Kan retains lead over challenger in surveys
(TOKYO) Prime Minister Naoto Kan kept his huge lead in opinion polls over challenger Ichiro Ozawa as the Japanese public’s choice for leader ahead of a ruling party election, according to opinion polls released by major newspapers yesterday.
Saudi Arabia demands justice in Thai murders
(BANGKOK) Saudi Arabia lashed out at Thailand yesterday for promoting a senior police officer charged with the two-decade-old murder of a Saudi businessman.
Macquarie shares plunge after it says H1 profit will fall 25%
(SYDNEY) Australia’s top investment bank Macquarie Group warned investors yesterday that it would miss profit forecasts after weak markets took a toll on its trading and advisory business, sending its shares to a 15-month low.
Pilot shortage on horizon as airline sector rebounds
(SINGAPORE) Cathay Pacific, Qantas and Emirates are awaiting deliveries of about 400 planes to capitalise on Asia’s rising prosperity. Finding pilots is the next job.
British Airways CEO sizes up next deal after Iberia
(LONDON) Willie Walsh, chief executive officer of British Airways plc, has caught the merger bug.
China crash probe focuses on falsified pilot resumes
(BEIJING) China said yesterday it is investigating the qualifications of the nation’s commercial pilots after revelations that more than 200 of them had falsified their resumes.
Cause of UPS plane crash in Dubai still a mystery
(DUBAI) Pilots on board a UPS cargo plane faced radio problems and smoke in the cockpit as they struggled to maintain altitude before crashing into the desert outside Dubai last week, investigators said on Sunday.
HTC challenges iPhone with a ‘quiet’ ring tone
(BEIJING) East Asia is the world’s electronics factory, yet unless they are Japanese, producers are largely anonymous. Now HTC Corp, a Taiwanese maker of smartphones, is moving out of the shadows and trying to establish its own brand name as it competes with Apple’s iPhone.
Reliance’s plans to sell tower assets to GTL fall through
(MUMBAI) Billionaire Anil Ambani’s plans to sell Reliance Communications Ltd’s phone-tower assets to GTL Infrastructure Ltd collapsed after both sides failed to agree on a deal by last month’s deadline.
‘Miracle’ Shenzhen marks 30 years
(BEIJING) President Hu Jintao hailed the southern export hub of Shenzhen as a ‘miracle’ yesterday as China marked 30 years of reforms in the city that provided the blueprint for the country’s economic rebirth.
Private equity firms raise 32% less funds in Q2
FUNDS raised by private equity firms in the second quarter of this year came to US$41.3 billion – the lowest since 2003, says data provider Preqin.
ANZ exec to head DBS consumer banking
DBS Group has hired a senior ANZ Bank executive in Asia to replace its consumer banking head Rajan Raju who left last week.
India’s Fortis Healthcare eyes Singapore Reit
(NEW DELHI) Indian hospital operator Fortis Healthcare is looking to list a real estate investment trust in Singapore in the next six months to house its property assets and is looking at a valuation of US$600-700 million, said a senior company executive, who asked not to be named.
Ascendas eyes new China funds
ASCENDAS will be setting up new funds to continue investing in China’s real estate market.
Barang Barang won’t be able to pay all its creditors
KLW Holdings’ subsidiary Barang Barang Pte Ltd (BBPL) will not be able to pay all its creditors as the funds amassed from liquidation will not be sufficient.
Some M&C hotels in New Zealand hit by quake
CITY Developments’ London-listed hotel arm Millennium & Copthorne Hotels (M&C) yesterday said that some of its hotels in Christchurch, New Zealand, had suffered some damage as a result of the earthquake that affected the region on Saturday.
RH Petrogas invests in two Indonesian oil projects
RH PETROGAS is investing US$37.1 million for a share in two Indonesian oil exploration projects through a sale and purchase agreement.
FJB seeks wider network for Catherine Deane
RETAILER FJ Benjamin Holdings is looking to boost the distribution network for new brand Catherine Deane in Asia.
Tiong Seng boosts green efforts with takeover of Cobiax
MAINBOARD-LISTED construction group Tiong Seng Holdings will be strengthening its sustainable construction ethos with its new acquisition.
Company Briefs
CAPITAMALLS Asia said its joint tender with CapitaLand for a Bedok Town Centre site has been accepted by the HDB.
