Head of Abu Dhabi SWF found dead
(ABU DHABI) The body of an Emirati sheikh and ruling family member who headed one of the world’s biggest sovereign wealth funds has been found after a glider crash in Morocco, state media said yesterday.
Air traffic growth on track in Feb
INTERNATIONAL scheduled air traffic continued to grow strongly in February, with passenger demand rising 9.5 per cent and cargo demand surging 26.5 per cent, according to latest data from the International Air Transport Association (Iata).
M’sian cargo carrier starts Changi ops
MALAYSIAN privately owned cargo carrier Transmile Air has started operating from Changi Airport, with six weekly scheduled cargo flights between Singapore and Kuala Lumpur via Kuching and Labuan in East Malaysia.
BA may hold talks with cabin crew after strike ends
(LONDON) British Airways’ 12,000 flight attendants will end seven days of strikes over pay and staffing levels at midnight, boosting the chances of a return to negotiations that broke down on March 19.
AirAsia expects strong passenger growth
(KUALA LUMPUR) Budget carrier AirAsia is on track for double-digit passenger growth this year and sees an increase in passenger load on strong regional travel demand. ‘Overall, we expect to see an increase in demand this year,’ said its regional head of treasury Aireen Omar. Air- Asia’s January-March load factor, or percentage of seats filled, was higher than the same period a year ago, Mr Aireen said.
Let it rise, say China central bank advisers
(SHANGHAI) China should allow the yuan to resume its gradual appreciation, two new advisers to the central bank said on Tuesday, as Beijing faces intense US pressure to let its currency rise.
Stronger yuan won’t close trade gap: Beijing
(BEIJING) Chinese Commerce Minister Chen Deming said increasing the value of the yuan won’t overcome the lopsided trade with the US, and urged American policy makers to avoid confrontation.
Japan-type asset bubble crash unlikely
(TOKYO) China is unlikely to experience the kind of asset price bubble crash that Japan faced in the 1990s, but a rapid outflow of overseas funds could lead to a big adjustment in its property prices, the Bank of Japan said.
China pension fund to invest more overseas
(BEIJING) China’s US$114 billion pension fund plans to ramp up its investments overseas in search of higher returns, even though it expects the yuan to strengthen in the long run.
China warns Australia over Rio trial rap
(CANBERRA) China has warned Australia not to make ‘irresponsible’ comments about the trial of four employees of mining firm Rio Tinto after Canberra said the trial had left questions about China’s legal system.
NYSE Euronext finds it tough to list in China
(NEW YORK) NYSE Euronext still hopes to be one of the first foreign companies to list on a Chinese exchange, but the going has been slow so far, a top official said on Monday.
Wary auditors qualifying opinions on firms
STRONG economic headwinds and a tough operating environment last year have left some companies still mired in losses and debts, unable to receive a clean bill of health for the latest financial year.
David Conner’s package up by 75%
PAY for OCBC’s top brass skyrocketed in 2009 as the bank posted record core earnings.
Margin calls root of Jade debacle?
DOCTOR-turned-investor An-thony Soh was facing severe margin calls from his Australian stockbroker and so launched a fraudulent takeover bid for Singapore-listed Jade Technologies to boost the value of the Jade shares he had pledged as margin, lawyers for OCBC Bank said on Monday in the High Court.
Sicom Gold debuts with healthy volumes
SICOM Gold, a new gold contract launched by the Singapore Commodity Exchange, started trading yesterday, with the trading volume reflecting a steady interest from investors.
SGX defends move to de-list watch-list firms
AFTER five years of successive losses, companies on the Singapore Exchange (SGX) watch-list should be de-listed to avoid depleting resources.
DBS sells Indian JV stake for $117m
DBS Group has sold its 37.48 per cent stake in Indian joint venture Cholamandalam DBS Finance (Chola) to its JV partner for $117 million, a move that it hopes will sharpen its focus on serving corporate clients and rich individuals in the country.
CapLand boss earns 22% less
CAPITALAND president and CEO Liew Mun Leong’s total remuneration last year was $5.8 million, down 22 per cent from $7.42 million in 2008. This was despite his bonus rising 29 per cent to $3.83 million from $2.98 million.
Show me the money!
WITH crowds at Resorts World Sentosa (RWS) stabilising, a clearer picture is emerging of how the casino industry here is shaping up. And it does not look particularly sanguine.
SingTel prices 10-year bond issue
SINGAPORE Telecommunications Ltd (SingTel) yesterday priced its issue of 10-year bonds, becoming the latest Singapore blue chip to tap the debt market.
What’s needed is a change in regulatory mindset
THE Singapore Exchange (SGX) last week severely reprimanded Jurong Cement Ltd (JCL) for disclosure lapses, a move which is encouraging as it sends the market a timely reminder of the continuous disclosure obligations of listed companies.
