Mining magnate Forrest Australia’s richest man
(SYDNEY) Mining magnate Andrew ‘Twiggy’ Forrest has ridden a wave of iron ore exports to China to become Australia’s richest man, replacing casino tycoon James Packer, Forbes magazine said yesterday.
Prius stays top model in Japan despite recall woes
(TOKYO) Toyota’s Prius remains the top-selling car in Japan despite the automaker’s global recall woes that included braking problems with the hit hybrid.
Bangkok retains riot insurance cover for tourists
(BANGKOK) Thailand is continuing to offer insurance coverage worth US$10,000 to anyone harmed in riots and demonstrations as it seeks to attract tourists scared off by political turmoil, officials say.
American Airlines flight attendants plan strikes
(DALLAS) American Airlines flight attendants said contract talks with the carrier have stalled after 20 months and federal mediators should start a 30-day clock to a possible strike.
Indian airlines seen returning to profit, but not Air India
(MUMBAI) Jet Airways (India) Ltd, the nation’s largest carrier, and SpiceJet Ltd may return to profit next fiscal year on rising travel demand even as state-run Air India continues to lose money with ballooning debt.
Air China keen on M&As, expects better earnings
(BEIJING) Air China, the country’s flag carrier, is keen on mergers and acquisitions at home and abroad as it expects earnings to improve in 2010.
Politics seen blocking fixes to economic imbalance
(BEIJING) Premier Wen Jiabao calls China’s economic growth path ‘unbalanced, uncoordinated, and unsustainable’. This week’s annual parliament session may prove that he is unable to change its course.
CIC: Managing assets more complex in 2010
(BEIJING) China’s US$300 billion sovereign wealth fund completed most of its investments in 2009, leaving relatively little cash on hand, a senior executive said yesterday.
China’s defence spending up 7.5%
(BEIJING) China announced yesterday a planned 7.5 per cent boost in defence spending this year, a smaller increase than expected and the first time in more than two decades the jump has been less than double-digit.
HKEx warns of tougher China competition
(HONG KONG) Hong Kong Exchanges & Clearing, the world’s No 2 exchange operator by market value, warned of tougher competition from mainland China as it posted quarterly earnings just below analysts’ forecasts.
HKLand turns around with US$1.64b profit
HONGKONG Land Holdings (HKLand) has announced a net profit of US$1.64 billion for the year ended Dec 31, 2009, a turnaround from 2008′s US$109 million loss.
Dairy Farm profit up 9% despite tough climate
DAIRY Farm International Holdings said yesterday its sales and profit rose last year despite tough economic conditions.
Raffles Edu may invest RM200m in Johor campus
RAFFLES Education Corporation (REC) may pump RM200 million (S$83 million) into a campus in Iskandar Malaysia over five years.
S-E Asian telcos shine, tap mobile data for growth
(BANGKOK) Trendy smartphones are emerging as a boon for telecommunications operators in South- east Asia, where growth in telecom services is set to outpace the rest of Asia as the region snaps back from the financial crisis.
SGX investing $70m in system upgrade
SINGAPORE Exchange (SGX) is spending $70 million over the next 10 years to upgrade its trading and clearing system.
‘Pay special dividend’ call to Lion Asiapac
SOME shareholders of Lion Asiapac want the company to pay out some of its $190 million cash hoard as a special dividend to boost the share price, which is trading a third below the company’s cash value.
POSB helps students make cents of coin recycling
EVERY year, an estimated 50 million coins go ‘missing’, never to be seen in circulation again, says Yip Pak Ling, mint director of the Singapore Mint.
Company Briefs
DEUTSCHE Bank said that it would list on the Singapore Exchange (SGX) the world’s first Exchange Traded Fund (ETF) that tracks the performance of the CSI 300
UOB’s calculated gamble
UNITED Overseas Bank (UOB) has taken a gamble – a deliberate, and cautious one.
US economy plods ahead despite snowstorm losses
(WASHINGTON) The US economy has continued its slow growth but harsh snowstorms crimped activity along the East Coast last month, according to a Federal Reserve report.
