Rebuilding after NZ quake set to spur economic rebound
(SYDNEY) The rebuilding effort after New Zealand’s worst quake in 80 years will help spur an economic rebound over the next 12 months, economists forecast, citing experiences from disasters in Japan and the US.
Foster’s rejects US$2.5b offer for wine business
(MELBOURNE) Foster’s Group Ltd, Australia’s largest brewer, knocked back a private equity offer worth up to US$2.5 billion for its wine business as too cheap, but the approach could spark offers for the entire group.
S Korea also imposes sanctions on Iran
(SEOUL) South Korea said it will ban any new investments for Iranian oil, gas and construction projects, joining nations including the US in imposing sanctions for the Middle Eastern country’s nuclear programme.
Boeing to trim military aircraft business
(ST LOUIS) Boeing Co is slimming down its military aircraft business and cutting workers as the US tightens defence spending and profit margins shrink.
Airport body scanners may get privacy upgrade
(WASHINGTON) Holli Powell, a Phoenix medical-software consultant who flies every week, says she avoids getting into airport security lines that end at what she calls a humiliating full-body scanner.
Latecoere seeking supplier mergers
(TOULOUSE) Latecoere SA chief executive officer Francois Bertrand, seeking a partner for the aircraft-components supplier, said his industry must consolidate before Airbus SAS and Boeing Co renew their narrow-body jets in coming years.
Outlook for Alaska Airport System bonds cut to negative
(NEW YORK) Alaska’s Airport System bonds were cut to a negative outlook from stable by Moody’s Investors Service, which said persistent poor economic conditions threaten to curb passenger traffic and weaken cargo revenue.
Electronic flip may slow chip uptick
IT’S like a giant seesaw. For a couple of quarters, the global semiconductor industry goes into a free fall, only to re-emerge with record sales in a couple of quarters, before beginning another downward spiral.
More S’poreans flocking to e-tailers more often
WITH up to 40 per cent of Singaporean online shoppers buying their products through retailers’ websites, businesses should make e-commerce a priority, according to a new research paper.
$3m over 3 years allocated to grow digital advertising
(SINGAPORE) The Media Development Authority (MDA) and the Interactive Digital Media Program Office (IDMPO) will invest $30 million over the next three years to help grow the share of digital advertising, which currently stands at 5.3 per cent, of the total advertising spend.
Nokia to showcase N8 in bid to close gap with Apple
(PARIS) Nokia Oyj, the world’s biggest maker of mobile phones, has a lot riding on its annual showcase event next week as it tries to claw back ground lost to Apple Inc’s iPhone and devices based on Google Inc’s Android software.
Local govts cut power to meet Beijing’s goals
(BEIJING) Chinese steel mills and mobile phone factories are being idled and thousands of homes in one area are doing without electricity as local governments order power cuts to meet energy-saving targets set by Beijing.
China buys 583b yen of Japan bonds in July
(TOKYO) China bought US$6.9 billion worth of Japanese bonds in July, Japan’s finance ministry said yesterday, as the Asian giant continues to ramp up purchases of Japanese debt.
Lead demand growth to slow: ministry
(SHANGHAI) Refined lead consumption in China, the world’s largest user, will expand at a slower pace in the second half than in the first six months as car sales grow at a reduced pace, according to a Ministry of Commerce report.
Nissan to introduce new brand in China
(BEIJING) Nissan Motor plans to introduce a new passenger-car brand in the Chinese market with its local partner to help meet demand for cheaper models.
Stanchart 2nd in India for merger deals
(MUMBAI) Standard Chartered (Stanchart), ranked 14th among merger advisers in India last year, has climbed to number two by financing takeovers in the world’s second-fastest growing major market for acquisitions.
Wall Street fails to lift STI
BETTING on the Straits Times Index rising in tandem with Wall Street – the latter because of a supposedly improving economy – didn’t really work out yesterday because of sudden concerns over the health of European banks. As a result, blue chips spent all day in the red with the STI eventually finishing a net 24.67 points lower at 3,011.42.
China Hongxing shares surge
SHARES of China Hongxing Sports – which have been in active play in recent weeks – surged as much as 10.8 per cent yesterday.
Yangzijiang TDRs enjoy rousing debut
YANGZIJIANG Shipbuilding enjoyed rousing reception at its debut on the Taiwan bourse yesterday on keen interest among investors to buy into the first Chinese mainland company to list in Taiwan.
No changes to STI stocks after half-yearly review
THE list of 30 stocks that make up the Straits Times Index (STI) stays intact following a half-yearly review.
New DBS bonds dip on debut, sovereigns weak
(HONG KONG) New bonds issued by DBS Group Holdings Ltd slipped on their Asian debut yesterday, while sovereign debt from the Philippines and Indonesia also fell, tracking a weak broader market on renewed concern about the health of European banks.