US states show signs of debt overload
(NEW YORK) California, New York and other US states are showing many of the same signs of debt overload that recently took Greece to the brink – budgets that will not balance, accounting that masks debt and the use of derivatives to plug holes.
IMF to set terms on any aid given to Greece
(NEW YORK) The International Monetary Fund will impose conditions on Greece if the debt-stricken country asks for assistance, managing director Dominique Strauss-Kahn said.
UK pulls out of recession faster than expected
(LONDON) Britain’s economy emerged from an 18-month recession in the fourth quarter of last year with more momentum than previously thought, official data showed yesterday.
Japan industrial production down in Feb
(TOKYO) Japan’s industrial production fell in February and the unemployment rate held at the lowest level since March 2009, underscoring an uneven economic recovery that has yet to end deflation.
Hedge funds still offer attractive returns
WHILE hedge funds globally and in Asia suffered from redemptions and the collapse in markets in 2008 and early 2009, it is time to revisit this important asset class. However, given the expected dynamics of the next phase of recovery, manager selection should remain a key focus.
Risk capacity is the key: UBS investment chief
RATHER than fret about asset allocation and how often shifts should be made, UBS chief investment officer Christoph Schenk believes that the strategic discussion with clients should centre around their risk capacity.
Don’t let hidden costs ruin returns
A STUDY by a European portal for private clients has lifted the veil on the hidden costs of private banking accounts, the magnitude of which can be startling.
Short sellers do not deserve to be pilloried, suggests new study
(NEW YORK) Short sellers profit by finding stocks or other securities that will underperform the market. But how do the short sellers accomplish this? A new study provides some answers.
India plans to sell 63% of bond issuance in H1
(NEW DELHI) India will sell 63 per cent of its bond issuance for the new fiscal year in the first half, slightly less than expected, giving a near-term respite to satiated bondholders and helping send yields sharply lower.
Deal with US allows India to reprocess nuke fuel
(NEW DELHI) India and the United States announced on Monday the successful conclusion of negotiations granting rights to India to reprocess spent nuclear fuel, a key step to opening nuclear commerce between the two countries potentially worth billions of dollars.
Hyderabad under curfew after riots
(HYDERABAD, India) Indian police yesterday imposed a curfew in parts of the southern city of Hyderabad, home to global IT giants Google and Microsoft, after three days of inter-religious clashes.
Sonia Gandhi to head revived advisory panel
(NEW DELHI) India’s ruling party chief Sonia Gandhi will head a revived advisory panel that helped guide key social development programmes, strengthening her role in policymaking four years after quitting the post.
Indonesia bond buyers ignore inflation risk
(JAKARTA) Indonesia’s notoriously stubborn inflation has been so tame lately that investors racing to buy its high-yielding bonds seem to be ignoring the risk of another spike in prices, and the odds of the authorities bungling policy again.
Malaysia to speed up privatisation moves
PRIME Minister Najib Razak yesterday said that the Malaysian government would speed up disposing of its non-core assets to ensure a better balance with the private sector under the country’s New Economic Model (NEM).
Hong Leong renews RM4.9b EON Capital bid
(KUALA LUMPUR) Hong Leong Bank Bhd, Malaysia’s sixth-largest lender, offered RM4.92 billion (S$2.08 billion) to buy smaller rival EON Capital Bhd, renewing a bid for the target company a month after an earlier approach was rejected.
Nissan sets price of its LEAF electric car
(YOKOHAMA) Nissan Motor Co said yesterday that its new electric car, the LEAF, will be sold for 3.76 million yen (S$58,800) in Japan, less expensive than other zero-emission vehicles but still out of reach for many drivers who may also balk at its limited range.
Nasa to help nail down speeding Toyota
(WASHINGTON) Nasa and the National Academy of Sciences are joining the government’s effort to figure out what caused the sudden acceleration problems that led to Toyota’s massive recalls.
Car-sharing firms in cross-sharing tie-up
AS prices of new cars soar, car-sharing is set to boom – and KahShare plans to ride that boom by cross-sharing with a rival company.
February exports of Japan vehicles up 79.8%
(TOKYO) Production and exports of Japanese cars nearly doubled in February from a year ago, when the global recession hit Japan’s car giants hard, an industry body said yesterday.
Toyota to reshape its global operations
(TOYOTA CITY, Japan) Beleaguered Japanese carmaker Toyota said yesterday it will reshape its global operations as part of efforts to ‘regain consumer confidence’ in its products.
Container market stirring as lines adjust capacity
THE container market is starting to stir again after months of quiet consolidation, with lines shuffling capacity around and shippers starting to complain about rising rates.
Lower profits for Hutchison, Cosco
(HONG KONG) Hutchison Whampoa Ltd’s port unit, the world’s largest container terminal operator, and Cosco Pacific Ltd posted lower second-half profits as a global recession dampened world trade.
