Samsung warns of memory chip oversupply from Q4
(SEOUL) Samsung Electronics, the world’s top memory chip maker, warned yesterday the computer memory chip market could be in oversupply from next quarter as a sputtering global economy may further weaken PC sales.
Japan may amend property trust rules, says land minister
(TOKYO) Japan will consider relaxing tax requirements as part of changes to rules for real estate investment trusts after the market shrank by more than half in the past three years, a land minister said.
Side jobs now a norm for many in Japan
(OSAKA) For decades, the standard career path in Japan was to graduate from college, join a company and to stay there until retirement – one job for life.
BA keen on fresh merger talks with Qantas
(LONDON) British Airways (BA) would be keen on reopening merger talks with Qantas Airways if Australia’s top carrier was interested in reviving a deal that collapsed in 2008, according to the British airline’s chief executive.
Airfreight growth seen slowing through 2011
(GENEVA) Growth in demand for air freight, a leading indicator of the strength of world trade, is set to slow in the rest of 2010 and through 2011, the International Air Transport Association said on Monday.
Delta starts weekly flights to Liberia
(MONROVIA, Liberia) Delta Air Lines Inc has launched a new flight from the US to Liberia, becoming the first American carrier to serve the West African nation that is recovering from more than a decade of civil war. Delta said on Sunday that flights would operate weekly between Monrovia and its hub, Atlanta, with a stop in Accra, Ghana.
Suspended JetBlue steward resigned, not fired: lawyer
(NEW YORK) A flight attendant who captured America’s attention when he told off a plane full of passengers and then slid down an emergency chute resigned from his job last week and was not fired, his lawyer said on Sunday.
Steelmaker shares soar as China curbs output
(SHANGHAI) Asian steelmaker shares soared as China intensified a curb on mill output, though analysts warn that more work is needed to trim oversupply in the world’s top producer.
China to treat foreign, local firms equally
(XIAMEN) Vice-president Xi Jinping reassured overseas firms yesterday that China would treat them fairly and was committed to becoming the world’s most attractive destination for foreign investment.
AIG to seek HK approval on Sept21 to list AIA
(HONG KONG) American International Group Inc (AIG) plans to seek Hong Kong listing committee approval on Sept 21, to list its Asian life insurance unit, aiming to raise about US$15 billion, two sources with direct knowledge of the deal said yesterday.
More global roles seen for ICBC after Petrobras
(SHANGHAI) Industrial & Commercial Bank of China (ICBC) could stake a claim as a global fund-raising specialist, analysts said yesterday after the bank secured a role in Brazilian oil giant Petrobras’ record share offering.
Telco stocks slip on fears of keener competition
TELCO stocks fell yesterday on concerns that more competitors may join the market, after the government announced that it is seeking bids for its final third-generation (3G) mobile spectrum.
Error trade propels Abterra into top actives list
ABTERRA shot into the list of top 20 most active stocks yesterday over an error trade said to have been done by a major US bank.
SGX backs education drive in algo trading
THE Singapore Exchange (SGX) is pushing for more education in the area of algorithmic, or algo, trading – which makes up about 30 per cent of SGX’s derivatives trading volume now – with hopes that algo trading would expand into the equities space.
Chongqing a draw for NOL
SEVEN months have passed since Neptune Orient Lines (NOL) moved its China administration and service centre out of Shanghai into a new base in Chongqing, and the company’s group president and chief executive Ron Widdows couldn’t be any happier.
Duration losses could hit corp bond investors
(LONDON) Corporate bond investors are facing the potential for record losses when policymakers start to raise interest rates as companies take advantage of falling borrowing costs to sell longer-term debt.
China Essence refinancing plan delayed
CHINA Essence Group’s plans to refinance its US$50 million DBS Bank loan have been delayed and complicated by ‘ongoing unfavourable macroeconomic conditions and tightened bank internal controls’.
OCBC holds first career fair for staff, students
OCBC Bank held an inaugural career fair for its staff, as well as for university students from NUS, NTU and SMU, Insead and Chicago Business School, early this month.
Latitude Tree plans to expand facilities
EXPANSION plans are on the cards for Latitude Tree International Group, following a robust financial year.
Company Briefs
HOTEL Grand Central said yesterday that its hotel in Christchurch, Hotel Grand Chancellor Christchurch, suffered some damage as a result of the earthquake that hit the Canterbury region on Sept 4.
