Task force set up to probe China air crash
(BEIJING) China has set up a special task force bringing together officials from six different government agencies to investigate a plane crash last week that killed 42 people, state media reported yesterday.
Cebu Pacific to start Beijing service
(MANILA) The Philippines’ Cebu Pacific (CEB) will start flying to Beijing early next month, the airline said yesterday. The Manila-Beijing-Manila route is CEB’s 16th international destination and will be launched on Sept 5, it said.
Dhaka plans new US$7.2b airport
(DHAKA) Bangladesh on Sunday approved plans for a new international airport near Dhaka to be completed by 2013, officials said.
Euro 2012 terminal for Ukraine city
(KIEV) The international airport of the eastern Ukrainian city of Kharkiv opened a new modern terminal on Saturday in order to meet UEFA’s demands and provide world-class facilities for Euro 2012.
Foreigners can apply for jobs at state firms
(BEIJING) China’s government yesterday announced a global talent search to fill top posts at 12 major state-owned companies in its latest effort to improve performance at huge but inefficient government firms.
China uni to expand foreign enrolment
(BEIJING) Tsinghua University, one of China’s top universities, announced plans yesterday to expand the number of international graduate students to about 10 per cent of the programme by 2020, as China’s top schools continue to add foreign students.
China state giants more profitable than private firms: report
(BEIJING) Two of China’s major state-run companies, China Mobile and PetroChina, saw their net profit outstrip that of the nation’s top 500 private firms put together in 2009, a report said yesterday.
Wife of appliance giant Gome’s ex-head paroled
(BEIJING) A Chinese court yesterday freed on parole the wife of the former head of appliance giant Gome, prosecutors said, as the jailed disgraced tycoon battles for control of the empire he founded.
UIC pays $160m in DC to redevelop UIC Building
UNITED Industrial Corp (UIC) yesterday said that it has paid a development charge of $160.1 million to the Urban Redevelopment Authority (URA) for the redevelopment of UIC Building.
Fears of SGX losing mid-cap IPOs to Hong Kong
THE initial public offer market is expected to pick up in the current second half, but worries remain over a possible increase in the market-cap requirement for mainboard listings, industry watchers say.
Not much to be gained from SGX announcing its probes
AMID criticism of the Singapore Exchange’s practice of keeping probes private, one lawyer reckons disclosing such probes would not necessarily raise the level of governance in the market.
Contract bonanza of US$915m for Yangzijiang
SHIPBUILDING company Yangzijiang has been actively churning the waters of late, landing 28 shipbuilding contracts worth a total of nearly US$915 million since July 1.
Sinotel 1-for-4 rights issue to raise $23.6m
SINOTEL Technologies has launched a one-for-four rights issue to raise gross proceeds of up to $23.6 million. It said yesterday that the proposed renounceable non-underwritten rights issue will involve up to 84.35 million new shares at an issue price of 28 cents each.
Sales, margin boost for Micro-Mechanics
THANKS to a surge in revenue and gross profit margin, Micro-Mechanics (Holdings) posted a net profit of $4.8 million for the full year ended June 30, way above the net earnings of $540,000 for FY2009. This translated to earnings per share of 3.44 cents, up from 0.39 cent. The period saw gross profit margin surging to 47.5 per cent from 38.8 per cent.
Company Briefs
KIM Eng Holdings said the company and Berjaya Corporation Berhad have mutually agreed to discontinue discussion on a possible strategic investment in the stockbroking business of Inter-Pacific Securities Sdn Bhd.
Sarin on a roll with its Galaxy game changer
THE term ‘game changer’ is often overused and overrated.
US economy not expanding fast enough: Obama
(WASHINGTON) President Barack Obama said on Sunday the US economy was expanding, but not quickly enough, and there was no ‘magic bullet’ that will fix its problems.
Iran shifts funds out of Europe to beat curbs
(TEHERAN) Iran has transferred assets out of European banks in its latest effort to defend itself against the effects of sanctions that are part of what Iranian officials have called an ‘economic war’ against the country by the United States and other Western countries.
Growth, jobs more important than deficit: US survey
(NEW YORK) Policy makers should focus on promoting economic growth and job creation rather than deficit reduction, a majority of respondents said in a survey by the National Association for Business Economics released yesterday.
Q2 profits at Aussie firms beat analysts
(SYDNEY) Australian business profits advanced in the three months through June by more than three times the amount forecast by analysts as earnings at mining companies, builders and banks surged.
Seoul to ease loan rules to boost housing market
(SEOUL) South Korea will ease mortgage lending rules and extend tax breaks to encourage buyers back to the property market after home sales slumped to the lowest level in almost a year and a half. Shares of builders and banks surged.
AgBank temporarily stops property loans
(HONG KONG) Agricultural Bank of China said yesterday that it has temporarily suspended property market loans to counter a surge in real-estate lending, but insisted the country’s property sector was ‘healthy’.