Emerging market stocks may hit US$80t by 2030: Goldman
(HONG KONG) The market value of emerging-market stocks may surge more than fivefold to US$80 trillion in two decades, overtaking developed nations, as China becomes the world’s largest stock market, Goldman Sachs Group Inc said.
Hedge funds shrink on outflow in July
(BOSTON) The global hedge fund industry shrivelled a little more in July when investors pulled out nearly US$3 billion after the loosely regulated portfolios posted losses in May and June, researchers reported on Tuesday.
Citi: S’pore unlikely to see 4th telco operator
DESPITE the local authorities opening the door for a fourth telecommunications operator, Citi Investment Research does not expect a new entrant to join the fray.
SingTel Optus sued for ‘misleading’ ads
(SYDNEY) SingTel Optus Pty Ltd misled Australians with advertisements touting the company’s broadband speeds and data plans, the Australian Competition and Consumer Commission (ACCC) said.
Telco plans euro-bond issue
(HONG KONG) Australian telecommunications company SingTel Optus Pty Ltd plans a benchmark-sized, euro- denominated bond issue due in 10 years, a source close to the deal said yesterday. The bond was likely to be priced as early as yesterday, the source said. The company earlier met investors in Europe.
Company Briefs
PACIFIC Healthcare Holdings has agreed to sell 62 million shares – representing a 14.9 per cent stake in its enlarged share capital – to investment holding company Affluent Healthcare Holdings at 11 cents each.
RHP making inroads – in a safer way
WITH its latest acquisition of two more Indonesian oil- and-gas (O&G) assets – which also give it its first producing fields – exploration and production (E&P) newbie RH Petrogas (RHP) is starting to make inroads into the oil-and-gas business.
German July exports fall as global recovery slows
(FRANKFURT) German exports fell in July as the global recovery lost momentum.
Eurozone deflation as unlikely as high inflation
(BRUSSELS) Deflation in the eurozone is as unlikely as strong inflation, European Central Bank governing council member Guy Quaden said in a joint newspaper interview published yesterday.
EU austerity is a wrong bet, says Nobel laureate
(BUDAPEST) The European Union will prolong the global downturn if policymakers in the bloc’s big economies insist on austerity measures to cut budget deficits, Nobel Prize winning economist Joseph Stiglitz said on Tuesday.
Bank Indonesia delays issue of one-year SBIs
(JAKARTA) Indonesia’s central bank has delayed the issue of its new 12-month SBI debt because it sees market players needing more time to shift to longer maturities and to avoid hurting demand for one-year government bills.
US builders revive stalled housing projects
(NEW YORK) Construction crews are returning to the Cascades of Groveland, a gated 55-and-older community west of Orlando, Florida, almost three years after its bankrupt developer left owners of the existing 238 houses surrounded by empty lots, partially built homes, and an unfinished clubhouse.
Merrill bullish on Japanese real estate companies
(TOKYO) Investors should buy shares in Japanese real estate companies because demand for offices and houses is likely to increase as the central bank keeps borrowing costs near zero, said Bank of America Corp’s Merrill Lynch & Co.
Merger plans ruled out for Nippon Building Fund
(TOKYO) Nippon Building Fund Management, which manages Japan’s largest real estate investment trust, is not planning to merge it with another Reit and will focus on buying up new properties to drive earnings growth, its chief executive Koichi Nishiyama said.
UK Aug home price rise surprises analysts
(LONDON) UK house prices unexpectedly rose for a second month in August as a strengthening economy helped support demand, Halifax said.
UOA sets up S’pore office at Suntec City
MALAYSIAN property developer UOA Group has set up a customer service centre and property sales gallery at Suntec City as it looks to grow the proportion of Singaporeans and other foreigners who buy its high-end commercial and residential developments.
Export city planning skills: ex-URA chief
SINGAPORE should actively export its city planning expertise to other Asian cities, said Liu Thai Ker, chairman of the Centre for Liveable Cities advisory board.
Gaw Capital Partners eyeing S’pore
HONG KONG-BASED private equity fund manager Gaw Capital Partners hopes to break into the Singapore market with its bid to buy the historic Capitol Theatre and surrounding properties at City Hall.
‘Worrying’ if S’pore population goes beyond 6.3 million
SINGAPORE should be able to handle a population of slightly more than six million, but a number beyond that would be ‘worrying’, the chairman of the Centre for Liveable Cities advisory board Liu Thai Ker said yesterday.
RBI unlikely to pause rate rise despite data
(MUMBAI) The Reserve Bank of India may not be ready to tone down its hawkish monetary policy just yet as it awaits more data to see whether signs of cooling growth are an aberration or a trend, three central bank sources said.
