Australia, Japan top holiday destinations
(SYDNEY) Maybe it’s the beaches or possibly the food but Australia and Japan were yesterday named the most desirable holiday destinations in the Asia-Pacific in an annual survey. China replaced Hong Kong in third place.
Ozawa leaves door open for PM bid
(TOKYO) Ichiro Ozawa, Japanese ruling party power broker, left the door open yesterday to challenging Prime Minister Naoto Kan in a party leadership vote next month even as an ally tried to prevent him from deepening a split in the group.
BHP unveils best half-time results in two years
(MELBOURNE) BHP Billiton fired a warning shot to its takeover target Potash Corp and potential counterbidders, showing off its best half-year profit in two years and a hefty balance sheet.
Aussie PM hopefuls pledge full term
(CANBERRA) The contenders to become Australia’s next prime minister each promised yesterday to govern for a full term if three key independent lawmakers support their competing parties to form an administration after indecisive elections.
Global passenger, freight traffic up in July: Iata
(MELBOURNE) The International Air Transport Association (Iata), which represents 230 airlines, said international passenger and freight traffic rose in July as flights increased in Asia and the Middle East.
Embraer to probe China crash
(SAO PAULO) A crew of technicians at Embraer, the world’s largest maker of regional jets, flew to China to investigate a crash of one of its ERJ-190 planes, which has been called the Asian nation’s worst accident in recent years.
Rolls-Royce blowout shuts Airbus, Boeing test bed
(LONDON) Rolls-Royce Group plc has yet to reopen a site used to trial jet engines for Boeing Co’s 787 Dreamliner model and the rival Airbus SAS A350 after a US$17 million turbine blew up on the test bed three weeks ago.
Nigerian airlines allowed to fly their own planes direct to US
(ABUJA, Nigeria) Nigerian airlines have gained the right to fly their own planes to the United States after an improvement in the West African nation’s aviation safety standards, Nigerian and US officials said here on Tuesday.
Tibet Airlines eyes European market
(BEIJING) Tibet Airlines, which plans to launch its first domestic flights from the remote Himalayan region next year, is eyeing direct flights to Europe to pull in tourists, state media said yesterday.
Cloud services market worth US$68b in 2010
IF you think the cloud is still hazy, think again. Worldwide cloud services revenues will cross US$68 billion this year, up 16.6 per cent over 2009. By 2014, global cloud services will reach US$148.8 billion in revenues, growing at a 21 per cent annual clip between now and then.
Fujitsu to launch cloud offering in Singapore
JAPANESE giant Fujitsu Corp has picked Singapore as its first country in Asia to launch its cloud computing initiative and will offer large- and medium-sized companies secure private, public, and hybrid clouds.
Mobile banking back with a bang here in Singapore
ALMOST 10 years ago, banks like Citibank and UOB scrapped their mobile banking services due to lack of user interest. DBS Bank, too, bowed out of the mobile scene in 2005.
Bing now powers Yahoo! search
(BANGALORE) Internet firm Yahoo! Inc said it has completed the transition of its US and Canadian English-language search capabilities to Microsoft Corp’s Bing platform.
Apple in talks to offer show rentals on iTunes
(LOS ANGELES) Apple Inc is in talks with News Corp, Walt Disney, and other media conglomerates to rent TV shows to viewers for 99 US cents through iTunes, three sources with knowledge of the matter said.
Smartphone sales expected to explode
GROWTH in the Asia-Pacific smartphone market is expected to skyrocket in the coming years.
Hewlett-Packard could spark bidding war with Dell for data storage company
(NEW YORK/SAN FRANCISCO) 3PAR Inc said on Tuesday it will start merger talks with Hewlett- Packard Co (HP) after HP’s US$1.6 billion offer for the data storage company trumped a bid by its smaller rival Dell Inc.
China steps up push for wider use of yuan abroad
(BEIJING) China is stepping up efforts to increase overseas use of the yuan as the nation seeks to reduce its exposure to the US dollar and allow its currency to take on a greater global role, analysts say.