Hot seat awaits Goh Choon Phong
THE impending transition at the helm of Singapore Airlines comes at a time of great change in the traditional commercial aviation model.
EU moves closer to swifter sanctions in budget rules
(BRUSSELS) European Union finance ministers moved closer to agreement on swifter sanctions for budget rule breakers on Monday but put off potentially difficult talks on a permanent mechanism to resolve eurozone crises.
Australia stays hand on rates again
(SYDNEY) Australia’s central bank has extended its pause in raising interest rates ‘for the time being’ as concern that the global economic recovery may falter trumped evidence of an accelerating expansion at home.
Dividends beating bond yields in US by most in 15 years
(NEW YORK) More US stocks are paying dividends that exceed bond yields than any time in at least 15 years as profits rise at the fastest pace in two decades.
JBIC to lend US$2.5b for green projects
(TOKYO) The Japan Bank for International Cooperation plans to offer US$2.5 billion in loans this fiscal year for clean-energy and water-supply projects abroad to help Japanese companies market their environmental technologies.
Investors wary about fragility of EU banks holding govt bonds
(LONDON) Even after a 750 billion euro (S$1.29 trillion) bailout for the weaker economies in the eurozone, investors are skittish about sovereign debt – and about the banks that hold the region’s government bonds.
Keeping it all in the family
IF YOUR family has at least US$10-20 million in assets, you could well benefit from the services of a multi-family office. Here’s an idea of what you would get: A one-stop independent financial adviser who will give you a consolidated view of all your assets that may sit in multiple bank accounts; conduct due diligence on products and funds; and negotiate with banks and money managers for wholesale fees for products and services.
A decade of lost bonds as well?
AS INVESTORS globally continue to favour fixed-income over equity funds by a wide margin, it’s clear that the past 10 years – what some consider to be a ‘lost decade’ for stocks – continue to have a huge impact on individuals’ investment decisions.
Beijing intensifies efforts to relocate factories inland
(BEIJING) China will intensify efforts to draw factories inland from crowded coastal regions, a government directive said, but warned officials to leave such decisions to companies.
China increasing clout in S Asia at India’s expense: PM Singh
(NEW DELHI) China is seeking to expand its influence in South Asia at India’s expense, Indian Prime Minister Manmohan Singh warned in rare public criticism of his country’s rival for regional resources and geopolitical clout.
UAE telecom giant considers acquiring Idea
(DUBAI) Emirates Telecommunications Corporation (Etisalat), the United Arab Emirates’ biggest phone company, said it is considering Idea Cellular Ltd among potential investment targets in India.
Indian shares touch new 31-month high
(MUMBAI) Indian shares climbed 0.5 per cent yesterday and hit their highest level in 31 months for the second day, bolstered by rising foreign investor interest in the fast-expanding economy.
Indonesia won’t raise interest rates: central bank
(JAKARTA) Indonesia’s central bank chief said he wants to avoid increasing interest rates, counting on lending and reserve rules for banks to contain inflation and stoke growth in South-east Asia’s biggest economy.
Rumbling Indonesian volcano erupts again
(TANAH KARO, Sumatra) An Indonesian volcano shot a towering cloud of black ash high into the air yesterday, dusting villages 25 kilometres away in its most powerful eruption since awakening last week from four centuries of dormancy.
Petronas moves to launch petrochem IPO
(KUALA LUMPUR) Malaysia’s Petronas has filed a draft prospectus for an initial public offering (IPO) of its entire petrochemicals business, moving a step closer towards creating the country’s second largest IPO after Maxis.
Mitsuoka to start Thai production
JAPANESE exoticar marque Mitsuoka will build its fanciful creations outside Japan for the first time when its Bangkok factory opens in November.
Jackspeed eyes future Thai demand
MAINBOARD-LISTED Jackspeed Corp is optimistic that Mitsuoka’s new assembly operation in Thailand will steadily boost demand for its leather upholstery.
BMW, Mini to widen model ranges
(BERLIN) Bayerische Motoren Werke, the world’s largest maker of luxury autos, will expand the BMW and Mini model ranges to boost annual sales 55 per cent over the next decade and fend off Volkswagen AG and Daimler AG.
Maruti Suzuki to raise production capacity in India
(MUMBAI) Maruti Suzuki India Ltd, the nation’s biggest carmaker, will boost production capacity 46 per cent on surging demand in Asia’s third-largest car market.