US jobs situation improving? Think again…
THE received wisdom over the past week derived from Wall Street’s sudden bounce is that double-dip fears are now a thing of the past. One major source of this rosy scenario was a recent jobs report, whose release was accompanied by prominent headlines about the US private sector starting to hire again, thus easing worries about a jobless recovery and the consequent implications this has for the economic outlook.
Consider more stimulus: Fed’s retiring deputy
(WASHINGTON) The former vice-chairman of the Federal Reserve, who retired last week after 40 years at the central bank, says that the economy is in ‘a slow slog out of a very deep hole,’ and that the Fed should consider additional stimulus unless the recovery shows signs of ‘decent progress.’
WTO chief urges G-20 leaders to take Doha talks forward
(SEOUL) Group of 20 leaders should use their November summit to make a serious push to conclude the stalled global trade negotiations, WTO director-general Pascal Lamy said yesterday.
Romania wants to reassess IMF deal in October
(BUCHAREST, Romania) Romania’s president said yesterday the country should reconsider its loan agreement with the International Monetary Fund (IMF) in October.
Aust central bank to extend rate pause on global concern
(SYDNEY) Australia’s central bank may keep its benchmark interest rate unchanged for a fourth month to support the nation’s economy as concerns deepen that recoveries may be faltering in the US, Japan, and Europe.
Property sector in Bangkok still booming
(BANGKOK) From its business district to leafy suburbs, new condominiums are sprouting almost daily across Bangkok, but developers and investors alike seem little concerned about a property bubble developing.
Private home sales fall in Hong Kong
(HONG KONG) Transactions of used apartments at 10 of Hong Kong’s biggest private developments fell for a second straight week as sellers held out for their listed asking prices after consecutive government land auctions that beat estimates.
China allows insurers to invest in property
(SHANGHAI) China will allow insurers to broaden their investment channels into private equity and real estate, a long-awaited move that could unleash as much as US$100 billion worth of fresh funding into unlisted firms and the property sector.
China property bonds rebound on record sales
(SINGAPORE) Bonds issued by China developers are rebounding from their worst first half in two years as a record US$6.8 billion in offshore debt sales spurs confidence the borrowers have the resources to weather a slowing economy.
Delhi to sell stakes in state-run oil firms
(NEW DELHI) India is considering selling 10 per cent in Indian Oil Corp (IOC) and 5 per cent in Oil and Natural Gas Corp (ONGC) in the March quarter, a deal that could fetch the government about US$5.6 billion at current prices.
Pinault’s pride
Jakarta revises down Aug core CPI
(JAKARTA) Indonesia’s statistics bureau (BPS) said yesterday it revised down its figure for August core inflation to 4.24 per cent year on year, from 4.53 per cent announced on Friday, because of a miscalculation.
UEM wins 9-year legal battle with S’pore partner
A DISPUTE between Malaysia’s UEM and its former Singapore partner was resolved yesterday after the Federal Court ruled in favour of UEM, bringing closure to a nine-year legal battle and restoring certainty to commercial disputes in the country.
Malaysia’s biofuel industry grinds to a halt
(KUALA LUMPUR) Malaysia’s once-vaunted biofuel industry has seen production grind to a halt since a March announcement that the government’s mandatory switch to the green energy will be delayed to June 2011.
Barge freight rates in US set for more gains
(CHICAGO) Freight rates to ship grain by barge to the US Gulf, which surged as much as 50 per cent last month, are set to head higher this fall as the corn and soyabean harvest builds momentum, likely raising export prices.
Westports on course for RM900m turnover
(KUALA LUMPUR) Westports Malaysia expects to chalk up revenue of close to RM900 million (S$389 million) this year, driven by brisk business activities due to an improved global economic scenario.
Vietnam arrests 4 more execs of troubled Vinashin
(HANOI) Police have arrested four additional former senior executives of Vietnam’s debt-laden, state- owned shipbuilding company as part of widening investigations into mismanagement, state media reported on Saturday.
Japanese tanker attacked off Indonesian island
(KUALA LUMPUR) A Japanese tanker has been attacked by armed pirates off an Indonesian island, the latest in a spate of incidents in a South China Sea shipping lane, a global maritime watchdog said yesterday.
