Shell, PetroChina in US$2.96b bid for Arrow Energy
(SYDNEY) Royal Dutch Shell and PetroChina joined forces for a US$2.96 billion bid for Australia’s Arrow Energy yesterday, hoping for a bigger slice of the country’s booming liquefied natural gas (LNG) sector.
Dai-ichi sets price range for 1.1t yen IPO
(TOKYO) Dai-ichi Mutual Life Insurance said its IPO would raise as much as 1.1 trillion yen (S$17 billion) at the top of a price range that was roughly in line with expectations.
Toyota sees US sales recovery in March
(TOKYO) Toyota Motor expects that its North American sales could recover this month after plunging in February when the automaker suspended sales of some recalled models.
BHP for short-term deals on ore prices
(SYDNEY) Top global miner BHP Billiton’s move to shorter-term coal prices for steel mills is likely to be followed for iron ore contracts that could help the company earn billions of dollars more in revenues.
FedEx ally blocks FAA measure
(WASHINGTON) Senator Bob Corker, who represents FedEx Corp’s home state of Tennessee, has said that he will block legislation funding the Federal Aviation Administration (FAA) because a provision may be added later, making it easier for workers at the company to join unions.
Shenzhen Airlines president probed by police
(SHANGHAI) The president of Shenzhen Airlines, China’s fifth-biggest carrier, has been removed from his position and is under police investigation for alleged ‘economic crimes’, the carrier said yesterday.
Japanese Boeing, Airbus supplier may expand capacity
(OSAKA) Shinmaywa Industries Ltd, a Japanese supplier for Boeing Co’s 787 Dreamliner and Airbus SAS, may invest several billion yen this year to boost capacity as it seeks to increase orders from the aerospace companies.
China Eastern bullish on passenger numbers
(SHANGHAI) China Eastern Airlines Corp, the nation’s second-largest carrier, expects passenger numbers to rise more than 20 per cent this year, chairman Liu Shaoyong said on Sunday.
Any rise in yuan will be gradual: minister
(BEIJING) Any rise in the yuan’s exchange rate will be gradual, China’s trade chief said yesterday in comments that underline the competing interests at the heart of Chinese policy-making.
China should build up state oil, fuel reserves
(BEIJING) China should step up efforts to build up state reserves of crude oil and refined fuel to enhance the country’s energy security, state media cited lawmakers as saying.
Only 1 of 20 Beijing golf courses legal
(BEIJING) Only one of the some 20 golf courses in Beijing has been developed legally, a member of the law committee in China’s parliament said.
Jardine, Wall Street give boost to STI
THANKS in no small part to a large push on the Jardine group and a two per cent jump in Hong Kong’s Hang Seng Index that was in reaction to Friday’s rise on Wall Street, the Straits Times Index yesterday gained 44.28 points at 2,834.57 in decent volume of 1.5 billion units worth $1.6 billion, excluding foreign currency stocks.
CapitaMalls Asia pays $114m for Chengdu project
CAPITAMALLS Asia (CMA) has bought an integrated development in Chengdu comprising retail, residential and office components for 554.2 million yuan (S$114 million) from CapitaRetail China Development Fund II (CRCDF II).
Qingmei launches IPO of 184m shares
QINGMEI Group Holdings Limited, an original design manufacturer (ODM) of mid-end and high-end sports shoe soles manufacturer in China, has launched its initial public offering (IPO) of 184 million shares at 31 cents each for a Singapore Exchange mainboard listing.
Gems TV to shut down US ops
A MAJOR change is underway for Gems TV’s business in the United States.
Hyflux lands $43.8m job on Jurong Island
HYFLUX has won another desalination project. Its subsidiary Hydrochem has been awarded a $43.8 million contract by Tuas Power unit TP Utilities.
SingTel offers pay-TV buffet after mio outage
SINGAPORE Telecommunications will offer customers an all-you-can-watch pay-television buffet for three days to make up for its mio TV outage.
Viet oil flow a proud moment for Technics
IT sounds like a contradiction, but sometimes it takes a long time to do something quickly.
CSC Holdings bags deals worth $70m
MAINBOARD-LISTED construction and engineering specialist CSC Holdings yesterday announced that it has in the past three months won more than $70 million worth of geotechnical and foundation contracts.
