Kan fails to get Ozawa out of his way for polls
(TOKYO) Japan’s Prime Minister Naoto Kan failed to persuade rival Ichiro Ozawa to drop a leadership challenge, risking a split in the ruling party that may undermine efforts to beat deflation and halt a surging yen.
Europe puts cork in Aussie ‘Champagne’
(BRUSSELS) Wine producers in Australia can no longer use established names such as Champagne, Port or Sherry for their products under an agreement with Europe that comes into force today.
China prods N Korea on economic reforms
(BEIJING) China has pressed North Korea to speed up economic reforms when the two countries leaders met this week, experts said yesterday.
JAL unveils recovery plan, with huge job, route cuts
(TOKYO) After a two-month delay, struggling Japan Airlines announced yesterday details of a rehabilitation plan that would see thousands of job cuts as well as route closures and a debt waiver.
Mexico airports hurt by Mexicana’s woes
(MEXICO CITY) Airport operators in Mexico are feeling the pinch after three troubled airlines suspended dozens of flights and uncertainty remains about whether other companies can pick up the traffic from cancelled routes.
Crash sets off review of aircraft braking systems
(BANGALORE) Crash investigators are re-evaluating the performance of aircraft braking systems in rainy conditions, following the overshooting of an American Airlines plane on the runway while landing in Jamaica last year, the Wall Street Journal reported.
Indonesia to buy new airport radar for Jakarta
(JAKARTA) Indonesia will spend up to one trillion rupiah (S$150 million) on a new air traffic control radar at Jakarta’s main airport after the existing system failed and caused delays, a minister said yesterday.
Yuan slips on surprisingly low reference rate
(SHANGHAI) The yuan closed down against the dollar yesterday and notched its biggest monthly loss since its landmark July 2005 revaluation as the People’s Bank of China set a surprisingly low mid-point, signalling its determination to halt the yuan’s appreciation after its depegging in mid-June.
AIG sale of Taiwan unit likely to fail
(TAIPEI) Bailed-out insurer American International Group (AIG) faces the prospect of looking for another buyer for its Taiwan unit after regulators yesterday threw out its proposed US$2.2 billion sale of Nan Shan Life to a Chinese company.
Beijing upholds tax ruling on US poultry
(BEIJING) China upheld a preliminary ruling in April that said broiler chicken products imported from the US were subsidised, and imposed five-year punitive tariffs to replace temporary levies.
China to give state-run unions more power over pay
(BEIJING) The Chinese government will give its state-run unions more power to negotiate pay claims and seek to ensure union leaders are not just installed by their firms as proxies of management, state media said yesterday.
Bears bet China crash is simply unavoidable
(BEIJING) Three numbers should suffice to give Chinese economic policymakers a sleepless night: 65.4 million, US$28.7 billion and US$2.45 trillion.
August market cap dips to $759b amid global gloom
THE Singapore stock market, which has been treading waters amid overseas economic and market uncertainties, took a dip in August, an apparent additional factor being the measures taken by the government late in the month to cool the property market.
S’pore banks safest in Asia: Global Finance
SINGAPORE’S three local banks have been ranked the safest in Asia.
New futures contracts: SGX seeks feedback
SINGAPORE Exchange (SGX) is consulting the public on the proposed introduction of non-ferrous metals futures contracts for trading on its derivatives market.
Ezra 1-for-5 rights issue to raise $155.3 million
EZRA Holdings is driving itself into ‘a new lap of growth’ with a one-for-five rights issue of new shares to raise about $155.3 million in gross proceeds. The amount raised could be more if existing convertible bonds are turned into new shares to qualify for the entitlement.
OSIM to focus expansion plans on China
FIRST Singapore, then China – and then the world.
Bull Charge sponsor donates $100,000
THAI Beverage yesterday announced its fourth year as a ‘Diamond Sponsor’ of the Bull Charge fun run – and a $100,000 donation.
