S Korean tablet PCs to challenge iPad
(SEOUL) South Korean firms will soon release tablet PCs to contend with the imminent arrival of Apple’s iPad after the roaring success of the American firm’s smartphones.
Japan develops ‘touchable’ 3D TV technology
(TOKYO) A Japanese research team has developed the world’s first 3D television system that allows users to touch, pinch or poke images floating in front of them.
PAL suffers hostage fiasco fallout
(MANILA) Flag-carrier Philippine Airlines (PAL) said yesterday hundreds of people from Hong Kong and mainland China had cancelled flight bookings to Manila after a hostage crisis left eight tourists dead this week. ‘PAL is beginning to feel the initial impact of a Hong Kong government advisory warning its residents to refrain from all travel to the Philippines,’ airline president Jaime Bautista said in a statement.
Airport not responsible for crash: China
(YICHUN, China) A top aviation official defended the safety of an airport in remote northeast China where a flight crashed while coming in for a night landing, raising questions about the facility’s design, a state news agency reported yesterday.
Boeing to double workforce at China parts factory
(BEIJING) US aircraft maker Boeing plans to double the number of employees at its parts factory in northern China to keep up with renewed demand for planes, state media reported yesterday.
China curbs use of foreign IT security technology
(BEIJING) China has ordered its banks and other major companies to limit use of foreign computer security technology, setting up a possible trade clash with the United States and Europe while adding to strains over high-tech secrecy as some nations threaten to curtail Blackberry service.
China hopes for wider use of yuan in S-E Asia
(DANANG, Vietnam) China said yesterday it hoped for wider use of its currency in trade with South-east Asian nations.
ICBC, BOC headed for slower growth after strong Q2
(SHANGHAI) Top Chinese lenders Industrial and Commercial Bank of China (ICBC) and Bank of China signalled a peaking of earnings growth after strong second-quarter profits, as they slow their lending and focus on asset quality.
No talks with AIG since March on buying stake: China Life
(HONG KONG) China Life, the world’s most valuable insurer, said it has not held talks with AIG since March, despite reports it may be part of a Chinese consortium that aims to buy 30 per cent of AIA.
China calls for more mergers in coal industry
(SHANGHAI) China called for further mergers and consolidation in its massive coal industry to eliminate outdated capacity and improve efficiency, its cabinet, the State Council, said on its website yesterday.
NOL sells $280 million of bonds amid strong demand
NEPTUNE Orient Lines (NOL) yesterday sold $280 million worth of 10-year, Singapore-dollar bonds, the latest in a series of bond sales by companies here eager to lock in long-term funding while interest rates are low.
F&N subsidiary buys 23.1% stake in CHB for RM54.6m
FRASER and Neave (F&N) Limited’s Bursa-listed subsidiary is buying a 23.1 per cent stake in Cocoaland Holdings Berhad (CHB) for RM54.6 million (S$23.6 million), in a bid to strengthen its food products portfolio.
Federal Int’l unit loses appeal against ruling
THE Singapore High Court yesterday dismissed an appeal by an indirect subsidiary of Federal International (2000) Ltd to overturn a judgment awarding damages to a Singapore commodities trading house.
Ying Li acquires Chongqing site for RMB697m
SINGAPORE-listed Ying Li International Real Estate said yesterday it has acquired a commercial development site in China’s Chongqing city for 697 million renminbi (S$139.5 million).
Olam’s Q4 net almost doubles to $92.3m
HIGHER sales and commodity prices helped Olam International almost double its fourth-quarter net profit to $92.3 million.
Centillion reports loss for fourth year running
CENTILLION Environment & Recycling stayed in the red for the fiscal year ended June 30 for the fourth consecutive year, dragged by losses in its US operations.
Eu Yan Sang posts 47% jump in earnings to $19.2m
HEALTHCARE company Eu Yan Sang International posted a 47 per cent year-on-year increase in net profit to $19.2 million for the financial year ended June 30.
PEC’s Q4 net more than doubles to $10.8m
PLANT and terminal engineering specialist PEC yesterday posted a fourth quarter net profit of $10.77 million, a 137 per cent increase from $4.55 million a year back.
UniFiber rejects CMEC’s claim
UNITED Fiber System has disputed claims by China National Machinery & Equipment Import & Export Corporation (CMEC) over a US$19.7 million debt allegedly owed to CMEC.