Weak demand may pressure tanker rates
(SINGAPORE) Freight rates for dirty tankers to Asia are expected to trade near this year’s lows with a lull in traffic due to weak seasonal demand, traders said yesterday.
Boat Asia to stay at Marina at Keppel Bay
BOAT Asia has signed on for another three-year stint at Marina at Keppel Bay, its organiser, TMX Show Productions, announced yesterday.
Iran storing abundant fuel oil supply on VLCCs
(SINGAPORE) Iran has been storing straight-run fuel oil on supertankers for at least three months, in an unprecedented move prompted by China’s poor feedstock demand and financing difficulties faced by buyers due to Western sanctions, industry sources said recently.
Not quite plain sailing in the near term
TWO press releases attracted my attention this week. One brought encouraging news, the other was gloomier.
Labour strikes cripple France and London
(PARIS) Strikes hobbled public transit across France and in London yesterday, with tourists and commuters bearing the brunt of a wave of discontent over government austerity measures.
Late push props STI up
AFTER pushing stocks higher almost non-stop for the past week, traders yesterday reversed gear and bet on Wall Street encountering softness on Tuesday.
Tender bids spread wide as developers guess at fallout
DEVELOPERS’ mixed reading of the impact of the Aug 30 property market cooling measures was apparent at a state tender yesterday.
Maybank ups rates for forex FDs
MAYBANK Singapore has launched a new promotion to attract foreign-currency fixed deposits, a move that could put further pressure on rivals here.
HDB releases EC, private housing sites
THE Housing & Development Board (HDB) yesterday released two residential sites – one for an executive condominium (EC) at Pasir Ris and the other for private housing at Sengkang.
DBS Private Equity buys minority stake in Meinhardt
DBS Private Equity Group has bought a minority stake in engineering, planning and management consultancy Meinhardt Group International Holdings, Meinhardt said yesterday.
Big growth expected in Asian economy hotel sector
THE focus has largely been on upscale hotels in Asia but the economy hotel segment has much room to grow, hotel industry experts said at a forum here yesterday.
Singapore Roundup
THE Singapore Cricket Club (SCC) International Rugby 7s has several new corporate and media partnerships this year.
Accountancy services set to soar
GIVEN Singapore’s ambitious moves to grow its accountancy sector over the next decade, industry players have their work cut out. Over the next 10 years, the target is for the sector to more than double its contribution to Singapore’s economic output from the current 0.4 per cent to about one per cent.
Enhancing productivity not just a numbers game
PRODUCTIVITY has become the holy grail this year as the government aims to bump up output growth and restructure the economy over the next 10 years. Heeding the call to boost productivity, audit firms are deploying various tools, ranging from IT infrastructure, technology and training to cost-cutting measures.
Cheaper, livelier, new face of China woos businesses
BUSTLING municipality that styles itself as the ‘Chicago of China’ has put out the welcome mat for companies from Singapore and elsewhere and seen some big names walk in through the door.
No sweat for S’pore banks as BaselIII slides into view
(SINGAPORE) Banks worldwide could be required to hold as much as 9 per cent in Tier 1 capital – more than twice the current minimum – if proposed international guidelines are adopted, a German newspaper reported yesterday.
HSBC chairman to become British trade minister
STEPHEN Green, chairman of HSBC, will step down and become trade minister of the UK’s coalition government.
Investment banker to be Barclays CEO
(LONDON) Robert Diamond, the architect of Barclays plc’s investment banking expansion, was appointed chief executive officer and pledged to boost the bank’s consumer unit.
Mooncake sales booming despite higher prices this year
(SINGAPORE) Mooncake sales have shot up this year despite price increases due to higher ingredient costs.
Axiata Q2 profit up 10% at RM576.8 million
MALAYSIAN telecommunications firm Axiata came through with bells on in the second quarter of 2010 despite fears about overpaying for spectrum in India.
Swiss money magnet needs little tweaking
(SINGAPORE) Switzerland should continue building on its own strength and traditions and it will remain the financial centre of choice for the very rich, especially those from Europe.
BOJ inaction over yen hints at Tokyo’s deal with G-7
THE Bank of Japan (BOJ) again declined to take decisive action yesterday in the face of the strong yen and a weakening Japanese economy, reflecting what appears to be an agreement between Tokyo and its major Group of Seven (G-7) partners to leave the yen at around its current levels, despite rising protests from Japanese exporters.
