Korea Life prices 1.72t won IPO below range
(SEOUL) Korea Life Insurance Co priced its oversubscribed 1.72 trillion won (S$2.11 billion) initial public offering (IPO) below the reference range, sources said on Friday, as investors kept an eye on bigger IPOs due from Samsung Life and Japan’s Dai-ichi Mutual.
Earnings of Thai listed firms soar 42% in 2009
THAI-LISTED companies saw net profits surge by 42 per cent last year to 446.51 billion baht (S$19.13 billion) on sales totalling 6.39 trillion baht, the Stock Exchange of Thailand (SET) says.
Corporate Japan’s weak spot: crisis management
(TOKYO) Toyota’s poor handling of its massive global recalls has highlighted a glaring weakness in Japan’s otherwise sophisticated corporate culture: crisis management know-how.
Hatoyama’s popularity slides as airbase deadline looms
(TOKYO) Only about one- third of Japanese voters support Prime Minister Yukio Hatoyama’s government, and about the same percentage plans to vote for the main opposition party in a key mid-year poll, a survey showed yesterday.
Prudential CEO out to charm UK shareholders
(SINGAPORE) Prudential Plc CEO Tidjane Thiam will attempt to charm leading shareholders today, moving to quell disquiet over the British insurer’s US$35.5 billion bid for AIA, the Asian arm of American International Group, the Financial Times reported on its website.
Body scanners to be rolled out across the US
(BOSTON) The Transportation Security Administration on Friday announced nine more US airports that will receive body-scanning technology, as the US heightens its effort to detect hidden explosives and other weapons amid a threat highlighted by an attempted airplane bombing on Christmas Day.
Buyers move to resolve A400M funding issue
(BERLIN) The nations that ordered the Airbus A400M military transporter have agreed to pay 3.5 billion euros (S$6.67 billion) more to address cost overruns and keep the troubled project alive, manufacturer EADS and the German Defence Ministry said on Friday.
Samsung eyes 30% TV sales growth here
SAMSUNG, which sold 150,000 television units in Singapore last year, is gunning for a 30 per cent growth this year, according to the company’s head of global TV sales and marketing.
Four honoured for IT contributions
TECH industry veteran Lim Hup Seng helped shape Singapore’s e-government blueprint. Civil Service head Peter Ho helped the country better prepare for national security threats.
iPad to go on sale in US on April 3
(SAN FRANCISCO) Apple will start selling the iPad in the US on April 3, a few days later than planned, and will take preorders for its multimedia tablet this week.
Sony developing handheld devices: WSJ
(WASHINGTON) Japanese electronics giant Sony is developing a new lineup of handheld products to counter Apple’s stable of portable devices, The Wall Street Journal reported.
IT networks target of organised criminal elements
A RECENT global study on IT security breaches, commissioned by Datacraft, has shown Singapore companies face a threat landscape inhabited by determined and organised criminals.
China Unicom to slow overall investment, focus on 3G
(BEIJING) China Unicom, China’s No 2 mobile carrier, said last Saturday its total investments will decrease this year as it scales back spending on areas like broadband and focuses on its new 3G wireless network.
Google takes aim at Microsoft with start-up acquisition
(SAN FRANCISCO) Google Inc stepped up its assault on Microsoft Corp’s MSFT.O productivity software business with the acquisition of a small start-up company that allows Microsoft users to edit and share their documents on the Web.
Videogame makers racing to develop iPad games
(WASHINGTON) As an electronic reader, Apple’s iPad has been touted as a possible ‘Kindle killer’ but what has videogame makers buzzing is the potential of the touchscreen tablet computer as a gaming platform.
Data storage rebound continues in Q4, says IDC
(SAN FRANCISCO) Sales of computer data-storage equipment dipped less than 1 per cent in the fourth quarter, industry tracker IDC said, as the market continued to rebound from lows seen earlier in the year.
China vows to punish hackers if Google complains
(BEIJING) China has pledged to punish hackers who attacked Google if there is evidence to prove it, but said it has yet to receive any complaint from the world’s top search engine.