Company Briefs
YANLORD Group said yesterday that it had secured contracted pre-sales totalling 709 million yuan, after it sold 84.3 per cent, or 361 out of 428 apartment units from its Yanlord G53 Apartment project in Nanjing.
Quotation of taxable book-entry Singapore Government Bonds (Aug 31, 2010)
FJB pins its hopes on Raoul in China
GOING international may be the ultimate goal of many ‘made-in-Singapore’ fashion brand owners, but breaking into markets like China is definitely no cakewalk.
Aussie retail sales beat expectations
(SYDNEY) Australian retail sales were surprisingly strong in July while sales for June were revised higher, suggesting consumption was not nearly as subdued as feared and the next move in interest rates is still upward.
Thailand’s manufacturing growth slows
(BANGKOK) Thailand’s industrial production growth slowed in July as a faltering global recovery cooled demand for the country’s electronics, giving the central bank less room to keep raising interest rates.
Banking on more than just regions
PRIVATE banks typically segment markets geographically as they set out to attract assets. UBS has decided to add yet another approach to its Singapore-domiciled client base – segmentation according to industry or professions.
JP Morgan to launch 21 funds for retail customers
JP MORGAN Asset Management is making its first foray into Singapore’s crowded retail market with the launch of 21 funds.
Sell signal on 36% profit gain has analysts in denial
(NEW YORK) Meyer Shields says earnings at Warren Buffett’s Berkshire Hathaway Inc will increase the most since 2006 this year. He’s also telling investors to sell the shares because the economic recovery is weakening.
Of double dips and decoupling doubts
JUST when the worst appeared to be over, a new bout of fear has gripped financial markets, sending stocks, currencies and commodities into a precipitous plunge. Even as concerns about Europe’s long-term debt problems and anaemic economy dissipate, fresh anxieties about the global recovery have returned with a vengeance. Talk of a double-dip recession in the US is finding increasing air-time, while every indication of moderating growth in China is seen as evidence that a downturn is imminent.
Congress needs to fix ‘arbitrary’ estate tax
(NEW YORK) The estate tax is a great wedge issue in a politically polarised time. Take this oft-cited example: If a billionaire dies this year, no estate tax will be paid, but the estate of someone with more than US$1 million who dies next year will pay a 55 per cent tax on that extra amount. That seems arbitrary if not bizarre, but such is the tax regime unless Congress changes it.
Indian economy grows 8.8%, fastest since 2007
(MUMBAI) India’s economy is on track to grow 8.5 per cent in the current fiscal year to end-March, Finance Minister Pranab Mukherjee said yesterday.
Coal India to start giant IPO in October
(NEW DELHI) State-run Coal India said yesterday that its giant initial public offering, set to raise billions of dollars and possibly become India’s biggest ever share sale, is due to start in October.
Reliance Industries takes 14% stake in Oberoi hotel chain
(NEW DELHI) Billionaire Mukesh Ambani’s Reliance Industries Ltd has acquired a stake in India’s luxury Oberoi hotel chain – his seventh investment this year as he diversifies from the oil-and-gas industry that made him Asia’s richest man.
Google, Skype under fire now in India
(NEW DELHI) After BlackBerry won a reprieve, Google and Skype stepped into the firing line yesterday as India’s security agencies widened their crackdown on online communications firms.
Markets regulator lifts trading ban on Barclays
(MUMBAI) India’s capital markets regulator revoked a ban on trading in some securities by Barclays Bank plc after the UK lender took steps to rectify its reporting systems.
Indonesia rejects bids in debt swap
(JAKARTA) An Indonesian bond swap aimed at extending the maturity profile of government debt and so ease refinancing pressure did not attract successful bids as investors were jittery ahead of inflation data and a central bank meeting.
Indonesia jails businessman for bid to obstruct justice
(JAKARTA) An Indonesian businessman who played a leading role in a plot to undermine the graft eradication agency in one of Asia’s most corrupt countries was sentenced yesterday to four years in prison.
