Philippines sells 100b yen of Samurai bonds
JAPAN’S US$20 billion a year Samurai bond market is springing to life as a major source of capital for Asian government and other issuers after decades of serving mainly as a conduit for channelling Japan’s huge institutional savings into non-regional investments.
Mueck in Melbourne
(MELBOURNE) Visitors at the National Gallery of Victoria in Melbourne looking at a sculpture, ‘In Bed’, by Australian sculptor Ron Mueck. The gallery is holding an exhibition of Mueck’s work, including four new sculptures, till April 18.
Lufthansa, union agree on talks
(BERLIN) Lufthansa hopes to have flights back to normal by the end of the week after the airline agreed to hold talks with pilots, ending a costly and damaging strike at Europe’s biggest airline.
French strikes disrupt European flights
(PARIS) As pilots at German flagship carrier Lufthansa agreed to suspend a strike until March 8, action yesterday by French air traffic controllers and a strike vote by British Airways staff spells more turbulence ahead.
Cathay Pacific, Air China near cargo venture deal
(HONG KONG) Cathay Pacific Airways Ltd, Hong Kong’s largest carrier, and affiliate Air China Ltd intend to sign an agreement on forming an air-cargo venture before the end of the week, said three people familiar with the negotiations.
Aegean, Olympic agree to merger: sources
(ATHENS) Greece’s two largest carriers, Aegean, and recently privatised Olympic, have agreed to team up, forming a stronger player to take on foreign competition, officials close to the deal said on Monday.
Kingfisher Airlines to join Oneworld
(MUMBAI) Kingfisher Airlines Ltd, owned by India’s largest brewer, agreed to join Oneworld, becoming the first carrier from the south Asian country to gain entry into one of the major international airline alliances.
HK govt likely to hand out less in budget
(HONG KONG) Hong Kong’s economic growth probably accelerated in the fourth quarter as exports and retail spending rebounded, encouraging the government to limit stimulus and relief measures in today’s budget.
TPG, KKR near purchase of stake in CICC
(HONG KONG) TPG Capital LLP and Kohlberg Kravis Roberts & Co (KKR) are in final talks to buy Morgan Stanley’s stake in China International Capital Corp (CICC), the first Sino- foreign investment bank, for more than US$1 billion, said four people with knowledge the matter.
Beijing raps Fitch for downgrading 2 banks
(BEIJING) China’s banking system is sound, including the two banks downgraded by Fitch Ratings this month, a senior central bank official said in comments published on Monday.
Ping An shares hit by founders’ 5-year sale plan
(HONG KONG) Ping An Insurance, China’s second-largest insurance company, said three of its mainland shareholders would sell 800 million restricted A-shares over the next five years, sparking a sell-off of its Shanghai shares to a more than five-month low.
China is unlikely candidate to buy IMF gold
(NEW YORK) China, the world’s biggest gold producer, isn’t a ‘realistic candidate’ to buy bullion from the International Monetary Fund, the World Gold Council said.
Enter the tiger
This wax figure of martial arts icon Bruce Lee was unveiled by his daughter Shannon Lee at Madame Tussauds in Hollywood just before the start of the Year of the Tiger, in celebration of the Chinese New Year.
UOL full-year profit surges to $424.2m
UOL Group, whose net profit nearly trebled to $424.2 million, said that the completion of at least five Singapore residential projects this year could translate to gross sales proceeds of about $800 million. The sum will also include progressive recognition on other ongoing residential projects.
Wheelock posts $169.4m profit for Q4
WHEELOCK Properties yesterday reported a fourth-quarter net profit of $169.4 million, boosted by a $129.4 million fair-value gain on its investment properties.
Golden Ocean gets approval for dual listing
OSLO-listed Golden Ocean Group has received regulatory approval for a dual-listing in Singapore, the Singapore Exchange said yesterday.
Operations of key Sino-Env unit have ceased, says board
SINO-Environment said that all business operations at its main subsidiary in Fuzhou have ceased, leaving its plant and equipment sitting idle.
Noble Group’s Q4 profit falls to US$85m
COMMODITIES supply chain manager Noble Group yesterday said net profit for the fourth quarter fell to US$84.9 million from US$138.9 million in Q4 2008.
Parkway sets sights on China, India, M-E markets
PARKWAY Holdings is growing its presence overseas, having set its sights on markets such as China, India and the Middle East.
Yangzijiang’s Q4 profit up 63% at 645.1m yuan
YANGZIJIANG Shipbuilding continues to hold its own amid the tough conditions in the shipbuilding industry, posting a 63 per cent year-on-year rise in fourth-quarter net profit to 645.1 million yuan (S$133.2 million) from 395.1 million yuan.