NUS students’ proud inventions
A SUPERIOR cell-penetrating peptide (CPP) resistant to digestive enzymes, an inter-generational family entertainment system and a user-friendly computer interactions system that simulates the human touch.
Be smart with your finances
FANCY becoming the next Warren Buffett or George Soros? Or even the famous Robert Kiyosaki? Then read on.
Shareholder value and the financial crisis
TODAY, capitalism is in crisis, and shareholder-value driven finance is seen by many as a contributory cause. But some of the responsibility at least should lie with shareholders themselves.
Ore price hikes to hit China steel mills hard
(BEIJING) Chinese steel mills are facing massive difficulties during this year’s annual iron ore benchmark talks with big price hikes set to push many of them into the red, the head of China’s third biggest steel firm, Wuhan Iron & Steel Group, said yesterday.
Stanchart keen to list in Shanghai
(HONG KONG) Asia-focused bank Standard Chartered will seek to list shares in Shanghai as soon as regulations concerning the exchange’s international board become clear, a senior executive said. Other than also listing in India, the bank had no other fund-raising plans before the end of 2010, Standard Chartered’s Asia CEO Jaspal Bindra told a briefing in Hong Kong on Friday.
Beijing defends its growing energy ties with Africa
(BEIJING) China yesterday rejected foreign concerns over its growing energy links with Africa, saying it benefits African nations by bringing badly needed trade and infrastructure development.
China says it’s up to the US to improve relations
(BEIJING) China said yesterday that it is up to the United States to improve relations that soured over US arms sales to Taiwan and a meeting between President Barack Obama and the Dalai Lama.
China’s coal demand likely to underpin world prices
(SHANGHAI) China’s appetite for imported coal will provide a solid floor for global prices of the commodity this year, but its imports may miss last year’s peak as price-sensitive buyers shy from recovering prices.
Boards need to evaluate their performance regularly
STOCK exchanges should encourage the boards of listed companies to periodically review their effectiveness and performance, but stop short of regulating such an action, says Ashley Summerfield, the head of Egon Zehnder International’s Global Board Practice.
Nomura bearish on S’pore developers
THE latest Nomura Singapore Residential Property Report held firm to its bearish stance on local developers, based on expectations of a continued fall in transaction volumes.
HG Metal to further cut stake in BRC Asia
HG Metal Manufacturing’s subsidiary, HG Metal Pte Ltd (HGPL), will sell 28 million shares in steel company BRC Asia Limited (BRC), to help meet HG Metal’s short-term debt.
OCBC celebrates with SMEs
OCBC Bank held its customer celebration event on Thursday, March 4, at Resorts World Convention Centre.
Tough call at roulette wheel of Genting valuation
A PARALLEL could quite easily be drawn between trading in the shares of Genting Singapore and trying one’s luck in Genting’s casino in Sentosa because whether money is made appears to be entirely left to chance.
Jobs get short shrift in US focus on health care
(WASHINGTON) US President Barack Obama’s furious, final push to get a healthcare bill passed threatens to shove aside the message he promised would top his list this year: Creating jobs.
Surprise rise in US consumer credit in Jan
(WASHINGTON) Borrowing by consumers unexpectedly rose in January for the first time in a year, led by auto and student loans, a sign Americans are gaining confidence in the economy.
Voters in Iceland reject US$5b debt deal
(REYKJAVIK) Icelandic voters vented their fury on Saturday at the bankers and politicians who ruined the economy, overwhelmingly rejecting a US$5 billion deal to repay debts to Britain and the Netherlands.
Aussie economy in robust recovery mode
(MELBOURNE) Australia’s economy continues to strengthen, underpinned by the government’s stimulus measures and a recovery in private sector demand, Treasurer Wayne Swan said yesterday. ‘When most advanced economies went into recession, our economy not only continued to grow, but grew solidly,’ Mr Swan said in an e-mailed statement. ‘The economy continues to strengthen.’