Need demonstrators? No problem
(JAKARTA) The business of supplying demonstrators in this large city has become an extraordinary trade that offers the unemployed an income and at the same time teaches them how to demonstrate in an orderly manner.
Graded cars – take your pick
(WASHINGTON) Gasoline misers such as the Toyota Prius would get an ‘A-’ while muscle cars – including the Ferrari 612 – would get a ‘D’ under a labelling programme proposed by the Obama administration, which wants to convince consumers to buy vehicles that use less energy.
Chrysler plans to bring Fiat cars back to US
(DETROIT) Chrysler on Monday told 400 dealers about its plans to bring the Fiat brand back to the US after a 30-year absence, starting with the Fiat 500 mini- car later this year.
Honda’s India unit to boost car dealerships by 28%
(NEW DELHI) Honda Motor Co plans to increase car dealerships by 28 per cent in India and will boost advertising to reverse flagging sales as it introduces its lowest-priced car next year.
Volvo’s sporty V60 to take on BMW, Merc
(STOCKHOLM) Volvo Cars, the Swedish automaker owned by Zhejiang Geely, plans to challenge BMW and Daimler with its new V60 station wagon in Europe.
Great Wall eyes overseas markets
(BEIJING) China’s Great Wall Motor Co Ltd plans to set up auto assembly lines in five countries by the end of 2012 as it steps up efforts to expand overseas, state media said yesterday.
‘Aryan’ a racist term? Not in this NZ car case
(WELLINGTON) New Zealand officials have allowed a motorist to keep her licence plate ‘ARYAN 1′ because it was intended to be a gesture of affection towards her former partner, not a statement of white supremacy, it was reported yesterday.
China Merchants H1 gain up 12% at HK$1.93b
(HONG KONG) China Merchants Holdings (International) Co, an investor in ports moving about a third of the country’s containers, has said that first-half profit rose 12 per cent as gains in global trade lifted cargo traffic.
China Merchants, Spence to build Colombo terminal
(COLOMBO) China Merchants Holdings (International) Co and Aitken Spence & Co have won a contract to build a new terminal in Sri Lanka’s Colombo port, the head of the island nation’s ports authority said.
Vinashin’s new boss suspended
(HANOI) The new boss of one of Vietnam’s largest state-owned companies has been suspended less than a month after the chairman of the debt-laden ship-building conglomerate was arrested on charges of mismanagement, a company spokeswoman said yesterday.
Peace in our time?
A FEW weeks ago, I mentioned that the man behind the Shipper’s Voice website, Andrew Traill, is always good value for his opinions. I invariably disagree with them – but it’s good to see the other side of the argument, especially when put cogently and colourfully, as is the case with Dr Traill.
Late push cuts STI’s initial loss
THE end of the month brought with it a fair amount of probable window-dressing yesterday as the Straits Times Index was propped up in the final minutes to register a close at the technical support of 2,950. Earlier in the day, it had weakened in line with Wall Street and others in the region, dropping as much as 35 points at 2,921 before the eleventh-hour push that cut the loss to just 6.73 at 2,950.33.
Havelock Road hotel site stirs developers’ appetite
A HOTEL site at the junction of Clemenceau Avenue and Havelock Road has proved to be a top draw. It attracted 13 bids and a top offer of $101.1 million or $813 per square foot per plot ratio (psf ppr) – almost double what analysts had tipped just two months ago.
Batch of 3,032 HDB flats put up for sale
THE Housing and Development Board (HDB) is offering 3,032 flats for sale – the largest supply of flats in a single launch this year – under its Build-to-Order (BTO) and Sale of Balance Flats (SBF) exercise.
Govt releases 5 more sites for private homes
ANOTHER five private housing sites – which could yield a total of 2,045 private homes – were released for sale by the State yesterday.
Familiar names to kickstart revamp of accountancy sector
THE team tasked with kickstarting the overhaul of the accountancy sector has been revealed – and, expectedly, it includes familiar names from the accounting, legal and corporate fields.
