Greens Party supports Labor govt in Australia
(CANBERRA) A Greens lawmaker yesterday agreed to help the centre-left Labor Party form a minority Australian government while other kingmaker legislators said they are close to deciding whether to back Labor or a conservative coalition.
DPJ unity at stake as battle for leadership begins
(TOKYO) Japan’s Prime Minister Naoto Kan and his rival, powerbroker Ichiro Ozawa, kicked off a leadership battle yesterday that threatens to divide the ruling party only a year after it took power.
Vietnam economy may grow 6.7%, exceeding govt target
(HANOI) Vietnam’s economy may expand 6.7 per cent this year, surpassing the original government target of 6.5 per cent as domestic production restores growth momentum and global trade recovers.
Explosive growth seen in Internet users by 2015
(SINGAPORE) The number of Internet users in the world’s biggest developing markets will double to 1.2 billion by 2015, far exceeding the number in the most advanced countries.
Kingfisher to raise US$356m in share sales
(MUMBAI) Kingfisher Airlines Ltd, India’s second- biggest carrier, plans to raise US$356 million selling shares to pare debt and help fund expansion.
Emirates needs US$28b for fleet expansion
(DUBAI) Emirates, the world’s biggest airline by international traffic, needs more than US$28 billion through 2017 to expand its fleet of Boeing and Airbus SAS jets, almost double the amount raised since 1996.
Air China to buy 15 Boeing planes for US$3.2b
(HONG KONG) Air China Ltd said that it had agreed to buy 15 Boeing 787-9 aircraft from Boeing for a total basic price of US$3.19 billion to expand fleet capacity.
Copenhagen Airport’s new terminal will be 35% cheaper
(COPENHAGEN) In a bid to attract customers looking for a bargain Copenhagen Airport’s new low-cost terminal would offer airlines charges about 35 per cent lower than fees at its existing facilities, the airport operator said.
China suspends Huaxia Airlines flights: report
(SHANGHAI) China’s aviation watchdog has ordered Huaxia Airlines to suspend all flights after the wings of one of its planes scraped the ground while landing, state media reported yesterday.
UniSIM opts for the cloud to save costs
FOLLOWING on the heels of the Ministry of Education’s (MOE) move to put 30,000 teachers in 350 public schools on a Google cloud, Singapore’s largest private tertiary institution – SIM University (UniSIM) – is also taking bold steps to put its archival data on a public cloud.
Big bucks in apps for telecoms carriers
IF the mobile applications market already seems crowded with handset makers and online portals trying to push apps to consumers, expect things to get even more interesting as telecoms carriers get into the game.
Data integration going wide in Asia: Informatica
COMPANIES continued to invest in data integration throughout the recent financial crisis and this investment has continued as economies pick up, said Informatica’s CEO, Sohaib Abbasi. This interest has been a boon to Informatica, which specialises in data integration technology.
Intel buys wireless chip technology in mobile phone push
(SAN FRANCISCO) As the world’s biggest maker of computer chips, Intel Corp can’t afford to ignore its huge blind spot in mobile phones.
Comex 2010 opens today
GADGET lovers looking for the greatest and best at bargain prices will be flocking to Suntec for the Comex 2010, tradeshow which opens today. The show will run till Sunday and is expected to attract a record number of visitors and generate millions of dollars in sales
China industries rebound, easing concerns
(BEIJING) Manufacturing in China rebounded in August, surveys showed yesterday, easing concerns the economy was heading for a sharp slowdown in the second half of 2010.
Buyers stepping up for AIG’s Taiwan unit
(TAIPEI) Taiwan’s Fubon Financial put its name forward yesterday as a possible buyer of American International Group Inc’s (AIG) Taiwan unit after the collapse of a planned US$2.2 billion sale to a Chinese-led group.
Taiwan card issuer expects China profits to top home market
(TAIPEI) Chinatrust Financial, Taiwan’s biggest credit card issuer, expects profits from the Chinese market to exceed those of its home market as it aims to tap the mainland’s robust economic growth.
Fed approves CIC’s higher stake in Morgan Stanley
(WASHINGTON) The US Federal Reserve on Tuesday approved China Investment Corporation’s bid to buy up to a 10 per cent voting stake in investment giant Morgan Stanley.
China may probe BHP’s bid for Potash: report
(BEIJING) China may launch an anti-monopoly probe into BHP Billiton’s US$38.6 billion bid for Canada’s Potash Corp, the China Business News said yesterday, citing a source familiar with the matter.
US Commerce Dept avoids yuan clash with China
(WASHINGTON) The Commerce Department on Tuesday sidestepped a clash with China over that country’s currency policies, ruling that the value placed on the yuan could not be considered a direct subsidy to Chinese exporters.