China Telecom surprises with 11% rise in Q2 profit
(HONG KONG) China Telecom, the smallest of China’s three wireless carriers, reported an 11 per cent rise in second-quarter profit, beating expectations, as it aggressively promoted its new 3G network to gain market share.
Carrefour hauls China firm to court over trade mark
(BEIJING) Carrefour, the world’s No 2 retailer, has accused a Chinese supermarket chain of trade-mark violations by illegally using the Paris-based firm’s Chinese name and logo at mainland stores, the China Daily reported yesterday.
AIG decision on AIA’s pre-IPO sale ‘next week’
(HONG KONG) American International Group Inc (AIG) is expected to decide by early next week whether to enter formal negotiations with strategic investors for AIA, its Asian life insurance business, sources familiar with the process told Reuters yesterday.
China’s monster traffic jam could last for weeks
(BEIJING) China has just been declared the world’s second biggest economy, and now it has a monster traffic jam to match.
Teledata’s ex-CEO seeks $1.35m damages
IT and communications firm Teledata faces a possible lawsuit from its former chief executive Christopher Pan.
Richard Seow resigns from Parkway board
FORMER investment banker Richard Seow resigned from the board of Parkway Holdings yesterday, following the change in shareholding control at Asia’s largest private healthcare provider.
Federal Int’l unit to appeal award of US$1.35m damages
AN indirect subsidiary of Federal International (2000) Ltd is appealing a Singapore High Court ruling that awarded US$1.35 million in damages to a Singapore-based commodities trading house.
Sim Lian FY2010 profit soars 169%
SIM Lian Group reported a 169 per cent surge in net profit for the year ended June 30, as it recorded more revenue from residential projects under development.
No listing plan for See Hup Seng unit
CORROSION prevention specialist See Hup Seng has completed the acquisition of its subsidiary Tat Petroleum, making the latter’s listing on the main board ‘not an issue any more’, SHS told BT.
Tiong Woon net for full year dives 43% to $23.9 million
MAINBOARD-listed heavy lift and haulage firm Tiong Woon yesterday posted a full-year net profit of $23.9 million – a 43 per cent dive from the $42.3 million it made last year.
Shangri-La H1 profit rises 11% to US$74.8m
LUXURY hotel group Shangri-La Asia yesterday posted a half-year profit of US$74.8 million, 11 per cent up from US$67.3 million a year ago.
China Minzhong aims higher after notching 27.6% profit jump
CHINA Minzhong yesterday posted a 27.6 per cent jump in net profit to 367.5 million yuan (S$73.5 million) for the year ended June 30 – its first reported earnings post-IPO – and is now gunning for even stronger earnings for the current financial year.
Changes in Tung Lok’s list of substantial shareholders
TUNG Lok Restaurants (2000) has had a slight change in its pool of substantial shareholders.
Companies exploiting lowest funding costs in 2 decades
BOND sales are accelerating as companies on an island vying for the title of world’s fastest-growing economy exploit the lowest funding costs in at least two decades to finance expansion.
Company Briefs
AVAPLAS Ltd will be delisted from the Official List of the SGX-ST with effect from 9am on Aug 27, 2010.
Thailand raises interest rates
(BANGKOK) Thailand’s central bank raised borrowing costs for the second-straight month and signalled it may raise interest rates further after the economy overcame political unrest to grow more than estimated last quarter.
Global outlook casts shadow over Fed retreat
(WASHINGTON) Central bankers from around the world will assess a darkening economic outlook at their annual US mountain retreat this week with discussion of printing yet more money to spur growth on the agenda.
Double-dip US recession risk has risen: Fed official
(INDIANAPOLIS) The risk of a double-dip US recession has risen in the last six months, Chicago Federal Reserve Bank president Charles Evans said on Tuesday.
Ireland disagrees with S&P’s latest downgrade
(DUBLIN) Ireland’s financial headache worsened yesterday after Standard & Poor’s (S&P) cut its credit rating – a move criticised by the country’s debt management agency.