Australia’s Jan trade deficit hits 7-month low
(SYDNEY) Australia’s trade deficit narrowed to its lowest in seven months in January as fuel imports fell sharply while exports of iron ore picked up, a hopeful sign that trade will be less of a drag on the economy going forward.
French jobless rate climbs to 9.6% in Q4
(PARIS) French unemployment rose sharply in the fourth quarter of 2009 to reach a rate of 9.6 per cent, wiping out the country’s gains on the jobless front over the past decade, official figures showed yesterday. ‘The unemployment rate has climbed sharply and is now at the level of 1999,’ said the Insee state statistical agency.
A toast to the magic of German Riesling
IT has taken a long time but there are distinct signs that Riesling is at last beginning to feature in Singapore as a viable alternative to Chardonnay when white wine is being thought of.
Crystal ball gazing ahead of Oscar night
THE live spectacle that best captures the thrill of victory and the agony of defeat is upon us once again – and I’m not talking about the Winter Olympics or American Idol.
When a good ole boy turns bad
SOME people have been around the block a few times in their lives, but Bad Blake (Jeff Bridges) is the kind of guy who makes it a daily habit – and all before breakfast.
A passable disaster movie that skimps on science
THERE’S something satisfyingly cathartic about watching disaster movies, which tend to make us grateful for the mundane monotony of our lives, as well as envious of the opportunities for dramatic heroism actors seem to revel in.
What goes up must come down
ANYONE who has ever been ensnared and subsequently enslaved by frequent flyer programmes and the need to qualify for those coveted privileges that come with being a member of a not-so-exclusive club, will feel a twinge of envy for Ryan Bingham (George Clooney), a man whose job as a professional downsizer (he fires people for a living) requires him to take to the skies more often than the average migrating bird.
Wonderland with precious little wonder
SO Johnny Depp plays the Mad Hatter in a Tim Burton adaptation of Lewis Carroll’s Alice in Wonderland. Well, blow us down. And Helena Bonham Carter, Burton’s partner, plays an unpredictable, imperious, highbrow (and highbrowed) woman with a penchant for decapitation. Colour us surprised.
Hello beer! Bye wine!
MOVE over, wine bars. The art of wine appreciation and food to match may well be losing its appeal if the recent activity in the beer scene is anything to go by.
When east meets west
CHUA Ek Kay was a Chinese ink painter with a difference, an eminent Singaporean artist best known for an artistic style that successfully combined the eastern and western sensibilities of art.
The fine art of Indonesian politics
ART and politics are close relatives. Art often reflects the political and social environment in which it is created.
Want to go to a Turkish Cypriot wedding?
I ATTENDED an ethnic wedding at the National Museum the other evening, and even though I didn’t know any of the other guests or, for that matter, the bride and groom, and it was merely a dress rehearsal, I had a pretty good time. In fact, it was more fun than some real weddings I’ve been to.
Remembering the genius of Carnatic vocalist GNB
A TOP French music academic once said: ‘To study music, we must learn the rules.
Fresh passable update of familiar work
TOY Factory’s latest show is an interesting study in contrasts. The set and sound design, as well as the choreography, are bold, inventive creations that evoke film noir and the minimalist methodology of modern experimental theatre.
Around Town
COLLECTORS Contemporary presents Dirty Pretty Things, a solo show by renowned US-based British artist, Russell Young.
Love, death and a trove of forgotten music
A MAN discovers love letters written by his late father to his late mother, unknowingly summons his mother’s spirit as he reads them aloud, and she starts to fall in love with her own son as he speaks his father’s words.
‘Local’ musicals aim for the big time
THERE hasn’t been a made-in-Singapore musical that’s toured overseas yet – at least not in a big enough way that will make musical theatre fans around the world sit up and notice.
Off the beaten path
ANYONE who complains that today’s music all sounds the same simply hasn’t listened widely enough to what’s out there.
Showing a much more sober side of gaming
THE very notion of video gaming is intrinsically linked to fun and entertainment, but Singapore’s been looking for ways to keep the former while stripping out the latter.
New opportunities for S’pore businesses in India
‘SINGAPORE’S FDI inflows into India should get higher priority,’ said Indian High Commissioner to Singapore T C A Raghavan in his address at a seminar on the Indian budget here yesterday.
