No Australian party is clear favourite to win elections
(SYDNEY) Millions of dollars are riding on the outcome of Australia’s deadlocked elections. But betting agencies said yesterday that no party was clear favourite even as bets were continuing to come in.
Dubai Airport hits 4m monthly passenger mark
DUBAI International Airport, a leading rival hub airport of Singapore’s Changi, broke the elusive 4 million monthly passenger mark coming into the second half of the year.
LaGuardia goes for upscale restaurants
(NEW YORK) Forget about greasy french fries, soggy pizza or that sandwich that’s been sitting out for hours. Filet mignon, crispy duck confit and crab cakes are taking off at the city’s main domestic airport.
Taiwan investors exit from China carrier
(TAIPEI) Taiwanese flag carrier China Airlines and two other firms have terminated their investment in a Chinese cargo airline, the island’s sole holdings in a mainland carrier, officials said yesterday.
Swiss airport gets int’l safety status
(GENEVA) Switzerland’s Sion airport – in the heart of Alpine ski and summer mountain touring country – has won top-level safety status, putting it on the same level as major international hubs.
Small plane crashes in Nepal, 14 feared dead
(KATMANDU, Nepal) A small passenger plane heading to the Mount Everest region crashed yesterday outside Nepal’s capital in heavy rain with 14 people aboard, including five US nationals and a Japanese tourist, officials said.
Strong demand for Huijin’s 7-year bond sale
(SHANGHAI) Central Huijin Investment Co auctioned seven-year bonds in China’s interbank market yesterday at a coupon well below forecasts, reflecting strong demand for the issuer’s high credit standing amid ample liquidity.
TPG launches 2nd yuan fund in Chongqing
(SHANGHAI) TPG, one of the world’s biggest private equity firms, yesterday launched its second yuan- denominated fund in China, underscoring its ambition to expand in the world’s fastest-growing major economy.
Citigroup, HSBC, CIMB seek yuan bonds licence as market opens
(SHANGHAI) Citigroup Inc, HSBC Holdings Plc, and CIMB Group Holdings Bhd plan to apply to invest in yuan bonds following the People’s Bank of China (PBOC) decision to open up its interbank debt market.
China will ‘tolerate’ breach of 2010 loan target
(BEIJING) Chinese officials are likely to ‘tolerate’ banks breaching the nation’s 7.5 trillion yuan (S$1.5 trillion) loan target for 2010 to sustain growth as the economy cools, Societe Generale SA says.
China condemns attack on HK tourists
(BEIJING) China has condemned the killing of eight Hong Kong tourists by a disgruntled ex-policeman who hijacked their bus in the Philippines and has demanded an investigation into the attack.
Shanghai B shares jump on merger speculation
(SHANGHAI) China’s B shares jumped as much as 9 per cent yesterday afternoon, its biggest daily gain since November last year, propelled by speculation the tiny market will be merged into the country’s forthcoming international currency board.
JLJ Holdings appoints lawyer as its non-executive chairman
JLJ Holdings, which has been mentioned in an indictment and civil suit by US technology group Apple Inc against a former Apple employee, is appointing a lawyer as its non-executive chairman.
Olam raises offer price for NZ Farming
COMMODITIES group Olam International yesterday increased its takeover offer for NZ Farming Systems Uruguay (NZFSU) to NZ$0.70 a share, cranking up the heat on rival bidder Union Agriculture Corporation.
Tiger Airways gets go-ahead to lease planes
BUDGET carrier Tiger Airways has received the green light from the Philippines’ Civil Aeronautics Board (CAB) to lease two Airbus A319 aircraft to Southeast Asian Airlines (SEAIR).
Genting M’sia shareholders OK casino deal
A MAJORITY of Genting Malaysia’s shareholders voted yesterday in favour of a £pounds;340 million (S$713 million) cash acquisition of 44 UK casinos under the Circus, Maxims, and Mint brands from its affiliate Genting Singapore.
Yellow Pages apologises for mailer snafu
GLOBAL Yellow Pages has apologised for ‘any misunderstanding’ in sending notices to businesses to demand payment for a directory-listing service that they had not signed up for.
Raffles Education posts 2.8% higher earnings of $52.6m
RAFFLES Education Corp lifted net profit for its fiscal 2010 2.8 per cent to $52.6 million on the back of a fair-value gain, as revenue dipped.
Cerebos opens big Thai plant for BRAND’S products
CEREBOS Pacific has opened the world’s largest manufacturing facility for its flagship BRAND’S® products at the Pinthong Industrial Estate in Thailand.
Time Watch clocks near tripling of Q4 net to HK$34.3m
TIME Watch Investments yesterday posted a near tripling of its fiscal fourth quarter net profit, thanks to a big boost in fair value of investment properties and higher sales.
