British Airways, Iberia miss merger deadline
BRITISH Airways plc missed its Wednesday deadline to sign a definitive agreement for a US$7.6 billion merger with Iberia Lineas Aereas de Espana SA.
Cache Logistics Trust IPO to raise $417m
CACHE Logistics Trust (CLT), the first real estate investment trust (Reit) heading for a Singapore listing since the global financial crisis broke, aims to raise $417.2 million in gross proceeds from its listing.
Auditors raise going concern red flags at more companies
ANOTHER flurry of audit opinion reports flagging going concern risks were released yesterday as companies closed their financial year-end reporting after a challenging year.
HG Metal owner takes on stake in associate
THE man who kicked out HG Metal Manufacturing’s CEO and a director has swapped his substantial stake in the firm for more shares in HG Metal’s associate, BRC Asia, where he is also the non-executive chairman.
Golden Agri shares jump on heavy trading
GOLDEN Agri-Resources shares saw heavy trading yesterday, with almost 76 million changing hands on news that its subsidiary had responded to recent damaging Greenpeace reports.
SGX nod for RafflesMed scrip dividend scheme
RAFFLES Medical Group plans to adopt a scrip dividend scheme which will give shareholders the option to receive payouts in the form of new shares.
Stanchart consumer bank to hire thousands
STANDARD Chartered’s consumer bank, which saw a strong start to 2010, is hiring thousands of bankers over the next three to four years to gain market share and take advantage of rising affluence in Asia.
Delong dives on auditor’s going concern doubts
DELONG Holdings Ltd shares slumped yesterday after auditor PricewaterhouseCoopers said it doubted the China-based steelmaker’s ability ‘to continue as a going concern.’
Global investors turn cautious in March
London
Business briefing
THE default insurance component of the clearing funds of two Singapore Exchange (SGX) subsidiaries – SGX Derivatives Clearing Limited (SGX-DC) and The Central Depository (Pte) Ltd (CDP) – have expired on March 31.
The legacy of Robert Mondavi
TO know that you have achieved more or less fully what you set out to do must give great contentment and peace of mind.
New life, new look
AS a symbol of rebirth or Spring, the humble Easter egg has sure come a long way.
Spring surprises
‘DON’T call me Armin-san,’ says Armin Leitgeb in all seriousness.
Return of the native
IT’S the return of the culinary world’s prodigal son, but not quite in the way he might have imagined, perhaps.
Free spirit
IN The Tempest, the air sprite Ariel – played by Christian Camargo – appears at one point with huge wings that have steel blades as feathers.
Raising the bar for realistic war shows
A LACK of battlefield music is just one of the many Hollywood cliches missing from new World War II TV mini-series The Pacific, the two-episode premiere of which kicks off tomorrow night at 9pm on HBO’s regular and high-definition (HD) cable channels.
Style and substance
TOM Ford was a fashion designer before being a movie director, so the sophisticated, stylised look of his debut feature A Single Man – parts of which come across like a slick Gucci commercial – can be taken for granted.
A single man, a variety of roles
COLIN Firth is no slouch when it comes to playing the romantic lead – he set millions of female hearts fluttering as Mr Darcy in the 1995 BBC television series Pride and Prejudice
A major letdown despite big names
GIVEN the current fascination with effects-laden fantasy epics, it might have seemed like a good time to remake – in 3D, no less – Clash of the Titans, a story based on popular Greek mythology about Perseus, the mortal son of Zeus.
Conquering the enemy, but not the audience
‘MORE of this is true than you would believe,’ reads a line of text at the beginning of The Men Who Stare at Goats.
Sounds of sorrow and joy
WITHOUT a doubt, the erhu is the chief bowed-stringed instrument in the Chinese orchestra. Characterised by its versatile playing technique, the erhu, which is often associated with sorrow, is capable of producing the most heart-wrenching sounds.
Waiting for The Tempest
SIX in the evening, and a group of Shakespearean actors are clinking champagne flutes at the New Asia Bar on the 72nd floor of the Swissotel. The sun is bright but there are rumours of a storm. Everyone’s waiting to go one floor up, to the helipad.
Around Town
SINGAPORE Tyler Print Institute (STPI) showcases works by young Japanese artist Tabaimo in a show titled emerge as.
Incredible voice in unlikely package
WHEN Imogen Heap bounced onto the stage in frumpy sweatpants and a frilly frock to introduce the pair of opening acts for her concert on Monday, she looked more like someone’s ditzy sister than an international star.
Delicious phrasing sets guitar virtuoso apart
INSTRUMENTAL rock guitar music had its heyday in the 1980s and the early 1990s, but is markedly less fashionable these days, so local guitarist Rosli Mansor will be making a gutsy statement when he launches his second solo album, Deeper Than Purple, tomorrow.
