Thailand raises GDP growth forecast to 5-6%
(SINGAPORE) Thailand has raised its 2010 economic growth forecast to 5-6 per cent – a further sign that Southeast Asia’s second- largest economy is rebounding after the recent deadly political unrest.
Global air traffic soars to pre-recession highs in May
(SINGAPORE) Worldwide scheduled air traffic soared to pre-recession highs last month, as demand continued to recover strongly.
Sands China seeks airline partner for Macau flights
(BEIJING) Sands China Ltd, Asia’s most valuable listed casino operator, may team up with a Chinese airline flying to Macau to start low-budget travel deals, boosting tourism to the world’s biggest gambling hub.
Stranded on the tarmac and left in the lurch
(NEW YORK) Passengers first encountered problems with Virgin Atlantic Flight VS001 last week at Heathrow Airport in London, long before the aircraft was diverted by bad weather to Bradley International Airport, near Hartford, Connecticut, and then sat for more than four hours in stifling heat on the tarmac.
EU firms upbeat about China: poll
(BEIJING) China must not take the commitment of European companies for granted and needs to do more to ensure a level playing field for foreign business, the European Union Chamber of Commerce said yesterday.
China to move 345,000 for water project
(BEIJING) China will move 345,000 people, mostly poor villagers, within about two years to make way for a vast scheme to draw on rivers in the south to supply the increasingly dry north, an official newspaper said yesterday.
Macau gambling revenue seen flat in H2
(BEIJING) Macau’s gambling revenue could be flat in the second half, the chief executive of Sands China said on Monday, adding that there is no reason to doubt the Macau government’s gambling revenue growth projection for 2010 of 30 per cent.
SingTel CEO pay jumps 23% to $4.15m
SINGAPORE Telecom has given its management team an across-the-board pay rise on the back of a strong business rebound last year, with group chief executive Chua Sock Koong collecting her biggest pay cheque since landing the top job three years ago.
Sembcorp building $40m plant
SEMBCORP is building a stand-alone $40 million wastewater treatment plant at the new Tembusu sector of Jurong Island to service Germany’s Lanxess, its first customer there.
Wilmar to co-build Indonesian refinery
SINGAPORE’S Wilmar International and US-based Elevance Renewable Sciences will build a refinery in Indonesia to produce biofuels and oleochemicals, the two firms said yesterday.
UOB to grow commercial credit card business
UOB is looking to expand its portfolio for commercial credit cards as it seeks to diversify from the consumer card segment of the credit card industry.
EZ-Link feature added to POSB Everyday card
DBS yesterday unveiled the revamped POSB Everyday card, which can now double up as an EZ-Link card and will be equipped with a tap-and-go payment system and enhanced security features.
K-Green sees solid first day
SINGAPORE’S first green infrastructure trust, K-Green Trust, put in a robust performance in the opening hours of its debut yesterday, before slipping to close lower.
SIA to raise $500m from 10-year notes
SINGAPORE Airlines is raising $500 million via 10-year fixed rate notes due in 2020 as part of its $1 billion multi-currency medium-term note programme first announced several years ago.
Salcon clinches $21m UAE deal
BOUSTEAD Singapore’s wastewater treatment specialist Salcon Water Solutions has clinched a $21 million contract to build the United Arab Emirates’ first-ever new water treatment plant.
Carlyle Group makes US$190m investment in China Fishery
CHINA Fishery Group yesterday announced a strategic investment of US$190 million by the Carlyle Group that will help position the company for further acquisition opportunities and strengthen the shareholder base.
Five-star rating for M&C Beijing hotel
MILLENNIUM & Copthorne Hotels plc has gained a firmer footing in China’s hospitality industry with an official five-star rating for its flagship hotel in Beijing, after 10 months of strenuous audit by the country’s official accrediting body.
Moya Dayen inks US$36m water deal
MOYA Dayen, now controlled by Middle East interests, has put its recent ‘distractions’ behind it and is now focused on growing its water treatment business.