Company Briefs
KEPPEL Corp has said that Singbridge International Singapore, a unit of Temasek Holdings, has acquired a 10 per cent stake in Singapore Tianjin Eco-City Investment Holdings Pte Ltd (STEC).
At a glance
More clarity needed for SGX policy on firms at risk of delisting
WHY is it that shareholders’ hopes of recovering their investments in China Printing & Dyeing and FerroChina should be dashed when a restructuring deal looks so close to being sealed?
Receding prospects of Doha pact frustrate WTO
(GENEVA) Gloom and frustration pervaded the World Trade Organization (WTO) on Monday as the prospects of completing a new global commerce pact this year receded.
BOJ says fiscal policy must win trust, minutes show
(TOKYO) Bank of Japan (BOJ) policy makers said growing scrutiny of public debt worldwide increased the need for policies that secure the trust of investors, the minutes of its January meeting show.
American jobs bill clears hurdle in Senate
(WASHINGTON) A bipartisan jobs bill cleared a Republican procedural roadblock on Monday with critical momentum provided by the Senate’s newest Republican, Scott Brown of Massachusetts.
Estate tax may rise from the dead
(NEW YORK) THE estate tax isn’t dead. It’s resting. The tax has been eliminated for 2010, but the estates of people who die before the year is out may still not pass free and clear to their heirs.
Corporate investment to spur US growth
(NEW YORK) Corporate investment will contribute to stronger growth in the US and the economy will start to add jobs early this year, a survey of business economists showed.
Collectible-car market still robust
WE ALL wish we’d bought Microsoft stock in the 1980s. But what if you’d tucked away a 1965 Shelby roadster like the one that just sold at auction in Scottsdale, Arizona, for more than US$1 million? Or garaged a pristine 1971 Dodge Challenger, which went for US$187,000, or that rare 1970 Ford Mustang for US$275,000? More to the point, what should you buy now that will turn out to be the collectible car of tomorrow? The collectible-car market, while off the nosebleed highs of 2006-2007, is still robust. Some cars rolling off the line today are destined to be the auction surprises of the future. I asked collectors, classic-car experts and auto industry executives which new or recent car they would buy today to re-sell in the year 2030.
Beware of quick fixes for low productivity
THERE has been much said about the low productivity nature of Singapore’s economic growth in the past decade. Average productivity growth has been only one per cent per annum in the past decade.
Swiss bank chief upbeat on property market
SINGAPORE real estate is ‘exceptionally attractive’ from a yield and capital appreciation perspective, says Bank Sarasin chief investment officer Burkhard Varnholt.
Maoist rebel leader offers ceasefire
(NEW DELHI) A top Maoist guerrilla leader in India has offered to halt his group’s violent activities and hold talks with the government if it calls off a crackdown against the rebels, news reports said.
Indian 3G spectrum auction may start after March
(NEW DELHI) A multi-billion dollar auction of 3G spectrum to help plug India’s budget deficit may only kick off in the next financial year, a government minister said on Monday.
India’s debt sales may rise 2% in FY2010-11
(MUMBAI) India will borrow a record 4.6 trillion rupees (S$140 billion) next fiscal year as debt payments double and the government only gradually withdraws policies to support economic growth, a survey showed.
Bank Danamon returns to profit in Q4
(JAKARTA) PT Bank Danamon Indonesia, controlled by Temasek Holdings and Deutsche Bank AG, returned to profit in the fourth quarter after reducing the amount of money it must set aside for derivatives-related losses.
CIMB earnings jump 44% to RM2.8b
in Kuala Lumpur
M’sia real GDP grew in Q4, say economists
in Kuala Lumpur
Razaleigh backs Kelantan’s demand for oil royalties
TENGKU Razaleigh Hamzah, the founder chairman of national oil company Petronas, is continuing his battle against the federal government to compel it to begin making royalty payments to the state of Kelantan for oil discovered off its shores.
Saab sale likely to close this week
(STOCKHOLM) General Motors’ sale of Saab Automobile to Spyker Cars NV will probably close this week, moving the Detroit carmaker closer to trimming
Ferrari’s global sales slip 5%, outpace market
ITAL Auto delivered its first Ferrari late last month, the California, a convertible which has helped the Italian super sports car maker deflect the pain from the global economic crisis by reaching out to new customers.
Japan carmakers’ global output surges in Jan
(TOKYO) Global production at Japanese automakers surged in January amid booming demand for new cars in China.
VW to take over Renault’s Leng Kee showroom
EVEN as the car market consolidates because of the rapidly tightening COE supply, Volkswagen is expanding aggressively.
Japan looks to strengthen product recall systems
(TOKYO) Japan’s government said yesterday it would review the country’s automotive and other product recall systems to strengthen consumer protection following Toyota’s global safety recalls.
