Australia may change pension options
(MELBOURNE) Australian retirees may in the future be able to swap private pension funds for a guaranteed income from the state in a move designed to help poorer workers, a report said on Saturday.
No go for Thai suspended projects
(BANGKOK) Thailand’s Central Administrative Court has rejected petitions seeking the go-ahead for 30 suspended projects at a major industrial zone, dealing a blow to dozens of companies hoping to get operations back on track.
No progress in Airbus A400M funding talks
(BERLIN) Military officials from the European countries with orders to buy the Airbus A400M military transport plane tried and failed again last Friday to resolve differences over how to share billions of euros in cost overruns.
Juniper to tread expansion path in Singapore, Asia-Pacific
JUNIPER Networks, which designs and sells network infrastructure, hopes to expand its business in 2010 in Singapore and the Asia Pacific region.
Spotlight turns to Apple’s ‘latest creation’
(SAN FRANCISCO) The technology rumour mill is busy grinding speculation regarding an Apple event Wednesday at which the culture-changing firm will unveil its ‘latest creation’. Expectation that the maker of iPhones and iPods is set to wow the world with a tablet computer is so rampant that the California company’s stock could suffer if it fails to deliver.
Phishing threat a growing worry
NINE out of 10 consumers in Singapore fear the safety of personal information stored on social networking websites, according to a survey by security firm RSA released last week. Singapore topped the 22 countries surveyed, with 91 per cent of users ‘concerned’ about personal information being accessed or stolen on social networking websites – significantly higher than the worldwide average of 70 per cent.
Google co-founders to sell US$5.5b in stock
(SAN FRANCISCO) Google Inc co-founders Larry Page and Sergey Brin are relinquishing some of their control over the Internet search leader with the sale of 10 million shares worth US$5.5 billion at current prices.
The importance of ‘heartware’
I THINK learning occurs everywhere. But I believe even more strongly that true learning occurs when we are out of our comfort zone.
Be smart with your finances
FANCY becoming the next Warren Buffett or George Soros? Or even the famous Robert Kiyosaki? Then read on.
Breaking gender rules in business
STILL remember when your father admonished you to follow the rules? Forget it. Some rules are quite simply meant to be broken.
Concern rising over inflation in China
(BEIJING) Wang Zihua’s last pay rise was two years ago and the 56-year-old post office worker in the northern Chinese city of Harbin is concerned his 1,200 yuan (S$247) monthly salary is being eaten away by rising prices.
Too soon for China to up rates: govt economist
(SHANGHAI) It is too soon for China to raise interest rates because inflation is still containable and a rate hike could spur an unwelcome influx of speculative money, a senior government economist said here last Saturday.
Chateau Lafite 1982 goes for HK$363,000
(HONG KONG) A six-litre bottle of Chateau Lafite 1982 has fetched HK$363,000 (S$65,600), nearly twice its presale high estimate, at a sold-out wine auction as the quest for rarity and inflation concerns drove prices higher.
China moves up to No 2 in diamond market
(BEIJING) China last year overtook Japan to become the world’s second largest diamond market behind the United States with trade on the Shanghai diamond exchange rising 16.4 per cent to more than US$1.5 billion, the state media said.
Moya remains committed to Dayen placement
IN a filing on the Singapore Exchange yesterday, Dayen Environmental said that Moya Holding Company BSC (Moya) has outlined its perspectives on the placement offer announced in December after considering the recent developments in Dayen.
Companies urged to adopt ‘manyness’ attitude
COMPANIES with international ambitions need strategies that reach beyond expanding sales and shifting production offshore to keep up with competitors in rapidly developing China and India, says the Boston Consulting Group (BCG).
Transview banks on mining investments
GOLF equipment and apparel distributor Transview Holdings expects earnings from its Australian mining investments to dwarf its current core sports retail business within the next 12 to 18 months.
What’s ahead for CMA investors?
CAPITALAND’S floating of CapitaMalls Asia (CMA) in November last year is starting to make sense now.
Bernanke likely to be confirmed as Fed chief
(WASHINGTON) US President Barack Obama has received assurances from Senate leaders that Ben Bernanke will be confirmed for a second term as Federal Reserve chairman, an administration official said.
Fed tipped to hold its course as clock runs on stimulus
(WASHINGTON) The US Federal Reserve is expected to signal a steady policy course at its upcoming meeting, in an effort to keep a fragile economic recovery on track, analysts said over the weekend.