German business confidence rises
(BERLIN) Germany’s business confidence rose further in August, according to a key survey yesterday, suggesting Europe’s biggest economy continues to grow as companies plan to hire more and manufacturers enjoy improved demand.
Institute says British Budget will hit the poor hardest
(LONDON) The British government’s June budget will hit the poor hardest, the Institute of Fiscal Studies said yesterday, contradicting Finance Minister George Osborne’s assertion that his plans are progressive.
Housing slump clouds US recovery prospects
(WASHINGTON) US home sales are plunging despite rock-bottom mortgage rates as high unemployment prevents people from buying houses and threatens to curtail economic recovery.
Derwent shakes off slump fears as London rents rally
(LONDON) Office landlord Derwent London reported sustained growth in the value of its portfolio to £pounds;2.2 billion (S$4.6 billion) yesterday, easing fears of a new real estate slump as Britain’s economic prospects wilt.
China housing prices will start dropping in Q4: bankers
(BEIJING) Chinese property developers are facing strained cash flows and will be forced to cut prices beginning in the fourth quarter, a state newspaper reported on Tuesday, citing several bankers.
Henderson’s H1 operating profit seen sliding
(HONG KONG) Henderson Land Development Co, controlled by billionaire Lee Shau-kee, will probably report lower first-half profit today after a HK$734 million (S$128 million) charge from 20 failed luxury apartment sales.
Allianz puts its bet on Chinese property stocks
(LONDON) Allianz has gone overweight on Chinese property stocks, betting that higher sales volumes even at lower prices will boost profits at real estate companies.
Credo sets up new business units
HOME-GROWN property consultancy firm Credo Real Estate has appointed veteran property consultant Ong Teck Hui to head its newly minted research and consultancy division.
AgBank to curb property loans till end-Aug: sources
(BEIJING) Agricultural Bank of China Ltd will halt all lending to property developers for the remainder of the month, three sources familiar with the decision told Reuters on Wednesday.
Jump in Q2 Aussie property returns; slower rises seen
(SYDNEY) Total annualised returns for Australian property rose nearly six-fold in the second quarter from three months earlier, but future rises will likely be moderate, property research firm IPD said yesterday.
Curbing inflation top priority: India central bank
(NEW DELHI) India’s central bank said controlling inflation is its top priority, a stance that may fuel speculation it will raise interest rates for the fifth time since mid-March.
ONGC in two minds over counter-bid for Cairn
(MUMBAI) State-run Oil and Natural Gas Corp (ONGC) is divided over making a counter-bid for Cairn India, which is the target of a US$9.6 billion takeover offer by Vedanta, the Business Standard reported yesterday.
FASB chairman Robert Herz to retire
(NEW YORK) Robert Herz, the chairman of the Financial Accounting Standards Board that sets US accounting rules, said on Tuesday he is retiring after more than eight years at the helm.
Indonesia seeks compensation for Timor oil spill
(JAKARTA) Indonesia plans to seek at least US$2.2 billion in compensation from Thailand’s state- controlled PTT Exploration and Production Plc (PTTEP) for damage caused by a 2009 oil spill in the Timor Sea, a government source said yesterday.
Indonesia worst in Asia at protecting intellectual property: poll
(SINGAPORE) Indonesia has the worst record when it comes to protecting intellectual property rights (IPR) in Asia and Singapore the best, a survey of expatriate business people showed yesterday.
Dr M slammed for going back on Vision 2020
FORMER prime minister Mahathir Mohamad’s implicit criticism of Prime Minister Najib Razak’s Malaysia and New Economic Model policies were slammed by the opposition yesterday as a seeming repudiation of his own Vision 2020.
Islamic finance mulls global Syariah adviser platform
(KUALA LUMPUR) A global authority may be set up to oversee Islamic finance Syariah advisers, a religious scholar said, amid calls to address the fragmented regulation which threatens to slow the industry’s growth.
Asia tankers: Crude rates stay near year low
(SINGAPORE) Freight rates for crude and fuel oil tankers bound for Asia are expected to remain near 2010 lows next week due to ample tonnage and limited demand, traders and industry experts said yesterday.
