8 per cent jump in second-quarter net profit to £20.3 million (S$43.6 million), from £16.4 million for Q2 2009. |
|
| OCBC's art of keeping ahead in credit cards |
| WHILE most credit card companies offer rebates and dining discounts to woo users in, OCBC believes that it has been able to distinguish itself from its competitors by operating a niche market providing privileged access to entertainment and arts events in Singapore. |
|
| Tiger Air rebounds to post Q1 net profit of $1.9m |
| LOW-COST carrier Tiger Airways chalked up a $1.9 million net profit for its first quarter ended June 30, reversing a loss of $6 million a year earlier. |
|
| Strong demand for STATS ChipPAC US$600m bonds |
| STRONG Asian corporates are hot in the bond markets and what more if you're linked to Temasek Holdings. |
|
| GIC adds banks for GLP IPO: sources |
| (SINGAPORE) Singapore sovereign wealth fund Government of Singapore Investment Corporation (GIC) has added three banks as joint bookrunners for the upcoming IPO of its logistics unit that could raise as much as US$3 billion, two sources familiar with the deal said yesterday. |
|
| SGX acts to boost fixed income sector |
| THE Singapore Exchange (SGX) said yesterday it has launched its first initiatives to enhance the listing, trading and distribution of fixed income products to build a more vibrant bond market in Asia. |
|
| StarHub's bottom line kicked by World Cup |
| THE World Cup dealt StarHub a swift kick in the bottom line in the second quarter of this year, along with higher costs from subsidies for the iPhone and other smart phones. |
|
| China free trade talks likely next year, says S Korea |
| (BEIJING) China and South Korea are likely to launch negotiations on a free trade agreement next year, Seoul's ambassador to Beijing said in an interview published yesterday. The South Korean ambassador, Yu Woo-ik, told the China Daily that the two sides 'are expected to initiate official FTA talks in 2011' after the completion of a feasibility study. |
|
| Cheung Kong H1 profit up 4% to HK$12b |
| (HONG KONG) Cheung Kong (Holdings) Ltd, the Hong Kong developer controlled by billionaire Li Ka-shing, said first-half profit rose 4 per cent after property sales increased. |
|
| US senators urge action on China's yuan policy |
| (WASHINGTON) A group of US senators raised concerns about China's currency practices on Wednesday, urging the Obama administration to do more to combat 'unfair trade' practices abroad. |
|
| Banks told to test impact of 50% property price fall |
| (BEIJING) China's banking regulator has ordered lenders to test the impact of a fall in house prices of up to 50 per cent in key cities where prices have risen sharply, banking and regulatory sources said yesterday. |
|
| Delta in US$1.2b overhaul of its NY airport hub |
| (NEW YORK) Delta Air Lines Inc, upgrading its New York hub for overseas flights, plans to renovate one terminal at Kennedy airport and demolish another as part of a US$1.2 billion overhaul, a person familiar with the matter said. |
|
| Airbus sees more China orders |
| (PARIS) Airbus SAS's order for 30 A350s from Cathay Pacific Airways Ltd may spur sales in China, a market already set to receive about a quarter of the aircraft built by the planemaker over the next five years. |
|
| Jetstar makes changes to top management |
| (SINGAPORE) Qantas chief executive Alan Joyce yesterday announced changes to the top management of low-fare carrier Jetstar. |
|
| Briefly Asia |
| (KUALA LUMPUR) Asia's largest budget airline AirAsia Bhd has deferred the delivery of new aircraft for a third time, blaming capacity constraints at the existing low-cost carrier terminal in Sepang, said a report in Malaysia's Business Times yesterday. |
|
| Rio Tinto's H1 profit more than triples to US$5.85b |
| (SYDNEY) Mining giant Rio Tinto said first-half profit more than tripled amid strong iron ore demand from China and higher commodity prices as the world economy climbed out of recession. |
|
| In the mood for a cooler economy |
| (SINGAPORE) Business activity and optimism has cooled, alongside expectations of slower economic growth in the second half of this year. |
|
| Three-Minute Digest |
| BUSINESS activity and optimism has cooled, alongside expectations of slower economic growth in the second half of this year. |
|
| Singapore Roundup |
| HUMAN resource consulting firm Hewitt Associates yesterday announced the launch of the Hewitt Best Employers in Singapore 2011 study in partnership with CATS Recruit in The Straits Times and The Business Times. |
|
| Ex-E&Y S'pore official to head CPA Australia |
| THIS October, Low Weng Keong, former country managing partner of Ernst & Young Singapore, is set to take the reins of CPA Australia, one of the world's biggest international accounting bodies. |
|
| Apple's Oppenheimer may have world's best CFO job |
| (SAN FRANCISCO) Apple Inc chief financial officer Peter Oppenheimer faces a problem that perhaps every finance chief wishes to have: obscene amounts of cash and nowhere to put it. |
|
| Time Warner, News Corp post strong gains |
| (NEW YORK) A pair of the world's largest media companies reported strong earnings on Wednesday and expressed confidence that the industry might be settling into a groove after a turbulent couple of years. |
|
| CEOs awarded bigger long-term incentives |
| (NEW YORK) Chief executive officers in the US are getting bigger long-term incentive awards and more firms are tying those payouts to performance goals, a survey shows. |
|
| Intel settles antitrust case, agrees to marketing curbs |
| (SAN FRANCISCO) The Federal Trade Commission of the US is trumpeting its settlement with Intel Corp as a victory for consumers who have overpaid for computer chips for a decade, though computer buyers shouldn't expect a sudden drop in prices. |
|
| Fannie Mae turns into hot penny stock |
| (NEW YORK) It is flotsam of the housing wreck, a stock no longer worthy of the Big Board. But penny by penny, the mortgage giant Fannie Mae is being salvaged in the stock market. |
|
| State regulators fault BP refinery ops |
| (HOUSTON) Texas regulators said better operation and maintenance of BP plc's Texas City, Texas, refinery could have prevented a 40-day release of excess pollution earlier this year. |
|
| ECB, Bank of England leave key rates unchanged |
| (FRANKFURT) The European Central Bank (ECB) kept its main interest rate at a record low of one per cent, a bank spokesman said yesterday, as an audit of Greece noted 'considerable progress' in its public debt crisis. |
|
| Sandra Bullock highest paid actress |
| (LOS ANGELES) Nobody would argue that 2010 has been an up-and-down year for Sandra Bullock, given her best actress Oscar for The Blind Side followed by her divorce from scandal-plagued husband Jesse James. |
|
| Surge in spending by Facebook's top advertisers |
| (NEW YORK) Facebook Inc's biggest advertisers have boosted spending by at least 10-fold in the past year as the social network crossed the half-billion user mark, becoming more alluring to marketers that want to reach a broad online audience. |
|
| US debate on climate change reaching climax |
| (WASHINGTON) The Obama administration told Congress to find a way to regulate greenhouse gases - or else. |
|
| Putin's plan falters as Gazprom delays LNG projects |
| (MOSCOW) Prime Minister Vladimir Putin's plan to make Russia a global supplier of natural gas is being undermined by Gazprom's project delays as Australia wins China contracts and US supply surges. |
|
| Barnes & Noble mulls sale of chain bookstore |
| (NEW YORK) In what might be the latest sign of trouble for brick-and-mortar bookstores, the mega-chain Barnes & Noble announced on Tuesday that its board was considering a sale of the company. |
|
| Britons fret as meat from cloned cow offspring eaten |
| (LONDON) Britain's food watchdog said it had found that meat from the offspring of a cloned cow had entered the UK food chain and had been eaten, stirring controversy over whether such products are ethical. |
|
| Service companies grew at faster pace in July |
| (WASHINGTON) Service industries expanded in July at a faster pace than forecast, easing concern US economic growth will slacken in the second half of the year. |
|
| BP manages to control well pressure |
| (HOUSTON) BP Plc has controlled the pressure in the damaged Gulf of Mexico oil well with drilling mud, moving a step closer to permanently sealing the source of the world's worst accidental oil spill. |
|
| Dollar nears 15-year low against yen |
| (NEW YORK) The dollar neared a 15-year low against the yen yesterday on fears that the Federal Reserve could embrace more monetary easing to jolt a faltering recovery but it recouped its losses on better-than-expected US jobs data. |
|
| Sullen peace, troubling ambiguities plague Iraq |
| OVER the last seven years, as a journalist, I have travelled frequently to Iraq. I always move about without protection and stay with families in private homes, trying to blend in as much as I can. |
|
| A win-win solution that's unacceptable |
| WHEN only three out of some 250 people taking a written examination are awarded a pass mark, it might be concluded either that they are a remarkably unintelligent bunch or that the test is almost impossibly difficult, or both. |
|
| iPad - not the Apple of everyone's eye |
| APPLE sold 3.3 million iPads last quarter. That's one of the best starts ever for a consumer electronic device. |
|
| Development probably the path of peace for Mindanao |
| MALAYSIA'S role as a broker of the on-off peace talks between Manila and a separatist Moro rebel group appears to be in limbo. |
|
| Beware a talent crunch in electronics |
| THE numbers released by the Singapore Economic Development Board (EDB) show that growth in the electronics sector is back to pre-recession levels. |
|
| Three-Minute Digest |
| DBS Group has been slapped with an extra $230 million capital charge and censure by the Monetary Authority of Singapore as a penalty for the massive systems failure that crippled its banking network a month ago. |
|
| Stanchart beats expectations with record H1 profit |
| STANDARD Chartered beat analysts' forecasts with a record pre-tax profit of US$3.12 billion for the six months ended June 2010. |
|
| Temasek among top 10 M&A acquirers in Greater China |
| (SINGAPORE) Temasek Holdings has emerged as one of the top 10 acquirers in the Greater China region, after sewing up six deals worth US$1.47 billion since 2005. |
|
| BT Corporate Golf League gets rolling |
| (SINGAPORE) The inaugural Business Times Corporate Golf League teed off yesterday at the Tanah Merah Country Club (TMCC) with golfers from 26 of Singapore's most prominent companies pitting themselves against one another on the fairways and greens of the club's magnificent Garden Course. |
|
| Yen hits 8-month high on US growth fears |
| (NEW YORK) The yen touched an eight-month high against the dollar on speculation growth in the world's biggest economy is slowing and the Federal Reserve may signal additional stimulus measures at next week's policy meeting. |
|
| Regional currencies soar on US$ weakness |
| (SINGAPORE) Weakness in the US dollar and relatively buoyant Asian economies have sent regional currencies soaring this week, with the yen, Singapore dollar and rupiah all hitting multi- month peaks. |
|
| IBM recounts fateful steps that crashed DBS system |
| (SINGAPORE) Repeated use of a wrong procedure by an IBM engineer performing a minor repair on DBS Group's data storage system caused the massive systems failure that prevented the bank's customers from accessing their accounts on July 5. |
|
| Regional M&A activity seen picking up pace |
| (SINGAPORE) Merger and acquisition activity is set to grow more rapidly in the next 12 months, particularly in South-east Asia, where China has replaced the US as the largest bidder. |
|
| CityDev's KL site may set new price benchmark |
| (KUALA LUMPUR) Singapore property tycoon Kwek Leng Beng is in talks to sell a parcel of land in Jalan Bukit Bintang, Kuala Lumpur, which could possibly fetch a record price for a land deal, says a report in Malaysia's Business Times. |
|
| MAS hits DBS with $230m capital charge |
| (SINGAPORE) DBS Group has been slapped with an extra $230 million capital charge and censure by the Monetary Authority of Singapore (MAS) as a penalty for the massive systems failure that crippled its banking network a month ago. |
|
| RSM can help you set up shop in 72 countries |
| RSM International is the exclusive Global Tax and Market Setup Partner for IE Singapore's iadvisory portal. |
|
| Help on hand to launch venture in Vietnam |
| MICRO2000 had been trying in vain for a year to set up shop in Vietnam - before it stumbled on International Enterprise (IE) Singapore's Advisory Centre and iadvisory portal in mid-2009. |
|
| Up-to-date information on many markets |
| BETWEEN external consultants and International Enterprise Singapore's Advisory Centre and iadvisory portal, Altus Logistics picks the latter. |
|
| Firms tapping IE S'pore for advice |
| GOING by the number of users, International Enterprise Singapore's Advisory Centre and iadvisory portal appear to be popular with Singapore companies - especially small and mid-sized firms - wanting to venture abroad. |
|
| Second call for cyber wellness projects |
| THE Singapore government has launched a second call for proposals promoting cyber wellness in the aspects of mobile communication and social networking. |
|
| SPH gives big with $400,000 donation to 20 charities |
| SINGAPORE Press Holdings (SPH) and the SPH Foundation yesterday handed out a total of $400,000 to 20 charities. |
|
| Changes to Keppel Nights ticket scheme |
| KEPPEL Corporation and the Ministry of Information, Communications and the Arts (Mica) yesterday announced several changes to the current Keppel Nights ticket incentive scheme, which was introduced in 2008 by Keppel and Mica's Arts and Culture Development Office (ACDO). |
|
| COE premiums mixed across the board; Cat A falls to $32,104 |
| CERTIFICATE of Entitlement (COE) premiums were mixed at yesterday's close of this month's first tender. |
|
| Suntec International bags Vancouver Convention Centre contract |
| JUST two months after it was launched, Suntec International has landed its first client, the Vancouver Convention Centre (VCC). |
|
| Singapore still 3rd priciest office location in Asia-Pacific |
| SINGAPORE remains the third most expensive office location in the Asia-Pacific region after top-placed Tokyo and second-placed Hong Kong, says Colliers International. |
|
| Time to finish project on state land shortened |
| THE government is cutting the amount of time that developers have to build private residential projects on state land by a year, to ensure that there would be enough homes to meet demand. |
|
| STI clings to 3,000 despite pressure |
| WE'VE successfully called how Wall Street would move on Monday and Tuesday, but trying to get it right for a third day in a row was difficult, given yesterday's uncertain and mixed signals - Hong Kong bobbed around before ending higher while Europe opened in the red. |
|
| Overseas Shipholding loss widens in Q2 |
| (NEW YORK) Overseas Shipholding Group, the largest US-based oil tanker owner, reported a wider second-quarter loss as rates for medium-range ships dropped. |
|
| Al-Qaeda linked group claims attack on tanker |
| (DUBAI) A group linked to Al-Qaeda claimed yesterday that a suicide bomber from its organisation was responsible for an attack on a Japanese supertanker last week in the Strait of Hormuz. |
|
| Iran feels sanctions heat at UAE ports: sources |
| (LONDON) Ships carrying petroleum to Iran face greater scrutiny at ports in the United Arab Emirates as new Western sanctions bite, leaving the Islamic republic to seek alternative hubs, trade and shipping sources say. |
|
| Baltic Dry Index posts first fall in 13 sessions |
| (LONDON) The Baltic Dry Index, a measure of commodity shipping costs, fell for the first time in 13 sessions on weaker demand to charter iron-ore carriers. |
|
| Genting unit in bid for video-lottery deal in Big Apple |
| (NEW YORK) Genting New York LLC, a unit of Asian casino group Genting Malaysia Bhd, was recommended to redevelop Aqueduct Racetrack and operate New York City's first slot machine- style 'racino', lottery officials said. |
|
| Big steel firms eye Indonesian investments |
| (JAKARTA) The world's biggest steelmaker Arcelor Mittal is considering an investment worth US$5 billion in Indonesia and South Korean rival POSCO is looking at buying coal and iron ore mines, officials said yesterday. |
|
| Forestry moratorium may hit Indonesian mining projects |
| (JAKARTA) Several coal and mining projects in Indonesia with a combined value of US$14 billion may face delays as a forest moratorium could make it harder for them to obtain forestry land-use permits, mining associations said yesterday. |
|
| Services sector expands |
| (BANGALORE) India's surging services industry expanded for the 15th month in July, but at a slower pace than the two-year peak in June, with only growth in input prices picking up speed, a survey showed yesterday. |
|
| New problems for Commonwealth Games organisers |
| (NEW DELHI) The dire buildup to the Commonwealth Games in New Delhi has deteriorated further, with the organising committee urged to fire two senior officials amid a brewing corruption scandal just two months before the opening ceremonies. |
|
| Key promotion fuels speculation about Ratan Tata's successor |
| (NEW DELHI) For years, one of the biggest guessing games in Indian corporate circles has been who will take over the Tata Group, the nation's oldest business house, when tycoon Ratan Tata retires. |
|
| British home prices edge up in July |
| (LONDON) British house prices moved higher in July, but the market remains flat so far this year, data from top home-loans provider Halifax showed yesterday. |
|
| British Land NAV growth slows |
| (LONDON) British Land reported slowing growth in first quarter net asset value yesterday, amid fresh worry for the economy and fears that banks could choke a property market revival with tough lending restrictions. |
|
| Five US states to get US$600m aid in foreclosure prevention |
| (WASHINGTON) As many as 50,000 struggling homeowners in five states with high unemployment may receive help from a special US$600 million federal fund intended to head off some foreclosures. |
|
| China billionaire still doing things her way |
| (SHANGHAI) From her leafy, 11th floor rooftop terrace at the headquarters of Soho China, billionaire Zhang Xin scans the relentlessly expanding Beijing skyline she helped create. |
|
| CIC in talks with Harvard on funds: report |
| (HONG KONG) China Investment Corp (CIC), the country's sovereign wealth fund, is in talks with Harvard University's endowment to buy the US institution's stakes in property funds worth about US$500 million, the Wall Street Journal reported yesterday. |
|
| Stats ChipPAC plans bond issue |
| (HONG KONG) Stats ChipPAC Ltd plans to issue a US$600 million, five-year bond at 7.50 to 7.75 per cent. The company held a series of meetings with investors in Hong Kong, Singapore, London and the United States this week ahead of the issue. |
|
| A proper comparison of S-chips and HK firms |
| 'S-CHIPS with a market cap of under US$1 billion tend to trade at higher valuations compared with their Hong Kong counterparts.' Says who? |
|
| CapitaLand posts Q2 profit of $476 million |
| CAPITALAND, which yesterday reported a second-quarter net profit of $476.1 million, said that it will set up a new business unit to build 'affordable' homes in China and Vietnam. |
|
| China Q3 GDP to slow to 9.2%: think-tank |
| (BEIJING) China's economy will cool further this quarter as fiscal pump-priming starts to fade and the restocking cycle draws to a close, a government think-tank said yesterday. |
|
| Taiwan tech firms furious over environment ruling |
| (TAIPEI) A Taiwanese court decision halting construction of two high-tech zones on environmental grounds has set off a wave of complaints from businesses increasingly under pressure from Chinese competition. |
|
| Iranian oil minister visits China for investment |
| (BEIJING) Iran's oil minister will meet officials from state-run Zhuhai Zhenrong Corp, the world's top lifter of Iranian crude by company, during this week's visit to China, which imported a third less oil from the Opec producer in the first half, Chinese sources said yesterday. |
|
| S&P owner hits back at China ratings criticism |
| (BEIJING) The head of the company that owns global ratings giant Standard & Poor's (S&P) has hit back at accusations by a new Chinese credit agency that its Western counterparts caused the financial crisis. |
|
| Govt eyes more FX instruments to bolster reform |
| (BEIJING) China is considering introducing new foreign exchange instruments to meet domestic market demand and complement currency reforms launched in June, the State Administration of Foreign Exchange (SAFE) said yesterday. |
|
| Stealth easing keeps market liquidity ample |
| (SHANGHAI) China's central bank appears to have gently loosened its grip on liquidity this month by leaving some capital inflows in the banking system, helping contribute to a drop in money market rates as the roaring economy cools. |
|
| Google changes trademark ad policy in Europe |
| (PARIS) Google is set to allow advertisers in Europe to use rivals' trademarks when bidding for online ads in a move that will prevent big brand owners from controlling which ads appear during users' searches. |
|
| BlackBerry's high security a problem in emerging markets |
| (CAIRO) Research In Motion Ltd, whose BlackBerry smartphone faces bans in Saudi Arabia and Indonesia, risks losing out on expansion in emerging markets after saying that it won't reveal codes for reading users' communications. |
|
| Changes in top exec posts at HP and Microsoft |
| KELLY Tan's appointment as the new managing director of Hewlett-Packard (HP) Singapore is one in a round of top executive movements in technology MNCs here. |
|
| Oracle drive to boost data centre efficiencies |
| NOW that the the Sun acquisition is firmly in Oracle's bag, the enterprise software giant is planning to increase its focus on getting companies to wring more efficiencies from their data centres (DCs). |
|
| Android jostling for smartphone market |
| GOOGLE'S mobile operating system (OS) Android is fast gaining on Symbian's No. 1 spot in the Singapore smartphone market, according to Canalys which tracks the mobile industry. |
|
| Spanish air traffic controllers to strike |
| (MADRID) Spanish air traffic controllers voted Tuesday to strike over government changes to their work hours that reduce their overtime pay, a move that could disrupt flights at the peak of the tourist season. |
|
| Thai Air plans 20b baht rights offer: source |
| (BANGKOK) State-controlled Thai Airways International has proposed a 20 billion baht (S$840.5 million) rights offering to pay off debt, but the finance ministry will decide the final amount, a source close to the deal said yesterday. |
|
| Mexicana files for bankruptcy |
| (NEW YORK) Compania Mexicana de Aviacion, Mexico's biggest airline by passengers, filed for protection from creditors in Mexico and the US after its executives said they had failed to reach cost-saving agreements with labour unions. |
|
| Cathay set for record year as H1 profit tops forecasts |
| (HONG KONG) Hong Kong's dominant air carrier Cathay Pacific Airways is heading for a record year, with plans to boost its fleet by more than a third, after first-half profit handily beat forecasts on strong passenger and freight volumes. |
|
| Nomura to boost Asia commodity trading as China demand gains |
| (TOKYO) Nomura Holdings plans to boost commodity trading in Asia, betting China will lead a global revival in demand for iron ore, coal and metals. |
|
| Toyota posts US$2.2b quarterly profit |
| (TOKYO) Toyota reported a quarterly profit of US$2.2 billion, rebounding from a loss a year earlier as the carmaker benefited from a global sales recovery that offset lingering doubts about the safety of its cars. |
|
| Company Briefs |
| EASTERN Asia Technology Ltd executive chairman, CEO and major shareholder Liou Jenq Lin has offered to buy out the firm's other shareholders at 13.8 cents per share and take the company private. |
|
| 3 banks helping Wilmar raise funds |
| (SINGAPORE) Wilmar, the world's largest palm oil firm, has mandated ANZ, HSBC and Rabobank to help it raise US$1.1 billion to finance its acquisition of CSR's sugar business, Basis Point reported, citing banking sources. |
|
| Global Orion makes first foray in residential market |
| (SINGAPORE) Industrial property developer Global Orion is making its first foray into the local private residential market with a freehold project at Balestier. |
|
| Millions of Japanese trapped in 'hidden poverty' |
| (TOKYO) Consumer gluttony, astronomic real-estate prices and jobs for life were once normal in Japan - but today the country also has millions of poor people desperately struggling to make ends meet. |
|
| Swiss currency fight pays off with Chinese strategy |
| (ZURICH) The Swiss central bank may have saved its economy by embracing Chinese-style currency policy. Facing a franc surge that threatened to derail the economy, the Swiss National Bank (SNB) has quadrupled its foreign exchange holdings since March 2009 to slow the franc's advance and protect exporters. China increased its reserves by 28 per cent in that period. |
|
| Australia has record trade surplus on coal demand |
| (SYDNEY) Australia's trade surplus unexpectedly reached a record in June as Chinese demand spurred exports of coal and iron ore, while imports stagnated amid a slowdown in domestic spending. |
|
| US consumers saving more than thought |
| (NEW YORK) American consumers have been salting away more of their paychecks than initially reported. |
|
| Strong recovery in Germany draws potshots |
| (FRANKFURT) Norbert Reithofer, chief executive of BMW, often boasted that he was among the first to start trimming jobs in 2007 when he saw a downturn coming in the automobile industry. |
|
| How about disclosing proprietary volume too? |
| STOCKMARKET disclosure may sometimes be seen as presenting investors with a double- edged sword. |
|
| National Day 2010 |
| Singapore's reputation as an island nation of marvels precedes it. |
|
| Sale of logistics firm lifts Thakral Q2 profit 9 times |
| THAKRAL Corporation yesterday posted improved second quarter results, boosted by a one-off gain from the sale of a stake in a logistics firm. |
|
| Gloucester buys Noble's coal assets |
| (MELBOURNE) Australia's Gloucester Coal has agreed to buy key coal assets from its main shareholder, Hong Kong-based Noble Group, for US$400 million in cash and heavily discounted shares, the latest deal in Australia's hottest sector. |
|
| Macquarie says smaller units to add stability |
| (SYDNEY) Macquarie Group continues to expand its investment banking operations globally and expects its smaller lending and funds business to mitigate the negative earnings impact of weak markets, its chief executive said. |
|
| Sino-Environment revamp sees progress |
| SIGNS of progress at beleaguered Sino-Environment Technology Group on a potential restructuring are showing up. |
|
| Nine Chow family properties sold for $175m |
| NINE properties owned by the companies of three feuding brothers have been sold for more than $175 million. |
|
| Ayala Land pumping US$220m into China eco-city |
| (TIANJIN) The Philippines' largest property company, Ayala Land, has become the fourth foreign real estate developer to join an 'eco-city' development project in north China's Tianjin Municipality. |
|
| Bullish condo sentiment in KL despite oversupply |
| AN OVERSUPPLY of high-end condominiums in Kuala Lumpur's most popular residential spots notwithstanding, developers are taking heart from strong uptake in recent launches and new benchmark prices. |
|
| Crude oil hits 3-month high ahead of US data |
| (NEW YORK) Crude oil rose to a three-month high as the dollar weakened and analysts said that crude inventories declined last week in the US. |
|
| RBS fined £5.6m by FSA |
| (LONDON) British authorities have fined the Royal Bank of Scotland £5.6 million (S$12 million) for failing to follow rules designed to prevent banks lending to people who are on government ban lists, such as terrorist groups. |
|
| Liverpool sale possible in Aug: Broughton |
| (LONDON) Liverpool soccer club, the 18-time English champion put up for sale in April, may find a buyer by Aug 31, chairman Martin Broughton said on Monday amid reports of offers from suitors including Chinese businessman Kenny Huang. |
|
| Consumer spending, income flat in June |
| (WASHINGTON) US consumer spending and incomes were unexpectedly flat in June while personal savings were the highest in a year, implying an anaemic economic recovery for the remainder of this year. |
|
| US$ hits multi-month troughs vs euro, yen |
| (NEW YORK) The dollar tumbled yesterday, plunging in tandem with short-dated US bond yields and hitting multi-month troughs against the euro, yen and sterling on mounting fears that a US economic recovery was faltering. |
|
| Brokers' Take |
| Q4 FY10 core net profit of $77.3 million was below our expectation ($97.3 million) and the street's. |
|
| What's safe then is now risky, and vice versa |
| WHAT is risky and what is safe? That has always been a crucial question for anyone working in the financial markets. Bankers provide their clients with an asset mix, tailored to suit the ageing widow or the young entrepreneur. |
|
| US financial reform just beginning |
| (WASHINGTON) FINANCIAL reform has passed. |
|
| What's funny to you may not be funny to me |
| SOME 30 per cent of the annual advertising expenditure in the United States is used for ads with humour intent - reflecting the belief that humour, when appropriately used, can be an effective advertising tool to generate more attention and more favourable liking for the ad and brand. |
|
| What it takes for China to be a world power |
| IN A dramatic challenge, China has demanded that the United States recognise it as a world power and not, as it has in the past, relegated the country to the role of a regional power. |
|
| Double-dip recession unlikely |
| DESPITE the global economic recovery since the second half of 2009, a minority of observers continue to forecast a double-dip recession, at least in the United States. |
|
| Three-Minute Digest |
| ANECDOTAL evidence since the beginning of this year pointed to a smart recovery, but now it's official. |
|
| S'pore team on trail of aspirin answer to colorectal cancer |
| (SINGAPORE) Could over- the-counter aspirin be an answer for patients suffering from colorectal cancer? |
|
| Newsweek finds a buyer |
| (NEW YORK) Sidney Harman, the 91-year-old founder of audio equipment maker Harman International Industries Inc, has agreed to buy Newsweek, ending a nearly half-century chapter for the magazine as part of The Washington Post Co. |
|
| Fed likely to stand back from more stimulus |
| (WASHINGTON) Federal Reserve policymakers signalled they will probably pass on providing more stimulus at their Aug 10 meeting and wait to see if signs of weaker economic growth persist. |
|
| Taipei eyes investment firm similar to Temasek |
| (TAIPEI) Taiwan said it's considering setting up an investment company similar to Singapore's Temasek Holdings Pte to manage the island's assets. |
|
| RIM reassures BlackBerry customers |
| (TORONTO) Research In Motion (RIM) pledged to satisfy the security needs both of customers and governments, a day after the United Arab Emirates threatened to cut off some BlackBerry services because authorities could not access encrypted messaging data. |
|
| Investment bank goes places with S'pore office |
| (SINGAPORE) Religare Capital Markets (RCM), an Indian investment bank, has opened a Singapore office as part of a plan to tap into Asia's rapid-fire economies. |
|
| Singapore is priciest Asian country to build in: report |
| (SINGAPORE) Singapore is the most expensive Asian country to build in except Japan and one of the 10 most expensive worldwide, according to a new report from EC Harris. |
|
| Khazanah makes waves with $1.5b sukuk |
| MALAYSIA's Khazanah Nasional yesterday made its debut in Singapore's debt market with a splash to the tune of $1.5 billion. |
|
| Electronics sizzler comes with jobs in tow |
| (SINGAPORE) Anecdotal evidence since the beginning of this year pointed to a smart recovery, but now it's official. |
|
| Adult stem cell work gathers pace |
| (NEW YORK) A FEW months ago, Thomas Einhorn was treating a patient with a broken ankle that would not heal, even with multiple surgeries. So he sought help from the man's own body. |
|
| $40m drive to raise low-wage workers' productivity, skills, pay |
| THE labour movement will lead a $40 million drive to raise the productivity, skills and pay of low-wage workers. Launched yesterday, its Inclusive Growth Programme (IGP) is also the first scheme to tap the $2 billion National Productivity Fund announced in February. |
|
| Manufacturing grows for 15th straight month |
| THE latest Singapore Purchasing Managers' Index (PMI) shows sustained signs of growth in the manufacturing sector, which expanded overall for a 15th straight month. |
|
| SICCI looks beyond India for business |
| THE Singapore Indian Chamber of Commerce and Industry (SICCI) is broadening its focus to outside of India and is looking at other emerging markets such as Vietnam and Cambodia to help local businesses expand into these markets. |
|
| Taking nanoimprint technology to industry |
| STATE-OF-THE-ART anti-reflective and anti-bacterial surfaces are just two industry projects announced in conjunction with the launch of a multi-agency consortium yesterday to promote nanoimprinting technology. |
|
| Initiative of $2m to boost SME productivity |
| MANUFACTURING sector SMEs got a $2 million leg-up yesterday with the launch of a programme to boost operations management innovation. |
|
| Keeping official spending aboveboard |
| WHEN auditing the accounts of government ministries, statutory boards and government companies, the Auditor-General's Office (AGO) leaves no stone unturned - even the minutest detail doesn't escape its scrutiny. |
|
| Sim Lian tops bids for DBSS site in Tampines |
| SIM Lian Land, which emerged as the highest bidder for a site in Tampines designated for public housing under the Design, Build and Sell Scheme (DBSS), plans to build about 680 flats on the plot if awarded the site. |
|
| Prices dip ahead of expected US drop |
| SOME commentators may call it 'profit-taking', but we prefer to describe yesterday's 10.27-point drop in the Straits Times Index (STI) to 3,014.77 as program selling ahead of the same on Wall Street. |
|
| Protecting young seafarers |
| THE International Maritime Organization (IMO) recently held a diplomatic conference to update the regulatory framework that governs the way seafarers are trained. |
|
| Lloyd's creates sanctions clause |
| (LONDON) London's marine insurance market has created a clause ensuring underwriters do not breach sanctions due in part to Western measures against Iran, a senior Lloyd's Market Association (LMA) official said on Monday. |
|
| Sea Asia bound for record year in 2011 |
| BUOYED by a recovering economy, exhibition space take-up has reached a record high, nine months before the start of Sea Asia 2011. |
|
| Premiums on insuring pirate ransoms half of 2008 peak |
| (LONDON) Kidnap and ransom premiums paid to insure against Somali piracy have slumped since the BBC Trinidad was hijacked in the Gulf of Aden in August 2008 as escalating attacks spurred more companies to offer coverage. |
|
| LA seeks to become US's mass transit leader |
| (LOS ANGELES) The region famous for jilting the street car to take up a love affair with the automobile is trying to rekindle its long-ago romance with commuter rail. |
|
| US auto sales seen rising slightly in July |
| (DETROIT) US July auto sales are on track to rise from a year-earlier tally that was boosted by government incentives, pointing to a gradual recovery in one of the first indicators of consumer demand for the third quarter. |
|
| China's July car sales grow at faster pace on discounts |
| (BEIJING) China's passenger-car sales grew at a faster pace in July as the government introduced subsidies for fuel-efficient models and dealers offered discounts to clear inventories in the world's biggest automobile market. |
|
| New Eurokars Centre to drive sales |
| EVEN as the overall market shrinks, motor magnate Karsono Kwee is preparing for higher volumes with a new $35 million Eurokars Centre on Leng Kee Road. |
|
| Volkswagen trains sights on Cat A segment |
| VOLKSWAGEN is now targeting the small sedan segment in Singapore with the Jetta, after entering and taking over the small hatchback market here with its Golf and Polo models. |
|
| Johns Hopkins to set up 'medical city' in M'sia? |
| (KUALA LUMPUR) The world-renowned teaching and research institution Johns Hopkins may make its way into Malaysia in a big way, says Malaysia's Business Times. |
|
| Indonesia plans fewer zeroes in rupiah for convenience |
| (JAKARTA) Indonesia's central bank said yesterday that it is studying plans to redenominate its currency - a move that would simplify many routine daily transactions which typically run into millions of rupiah. |
|
| CIC may invest up to US$25b in Indonesia |
| (JAKARTA) China Investment Corp (CIC) may invest up to US$25 billion in Indonesia, an Indonesia minister said yesterday, potentially providing a huge boost to foreign direct investment and improving the country's hopes of an investment-grade rating. |
|
| RIM to allow India to monitor its Blackberry services |
| (NEW DELHI) Research in Motion (RIM) has agreed to allow Indian security agencies to monitor its BlackBerry services, The Economic Times newspaper reported yesterday, after pressure from governments worried about national security. |
|
| IPOs get strong investor response |
| (MUMBAI) A strong response to two initial public offerings (IPOs) in two days in India boosted the hopes of other companies aiming to list in the country as analysts said the attractive valuations were key to investor demand. |
|
| Delhi seeks extra spending of US$14.8b |
| (NEW DELHI) The Indian government yesterday sought parliamentary approval to spend a gross additional US$14.78 billion in the fiscal year to end- March 2011, on top of the budget target of around US$240 billion. |
|
| Linc Energy inks US$2.7b coal deal with Adani |
| (PERTH) Australia's Linc Energy has agreed to sell its Galilee coal tenement to India's Adani Enterprises in a cash and royalty deal worth US$2.7 billion, Linc's chief executive told Reuters yesterday. |
|
| Och-Ziff wins investors on founder's reputation |
| (NEW YORK) DANIEL Och, founder of US$25 billion hedge fund firm Och-Ziff Capital Management Group LLC, looks out from the podium over the crowd of investors and money managers nibbling on chicken salad at Manhattan's St Regis hotel and repeats a quip from investor Warren Buffett. |
|
| Emerging markets that are maturing pose a new challenge |
| (LONDON) Investors buying into emerging markets for a leveraged bet on global growth and portfolio diversification are having to rethink their strategies as the integration of major developing markets such as Brazil and China into the global economy intensifies. |
|
| Focus policy on externality-driven jobs |
| (NEW YORK) Across the United States, thousands of federally financed stimulus projects are under way, aimed at bolstering the economy and putting people to work. The results so far have not been spectacular. |
|
| Westpac a boutique among other banks |
| WESTPAC Private Bank Asia is a boutique alongside large local and foreign banks, says Sean Straton, head of the bank's premium client group. |
|
| Australia holds rates steady at 4.50% |
| (SYDNEY) Australia held its official interest rate steady at 4.50 per cent for a third month yesterday in a welcome reprieve for Prime Minister Julia Gillard as she campaigns for re-election on a strong economy. |
|
| Hungary central banker blamed for crisis, pay slashed |
| (BUDAPEST) It's not easy being a central banker in Europe - especially during the biggest economic crisis in a generation. |
|
| Desperation grows as jobless benefits run out |
| (BRATTLEBORO, Vermont) Facing eviction from her Tennessee apartment after several months of unpaid rent, Alexandra Jarrin packed up whatever she could fit into her two-door coupe recently and drove out of town. |
|
| Bernanke sees rising US household spending |
| (NEW YORK) Rising wages will probably spur household spending in the next few quarters, even as weak job gains drag down consumer confidence, Federal Reserve chairman Ben S Bernanke said on Monday. |
|
| Genting HK: a gem that's undervalued |
| THE biggest game in town - and the region - in recent months has been the gaming sector. The successful openings of the Singapore integrated resorts (IRs) and the continuing buoyancy of the Macau gaming scene seem to have captured the market's imagination. |
|
| National Day 2010 |
| We feel grateful that Singapore
and the world economy are
recovering from the terrible
financial crisis. |
|
| Company Briefs |
| BAKER Technology Ltd reported a more than trebling in second-quarter net profit to $17.80 million from $5.4 million a year ago. |
|
| UMS turns around with Q2 profit of $7.48m |
| RIDING on the sharp turnaround in global demand for semicon equipment, UMS Holdings staged a strong comeback with a second-quarter net profit of $7.48 million, against a net loss of $22.9 million for the year-ago period. |
|
| ST Engineering's Q2 net profit rises 14% to $124m |
| SINGAPORE Technologies Engineering's net profit rose 14.1 per cent year on year to $124 million in the second quarter, boosted by sharply higher revenue from the sale of land vehicles and equipment. |
|
| CMA Q2 profit down 24%, revenue up 32% |
| CAPITAMALLS Asia (CMA), which owns and/or manages 88 shopping malls in the region, plans to invest up to $1 billion in new projects in Singapore, China and Malaysia in the second half of this year. |
|
| Market activity picking up but still lower year-on-year |
| TRADING activity in the stock market has picked up momentum but has yet to reach the level a year ago. |
|
| Design Studio shares jump as Depa ups offer |
| SHARES of Singapore-listed Design Studio Furniture Manufacturer jumped 13.2 per cent yesterday on news that Dubai's Depa Interiors LLC has raised its offer for the company to 65 cents a share from 55 cents. |
|
| CIMB Securities aiming to be a retail brand |
| CIMB Securities is rebranding itself to be a retail-focused brokerage, with plans to launch new products and services as well as incentive programmes for the individual investor. |
|
| SembMarine Q2 profit up 28% |
| SEMBCORP Marine yesterday reported a 28 per cent year-on-year rise in net profit for the second quarter of 2010 - from $138.1 million to $176.1 million. |
|
| GF Securities plans placement to raise up to 18b yuan |
| (SHANGHAI) GF Securities, China's No 4 brokerage by market capitalisation, said yesterday it plans to raise up to US$2.65 billion in a private share placement to help it expand core businesses including underwriting share issues. |
|
| Google HK webpage down after anti-China rhetoric |
| (SHANGHAI) A question-and-answer page on Google Hong Kong's website became inaccessible to some mainland Chinese users yesterday, underscoring Beijing's sensitivity about the Internet. |
|
| Macau casino revenue in July up 70% as bettors return |
| (HONG KONG) Casino revenue in Macau, the world's biggest gambling hub, surged 70 per cent in July from a year earlier as bettors resumed wagering on card games and slot machines in the Chinese city after the soccer World Cup. |
|
| Huawei 'fails to acquire US firms' despite sweetener |
| (NEW YORK) Huawei Technologies Co failed to reach agreements to buy two US assets last month, even though the Chinese phone- equipment maker offered at least US$100 million more in each case, according to two people with knowledge of the matter. |
|
| Floods to hit China's rice, pork output |
| (BEIJING) China's worst flooding in more than a decade may cut production of rice, cotton and pork in the largest producer, boosting prices and hampering government efforts to keep inflation under 3 per cent, analysts said. |
|
| Yuan equity linked products in HK pipeline |
| (HONG KONG) Yuan-denominated equity linked products could be launched in Hong Kong by the end of this year as the city's role as an offshore yuan-settlement market continues to expand, a senior official said yesterday. |
|
| New holiday packages to attract visitors |
| SINGAPORE Airlines, Changi Airport Group (CAG) and the Singapore Tourism Board (STB) hope to boost visitor numbers by offering new value-packed holiday packages. |
|
| China's air force holds major 5-day exercises |
| (BEIJING) China's air force began a five-day exercise yesterday with fighter jets, spy planes and helicopters, state media said, against a backdrop of increased diplomatic and military tensions with Washington. Chinese media has announced several military drills over the past few weeks, including of naval forces. Such events are normally shrouded in secrecy and little reported on, but the military has recently said it is trying to be more open. |
|
| Embraer Q2 net income tumbles 79% on revenue drop |
| (SAO PAULO) Embraer, the world's third-largest commercial aircraft maker, said on Monday second-quarter net income tumbled 79 per cent, underscoring a decline in sales of jets and nonoperational items that offset a reduction in costs. |
|
| Boeing raises forecast for Indian demand |
| (MUMBAI) Boeing raised its 20-year forecast for Indian aircraft demand by 15 per cent as faster economic growth encourages air travel in the world's second-most populous nation. |
|
| Mexicana in talks with investors |
| (MEXICO CITY) Grupo Mexicana de Aviacion, Mexico's biggest airline by passengers, is in talks with international investors as it considers whether its largest unit should file for bankruptcy, chief executive officer Manuel Borja Chico said. |
|
| Briefly Asia |
| (KUALA LUMPUR) Malaysia's Construction Industry Development Board expects RM70 billion (S$29.7 billion) of new building projects next year, said Sariah Abdul Karib, a senior general manager at the state body. |
|
| Violence after politician's killing paralyses business in Karachi |
| (KARACHI) Pakistan's largest city, Karachi, shuttered shops and businesses after the shooting of a Muslim Shia politician triggered a night of revenge killings. The Karachi Stock Exchange halted trading one hour early. |
|
| Concerns grow as yen rises to eight-month high |
| (TOKYO) Japan's Finance Minister Yoshihiko Noda yesterday sidestepped questions about intervention to curb yen strength and said markets should determine exchange rates, prompting the currency to rise to an eight-month high against the dollar. |
|
| CFC settles lawsuits for US$600m |
| (LOS ANGELES) Countrywide Financial Corp agreed to pay US$600 million to settle shareholder lawsuits in the largest payout so far from the mortgage meltdown. |
|
| FDIC chief rules out top job at new consumer body |
| (WASHINGTON) Sheila Bair, chairman of the Federal Deposit Insurance Corp, has taken herself out of the running to lead the new US consumer-protection agency after her name was put forward by Senate Banking Committee chairman Christopher Dodd, a person with direct knowledge of the matter said. |
|
| BP sends Japan's Mitsui US$480m bill for leak |
| (TOKYO) Japanese trading house Mitsui & Co said BP plc has sent it a US$480 million bill seeking help in the clean-up of the disastrous Gulf of Mexico oil spill, but it has not decided if it will shoulder any costs. |
|
| US probes potential insider trading in BP shares |
| (HOUSTON) BP faces an investigation into whether its employees profited illegally from the Gulf of Mexico spill, as the oil giant prepared yesterday to kill the blown-out well for good. |
|
| GE, Intel form home-health venture for chronic care |
| (NEW YORK) General Electric (GE) and Intel Corp have formed a joint venture to create products for patients with chronic diseases and for elderly people at home or in assisted living. |
|
| SEC: Funds' derivatives disclosure inadequate |
| (NEW YORK) US securities regulators have said they are concerned that the use of derivatives has increased in the mutual-fund industry without shareholders comprehending the risks or investment strategies. |
|
| Extra tough glass finds its use in tablets, TVs |
| (CORNING, New York) An ultra-strong glass that has been looking for a purpose since its invention in 1962 is poised to become a multibillion-dollar bonanza for Corning Inc. |
|
| Filmmakers begin to resist that extra dimension |
| (LOS ANGELES) While Hollywood rushes dozens of 3-D movies to the screen - nearly 60 are planned in the next two years, including Saw VII and Mars Needs Moms! - a rebellion among some filmmakers and viewers has been complicating the industry's drive into the third dimension. |
|
| Parched Russia will cut grain harvest forecast: minister |
| (MOSCOW) Russia, one of the world's top wheat exporters, yesterday said it was cutting the grain harvest forecast for this year by millions of tonnes amid its worst drought in years. |
|
| Genzyme launches takeover talks with Sanofi |
| (NEW YORK) Genzyme Corp, the world's largest maker of medicines for genetic diseases, has begun takeover talks with Sanofi- Aventis SA after receiving a proposal from the French drugmaker, according to two people with knowledge of the matter. |
|
| Gulf investment banks forced to seek new niches |
| (DUBAI) Local Gulf investment banks and brokers are being forced to seek new business areas to replace traditional sources of income hit by the downturn and as global heavyweights muscle in, raising the possibility of mergers. |
|
| Call to set up grand jury to probe BP spill |
| (WASHINGTON) Lawyers at the US Justice Department conducting a criminal probe of oil well explosion in the Gulf of Mexico have recommended that a grand jury be convened and BP managers subpoenaed to determine if any laws were broken, a person said. |
|
| Goldman defends AIG calls |
| (NEW YORK) Goldman Sachs said that it believed its trades with the bailed out insurer AIG during the financial crisis were accurate and its collateral calls made to AIG were reflective of the conditions in a deteriorated market. |
|
| Last Carnegie Hall resident forced to move out |
| (NEW YORK) All of her neighbours are gone, forced out. Now Elizabeth Sargent, the last holdout tenant of Carnegie Hall's towers, is preparing to leave the affordable studios that for more than a century housed some of America's most brilliant creative artists. |
|
| Europe manufacturing accelerates more than estimated in July |
| (LONDON) Growth in Europe's manufacturing industry accelerated more than previously estimated in July, indicating an export-led recovery maintained its momentum. |
|
| HSBC H1 profit doubles to US$6.76b |
| (LONDON) HSBC Holdings said on Sunday that net income doubled in the first half of this year as its North American unit returned to profit for the first time in three years and as bad- debt provisions fell by 46 per cent. |
|
| Dollar index dips to three-month low |
| (NEW YORK) Fear that the US recovery is faltering drove the dollar to a three-month low against a basket of currencies yesterday and the euro broke above US$1.3125, a key technical level, to hit its highest since May. |
|
| ExxonMobil's climate initiatives |
| WE refer to the commentary 'World to cook because of greed and cowardice' by Paul Krugman (BT, July 27), in which ExxonMobil was said to have spent 'tens of millions of dollars promoting climate-change denial'. |
|
| Why SIA didn't print full 'Annual Report' |
| WE refer to the Letter to the Editor by Mr Denis Distant 'SIA, let shareholders have printed annual reports' (BT, July 30). |
|
| Brokers' Take |
| Broadway Industrial Aug 2 close: $1.18 DMG & Partners Securities, Aug 2 STRIPPING out the $2.5 million forex loss, Broadway's positive Q2 FY10 results were within our expectations as the company recorded sequential growth for its earnings on an operating level. |
|
| Big numbers from the big country |
| FOR China, July could be called 'the month of five symbols'. The demographic, financial and monetary milestones give insight into the future of the world's third-biggest economy. |
|
| Japan is back to the politics of drift |
| JAPAN'S political revolution is looking rather like a hot-air balloon that took a long time to inflate. |
|
| Global economy: A tale of two worlds |
| THE global economy is currently a tale of two worlds. A buoyant East contrasts with a fragile West. The difference is highlighted not just in the economic data but also in the monetary policies being pursued around the globe. |
|
| Europe needs new strategy to build ties with Asia |
| WHEN she gets back to work in September, the European Union's foreign policy chief Catherine Ashton must take a quick decision on naming top officials in the bloc's new diplomatic service and then hammer out a new and effective EU strategy for Asia. |
|
| WikiLeaks will have limited impact |
| A DAY after tens of thousands of mostly raw military reports about the war in Afghanistan were released by the WikiLeaks organisation, the US Congress moved ahead to approve US$59 billion to pay for troop increase in Afghanistan. |
|
| Three-Minute Digest |
| STOCKS of Chinese companies listed in Singapore are more liquid than those of their peers in Hong Kong, Singapore Exchange chief executive Magnus Bocker said yesterday. |
|
| It feels like quasi-recession: Greenspan |
| (NEW YORK) Alan Greenspan, the former chairman of the Federal Reserve Board, has said the slowing economic recovery in the US feels like a 'quasi-recession' and the economy might contract again if home prices decline. |
|
| Challenges ahead for RIM as curbs on mobile email grow |
| (DUBAI) Research In Motion Ltd (RIM), maker of the BlackBerry smartphone, faces challenges to overseas expansion as developing countries tighten restrictions on mobile email. |