SIA stock has run ahead of fundamentals: Citi
SINGAPORE Airlines’ earnings may be poised to take off – but its stock has run ahead of prevailing fundamentals, says Citi Investment Research.
Company Briefs
UNITED Engineers Ltd (UEL) is in negotiations with OCBC Bank on the redevelopment and construction of a hotel cum retail mall at the former Specialists’ Centre and Hotel Phoenix site. UEL said that it is looking to forming a special purpose wholly-owned subsidiary to undertake the project.
SGX can’t trade on the status quo
IF THE Singapore Exchange (SGX) has indeed been losing ground to its chief rival Hong Kong Exchange and Clearing (HKEx) in recent years, then there is real concern that it may find itself being left further behind.
Seoul warning against hiking rates too soon
(SEOUL) South Korea’s finance minister warned yesterday that the country’s economic recovery remains too fragile to withstand an increase in borrowing costs from a record low, cautioning the central bank just days ahead of a rate-setting policy meeting.
Lending slump casts doubt on BOJ’s moves
(TOKYO) Japanese bank lending fell last month from a year earlier, matching the largest drop in more than four years.
Greek debt problems unlikely to spread: IMF head
(NAIROBI) The crisis over Greece’s debt mountain is unlikely to spread to other eurozone countries with high levels of public debt, the International Monetary Fund (IMF) managing director said here yesterday.
No wage cuts, tax hikes in Portugal budget
(LISBON) Portugal’s long-term budget austerity plan encompasses spending cuts by reducing tax breaks and containing public sector wages, but entails no Greece-style wage cuts or tax hikes, local media said over the weekend.
Who will blink first: employers or consumers?
(ST LOUIS) To understand why jobs in the US are so scarce, consider John McFarland and Nicole Rosen. The two share something in common: they’re reluctant to spend freely.
95,000 sq ft of offices for lease at JTC’s HQ
JTC Corporation is seeking to lease out about 95,000 square feet of offices at its headquarters building near Jurong East MRT Station. It recently conducted a tender exercise to appoint a sole marketing agent to help it find tenants for the building.
China’s 2009 investment in housing up 16.1%
(BEIJING) China’s 2009 investments in the real estate industry rose 16.1 per cent to 3.6 trillion yuan (S$738 billion), the country’s housing ministry said yesterday in a report ahead of a press conference.
CREO mulls AIM exit for listing in Singapore
(LONDON) China Real Estate Opportunities (CREO), one of the biggest companies on London’s AIM (Alternative Investment Market), may abandon its UK listing to be quoted in Singapore, in a quest to deepen its investor base and tap stronger capital flows in Asia.
New plan to help defaulting US homeowners
(WASHINGTON) In an effort to end the foreclosure crisis, the Obama administration has been trying to keep defaulting owners in their homes. Now it will take a new approach: paying some of them to leave.
Few takers for homes in posh New York suburb
(NEW YORK) Bryan Roddy says it seemed like a smart investment in April 2007 when he and his partners bought a US$1.2 million home in Greenwich, Connecticut, added two bedrooms and baths and priced it at US$2.9 million to lure Manhattan buyers.
Protests stall women’s quota bill in India
(NEW DELHI) Two political parties yesterday withdrew support for India’s ruling Congress party to protest against a controversial bill reserving one-third of legislative seats for women, possibly weakening the government’s capacity to pass laws.
Essar seen listing power unit in UK
(MUMBAI) Indian conglomerate Essar Group plans to raise about US$2.5 billion to US$3 billion by listing its energy and power businesses on the London bourse in late April, tapping new investors to fund its ambitious expansion plans.
Farmers under scrutiny in water scarce India
(NEW DELHI) India faces a water crisis with availability in decline and demand rocketing, and the profligate agricultural sector is in the firing line.
Aussie-Indonesia ties need new economic life: report
(SYDNEY) Australia-Indonesia ties have stagnated, focusing on negative perceptions and issues such as terrorism and people smuggling, said a report released yesterday on the eve of a visit by Indonesia’s president.
Bursa expects another year of profit growth
(KUALA LUMPUR) Bursa Malaysia Bhd, the country’s stock exchange manager, expects profit to increase for a second year as the economy recovers and the government accelerates efforts to open the market to foreign investors.