Ex-WBL CFO to appeal against court ruling
KEVIN Lew Chee Fai, found liable in Singapore’s first civil lawsuit for insider trading, said he will appeal against the ruling against him. The former chief financial officer of WBL Corp said in an interview that his lawyer, Thio Shen Yi from TSMP Law Corp, will seek approval to appeal from the Singapore High Court this week.
Company Briefs
CAPITALAND said the completion of its joint venture’s acquisition of four self-storage properties has been delayed by a month to end July as the seller needs more time to get approvals.
Assessing OUE’s worth, but at what price?
VALUING assets during economic crises can be a chore, with sentiment and price expectations running haywire.
France tiptoes towards austerity
(PARIS) Barricaded in the last free village in Gaul, plucky little Asterix is resisting the massed armies of austerity that have swept across Europe threatening to snuff out economic recovery.
RBI to keep tight leash on cash: sources
(MUMBAI) India’s central bank will keep cash conditions tight in coming weeks to keep a lid on inflation expectations, sources at the Reserve Bank of India (RBI) said, a strong indication that it will keep policy rates on hold until its next review in late July.
German inflation slows to 0.9% in June
(BERLIN) German inflation slowed slightly more than expected in June in a sign of downward price pressures in the wider eurozone that have raised concerns some states could slip into deflation.
Germany wants bank levy to set up crisis fund
(BERLIN) Germany wants to impose a levy on banks which will not exceed 15 per cent of their annual net profit to create a fund to prepare for potential future banking crises, according to a document seen by AFP on Monday.
S Korea suffers huge capital outflows
(SEOUL) South Korea posted its largest current account surplus in five months in May, but suffered huge capital outflows, highlighting concerns over financial stability that prompted authorities to impose currency curbs this month.
So much cash, so little time
(NEW YORK) ONLY on Wall Street, in the rarefied realm of buyout moguls, could you actually have too much money.
Credit Suisse woos wealthy clients with new services
ULTRA high net worth (UHNW) clients – typically those with net assets of more than US$25 million – are among a private bank’s most sought-after clientele.
Rising dividends may lead to rising stock prices
(NEW YORK) THE headlines about stock dividends have been remarkably bleak. Earlier this month, for example, BP announced that it would suspend its large dividend payments to deal with costs of the Gulf of Mexico oil spill, becoming the latest cautionary tale of the risks of staking one’s fortune on a single stock.
Manulife eyes South-east Asia expansion
MANULIFE is setting its sights on ‘accelerated’ growth in South-east Asia, buoyed by favourable demographics and a strong agency force.
Bonds starting to lose appeal as economic recovery continues
(NEW YORK) Global bond returns may have nowhere to go but down after the best first half since 2005. Investors who piled into Treasuries, bunds, gilts, and Japanese bonds on concern that Europe’s sovereign-debt crisis would derail global growth are finding the securities less appealing with yields at about the lowest on record.
Cut in fuel subsidies will help narrow deficit
(MUMBAI) The Indian government last week reduced popular fuel subsidies, a long-delayed change that will help policymakers reduce a big budget deficit but one that will also worsen already high inflation.
India will completely free diesel prices: PM
(NEW DELHI) India will completely free diesel prices from government control following last week’s deregulation of gasoline rates to reduce the nation’s subsidy bill, Prime Minister Manmohan Singh said.
Bhopal managers appeal convictions: report
(NEW DELHI) Seven senior Indian managers convicted over the 1984 Bhopal gas tragedy this month have appealed against the verdicts and their two-year jail terms and fines, a newspaper reported yesterday.
Indonesia rejects all bids in sukuk auction
(JAKARTA) Indonesia’s finance ministry rejected all bids in a sukuk auction yesterday amid investors’ concerns over poor trading liquidity in the paper, in sharp contrast to strong demand for the country’s conventional debt.