|
| Sembcorp Utilities eyes BP stake in Viet plant |
| (SINGAPORE) Sembcorp Utilities wants to buy BP's one-third stake in a $684 million power and utilities plant in Vietnam, lifting its own share of the project to two-thirds. |
|
| Japan ready to act against rising yen |
| JAPAN'S Finance Minister, Yoshihiko Noda, yesterday sharpened his comments on the strong yen, hinting that official intervention might be needed in foreign exchange markets if the currency continues to climb. Other options to weaken the yen might no longer be effective, analysts said. |
|
| DBS Vickers aims to join top 10 research houses |
| (SINGAPORE) DBS Vickers has staked an ambitious claim - to rank among the top 10, if not the top five, alongside the likes of UBS and Citigroup in terms of its research capability and coverage in five to seven years. |
|
| Manufacturing index points to cooling US economy |
| (CHICAGO) Manufacturing in the US expanded in July at the slowest pace this year, signalling the world's largest economy is cooling at the start of the second half. |
|
| S'porean buyer snaps up Ibis on Bencoolen |
| (SINGAPORE) Ibis Singapore on Bencoolen, a three-star hotel that opened last year, has been sold for more than $200 million to a Singaporean buyer. |
|
| Thai Tiger roars out a challenge to AirAsia |
| (SINGAPORE) THE regional low-cost carrier business is set to become a three-horse race now that Tiger Airways and Thai Airways have linked up to form Thai Tiger. |
|
| S-Chips swim faster, ride higher than in HK |
| (SINGAPORE) STOCKS of Chinese companies listed in Singapore are more liquid than those of their peers in Hong Kong, Singapore Exchange (SGX) chief executive Magnus Bocker said yesterday. |
|
| Emerio staying true to its name |
| EMERIO GlobeSoft chief executive Harish Nim may come across as stern and imposing at first, but he is a delightful man at heart with an inspiring story to share. |
|
| Delighting their customers |
| MICHAEL Tien, chief executive officer of Atlas Sound & Vision Pte Ltd, is a charismatic man whose company has been scooping up success and recognition. |
|
| Managing tax risks |
| GOVERNANCE and regulatory developments are forcing boards, audit committees and management to take notice of an organisation's taxes and assess tax risk in the context of wider risk management policies. |
|
| The various schemes at a glance |
| Accreditation scheme that puts members in touch with service improvement tools. |
|
| Reap the benefits of good service |
| SERVICE standards overall may be on the rise in Singapore, but industry experts say there's a lot more that companies - especially small and medium enterprises (SMEs) - can do to ensure service consistency. |
|
| Casting its net far and wide |
| HAVING established itself as a leading ornamental fish provider, Qianhu Corporation is now looking to cast its revenue net wider through its accessories business. |
|
| Singapore Roundup |
| THE Ministry of Health has awarded Accenture a contract to implement the National Electronic Health Record (NEHR) system, through which healthcare providers can easily exchange patient records. |
|
| Ex-BP staff seek halt to searches |
| SIX former BP employees sued by the oil major for breach of contract in Singapore have applied to the court to set aside a search order that had allowed BP's lawyers to seize their personal computers and mobile phones, court documents showed yesterday. |
|
| NTUC's U Care Fund raises $11.6m |
| THE National Trade Union Congress (NTUC) said yesterday that its U Care Fund has raised $11.6 million to help low-wage union members - beating a $10 million target. |
|
| Two-pronged strategy to reduce workplace deaths |
| TO reduce fatalities related to work at height (WAH), the Workplace Safety and Health Council (WSH) announced yesterday its recommendation for a two-pronged approach. |
|
| 18 new members join Reach panel |
| GOVERNMENT feedback unit Reach has added more members and media practitioners to its supervisory panel. Currently, there are 18 new members in a team of 26. |
|
| Young S'poreans' love for mobiles on the rise: poll |
| SINGAPOREANS aged eight to 24 years are increasingly toting mobile phones, with a survey showing that handset ownership in this group has edged up from 80 per cent to 85 per cent in two years. |
|
| Bioengineering, nanotech conference begins |
| MORE than 300 international delegates have gathered at Biopolis to discuss the latest research on bioengineering and nanotechnology. |
|
| Oxley Land unit buys stake in owner of Devonshire site |
| GOLDEN Flower Group, controlled by the family of Indonesian businessman Nico Po, has sold a majority stake in the company that owns a residential site at 55 Devonshire Road. The buyer is an an associate company of Oxley Land. |
|
| ST Index hits new 52-week high |
| GIVEN the close links that all markets have with each other, it's highly likely that yesterday's 37.34-point rise in the Straits Times Index (STI) to a new 52- week high of 3,025.04 was directed by program buying in anticipation of Wall Street rebounding when it kicks off the first week of trading in August, the hope being that better-than-expected earnings can overshadow the prospect of a rapidly slowing US economy. |
|
| Westports, OOCL launch direct service to Japan |
| (KUALA LUMPUR) Westports Malaysia, Port Klang's leading terminal, and Orient Overseas Container Line (OOCL) have jointly launched the KTX3 Service, which provides fast connectivity to Japan for Malaysian shippers. |
|
| Somali pirates seize Panamanian freighter |
| (BRUSSELS) Somali pirates seized yesterday a Panamanian freighter with 23 crew from Egypt, India, Pakistan and Sri Lanka in the Gulf of Aden, European anti-piracy forces said. |
|
| Supertanker glut climbs to a record |
| (LONDON) The number of supertankers competing to haul 2 million-barrel cargoes of Middle East crude oil climbed to a record, Imarex ASA said. |
|
| Oil services firm OEG wins Seadrill deal |
| LOCAL oil services firm OEG Asia-Pacific PTE and its United Kingdom-based sister company - OEG Offshore (OEG) - have clinched a US$600,000 contract with offshore deepwater drilling heavyweight Seadrill. |
|
| Sri Lanka port invites investors |
| (HAMBANTOTA, Sri Lanka) Sri Lanka on Sunday said it would invite outside investors into its US$1.5 billion Hambantota port project, the keystone of a US$6 billion post-war infrastructure revitalisation drive. |
|
| UK's Epsom College to open campus in M'sia |
| THE United Kingdom's Epsom College will make its debut in Malaysia in September 2012 with its first overseas campus in Bandar Enstek, Negeri Sembilan, targeting Malaysian and South-east Asian students aged 11 to 18. |
|
| Inflation rate in Indonesia at 15-month high |
| (SINGAPORE) Indonesia's inflation rate climbed to the highest level in 15 months in July, adding pressure on the central bank to join regional policymakers in raising borrowing costs to tame prices. |
|
| Australia's Linc says coal deal imminent |
| (PERTH) Linc Energy confirmed it was in talks with India's Adani Enterprises to sell a key coal asset for a reported A$1 billion (S$1.2 billion) in what could be the largest single purchase by an Indian firm in Australia's mining sector. |
|
| India's July manufacturing growth quickens |
| (NEW DELHI) India's manufacturing growth accelerated in July, increasing pressure on the central bank to raise interest rates. |
|
| Prime Balmoral Condo up for sale by tender |
| BALMORAL Condominium, located in the prime District 10 area, has been put up for sale by tender with an indicative price tag of $171 million to $175 million, or about $1,866 to $1,910 per square foot per plot. |
|
| Park Regis hotel, Chow House sold |
| INVESTMENT sales of property have been gathering momentum in the private sector, with several deals inked recently. |
|
| UBS to build UK HQ at Broadgate |
| (LONDON) British Land and joint venture partner Blackstone confirmed plans yesterday to develop a new 700,000 square foot UK headquarters for UBS at the Broadgate Estate in the City of London. |
|
| Ex-bankers launch new property venture |
| (LONDON) Three of the world's most accomplished real estate bankers John Carrafiell, Sonny Kalsi and Fred Schmidt have launched a new investment and advisory firm as the pace of restructuring in the property sector ramps up. |
|
| A China real estate bubble built on conflicting policy |
| (WUHU) The Anhui Salt Industry Corp is a state-owned company that has 11,000 employees, access to government salt mines and a Communist Party boss. |
|
| NZ property listings down 2.3% in July |
| (WELLINGTON) Fewer New Zealanders want to sell their homes and the average asking price is falling as the property market slows, according to an industry website. |
|
| London luxury-home prices slide in July |
| (LONDON) Luxury-home prices in central London declined in July for the first time in 16 months as the recovery persuaded more owners to sell, broker Knight Frank LLP said. |
|
| ADB sees 4.3% growth for Pacific islands |
| (MANILA) The economies of the Pacific region, led by resource-rich East Timor, are projected to expand 4.3 per cent this year but inflation remains a concern, driven by high fuel and utility prices, the Asian Development Bank said yesterday. |
|
| Cuba to ease controls on small businesses |
| (HAVANA) Cuba's government will scale back controls on small businesses, lay off unnecessary workers and allow more self-employment, President Raul Castro said on Sunday. |
|
| Exports to Australia, China boost NZ growth |
| (WELLINGTON) New Zealand's economy is being buoyed by exports to China and Australia that are offsetting weak consumer spending and housing demand, according to a Treasury Department report. |
|
| Double dippers could derail US recovery |
| (WASHINGTON) They are a minority, but a vocal one, and they are hovering like storm clouds over a brittle recovery. They are the Double Dippers: politicians, economists and analysts who foresee back-to-back recessions. |
|
| DBS' Hong Kong venture floats back into focus |
| DBS' decision last Friday to take a goodwill impairment charge of $1 billion for its overpriced Hong Kong unit was not a surprise, but it brought several issues back into focus. The charge resulted in the bank posting a $300 million loss. |
|
| National Day 2010 |
| Singapore is akin to a father handholding his son through tribulations and celebrations. |
|
| Company Briefs |
| ST Electronics has been awarded a $28 million contract by Invensys Rail Ltd (formerly Westinghouse Brake and Signalling Holdings Limited) for the signalling system installation on the Singapore Downtown Line (DTL). |
|
| Eu Yan Sang re-enters Australia |
| EU Yan Sang International is gunning for a marriage of East and West with its acquisition of a 14.99 per cent slice of Healthzone Limited, an Australian health product retailer and distributor. |
|
| Cosco Q2 earnings soar 85% to $68.4m |
| THE rough waters notwithstanding, mainboard-listed Cosco Corporation (Singapore) weathered the second quarter and first half-year with a strong topline and bottomline performance. |
|
| Kreuz on a high since IPO debut |
| KREUZ Holdings might be in the subsea industry, but its initial public offering (IPO) has been far from subpar, with investors driving it to $0.44 at yesterday's close - a 63 per cent premium from its $0.27 offer price. |
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| Hyflux and Mitsui to take Hyflux Water Trust private |
| HYFLUX Limited and Mitsui & Co of Japan are pairing up to take Hyflux Water Trust private at 78 Singapore cents a unit in cash - the same price as when it listed in November 2007. The offer values the trust at about S$235 million. |
|
| Sembcorp amasses over 96% stake in Cascal |
| AFTER several knock-out rounds and punches thrown in the US and Dutch courts, the final bell is tolling for the Sembcorp-Cascal fight. |
|
| KepCorp to raise stakes in 2 Philippine firms |
| KEPPEL Corporation is boosting its presence in the Philippines, in a bid to enhance the breadth and depth of its service offerings to clients worldwide. |
|
| Circle Line weighs heavy on SMRT |
| SHARES in SMRT Corp slipped 12 cents - or 5.4 per cent - in trading to close at $2.10 yesterday, after SMRT cautioned last week that it may not be able to maintain FY2010's profitability for the current financial year ending March 31, 2011. |
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| OCBC Q2 net profit rises 8% to $503m |
| OCBC Bank's net profit rose 8 per cent to $503 million in the second quarter compared to a year ago, missing analysts' estimates, as the group struggled to boost its lending income amid low interest rates, while investment income halved due to turbulent financial markets. |
|
| Yuan daily trading band 'right' for now |
| (BEIJING) The yuan's daily trading band is 'appropriate' for the time being but could be widened in the future, a vice-governor of China's central bank said in an interview published yesterday. |
|
| Geely completes Volvo deal, sets global role for marque |
| (BEIJING) Chinese car maker Geely Holdings yesterday formally completed its deal to buy Sweden's Volvo Cars from US car giant Ford at a ceremony in London, state media reported. |
|
| Manufacturing in China shrinks; outlook 'intact' |
| (BEIJING) Chinese manufacturing shrank in July for the first time since the global downturn in March 2009 as government steps to slow bank lending and fight property speculation hit home. |
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| AviChina, Jiangxi Copper plan aircraft parts JV |
| (HONG KONG) AviChina Industry & Technology Co said units controlled by the company and its parent plan to set up a 1.2 billion yuan (S$240 million) venture with companies including Jiangxi Copper Co's parent to develop, produce and sell aircraft parts, provide aviation consultancy services, and import and export related raw materials. |
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| Philippine Air may miss profit goal after 25 pilots resign |
| (MANILA) Philippine Airlines, the nation's largest carrier, said it may miss its goal of returning to profit this fiscal year after the resignation of pilots forced the cancellation of at least 22 flights. |
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| Mexicana pilots, flight attendants stage demo |
| (MEXICO CITY) More than 500 pilots and flight attendants with financially troubled Mexicana de Aviacion staged a demonstration inside Mexico City's airport on Sunday to protest possible layoffs or salary reductions. |
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| ANA seeks partners to set up budget airline |
| (TOKYO) Japan's All Nippon Airways plans to seek investment from overseas airlines and investment funds to help set up a low-cost carrier (LCC) which it aims to launch as early as next year. |
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| Airbus to boost output as outlook brightens |
| (PARIS) Planemaker Airbus dusted off plans to increase output of its most popular jetliners after a stream of new orders brought fresh signs of a dying recession. |
|
| Briefly Asia |
| (JAKARTA) Indonesia has raised 128.3 trillion rupiah (S$1.94 million) from debt sales so far this year, the debt management office said yesterday. |
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| Thai inflation accelerates, supporting rate increase |
| (BANGKOK) Thailand's inflation accelerated in July, supporting the central bank's view it may need to raise borrowing costs further. |
|
| Ex-David Jones CEO in sexual harassment suit |
| (SYDNEY) David Jones Ltd, Australia's second-biggest department store chain, its board and former chief executive officer Mark McInnes were sued by an employee who claims she was sexually harassed at work. |
|
| Webber relies on teamwork, not orders |
| THE Australian's victory in the Hungarian Grand Prix could be deemed by some as fortuitous, but Mark Webber simply didn't put a wheel wrong. Red Bull also demonstrated the value of teamwork, rather than team orders. |
|
| European banks face US$122b debt refinancing |
| (LONDON) Banks in Europe's most indebted nations need to refinance US$122 billion of bonds this year, likely paying high interest costs even after receiving a clean bill of health from regulators. |
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| Tumblr - a new spin in the flurry of social media |
| (NEW YORK) By now, plenty of traditional media companies have hopped on the social media bandwagon, pumping out news updates on Facebook and Twitter. |
|
| Drugmakers' profits squeezed as Europe crisis leads to cuts |
| (BRUSSELS) Europe's financial crisis is making drugmakers such as Johnson & Johnson, Sanofi-Aventis SA and Merck & Co lower forecasts and reduce spending, adding pressure on the companies which are already squeezed by generic competition. |
|
| Three-Minute Digest |
| THERE is room for more global pharmaceutical and medical technology companies in Singapore and the Economic Development Board is sanguine about prospects for further investments in the sector. |
|
| INVEST Fair 2010 to feature conference with CEOs |
| (SINGAPORE) Institutional and private investors will be able to interact with chief executive officers of some of the best performing public listed companies in Singapore and South-east Asia this month when The Business Times and ShareInvestor co-host a conference on investing in Asia. |
|
| Singapore mobile Arpu falls in 2009, says Frost |
| WHILE the number of new mobile connections in Singapore is growing despite a high penetration rate, the average revenue per user (Arpu) is falling and last year it stood at US$31.90, according to research by Frost & Sullivan. |
|
| 10 threats to watch out for in 2012 |
| THE Information Security Forum (ISF) has listed 10 future scenarios that identify the key areas of risk to businesses, in its Threat Horizon 2012 report released last week. |
|
| Bitter smartphone war seen pinching vendor margins |
| (HELSINKI) An increasingly heated battle in the global smartphone market is set to weigh on handset vendors' profit margins for the rest of the year, analysts said on Friday. |
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| Control your appliances via the Internet |
| IMAGINE this hypothetical day. You leave the house for work and belatedly realise you've left the fan on. |
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| Hacker makes mobile phone snooping affordable |
| (LAS VEGAS) A hacker on Saturday brought mobile phone snooping to the modestly financed, showing how to build a call-catching system for about US$1,500. |
|
| UTM appliances drive security market: IDC |
| SINGAPORE'S overall security appliance market for the first quarter of this year grew 8 per cent over the same quarter last year, according to research agency IDC. |
|
| New Dubai airport considers 'one-stop' check-in |
| (MELBOURNE) Dubai World Central-Al Maktoum International, set to become the world's largest airport, may use 'one-stop' processing to get travellers in and out of aircraft more quickly. |
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| Thai Airways, Tiger to form new low-cost airline |
| (BANGKOK) Flag carrier Thai Airways International Pcl said yesterday it plans to form a new low-fare airline with Singapore's Tiger Airways Holdings Ltd, adding to Asia's crowded budget airline market. |
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| US to overhaul airline pilot rules |
| (WASHINGTON) Congress on Friday approved far-reaching US aviation safety legislation developed in response to a deadly commuter airline crash in western New York state last year. |
|
| Govt to allow MySuper pension fund: Gillard |
| (SYDNEY) Prime Minister Julia Gillard said a re-elected Labor government will allow Australia's pension industry to offer a new standardised fund recommended by a federally commissioned review. |
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| Strong yen overshadows Japan firms' future earnings |
| (TOKYO) Post-crisis global demand has driven up profits at Japan's top companies, but the yen is also rising owing to fears for the recovery's durability - casting a shadow over future earnings, analysts said. |
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| UK govt keen to push trade with Asia |
| UK Premier David Cameron's huge delegation to India emphasises that the new coalition government is intent on increasing and broadening two-way trade and investment with Asia. |
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| IMF, Spain differ over pace of recovery |
| (WASHINGTON) The IMF cautioned Spain on Friday that its deficit-reduction goals rely on overly optimistic economic forecasts and its budget picture will darken if the economy proves weaker than the government expects. |
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| UK urges banks to lend more, restrain bonuses |
| (LONDON) British finance minister George Osborne urged the country's banks to use strong first-half profits to boost business lending rather than pay large bonuses, in an interview published on Saturday. |
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| Luxury goods makers celebrate sharp upturn |
| (PARIS) Champagne corks are popping again in the luxury business as 'It' bags and expensive watches this year sell like hotcakes from Beijing to New York, signalling the turning of a page after the global financial crisis. |
|
| Debate on US estate duty heats up |
| (WASHINGTON) The question of death and taxes has risen to the fore in Washington as the demise of prominent billionaires underscored a fluke which allows big estates to escape taxes, but only for this year. |
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| With EMC's backing, Iomega is ready for Asia |
| WITH EMC behind him, Iomega's Jonathan Huberman is ready to tackle the more 'complex' go-to- market models in Asia facing smaller storage makers. |
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| NTU programme comes of age |
| SINGAPORE'S flagship Nanyang Fellows MBA Programme for mid- to senior-level executives and officials has come of age, doubling its intake to 32 participants this year compared to the 16 fellows who were awarded their MBA degrees last week. |
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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. |
|
| Chasing the Silicon Valley dream |
| SINGAPORE tried it. South Korea tried it. Russia, Vietnam and India are all following suit. It seems that when it comes to encouraging innovation and invention, the 'standard approach' Edward Jung has come across in every country is one that attempts to replicate Silicon Valley. |
|
| Fuel shortage strikes new blow at Greek tourism sector |
| (ATHENS) Disaster has struck Greece's crucial tourism industry at the peak of a summer season badly needed by its recession-hit economy with a national fuel shortage that is compounding weeks of on-off work unrest. |
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| BP's Viet, Pakistan assets up for sale |
| (LONDON) BP plc, seeking cash to help pay for the worst-ever US oil spill, informed the governments of Vietnam and Pakistan that it put its production assets in the countries up for sale. |
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| Webber wins Hungarian GP to lead drivers |
| (BUDAPEST) Australian Mark Webber took back the Formula One championship lead from Lewis Hamilton yesterday after snatching victory in a Hungarian Grand Prix that Red Bull team mate Sebastian Vettel had been favourite to win. |
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| BP spill may not trigger claims beyond US: analysts |
| (LONDON) The Gulf of Mexico oil spill triggered huge compensation claims against BP in the United States but energy groups are likely to escape hefty payouts for leaks in developing nations, analysts said. |
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| Peso and rupiah lead advance of Asian units |
| (SINGAPORE) Asian currencies strengthened last week, led by the Philippine peso and Indonesia's rupiah, as the fastest economic growth in the world and relatively high interest rates attracted funds to the region. |
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| Soybean futures excellent for hedging and trading |
| SOYBEANS are one of the most important agricultural commodities in the world because of their ability to produce high protein meal used in livestock feed and soybean oil, which is a major edible oil used by food manufacturers and biodiesel producers. Economic growth over the past 20 years has not only resulted in improved diets, but also increases in the demand for soybeans, soybean meal, and soybean oil. |
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| Director purchases plunge, selling stays low |
| THE buying plunged while the selling among directors remained low last week based on filings on the exchange in the last week of July. A total of four companies recorded a paltry eight insider purchases worth $220,000 versus five firms with six disposals worth $1.8 million. The buy figures were sharply down from the previous week's six companies, 15 purchases, and $11.5 million. The sales, on the other hand, were not far off from the previous week's four firms, four disposals, and $600,000. |
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| Keeping businesses dry in S'pore |
| Which of the initiatives so far announced by the government, and by the private sector, are likely to be the most effective in mitigating future flooding? What more needs to be done? |
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| Chinese output growth slows again as curbs bite |
| (BEIJING) China's vast manufacturing sector cooled further last month as the government kept its foot on the credit brakes and held firm in its efforts to deter real estate speculation. |
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| S Korea exports rise 29.6% in July |
| (SEOUL) South Korean exports in July grew faster than expected, easing concerns that the appetite for the country's manufactured goods may be cooling in line with worries about economic growth in China and the United States. |
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| US banks may need US$76b in capital, says IMF |
| (WASHINGTON) The US financial system remains fragile and banks subjected to additional economic stress might need as much as US$76 billion in capital, according to the results of International Monetary Fund stress tests. |
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| Democrats race against time on jobs issue |
| (WASHINGTON) With November congressional elections fast approaching, time is running out for Democrats to deliver on voters' top concern: job creation. |
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| Counterfeiters go down market in hard times |
| (NEW YORK) In this economy, even counterfeiters are trading down. |
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| Dropping the baby that is FM Holdings |
| BABY-SITTING a rascal isn't a lot of fun. |
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| National Day 2010 |
| 'Live Our Dreams, Fly Our Flag'
Singapore has helped me achieve
my dream and I am proud that
Hyflux flies Singapore-s flag as we
evolve into a leading global water
solutions company. |
|
| Q2 earnings soar at StatsChipPAC |
| CHIPS packaging and testing firm Stats ChipPAC plans to offer senior notes due 2015 via a private placement to partly fund a proposed capital reduction and cash distribution exercise of up to US$600 million to shareholders. |
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| Assessing independence of directors |
| THE Parkway Holdings episode has re-ignited debate on the definition of independence in the Code of Corporate Governance in Singapore - particularly the issue of independence from substantial shareholders. |
|
| Politics, diplomacy prevail over IMF economists |
| (WASHINGTON) Substantially. That single word, left out of the International Monetary Fund's assessment of China's undervalued currency, laid bare the tricky IMF internal politics that govern even its most routine interactions with the world's newest economic power. |
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| More say govt right to raise foreigners numbers |
| TWO-THIRDS of Singaporeans polled in a recent survey say that the government is right to increase the number of foreigners working here if the economy needed it. |
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| Build trust in good times: Swee Say |
| COMING at this juncture when the good times appear to be here again, it is an apt reminder. |
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| Bumpy ride but room for cautious optimism |
| ONE of the strongest weeks for equity markets of late ended on a sobering note last Friday as the US Commerce Department released numbers showing a third consecutive quarter of slowing US economic growth during the April-June period. |
|
| Cuba readies to dive into oil exploration |
| (HAVANA) A Chinese-built drilling rig is expected to arrive in Cuban waters in early 2011, likely opening the way for full-scale exploration of the island's untapped offshore fields. |
|
| Malaysian group seeks Syariah reforms |
| (KUALA LUMPUR) Malaysian Syariah finance experts, backed by the central bank, are studying possible conflicts between civil and Islamic law amid a raft of high-profile legal disputes which have dampened the industry's appeal. |
|
| Addressing the sharp drop in FDI |
| MALAYSIA'S dramatic fall in foreign direct investment last year has created quite a flap. Although the 81 per cent plunge came in the year of the global meltdown, its neighbours registered a drop of only half as much. |
|
| Bumpy ride ahead for Indonesia's coal railways |
| (JAKARTA) Indonesia's plans to unearth and export its vast coking coal resources could stumble over the need for large rail projects, meaning little relief for the tight global market for at least the next five years. |
|
| ICICI Bank reports 17% jump in Q1 earnings |
| (MUMBAI) ICICI Bank, India's largest private sector bank, said quarterly profit rose 17 per cent as it cut costs and eliminated bad loans amid revived credit demand in India's growing economy. |
|
| Reliance eyes Universal theme park |
| (NEW DELHI) Indian tycoon Anil Ambani has begun talks with Universal Studios on building a US$1.5 billion movie-themed amusement park in India, a source with knowledge of the discussions said on Saturday. |
|
| ECB meeting comes amid relative calm on financial markets |
| (FRANKFURT) The European Central Bank (ECB) governing council might breathe a sigh of relief this week as no potential disaster hangs over its monthly meeting for the first time in a while. |
|
| Wonder view from Marina Bay Sands Skypark |
| THE observation deck of Marina Bay Sands SkyPark is proving to be a hot favourite for visitors since its opening just a few weeks ago. |
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| SBF, SMa lead trade delegation to Zhejiang |
| A GROUP of Singapore businessmen is on a trade mission to penetrate the market in Zhejiang, one of China's richest provinces. |
|
| Ascott unveils its expansion plans |
| CAPITALAND'S service residence arm, The Ascott Limited, is expanding its portfolio by more than 50 per cent in the next five years. |
|
| Steps to boost solar power use |
| (SINGAPORE) Singapore is moving to boost incentives to use solar energy. |
|
| Doubts rise after strong July rally |
| IT'S been a great four weeks on Wall Street. But as July gives way to August, and a new monthly employment report looms on Friday, doubts over the sustainability of Wall Street's strong bounce-back rally are on the rise. |
|
| JTC plans medtech park, new industrial complex |
| (SINGAPORE) With a long list of new and ongoing projects to look after, JTC Corporation's chief executive officer Manohar Khiatani hardly has time for hobbies. |
|
| Lots of room still for biomed firms in S'pore |
| (SINGAPORE) There is room for more global pharmaceutical and medical technology companies in Singapore and the Economic Development Board (EDB) is sanguine about prospects for further investments in the sector. |
|
| Academics face questions |
| (NEW YORK) WHAT does Shirley Ann Jackson know about shipping parcels? |
|
| The art of giving |
| IN PHILANTHROPY, as in business, good stewardship is essential. And this philosophy, alongside her grandfather's simple wish 'to help his fellow man', shapes the legacy of giving that Chew Gek Kim carries on as deputy chairman of the Tan Chin Tuan Foundation. |
|
| Ong Keng Sen wins international arts prize |
| LOCAL theatre director Ong Keng Sen was announced as a recipient of this year's Fukuoka Prize yesterday at art space, 72-13. But victory for the 46-year-old artistic director of Theatreworks was slightly bitter-sweet. |
|
| Sands to help train disadvantaged youths |
| DISADVANTAGED youths now have the opportunity to work at the prestigious Marina Bay Sands Hotel which has launched its new corporate social responsibility initiative. |
|
| China cities can achieve growth, liveability |
| CHINA'S huge market and talent pool will make its cities fertile ground for innovations in sustainable living, Singapore's National Development Minister Mah Bow Tan said at the Urban Planning Forum held in Shanghai yesterday. |
|
| Only chronobiology facility in S-E Asia launched |
| THE only chronobiology facility in South-east Asia and the largest early-phase clinical research unit in Singapore was officially launched yesterday by Health Minister Khaw Boon Wan. |
|
| Two key sectors upbeat about business |
| MANUFACTURING and service-oriented businesses remain upbeat about their prospects for the rest of the year - though sentiment appears to be a little lower as they prepare for slower growth. |
|
| Tharman: Govt hand needed in social equity |
| SOCIAL equity cannot be left to free market forces and governments must intervene to preserve social cohesion, Minister of Finance Tharman Shanmugaratnam said last night. |
|
| Profit-taking on SIA, others drags down STI |
| AFTER four straight days of rises, the Straits Times Index (STI) fell yesterday amid profit-taking and month-end window dressing. |
|
| The people-person CEO |
| HAVING a conversation with Thomson Reuters' CEO Tom Glocer is like taking a pleasantly winding, intellectual journey where you lose track of time, and it's not all about work. He will talk about people he's met, places he's been, ideas and trends he finds compelling, books he reads for pleasure, the music he likes, and in between, about his work and what drives him. But it's connecting with people that seems to most interest him. And it defines his approach to managing a company with US$13 billion in revenues with a staff of 55,000 that sprawls across some 300 cities in more than 100 countries. |
|
| Think-tank |
| ANYONE monitoring the progress of the major Korean carmakers can only be amazed by the advancements in design and quality. The latest Kia Sportage is no exception. |
|
| Roc and roll |
| THE Volkswagen Scirocco finally has a power plant to match its styling and this new variant is simply denoted by an R badge. Like the Scirocco 2.0 TSI, the Scirocco R still has a 2.0-litre turbocharged four-cylinder engine. |
|
| Order of the day |
| THERE was one last can of ice-cold Coke in the fridge on a blistering Sunday afternoon and I wanted it badly. Alas, my wife saw it first and she was reaching out for it. |
|
| Garment workers riot over wages in Dhaka |
| THOUSANDS of Bangladeshi garment workers who stitch clothes for top Western brands blocked highways, attacked factories and looted shops in Dhaka yesterday, after rejecting a government wage hike. |
|
| Clifford Chance sees India office by late 2012 |
| CLIFFORD Chance LLP, the UK's highest-grossing law firm, expects to have an office in India by late 2012 after the country lifts restrictions on foreign lawyers, Stuart Popham, the firm's senior partner, said yesterday. |
|
| Art in the open |
| EVEN without a resident billionaire benefactor, the islands of the Seto Inland Sea - which separates two of Japan's main islands of Honshu and Shikoku - would still be a wonderful place to visit. |
|
| Pan Hong sees sales jumping 50% this year |
| PAN Hong Property Group, a residential developer in China, expects to sell more homes this year amid a rebound in the real estate market. |
|
| Business briefing |
| SINGAPORE-LISTED Noble Group yesterday issued price guidance on its planned dual-tranche bond issue, a source close to the deal said. |
|
| Jardine's Q1 profit quadruples |
| JARDINE Matheson Holdings Ltd, which owns car distributors, real estate, supermarkets and hotels in Asia, said first-half profit more than quadrupled on a higher contribution from its property unit. |
|
| SGX companies' market cap up 5.8% in July |
| THE market capitalisation of Singapore listed companies rose 5.8 per cent in July to end the month at about $763.1 billion. |
|
| Daniel Chan calling it a day at Lion Global |
| VETERAN fund manager Daniel Chan is stepping down as chief executive of Lion Global Investors to spend more time with his family and on other personal interests. |
|
| Tuan Sing's Q2 profit jumps 56% to $5.53m |
| TUAN Sing Holdings posted a 56 per cent surge in net profit to $5.53 million for the second quarter ended June 30, backed by a revenue jump in its property and industrial services segments. |
|
| SMRT first-quarter net profit falls 20.7% |
| SMRT Corp, which yesterday announced a 20.7 per cent fall in net profit to $38.24 million for its fiscal first quarter ended June 30, has cautioned that it may not be able to maintain FY2010's profitability for the current financial year ending March 31, 2011 (FY2011). |
|
| Something natural |
| Repechage at Renaza Wellness and Lifestyle Lab Orchard Central, #02-13 6884-4993 |
|
| Economics of walking about |
| CONSUMER confidence is low and dropping around the world. And I am worried. |
|
| Singapore's economy soars |
| THE sub-prime mortgage crisis that erupted in the US from 2008 to 2009 had a direct negative impact on the global economy. |
|
| Japan PM urges Opposition cooperation in tackling crisis |
| JAPAN is faced with economic 'crisis', Prime Minister Naoto Kan declared yesterday, citing the nation's gaping fiscal deficit and other problems while calling on opposition parties in the split parliament to cooperate in finding ways out of what he called the 'dead end' that the economy has reached. |
|
| Q2 job figures paint a puzzling picture |
| THE softer job figures for the second quarter look puzzling, especially when the labour market was reported to be sizzling, heated by an economy that's on overdrive. Has the labour market turned soft? |
|
| Growing wealth puts Asians in the picture |
| AT a Sotheby's auction of impressionist and modern art in May, Asian buyers clinched four of the top 10 lots - an indication of a shift in purchasing power to the East. |
|
| US growth slows to 2.4% in Q2 |
| THE United States' economic recovery lost momentum in the spring as growth slowed to a 2.4 per cent pace, its most sluggish showing in nearly a year and too weak to drive down unemployment. |
|
| Tanjong Pagar site expected to fetch over $1b |
| THE landscape around Tanjong Pagar MRT Station is set to be transformed over the next few years when a new development is built, rising to about 60 storeys. |
|
| S&P 500 surges even as US economy falters |
| BEFORE Wednesday's opening bell investors received yet another worrisome report pointing to a weakening US economy, when the Commerce Department released data showing that orders for durable goods, a leading indicator of manufacturing strength, fell 1.0 per cent in June after a revised 0.8 per cent drop in May. |
|
| Indonesia to postpone curbs on subsidised fuel: source |
| THE Indonesian government's plans to curb supplies of subsidised fuel are likely to be delayed from September to next year, dealing a blow to its efforts to reduce costly fuel imports. |
|
| Balancing act |
| THERE are many people outside of Vietnam who are familiar with fish sauce being a key ingredient in Vietnamese fare. Few, however, know just how many types and grades of fish sauce there are, nor that there is a host of other ingredients equally important to the cuisine - and Luke Nguyen is one of that handful. |
|
| Fun fare |
| REMEMBER the good old days when a culinary treat meant a plate of mee siam from your neighbourhood pushcart stall, and entertainment was playing Ludo and Old Maid instead of surfing the Internet or fiddling with a BlackBerry? Well, Aaron and Olivia Teo do - and they haven't stopped at merely reminiscing. |
|
| wine&dine with BTWeekend |
| Pine Court Chinese Restaurant Level 35, Orchard Wing Mandarin Orchard Singapore 333 Orchard Road 6831-6288 Ascend 35 stories of the Orchard Wing and arrive in style at Pine Court Chinese Restaurant, the home of authentic Cantonese cuisine. Delight in traditional signature dishes such as Classic Peking Duck, Claypot Sauteed Abalone and Chicken with Salted Fish, and Double-boiled Crab Claw Soup with Chinese Mustard Greens and Sea Whelk served in Young Coconut, specially created by Pine Court's master chefs. Or indulge in a sumptuous Weekend Dim Sum Lunch Buffet featuring as many as 30 dim sum delights at $48++. The first seating for the Weekend Dim Sum Lunch is from 11.30am to 1pm, and the second seating is from 1.30pm to 3pm. Luxurious private dining rooms are also available upon request. |
|
| India wants Kohinoor back, Cameron says no |
| THE real jewel in Britain's actual crown will not be returning to India, Prime Minister David Cameron said on Thursday, as he ruled out any repatriation of the famed Kohinoor diamond. |
|
| China TV ad to boost country's image abroad |
| CHINA is preparing a television commercial to convey a 'prosperous' image of the nation to overseas audiences featuring celebrities including National Basketball Association player Yao Ming. |
|
| China passes Japan as No 2 economy |
| CHINA has overtaken Japan to become the world's second-largest economy, the fruit of three decades of rapid growth that has lifted hundreds of millions of people out of poverty. |
|
| Citi settles sub-prime disclosure case with regulators |
| CITIGROUP Inc will pay US$75 million to settle US regulatory claims that it misled investors by failing to disclose billions of dollars in holdings tied to sub-prime mortgages while the housing crisis unfolded. |
|
| Banker's Armani suit enters museum in £20.5m revamp |
| AN Armani woman's suit, pinstriped and paired with a Hermes scarf, has entered the collections of the Museum of London, which has reopened after a £20.5 million (S$43.6 million) revamp. |
|
| US investors Wylys face fraud charges |
| FAMED Dallas billionaire investors Sam and Charles Wyly made US$550 million in undisclosed profits through 13 years of insider trading in the shares of companies on whose boards they served, according to a Securities and Exchange Commission (SEC) lawsuit filed on Thursday. |
|
| Briefing |
| Washington TOXIC assets the US government bought during the bailouts of American International Group and Bear Stearns are finally gaining value, the Federal Reserve Bank of New York said on Thursday. |
|
| IMF uncertain of US financial reforms |
| THE financial overhaul bill signed by President Barack Obama last week failed to simplify the complicated regulatory architecture that oversees the banking and securities industries, according to an assessment by the International Monetary Fund (IMF). |
|
| Ananda's Tanjong plc poised to be privatised |
| MALAYSIA'S Tanjong plc is set to be privatised following a takeover offer by Tanjong Capital to acquire the remaining shares in the power player for RM21.80 cash apiece, in the third privatisation exercise this year of companies controlled by tycoon Ananda Krishnan. |
|
| DISCOUNT HAVENS |
| WITH the Singapore dollar muscling its way up against most major currencies, it's possible to conclude that bargains do not stop with the end of the Great Singapore Sale. Throw in the local economy's blistering performance and an uptake in overseas travel, and you know what's top on the mind of Singaporean travellers - shopping. |
|
| FM Holdings chairman gives AGM a miss |
| THE head of FM Holdings - which will be forced to delist by the Singapore Exchange (SGX) - was noticeably absent from the company's annual general meeting yesterday. |
|
| Wendy's million-dollar baby is back in business |
| IT was torrential rain that brought down the shutters at burger chain Wendy's at Liat Towers in June. Yesterday, amid a thunderstorm, the outlet reopened for business after a $500,000 refurbishment. |
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| DBS moves on, taking a $1b impairment charge |
| DBS Group - with a new CEO in charge - tidied up its books and took a $1 billion impairment charge for its Hong Kong unit. This led the bank to post a surprise $300 million loss for the second quarter, and marks the second time it has taken an impairment charge for its Hong Kong business. |
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| Mind those aching joints |
| FEELING achy and sore in your hands or knees? Don't just chalk it up to ageing, especially if you're still below 50 years old. You could have a form of arthritis that, if not checked early, could lead to serious damage of the joints, cautions rheumatologist Koh Wei Howe. |
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| Indonesia overtakes Thailand in car sales |
| (JAKARTA) Indonesia has hit the fast lane in terms of car sales and has overtaken South-east Asian pace-setter Thailand for the first time, according to a Nikkei survey from the first six months of the year. |
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| Food inflation eases to 9.67%; fuel inflation up 14.29% |
| (NEW DELHI) India's food inflation eased and fuel inflation notched up in mid-July. |
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| Russia moves to sell shares in state companies |
| (MOSCOW) The Russian government, which just a few years ago was salting away billions of dollars in oil revenue, is now confronting such a gaping budget deficit that ministers approved a wide-ranging plan on Wednesday to sell off state property, senior officials said. |
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| Obama to tout auto turnaround story at Detroit |
| (WASHINGTON) US President Barack Obama visits Detroit today to tout the motor industry's rebirth as proof that his economic policies are working, but experts warn the sector's survival is not yet assured. |
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| Indonesian LDR for banks set at 75-102% |
| (JAKARTA) Indonesia's central bank said yesterday that it will set the loan-to-deposit ratio (LDR) for banks at 75-102 per cent, linking it to the banks' reserve ratios to boost lending and drive economic growth. |
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| M'sia losing out on FDI? Not true, says minister |
| (KUALA LUMPUR) Concern over Malaysia losing out on foreign direct investment (FDI) is misplaced as the country remains the top 15 host nation for investment in 2010-2012, said International Trade and Industry Minister Mustapa Mohamed. |
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| Euro soars to 12-wk high against dollar |
| (NEW YORK) The euro hit a 12-week high against a broadly weaker dollar yesterday as month-end demand helped to push the single currency above a key technical barrier. |
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| SIA, let shareholders have printed annual reports |
| SINGAPORE Airlines' policy of providing shareholders a copy of its annual report in CD format with an option to request a printed copy is in line with the practice of many other companies; except that SIA sends only an abridged copy and informs interested shareholders that they can see the full report on the SGX.net website. |
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| Brokers' Take |
| MAPLETREE Logistics Trust (MLT) announced the acquisition of three Japanese properties for a total consideration of $200 million. |
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| Credit risk models should embed industry-specific factors |
| WHEN a firm defaults, the magnitude of its direct and indirect costs affects its capital structure. While the direct costs - administrative and legal - are relatively small, the indirect costs such as loss of intangibles and growth opportunities, and fire-sale liquidations during industry distress can be potentially huge. |
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| Climate change bill likely to be put on ice |
| AS BLIZZARD-BOUND people were trying to dig themselves out of a snow storm that covered the entire mid-Atlantic region in February this year, Republican lawmakers and conservative pundits used the record snowfall to cast doubt about the reality of global warming - or as the conservative Washington Times put it: 'The Global Warming Snow Job'. |
|
| WikiLeaks don't reveal Pakistan's sacrifices |
| THE much-publicised leaking of several thousand classified documents relating to the war in Afghanistan may have provided the war's American critics an opportunity to press their objections. It does not, however, make the case against military and political cooperation between the governments of the United States and Pakistan, made necessary by the challenge of global terrorism. |
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| Relationship between capital, labour has changed |
| JUDGING from corporate profits, the US should be enjoying a powerful economic recovery. The drop in profits in the recession was about a third, apparently the worst since World War II. But every day brings reports of gains. In the second quarter, IBM's earnings rose 9.1 per cent from a year earlier. |
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| SKS Microfinance launches IPO to raise US$354m |
| (MUMBAI) An Indian company that makes tiny loans to villagers aims to raise up to US$354 million in an initial public offering, a move critics fear will encourage India's largest microfinance lender to put shareholders above the poor it serves. |
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| UK, India set up CEO forum to boost trade |
| (NEW DELHI) Britain's Prime Minister David Cameron and Indian Prime Minister Manmohan Singh announced the creation of a group of six business leaders who will promote trade between the two nations. |
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| Yoga as a bridge to future of food |
| WHAT do food and yoga have in common? Hardly anything, apart from being Emmanuel Stroobant's two passions. But for the local celebrity chef, he sees a link between yoga and what he foresees as the future of food. |
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| Space opera set to a strategy war game |
| WHEN you make science-fiction gaming fans wait a dozen years for a sequel, pent-up frustration usually results in an extreme reception, which explains the tears and cheers that 10,000 local fans greeted StarCraft II: Wings of Liberty with on Tuesday. |
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| Fusion excellence |
| RECORD labels are often exemplified by key artists. Stevie Wonder embodied Motown, for example. Fusion jazz guitarist Allan Holdsworth is a key face of Moonjune Records, which is run by Holdsworth's manager, Leonardo Pavkovic. |
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| Around Town |
| ESPLANADE presents Nirmanika, a dance inspired by
architecture. |
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| No magic in this production |
| EAST didn't quite meet West in Singapore Lyric Opera's (SLO) latest billing, Wolfgang Amadeus Mozart's Die Zauberflöte, or The Magic Flute as it's known to anglophones. |
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| Loss of husband hangs over Rae concert |
| FOLLOWING an almost two-year hiatus and the death of her husband, Corinne Bailey Rae released her second album, The Sea, early this year. Following the album's soulful themes, the concert at the Esplanade Theatre on Wednesday night was a meaningful one, and displayed the depth and maturity of this English artiste. |
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| Artworks as quirky as the artist |
| WHEN American artist Trenton Doyle Hancock stepped off his plane at Changi Airport, he didn't just see Singapore as a clean and green country, he saw Singapore as a clean, white sheet of paper, a whole new world for him to explore and to be inspired by. |
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| Remembering Singapore master artists |
| MOST art lovers are familiar with Singapore's contemporary art but are unaware that a group of pioneer artists had paved the way for today's contemporary artists. And too many artists in this group, according to Aniele Rahardj, director of art gallery Sbin Art Plus, have been forgotten. |
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| Thinking what it means to be Singaporean |
| WITH National Day around the corner, August is a month of reflection on identity and nationhood - and a couple of curators are tapping into the mood with politically charged exhibitions. Valentine Willie Fine Art puts up 'Beyond LKY' for the second instalment of its 'Singapore Survey' series, while Objectifs looks at the 'myth' of nationhood with 'M.M. I Love You!'. |
|
| Appreciating the beauty of Chablis |
| AT the risk of being tiresome, I want to return to the subject of Chablis, the white burgundy which quite likely does not even exist in the vocabulary of many a wine lover here - and possibly in the rest of Asia. |
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| Staying fit the fun way |
| ELAINE Te's life is almost like a scene out of a superhero action movie: By day, she's a white-coated research technician, but once dusk falls, the coat comes off and she turns into 'Wonder Girl'. |
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| Impressive debut from a young director |