Govt workers a union majority for 1st time
(NEW YORK) For the first time in American history, a majority of union members are government workers rather than private-sector employees, the Bureau of Labour Statistics announced on Friday.
Britain set to exit recession but faces tough recovery
(LONDON) An end to Britain’s longest recession on record will likely be confirmed this week but recovery for the debt-ridden nation – facing an election this year – will be far from smooth, economists warned.
India fast-tracks highway expansion plans
(NEW DELHI) India is ramping up its road infrastructure – quadrupling highway construction in six months – in a bid to accelerate economic growth in Asia’s third largest economy.
Seoul to seek Delhi’s support for Posco mill
(SEOUL) South Korean President Lee Myung Bak is seeking Indian government support to clear the way for Posco’s planned US$12 billion plant that has been delayed for about three years, his office said.
Freeport convoy ambushed near Papua gold mine
(JAKARTA) Gunmen attacked a convoy near the world’s largest gold mine in Papua yesterday, wounding at least seven people including a foreigner, Indonesian police said, the latest in a string of attacks on the US-owned mine.
Putting an end to subsidies
THE lack of details on two-tier pricing at fuel pumps is getting worrisome as implementation is only some three months away.
Al Baraka eyes stake in Bank Muamalat
(MANAMA) Bahrain-based Islamic lender Al Baraka is in talks to buy a stake in Malaysia’s Bank Muamalat, its chief executive said, with a source adding that it could buy up to 49 per cent in the lender.
Ghazali Shafie dies, aged 88
(KUALA LUMPUR) Former Malaysian home minister Ghazali Shafie died at his residence in Subang Jaya last night, aged 88.
Clipper Race fleet makes S’pore stopover
THE Clipper 09-10 Round the World Yacht Race fleet made their grand arrival into the premier southern waterfront precinct of Keppel Bay on Saturday, and received a rousing welcome from over 1,000 spectators who cheered to the pulsating beats of 41 drummers.
Tanker collision causes oil spill in Texas waterway
(PORT ARTHUR, Texas) As much as 450,000 gallons (1.7 million litres) of crude oil may have spilled in a southeast Texas port when two vessels collided Saturday morning, but it’s unclear whether that much actually leaked from the damaged tank, a US Coast Guard official said.
Wall Street still calling the shots
FRIDAY’S column discussed the existence of a ‘complacency’ premium in US stocks and by extension, the rest of the world, this being the premium built into prices because of assurances from governments that in the event of trouble, public money will be used to prop things up.
JAC revives stalled Jurong Island complex
THE Jurong Aromatics Corporation (JAC) consortium hopes to finally start construction of its stalled US$2 billion petrochemical complex on Jurong Island this March – two years behind schedule.
Majority get bad service from property agents: survey
A NEW survey shows that 80 per cent of all real estate transactions in Singapore are done through real estate agents and most of these end with customers encountering some sort of ‘bad service’.
Hands on
Shaking off frugal fatigue
(NEW YORK) LAST year, investment bankers and their spouses kept their wallets shut during bonus season, first, out of panic, and later, fearing mobs with torches would descend upon their gated estates.
Island haven for ill-gotten gains
(NEW YORK) THE Cook Islands have a smaller population – about 20,000 – than one apartment complex in Manhattan, and an economy with little to offer except tourism and pearl exports.
Rusal’s long road to a HK IPO
(MOSCOW) OLEG Deripaska, the Russian oligarch, was so deeply in debt at the onset of the financial crisis that Russian and Western banks could have bankrupted his company, the aluminium giant Rusal, within months.
Bankers growing cautious in spending
(NEW YORK) With all eyes on banks and their bonus pools, there is the question of what happens to the bonus money the bankers receive this year. Will they return to flashy spending or invest it more conservatively? After all, bonus pools are climbing again.
Asia bond market makes slow start
(SINGAPORE) The Asian bond market has begun the year on a cautious note with issuance so far at just under half of what it was in the same period last year.
RWS hotels booked solid till March
(SINGAPORE) Thinking of staying at one of the newly opened hotels at Singapore’s first integrated resort (IR) anytime soon?
