MAS confirms orders for 15 passenger planes
(SINGAPORE) Malaysian Airline System Bhd said it ordered two A330-200F freighter aircraft from Airbus SAS, and confirmed an order for 15 passenger planes, as a global economic recovery spurs demand for air services in Asia.
Cebu Air defers IPO till after national elections
(MANILA) Cebu Air Inc, operator of the Philippines’ leading budget carrier, yesterday said it had deferred its 25.7 billion peso (S$792 million) initial public offering to after national elections in May, knocking down shares of its parent.
US probing near-collision over San Francisco
(SAN FRANCISCO) Federal investigators are looking into the weekend’s near collision of a commercial jet and small airplane that came within 90m of each other over San Francisco.
Internet developers, users set to gain from OneMap
DEVELOPERS and Internet users in Singapore are set to benefit from a new intelligent map information system that is expected to kick-start a flurry of location-based information applications and services.
NEC Asia-Pac HQ in S’pore gets bigger regional role
SINGAPORE has been given a bigger regional role to play by NEC Corp, as the Japanese technology giant kickstarts its new global initiative to consolidate over 100 subsidiaries worldwide under five key regional headquarters.
Journalists in China say Yahoo accounts hacked
(BEIJING) Yahoo e-mail accounts belonging to foreign journalists appeared to have been hacked and Google’s Chinese search engine was intermittently blocked because of an internal change on Tuesday, the latest troubles in China’s heavily censored Internet market.
Juniper bags network security contract from RWS
AS heavy users of IT, the Integrated Resorts are proving to be a boon for the local Infocomm market. The latest beneficiary is networking solutions provider Juniper Networks which has bagged a contract from Resorts World Sentosa (RWS).
China invited to join energy agency IEA
(CANCUN, Mexico) China has been called on to join the International Energy Agency, the head of the developed world’s energy policy advisory body said on Tuesday in the Financial Times.
Geely plays Volvo card to up its game
(BEIJING) Geely hopes to use its takeover of Volvo to crack China’s fast-growing luxury car market and vault into global contention using the Swedish brand’s cutting-edge technology, analysts say.
China may shun Treasuries: SocGen
(BEIJING) China may curb purchases of US Treasuries this year as its first trade deficit in 17 years leaves it with fewer dollars to invest, causing yields to climb, according to Societe Generale SA.
China mulling proposals to adjust yuan: report
(SHANGHAI) The Chinese government is reviewing proposals to adjust its currency exchange rate system this month, Chinese media reported, as international pressure grows on Beijing to revalue the yuan.
Don’t front-run, SGX warns brokers
THE Singapore Exchange (SGX) has warned brokers against profiting from inside information of pending customer orders.
Market cap creeps up 2% in Q1 to $702.8 billion
SINGAPORE’S market capitalisation crept up 1.89 per cent over the first quarter of the year to end at $702.8 billion yesterday.
Zhonghui in 535m yuan RTO deal
BELEAGUERED firm Zhonghui Holdings has entered into an in-principle agreement to acquire a Chinese tyre maker for 535 million yuan (S$109.5 million) in a reverse takeover (RTO) deal.
Quotation of taxable book-entry Singapore Government Bonds (March 31, 2010)
Bharti bags Zain; now to make purchase pay off
(NEW DELHI) Indian telecoms tycoon Sunil Bharti Mittal has finally achieved his dream of breaking into the African market with a US$10.7 billion deal to buy Kuwait-based Zain’s Africa assets. But now comes the tough part – making the purchase pay off.
Yongnam upbeat on winning a third of new projects here
COMING into the new year with an order book of some $492 million, specialist infrastructure steelworks company Yongnam Holdings reckons it can clinch at least a third of the estimated $1.4 billion worth of new projects coming onstream this year.
CIMB gives Mapletree fund US$100m credit facility
CIMB Bank Bhd, Singapore, has given a revolving credit facility to Mapletree India China Fund Ltd (MIC Fund) for up to US$100 million over a period of three years.
Peabody bids A$3.3b for Macarthur Coal
(SYDNEY) Peabody Energy Corp, the biggest US coal company, offered A$3.3 billion (S$4.2 billion) in cash for Australia’s Macarthur Coal Ltd to benefit from rising demand in China, where imports tripled last year. The unsolicited A$13-a-share bid sent shares in Brisbane-based Macarthur surging to A$14.05, as investors bet Peabody will have to increase its offer to win over ArcelorMittal and Posco, who paid as much as A$20 a share for their stakes. The proposal is ‘highly conditional’ and not in the best interest of shareholders, Macarthur said yesterday in a statement.