| DRAWING inspiration from French New Wave cinema, American-born Chinese director Arvin Chen's feature-length debut, Au Revoir Taipei, is an entertaining and playful take on an arthouse genre that's cunningly reworked into a breezy romantic comedy. |
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| A movie set to have a seismic impact |
| A DEVASTATING earthquake in northeastern China exactly 34 years ago serves as the historic backdrop for Aftershock, a film that effectively dramatises an event of cataclysmic proportions by following the fictional story of a family torn apart in the wake of the disaster. |
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| Bleak human drama lives up to hype |
| IT'S understandable that Precious has arrived at local multiplexes about six months after its North American release. It's an anti-feel-good movie - and definitely not one that is likely to pack the house, given its uncomfortable subject matter of poverty, domestic abuse and incest. Hold the popcorn and soda - this is not the sort of movie that goes down well with cinema snacks. |
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| US unemployment to linger: former Fed vice-chairman |
| (CAMBRIDGE, US) The United States will suffer high unemployment for some time as it slowly recovers from the deep recession that ended in 2009, a former second in command at the Federal Reserve said on Wednesday. |
|
| Senate panel okays 3 Fed board nominees |
| (WASHINGTON) The US Senate Banking Committee on Wednesday approved the nomination of three new members to the Federal Reserve board, including Janet Yellen for vice-chairman, clearing the way for a final vote by the whole Senate. |
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| Recovery slows in some places: Fed survey |
| (WASHINGTON) The pace of economic activity has slowed or held steady in parts of the US, revealing a choppy path back to health. |
|
| New chapter soon for Parkway |
| AS the dust settles in the wake of Khazanah Nasional's $3.5 billion general offer for Parkway Holdings, the question is, what does the future hold for Parkway now that Fortis Healthcare has decided to step out of the picture? |
|
| Asia overvalued but no double-dip seen |
| MERRILL Lynch may be overweight on Singapore, but the region's stocks as a whole are starting to look overvalued, Merrill's Asia-Pacific chief investment officer Stephen Corry said yesterday. |
|
| Company Briefs |
| MCL Land has reported a first-half 2010 net profit of US$162.9 million, up from US$38 million a year earlier. |
|
| HK Land's underlying profit rises |
| (HONG KONG) Hongkong Land Holdings Ltd, one of the biggest business-district landlords in Hong Kong, said underlying profit rose 70 per cent in the first half as two residential projects in Singapore were completed. |
|
| GMG posts Q2 profit of $9.5 million |
| SINGAPORE-LISTED rubber plantation group GMG Global announced a return to net profit of $9.5 million for the second quarter ended June - from a net loss of $3.8 million a year ago. This resulted in an increase in first-half net profit to $15.8 million, from $101,530 in H1 2009. |
|
| Singapore Shipping profit for Q1 dives 66% |
| SINGAPORE Shipping Corporation (SSC) recorded a 66 per cent dive in net profit to $450,000 for the first quarter ended June 30 despite a surge in revenue. |
|
| Target Asset to wind down ops over 4-5 months |
| TARGET Asset Management, one of Singapore's most successful boutique fund managers, will wind down its operations over the next four to five months as founder and chief investment officer Teng Ngiek Lian is retiring. |
|
| Keppel Fels in joint venture with Seafox |
| A MULTI-PURPOSE self-elevating platform (MPSEP) designed by Keppel Fels has been chosen by the Seafox Group as the basis for a new-generation, wind turbine installation vessel that can withstand harsh offshore environmental conditions all year round in water depths of 65 metres in the North Sea. |
|
| Fair-value gains boost Stamford Land Q1 profit |
| PROPERTY group Stamford Land lifted its net earnings more than 10 times to $38 million, from $3.2 million a year earlier, for the first quarter ended June 30. This was despite flat topline revenue of $52 million. |
|
| Sats Q1 profit rises 9.7% to $44.3m |
| SINGAPORE Airport Terminal Services lifted its first quarter net profit by 9.7 per cent to $44.3 million as all businesses and divisions delivered growth. |
|
| STI up despite Wall Street pullback |
| SINGAPORE stocks remained resilient despite negative overnight news flows from Wall Street and renewed concerns over the health of the global economy. |
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| China wins WTO dispute with US on poultry imports |
| (BEIJING) The World Trade Organization (WTO) has ruled in China's favour in a dispute with the United States over imports of Chinese chicken, state media reported yesterday. |
|
| IMF split in debate on yuan exchange rate |
| (BEIJING) The IMF has softened its criticism of China's currency regime in recognition of Beijing's efforts to free up its exchange rate but the move showed a split among the Fund's member countries. |
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| CIC posts 11.7% global returns in '09 |
| (BEIJING) China's sovereign wealth fund posted an 11.7 per cent return on its overseas portfolio in 2009, reversing a loss a year earlier, according to the official China Central Television. |
|
| Some companies acting to sidestep air-screening delays |
| (WASHINGTON) Pfizer the world's largest drugmaker, did not want to take any chances when rules requiring screening of all US air cargo take effect next week. Neither did Racine Berkow Associates, a shipper of fine art. |
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| Congress ready to pass aviation safety measures |
| (WASHINGTON) The US Congress is getting ready to pass tough new aviation safety measures that were developed in response to a deadly commuter plane crash in western New York in early 2009, a key lawmaker said on Wednesday. |
|
| Boeing's Q2 earnings down 21% |
| (CHICAGO) Boeing said second-quarter earnings declined 21 per cent on fewer plane deliveries, and reduced its projection for profitability at its defence unit on slower US military spending. |
|
| Emirates looks to Singapore to staff expansion |
| (SINGAPORE) Dubai-based airline Emirates will kick off a recruitment drive for first officers and engineers in Singapore next month. |
|
| Korea firm courts Harrah's, MGM Resorts for Cambodia casino |
| (BANGKOK) South Korean developer Intercity Group plans to start construction in October on a US$400 million casino resort complex near Cambodia's Angkor Wat temples that aims to draw high rollers from Macau and Singapore. |
|
| La Liga out to topple EPL in Asian hearts & minds |
| (SINGAPORE) Spain's professional football league La Liga aims to wrest the dominance of the English Premier League (EPL) in the lucrative Asian football market. |
|
| IMF tells China to tackle underlying causes of bubble |
| A 'PROPERTY bubble is beginning to inflate in some of China's larger cities' and while Chinese authorities are treating the symptoms of what could become an economically and socially dangerous phenomenon they are not attacking its underlying causes, the International Monetary Fund warned yesterday. |
|
| China factor puts new spin on energy race |
| EARLIER this month, the International Energy Agency (IEA) reported that China has now overtaken the United States in total energy consumption - a position that the US had held for more than a century. China's new status has enormous implications for global demand for fossil fuels and the global emissions fight. It might even determine what type of cars or power plants are built in the future. |
|
| Three-Minute Digest |
| THE Republic will have one more weapon to ensure financial stability. |
|
| French drugmaker poised to mount US$18.7b takeover |
| (NEW YORK) Sanofi-Aventis SA chief executive officer Chris Viehbacher has support from his board of directors to offer as much as US$70 a share for Genzyme Corp, or about US$18.7 billion, said three people with knowledge of the situation. |
|
| Index, index on the wall, will you reflect the ground? |
| THE Real Estate Developers' Association of Singapore has made a bold move by launching its Real Estate Sentiment Index (RESI). |
|
| M'sian ex-minister charged over port scandal |
| IN an unexpected move, the Malaysian authorities have charged former transport minister Ling Liong Sik with cheating in connection with the scandal-hit Port Klang Free Zone (PKFZ). |
|
| Comfortably back in the black |
| ONE year after posting its first ever loss, the Monetary Authority of Singapore (MAS) turned in a record net profit of $10.12 billion for its financial year that ended in March - thanks to strong flows of interest and dividend income. |
|
| MAS sees high economic activity for rest of the year |
| (SINGAPORE) Even as GDP growth eases in the second half of 2010, economic activity will be sustained at high levels through the year, says the Monetary Authority of Singapore. |
|
| Aussie immigration policy may hit growth |
| (SYDNEY) Australia is abandoning a six-decade consensus favouring immigration, risking slower growth and faster inflation in a nation short of workers to help meet China's demand for its commodities. |
|
| UK to scrap fixed retirement age by October 2011 |
| (LONDON) The British government has announced plans to scrap the fixed retirement age next year, saying it wanted to give people the chance to work longer although business leaders said the move would create serious problems. |
|
| Singapore's richest get 17% wealthier this year |
| (SINGAPORE) The Republic's wealthiest are enjoying better fortunes this year, in tandem with the local economy's improving performance, according to data collected by Forbes Asia. |
|
| Building sector uneasy with cool demand up to May |
| (SINGAPORE) The value of construction contracts awarded in the first five months of the year was less than hoped for, keeping the building industry on edge. |
|
| SGX pulls the plug on Catalist-listed FM |
| (SINGAPORE) Time has run out for Catalist listing FM Holdings, which had been given some six months to find a new sponsor. |
|
| An MAS quartet to help tune banking liquidity |
| (SINGAPORE) The Republic will have one more weapon to ensure financial stability. |
|
| Jazz and pizzazz in Nice |
| THERE is a little city on the French Riviera with clear periwinkle skies that meet a teal ocean in an amalgamation of blue hues on the horizon. |
|
| HSL to help Mercy Relief in disaster-prone spots |
| NOT only did marine civil engineering company HSL Constructor donate $100,000 to Mercy Relief yesterday, it also signed an agreement to assist it in disaster-prone communities. |
|
| Creativity is what CEOs are looking for, survey shows |
| CREATIVITY within the leadership ranks is now the key focus of companies worldwide as they struggle with the challenges of a more volatile economic environment - a key concern for many, according to the latest IBM survey of chief executives worldwide. |
|
| Tuition grant for overseas medical students |
| SINGAPOREANS studying medicine overseas can now get grants of up to $40,000 to cover their tuition fees from Singapore public healthcare clusters. |
|
| YCH, RWS lead 9 winners of innovation awards |
| YCH Group and Resorts World Sentosa (RWS) are the top two winners of the IDC-Enterprise Innovation Awards 2010. They are among nine Singapore-based organisations that won awards, given out yesterday during the Singapore leg of IDC's Asia Pacific CIO (chief information officer) Summit 2010. |
|
| HDB offers 1,016 flats in 2 BTO projects |
| THE Housing & Development Board (HDB) is launching two new Build-To-Order (BTO) projects with 1,016 units at Bukit Panjang and Jurong West. |
|
| Govt's energy efficiency drive takes shape |
| THE government's efforts to bridge the gaps between energy efficiency and corporations are gathering momentum. |
|
| Japanese supertanker crash probe triggers attack fears |
| (TOKYO) A Japanese supertanker collided with something, possibly a submarine or mine, UAE port officials inspecting the ship said yesterday. The damage triggered fears of an attack in the sensitive Strait of Hormuz oil shipping route. |
|
| Catalonia counts economic costs of bullfight ban |
| (MADRID) Catalonia's move to ban bullfighting on Wednesday will have financial costs for the region as well as for the sector, which was already struggling due to Spain's economic downturn, the industry and supporters said. |
|
| Situational stocks see brisk trading |
| THERE was a noticeable rise in penny stock activity, especially for situational counters which have been in the news in recent days. |
|
| Formosa to delay gasoline, diesel exports |
| (SINGAPORE) Taiwan's Formosa Petrochemicals Corp will defer several export cargoes of gasoline and diesel from end-August and is in talks to delay several crude import parcels, after a fire forced the closure of its refinery, its spokesman said yesterday. |
|
| Middle East supertanker surplus falls for 2nd week |
| (LONDON) A surplus of supertankers competing to haul Middle East oil shrank for a second week as owners cut ship speeds and the flow of cargoes from the world's biggest crude-loading region accelerated. |
|
| Attack feared on Japanese tanker in Gulf |
| (DUBAI) An explosion, possibly caused by an attack, yesterday damaged an oil tanker near the mouth of the Persian Gulf, Japanese shipping company Mitsui OSK Lines said. |
|
| DP World says H1 business jumps 16% at its ports |
| (DUBAI) Dubai World's global port operator said on Tuesday that business jumped 16 per cent in the first half of the year as the shipping industry showed signs of life following a severe slump caused by the global downturn. |
|
| M'sia aims to triple timber trade to US$17b by 2020 |
| (KUALA LUMPUR) Malaysia plans to triple its annual revenue from timber and its products to US$17 billion by 2020 by exporting to new markets including Russia, an official said on Tuesday. |
|
| Ananda moves to take Measat Global private |
| MALAYSIAN tycoon Ananda Krishnan has made a takeover offer of RM4.20 cash apiece for shares in Malaysian-listed Measat Global not owned by him in a privatisation exercise of the satellite operator. |
|
| Japan group offers more investment in Indonesian smelter |
| (JAKARTA) A consortium of Japanese investors has offered to invest US$367 million to expand an aluminium smelter in Indonesia, in an effort to maintain their majority ownership as Indonesia wants to increase its stake. |
|
| Indonesia exchange eyes foreign firm listings |
| (JAKARTA) Indonesia Stock Exchange plans to woo foreign firms, in particular Australian miners, to list in Jakarta, by easing its listing regulations soon, a director said yesterday. |
|
| MapletreeLog to buy 3 properties in Japan |
| MAPLETREE Logistics Trust has signed a binding memorandum of understanding (MOU) with Kabushiki Kaisha A-Max to acquire three properties in Japan, its manager Mapletree Logistics Trust Management (MLTM) said yesterday. |
|
| CapitaMalls Asia has up to $3b to develop, buy malls |
| CAPITAMALLS Asia (CMA) has a potential war chest of some $2.5-3 billion for developing and buying malls, and it will be targeting its firepower at Singapore, China and Malaysia. |
|
| Beijing moves to allay fears about local govt debt |
| (SHANGHAI) China's banking regulator has moved to ease concerns after reports said nearly a quarter of loans to local governments were at serious risk of default, state media said yesterday. |
|
| High-speed rail to benefit China at a cost: World Bank |
| (BEIJING) China's construction of a vast high-speed rail network will bequeath it one of the world's most advanced rail industries, but it needs to keep a close eye on the debts it is running up in the process, the World Bank said yesterday. |
|
| Hu's son made secret visit to Taiwan: report |
| (TAIPEI) Chinese President Hu Jintao's son made a top-secret visit to Taiwan earlier this month, a Taipei-based weekly said yesterday, amid improving ties between the former bitter rivals. |
|
| Corrupt mine official's downfall a cautionary tale |
| (BEIJING) In China's coal-rich Shanxi province, the source of much of the fuel that powers the energy-hungry nation, there is an oft-repeated saying: 'To make money, all you have to do is dig a hole.' Hao Pengjun, a former county mine bureau chief and Communist Party official, apparently followed that advice - and then took it too far. |
|
| China's growth takes its toll on the environment |
| (SHANGHAI) China, the world's largest polluter, said the number of environmental accidents rose 98 per cent in the first six months of the year, as demand for energy and minerals led to poisoned rivers and oil spills. |
|
| Republic Poly, IBM in tie-up to certify mainframe engineers |
| In a first for IBM in the Asean region, an agreement has been signed between the tech giant and Republic Polytechnic (RP) to offer a professional programme to certify mainframe systems engineers at a tertiary level. |
|
| Now you can make your own 3-D movies at home |
| (TOKYO) The problem of what to watch on a 3-D TV will be yours to solve with Panasonic's camcorder for families to film birthdays, baby's first walk and weddings, all in 3-D. |
|
| S'pore mobile users more tech savvy |
| A SIGNIFICANT number of Singaporean phone users are open to the idea of using their phones for mobile banking, paying utility bills and surfing the Internet. |
|
| Hitachi Data moves to tap cloud |
| JAPANESE giant Hitachi's subsidiary HDS (Hitachi Data Systems) has announced a tie-up with US-based Digi-Data Corp that will allow companies to store their older or lower-value file data in a cloud environment. |
|
| Equinix to invest US$43m to expand data centre |
| THE world's largest carrier-neutral data centre (DC) company, Equinix Inc, plans to spend a further US$43 million in Singapore to expand its second International Business Exchange (IBX@SG2) DC here. |
|
| Brazil's airports struggle as World Cup looms |
| (SAO PAULO) Brazil's airline industry is increasingly concerned that the country will not have adequate airport capacity for the 2014 soccer World Cup because of slow expansion and growing demand for travel. |
|
| Europe clears world's biggest airline merger |
| (BRUSSELS) Europe on Tuesday cleared a merger between US carriers United and Continental that will create the world's biggest airline, with the companies now racing to secure US approval. |
|
| Pakistan plane crash kills all 152 aboard |
| (ISLAMABAD) A passenger jet carrying 152 people crashed into the hills surrounding Pakistan's capital amid rain and caught fire yesterday, killing all aboard. |
|
| June loads show global aviation still bouncing back |
| (SINGAPORE) THE aviation industry continues to bounce back from the slump brought on by the global recession. |
|
| S'pore SMEs form business group to scour Tianjin |
| AFTER two days of intense field trips and meetings with Tianjin officials, a group of Singapore SMEs have decided to form a consortium to hunt in a pack there. |
|
| Asia lobbying hard for earlier World Cup |
| (SINGAPORE) The World Cup could be coming back to Asia again sooner than expected. Four Asian countries - Qatar, Japan, South Korea and Australia - are bidding to host the tournament in 2022. |
|
| Singapore Roundup |
| PARK Hotel Group's flagship Grand Park Orchard is expected to open on Aug 8. |
|
| Raising awareness of compulsive gambling |
| A NEW initiative by the National Council on Problem Gambling (NCPG) aims to raise awareness of compulsive gambling. |
|
| Company CEO wins BH Achiever award |
| BERITA Harian's Achiever of the Year Award has - for the first time - gone to a company boss. |
|
| Peter Lim awarded record sum of damages |
| FORMER remisier king Peter Lim made history yesterday when he was awarded $210,000 in damages in his defamation lawsuit against Lin Jian Wei and Margaret Tung - the highest sum ever awarded to a non-political figure in Singapore. |
|
| All sectors remain optimistic about Q3 outlook |
| BUSINESS expectations in Singapore remain positive across all sectors despite fears of a possible slowdown, according to the latest Dun & Bradstreet index for the third quarter. |
|
| S'pore to cut Second Link's vehicle toll charges by 30% |
| TOLL charges for vehicles using the Second Link will drop about 30 per cent from Aug 1, the Land Transport Authority (LTA) said yesterday. The Causeway's toll fees remain unchanged. |
|
| Singapore Media Showcase to wow all at World Expo |
| AMONG the homegrown digital projects debuting at the Shanghai World Expo next month will be a 3D stereoscopic racing game and an educational application that will blend the virtual and real world together during the learning process. |
|
| Deutsche Bank moves to boost growth in Asia |
| THE new head of Deutsche Bank's (DB) enlarged corporate and investment bank (CIB) group, Anshu Jain, has unveiled a team of regional leaders and an executive committee of 15 to power growth. |
|
| I don't think there should be a retirement age: MM Lee |
| THERE should be no retirement age for workers, Minister Mentor Lee Kuan Yew said at a dialogue session yesterday. Singapore's ageing population means its employers have to help old workers stay productive and workers have to be willing to keep working, Mr Lee said. |
|
| Hire skilled foreign workers to raise productivity: Swee Say |
| WHILE Singapore is poised to bring in over 100,000 new foreign workers this year because of the economy's stunning rebound, the labour movement is concerned that this could come at the expense of efforts to improve productivity. |
|
| Hungry investors work up an appetite for bonds |
| (SINGAPORE) It's as if the floodgates have opened in Asia's debt market as billion-dollar deals are snapped up within hours. It's as if the European crisis of May and June never happened. Investors are clamouring for a slice of the action and many last week had to go away empty handed after bankers had to cut back on allocations . |
|
| SIA's success secret is a tough balancing act |
| (SINGAPORE) A premium service provider is unlikely to be a cost leader. Or so it would seem. Singapore Airlines, however, has debunked the notion with its dual strategy of world-class service and cost leadership. |
|
| Real estate gets a new gauge of market pulse |
| (SINGAPORE) In a historic move, the Real Estate Developers' Association of Singapore has teamed up with the National University of Singapore's Department of Real Estate (DRE) to develop a Real Estate Sentiment Index (RESI), and it shows a lower reading for the second quarter of this year than for the first quarter. |
|
| Making the most of feedback |
| SERVICE companies need to invite feedback from customers, and learn that there is more to feedback than just complaints. |
|
| Success lies in offering useful services |
| QUALITY services will spell the difference between winners and losers in today's world. Unfortunately, it is not easy to come up with services that are truly useful to customers, said speakers at the ISES plenary session on sources and areas of service innovation. |
|
| Nuts and bolts of a culture of innovation and service |
| IF there is one tip that firms need as they try to instil a culture of innovation, it's this: be a practical dreamer. |
|
| Twin pillars of culture and structure |
| IF Singapore companies are to raise their service productivity, they will need the right culture and structure. |
|
| All about customers driving innovation |
| EXCELLENT service requires companies to go beyond seeking customers' rational approval of products, to influencing them by appealing to emotions, said Lluis Martinez-Ribes, associate professor at ESADE, Ramon Llull University. |
|
| Balancing productivity with customer satisfaction |
| HIGHER isn't always better when a company is gunning for productivity improvements. |
|
| PM Lee to bosses: Vital to keep wages flexible |
| (SINGAPORE) Even as Singapore looks set to achieve record double-digit economic growth this year, employers and workers must fully understand the need for wage flexibility, said Prime Minister Lee Hsien Loong yesterday. |
|
| S'pore, Macau casinos help Sands beat Q2 profit estimates |
| (LOS ANGELES) Las Vegas Sands Corp, the casino operator run by billionaire Sheldon Adelson, posted a better-than-expected quarterly profit yesterday, aided by strong performances at its new Singapore resort and in Macau. |
|
| NUS estimates confirm private home prices tapered off in June |
| (SINGAPORE) Latest flash estimates from National University of Singapore (NUS) confirm what property industry players have already experienced on the ground - a rapid slowdown in the growth of non-landed private home prices in June compared with May. |
|
| Khazanah set to sell at least $500m of sukuk |
| MALAYSIAN sovereign wealth fund Khazanah Nasional is poised to sell the largest sukuk (Islamic bond) in the Singapore-dollar bond market - at least $500 million. |
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| More US women control money but lack confidence |
| (NEW YORK) Nearly all women in the United States are involved in household finance decisions and one-fourth of them are in control, yet many lack confidence in their fiscal management abilities, a study found on Tuesday. |
|
| Durable goods orders fall for second month in June |
| (WASHINGTON) New orders for long-lasting US manufactured goods unexpectedly fell for a second straight month in June, posting their largest decline since August, further evidence economic growth cooled in the second quarter. |
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| BOA, Citi, Wells Fargo outlook now negative |
| (NEW YORK) Moody's Investors Service on Tuesday changed its outlook on Bank of America (BOA), Citigroup and Wells Fargo to negative, from stable, citing lessened government support for the institutions under new US regulations. |
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| Banks applaud easing of draft Basel capital rules |
| (LONDON) Banks worldwide applauded changes to proposed capital and liquidity standards that relaxed aspects of the rules and gave lenders as much as eight years to comply. |
|
| $ falls vs yen on US durable goods data |
| (NEW YORK) The dollar fell against the Japanese yen yesterday, as a weaker-than-expected reading on new orders for US durable goods added to fears about the US economic outlook. |
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| Brokers' Take |
| WE expect Q2 2010 earnings of $65 million. |
|
| A taxing legislative debate in the US |
| BUSH administration-era tax cuts which were enacted 10 years ago are set to expire at the end of the year. US Treasury Secretary Tim Geithner's suggestion during a recent interview on ABC's This Week show that letting the 2001 and 2003 tax cuts for the wealthy expire would 'not have a negative impact on growth' has produced angry responses from Republicans and conservatives. |
|
| Goldman Sachs' troubles with regulators not over yet |
| (NEW YORK) Goldman Sachs Group has put civil fraud charges from the Securities Exchange Commission to rest, but a host of regulators and lawmakers are still on its trail, leaving the firm with headaches as it tries to move on. |
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| Citi may move proprietary team to hedge fund unit |
| (NEW YORK) Citigroup may move a team of proprietary traders into its hedge fund unit, one of at least three alternatives the US bank is studying to comply with the Dodd-Frank Act, people briefed on the matter said. |
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| Less sweeping energy Bill offered in Senate |
| (WASHINGTON) Senate Majority Leader Harry Reid presented a draft of energy and oil spill legislation on Tuesday, having to settle for a far less sweeping effect than the cap on carbon emissions he had hoped for. |
|
| SEC looking into securities matters: BP |
| (WASHINGTON) The Securities and Exchange Commission and the Justice Department are conducting informal inquiries into securities matters arising from the Gulf of Mexico oil spill, BP said on Tuesday. |
|
| Ex-regulators prepare to attack new financial rules |
| (WASHINGTON) As the battle over toughened financial restrictions moves to a new front, the regulatory agencies that will create hundreds of new rules for American banks will face a lobbying blitz from companies intent on softening the blow. And many of the lobbyists the regulators hear from will be their former colleagues. |
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| GM, Nissan fighting to offer best electric car deal |
| (DETROIT) Just over a decade ago, electric cars were expensive niche vehicles for gadget lovers and celebrities. Now, Nissan and General Motors are competing to sell the most affordable electric car to middle-class America. |
|
| Cameron stands by humility towards India, US |
| (LONDON) Britain must be 'realistic' about its position in the world, Prime Minister David Cameron said yesterday after domestic criticism of a perceived humble approach to India and the United States. |
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| Shanghai's Peace Hotel opens after restoration |
| (SHANGHAI) The city's Peace Hotel, which once accommodated Charlie Chaplin and other celebrities, opened to guests yesterday after three years of restoration, the managers said in a statement. |
|
| HDB steps up checks on unauthorised sub-letting |
| THE Housing and Development Board has cracked down on unauthorised sub-letting. Almost four times as many checks were carried out in the first five months of this year - 2,600, versus 690 between August and December 2009. |
|
| Developer sentiment still positive for H2: survey |
| MORE respondents polled for Real Estate Developers' Association of Singapore's (Redas's) and NUS Department of Real Estate's (DRE's) Q2 2010 survey were still positive rather than negative on the overall performance of the prime and suburban residential markets over the next six months. However, the consensus as indicated by the net balances was weaker compared with the Q1 survey. |
|
| Greek villas marked down 45% as crisis devalues island homes |
| (MADRID) Greek island homes, long coveted by millionaires and Hollywood stars such as Tom Hanks, are being marked down by as much as 45 per cent as the country's debt crisis destroys demand for holiday getaways. |
|
| Dubai office rents drop 17% in Q2 |
| (DUBAI) Office rents in Dubai dropped by as much as 17 per cent in the second quarter as new supply put pressure on landlords, CB Richard Ellis Group Inc (CBRE) said. |
|
| CBRE, Jones Lang LaSalle rebound in Q2 |
| (NEW YORK) Two of the world's largest commercial real estate services firms reported sharply improved earnings on Tuesday, fuelled chiefly by a pick-up in building sales and leasing, particularly in the United States. |
|
| Stimulus still needed, says Bank of England chief |
| (LONDON) The governor of the Bank of England said yesterday that the need to stimulate the economy still takes precedence over concerns about high inflation at a time when the outlook for the global economy remains uncertain. |
|
| Europe embraces online gambling with eye on tax |
| (PARIS) Across Europe, governments looking for ways to reduce yawning budget gaps are embracing online gambling, a source of revenue they once viewed with scepticism. |
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| China bound for robust 10.5% growth: IMF |
| CHINA'S economy is relatively sound overall and should expand 10.5 per cent this year - the biggest increase in three years - the International Monetary Fund suggests in a report published yesterday. |
|
| Lian Beng's FY2010 net profit up 41% |
| CONSTRUCTION company Lian Beng Group's net profit for the financial year ended May 31 grew 41.3 per cent from a year back to $24.04 million. Revenue was up 12 per cent to $345.71 million. |
|
| FCOT DPU for Q3 up 39% to 0.25 cent |
| FRASERS Commercial Trust (FCOT) said income distributable to unit-holders increased 39 per cent year on year to $7.7 million for its third quarter ended June 30. |
|
| Company Briefs |
| ARA Asset Management (ARA) said its flagship private real estate fund, the ARA Asia Dragon Fund (ADF), has entered into agreements to buy two commercial properties in Malaysia for RM710 million (S$304 million). |
|
| iPhone, iPad seen boosting telcos' data revenues |
| INCREASED data revenues and the impending roll-out of the National Broadband Network are some factors which bode well for the telecom sector for the rest of the year, according to OCBC Investment Research. |
|
| UniFiber asked to repay US$23m by CMEC |
| UNITED Fiber System Limited has been asked to repay some US$23 million to China National Machinery & Equipment Import & Export Corporation (CMEC) - an amount owing to CMEC as a result of a deal between CMEC and UniFiber's subsidiary in 2003. |
|
| LME, SGX to initiate mini metals futures |
| THE London Metal Exchange (LME) and Singapore Exchange Ltd plan to introduce cash-settled metals futures contracts for individual investors that will be traded and cleared at the SGX, as the Singapore company is known. |
|
| SingPost Q1 profit inches up 3.2% to $40.7m |
| SINGPOST'S net profit grew 3.2 per cent to $40.7 million for the first quarter ended June 30. |
|
| CDLHT Q2 distributable income rises 38.7% |
| CDL Hospitality Trusts (CDLHT) posted a stronger set of results for the second quarter ended June 30, 2010 as hospitality performance improved across its portfolio. |
|
| Great Eastern Q2 earnings slide 24% to $74.4m |
| GREAT Eastern Holdings said net profit for its second quarter to June 30 fell 24 per cent to $74.4 million from $97.7 million a year ago. The poor results were due to starkly lower profits from insurance operations, which slumped 43 per cent year on year to $75 million. |
|
| Foreign investment to rise 25%: Jakarta |
| (JAKARTA) Indonesia expects foreign direct investment to rise more than expected this year, as new and existing investors are drawn by strong consumer demand and increased stability. |
|
| Religare Capital eyeing big market share in India |
| (SINGAPORE) Religare Capital Markets, the investment banking arm of billionaire Malvinder Singh's Religare Enterprises Ltd, aims to be among India's top five advisers within five years, chief executive officer Martin Newson said. |
|
| India plans stress test of banks: report |
| (MUMBAI) India plans to stage 'stress tests' twice a year on its banks following the lead of US and European financial regulators, a report said yesterday. |
|
| Cameron in India to boost trade ties |
| (BANGALORE) British Prime Minister David Cameron tried to persuade India yesterday to do more business with Britain as he seeks new sources of economic growth to offset deep cuts in public spending at home. |
|
| Hang Lung profit rises on HK apartment sales |
| (HONG KONG) Hang Lung Properties Ltd, the best performer in the Hang Seng Property Index this year, said full-year profit excluding gains from revaluations more than doubled after it sold more apartments in Hong Kong. |
|
| HK site fetches HK$10.4b, close to estimates |
| (HONG KONG) Nan Fung Development Ltd and Wharf (Holdings) Ltd bid HK$10.4 billion (S$1.85 billion) for a building site in Hong Kong's Peak district yesterday at an auction that was close to surveyors' estimates. |
|
| More than 75% of The Scala sold |
| MORE than 75 per cent of the Hong Leong group's latest residential project, The Scala, has been sold at prices averaging $1,150 per square foot. |
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| Collaborative approach pays off |
| IN Axiata Group, one of the largest Asian telecommunication companies with operations in 10 countries, creativity starts at the top. Axiata's vision is to be a regional champion by 2015, by piecing together the best throughout the region in affordable connectivity, innovative technology and developing talent, and uniting them towards a single goal and greater purpose: advancing Asia. |
|
| Creativity is what CEOs now want |
| 'WE are entering an era of ten to twenty years of new significant investment. There is opportunity and uncertainty that we have not seen before.' |
|
| Don't take bankers' word on debt 'securitisation' |
| A FEW years ago, before crisis undermined the towering pretensions of the global financial system and its practitioners, I attended a dinner in Washington hosted by the Institute of International Finance (IIF) at which the star of the show - which is about the right description, given the glitzy nature of the event - was IIF chairman Josef Ackermann, who also happens to be chairman of Deutsche Bank. |
|
| US assertion of interests in Asia riles China |
| THE show of force mounted this week off the Korean Peninsula by the United States and South Korea is the biggest in decades and is intended to warn North Korea not to take aggressive action against the South. |
|
| Iskandar shows more promise |
| WHEN the two Prime Ministers of Singapore and Malaysia announced recently, and rather unexpectedly, a resolution to the long-standing issue of Malaysian railway land, there was a quiet sense of relief on both sides. |
|
| Three-Minute Digest |
| IN A historic move, the Real Estate Developers' Association of Singapore has teamed up with NUS' Department of Real Estate to develop a Real Estate Sentiment Index and it shows a lower reading for the second quarter of this year than for the first quarter. |
|
| Property business to carry on as usual, says F&N |
| (SINGAPORE) Kirin Holdings' presence as the second largest shareholder of Fraser & Neave (F&N) is unlikely to have any impact on the latter's property and beer businesses. |
|
| Dhaka signs power deal with Delhi |
| (DHAKA) Energy-hungry Bangladesh will begin importing power from India by late 2012 after the two countries signed a landmark electricity transmission deal, an energy official said yesterday. |
|
| India offers Myanmar millions in credit |
| (NEW DELHI) India yesterday promised Myanmar millions of dollars in credit during a visit of the latter's military chief as it seeks firmer ties to offset China's influence in the strategic Bay of Bengal region. |
|
| Central bank raises rates more than forecast |
| (MUMBAI) India's central bank raised interest rates more forcefully than expected yesterday in the face of inflation that has held stubbornly above 10 per cent for the past five months. |
|
| Bearishness not necessarily a bad thing |
| (NEW YORK) Before a market sell-off can reverse course, investor sentiment must plummet - not soar. |
|
| Institutional investors give stocks a leg-up |
| (NEW YORK) Mutual funds, pensions and endowments are spending more on stocks than at any time since the start of the bull market, just as individuals grow the most pessimistic in a year. |
|
| Some still raking it in despite downturn |
| (NEW YORK) Even in a bad year, some people can get very lucky. |
|
| When vacation homes are not that relaxing |
| (NEW YORK) Everyone needs a place to live, but no one needs a second home. So choosing which vacation home to buy and where should be enjoyable. Still, people routinely buy second homes that end up being less than they expected, or worse. |
|
| Stock markets finely poised |
| SINCE the start of the year, investment sentiment has swung between optimism and fear, buffeted by myriad issues ranging from European debt to US unemployment. Barclays Wealth's investment view reflects this dichotomy - a 'bimodal' world, as chief investment officer Aaron Gurwitz puts it, where the probability of the potential outcome is almost evenly split between a positive market where stocks deliver a double-digit return, and a negative one where deflation ensues. |
|
| UK banks warned of tax if payouts too high |
| (LONDON) Business Secretary Vince Cable warned British banks on Monday that they could face a tax on profits if they pay too much in dividends and bonuses at the expense of lending to smaller businesses. |
|
| US businesses push for more trade pacts |
| (WASHINGTON) President Barack Obama needs to quickly win approval of free trade agreements with South Korea, Colombia and Panama and start talks on new trade deals with Brazil, India and others if he is serious about doubling exports, US business groups said on Monday. |
|
| UK fleshes out financial regulation reforms |
| (LONDON) Britain fleshed out its plans for sweeping reform of financial supervision on Monday, starting with a new macro watchdog in the autumn. |
|
| Is CCT saving cash hoard for Market Street Car Park? |
| CAPITACOMMERCIAL Trust (CCT) reiterated last week that it will not distribute a special payout to unit-holders when it completes its $380 million sale of StarHub Centre in September. Likewise, it did not return proceeds to shareholders when it completed the sale of Robinson Point in April. |
|
| Company Briefs |
| ADDVALUE Technologies, a developer and supplier of mobile satellite terminals, yesterday reported a first-quarter net profit of $1.37 million, compared with a $582,000 net loss a year ago. |
|
| Biosensors Q1 profit down 23% |
| BIOSENSORS International has reported net profit of US$3.24 million for the first quarter ended June 2010, down 23 per cent year on year. |
|
| Treasury China Trust completes ICBC facility |
| TREASURY Holdings Real Estate, the trustee manager of locally listed Treasury China Trust (TCT), has announced the completion of a five-year $658 million multi-currency loan facility for the City Center office and retail complex in Shanghai. |
|
| VDH chalks up $20.4m full-year loss |
| VAN Der Horst Energy yesterday reported a full-year loss of $20.4 million, against a net profit of $7.56 million for 2009. |
|
| iPhone4 will be cheaper than previous model |
| SINGAPORE'S three telcos yesterday announced price plans for the iPhone4 which will hit the stores this Friday. |
|
| Consciencefood launches IPO |
| CONSCIENCEFOOD, an Indonesian maker of instant noodles, yesterday launched an initial public offer to raise $18.8 million. It is selling 104 million shares at 22 cents apiece, which prices the company at 5.6 times historic earnings. |
|
| SIA shares gain after strong Q1 showing |
| SINGAPORE Airlines shares rose 26 cents yesterday to close at $15.02 following its better-than-expected first quarter results. And some analysts say the airline looks set to beat full-year net profit estimates. |
|
| Australand posts A$72.2m H1 profit |
| CAPITALAND subsidiary Australand has returned to the black at half time. It has posted A$72.2 million (S$88 million) net profit for the first half ended June 30, 2010, against a net loss of A$268.8 million in the same year-ago period. |
|
| Everbright's IPO plan gets approval |
| (SHANGHAI) China's securities regulator has given the green light to China Everbright Bank's planned initial public offering (IPO), which could raise up to 20 billion yuan (S$4 billion). |
|
| BNY Mellon wants to hike Asia ownership |
| (SHANGHAI) Bank of New York Mellon Corp (BNY Mellon) is seeking Asian investor ownership of the company, especially China, its chairman said yesterday. |
|
| Beijing to fine-tune fiscal spending |
| (BEIJING) China will make its 'proactive fiscal policy' more flexible and targeted in the second half of this year, Finance Minister Xie Xuren said yesterday. |
|
| China soothes fears over local govt bad loans |
| (BEIJING) Not all the loans to local government financing vehicles that Chinese banks have identified as being at risk will in fact turn sour, a source at China's banking regulator said yesterday. |
|
| White House, GE in spat over fighter engine |
| (WASHINGTON) The White House and General Electric are clashing publicly over a fighter-jet engine - built by the company and its British partner, Rolls-Royce - that has been on the Pentagon's chopping block for years, only to be rescued repeatedly by Congress. |
|
| Union to take legal action over BA's removal of perks |
| (LONDON) The union representing British Airways cabin crew said on Monday it would take legal action against the airline over the removal of travel concessions from striking workers. |
|
| Cathay puts its best faces forward |
| (HONG KONG) Cathay Pacific has deployed a new weapon in the fight for the hearts, minds and wallets of international air travellers: its employees. |
|
| Non-ticketing airline revenue rises 48% |
| (SINGAPORE) With ticket prices and yields still under pressure despite better operating conditions, airlines have increasingly turned to ancillary revenue for profit. |
|
| Yahoo Japan to use Google search engine technology |
| (TOKYO) Yahoo Japan Corp said yesterday that it will use Google technology to run its search engine and search ad delivery system, after a similar deal in the United States was derailed by regulators concerned about a monopoly. |
|
| Tokyo bourse may scrap lunch break |
| (TOKYO) The Tokyo Stock Exchange (TSE) is considering doing away with its 90-minute lunch break and extending its trading hours in a bid to increase its competitiveness against emerging Asian rivals. |
|
| Toyota pushes back US Prius production |
| (TOKYO) Toyota Motor Corp has pushed back plans to build its Prius in the United States by as much as six years, with a top executive saying US production is likely to start only when the best-selling hybrid is remodelled. |
|
| China carparts makers eye global market |
| (HONG KONG) Chinese carparts makers are moving into the overseas M&A fast lane, eyeing a distressed global market to close a technology gap with world leaders to meet sizzling demand at home and eventually sell overseas. |
|
| Greek truck drivers on strike to protest reforms |
| (ATHENS) Thousands of striking Greek truck drivers lined highways on Monday to protest against plans to open up their sector, widening resistance to government reforms prescribed in a multi-billion euro EU/IMF bailout. |
|
| More roadside chargers needed for electric cars |
| (NEW YORK) The car industry calls it range anxiety: Drivers want electric cars, but worry they won't have enough juice to make long trips. After all, what good is going green if you get stranded with a dead battery? It's a fear that carmakers must overcome as they push to sell more battery-powered cars. So, government and business are taking steps to reassure drivers by building up the nation's network of electric charging stations. |
|
| Avis HK to expand sports car rentals |
| (SINGAPORE) Hong Kong is the only city in Asia where rental car company Avis offers sports models - and this range of high-performance vehicles will be expanded. |
|
| BMW sees Asian demand for M cars doubling |
| (SINGAPORE) BMW expects to double sales of its high-power M models in Asia within three years. |
|
| Maybank sees more deals, eyes new markets |
| (KUALA LUMPUR) Malaysia's Maybank expects to see a 50 per cent rise in the value of its investment banking deals this year as the stable global economy galvanises fund-raising activity, a senior official said yesterday. |
|
| CMA eyes more mall acquisitions in M'sia |
| CAPITAMALLS Asia (CMA) might have taken its time getting to Malaysia but now it wants to ride on the country's market potential - as well as its workers. |
|
| Indonesia to cut size of sukuk issue: source |
| (JAKARTA) Indonesia will cut the size of a global sukuk issue planned for this year after the government lowered its forecast for the budget deficit and reduced its borrowing requirement, a source told Reuters yesterday. |
|
| India plans US$11b debt fund: paper |
| (NEW DELHI) The Indian government is planning to create an US$11-billion debt fund to bridge a funding shortfall and ease the financing of power sector projects, Mint newspaper reported yesterday citing a government official. |
|
| Average Joes drive up cost of reality shows |
| (NEW YORK) Snooki had kissed The Situation, Ronnie had hugged Sammi goodbye and the cameras had stopped rolling. Last summer, Jersey Shore wasn't yet a runaway hit; it was just another reality show in the works for MTV. Nonetheless, the show's executive producer, SallyAnn Salsano, sat the young cast members down and gave them each a gift - and a warning. |
|
| Sanctions-hit Iran defiant but 'ready' for talks |
| (TEHRAN) Iran vowed yesterday to press ahead with its nuclear programme even as it expressed readiness to resume talks about the controversial issue despite being slapped with tough new EU sanctions. |
|
| Chavez cannot afford to cut off US oil: analysts |
| (CARACAS) A threat by Venezuelan President Hugo Chavez to suspend oil exports to the United States, amid a dispute with Venezuela's neighbour and US ally Colombia, would be 'economic suicide', analysts say. |
|
| In love with the C$, A$ and kronor |
| (NEW YORK) Investors' love affair with the 'other' currencies may be just beginning. |
|
| Euro bears vanish as confidence in region rises |
| (LONDON) The combination of growing confidence in Europe's economy and mounting evidence of a slowdown in the US is driving euro bears into hiding. |
|
| Ruling loosens Apple's grip on iPhone |
| (WASHINGTON) Apple likes to maintain tight control over what programs can appear on the iPhone - a task that just became a little bit harder. |
|
| Synthetic biology: potential and risks |
| THE rapidly developing field of synthetic biology, which holds both potential and risks, was one of the topics of discussion at the 8th Global Summit of National Bioethics Advisory Bodies. |
|
| Ho Bee Investment puts in top bid for Buona Vista site |
| HO Bee Investment is planning to invest about $1 billion to develop a commercial project at North Buona Vista Drive. |
|
| When fiscal stimulus turns into fiscal drag |
| PEOPLE wondering whether the economy is out of the woods still have reason to seek refuge in the trees. |
|
| STI ends 12 points up after early lows |
| AFTER sliding during a nervous morning yesterday, Singapore stocks gained strength through the afternoon in tandem with the Hong Kong and Shanghai markets. Also boosting sentiment was a pick-up in Wall Street stock futures and a positive opening in Europe. |
|
| No technology, but full steam ahead |
| CRITICS of the International Maritime Organization (IMO) often say it moves too slowly. They tend to be from outside the industry and particularly from the environmental lobby. |
|
| Russia has to expand ports: minister |
| (ST PETERSBURG) Russia needs to expand its port facilities to meet growing demand from oil, coal and other exporters, Deputy Transport Minister Viktor Olersky told Reuters. The world's top oil producer and fifth largest coal exporter ships a large proportion of its energy resources to foreign buyers via neighbouring countries due to domestic port limitations. |
|
| Kazakhstan to boost Caspian tanker fleet |
| (BAKBAKTY, Kazakhstan) Kazakhstan aims to handle half of the Caspian Sea's commodity cargoes by 2013 after expanding its fleet of oil tankers with the help of private investors, the country's transport minister said on Monday. |
|
| Missing link in S America-India trade a pain |
| (BUENOS AIRES) The Inter-American Development Bank (IADB) has highlighted the lack of direct shipping services between Latin America and India, noting that punitive import taxes were stifling the potential for closer ties at a pivotal time for the global economy. |
|
| Iran fuel imports dive with sanctions: source |
| (DUBAI) Only three cargoes of gasoline have reached Iran so far in July, according to a shipping document seen by Reuters - much less than the seasonal norm, as new sanctions divert ships carrying fuel. |
|
| German banks reveal PIIGS exposure |
| (FRANKFURT) German banks appeared to cave in to pressure from European Union regulators on Monday as they joined EU peers to reveal the extent of their exposure to heavily indebted eurozone nations. |
|
| Dudley - BP's globe-trotting Mr Fix-it |
| (LONDON) Bob Dudley's sudden rise to the top at BP plc shows how the Gulf oil spill has dramatically changed the fortunes of people from local fishermen to corporate executives. |
|
| Consumer confidence falls to 5-month low |
| (NEW YORK) Confidence among US consumers declined in July to a five-month low, a sign the lack of jobs will limit the economy's recovery. |
|
| The world of forex according to Big Mac |
| THE latest Big Mac Index suggests - as it has for most of the past 12 years or so - that most Asian currencies are seriously undervalued, while the Norwegian krone and Swiss franc remain the most overvalued. |
|
| Brokers' Take |
| SINGAPORE Airlines (SIA) reported Q1 FY2011 (to June 2010) profit of S$253 million (Q4: S$278 million), below Citi estimates (S$273 million) due to higher-than-expected fuel hedging losses of S$78 million. |
|
| Four rules to remember in the age of austerity |
| ONE thing has become clear during the sovereign-debt crisis: governments everywhere are going to be cutting their spending savagely over the next five years. |
|
| China's financial power a good thing |
| AS CHINA invests more and more savings abroad, it will likely project its financial power differently. It would be a big breakthrough, not to mention an immense help in redressing global imbalances, if China invested more in developed economies. |
|
| EU hedge fund rules may hurt investors |
| POLITICIANS in the European Union have put the blame for the financial crisis squarely on hedge funds. Given their secretive nature, it is no wonder that hedge funds have become convenient scapegoats for what is essentially a failure of the banking system. |
|
| Can Aquino deliver on his promises for change? |
| THOUGH Philippine president Benigno Aquino is barely a month into his six-year term, public expectations are exceedingly high that he would live up to his election campaign promises, especially in stamping out corruption. |
|
| Key election issues for Aussies |
| THE campaign for the Australian general election on Aug 21 seems to have settled on a handful of issues, two of which may be pivotal: immigration - and its emotion-charged subset, refugee arrivals by boat - and a newly-conceived tax on mining profits. |
|
| Three-Minute Digest |
| AFTER reporting one of the largest losses in British corporate history, BP also announced a massive sales drive to pay its bills. It plans to sell some US$30 billion of assets to cover the Gulf of Mexico oil spill disaster, fines and expected litigation. |
|
| No plans to divest F&N stake: OCBC |
