Toyota president apologises to Chinese customers
(BEIJING) Toyota president Akio Toyoda apologised yesterday to the company’s customers in China, the fast-growing market that has become increasingly important to carmakers as they struggle with weak global sales.
Asean ministers urge Obama to boost US investment
(PUTRAJAYA, Malaysia) US President Barack Obama needs to grasp South-east Asia’s economic potential and help boost US investment when he travels to Indonesia three weeks from now, economic ministers from the region said.
JFK runway shutdown has far-reaching consequences
(NEW YORK) The main runway at New York’s John F Kennedy International will be closed for four months starting yesterday.
US carriers back in ring for premium passengers
(ATLANTA) Delta Air Lines and American Airlines, the world’s two largest carriers, are counting on lie-flat seats and Tahitian crab soup to help win back their most-profitable customers.
Chile’s international airport resumes operation
(SANTIAGO) The international airport of Santiago will start resuming operations slowly and will completely go into full operation today, the commander-in-chief of the Chilean Air Force said.
Etihad to introduce in-flight health monitoring system
(MELBOURNE) Etihad Airways will install new state-of-the-art technology on its long and ultra long-haul aircraft which can monitor the condition of passengers who display signs of sickness that might require immediate medical attention.
China February factory output slows: surveys
(BEIJING) China’s manufacturing grew at a slower pace last month, reducing the risk of overheating in the fastest-growing major economy.
Shares seen struggling until more policy clarity
(SHANGHAI) China’s stocks are ‘likely to struggle’ until there’s more clarity on government policies to rebalance the economy, according to JPMorgan’s Adrian Mowat.
Goldman’s picks include Tsingtao and Zhejiang
(SINGAPORE) Goldman Sachs Group Inc recommended China’s car, healthcare, personal computer, insurance and Internet stocks, predicting gains from consumption growth.
Sino-Env CEO on why nTan services were terminated
AS part of its cost-cutting measures, troubled S-chip company Sino-Environment has terminated the services of its independent financial adviser nTan Corporate Advisory with effect from Feb 18.
UOB to merge its two bank subsidiaries in Indonesia
UNITED Overseas Bank (UOB) will merge its two Indonesian bank subsidiaries in compliance with Bank Indonesia’s single presence policy.
NOL’s container shipping volume up 63%
NEPTUNE Orient Lines’ (NOL) container volumes are well on the way to recovery, leaping 63 per cent for the six-week period from Dec 26 to Feb 5, although average revenue remains weak.
Value gains lift planters’ profits
VALUATION of biological assets clearly has a positive impact on planters, as both Kencana Agri and First Resources reported higher full-year profit thanks to gains on this front.
FibreChem unveils US$50m lifeline
FIBRECHEM Technology has made it in time to submit a proposal to the Singapore Exchange (SGX) for resumption of trading of its shares.
PSC places bet on lottery business as it diversifies
PSC Corporation, perhaps best known for iEcon minimarts and the Channel 8 variety show PSC Night, has been diversifying its business quietly over the last few years. Over the weekend it launched its latest venture – a sports lottery in Cambodia.
Wilmar to expand its India business
WILMAR International Ltd, the world’s biggest palm oil trader, aims to expand its India business to about half the size of its Chinese operations in the next 10 years, chief executive officer Kuok Khoon Hong said.
Epure profit up 37.7%
EPURE International enjoyed a 37.7 per cent jump in net profit for the year ended Dec 31, 2009, to 280.5 million yuan (S$57.8 million). This was helped by higher revenue, lower finance costs, a drop in income tax and the absence this time round of a 28 million yuan net foreign exchange loss it saw in FY08.
Leeden profit slides 24% to $8.9 million
DESPITE the boost from the consolidation of an acquired gas business, welding, gas and safety specialist Leeden posted a 24 per cent slide in net profit to $8.9 million for the year ended Dec 31, 2009.
Individual investors’ SGS holdings to shift to CDP
THE Singapore Exchange (SGX), DBS Bank, United Overseas Bank (UOB) and OCBC Bank yesterday announced that all Singapore Government Securities (SGS) holdings of individual investors will be migrated to the Central Depository (CDP) for safekeeping starting from next month.
Company Briefs
SINOBEST Technology Holdings warned it may be placed on the watch-list by the Singapore Exchange after it reported a pre-tax loss for the third straight year.
At a glance
For Hyflux, a challenge of shallower waters
WE all know Hyflux is a top, top company. Founder and CEO Olivia Lum was named tenth most trusted personality by none other than a Reader’s Digest poll.
US Senate panel agrees to scrap consumer agency
(WASHINGTON) Senate Banking Committee negotiators, working through the weekend, agreed to drop the stand-alone consumer agency sought by the Obama administration and opposed by the banking industry, removing an obstacle that has stalled new US financial rules.
