Sony to begin selling 3D TVs in June
(TOKYO) Sony Corp will launch 3D televisions in June, entering an increasingly crowded market that is betting the revolutionary TV will become the next hot product in the electronics industry.
Boeing set to win tanker contract
(WASHINGTON) Boeing was poised on Monday to win a US$35 billion US Air Force aerial refuelling tanker plane contract after rivals Northrop Grumman and its European partner EADS, which makes Airbus planes, bowed out.
EADS plunges into the red
(PARIS) Airbus parent EADS fell to a heavy 2009 loss and axed its dividend as production niggles on its A380 superjumbo swelled provisions and dampened the outlook for this year, despite signs of an aviation recovery.
Fund raising plan lifts China Southern
(HONG KONG) Shareholders cheered China Southern Airlines’ US$1.58 billion fund raising plan, lifting the airline’s shares to a 21-month high in Hong Kong on expectations that the move could speed up the airline’s debt repayments, cutting its gearing by half.
Taipei may ask banks to raise reserve ratio
(TAIPEI) Taiwan’s central bank may follow China and order domestic lenders to set aside more deposits as reserves to curb loan growth and cool surging property and stock prices, according to Citigroup Inc and Standard Chartered plc.
JPMorgan gears up to tap China’s energy IPOs
(BEIJING) JPMorgan expects to see more deals and new business in China this year, particularly as new energy and natural resource companies aim to go public to finance rapid expansion, the bank’s China boss said yesterday.
ETF plan signals more China market reforms
(SHANGHAI) China’s plan to introduce exchange-traded funds (ETFs) that track overseas stock indexes signals a push to create more opportunities for investors as the market matures, according to West China Securities Co.
China developers turn to PE funds for capital
(BEIJING) Capital-hungry Chinese developers are turning to real estate private equity funds this year as big domestic banks tighten lending to help Beijing curb property prices, a top concern for most Chinese.
China to focus on improving social safety net: lawmaker
(BEIJING) China’s top lawmaker said yesterday that legislative priorities this year would focus on improving social security and fostering more equitable economic development, but he rejected calls to open up the political system.
Lending to local govts may pose risks: central banker
(BEIJING) Bank lending to special purpose finance vehicles set up by Chinese local governments may pose a future risk, deputy central bank governor Su Ning said on Monday.
RBS identifies partner for China securities JV
(HONG KONG) British lender Royal Bank of Scotland Plc has identified a partner for its planned Chinese securities joint venture, a source with knowledge of the matter said yesterday.
China mulls pumping more money into CIC
(BEIJING) China said yesterday that it was still considering whether to pump more money into China Investment Corp (CIC), the country’s US$300 billion sovereign wealth fund.
Quadra, China utility SGID in Chilean JV deal
(TORONTO) Quadra Mining said on Monday it has agreed to form a joint venture with China’s largest utility company to help expand its Chilean operations and fund its huge Sierra Gorda copper project, which is expected to cost over US$2 billion.
Yong Xin shares dive on news of CEO’s death
THE sudden death of Yong Xin International Holdings’ executive chairman and chief executive officer Pu Dexing, described as a brilliant entrepreneur, sent the shares of the company reeling yesterday.
JurTech gets extension of time, staves off delisting
JURONG Technologies Industrial Corp (JurTech) has managed to stave off an impending delisting from the stock exchange – scoring an extension of time for it to prove that its shares can resume trading.
UPP’s slow shuffle to Peter Lim’s tune
STOCK prices used to dance to the tune of ex-remisier king Peter Lim’s moves in the past, but his latest corporate move received a muted response in the market.
Ex-staff of Deutsche Bank planning hedge fund
(HONG KONG) The ex-Asia head of Deutsche Bank AG’s Saba proprietary trading desk is planning a hedge fund seeking to profit from mispricing of securities in Asia’s equity and credit markets, said two people with knowledge of the matter.
Del Monte unveils overhaul move
PINEAPPLE plantation group Del Monte Pacific Limited (DMPL) has embarked on a major move to streamline and update its operations.
Judge orders Airocean trio to answer charges
THE subordinate court said yesterday that it is satisfied that the prosecution’s evidence has established grounds for charges against three former directors of Airocean and has ordered the trio to present their side of the story.