Cross wise
These buns from the deli of The Regent Singapore are kind of titchy in size, but because they’re so perfectly formed, they make the rest look positively inelegant.
Flower power
GIVEN that our national flower is the Vanda Miss Joaquin, what flower could be a more appropriate ingredient for a Singapore-inspired facial? Which is precisely what Damai has chosen for its signature treatment – the Damai Orchid Facial.
The Hun wears Prada
AS far as Huns go, Attila must be the most stylish barbarian ever to rampage through the battlefields of Europe.
Spring for this
1RUFFLES
Chinese navy build-up no threat to Asean
CHINESE military experts have told their counterparts from members of the Association of South-east Asian Nations (Asean) that the People’s Liberation Army (PLA) Navy will never be a threat to the region.
Piracy insurance premiums take a breather
STIFF competition and moves by owners to protect ships better has taken the edge out of insurance costs after pirate attacks off Africa’s east coast created a two-year boom for specialist cover.
STI hits 20-month high, broader market listless
IT WAS a tale of two very different markets yesterday as the benchmark Singapore index rocketed north while the broader market generally dribbled sideways in somewhat thin volumes.
Landmark site at City Hall up for sale
THE government will soon put up for sale a commercial site with three landmark buildings – Capitol Theatre, Capitol Building and Stamford House – on it.
Another EC plot at Sengkang to be launched in 2 weeks
AN executive condominium (EC) site at the junction of Sengkang East Avenue and Buangkok Drive will go on sale in about two weeks – and is expected to be warmly received by developers.
SingTel-linked cable system completed
SUBMARINE cable capacity in the region got a major boost yesterday with the completion of a US$300 million link between Japan and the United States.
NWC to discuss 2010/2011 wage-related guidelines
THE National Wages Council (NWC) will meet later this month to discuss wage and wage-related guidelines for 2010/2011.
NTU starts award for environmental research
NANYANG Technological University (NTU) is setting up Singapore’s first award for excellence in doctoral-level environmental and sustainability research.
Key players expected at Islamic banking meeting
KEY players in Asia’s Islamic banking and finance industry will gather in Singapore in June for the inaugural World Islamic Banking Conference (WIBC) Asia.
China Aviation Oil reaps gains from diversifying
CHINA Aviation Oil (Singapore) which has diversified into regional trading of jet fuel and petrochemicals – beyond its core business of supplying jet fuel to Chinese airports – is reaping gains from the move.
Orchard Road awash with fashion
FROM today to May 9, fashion will take centre stage at Orchard Road.
3,000 YOG prepaid cards snapped up in two hours
ONE of the six different types of the first all-in-one Prepaid ‘Mascots Edition’ cards for the Singapore Youth Olympic Games (YOG) went on sale yesterday. And close to 3,000 cards were sold within two hours.
Sites launched for aquarium fish export centres
THE Singapore Land Authority (SLA) yesterday launched an invitation to tender for four sites at Lorong Chencharu, intended for use as aquarium fish export centres.
Prices rise, with a hint of unease
PRICES of private homes as well as public housing resale flats registered smaller quarter-on-quarter increases in the first quarter of this year compared with Q4 last year, government flash estimates show.
S’porean deported to UK on insider-trading charges
SINGAPOREAN Helmy Omar Sa’aid has earned the dubious distinction of becoming the first foreign national successfully extradited to Britain to face insider-trading charges.
Wall Street parties on but danger lurks
TWO straight down days to close out the month may have suggested that investors are turning cautious after stocks turned in one of the strongest first quarters in history.
M’sian airports bet on retail revenue
MALAYSIA Airports Holdings Berhad (MAHB) expects commercial revenue to be a main driver of group earnings, with the new Kuala Lumpur International Airport’s (KLIA) low-cost carrier terminal (LCCT) expected to provide ‘a huge commercial opportunity’.
SocGen probes account ‘anomalies’
SOCIETE Generale SA, France’s second-largest bank by market value, is probing ‘anomalies’ discovered in a client account overseen by one of its private bankers in Singapore.
Pfizer details payments to doctors, medical professionals
PFIZER, the world’s largest drugmaker, said on Wednesday that it paid about US$20 million to 4,500 doctors and other medical professionals for consulting and speaking on its behalf in the last six months of 2009
Tom Jones cancels show again
LESS than five hours before the start of his rescheduled concert yesterday, veteran Welsh singer Tom Jones cancelled his Singapore date once again after his doctors ordered him not to perform.
Japan’s corporate sentiment up for 4th quarter
JAPAN’S corporate sector mood improved again – for a fourth consecutive quarter – in the first three months of this year, the Bank of Japan announced yesterday, raising hopes that the economy will be able to continue its recovery despite entrenched deflation.