Thai firm Sri Trang delays dual listing in Singapore
CITING global market volatility, Thailand-listed Sri Trang Agro-Industry Public Company Limited is delaying the dual primary listing of its shares in Singapore.
New Century still keen on an IPO in Singapore: Sources
CHINA’s New Century Shipbuilding has not given up hopes of a Singapore mainboard listing, after an earlier botched attempt and a censure from Singapore’s central bank for disclosure lapses, sources told BT.
Asia Reit market cap up by a quarter
(HONG KONG) Asia’s total market capitalisation for real estate investment trusts (Reits) rose by a quarter in the first six months to US$69 billion, global property services firm CB Richard Ellis said yesterday.
Ezra shares dive on surprise news of rights issue
DESPITE ‘buy’ calls by some analysts, investors punished the stock of Ezra Holdings yesterday on news of a surprise one-for-five rights issue by the offshore logistics provider.
Yangzijiang issues TDRs at NT$18.8 apiece
CHINA-BASED Yangzijiang Shipbuilding, which is listed on the Singapore Exchange mainboard, is issuing Taiwan Depository Receipts (TDRs) at NT$18.8 apiece.
Ezion and Swiber local picks for regional portfolio
EZION Holdings and Swiber Holdings were singled out as ‘buys’ in DnB Nor’s newly launched Asia Alpha Portfolio yesterday at the Asian Investor Conference 2010, along with heavyweights like China Cosco Holdings, Hanjin Shipping and Wan Hai Lines.
Commodity Booster ETFs launched
DEUTSCHE Bank yesterday launched two commodity booster exchange-traded funds (ETFs) on the Singapore Exchange (SGX): the DB Commodity Booster Light Energy USD Benchmark Index, and the DB Commodity Booster Dow Jones UBS Commodity USD Index (DJUBSCI).
Malaysia to be Great Eastern’s regional Islamic finance HQ
HAVING just won the right to distribute syariah-compliant life insurance products in Malaysia, Great Eastern Holdings will make the country its regional Islamic finance headquarters.
UniFiber to raise $178m with issue of new shares
TO help fund an acquisition and expand its woodchip business, United Fiber System (UniFiber) has proposed to raise $178 million through the issue of subscription shares to Falcon Capital Global Holding. This will result in the investor holding a 51.5 per cent stake in the enlarged share capital of UniFiber.
Company Briefs
PEOPLE’S Food Holdings’ subsidiary, Linyi Xincheng Jinluo Animal Husbandry, has entered into a six-year term loan facility agreement for up to one billion yuan with the Agricultural Bank of China.
Trading CFDs: some pointers
AS REPORTED in this column some weeks back (‘How well do investors understand CFD risks?’ BT, July 22), regulatory antennae in Australia were recently raised when the authorities found from a survey that a large number of retail players in the contracts for differences (CFD) market were ignorant of the risks associated with the instrument.
Aussie economy grows at fastest clip in 3 years
(SYDNEY) Australia’s economy grew at the fastest pace in three years last quarter as households spent far more than expected while exports enjoyed an Asian-driven boom, reviving the risk of a further rise in interest rates.
Europe manufacturing growth slows, exports dip
(ZURICH) Growth in Europe’s manufacturing industry slowed in August and export demand fell to the lowest in seven months, adding to signs that the economy is cooling after the second-quarter surge.
S Korean exports slowing, inflation heading up
(SEOUL) South Korean average exports per working day hit a five-month low in August as the world economy cooled, but an expected pick-up in inflation will likely prompt the central bank to raise interest rates as early as next week.
Thai inflation above 3% for 9th month
(BANGKOK) Thailand’s inflation rate held above 3 per cent for a ninth month in August, supporting the central bank’s view that interest rates can rise further.
Knight Frank’s Peter Ow to retire
VETERAN residential property consultant Peter Ow is retiring from Knight Frank at the end of this year.
Savills is in ‘strong hands, good shape’
WITH Savills Singapore managing director Michael Ng headed for Singapore Land (SingLand) and its parent United Industrial Corporation (UIC) on Oct 1, his current job at Savills will be assumed by the property consultancy group’s Southeast Asia CEO, Chris Marriott.
HK land sale shows builders still optimistic
(HONG KONG) Hong Kong sold a luxury residential site at auction for 26 per cent more that analysts estimated, a sign developers are confident home prices will withstand tighter mortgage rules and increased supply.
Billionaire’s Swiss resort may rival Verbier
(GENEVA) An Egyptian billionaire with a penchant for risk is transforming a sleepy Swiss village into a ritzy resort that may one day rival Verbier.
State of New York cuts borrowing costs by 31%
(NEW YORK) State of New York Mortgage Agency, which provides subsidised home loans to low- and moderate-income families, cut its borrowing costs 31 per cent since April on about US$133 million in tax-exempt housing bonds as demand from individual investors helped drive down yields.