Malaysia to resume sales of seven-year bonds
(SINGAPORE) Malaysia will resume selling bonds maturing in seven years for the first time since 2004, adding a new benchmark to the local debt market, according to data published by the central bank on its website.
Oil traders eye alternative routes
(DUBAI) Oil traders are concerned about supply disruptions via the Malacca Strait after the Singapore Navy warned of possible attacks on tankers, but say that alternate routes could be used which add slightly to costs while stocks on landed and floating storages offer ample buffer.
Rogue waves, towering terror on the high seas
(PARIS) They are known as rogue or freak waves, though some people simply call them monsters of the sea.
BCA pushing industry into being leaner and greener
THE Building & Construction Authority (BCA) is set to make changes to some of its regulations to push the construction industry towards green building and greater productivity.
Spring seeking ways for SMEs to share resources
SPRING Singapore will be looking at how it can help SMEs share resources such as infrastructure and services in order to leverage on economies of scale, said Minister of State for Trade and Industry and Manpower Lee Yi Shyan.
Zeroing in on the value between sectors
CAPTURING the value between the manufacturing and services sectors will be one of the key growth strategies the Ministry of Trade and Industry (MTI) plans to pursue in the medium term to help Singapore take advantage of global trends, Trade and Industry Minister Lim Hng Kiang said yesterday.
New measures to reduce noise and save energy
THE National Environment Agency (NEA) will soon start prohibiting construction activities from 10pm on the night before a Sunday or a public holiday to 10am on the day itself. This new prohibition will apply to construction sites within 150 metres of residential areas and noise-sensitive developments that start work from Sept 1 this year.
Hng Kiang: SRI scale-back not likely to affect businesses
THE gradual scaling back of the Special Risk-sharing Initiative (SRI) is unlikely to have a big impact on businesses, says Trade and Industry Minister Lim Hng Kiang.
Education R&D centre opens
MICROSOFT yesterday launched Asia’s first regional School Technology Innovation Centre (STIC) – in Singapore. The launch was in conjunction with the Microsoft Asia-Pacific Regional Innovative Educators Forum, held here today and tomorrow.
Hiring may hit pre-recession high even as jobs growth eases
AFTER surging for two straight quarters, jobs growth momentum in Singapore is tipped to ease in the next three months.
Pan-Asian business angel network to be set up
LEADING angel investor groups in the region agreed yesterday to set up a Pan-Asian business angel network.
Small-cap portfolio edges up 1.1%
IT has been a good five trading sessions for blue chip stocks – but not so good for small caps.
A shrewd head for business
EVEN after 20-plus years in the marine fuel industry, Magdalene Tan, managing director of Victory Petroleum Trading, would rather have been a full-time homemaker and mother to her four children.
Shorter processing time for car exporters
AN INITIATIVE by the Land Transport Authority (LTA) will cut processing time for used-car exporters, thanks to a suggestion backed by the Pro-Enterprise Panel (PEP).
Unusual financing options for SMEs
GEORGE Lee, head of group investment banking at OCBC Bank, noticed a curious pattern among the bank’s small and medium enterprise (SME) customers years ago.
The sky’s the limit with cloud computing
CLOUD computing provides business services on demand via a secure online environment, referred to as the ‘cloud’.
Growing together
THE growth capital for helping, viable, deserving and vulnerable SMEs should be broad-based to ensure survival and success
Racing to the top with HiVelocity
IT is often said that passion is essential to run a business. In the case of endurance sports enthusiasts Adrian Mok, 34, and Benjamin Wee, 37, that passion is clearly evident.
Investors grow their own start-ups with EIRs
THE print hanging behind the receptionist’s desk at Foundation Capital screams, ‘Our greatest thrill is to loan you money’ – in chunky, capitalised red letters.
Land sales tweaked to ensure smoother supply
(SINGAPORE) The government has tweaked its bi-annual land sales programme to make land supply more responsive to market demand.
EMA to plug gaps after mercury traces in natural gas
(SINGAPORE) Singapore is looking at putting safeguards in place after traces of mercury, a toxic metal, were found in Indonesian natural gas imported from West Natuna last June.
Feasibility study for 3rd underground facility
(SINGAPORE) No stone is being left unturned in Singapore’s underground push. Even the birds at Jurong Bird Park will not be ignored as the impact of construction and cavern operation on them will also be taken into account under a full-scale feasibility study called last Friday for an underground warehousing/logistics and data centre in Jurong.
