Thai firms in former Thaksin stable hit by court decision
THE controversial court ruling last Friday that saw ex-Thai prime minister Thaksin Shinawatra forfeit 60 per cent of his frozen assets has caused shares in companies majority-owned by Singapore’s Temasek Holdings to slump in Thailand.
More women in Asia-Pac see a bright future: survey
(SINGAPORE) They’re confident, hold the household purse-strings and earn good money: more women in the Asia-Pacific area this year are feeling empowered and optimistic about the future after 2009′s economic woes, a survey shows.
Japan may extend programme for buying stocks from banks
(TOKYO) Japan may extend a programme to buy stocks from banks because the risk of losses on cross- shareholdings may rise if the nation’s economy falters, an executive at the Banks’ Shareholders Purchase Corporation said.
Thai IRPC plans US$1.4b expansion over 5 years
(BANGKOK) Thailand’s IRPC Pcl, operator of South-east Asia’s biggest integrated petrochemical complex, aims to spend US$1.4 billion in the next five years on expanding capacity to meet rising demand, an executive said.
Global air passenger traffic in January up 6.4%
COMMERCIAL airline traffic has continued to improve in January, according to the International Air Transport Association (Iata).
Boeing seeks foreign buyers for giant cargo jet
(LOS ANGELES) Boeing has been engaged in an intensified sales campaign to seek foreign buyers for its mammoth cargo plane C-17 in hopes of keeping its sprawling assembly line in Long Beach, California, from closing in two years, the Los Angeles Times said on Monday.
Thai Airways planning 40b baht bond issue
(BANGKOK) Thai Airways International Pcl, the nation’s state-controlled carrier, said its board approved a plan to sell as much as 40 billion baht (S$1.7 billion) of bonds over the next five years.
Qantas CFO quits for personal, health reasons
(SYDNEY) Qantas Airways, Australia’s largest carrier, said chief financial officer Colin Storrie will step down at the end of this week because of ‘personal and health reasons’.
Enforce credit policy to ensure growth: regulator
(BEIJING) China must find the right balance in lending to ensure steady economic growth while keeping inflationary pressures in check, the country’s top banking regulator said in remarks published yesterday.
Wealth gap at its widest last year
(BEIJING) China’s rural-urban wealth gap was the widest last year since the nation launched its economic transformation three decades ago, state media said yesterday, amid concerns the disparity could spark unrest.
Sands China’s 2009 profit up
(HONG KONG) Sands China Ltd, the Macau casino operator controlled by billionaire Sheldon Adelson, said 2009 profit rose 22 per cent on higher spending in the world’s biggest gambling hub.
Trading calms down after roaring start
AFTER a blistering start in January, the Singapore Exchange’s (SGX) turnover in the securities market simmered down in February but remained starkly higher year on year, according to the latest set of monthly figures released by the exchange.
ETF tracks European sovereign bonds
AMONG Deutsche Bank’s latest exchange traded funds (ETFs) launched is one that tracks the performance of European sovereign bonds, including those of debt-ridden Italy, Ireland, Spain and Portugal.
Sino-Env board, CEO on right path: SIAS
THE Securities Investors Association of Singapore (SIAS) yesterday met the new chairman and chief executive of troubled Sino-Environment Technology Group to discuss the concerns of its minority shareholders.
Swiber narrows Q4 loss to US$6.5m
OFFSHORE construction player Swiber Holdings narrowed its fourth-quarter net loss by more than a fifth to US$6.5 million from US$8.3 million a year ago despite a 3.3 per cent fall in turnover of US$99.5 million.
MediaRing declares its first dividend
A CHANGE in ownership has led to MediaRing declaring its first ever dividend in a decade-long history. MediaRing’s share price rose one cent on Monday but eased half a cent to 22.5 cents yesterday after its board proposed a final dividend of 0.1 Singapore cent a share last Friday.
Datapulse’s Q2 net profit drops 37.9% to $2.2m
DATAPULSE Technology Ltd, a provider of CD and DVD services in the Asia-Pacific region, saw its net profit drop 37.9 per cent to $2.2 million for its second quarter ended Jan 31, 2010.
Sicom secures new clearing licence
SINGAPORE Commodity Exchange (Sicom) has secured a licence to operate a Commodity Market and Clearing House under the Commodity Trading Act (CTA), giving it room to roll out new commodity categories.
