GM, Ford turn to local banks for Thai plants
(BANGKOK) The two largest American carmakers are turning to local banks in Asia to pay for their expansion in the region, a departure from previous years that allows them to tap the deep pool of savings in the region.
Asean hopeful of single market by 2015
(PUTRAJAYA, Malaysia) South-east Asian nations yesterday said they are still aiming to set up a European Union-style economic community by 2015 despite concerns that the global slump has led to a rise in trade protectionism.
Cathay Pacific to buy into Air China Cargo
(HONG KONG) Cathay Pacific Airways Ltd, Hong Kong’s largest carrier, will invest 1.7 billion yuan (S$351.4 million) in affiliate Air China Ltd’s cargo unit as a global economic rebound revives Chinese exports.
Kaspersky plans S’pore office, branding drive
FAST-RISING information security software firm Kaspersky Lab is considering setting up its first Singapore office to gain a foothold here.
Cyber warriors gather as online threats rage
(SAN FRANCISCO) US national security leaders and top cyber warriors from around the world are gathering here to plot defences against criminals and spies that increasingly plague the Internet.
CeBIT focus on smart gadgets and 3D
(HANOVER) The world’s biggest high-tech fair kicks off tomorrow with a focus on ‘smart’ gadgets as well as Avatar-inspired 3D products to make consumers’ lives easier – and more fun.
Underaged workers used, reports Apple
(SAN FRANCISCO) Apple Inc says three of its suppliers hired 11 underage workers to help build the iPhone, iPod and Macintosh computer last year – a violation it uncovered as part of its onsite audit of 102 factories.
SAS predicts sales rebound in 2010
AFTER a pause in 2009, business intelligence (BI) software maker SAS is aggressively ramping up its Singapore operations in anticipation of a return to boom times this year.
OCBC Bank wins innovation award
OCBC Bank’s emphasis on delivering innovative products and services to its customers, which has resulted in a substantial increase in new business, was recognised at the Asian Financial Services (AFS) Congress on Friday when it won the Financial Insights Innovation Award (FIIA).
Palm shares dive on weak sales of new smartphone
(NEW YORK) A year ago, handheld devices pioneer Palm seemed poised for a comeback.
China attacks on Google may have hit 100 companies
(SAN FRANCISCO) The Chinese cyber attacks that Google Inc reported in January may have targeted more than 100 companies – a larger number than previously thought, according to security research firm ISEC Partners Inc.
Facebook inks deal with M-E digital ad firm
(DUBAI, United Arab Emirates) Facebook says it is teaming with a Middle Eastern digital advertising company as the online meet-up site looks to capitalise on its rapid growth in the Arab world.
Google may spend ‘hundreds of millions’ on broadband
(SAN FRANCISCO) Google Inc said it may spend as much as ‘hundreds of millions’ of dollars on an experimental broadband service that offers Internet speeds 100 times faster than current networks.
Opening up new horizons
W INNING the Lee Kong Chian Scholarship in 2006 was a huge milestone in my life. Coming from a poor family, I have been working part-time to pay my university fees. The scholarship was an immense financial relief for me.
Be smart with your finances
FANCY becoming the next Warren Buffett or George Soros? Or even the famous Robert Kiyosaki? Then read on.
Where angels need to tread
BUSINESS angels play the most crucial role in the creation of a new enterprise. An ‘angel’ is typically a first-generation entrepreneur who has completed one or more cycles of wealth creation through starting and exiting ventures – and is now ready to move from being a ‘captain’ to a ‘coach’.
China to expand yuan trade settlement trial
(BEIJING) China will expand a trial scheme allowing some firms to settle trade deals in the yuan currency, as businesses seek to control exchange rate risks, an official newspaper reported yesterday.
Toyota head to visit China, talk about problems
(TOKYO) Fresh from a grilling by US lawmakers, Toyota president Akio Toyoda will speak today in China about his company’s quality problems, seeking to boost confidence and ease consumer worries in the world’s biggest car market.
China top holder of US debt, revised data show
(WASHINGTON) China remained the top holder in the ballooning US debt last year, revised data showed, after earlier indications that it had been eclipsed by Japan drew speculation about Beijing’s motives.
Wilmar International Q4 profit jumps 18% to US$442m
Wilmar International’s net profit for the final quarter of 2009 jumped 18% from a year ago to US$442 million.
Yongnam posts full-yr profit of $48.8m
STEEL contractor Yongnam Holdings on Saturday announced full-year net profit of just over $40 million, up 18 per cent year-on-year.
Quotation of taxable book-entry Singapore Government Bonds (Feb 26, 2010)
Profit-driven regulator? Competition is the key
ALTHOUGH it’s been around for about 10 years now, it would be fair to say that the idea of a profit-maximising market regulator like the Singapore Exchange (SGX) has not gained widespread acceptance with a sceptical local public, because of the inherent conflict of interest in such an arrangement.