| (SINGAPORE) Fraser and Neave's (F&N) largest shareholder OCBC Group will hold on to its stake in the conglomerate. |
|
| BP still committed to Jurong Aromatics deal |
| (SINGAPORE) BP's US$10 billion-plus deal to supply feedstocks and take some end-products from the upcoming US$2 billion Jurong Aromatics Corporation (JAC) project on Jurong Island still stands, as does its commitment to provide about US$35 million in mezzanine loans to JAC, sources said. |
|
| Philip Jeyaretnam to lead Rodyk & Davidson |
| (SINGAPORE) The Republic's oldest law practice Rodyk & Davidson is slated for a leadership change that will usher in senior counsel Philip Jeyaretnam as the new managing partner. |
|
| About Tianjin |
| TIANJIN has a population of about 12 million people, including more than 180,000 expatriates. Its economic growth is heavily reliant on manufacturing - including petrochemicals, automotive and metalworking - which is the largest and fastest growing contributor to the Tianjin economy. |
|
| Singapore SMEs eye services sectors in Tianjin |
| ONE day, there may be a 'Little Singapore' in Tianjin if the business possibilities being explored by Singaporean companies there this week comes to fruition. |
|
| Khazanah rubbed the wrong way |
| (SINGAPORE) Khazanah Nasional would have never launched a takeover bid for Parkway Holdings if not for the stalemate reached with India's Fortis Healthcare, a source familiar with the matter told BT yesterday. |
|
| SIA looking for new CEO to replace Chew |
| (SINGAPORE) Singapore Airlines Ltd (SIA), the world's second-largest carrier by market value, said it is considering 'several' candidates to become chief executive officer as Chew Choon Seng signalled that he will step down. |
|
| Global Yellow Pages sent out 80,000 notices |
| (SINGAPORE) More than 80,000 notices were sent out by Global Yellow Pages to businesses here in the past few weeks, demanding payment for a directory-listing service they had not asked for, BT has learnt. |
|
| BP to hawk assets worth US$30b to pay its bills |
| AFTER reporting one of the largest losses in British corporate history, BP has also announced a massive sales drive to pay its bills. |
|
| Post-crisis headwinds blow |
| (WASHINGTON) THE new normal for the world economy may be arriving as the US, Europe and China all decelerate simultaneously. |
|
| Fortify IT and supply chain security, says Jayakumar to firms |
| SENIOR Minister S Jayakumar yesterday urged Singapore businesses not to underestimate the importance of IT security and supply chain security and to fortify their operations to withstand possible disruptions. |
|
| Building of Labrador nature walk begins |
| CONSTRUCTION for the long-awaited Labrador Nature and Coastal Walk began yesterday and by the first half of 2012, the public will be able to explore new nature walks over the sea, mangrove and forested areas. |
|
| Public accountants get more time to fulfil CPE |
| PUBLIC accountants will now have more time to fulfil their continuing professional education (CPE) requirements, through changes announced yesterday by the Accounting and Corporate Regulatory Authority (ACRA). |
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| Govt to phase out Spur, focus on continuing education |
| WITH the recession receding, the government will phase out the Skills Programme for Upgrading and Resilience (Spur). |
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| NTT Data takes over FirstApex in regional step-up |
| A JAPANESE giant has taken over a small Singapore company - and will use it to reach out to the world. |
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| Job market heating up for professionals |
| THE professional job market is heating up, particularly for those in the merchandising and purchasing sector, according to the latest report from HR consultancy firm Robert Walters. |
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| Visitor arrivals set new June record of 950,000 |
| VISITOR arrivals in June rose 26.7 per cent to 950,000, from 750,000 in the same month last year, the Singapore Tourism Board (STB) said yesterday. |
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| UBS, Deutsche Bank results cheer investors |
| (ZURICH/FRANKFURT) Quarterly results from two of Europe's top banks, UBS and Deutsche Bank, reassured investors yesterday of the banking sector's ability to withstand financial shocks. Their results that exceeded expectations of analysts came a week after the European Union (EU) performed stress tests on European banks. |
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| EU, IMF auditors again probe Greek budget cuts |
| (ATHENS) Auditors from the European Union (EU) and International Monetary Fund (IMF) began a new probe yesterday into Greek budget cuts to judge whether a new loan of nine billion euros (S$15.9 billion) should be granted in September. |
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| Hayward's successor has his work cut out |
| (NEW YORK) For BP, removing Tony Hayward is just the beginning. |
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| Snatching defeat from victory |
| IN THE aftermath of the German Grand Prix, Ferrari fans should be celebrating a sparkling return to form and a 1-2 for Fernando Alonso and Felipe Massa. Instead, the sport is again reeling from allegations of race-fixing or team orders. |
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| Abu Dhabi feels Dubai chill |
| (ABU DHABI) If the palm-shaped islands and skyscrapers of Dubai came to symbolise the excesses of the economic boom in the Gulf, the less glitzy Abu Dhabi represented the sobriety. |
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| Caution sets in after European stress test |
| (LONDON) The euro erased early gains against the US dollar yesterday as caution set in after initial investor calm in the wake of the release of European banks' stress test results late on Friday. |
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| Brokers' Take |
| CHINA Hongxing Sports has just secured a strong orderbook of 504 million yuan (S$101 million) in a trade fair and is trading at a sharp discount to its net cash of 21 cents per share. |
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| World to cook because of greed and cowardice |
| NEVER say that the gods lack a sense of humour. I bet they're still chuckling on Olympus over the decision to make the first half of 2010 - the year in which all hope of action to limit climate change died - the hottest such stretch on record. |
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| India's brand building goes global |
| LAST month, the Geneva-based international organisation Horasis hosted the Global India Business Meeting in Madrid with over 400 business and government leaders engaging in a dialogue on the theme 'Overcoming the crisis - opportunities for India'. |
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| The Achilles' heel of the commo markets |
| DO INVESTMENT banks, pension funds, speculators and other so-called investors in commodity markets cause food price inflation? |
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| From anti-war candidate to war president |
| LAUNCHING his presidential candidacy in February 2007, US Senator Barack Obama emphasised his strong opposition to the decision by President George W Bush to invade Iraq and oust Saddam Hussein. |
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| The IMF's charm offensive in Asia |
| THE 'charm offensive' which the International Monetary Fund (IMF) has launched towards East Asia has attracted much comment, but precisely why are managing director Dominique Strauss-Kahn and his aides wooing the region with such assiduousness? |
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| Correction |
| IN the report 'S-chips prove to be more pain than gain' (BT, July 24), we cited Jiutian Chemical as having been suspended over corporate governance issues and that it was among companies that ran into trouble within three years of listing. This is incorrect. Jiutian has not been suspended or de-listed. Its shares continue to be actively traded since their listing in 2006. |
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| Three-Minute Digest |
| THE battle for Parkway Holdings ended in smiles for both contenders. |
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| Markets show relief over EU stress-test results |
| (LONDON) Scepticism over European banking-sector stress tests, which have cleared all but seven European lenders, cast a shadow over the continent's stock markets yesterday. |
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| EU opens antitrust probe of IBM's mainframe business |
| (BRUSSELS) European Union competition regulators launched two antitrust investigations yesterday against International Business Machines Corp (IBM), suspecting it of abusing its dominant position in the mainframe computer market. |
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| BP CEO's fate hinges on board's vote |
| (LONDON) The board of oil giant BP plc faced a decision yesterday on whether to keep Tony Hayward as its chief executive, although deliberations appeared to have narrowed to setting the terms for his departure. |
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| Japan political party wants end to deflation |
| JAPAN is in danger of becoming a 'third rate country' if it allows deflation to continue eroding its economic base, according to Yoshimi Watanabe, who has become something of a national hero since his tiny party seized enough votes in a recent election to give it leverage over policymaking. |
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| Fortis mulling secondary listing in Singapore |
| (SINGAPORE) Singapore has not seen the last of Fortis Healthcare. The Indian group, which is looking into a secondary listing on the Singapore Exchange, plans to channel the funds that it will raise from selling its stake in Parkway Holdings to other opportunities in the region. |
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| New home sales surge in June |
| (WASHINGTON) Sales of new US single-family homes rebounded strongly in June from the prior month's record low, driving the number of houses on the market to its lowest level in nearly 42 years. |
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| There were big firms, big titles, bigger pay packages in 2009 |
| (SINGAPORE) The financial year of 2009 was more feast than famine for more than a quarter of chief executive officers included in the 2010 Ernst & Young Executive and Board Remuneration Report. |
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| Biomed puts brake on June output growth |
| (SINGAPORE) June's factory output fell short of expectations for the first time this year, as a slowdown in pharmaceutical output put the brakes on manufacturing's acceleration. |
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| Temasek exits F&N with $436m profit fizz |
| (SINGAPORE) Local conglomerate Fraser & Neave (F&N) will be gaining some Japanese flavour in the form of a new major shareholder: Kirin Holdings. |
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| Khazanah poised to win Parkway bride |
| (SINGAPORE) The battle for Parkway Holdings ended in smiles for both contenders. |
|
| Harnessing cultural differences |
| Cultural differences mean that a different approach is essential for businesses seeking to clinch overseas deals. What interesting experiences have you had while trying to negotiate deals abroad, and what tips would you provide to fellow SMEs to smoothen the process? |
|
| Big is not always beautiful |
| WHAT happens when you graduate from university? Do you want to be an employee or an entrepreneur? Are you going to join a big multinational corporation (MNC) or a small and medium sized enterprise (SME)? |
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| Making a brand name for themselves |
| EUROFLO Pumps International was founded in 1989 with original equipment manufacturer (OEM) pumps to serve booming markets such as marine offshore, shipbuilding, domestic water distribution and buildings, amongst others. Then, it was wholly owned by Winston Engineering, which was a trading house specialising in agricultural equipment and pumps. |
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| Branding and flexibility pays off for Euroflo |
| FOR a niche company, its portfolio offering of 10 different pumps is relatively wide. Yet, Euroflo Pumps International found that product range wasn't enough to keep it on top of the market. |
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| Leading the pack, chasing the dream |
| CHEVON International (S) Pte Ltd is the silent leader in a specialised field relatively unknown to outsiders. But here's a clue: It can take the heat. |
|
| The Wee Tiong recipe for success |
| IF rice and sugar sound like ingredients for a recipe, then this particular one wouldn't be complete without a dash of business savvy and the latest trading platforms. All combine to explain why Singapore-based trading firm Wee Tiong laughed its way to the bank last year as sugar prices jumped and its profits hit record highs. |
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| All Link sets its sights on region, younger set |
| TRADITIONAL Chinese medicine (TCM) company All Link Medical & Health Products is eyeing the good manufacturing practice (GMP) certification for its factory in Singapore, seeing it as a stepping stone to export markets in Asia. |
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| The sauce of all their success |
| 'HUNGER is the best sauce in the world', Cervantes' Don Quixote quipped. And while the belly was the primary subject of this famous quote, it aptly describes homegrown company Quickbite's hunger for success - a hunger that started from home-made sauce. |
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| OJJ gets boost with fresh investment |
| HOMEGROWN pork processor and distributor Ong Joo Joo Food Industries (OJJ) will now have a leg up to diversify its product range after securing investments from two venture capital (VC) firms - Sirius Growth Partners and G9 Investments. |
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| Firms unfazed by hike in foreign worker levy |
| DESPITE the increase in foreign worker levy, only 5 per cent of 300 companies will be hiring fewer foreign workers as a result of it, according a survey. Research firm Achieve Group surveyed 500 companies from a host of industries including services and oil & gas which have hired foreign workers in the past two years. |
|
| 72% of fresh NTU grads have secured employment |
| EVEN before convocation, 71.7 per cent of Nanyang Technological University's (NTU) fresh crop of graduates are already employed, up from 67.1 per cent in the same period the year before, according to the university's own preliminary survey. |
|
| NUS venture to develop facial mask |
| THE National University of Singapore's (NUS) latest spin-off will be developing a new facial mask as its first foray into the multi-billion dollar industry. |
|
| Certified course to combat cyber security threats |
| THE government yesterday announced the launch of the first home-grown certification programme for infocomm security professionals that will be accredited under the National Infocomm Competency Framework. |
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| IE S'pore leads food firms to SAfrica, Nigeria |
| INTERNATIONAL Enterprise Singapore (IE) led its first ever food business mission to South Africa and Nigeria on Sunday to explore expansion opportunities in those countries. |
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| New director Chong set to take ACM places |
| THREE weeks into the job, new Asian Civilisations Museum (ACM) director Alan Chong can already expect more money for new initiatives. |
|
| Cambodia rolling out red carpet for S'pore firms |
| CAMBODIA is rolling out the red carpet for Singapore companies to invest there, with the invitation coming from none other than the kingdom's Prime Minister Hun Sen. |
|
| STI slips as regional bourses pick up |
| SINGAPORE bucked markets in the rest of the region yesterday. While they were mostly higher, the Straits Times Index (STI) slid during a lethargic local session, despite better news on European sovereign debt and signs China's asset bubble might be deflating. |
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| Shipwrecks found off Italian coast |
| (ROME) A team of marine archaeologists using sonar scanners have discovered four ancient shipwrecks off the tiny Italian island of Zannone, with intact cargoes of wine and oil. |
|
| Plastic bottle ship completes epic Pacific voyage |
| (SYDNEY) A boat crafted from thousands of empty plastic bottles sailed into Sydney Harbour yesterday, completing an epic trans-Pacific voyage to highlight the benefits of recycling. |
|
| Iran will react swiftly to craft inspections |
| (TEHERAN) Iran will react swiftly if its commercial shipping or aviation are subjected to inspection, President Mahmoud Ahmadinejad warned on Sunday. |
|
| Oil spill off Dalian port cleaned up |
| (BEIJING) Nearly 8,000 workers and hundreds of fishing boats have managed to clean up the oil spill off the major northern Chinese port of Dalian, nine days after a pipeline blast leaked 1,500 tonnes of heavy crude into the sea. |
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| Capesize lease rates seen rebounding in Q4 |
| (LONDON) Profits in the commodity shipping market may go up soon as a rebound in steel and iron-ore prices signal improving Chinese demand that will ease the transport glut. |
|
| Ex-PTP chief set to be Johor Port exec director |
| (KUALA LUMPUR) The former chief executive officer of Port of Tanjung Pelepas (PTP) Ismail Hashim is poised to join Johor Port Bhd as its new executive director beginning on August 1, replacing Abdul Khalid Lal Khan, says a report in Malaysia's Business Times (MBT). |
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| M'sia plans 7 new highways worth RM20b |
| (KUALA LUMPUR) A quarter of the RM20 billion (S$8.5 billion) Facilitation Fund will be used to help build up to seven new highways during the 10th Malaysia Plan, says a report in Malaysia's Business Times. |
|
| Indonesia expects higher growth, smaller deficit |
| (JAKARTA) Indonesia's finance minister said the government expected its economy to grow at 5.9 per cent this year, slightly faster than budgeted, and predicted a smaller-than-forecast budget deficit. |
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| India CEOs upbeat on economic growth |
| (MUMBAI) Robust domestic demand should boost India's economic growth but inflation and its impact on profitability of companies is a concern, a survey of chief executives by a top industry body showed. |
|
| Monsoon brings relief to Indian farmers |
| (MUMBAI) India's monsoon, the main source of irrigation for the nation's 235 million farmers, gained momentum over the weekend, paring the seasonal rainfall deficiency and aiding the planting of rice, cotton and soybean crops. |
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| Cameron to tell India: UK open for business |
| (LONDON) Britain's Prime Minister David Cameron goes to India this week targeting a new special relationship with the former jewel in its colonial crown, now one of the world's fastest-growing economies. |
|
| More courses for building specialists |
| THE booming construction industry over the years has created a shortage of qualified surveyors and other specialists. |
|
| DLF to buy Dubai World's stake in JV |
| (MUMBAI) Indian real estate firm DLF is buying out the stake held by a property unit of debt-laden Dubai World in an equal joint venture in India for about two billion rupees (S$58 million), The Economic Times reported yesterday. |
|
| Homesteads for income |
| (BEATRICE, Nebraska) GIVE away land to make money? It hardly sounds like a prudent scheme. But in a bit of deja vu, that is exactly what this small Nebraska city aims to do. |
|
| Spain mortgage lending falls in May |
| (MADRID) Spanish mortgage lending fell in May for the third straight month after a brief rise in February as the country's banks, five of which failed a Europe-wide stress test on Friday, continued to withhold credit. |
|
| Korean construction shrinks as GDP grows |
| (SEOUL) South Korea's construction industry had its biggest annual contraction since at least 2008 in the second quarter, deepening a dilemma for policymakers faced at the same time with a sustained expansion in the broader economy. |
|
| OCBC, Pastoral View owners sell sites together |
| OCBC, which has owned a site at 11 Bassein Road in the Novena area since the 1940s, has teamed up with the owners of Pastoral View next door who are doing a collective sale, to sell the two properties together. |
|
| Sun Hung Kai sells 300 Larvotto units |
| (HONG KONG) Sun Hung Kai Properties Ltd, the world's biggest developer by market value, has sold 300 flats at an apartment project in Hong Kong's Island South district over the past two weekends. |
|
| First fall in UK house prices in 15 months |
| (LONDON) UK house prices fell this month for the first time in 15 months as the government's budget squeeze curbed demand and more people tried to sell their properties, Hometrack Ltd said. |
|
| Reprieve for US deficit as bond yields hit new low |
| (NEW YORK) For all the criticism of record budget deficits, President Barack Obama can take comfort knowing that for the first time in half a century, government bond yields are declining during an economic expansion and Treasury Secretary Timothy Geithner is selling two-year notes with the lowest interest rates ever. |
|
| Geithner pushes for killing Bush-era tax cuts |
| (WASHINGTON) Treasury Secretary Timothy Geithner has pressed the case for letting Bush-era tax cuts for the wealthiest Americans expire later this year. |
|
| Sustainability in doubt as firms cut costs to grow profits |
| (NEW YORK) As US companies report earnings this month for the second quarter, news of healthy profits has helped the stock market - the Standard & Poor's 500-stock index is up 7 per cent for July. |
|
| Japan exports growth slows in June |
| (TOKYO) Japanese exports rose in June on shipments to Asia but the pace of growth was the slowest this year amid signs that recovery may be losing steam as global demand falls, data showed yesterday. |
|
| US$300b loans in the pipeline for small US firms |
| (WASHINGTON) President Barack Obama is on the verge of creating as much as US$300 billion in credit for small businesses as bankers raise doubt about whether there's demand for new loans and how much will be repaid. |
|
| Starhill gets $496m facility |
| STARHILL Global Reit secured a three-year, $496 million facility from a five-bank syndicate. DBS, OCBC Bank, Commonwealth Bank of Australia, Societe Generale and ING Bank took part. OCBC was facility and security agent. |
|
| Creditors give Agus more time to present payment proposal |
| ONCE prominent bank owner Agus Anwar, whose personal available assets are said to amount to S$58.3 million, has put forward a proposal to repay the S$103.3 million he owes to creditors. But some are not convinced the his proposal is viable, given a lack of details provided. |
|
| Independent report on Golden Agri unit delayed |
| AN independent report on Golden Agri-Resources (GAR) subsidiary PT Smart will be delayed by almost two weeks, the group announced yesterday. |
|
| Multistar headed for de-listing |
| CASH company Multistar Holdings is set for de-listing after the Singapore Exchange rejected its application for more time to acquire a new business. |
|
| Euro Stoxx 50 futures to be launched here |
| THE Singapore Exchange and Eurex will be launching US dollar denominated Euro Stoxx 50 futures here by the end of the year. |
|
| New index to track Asia's top 100 firms |
| THE three local banks, Singtel and Wilmar International make up Singapore's five representatives on the newly created FTSE CNBC Asia 100 index. |
|
| Raffles Medical Q2 profit up 20.3% to $10.6m |
| RAFFLES Medical Group is expanding its presence both locally and overseas. It announced yesterday that its flagship, Raffles Hospital, has received permission from the Urban Redevelopment Authority to build an additional 102,408 square feet of space on its site, boosting its gross floor area by about a third to 410,283 sq ft. |
|
| Bank of Singapore hires 2 senior bankers |
| OCBC Bank's private banking unit, Bank of Singapore, yesterday announced two new senior banker hires. |
|
| FSL Trust's DPU for Q2 slumps 61% |
| DISTRIBUTION by First Ship Lease Trust (FSL Trust) fell 61.2 per cent year on year to 0.95 US cents per unit for the second quarter, as the trust sank into the red on an impairment charge following the re-delivery of two vessels. |
|
| SIA's Q1 turnaround better than expected |
| A STRONG recovery in passenger demand and a resurgence in air freight have lifted Singapore Airlines back into the black. SIA yesterday reported a first-quarter attributable profit of $252.5 million, reversing a loss of $307.1 million in the April-June 2009 period. |
|
| PBOC highlights virtues of flexible exchange rate |
| (BEIJING) A more flexible exchange rate will help China keep a lid on inflation and nip asset price bubbles in the bud, Hu Xiaolian, a deputy governor of the People's Bank of China, said yesterday. |
|
| Zijin 'offered journalists cash' |
| (SHANGHAI) China's Zijin Mining Group offered cash to journalists covering a toxic spill at a mine it operates in the south-east, state media said yesterday, in an apparent bid to gain favourable coverage. |
|
| Suspended death penalty for top China adviser |
| (BEIJING) A Chinese court sentenced a senior political adviser to death, suspended for two years, in the latest development in a wide-ranging investigation of corruption tied to home appliance magnate Huang Guangyu. |
|
| China 'to open wider' to foreign business |
| (BEIJING) Worries that China is throwing up obstacles to foreign business are misplaced, Commerce Minister Chen Deming said in an article published yesterday. 'In fact, China will open wider in the future,' Mr Chen wrote in an opinion piece in the Financial Times. |
|
| US$261b in China bank loans in doubt |
| (SHANGHAI) Chinese banks may struggle to recoup about 23 per cent of the 7.7 trillion yuan (S$1.55 trillion) that they've lent to finance local government infrastructure projects, according to a person with knowledge of data collected by the nation's regulator. |
|
| Delta woos New York-Chicago fliers |
| (ATLANTA) For New York business travellers bound for Chicago, there's a new shuttle in town. |
|
| Greek air controllers' go-slow hits Cyprus flights |
| (NICOSIA) A work-to-rule protest by Greek air traffic controllers over austerity- driven reforms in their sector has disrupted hundreds of flights in and out of Cyprus. Cyprus national carrier Cyprus Airways said more than a dozen flights were cancelled yesterday and airport operators said over 300 flights had been delayed since Sunday. |
|
| Taipei, Beijing to reopen talks on direct flights |
| (TAIPEI) Taiwan and China have agreed to reopen talks to resolve a dispute over the number of flights between the former rival nations, a Taiwanese transport official said on Sunday. |
|
| Air India's parent to sell new bonds |
| (MUMBAI) National Aviation Co of India, the state-owned parent of Air India, plans to sell new bonds to sustain the company that has never posted a profit. |
|
| Aquino supports bill to narrow budget deficit |
| (MANILA) Philippine President Benigno Aquino backed a 'fiscal responsibility' bill to narrow the budget deficit and touted privately funded roads and railways as a way to free funds for social services. |
|
| New system throws Manila bourse into disarray |
| (MANILA) The Philippine Stock Exchange yesterday rolled out a new trading system that quickly plunged the market into disarray with wildly wrong data. |
|
| EU loses in WTO dispute over duties on IT products |
| (GENEVA) A World Trade Organization (WTO) panel has ruled that the European Union (EU) was wrong to impose duties on three types of electronics products from the United States, Japan and Taiwan, trade sources said yesterday. |
|
| US condemns massive leak of Afghan war files |
| (WASHINGTON) A whistleblower leaked tens of thousands of secret military files on the Afghan war yesterday, documenting the deaths of innocent civilians and how Pakistan's spy agency secretly supports the Taliban. |
|
| Dawn of greater cohesion |
| FOLLOWING the finale of the month-long Orange Ribbon celebrations, more than 3,000 participants gathered to welcome the dawn at a festival held at the iconic Singapore Flyer in the early hours of Saturday. |
|
| SMEs need to 'sell' more to attract talent |
| MOST SMEs here probably have some attributes that will attract talent, but what's lacking is a concerted effort to communicate these attributes to the talent they would like to attract. |
|
| Anticipating Wall Street's performance |
| LAST week, we focused on an expected rise in the volatility of the Straits Times Index (STI) in anticipation of similar swings on Wall Street. As it turned out, the STI has been bouncing daily in tandem with shifting expectations of how the US market might behave later that day. |
|
| Shipping rates' 1st weekly rise in 2 months |
| (LONDON) Commodity shipping rates measured by the Baltic Dry Index had their first weekly gain in almost two months on demand to ship grains from North America. |
|
| Brazil invention enables ships to load in rain |
| (PARANAGUA, Brazil) A Brazilian firm has invented a high-tech tarpaulin for bulk carrier ships to load during rain without putting their cargo at risk, potentially slashing turn-around times and shipping costs. |
|
| Proton-Perodua merger 'can boost industry' |
| (KUALA LUMPUR) Merging Proton and Perodua into a single entity will be a step forward to boost the Malaysian automotive industry, according to the Proton Vendors Association (PVA). |
|
| Review federal-state relations |
| TO MANY, the public spat between the chief minister of Penang Lim Guan Eng and state development officer (SDO) Nik Ali Mat Yunus last week was not surprising given that matters had already been on a boil. |
|
| Indonesia will join int'l cocoa body: minister |
| (JAKARTA) Indonesia, the world's third-largest cocoa producer, will join the International Cocoa Organization (ICCO) this year, Mahendra Siregar, the country's vice trade minister said on Friday. |
|
| No need to raise rates this year: Bank Indonesia |
| (JAKARTA) Indonesia's central bank governor-designate said he saw full-year inflation at about 6 per cent, the upper end of Bank Indonesia's end-2010 target, but reiterated there was still no need to raise rates this year. |
|
| Pakistan minister optimistic on India talks |
| (LONDON) Pakistan's Information Minister said on Friday he was optimistic about the prospects for talks with India despite a deadlock at a meeting of the two countries' foreign ministers earlier this month. |
|
| Raw material costs, weak euro hit Maruti's Q1 profit |
| (MUMBAI) Maruti Suzuki, India's top carmaker, reported a surprise 20 per cent fall in net profit in the quarter to June, hit by high raw material costs, an increase in royalty payments and a weakening of the euro which hurt export revenues. |
|
| India set to raise rates again to fight inflation |
| (NEW DELHI) India looks set this week to hike borrowing costs for a second time in a month as it battles the highest inflation among the leading Group of 20 economic powers, analysts say. |
|
| Rise in German business sentiment strongest since reunification |
| (BERLIN) Germany's economy is fast returning to health, but thanks mainly to exports, leaving Chancellor Angela Merkel open to a fresh barrage of criticism from other countries, economists say. |
|
| US economy 'gradually' improving: Geithner |
| (WASHINGTON) The US economy is 'gradually' improving after the financial crisis, US Treasury Secretary Timothy Geithner said in an interview on NBC News' Meet the Press programme, which was scheduled to be broadcast yesterday. |
|
| NY Fed's Dahlgren to direct bank supervision |
| (WASHINGTON) Sarah Dahlgren, who manages assets acquired by the Federal Reserve Bank of New York during the financial crisis, will become its top bank supervisor after the regulatory overhaul enacted this week expanded the central bank's authority. |
|
| Battle brewing over expiring Bush tax cuts |
| (WASHINGTON) An epic fight is brewing over what Congress and President Barack Obama should do about the expiring Bush tax cuts, with such substantial economic and political consequences that it could shape the fall elections and fiscal policy for years to come. |
|
| SGX gets it right with short-selling rules |
| THE wheels that drive disclosure improvements at the Singapore Exchange (SGX) sure grind slowly but thankfully, at least they do grind - and in the right direction. |
|
| Keeping a rein on directors |
| IN TEACHING corporate governance in executive MBA courses at the university, one of my favourite case studies is on Circon - an underperforming US company taken over by another after a prolonged hostile battle. Circon's board - many of its members were the chief executive's pals and former business associates - took a while to do the right thing: putting friendship aside and fired the CEO who was bitterly against the the takeover. |
|
| MapletreeLog Q2 DPU up 1.4% |
| MAPLETREE Logistics Trust (MapletreeLog) yesterday posted improved results for the second quarter on the back of lower property and other expenses as well as borrowing costs. |
|
| Shanghai market should set yuan rate |
| (SHANGHAI) Shanghai's foreign exchange market should control price setting for China's yuan, Zhang Jianhua, director of the research department at the People's Bank of China, said yesterday. |
|
| Chinese corporate star's fall from grace |
| (BEIJING) A month ago, Zijin Mining Group was a Chinese corporate star, a profitable gold and copper miner with ambitions to further expand abroad. |
|
| Selling through story-telling |
| FROM a social gathering in rural India to the flickering pixels on your TV set, story-telling is a timeless favourite around the world. |
|
| Student-run conference a big draw |
| WITH strong growth in the Asian markets and emerging economies, foreign and local companies in Asia are bombarded non-stop with opportunities for mergers and acquisitions (M&As) and capital-raising activities. |
|
| Be smart with your finances |
| FANCY becoming the next Warren Buffett or George Soros? Or even the famous Robert Kiyosaki? Then read on. |
|
| Google search share slips, Baidu gains |
| (HELSINKI) Google's dominant position on the global online search market slipped slightly in the second quarter, as it retreated from the Chinese market, research firm Strategy Analytics (SA) said last Friday. |
|
| Tech, media executives debate free vs paid news |
| (ASPEN, Colorado) Top technology and media executives wrapped up a three- day conference here during which they grappled with - and left unresolved - the question of whether readers will pay for news online. |
|
| Mobile phones are most sought after |
| SINGAPORE Internet users are showing a great interest in mobile phones, says online competitive intelligence service Experian Hitwise. |
|
| Local firms not early adopters of IT security: Cisco |
| A NEW Cisco study shows Singapore companies are, by and large, not early adopters of change, especially in the case of security for their information technology networks. |
|
| Padding up the right niche |
| AS EXPECTED, lines formed outside stores of Apple resellers last Friday and over the weekend as Apple fans queued to snap up iPads and accessories - a pattern that's likely to repeat when all three telcos start selling the iPhone 4 this Friday. |
|
| Singapore firms lead in cloud adoption: Savvis |
| SINGAPORE firms lead the pack when it comes to the adoption of cloud computing, according to a cloud computing study commissioned by cloud infrastructure firm Savvis. |
|
| Enterprise apps also moving to cloud now |
| IF you thought cloud-based services are only confined to mundane applications such as e-mail and sales and customer management, think again. |
|
| S'pore drives robust growth for VMware |
| VMWARE, which makes virtualisation software and is majority owned by EMC, posted a robust growth of 35 per cent in the Asean region in the second quarter of 2010. |
|
| Northwest Airline's 'systemic' compliance lapses escaped FAA |
| (WASHINGTON) Northwest Airlines Corp, now part of Delta Air Lines Inc, had a 'systemic' failure to comply with federal safety directives and regulators were lax in pursuing enforcement, US investigators found. |
|
| Hun Sen arrives in Singapore for first bilateral visit |
| ECONOMIC ties between Singapore and Cambodia, where many Singapore companies are already invested, are set to deepen with Cambodian Prime Minister Hun Sen's first bilateral visit here at the invitation of Prime Minister Lee Hsien Loong. |
|
| Bomb blast rocks Bangkok, at least 10 wounded |
| (BANGKOK) A bomb exploded here yesterday, wounding at least 10 people, as a ruling party candidate narrowly beat a jailed anti-government leader in a by-election seen as a referendum on recent political unrest. |
|
| HDB resale prices should stabilise in a year or so: Mah |
| (SINGAPORE) Prices of resale flats should stabilise in a year or so as the Housing & Development Board (HDB) releases a record number of new flats into the market. |
|
| Consumer confidence in Q2 takes a tumble |
| (SINGAPORE) Consumers in Singapore remain among the most optimistic in the region - despite a drop in consumer confidence in the second quarter. |
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| More positive reports may boost rally |
| STRONG quarterly results are supposed to boost share prices, especially when they handily beat Wall Street forecasts. For a change of pace, that's what happened last week. A round of encouraging earnings reports from corporate behemoths such as Microsoft, American Express and Caterpillar made investors sit up and helped major indices turn in their second best weekly showing of the entire year. |
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| Asian, European markets to have say on stress tests today |
| (PARIS) European bank stress tests will themselves be tested today when investors return to markets in Europe and Asia with a verdict on an unprecedented bid to restore confidence in the EU banking sector. |
|
| BP showing Hayward the door: sources |
| (LONDON) BP Plc has decided that chief executive Tony Hayward should step down over his handling of the Gulf of Mexico oil spill and his departure could be announced in the coming days, sources close to the company said yesterday. |
|
| Two Jurong Island projects set to raise financing |
| (SINGAPORE) Investors in two delayed, multi-billion dollar projects on Jurong Island - one for power generation and the other for petrochemicals - expect to go to the financial markets next month to sew up project funding, before they start construction around the end of this year or early next year. |
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| Q2 earnings so far lag sizzling GDP growth |
| (SINGAPORE) It's often said that a rising tide lifts all boats, but that has yet to come true in Singapore for corporate earnings, so far at least. While the economy performed spectacularly in the second quarter, not all companies kicking off the reporting season saw the boom firing their bottom lines. |
|
| Global Yellow Pages comes under fire |
| (SINGAPORE) Global Yellow Pages, formerly known as Yellow Pages (Singapore), has come under fire from businesses that have received 'tax invoices' from a subsidiary of the firm, asking for payment for a directory-listing service that they never asked for. |
|
| Geely faces Volvo challenge |
| (DETROIT) IT was a miserable winter day in January 2007, the kind that makes auto executives in the Motor City wonder why they hold the Detroit Auto Show at the most inhospitable time of the year. |
|
| 10 footballers to keep your eye on |
| IT seems like I have all the time in the world now that the World Cup is over. Too much, if you ask me. |
|
| Alonso wins German GP in Ferrari one-two |
| (HOCKENHEIM, Germany) Fernando Alonso led a Ferrari one-two in the German Grand Prix yesterday after denying Brazilian team mate Felipe Massa an emotional victory one year on from a near-fatal crash. |
|
| There's no recession in currencies |
| THE first half of 2010 was indeed memorable. In the short six months, we saw equities reaching their highs from their March 2009 lows. We then saw the markets tanking after the euro zone debt crisis surfaced. We also saw equity markets in sluggish mode when the World Cup took place. |
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| Oil soars to almost US$80, gold rises towards US$1,200 |
| (LONDON) Raw material prices mainly rose last week as traders tracked upbeat US company results and economic data, but some gains tapered off before the publication of European banks' stress-test results. |
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| Low PE stocks lead as portfolios rise 1% |
| IT was a good week in the stock market last week. Stocks were creeping up slowly but steadily, although trading activity could not be said to be hectic. |
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| Director buying flat, selling remains low; buybacks down again |
| THE buying was flat while the selling stayed low, according to filings of directors' trades on the Singapore Exchange from July 19 to 23. |
|
| A city for cyclists |
| What more can be done to develop a cycling culture in Singapore while ensuring safe and nuisance-free cycling? Can we learn from the experience of other cycle-friendly countries? |
|
| Three-Minute Digest |
| GLOBAL Yellow Pages, formerly known as Yellow Pages (Singapore), has come under fire from businesses that have received 'tax invoices' from a subsidiary of the firm, asking for payment for a directory-listing service that they never asked for. |
|
| Work on three new gas pipelines to begin soon |
| SINGAPORE will start work soon on three new gas pipelines - costing an estimated $300 million to $400 million - to transport re-gasified LNG (liquefied natural gas) from its upcoming $1.5 billion LNG terminal to power stations and industry. |
|
| Sanofi-Aventis makes informal approach for Genzyme |
| (NEW YORK) Sanofi-Aventis has made an informal takeover approach to Genzyme, a person briefed on the matter said on Friday, as the French drugmaker seeks to bolster its biotechnology offerings. |
|
| Investors warm to Argentina debt |
| (BUENOS AIRES) Argentina has come back into favour with investors and is poised to win warm reception on international capital markets, even without a Paris Club accord over the US$7 billion it still owes from a 2002 default. |
|
| Choc Finger rattles cocoa market |
| (LONDON) To some, he is a real-life Willy Wonka. To others, he is a Bond-style villain bent on taking over the world's supply of chocolate. |
|
| No more UBS-like probes against Swiss banks: US |
| (ZURICH) The United States, which targeted Swiss bank giant UBS in a damaging tax fraud probe last year, is not planning to carry out new tax investigations against Swiss banks, the US ambassador to Switzerland said. |
|
| Goldman was exposed in an AIG default |
| (NEW YORK) Since the US government stepped in to rescue the American International Group in fall 2008, Goldman Sachs has maintained that it would have faced few if any losses had the insurer failed. |
|
| SWFs' move for private capital raises concerns |
| (LONDON) A curious trend is developing among powerful sovereign and state- backed investment funds: Despite being super rich in mainly oil-generated wealth, they are tapping the private sector for more capital. |
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| UK growth forecast cut on budget curbs: Ernst & Young |
| (LONDON) Ernst & Young LLP's Item Club will cut its UK economic growth forecasts for the next three years and predict the Bank of England probably won't raise interest rates until 2014 because of the government's budget squeeze. |
|
| EU to hammer Iran with oil sanctions |
| (BRUSSELS) The European Union will hit Iran with tough sanctions against its vital oil and gas industry today in a bid to lure Teheran back to the negotiating table over its disputed nuclear programme. |
|
| E-publish and be damned |
| IT'S war between Random House and a top literary agency. |
|
| German business confidence rises sharply |
| GERMANY'S business confidence is continuing its unexpected upward trend in July, showing the biggest increase since the country's reunification in 1990, according to a closely watched business climate index released yesterday. |
|
| Moody's warns of Hungary downgrade on risks |
| RATINGS agency Moody's placed Hungary on review for a possible downgrade yesterday, citing increased fiscal risks. |
|
| Farnborough air show underlines geopolitical shift from West |
| IF you want to see the shift in geopolitical and military clout from Western powers towards their growing emerging rivals, look no further than the sales stands of this year's Farnborough air show. |
|
| Sands China chief exec leaves company |
| SANDS China, the Macau unit of Las Vegas Sands Corp, said yesterday that chief executive Steve Jacobs has left the company, the latest in a string of Sands' executives to go. |
|
| India develops US$35 laptop for students |
| INDIA has come up with the world's cheapest 'laptop', a touch-screen computing device that costs US$35. |
|
| Indian PM's aide calls for policy tightening |
| A TOP Indian government adviser has called for strong monetary policy action to combat high inflation, days before the central bank is set to raise rates for the fourth time this year. |
|
| N Korea hits back at US sanctions |
| US Secretary of State Hillary Clinton urged Asia yesterday to enforce tough sanctions against North Korea, which hit back by threatening a 'physical response' to Washington's plans for joint military drills with South Korea. |
|
| Iran, China in talks to use yuan to settle trade, say sources |
| IRAN and China are in talks to use the Chinese yuan to settle transactions of oil and projects, as heightened sanctions from the United States and Europe seek to further isolate Teheran from the global financial system, sources said. |
|
| Yen seems a bit too high: official |
| INTERVENTION by Japanese authorities to weaken the strong yen appeared to come a step closer yesterday when a senior government official made the unusual move of declaring in public that the currency's exchange rate seemed 'too high'. |
|
| Tablet 101 |
| FANS of Apple's iPhone and iPod touch hungry for more screen real estate had reason to cheer yesterday when the iPad went on sale here. |
|
| Case in point |
| It is often said that all the money in the world can't buy peace of mind but purchasing one of the new Delsey luggage that feature the Zip Securi Tech could potentially go a long way towards making you feel more secure when you're travelling. |
|
| Lightweight leader |
| FOR most people, travelling light usually means not packing that extra suit or five pairs of shoes for different occasions. |
|
| Prawn trails |
| FORMIDABLE-looking when raw but sweet and juicy when properly cooked, tai tou har - also known variously as freshwater prawn, giant river prawn or udang galah - is a treasured ingredient in the Malaysian Chinese community. |
|
| Do the local-motion |
| More than a few farms within driving distance offer organic vegetables fresh from the ground, or they'll deliver their greens to your doorstep. |
|
| The rise of the locavore |
| A RECENT post on the food blog 365days2play features several photographs taken at a bustling farmer's market. |
|
| A doctor in the house |
| THE H1N1 scare in 2007 introduced Rinny Dale to medical care at home. 'At that time, I was concerned that going to the hospital would actually be dangerous for my health,' says the 41- year-old Singaporean who suffers from fibromyalgia, among other conditions. |
|
| Crucial for Europe to engage Asia politically |
| EUROPEAN Union foreign policy chief Catherine Ashton is working hard to build a strong EU 'external action service' or diplomatic corps which, among other things, will help construct a close political relationship with Asian and other countries around the globe. |
|
| Fraud is still happening |
| TWENTY-FIVE years ago, the directors of Pan Electric Industries Ltd (Pan El) were closeted with their merchant bankers, putting the details together for a big fund raising exercise. |
|
| Driven up the wall by value drivers |
| SOME time in the 1990s we lost the ability and desire to say what we really mean. |
|
| Bond sale? Don't quote us: rating firms |
| A NEW law making ratings agencies liable for their ratings decisions is creating havoc in the bond markets after the firms denied their clients permission to use them in their sales documentation. |
|
| Ex-BP staff accused of unauthorised downloads |
| BP plc is suing six former members of its energy team in Singapore claiming they misused confidential information to help rival Shenzhen Brightoil Group gain a 'strategic advantage'. |
|
| Kafkaesque - and the next chapter could be gripping |
| IF he had had it his way, the protracted battle over his unpublished papers wouldn't be so aptly described as Kafkaesque. |
|
| Nearly-weds take flight for pre-nup 'bach-hen' parties |
| WHY wait for the honeymoon? Engaged couples are turning bachelor and bachelorette parties into multi-day events and flying off to Las Vegas, Mexico and the Bahamas to celebrate before they tie the knot. |
|
| iGot iPad and iHappy, say a couple of retirees |
| iPad unleashed: The look in the eyes of retirees Zak and Hamzah, 59 and 63 years old respectively, says it all. The iPad is finally in their hands. |
|
| Churches' mall deals in the clear |
| THE commercial investments of New Creation Church and City Harvest Church do not infringe the Urban Redevelopment Authority's (URA) new guidelines, it has been clarified. But plans for the one-north hub and Suntec Convention Centre will have to comply with restrictions on the use of commercial space for worship, prayer and preaching. |
|
| Net office demand highest since Q3 2007 |
| NET office demand surged in the second quarter of this year to its highest quarterly level since Q3 2007. |
|
| Broad-based growth in Q2 property prices |
| PRIVATE home prices generally rose at a slightly slower pace in Q2 than they did in Q1, but latest official numbers show a broad-based growth in property prices - with stronger quarter-on-quarter gains for office, shop and industrial properties, as well as HDB resale flat prices in Q2 than in the first quarter. |
|
| Seven banks fail EU's stress tests |
| SEVEN European banks failed the European Union's (EU) stress tests for resistance to future financial crises, the CBES banking authority said yesterday. |
|
| Fitting finale to a celebration of differences |
| ABOUT 5,000 people from different races, religions and nationalities gathered at the River Promenade yesterday evening to celebrate the finale of the month-long Orange Ribbon Celebrations (ORC), themed Friendship Without Borders. Orange is the colour chosen to symbolise racial harmony. |
|
| Putting on the shorts in full market view |
| THE shorts will now be exposed - under new proposals by the Singapore Exchange (SGX) - but while this may increase transparency, it has also raised some concerns. |
|
| A lifetime of experiences |
| ADRIAN Tan, the final Keppel ambassador could not have come onboard the boat at a better time. As soon as he stepped onboard, the team won the race from Jamaica to New York, notching up their first ever top place finish. |
|
| Memories are made of these |
| IT'S finally really over. The adventure of a lifetime for most, and certainly at the very least an unforgettable experience for every one of the crew of the Uniquely Singapore Clipper, ended last Saturday as the 10 yachts of the Clipper 09-10 Round the World Yacht Race docked in Hull Marina at the end of their 35,000 nautical mile voyage around the world. |
|
| SingTel Touching Lives Fund to raise $2.1m this yr |
| SINGAPORE Telecommunications Limited (SingTel) announced yesterday that the SingTel Touching Lives Fund (STLF) is targeting to raise $2.1m in 2010. |
|
| Nestle's beverage innovation hub in the pipeline |
| NESTLE is setting up a regional hub in Singapore for innovation in beverages. It said that the hub would research and develop Nestle beverage products in the Asia-Pacific region. |
|
| Singapore, China sign 3-year $30b currency-swap deal |
| SINGAPORE'S central bank has set up a $30 billion currency-swap arrangement with its counterpart in China to promote trade and investment between the two countries. |
|
| Suzhou Industrial Park's H1 trade up 67.7% |
| SUZHOU Industrial Park's trade leapt 67.7 per cent year on year to US$35.6 billion for the first half of 2010, it was announced yesterday by the 12th Suzhou Industrial Park joint steering council (JSC) meeting here. |
|
| NUS, Tsinghua Search Centre launched |
| THE National University of Singapore (NUS), Tsinghua University (THU) in Beijing and the Media Development Authority of Singapore (MDA) announced the launch of the NUS-Tsinghua Extreme Search Centre (NExT Search Centre) yesterday. |
|
| YOG flame begins 14-day, five-continent journey |
| DRESSED in the white garb of an ancient high priestess, Greek actress Ino Menegaki stood among the ruins of the stadium at Ancient Olympia where the Olympics was born in 776 BC. |
|
| Transport main cause of 2.7% year-on-year increase in June CPI |
| SINGAPOREAN households experienced a 2.7 per cent year-on-year inflation rate in June that was 'more benign than expected'. |
|
| Tony Tan: global recession risk higher now |
| A FRAGILE economic recovery could see the world tip back into recession 'sooner than expected', says Tony Tan, deputy chairman of the Government of Singapore Investment Corp (GIC). |
|
| Europe's firm opening boosts STI by 17.8 points |