Movie equipment makers upbeat as cinemas tap 3-D craze
MAKERS of digital movie equipment are forecasting a surge in sales as Chinese and European cinemas upgrade to tap the popularity of 3-D movies such as Avatar.
Global manufacturing numbers fire up stocks
WORLD stocks rallied strongly yesterday after strong manufacturing data from the United States, Europe and Asia encouraged hopes that the global recovery from recession is gaining traction.
China investors pile into art as property, equities soar
AN imperial pearl necklace is the star item in a Hong Kong auction that may raise HK$1.3 billion (S$234 million). Chinese investors are buying art because of worries that prices of property and stocks have risen too much.
Correction
IN the report ‘Slight fall in Q1 office rents as occupancies rise’ (BT, April 1), we said that DTZ sees office rents hitting bottom in 2011, or perhaps by the end of next year if the economy grows more strongly than expected.
Getting more out of China’s farms
LAND reform is a potent slogan often used by insurgents to oust incumbent governments.
Ireland fixing banking system, poised for recovery
This refers to the article: ‘Irish banks need US$43 billion of capital injection’ (BT, March 25).
Seatown not a hedge fund or fund manager
We thank Professor Bernard Lee for his interest in Temasek and Seatown in his article titled ‘Temasek’s Seatown: a fund within a fund’ (BT, March 31). There are some basic inaccuracies that we would like to correct.
Analysing DBS’s Indian venture
IT IS disappointing that your elaborate analysis of DBS’s venture into the Indian market ‘DBS sells Indian JV stake for $117m’ (BT, March 31) does not spell out more plainly the bottom line of the foray.
Have your say
Some Rio Tinto investors want deal with BHP Billiton renegotiated
SOME shareholders of Rio Tinto want the miner to renegotiate its Australian iron ore joint venture with BHP Billiton because they say sharply higher prices have dampened the benefits of the deal.
Lihir Gold rejects Newcrest’s A$9.4b takeover offer as inadequate
LIHIR Gold rejected a A$9.4 billion (S$12 billion) cash and stock takeover from Newcrest Mining, a deal that would create the world’s fifth-biggest producer of the metal with 10 mines in five nations.
Troubled EMI faces takeover by its bankers
STRUGGLING music group EMI faces being taken over by its bankers after failing to clinch a deal to sell the North American distribution rights for its artists to Universal Music Group or Sony Music.
UBS Germany faces money laundering probe
A GERMAN market regulator is investigating whether Swiss bank UBS’s German operations adhered to money laundering rules.
China bank in Bahamas resort finance deal
A STALLED mega-resort in the Bahamas seems back on track after a Chinese bank arranged a US$2.5 billion financing deal, a boost for the archipelago whose tourism-dependent economy has been slammed by the global slump.
Credit Suisse CEO to get shares valued at 71m francs
BRADY Dougan, Credit Suisse group chief executive, will receive shares valued at 71 million Swiss francs (S$93.9 million) under an incentive programme created five years ago to help retain executives.
Rescue plan fails to cut Greece’s borrowing costs
EUROPE’S week-old rescue plan for Greece has so far failed to do what its leaders predicted: reduce borrowing costs for the region’s most indebted country.
Pertamina eyes expiring oil & gas blocks
INDONESIA may revise its oil and gas law to give state oil firm Pertamina first right to take over any blocks whose contracts are expiring, members of parliament said yesterday, a move likely to upset foreign players.
HK court freezes assets, funds of Hontex Intl IPO
A Hong Kong court has ordered a freeze on assets and funds from the initial public offering of Hontex International Holdings Co, a Chinese fabric maker that raised almost HK$1 billion ($129 million) in a share sale last year.
British island tax havens seek Asian customers
The rocky islands that lie off France’s northern shores are angling for the new wealth of Asia, as clampdowns on offshore tax havens and tougher regulation threaten their traditional sources of income.
Reliance not expected to renew Iran crude contract
INDIA’S top privately run refiner Reliance Industries will not renew a contract to import crude oil from Iran for financial year 2010, two sources familiar with the supply deal said yesterday.
Seven charged in UK insider-trading racket
SEVEN people were charged in connection with an insider-trading ring that UK prosecutors said made about £2.5 million (S$5.3 million) in illegal profits with data leaked from London printers used by UBS AG and JPMorgan Chase & Co’s Cazenove unit.
Ford, Microsoft in e-car charging deal
FORD Motor Co and Microsoft Corp have signed a deal to work together on a computerised link between houses, electric cars and utility companies to help manage energy use.
Obama plan expands offshore oil drilling
PRESIDENT Barack Obama on Wednesday announced a plan to expand oil drilling off US coasts, drawing protests from green groups but charges by Republicans that it did not go far enough.
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