Port operations boost Portek to record FY2010 profit of $12.6m
DESPITE slimmer revenues, Portek fattened its net profits by 46.7 per cent to $12.6 million for the year ended June 30. Revenues for the port operator and engineering group dipped 9.5 per cent to $125.6 million.
Kan says steep yen moves undesirable
(TOKYO) Japan’s Prime Minister Naoto Kan said ‘steep currency moves are undesirable’ as the yen’s climb to a 15-year high prompted the country’s top labour leader to urge joint action from the Group of Seven (G-7) countries.
European June industrial orders beat expectations
(LUXEMBOURG) European industrial orders rose more than economists forecast in June as strengthening global growth helped fuel the region’s fastest expansion in four years in the second quarter.
German budget deficit jumps to 3.5% in H1
(BERLIN) Germany’s deficit rose sharply to 3.5 per cent of economic output in the first half of 2010, putting it on track to break EU budget rules due to the costs of the global economic and financial crisis, official data showed yesterday.
Greek debt restructuring fears unfounded
(BRUSSELS) Greece is on track in its efforts to cut spending and return to financial stability, and concerns that it could be forced to restructure its debt are unfounded, the EU’s economic and monetary affairs commissioner wrote in the Wall Street Journal.
South African Q2 economic growth slowed to 3.2%
(JOHANNESBURG) South African economic growth slowed to an annualised 3.2 per cent in the second quarter on waning demand for exports, even after the football World Cup lured thousands of visitors to the country.
‘Too big to fail’ hurts small banks
(OVERLAND PARK, Kansas) Kansas City Federal Reserve Bank president Thomas Hoenig warned on Monday that landmark financial reforms may not end market perceptions that taxpayers will rescue the largest banks and cautioned against speculative investments in housing.
Bumper year for many insurers
THE year 2009 may have started on a grim note but it turned out to be a bumper year for a number of insurance firms in terms of investment returns. Insurers’ commentaries on their participating or with-profits funds report returns ranging between 9 and 23 per cent. This strong performance has enabled firms to either maintain or raise bonuses. This is in sharp contrast to 2008 when par funds reported losses.
Investors banking on diversification
(NEW YORK) Investors shifted from full-blown fear as the stock market plummeted in 2008 to a mood of rampant risk-taking after the market took off in March 2009. They have now become nervous again, or so the conventional wisdom goes.
No longer a nation in waiting
INDONESIA is the world’s sixth best performing stock market year to date, with about 30 per cent returns. In 2009, the Jakarta Composite Index rose 86 per cent.
Investors shaking up funds with record bond love affair
(BOSTON) Retail investors in the US, burned by two market crashes in a decade, have shunned stocks for the longest stretch in more than 23 years, upsetting the balance of power in the US$10.5 trillion mutual-fund industry.
India rejects Vedanta’s bauxite mine project
(NEW DELHI) New Delhi yesterday rejected a plan by India-focused mining group Vedanta Resources plc to mine bauxite in an eastern state, a blow to the company already facing hurdles to a planned US$9.6 billion energy deal in the country.
India extends tax refund for exporters by 6 months
(NEW DELHI) India will extend by six months a plan to refund taxes to exporters as the government tries to boost overseas sales amid risks to global economic growth.
‘Yoga wars’ spoiling spirit of ancient health system
(NEW DELHI) Heard of Naked Yoga? Kosher Yoga? Yoga for Carpal Tunnel Syndrome? More than 30 million Americans practise some sort of yoga in an ever-expanding industry generating an estimated US$6 billion in the US alone.
Reliance Power may invest US$5b in Indonesia
(JAKARTA) Indian power utility Reliance Power is considering investing as much as US$5 billion in Indonesia, a spokesman for Indonesia’s vice-president said yesterday.
Lingam, ex-judges allowed to seek review of panel’s findings
MALAYSIA’s Court of Appeal yesterday granted controversial lawyer V K Lingam and two retired top judges leave to seek a review of the findings of the 2007 Royal Commission of Inquiry which investigated their roles in allegedly fixing judicial appointments.
New ringgit rules will boost trade: Bank Negara
(KUALA LUMPUR) Recent moves to allow the Malaysian ringgit to be used more widely for trade settlement will bolster this South-east Asian country’s trade with major Asian trading partners, the central bank said yesterday.
Activists hail Norway’s blacklisting of timber firm
(KUALA LUMPUR) Malaysian activists yesterday applauded a decision by Norway’s state pension fund to blacklist timber firm Samling Global, which is accused of rampant environmental destruction in Borneo.
Toyota’s China sales may rise 10% in 2011
(BEIJING) Toyota Motor Corp’s sales in China may grow more than 10 per cent next year, the company’s local chief said.
Prius gets sound option for better safety
(TOKYO) Toyota’s Prius hybrid is becoming a little less quiet with a new electronic humming device that is the automaker’s answer to complaints that pedestrians can’t hear the top-selling car approaching.