Baby steps for China stock index futures
(BEIJING) China aims to kick off its long-awaited stock index futures market next month, and an exchange official says that a top concern is that the landmark scheme will attract too many investors who spark volatile trade.
MAS overhauls organisational structure
(SINGAPORE) The Monetary Authority of Singapore has made seven new senior managerial appointments as part of an overhaul of its organisational structure.
AIG sells foreign life unit for US$15.5b
(NEW YORK) AIG is selling its foreign life insurance unit to MetLife Inc for about US$15.5 billion, its second major asset sale in a week as it raises funds to repay a massive US government bailout.
Fed seen hiking rates within 6 months
(WASHINGTON) Most US business economists expect the Federal Reserve to raise benchmark interest rates within six months by between a quarter and a half percentage point, according to a survey released yesterday.
Three-Minute Digest
THE government yesterday announced tweaks to its bi-annual land sales programme in a bid to make land supply more responsive to market demand.
A challenging new model for Malaysia
MALAYSIA raised interest rates last week, signalling that its economy was back on the growth track.
Four factors that caused the financial crisis
EVERYONE has a theory about the financial crisis. These theories range from the absurd to the plausible – from claims that liberal Democrats somehow forced banks to lend to the undeserving poor (even though Republicans controlled Congress) to the belief that exotic financial instruments fostered confusion and fraud.
Roadblocks to Obama’s financial reform plan
LEGISLATION for financial reform that gives the federal government a larger role in regulating financial products such as securities and derivatives seems to be making some headway in Congress in recent days.
Time to beef up governance disclosure
ONE of the worst kept secrets in the Singapore corporate scene is the fact that the corporate governance statements of many companies are partly fictional. This is a common view shared by many, including accountants, lawyers, company secretaries and directors themselves.
Bailout fallout a big test for Yudhoyono
IT’S quite troubling that Sri Mulyani Indrawati has been roped into a corruption scandal.
Broker’s Take
AUSTRALIAN acquisition improves earnings stability. CDL HT’s share price has declined 8 per cent versus the S-Reit index (+2 per cent) since the announcement of its Australian portfolio acquisition in January 2010.
Sustainability of STI rally still uncertain
THE ST Index nullified our prognosis of continued ranging pattern last week, spurred by a firmer US market, which responded to better economic data and easing concerns in Europe, with the successful auction of Greek bonds. Although sentiment seems to have improved, we are uncertain on the sustainability of the rally.
Yen, US$ dip; euro up as Greece concerns ease
(LONDON) The yen and the US dollar fell against the euro and higher-yielding currencies yesterday as Friday’s above-forecast US jobs data and easing concerns over Greek debt lifted investor demand for risk.
Oil rises above US$82 on growing confidence
(LONDON) Oil rose to a two-month high above US$82 a barrel in New York amid growing confidence that the economic recovery is proceeding and set to bolster fuel demand.
Europe firms hoard cash, curb acquisitions
(PARIS) Europe’s biggest companies hoarded more cash last year than in the preceding three years, curbing acquisitions and waiting for an economic recovery that remains in doubt.
Independents muscle out major studios
(LOS ANGELES) It was a disappointing night for Hollywood’s major studios.
Bigelow’s Oscar win masks startling gender imbalance
(HOLLYWOOD) Kathryn Bigelow made Oscars history here on Sunday after becoming the first woman filmmaker to be crowned best director in the 82-year history of the Academy Awards.
Dubai World creditors split over repayment
(DUBAI) Hopes of progress this week on Dubai World’s US$26 billion debt restructuring lifted stocks and eased fears of default, but potential divisions emerged among creditors to the state-owned conglomerate.
Thirsty grapevines? New Web app will detect it
(LOS ANGELES) A Web application that alerts wine grape farmers when their vines are thirsty has won first place in a competition to spur entrepreneurs in the investment-starved water sector, organisers said yesterday.
Microsoft gives rival browsers a lift after antitrust case
(PARIS) Rivals of Microsoft’s market-leading Web browser have attracted a flurry of interest since the company, fulfilling a regulatory requirement, started making it easier for European users of its Windows operating system to switch.
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