Trading of Design Studio shares suspended
DESIGN Studio Furniture Manufacturer has suspended trading of its shares after Dubai’s Depa Interiors LLC – which offered to take the company private in June – secured more than 90 per cent of the company.
Company Briefs
NEWS and lifestyle websites of Singapore Press Holdings (SPH) received 29 awards in the Hitwise Top 10 Rankings in the first half of the year, said SPH yesterday in a media statement.
China’s direct investment in US plunges
(WASHINGTON) China’s direct investment in the US plunged in the first half even as its overall foreign acquisitions rose to a record, underscoring Beijing’s efforts to diversify its portfolio, according to the Heritage Foundation.
US set to move against unfair trade practices
(WASHINGTON) The US Commerce Department plans to toughen rules against what it sees as unfair foreign trade practices that threaten US jobs, senior department officials said in advance of new proposals yesterday.
China tyre tariffs not yielding positive results: US businesses
(WASHINGTON) President Barack Obama’s decision to slap duties on tyres from China doesn’t appear to have reduced overall tyre imports or saved US jobs, the US-China Business Council (USCBC) said on Wednesday.
Philippine economy up 7.9% in Q2 as GDP grows
(MANILA) Election spending, rebounding exports and a recovering global economy boosted the Philippine economy to 7.9 per cent growth in the second quarter, officials said yesterday.
IMF facing power struggle between US, Europe
(WASHINGTON) A power struggle threatens to throw the International Monetary Fund into disarray unless a compromise is reached soon between the United States and Europe over how to give more say to emerging powers.
Magic of Pinot Noir
THE enthusiasm and search for Pinot Noir continues to escalate. Wherein lies the fascination of Pinot Noir? For wine lovers and wine growers alike, Pinot Noir continues to fascinate and to elude! I was recently fortunate enough to be a guest at a sumptuous dinner complete with wines from some of the greatest names in the world. Our host cleverly chose two reds to complement and simultaneously to highlight the differences. Point Counterpoint.
Around Town
AN Esplanade Presents programme, The Studios 2010, is presenting an award-winning double bill of contemporary Korean dance, Out There by Lee Sun-A and Ice or Water by Hong’s Dance Company this weekend.
New kid on the film block
LOCAL film-making has a brave new face and if Boo Junfeng’s ambitious debut feature film Sandcastle is any indication, the future looks bright for both him and the industry.
Highly-praised local film lives up to hype
JUST when it looked like the local film industry was scraping the bottom of the barrel with back-to-back releases of two low-budget slapstick comedies – Old Cow Vs Tender Grass and PCK The Movie – comes a quiet little movie that has renewed our faith in local movies.
Hit French rom-com looks set for remake
BETTER known for its arthouse fare, French cinema shows its lighter side and tries its hand at commercial filmmaking with Heartbreaker, a featherweight farcical take on the type of chick flicks – using resident hunks and babes in lead roles – that Hollywood periodically churns out.
Quaint look at a post- consumerist society
THE starkly obvious perils of living in – and falling victim to – an all-consuming consumer society are addressed in The Joneses, a movie that takes a satirical look beyond the glossy lifestyle most of us aspire to, only to find there’s more to life than, well, keeping up with the Joneses.
The concert of redemption
CON jobs are such good fun that they transcend cultures, and French movie The Concert features the classic con – impersonation. A motley group of Russian musicians who haven’t played together for 30 years conspire to impersonate the Bolshoi Orchestra in Paris, without rehearsals.
Vacationing on high seas
THIS year’s Natas fair, which kicks off today, will probably leave many holidaymakers at sea – in terms of their vacation choices, that is. After all, judging from industry figures, cruising is what now floats Asian travellers’ boats.
Adding wholesale value to artworks
WORKS of art are often sold piecemeal by galleries, but one gallery is keen to market them by the collection – seeing more value when an art collection is kept together and documented.
Out in the sun from the shadow of curbs
A ‘FORGOTTEN’ German painter is the focus of Art Trove’s first exhibition.
Taking a trip way past memory lane
THE latest incarnation of Fried Rice Paradise, the Singapore musical, kicked off about a week after National Day and just a few days before the National Day Rally. It marked the 50th anniversary of the People’s Association and is meant to embody social cohesion and racial harmony, along with all the other things musicals usually celebrate – love, friendship, laughter.