Manufacturing, exports point to slower growth
(BANGALORE) India’s manufacturing growth eased in August as the pace of new orders cooled following a slowdown in exports, underlining expectations that economic expansion has peaked this year.
Pertamina lists 5 for refinery job
(JAKARTA) Indonesia’s Pertamina has shortlisted five companies, including Japan’s Toyo Engineering , Sinopec Corp and Italy’s Saipem SP to build a US$1 billion refinery unit on Java, a company official said yesterday.
M’sia, Indonesia seen holding rates steady
(SINGAPORE) Malaysian and Indonesian policy makers will probably keep interest rates unchanged this week to support their economies as the global recovery slows.
Malaysia issues four new Islamic insurance licences
(KUALA LUMPUR) Malaysia’s central bank said yesterday it has approved four licences for Islamic life insurance to mostly foreign-led operators as part of an ongoing liberalisation to make Malaysia a regional Islamic finance hub.
No travel advisory for Indonesia: Najib
(PUTRAJAYA) Malaysian Prime Minister Najib Razak said yesterday that his government will not issue a travel warning to Malaysians visiting Indonesia at this time unless anti-Malaysia sentiment in Indonesia deteriorates to the extent that the safety of Malaysians is threatened.
Dry bulk rates seen coming close to all-time lows
(SINGAPORE) Freight rates for dry bulk carriers could tumble near historic lows next year as new ships flood the market and iron ore demand in China weakens, said the head of Precious Shipping yesterday.
Supertanker rates remain depressed by surplus ships
(LONDON) A surplus of supertankers competing for two million-barrel cargoes of Middle East crude oil stayed unchanged, undermining owners who have refused charters to try to halt a collapse in rental income.
Hyundai Heavy wants to boost wind-power sales 13-fold
(SINGAPORE) Hyundai Heavy Industries Co, the world’s largest shipyard, plans to increase wind-power sales 13-fold as concern about climate change spurs demand for alternative energy.
Money on casino operator lifts STI
lTRADERS in the Singapore market yesterday pushed the Straits Times Index (STI) up 32.5 points to 2,982.83, probably betting on a Wall Street bounce for the day.
Not surprising for PM to include education in rally
WHILE many observers were surprised at the inclusion of the education component in Sunday’s National Day Rally speech, the changes announced on higher education, however, are in line with the recommendations of the Economic Strategies Committee (ESC) earlier this year.
US may set up tax probe office here: lawyer
US tax investigators may set up an office in Singapore as they tighten the noose around US citizens and Asian green card holders who have undeclared money or assets.
Bedok mixed-use site draws top bid of $788.9m
THE tender of a residential-commercial site at Bedok Town Centre closed yesterday with nine bidders in the fray, most of which put up offers far exceeding expectations.
Fresh grads getting paid higher salaries than in ’09
FRESH graduates are getting paid more this year than last year, says management consulting firm Hay Group.
3Rs put ICM Pharma on the road to success
WITH just $5,000 borrowed from his father 40 years ago, Koe Khoon Poh started a company that now stocks its wares at pharmacy shelves all over Singapore.
Hiring up in retail, IT sectors: report
RECRUITMENT activity is increasing in several sectors such as information technology and logistics and supply chain, according to a report by Robert Walters.
COE bid deposit to be restored to $10,000
THE certificate of entitlement (COE) bid deposit, which was halved to $5,000 for some vehicle categories to provide relief during the recession, will be restored to $10,000, starting with the COE bidding exercise on Oct 4.
Entrepreneur of the Year shortlist unveiled
THE long-awaited shortlist of the prestigious Entrepreneur of the Year Award 2010, co-organised by the Association of Small and Medium Enterprises and Rotary Club of Singapore, was released yesterday.
CATS gets a new publishing system: CASH
SINGAPORE Press Holdings (SPH) advertising unit CATS Classified has rolled out a new cutting-edge publishing system that is faster and more user-friendly.
Visa card spending during YOG jumped 38% year-on-year
SINGAPORE not only scored on the sports front during the Youth Olympic Games (YOG), it also saw foreign-branded Visa card spending soar.
Time to samba: IE S’pore
THE next World Cup will take place in 2014, and the Olympic Games in 2016 – too far off to excite sports fans now.
Rewards far outweigh challenges
MAKING a business decision in Brazil is not purely a commercial move. Not only do you have to get the workers on your side, but also the wider community where your business is located, says Tang Tat Kwong, group president and chief executive of Jurong International.
Tap on FTAs to help business grow
IF you are thinking of venturing to Latin America, tap on the two Free Trade Agreements (FTAs) that Singapore has with Panama and Peru to gain greater competitiveness.
Brazil is unique – and Brazilians passionate
What are the major misconceptions Singaporean businesses have when doing business in Brazil?