Data confirms Aussie economy on the mend
(SYDNEY) Australia’s trade deficit widened in the last quarter as the relative strength of domestic demand and business investment sucked in imports, while companies reported healthy sales and improving profits.
Feb eurozone PMI jumps; Greece, Spain lag behind
(LONDON) Manufacturing activity in the euro zone grew slightly faster than previously thought last month but Spain and Greece continued to lag far behind the bloc’s big three economies, a survey showed yesterday.
S Korean exports jump to 17-month high
(SEOUL) South Korean exports soared to a 17-month high in February, easing investor concerns about the impact from monetary tightening in countries like China and over the fading effects of global stimulus spending.
Scottish investors expect sterling to plunge
(LONDON) While the world focuses on Greece’s debt crisis, investors in Edinburgh are busy preparing for the UK to be next.
Sweden fell back into recession in Q4
(STOCKHOLM) Sweden unexpectedly slipped back into recession in the fourth quarter as domestic consumption lost momentum and the slow global economic recovery slashed demand for exports, which make up more than half Swedish output.
Prices of London luxury homes up 17% in February
(EDINBURGH) Luxury home prices in central London jumped 17 per cent in February from a year earlier, the biggest gain in almost two years, as more buyers competed for a dwindling number of properties, Knight Frank LLP said.
UK mortgage approvals fall to 8-month low
(LONDON) UK mortgage approvals in January have dropped by more than economists forecast to an eight-month low, adding to evidence that the housing market recovery may be losing momentum.
9% of CBD blocks have over 20,000 sq ft floor plates
(SINGAPORE) As of December last year, only 9 per cent of Singapore’s CBD office buildings had floor plates of over 20,000 sq ft, which are favoured by big occupiers, particularly financial institutions.
Suntec Reit eyes convention centre
(SINGAPORE) There are plans for Suntec Real Estate Investment Trust (Suntec Reit) to purchase the entire Suntec International Convention & Exhibition Centre. But this is unlikely to happen until the latter has been repositioned to produce a more stable income stream.
US, Japan to see leap in distressed property sales: poll
(LONDON) The US and Japan are expected to see the biggest rise in distressed property sales in the first quarter, as the fallout from the global property downturn intensifies, the results of a survey showed yesterday.
Australian property sales hit record
(SYDNEY) Australian property prices are rising strongly and show no signs of abating, analysts said yesterday, after weekly sales in one state hit a record A$1.03 billion (S$1.3 billion).
Indian market can absorb fresh govt borrowing
(NEW DELHI) India’s market will be able to absorb record government borrowing announced in the Budget, one of the country’s most powerful economic advisers said, despite an initial negative reaction from bondholders.
Delhi expects return to 9% growth in 2 years
(RIYADH) India said it expects its economy to rebound to 9 per cent annual growth rates within two years and wants to expand its energy ties with top OPEC exporter Saudi Arabia to help fuel the recovery.
Manufacturing growth hits a high
(MUMBAI) India’s manufacturing industry in February grew at its fastest pace in 20 months, expanding for the third month thanks to rising output and new orders, a survey showed.
Heavy trading of Transmile shares continues
SHARES of Transmile Group continued to be heavily traded yesterday after widening losses caused the company to slip into distressed status last week.
Analysts mixed over Genting M’sia
ANALYSTS seem to have mixed feelings about Genting Malaysia, the former Resorts World and the Genting conglomerate’s gaming and hospitality arm. And it is for purely ironic reasons – competition from two new casinos in Singapore, one of which is 54 per cent owned by Genting Malaysia’s parent.
KL urges GLCs to invest more at home
(KUALA LUMPUR) Malaysia’s government-linked companies and businessmen are being pressed to boost spending at home amid concern that more money is being invested abroad than flowing into the country.
Cooperation leads to tug boat recovery
CLOSE cooperation among regional authorities has enabled the quick recovery – within three weeks – of a tug hijacked off Pulau Tioman earlier this month, the The Regional Cooperation Agreement on Combating Piracy and Armed Robbery against Ships in Asia (ReCAAP) information sharing centre (ISC) said last Friday.
Somali pirates free Greek freighter after 2 months, ransom paid
(BRUSSELS) Somali pirates released Sunday a Greek-owned freighter and its crew of 19, captured two months ago, after receiving a ransom payment, the EU’s naval force announced.
Militants blow up Nato oil tanker in Pakistan
(PESHAWAR, Pakistan) Suspected Islamist militants armed with guns and rockets yesterday blew up a tanker carrying fuel through Pakistan for Nato troops based in neighbouring Afghanistan, police said.