Singapore Land group GM Vito Koh quits
SINGAPORE Land group general manager Vito Koh Leong Huat will leave his post from end-May to pursue his personal interests.
Lian Beng wins $144m condo contract
LIAN Beng Group has bagged a $144 million building contract for a condominium development at Dakota Crescent.
OSIM to triple stores in China over 5 years
OSIM International Ltd, Asia’s biggest maker of massage chairs outside Japan, will add as many as 80 stores annually in China over the next three to five years to tap growing demand in the world’s most populous country.
Rules on short selling must be calibrated
SHORT-SELLING, or the selling of stock not owned with a view to buying back later after prices have fallen, has suddenly sprung into regulatory focus in many countries in the past few weeks.
German chancellor supports European Monetary Fund idea
GERMAN Chancellor Angela Merkel announced her backing on Monday for a European Monetary Fund (EMF) proposal to enhance inter-euro zone economic cooperation.
New York Fed to add firms for reverse repos
(NEW YORK) The US Federal Reserve is taking an additional measure to lay the groundwork for draining excess reserves from the banking system. It had injected US$1 trillion in cash into the system during the global credit crisis.
UK goods trade gap widest since August ’08
(LONDON) Britain’s goods trade deficit with the rest of the world unexpectedly widened in January to its biggest since August 2008, raising further concerns about the strength of the country’s broader economic recovery.
Aussie biz confidence climbs for second month
(SYDNEY) Australian business confidence increased in February for a second month, adding to signs the economy is robust enough to weather higher interest rates.
Brazil acts to stop US cotton subsidies
(BRASILIA) Brazil will raise tariffs on 102 US exports, including wheat, cars, boats and chewing gum, and break patents worth US$238 million in a bid to force the United States to end subsidies to cotton producers.
Japan’s Jan composite index up for 10th month
(TOKYO) Japan’s broadest indicator of economic health rose for the 10th month, extending the longest streak since 1997 as exports fuelled the recovery.
Going against the grain pays off
IN THE past couple of years, Wong Kok Hoi, chairman and chief investment officer of APS Asset Management, has been quoted in the media frequently for his comments on the investment performance or strategies of the Government of Singapore Investment Corp (GIC) and Temasek Holdings.
Man Group CEO positive on outlook for hedge fund returns
THE outlook for returns among hedge funds is optimistic, says Man Group chief executive Peter Clarke, thanks to a renewed backdrop for ‘alpha’ trades.
The rise of policy risk
THE phrase ‘Catch-22′, taken from the title of Joseph Heller’s seminal work, has come to describe a double-bind scenario where one feels caught between the devil and the deep blue sea. It may also soon come to describe the situation for developers here with the recent announcement of new government measures aimed at cooling property market sentiment and avoiding a housing bubble, barely half a year after the introduction of initial measures.
Rich pickings in high disaster premiums
INSTITUTIONAL investors searching for uncorrelated assets could consider a segment of insurance where premiums remain elevated and returns relatively attractive.
Equity funds’ rapid cash depletion may slow market’s rally
(NEW YORK) Equity mutual funds are burning through cash at the fastest rate in 18 years, leaving them with the smallest reserves since 2007 in a sign that gains for the Standard & Poor’s 500 Index may slow.
Deficit cut expected to help rate policy
(BANGALORE) Indian central bank governor Duvvuri Subbarao said that the government’s plan to narrow the budget deficit makes it easier to set interest rates in the world’s fastest-growing major economy after China.
Indian firms keen to buy coal mines in South Africa
(MUMBAI) Indian steam coal end-users have stepped up their hunt for South African junior coal mines in a bid to secure supply from this year if possible but are finding attractive assets scarce, would-be buyers said on Monday.
Tata stock slumps after Daimler sells stake
(NEW DELHI) Tata Motors Ltd, India’s biggest truckmaker, yesterday fell the most in a month in Mumbai trading after Daimler AG sold its stake, ending ties stretching back more than five decades.
Upper House passes women MPs quota bill
(NEW DELHI) India’s Upper House of Parliament voted overwhelmingly yesterday for a historic bill that would reserve one-third of legislative seats for women, despite a boycott by socialist lawmakers.