| AS correctly predicted in our column yesterday, the Straits Times Index's 29-point Thursday jump was due to a programme buy ahead of a push on Wall Street that duly materialised. |
|
| Working hard & finishing first |
| 'THINK like a start-up', is hardly unusual advice - but unexpected, when you consider that it comes from a television industry veteran of more than 25 years and the chief of one of the most powerful and entrenched television networks in the world, CNBC president Mark Hoffman. |
|
| German pride at stake |
| THE German Grand Prix arrives at the Hockenheim circuit this weekend but few know that the original track was built as the testing grounds for Mercedes-Benz. |
|
| The Cat's meow |
| ONLY two things seem to have been carried over to the new Jaguar XJ from its predecessor - its name and the leaping cat ornament. |
|
| M-Phatic debut |
| THE new BMW M showroom may have cost $7 million to set up but it was worth every cent. |
|
| Business briefing |
| CHINA Great Land Holdings Ltd warned of 'a significant loss' for the half year ended June 30, 2010. |
|
| ShareInvestor launches revamp |
| SHAREINVESTOR, a wholly owned subsidiary of Singapore Press Holdings, has launched its revamped financial portal www.shareinvestor.com. |
|
| FCT's Q3 distribution income a record |
| FRASERS Centrepoint Trust (FCT) has posted record distribution income of $16.3 million for the third quarter ended June 30, up 35 per cent from a year earlier. And at the trust's results briefing yesterday, chief executive officer Chew Tuan Chiong announced Q3 distribution per unit (DPU) of 2.07 cents - a 7 per cent rise from 1.94 cents last year. |
|
| a-iTrust's Q1 DPU falls 19%; property income up |
| ASCENDAS India Trust (a-iTrust) has reported a distribution per unit (DPU) of 1.66 cents for its first quarter ended June 30, 2010, down 19 per cent from a year ago. |
|
| Ascott Reit's distribution for Q2 up 5% to $11.6m |
| ASCOTT Residence Trust (Ascott Reit) announced yesterday that unitholders' distribution per unit (DPU) for the April-June quarter rose 4 per cent to 1.87 cents, from 1.79 cents a year ago. The second-quarter distribution to unitholders rose 5 per cent to $11.6 million, from $11 million the year before. |
|
| All-day trading will lift volumes by 10%: SGX |
| THE Singapore Exchange (SGX) expects stock trading volumes to rise by around 10 per cent if a proposal to do away with the lunch-time break is implemented, chief executive Magnus Bocker said yesterday. |
|
| CRCT's Q2 property income up 1.9% |
| CAPITARETAIL China Trust (CRCT) yesterday posted net property income of $19.8 million for the second quarter ended June 30, an increase of 1.9 per cent from Q2 last year, even though gross revenue fell 2.8 per cent to $29.6 million. |
|
| SIAEC's Q1 profit jumps 57% to $70.8m |
| SIA Engineering Company (SIAEC) said yesterday its net profit for the first quarter ended June 30 rose 57 per cent to $70.8 million, from $45.1 million a year earlier. |
|
| Khazanah unit denies misleading shareholders |
| THE takeover fight for Parkway Holdings is turning grim. |
|
| GM to buy auto lender for US$3.5b |
| GENERAL Motors (GM) will acquire automobile finance firm AmeriCredit for about US$3.5 billion, as the US car maker tries to open credit to hard-up consumers. |
|
| Confusion over timing of stress test results |
| (FRANKFURT) European officials appeared to be at odds yesterday over whether to release stress test results earlier than planned and reveal banks' exposure to sovereign debt, in a last-minute struggle over how to regain confidence in the financial sector. |
|
| Europe's manufacturing, services growth accelerates |
| (BRUSSELS) Growth in Europe's services and manufacturing industries unexpectedly accelerated in July as concern over the sovereign-debt crisis eased and an increase in global trade spurred exports. |
|
| The value of research continuity |
| ACCURACY in making stock calls and in forecasting earnings is usually regarded as the most important benchmark by which to judge analysts. |
|
| Company Briefs |
| KING Wan Corporation has secured four contracts worth $10.8 million for mechanical and electrical (M&E) engineering works. |
|
| AIS unveils investment plan for 3G |
| (BANGKOK) Advanced Info Service (AIS), Thailand's top mobile phone operator, said it planned to spend 45 billion baht (S$1.9 billion) over three years to install a third-generation network after it wins a licence. |
|
| OCBC an early adopter of Apple iPad |
| OCBC Bank has become one of the first local companies to take a bite at Apple's new touch-screen tablet by releasing iPad banking and trading tools on the day of the device's local debut. |
|
| FSL Trust files writ against Daxin Petroleum |
| FIRST Ship Lease (FSL) Trust has filed a writ of summons against Daxin Petroleum and its affiliated companies Mesino Shipping and Rovina Shipping. |
|
| Cosco Corp inks deal worth US$500m |
| COSCO Corporation (Singapore) has, through a unit of its 51-per-cent owned subsidiary Cosco Shipyard Group, secured a contract worth more than US$500 million to build a deepwater drillship. |
|
| $67.5k civil penalty against ex-WBL exec |
| THE High Court has awarded the Monetary Authority of Singapore (MAS) $67,500 in civil penalties against a former WBL Corp executive who was found liable of insider trading. |
|
| ARA acquires strategic stake in Australia's APN Property Group |
| ARA Asset Management Ltd (ARA), through a wholly owned subsidiary, has entered into a share subscription agreement for a post-placement stake of 13 per cent in an Australian-listed boutique real estate fund manager. |
|
| Suntec Reit Q2 DPU falls 15% to 2.53 cents |
| SUNTEC Reit's second-quarter distribution income to June 30 slid 3.7 per cent to $45.9 million, from $47.7 million a year back, while distribution per unit (DPU) fell 15.1 per cent to 2.528 cents. |
|
| CMT to invest $150m to spruce up The Atrium |
| CAPITAMALL Trust (CMT) yesterday posted a 7.5 per cent year-on-year increase in second-quarter distributable income and unveiled plans to invest about $150 million in asset enhancement works at The Atrium @ Orchard. |
|
| Keppel seen fighting slump in orders |
| (SINGAPORE) Choo Chiau Beng, head of the world's biggest rig maker, doesn't believe in quick returns. |
|
| Keppel Corp posts Q2 earnings of $347.3m |
| DESPITE a 24.6 per cent year-on-year fall in revenue to $2.42 billion, Keppel Corp achieved a 24.6 per cent rise in operating profit to $444.6 million for the second quarter ended June 30, 2010. |
|
| China economists forecast 9.5% growth this year |
| (BEIJING) China is expected to maintain strong growth in the rest of this year and there is no need for a second stimulus, government economists said in remarks published yesterday. |
|
| US lawmakers call for tough action on piracy |
| (WASHINGTON) US lawmakers on Wednesday called for tough new measures to punish China for its failure to stop widespread piracy and counterfeiting of US goods ranging from music CDs to manufactured products. |
|
| China's currency policy effectively subsidises its exports: Bernanke |
| (WASHINGTON) US Federal Reserve chairman Ben Bernanke said on Wednesday that China's currency policy effectively subsidises that country's exports, giving fresh ammunition to China's critics in Congress. |
|
| Virgin America buys 40 new A320s at airshow |
| (FARNBOROUGH, England) Virgin America announced plans to buy 40 new Airbus A320 aircraft at the Farnborough International Airshow yesterday, the last major business day at the biennial event that has this year witnessed a revival in commercial aviation. |
|
| Airlines' confidence up: poll |
| BUSINESS confidence in the airline industry has risen in tandem with the pick-up in its fortunes. |
|
| SIA, Tiger Airways offering more flights and destinations |
| SOME airlines are bumping up flight frequencies and introducing new destinations to meet growing demand. |
|
| Passenger, cargo traffic at Changi higher in June |
| PASSENGER traffic at Changi Airport rose to 3.62 million in June - 18.6 per cent more than in the same month last year and almost 13 per cent more than in June 2008. |
|
| Dubai World ready to use special tribunal for debt deal |
| (DUBAI) Struggling state firm Dubai World is ready to use a special tribunal to force rebel lenders into line on plans to delay repayment of US$14.4 billion in debts, according to a source familiar with the matter. |
|
| Japan's trainee programme accused of exploiting poor migrant workers |
| (HIROSHIMA) Six young Chinese women arrived in this historic city three summers ago, among the tens of thousands of apprentices brought to Japan each year on the promise of job training, good pay and a chance at a better life back home. |
|
| S-E Asia should consider nuclear power: Vietnam |
| (SINGAPORE) South-east Asian countries should consider using nuclear power to cope with rising energy demands in Asia, said Vietnam Prime Minister Nguyen Tan Dung yesterday. |
|
| Hynix posts Q2 profit amid record sales |
| (SEOUL) Hynix Semiconductor, which supplies flash chips to Apple Inc, turned a net profit in the second quarter after a loss the year before as sales rose to a record and prices for its mainstay computer memory chips increased. |
|
| Getting angry can lose you business in Asia, says study |
| (NEW YORK) Getting angry might help business negotiations with European Americans but losing your temper with Asians is likely to also lose you the deal, according to a study on how different cultures react to anger. |
|
| Asia's budding bankers eschew going West |
| (HONG KONG) Lim Boon Seong, unlike many young, finance-focused Asian graduates before him, is happy to stay close to home to launch his career. |
|
| Morgan Stanley raises pay on strong Q2 |
| (LONDON) Morgan Stanley, buoyed by rising revenue, set aside 37 per cent more money to pay employees in the first half of this year even as rivals Goldman Sachs and JPMorgan Chase's investment bank lowered their compensation expenses. |
|
| World Bank to lend US$800m to Mexico |
| (MEXICO CITY) The World Bank will lend US$800 million to Mexico to help transform public transport to reduce emissions, and other programmes, the bank's President Robert Zoellick said here on Wednesday. |
|
| IBM unveils new generation of mainframes |
| (NEW YORK) The mainframe business is to IBM what manufacturing is to the American economy, a shrinking but strategically vital part of the franchise. |
|
| International regulators to decide on capital definition |
| (BASEL) The Basel Committee on Banking Supervision, nearing agreement on how to redefine capital and when to impose borrowing caps on banks worldwide, has left a final decision to its governing board, which meets next week. |
|
| Credit Suisse investment banking profit falls |
| (ZURICH) Credit Suisse Group, Switzerland's second-largest bank, reported a drop in profit at its investment banking unit in the second quarter as trading revenue slumped amid Europe's sovereign debt crisis. |
|
| New Jersey plans takeover of Atlantic City casino district |
| (EAST RUTHERFORD, New Jersey) New Jersey Governor Chris Christie announced plans on Wednesday to seize control of Atlantic City's gaming district, seeking to revitalise the gambling industry, prop up city finances and create a family-friendly attraction similar to Las Vegas. |
|
| Senate wants BP boss to testify on Lockerbie |
| (WASHINGTON) A US Senate panel is inviting BP plc chief executive Tony Hayward to testify next week at a hearing on the release of the Lockerbie bomber, a Senate source told Reuters on Wednesday. |
|
| Q2 loss at Wynn's Vegas unit widens |
| (LAS VEGAS) Wynn Resorts Ltd, owner of the Wynn and Encore casino resorts in Las Vegas and Macau, has reported a bigger second-quarter operating loss from its Vegas properties. |
|
| Four top oil firms commit US$1b for rapid response plan |
| (NEW YORK) Four of the world's biggest oil companies said on Wednesday that they were committing US$1 billion to create a rapid-response system to deal with deepwater oil spills in the Gulf of Mexico, seeking to restore public confidence in the industry after the BP disaster painfully exposed how unprepared the industry was for a major accident. |
|
| Politicking skews US economic decisions |
| (WASHINGTON) Politics are distorting US economic decision-making as leaders of both parties spin rival views on the way to November's Congressional elections, offering visions based on questionable economics. |
|
| UK retail sales in June rise more than economists' forecast |
| (LONDON) UK retail sales rose more than economists forecast in June as the World Cup tournament stoked purchases at electrical goods shops and department stores. |
|
| Leading index falls 0.2% in June for second time in three months |
| (NEW YORK) A private research group says its gauge of future economic activity dropped in June, the second decline in the past three months, suggesting the US economic recovery will weaken. |
|
| Dollar falls broadly on Europe, US data |
| (NEW YORK) The US dollar fell broadly yesterday after stronger-than-expected European economic data revived appetite for risk, with a drop in US lending rates putting additional pressure on the currency. |
|
| Brokers' Take |
| WILMAR has signed an agreement to buy 91.38 per cent of NatOleo from Kulim for RM450 million (S$193 million). |
|
| Goldman's mistake not as bad as others' crimes |
| EVERYONE makes mistakes, which is why 'mistake' is often prefixed with terms such as 'big', 'small', 'careless' or 'honest' to add a little differentiation. |
|
| Indian firms on the prowl overseas |
| EMERGING economies have in the past depended on foreign investment for capital, technology know-how and managerial expertise. Now, in an inversion of earlier trends, they have become major players in international mergers and acquisitions (M&As). |
|
| US should intensify Asean engagement |
| THERE is a growing chorus of observers who claim that we are witnessing the rise of Asia as an economic power and simultaneously, the decline of the United States. |
|
| Russia-China strategic partnership is changing |
| IN A dramatic but little-noticed shift, President Dmitry Medvedev has announced that Russia will give top priority to the country's economic modernisation and identified the leading members of the European Union and the United States as countries with which Moscow needs to forge 'special modernisation alliances'. |
|
| Challenges facing fund managers |
| THE fund managers' mission should be to make money for their investors. But after the financial crisis of 2008, the task has become more challenging. |
|
| Three-Minute Digest |
| TEMASEK Holdings has pulled off another trailblazing fund raising exercise, bringing more depth to the local debt market. |
|
| Analysts discount Henderson probe, make 'buy' calls |
| (HONG KONG) Henderson Land Development Co, the flagship company of Hong Kong's second-richest man, has lost 20 per cent of its market value this year as it became the focus of government efforts to curb property prices and police raided its offices. Now some analysts say it's time to buy. |
|
| Bulk of MF Global London fuel oil team quit: sources |
| (SINGAPORE) Futures brokerage MF Global Holdings has lost eight brokers from its nine-man London fuel oil swaps desk, two industry sources said yesterday. |
|
| OKP wins canal job despite higher bid |
| (SINGAPORE) Mainboard- listed OKP Holdings yesterday announced in a press release that it had clinched a $5.97 million contract from the Public Utilities Board (PUB) to desilt a Bukit Timah canal. |
|
| Investment flows to Asia slid last year |
| (SINGAPORE) Investment inflows slowed sharply last year but are expected to recover mildly this year, particularly in South and East Asia, according to a new report from the United Nations Conference on Trade and Development (Unctad). |
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| Undercover operations |
| The premises of Apple's accredited authorised premium resellers in Funan DigitaLife Mall were a hive of activity last night after official working hours ended at 8pm, in preparation for the iPad launch here at 10am today. |
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| Japanese business on edge as yen hits 7-month high |
| TENSION is growing among Japanese officials and businessmen over the rising yen, as stock prices continue to slide on fears the strong currency could derail the country's export-led recovery. |
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| Car sales seen rising but margins may fall |
| (MUMBAI) Indian carmakers are on track to report strong quarterly revenue growth as a robust economy boosts demand for vehicles, but rising commodity prices and costlier borrowing pose a risk to profit margins in coming months. |
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| Hard to keep a straight face |
| SOME movies are perfectly decent when taken at face value. And as a comedy, The Men Who Stare At Goats is hilarious. |
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| The evolution of movie marketing |
| WITHOUT the level of technology we have today, how were movies promoted in the past? There were no blogs, Facebook, Twitter or even toy merchandising to create hype about movies back then. |
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| Rate hike likely even as food inflation eases |
| (NEW DELHI) India's food inflation eased and fuel inflation was flat in early July, but the data little changed forecasts for the central bank to hike rates a second time in the month when it reviews policy on Tuesday as inflationary pressures persist. |
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| Indian groups eye BP stake in Vietnam gas field |
| (NEW DELHI) Indian state- run explorer Oil and Natural Gas Corp (ONGC) may partner with government- run Oil India and GAIL to buy BP's stake in an offshore Vietnam gas field, ONGC's head said yesterday. |
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| 20% stake in Power Grid worth US$1.8b to be sold |
| (NEW DELHI) Power Grid Corp of India, the nation's biggest electricity transmission company, said the government will sell a 20 per cent stake, worth US$1.8 billion, as part of a record sell-off of state assets. |
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| Touchable fun |
| APPLE'S iPad touchscreen tablet hit stores in Singapore today, and while some people might wonder what to do with what is essentially a huge iPod touch, one obvious answer is gaming. |
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| Some make comebacks, others just recycle |
| SARAH McLachlan's song Angel is such a classic that it's still a staple of hi-fi audition set-ups and karaoke lounges everywhere. |
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| Riding the waves of digital music |
| SINGAPORE'S digital music landscape hit some significant milestones recently, with new music services launching and three local artists finding new ways to make technology work for them. |
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| Irrationally insightful |
| ECONOMISTS who demystify daily life are in hot demand these days, as evidenced by the success of books such as Freakonomics. |
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| They should write a book about it |
| (NEW YORK) ANY readers clamouring to relive the oil-darkened spring of 2010 will have plenty of opportunity. |
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| Around Town |
| GRAMMY Award winner Corinne Bailey Rae (left) will be performing live next Wednesday at Esplanade Theatre. |
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| The joys and travails of theatre |
| SO far, 2010 is turning out to be a year of special anniversary celebrations for performing arts groups. Theatreworks, for one, ended its 25th anniversary celebratory season in May. |
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| The creative torch of youthful minds |
| THE Singapore Youth Festival's annual Art and Crafts exhibition has found an admirable way to tie this year's event with the inaugural Youth Olympics Games - by co-organising with The National Art Gallery and putting the art in a museum environment, for the first time. |
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| Mirroring present in ancient past |
| THE artist He Jian may be a product of the 21st century but when it comes to his works, he is strictly focused on the past. |
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| A fantastic eye-opener |
| OVER the course of several business trips to Korea, events organiser and sports promoter David Ciclitira and his wife Serenella developed a strong interest in the fast-growing Korean contemporary art scene, visiting galleries in their spare time and acquiring works by emerging young artists. |
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| The business of running |
| IF the 10,000 registration spots selling out in nine days for this Sunday's Shape Run 2010 is any indication, running has become more than a fuss-free way to get fit for Singaporeans. |
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| Not enough action & too much fluff |
| WHEN Ong Bak 3 opened in Thailand in May this year, Iron Man 2 beat it to the top spot despite the Hollywood blockbuster being in its second week of release. |
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| Disney rediscovers its magic |
| WITH an ironclad brand DNA, Disney never strays too far from the formulaic family entertainment that it's known for. And for a company that has been marketing magic to the masses for close to nine decades now in different mediums, it has almost always been spot-on. |
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| Are you going to drink that? |
| WHEN is a wine ready to drink? I have (silently) asked this of myself, and been asked that countless times. |
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| Citigroup lowers China, global growth forecasts |
| (TOKYO) Citigroup cut its outlook for China's economic expansion by a percentage point this year and trimmed projections for the US and emerging markets. |
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| IMF backs efforts in Europe to cut deficits in 'uneven' recovery |
| (PARIS) The International Monetary Fund (IMF) lent its support on Wednesday to Europe's budget deficit reduction efforts, pulling away from previous calls for stimulus even as it warned of a 'moderate and uneven' recovery in the region. |
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| Man U, Woods top Forbes sports richest list |
| (DALLAS) Manchester United is the richest team in sports, while Tiger Woods is the highest-earning athlete, according to Forbes magazine. |
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| Wall Street tanks on Fed chief's 'uncertain' outlook |
| WALL Street was hoping for some insight from Federal Reserve chairman Ben Bernanke that would calm the market's nervousness but got instead the market-moving 'unusually uncertain' as his take on the outlook for the US economy. |
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| Morgan Stanley puts lights out on dorm business |
| (SINGAPORE) Market leader Morgan Stanley is looking to exit the business of providing accommodation to foreign workers. A portfolio of four dormitories, which are majority-owned by one of its funds, is up for sale. Between them, they can house more than 20,000 workers. |
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| Temasek makes history with its 40-year bond |
| (SINGAPORE) Temasek Holdings has pulled off another trailblazing fund raising exercise, bringing more depth to the local debt market. Yesterday, it sold $1 billion of bonds with a 40-year tenor, double the length of the longest dated Singapore government bond. |
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| Singapore Roundup |
| GREATCOMMISSION.BIZ yesterday launched the Singapore Lion Head Gold Bar. |
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| Irregularities found in Hindu temple's running, finances |
| THE Commissioner of Charities (COC) has completed an inquiry into the Sri Siva Krishna Temple in Marsiling Rise and found financial irregularities and lapses in governance and management. |
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| Culture, structure needed to raise service productivity |
| SINGAPORE companies need to have both culture and structure to innovate and raise service productivity, Minister in the Prime Minister's Office Lim Swee Say told a conference yesterday. |
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| MediaCorp names new directors |
| MEDIACORP Pte Ltd has announced the appointment of Venky Krishnakumar, Rajiv Wahi and Elim Chew to its board of directors. The appointments took effect from Wednesday. |
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| S'pore Garden Festival makes their day |
| 'SMELL the perfume of flowers, taste with relish each morsel, as if tomorrow you could never smell and taste again.'So wrote blind and deaf author Helen Keller in Three Days to See. |
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| Global conference to adopt code on research integrity |
| MORE than 300 international delegates from research and publishing circles are in town to pledge their commitment to research honesty and integrity. |
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| WHO should consider severity of pandemics |
| ASEAN'S health ministers have urged the World Health Organization (WHO) to review alert levels for future pandemics by taking into account the severity factor. |
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| STI up in anticipation of US rebound |
| THE Straits Times Index had already fallen sharply on Wednesday ahead of a similar drop on Wall Street that day, so it stands to reason that yesterday's 29.58-point bounce to 2,955.67 was due to short-covering in anticipation of a bounce in the US market on Thursday. |
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| UEM charts course to triple revenue by '15 |
| GOVERNMENT-owned UEM Group has set itself an ambitious target of tripling its revenue to RM30 billion (S$12.8 billion) by 2015, after streamlining its operations into four key sectors. |
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| Compensation in order for Timor oil spill |
| (JAKARTA) Indonesian President Susilo Bambang Yudhoyono yesterday demanded compensation for an oil spill off northwestern Australia that campaigners say destroyed fishermen's livelihoods. |
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| No boom for India as wealthy shop abroad |
| (MUMBAI) Vikram Baidyanath prefers to travel more than 4,000 miles to London to get suits from his favourite brand, Ermenegildo Zegna, than to drive half an hour to New Delhi's luxury mall. |
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| Firm linked to GIC investing in hotel fund |
| (SINGAPORE) Pacifica Partners, a hotel investment firm linked to the Government of Singapore Investment Corp (GIC), will buy a stake in a hotel fund with assets valued at US$325 million. |
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| Singapore Roundup |
| SEVEN hundred vehicles with YOG livery in red or purple will transport athletes and officials to and from Games destinations. |
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| MOM seeks response to employment agency act |
| THE Ministry of Manpower (MOM) is seeking public feedback on proposed changes to the employment agency regulatory framework. |
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| Accreditation scheme for cleaning services |
| A SCHEME to accredit cleaning service providers is on its way. |
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| COE prices up in second July tender |
| CERTIFICATE of Entitlement (COE) premiums ended mostly higher at the close of yesterday's tender, the second for this month. |
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| Flyer's dawn-flight tickets snapped up |
| ALL 3,500 free tickets for the first dawn flight on the Singapore Flyer - as part of the First Light festival - have been snapped up. |
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| NUS starts initiative to boost healthcare delivery in region |
| THE National University of Singapore (NUS) is launching an NUS Initiative to Improve Health in Asia (NIHA), aimed at enhancing public health policy and healthcare delivery across the region. |
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| HSBC appoints new Singapore CEO |
| HSBC has appointed a new Singapore chief executive to succeed Guy Harvey-Samuel, who is moving to Hong Kong to help oversee the bank's Asia-Pacific operations. |
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| Critical to select, use and retain talent: Tat Hong CEO |
| PEOPLE are the most critical factor in ensuring the sustainability of a business, says Tat Hong Holdings group CEO and managing director Roland Ng. And by that, he means more than just the people he attracts and retains in his company. |
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| Surge in SMEs' business confidence |
| SINGAPORE small- and medium-sized enterprises (SMEs) recorded the biggest jump in confidence level among their Asian peers in the second quarter this year, posting a 19-point increase in a business confidence index created by HSBC. |
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| Tussle between hope and fear |
| IF ever there was a time the market was caught between hope and fear, it must be now. |
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| Dalian port resumes operations after explosion |
| (HONG KONG) Most of northeast China's Dalian port resumed operations on Tuesday after a pipeline explosion caused an oil spill that spread across more than 183 square kilometres of sea. |
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| Montreal port lockout may trigger layoffs |
| (MONTREAL) A lockout of workers at the Port of Montreal may trigger layoffs at exporters such as AbitibiBowater Inc and delay an investment project at Cascades Inc if an agreement isn't reached within days. |
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| Daewoo Shipbuilding wins US$975m order |
| (SEOUL) Daewoo Shipbuilding & Marine Engineering Co received a US$975 million order for 10 container vessels, its first box-ship contract in two years, as the global economic rebound revives world trade. |
|
| Sanctions crippling Iranian shipping industry |
| (TEHERAN) Just weeks after the United States and the United Nations imposed new rounds of sanctions on Iran, Teheran's ability to ship vital goods has been significantly curtailed as some of the world's most powerful Western insurance companies cut off Iranian shippers out of fear that they could run afoul of US laws, the insurers say. |
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| M'sia consumer prices climb 1.7% in June |
| (KUALA LUMPUR) Malaysia's inflation rate climbed in June to the highest level in more than a year, an increase that may be augmented as the government cuts fuel and food subsidies. |
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| Khazanah sells 5% of Telekom for RM581.3 million |
| (KUALA LUMPUR) Khazanah Nasional, Malaysia's sovereign wealth fund, sold a RM581.3 million (S$248 million) stake in state-controlled Telekom Malaysia Bhd as part of the government's plans to reduce its local business holdings. |
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| M'sian mobile broadband uptake surging |
| MALAYSIA has boosted the adoption of mobile broadband by applying flexible levels of taxation that have contained costs and led to high ownership of 3G handsets, a study has found. |
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| Korea Electric buys into Indonesian coal firm |
| (SEOUL) Korea Electric Power Corp (Kepco) plans to invest 618 billion won (S$693 million) to buy a 20 per cent stake in Indonesia's Bayan Resources to secure more coal supplies. |
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| Adani raises US$850m from share sale to institutions |
| (MUMBAI) Adani Enterprises, controlled by billionaire Gautam Adani, raised US$850 million in the largest share sale to institutional investors by an Indian company this year, according to two people with knowledge of the matter. |
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| G-7 member Canada goes it alone, raises rate |
| (OTTAWA) Bank of Canada governor Mark Carney increased interest rates for a second month on Tuesday and gave himself room to delay further moves by cutting his growth forecast and raising new doubts about the global recovery. |
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| Japan sees lull in growth if exports slow further |
| JAPAN'S economic growth could suffer a 'lull' if a recent slowdown in overseas demand continues, the government suggested yesterday in the first public acknowledgement that the country's export-led recovery could be vulnerable. |
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| Big bank capital vital for financial stability, says US |
| (WASHINGTON) Banks worldwide need to strengthen their balance sheets to stabilise the financial system, senior US regulators said on Tuesday. |
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| European bank stress tests likely to outline three scenarios |
| (BRUSSELS) European regulators plan to detail three scenarios when they publish the results of their stress tests on the region's banks this week, according to a document by the Committee of European Banking Supervisors. |
|
| How well do investors understand CFD risks? |
| ANECDOTAL evidence suggests that the market for contracts for differences (CFDs) has grown strongly over the past few years and shows no signs of slowing down. |
|
| Company Briefs |
| CHINA Fibretech expects to report 'significantly lower revenue and net profit before tax' for the second quarter and first half of FY 2010, compared with a year back. |
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| SingTel tunes in to Sony Music |
| SINGAPORE Telecom has fired the latest salvo in the battle for cellular song downloads, through a new tie-up with Sony Music. |
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| Credit Suisse analysts favour stocks of 'older office' landlords |
| THE recovery in the prime office sector of Singapore is faster than expected, say Credit Suisse analysts. In a July 20 research report on the Singapore property sector, they said that stocks that are 'prime office plays' have year- to-date outperformed the Straits Times Index (STI) by 13 per cent and stocks of residential developers by 23 per cent. |
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| Keppel wins two deals worth $170m |
| KEPPEL Corp has won two contracts totalling $170 million from repeat customers in the Brazilian market. |
|
| Kreuz Holdings launches Catalist IPO of 80m shares |
| OIL and gas player Kreuz Holdings launched an initial public offer (IPO) of 80 million new shares on Catalist yesterday. |
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| Midas clinches 2 contracts worth 130m yuan |
| MAINBOARD-LISTED Midas Holdings said yesterday its Jilin Midas Aluminium Industries unit has won two contracts worth a combined 130 million yuan (S$26.4 million) to supply aluminium alloy extrusion profiles for 480 railway cars. |
|
| Pacific Shipping cuts Q2 DPU |
| PACIFIC Shipping Trust (PST) has pared its distribution per unit (DPU) by 20 per cent from a year ago to 0.793 US cents for the second quarter ended March 31 as it retained more cash to acquire new vessels. |
|
| Distributable income up 16% for CapitaCommercial |
| CAPITACOMMERCIAL Trust (CCT) unitholders will not receive any special payout as a result of the trust's recently announced $380 million sale of StarHub Centre. Instead, CCT will keep the sale proceeds as dry powder for acquisitions or to repay debt. |
|
| Votes so far favour Khazanah partial offer |
| MALAYSIAN sovereign wealth fund Khazanah Nasional has met one of the two conditions required for its $1.18 billion partial offer for Singapore health group Parkway Holdings to go through - based on votes received and reported so far. But voting has yet to close. |
|
| Wilmar to buy Natural Oleochemicals |
| PALM oil giant Wilmar International is buying 91.38 per cent of Natural Oleochemicals, a unit of Malaysia's Kulim group, for RM450 million (S$192.3 million) in cash. |
|
| OSIM's comeback draws valuation upgrades |
| NOW that the good times are back for OSIM International, so are the analysts. |
|
| Beijing snipes again at US-Korea naval drill |
| (BEIJING) China yesterday expressed concern over plans by the United States and South Korea to conduct a major naval exercise from July 25, saying that it could raise tensions in the region. |
|
| Foreign firms in China now complain openly |
| (BEIJING) China's growing importance to companies' bottom lines has led foreign firms to complain more openly about what they say are unfair business policies and market restrictions, experts say. |
|
| HK prepares for life after tycoon legends |
| (HONG KONG) Hong Kong's billionaire tycoons enjoy a status close to royalty in Asia's wealth-obsessed financial hub. |
|
| China's H1 IPO amount highest in 10 years |
| (BEIJING) Chinese companies raised the most this decade in first-half initial public offerings (IPOs) as Huatai Securities Co and more than 170 other firms tapped the country's financial markets. |
|
| Samsung Electronics eyeing bigger share of consumer pie |
| SAMSUNG Electronics has announced a new line-up of mobile computers and printing devices in its latest move to increase market share. |
|
| Know your place with Google Places |
| WHAT'S in a name? Some people call it LBS (Location Based Services), some others call it 'awareness' or 'presence', but one of the world's biggest brands calls it Google Places. |
|
| Networks here less profitable to attack |
| CORPORATE networks in Singapore have adopted a risk-based approach to technology deployment, which is driven by government organisations such as the Monetary Authority of Singapore. |
|
| Body set up to boost digital advertising |
| SOME of the world's most famous brands, including Google and Yahoo! have teamed up with major local brands such as SPH and Golden Village to boost digital advertising spending and investments, with Singapore as the South-east Asia hub. |
|
| Korean Air taking on SIA, Cathay for premium-class passengers |
| (SEOUL) Korean Air intends to get 50 per cent of passenger revenue from premium classes by 2019 as it adds new planes and challenges Singapore Airlines and Cathay Pacific Airways for business travellers. |
|
| Tension rises as China-Taiwan flight pact hits bumps |
| (TAIPEI) China and Taiwan face a widening dispute over scheduling of direct flights, an important factor behind US$100 billion in two-way trade, raising tension between old foes just weeks after they signed a massive trade pact. |
|
| David Warren, Australian inventor of the 'black box', dies at 85 |
| (SYDNEY) A pioneering Australian inventor whose 'black box' flight data recorder revolutionised the safety of air travel and aided countless crash investigations has died aged 85, officials said yesterday. |
|
| Farnborough Airshow orders hit US$25b |
| (FARNBOROUGH, England) Aircraft orders at the Farnborough International Airshow this week have reached US$25 billion, indicating a rapid recovery in the sector, and more were expected yesterday. |
|
| Mitsubishi UFJ seeks new acquisition in US |
| (TOKYO) Mitsubishi UFJ Financial Group (MUFG), Japan's biggest bank by assets, said it is looking for a new acquisition target in the United States as part of a broader push into overseas markets. |
|
| US announces new sanctions against North Korea |
| (SEOUL) The Obama administration moved yesterday to push new sanctions against North Korea over its nuclear weapons programme, as Secretary of State Hillary Rodham Clinton and Defense Secretary Robert Gates showed solidarity with South Korea during a visit to the area that separates it from the North. |
|
| Thailand's exports hit 18-year high |
| (BANGKOK) Thailand's exports rose the most in more than 18 years to surpass the record value set before the global financial crisis, adding to evidence of the economy's resilience to Europe's debt woes and domestic political unrest. |
|
| Thai group eyes bid for Carrefour's SE-Asia business |
| (BANGKOK) Leading Thai conglomerate Berli Jucker said it was keen to bid for the South-east Asian operations that French retailer Carrefour has put up for sale at a potential price of US$1 billion. |
|
| Secretive, mercantilist aid facing resistance |
| PURE aid from China takes the form of medical and technical assistance, scholarships, investments in Chinese-language programmes, or funds for turnkey plants. |
|
| Changing face of China's investments |
| CHINA'S use of its foreign reserves in the international currency markets is aimed at managing the value of the yuan - a normal part of any country's monetary policy. |
|
| Behind the eurozone's stress-test curtain |
| BY AGREEING to publish stress test results for the European Union's (EU) most prominent banks, European leaders have made a bold step that is both indispensable and riddled with execution risks. |
|
| Playing Korean bluff with global markets? |
| KOREANS have their own brand of positivism, which means that they rarely do things by halves and also that they sometimes get carried away by their own enthusiasm. |
|
| Reining in unethical moneylending |
| THE unusual urgency with which a housing bill was expedited through Parliament this week was well warranted and welcome - even (or perhaps especially) if it sounds the death knell for a small but insidious industry. |
|
| Three-Minute Digest |
| THERE'S a new kid on the block, and being online will never be the same again. |
|
| Another win for Obama as he signs financial bill |
| (WASHINGTON) US President Barack Obama aims to usher in a new era of consumer protections and banking restrictions after checking off another legislative victory yesterday just before US election-year politics overtakes the rest of his major agenda. |
|
| Morgan Stanley profit beats estimate |
| (NEW YORK) Morgan Stanley reported higher-than-expected second-quarter profit as its expanded stable of traders helped it win new business. The New York bank reported an unexpectedly large jump in adjusted earnings, sending its shares up 8 per cent in early trading. |
|
| How Citi's Kit makes his economic forecasts tick |
| (SINGAPORE) Economic forecasting isn't rocket science but dogged hard work, says Citi economist Kit Wei Zheng. |
|
| Analysts raise Apple target after strong Q3 results |
| (CUPERTINO, California) Wall Street analysts lifted their price targets on shares of Apple Inc, encouraged by the technology giant's strong quarterly results and unusually bullish revenue outlook. |
|
| SingTel fined $50,000 for Mio outage |
| (SINGAPORE) Singapore Telecommunications unit SingNet has been slapped with a $50,000 fine from the country's media regulator for its mio TV outage in March. |
|
| Plan to scrap SGX lunch break: sources |
| (SINGAPORE) The Singapore Exchange (SGX) is considering whether to scrap the lunchtime break on its securities market to allow continuous trading in each session. |
|
| BP S'pore files suits against ex-staff |
| (SINGAPORE) BP Singapore has started legal action against several former oil traders after the recent mass exodus of almost its entire fuel oil trading team here. |
|
| Investment banks counter bearish fund managers |
| GLOBAL fund managers are the most pessimistic since the depths of the bear market in the first quarter of 2009, but several major investment banks take the opposite view. |
|
| The man who saw the future and spelt it in exact numbers |
| (SINGAPORE) Soon after the Lehman crisis broke out, Citigroup was the first, in October 2008, to predict a negative GDP number for Singapore in 2009. |
|
| Telcos gear up with iPad data plans |
| (SINGAPORE) Unlike the iPhone, the three telcos here will not bundle the iPad with data plans. But all three have prepared specific data plans for the iPad. |
|
| Seoul defers move to boost property market |
| (SEOUL) South Korea yesterday put on hold a plan to announce measures aimed at boosting the property market, as policymakers were unable to reach an agreement on whether to ease mortgage lending restrictions. |
|
| Govt measures put Germany back on track |
| (BERLIN) Germany, Europe's economic engine, is back in gear after a painful recession, as foreign customers snap up cars and industrial machinery and the country reaps the benefits of stimulus spending that helped keep the motor running at home during the downturn. |
|
| Lack of sales and auctions stalling Dubai recovery |
| (DUBAI) A dearth of Dubai home sales and foreclosure auctions is stalling a recovery because buyers aren't able to gauge how far prices have fallen during the market's two-year slump. |
|
| London CBD costliest for car parking |
| (SINGAPORE) Parking a car in Singapore's central business district (CBD) may seem expensive, but it still costs substantially less compared to other cities such as London and Hong Kong. |
|
| More than offering better service |
| AT first glance, the term 'service innovation' may appear easy to understand - and hence apply. |
|
| Save on import duties by tapping on FTAs |
| TAP on the China-Singapore FTA (CSFTA) to enjoy tariff savings when exporting your products to China. |
|
| Helping S'porean businesses in brand building |
| What are some pointers for product branding in Shandong? |
|
| Securing profitability, sustaining growth |
| THESE are exciting times in which to be doing research on the services sector and service innovation in particular, says Katherine Lemon of Boston College's Carroll School of Management. |
|
| Golden key to sustainable growth |
| A GROWING number of people, both within business schools and the wider business circle, now believe service innovation to be a golden key that unlocks sustainable business growth for companies worldwide. |
|
| EnGro's JVs paying off in five cities |
| IT first ventured into Shandong, China in 2003. Now, together with its local partner, Singapore-based EnGro supplies not just the province's capital Jinan but also four neighbouring cities with materials used to make concrete. |
|
| RSP lends a hand with 'good projects' |
| ONE of RSP Architects Planners & Engineers' projects in China's Shandong province is to turn the city of Yantai into 'a world-class tourist destination'. |
|
| Zero in on Shandong |
| CHINA is a big market. Too big for small players from Singapore to score big there. The odds are against them. So a better bet for Singapore companies is to zero in on specific high-growth Chinese provinces. |
|
| UK team unveils Bloodhound Supersonic Car |
| (FARNBOROUGH, England) A British team aiming to smash the current land speed record has unveiled the design of a pencil-shaped car that it hopes will travel at more than 1,000 miles (1,609 km) an hour. |
|
| Icahn ends truce with lower hostile bid for Lions Gate |
| (LOS ANGELES) Billionaire Carl Icahn launched a lower hostile bid on Tuesday for Lions Gate Entertainment Corp, ending a 10-day truce with the studio, which then announced a debt-to-equity swap that cut his stake. |
|
| 21 countries pledge to work for clean energy |
| (WASHINGTON) Nations pledged on Tuesday to work together to improve the efficiency of energy guzzlers from televisions to cars, showing practical cooperation on climate change despite a deadlock on sealing a treaty. |
|
| Swiss banks zeroing in on Asian deposits |
| (ZURICH) Swiss banks face the highest wage demands in three years from bankers skilled at winning wealthy clients in Asia, where the number of millionaires rose 26 per cent last year. |
|
| BP to sell US$7b in assets to Apache |
| (HOUSTON) BP plc on Tuesday reached a deal to sell US$7 billion in assets to Apache Corp as the British oil company raises money to cover costs related to the oil spill in the Gulf of Mexico. |
|
| Fiat makes turnaround, affirms split into 2 groups |
| (MILAN) The Italian automaker Fiat, which controls Chrysler, yesterday reported a return to second-quarter profits on improved sales of agriculture equipment and trucks, and said it may raise its 2010 forecasts. |
|
| Reckitt Benckiser agrees to buy condom maker SSL for £2.5b |
| (LONDON) Consumer goods group Reckitt Benckiser agreed to buy Durex condoms and Scholl sandals maker SSL for £2.54 billion (S$5.3 billion) to increase its presence in health and personal care. |
|
| Euro dips after weak Portugal debt sale |
| (NEW YORK) The euro fell against the dollar yesterday after tepid demand at a Portuguese debt sale underscored fears about Europe's banks days before the European Union was due to reveal which ones need to raise more capital. |
|
| Brokers' Take |
| KEPPEL Land reported profit after tax and minority interests (Patmi) of S$134.7 million for H1 2010. |
|
| iPad rides hype to change the face of the game |
| (SINGAPORE) There's a new kid on the block, and being online will never be the same again. Apple's iPad will finally be available in Singapore from tomorrow and has been hyped as a game changer. |
|
| Fishing boats helping to clean Dalian oil slick |
| (BEIJING) China has recruited a flotilla of 500 fishing boats to help clean up an oil slick that shut one of its biggest ports, Dalian, disrupting refinery operations and diverting cargoes elsewhere, but officials said that the port would not return to normal until the end of the week. |
|
| Blame-game over deadly India train crash |
| (KOLKATA, India) A probe into a rail crash in eastern India that claimed more than 60 lives focused yesterday on why a packed express train hurtled at high speed into a station where it was scheduled to halt. |
|
| SAIC Motor's profit surges in H1 |
| (SHANGHAI) China's SAIC Motor Corp said yesterday its estimated first-half net profit had more than quadrupled from a year earlier, although sales slowed slightly in the second quarter. |
|
| Colourful, contrarian and candid fund manager |
| (LONDON) Hugh Hendry has a big mouth, as Hugh Hendry will tell you. |
|
| Asian bonds beat German, US, Japanese debt |
| (SINGAPORE) Asia's emerging-market bonds delivered double the returns of US, German and Japanese debt this year, drawing record inflows as budget deficits widened in developed nations. |
|
| Company Briefs |
| DBS Bank Ltd has set up a wholly foreign-owned entity, DBS Investment & Financial Advisory Co Ltd (DBSIFA), in Beijing. The unit will provide corporate finance advisory services. |
|
| Bull charges again |
| THE Singapore Exchange (SGX) is once again rallying its listed companies and the finance industry at large to raise funds for the needy through its annual Bull Charge. And the theme this year is 'Make an Impact'. |
|
| New structure to hold CEO's stake in Petra |
| PETRA Foods yesterday announced the completion of chief executive John Chuang's personal estate planning, with a new structure to hold his family's stake in the cocoa ingredients manufacturer and supplier. |
|
| Sun East suddenly loses its biggest shareholder |
| SUN East Group appears to have lost its largest shareholder overnight, in developments so shrouded in mystery that its executive deputy chairman claimed to have been caught off guard. |
|
| Total Access Q2 net profit up 78% |
| (BANGKOK) Total Access Communication, Thailand's second-largest mobile phone operator, reported a better-than-expected 78 per cent rise in quarterly earnings yesterday due to strong data growth. |
|
| Amara to open hotel in downtown Bangkok in 2012 |
| AMARA Hotels and Resorts, the hospitality arm of Amara Holdings, yesterday announced a 272-room hotel project in central Bangkok. |
|
| Goldman Sachs results send Wall St reeling |
| GOLDMAN Sachs Group reported second-quarter profit dropped 82 per cent, coming in well short of analysts' estimates, five days after settling US regulators' fraud allegations. |
|
| Rules for religious use of commercial space |
| (SINGAPORE) The government has clarified the extent to which commercial spaces can be used for religious activities. |
|
| Channel U outsourcing lauded by committee |
| CHINESE free-to-air TV has done well in supporting the local media industry through the outsourcing of programmes, says the Advisory Committee for Chinese Programmes (ACCESS). |
|
| SBS goes green with new eco-friendly buses |
| SBS Transit has joined the drive toward environmental consciousness, with two new eco-friendly buses unveiled yesterday. |
|
| Government releases two residential sites for tender |
| THE government has put a site at Jalan Eunos up for tender - the fourth residential plot from the confirmed list to be launched this month. |
|
| Priorities change for talent as economy booms |
| THE better economic climate appears to have shifted the priorities for talent in their job search. |
|
| Rise in serviced apartment rents set to resume |
| AVERAGE daily serviced apartment rental rates for the high-end and mid-tier segment here are expected to increase by about 5 to 10 per cent this year after sliding 22 per cent for the whole of last year, says Savills Singapore. |
|
| Quiet session as traders await direction |
| YESTERDAY'S session had few redeeming features for the majority of traders, even though the Straits Times Index (STI) managed a 3.19-point rise to 2,948.61 after falling 12 points on Monday. |
|
| Tackle the elephant in the room |
| PIRACY now appears to be shipping's elephant in the room. We are adjusting to it, starting to see it as something to be accepted. |
|
| Rush to dig up secrets of ancient ship |
| (NEW YORK) New Yorkers are racing against time to reveal the secrets of a mostly intact, 18th century sailing ship found in the muddy foundations of the World Trade Center reconstruction site. |
|
| Pvt-equity firms may buy ship unit: Northrop |
| (WASHINGTON) Northrop Grumman Corp chief executive officer Wes Bush said private-equity firms may be interested in the company's shipbuilding unit as the third-largest US defence contractor studies a sale or spin-off. |
|