Company Briefs
CHINA-BASED Debao Property Development is seeking a Singapore mainboard listing.
Lessons from delisting
THE forced delisting of several struggling companies from the Singapore Exchange (SGX) has become the latest controversy in the market. While views will remain divided, what’s clear is that for both the exchange and investors, there are lessons to be learnt.
Eurozone divergences show need for reforms: EC
(BRUSSELS) The economic crisis has exposed large economic imbalances and growing gulfs in competitiveness among the 16 countries using the euro, showing a need for urgent reforms, the European Commission said.
IMF’s growth forecast for Germany cut
(BERLIN) The International Monetary Fund on Tuesday slashed its growth forecasts for Germany this year and next year, warning that a recovery in Europe’s top economy would only be ‘moderate and fragile.’
Aussie retail sales surprise with 1.4% fall in Feb
(SYDNEY) Australian retail sales suffered their biggest fall in a year in February as higher interest rates ate into consumers’ spending power, a surprisingly weak result that cast doubts on chances of an interest rate hike next week.
Greece plans to sell US$ global bond
(ATHENS) Greece plans to sell a global bond in dollars in the next two months to help raise 11.6 billion euros (S$21.9 billion) in funding requirements by the end of May after investors lost money on its most recent sale.
Slight fall in Q1 office rents as occupancies rise
(SINGAPORE) Office rents contracted for a sixth straight quarter in the first three months of this year – but the decline was marginal and rents appear to have stabilised on the back of positive occupier demand and the brighter economic outlook.
Australian home prices rise further in February
(SYDNEY) Australian home prices rose a further 1.4 per cent in February to reach fresh record highs, according to one industry measure, underlining why policy makers are concerned about speculative froth in the market.
Industrial rents turning around
(SINGAPORE) Better days may be ahead for landlords of industrial space, with rents having stopped falling for some properties and even rising slightly for others.
Jakarta woos foreign property investors
(SINGAPORE) Foreigners will soon be allowed to buy homes and commercial real estate directly in Indonesia, as plans are underway to deregulate the property sector by end-June this year, the country’s top investment chief said yesterday.
Setia chalks up sales of RM900m in 5 months
(KUALA LUMPUR) Property developer SP Setia Bhd has recorded RM900 million (S$385.6 million) in sales as of March 22, less than five months into the current financial year ending Oct 31, 2010.
India needs huge capital, says Roubini
(MUMBAI) India has a ‘massive’ need for capital to catch China’s growth rate and fully benefit from a global shift in economic power to emerging markets, said Nouriel Roubini, the economist who predicted the financial crisis.
Indian outsourcers eyeing US healthcare bonanza
(NEW DELHI) Indian outsourcing firms are banking on a business bonanza from US President Barack Obama’s landmark healthcare reform as cost pressures prod insurers and hospitals to become more efficient.
HSBC’s customised trade finance for S’pore firms
(SINGAPORE) Singapore companies looking to do business in India may soon look towards customised trade financing options available there, according to Puneet Chaddha, Hongkong and Shanghai Banking Corporation (HSBC)’s managing director and head of commercial banking, India.
Indonesia sets cocoa export tax at 10% for April
(JAKARTA) Indonesia will tax cocoa exports from this month, with the level for the first month set at 10 per cent, as it looks to boost domestic cocoa grinding, potentially disrupting sales from the world’s third largest cocoa producer.
IOI eyes green mark for Indonesian estates
(KUALA LUMPUR) Malaysia’s IOI Corp will finish planting oil palms on 60,000 hectares of its Indonesian land holdings in five years and will then seek ‘green certification’ for these estates, a top official said yesterday.
APL vessel is the first to call on Pusan Newport terminal
(SINGAPORE) The Pusan Newport International Terminal (PNIT) in South Korea has started commercial operations with the call of its first vessel, APL Spinel.
Mitsui OSK net at 10b yen on better economy
(TOKYO) Mitsui OSK Lines Ltd, operator of the world’s largest merchant fleet, said that profit was double its forecast, citing an improvement in the global economy. The shares gained the most in more than three weeks.
New rule cuts ship pollution around US, Canada
(LOS ANGELES) A United Nations agency that regulates the international shipping industry adopted a plan last week to dramatically reduce air pollution from ships that sail within 200 nautical miles of the US and Canadian coasts.
Buy in anticipation, sell on the day?
A CASE of ‘buy in anticipation of Q1 window-dressing on March 31 and sell on the day itself?’
Six gencos seal LNG deals with BG Group
IT’S a ‘full house’ for Singapore’s new $1.5 billion LNG terminal, which has been fully subscribed for.