Myanmar invites firms to run 6 Yangon ports
(YANGON) Myanmar’s military government has invited offers from private companies to operate six major ports in the country’s commercial capital and build more in anticipation of a boost in exports.
India Feb oil export rise on shipments to US
(MUMBAI) Bookings of tankers to export fuels from India’s west coast, the home of two Reliance Industries Ltd refineries, rose in February as India sold more petrol to the US. Shipments of at least 1.07 million tonnes, or about 9.1 million barrels, of oil products have left West India so far this month for places such as Japan, the US, and the UK, up from 760,000 tonnes in January, according to ship-bookings information compiled by Clarkson Research Services Ltd, a unit of the world’s biggest shipbroker.
Supertanker surplus shrinks on demand
(LONDON) The supply of supertankers competing to haul cargoes of Middle East crude oil shrank as falling rates spurred demand.
S Africa intercepts N Korean arms shipment
(UNITED NATIONS) South Africa has told a UN Security Council committee that it intercepted a North Korean weapons shipment bound for Central Africa, which diplomats said was a violation of a UN ban on arms sales by Pyongyang.
Good time to modernise fleet
REGULATIONS for the restriction of air pollution from ships will mean extra costs and responsibilities for shipowners, UK-based BMT Group’s subsidiary BMT Marine & Offshore Surveys told a London insurance market seminar recently.
STI rises in anticipation of US rebound
A VOLATILE session in Hong Kong yesterday made for an equally topsy-turvy day in the local market. The Straits Times Index first dropped sharply before bouncing up to 2,782.55 for a net gain of 25.09 points in line with the Hang Seng Index’s down-up movement.
Corporate travel budgets likely to increase in Asia
CORPORATE travel in Asia is likely to rebound with a growth of 10-15 per cent this year in markets such as Singapore and Hong Kong, although companies may be reluctant to lift the cost-saving travel policies implemented during the recession.
Consumer prices up 0.2% in Jan
SINGAPORE’S consumer prices rose in January – but the annual growth in overall prices was less than expected.
Michael Phelps is YOG’s official ambassador
THE inaugural Youth Olympic Games (YOG) – to be held in Singapore over two weeks this August – got a boost yesterday when American swimming sensation Michael Phelps was unveiled as its first official ambassador.
Donate for arts and culture – online
A NEW one-stop cultural philanthropy portal, http://www.give2arts.sg, was launched yesterday by Lui Tuck Yew, Acting Minister for Information, Communications and the Arts.
White collar profile of problem gambler
THE mild mannered executive sitting next to you by day could just be a hard core gambler by night. This is according to the profile of Singaporean problem gamblers by the National Council on Problem Gambling (NCPG).
Tender soon for Yishun industrial site
THE Urban Redevelopment Authority (URA) will put a 60-year leasehold industrial site in Yishun up for tender after a developer triggered the sale with a minimum bid of $11.5 million.
Toyota case seen as failure of 2000 safety law
(NEW YORK) TOYOTA Motor Corp’s recalls of millions of vehicles show that a law passed after fatal crashes of Ford Explorers with Firestone tyres a decade ago isn’t working, former US officials and consumer advocates said.
Reticent president typical of leaders in Japanese firms
(TOKYO) Americans are likely in for a surprise if they expect Toyota president Akio Toyoda to put on a show of authoritative ‘the-buck-stops-here’ clout at today’s congressional hearing on the carmaker’s massive recalls.
Company’s Jan global sales up 15.3% yoy
(TOKYO) Toyota Motor’s global sales in January were up 15.3 per cent year-on-year, the company said yesterday, as the Japanese automaker showed resilience despite being hit by massive recalls that month.
Construction jittery as levy hike is spelt out
(SINGAPORE) AS the Ministry of Manpower (MOM) released more details on the planned increases in foreign worker levies, the construction industry said that it would be hit hard. Some contractors may try to pass on the costs.
DC rates may rise and affect en bloc sales
(SINGAPORE) Development charges, which are paid to enhance or intensify the use of some sites, are headed north for residential use at the upcoming DC rate revision effective March 1, say property consultants.
Productivity rises on the cusp of a smile
(SINGAPORE) THE key thrust of Budget 2010 is aimed squarely at raising productivity, with the government committing some $5.5 billion over the next five years to achieve the goal. Even so, there are still limits to legislating for productivity growth, notwithstanding heavy investments in training and education. This is because productivity involves a human factor, and there is an emotional quotient that needs to be taken into account.
BT journos bag two awards
(SINGAPORE) BT journalists won two awards at the yearly Singapore Press Holdings’ English and Malay Newspaper Division (EMND) awards yesterday.
Building muscle for the days to come
(SINGAPORE) Economists and accountants are unanimous in their verdict that this year’s Budget has been a generous one in terms of helping Singapore attain long-term growth, through a concentrated focus on boosting productivity.