| SMX to launch euro-US dollar futures contracts |
| THE Singapore Mercantile Exchange (SMX) will introduce euro-US dollar futures contracts when it goes live next month. |
|
| OSIM's Q2 profit more than doubles |
| OSIM International banked cushy profits for its second quarter ended June 30, with a 142 per cent year-on-year surge from $5 million to $12.1 million. |
|
| Healthier fund flows tracked in week to July 14 |
| DATA on fund flows from research house EPFR Global suggests that risk aversion has subsided but has not fully abated. |
|
| ST Engg unit in JV to set up aircraft facility |
| SINGAPORE Technologies Engineering (ST Engg) said yesterday its ST Aerospace arm will partner Guangdong Airport Management Corporation (GAMC) to set up a commercial aircraft heavy maintenance facility in Guangzhou, China. |
|
| KepLand Q2 net up 20% to $70m |
| KEPPEL Land plans to launch the first phase of a residential project next to Lakeside MRT station by the end of the year. |
|
| Google to comply with Chinese censorship laws |
| (BEIJING) China renewed Google's licence to operate in the country after the company agreed to respect Chinese censorship laws, an official said yesterday in the government's first public comment on the issue. |
|
| HK to tighten credit rating regulation |
| (HONG KONG) Hong Kong's financial watchdog on Monday proposed to tighten the monitoring of the city's credit rating agencies to meet new standards set by the European Union and other overseas jurisdictions. |
|
| China's exports likely to slow on European debt woes |
| (BEIJING) China sounded a gloomy note yesterday about its export prospects, warning in particular that belt-tightening by deeply indebted European Union governments would dampen demand for the country's goods. |
|
| China overtakes US as world's top energy user |
| (LONDON) China overtook the US as the world's biggest energy user last year, emphasising that developing nations are driving global growth, according to the International Energy Agency. |
|
| Govt loans to Airbus defended |
| (FARNBOROUGH, England) Airbus nations urged the European Union to appeal against a global trade ruling condemning loan payments to the planemaker and pledged to continue discussing financing for the A350 jetliner. |
|
| French ATCs' strike likely to disrupt flights |
| (PARIS) A strike by French air traffic controllers (ATCs) that was set to start last night is expected to disrupt flights in and out of France. France's civil aviation authority said it asked airlines to cancel 20 per cent of flights today at Charles de Gaulle airport and 50 per cent at Orly airport. Unions say the strike is to end early tomorrow. |
|
| Four short-listed for 3rd Changi ground-handler |
| IN ITS second attempt at liberalising the sector, Changi Airport Group (CAG) has short-listed four companies - AirAsia Berhad, US-based Aircraft Service International Group, Jetstar and SIA Engineering Company - in its search for a third ground-handler for Changi Airport. |
|
| Show takes off with big orders |
| (FARNBOROUGH, England) A flurry of orders for plane makers Boeing and Airbus signalled an optimistic start to the Farnborough International Airshow - and more began to roll in yesterday at the industry's premier event. |
|
| US, Russia to join East Asia Summit |
| (HANOI) South-east Asian nations have agreed to invite the United States and Russia to join a key regional dialogue on issues ranging from security to trade and the environment, Indonesia said yesterday. |
|
| Floods call for fast-disbursing financial help |
| MORE than a month has passed since Orchard Road was hit by an intense storm that caused millions of dollars of damage to businesses and disrupted their operations. |
|
| Both benefits and drawbacks in the filing of patents |
| THERE is a lot of debate going on about a potential patent system overhaul as patent infringement lawsuits and litigations to challenge existing patents continue to make headlines all over the world. |
|
| Enough uranium to last 100 years: study |
| (VIENNA) The world's total identified resources of uranium, used in the production of nuclear energy, are sufficient for over 100 years of supply, a new study showed yesterday. |
|
| L'Oreal heiress under investigation for tax evasion |
| (PARIS) France's richest woman, Liliane Bettencourt, will be questioned by police about alleged tax evasion and money laundering in a scandal that has hit the government, a public prosecutor's spokeswoman said on Monday. |
|
| Housing starts below forecast in June |
| (WASHINGTON) Housing starts fell in June to the lowest level since October as a slump in sales following the expiration of a government tax incentive caused US builders to cut back. |
|
| BP weighs alternative for sealing well for good |
| (NEW YORK) As scientists on Monday allayed concerns that BP's well in the Gulf of Mexico was damaged, the company said it was considering an alternative plan that could permanently seal the gusher sooner than had been anticipated. |
|
| Markets, investors drive Motorola's split |
| (NEW YORK) For decades, Motorola Inc's products told the story of the march of electronics into the hands of consumers: car radios in the 1930s, TVs in the 1940s and cell phones starting the 1980s. |
|
| Tax on forex trades can raise US$30b for aid |
| (PARIS) A global tax on foreign exchange trades could raise US$30 billion to fight poverty with development projects, an international group of finance experts said in a report. |
|
| Hedge funds keep heads down in bumpy markets |
| (LONDON) Hedge funds have cut back their bets over a volatile summer for financial markets, worried that big swings in investor sentiment are playing havoc with their carefully-researched trades. |
|
| Twilight of the euro not quite on the cards yet |
| TWO months ago today I was sitting in Frankfurt's Willy-Brandt Platz outside the opera house, munching an interval boiled bockwurst and wondering - was it the end of the euro? |
|
| Brokers' Take |
| US$234 million of new contracts won in Q2 boosted year-to-date contract wins to US$430 million, equivalent to 29 per cent of FY2009 revenue. |
|
| Parallel imports continue to plunge |
| SALES of parallel imports (PIs) continued to slow in the first half of this year, with only 2,433 cars registered. |
|
| Online insurers generally offer lower premiums |
| GOING online for motor insurance generally costs less but it all depends on the individual driver and the insurer's assessment of his or her risk profile. |
|
| Felda's financial position remains stable: chairman |
| (KUALA LUMPUR) The Federal Land Development Authority (Felda) is and will be on stable financial footing each year as long as the crude palm oil (CPO) prices, which are hovering at RM2,400 (S$1,025) a tonne, do not dip below their threshold of RM1,450 a tonne, says a report in Malaysia's Business Times. |
|
| La Nina likely to hurt SE Asia palm oil output |
| (KUALA LUMPUR) IOI Corp, Malaysia's No. 2 planter, expects the brewing La Nina weather event to have a major impact on palm oil production in South-east Asia as heavier rainfall may hamper harvesting. |
|
| M'sia sees record car sales in 2010 |
| MALAYSIA'S automotive companies have sold a fifth more vehicles in the first half of this year, reflecting stronger consumer confidence in an improving economy. |
|
| India happy with 8.5% growth |
| (NEW DELHI) Indian Finance Minister Pranab Mukherjee said on Monday he was sticking to his forecast of 8.5 per cent growth for this financial year despite a more bullish IMF projection. |
|
| Linklaters told to pay taxes on services in India |
| (MUMBAI) Linklaters LLP, the second highest-grossing UK law firm, was ordered to pay taxes in India on services provided by foreign lawyers in a ruling that may raise levies for overseas professional companies. |
|
| Exchange-traded funds not a cure all |
| EXCHANGE-TRADED funds seem to be advertised as a magic bullet for whatever ails an investor. They're easy to buy and sell. Many have low fees. What they hold is transparent. |
|
| US caught in a long sluggish period, says Roach |
| (NEW YORK) The US economy faces a period of 'protracted sluggishness' as consumers are wary to spend, said Stephen Roach, Morgan Stanley's non-executive chairman for Asia. |
|
| UK June public borrowing hits record £20.9b |
| (LONDON) Britain's public sector net cash requirement (PSNCR) rose unexpectedly last month compared to the same time a year ago, hitting its highest level since records began in April 1984, official data showed yesterday. |
|
| US firms plan to start hiring: survey |
| (NEW YORK) Fifty-four per cent of large US businesses that laid off employees in the past year want to rebuild their workforces, a study found on Monday. But some will have trouble finding sufficiently skilled people to hire, the study by management consulting firm Accenture said. |
|
| Japan vows to cap Budget as public debt mounts |
| THE Japanese government yesterday produced its promised pledge to cap spending and borrowing in fiscal 2011 against a background of mounting public debt and rising doubts about the ability of Prime Minister Naoto Kan's administration to contain the situation. |
|
| StarHub Centre ties its lot to the trump card next door |
| LAST week, CapitaCommercial Trust (CCT) sold its StarHub Centre at Cuppage Road, a 10-storey predominantly office building, to Frasers Centrepoint Ltd for $380 million, a whopping 42.5 per cent above the most recent valuation of the asset as at June 30, 2010. |
|
| Banks, telcos told to reach out to poor |
| (NEW DELHI) India's poor masses need bank accounts and access to the financial system to help sustain the country's strong domestic economic growth, Finance Minister Pranab Mukherjee said on Monday. |
|
| Volatile share markets not unusual |
| IT seems that every time I go on holiday, share markets go on a roller-coaster. The past three weeks have been no exception, with shares plunging in the first two weeks I was away, only to then recover a portion of their losses. |
|
| E-Class Mercedes top parallel import so far |
| THE top parallel import (PI) model so far this year is a luxury model - the Mercedes-Benz E-Class. |
|
| Toyota settles patent case with US firm |
| (NEW YORK) Toyota Motor said on Monday it has settled a years-long dispute with a US company that had claimed the Japanese automaker used its technology without permission in its hybrids. |
|
| US court grants bail to Conrad Black |
| (CHICAGO) Disgraced media mogul Conrad Black won a request for bail on Monday as a US federal appeals court considers whether to overturn his six-and-a-half-year jail sentence for defrauding shareholders. |
|
| Economic gloom casts cloud over IBM results |
| (SAN FRANCISCO) Uncertainty about the stability of world markets is clouding encouraging signs about the health of the technology sector. |
|
| Ireland getting to grips with its post-golden age |
| UNTIL 2006, Ireland enjoyed a carefree eurozone youth. As if by magic, low euro interest rates turned houses from bricks to gold and the enriched Irish spent freely. |
|
| The coming triangulation of Obama |
| THE Democratic leaders in the US House of Representatives have been steaming with anger in recent days after White House Press Secretary Robert Gibbs speculated that his party could lose control of the House after the November midterm elections. |
|
| A Deepnuke Horizon would be catastrophic |
| WE WERE told by oil industry executives and their acolytes and enablers in government that deep-water drilling in the Gulf of Mexico would not cause the kind of catastrophe that we've been watching with an acute and painful sense of helplessness for the past three months. |
|
| Three-Minute Digest |
| THE government has clarified the extent to which commercial spaces can be used for religious activities. |
|
| AIA in bid to split from troubled American parent |
| (HONG KONG) American International Assurance (AIA), the Asian unit of US insurance giant AIG, is trawling for investors so it can split from its troubled parent as soon as possible, a report said yesterday. |
|
| Apple looking at robust third quarter figures |
| (SAN FRANCISCO) Apple Inc will report that profit more than doubled last quarter, analysts predict, reflecting demand for the iPad tablet and early sales of the iPhone 4. |
|
| ADB raises Asia growth forecast to 7.9% |
| FOR Asia, it is a situation of all-systems-go so far as the economic outlook for most of the region in 2010 is concerned, the Asian Development Bank said yesterday in a highly upbeat assessment of the region's prospects in which forecasts for economic growth were raised. |
|
| Get a CEOs' Hawker Guide for $20 |
| (SINGAPORE) Now that the 'CEOs' Hawker Guide' column has ended its run in The Business Times Weekend pages, staunch followers of the column might be wondering how they are going to remember all the hawker names and mouth-watering details. |
|
| Temasek's sterling bonds make a splash |
| (SINGAPORE) Temasek Holdings sold £700 million (S$1.47 billion) of long-dated bonds on Monday, breaking new ground for Asian corporates to raise money in sterling. |
|
| Fund managers sweat to repeat pre-crisis results |
| (SINGAPORE) Despite a strong rebound in markets last year, global fund managers are struggling to return to pre-crisis profit levels as investors remain risk averse, according to Boston Consulting Group's (BCG) annual study of the asset management industry. |
|
| Hungary faces market pressure to agree with IMF |
| (BUDAPEST) Hungary's markets sold off yesterday after the government rebuffed lenders' calls for tougher austerity measures, bringing weekend talks on further aid to a premature end and rattling investor confidence. |
|
| US lets BP keep oil cap closed for another day |
| (NEW ORLEANS) The US government yesterday allowed BP plc to keep the cap shut tight on its damaged Gulf of Mexico oil well for another day after the company promised to watch closely for any signs of new leaks breaking through the sea floor, settling for the moment a rift between BP and the government. |
|
| Claims from latest flood not likely to exceed $8m |
| (SINGAPORE) While it is too early to assess last weekend's flood damage to vehicles and property, the signs are insurers may not have to pay out more than the $8 million in claims unleashed by water woes not long ago in June. |
|
| Debate as HDB spreads its wings |
| (SINGAPORE) The amendment in the bill was a minute one, but it provoked two Members of Parliament enough to raise concerns about the government's proposal to allow the Housing and Development Board to expand its services overseas. |
|
| Talk persists of NY mayor running for president |
| (BOSTON) New York City Mayor Michael Bloomberg, one of the richest men in America, says his views are too polarising for him to become president of the US. |
|
| Countries upbeat on Europe bank stress tests |
| (LONDON) Bankers and officials in Spain, Greece and Belgium joined a swell of countries saying that they saw no big shocks from Europe's stress test of its banks, although doubts linger whether the health check will be severe or transparent enough. |
|
| Proving manipulation to become easier |
| (NEW YORK) Traders will face new rules aimed at making it easier for regulators to prove manipulation in markets for commodities such as oil, wheat and natural gas under the financial overhaul awaiting President Barack Obama's signature. |
|
| US watchdog criticises handling of car dealers |
| (WASHINGTON) The Treasury Department failed to consider the economic fallout when it told General Motors and Chrysler to quickly shutter many dealerships as part of government-led bankruptcies, a federal watchdog found. |
|
| UK curry houses sweat over industry's future |
| (LONDON) Spicy, steaming hot, scooped up in naan bread and washed down with a cold beer, there are few dishes more favoured by the British than the curry for a takeaway or a late-night meal after the pubs shut. |
|
| US firms plan to hire but service sector lags: survey |
| (WASHINGTON) Plans by US firms to increase payrolls over the next six months have risen to the highest level since January 2008, but some service sector companies still see layoffs, according to a survey released yesterday. |
|
| Jobs riddle dogs Obama as midterm polls loom |
| (WASHINGTON) Welcome as it is, progress toward finally capping the Gulf of Mexico's oil leak hasn't resolved the biggest conundrum facing President Barack Obama before the midterm elections. |
|
| US stock investors bet on Republican gain |
| (NEW YORK) Growing dissatisfaction with US President Barack Obama before this year's elections is good news for stock investors, if history is any guide. The Standard & Poor's 500 Index has surged 48 per cent on average starting in the second year of each US presidential term, measured from its lowest level through the high the next year, according to data going back to 1928 compiled by Bloomberg. |
|
| Philips Q2 profit rises to 262m euros on strong sales |
| (THE HAGUE, Netherlands) Royal Philips Electronics NV, the world's largest maker of lights, said yesterday its second-quarter profit rose sharply, thanks to strong sales at its lighting and consumer electronics divisions, particularly in emerging markets. |
|
| US$500m of new aid for Pakistan |
| (ISLAMABAD) US Secretary of State Hillary Clinton announced more than US$500 million in new aid projects for Pakistan yesterday, which Washington hopes will help win over a sceptical public in an ally vital to winning the war in neighbouring Afghanistan. |
|
| UK to tap dormant bank accounts |
| (LONDON) UK Prime Minister David Cameron announced plans to use 'hundreds of millions of pounds' from dormant bank accounts to fund community projects. |
|
| Euro nears 2-month peak against dollar |
| (NEW YORK) The euro hovered near a two-month high against the dollar yesterday, rebounding from lows hit after a downgrade of Ireland's sovereign ratings, as investors awaited results of European banks' stress tests. |
|
| Brokers' Take |
| CAPITACOMMERCIAL Trust (CCT) announced that it will sell StarHub Centre to Frasers Centrepoint Ltd (FCL) for $380 million or 42.5 per cent above the last valuation. |
|
| ECB needs a self-stress test |
| JEAN-CLAUDE Trichet, president of the European Central Bank (ECB), has been pushing hard for stress tests to be conducted on eurozone banks. But the ECB itself could probably do with a thorough examination of its own. |
|
| Facing up to second-half challenges |
| SINGAPORE'S blistering economic growth rate of 18.1 per cent year on year in the first half of 2010 makes it one of the fastest-growing nations in the world. |
|
| Wall St reform bill 'more of the same' |
| ONE more signature to go - that of President Barack Obama in a week - and the financial reform legislation approved by the US Senate will become law. |
|
| Obama doing too little on jobs and the economy |
| THE latest hot political topic is the 'Obama paradox' - the supposedly mysterious disconnect between the president's achievements and his numbers. |
|
| Market response to AgBank IPO was astute |
| THE weak trading debut of Agricultural Bank of China (AgBank) last week would have come as a big disappointment to the bank, its backers, the Chinese government and, indeed, the big-name investors who had agreed to support the issue. |
|
| Three-Minute Digest |
| HELP is at hand for businesses in Orchard Road to make sure that they are better prepared to deal with flash floods. |
|
| Early flood alerts for Orchard Rd businesses |
| (SINGAPORE) Help is at hand for businesses in Orchard Road to make sure that they are better prepared to deal with flash floods. |
|
| Redefining the SME |
| A MORE accurate measure would be to use the sales turnover or gross profits of a company instead of using the number of employees a company has as a criteria. |
|
| Reap the benefits of sensible segmentation |
| WHEN it comes to serving customers, businesses can move in one of two fundamental directions. They can standardise operations so each customer receives the same options and treatment as every other customer. |
|
| Loophole exploited by moneylenders closed |
| (SINGAPORE) Homeowners will no longer be allowed to use their HDB flat or its sale proceeds as collateral for taking loans or paying off debts. |
|
| AIA replaces its boss and may seek a slice of Prudential |
| (HONG KONG) American International Group (AIG) named former Prudential plc chief executive Mark Tucker as head of its Asia life insurance business, AIA, replacing existing boss Mark Wilson. |
|
| Heatec Jietong amps up employee productivity |
| EVEN before raising productivity became the latest mantra in Singapore, heat transfer and piping system specialist Heatec Jietong Holdings Ltd was already spicing up its productivity journey by introducing a pinch of friendly competition. |
|
| A business born out of happenstance |
| FOUNDED in 1987 by Linus Lee's father Lee Sian Tee, 63, CS Graphics may never have materialised - if not for a call from a long-time German contact. |
|
| CS Graphics aims to begin a new chapter |
| SPECIALIST book printer CS Graphics may not be a familiar name in Singapore, but in the US and UK, it's an award-winning company well-known among museums and photographic associations. |
|
| SOE calling for award nominations |
| NON-PROFIT organisation the Spirit of Enterprise (SOE) is calling for nominations for its 2010 Spirit of Enterprise Awards. |
|
| Small caps hold on to gains, up 0.5% |
| INTEREST in the stock market remains muted, with shares worth less than $1 billion being traded on the Singapore Exchange yesterday. |
|
| Moving with the times |
| LISTED rigging specialist KTL Global Limited might have been founded almost a hundred years ago, but even a 98-year-old can be agile in adapting to the dynamic happenings of the world. |
|
| Singapore Roundup |
| PHYLLIS Fong, formerly head of marketing and sales management at ABN Amro Private Banking Hong Kong, has been appointed the private bank's regional head of business development for Asia. |
|
| VCH to host gala concert before closing for face-lift |
| MUSIC lovers, take note. Singapore's grand old dame, the Victoria Concert Hall, will host a final gala concert on July 25 before closing its doors for a three-year face-lift. |
|
| Temasek selling sterling bonds |
| SINGAPORE investment company Temasek Holdings will soon sell sterling-denominated bonds for the first time to diversify its funding sources. |
|
| Simon Tay joins WongPartnership |
| LAW lecturer and environmentalist Simon Tay has joined law firm WongPartnership as a senior consultant. |
|
| URA launches site in Kaki Bukit for tender |
| THE Urban Redevelopment Authority (URA) has launched a 3ha site at Kaki Bukit Avenue 4 for tender under the confirmed list. |
|
| Tobacco ads assigned to history books |
| THERE will now be a full ban on tobacco advertising in Singapore, and such companies will no longer be able to sponsor arts and cultural events. |
|
| Government very much focused on people: Amy Khor |
| SINGAPORE has never pursued a 'GDP growth at all cost' strategy, the government said yesterday in a robust response to a view that a growth-centred model here has led to socio-economic dysfunctions. |
|
| As expected, stocks fall in low volume |
| THE local bourse responded in fairly predictable fashion yesterday to Wall Street's Friday drop, with the broad market weakening and the Straits Times Index's (STI) movements dictated by short-selling and covering throughout the session. |
|
| KL box rates near pre-crisis levels |
| (KUALA LUMPUR) Malaysia's container shipping freight rates have returned to near pre-crisis levels, driven by a combination of demand and shortage of container equipment, says a report in Malaysia's Business Times yesterday. |
|
| Traders fix ships to store gas oil, jet fuel in Europe |
| (SINGAPORE) Trading firms Vitol and Hetco have fixed two Aframaxes ship each to store gas oil and/or jet fuel in the European oil hub of Amsterdam, Rotterdam, Antwerp (ARA), ahead of winter to take advantage of a marginally wider contango and lower time-charter rates, traders and ship brokers said yesterday. |
|
| Singamas sees box prices rising on shortage |
| (SINGAPORE) Singamas Container Holdings, the world's second-biggest maker of shipping boxes, said prices will rise as much as 9 per cent by year-end as shippers struggle for containers amid rebounding global trade. |
|
| China seals Dalian port after spill |
| (BEIJING) China has closed the Dalian Xingang oil port in its north-east, home to the country's largest oil reserve bases, after crude pipeline explosions spilled oil into the sea. |
|
| Shopping body sees RM60b in tourist spending |
| (KUALA LUMPUR) Foreign tourists are expected to spend a whopping RM60 billion (S$25.6 billion) shopping in the country in 2020, accounting for more than 35 per cent of the total foreign exchange receipts of RM168 billion then, reports Malaysia's Business Times yesterday. |
|
| F&N Bhd drinks to Indochina's tea culture |
| INDOCHINA'S lively tea culture bodes well for Fraser & Neave Holdings Bhd, its chief executive Tan Ang Meng asserts. |
|
| BNP Paribas bullish on Indonesian bonds |
| (HONG KONG) BNP Paribas Investment Partners, which manages US$682 billion worldwide, is overweight on Indonesian bonds and expects them to outperform debt globally, said London-based investment specialist Ernesto Bettoni. |
|
| India under pressure to up rates as inflation set to rise |
| (NEW DELHI) India's inflation will accelerate in July, the government's top statistician said, increasing pressure on the central bank to raise interest rates next week for a fourth time in five months. |
|
| Lift mandatory open offer to 100%: SEBI |
| (MUMBAI) A takeover panel formed by the Securities and Exchange Board of India (SEBI) yesterday recommended lifting the mandatory open offer level to 100 per cent from the current 20 per cent, making it easier for minority shareholders to participate in open offers arising from mergers and acquisitions. |
|
| UK home price growth weakens in July |
| (LONDON) Asking prices for British homes fell for the first time this year in July, lowering the annual rate of growth to 3.7 per cent from 5 per cent in June, property website Rightmove showed yesterday. |
|
| Beijing flat prices rise to 22 times income levels: report |
| (BEIJING) A typical Beijing flat costs about 22 times average incomes in the city, state media said yesterday, highlighting the challenge China faces providing affordable housing amid a property boom. |
|
| S Korea to unveil housing market steps on Thurs |
| (SEOUL) South Korea said yesterday it will unveil measures aimed at boosting housing transactions on Thursday, sending shares of home builders higher. |
|
| Buyers snap up 92 flats at HK$40m each |
| (HONG KONG) Sun Hung Kai Properties Ltd, the world's biggest developer by market value, will put another 50 luxury apartments up for sale in Hong Kong after buyers snapped up all 92 flats in a first batch put up for sale over the weekend. |
|
| Vertical horizons |
| AS more high-rise buildings sprout around the island, there is an ever-increasing need to keep Singapore green - it's beneficial to our eco-system and consistent with our reputation as a Garden City. |
|
| Moody's cuts Ireland by one notch |
| (DUBLIN) Moody's downgraded Ireland's sovereign bond rating by one notch to Aa2 yesterday, citing weaker growth prospects and the high costs of rebuilding the country's crisis-hit banking system. |
|
| Bernanke, dodging lawmaker jabs on rates, holds back Treasuries |
| (WASHINGTON) It's an election year and unemployment is high. Congress' response? Give the Federal Reserve a break. |
|
| After the turmoil, things are looking up in Europe |
| (LONDON) Just two months ago, Europe's sovereign debt problems seemed grave enough to imperil the global economic recovery. Now, at least some investors are treating it as the crisis that wasn't. |
|
| IMF to push for aid kit of US$1t at G-20 summit |
| (SEOUL) The International Monetary Fund is seeking to increase its lending capacity to US$1 trillion, from the current US$750 billion, at a Group of 20 summit in South Korea in November, according to a Korean government official. |
|
| Banks, mutual funds beat bond dealers |
| (WASHINGTON) For the first time since the government started collecting the data, central banks, mutual funds and US banks are buying more government securities at Treasury auctions than Wall Street's bond dealers. |
|
| China Taisan: a hidden piece of treasure |
| THOUGH the market recovery of the past year has lifted most stocks, many S-chips - stocks of China-based companies listed in Singapore - have underperformed, no thanks to a series of corporate scandals involving these companies. |
|
| Company Briefs |
| TEMASEK Holdings said yesterday it has decided not to de-list STATS ChipPAC from the Singapore Exchange 'at this time'. |
|
| Qian Hu Q2 net profit plunges 42.9% |
| ORNAMENTAL fish breeder Qian Hu Corporation has posted a 42.9 per cent drop in second-quarter net profit to $950,000 from a year back - hit by air-traffic disruption in Europe, the World Cup in South Africa, unrest in Thailand and bad weather in Malaysia. |
|
| Credit loss risks on residential property loans limited: S&P |
| THE credit loss risks of Singapore banks would be limited even if an asset bubble were to form, Standard & Poor's Ratings Services said yesterday. |
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| Viking buys into two offshore firms |
| VIKING Offshore and Marine yesterday announced the purchase of controlling stakes in two companies for a total of $29.8 million. |
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| Region's brokers appear attractive: Nomura |
| REGIONAL brokerages - in China, Hong Kong, Korea, Taiwan, Malaysia, Singapore and Thailand - are looking to be attractive investments, after underperforming substantially this year, says Nomura International. |
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| Yangzijiang wins orders worth US$234m in Q2 |
| YANGZIJIANG Shipbuilding (Holdings) said yesterday it chalked up 10 shipbuilding contracts worth US$234.16 million in the second quarter of this year. |
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| K-Reit net property income up 49% in Q2, but DPU falls 38% |
| K-REIT Asia has acquired office and retail space at 77 King Street in Sydney, Australia, for A$120 million (S$145 million). |
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| No impact from HK court ruling: CapitaLand |
| CAPITALAND said yesterday that there was no financial impact on the group stemming from a court ruling in Hong Kong concerning a troubled Macau casino project. |
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| Khazanah mulling two options for Parkway |
| MALAYSIAN sovereign wealth fund Khazanah Nasional is looking at either raising its $3.78-a-share offer for a bigger stake in Singapore's Parkway Holdings, or launching a full-fledged general offer that beats the $3.80 a share offer made by India's Fortis Healthcare, according to a Reuters report that cited unnamed sources. |
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| Ericsson wins China Mobile deal |
| (STOCKHOLM) Ericsson has won its largest-ever managed services deal in China, a three-year contract with China Mobile to maintain 22,000 base stations in Hebei province. |
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| Internet TV booms as viewing habits change |
| (SHANGHAI) Internet TV has arrived in China. |
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| Young migrants in Shenzhen underpaid: poll |
| (BEIJING) Young migrant workers in the southern Chinese boomtown of Shenzhen are sorely underpaid but are in no position to ask for more money, according to latest survey figures cited by state media. |
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| MAS inks deal with Pratt and Whitney |
| (KUALA LUMPUR) Malaysia Airlines said yesterday that it has awarded a US$680 million deal to US jet engine maker Pratt and Whitney to supply 34 engines for its 17 new Airbus planes. |
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| Dreamliner thrills with maiden trip outside US |
| (FARNBOROUGH, England) Boeing Co's new 787 Dreamliner touched down in Britain on Sunday on its first trip outside the United States, thrilling hordes of eager planespotters who came out to see the breakthrough carbon-composite plane. |
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| Emirates orders 30 B777-300ER |
| (DUBAI) Emirates Airline has ordered 30 Boeing 777-300ER aircraft valued at US$9.1 billion, as the largest Arab airline expands its fleet of long-range jets. |
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| Biggest orders likely to come from Middle East |
| (FARNBOROUGH, England) Middle Eastern buyers are poised to place some of the largest orders at Farnborough as the global aviation industry's biggest airshow opened in the sleepy southern England town yesterday. |
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| Summer splash |
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| Aussie PM extends lead in election race |
| (SYDNEY) Australian Prime Minister Julia Gillard's chances of winning an August 21 election were boosted yesterday with an opinion poll showing voters overwhelmingly preferred her as prime minister. |
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| These are busy days for component makers |
| (TAIPEI) The launch this year of gadgets such as the iPad, the iPhone 4 and a host of other smartphones, tablet computers and 3D televisions is draining the Asian market dry of electronic components. |
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| Security a top public sector ICT priority |
| EMERGING technologies such as Web 2.0 and cloud computing, plus new ways of transacting and accessing information through new media, have bolstered the importance of online security for public sector institutions. |
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| Heathrow airport faces threat of strike |
| (LONDON) London's Heathrow airport, the busiest in Europe, could be closed by strike action as the Unite union ballots more than 6,000 security staff, engineers and firefighters in a pay dispute with owner BAA Ltd. |
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| Asian airlines set to dominate Farnborough |
| (FARNBOROUGH) The aviation sector descends on the Farnborough International Airshow near London this week amid fresh setbacks and increased competition for top planemakers Boeing and Airbus. |
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| Nations seek cooperation on clean energy |
| (WASHINGTON) Top economies in the world will look this week at ways to work together on clean energy, striking a rare note of cooperation amid an impasse in drafting a new climate change treaty. |
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| 'Mad Monk' Abbott could head next govt |
| (SYDNEY) Australia's Speedo-loving, gaffe-prone conservative leader Tony Abbott may be known as the 'Mad Monk' but his earthy personality may see the one-time trainee priest win power. |
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| Gillard leads polls as campaigning begins |
| (SYDNEY) Australia's Prime Minister Julia Gillard got off to a flying start in opinion polls yesterday as taunts over her new slogan and controversial rise to power marked the start of a 'filthy' election season. |
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| Singapore ranks 28th for relaying spam; US tops ranking |
| (SINGAPORE) The Republic has been ranked 28th in the world - for relaying spam. But that's much better than the US, which has again been crowned the spam king. |
|
| T-Systems to boost data centre capacity |
| (SINGAPORE) One of the world's largest DC (data centre) operators, Germany-based T-Systems, is planning to expand its DC capacity by two-thirds in Singapore, where it runs DCs that currently occupy about 25,000 sq ft of dedicated DC space in two locations. |
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| Building the data centre of the future |
| (SINGAPORE) In a unique effort to optimise energy usage in data centres (DCs), German DC major T-Systems has tied up with semiconductor giant Intel Corp in a research initiative called Data Centre 2020. |
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| Rokko expects to reverse loss with $3m profit in 1H |
| ROKKO Holdings, which supplies equipment to the semiconductor industry, said it expects to reverse a pre-tax loss in the first half of the year. |
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| Raise transaction tax, says central bank adviser |
| (BEIJING) Higher taxes on property transactions would do more than a property tax to curb speculation, an influential Chinese policy maker said in an editorial published on Saturday, in which he advocated maintaining current cooling measures in the second half. |
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| AgBank asking IPO advisers for fee cut: sources |
| (HONG KONG) Agricultural Bank of China Ltd is negotiating a 36 per cent cut in underwriter fees for its US$10.5 billion initial stock sale in Hong Kong to reflect talks with corporate investors that the lender handled itself, said three people with knowledge of the matter. |
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| Marketing on a shoestring budget |
| SOMEONE once said: 'Brand is vanity. Sales is sanity. Cash is reality.' |
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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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| Getting an early start in business |
| A RELAXED air accompanies Benjamin Ong, 25, whose smile and firm handshake offer a glimpse of both his friendly demeanour and firm resolve. |
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| Potential in mobile marketing as smartphones multiply |
| (SINGAPORE) The growing appeal of promotional SMS messages and the rise of smartphones in Singapore spells mobile commerce opportunities for marketers, says email marketing company e-Dialog. |
|
| Siemens ties up with Microsoft in cloud project |
| (SINGAPORE) Siemens product life-cycle management (PLM) Software has joined forces with Microsoft to pioneer a cloud computing-based quality management solution for the PLM industry. |
|
| Retreat of the US upmarket consumer threatens economy |
| (NEW YORK) The economic recovery has been helped in large part by the spending of the most affluent. Now, even the rich appear to be tightening their belts. |
|
| Roche breast cancer drug fails to extend lives: studies |
| (WASHINGTON) Follow-up studies of a Roche breast cancer drug showed that it failed to extend the lives of patients, federal health scientists said, opening the door for it to be potentially withdrawn for use in treating that disease. |
|
| Hungary in a fix as IMF stops funding review |
| (BUDAPEST) Hungary lost its access to a US$25.1 billion financing package put up by the International Monetary Fund and European Union after the two organisations suspended talks on a review of the programme. |
|
| Who will head new consumer bureau is the big question |
| (WASHINGTON) The Obama administration, savouring congressional approval of a far-reaching financial regulation bill, now faces a crucial choice over who will lead the powerful new consumer guardian created by the legislation. |
|
| Dollar declines the most in 14 months against euro |
| (NEW YOK) The US dollar fell the most against the euro in 14 months and dropped to the lowest level this year versus the yen as economic reports added to evidence that the US recovery is losing momentum. |
|
| Varied showing from portfolios |
| IT was a good week in the stock market last week, with our portfolios gaining an average 1.3 per cent. This is more or less in line with the blue-chip Straits Times Index's 1.4 per cent advance. |
|
| Director buying and buybacks dive, selling rebounds |
| THE buying fell while the selling among directors rebounded last week, based on filings on the Singapore Exchange from July 12 to 16. |
|
| Silver - the poor man's gold |
| SILVER prices rallied to a peak of US$19.79 an ounce in May this year. This was at the height of risk aversion as investors were preoccupied with the sovereign debt crisis in the euro zone. The euro declined to multi-year lows and investors sought safe havens and alternative assets. This boosted investment demand for silver and gold. |
|
| Welcome surge, but stay focused on the fundamentals |
| Is Singapore's rapid economic growth likely to be sustained, or is it temporary? |
|
| Three-Minute Digest |
| SINGAPORE'S strong Q2 GDP numbers have failed to stir much excitement in the stock market. |
|
| SEC targets exotic financial products |
| (WASHINGTON) The new Securities and Exchange Commission unit that obtained a US$550 million settlement from Goldman Sachs in a fraud suit is pressing ahead with investigations into wrongdoing during the financial crisis by big banks, but is also turning its attention to exotic financial products that might be used to harm average investors, officials said. |
|
| At last, Wall St's summertime |
| WALL Street can now officially start its summer. Goldman Sachs has settled with the Securities and Exchange Commission over fraud charges. The US Senate has passed financial reform legislation. Even hapless BP appears to have finally capped its oil gusher in the Gulf of Mexico. |
|
| Tharman: GDP call based on short-term rebound |
| (SINGAPORE) While Singapore's latest growth forecast of 13-15 per cent had surpassed expectations, it reflects a short-term rebound, says Finance Minister Tharman Shanmugaratnam. |
|
| Singapore version of Bund opens |
| (SINGAPORE) Shanghai has its Bund, a mile-long historic embankment on the shores of the Huangpu River. |
|
| Friday's steep slide puts focus back on earnings |
| THE US equity market is in for an interesting test of faith this week, after a hard day of losses last Friday - which was inspired by doleful economic reports and the kind of earnings surprise that sends investors running for the exits. |
|
| Foreign workers needed for top posts in finance, IT |
| (SINGAPORE) A sizeable proportion of foreign workers entering Singapore this year could be highly skilled, some economists say. Recruiters' observations of the rising number of expatriate professionals now being hired point the same way. |
|
| Hong Kong hires grannies to keep brokers in line |
| (HONG KONG) Hong Kong's hard-nosed financial regulators are adding a new weapon to their arsenal in the battle to protect investors from unscrupulous stockbrokers: old ladies and pregnant women. |
|
| Strong Q2 numbers like water off bourse's back |
| (SINGAPORE) Even as Singapore's strong second- quarter GDP numbers sent economists rushing to raise their forecasts for the full year, the stock market barely stirred. |
|
| Bangladesh moving China's cheese |
| (GAZIPUR, Bangladesh) THE eight-lane highway leading from the Bangladeshi capital, Dhaka, narrows repeatedly as it approaches this town about 48 kilometres north, eventually depositing cars onto a muddy, potholed lane bordered by mangroves and small shops. |
|
| BT partners Dover Park Hospice in Sunday Walk |
| DOVER Park Hospice (DPH) will hold its second family walk and a charity dinner to raise funds and public awareness of palliative care, this time with The Business Times as its key partner. |
|
| The right leverage could boost Asia's economy |
| THE recent financial crisis gave leverage a bad name but, with demand from the West still flagging, Asia is likely to take on more credit to achieve the high growth it desires. |
|
| Wall St ponders a double-dip, volatility to rise |
| ALBERT Einstein once famously said: 'Everything should be made as simple as possible - but no simpler'. |
|
| UAE gives Seychelles a US$15m anti-piracy boost |
| (NAIROBI) The United Arab Emirates (UAE) has signed a US$15 million deal to boost the Seychelles' coast guard and help the Indian Ocean archipelago combat Somali piracy. |
|
| Thoresen Thai eyeing overseas expansion |
| (BANGKOK) Thoresen Thai Agencies, Thailand's top dry bulk carrier, is looking to expand abroad into logistics and energy businesses as part of a diversification strategy to protect profits when freight rates fall. |
|
| Lead by example |
| DESPITE being forewarned that subsidy rationalisation was inevitable, Malaysians chaffed at last week's first steps. The degree of resentment at the 'upward price adjustments' as the federal government prefers to term the increases, was also surprising, considering they were nominal. |
|
| Bakrie firms queried over discrepancies; stocks hammered |
| (JAKARTA) Indonesia's stock exchange has queried discrepancies in the financial statements of several Bakrie group companies, including coal miner Bumi Resources, driving Bumi's stock down 6.6 per cent last Friday. |
|
| Jakarta may cut bond issuance target |
| (JAKARTA) Indonesia may cut its debt issuance target for the rest of the year due to an improving fiscal position, which could boost its bonds and strengthen the case for a ratings hike to investment grade. |
|
| India's economic miracle marred by great poverty |
| (ZARUA, India) WHEN flames from an open cooking fire raced through Fida Hussein's shack in northern India, it was a disaster for him and his poverty-stricken family. |
|
| Consumer demand must be curbed to check inflation, govt economist |
| (NEW DELHI) India needs to curb consumer demand to cool inflation that has stayed above 10 per cent for five months, a finance ministry official said, stoking speculation the central bank will raise rates a second time this month. |
|
| Indian aim to stop cellphone spying may squeeze telcos |
| (NEW DELHI) As India prepares to adopt new import regulations aimed at thwarting spying and sabotage, the country's cellphone operators say the costs of adopting the rules could squeeze their thin profits even further and accelerate an impending wave of consolidation in the industry. |
|
| Germany to test ethnic bias-free hiring scheme |
| (BERLIN) Germany revelled in its multicultural national team at the World Cup this month but still has a long way to go in its labour market, according to the sponsors of a radical new trial hiring scheme. |
|
| Germany sees Q2 growth above 1.5% |
| (BERLIN) The German government believes the economy may have grown by a stronger-than-expected rate of above 1.5 per cent in the second quarter, news magazine Der Spiegel reported on Saturday. |
|
| When being out of work becomes a chronic condition |
| (NEW YORK) In the United States, unemployment has typically been a relatively brief affair. The vast majority of people who lost jobs soon found new work. |
|
| Viet rice farmers hit by low price, fall in exports |
| (PHU NHUAN, Vietnam) Over-production and lower exports have left rice farmers in Vietnam's Mekong Delta holding on to their stocks in the face of lower prices, analysts say. |
|
| Markets await Europe stress test results |
| (BRUSSELS) The markets have given Europe some respite in its struggle against debt but the EU faces a moment of truth with tests that will show whether banks can survive a new economic cataclysm. |
|
| Chances of Japan avoiding fiscal crisis seen dwindling |
| WITH its political fortunes almost as battered as the state of public finances, Japan's government will tomorrow outline plans to cap budgetary spending in the coming fiscal year. |
|
| Point of divesting Chinatown Point |
| CITY Developments Ltd (CDL) recently sold its stake in Chinatown Point, comprising the entire retail component (283 strata shop units) and four strata office units, for $250 million. The buyer is a consortium put together by Perennial Real Estate group - set up by Pua Seck Guan, the former CEO of CapitaMall Trust Management Ltd. |
|
| Juken sees 10-fold rise in 1H profit |
| JUKENTechnology said yesterday pre-tax profit for the half year to June 30 could increase 10-fold due to cost improvements, recent acquisitions and continued demand for its automotive components. |
|
| Olam bid to take control of NZ-listed dairy firm |
| COMMODITIES supply chain manager Olam International yesterday said it would offer NZ$0.55 a share for full control of a New Zealand-listed dairy farming company. |
|
| Equation Corp lands deal with German stores |
| CATALIST-LISTED Equation Corp has, through its local subsidiary Disa DigitalSafety Pte Ltd and German subsidiary Disa DigitalSafety GmbH, signed a deal with two units of leading European consumer electronics group Media-Saturn. |
|
| US$2.4b suit against New Cotai dismissed |
| (HONG KONG) A Hong Kong court has dismissed a US$2.39 billion claim by a unit of eSun Holdings against investors in its Macau casino project, including Oaktree Capital Management LP and Silver Point Capital LP. |
|
| BP mulling break-up: report |
| (LONDON) Oil giant BP could split itself up by scaling back its US operations and selling refineries and petrol stations in the wake of the Gulf of Mexico oil spill, Britain's Sunday Times newspaper reported. |
|
| Frasers Centrepoint buys StarHub Centre for $380m |
| FRASERS Centrepoint Ltd has inked a deal to buy StarHub Centre at Cuppage Road for $380 million from CapitaCommercial Trust (CCT). |
|
| Oceanus sets its eyes on lobster aquaculture |
| SINGAPORE-LISTED abalone producer Oceanus Group has cast its net wider - it has entered into a collaboration framework agreement with an Australian lobster aquaculture technology company to develop commercial lobster production operations in China. |
|
| Smartflex IPO 4.2 times subscribed |
| SMARTFLEX Holdings, a provider of integrated circuit module assembly and testing services for contact and dual interface smart cards, said yesterday that its recent initial public offer drew strong interest from institutional and retail investors. |
|
| BH Global Marine posts Q2 net profit of $2.7m |
| BH Global Marine, a supply chain management company that supports the offshore and oil and gas industry, yesterday reported a net profit of $2.7 million for the second quarter ended June 30 - down 32 per cent from a year back. |
|
| Just desserts |
| BRIDES beware: hiring The Wedding Chateau to take care of your big day could mean that the Best Dressed title may go to the dessert table instead. |
|
| Give it up |
| IT is not uncommon to hear smokers proclaim with firm belief that they are going to quit smoking. |
|
| Good night, sleep tight |
| IT is relatively early in the morning, but the Pacific Sleep Centre located on the 20th floor of Paragon is already bursting at the seams with patients waiting for their turn to see Kenny Pang - an ear, nose and throat specialist who specialises in sleep disorders. |
|
| Is PM Kan already a lame duck? |
| NAOTO Kan may get the state dinners and the motorcades, but he no longer runs Japan. Economist Masaaki Shirakawa does. |
|
| IMF goes on Asian charm offensive |
| THE IMF is 'back' in Asia - or so it seemed from the consensus among Asian finance ministers, central bank governors and other officials after managing director Dominique Strauss- Kahn had spent two days in Daejeon, South Korea, this week wooing them with his trademark mixture of candour and Gallic charm. |
|
| Fun for the whole island |
| THE immediate reaction to Monopoly's 75th anniversary this week has been a little bemused - 'Who plays Monopoly anymore?'. |
|
| Nothing goes to waste here |
| Burning waste has now become a source of energy and the entire process takes only an hour or so. |
|
| Goldman chief Blankfein emerges unscathed |
| THE word spread through Wall Street just before 3:30 on Thursday afternoon: It looked as if Lloyd Blankfein had finally struck a deal. |
|
| FM in bid to avert delisting |
| FM Holdings could face delisting if it is not granted an extension by the Singapore Exchange (SGX) when its three-month period to find a sponsor ends tomorrow. |
|
| ComfortDelGro makes play for SwanTaxis |
| COMFORTDELGRO Corporation has launched an A$38.8 million (S$46.5 million) cash takeover bid for Australia's Swan Taxis, which has a 91 per cent share of the Perth metropolitan market. |
|
| A-Reit posts 3.5% rise in Q1 distributable income |
| ASCENDAS Real Estate Investment Trust (A-Reit) has posted a 3.5 per cent rise in distributable income to $63.1 million for its first quarter ended June 30, up from $61 million a year earlier. |
|
| Paul Allen plans to donate half his fortune to charity |
| PAUL ALLEN, who founded the Microsoft Corp with Bill Gates, announced on Thursday that he planned to give more than half of his estimated US$13.5 billion fortune to charity. |
|
| CMMT makes debut, looks to long-term resilience |
| CAPITAMALLS Malaysia Trust (CMMT) made its debut on the Malaysian stock exchange yesterday, stressing its long-term resilience despite a tepid launch. |
|
| Goldman wins on points |
| NEITHER Goldman Sachs nor the Securities and Exchange Commission comes out of their slugfest looking pretty. But in settling fraud charges without admitting guilt, the Wall Street firm has beaten the regulator on points, despite a record penalty. |
|
| Goldman gains from settlement with SEC |
| GOLDMAN Sachs Group Inc's US$550 million settlement with US regulators on Thursday will benefit the firm by ending three months of uncertainty at an affordable price. Now, the rest of Wall Street begins calculating the cost. |
|
| BP stops oil leak in Gulf of Mexico |
| BP has halted the Gulf of Mexico leak for the first time in three months, raising hopes in the White House and among devastated coastal communities of an end to the worst oil disaster in US history. |
|
| YOG, F1, Manchester Utd - Aon's got them covered |
| QUICK. What are the two biggest events on Singapore's sporting calendar this year and what do they have in common? |
|
| Heavy-handed AgBank falls short of IPO hype |
| THE dream of launching the world's biggest initial public offering (IPO) may be over as the Agricultural Bank of China (AgBank) had an insipid listing in Hong Kong yesterday. |
|
| Bittersweet end to an unforgettable voyage |
| THE final phase of any project is always a bittersweet time but even more so for the crew of Uniquely Singapore clipper. |
|
| Briefing |
| THE Inland Revenue Authority of Singapore will launch its e-Stamping website (https://estamping.iras.gov.sg) on July 27. |