STI surges to new 52-week high
THE Straits Times Index rose 32.02 points yesterday to a 52-week closing high of 3,034.58, supposedly on signs that a double-dip recession in the US may be avoided.
Active pace of hiring seen continuing till end of the year
THE current hiring spree may not match the peaks in 2007 and early 2008, but it’s likely to be more sustainable, says Manpower Singapore country manager Peter Haglund.
Bigger S’pore Int’l Energy Week this year
THE Singapore International Energy Week will be back this year with larger numbers and more political clout.
Guitar prodigy Kevin Loh bags HSBC excellence award
KEVIN LOH may be barely into his teens, but place a guitar in his hands, and his talent easily outstrips his age.
Teachers’ academy to help boost professionalism
THE Academy of Singapore Teachers was launched yesterday – at the fifth biennial Teachers’ Conference – by Minister for Education and Second Minister for Defence Ng Eng Hen.
Young S’poreans content with being just good, not the best
A SURVEY has shown that most younger Singaporeans aged 19 to 23 are satisfied with just being good and not the best, and that many believe they do not need to learn – even though most believe that learning is the key to success.
SPH CEO Alan Chan made a member of the PSC
SINGAPORE Press Holdings chief executive Alan Chan was yesterday appointed a member of the Public Service Commission (PSC) for a five-year term.
Gunning for a greener future
AS FLOODS and droughts continue to wreak havoc all over the world, people here are beginning to pay more attention to climatic changes and the need for more green measures.
Going beyond our shores
WHEN Desmond Teo joined his brothers in their small family business as a driver in 1979, he could not have foreseen the explosive growth of the heavy lift slings and rigging gear specialist.
Sprucing up the heartland image
Heartland beauty brand Estetica has stayed true to its founding values of focusing on the customer despite the modernisation of its business.
Weathering rough seas
THE recession hit Orient Express Lines (Singapore), like other shipping companies, hard, and like many of its fierce competitors, it had to take painful steps to ‘cut the fat’.
Doing more with less
PRODUCTIVITY is still the latest buzzword in town. Prime Minister Lee Hsien Loong also reiterated this in his recent National Day Rally Speech as he discussed the importance of increasing productivity to drive economic growth for the long term.
Seeking alternatives to foreign workers
GIVEN Singaporeans’ increasing unease with the increased presence of foreigners, we are not surprised that the government will introduce measures such as raising foreign worker levy to moderate our dependence on foreign workers.
Door swings open for fourth mobile operator
(SINGAPORE) Local authorities will go ahead with plans to auction off Singapore’s final third-generation (3G) mobile spectrum this November despite opposition from incumbent operators.
SGX gets its man and his sense of humour
(SINGAPORE) Two years back, when oil prices were hitting record highs and Singapore Airline’s bottomline was bruised by jet fuel rates, its chief executive Chew Choon Seng touched on the topic with typical wit.
Some developers pushing ahead with launches
(SINGAPORE) Some developers plan to go ahead with property launches despite uncertain market conditions brought about by the government’s latest move to cool rising prices.
Record $29.9b tax collected in ’09
(SINGAPORE) The taxman has never had it so good. Despite a fall in corporate income tax, he collected a record $29.9 billion in taxes in 2009, up 0.2 per cent, partly due to the growth in the population and a buoyant property market.
The man who led some of Singapore’s top institutions
(SINGAPORE) Singapore Exchange (SGX) chairman J Y Pillay, 76, who steps down from his position at the end of the year, is a man credited with building up some of the most renowned institutions here.
JTC to build new marine, aviation, medtech centres
(SINGAPORE) JTC Corp, which is now surfacing from the global financial crisis, is planning several new infrastructure projects.
Julius Baer sees Asia making up 25% of assets
(SINGAPORE) Bank Julius Baer, which has identified Singapore as its ‘second home market’, expects Asian assets to account for 20-25 per cent of group assets under management within five years.
SingTel may get boost in Europe through Cable & Wireless
(SINGAPORE) Singapore Telecom will be able to stake a major claim to European markets if it acquires Cable and Wireless Worldwide (C&WW), but the integration of these two giants could be challenging at first, analysts say.
Slowing of foreigner inflows raises questions on labour, housing
(SINGAPORE) Sustained, slower rates of foreigner inflows could have implications for the labour force and housing market, a Citi report yesterday said.