STC takes over Chancery Five project
THE Straits Trading Company (STC) is taking over a private developer and its cluster bungalow project at Chancery Lane.
Orchard Capital bets on Asian issues
(HONG KONG) Orchard Capital Partners is betting on large initial public offerings and secondary placements and higher implied volatility in Asian markets in 2010, said a co-founder of the Hong Kong-based hedge fund manager.
Company Briefs
SIX companies have been added to the Singapore Exchange’s watch-list today for possible future delisting – Creative Master Bermuda, AEM Holdings, Sinobest Technology Holdings, Lankom Electronics, JEL Corporations Holdings, and Plastoform Holdings – taking the total number of firms on the watch-list to 23.
Full-time score
Full year ended December 2009
Parkway’s CEO-designate chomping at the bit
PARKWAY Holdings will see a change in leadership come mid-April but plans to expand its presence in emerging and regional markets will stay the course, a growth strategy which could see it in good stead considering the strong prospects for the healthcare industry in the Asia-Pacific.
Buffett slams M&A advisory fee structure
(NEW YORK) ‘Don’t ask the barber whether you need a haircut.’ That little nugget was buried in Warren Buffett’s annual letter to Berkshire Hathaway shareholders published over the weekend.
Norway fund revises ethical investment guidelines
(OSLO) Norway has launched revised ethical guidelines for its US$450 billion fund, Europe’s biggest equity investor, putting increased emphasis on active ownership of the fund’s investments, the finance ministry said yesterday.
Japan jobless rate falls for 2nd straight month
(TOKYO) Japan’s unemployment rate fell for the second straight month in January and household spending posted solid growth despite a decline in wages – further signs of recovery in the world’s second largest economy.
China targeting bigger budget deficit in 2010
(BEIJING) China will target a higher budget deficit this year of more than one trillion yuan (S$205 billion), a senior lawmaker said yesterday.
Insider insight still fairly accurate
CORPORATE insiders are sending fairly positive signals about the market. When stocks began to fall in mid- January, insiders cut back on sales of their companies’ shares and increased their purchases, according to David Coleman, editor of the Vickers Weekly Insider Report.
The ‘too early’ star strategist
JEREMY Grantham warned in January 2000 that US equities were ‘more overpriced than at any time in the last 70 years due to the massive overpricing of technology and especially dotcom stocks’.
Agencies wrong on India rate call, says official
(NEW DELHI) Goldman Sachs Group Inc analysts are likely to be proven wrong on forecasting three percentage points of interest rate increases in India this year, an aide to the prime minister said.
India’s exports rise for third month in January
(NEW DELHI) India’s exports rose in January for a third straight month as economic recoveries in the US and Europe created demand for the nation’s cars and jewellery.
Govt to retain majority stake in state-run firms
(MUMBAI) India plans to retain at least a majority stake in government-controlled companies as it accelerates asset sales to raise 400 billion rupees (S$12.22 billion) in the financial year starting next month.
Probe fails to resolve reform divisions
(JAKARTA) A parliamentary probe yesterday failed to resolve bitter divisions over the fate of two key pro- market lawmakers in Indonesia’s Cabinet, signalling conflict over whether economic reform would continue.
Indonesia, Australia launch A$30m forest CO2 project
(SINGAPORE) Indonesia and Australia launched a A$30 million (S$38 million) project yesterday to fight deforestation in Sumatra as part of efforts to cut greenhouse gas emissions and boost a planned forest-carbon trading scheme.
Higher earnings seen for M’sian firms in 2010
MALAYSIAN companies turned in a mixed performance in the final quarter of 2009 – but analysts have raised their earnings forecast for the current year based on the banking sector’s surprisingly robust display.
Opel pins revival hopes on Insignia
AUTHORISED Opel distributor Auto Eurokars is hoping that the new Insignia will signal a resurgence of the German brand in Singapore and is targeting annual sales of 100 units.
Daimler, BYD to develop electric vehicle
(TOKYO) Daimler AG and BYD Co, the Chinese carmaker backed by billionaire Warren Buffett, will jointly develop an electric vehicle to be sold in China, the world’s largest car market.