Nissan to double capacity in Indonesia
(JAKARTA) Nissan Motor Co, Japan’s third largest automaker, plans to invest US$20 million in a plant in Indonesia to double production in the country as economic growth spurs demand for cars.
KL’s land development plan fuels space-oversupply fears
MOVES by the Malaysian government to develop state land in and around the centre of Kuala Lumpur are being watched by property players amid concern that huge new projects could lead to an over-supply of office space.
SK Telecom invests US$100m in Malaysian company
(KUALA LUMPUR) South Korea’s top mobile network operator SK Telecom yesterday announced a US$100 million investment in a Malaysian firm to tap into regional high-speed Internet services.
COE premiums for big cars may rise more
THE deregistration trend means the doomsday scenario for the new COE quota may not pan out after all and there could even be a marginal increase for small cars, which means stable premiums. But big-car buyers should be prepared to pay more for a certificate of entitlement (COE).
Sales increase justifies new $35m building: Porsche
AN EXPECTED increase in sales is behind the new $35 million building to house the Porsche showroom and service centre, along with the Rolls-Royce and Mini brands. So even if the overall market is shrinking, Porsche Asia-Pacific managing director Christer Ekberg says that the substantial investment is worth it.
New Cayenne brings in the crowds
MORE than 70 units of the new Porsche Cayenne have been booked even before the first unit is delivered next month.
Tesla Motors raises US$226m in IPO
(NEW YORK) Tesla Motors Inc, the electric car company that hasn’t posted a profit, raised US$226 million selling shares above its forecast price range in the first initial public offering of a US automaker in a half century.
Moving towards a greener shipping industry
THERE is no greener way of moving goods around the world than by ship. It is the most efficient and sustainable mode of transport, and there is no possible alternative in sight.
Noble to buy Frontier Drilling for US$2.16b
(NEW YORK) Offshore oil and gas driller Noble Corp said it would buy Norway’s privately held Frontier Drilling for US$2.16 billion, adding seven vessels to its fleet even as much of the Gulf of Mexico remains effectively closed to new operations.
Iraq port ill-equipped to deal with oil majors
(UMM QASR, Iraq) Iraq’s hopes of building economic prosperity on the back of multibillion-dollar deals to develop its vast oil reserves have met a major hurdle in a lack of dock space and an impenetrable bureaucracy at its top port.
Deep Horizon and risk
LAST week, this column looked at how shipping, and world trade, could suffer because of the political reaction to the Deep Horizon drilling platform disaster.
China’s 5% collapse brings sellers out
LAST Monday, China’s announcement that it would de-peg its currency sparked a flurry of buying around the region that made headlines everywhere.
MTI offers 10 industrial sites for sale
THE Ministry of Trade and Industry (MTI) is offering 10 industrial plots for sale under the second-half 2010 industrial government land sales programme.
Mah Bow Tan moots urban planning network
A NEW platform for policymakers and urban planners to exchange ideas on sustainable development is in the works.
S’pore third most liveable city: study
SINGAPORE is the third most liveable city in the world, going by preliminary findings from a broad-based study commissioned by a think-tank here.
Chok Tong heading to China
SENIOR Minister Goh Chok Tong will make a three-day working visit to China from today until Friday. He will be in Guangzhou at the invitation of Guangdong governor Huang Huahua and will also visit the World Expo in Shanghai.
Coface returns Singapore to A1 risk rating
COFACE has upgraded Singapore’s risk rating to the top rating of A1, from its rating of A2+ in March.
S’pore slips a notch in expat living cost ranking
SINGAPORE is the 11th most expensive city in the world for expatriates, one place lower than its 10th position last year, says HR consultancy firm Mercer.
More turning down jobs as war for talent heats up
MORE people are turning down job offers for better offers elsewhere or because their pay expectations are not met, employers say.