Hero Honda sees slowdown on rates rise
(MUMBAI) Hero Honda Motors Ltd, maker of about half the motorcycles sold in India, says demand will grow more slowly this year as the central bank raises interest rates to pare inflation.
Ship supply seen weighing on rates
(LONDON) Tufton Oceanic, advisers to the world’s largest shipping hedge fund, expects the dry bulk fleet to grow for up to three years and freight rates to be under pressure.
Japan to inspect damaged Mitsui oil tanker
(TOKYO) Japanese inspectors were due to board an oil tanker when it sailed into Tokyo Bay yesterday, almost a month after a suspected militant attack in the Strait of Hormuz between Iran and Oman.
Warning: piracy up in South China Sea
(SINGAPORE) Global shipping industry groups warned oil tankers and freight vessels on Monday to take precautionary measures when travelling in the South China Sea after a recent spike in piracy.
Get ready for the Rotterdam Rules
AFTER having read some 5,000 words on the Rotterdam Rules on carrier liability, I have quite a headache. That, I hasten to add, is no reflection on the writing skills of the article’s author, Craig Neame, a partner in London-based law firm Holman Fenwick Willan (HFW).
China Railway in talks on SAfrican project
(BEIJING) China Railway Group Ltd, the world’s second-largest publicly traded heavy construction company, said it is in talks with South Africa’s government for a US$30 billion high-speed rail project.
Ch Karnchang wins Thai rail contract
(BANGKOK) Thailand’s Ch Karnchang Pcl has offered the lowest bid to build a rail system, part of Bangkok’s 52 billion baht (S$2.24 billion) ‘blue line’ mass transit project, a government agency said yesterday.
Germany’s multi-billion rail masterplan sparks friction
(STUTTGART) With work barely begun, public ire over one of Europe’s biggest construction projects has exposed some hard truths about Germany, the continent’s top economy.
US futures check Asia market gains
A SHARP fall in Wall Street futures and a weak opening in Europe spooked otherwise stable Asian markets towards the close of trading yesterday.
New benchmark set for condo land in Yishun area
A NEW benchmark has been set for condominium land in the Yishun/Semba- wang area. A state tender that closed yesterday for a 99-year leasehold plot at Miltonia Close next to Orchid Country Club fetched a top bid of $405.53 per square foot per plot ratio (psf ppr) or $165 million from a tie-up between Hoi Hup Realty and Sunway Developments.
7 hi-tech start-ups get investments under NRF scheme
SINGAPORE’S move to nurture high-tech start-ups is off to a running start now that three of the seven under the Technology Incubation Scheme (TIS) have made their first investments.
JOil makes biofuels feedstock breakthrough
THE first-ever commercially produced Jatropha curcas plants through Singapore-developed tissue culture will be ready for markets in India and other regions like East Africa and South-east Asia by the middle of next year.
End in a blaze of glory in Jalan Besar
IF THERE was one sport at the Youth Olympic Games (YOG) that could be labelled a letdown of sorts, it would be football.
More S’poreans visiting Switzerland for holidays
SINGAPOREANS have been developing a growing love affair with all things Swiss, making Singapore one of the most important tourism markets in Asia for the land of the Alps.
Space Furniture to spend $50m on flagship complex
HIGH-END retailer Space Furniture, which is headquartered in Australia, will spend $50 million on a flagship complex in Singapore.
6 brokerages emerge from ban’s shadow
(SINGAPORE) Six brokerages banned up to one year from selling structured notes can resume sales of such products now, after the Monetary Authority of Singapore (MAS) lifted the ban yesterday.
Biotech sector gets top marks but local players are surprised
(SINGAPORE) Singapore has trumped the UK and other well known biotech hotspots to become the No 2 in the world for its capacity to nurture biotechnology innovation, according to a study conducted by a US magazine. But several local biotech players feel that the report flatters Singapore and that it still has some way to go before it deserves this prime perch.
Move to help delisted firms’ shareholders get share certs
(SINGAPORE) The Singapore Exchange (SGX) said yesterday that it was in discussions with the Monetary Authority of Singapore (MAS) and the Accounting and Corporate Regulatory Authority (ACRA) over changes to the current law that would help shareholders of delisted companies obtain their share certificates on a more timely basis.
Beijing warns about travel to Philippines
(MANILA) China warned its citizens yesterday about travel to the Philippines and demanded answers over how eight Hong Kong tourists were killed in a hostage stand-off in Manila following a day of botched negotiations.
PCCW raises HK$1.3b in new share placement
(SINGAPORE) After a five-year absence from the international debt market, PCCW Limited – Hong Kong’s largest provider of telecom services – has raised about US$664 million in barely a week.