Court upholds huge tax bill against Vodafone
(MUMBAI) An Indian court has upheld a tax department demand for Vodafone Group plc to pay 120 billion rupees (S$3.46 billion) in taxes for its 2007 acquisition of one of India’s largest mobile-phone companies.
Coke takes a spill among India’s Hindi speakers
(NEW DELHI) Coca-Cola Co offered to buy Rajesh Yadav a refrigerator for his New Delhi store if he would sell only the company’s drinks.
Winning – with some divine help
A statue of elephant-headed Hindu god Lord Ganesha (centre) and a clay model of prophetic Octopus Paul (right) placed among clay models of Spanish footballers ahead of this month’s Ganesha festival, at a workshop here yesterday.
Millions make annual exodus in Indonesia
(JAKARTA) Millions of Indonesians crammed into trains, ferries and, in greater numbers than ever, motorcycles, as they poured out of major cities to return to their hometowns and villages to celebrate the end of the Islamic holy month with families.
Jakarta likely to import 400,000 tonnes of sugar
(JAKARTA) Indonesia could import up to 400,000 tonnes of white sugar for 2011 to make up for reduced production after prolonged heavy rain, and the government was expected to decide volumes later yesterday, officials and traders said.
Appeal filed against Lizard King’s sentence
(KUALA LUMPUR) Malaysian prosecutors said yesterday they will seek a tougher sentence against wildlife trafficker Anson Wong, whose six-month jail term for smuggling snakes has been sharply criticised.
Logistics hubs small on space, big on efficiency
(SINGAPORE) Both Singapore and the Netherlands have to bank on efficiency to compete as logistics hubs in their respective regions, Camiel Eurlings – the Dutch Minister of Transport, Public Works and Water Management – told BT yesterday.
Maersk to use cleaner fuel at HK berth
(HONG KONG) Aiming to reduce noxious fumes in one of the most densely populated parts of Asia, the Danish shipping giant Maersk Line said on Tuesday that its ships would switch to low-sulphur fuel when at berth in Hong Kong – a move it hopes will help quicken regulation in Asia.
New head for Asia-Pacific region
MAERSK LINE will have a new Asia-Pacific region head – Thomas Knudsen – from the start of November this year. Mr Knudsen, who will be based in Singapore, will report directly to Hanne Sorensen, Maersk Line’s chief commercial officer.
Box cargo capacity may shrink as demand declines
(HONG KONG) Maersk Line, the world’s largest container vessel operator, said the global shipping industry may have to cut box cargo capacity from the fourth quarter as demand growth slows at US and European retailers.
Power demand slips in line with economy
MIRRORING signs of a second-half slowdown in the economy here, Singapore’s electricity demand started slipping in June, with the slide continuing through July and August, Energy Market Company figures showed. Recent cooler temperatures here, however, may have been a prevailing factor, officials said.
No residential sales during Ghost Month auctions: Colliers
AUCTION figures from Colliers International suggest buyers backed off during the Hungry Ghost Month this year.
Monkey business wins the day at SPH Ink Awards
A TONGUE-IN-CHEEK advert showing an orangutan posing as a teacher in class took the Grand Prix at this year’s SPH Ink Awards, which honours Singapore’s best in print advertising.
Christopher Chia to step down as MDA CEO
CHRISTOPHER Chia will step down as chief executive of the Media Development Authority (MDA) but continue in the Ministry of Information, Communication and the Arts (MICA) as a senior adviser, MDA said yesterday.
S’pore, Hunan can benefit each other: PM Lee
THERE is much scope for Singapore and China’s Hunan province to work together even as both sides continue to get a better feel of each other’s needs and abilities, Prime Minister Lee Hsien Loong said yesterday.
COE premiums rise across the board
CERTIFICATE of Entitlement premiums rose across the board yesterday, with most dealers attributing the rise to a longer break between bidding exercises.
Travel safety not a corporate priority
ASIA-PACIFIC companies do not do enough to protect their employees on work-related travel, according to a survey.
Strategic alliances pay off for IPS
PARTNERSHIPS are akin to marriages and the human touch is the crux of successful relationships, whether personal or business. That was a key message we took home with us after meeting two bigwigs at the IPS Group of Companies.
Merriment at Notting Hill
NOTTING Hill entered the greater public consciousness in 1999 thanks to the film of the same name. While the area was a great setting for the movie, this association has become so dominant that a Google search of ‘Notting Hill’ will bring up the link to the film before anything else.
New project hints at impact of cooling
(SINGAPORE) The chill from the property cooling measures is making itself felt. It has touched bank loans and even had some impact on the first major residential project to be released since Aug 30, when the measures were announced.