Opting for PIC cash payout? Apply to IRAS now
BUSINESSES can now apply to the Inland Revenue Authority of Singapore (IRAS) for a cash payout under the Productivity and Innovation Credit (PIC) scheme.
Gaming machine maker taps into casino industry
THE integrated resorts (IRs) may have many spin-offs here but few would have counted the manufacturing of gaming machines as one until now.
Better service with new office, e-features: MOM minister
CUSTOMERS are set for better services from the Ministry of Manpower (MOM) through its new Bendemeer office and e-features.
Expect seamless services after merging of Oceania, Far East operations: E&Y
ERNST & Young (E&Y) is furthering its plan to create an integrated Asia-Pacific ‘area’ to help to deliver seamless services to regional clients.
Change in mindset needed
MANY businesses, especially in Asia, still find it difficult to marry the concepts of service innovation and profitability. But marketing specialists say this is changing rapidly.
Marketing gurus to speak at conference
ROLAND Rust and Roderick Brodie will be among several leaders in marketing academia who will be sharing their knowledge and experience at the Global Conference on Service Excellence, organised by The Institute of Service Excellence at the Singapore Management University in July.
Why England can’t win
SINCE England’s wretched performance against Germany in the World Cup on Sunday, experts have been making excuses – England’s players were tired after a long season, key personnel were injured, the team was robbed by bad refereeing.
S Africa workers watching matches – some at work
(JOHANNESBURG) More than just a worldwide party, the World Cup can be a tempting distraction for many workers in the host country.
Blatter says sorry to teams for errors
(JOHANNESBURG) Fifa president Sepp Blatter has apologised to England and Mexico for the refereeing errors that helped eliminate them from the World Cup and says Fifa will reopen the debate on introducing video technology.
UK journalist held for harbouring intruder
(PRETORIA) South Africa’s top police officer said yesterday that a British journalist was arrested for trying to expose World Cup security flaws.
China draws Taiwan into trade embrace
(SINGAPORE) In their boldest step yet towards reconciliation, Taiwan and China signed a historic trade pact yesterday, 60 years after the civil war that drove them apart.
If Khazanah fails, poison pill could hurt Parkway
IN a new twist to the Khazanah-Fortis face-off, a previously unknown poison pill could be triggered and hurt Parkway Holdings if Khazanah fails to wrest control of the Singapore-listed healthcare provider.
Growth bonus for civil servants inches closer
(SINGAPORE) For all the growing chorus of criticism over the past decade or so about the use of gross domestic product as the main measure of economic prosperity, it looks like the indicator is here to stay, for now anyway.
Price index for non-landed private homes up 2.6%
(SINGAPORE) Latest flash estimates from the National University of Singapore show that its overall price index for non-landed private homes rose 2.6 per cent in May over the preceding month. Since the end of last year, the index has appreciated 8.6 per cent.
UIS turns down EGM to remove directors
(SINGAPORE) United International Securities (UIS) yesterday rejected a call by a European hedge fund to remove four of its directors including Wee Cho Yaw and Wee Ee Cheong.
Celebrity chef jailed for drink driving
(SINGAPORE) Newspapers are well acquainted with the name Justin Quek, but the homegrown celebrity chef is making headlines for the wrong reasons.
Energy self-sufficiency not possible: MM
(SINGAPORE) Singapore could well achieve self-sufficiency in water by 2061, but energy self-sufficiency is not possible, said Minister Mentor Lee Kuan Yew yesterday.
11 in US accused of spying for Russia
(WASHINGTON) They had lived for more than a decade in American cities and suburbs from Seattle to New York, where they seemed to be ordinary couples working ordinary jobs, chatting to the neighbours about schools and apologising for noisy teenagers.
Peter Lim pledges $10m to Singapore Olympic Foundation
(SINGAPORE) Former remisier king Peter Lim has made the largest ever donation in the history of Singapore sport, pledging $10 million to the three-month-old Singapore Olympic Foundation yesterday.