Sustainable property market is the goal
THE latest slew of government measures to temper the property market is ultimately meant to build up a ‘sustainable’ market and will not affect genuine buyers, said the Minister in the Prime Minister’s Office and Second Minister for Finance and Transport, Lim Hwee Hua.
2010 census shows Singapore population crossed 5m in June
THE population of Singapore crossed 5 million in June, even as the increase in the number of permanent residents (PRs) slowed to a trickle over the past year.
Japan defends policy moves as stocks tumble
(TOKYO) Japanese ministers yesterday defended measures pledged by the government and the Bank of Japan on Monday after concern deepened that the steps won’t be sufficient to halt the yen’s gain and boost economic growth.
Singapore Roundup
FORMER chief justice Yong Pung How has been appointed chancellor of Singapore Management University (SMU), taking over from former finance minister Richard Hu, who has been chancellor for eight years.
F1 roads to reopen earlier
ROAD closures for the Formula One (F1) night race will be cut by 12 hours – which means affected roads will be open to morning traffic the day after the race ends.
MICE arm growing fast for MBS
MARINA Bay Sands (MBS) is making a splash on the meetings, incentives, conventions and exhibitions (MICE) scene.
Helping professionals to specialise
IT IS no mean feat for the accountancy sector to stay on top of its game. Besides battling a talent war with the very lucrative financial industry, the sector faces a lack of post-graduate and niche specialisation pathways for accountancy professionals.
Educators keen to carry out CDAS proposals
HAILING the recommendations of the Committee to Develop the Accountancy Sector (CDAS), educators say they are keen to participate in the initiatives on enhancing continuing education for accountancy professionals.
Following up complaints matters
FOLLOWING up complaints quickly has a strong impact on customer satisfaction, second-quarter findings for the Customer Satisfaction Index of Singapore (CSISG) 2010 show.
It pays to give students satisfying experiences
UNIVERSITIES and polytechnics may not typically look at students as customers, but one finding from this quarter’s Customer Satisfaction Index for the education sector shows it is in their long-term interest to make sure students have satisfying experiences while they are at the institutions.
Satisfaction with public transport falls
COMMUTERS’ recent complaints about trains and buses being overcrowded should soon be a thing of the past once upcoming infrastructure investments are completed, say public transport operators.
SIA, Changi Airport put up sterling performances
NATIONAL carrier Singapore Airlines (SIA) scored a record 79.3 points – out of a possible 100 – in the latest instalment of the Customer Satisfaction Index of Singapore (CSISG).
Telcos take their fight to the next level
(SINGAPORE) Local telcos SingTel, StarHub and M1 are taking their bitter rivalry from this generation to the next in a services showdown on Singapore’s next information superhighway.
SMX off the blocks, focuses on getting it right
(SINGAPORE) The Singapore Mercantile Exchange (SMX) finally began operations yesterday, after some two years of planning and preparation.
DC rate hikes keep step with property recovery
(SINGAPORE) As expected, the government has raised development charge (DC) rates for residential, commercial and industrial uses starting today on the back of Singapore’s broad-based property market recovery.
Govt payments to NSmen: When and how
(SINGAPORE) The government will pay monetary awards to Singapore national servicemen (NSmen) who reach major milestones in their national service (NS) from Aug 29, to recognise their contributions, the Ministry of Defence (Mindef) said yesterday.
AIA’s business is in good shape: Tucker
in Hong Kong
Reforms to defence export laws will boost jobs, security: Obama
(WASHINGTON) President Barack Obama yesterday announced moves to reform US export rules, hoping to boost trade while hampering the sale of sensitive technology.
US stocks recover on consumer confidence data
(NEW YORK) A surprise jump in consumer confidence gave US and European stocks a lift.
Purchasing power of Asia’s middle class rising rapidly: ADB
in Tokyo
Three-Minute Digest
SINGAPORE telcos SingTel, StarHub and M1 are taking their bitter rivalry from this generation to the next in a services showdown on Singapore’s next information superhighway.