Sonia signals fuel tax rise will stay
(NEW DELHI) Sonia Gandhi, head of the ruling Congress party and India’s most powerful politician, yesterday backed the finance minister, effectively signalling her support for a move to raise taxes on fuel, lawmakers said.
Mumbai’s failed land sale may hit property prices
(MUMBAI) Mumbai’s failure to lure any bidders in the first government land sale in at least 11/2 years may cause rates in that area to fall as India’s financial hub seeks to develop the reclaimed marshland into a key business district.
EU trade chief sees progress in India FTA talks
(BRUSSELS) A free trade agreement with the European Union could create new export opportunities worth US$9 billion for Indian industries, EU trade chief Karel de Gucht said yesterday.
Bailout probe sets biggest political crisis for Yudhoyono
(JAKARTA) Indonesian’s Parliament called for a criminal investigation into a US$715 million government bank bailout in a vote that analysts said yesterday created the greatest political crisis of Susilo Bambang Yudhoyono’s six-year presidency.
Stop demonising palm oil: Jakarta
(NUSA DUA, Indonesia) It is blamed for everything from deforestation to threatening the extinction of the orangutan, but palm oil is a vital source of income for many developing countries, the crop’s producers say.
M’sia shelves two-tier pricing plan for petrol
THE Malaysian government yesterday said that it would not proceed with a ‘two-tier pricing’ proposal for fuel purchases owing to public opposition, but would await the findings of a subsidy taskforce before making the next move.
Fresh MCA polls likely as more officials quit
(KUALA LUMPUR) Two-thirds of the leaders of the second-biggest party in Malaysia’s ruling coalition have quit after months of infighting, triggering internal elections.
AP Moller-Maersk sees return to the black
(COPENHAGEN) Danish shipping and oil group AP Moller-Maersk said that it would return to a ‘modest’ profit for 2010 after weak global trade knocked freight rates and dragged it to a deeper loss than expected for 2009.
Finnish port strikes hit goods flow
(HELSINKI) Finnish port workers went on strike yesterday, halting the flow of goods into and out of the country, the Transport Workers’ Union said after talks with employers on a new wage deal failed.
Shares end lower on China concerns
AFTER being out of the picture for the better part of the past two months, China appears to be a factor again.
Boosting productivity with fewer foreign workers aim of levy hike
THE move to raise the foreign worker levy is to encourage employers to improve productivity with fewer foreign workers, not just to push them to replace foreign with local workers, Manpower Minister Gan Kim Yong said yesterday.
Programmes for seniors to get $100m funding
THE government will be setting aside $100 million over the next five years to promote wellness and active ageing among seniors as well as to enhance the delivery of care to the elderly.
It wasn’t wrong to speed up economic growth: Tharman
THE grow-as-fast-as-we- could strategy Singapore took in the past decade was not wrongheaded, as critics have claimed, Finance Minister Tharman Shanmugaratnam said yesterday.
Kan Seng: No cap on foreigners becoming PRs
THE government will tighten the framework to raise the quality of immigrants in Singapore but it will not place a cap on the number of new permanent residents allowed each year, said Deputy Prime Minister Wong Kan Seng.
Egypt minister sees CECA with S’pore in 1 year
OVER three years have passed since the first seeds for a trade deal between Singapore and Egypt were planted, with the finish line to wrap up negotiations now in sight.
Schools to increase students’ use of ICT
SCHOOLS will devote at least 20 per cent of the curriculum over the next five years to using info-communications technology (ICT) to support self-directed and collaborative learning.
Growth-seekers to get pick of the goodies
(SINGAPORE) Finance Minister Tharman Shanmugaratnam yesterday announced refinements to the Productivity and Innovation credit scheme while he spelt out how Budget 2010 was fundamentally different from last year’s Resilience Package.
$1.25m Lexus sold at speed of light
(SINGAPORE) How fast can one sell the new $1.248 million Lexus LFA supercar – the first that Japan has ever produced? Probably as fast as the car itself. Two units bound for Singapore were sold even before the price was confirmed.
Buangkok site attracts highest-ever EC bid
(SINGAPORE) A 99-year-leasehold executive condominium (EC) housing site near Buangkok MRT Station has fetched the highest ever bid for an EC site.