India Infrastructure may use US$500m of forex reserves
(MUMBAI) India Infrastructure Finance Co, a state-run entity that extends loans at preferential rates, may use US$500 million of the nation’s foreign-exchange reserves in the coming fiscal year to build roads, ports and power plants.
New ez-link cards launched for private buses
EZ-Link has partnered an Australian-based technology company to unveil the next-generation contactless fare payment system for private bus operators, which could be used to replace the system now found in public buses.
Somali pirates set to gain from Asia coal boom
(LONDON) Booming Asian demand for South African coal will put more ships at risk from Somali pirates operating in the Indian Ocean and raise insurance and freight costs already hiked due to seaborne attacks.
Need for compliance services rising
GROWING global concern over environmental and security issues and the resulting requirements to comply with new regulations such as the EU Reach and US Importer’s Security Filing 10+2 programmes are causing more supply chain companies to see a need for more compliance services and to outsource some or all of their compliance functions, with the trend being highest among Asia-Pacific companies, a recent survey found.
Overseas Shipholding posts over US$23m loss for Q4
(NEW YORK) Overseas Shipholding Group (OSG), the largest US-based oil tanker owner, reported a fourth-quarter loss of US$23.2 million as shipping rates tumbled.
Sembcorp’s rig for seadrill
SEMBCORP Marine recently held a naming ceremony for West Orion, the third of a series of four turnkey ultra-deepwater semi-submersible drilling rigs its Jurong Shipyard unit is building for Seadrill.
Muted response to emissions breakthrough
I HAVE been a shipping journalist for over 20 years now but I am sure I have never come across a story like the one about Singapore-based Ecospec Global Technology’s CSNOx gas abatement system.
STI loses 1.86 points in quiet trading
ANOTHER ho-hum day yesterday ended with the Straits Times Index first rising to an intraday high of 2,787 before drifting lower to 2,772.2 for a nett loss of 1.86 points. There was little in the way of meaningful features to speak of, other than Genting Singapore’s continued slide and rotational playing of the second line by proprietary traders, which meant brokers spent a large portion of the day trading in their own accounts to pass the time.
MPs weigh in on productivity debate
TEO Chee Hean is the best man to head the National Productivity and Continuing Education Council because of his long years in the Singapore Armed Forces (SAF), which has been long in the practice of getting more for less.
Media’s role in raising productivity
THE media – along with the National Productivity and Continuing Education Council – must play a key role in driving home the productivity message, Member of Parliament Ho Geok Choo said yesterday.
Course for IT retail sales staff
SINGAPORE’S first customised retail training course for IT retail salespeople was launched yesterday.
Diagnosing dengue with a finger prick
A PRICK of the finger will now be enough to diagnose dengue, thanks to a new viral diagnostic test developed by researchers from A*Star’s Institute of Microelectronics (IME).
Manufacturing slightly up in Feb
CONTINUING its expansion for the 10th consecutive month, Singapore’s manufacturing activity rose marginally in February, even though growth in the electronics sub-segment appeared to have slowed.
Online users willing to pay for content
MUCH remains unknown about the future of the Internet and how online businesses will shape up, but according to a recent survey by Nielsen, selling content such as books, movies and music online might just be the way to go.
Leo Burnett eyeing Asia-Pac ad market
2010 might be the year that it all comes together for ad firm Leo Burnett, and Singapore will be at the epicentre of its growth in the region.
Singapore Roundup
START-UP Rhapsody Biologics has secured a licence for a portfolio of technologies from Exploit Technologies.
Resorts World – adding it up
A MIDDLE-AGED woman strolled up to the roulette table, clutching her branded handbag as she reached inside for a wad of notes. She changed them for $500 worth of chips and wasted no time in placing them on various numbers on the table.
Know thyself and know the house rules
A PRETTY, young intelligent contact and her friends paid a visit to Resorts World Sentosa’s spanking new casino over the Chinese New Year (CNY).
Gearing up for challenging times
DESPITE the problems of the past year or so, the common refrain from the maritime industry has been that recovery is coming and that it will be led by Asia.
How maritime community harnesses satellite technology
VAST advances in technology have improved satellite communications to the point that almost all land-based services are also available at sea. While the infrastructure is becoming more widespread, what needs to catch up is the provision of services to ensure that seamless communication is made possible.