Look into creating a new reserve currency: IMF chief
(WASHINGTON) The head of the International Monetary Fund said on Friday that it would be ‘intellectually healthy to explore’ the creation of a new global reserve currency to reduce dependence on the US dollar.
Europe sees signs of flagging recovery
(PARIS) Europe’s economy may be coming unstuck from the global recovery as governments to the south of the region struggle to reverse budget deficits and consumers in the north pull back spending.
G-20 officials discuss sovereign credit default swaps
(INCHEON) Officials from the Group of 20 leading economies discussed the sovereign credit default swaps (CDS) market, but did not get into details of possible regulatory reform, a senior IMF official said yesterday.
Deficit reduction target must be met, says official
(NEW DELHI) India’s government must be ready to take ‘corrective steps’ to achieve its fiscal deficit reduction target for next year should its budget assumptions start falling through, an aide to the prime minister said.
Jaguar Land Rover posts 1st profit since Tata takeover
(MUMBAI) Jaguar Land Rover reported its first quarterly profit since being bought by Tata Motors after shedding staff and boosting sales of luxury cars amid an economic revival.
New Delhi proposes tax on production of coal
(NEW DELHI) India proposed on Friday a small tax on production of coal to raise millions of dollars for a National Clean Energy Fund that could help the world’s fourth biggest polluter to shift to a low-carbon economy.
Jakarta eyes new deal with US: official
(WASHINGTON) Indonesia hopes to sign a framework agreement with the United States to bolster economic, political and security ties when President Barack Obama visits the country in March, a top Indonesian official said.
Antam’s profits fell 59% on lower nickel prices
(JAKARTA) PT Aneka Tambang (Antam), an Indonesian nickel and gold miner, said its 2009 net profit fell 59 per cent to 559 billion rupiah (S$84.07 million), hit by lower nickel prices and ferronickel sales.
Restructuring the economy
THE worst of the global financial crisis appears to be over for the Malaysian economy which expanded by a better-than-expected 4.5 per cent in the last quarter of 2009.
Malaysia enjoys increase in investor confidence
(SEMPORNA) There has been a marked increase in investor confidence among local and foreign investors to invest in various economic sectors in Malaysia since early this year, says Deputy Minister of International Trade and Industry Mukhriz Mahathir.
Oversupply of vessels set to hurt recovery: Moody’s
(SINGAPORE) An oversupply of vessels may obstruct a recovery of the shipping industry, putting pressure on freight rates, Moody’s Investors Service said in a recent report.
Somali pirates release S’porean ship for cash
(NAIROBI, Kenya) Somali pirates freed a Singaporean-flagged chemical tanker after a ransom was delivered by parachute last week, a spokesman for the European Union Naval Force said, as an expert warned pirate activity was likely to spike in coming weeks.
A decoupling from Wall Street?
WHICH came first – the loss of upward momentum, or a feeling that stock markets have probably outrun their fundamentals?
Saving the great white hope
IF energy conservation is the lead on today’s stage of hot-button issues, wildlife conservation is an understudy waiting in the wings.
BG Group’s LNG project proceeds
ANOTHER piece of Singapore’s LNG plan is falling into place. Britain’s BG Group – Singapore’s designated liquefied natural gas (LNG) buyer – has just embarked on its Queensland Curtis LNG project which will supply to the Republic.
Data storage technology shifts into higher gear
NEW and maturing storage technologies combined with a brightening economy are expected to throw up interesting ways for businesses to deal with their data crunch this year.
FMC Technologies bets on virtualisation
OIL and gas industry equipment giant FMC Technologies is banking on virtualisation to improve its data storage and back up operations this year.
New storage platform boost for Bank of Singapore
THE need to cope with escalating data management and transactional demands prompted the Bank of Singapore (BOS) to overhaul its data storage infrastructure.
Turning old CBD offices into prime new homes
(SINGAPORE) Some one million square feet of office space in the Central Business District (CBD) is likely to be converted into at least 1,000 private homes over the next three years.
Prudential in advanced talks to buy AIG’s Asian arm
(LONDON) Prudential, Britain’s largest insurer, is in advanced talks to buy the Asian arm of American International Group in a deal worth about US$35.5 billion, sources familiar with the matter said on Saturday.
Singapore economy: advanced or not?
FOR some years now, Singapore has set its sights on becoming a global city – a distinctive leading one, no less.
Thaksin ruling ‘priced in’: analyst
THE Supreme Court’s landmark ruling to seize 46.37 billion baht (S$1.97 billion) in assets belonging to the family of former prime minister Thaksin Shinawatra is unlikely to have a significant impact on the Stock Exchange of Thailand index or investor sentiment in general, analysts say.
Investors mark time as stocks see-saw
A TWO-WEEK long rally on Wall Street slipped back into neutral territory as February drew to a close at the end of last week. And as the new month begins, US equities appear no closer to climbing out of the same band of range-bound trading the stock market has been stuck in since last November.
Unwinding of US$ carry trades, if it comes, may disrupt global markets
(SINGAPORE) The parallels are there.