|
| ChildAid this year will include a guest performer from China |
| A YOUNG musician from China will be chosen to join talented Singaporean child musicians to perform at this year's ChildAid concert, a charity event organised jointly by The Straits Times and The Business Times. |
|
| CBRE names new S-E Asia chief executive |
| CB Richard Ellis (CBRE) has named Pauline Goh its chief executive for South-east Asia from July 1. |
|
| Marina at Keppel Bay bags 5 Gold Anchors accolade |
| THE Keppel group's Marina at Keppel Bay has become the first such facility in Asia to be awarded the 5 Gold Anchors rating from the Marina Industries Association of Australia (MIAA). |
|
| No money-laundering at casinos so far: CAD director |
| NO money-laundering cases have been detected so far at the two casinos in Singapore, a senior police officer said yesterday. |
|
| Casino ops will not be micromanaged: CRA |
| THE incidents of theft and cheating at Singapore's two casinos may be becoming regular features widely reported in the media here, but the onus is on everyone to help suppress casino related crime. |
|
| More initiatives unveiled to help HDB shops |
| THE Housing & Development Board yesterday unveiled more initiatives to help HDB shops, including the selection of 35 sites for batch three of its Revitalisation of Shops (ROS) scheme. |
|
| New Phoenix emerging on Orchard Road |
| A NEW shopping and hotel destination is set to take the Orchard shopping belt by storm in 2013. |
|
| Correction |
| IN 'Merck to close chemical plant here by end 2011' (BT, July 16), a wrong time frame was given for cessation of chemical manufacturing at the 21 Tuas South Avenue 6 plant. |
|
| Citi and BoA report better than expected earnings |
| CITIGROUP Inc and Bank of America posted better-than-expected quarterly earnings that showed credit losses are easing but loan demand remains lacklustre. |
|
| Obama set to sign banking bill as Senate gives nod |
| THE US Senate gave final approval on Thursday to the most sweeping rewrite of Wall Street rules since the Great Depression of the 1930s, handing President Barack Obama a legacy-shaping political victory. |
|
| S'pore builds another pillar in bid to be smart energy economy |
| SINGAPORE is installing another key pillar in its bid to be a smart energy economy, that is, one that is resilient, sustainable and innovative in energy use. |
|
| Restive Google investors ask: what's next? |
| LIKE an impatient audience at intermission, Google's investors are waiting for its second act. |
|
| China to stay with policies that cooled growth: Wen |
| CHINA will stick with the policies that cooled economic growth last quarter and will keep faith with the euro despite Europe's debt problems, Premier Wen Jiabao said yesterday. |
|
| GE reverses decline with 16% rise in Q2 earnings |
| GENERAL Electric Co reported a 16.1 per cent rise in second-quarter profit, ending nine straight quarters of declines, as strong demand for healthcare, and oil and gas equipment boosted results. |
|
| South Korean firm buys 72.32% of Titan Chemicals for RM2.94b |
| SOUTH Korea's Honam Petrochemical Corporation has bought 72.32 per cent of Malaysia's Titan Chemicals Corporation for RM2.94 billion (S$1.24 billion) cash, or RM2.35 a share, from Taiwan's Chao Group and local state agency Permodalan Nasional Bhd (PNB). |
|
| Larry Williams sees China as next 'fallen angel' |
| LARRY Williams, a trader who correctly forecast the 1982-87 bull market, said the bear run in Chinese equities may last until at least 2012, based on a benchmark index's exponential growth followed by steep declines. |
|
| US economy only '40, 50% back', Buffet tells Obama |
| US President Barack Obama said on Thursday he received a warning from billionaire investor Warren Buffet, who told him the United States is only 40 to 50 per cent recovered from its withering recession. |
|
| Consumer sentiment turns sour in July |
| CONFIDENCE among US consumers slumped in July to the lowest level in a year, signalling the biggest part of the economy is losing momentum. |
|
| Bursa may add S'pore to stock-trading link: CEO |
| BURSA Malaysia Bhd may add Singapore into a group of South-east Asian countries that could interlink their stock exchanges, chief executive officer Yusli Mohamed Yusoff said yesterday. |
|
| Chinese govt newspaper gives tips on US property |
| HUNTING for a property bargain? Worried that prices in China are too high? Have you thought about the United States instead? Let me help. |
|
| Get smart |
| PREMIUMS are no longer required for entry into the club of touchscreen phones, thanks to a new crop of affordable mid-priced models. |
|
| Flight of fantasy |
| IF Max Büsser, founder of Maximilian Büsser & Friends (MB&F) had his way, you wouldn't find any of his timepieces in a watch shop. |
|
| In living colour |
| AT 28,000 square feet, Interior Affairs is a serious newcomer to the home renovation scene. |
|
| Bulgari's baptism |
| GOOD riddance to bad rubbish, and hello to new and exciting things - including a beautiful hotel in London's upscale Knightsbridge, just in time for the 2012 Olympics. |
|
| Sushi, the Tokyo way |
| AN interesting battle of the knives is about to take place in Singapore's Japanese restaurant scene in about 10 days' time when a two Michelin-starred sushi chef from Tokyo makes his debut here. |
|
| Financier gets 12 yrs for Ponzi scheme |
| THE Park Avenue financier and political donor who pleaded guilty to stealing US$292 million from three banks in a Ponzi scheme was sentenced on Thursday to 12 years in prison. |
|
| An odd but ultimately firm week for stocks |
| IN many respects it was an odd week for local stocks, but on reflection, maybe one that turned out within expectations. |
|
| The mythbuster |
| MAGNUS Bocker asked to meet at a corner coffee shop on Purvis Street. Let's not do this in an office please, he had said, and certainly not at the Singapore Exchange (SGX). |
|
| Double trouble |
| THERE is a road car that is now more like a race car and it is the newest variant of the BMW M3 called the GTS. |
|
| State of the art |
| HARUHIKO Tanahashi is not your usual Japanese company executive. The chief engineer of the Lexus LFA isn't shy about saying what he really thinks. |
|
| Rising Sun |
| WHEN savouring an exquisite wine, one's search for the appropriate terms of reference inevitably leads to comparisons with a previous vintage. |
|
| US$ strikes 2-month low vs euro, basket |
| (NEW YORK) The US dollar hit a two-month low against the euro and a basket of major currencies yesterday, after soft inflation and manufacturing data sparked concern about the strength of the US economy. |
|
| Brokers' Take |
| PRICING and demand at 368 Thomson exceeded expectations. Private preview for 368 Thomson, a 157-unit freehold residential development in District 11, started last Thursday. |
|
| Scrap race-based politics |
| WHITE: A person having origins in any of the original peoples of Europe, the Middle East or North Africa. -- Racial definition from the US Census Bureau. |
|
| Obama loses support of white voters |
| THE most sweeping overhaul of the US financial regulatory system is expected to be approved by the Senate in the coming days, handing President Barack Obama another legislative and political victory. |
|
| Global convention on domestic workers soon? |
| THE International Labour Organization (ILO) is in the process of discussing a body of labour standards that have a particular relevance to Singapore. |
|
| Tokyo treads nervously in fear of the fickle voter |
| JAPAN is giving democracy a bad name, first with constant changes of prime minister and now with a major political upset at the hands of fickle voters. |
|
| Markets focusing on the headwinds |
| BY most accounts, the worst of the US sub-prime crisis is over and world growth is back on track with a double dip only a remote possibility. |
|
| Three-Minute Digest |
| STUDENTS were not the only ones taking a break during the mid-year school holidays. |
|
| Fortis to make Parkway flagship of Asian giant |
| (SINGAPORE) Fortis Healthcare and its founders envision Parkway Holdings becoming the flagship of a Pan-Asian healthcare giant, boosting Parkway's network and financial strength, the Indian group says in a document that sets Aug 12 as the closing date for its general offer. |
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| China's growth slows to 10.3% in Q2 |
| (BEIJING) China's rapid growth is slowing as the impact of its huge stimulus fades and Beijing clamps down on a credit boom. |
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| Spain bids for Paul the octopus |
| PAUL the psychic octopus may be destined for more glory and fame as it is set to become one of the high-profile transfer targets of this close season. |
|
| NUS offers free global credit ratings of firms |
| (SINGAPORE) For the first time, investors are able to assess credit ratings of listed companies worldwide without charge - made possible by a free-for-all system launched yesterday by the National University of Singapore (NUS). |
|
| Pro-tem council set up to direct overhaul of accountancy sector |
| (SINGAPORE) Singapore is kick-starting the large- scale overhaul of its accountancy sector with the creation of a dedicated body to oversee the revamp. |
|
| NTT to buy parent of Datacraft Asia for £2.12b |
| (TOKYO) Nippon Telegraph and Telephone Corp (NTT) is buying South African information technology firm Dimension Data, the parent of Datacraft Asia, for up to £2.12 billion (S$4.3 billion). |
|
| How Tat Hong made it big on the world stage so quickly |
| (SINGAPORE) How did an obscure Singapore battery and tyre shop transform itself into one of the world's biggest lessors of cranes and construction equipment with a geographical spread right across Asia and the Pacific? |
|
| AgBank IPO may miss record following insipid debut |
| (SINGAPORE) Agricultural Bank of China (AgBank) made its stock trading debut in Shanghai with a whimper yesterday, underperforming its Big Four bank peers. |
|
| AIG chairman quits after losing power struggle |
| (NEW YORK) The conflict between the American International Group's chairman and its chief executive had been quietly building for months, and in recent days it became so palpable that many at the company were wondering which of the two men would survive the coming showdown. |
|
| Technical recession in this boom year? |
| ONE year after coming off a recession of global proportions, the Singapore economy is headed for possibly a new all-time high growth rate, with GDP expected to surge by between 13 and 15 per cent in 2010. |
|
| A breather for home sales in lazy June |
| (SINGAPORE) Students were not the only ones taking a break during the mid-year school holidays. Home seekers also slowed their pace, buying just 847 private homes from developers in June. |
|
| Putrajaya in full bloom |
| HUNDREDS of thousands of flowers have transformed Malaysia's federal administrative capital into a riot of colour. |
|
| Singapore Roundup |
| THE Agency for Science, Technology and Research (A*Star) yesterday announced its first collaboration with Switzerland's Cytos Biotechnology - to develop a commercial virus-like particle vaccine to manage influenza infections. |
|
| Retail sales disappoint for 3rd straight month |
| RETAIL sales fell short of expectations for a third straight month in May, pulled down again by a slump in car sales. Total sales fell 3.4 per cent year on year in May, after a revised 2.3 per cent drop in April, the Department of Statistics said yesterday. |
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| S'pore investor sentiment index down 7% in Q2 |
| EXTERNAL events are expected to hurt Singapore's small and open economy, having caused a decline in investor sentiment in the second quarter this year, says banking giant ING. |
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| Increased funding for silver community |
| THE government yesterday called for grant proposals for its Silver Community Test Bed Programme, and said that it would triple programme funding from $3 milion to $10 million over the next two years. |
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| Far East buys 31 Parbury Avenue |
| FAR East Organization has signed a deal to buy 31 Parbury Avenue off Upper East Coast Road for $55 million - a price that works out to $898 per sq ft of land area. |
|
| Merck to close chemical plant here by end-2011 |
| DRUG giant Merck will be ending its chemical manufacturing operations in Singapore by the end of next year as it consolidates its activities worldwide after its US$41 billion merger with Schering Plough. |
|
| Prices fall on expected US weakness |
| THERE was probably an element of 'buy in anticipation, sell on news' in trading over the past few days. |
|
| Pirate attacks on the wane in H1 |
| (KUALA LUMPUR) Pirate attacks globally declined by nearly a fifth in the first half of 2010 from the same period last year due to a strong naval presence in the Gulf of Aden, a maritime watchdog said yesterday. |
|
| Inmarsat's fleet broadband service takes off |
| SATELLITE communications firm Inmarsat says the maritime industry is going big on broadband. |
|
| Hong Leong to extend timeline of EON offer |
| (KUALA LUMPUR) EON Capital Bhd, Malaysia's seventh-largest bank, said Hong Leong Bank Bhd has agreed to extend the timeline of its RM5.06 billion (S$2.1 billion) takeover offer. |
|
| Economic rebound sharper next year: Muhyiddin |
| (KUALA LUMPUR) Malaysia's economic recovery will be more pronounced next year following the implementation of aggressive recovery measures. |
|
| KL implements fuel, sugar subsidy cuts |
| (KUALA LUMPUR) Malaysia will cut fuel subsidies from today in an effort to rein in its budget deficit which hit a more than 20 year high in 2009. |
|
| M'sia headed for 7% growth this year: Nomura |
| MALAYSIA'S surprisingly strong 10.1 per cent growth in its first quarter is likely to spill over into the second quarter, driven by domestic demand and the electronics sector, a new report from Nomura Economics suggested. |
|
| Tea prices jump as pests damage crops |
| (MUMBAI) Tea production in India's biggest growing region will decline this year because of pest attacks, driving prices higher, the state-run Tea Board of India said. |
|
| Google, Tata in business services venture |
| (MUMBAI) Google Inc's Indian unit and Tata Communications will partner to provide Web-based business connectivity services to companies in India, where a fast-expanding economy throws up new opportunities. |
|
| Panel suggests expanding govt food subsidies |
| (NEW DELHI) A council headed by Congress party chief Sonia Gandhi recommended on Wednesday widening Indian food subsidies, which if implemented could shore up the ruling party's socialist credentials before state elections. |
|
| Great team action, but no real plot |
| THERE aren't that many games that let you jump into a gun-fight with three friends without much preamble and start blowing things up. |
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| Jay Chou just as memorable |
| ONLY Jay Chou could sell out three consecutive concert dates within minutes, leaving fans banging computers in frustration and Sistic's website an inoperable mess. |
|
| Great concert makes up for weak album |
| WHAT do you do when you have to throw a concert on the heels of a weak studio album? F.I.R.'s solution was to play almost everything else except its mediocre Let's Smile record last Friday night at the Indoor Stadium. |
|
| Around Town |
| LOCAL artist Yeo Siak Goon is having his third solo exhibition at Utterly Art. |
|
| Eco-friendly designs at Garden Fest |
| THE Singapore Garden Festival has begun and levels four and six of Suntec International Convention and Exhibition Centre have been transformed into gardens of beauty. |
|
| Ever-changing Night Festival |
| REGULARS to the Night Festival would notice that this year's festival is vastly different from those of the previous two years and might even wonder if this year's is the same festival that was launched two years ago. |
|
| Christie's storage facility could boost art market |
| A STORAGE facility for fine arts like Christie's at Singapore FreePort will open up opportunities for major art collectors to buy more art, says Joseph Stasko, international managing director of Christie's Fine Arts Storage Services (CFASS). |
|
| A place to exchange ideas and learn |
| PRIVATE banker Can (pronounced Jahn) Yavuz's discovery of art began in London in the mid-90s, when he was studying developmental economics at the School of Oriental and Asian Studies. There, he helped a friend catalogue a European art collector's collection. |
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| Adding colour to art scene |
| THERE'S nothing quite like personal experience to boost one's sense of empathy. |
|
| New kid on the block |
| WHEN ION Orchard opened its doors to the local public last year, the mall was, quite literally, the talk of the town. |
|
| A slice of paradise |
| ITS name was derived from Clifford Pier's historical Chinese name - Red Lantern Pier. |
|
| A cool 'secret find' |
| IF you don't know where to look, you may very well miss the spanking new fabrika by Chivas 18 bar that just soft-launched last week. |
|
| Getting high on the rooftop |
| 282 (Tel: 6438 0410) and 1-Altitude Gallery & Bar (to be opened) 1-Altitude, One Raffles Place |
|
| Post-apocalyptic virtual muppets |
| AFTER you've watched the short film that 9 was based on, and waded through the thicket of background information on the animated feature film's website, a fascinating tale emerges. |
|
| Taiwanese movie with a lot of heart |
| THE resurgence of the Asian film industry continues as Taiwan filmmakers keep pace with their Hong Kong counterparts. |
|
| Gen-Xers will get a kick out of this |
| NOBODY takes the 1980s more seriously than Hot Tub Time Machine's writer Josh Heald. |
|
| Compelling mind games |
| INCEPTION begins with a fairly conventional opening scene in which a man washes up on a distant shore under mysterious circumstances - and then things start to get complicated. |
|
| When grace and elegance equal power |
| I WAS recently privileged to be a guest at one of the monthly dinners of a group who now call themselves the 'Imperial Treasure Club', for obvious reasons. |
|
| Spanish banks borrow 126.3b euros from ECB |
| (MADRID) The Bank of Spain said on Wednesday that borrowing by Spanish banks from the European Central Bank last month broke records, an indicator of the difficulties they are having in raising money on the international market. |
|
| Stimulus bill better than believed: report |
| (WASHINGTON) The White House asserted on Wednesday that the US$862 billion stimulus law has been even better for the economically-struggling United States than previously advertised. |
|
| US firms wary of hiring despite swelling cash pile |
| (WASHINGTON) Corporate America is hoarding a massive pile of cash. It just doesn't want to spend it hiring anyone. |
|
| Fed members split on threat of deflation |
| (WASHINGTON) The Federal Reserve disclosed on Wednesday that its chief policymakers were divided on whether the weak economy faced a new, potentially dangerous threat in the form of deflation. |
|
| Why market cap-weighting doesn't work |
| FOR decades, conventional wisdom has dictated that the best way to represent or capture a stock market's movements is to construct an index using a basket of representative stocks and weight them according to their market values. |
|
| Company Briefs |
| SINO Grandness Food Industry Group said that a wholly owned subsidiary, Shenzhen Grandness, will invest 150 million yuan (S$30.5 million) to construct a production plant with a capacity of 30,000 tonnes per year to produce canned products and beverages in China. |
|
| OCBC research maintains 'neutral' rating for S-Reits |
| NOTWITHSTANDING the Republic's strong economic growth numbers, OCBC Investment Research has kept its 'neutral' rating on Singapore-listed real estate investment trusts (Reits), commonly referred to as the S-Reit sector. |
|
| Australand's new A$1.3b unsecured debt facility |
| CAPITALAND subsidiary Australand said yesterday it has arranged an A$1.3 billion (S$1.57 billion) unsecured syndicated bank debt facility. |
|
| Local rig builders shrug off drilling ban for now |
| SINGAPORE rig builders' shares continue to defy the shadow cast over the industry by a six-month drilling moratorium in the Gulf of Mexico after BP's disastrous Deepwater Horizon rig blowout. But analysts are watching the ban closely. |
|
| Tat Hong goes for full control of Tutt Bryant |
| CRANE specialist Tat Hong Holdings, which already owns 70.36 per cent of Tutt Bryant Group (TBG), has proposed to acquire the remaining 29.64 per cent for A$39.02 million, or 92 Australian cents per TBG share. |
|
| Jackspeed buys 80% of Mil-Com Aerospace |
| IN a move to expand into the fast-growing aerospace and aviation services market, auto upholstery maker Jackspeed Corporation is buying into privately owned Mil-Com Aerospace. |
|
| Acra, SGX issue guidance for audit committees |
| SINGAPORE is stepping up efforts to boost the quality of audits performed here, at a time when the value of one has come under much scrutiny. |
|
| UOB appoints two new independent directors |
| UNITED Overseas Bank (UOB) has appointed two new non-executive, independent directors. |
|
| M1 lifts Q2 net profit 10% to $40.8m |
| THE second-quarter corporate earnings season got off to a good start yesterday, with M1 reporting that its Q2 net profit rose 10 per cent to $40.8 million from a year earlier, as operating revenue improved and its customer base grew. |
|
| US goes after properties of Chen Shui-bian |
| (WASHINGTON) The US government on Wednesday went to court seeking to expropriate two properties owned by former Taiwan president Chen Shui-bian and his wife, allegedly bought with bribe money the couple received while in power. |
|
| China: We're not restrictive to foreign investors |
| (BEIJING) China defended itself yesterday against a World Bank report that the country was one of the most restrictive to foreign investment, saying that it is instead trying to cut red-tape and open up the market further. |
|
| Yuan-managed float needed for economy |
| (BEIJING) China needs to follow a managed float of its exchange rate to aid restructuring, said Hu Xiaolian, deputy governor of the People's Bank of China. |
|
| Fitch warns of growing bank risks in China |
| (SHANGHAI) A week after the Agricultural Bank of China raised nearly US$20 billion from global investors in one of the biggest stock offerings in history, analysts are warning about growing risks to China's banking system. |
|
| Germany imposes air travel tax in bid to raise 1b euros |
| (FRANKFURT) Airlines will have to pay up to 26 euros (S$45.80) per passenger under the German government's plan to impose an air travel tax to raise one billion euros a year, according to a draft law seen by Reuters yesterday. |
|
| Premium seat sales rebound strongly in May |
| PREMIUM seat sales rebounded strongly in May, further confirming the recovery of the air travel industry. |
|
| BOJ forecasts 2.6% growth, a 10-year high |
| THE Bank of Japan (BOJ) yesterday raised its forecast for real growth in the Japanese economy in the fiscal year ending next April to 2.6 per cent - which would be the fastest pace in 10 years - mainly on the basis of buoyant exports. |
|
| Philippines counts cost of typhoon blackout |
| (MANILA) A deadly typhoon that caused a near total blackout in the Philippine capital on Wednesday may cost the nation's economy hundreds of millions of dollars, a business leader said. |
|
| Gillard warns voters against taking risks with the economy |
| (CANBERRA) Australian Prime Minister Julia Gillard sought to sell her Labor government's economic credentials yesterday, warning that the conservative opposition's policies could risk a robust economy. |
|
| Growth remains tepid despite strong earnings from firms |
| (WASHINGTON) A new batch of economic reports showed yesterday that US growth remains tepid even as companies report strong earnings. |
|
| Osborne offers veto over OBR chief |
| (LONDON) Britain's cross-party Parliamentary Treasury Select Committee (TSC) will have the power to veto any candidate chosen to head the country's new fiscal watchdog, the finance minister said yesterday, in a move to restore credibility to the body. |
|
| JPMorgan Q2 profits rise 76% to US$4.8b |
| (NEW YORK) JPMorgan Chase & Co, the second-biggest US bank by assets, said profit rose 76 per cent, higher than analysts expected as provisions for soured mortgages and credit-card loans declined. |
|
| Conductor Charles Mackerras dies at 84 |
| (LONDON) Charles Mackerras, a gifted musician who conducted some of the world's leading orchestras, has died at the age of 84 after suffering from cancer, his agent said yesterday. |
|
| MGM gets another reprieve |
| (LOS ANGELES) Struggling movie studio Metro-Goldwyn-Mayer Inc said on Wednesday that it has gotten another agreement from its creditors to delay taking action for its failure to make payments on its debt as it seeks a financial savior. |
|
| Glaxo diabetes drug faces market curbs |
| (WASHINGTON) GlaxoSmithKline Plc's fight to win the backing of a US advisory panel to keep its diabetes pill Avandia on the market suggests that drugmakers are facing stricter scrutiny for their products from regulators, analysts said. |
|
| Novartis Q2 profit up 19%, sales up 11% |
| (GENEVA) Drug maker Novartis AG reported a second-quarter increase in net profit of 19 per cent yesterday, as sales in its pharmaceuticals business offset health care cost-cutting efforts by some European governments. |
|
| GE's growth hinges on higher R&D investment, says Immelt |
| (BOSTON) Jeffrey Immelt says General Electric Co's growth depends on bringing the right high-tech products to market, from gearless wind turbines to cancer-treatment tests and engines that turn cow manure into energy. |
|
| Pension funds shift to bonds, shun equities |
| (NEW YORK) US pension funds are buying more bonds and paring investments in stocks in the aftermath of the financial crisis as more baby boomers seek safer investments ahead of retirement. The oldest of the baby boomers, the millions of Americans born between 1946 and 1964 in the population boom after World War II, will turn 65 next year. |
|
| SEC invites public comment on proxy system |
| (WASHINGTON) The Securities and Exchange Commission (SEC) said on Wednesday that it wants to hear from the public on several issues related to the proxy system, the process by which shareholders elect directors and vote on corporate governance proposals. |
|
| Evolution of Dennis Hopper's works |
| (LOS ANGELES) Two woman standing beside a painting entitled 'James Rosenquist (with Brunette Billboard)' at the press preview of 'Dennis Hopper: Double Standard'. the first US comprehensive museum survey of the works of the actor/artist/director at the Museum of Contemporary Art (MOCA) in Los Angeles. |
|
| Italian banks are tops at getting robbed |
| (MILAN) Italy's biggest banks rank no higher than ninth in Europe by market value. But they come in first by another yardstick: robberies. |
|
| US home foreclosures set to top one million this year |
| (LOS ANGELES) More than one million American households are likely to lose their homes to foreclosure this year, as lenders work their way through a huge backlog of borrowers who have fallen behind on their loans. |
|
| Russia eyes German help to modernise |
| (YEKATERINBURG, Rus- sia) Russian President Dmitry Medvedev yesterday called on German firms to help Russia modernise its economy as Germany inked multi-billion-euro deals to further cement the Moscow-Berlin partnership. |
|
| Loud roar of Africa's uncaged lions |
| WHEN she received her copy of a May 2000 edition of The Economist magazine, Obiageli Ezekwesili was taken aback. The cover headline blared: 'Africa: The Hopeless Continent'. |
|
| Helping people get the data they want |
| EDITORS and journalists will become more important as people struggle with the information overload unleashed by new media technology, an academic said here yesterday. |
|
| PM Lee: S'pore will look after interests of oil firms |
| WHILE Singapore has made international commitments to reduce the emission of carbon dioxide, it will still look after the long-term interests of oil and chemical companies that have - or will - put their money in the country. |
|
| Wall Street rise lifts local market |
| THANKS to an overnight jump on Wall Street, stocks in this part of the world finished firmer yesterday, with the Straits Times Index (STI) gaining 24.11 points to close at 2,952.81. |
|
| Vinashin chairman suspended |
| (HANOI) Vietnam says the chairman of shipbuilding company Vinashin has been suspended for nearly bankrupting the enterprise, one of the country's largest state-owned companies. |
|
| Business in Dubai slumps with curbs on Iranian trade |
| (DUBAI) Business with Iran at CP World, a freight forwarder in Dubai, has fallen 20 per cent in the last two months and director Abhijit Pradhan says it may drop further as the emirate cracks down on trade with the Islamic republic. |
|
| Oil leak closes part of Canada-US seaway |
| (WINNIPEG, Manitoba) An oil spill from a cargo vessel that ran aground near Montreal has forced the closure of a section of the important St Lawrence Seaway shipping route. |
|
| Baltic index hits lowest level in 14 months |
| (LONDON) The Baltic Exchange's main sea freight index, which tracks rates to ship dry commodities, fell to its lowest level in over 14 months again on Tuesday with slow activity set to continue in the coming weeks. |
|
| Middle East tanker surplus swells as hire rates crash |
| (LONDON) The supply of supertankers competing to haul two million-barrel cargoes of Middle East crude oil has expanded, pressuring owners as charter rates crash. |
|
| Post-crisis regulation poses greatest risk: EY survey |
| (SINGAPORE) The global financial crisis might be over, but companies are now worried about the various forms of regulation being put in place to prevent a repeat of it. |
|
| UK leads Quality of Death Index, Singapore ranks second in Asia |
| (SINGAPORE) Britain is the best place in the world to die, while Singapore comes in 18th place, according to the Quality of Death Index. |
|
| Trade, exports may grow 17-19% this year |
| (SINGAPORE) Better than expected Q2 trade figures have led Singapore to raise this year's forecasts for both total trade and non-oil domestic exports (NODX) growth to between 17 and 19 per cent. |
|
| Foreign worker inflow to top 100k this year |
| WITH record economic growth likely for Singapore this year, Prime Minister Lee Hsien Loong sees the inflow of at least another 100,000 foreign workers into the country. |
|
| Bad advice from support unit caused DBS systems crash |
| (SINGAPORE) Bad advice by a member of IBM's Asia-Pacific team outside Singapore for a routine repair job on DBS Group's data storage system is likely to have caused the massive systems failure that prevented the bank's customers from accessing their accounts on July 5. |
|
| S'pore's first-half growth leaves forecasters gasping |
| (SINGAPORE) With a sizzling 18 per cent first-half pace in the bag, Singapore is on track to post a near 40-year high economic growth this year, if not its highest ever. |
|
| Hiring in Asia may slow in H2: report |
| HIRING in Asia may slow in the second half of this year as markets stabilise and companies take stock of recruitment activity vis-a-vis profitability and growth plans, Robert Walters Singapore says in its half-yearly financial services sector market update. |
|
| Knowledge City helping Guangdong, S'pore business ties |
| THE Knowledge City project provides a platform for companies from Guangdong and Singapore to work together, Lui Tuck Yew, Acting Minister for Information, Communication and the Arts, said yesterday at a Sino-Singapore Guangzhou Knowledge City seminar. |
|
| Religious harmony relies on continuous effort: SM Goh |
| RELIGIOUS harmony here relies on the 'continuous and conscious effort' of various groups, including the government, and personal tolerance and understanding from Singaporeans of all faiths, Senior Minister Goh Chok Tong said yesterday. |
|
| Oversupply looms as countries rein in spending |
| WITH productivity picking up worldwide and emerging markets registering unrivalled growth, global oversupply looms as developed countries tighten their belts, said a leading investment executive. |
|
| Euro holds firm amid growing risk appetite |
| (TOKYO) The euro stayed firm against the US dollar in Asia yesterday as risk appetite grew with higher stock prices and increased confidence in the global economy, dealers said. |
|
| Have your say |
|
|
| BCI will take over Boncafe Icafe brand |
| WE refer to the article headlined 'F&N unit owns 100 per cent of F&N Boncafe' (BT, July 14). |
|
| Brokers' Take |
| EXPECT weak Q2 2010 sequential earnings for the banking sector, following exceptional Q1 trading and investment income. |
|
| Big spenders needed to fend off depression |
| UNTIL recently, there was almost complete agreement on the need for a period of synchronised austerity across Europe. This consensus, at a time of private sector weakness and banking fragility, is very worrying. |
|
| Asia's missing growth engine is no joke |
| MANY years ago, the BBC filmed (with concealed cameras) a series of hilarious spoof situations at the expense of the public under the title of Candid Camera. |
|
| Lessons for auditors post-financial crisis |
| OVER the next couple of days, Singapore's Accounting and Corporate Regulatory Authority holds its annual conference, where the role of the auditor post-crisis will be debated. |
|
| Recession's stranglehold on American psyche |
| IT HAS been the most egalitarian of all the 11 recessions since World War II. |
|
| Red-hot growth - but a tepid stock market |
| WHAT will it take to get investors excited? Yesterday, the Ministry of Trade and Industry (MTI) lifted the growth forecast for the Singapore economy in 2010 by a whopping 6 percentage points to a range of 13-15 per cent. |
|
| Three-Minute Digest |
| WITH a sizzling 18 per cent first-half pace in the bag, Singapore is on track to post a near 40-year high economic growth this year, if not its highest ever. |
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| Banks may suffer from bad trading quarter |
| (NEW YORK) The US bank industry's earnings winning streak may be over. |
|
| Intel reports biggest quarterly profit in a decade |
| (SAN FRANCISCO) Some of the best evidence that companies are spending again came on Tuesday when Intel reported record sales during its second quarter. |
|
| MBS sees IPBA and raises the bet |
| (SINGAPORE) A high- stakes game of poker is being played out between Marina Bay Sands (MBS) and the Inter-Pacific Bar Association (IPBA). |
|
| Big scope for smaller firms to do business in Africa |
| (SINGAPORE) First it was the Middle East, then South America. And now the government is looking at Africa as the next lucrative destination for Singapore companies to do business in. |
|
| Bakke set to start work at Sime Darby |
| MOHD Bakke Salleh, chief executive of Felda Holdings, could start work in Malaysian multinational Sime Darby as early as tomorrow. |
|
| Hwang to investors: Consider buying Faber |
| INVESTORS should consider acquiring Bursa Malaysia-listed Faber Group because the Khazanah-owned unit has the potential to be merged with Pantai Holdings, a stockbroker has suggested. |
|
| Indonesia debt rating given boost |
| (HONG KONG) Japan Credit Rating Agency (JCR) raised Indonesia's sovereign debt rating to investment grade in a move that could be followed by major rating agencies, reflecting growing confidence in the management of South-east Asia's largest economy. |
|
| Jakarta sells fewer sukuk at higher yields |
| (JAKARTA) Indonesia's Finance Ministry sold 246 billion rupiah (S$37.4 million) of sukuk on Tuesday, well below its target and at yields above comparable conventional bonds to compensate for weak trading liquidity in the paper. |
|
| 92 people warded from chlorine exposure |
| (MUMBAI) At least 92 people were sickened, eight of them critically, when they inhaled chlorine that leaked from a cylinder in an industrial part of India's business capital Mumbai, officials said yesterday. |
|
| Super Religare buys Piramal unit |
| (MUMBAI) Super Religare Laboratories, controlled by billionaire brothers Malvinder and Shivinder Singh, agreed to buy Piramal Healthcare's diagnostics unit for six billion rupees (S$177 million) to become India's largest provider of laboratory services. |
|
| More reforms likely to follow recent petrol price deregulation |
| (NEW DELHI) India's government, after showing its mettle with an unpopular repeal of fuel subsidies, might be set to bite the bullet on more reforms after years of dragging its feet, analysts say. |
|
| Marilyn Monroe's last house on sale for US$3.6 million |
| (LOS ANGELES) The Spanish colonial-style Hollywood home where iconic sex siren Marilyn Monroe died in 1962 is going up for sale for US$3.6 million, the real estate agency said on Tuesday. |
|
| European pension funds in alternatives |
| (LONDON) Real estate investment by European pension funds last year reached a six-year peak amid renewed market confidence in alternative assets, research by global investment manager Invesco showed on Tuesday. |
|
| Beijing unlikely to reverse property tightening |
| (BEIJING) Investors who bet that China will declare an early end to its property tightening campaign are doing so at their own peril. |
|
| New rules on collective sales from today |
| (SINGAPORE) Amendments to the law governing collective sales - which include tighter rules for repeated attempts at such deals - will take effect from today. |
|
| Melrose Court, 14 Holland Village shop units for sale |
| (SINGAPORE) A freehold residential project at Balestier and 14 freehold strata shop units at Holland Village are up for sale. |
|
| UK house prices may fall as govt cuts sap confidence |
| (EDINBURGH) UK house prices probably will fall the rest of the year as government spending cuts hurt consumer confidence and homeowners try to repay debt, according to economists and property brokers. |
|
| GIC reaps big gains from Sunway divestment |
| (SINGAPORE) The Government of Singapore Investment Corp (GIC) is sitting on gains from the recent listing of Sunway Real Estate Investment Trust in Malaysia. |
|
| Viets hoard US$ to hedge against inflation |
| (HO CHI MINH CITY) The Ha Tam jewellery shop here sells foreign currency the way a filling station sells gasoline. So it was only seconds after pulling in on his motorbike that Quan Phan had swapped a fistful of Vietnamese dong for a neat stack of US$100 bills. |
|
| Europe to reveal results of bank stress tests on July 23 |
| (BRUSSELS) Top European finance officials said on Tuesday that results of banking stress tests would be released on July 23 but that some national regulators could take longer to release more detailed information on certain lenders. |
|
| Eurozone emergency fund set to launch operations |
| (FRANKFURT) A fund providing the eurozone with a debt safety net of 440 billion euros (S$765 billion) should be in place by the end of July and get a top credit rating, its chief executive said yesterday. |
|
| New US budget chief fit for 'Hall of Fame' |
| (WASHINGTON) When Jacob Lew packed up his office on his last day as White House budget director in January 2001, he left behind a tidy sum of US$236 billion in surplus funds for his successor. Nine years later, he is returning to a White House some US$1.3 trillion in the hole. |
|
| US govt deficit hits US$1t in first 9 months |
| (WASHINGTON) The federal deficit has topped US$1 trillion with three months still to go in the current budget year, showing the continued impact of a deep recession on the US government's finances. |
|
| Midas signs LOI |
| MIDAS has signed a letter of intent (LOI) to provide downstream fabrication services to a customer who awarded it a 353 million yuan (S$71.8 million) train- car contract in January. |
|
| FSL Trust secures $6m for vessel re-delivery |
| FIRST Ship Lease Trust (FSL Trust) has received US$6 million, an amount serving as security deposit and which it was entitled to following the non-fulfilment of contracts by the charterer of two vessels, one of which remains detained by a creditor. |
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| Asia Power sells stake in unit for 204m yuan |
| ASIA Power Corporation, which owns and operates power plants in China, has agreed to sell its entire 51 per cent stake in a subsidiary for 204.4 million yuan (S$42.19 million). |
|
| Lehman notes: DBS settles with HK regulators |
| DBS Group has agreed to pay some HK$651 million (S$115 million) to its Hong Kong customers who lost money on another set of structured notes linked to failed US investment bank Lehman Brothers, in a settlement with Hong Kong regulators. |
|
| Do cross-listings still make sense? |
| WE are often reminded of how small the world is getting - and the world of capital markets is no exception. Ever so often, we hear of stock exchanges tying up with their counterparts overseas, making the cross-trading of shares possible. |
|
| M1 to offer dedicated price plans for iPad with Wi-Fi and 3G |
| MOBILE operator M1 yesterday announced that it will offer dedicated price plans for Apple's iPad with Wi-Fi and 3G in the coming weeks. |
|
| SP AusNet aims to grow asset base |
| SP AUSNET will continue to focus on growing its regulated asset base, with the aim of being a stable and secure investment for security-holders. |
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| Navis garners more than 90% of Eng Kong |
| ALL stockholders of Eng Kong Holdings must now sell their shares to Navis Capital Partners, after the private equity firm secured more than 90 per cent of Eng Kong's stock through a takeover offer. |
|
| ThinkEnv bags UK int'l business award |
| ALMOST a year after venturing into waste management in the UK, The Think Environmental Co (TTEC) clinched UK Trade & Investment's 2010 International Business Award last night. |
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| Investors bearish on global economy, earnings: survey |
| INVESTORS have turned bearish in their outlook for the global economy and corporate earnings and are shifting from equities into bonds, according to a global survey of fund managers. |
|
| US sets duties on China ribbons |
| (WASHINGTON) The United States on Tuesday slapped final anti-dumping duties ranging from zero to 247.65 per cent on gift box and other types of narrow woven ribbons from China which it said were unfairly priced. |
|
| German trade with China rising sharply |
| (BERLIN) German companies are realising that trade with China, more so than with Russia or other countries, is becoming its economic salvation. |
|
| China's AgBank set for massive stock debut today |
| (SHANGHAI) Agricultural Bank of China (AgBank) debuts on the Shanghai stock market today, completing a great leap from peasant policy bank to capitalist darling in what is expected to be a world-record IPO. |
|
| Foreign firms in China go west to beat wage hikes |
| (BEIJING) A growing num-ber of foreign companies in China, faced with spiralling wages and a shortage of skilled workers, are moving their factories inland to contain rising costs, analysts say. |
|
| China 'twitter' sites down |
| (SHANGHAI) Chinese social networking websites that provide Twitter-like services have suddenly reverted to testing mode and access has been spotty amid reports of a government clampdown. |
|
| ST Engg looks to environment tech and India for expansion |
| ONE of Singapore's largest companies, Singapore Technologies Engineering (ST Engg) plans to focus on environment-related technologies - as well as a deeper foray into the Indian market - this year. It is also open to acquiring companies or getting into joint ventures in both areas, ST Engg's president and CEO Tan Pheng Hock told BizIT in an interview. |
|
| New fibre service at affordable prices |
| THE Next Generation Nationwide Broadband Network (NG NBN), which is expected to be fully operational by 2012, is an important initiative that will benefit businesses and consumers here, says Bill Chang, executive vice-president of Singapore Telecom's Business Group. |
|
| SingTel bets big on Cloud |
| THE adoption of cloud computing services in Singapore has increased rapidly in the past 12 months, says Singapore Telecom. |
|
| Delta may lead US airlines' profits |
| (ATLANTA) Delta Air Lines Inc and United Airlines may lead US carriers to the first quarterly profit in two- and-a-half years as the industry benefits from cutting seats during the recession. |
|
| Court rejects airline challenge to congestion pricing |
| (WASHINGTON) A US appeals court has rejected airlines' challenge to a regulation letting airport operators charge more at busy times of the day to reduce delays. |
|
| UK needs to expand airports: industry lobby |
| (LONDON) The government's decision to rule out building further runways at airports in the southeast of England could seriously undermine Britain's connectivity and competitiveness, according to a report published yesterday. |
|
| Qantas to get eight Dreamliners in 2012 |
| (SYDNEY) Australian flagship carrier Qantas yesterday said it would receive its first Boeing 787 Dreamliner aircraft in 2012, two years ahead of schedule, as it pushes ahead with plans to renew its fleet. |
|
| Rolls-Royce to help develop aerospace skills |
| ROLLS-ROYCE has tied up with SIA Engineering Company and the Singapore Workforce Development Agency (WDA) to define and develop new skills to support the expansion of the high-tech aerospace industry here. |
|
| India-Pakistan: another chance for peace |
| (SINGAPORE) Pakistan and India will resume frozen peace talks today when their foreign ministers meet in Islamabad. |
|
| BOJ expected to refrain from easing policy |
| (TOKYO) The Bank of Japan may refrain from easing monetary policy today, choosing to preserve its arsenal in case economic weakness in Europe or a further advance in the yen threatens the nation's export-led recovery. |
|
| Population control, humanely |
| Members of People for the Ethical Treatment of Animals (PETA) dressed as giant condoms holding heart-shaped placards during a demonstration at the Democracy monument here earlier this month. |
|
| Australia slashes growth forecast to 3% |
| (SYDNEY) Australia yesterday slashed its annual growth forecast to 3 per cent due to global economic volatility, but said the economy was well placed to ride out further shocks. |
|
| Thailand raises interest rates by 25 basis points |
| (BANGKOK) Thailand's central bank raised interest rates by 25 basis points yesterday, the first increase since the global financial crisis, citing the recovery in the economy and rising inflationary pressure across Asia. |
|
| US banking bill set for final Senate vote |
| (WASHINGTON) President Barack Obama on Tuesday secured the 60 votes he needs in the Senate to pass a sweeping overhaul of US financial regulations, all but ensuring that he soon will sign into law one of the top initiatives of his presidency. |
|
| German police search Credit Suisse branches |
| (BERLIN) Police searched all 13 branches of Swiss bank Credit Suisse AG in Germany yesterday in an investigation of suspected tax evasion, prosecutors said. |
|
| Nigeria's state-run oil firm needs US$6b funding |
| (ABUJA, Nigeria) Nigeria's state-run oil company is 'insolvent' and needs US$6.6 billion to cover its debts and fund future oil exploration in the West African nation, a government minister said on Tuesday. |
|
| Pfizer's fight against fake-drug peddlers yields results |
| (SINGAPORE) With the millions he made peddling fake Viagra, Martin Hickman bought a beachside villa on Spain's Costa del Sol, a diamond-studded Rolex and a flat in London. Pfizer Inc aims to make sure he never gets to enjoy them. |
|
| Americans unhappy with Obama on economy |
| (WASHINGTON) President Barack Obama's failure to jolt the US economy back to life has undermined his standing among already roiled American voters as they head into November congressional elections dissatisfied with their government and lawmakers. |
|
| Small US banks struggling despite bailouts |
| (WASHINGTON) To the list of economic woes squeezing small American banks, add another one: government bailouts. |
|
| Bill to close regulator of a fading industry |
| (WASHINGTON) Congress creates federal agencies, expands them, sometimes renames or overhauls them. |
|
| UN eyes private donors to meet climate aid |
| (UNITED NATIONS) A pledge by rich nations in Copenhagen to provide as much as US$100 billion a year of climate-related aid to developing countries by 2020 may depend in part on the generosity of private donors and other non-governmental sources. |
|
| Strong, stable euro indispensable: Merkel |
| (BERLIN) Germany has an interest in a strong and stable euro, Chancellor Angela Merkel said yesterday, defending her austerity measures and saying that Germany is emerging from the economic crisis. |
|
| Retail sales slump for 2nd straight month |
| (WASHINGTON) Retail sales fell in June for the second straight month, re-igniting fears about the pace of the recovery in the world's largest economy. |
|
| Bernanke urges banks to help small businesses |
| (WASHINGTON) The chairman of the Federal Reserve urged banks and regulators on Monday to help the nation's small businesses get the loans they need to create jobs. |
|
| Lilly bets big on Alzheimer's drugs |
| (NEW YORK) With two Alzheimer's drugs in the final stage of human testing and two more being developed behind them, Eli Lilly & Co is committed to one of the riskiest bets in medicine to fill a potential US$10 billion revenue gap. |
|
| Sarkozy pursues pension reform as scandal lingers |
| (PARIS) The French government adopted an unpopular bill yesterday to raise the retirement age after a defiant President Nicolas Sarkozy failed to silence his critics over alleged illegal political donations. |
|
| Head of Abu Dhabi clean-energy institute resigns |
| (DUBAI) The head of a renewable energy institute in Abu Dhabi is leaving after only a year in charge as the oil-rich emirate retools ambitious plans for a carbon- neutral city. |
|
| Gambling proponents want Saipan casino |
| (SAIPAN, Northern Mariana Islands) Proponents of two Saipan casino bills contend the future of the Northern Mariana Islands' struggling tourism-based economy lies in gambling. |
|
| Posco to raise 2t won after almost tripling Q2 profit |
| (SEOUL) Posco, Asia's third-largest steelmaker, plans to raise 2 trillion won (S$2.3 billion) to help fund acquisitions and investments after second-quarter profit almost tripled on demand from car and appliance makers. |
|
| S Korea groups in clean energy push |
| (SEOUL) South Korea's 30 major industrial groups plan to invest 22.4 trillion won (S$26 billion) by 2013 in clean energy, including batteries and solar power, to benefit from the government's spending on environment-friendly projects. |
|
| CDL sells stake in Chinatown Point for $250m |
| CITY Developments Ltd (CDL) has sold the retail mall of Chinatown Point as well as four office units for $250 million to a consortium of investors, which includes German fund manager SEB. |
|
| EU may renew tariff on Chinese bicycles |
| (BEIJING) The European Union has threatened to renew a tariff on bicycles from China for another five years while scrapping similar levies against Vietnam. |
|
| China moves to curb price manipulation |
| (BEIJING) China will fine companies up to two million yuan (S$408,250) for sending misleading or fake information about price increases, according to a new draft regulation by China's economic planning agency. |
|
| Taiwan's bourse support fund posts profit |
| (TAIPEI) Taiwan's national stabilisation fund, which the government uses to prop up the stock market in times of crisis, posted a NT$29.7 billion (S$1.27 billion) profit in the six months to June, the Cabinet said in a statement yesterday. |
|
| Top Taiwan firms 'face uncertainties' |
| (TAIPEI) Taiwan's top 100 companies strengthened their performance year on year in the first quarter of 2010. But many obstacles could hinder further recovery of their credit profiles in 2010. That's the finding of two commentaries published recently by Standard & Poor's Ratings Services. |
|
| Taifook targets China institutions post-buyout |
| (HONG KONG) Taifook Securities Group, one of Hong Kong's biggest brokerages for individual investors, plans to focus on its institutional business, betting that its acquisition by China's largest brokerage by assets will allow it to tap the nation's growing securities market. |
|
| Little PBOC action in open market |
| (SHANGHAI) China's central bank drained a surprisingly small amount of funds from the banking system yesterday, despite improving liquidity, sparking talk that it may be shifting to a looser money stance as economic growth moderates. |
|
| Social networking takes to the skies |
| (NEW YORK) On a flight from Newark, New Jersey, to the West Coast not long ago, Jeff Jarvis, author of the book What Would Google Do? fell into a conversation with a fellow passenger familiar with his work. |
|
| EADS tanker deal under scrutiny in UK defence review |
| (LONDON) British Business Secretary Vince Cable has submitted a cost analysis of a £pounds;10.5 billion (S$21.9 billion) military air tanker deal to officials conducting a defence review, his department said on Monday. |
|
| Comac targets new jet controls with GE venture |
| (SEATTLE) China's first narrow-body jet may take a technological leap with a contract awarded to a joint venture between General Electric Co (GE) and state-owned Aviation Industry Corp (AVIC) to help design a new way to control the plane. |
|
| Building of JTC aerospace factories begins |
| JTC has started construction of components manufacturing and maintenance, repair and overhaul (MRO) facilities (CMMF) at Seletar Aerospace Park (SAP). |
|