Reits hail extension of tax concessions
(SINGAPORE) Real estate investment trusts (Reits) had much to cheer about after Budget measures for the industry were announced on Monday.
Short on hongbaos, long on the supply side
(SINGAPORE) Panellists at a forum yesterday had differing views on the contents of this year’s Budget – but agreed on two points.
Ten Mile Junction site draws robust bids
(SINGAPORE) The first government land sale tender to close after measures were announced last Friday to cool the property market managed to draw some solid bids.
Thanks for the tax incentive, we want a matchmaker too
(SINGAPORE) The issue of finding a good match in a courtship takes precedence over tax incentives when it comes to mergers and acquisitions among SMEs.
Three-Minute Digest
AS the Ministry of Manpower released more details on the planned increases in foreign worker levies, the construction industry said that it would be hit hard.
Euroland’s mess shrinks the euro
AS the global financial crisis raged last year and the US Federal Reserve cut interest rates to near zero, a number of economists and currency watchers predicted that the US dollar could go nowhere but down.
Keynesian economics: dying where it was born
The UK has produced notable economists over the years, but John Maynard Keynes, the guru of government intervention, was one of truly global significance. So it may be fitting that the UK will also become the deathbed of Keynesian economics.
US and Europe dig themselves in fiscal hole
THE fiscal time bomb is ticking ever louder, from Greece to Japan and from Britain to the United States, not to mention Portugal, Spain and Ireland. But the ominous sound is being muffled by the clamour for economic growth to be maintained at all costs, even at the expense of bankrupting governments.
Obama drifting into war with Iran
IT is quite possible that confounding the conventional wisdom, the Obama administration has been conducting secret negotiations with Iran that could open way to a diplomatic detente between the two governments. It is also possible that Washington is working behind the scenes with the Israelis and Palestinians to create the conditions for bringing about a peace accord between these two peoples.
Getting the show back on the road
THIS time last year, Singapore found itself in the middle of a crisis – not, admittedly, of its own making – which called for the implementation of a ‘resilience package’ that would enable it to hunker down and survive the passing storm.
Broker’s Take
PATMI of $297 million (+106 per cent q-o-q; +328 per cent y-o-y) was more than double Citi’s ($120 million) and Street’s ($126 million) forecasts.
Why leave accounting firms out in the cold?
WE refer to the report ‘Singapore invests on road to the future’ by Anna Teo (BT, Feb 23).
Revaluation of yuan hangs in the balance
WILL China do it or won’t it?
Pakistan finance minister decides to step down
(KARACHI) Pakistani Finance Minister Shaukat Tarin said yesterday he was stepping down to focus on his private business interests.
Toyota under US federal probe
(WASHINGTON) Federal prosecutors have launched a criminal investigation into Toyota Motor Corp’s safety problems and the Securities and Exchange Commission was probing what the carmaker told investors, the company disclosed on Monday.
Judge approves BOA’s US$150m SEC deal
(NEW YORK) In a ruling that freed Bank of America from some legal problems, a federal judge wrote on Monday that he had reluctantly approved a US$150 million settlement with the Securities and Exchange Commission (SEC).
Microsoft veteran out to shake up marketplace for ideas
(BELLEVUE, Washington) Nathan Myhrvold wants to shake up the marketplace for ideas. His mission and the activities of the company he heads, Intellectual Ventures, a secretive US$5 billion investment firm that has scooped up 30,000 patents, inspire admiration and angst.
Walmart to buy digital movie provider
(LOS ANGELES) Wal-Mart Stores will buy broadband entertainment provider Vudu, a deal that gives the world’s biggest retailer the ability to sell movies directly through TVs and Blu-ray players over the Internet.
Obama in tactical mode to push health care plan
(WASHINGTON) US President Barack Obama may be setting up a carefully choreographed attempt to ram his healthcare plan through the US Congress over the objections of rival Republicans.
Glaxo shares fall on US report over Avandia heart risk
(NEW YORK) GlaxoSmithKline plc fell in London trading on Monday after a report from two US senators raised concerns that the drugmaker may be more vulnerable to lawsuits charging that its Avandia diabetes pill causes heart attacks.
Drug firms’ aid to train doctors raises queries
(NEW YORK) More than half of America’s medical residency programmes to train doctors in internal medicine accepted financial support from the drug industry, even though three-fourths of the programmes’ directors said accepting the aid was ‘not desirable,’ a survey found.
Where’s the doctor?
A visitor at Bonhams in London wearing a Cyberman mask from the British BBC science-fiction TV series ‘Doctor Who’ while standing in front of a Dalek, another character from the popular series, during a viewing last week in preparation for the ‘Doctor Who’ memorabilia auction.
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