Keeping bubble trouble at bay
CAUTIOUS and calibrated, or potentially excessive? Reactions to the government’s latest package of measures to cool a frothy property market have touched both ends of the spectrum. On the one hand, observers are generally agreed that the curbs announced on Monday – the third wave of measures in 11 months – amount to a careful, calculated approach aimed squarely at weeding out speculators from genuine home buyers.
Human rights drive in China: just a hollow third wave
THE only lady vice-minister in China’s Foreign Ministry is Fu Ying, a well-coiffed, sophisticated, mild-mannered 57-year-old, an ethnic Mongol who speaks flawless English who has served as ambassador to the Philippines, Australia and the United Kingdom and who is known for her media skills.
Bernanke makes it clear he isn’t another Maestro
WITH the elected American politicians in the White House and Congress running out of policy options on the economic and national security fronts, President Barack Obama and Democratic and Republican leaders on Capitol Hill seem to be turning to the nation’s top unelected officials for solutions.
Why Wall Street is deserting Obama
DANIEL S Loeb, the hedge fund manager, was one of Barack Obama’s biggest backers in the 2008 presidential campaign.
The euro rulebook doesn’t work
WHAT does a country need to do to make a success of the euro? The European Commission and the European Central Bank would say the recipe is simple: Cut your budget deficit, slash wages, keep taxes competitive, boost your exports, and live with austerity.
Brokers’ Take
AWARDED 28 new shipbuilding contracts; maintain ‘buy’: Yangzijiang announced that it has won 28 new shipbuilding contracts valued at US$915 million. No details on the customers’ profile were revealed.
ACCA helps firms in sustainability reporting
WE refer to the article ‘Report environmental, social risks, firms told’ by Jamie Lee (BT, Aug 30).
Yen nears 15-year peak as BOJ impact fizzles
(LONDON) The yen came within reach of a 15-year high against the dollar yesterday as investors shrugged off the Bank of Japan’s latest policy easing, betting instead on more yen gains that would test official readiness to intervene.
Aug consumer confidence beats forecast
(WASHINGTON) Confidence among US consumers rose more than forecast in August, a sign the biggest part of the economy may avoid a slowdown that would derail the recovery.
Chip breakthrough on the cards
(NEW YORK) Scientists at Rice University and Hewlett-Packard are reporting this week that they can overcome a fundamental barrier to the continued rapid miniaturisation of computer memory that has been the basis for the consumer electronics revolution. In recent years, the limits of physics and finance faced by chipmakers had loomed so large that experts feared a slowdown in the pace of miniaturisation that would act like a brake on the ability to pack ever more power into ever smaller devices such as laptops, smart phones and digital cameras.
HP authorises US$10b share buyback
(PALO ALTO, California) Hewlett-Packard’s board of directors has authorised the repurchase of US$10 billion in shares.
Cisco seeks to acquire Skype, says tech blog
(WASHINGTON) US networking giant Cisco has made an offer to acquire Internet communications firm Skype, technology blog TechCrunch said on Monday.
Moving music
(DRESDEN, Germany) People listening to a computer-controlled sound installation as they visit the train wagon ‘Outside in (Blue)’ of the ‘sounding D’ project at the main railway station here last week.
Lenders query mountaintop mining industry practices
(NEW YORK) After years of legal entanglements arising from environmental messes and increased scrutiny of banks that finance the dirtiest industries, several large commercial lenders are taking a stand on industry practices that they regard as risky to their reputations and bottom lines.
UN urged to revamp climate change panel
(NEW YORK) The United Nations needs to revise the way it manages its assessments of climate change, with the scientists involved more open to alternative views, more transparent about possible conflicts of interest and more careful to avoid making policy prescriptions, an independent review panel said on Monday.
US utilities try to buy nuclear reactors off the shelf
(ATLANTA) US power utilities are trying to buy the next wave of nuclear reactors much like a consumer buys a light bulb: right off the shelf.
|