An enjoyable, approachable work
MASH-UPS – made popular by TV programme Glee – usually refer to songs, when two or more pre-recorded songs are blended together, by the overlaying of the vocal track of one song over the instrumental track of another.
Powering up your iPad with the right app
NUMEROUS companies, such as Samsung and LG, hope to start selling touchscreen tablets before the end of the year to rival the iPad, but for the next few months at least, Apple’s got the market all to itself.
Re-invention versus variation
IT’S impossible to migrate a game to Apple’s iPad tablet without customising the controls for the touchscreen interface, but some approaches are more successful than others.
Things are looking up for local band
MOST independent bands struggle for years to be heard and many give up halfway. But not local power-pop quartet TypeWriter. Formed in 2001, it has gone through various line-up changes but their hard work has hit paydirt, attracting the attention of Ken Stringfellow and Jon Auer from seminal American power pop band The Posies to give them their personal endorsements.
Nuclear liability law may put off equipment firms
(NEW DELHI) India’s push to end a three-decade ban on buying nuclear equipment from abroad may founder on laws passed by its own parliament.
Gold demand almost doubles in H1
(MUMBAI) India’s gold demand rose 93.74 per cent in the first half of this year due to strong economic growth and investment-led buying, and festivals are likely to maintain the momentum, an official at the World Gold Council (WGC) said on Wednesday.
India lifts ban on imports of telecom equipment
(MUMBAI) India has relaxed an eight-month ban on imports of telecommunication equipment, approving orders from China’s ZTE and Huawei and Finland’s Nokia Siemens Networks, executives said on Wednesday, as security fears fade before a high-priority roll-out of third-generation wireless infrastructure.
Indonesia’s economy may grow 6% this year: trade minister
(DANANG, Vietnam) Indonesia’s economy may grow 6 per cent this year and will probably accelerate in 2011, Trade Minister Mari Pangestu said.
RM777m provisions drag Sime into the red for Q4
(KUALA LUMPUR) Malaysian conglomerate Sime Darby, the world’s largest oil palm company, reported its second straight quarterly loss due to more provisions for its troubled energy and utilities arm, dragging annual profit down by 68 per cent.
CIMB Q2 profit jumps 34% to RM890m
(KUALA LUMPUR) CIMB Group Holdings, Malaysia’s second-biggest bank, said second-quarter profit rose 34 per cent bolstered by its Indonesian unit and lower bad debt provisions.
M’sia to woo more European firms
(KUALA LUMPUR) Malaysia will take advantage of the setbacks in the European economy to attract companies to relocate to Malaysia, says Deputy Minister of International Trade and Industry Mukhriz Mahathir. ‘There are still uncertainties in the eurozone, especially in Greece and Portugal. So when there is a challenge like this, there will also usually be opportunities to attract them to relocate to Asia, which has high growth,’ he told a media briefing after the soft launch of the KL International Trade Forum 2010 here yesterday.
Brazil govt to take over five Amazon ports
(SAO PAULO) The Brazilian government will take over control of five Amazon ports as well as partial administration of the two southern grain ports of Paranagua and Rio Grande, a local newspaper reported on Wednesday.
China plants flag deep under South China Sea
(BEIJING) China said yesterday that it had used a small, manned submarine to plant the national flag deep beneath the South China Sea, where Beijing has tussled with Washington and South-east Asian nations over territorial disputes.
Caution rules ahead of US data
TRADING here and around the region was listless and dull yesterday, as investors continued to tread cautiously ahead of data releases that may give clues to the state of the US economy. The Straits Times Index drifted sideways for much of the session, before closing 0.68 of a point lower to 2,925.87. Volume was thin, with just 1.3 billion shares changing hands.
YOG part of a larger game plan of repositioning S’pore: Vivian
THROUGHOUT the entire inaugural Youth Olympic Games (YOG), some detractors continued to pour scorn on the government’s decision to spend $387 million to organise the event – more than three times what it originally budgeted.
Industrial output up 9.9% in July
SINGAPORE’S industrial output rose 9.9 per cent year on year in July 2010, driven by 24.5 per cent growth in the electronics cluster.
Yokogawa honoured with Maxa award
AS other manufacturers shed staff during the economic downturn, not only did Yokogawa Electric Asia keep its 600-strong team, it actually diversified its business.