Yangzijiang in talks to buy shipyards
(HONG KONG) Yangzijiang Shipbuilding Holdings Ltd, the biggest Chinese shipbuilder listed in Singapore, is in talks to buy shipyards after an industrywide slump in orders last year damped prices.
Daewoo eyes 30% of revenue from wind power
(SEOUL) Daewoo Shipbuilding & Marine Engineering Co, the world’s second largest shipyard, aims to generate 30 per cent of its sales from wind power by 2020 as pollution concerns spur demand for alternative energy.
Ship broker Clarksons’ H1 profit jumps 49%
(BANGALORE) Shipping services firm Clarksons posted a 49 per cent rise in first-half pre-tax profit, helped by a better-than-expected improvement in dry bulk markets, and said it was confident of future growth.
Cosco Pacific H1 profit jumps 82%
(HONG KONG) Cosco Pacific Ltd, Asia’s third-largest container-terminal operator, said first-half profit rose 82 per cent on recovering world trade and the sale of a stake in a logistics venture.
US data takes toll on Asian stocks
FALLING US home sales added to market woes yesterday, sending Asian stocks sliding again.
The value of a medal tally
IT’S a common gripe that I’ve heard again and again at the various sporting venues, at the international media centre and even on the MRT: Why doesn’t the Youth Olympic Games (YOG) have an official medal tally?
Commuters rate bus, MRT services poorly
COMMUTERS are rating bus and MRT services more poorly than before, providing a drop in the Customer Satisfaction Index for public transportation for the third straight year.
SPRING sets up $30m SME talent initiative
SPRING Singapore yesterday announced the launch of a close to $30 million initiative targeted at tertiary students and university graduates to build a talent pipeline to SMEs.
Always one step ahead
UNDER visionary leadership and with constant reinvention, Star Furniture has been able to be consistently one step ahead of its competition. Since its formation in 1981, the company has come a long way and now become a leading furniture retailer catering to different market segments under five different brands: Star Furniture, Mondi, Zen Tradition, LUCANO and BEDz Store. It also has a wide global reach with exports to over 45 countries.
Singapore Roundup
THE government is increasing the employer CPF contribution rate by one per cent in two phases so as to moderate the impact on employers.
Yale plays catch-up in Ivy League edifice race
(NEW YORK) YALE University’s School of Management, which aspires to be among the world’s best business schools, crams its students and faculty into 19th century homes and former astronomy buildings linked by a rabbit-warren of basements.
A tale of 2 megacities
(CAIRO) THE highway west out of Cairo used to promise relief from the city’s chaos.
Moody market thinks party’s over for now
(SINGAPORE) Even earnings surprises in an exceptionally strong reporting season for the second quarter failed to excite the market bulls as investors concern themselves with other worries – slower earnings growth in the second half and global uncertainties.
Profitable Plot thickens, with a tinge of green
(SINGAPORE) ‘Completely misguided’ is how the directors of strategic land investment firm Profitable Plots have described the complaints made against the company – complaints that have prompted the white-collar crime police to step in.
CPF-linked funds post 6.6% loss in Q2: Lipper
(SINGAPORE) Funds registered under the Central Provident Fund investment scheme (CPFIS) suffered an overall loss in the second quarter of this year, reversing from slight gains in Q1, as uncertainty over the eurozone debt crisis and the US economy took hold.
More bidders wooing Potash
(SHANGHAI) More suitors have emerged to woo Canada’s Potash Corp a week after it rejected a US$40 billion hostile bid from BHP Billiton.
Land of the rising yen may slam the brakes
CURRENCY market intervention by Japanese authorities to stem the runaway rise of the yen is seen as inevitable in coming days as the sense of crisis among government and business leaders in Japan increases.
Two young giants to call Jurong Island home
(SINGAPORE) Sembcorp is building a new S$800 million facility on Jurong Island to supply steam and other water and wastewater treatment services to Jurong Aromatic Corporation’s (JAC) US$2 billion petrochemicals complex under a 20-year utilities supply deal signed by the two on Tuesday evening. This essentially confirms that two new projects will be coming up next on the petrochemicals island.