As ex-boss runs to rival’s arms, HP sues
(SAN FRANCISCO) Hewlett- Packard’s (HP) tumultuous break-up with its former chief executive Mark Hurd may soon warrant its own reality TV show.
Poaching adds to finance, accounting talent crunch
(SINGAPORE) The talent crunch in the finance and accounting sector has caused more companies to seek temporary or contract staff to plug the gap, the latest joint survey by ACCA and recruitment firm Robert Half shows.
Gillard used ‘bribes’ to win power, say papers
(SYDNEY) Australia’s first woman prime minister Julia Gillard used ‘electoral bribes’ to claw her way back into power with the support of independent MPs, media said yesterday.
Chase near disputed islets tests Sino-Japanese ties
AN INCIDENT in which Japanese Coastguard vessels chased a Chinese fishing boat in Japanese territorial waters – resulting in a collision and the arrest of the Chinese boat’s captain – has rekindled diplomatic tension between the two countries.
UK’s Barclays looking for a home here?
(SINGAPORE) Senior executives at British bank Barclays have discussed contingency plans to move its headquarters to New York or Singapore, if its home regulators force the bank to break up, the Financial Times reported yesterday.
Gym trainers can’t pass off as physios soon
(SINGAPORE) Gym trainers without the appropriate qualifications will no longer be able to call themselves physiotherapists, if a bill proposed by the Ministry of Health (MOH) gets passed into law sometime next year.
Great Eastern joint venture making great strides in China
AFTER stamping its mark on western China over the last four years, Singapore’s leading life insurance group Great Eastern Life now wants a greater footprint in the country by expanding across the central and eastern regions.
Three-Minute Digest
THE chill from the property cooling measures is making itself felt. It has touched bank loans and even had some impact on the first major residential project to be released since Aug 30, when the measures were announced.
No easy way out of rising yen quandary
AT its current level of around 84 per US dollar, the Japanese yen is at a 15-year high against the greenback and, with each passing week, is inching ever closer to its April 1995 record of just under 80.
US must forget manufacturing jobs and focus on economy
IN RECENT decades, US presidents, especially those confronted with a lousy economy and looming election, have used Labor Day to talk about restoring American manufacturing to its former glory.
Heeding the six degrees of financial meltdown
THE buzzword among financial regulators today is ‘interconnectedness’. It is often applied to over-the-counter (OTC) derivatives and repo agreements, which supervisors want to make safer by channelling transactions through central counterparties.
Time for inventive policies in Tokyo
CHINA has a voracious appetite nowadays for just about every kind of commodity and other raw material – fuels, metallic minerals, foodstuffs etc – and it scours the globe to find them, buying up basic reserves or the companies that own them everywhere from Latin America to Africa and, of course, Asia.
Hollywood looks to China for money and markets
(BEIJING) WHEN Scarlett Johansson strode across the screen in Iron Man 2, she was wearing a form-fitting outfit made by Semir, a Chinese brand and an official sponsor of the blockbuster movie this spring.
Companies should explain use of alternate IDs more clearly
I REFER to the letter ‘Unjustified criticism of Xpress Holdings’ (BT, Sept 8) by Christopher Chong in response to my commentary on companies appointing alternate independent directors. As Mr Chong noted in his letter, he is the independent director of Xpress who has an alternate director.
Yen hits new high; tests Japanese resolve
(LONDON) The yen struck a fresh 15-year high against the US dollar and the Swiss franc hit an all-time peak versus the euro yesterday as a flare-up in worries over eurozone banks and sovereign debt led investors into safe havens.
Obama’s economic moves may be too little, too late
(WASHINGTON) President Barack Obama is proposing a flurry of economic measures, but may be doing too little, too late to fend off a huge Republican wave in November congressional elections – Democrats losing their majority in the House of Representatives and, perhaps, the Senate.
Diamond as Barclays CEO draws criticism
VINCE Cable, Liberal Democrat Business Secretary of the UK coalition government, is fuming over the appointment of investment banker Bob Diamond as chief executive of Barclays.
EU plan to tax banks faces hurdles
(BRUSSELS) Much-vaunted EU plans to tax banks skidded into trouble after moves to clamp down on big-spending governments also hit buffers despite broad agreement on Tuesday to regulate the financial sector.
Compromise reached on capital ratios
(FRANKFURT) Global regulators reached a compromise on capital ratios for banks that will introduce higher capital requirements over a five to 10-year period starting in 2013, a German central bank official said.
Oil spill: BP takes some blame, but no ‘gross negligence’
(LONDON) Failures by BP and other companies led to the Gulf of Mexico oil disaster, the British energy group concluded yesterday as it sought to defend itself against possible multi-billion-dollar US lawsuits.
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