Island to start building S’pore plant
ISLAND Power, now owned by India’s GMR Group, is finally set to start building its Singapore plant, thanks to liquefied natural gas supplies here from early 2013.
Parco opens Millenia Walk store
JAPANESE mall operator Parco opened its new department store at Millenia Walk yesterday. The retailer’s $10 million, 85,000 square foot Parco Marina Bay occupies the space formerly occupied by DFS Galleria, which was later replaced by several smaller shops including piano and dance studios.
Spring start-up scheme draws keener interest
INTEREST in Spring Singapore’s Start-up Enterprise Development Scheme (Seeds) surged last year, as venture capital and private equity firms tightened their belts amid a general fall in risk appetite.
Need to keep an eye on growth in 2010: Barclays
SINGAPORE will be keeping more of an eye on growth than inflation this year, according to the latest Emerging Markets Research from Barclays Capital.
Toshiba selling LCD plant in S’pore to Taiwan’s AUO
JAPANESE consumer electronics giant Toshiba said yesterday that it will sell its liquid crystal display (LCD) panel production operation in Singapore to a Taiwan company AU Optronics (AUO), which is expected to retain the 900 employees.
LTA honours excellence in land transport
THE Land Transport Authority (LTA) yesterday presented local land transport leaders with awards for excellence and contributions to the industry.
Singapore Roundup
THE Agency for Science, Technology and Research’s (A*Star) Institute of Chemical and Engineering Sciences has become a strategic partner of InForm
Branding is key to going global
THE global market is huge with plenty of buyers. But it’s also easy for a company to get lost in this sea of competition, in which many players offer similar products and services.
When to start branding and what to look out for
When is the right time to embark on a branding project? Is it necessary when my company is internationalising?
Support and advice for companies
TO support companies on their brand-building journey, IE Singapore’s BrandPact helps them gain a better understanding of branding and how to adopt it as a competitive business strategy to expand overseas.
APB makes sure it delivers on its promises
ASIA Pacific Breweries (APB) says that ‘without a doubt, branding is a key success driver’.
Brand equity goes a long way in venturing overseas
A GOOD brand can produce a snowball effect for a company venturing abroad, according to A K Han, executive director of Haw Par Corporation.
The high price of poor governance
CRITICS of the drive to better standards of corporate governance here allege that it merely increases the disclosure and administrative burden on companies – and serves no real purpose in improving their businesses.
Winning awards and improving values
SCEPTICS looking for proof that good governance makes for better companies need look no further than SingTel.
ST Aero beats 10 rivals to clinch US$750m deal
(SINGAPORE) ST Aerospace, the world’s largest independent maintenance, repair and overhaul (MRO) player, has clinched one of its largest engine maintenance contracts ever.
Good idea, but can Najib pull it off? M’sia wonders
MANY Malaysians agree that the proposed New Economic Model (NEM) is needed to stem the country’s decline but some doubt if Prime Minister Najib Razak can garner the requisite support to push it through or, failing that, the gumption to proceed nonetheless.
S’pore bank lending climbs further in February
(SINGAPORE) Bank lending expanded in February for the fourth straight month, amid growing confidence among banks and borrowers in the economic outlook.
StarHub sees content costs staying high
(SINGAPORE) An intended benefit of government intervention may not materialise after all, as Singapore’s largest pay-TV operator says that content acquisition costs could stay high despite the new cross-carriage ruling.
Kissinger helps Rio fix things with China: report
(SYDNEY) Australian mining giant Rio Tinto turned to US elder statesman Henry Kissinger for help in building bridges with China following the jailing of four of its employees, it was reported yesterday.
Red Shirts vow ‘biggest ever’ rally this weekend
(SINGAPORE) With Thailand’s New Year celebrations just 11 days away, anti-government protesters have vowed that this weekend’s rallies would be the ‘biggest ever’ as they turn up the heat on Prime Minister Abhisit Vejjajiva to dissolve Parliament before the holidays begin.
Best little warehouse in town?
(SINGAPORE) Retailer Mustafa pleaded guilty yesterday to unauthorised commercial use of its Mustafa Warehouse building on Kallang Pudding Road. It was fined $10,000 by the Subordinate Courts.
G-20, IMF call for tightening of financial rules
(BUCHAREST) Leaders of the Group of 20 countries and the International Monetary Fund urged governments on Tuesday to redouble efforts in tightening up financial rules as some countries lag in curbing bank pay.
Three-Minute Digest
ST AEROSPACE, the world’s largest independent maintenance, repair and overhaul player, has clinched one of its largest engine maintenance contracts ever.
Can Najib swing that mindset change?
ALTHOUGH short on detail, the much-awaited so-called New Economic Model (NEM) outlined by Malaysian Prime Minister Najib Razak in Kuala Lumpur on Tuesday is ambitious in intent.