Extra supply by PowerSeraya boosts YTL profit
(SINGAPORE) Singapore’s second-biggest generating company, PowerSeraya, supplied 10 per cent more electricity to the local market in the year ended June, which helped propel revenue and profits for its Malaysian owner YTL Corp.
Recovery fears hammer stocks amid rising yen
(LONDON) World stock markets dropped yesterday amid fears about the pace of the global economic recovery, which caused the yen to surge to a 15-year high against the dollar and a nine-year best against the euro.
Myrna Thomas to leave Temasek at end of year
(SINGAPORE) More high- level changes are afoot at Temasek Holdings: its managing director of corporate affairs, Myrna Thomas, has signalled her intention to leave the Singapore investment firm, after more than four years on the job.
Tiger Woods, wife officially divorced in 10-minute hearing
(PANAMA CITY, Florida) After nine months of turmoil over his extramarital affairs, Tiger Woods and his Swedish-born wife officially divorced on Monday.
Three-Minute Digest
SIX brokerages banned up to one year from selling structured notes can resume sales of such products now, after the Monetary Authority of Singapore lifted the ban yesterday.
Keeping energy supply ahead of demand
THE lights will never go out in Singapore, a former genco chief used to say, referring to the fact that electricity- generating capacity here, or supply, has always tended to exceed demand.
China should rethink its strategy of threats
CHINA is warning Asian countries that holding military exercises with the United States is bad for their health.
Copyrights and copy wrongs
I PRIDE myself on being a man of substance. A wonk. A nerd, even. And like most nerds, I don’t have a great eye for fashion.
Effective corporate governance for SMEs
IN MAY this year, the Singapore Corporate Awards were given to a few outstanding companies in recognition of their effective governance practices. Given the mounting cases of corporate fraud in the last few years, such recognition could not have come at a better time.
Can Mr Nice Guy get nasty now?
UNLESS US President Barack Obama and the Democrats are showered with unexpected good news in the coming three months – Unemployment falls to 5 per cent! Economy grows 5 per cent! Osama bin Laden is captured! Sarah Palin is a Muslim! – the consensus among pollsters is that the Republicans are going to take over the House of Representatives and increase their power in the Senate.
Brokers’ Take
RESULTS are above estimates. Q4 2010 core net profit of $69 million forms 42 per cent of our FY2010 forecast and 30 per cent of consensus, with FY2010 earnings at 122 per cent of our forecast.
Yen hits 15-yr high vs $, 9-yr high vs euro
(NEW YORK) The yen rose to a 15-year high against the dollar and a nine-year peak versus the euro yesterday amid fears that the global economy is slowing, testing Japanese authorities’ resolve to stem the currency’s climb.
Home sales plunge 27% to lowest level in 15 years
(NEW YORK) Sales of previously occupied US homes fell to the lowest level in 15 years last month as the economy weakened.
Potential suitor sounds out Chi-X Europe
(LONDON) Trading platform Chi-X Europe said it may sell all or part of its business after being approached by an unnamed third party, placing rivals such as Nasdaq OMX and BATS in the spotlight as the sector consolidates.
J&J recalls contact lenses in Japan, Europe
(NEW YORK) Johnson & Johnson (J&J) is voluntarily recalling contact lenses in Japan and elsewhere in Asia and Europe following customer complaints.
HP-Dell battle for 3Par highlights data storage demand
(SAN FRANCISCO) Data storage used to be one of the more mundane corners of the technology industry. Now it is where an increasing number of tech companies – and Wall Street – want to be.
Smartphone makers hit as chips are down
(NEW YORK) The seemingly recession-proof smartphone is suffering from a side effect of the rough economy: Manufacturers simply cannot build enough of the gadgets because chip-makers that rolled back production last year are now scrambling to play catch-up.
Judge blocks Obama’s stem cell directive
(NEW YORK) Federal funding for embryonic stem cell studies in the US is once again under attack after a judge blocked President Barack Obama’s expanded rules for scientists, potentially disrupting the field and discouraging new research.
Drilling moratorium will stay, US spill panel told
(WASHINGTON) The top federal offshore oil drilling regulator told the presidential oil spill commission that the temporary halt to deep-water drilling will remain in place for a couple of more months.
Chevron fights to ward off US$27b damages payout
(LAGO AGRIO, Ecuador) A run-down court building that also houses the local casino in this Amazon jungle town is the unlikely venue for the largest environmental damages lawsuit ever tried.
Google buys shopping comparison site Like.com
(SAN FRANCISCO) Search giant Google has bought the shopping comparison website Like.com, the two companies said on Monday.
Big investors shun stocks, go for gold, bonds
(NEW YORK) The smart money has moved away from stocks. So is the era of stock investing over?
Nordstrom’s inventory brainstorm paying off
(SEATTLE) US retailers have been deploying all sorts of gimmicks and promotions to spur customer spending.
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