Work harder and smarter, SM Goh tells Singaporeans
(SINGAPORE) Senior Minister Goh Chok Tong yesterday urged Singaporeans to work harder and smarter to increase their productivity and keep the economy growing at a steady clip.
Stocks in for rough ride as political risk tops focus
CORPORATE America is on track to turn in what could well be a record quarter for year on year profit growth.
Timely to include GNI in growth measure
IN remarks to reporters at the end of his recent visit to Hanoi, Prime Minister Lee Hsien Loong spoke about a shift in focus from GDP to GNP as Singapore turns its efforts anew at building an external wing.
Singapore consumers far more upbeat in Q4
(SINGAPORE) Confidence in Singapore’s economic recovery has grown with consumers becoming more sanguine about their financial well-being.
Taming the dragon
Do you believe that China’s asset markets are in bubble territory? If so, what are the potential implications for the rest of the region, including Singapore? What further actions do you anticipate from China’s policymakers to cool the economy?
Strong investment demand for gold, silver
EVER since gold reached a high of US$1,212.50 a troy ounce on Dec 2 last year, it has consolidated at current levels of 6 per cent below that peak on strong investment demand. The latter doubled to 1,820 tonnes last year, while jewellery purchases fell 23 per cent to 1,687 tonnes – a 21-year low.
Buying among directors still weak; selling drops
BUYING remained low, while selling among directors fell last week based on filings on the exchange in the third week of January. A total of nine companies recorded 16 purchases versus 10 firms with 15 disposals worth $7.3 million.
Portfolios mirror market weakness
THE US White House’s proposal to limit the scope of activities of the country’s biggest banks and China’s moves to cool its economic growth posed a double whammy for stocks globally.
S Korean won, Indonesian rupiah lead fall in Asian units
(HONG KONG) Asian currencies fell this week, led by South Korea’s won and the Indonesian rupiah, on speculation that China will take more steps to curb inflation after economic growth accelerated to a three-year high.
Swedish fund seen as bailout model
(STOCKHOLM) When it comes to the global financial crisis, Sweden seems to have something to offer as the world searches for solutions to restore the billions lost in bank bailouts.
Inglourious Basterds wins cast award
(LOS ANGELES) While Jeff Bridges and Sandra Bullock’s chances for Academy Award gold were advanced with their trophies at the Screen Actors Guild Awards, the blockbuster Avatar may have felt a touch blue.
Venture capitalists putting less money to work
(NEW YORK) Venture capitalists, whose money provides fuel to technology start-ups, last year invested the lowest amount in such companies since 1997, according to a report from PricewaterhouseCoopers and the National Venture Capital Association released on Friday.
State of Union agenda: yes, he gets it
(WASHINGTON) Seizing a chance to reconnect, US President Barack Obama will use his first State of the Union policy address to try to persuade the people of a frustrated nation that he is on their side, with a familiar sounding agenda recast to relate better to everyday struggles.
Obama backs plan for taskforce to cut deficit
(WASHINGTON) President Barack Obama on Saturday endorsed a bipartisan plan to name a special task force charged with coming up with a plan to curb the spiraling budget deficit, though the idea has lots of opposition from both his allies and rivals on Capitol Hill.
Portrait of an artist and his family
(LONDON) The great-grandchildren of Vincent Van Gogh’s brother Theo, (from left) Willem Van Gogh, Sylvia Cramer and Josien Van Gogh, posing in front of Vincent Van Gogh’s ‘Self Portrait as an Artist 1888′ during the launch of ‘The Real Van Gogh: The Artist and His Letters’ exhibition at the Royal Academy of Arts in London last week. The exhibition seeks to deepen people’s understanding of the post-Impressionist master by displaying not only his paintings and drawings, but also many of his letters.
Dubai World assets total more than US$120b: report
(DUBAI) State-linked Dubai World’s property and investment assets exceeded US$120 billion at the end of 2009 and could cover its debt of US$57 billion, an Arabic-language daily said yesterday.
More pressure for bank reforms expected
(ZURICH) Pressure for bank reforms is set to grow at a gathering of the world’s elite at Davos this week, shortly after US President Barack Obama set the stage with an offensive against Wall Street excesses.
Britain sceptical on proposed US banking reforms
(LONDON) Britain’s finance minister expressed scepticism yesterday at proposed US banking reforms, saying they would not have prevented the financial crisis and warning that they risk undermining the global consensus.
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