Govt seeks to cut its State Bank of India stake
(NEW DELHI) India is seeking legislative approval to cut its stake in State Bank of India to 51 per cent, which could raise about US$2.5 billion, a quarter of what the bank needs to grow over the next five years.
Outsourcing firms on hiring spree again
(BANGALORE) Indian software engineer Prithvi Sen has a spring in his step after getting re-hired by the country’s flagship outsourcing industry, which is shaking off the effects of the global recession.
Job market stabilising for business students
(CHARLOTTESVILLE) With banks climbing out of the recession, more business students across the United States are finding banking jobs and internships, enrolling in finance clubs and going on class trips to Wall Street, universities say.
Japanese bank to lend Indonesian power projects US$943m
(JAKARTA) The Japan Bank for International Cooperation (JBIC) has agreed to lend US$943 million to two independent power projects in Indonesia.
M’sian economy to grow 4.9% this year: RAM
RATING Agency Malaysia (RAM) has forecast the local economy to expand 4.9 per cent this year, underpinned by growth in all industry categories.
M’sia eyes growth in palm oil exports for 2010
(KUALA LUMPUR) Malaysia, the world’s second-largest palm oil producer, said yesterday it expects exports to rise in 2010 thanks to higher prices and an increase in the amount of land devoted to the commodity.
Thai-made Japanese cars to lag Koreans on price
SINGAPORE motorists may soon get a wider range of less expensive Japanese cars built in Thailand, but ultimately, they will still not be as attractively priced as Korean models, say some distributors.
Tan Chong eyeing small van market
AUTHORISED Nissan distributor Tan Chong Motor Sales is confident of gaining a whopping 30 per cent of the light commercial vehicle (LCV) market when its new NV200 panel van enters the market next month.
SMRT’s first full low-floor bus on trial
SOUTH-EAST Asia’s first full low-floor bus will hit the roads here soon.
Toyota finds no flaw in electronic safety system
(DETROIT) Toyota Motor Corp has said that it had found no flaw with its throttle controls as it seeks to dismiss an external study critical of its electronic safety systems.
IE Singapore touts Busan port as N-E Asia hub
SINGAPORE companies keen to get into the North- east Asian market and that want a good base to hub from were given an introduction to the advantages that South Korea’s Port of Busan can offer at a seminar organised by IE Singapore yesterday.
Mid-East VLCC surplus halves
(LONDON) The supply of supertankers competing for two million barrel shipments of Middle East crude more than halved as demand gained and owners sent empty vessels to West Africa for higher returns.
Array of ship protection devices crops up
(NAIROBI) Somali pirates raked in an estimated US$60 million in 2009 but the Indian Ocean’s ransom hunters have also spurred a much larger industry of ship protection devices.
Asia holds the key to future of shipping markets
IN these days of electronic communication, shipping very much stands out as a business where personal relationships and face-to-face contact remain extremely important. This is not to say that email, instant messaging and the like are not popular in shipping, as they surely are, but the personal one-to-one interaction is still king.
Avoiding maps of contention
MUTUAL insurer International Transport Intermediaries Club (ITIC) says there has been an increase in the number of professional indemnity claims made against professional service providers who are its members.
Jardine props up STI again
THANKS once again to the Jardine group, the Straits Times Index managed a 4.97 points rise to 2,839.54 in a marginally soft and lacklustre session, that saw investors take the opportunity to sell into strength.
SIT to start courses earlier, in August
THE Singapore Institute of Technology (SIT) will launch courses this August – a year ahead of schedule – with an initial 500 places for polytechnic graduates upgrading to industry-relevant degrees.
Ministry beefing up healthcare manpower for ageing populace
THE Ministry of Health will be spending significant resources on expanding and strengthening healthcare manpower, in anticipation of a growing and ageing population, according to Health Minister Khaw Boon Wan.
MOH to raise medisave withdrawal limits
MEDISAVE withdrawal limits will be raised to make it easier for patients to adjust to community care – both in the hospital and rehabilitation setting.
What the beasts can teach us about family bonds
HEALTH Minister Khaw Boon Wan peppered his first speech yesterday with touching stories on animal observation and the recent passing of the people he knew.