Riding on a fruitful experience in Brazil
ST ELECTRONICS is getting a nice ride in Brazil – and it’s looking forward to a great time ahead.
Economists push past official GDP forecast
(SINGAPORE) The Singapore economy could expand by a record pace this year that exceeds the government’s 13-15 per cent forecast, a survey of private sector economists shows.
Carrefour looks to be on shopping list of FairPrice, Dairy Farm
(SINGAPORE) The first round of an auction that began yesterday for the Southeast Asian operations of French retailer Carrefour attracted bids from private equity firms and retail chains in Europe and Asia including Singapore’s NTUC FairPrice, sources close to the deal said.
Govt stands its ground on cross-carriage
(SINGAPORE) The authorities here look set to press ahead with a controversial mandate that compels pay-TV operators to share exclusive programming – despite widespread protests from content suppliers. However, the government has decided to delay the implementation of the policy by up to nine months to give the media industry more time to adjust to the new regime.
S’pore is world’s fourth biggest forex market
(SINGAPORE) Moving ahead of Switzerland, Singapore is now the fourth largest foreign exchange centre in the world.
Business loans dip 0.4% in July
(SINGAPORE) Bank lending growth slowed in July as loans to businesses fell slightly, putting added pressure on banks already struggling to boost lending income amid low interest rates and heightened competition that is squeezing loan margins.
Eng Hen details changes to secondary education
(SINGAPORE) More pathways are being carved out in secondary education to smooth progression into higher education or employment, and offer students greater choice from 2012 onwards.
NTU-Imperial medical school to admit 50 students in 2013
SINGAPORE’S third medical school will take in its first 50 students in 2013, Education Minister Ng Eng Hen said on Tuesday, sharing details on the partnership between Nanyang Technological University (NTU) and Imperial College London.
Economy the focus with end of US combat mission in Iraq: Obama
(WASHINGTON) US President Barack Obama said that with the end of the American combat mission in Iraq, the United States must focus on the ‘urgent task’ of bolstering the economy because the nation’s strength is rooted in prosperity at home.
Petronas buys BP stakes in 2 petrochemical plants
MALAYSIAN national oil company Petronas signed a US$363 million deal yesterday to buy BP’s interests in two petrochemical plants in the north-eastern state of Terengganu.
Three-Minute Digest
SINGAPORE’S economy could expand by a record pace that exceeds the government’s 13 to 15 per cent forecast, estimates by private sector economists show.
Telco Act needs to stay relevant
WITH the Next Generation Nationwide Broadband Network (Next Gen NBN) hitting the home stretch, the telecommunications industry in Singapore, particularly broadband Internet access, is getting ready for a major shake-up.
It’s time for moderates to stop extremists in Mid-East
US PRESIDENT Barack Obama is embarking on something I’ve never seen before – taking on two Missions Impossible at the same time.
US must now learn the lessons of Japan
BACK in the 1980s, the ascendancy of the Japanese economic model was taken for granted. The corollary was the imminent demise of the United States as an economic powerhouse.
Welcome corrective on China, India
IN THE aftermath of the global financial crisis, the economies of North America and Europe remain fragile while those of Asia continue to grow.
German central banker clearly out of line
A JEWISH gene? Immigrants who are making Germany dumber? It is hard to imagine what precisely was running through the mind of Bundesbank board member Thilo Sarrazin when he was promoting his new book on what he sees as the decline of the German nation.
Brokers’ Take
EARNINGS were generally good, but already factored into analysts’ estimates.
US$ falls across the board; A$ soars
(NEW YORK) The US dollar fell against major currencies and the Australian dollar surged yesterday after upbeat data from China and Australia soothed worries about the health of the global economy and boosted risk appetite.
Price war in US hits Panasonic 3-D TV sales
(TOKYO) Panasonic Corp, the world’s largest maker of plasma televisions, said it may fail to meet its sales target for 3-D sets after Samsung Electronics Co unleashed an ‘unexpected’ price war in the US.
IMF issues warning over high debts in advanced economies
THE world’s most highly indebted economies are approaching a ‘debt limit’ beyond which their fiscal positions may become unsustainable, the IMF said in reports published yesterday.
Hitachi said to be planning IPO of US hard-drive unit
(LOS ANGELES) Hitachi Ltd is planning an initial public offering of its hard-drive unit in the United States, possibly by year’s end, sources familiar with the situation said.
Russia home to wealthiest expats: Survey
(CANBERRA) Russia, Saudi Arabia and Bahrain are home to the wealthiest expats, with eurozone countries falling behind when it comes to paying for foreign expertise, according to a survey of expats yesterday.
Sheikh’s millions keep Man City as top football spender
(LONDON) Sheikh Mansour bin Zayed Al Nahyan’s Manchester City accounts for more than a third of the total spent on new players by the Premier League’s 20 teams in the transfer window that closed on Tuesday.
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