Greek euro problems may spell trouble for ECB
GOVERNMENTS, bankers and the press have concentrated on Greece’s difficulties in servicing and repaying its debt, but a much bigger problem looms.
Was ‘the Japanese way’ better, after all?
AS HISTORY tells it, Japan plunged into a financial and economic abyss after its bubble economy collapsed in 1990 because of the ineptitude of policymakers.
Game-changers in global energy
OIL production is concentrated geographically, and the market for oil is dominated by geopolitical considerations.
Carbon-free energy still very far away
BECAUSE of the long lead times in energy projects, one can make reasonable estimates 10, or even 20, years ahead. By all accounts, the foreseeable future in energy markets will remain dominated by fossil fuels.
Brokers’ Take
INITIATE coverage with ‘buy’ at $5.30. We are initiating coverage of Fraser and Neave (F&N) with a ‘buy’ rating and target price of $5.30, pegged at parity to our sum-of-the-parts valuation, which implies 12 per cent upside potential from current levels.
Yen falls into start of new fiscal year
(LONDON) The US dollar hit a three-month high versus the yen yesterday as investors sold the Japanese currency broadly into the beginning of the new fiscal year.
Factory orders up for 10th time
(NEW YORK) Orders placed with US factories rose in February for the 10th time in the past 11 months, while inventories and backlogs climbed by the most in more than a year, a sign factories will keep leading the economic expansion.
First non-family CEO for Rothschild
(LONDON) More than 200 years ago, a German banker, Mayer Amschel Rothschild, sent his five sons to different European cities to guarantee the survival of the family’s banking business.
Forget China, Google has bigger worries
(SAN FRANCISCO) Google Inc’s feud with the Chinese government may be the smallest of its challenges as the search leader contends with slowing growth, regulatory scrutiny and a shift in ad spending.
Nevada casino made famous by Sinatra closes
(RENO, Nevada) Before the Las Vegas Strip ruled the gambling world, Frank Sinatra, Dean Martin and Sammy Davis Jr helped make the Cal Neva Lodge one of Nevada’s coolest casinos in the early 1960s.
Copenhagen climate deal backed by nations
(OSLO) More than 110 nations, including Singapore and top greenhouse gas emitters led by China and the US, back the non-binding Copenhagen Accord for combating climate change, according to a first formal UN list yesterday. The list, of countries from Albania to Zambia, helps end weeks of uncertainty about support for the deal, agreed at an acrimonious summit in the Danish capital in December. The list was compiled by the UN Climate Change Secretariat.
S Korea gears up for Formula One debut
(SEOUL) South Korea hosted a lavish ceremony yesterday to launch ticket sales for its first Formula One race, saying that the event would boost tourism and the country’s overseas image.
UK regulator: Sky must share sports channels
(LONDON) British Sky Broadcasting plc must make its two main sports channels available to other retailers, the UK broadcasting regulator said yesterday.
Nissan electric car could spark price war in US
(NEW YORK) Nissan’s new electric car will cost just over US$25,000 when it goes on sale in the US in December.
Gartmore suspends key fund manager
(LONDON) Gartmore Group Ltd suspended Guillaume Rambourg, who helps oversee the UK money manager’s two biggest hedge funds, amid an internal investigation. The stock plunged 31 per cent on Tuesday.
US top court upholds 1982 fund fee standard
(WASHINGTON) The US Supreme Court handed a victory to the US$11 trillion mutual fund industry by endorsing the legal standard in place since the early 1980s in deciding the fairness of fund fees.
Inquiry backs British scientists in global warming row
(LONDON) A British parliamentary inquiry into a scandal that engulfed one of the world’s leading climate research centres yesterday sided with the scientists accused over the controversy.
Irish banks need US$43 billion of capital injection
(BELFAST) Ireland’s banks need US$43 billion in new capital after ‘appalling’ lending decisions left the country’s financial system on the brink of collapse.
IMF economist urges break-up of big US banks
(NEW YORK) America’s big banks must be broken up and their risk-taking curtailed to prevent another massive US financial crisis, former IMF chief economist Simon Johnson says in a new book.
Merger on the cards for Dubai, Abu Dhabi bourses
(DUBAI) The owners of Dubai Financial Market and the Abu Dhabi Securities Exchange have held merger talks, the head of DFM said on Tuesday, as dwindling volumes and shrinking profits intensify consolidation pressure. ‘It is in the interest of everybody to consolidate,’ DFM executive chairman Essa Kazim told reporters. ‘There have been discussions at the top level, meaning the owners of the exchanges.’
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