UBS boosts rewards for Asia private bankers
(SINGAPORE) UBS AG, the biggest Swiss bank by assets, increased to 200,000 Swiss francs (S$262,100) the maximum bonus private bankers in Hong Kong and Singapore can earn this year by bringing in new money from rich clients.
Miyazato wins HSBC Champions
(SINGAPORE) Ai Miyazato won the HSBC Champions yesterday to become the first LPGA Tour player in 44 years to sweep the first two events of a season, closing with 3-under 69 for a two-stroke victory over Cristie Kerr. Miyazato, the 24-year-old Japanese star who won the LPGA Thailand last week, took the lead with a birdie on the par-4 16th – a hole she played in 5 under for the week – and parred the final two holes to finish at 10 under on Tanah Merah’s Garden Course.
Three-Minute Digest
SOME one million square feet of office space in the Central Business District is likely to be converted into at least 1,000 private homes over the next three years.
Building for the future
Terry O’Connor President – British Chamber of Commerce CEO – Courts MY immediate reaction to the budget is that it sets the tone for Singapore’s long-term development and is very business-focused particularly in regards to aligning with the recommendations of the Economic Strategies Committee (ESC). The British Chamber of Commerce welcomes the angel investor scheme as similar schemes have helped promote entrepreneurship and start-ups in the UK. We also see the support for R&D as positive, and more targeted towards SME members than larger companies. We are intrigued to understand more of how the various productivity initiatives can be driven through business chambers and will be exploring our role in promoting productivity and regional expansion support initiatives.
Biofuels and a new era for energy
IN February 2010, the US Environmental Protection Agency established a regulation for all refiners’ and importers’ petrol and diesel volume to be at least 8.25 per cent renewable fuel. The Renewable Fuel Standard programme will increase the required volumes of renewable fuel to 36 billion gallons by 2022. (source: EPA)
Portfolios up 2% on average
SMALL cap stocks outperformed blue chips last week, with our portfolios putting on an average 2 per cent compared with the Straits Times Index’s 0.8 per cent gain.
Director transactions low; buyback activity soars
THE trading among directors remained low last week with 31 transactions worth $6.8 million, based on filings on the Singapore Exchange in the last week of February. The figures were not far off from the previous week’s three-day totals of 13 trades worth $2.7 million. Buyers outweighed sellers with 14 companies that recorded 27 purchases worth $3.6 million versus two firms with four disposals worth $3.2 million.
Greenback falls against euro on talk of aid to Greece
(NEW YORK) The US dollar fell against the euro on Friday as investors pared extreme short positions in the euro on the last business day of the month after its recent declines.
Economic loss may hit US$30b
(CONCEPCION, Chile) The total economic damage from Saturday’s magnitude-8.8 quake in Chile may be as much as US$30 billion, or about 15 per cent of the South American country’s gross domestic product, according to estimates by disaster-scenario modeller Eqecat Inc.
Board shuffle ahead of ‘new Citi’ rebranding campaign
(NEW YORK) Bracing for more criticism over its enormous bailouts, Citigroup shook up its board on Friday and is preparing a marketing campaign to revamp its image with Washington and Wall Street.
Financial reform battle goes on over consumer protection
(WASHINGTON) Marathon negotiations in the US Senate on financial regulatory reform were set to continue yesterday with a renewed focus on financial consumer protections after key Republicans rejected a compromise offer from the banking committee chairman.
Buffet strikes confident note
(NEW YORK) America’s most famous investor, Warren Buffett, struck a confident note in his annual letter to shareholders of his holding company on Saturday as he described in characteristically colourful terms how his businesses had largely ridden out the calamity of the recent financial crisis.
Rough diamond sold for US$35.3m
(LONDON) A 507-carat diamond as big as a chicken’s egg sold for US$35.3 million, breaking the record for the highest price ever paid for a rough diamond, the supplier said on Friday.
Arabtec extends due diligence for Aabar deal
(DUBAI) Dubai’s Arabtec yesterday said that the due diligence date for its US$1.7 billion merger with Aabar Investments had been extended to April 16, in a move which will encourage investors that the deal will progress.
Acropolis now – no respite ahead of EU audit
(ATHENS) Between a media row over German war reparations and an imminent EU audit of its finances that could bring fresh austerity cuts, Greece is set for another tough week on its quest to slash its massive debt.
ECB faces a key meeting on Thursday
(FRANKFURT) The European Central Bank (ECB) faces one of its most important meetings in months on Thursday when policymakers tackle the latest twists in Greece’s debt crisis and refine a roadmap to unwind emergency policy measures.
The problem with being a Madoff
(NEW YORK) Bernard L Madoff’s relatives are not the only people suffering indignities for bearing the Madoff name.
US labour unions’ agenda hits roadblock
(WASHINGTON) US labour’s hopes for major gains under President Barack Obama and a Democratic Congress have dimmed, raising fresh doubts about union leverage even in the best of political times.
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