Women on the board: the reality and the myth
MANY businesses worldwide are still failing to make the most of female talent, according to a report issued on International Women’s Day by the World Economic Forum.
Balanced on a knife-edge
ANYBODY sitting through the keynote conference session at last week’s Asia Pacific Maritime trade show will have come away with a much better idea of the current state of shipping markets, especially of the liner trades. I know I certainly did, and I spend most of my time writing about those topics.
Hong Kong dual listings provide main play
CONTINUED rotational punting of the second line and a Hong Kong dual listing play yesterday provided the main features in a session which saw the Straits Times Index gain 4.25 points at 2,933.39, its fourth consecutive rise during which it has now risen about 47 points or 1.6 per cent. A 0.7 per cent rise in Hong Kong’s Hang Seng Index provided the main support for sentiment, although the STI closed off its high probably because of a largely mixed opening for European markets.
Five-pronged push to make Public Service fit for future
DEPUTY Prime Minister Teo Chee Hean last night spelled out five areas of capability and competency the government is building to make the Public Service future-ready.
Separate health care from politics: Khaw
THE key to sustainable health care is to de-politicise it, minimise market distortions and allow it to function like any other economic activities, Health Minister Khaw Boon Wan said yesterday.
Gadget gives diabetics new lease on life
DIABETES sufferers will be able to keep their illness at bay with a nifty device that helps them monitor their glucose levels and order supplies.
Razzle dazzle at Resorts World
THE circus is coming to town – specifically, to Resorts World Sentosa (RWS). The resort yesterday gave a glimpse of its upcoming resident show Voyage de la Vie.
HP setting up design centre in Singapore
IN another thumbs up for Singapore’s electronics sector, Hewlett Packard (HP) said yesterday that it will set up an inkjet and Web solutions (IWS) global design centre here – its first outside the US.
President confers awards on four senior execs
PRESIDENT S R Nathan yesterday conferred awards on four senior business executives for their contributions towards the development of Singapore’s economy.
Citibank offers new rebates to woo cardholders
CITIBANK has launched a new rebates programme for its credit-card customers in an aggressive push to grow its credit-card business in Singapore by a fifth in the next two years.
Tender for Yishun DBSS site launched
THE Housing and Development Board (HDB) has launched a land parcel in Yishun for sale under its design, build and sell scheme (DBSS). Around 700 flats can be built on the site located at the junction of Yishun Avenue 11 and Yishun Central.
Have governance levels here slipped?
IT IS arguable if corporate governance levels in Singapore have truly slipped, given that there isn’t a universally recognised measure of such standards here.
Silicon Valley loses allure as best workplace
(SAN FRANCISCO) TALK about bad timing: Within weeks of being named the best place to work last year, NetApp Inc. announced plans to cut about 6 per cent of its workforce.
Sea change for M’sian affirmative action
MALAYSIA will revise a 39-year-old affirmative action policy favouring its majority Malays to one that is needs-based and focused on alleviating poverty among the bottom 40 per cent of households without considerations of race.
Used car dealers may hold key to future COEs
(SINGAPORE) New car distributors fear they are now at the mercy of used car dealers, who will be able to influence the number of new certificates of entitlement by hanging on to their stocks.
Sales of new private homes double to nearly 4,000 in Q1
(SINGAPORE) Demand for new private homes in the first quarter of 2010 more than doubled compared to Q4 2009, according to a new report. Close to 4,000 new units were sold in Q1 2010, compared to only 1,860 in the previous quarter.
Spring S’pore probes false claim by Da Vinci director
(SINGAPORE) Enterprise development agency Spring Singapore is now investigating Da Vinci director Raymond Phua’s admission that he submitted an application for grants which contained a falsehood.
Superman flies into auction history with US$1.5m sale
(SINGAPORE) BATMAN will have to settle for second after all.
Power demand growth in ’09 hits record low
(SINGAPORE) Singapore’s electricity demand growth sank to a record low of 0.4 per cent last year – from the usual 3-4 per cent – as the recession ate into the economy.
Electricity to cost 3% more in Q2
(SINGAPORE) In line with rising fuel oil prices, electricity tariffs for households here will go up by 3.02 per cent, or 0.69 cent per kilowatt hour, to 23.56 cents per kWh in the second quarter.
After resignations, SICC looks ahead
(SINGAPORE) Several hundred members of The Singapore Island Country Club (SICC) gathered at the clubhouse’s Island location yesterday to hear their general committee (GC), led by president Jimmy Yim, outline plans for the club.
Motor traders see more moderate riseinCOE premiums
(SINGAPORE) Most motor traders expect COE premiums to continue climbing in next week’s tender – the first to reflect the new and sharply reduced quota – but by more reasonable amounts.