Merrill wins US$9.4m suit against ex-client
MERRILL Lynch has won its suit in Singapore against a former private-banking client for US$9.4 million that he owed the bank.
Citi sets up China Desk to engage Chinese companies
TO ride the rise of the Chinese dragon, Citi Singapore has launched a series of initiatives to encourage more Chinese companies that are looking to expand globally to set up their bases in Singapore.
Singapore Roundup
SP PowerGrid said the electricity supply to Bishan and parts of Ang Mo Kio was interrupted around 1.30pm yesterday, but that ‘supply was fully restored within 15 minutes’.
Celebrating eternal love in China
WALKING through Suzhou, Shanghai or Beijing this past Aug 16 and seeing roses in every florist’s window, teddy bears everywhere in gift shops and many a blissful-looking young couple strolling hand in hand, one would have thought it was Valentine’s Day all over again; it may as well have been because it was Qi Xi.
Developer with colourful past poised for a delisting
(SINGAPORE) An established property developer with a memorable corporate history is headed for an exit from the Singapore Exchange.
Taking no second chance on gambling
(SINGAPORE) If you are a key staff member of mainboard-listed Second Chance Properties, forget about going to the casino.
Housing costs, school places temper optimism of US firms
(SINGAPORE) Many more American companies here are now expecting profit and headcount growth, compared to a year ago.
In a blaze of glory
(SINGAPORE) After 12 days of intense competition that saw many triumphs and heartaches among the athletes, the Singapore 2010 Youth Olympic Games drew to a close last night. But sports was not the only winner.
Shareholders get to nominate directors: SEC
(WASHINGTON) US regulators will let investors owning 3 per cent of a company nominate directors on corporate ballots, a step that may help shareholders oust board members accused of overpaying executives and failing to boost shares.
Genting surprises with 7.8% drop in Q2 net
MALAYSIAN casino, power and plantations conglomerate Genting announced a surprising 7.8 per cent slide in its second-quarter net profit yesterday.
US absence at Asean trade meeting criticised
(BANGKOK) The US absence at an Association of Southeast Asian Nations trade meeting and the Obama administration’s failure to name an ambassador to the bloc drew criticism from Senator Richard Lugar and a Washington think tank.
Better deal on Sports Hub loans
(SINGAPORE) The global financial crisis may have wreaked havoc on Singapore’s plans to build its long-delayed Sports Hub – but it has proven to be a blessing in disguise as far as the project’s financing is concerned.
Ozawa to challenge Kan as PM and DPJ leader
ALREADY facing the prospect of currency and economic crises, Japan is about to be plunged into political turmoil too as political heavyweight Ichiro Ozawa yesterday revealed his intention to challenge Naoto Kan as prime minister and leader of the ruling Democratic Party of Japan (DPJ).
Wall Street’s concerns over anaemic US economy resurface
THE disappointment and concern over the anaemic US economic recovery that have largely dominated recent nervous trading on Wall Street were back in force on Wednesday, after a Commerce Department report showed orders for durable goods barely rose last month.
Obama holds economic talks with advisers
(VINEYARD HAVEN, Massachusetts) US President Barack Obama held a conference call with top economic advisers on Wednesday to discuss newly released grim data that has raised fears the economy is at risk of a new downturn.
Three-Minute Digest
AN established property developer with a memorable corporate history is headed for an exit from the Singapore Exchange.
Outstanding issues in an exceptional year
LAST year at this time, the Singapore economy was in somewhat a state of flux. After 3-4 negative quarters (depending on the GDP measure), the worst of the recession appeared to be over but the economic outlook remained shrouded in uncertainty.
The land of the rising yen needs a new strategy – fast
YOU can feel the sense of panic rising in perfect sync with the yen. Will the Bank of Japan (BOJ) intervene to weaken it? Is Prime Minister Naoto Kan plotting action with lawmakers? What will happen to the economy as that mean, old US dollar weakens and wreaks havoc on the nation? Never mind that the economy was just as feeble when the yen was 125 per US dollar as it is now at 84. Or that Japanese executives are a bunch of crybabies. Germans don’t bellyache about exchange rates; they adapt and make money. Yet Japan is in crisis, we are told with growing drama. Growth is doomed, deflation is accelerating and all hell will break loose.