Three-Minute Digest
IN their boldest step yet towards reconciliation, Taiwan and China signed a historic trade pact yesterday.
The politics of Taiwan’s trade deal
CHINA probably hopes that its landmark trade deal, known as the Economic Cooperation Framework Agreement (ECFA), signed yesterday in Chongqing, will set the tone of the relationship between Beijing and Taipei for decades to come.
A new game may be taking shape in HK politics
IN RECENT weeks, things have happened in Hong Kong that had never happened before. For one thing, the Chinese government agreed to hold unprecedented talks with various pro-democracy organisations in Hong Kong which they had previously kept at arm’s length.
Winning the renewed war for talent in Asia
NOW that the economy is well on the road to recovery, companies in Asia-Pacific are once again looking for growth opportunities and new markets. Talk to business leaders today and most will tell you that their biggest worry is ‘do I have the right people to execute my strategy?’
Toronto G-20: going their own ways
A GLOBAL economic approach that works requires a consensus among the major players in the world economy. A consensus is reached more easily when there is fear that is shared. That was the case in November last year when the G-20 leaders met for the first time at the heads of state level.
Europe may have got it right at the G-20
THE Group of 20 (G-20) meeting which ended over the weekend in Toronto did not do much to advance the agenda for the global economy despite the obvious need for action. The main reason is that the two players most in need of economic recovery (the US and Europe) take a diametrically opposite view of what needs to be done.
Brokers’ Take
YANGZIJIANG has acquired a 51 per cent stake in a nearby shipyard, Jiangsu Changbo Shipyard Co Ltd (JCSC), at an attractive price of 0.9 times NTA.
Emirates still subject to Dubai’s finance woes
MOST of us at the lay level can go along with the opening gambit to your Hock Lock Siew article titled ‘Emirates changing the game that SIA must play’ (BT, June 28), which kicks off with ‘The airline industry – plagued by runaway fuel costs, cut-throat competition, over-regulation and overcapacity . . . ‘
Yuan reform impact? What yuan reform impact?
A WEEK and a day after China’s long-awaited yuan reform, what has really changed?
Wall St bill likely to be delayed
(WASHINGTON) Political momentum was expected to carry a sweeping Wall Street reform bill to approval in the US Congress, but the death of Senator Robert Byrd threatened to delay final action until mid-July.
Bank rules to hurt Morgan Stanley, JPMorgan
(SAN FRANCISCO) JPMorgan Chase & Co and Morgan Stanley will be hardest-hit among the largest US banks by financial regulations passed last week, analysts at Goldman Sachs Group Inc said.
Volcker rule may buy Citi, Goldman time
(NEW YORK) Goldman Sachs Group Inc and Citigroup Inc are among US banks that may have as long as a dozen years to cut stakes in in-house hedge funds and private-equity units under a regulatory revamp agreed to last week.
Consumer confidence tumbles in June
(NEW YORK) Americans, worried about jobs and the sluggish economic recovery, had another relapse in confidence, causing a widely watched barometer to tumble in June.
Swatch Group founder Nicolas Hayek dies
(ZURICH) Swatch Group chairman Nicolas Hayek, one of Switzerland’s most prominent and colourful entrepreneurs, died of heart failure at his workplace on Monday, the company said.
US watchdog survives legal challenge
(NEW YORK) The first group established by Congress to regulate the accounting industry survived a constitutional challenge on Monday, emerging only with its members having a little less job security.
Transport, hospitals and news services disrupted in Greece
(ATHENS) Public services shut down across Greece yesterday as workers walked off the job in a new nationwide general strike that disrupted public transport, left hospitals operating on emergency staff and pulled all news broadcasts off the air.
Western banks still at risk to crises: report
(BASEL) Many banks in Europe and the US remain heavily leveraged and dependent on cheap money provided by central banks, according to a report on Monday by an organisation that brings together the world’s central banks.
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