Philippine rates to stay despite inflation data
(MANILA) The Philippine central bank will not hike interest rates yet despite core inflation ticking up last month, and will focus on adjusting liquidity-boosting measures, a senior official said at the weekend.
Fine-tuning India’s growth path
(MUMBAI) India needs fiscal restraint to resume a faster pace of economic growth, Finance Minister Pranab Mukherjee said.
Essar acquires Trinity Coal, eyes other deals
(MUMBAI) Essar Group, the Indian business group controlled by billionaire brothers Shashi and Ravi Ruia, said it has acquired 100 per cent of Trinity Coal Corp.
Leather hub feels the pain of Ganges cleanup
(KANPUR, India) On the banks of the Ganges in northern India, tanneries that have poured effluent into the holy river for decades are closing. For environmentalists, it’s a victory over filthy companies with no regard for nature and a rare example of pollution legislation being enforced.
MAS flying high after sweeping reforms
(KUALA LUMPUR) Not long ago, Malaysia Airlines (MAS) was on life support, forced to sell off its headquarters and firing thousands of staff to avoid bankruptcy, but analysts are now bullish about its prospects.
Why KL is revving up drive to cut spending
SOMETIME last week or thereabouts, a high-powered meeting of civil servants was told to cut spending by their respective ministries to corral expenditure by Malaysia’s federal government.
Keppel unit signs MOU with Norwegian marine research body
KEPPEL Offshore & Marine Technology Centre (KOMtech) and the Norwegian Marine Technology Research Institute (Marintek) signed a memorandum of understanding (MOU) on Saturday to collaborate on the development of technologies and training opportunities.
EU force tracking hijacked Norwegian tanker
(BRUSSELS) The European Union’s (EU) anti-piracy mission said on Saturday it was tracking a hijacked chemical tanker off east Africa as Turkey and France announced the capture of 29 suspected pirates.
Selling into strength in confused market
IT’D be fair to say that markets are currently exhibiting a fair amount of confusion. Apart from Friday’s push here which, as we pointed out in Saturday’s column was most probably buying ahead of an expected upmove on Wall Street, there’s no clear direction forthcoming from any front.
Commercial property insurers see tougher times
A BUMPER 2009 for commercial property insurers could depress premiums and hurt returns this year, according to Shivan Subramaniam, chairman and CEO of FM Global, a mutual commercial insurer.
Bridging S’pore, Danish education systems
DENMARK may pride itself on being one of the most innovative countries in the world today, but there is still much that this tiny Scandinavian country can learn from Singapore – particularly in the field of education.
New centre teaches online trading
CALIFORNIA-BASED Online Trading Academy (OTA) – a worldwide network of financial education centres that focuses on teaching the art of trading – has opened a new campus in Singapore.
Stanchart starts online business centre for women
IN conjunction with International Women’s Day, Standard Chartered Bank will today launch an online tool called the Women in Business Resource Centre for women with entrepreneurial aspirations.
The story of a ‘miracle’ cancer drug
(NEW YORK) GEORGE Demetri had witnessed countless near-death experiences in his career as a cancer doctor. This time, the life of a drug was on the line.
SME matchmakers know the ropes, will tie more knots
AMID calls from small and medium-sized enterprises (SMEs) for a platform to facilitate merger and acquisition (M&A) matches, service providers such as auditors, investment bankers and lawyers are standing up to say they are already doing the job.
1 Finlayson Green sold, say sources
(SINGAPORE) The office block that is 1 Finlayson Green has been sold, BT understands.
Foreign worker levy hike: short pain, long gain
AS Members of Parliament (MPs) spent last week discussing Budget 2010 in Parliament, one topic stood out: the increase in foreign worker levies. While there was merit in most of the arguments posed, one key issue was raised that took the discussion into uncharted territory, and that is the impact of the foreign levy hike on the wages of Singaporeans.
China may want slot for yuan in IMF currency basket
IN A move that could further undercut Japan’s role as Asia’s number one economic and financial power, China is seeking to have its currency included in the basket that makes up the International Monetary Fund’s special reserve currency, according to reports.