How S’pore firms can save on customs duties
FOR many Singapore-based businesses, the European Union (EU) is an attractive but complex target market due to cultural differences, language barriers and the myriad number of laws and regulations involved.
Build smarter, not bigger
Traffic congestion is choking the air and economies of cities everywhere. Congestion is one of the single largest threats to our economic prosperity and way of life. Whether it takes the form of trucks stalled in traffic, cargo stuck at overwhelmed seaports, or airplanes circling over crowded airports, the price tag on congestion is a high one.
High-tech India plagued by potholes
(PUNE, India) Call it India’s engineering paradox. Despite this nation’s rise as a technology titan with some of the world’s best engineering minds, India’s full economic potential is stifled by potholed roadways, collapsing bridges, rickety railways and a power grid so unreliable that many modern office buildings run their own diesel generators to make sure the lights and computers stay on.
Brokers’ Take
SEMBCORP Industries has signed a 20-year, long-term utilities services agreement with Jurong Aromatics Corporation (JAC) to supply steam and other water and wastewater treatment services to its new aromatics complex.
Rally in yen, S franc stalls as stocks rise
(NEW YORK) A rally in safe-haven currencies such as the yen and the Swiss franc stalled yesterday as global share prices rebounded, although worries about the world economy slowing down kept them supported.
Glencore’s H1 profit up 42% on price gains
(LONDON) Glencore International, the world’s largest commodity trader, said first-half profit jumped 42 per cent on rebounding metals demand and prices.
Spain’s economy up in Q2 on rising consumer spending
(MADRID) Spain’s economic growth accelerated in the second quarter as consumers stepped up spending before a sales tax increase in July. Household spending grew 2 per cent from a year earlier after a 0.3 per cent contract in the first quarter, the National Statistics Institute said in Madrid yesterday in its breakdown of gross domestic product (GDP) data.
Robert Walters eyes Asia-Pac for more growth
(LONDON) British white collar recruiter Robert Walters said it identified enormous growth potential in the Asia-Pacific region as it swung to a first-half profit on the back of a pick-up of activity in the jobs market.
Will tough times lead to a corporate art selloff?
(LONDON) Corporations worried about the bottom line are taking a look at their office walls.
Tower to rise in Empire State’s neighbourhood
(NEW YORK) The Empire State Building’s owner lost his bid to stop a new skyscraper from rising in the neighbourhood when the New York City Council approved zoning and land use changes on Wednesday that pave the way for the 362.7 metre tower.
BP scraps plans to bid for Artic exploration licence
(LONDON) BP has scrapped plans to drill in the Arctic, where a new oil rush is expected, amid fears such a move would be ‘political madness’ after the Gulf oil spill, Britain’s Guardian daily said yesterday.
Debt-ridden Greece pays long-dead cash
(ATHENS) Greece, which is struggling against monster debts, has wasted millions of euros a year on retirement payments to long- dead pensioners, labour ministry officials revealed.
Fed seeks to delay release of bank data to courts
(WASHINGTON) The Federal Reserve Board sought to delay the court-ordered release of documents identifying banks that might have failed without the US government bailout while it considers an appeal to the US Supreme Court.
Tomatina Splatterina
(VALENCIA, Spain) A man resting covered with tomato pulp during the annual tomato fight fiesta in the village of Bunol, near Valencia, on Wednesday.
HSBC eyeing stake in South African bank
CHINA’S soaring trade and investment links with Africa have prompted HSBC to consider buying more than 70 per cent of Nedbank.
US Gmail users get PC-to-phone service
(NEW YORK) Gmail users in the US will now be able to call telephones directly from their computers, Google Inc said on Wednesday.
Cambridge U lab creates liver cells from human skin
LONDON) Scientists have created liver cells in a lab for the first time using reprogrammed cells from human skin, paving the way for the potential development of new treatments for liver diseases that kill thousands each year.
Looks like electric speed record for Buckeye Bullet
(SALT LAKE CITY, Utah) A team of Ohio State University students that set out to build the fastest electric car on the planet is heading home with a broken clutch and a big grin.
Barclays lent Lehman US$45b unaware of risks
(NEW YORK) British bank Barclays didn’t know its risk when it bought Lehman Brothers Holdings Inc’s brokerage and was told by the US Federal Reserve to lend the defunct firm US$45 billion, a former Barclays trading executive testified.
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