Bangladesh gets US$145m cash injection to build jetty
(DHAKA) Bangladesh will provide funds of nearly US$145 million from the Jeddah-based Islamic Development Bank (IDB) to build a jetty in the Bay of Bengal and connect it to the country’s only refinery, senior officials said yesterday.
Market up amid selective buying
THE Straits Times index registered a respectable rise yesterday – it was more a result of selective stock purchases than a return to real buying interest.
Egypt delegation here to woo local investors
A HIGH-LEVEL delegation from Egypt will be in Singapore this week to showcase the country as a key destination for investors seeking opportunities in the vast, largely untapped market of Africa.
D-SIMLAB gets funding from Tan Gee Beng
D-SIMLAB Technologies Pte Ltd, a provider of simulation-based decision support solutions for the aerospace and semiconductor manufacturing industry, has successfully raised another round of investment from Tan Gee Beng Pte Ltd (TGBPL) yesterday.
Festival aiming to improve Asian material for kids
AN ASIAN Festival of Children’s Content (AFCC) – the first of its kind – will be held at The Arts House from May 6-9.
Singapore Roundup
HEALTH Management International’s education arm, HMI Institute of Health Sciences (HMI-IHS), signed a memorandum of understanding with the Chinese Development Assistance Council (CDAC) yesterday.
New building-tax scheme panned at roundtable
THE new tax allowance scheme that replaces the Industrial Building Allowance (IBA) and aims to raise land productivity is not business friendly.
Poor customer service threatens S’pore brand
LOW levels of customer satisfaction in the service sectors here are very worrying for Singapore, said top executives at a forum yesterday.
Cold weather drives Chinese vegetable prices up
PRICES of Chinese vegetables have been increasing, following a cold snap in the provinces, such as Guangzhou, on the eve of Chinese New Year.
Small-cap portfolio advances 2.9%
SMALL-CAP stocks have outpaced big caps on a weekly basis for the first time since the second week of January.
Bridging the generation gap
WHEN Kaden Choa, fresh out of university, started working full-time for his father at Excel Hardware – a wholesale distributor of furniture parts – in 2007, he decided to try and modernise some of his company’s processes.
SMART way to achieving business excellence
SPRING Singapore’s SME Management Action for Results (SMART) is targeted at helping small and medium enterprises (SMEs) along the journey towards business excellence by providing consultancy services and funding support.
Patsnap eyes China patent market
CHINA’S State Intellectual Property Office is reported to have issued more than 580,000 patents in 2009, a record-breaking 41 per cent increase from the previous year.
Emerging Enterprise contest hotting up
WITH less than a month to the application deadline for Emerging Enterprise 2010 (EE10), there are already signs that this year’s competition is hotting up.
What companies should know before going for an IPO
MANY ambitious enterprises have dreams of going for a public listing. However, they may be clueless about how to prepare for the journey, or even when they should start to think about it.
Global growth holds key to success
INTERIOR design and furniture specialist Falcon Incorporated is opening a furniture factory in Hanoi, said to be the largest of its kind in the Vietnamese capital.
5 ways for SMEs to capitalise on the Budget
BUDGET 2010 looks beyond the immediate rebound in the economy. It invests into Singapore’s future.
An encouraging move
THE recent tax incentives targeted at supporting business restructuring and facilitating M&A come as a pleasant surprise, particularly for those SMEs which have grown organically to a certain size and sophistically enough to explore further synergies and expansion.
Prudential snaps up AIG unit for US$35.5b
(SINGAPORE) Prudential yesterday said it will acquire the American International Group’s life insurance business in Asia for US$35.5 billion, a deal that signals loudly its intention to expand aggressively in the region where growth rates for the wealth and insurance markets are expected to outstrip global averages.
Brokers fight for the right to contra trade
(SINGAPORE) Any move to remove contra trading will be resisted by brokerages, which have recently had informal chats on the subject with the Singapore Exchange (SGX).
Changi Airport lands stake in Rome airports
(SINGAPORE) Changi Airports International (CAI), the wholly owned international airport consultancy unit of Changi Airport Group (CAG), now owns a slice of Rome’s main airport. It has bought a 5 per cent stake in Gemina SpA, the holding company of Aeroporti di Roma (AdR).
Tiger Airways looking to start up another ‘cub’
(SINGAPORE) With its Australian start-up returning to the black and the Singapore operations cruising to higher profitability, Tiger Airways is looking at starting up another ‘cub’ in the Asia-Pacific.
HSBC posts profit of US$5.83b, missing estimates
(LONDON) HSBC Holdings, Europe’s biggest bank, posted full-year net income that missed analyst estimates after impairments for bad loans rose and profit in Asia fell.