Bank Negara hikes rates by 25 basis points
(KUALA LUMPUR) Malaysia’s central bank raised interest rates by a quarter of a point to 2.25 per cent yesterday, making it the first central bank in Asia outside Australia to hike as part of efforts to unwind crisis measures.
Stanchart S’pore tops $1b pre-tax profit for first time
(SINGAPORE) Standard Chartered Bank Singapore has emerged from the recession standing tall, reaping a pre-tax profit of US$714 million for the year ended Dec 31, 2009.
Prudential-AIA merger ‘good’ for employees
(SINGAPORE) Staff of Prudential and AIA, worried about their future, heard first-hand yesterday why the merger of their two companies is good for them.
S’pore slips to 7th spot in innovation rankings
(SINGAPORE) Singapore slipped two ranks from its fifth position last year in the latest rankings of the world’s most innovative countries and economies compiled by global business school Insead.
Terror threat spurs extra Malacca Strait patrols
(SINGAPORE) Malaysia, Singapore and Indonesia have stepped up maritime and air patrols in the Malacca Strait after receiving a warning that a terrorist group is planning attacks on oil tankers in the waters, one of the world’s busiest shipping lanes.
Three-Minute Digest
FINANCE Minister Tharman Shanmugaratnam yesterday announced refinements to the Productivity and Innovation credit scheme while he spelt out how Budget 2010 was fundamentally different from last year’s Resilience Package.
Correction
IN the report ‘Second-tier cities offer growth potential’ (BT, March 4), Loh Shyh is the CEO of Mapletree Investments, China, and not the CEO of Mapletree Investments. We are sorry for the error.
Putting productivity in perspective
PRODUCTIVITY – that shy, often overlooked, contributor to the process of creating national wealth – is suddenly in the spotlight again.
Not making hard choices leaves US in la-la land
THERE is a make-believe quality to modern American politics: People – and this applies across the political spectrum – say things that are stupid, misleading or unattainable and think (or pretend) that these very same things are desirable, candid and realistic.
HK’s budget mantra: Big market, small govt
HONG KONG Financial Secretary John Tsang delivered his 2010-2011 budget statement to the Hong Kong Legislative Council on Feb 24. This was two days after Singapore Finance Minister Tharman Shanmugaratnam delivered his 2010 budget statement to the Singapore Parliament.
Stuck in a ‘doomsday cycle’
OVER the last three decades, the US financial system has tripled in size, as measured by total credit relative to gross domestic product (GDP).
Brokers’ Take
FIVE out of the eight Singapore real estate investment trusts (S-Reits) under our coverage reported Q4 2009 earnings that were in line with our estimates
Greece bond demand helps euro pare losses
(LONDON) The euro pared losses yesterday after Greece’s sale of 10-year bonds drew solid demand, while investors awaited comments from European Central Bank President Jean-Claude Trichet.
HSBC to pay CEO extra £300,000
(LONDON) HSBC is to pay its chief executive an extra £300,000 (S$632,000) a year to cover living costs in Hong Kong following his relocation there, the bank’s annual report showed this week.
ECB to roll back more of its crisis assistance
(FRANKFURT) The European Central Bank took further steps yesterday to unwind the extraordinary help it has given the eurozone economy in the global crisis, although it still forecasts a fragile recovery.
New 10-year Greek bond issue sold out
(ATHENS) Greece launched a critical 10-year bond issue yesterday, a day after winning approval from markets and the European Union for painful austerity measures designed to lift the debt-ridden country out of its financial crisis.
Ethics, values missing in financial crisis debate
(PARIS) The debate about fixing the financial crisis seems to be missing a key factor – a broad ethical discussion of what is the right and wrong thing to do in a modern economy.
White House pushes for Wall Street regulations
(WASHINGTON) The Obama administration on Wednesday began negotiations on regulating Wall Street, seeking limits on the size of financial institutions and insisting that protecting the consumer remain a central objective of attempts to legislate rules for the industry.
Citigroup’s Pandit supports strong consumer protection
(NEW YORK) Citigroup Inc chief executive Vikram Pandit said he supports an ‘enhanced’ federal consumer protection authority because problems for consumers can affect the entire financial system.
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