Three-Minute Digest
PLANS to auction off Singapore’s final third-generation mobile spectrum will go ahead in November despite opposition from incumbent operators.
Floods raise stakes for Pakistan
WITH month-long floods swelling concerns about a country already blighted by terrorism, corruption and sectarian killings, Pakistan has little to cheer about.
Politicians repeat old mistakes with US economy
HERE’S the situation: The US economy has been crippled by a financial crisis.
Are customer loyalty schemes profitable?
MORE companies are focusing on consumer loyalty to enhance long-term profitability. One of the more popular strategies is loyalty reward programmes popularly adopted by hotels, airlines and department stores.
Who should be on a firm’s board?
WHAT do you get when you put a room full of CEOs from different industries together in a corporate board room and ask them to govern a company?
Shadow Shoguns will trash Japan’s economy
EVEN for a guy dubbed Japan’s ‘Shadow Shogun’, it was a breathtaking moment.
Brokers’ Take
SINGAPORE Airlines (SIA) announced on Friday evening that Goh Choon Phong will succeed Chew Choon Seng as CEO when Mr Chew steps down at the end of December.
Dollar hovers near 15-year low vs yen
(LONDON) The dollar dipped yesterday and looked set to test a 15-year low against the yen after shedding gains made following US jobs data, while greater appetite for risk prodded the euro to a three-week high versus the US currency.
First rise in cross-border loans since Lehman crisis
CROSS-BORDER lending to Asian and other global borrowers has risen for the first time since the Lehman Brothers crisis in late 2008.
Cutting debt won’t hit recovery
THE Bank for International Settlements says in a paper that overextended household and corporate borrowers are likely to continue reducing debt in the next few years.
Obama to announce US$50b infrastructure job plan
(WASHINGTON) US President Barack Obama was set to announce yesterday a six-year plan to revamp the United States’ road, railways and runways with a US$50 billion up-front investment to jump-start job creation, the White House said.
UK’s City Financial launches Asian fund of hedge funds
(LONDON) British fund management firm City Financial has launched an Asian fund of hedge funds in a move designed to tap into the rapid development of the hedge fund industry in the region, it said yesterday.
UK factory output grows at record pace
(LONDON) Factory production in the UK grew at a record pace in the third quarter on surging export demand, the Engineering Employers Federation (EEF) said.
Greeks pessimistic about economy and govt
(ATHENS) Greeks believe their government’s efficiency is deteriorating and the country’s situation is likely to worsen, two polls showed.
London police to re-probe phone hacking
(LONDON) London’s Metropolitan Police will examine new evidence of phone- hacking by journalists at Rupert Murdoch’s News of the World newspaper detailed in a report in the New York Times.
Former HP CEO Mark Hurd in talks to join Oracle
(SAN FRANCISCO) Mark Hurd, former chief executive Hewlett-Packard, is in talks to take a top executive job at Oracle Corp, the database software maker run by his friend Larry Ellison, a source said on Sunday.
Merkel presses a ‘nuke-war’ button
(BERLIN) German Chancellor Angela Merkel set the stage yesterday for perhaps the biggest fight of her time in office with proposals to postpone the date when Europe’s biggest economy abandons nuclear power.
BP ups asset sale target after oil spill: report
(LONDON) Oil giant BP has increased to US$40 billion the amount it wants to raise from an asset sale programme in the wake of the Gulf of Mexico oil spill, the Sunday Times newspaper reported.
Most UAE banks stop money transfers to Iran
(DUBAI) Most banks in the United Arab Emirates (UAE), an important trading partner for Iran, have stopped money transfers there after the latest round of sanctions on the Islamic republic, bankers said on Sunday.
Master chefs offer different contest at US Open
(NEW YORK) There’s been intense competition going on at the US Open, and it has nothing to do with aces or foot faults.
Sign of the times: Gadgets that help you save
(NEW YORK) How do you get penny pinchers to spend these days? Pitch products that promise to save them money.
Palestinian, Israeli leaders hopeful after start of talks
(JERUSALEM) Palestinian and Israeli leaders expressed satisfaction and hope on Sunday in their first public utterances after the opening round of Middle East peace talks in Washington last week.
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