Three-Minute Digest
MALAYSIA will revise a 39-year-old affirmative action policy favouring its majority Malays to one that is needs-based and focused on alleviating poverty among the bottom 40 per cent of households without considerations of race.
The BT spring issue
The economic outlook: caution is in order
GOING by the prognoses put out by economists, the Asian economies have consumed their way out of the latest crisis and are going great guns. At the same time, they need still to ramp up their domestic demand.
Why is China ignoring its treaty obligations?
THE high-profile case of Rio Tinto executive Stern Hu closed with the three-judge court sentencing the Australian citizen to 10 years in prison on charges of corruption and stealing commercial secrets. Australian Foreign Minister Stephen Smith called the sentence harsh and pointed out that part of the trial was held behind closed doors, with no Australian official present, despite a Sino-Australian consular agreement that provides for such presence.
Temasek’s Seatown: a fund within a fund
TEMASEK announced its recent plan to form an investment company known as Seatown, which is expected to be a multi-strategy hedge fund.
Netanyahu has to relook US strategy
IT’S an open secret that Israel’s Prime Minister Benjamin Netanyahu, leader of the right-wing Likud Party, has maintained political ties and personal friendships with the leading figures in the Republican Party and the neoconservative movement in Washington going back to the Reagan presidency and the last years of the Cold War, when he served first as Israel’s representative to the United Nations and then as ambassador to Washington.
Brokers’ Take
STARHUB’S share price has done pretty well since dipping to a low of $2.08 on Feb 18 with an 11.1 per cent rebound to hit a high of $2.31.
Directorships: have different limits for different situations
I REFER to the letter, ‘How many directorships? There’s no magic number’ (BT, March 26), from the executive director of the Singapore Institute of Directors (SID).
Delisting is not the right solution
THE Singapore Exchange (SGX) has become rather active of late in cleaning out troublesome and/or loss- making companies. This week, it ordered half a dozen or so listed companies to delist from the SGX mainboard.
Euro dips amid lukewarm response to Greek bonds
THE euro fell back slightly yesterday after gains since Friday, amid lacklustre reception of Greece’s five billion euro (S$9.43 billion), seven-year issue on Monday.
Repo accounting under SEC scrutiny
(NEW YORK) The US Securities and Exchange Commission said on Monday that it has started an inquiry into about two dozen financial companies to determine whether they followed accounting practices similar to those recently disclosed in an investigation of Lehman Brothers.
Geithner likes idea of women running Wall St
(WASHINGTON) If women ran Wall Street, Treasury Secretary Timothy Geithner’s job cleaning up the bloodied financial markets might not be so tough.
Glencore to raise US$7b from banks in Asia
(LONDON) Glencore International, a large commodities trader, plans to tap banks in Asia for the first time as it seeks to borrow at least US$7 billion, according to two people familiar with the matter.
Prudential to take US$100m charge
(NEW YORK) Insurer Prudential Financial will take a US$100 million charge in the first quarter in relation to the recent US healthcare overhaul legislation. The company said it will take the charge against earnings in the first quarter.
BHP Billiton, Vale shift to quarterly iron ore prices
(SYDNEY/TOKYO) Vale and BHP Billiton will sell Japanese steelmakers iron ore priced quarterly from April 1, signalling the demise of annual fixed price contracts that were costing miners billions of dollars in lost revenue as spot prices rocket.
Consumer confidence improves in March on job prospects
(NEW YORK) Confidence among US consumers climbed in March as Americans perceived employment was starting to improve.
NAB and AXA in A$14b bid for AXA Asia-Pacific
(SYDNEY) National Australia Bank (NAB) and France’s AXA SA agreed on a A$14 billion (S$17.9 billion) takeover plan for asset manager AXA Asia-Pacific, moving closer to the end of a four-month takeover tussle with rival AMP.
UBS debt unit sees US$2.3b Q1 revenue
(ZURICH) Swiss bank UBS generated about US$2.3 billion of revenue at its fixed-income division in the first quarter as it rebuilt the unit following record losses, people with knowledge of the situation said.
Dubai replaces Nakheel board
(DUBAI) Dubai swept out the board of indebted property firm Nakheel and replaced its high profile chairman yesterday, in the wake of parent company Dubai World’s US$9.5 billion rescue plan.
iPad tablet could be Kindle’s first big threat
(SAN FRANCISCO) Amazon.com, which has the fast-growing electronic book market for the past few years with the Kindle, could get its biggest threat on Saturday, when Apple releases its iPad multimedia tablet.
BBC delays mobile apps over newspaper concerns
(LONDON) British state broadcaster BBC has delayed launching mobile applications that deliver its news and sport free to devices like Apple’s iPhone after newspapers expressed concern about direct competition.
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