Concerns over brain drain and worker training
ONE of the concerns raised at the Enterprise 50 Executive Briefing yesterday is the issue that the growing focus on employee training could lead to a further brain drain of local talent, who could be poached by other competitors in regional economies after Singapore invests in their training.
HDB releases Hougang residential site for condo devt
THE Housing & Development Board (HDB) yesterday released a residential site at Hougang Avenue 7 for application by interested developers.
How SMEs can get that bank loan
SMALL and medium enterprises (SMEs) that want to borrow from banks must show they are committed to their core business and have day-to-day control over it, a banker says.
Elector list exhibition ends
Mexico facing crisis from oil depletion
(VENUSTIANO CARRANZA, Mexico) TO THE Mexican people, one of the great achievements in their history was the day that their president kicked out foreign oil companies in 1938.
Spain’s solar power industry recovers from initial shocks
(PUERTOLLANO, Spain) TWO years ago, this gritty mining city underwent a brief, 21st-century gold rush. Long famous for coal, Puertollano discovered another energy source it had overlooked: the relentless, scorching sun.
Fuel quality affects marine engines
THE composition of marine fuel oils is changing, and with it the risk portfolio to which the health of marine engines is now exposed. Driven by developments in refining and bunkering technology, the global economy, as well as stricter emissions regulations and the growing emphasis on fuel sulphur content, fuel-testing agencies continue to correlate declining sulphur levels, increasing levels of catalyst fines and subsequent engine damage.
Lippo buys Krishnan’s OUE stake for $957m
(SINGAPORE) The tenuous alliance between Indonesia’s Riady family and Malaysian tycoon Ananda Krishnan in Overseas Union Enterprise (OUE) has come to an end – at a price of almost $1 billion.
Prudential’s listing in HK raises questions about S’pore
(SINGAPORE) Prudential’s surprise announcement that it will list in Hong Kong, following its US$35.5 billion decision to buy over rival AIG’s Asian operations, has led market watchers here to wonder why the UK life assurance giant did not pick Singapore instead for its secondary listing.
Temasek II not the way: Lim Hwee Hua
(SINGAPORE) The Government has shot down a suggestion to set up a ‘Temasek II’ government fund that invests in Singapore companies.
S’pore Exim bank won’t get subsidies
(SINGAPORE) The Government is studying the examples of Hong Kong, Sweden and Canada to decide how best to set up a specialist financial institution to plug gaps in the supply of cross-border financing for Singapore firms.
Several senior SICC execs quit suddenly
(SINGAPORE) Several leading and long-serving executives of the prestigious Singapore Island Country Club (SICC) have resigned suddenly over the past week.
Upscale releases kick up average home transaction to $1.78m
(SINGAPORE) As developers released more upmarket projects, the average transaction value of private homes sold in the primary market in the first two months of this year rose to $1.78 million per unit, a study by CB Richard Ellis shows.
Unemployment may not ease in US after all
(CHICAGO) The widely held outlook that US unemployment will ease this year may be overly rosy if companies continue to boost productivity at faster- than-usual levels, economists from the San Francisco Federal Reserve Bank said in a study released on Monday.
SGX woos Moscow execs for Russian IPOs
(MOSCOW) Singapore Exchange (SGX) will have a team of top executives here today in a bid to lure Russian companies’ initial public offerings (IPOs) away from its Hong Kong rival.
China wary of adding to its gold holdings
(BEIJING) China, the world’s biggest holder of foreign exchange reserves, renewed its commitment to the US Treasury market yesterday but said it would be wary of adding to its gold holdings.
Three-Minute Digest
THE tenuous alliance between Indonesia’s Riady family and Malaysian tycoon Ananda Krishnan in Overseas Union Enterprise has come to an end – at a price of almost $1 billion.
Hatoyama deserves more time
JAPAN’S hapless government is being pilloried almost daily and from many different quarters for alleged ‘weakness and indecision’ after only six months in office.
Beijing must lower Taipei’s sense of vulnerability
CHINA’S Foreign Minister Yang Jiechi has denied that his country is being unnecessarily ‘tough’ with the United States, insisting that it is Washington that has damaged bilateral ties by selling arms to Taiwan and by receiving the Dalai Lama.