EU urges Greece to take new steps to cut budget gap
(ATHENS) European Union Monetary Affairs Commissioner Olli Rehn urged Greece to quickly outline new ways to cut the region’s largest budget deficit as governments craft a possible rescue package for the cash-strapped nation.
Japan govt, BOJ in war of words over deflation
FRICTION between the Japanese government and the Bank of Japan (BOJ) moved nearer to a state of open war yesterday as Finance Minister Naoto Kan set a deadline – the end of this year – for ending chronic deflation.
Oil, natural gas, coal to stay top energy sources: study
(SINGAPORE) From now till 2030, oil will remain the world’s largest energy source, with natural gas moving into second spot ahead of coal. The three fossil fuels will account for close to 80 per cent of global energy needs, says ExxonMobil’s senior energy adviser, David Reed.
Three-Minute Digest
PRUDENTIAL yesterday said it will acquire the American International Group’s life insurance business in Asia for US$35.5 billion, a deal that signals loudly its intention to expand aggressively in the region where growth rates for the wealth and insurance markets are expected to outstrip global averages.
Asia now depends on new locomotive
THEORIES abound – and seem to change constantly – as to whether or not Asian economies have ‘decoupled’ from dependence on the West.
How long can Bernanke keep up the juggling act?
US FEDERAL Reserve chairman Ben Bernanke’s semi-annual report on the state of the American economy last week was comforting. He reassured everyone that the economy was slowly getting better.
How to overcome the people shortage
IN A recent speech Prime Minister Lee Hsien Loong worried about Singapore’s population situation.
A politically correct Indian budget
RELEASES of India’s annual budgets are followed with almost as much curiosity and trepidation as those of star-studded Bollywood movies.
Virtual events extend reach
VIRTUAL reality is one of the enduring images of science fiction: Think of epic action-hero battles, complete with martial arts moves and superhuman agility, or holograms that transport the human protagonists to another time and place.
Any advance likely to be a relief rally
DESPITE a flurry of corporate results last week that beat street estimates, the STI continued to mark time in lacklustre trading.
Brokers’ Take
NET profit of $522 million was 6 per cent ahead of our estimate, but in line with the market consensus ($503 million).
Proposals for trade resumption must meet IPO standards
WE refer to the article, ‘More clarity needed for SGX policy on firms at risk of delisting’ (BT, Feb 24).
Euro steady on signs of support deal for Greece
(LONDON) The euro was steady against the US dollar yesterday as signs emerged that a support deal for Greece may be near, while the pound sterling fell to a nine-month low versus the US dollar as UK political uncertainty increased.
Manufacturing sector expands for 7th month
(NEW YORK) The US manufacturing sector expanded in February for the seventh straight month while a measure of employment jumped to the highest level in more than five years.
Merck to pay US$7.2b to take over Millipore
(NEW YORK) Merck of Germany said on Sunday that it has agreed to buy Millipore, an American provider of purifiers and filters for biotechnology laboratories, for about US$7.2 billion, including debt.
Dubai cuts spending to save US$1b
(DUBAI) Dubai has ordered government departments to cut spending this year to reduce the size of the emirate’s planned six billion dirham (S$2.29 billion) deficit, the department of finance said yesterday.
Curfew imposed as govt rushes to provide aid
(CONCEPCION) The United Nations yesterday said that it would begin rushing aid deliveries to Chile after the government officially asked for help in its recovery from this weekend’s massive earthquake.
Major blow to Chile’s recovery from recession
(MEXICO CITY) A devastating earthquake in Chile will set back the country’s recovery from recession and put pressure on central bankers to keep interest rates low to help the economy.
Gold price soars even as physical demand wanes
THE unsung song about gold is that it is currently trading at a record euro price of 824 euros (S$1,570) an ounce.
Pay curbs make little sense, hurt AIG’s ability to perform, says chairman
(NEW YORK) Compensation limits imposed by US paymaster Kenneth Feinberg make ‘little business sense’ and hurt the insurer’s ability to repay its government bailout, Harvey Golub, American International Group chairman, said.
Survey finds most magazine websites not turning a profit
(NEW YORK) The only thing standard about magazines’ websites is that there are no standards.
Shell selling fields and LPG assets
(LONDON) Royal Dutch Shell is selling assets including fields in the North Sea and its European liquefied petroleum gas business to help finance its US$28 billion capital spending programme this year, the Financial Times said, citing unidentified people involved in the proposed transactions.
Buffett closes the book on credit card ‘fiasco’
(NEW YORK) Billionaire Warren Buffett shut a Berkshire Hathaway credit-card business and sold bad loans at 55 cents on the dollar in what he called a ‘very expensive business fiasco.’
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