| Changi Airport Group celebrates partnership with airlines |
| CHANGI Airport Group (CAG) yesterday celebrated its strong partnership with airlines at the Changi Airline Awards 2010. |
|
| UK inflation slows less than forecast |
| (LONDON) UK inflation slowed less than economists forecast in June as higher costs of goods from fuel to food kept the rate of price increases above the government's 3 per cent limit. |
|
| End ratings agencies' oligopoly: Trichet |
| (PARIS) The world needs more than three major credit ratings agencies because their actions exacerbate market swings, European Central Bank president Jean- Claude Trichet has said. |
|
| Worst of the eurozone crisis may be over |
| (PARIS) The signs are growing that Europe may have turned a corner in its struggle to restore financial stability. |
|
| Banks face challenges despite rosy outlook |
| THE second quarter results season is upon us and the three local banks are expected to post decent numbers given that they are proxies to the economy. |
|
| Company Briefs |
| FRASER and Neave Ltd (F&N) said that its subsidiary, F&N Dairy Investments Pte Ltd, will buy Boncafe International's 40 per cent interest in F&N Boncafe Beverages Pte Ltd for $240,000. |
|
| Affluent S'poreans are cautious investors |
| AFFLUENT Singaporeans are significantly more conservative investors than their Asian counterparts, and their caution has paid off, revealed an HSBC survey yesterday. |
|
| TSM plans to open 50 more outlets in China |
| MAINBOARD-LISTED The Style Merchants (TSM), formerly known as Netelusion, said yesterday it plans to open 50 more fashion retail outlets in mainland China over the next year - on top of the 19 it already has there. |
|
| Miyoshi profit tumbles 64% in Q3 |
| MIYOSHI Precision yesterday reported a 64 per cent drop in net profit to $946,000 for the third quarter ended May 31, 2010. |
|
| Ezion to lease Aussie land for marine base |
| EZION Holdings, which specialises in marine logistics and support services for the offshore oil and gas sector, will lease about 15 hectares of land in Australia to develop a marine supply base there. |
|
| PLife Reit buys five nursing homes to boost Japan portfolio |
| PARKWAY Life Real Estate Investment Trust (PLife Reit) is expanding its presence in Japan with the 3.1 billion yen (S$48.3 million) acquisition of five nursing home properties, through its wholly owned subsidiary Parkway Life Japan3 Pte Ltd. |
|
| S&P affirms its rating on the three local banks |
| STANDARD & Poor's (S&P) has affirmed its rating on the three Singapore banks as a nod to the lenders' strong financial profiles and prudent management strategies. |
|
| Two Zhonghui directors dismissed |
| JUDICIAL managers of Zhonghui Holdings have terminated the employment of two uncooperative directors after attempts to reach them hit the wall. |
|
| Inflation to ease by Dec: official |
| (NEW DELHI) India's wholesale price inflation could come down to 5-6 per cent by December, but price pressures may prompt the central bank to resort to tightening through unpredictable moves, a top official said yesterday. |
|
| Technology shares slump on S&P 500 |
| (NEW YORK) Computer and software shares have slumped to the lowest valuations in two decades, a sign to Barclays Wealth and UBS AG they will rebound as Standard & Poor's 500 Index companies start spending their record cash. |
|
| Macro investing is back ... to the '70s |
| IF there was any hope among investors that macro would be out and micro back in during 2010, the last few months of market action have certainly dispelled that notion. We are not surprised. In fact, we think that there is a secular shift underway towards macro investing. |
|
| Australian business conditions improve, mood steadies |
| (SYDNEY) Australian business conditions improved in June as sales and profitability picked up, while confidence steadied after taking a tax-related hit the previous month, a survey showed yesterday. |
|
| Japan govt to push for tax reform despite poll defeat |
| (TOKYO) Japan needs to proceed with an overhaul of its tax system that could include a sales tax hike despite the ruling party's loss in the upper house election, Finance Minister Yoshihiko Noda said yesterday. |
|
| Double-dip recession unlikely: IMF chief |
| (DAEJEON, South Korea) The International Monetary Fund's chief reiterated yesterday that strong growth in Asia and Latin America made it unlikely that the global economy would suffer a double-dip recession. |
|
| GM to let Corvette buyers assemble their own engines |
| (DETROIT) Corvette owners could soon be revving up an engine they built with their own hands. |
|
| Toyota to study independent panel's recommendations on quality control |
| (TOKYO) Toyota will start studying an assessment of the company's quality control conducted by four outside experts to help beef up quality controls at the recall-battered carmaker under a programme that began in March to review defect measures. |
|
| Nissan steals a March on rivals with Thai base |
| (YOKOHAMA) Nissan took the wraps off its new March subcompact yesterday, which is being manufactured in Thailand for sale in Japan, underlining a trend for Japanese carmakers to shift more production abroad. |
|
| 'Silver lining' seen in Scomi Marine's RM550m deal |
| AT least one research house has given the thumbs-up to Scomi Marine's RM550 million (S$237 million) disposal of its marine logistics business despite the fact that the sale will result in considerable losses for the shipping firm. |
|
| KL MRT plan picking up speed. Or is it? |
| A PROPOSAL to build a RM36 billion (S$15.5 billion) mass rapid transit (MRT) system in Kuala Lumpur could materialise faster than expected, according to some analysts. Others believe it's a train ride too far. |
|
| BCA raises forecast for loan growth to 20% |
| (JAKARTA) Indonesia's PT Bank Central Asia has raised its expectations for loan growth in 2010 to at least 20 per cent as the domestic economy picks up, and is planning to expand in motorcycle financing and life insurance. |
|
| Infosys posts lower Q1 profit as European demand falters |
| (BANGALORE) Infosys Technologies edged up its forecast on a revival in outsourcing demand from its mainstay financial clients, but its shares fell as markets worried that a weak European economy could curb orders. |
|
| Mitsui Chemicals opens 2nd elastomers plant here |
| MITSUI Chemicals - which has made Singapore its key manufacturing base outside Japan through investments worth more than $1 billion - is considering more high-tech, value-add plants here. |
|
| China, Argentina sign US$10b of rail contracts |
| (BEIJING) China and Argentina yesterday agreed contracts for an array of projects in the rail sector totalling US$10 billion, Argentine Transport Minister Juan Pablo Schiavi told AFP. The news came during a visit to Beijing by Argentine President Cristina Kirchner, who was to meet Chinese counterpart Hu Jintao yesterday. |
|
| HK rail line may come in ahead of schedule |
| (HONG KONG) MTR Corp, the builder of a HK$66.9 billion (S$11.8 billion) high- speed train line here, said work on the railway may be completed ahead of schedule because of government support and commitments from contractors. |
|
| Time to stop 'flogging the log' |
| FORTY years ago, we joked about the idea of bridge watchkeepers falling asleep in the nice comfy chairs that were just starting to feature on some bridges; it turned out to be no laughing matter. |
|
| Northrop Grumman may close Louisiana naval shipyard |
| (WASHINGTON) Northrop Grumman Corp may shut its US Navy shipyard in Avondale, Louisiana, threatening about 5,000 jobs, without additional orders for military vessels, Governor Bobby Jindal said. |
|
| Kawasaki Heavy may purchase China, Korea-made steel |
| (TOKYO) Kawasaki Heavy Industries Ltd, Japan's third-largest maker of heavy machines, may buy steel plates from China and South Korea for the first time to build ships if domestic prices rise too much. |
|
| Retro-styled PT Cruiser takes its final trip |
| (DETROIT) A decade ago, the PT Cruiser roared onto the road with trendsetting looks and Al Capone swagger. In a sea of bland Honda Civics and Toyota Camrys, it was a retro hit. Chrysler could barely keep up with demand. |
|
| Africa defies crisis |
| MODERN-DAY prospectors are headed for Africa, where they hope to find more than gold. Africa inhabits a niche of its own, being neither an emerging economy like Brazil or Russia, nor an economy propelled by sheer force of population, like China and India. While it might defy categorisation for the time being, the numbers going in and coming out of the continent are fairly unequivocal. |
|
| Understanding South African private equity |
| THE battered reputation of developed-market private equity has cast a long shadow over the industry for the last five years. In the United States and parts of Europe, private equity has become useful shorthand for the dark side of business: conjuring up visions of over-leveraging, job losses and financial manipulation. |
|
| Fostering linkages with Africa |
| SINGAPORE is hosting its largest-ever African delegation which is in town for the inaugural Africa Singapore Business Forum, a two-day event which kicks off today. |
|
| China's huge reserves 'a big mistake': economist |
| CHINA made 'a big mistake' accumulating huge foreign currency reserves that have provided it with little returns, said Nicholas Lardy, a senior fellow at US-based Peterson Institute for International Economics. |
|
| How foreign firms can succeed in China |
| FOREIGN companies wanting to invest in China no longer have the advantage of capital and should actively pursue collaboration with local private enterprises so as to succeed, said chairman of New Hope Group Liu Yonghao. |
|
| Students present their edgy vision of the future |
| A TEAM from Raffles Institution envisioned a smartphone application that could provide information to users based on their moods. And for that, the Aviateurs team won the junior college category in the annual Splash Awards 2010 yesterday. |
|
| Artist to auction off two works |
| CHINESE-CANADIAN contemporary artist Zhou Su Yin will auction off two of her paintings here to raise funds for the arts and the environment. |
|
| China's rising wages a good thing, raising yuan's value |
| THE trend of rising wages in China is a good thing, says Prime Minister Lee Hsien Loong. |
|
| Use Singapore for Asia, Mid-East business: PM Lee |
| IN SELLING Singapore to potential investors in Houston, Texas, on Monday, Prime Minister Lee Hsien Loong went to some length in highlighting Singapore's historical links with the Middle East. |
|
| Biggest collective sale of the year clinched |
| (SINGAPORE) A collective sale is said to have been sealed for Meng Garden Apartments off Killiney Road for $137 million or about $1,380 per square foot per plot ratio, including an estimated development charge of $681,000. |
|
| MAS response |
| THE following is the response from MAS to DBS chief executive's letter to customers. |
|
| DBS blames IBM, braces for backlash from MAS |
| (SINGAPORE) DBS Bank has squarely blamed a botched hardware repair job for causing last week's widespread service outage. But the explanation may not shield the bank from a backlash, with Singapore's financial regulator saying that it would look at what action to take. |
|
| Producing skilled IT professionals in Nigeria |
| WITH 10 years of experience operating in Africa under its belt so far, local education group Informatics knows a thing or two about the huge business prospects in this largely untapped continent. |
|
| A boost from Algeria and Gabon |
| FOR the Portek Group's Larry Lam, explaining why his company ventured into Africa is somewhat beside the point. |
|
| Olam's African roots still strong |
| OLAM International might be synonymous with Singaporean enterprise today, but it owes a large part of its origins to Africa, where Olam Nigeria was started in 1989. |
|
| PIL's ties with continent go back 43 years |
| PACIFIC International Lines (PIL) came full circle in Africa this year. |
|
| Singapore: an Asian hub for football? |
| (SINGAPORE) Could Singapore become the Asian hub for a billion-dollar football industry? The organisers of Soccerex Asia certainly think so, as Singapore plays host to the football business networking forum and exhibition later this month. |
|
| So sorry for the inconvenience - here's what happened |
| THE following is the text of the letter from DBS chief executive Piyush Gupta: Dear DBS and POSB Customers, |
|
| Pace of Europe IPOs fastest in 2 years |
| (LONDON) European companies are preparing the most initial public offerings in two years after IPOs weathered the region's debt crisis and outperformed US deals. |
|
| Abu Dhabi may invest in BP |
| (ABU DHABI) Abu Dhabi is considering making an investment in BP plc, Crown Prince Sheikh Mohammed bin Zayed Al Nahyan said yesterday. 'We are still thinking about it,' he said in an interview here, when asked about potentially buying a stake in the London-based oil producer. 'We are looking across the board. We have been partners with BP for years,' he said. |
|
| BP shares rise as it gears up to test new cap on well |
| (LONDON) BP prepared for a potential turning point in the worst offshore oil spill in US history as the oil giant poised to test a new cap it placed on its runaway well on Monday. |
|
| Changi Motorsports Hub ready by 2012 |
| (SINGAPORE) The $330 million Changi Motorsports Hub (CMH) will be up and running by March 2012, in time for the year's racing season, said developer SG Changi at the ground-breaking ceremony yesterday. |
|
| Traders await Wall St inspiration |
| MORE than anything, the loss of upward momentum on Wall Street and other Western markets has been instrumental in injecting caution in this part of the world. |
|
| Euro rises vs dollar, inflation lifts pound |
| (NEW YORK) The euro rose yesterday after a smooth Greek treasury bill auction helped ease some concerns about Europe's debt crisis and took some of the sting out of another credit rating downgrade for Portugal. |
|
| SGX must reassure retail investors |
| I REFER to the report 'SGX may push boundaries, dabble in investor relations' (BT, July 13). |
|
| Brokers' Take |
| EZRA's Q3 2010 core net profit of US$18 million met our estimates, with 9M 2010 core net profit of US$47 million forming 67 per cent of our full-year forecast and 64 per cent of consensus. |
|
| The grinds of the economy have to recover |
| IF YOU go to business conferences, you know that at lunch, it is definitely better to be seated next to a prince than a grind. Princes, who can be male or female, are senior executives at major corporations. |
|
| A dismal scientist's cautionary tale |
| THE use of macroeconomic policies to tackle unemployment and inflation owes much to the influence of John Maynard Keynes, who advocated fiscal policy to fight depressions, and Milton Friedman, who advocated monetary policy to attain price and macroeconomic stability. |
|
| Obama a socialist president? Think again |
| THE future of American capitalism as we know it is under threat - if you are inclined to believe some American business executives and their political allies in Congress and the media. |
|
| Warning over Cheonan sinking may yet strain ties |
| THE dispute over the sinking of a South Korean naval vessel in March has been papered over with a presidential statement unanimously approved by the 15-member United Nations Security Council. |
|
| Grounds for caution amid rapid growth |
| ONE of the big surprises in the global economic picture for 2010 so far is how strongly Asian economies have performed, despite lacklustre growth in the G-3 economies of the United States, Europe and Japan. |
|
| Three-Minute Digest |
| DBS Bank has squarely blamed a botched hardware repair job for causing last week's widespread service outage. |
|
| Trade deficit widens to US$42b in May |
| (WASHINGTON) The US trade deficit widened in May to the highest level in 18 months as a rebounding economy pushed up demand for imports of foreign-made cars, computers and clothing. |
|
| European banks poised to win reprieve in Basel on capital rules |
| (NEW YORK) European banks, rattled by investor uncertainty about their ability to withstand a sovereign-debt crisis, are poised to win a reprieve in Basel, Switzerland, this week as regulators from 27 countries shape new capital rules. |
|
| Good response to debt auction in Greece |
| (ATHENS) Greece yesterday successfully raised 1.25 billion euros (S$2.17 billion) in its first debt auction since receiving international bailout loans. |
|
| Obama's approval rating hits a new low of 43% |
| (WASHINGTON) Nearly 60 per cent of American voters say they lack faith in President Barack Obama, according to a public opinion poll published yesterday. |
|
| Obama staying with green energy plan for economy |
| (WASHINGTON) President Barack Obama is looking again to convince voters that the billions of dollars he has pumped into embryonic clean-energy firms will build a better economy even if they generate only a modest number of jobs before the middle of the decade. |
|
| Automated debt-collection lawsuits clog US courts |
| (WASHINGTON) As millions of Americans have fallen behind on paying their bills, debt collection law firms have been clogging courtrooms with lawsuits seeking repayment. |
|
| UK's rail auction is not a fire sale, says vendor |
| (LONDON) Britain's high-speed rail link to the Channel Tunnel will be kept under state control if no buyer is willing to match the £pounds;1.5 billion (S$3.1 billion) asking price, according to the company that's in charge of the sale. |
|
| European banks headed for rollover cliff |
| (FRANKFURT) The sovereign debt crisis would seem to create worry enough for European banks, but there is another threat that has not garnered as much notice. Financial institutions must repay or roll over trillions of dollars in short-term borrowing in the next two years. |
|
| Hefner offers to take Playboy private |
| (CHICAGO) Playboy Enterprises Inc said yesterday that its iconic founder is offering to buy the remaining shares of the media empire, taking the company private, in a deal that values the company at US$185 million. |
|
| UK economy grows unrevised 0.3% in Q1 |
| (LONDON) The UK economy grew 0.3 per cent in the first quarter as an upward revision in services growth outweighed a further slump in construction. |
|
| Debt panel chiefs tell state governors: No more bacon |
| (BOSTON) States can't count on the federal government for more budget bailouts, the heads of President Barack Obama's debt commission told governors on Sunday. |
|
| IPIC seeks buyout of Abu Dhabi fund |
| (DUBAI) An Abu Dhabi sovereign wealth fund that owns the bulk of Aabar Investments moved yesterday to take control of the fast-growing firm with big stakes in the maker of Mercedes-Benz and Italy's largest bank. |
|
| Euro hit by worries over bank stress tests |
| (NEW YORK) The euro fell against the dollar yesterday, pulling back from a two-month high as concerns about the results of stress tests on European banks prompted investors to trim long positions in the single currency. |
|
| Prices firm slightly in quiet trading |
| THE end of the World Cup football tournament brought some traders back into the market but not a lot of them - volume was still relatively low and heavily dependent on day traders, proprietary desks and program trades. |
|
| Brokers' Take |
| LAST week, Keppel Land (KepLand) held a ceremony for the topping-out of Ocean Financial Centre (OFC). |
|
| The economic roller coaster from Keynesian policies |
| NEW home sales data have been gathered by the US Census Bureau since the early 1960s. In May, they dropped to their lowest level in recorded history, increasing the risk of the dreaded double-dip recession. |
|
| Coping with China's financial power |
| CHINA'S approach to economic development has turned the country into a lopsided giant, an export juggernaut with one huge financial arm. |
|
| Is the world heading for another recession? |
| IN RECENT months, economic policy around the world has taken a major wrong turn and, according to some economists, the global economy may be heading towards another recession. |
|
| Score with investment tips from the World Cup |
| SOME people might think the hours you spent over the last month sitting around, drinking beer and watching the soccer World Cup being played in South Africa was a waste of valuable time. |
|
| New opportunities opening up in India |
| AS INDIA gears up its manufacturing sector by improving infrastructure, the proposal made by the country's Commerce and Industry Minister, Anand Sharma, to Singapore last week sounds interesting. |
|
| Three-Minute Digest |
| THE Singapore Exchange is pushing into non-traditional areas like investor relations and market data services. |
|
| Tokyo govt hamstrung by DPJ's losses |
| (TOKYO) Japan faced political gridlock after the ruling party's bad losses in Sunday's election, which could thwart the government's efforts to curb the country's huge public debt and get the economy in shape. |
|
| SGX keen to develop fixed income sector |
| (SINGAPORE) The Singapore Exchange (SGX) is usually associated with the equities market but there are plans afoot to develop fixed income into a significant business for the exchange. |
|
| The bourse supremacy |
| CHINESE stock exchanges have led the global market for new stock issues so far this year. Mainland cities took the top and third spots in the IPO league tables, according to Thomson Reuters data. |
|
| HK should regulate sales of apartments: lawmaker |
| (HONG KONG) The government should regulate Hong Kong developers' sales tactics to increase transparency, a lawmaker said yesterday, as the territory's Parliament held a special session on the collapse of HK$2.67 billion (S$474.89 million) of apartment sales by Henderson Land Development Co. |
|
| Barclays Wealth goes on hiring spree |
| (SINGAPORE) Barclays Wealth has hired six senior private bankers from its rivals, as part of aggressive plans to double the size of its Singapore team of bankers serving rich clients from South and South-east Asia by the end of next year, BT has learned. |
|
| MM Lee: Invest in China with confidence, guanxi |
| (SINGAPORE) Singaporeans looking to invest in China should do so with confidence and the requisite 'guanxi', said Minister Mentor Lee Kuan Yew at the FutureChina Global Forum last night. |
|
| Spain's stock rises on the pitch and in the markets |
| (SINGAPORE) Is it the Fifa World Cup effect? It seems Spain did not just triumph on the football field to win its first World Cup yesterday, but it emerged victorious in the stockmarket as well. |
|
| SGX may push boundaries, dabble in investor relations |
| (SINGAPORE) The Singapore Exchange (SGX) is not just looking to break new ground in sectors like fixed income and commodities, but is also pushing into non-traditional areas like investor relations (IR) and market data services, says chief executive Magnus Bocker. |
|
| Brutal Dutchmen left to lick their own wounds |
| FOR an entire month, the Netherlands charmed one and all in South Africa. |
|
| Changing role of CFOs in SMEs |
| THE upside for small and medium-size enterprises (SMEs) is that help is always just round the corner. Local businesses that need assistance to scale for growth and profitability have ample resources to tap on. |
|
| Stanchart to take broad strides in China |
| STANDARD Chartered Bank intends to open 15 to 18 new branches in China this year and add 1,000 employees to its current headcount of 5,000, says Stanchart China chief executive Lim Cheng Teck. |
|
| Stanchart buys GE's factoring business in Singapore |
| STANDARD Chartered Bank will be expanding its SME banking business in Singapore by acquiring GE Commercial Financing (Singapore) Ltd. |
|
| New product cuts downtime for oil exploration firms |
| OIL exploration and high speed cutting tool companies could see a drastic decrease in system downtime and the amount of lubricant they use - thanks to Coating Concepts. |
|
| Laying the foundations for growth |
| KEE Song Brothers was founded in 1970 by Ong Kian San's father. Back then it was a small operation where father and sons sold the chickens they reared to wet market vendors. |
|
| Raising the bar for poultry |
| POULTRY rearing is hardly an industry that one would associate with land-scarce Singapore, yet a homegrown company has defied the assumption that agriculture is a sunset sector by re-inventing itself. |
|
| BreadTalk rises to the occasion |
| BREADTALK has always had an insatiable appetite for new markets. At its tenth anniversary little has changed, except that chairman George Quek now sees expansion as a game of consolidation and franchising. |
|
| How China can allay fears of its rise |
| ONE way China can allay the fears of its rise is to adopt a strategy of complementary growth - where the world works with China and benefits from its rise, said Wu Jianmin, executive vice-chairman of the China Institute for Innovation and Development Strategy. |
|
| Is Spain the new Germany? |
| AN efficient and well-oiled machine. Tactically superior. A determined and dogged performance. No, I am not talking about Germany. |
|
| Small caps recover with 2% gain |
| OUR small cap portfolio snapped a three-week slump by gaining 2 per cent following the end of the Fifa World Cup. |
|
| 23% spending rise in first month of GSS: MasterCard |
| MASTERCARD has seen a 23 per cent increase in expenditure on the Great Singapore Sale (GSS) over the same period last year. |
|
| Aug-Jan COE supply 9% lower |
| THE supply of Certificates of Entitlement (COE) will be trimmed to 23,063 for the six month period from August this year to January next year, the Land Transport Authority (LTA) has announced. |
|
| FLA award to honour local firms with franchising success |
| THE Franchising and Licensing Association of Singapore (FLA) launched its Franchise Star Achiever Award yesterday as FLA moves towards making Singapore Asia's franchising and licensing hub. |
|
| Globalisation gives smaller firms a fair go |
| LARGER and more established companies may not necessarily be smarter than younger and smaller firms when it comes to globalisation, says Insead chaired professor of strategy Anil Gupta. |
|
| Singapore seen as gateway to Asia |
| TOP American executives who attended a three-day conference see Singapore as the gateway to Asia. |
|
| PM Lee: similar strategic view underpins US, S'pore security ties |
| A SIMILAR strategic perspective underpins the security and defence relationship between the United States and Singapore, according to Prime Minister Lee Hsien Loong. |
|
| Cavenagh Mansions and Goodrich Park Condo sold |
| CAVENAGH Mansions and Goodrich Park Condominium have been sold following their respective tender closings last week. Both sites are freehold. |
|
| 'Barefoot Bandit' nabbed after high-speed boat chase |
| (NASSAU, Bahamas) For two years he stayed a step ahead of the law - stealing cars, powerboats and even aeroplanes, police say, while building a reputation as a 21st-century folk hero. But Colton Harris-Moore's celebrity became his downfall. |
|
| Evergreen Group buys 10 vessels from CSBC: report |
| (TAIPEI) Taiwan's Evergreen Group will order 10 ships from the island's leading shipyard for US$1.03 billion, powering ahead with a plan to more than double its container fleet, a report said yesterday. |
|
| Adani picked to develop coal port in Queensland |
| (SINGAPORE) Adani Group, India's biggest coal importer, was picked to develop an export facility for the fuel in Australia, a spokeswoman said. |
|
| Waterco eyes US, Mid-East for its new bigger filters |
| (SUNGAI BULOH, Selangor) Waterco Ltd, which manufactures pumps and filters for water-treatment and water-conditioning systems, is planning to expand its market for new bigger filters to the United States and Middle East. |
|
| Selangor state blazes new bipartisan trail |
| in Kuala Lumpur |
|
| Output up at Bumi Resources |
| (JAKARTA) PT Bumi Resources, Indonesia's largest coal producer, may exceed its output forecast this year by as much as two million tonnes, even as rains threaten production, an official said. The shares jumped the most in three weeks. |
|
| Banks' cash condition 'to improve by end-July' |
| (MUMBAI) A cash crunch in India's banking system, which drove the one-year overnight indexed swaps to a 20-month high on Friday, should begin to ease by the end of July, bankers said yesterday after a meeting with the central bank. |
|
| Exploding population in India |
| (MUMBAI) Commuters walking outside a train station on a rainy day in Mumbai. |
|
| Shell India set to sell some of its fuel stations |
| (NEW DELHI) The Indian arm of Royal Dutch Shell plans to sell off some fuel stations in the country while continuing to build new ones to cover more regions, a company official said yesterday. |
|
| Lack of capacity drags on India's output growth |
| (NEW DELHI) India's industrial output growth slowed unexpectedly to 11.5 per cent in May, official data showed yesterday, as factories and mines ran into capacity constraints after months of breakneck expansion. |
|
| New Zealand home prices fall in June |
| (WELLINGTON) New Zealand house prices fell for the second month in a row in June, according to official data yesterday, offering further evidence that the central bank can afford to be gradual in raising interest rates. |
|
| China property prices see first fall in 17 months |
| (BEIJING) Chinese property prices in June recorded their first monthly fall since February 2009, providing further evidence that a government drive to let the air out of an inflated market is working. |
|
| HDB makes $2.3m solar panel purchase |
| THE Housing Development Board (HDB) yesterday announced a $2.3 million purchase of 4,348 solar panels from Norwegian energy firm Renewable Energy Corporation. This is the largest solar panel procurement in Singapore to date. |
|
| AXA said to be seller of GB Building's top floors |
| INSURER AXA is said to be the owner of the top four floors of GB Building at 143 Cecil Street that have been put on the market with an indicative price of $30.18 million. This works out to about $1,400 per square foot based on the strata area of 21,560 square feet. |
|
| Prime City of London office rents up 25% |
| (LONDON) Prime office rents in the City of London financial district have gained nearly 25 per cent since January, with recession-driven discounts pushing tenant demand, property consultancy NB Real Estate said yesterday. |
|
| Templeton-backed oil driller eyes foreign firms |
| (BANGALORE) Shiv-Vani Oil & Gas Exploration Services an Indian oil driller backed by Templeton Asset Management, plans to spend US$50 million to acquire a US or European company to get access to technology. |
|
| Banks flocking to Asia's commodity sector |
| (SINGAPORE) Banks are expanding in Asia's commodity and energy sectors at a rapid clip, drawn by the region's faster growth rates and lightly regulated markets, and will rev up the drive further in coming months. |
|
| EU proposals on short selling unfair: AFME |
| (LONDON) A European group that represents banks including UBS AG and Deutsche Bank AG said the European Union's plans to crack down on some forms of naked short selling has targeted risks 'that do not exist'. |
|
| Bank of Korea raises inflation, growth forecasts |
| (SEOUL) South Korea's central bank yesterday lifted its economic growth and inflation forecasts for this year, supporting market expectations of more interest rate increases soon after last week's surprise hike. |
|
| IMF plans package to prevent future crises |
| THE International Monetary Fund (IMF) expects to present later this year a package of new measures designed to forestall future financial crises of the kind that hit Asia in 1997 and the eurozone earlier this year, IMF managing director Dominique Strauss-Kahn disclosed here yesterday. |
|
| Company Briefs |
| MERMAID Maritime Public Co Ltd said that it has entered into an agreement to sell its 25 per cent stake in Worldclass Inspiration Sdn Bhd (WCI) to Georgia Attraction Sdn Bhd for RM75.54 million (S$32.6 million). |
|
| Biosensors CEO kickstarts acquisition path |
| JUST weeks after taking up his new role as president and CEO of stent maker Biosensors International Group, Jeffrey Jump has already created a milestone for his company through an acquisition in California-headquartered CardioMind Inc. |
|
| Thomson Med net up 39% to $4.8m |
| THOMSON Medical Centre (TMC), which provides private healthcare services for women and children, posted a 39 per cent jump year-on-year in net profit to $4.8 million for the third quarter ended May 31, 2010. |
|
| Ezra net profit up 37% in Q3 |
| EZRA Holdings posted a 37 per cent rise in net profit, from US$18.8 million to US$25.7 million for the third quarter ended May 31, 2010. |
|
| Jurong Shipyard to sell US$365m N Sea rig |
| SEMBCORP Marine's subsidiary - Jurong Shipyard Pte Ltd - has signed a deal to sell a US$356 million jack-up drilling rig to a unit of Seadrill Ltd, a Norwegian company. |
|
| Tiger Airways passenger numbers soar |
| TIGER Airways reported robust passenger volumes and load factors for June 2010, with passenger numbers growing 39 per cent year-on-year to 508,000. |
|
| SPH and its charity present 26 scholarship awards |
| SPH and the SPH Foundation formally gave out 26 scholarships in a presentation ceremony yesterday, with Dr Tony Tan reminding journalists about the challenges of the new digital age in his opening address. |
|
| SPH profit up a robust 29.9% in Q3 |
| SINGAPORE Press Holdings (SPH) reported a 29.9 per cent increase in its net profit for the third quarter on the back of a strong rebound in advertising sales and higher contribution from its property segment. |
|
| English drive to turn Beijing into world city |
| (BEIJING) Authorities in Beijing plan to make most residents - from hairdressers to policemen - learn English under a drive to convert the Chinese capital into a 'world city', state media said yesterday. |
|
| Li & Fung boosts acquisition funds |
| (HONG KONG) Li & Fung Ltd, the biggest supplier to retailers including Wal- Mart Stores Inc and Target Corp, increased its funds for acquisitions to about US$1.15 billion with the sale of 10-year debt. |
|
| China enforces new graft-busting rules |
| (BEIJING) China has stepped up its anti-corruption rules, calling on government officials to report their incomes, investments, personal assets and whereabouts of family members, state media said yesterday. |
|
| China exports rebound but seen slowing |
| (BEIJING) China's unexpected rebound in overseas shipments to a record last month may lose pace as the European crisis, a moderating US recovery and yuan gains curb demand for goods from the world's largest exporter. |
|
| MAS tight-lipped on talks with Airbus |
| (KUALA LUMPUR) Malaysia Airlines (MAS) remains tight-lipped on the progress of its discussions with Airbus on the delay in the delivery of A380. Its managing director/chief executive officer, Azmil Zahruddin, said MAS was still in discussions with Airbus. 'Any answer I give will be purely speculative,' he said after signing agreements with HCL-Axon and SAP here yesterday. He, however, declined to elaborate. |
|
| Mubadala to start making Airbus parts |
| (ABU DHABI) Abu Dhabi's Mubadala Aerospace will start making Airbus parts at its new facility by fourth-quarter, sees a deal with Sikorsky imminent, and expects to conclude up to five financing deals this year. |
|
| Air France-KLM settles cargo price-fixing claims |
| (PARIS) Air France-KLM said yesterday that it agreed to pay US$87 million to settle civil anti-trust claims in the United States over an alleged price-fixing conspiracy in the air cargo business. |
|
| Air China embarks on improving service |
| (SHANGHAI) Air China Ltd, the nation's largest international carrier, said it's working on more than 100 service improvements as it competes with Cathay Pacific Airways Ltd and Delta Air Lines Inc on overseas routes. |
|
| Zodiac rejects takeover bid from Safran |
| (PARIS) Zodiac Aerospace SA, Europe's biggest maker of aeroplane seats, rejected a takeover approach from jet-engine-maker Safran SA, saying the companies have little overlap or potential cost savings. |
|
| BOT to discuss interest rate rise tomorrow |
| (BANGKOK) Thailand's central bank will discuss raising interest rates at a policy-setting meeting tomorrow as inflationary pressures grow, a deputy central bank governor said, adding to speculation over an imminent rate rise. |
|
| Gillard may call polls this week |
| (SYDNEY) Australia's ruling Labor Party is set for a narrow victory in upcoming elections, two new opinion polls showed yesterday, as speculation grew that Prime Minister Julia Gillard could call an election as soon as this week. |
|
| BP negotiating to sell assets to US oil firm Apache |
| (LONDON) BP Plc is in talks to sell assets to Apache Corp as it seeks funds to pay for the biggest US oil spill in history, two people familiar with the discussions said. |
|
| Webber makes his point |
| THE British aren't normally used to high temperatures, so in the 35+ degree heat it was not too surprising that the medical services at Silverstone reported treating hundreds of race fans for the effects of sunburn and sunstroke. |
|
| 100m Swiss franc solar plane project a success |
| (ZURICH) When an experimental airplane landed safely on Thursday morning after flying through the night propelled entirely by 12,000 solar cells and sunlight-powered lithium batteries, it was the first success of a project costing 100 million Swiss franc (S$130.6 million) sponsored by Deutsche Bank AG, Germany's biggest bank. |
|
| Boeing cockpit windows unsafe? |
| (WASHINGTON) Airlines will have to inspect the cockpit window heaters on 1,212 Boeing airliners and perhaps replace the windows under a safety order that the Federal Aviation Administration said on Friday that it would issue this week. |
|
| Dubai World property arm sells off Malaysia stake |
| (DUBAI, United Arab Emirates) A property arm of struggling state conglomerate Dubai World is backing out of a plan to build luxury homes in Malaysia as it looks to shore up its finances. |
|
| The tablet is poised to take over our lives |
| IF you haven't chalked out yet how you are going to beg, borrow, steal or just plain buy your tablet, better get cracking. Everyone's planning to get one. |
|
| Rivals catching up to Apple: Ovum |
| APPLE will no longer be able to sustain its dominance in the mobile application download market as its rivals up the ante in the coming years, according to a report by independent telecoms analyst firm, Ovum. |
|
| Microsoft, Fujitsu to team on cloud computing |
| (BANGALORE) Fujitsu Ltd and Microsoft Corp will share data centres worldwide to catch up with Google Inc and other pioneers in providing software and computing services online, the Nikkei business daily said. |
|
| Seagate unveils world's first 3TB external desktop drive |
| CONSUMERS can now store up to 120 high-definition (HD) movies, 1,500 video games, or countless hours of digital music in the world's first three terabyte (TB) external desktop drive, launched by Seagate. |
|
| How Visa keeps an eye on its 1.8b cards |
| WITH more people making purchases via the Internet, the risk of online fraud has risen with the emergence of a new generation of criminals who are adept at using new methods and technology to fraudulently acquire cardholder data. |
|
| Biz continuity to get leg-up with new certification |
| IT business continuity managers can now study business continuity management, data centre management and IT disaster recovery thoroughly and holistically through a new homegrown certification programme that combines all three areas. |
|
| Gaming industry here set to take off |
| HAVING the World Cyber Games (WCG) Asian Championships in town does not mean only gamers get to strut their stuff - game developers and publishers are being allowed to do just the same as part of The Games XPO (TGX) 2010. |
|
| Aeroflot plan 'inadequate': Putin |
| (MOSCOW) Prime Minister Vladimir Putin criticised OAO Aeroflot, Russia's largest airline, for seeking to expand domestic market share by buying more planes from Boeing Co and Airbus SAS. |
|
| Emirates, Etihad to create 60,000 new jobs: report |
| (DUBAI) Emirates and Etihad, the two major carriers of the United Arab Emirates, plan to create almost 60,000 new jobs over the next decade to meet their rapid growth, a newspaper reported yesterday. |
|
| Be smart with your finances |
| FANCY becoming the next Warren Buffett or George Soros? Or even the famous Robert Kiyosaki? Then read on. |
|
| Factories shift to lower-cost regions |
| THERE are two notions to the recent strikes and protests in Guangdong province: 'Rising wages, but higher average Chinese consumption power' or 'Rising costs mean loss of jobs'. |
|
| Poised for far-reaching changes |
| ON any checklist of issues that would have a profound potential impact on the global economy, what changes happen in China over the next decade, and how they happen, would rank very high.China is the world's third largest economy as well as the fastest growing. It is among the top three exporters, the biggest market for several commodities, the top destination for foreign direct investment and the epicentre of the global supply chain for a wide variety of manufactured goods. |
|
| Creating a team Formula |
| WHILE many an F1 fan may dream of being a world champion driver like Michael Schumacher or Lewis Hamilton, a team of students from the National University of Singapore (NUS) found themselves playing the role of not only driver but also pit crew, design team and manufacturers in the annual inter-varsity Formula Society of Automotive Engineers (Formula SAE) competition. |
|
| Are you heading for the cloud? |
| GUESS what's common among a random sampling of diverse ICT (infocomm technologies) companies such as Amazon Web Services (AWS), Microsoft, Verizon, IBM and EMC? It's two words: cloud computing. |
|
| Cloud uptick to give Citrix more juice in Singapore |
| A PICK-UP in the adoption of cloud computing technologies in Singapore and Asia-Pacific will help boost the fortunes of companies such as Citrix Systems, Microsoft, VMware and others that specialise in delivering applications in a 'virtualised' manner with data sitting on secure remote servers and virtual images of the data being beamed to end-users. |
|
| Does recession spark virtualisation? |
| DOES a recession prod companies to virtualise their servers, storage and desktops faster? Yes, according to research house IDC Corp. Up to 18.2 per cent of all new servers shipped in Q4 2009 were virtualised, up from 15.2 per cent in Q4 2008. |
|
| New experiences, new insights |
| HANGING out at McDonald's till the wee hours of the morning was one situation Dr Ling Moi Lin had never imagined herself to be in. But she found herself doing just that, staying out late to complete project papers and presentations with group members, during the part-time Executive Master of Business Administration (EMBA) program from which she has just graduated. |
|
| Director purchases stay strong, sales hit zero |
| THE buying rose for the second straight week with 19 companies that recorded 31 purchases worth $17.8 million based on filings on the exchange from July 5 to 9. The number of firms and value were up from the previous week's 15 companies and $3.6 million. The number of acquisitions, on the other hand, remained high as the figure was only two trades shy of the previous week's 33 purchases. |
|
| Among the best places to live |
| Other than Singapore, what cities would you consider most liveable? What features of these cities could Singapore adopt to make it even better? |
|
| Three-Minute Digest |
| AN increasingly competitive marketplace and growing price pressures are pushing public accounting firms to get creative with how they manage their costs. |
|
| Big changes coming for financial world |
| (WASHINGTON) Democratic leaders in the Senate are trying to secure the final votes needed to pass legislation this coming week that would impose the most sweeping rules on banks and Wall Street since the Great Depression of the 1930s. The financial industry and consumers already are anticipating - in some cases bracing for - the impact. |
|
| 5-goal feast a nice curtain-raiser |
| IF FOOTBALL were likened to fine dining, then the sumptuous fare that Germany and Uruguay served up on Saturday night would be akin to a dinner prepared by a three-star Michelin chef. |
|
| Volcker loud and clear on bill |
| (NEW YORK) JUST before the Fourth of July weekend, Paul Volcker packed his fishing gear and set off for his annual outing to the Canadian wilds to cast for Atlantic salmon. |
|
| Providing solutions for an urbanising China |
| THE rise of China is the story of the century. Its economic boom over the past three decades has sparked off rapid urbanisation across the country. About 600 million Chinese now live in cities, yet that represents only 45 per cent of the population, compared with more than 80 per cent in the United States. |
|
| Cultural insights yield business edge |
| THERE'S a joke about China you may have heard. A newly appointed governor asked for feedback about the local bureaucracy during an introductory meeting with businessmen. One replied 'bu hao shuo' meaning 'it's hard to say'. |
|
| The housing bubble dilemma |
| DURING the last decade, China's housing bubble has been a serious concern. The average house price in big cities like Shanghai and Beijing is now over 25,000 yuan (S$5,100) per square metre (by comparison, the resale price of HDB flats is around 15,000 yuan per square metre). Ten years ago, it was only around 5,000 yuan. |
|
| No stronger property market in the world than China |
| AS soon as Jamie Dimon, CEO and chairman of JPMorgan Chase, sat next to me at Beijing's Grand Hyatt Hotel after delivering his keynote address at an investment conference, he popped an abrupt question to me: 'So, are you worried about the Chinese government's recent measures to manage the property bubble?' |
|
| A slower-growing China? Not a bad idea |
| CHINA'S gross domestic product (GDP) is likely to grow at a significantly lower rate in the next 10 years. However, it is not necessarily a bad thing for the Chinese economy or the world economy. |
|
| Big Four find magic bullet to trim costs |
| (SINGAPORE) An increasingly competitive marketplace and growing price pressures are pushing public accounting firms to get creative with how they manage their costs. |
|
| S Africa names threatened flower after vuvuzela |
| (JOHANNESBURG) South Africa named a newly discovered Iris plant after the vuvuzela, the plastic trumpet that became internationally recognised after both delighting and annoying millions of sports fans watching the World Cup. |
|
| China's forex reserves hit US$2.454t |
| (BEIJING) China's foreign exchange reserves surged to a record US$2.454 trillion at the end of June, the central bank said yesterday. |
|
| Crux of talent management |
| A REPORT about to be published from ACCA (the Association of Chartered Certified accountants) and Mercer, the global consulting company, reveals that Generation Y - those born after 1980 - are a demanding group when it comes to their careers in finance. |
|
| Quick returns on EMBA investment |
| ENROLLING in UB's Executive MBA program at SIM was an excellent investment decision, says Saurabh Mani, assistant vice-president, business management, IES COO APAC, Deutsche Bank. |
|
| Sistic licenses ticketing system to players overseas |
| WITH an innovative ticketing system and a customer-oriented business model, Singapore's Sistic.com Pte Ltd is aggressively taking its show overseas - so far winning contracts with big names in Macau, Hong Kong and Australia. |
|
| Asia-Pacific credit insurance sales seen doubling |
| TRADE credit insurer Euler Hermes expects revenues from the Asia-Pacific region to double within the next five years. |
|
| Demand for new CityDev, UOL condos |
| (SINGAPORE) UOL Group and City Developments Ltd (CDL) continued to sell units over the weekend at their new condos released last week. |
|
| A mild dose of hope for global economy |
| RECEDING concerns about a faltering global economic recovery and increasing optimism about the upcoming earnings season have injected enough confidence to enable the market to chalk up its strongest rally this year. |
|
| Baltic Dry Index falls for longest in nine years |
| (LONDON) The Baltic Dry Index, a measure of commodity shipping costs, fell for the longest period in almost nine years as declining Chinese steel prices erode the nation's iron ore demand. |
|
| NEP restrictions - boon or bane |
| A SENIOR Malaysian economist has questioned former prime minister Mahathir Mohamad's recent insistence that the country grew rapidly because of the New Economic Policy (NEP). |
|
| India's bumper harvest may ease inflation |
| (NEW DELHI) India expects bumper foodgrain production this year that should help contain inflation after last year's worst drought in decades drove up prices, Agriculture Minister Sharad Pawar said on Friday. |
|
| India telco mergers on the cards |
| (NEW DELHI) Mergers are the only way forward in India's crowded mobile phone market, where 14 operators are slugging it out for subscribers by offering the cheapest rates in the world, analysts say. |
|
| Rate hikes show confidence in Asian growth |
| (SINGAPORE) Recent moves by Asian central banks to raise interest rates are a strong vote of confidence that the region will weather risks stemming from the European debt crisis, analysts say. |
|
| Hiring picks up at top US financial firms |
| (NEW YORK) While much of the United States remains fixated on the bleak employment picture, hiring is beginning to pick up in the place that led the economy into recession - Wall Street. |
|
| ES Group committed to expansion plans in Thailand |
| DESPITE the recent political unrest in Thailand, marine and offshore company ES Group is confidently committed to its operational plans in Thailand. |
|
| Jasper reclassifies US$11.16m to current liabilities |
| OFFSHORE drilling group Jasper Investments said over the weekend that borrowings totalling US$11.16 million in its balance sheet for the financial year ended March 31, 2010, has been reclassified from 'non-current liabilities' to 'current liabilities' in the audited financial statements. |
|
| TMC aims to expand locally, in China and Vietnam |
| CATALIST-LISTED TMC Education Corporation is looking to expand both locally and in markets such as China and Vietnam, chairman and CEO Chin Kon Yuen said. |
|
| Ma calls for closer ties with China |
| (TAIPEI) Taiwan's President Ma Ying-jeou yesterday sent a message to China's President Hu Jintao, calling for closer ties following the historic trade pact signed by the two sides last month. |
|
| HSBC in US tax evasion probe: report |
| (NEW YORK) Federal prosecutors are ramping up their criminal investigation into HSBC concerning its sale of offshore tax services to wealthy Americans suspected of evading taxes, according to two people briefed on the matter and to court papers. |
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| ECB economist optimistic on sovereign debt |
| (FRANKFURT) The European Central Bank's de facto chief economist said on Friday that 'the worst is over' for Europe's sovereign debt crisis and expressed optimism about the continent's growth, underscoring similar comments by the head of the bank in what seemed to be a concerted effort to restore confidence in the euro area's economy. |
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| Webber bags third win this season |
| (SILVERSTONE, England) Mark Webber of Red Bull won yesterday's British Grand Prix at Silverstone to overtake his team-mate Sebastian Vettel and go third in the Formula One drivers' standings. |
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| Asian units gain on rate rises |
| (SINGAPORE) Asian currencies gained last week as signs that economic expansion is gathering momentum prompted central bankers in South Korea and Malaysia to increase borrowing costs, underpinning fund inflows into the region. |
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| Positive fundamentals and outlook for natural rubber |
| NATURAL rubber can truly be said to be an Asian commodity as the largest producers and consumers are Asian countries. |
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| Portfolios slide 0.7% despite market lifting |
| WITH the World Cup coming to an end, market players are perhaps slowly diverting their attention back to the stock market. |
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| Financial crisis puts squeeze on audit fees |
| (SINGAPORE) While the global financial crisis has forced companies to cut costs, that increased thrift isn't necessarily a good thing. |
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| US$10.7b error immaterial: BOA |
| (SAN FRANCISCO) Bank of America Corp, the largest US bank by assets, said that it wrongly classified as much as US$10.7 billion of short-term repurchase and lending transactions as sales from 2007 to 2009 to reduce its end-of-quarter assets. |
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| Earnings reports hold key to sustainability |
| PROMPTED by rising expectations for the coming second-quarter earnings season, investors took a break last week from the stockmarket blues. Instead, bargain hunters went on a buying spree to reposition their portfolios ahead of the reports of strong profits. |
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| Sales in transaction services growing fast |
| (SINGAPORE) As more Asian MNCs set up finance and treasury centres in Singapore, banks here are also engaged in a fierce contest to manage their global payments and cash management services. |
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| DPJ poised to lose majority in Upper House |
| PRIME Minister Naoto Kan's Democratic Party of Japan (DPJ) and its tiny partner, the People's New Party (PNP), were set to lose their combined majority in parliament's Upper House, exit polls showed. |
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