Big boys go looking for swank, new offices
(SINGAPORE) The upswing in office leasing deals that started around July last year shows no signs of letting up. The healthy demand has persuaded some property consultants that rents for the best quality space in Singapore’s financial district could be close to their bottom and poised to perk up.
Asian banks courted to underwrite Prudential deal
(SINGAPORE) Asian banks, including those from Singapore, are being courted to help underwrite Prudential’s purchase of AIA, which will involve raising a record amount of cash.
AIA policyholders’ Prudential poser
PRUDENTIAL plc has hit the sweet spot in its stride across the Asian insurance landscape. Its acquisition of the AIA Group, which parent AIG itself calls the ‘crown jewel’ among its assets, occurs at a time when insurance penetration in Asia remains relatively low, and yet profit margins are rich.
Australia hikes interest rate as economy picks up
(SYDNEY) Australia’s central bank raised interest rates yesterday, saying that the economy is strong enough to withstand any impact from global investor concerns on sovereign-debt risks.
Blowing hot and cold over gold
(SINGAPORE) The phenomenal rise in gold prices last year has clearly caught the eye of big-time investors, including legendary speculator George Soros as well.
Obama gets chance to remake Fed
(WASHINGTON) The No 2 official on the Federal Reserve Board said on Monday that he will retire, opening a third seat on what may be the world’s most powerful economic body and giving President Barack Obama a historic opportunity to reshape the central bank.
Madoff whistleblower reveals all, blasts SEC
‘GIVE me Madoff for five minutes and three questions and I could have him put away.’. Published by John Wiley & Sons
Three-Minute Digest
THE upswing in office leasing deals that started around July last year shows no signs of letting up.
A return to fiscal prudence in India
TWO pieces of news after India’s Budget last week give a good indication of the direction in which the government wants to take Asia’s third-largest economy.
History not on China’s side over US arms sale to Taiwan
RECENTLY, after the Obama administration announced a substantial arms sales package for Taiwan – one that was almost entirely defensive – China responded vociferously by suspending military exchanges.
Should taxpayers pay for bankers’ mistakes?
A REFERENDUM in Iceland isn’t the kind of event that would usually attract much world attention. This time will be different.
Coping with rising urban population
THERE was a time when if someone asked about Singapore’s population, the answer would be ’3.5 million’. Today, the same question elicits a resounding ‘about five million’. According to the Singapore Department of Statistics, Singapore’s total population as at June 2009 was 4.997 million.
Toyota incident offers key lessons for brands
BRANDS play an important role in modern society in both scope and scale. Think of last month’s incident around Toyota and its handling of the recall of 8.5 million Prius hybrid cars. It is a perfect case in crisis management of brands and a compelling one of how not to handle it.
Brokers’ Take
UNITED Overseas Bank remains our top ‘buy’ within the banking space.
A$ rally fizzles out after news of RBA’s rate hike
ALL eyes were on the Reserve Bank of Australia (RBA) yesterday and whether it would raise the cash rate by another 25 basis points to 4 per cent.
Hyundai feeds on Toyota woes while GM joins recalls
(DETROIT) South Korea’s Hyundai Motor Co announced a sharp rise in February sales, benefiting from recall woes at rival Toyota Motor Co, which planned aggressive incentives to win back US customers.
Wealthy fans plan possible takeover of Man Utd
(MANCHESTER) A group of wealthy supporters of Manchester United is looking into a possible bid for the English football club though its billionaire American owners say it is not for sale.
Senate close to nailing down new rules for Wall Street
(WASHINGTON) More than a year after Lehman Brothers’ collapse set off a financial panic, Senate negotiators appear close to resolving a narrow dispute that was holding up broad legislation to set new rules for Wall Street.
US highway plans, jobless aid disrupted
(WASHINGTON) Unemployment benefits for hundreds of thousands of jobless people ran out on Monday and highway programmes across the United States suspended work after a Republican lawmaker prevented their renewal.
Obama set to unveil changes to health care reform plan
(WASHINGTON) US President Barack Obama will offer changes to his health care overhaul this week, the White House said on Monday, and Democrats said they were working to include more ideas advocated by Republicans.
Craving for snacks turns US kids into ‘constant eaters’
(WASHINGTON) American children eat an average three snacks a day on top of three regular meals, a finding that could explain why the childhood obesity rate has risen to more than 16 per cent, researchers said yesterday.
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