Boosting citizen safety with a smarter planet
DID you know the Singapore Police Force (SPF) is on Facebook? Since April 2009, if you’ve missed an episode of Crime Watch, you can catch it on this official SPF site with a mere click on a video link.
Wall St economists divided on future
IF YOU’RE confused about the outlook for the US economy and stocks one year after the market hit bottom, then you’ve got good company – the Wall Street economists and strategists who are supposed to have this all figured out. Rarely have the experts seemed so divided about the future.
Paying lawyers what they’re worth
LAW firms in Singapore are becoming increasingly concerned about the liberalisation in the market and the changes that may bring about in terms of both competition for clients and competition for talent.
Brokers’ Take
KEPLAND’s positioning in superior prime offices and township developments in China forms its strongest value proposition.
HK bourse strategic plan a wake-up call for SGX
WITH reference to the Hock Lock Siew column, ‘SGX can’t trade on the status quo’ (BT, March 9), I couldn’t agree more with the writer Wong Wei Kong.
Why did Pru prefer HK?
I REFER to your column, ‘SGX can’t trade on the status quo’ (BT, March 9), which compares the Hong Kong stock exchange (HKEx) with the Singapore Exchange (SGX), and in particular the number and value of IPOs launched last year with the former having more in both number and value.
Asian market quiet amid cautious mood on Wall St
OTHER than a rally in Japanese yen, the Asian foreign exchange currency market was otherwise quiet, amid cautious sentiments on the back of a flat close on Wall Street overnight.
New rules herald new F1 season
(BANGKOK) The new Formula One season begins this week with yet another set of new rules and regulations, including an end to in-race refuelling.
UK banks may have to cut assets by £530b: Credit Suisse
(LONDON) UK banks including Barclays plc may need to shrink their balance sheets by as much as £530 billion (S$1.11 trillion) to meet new liquidity and capital requirements, according to Credit Suisse Group analyst Jonathan Pierce.
Nakheel bonds rebound
(DUBAI) Nakheel bonds climbed the most in two months after JPMorgan Chase & Co said there is a ‘small probability’ that creditors will get paid at face value as part of parent Dubai World’s US$26 billion debt restructuring.
US states taking more risk with investments
(NEW YORK) States and companies have started investing very differently when it comes to the billions of dollars that they are safeguarding for workers’ retirement.
Disney may block bigger operators next
(WASHINGTON) Walt Disney Co, which blocked some viewers from the first 13 minutes of the Oscars show on Sunday night amid a dispute with Cablevision Systems Corp, may be about to do it again with bigger cable operators, analysts said.
UAE to implement new foreign ownership law by year-end
(DUBAI) The United Arab Emirates (UAE) will review rules governing foreign ownership of companies in the next month and implement a new law by the end of this year, Economy Minister Sultan bin Saeed al- Mansouri said yesterday.
Roche, Biogen suspend arthritis medicine
(ZURICH) Swiss drugmaker Roche Holding and US biotechnology company Biogen Idec are suspending experimental rheumatoid arthritis and lupus treatment ocrelizumab after deaths following its use, casting doubt over its future.
LSE sells 9% of Turquoise to 3 banks
(LONDON) The London Stock Exchange (LSE) sold 9 per cent of Turquoise to three banks, a sign of confidence in the alternative trading platform, which operates in a crowded market where profit is scarce.
US extension of jobless benefits draws criticism
WASHINGTON – The Depression-era unemployment payment programme created by the US government as a temporary bridge for laid-off American workers is turning into an expensive entitlement, critics say.
Fancy seeing you here
(ISLA MUJERES, Mexico) A diver swimming past the ‘The Archive of Lost Dreams’ sculpture by British artist Jason de Caires in the waters near Isla Mujeres, Mexico.
Oil giants lower the bar to grab less attractive assets
(NEW YORK) Oil companies such as Exxon Mobil, BP and Total are investing in assets that previously weren’t worth their time or money after oil-rich nations reduced access to reserves and exploration drilling faltered.
Colony Capital takes over debt of famed photographer
(NEW YORK) Colony Capital agreed to take over the debt of Annie Leibovitz after the celebrity photographer bought back control of her works and real estate from Art Capital Group.
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