Obama to back more business tax breaks
(WASHINGTON) President Barack Obama will call on Congress to pass new tax breaks that would allow US businesses to write off 100 per cent of their new capital investments through 2011, the latest in a series of proposals the White House is rolling out in hopes of showing action on the economy ahead of the November elections.
Gates, Buffett to explain China trip
(BEIJING) Billionaires Bill Gates and Warren Buffett will publicly explain the purpose of their planned visit to China after a newspaper reported that a number of wealthy Chinese individuals declined to attend an event hosted by the two due to concerns that they’d be asked to give their money to charity.
Three-Minute Digest
A BUSTLING municipality that styles itself as the ‘Chicago of China’ has put out the welcome mat for companies from Singapore and elsewhere and seen some big names walk in through the door.
How to regulate high-frequency trading?
INVESTORS are often told that the best investment strategy is to buy and hold because over the long term returns from stocks will always exceed those from bonds.
Hu, Wen must grasp nettle of political reform now
THIRTY years ago, China’s paramount leader, Deng Xiaoping, designated Shenzhen, a sleepy fishing village next to Hong Kong, as the country’s first special economic zone. Today, it is the fastest-growing city in China with a population of 14 million people.
The Lehman fiasco: what really happened
WHAT really happened? Next Tuesday will be the second anniversary of Lehman Brothers’ bankruptcy and the ensuing panic that helped spawn the deepest recession since the Great Depression. Yet two years on, a mystery remains about the fateful weekend before Lehman’s fall.
Small stimulus for the big recession
US PRESIDENT Barack Obama and the members of Congress are returning to Washington this week after the long summer vacation which officially ended on this Labour Day weekend.
An industry that mints nasty billionaires
THERE is something surprising about a private banker warning his colleagues about the rich. It would be like a director of Volkswagen AG casting doubt on motorists, or the boss of McDonald’s Corp distancing himself from people who eat fast food. Rather like valets, the main aim of the private banker is to court the wealthy.
Brokers’ Take
CHINA gets tougher on environmental issues.
Unjustified criticism of Xpress Holdings
I READ with some disquiet Mak Yuen Teen’s article, ‘Give the time or give up the post’ (BT, Sept 6).
SingPost cutting waste, raising efficiency
WE thank Narayana Narayana for his feedback, ‘When is mail delivered nowadays?’ (BT, Aug 31).
Euro takes a hit on banking concerns
(LONDON) The euro fell broadly yesterday after rekindled concerns about the European banking sector prompted investors to sell higher-risk currencies.
US jobless rate nearing 10%, says BofA Merrill
(WASHINGTON) The jobless rate in the United States is likely to approach 10 per cent in coming months as the economy fails to grow quickly enough to employ people rejoining the labour force, according to economists at BofA Merrill Lynch Global Research and Morgan Stanley.
German factory orders fall in July
(BERLIN) German manufacturing orders unexpectedly fell in July at their steepest rate in more than a year, weighed down by weaker demand from abroad and a below-average volume of big orders.
No recession for US election spending
(WASHINGTON) Turns out politics, for all its focus on the gloomy economy, is a recession-proof industry.
US IPO backlog piles up in uncertain market
(NEW YORK) Wall Street’s IPO pipeline is jammed. As many as 161 companies are seeking to raise more than US$56 billion through initial public offerings, according to Renaissance Capital, an IPO research firm. That is the most companies in the IPO pipeline since 2000 and the largest pent-up dollar amount on record.
Oracle names ex-HP CEO co-president
(SAN FRANCISCO) Oracle Corp has hired former Hewlett-Packard Co chief executive Mark Hurd to help lead the database software maker in a pivotal moment in Oracle’s 33-year history as it tries to move in on more of HP’s turf.
‘Hall’ of frame
Iran still boosting nuclear work: UN watchdog
(VIENNA) Iran is pushing ahead with its nuclear programme in defiance of tougher sanctions and is hampering the United Nations watchdog’s work by barring some inspectors, the agency says in a new report.
Greek finance minister spared in reshuffle
(ATHENS) Greece’s Socialist government retained its finance minister in a cabinet reshuffle announced early yesterday, but changed other key officials involved in the effort to reform the country’s troubled economy.
|