Maybank Singapore rakes in record profit
(SINGAPORE) Maybank’s Singapore business raked in its highest ever profit in its latest financial year to end-June, contributing to the group’s record profit reported last Friday.
US reveals cyberattack on military computers
(WASHINGTON) Now it is official: The most significant breach of US military computers was caused by a flash drive inserted into a US military laptop on a post in the Middle East in 2008.
Three-Minute Digest
EVEN earnings surprises in an exceptionally strong reporting season for the second quarter in Singapore failed to excite the market bulls as investors concern themselves with other worries – slower earnings growth in the second half and global uncertainties.
Monitor courses by ‘trading gurus’
THE proliferation of online trading ‘academies’ and self-styled ‘trading gurus’ claiming to be able to empower anybody to become profitable share and currency traders needs to be watched.
Need to turn a foolish fetish into a sensible goal again
THE question of what to do about Fannie Mae and Freddie Mac – the two US government-created enterprises that have backed massive loans to the housing market – involves much more than finance or real estate. It marks the end of an era. The relentless promotion of homeownership as the embodiment of the American Dream has outlived its usefulness. Historically, the pursuit of homeownership dates to the Great Depression of the 1930s, notes historian A Scott Henderson of Furman University. In some ways, it’s a great success story. In 1940, 44 per cent of households owned a home; by 1985, the rate was 64 per cent. The size and quality of homes have increased dramatically. Owning a home contributes to neighbourhood stability and encourages property improvement.
Apple case throws spotlight on corruption
LAST year I wrote a commentary titled ‘Beware of corruption risks’ (BT, Sept 4) where I argued that Singapore companies may not be paying enough attention to corruption risks when they do business overseas and that global companies are increasingly focused on risks residing along the supply chain.
Dissecting the ‘longest recession’ view
IMMIGRATION officials are rarely in a mood to chat these days, given their obsession with ‘terrorist’ threats. So it was a pleasant surprise when one such official struck up a conversation with me on the state of the global economy as I arrived in Auckland this week.
Bull run on US bonds may end in a thud
FIVE months ago Bill Gross, who runs the world’s biggest mutual fund at Pacific Investment Management Co, declared that the 30-year bull market in fixed-income securities was over.
Yen retreats from highs, $ pares gains
(NEW YORK) The yen pulled back from 15-year highs against the dollar and a nine-year peak versus the euro yesterday, on speculation that Japanese authorities may take action to stem the currency’s rise.
Dubai World eyes sale of prized assets
(DUBAI) Dubai World plans to sell its prized assets over a period of eight years to generate as much as US$19.4 billion to pay off creditors burned by its over-ambitious expansion, according to a restructuring document obtained by Reuters yesterday.
Durable goods orders up less than forecast
(WASHINGTON) Orders for US durable goods increased less than forecast in July, a sign that one of the few remaining bright spots in the economy is cooling.
Merkel’s Cabinet backs bank levy measures
(BERLIN) Chancellor Angela Merkel’s Cabinet approved measures requiring German banks to contribute to a bailout fund, reigniting efforts to introduce an international banking levy to prevent future financial crises.
Hungary rules out new IMF deal
(BUDAPEST) Hungary’s government yesterday ruled out signing a new financing deal with the International Monetary Fund (IMF), triggering renewed forint weakness and uncertainty about the country’s fiscal outlook.
IRS to dig deeper into uncertain tax positions
(NEW YORK) Every year, thousands of largest US corporations are required to report to the Internal Revenue Service whether they have reduced their tax bills by using questionable accounting strategies.
Random wins e-book battle
(NEW YORK) An e-book battle between Random House and the Wylie Agency appears to have ended.
August merger deals highest since Dec 2008
(PARIS) A boom in mergers and acquisitions has shaken markets out of their summer doldrums as major companies, flush with cash from cost-cutting and with meagre growth prospects, look to pick up bargains.
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