Private equity investment poised for recovery
(SINGAPORE) The private equity industry in South-east Asia is expected to recover substantially from the lows of 2009, according to a new survey.
Three-Minute Digest
AMID calls from small and medium sized enterprises for a platform to facilitate merger and acquisition matches, service providers such as auditors, investment bankers and lawyers are standing up to say they are already doing the job.
Building confidence
Nirvik Singh Chairman & CEO Grey Group Asia Pacific THE Singapore property market has always been a buoyant one, and has weathered several economic crises with resilience.
Buying among directors up, selling remains low
THE buying rose, while the selling among directors remained low last week based on filings on the exchange in the first week of March.
Lowest PE portfolio gains most
IN a still rather edgy week, our portfolios ended the week mixed, with two moving higher, two retreating and two barely changed.
Base metals may face more volatility
IF China is the factory for the world’s manufactured goods, then base metals are the key raw materials needed for their industrial production.
Optimism about US economy lifts risk appetite
(NEW YORK) The US dollar soared against the yen on Friday after a government report showed US employers cut fewer jobs than expected last month, boosting hopes a US economic recovery was still on track.
Silicon Valley rules the Oscars in 2010
(SAN FRANCISCO, NEW YORK) No matter which film gets the Oscar for best visual effects at the Academy Awards, it’s a guaranteed win for Autodesk Inc and Nvidia Corp.
Friday stock rally gives heart to bulls
THE stronger-than-expected jobs report on Friday fuelled a spurt on Wall Street, capping a two-week rally that has brought US stocks into positive territory for the year, and within striking distance of the S&P 500′s recent January high.
High relapse risk for UK economy: business chamber
(LONDON) Britain, which emerged from recession in the final quarter of 2009, faces a ‘high’ risk of relapse, and below average growth in the next two years, the British Chamber of Commerce warned yesterday.
Recession forces shift in firms’ charity priorities
(NEW YORK) Giving by US companies endured the recession with mixed results as some pared back philanthropy in the face of tough times, others increased budgets and most predicted a steady 2010.
UK bank bosses shun bonuses to salvage industry reputation
(LONDON) Faced with public outrage over excessive bankers’ pay, the bosses of Britain’s five biggest banks have taken the unprecedented step of spurning bonuses worth millions of pounds.
Gaming industry in US hit by recession, expansion
(WASHINGTON) US casinos have run into a string of bad luck as the recession and other factors cut into gambling revenues, even as more states move to get a piece of the action.
Pfizer CEO gets US$13.7m compensation
(TRENTON, New Jersey) The chief executive of drug giant Pfizer Inc, Jeffrey Kindler, received a 2009 compensation package valued by The Associated Press at US$13.7 million, down 7.6 per cent from 2008, as the board reduced the stock awards he received, citing economic pressures.
Three European insurers may bid for ING’s Asian assets
(LONDON) European insurers looking for a bigger slice of Asia’s high-growth markets could consider unsolicited bids for ING’s Asian business, as a growing number of trade buyers hijack plans for initial public offerings (IPOs).
Ex-AIG CEO ready to testify on General Re
(NEW YORK) Maurice ‘Hank’ Greenberg, the former chief executive of American International Group Inc (AIG), believes he no longer faces possible criminal charges over a sham transaction involving the insurer and a unit of Warren Buffett’s Berkshire Hathaway Inc.
Norway’s oil fund posts 26% returns in 2009
(OSLO) Norway’s vast fund for oil wealth posted a 25.6 per cent return on investment for 2009 – its best ever – as international markets recovered from the global financial crunch, the central bank said on Friday.
Back Greece or risk euro’s future: Sarkozy
(ROME) French President Nicolas Sarkozy said the European Union must support Greece or risk destroying the euro as Prime Minister George Papandreou heads for Paris to lobby support for the debt-laden country.
This is no time for stimulus cut or rate rise, says Volcker
(BERLIN) White House adviser Paul Volcker said it’s too soon for US policy makers to withdraw the stimulus measures and interest rate cuts used to fight the worst slump since the Great Depression.
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