Construction payment disputes resolved more efficiently now
THE number of payment dispute cases between building contractors and sub-contractors soared last year on the back of the property and construction boom.
Subsidiary of Roxy- Pacific buys Bukit Timah site
AN associated firm of Roxy-Pacific Holdings has bought the freehold Toh Tuck Apartment site for $33.9 million.
Lower LVR decision could hit Malaysian property: Kenanga
(KUALA LUMPUR) The property sector is likely to be downgraded if Bank Negara Malaysia imposes a lower mortgage loan-to-value ratio (LVR), says Kenanga Research.
Japan’s Mitsui Fudosan to open more malls in China
(TOKYO) Mitsui Fudosan Co, Japan’s largest developer, plans to open more shopping centres in China as the company bets consumer spending will spur demand even as the government attempts to cool the housing market.
UK house prices drop the most in 16 months
(LONDON) UK home values dropped in August by the most in 16 months as the housing market endured a ‘modest re-pricing’ that is likely to last as long as a year, Hometrack Ltd said.
Stockholm’s rent controls boost black market
(STOCKHOLM) A charming one-bedroom apartment in what may be Stockholm’s trendiest neighbourhood for a mere 410 rent-controlled euros (S$708) a month: sound too good to be true? It is.
BlackBerry avoids India ban with new proposals
(NEW DELHI) BlackBerry maker Research in Motion yesterday avoided an immediate ban in India after it offered the Indian government several solutions to access BlackBerry data.
India expected to post fastest growth since 2007
(NEW DELHI) India’s economy probably grew at the fastest pace in 21/2 years, adding pressure on the central bank to raise interest rates even as the global recovery falters.
NTPC eyes stakes in 2 Indonesian coal mines
(NEW DELHI) NTPC Ltd, Asia’s second-largest power producer by market value, may buy stakes in two coal mines in Indonesia as it seeks access to the fuel to fire its generating units and help end blackouts in India.
Kelantan state sues Petronas for royalties
IN A historic move, the opposition-controlled Kelantan state government yesterday filed a suit against national oil giant Petronas for untold billions in non-payment of royalties.
Pertamina plans to spend US$600m on new tankers
(JAKARTA) Indonesia’s state oil and gas firm Pertamina said yesterday it plans to spend US$600 million on new oil tankers in the next three years to upgrade its ageing fleet and rely less on charter tankers.
China Merchants set to win Colombo job
(COLOMBO) China Merchants Holdings (International) Co and Aitken Spence & Co are likely to win a contract to build a US$500 million terminal in Sri Lanka’s Colombo port, according to the island nation’s Ports Ministry.
International forces intercept pirates: NATO
(LONDON) Japanese, EU and NATO forces cooperated on Sunday to intercept pirates who were preparing to attack ships in the Gulf of Aden, the NATO counter-piracy task force said.
Property stocks weaken but STI up
PROPERTY stocks took a bit of a hit yesterday after the government announced fresh cooling-off measures. This – and a push on the ever-popular Genting – were the only features of interest on a boring day that ended with the Straits Times Index gaining 18.32 points to 2,957.06.
Transport, agri firms among fastest growing
THE transport and agriculture and related sectors which have been booming in line with the economic recovery are among the sectors which the 50 fastest growing companies hail from.
Record number of visitors, $85m in sales at Natas fair
THE travel bug bit hard this year, with more Singaporeans shelling out bigger amounts for exotic year-end getaways as job security fears subside in the face of a rebounding economy.
Far East launches Novena Specialist Center
FAR East Organization yesterday released for lease 31 out of the 69 medical suites at its upcoming Novena Specialist Center. Ranging in size from 549 to 1,442 square feet, they will be rented out for $8-9 per sq ft (psf).
Peter Ong to head Civil Service, hold other posts
PETER ONG, permanent secretary at the Ministry of Finance, has been named head of the Civil Service and will wear several other hats from tomorrow.
Citi puts up more to educate students on finance
CITI’S three-year $1 million-plus partnership with educators promoting financial literacy in Singapore schools has borne fruit – and will bear more in the coming years.
Singapore Roundup
ERIC Tan will relinquish his position as commissioner of the Immigration and Checkpoints Authority (ICA) and take over as director of the Corrupt Practices Investigation Bureau (CPIB) from Soh Kee Hean on Oct 1.
Portfolio down 0.4% in the week
SOME buyers seemed to return to the market yesterday, but it was the blue chips which attracted most of the funds.
Back to school for SME leaders
WHILE most companies scurried around for solutions to ensure their survival during the economic tsunami two years ago, a handful of small and medium enterprise (SME) leaders decided instead to ride on the wave of opportunity to go back to school.
Know-how, networking, fun – and lots more
A STRONG friendship with business associates was Aditi Nayak’s greatest takeaway from last year’s SMU-Spring SME Leaders Advanced Management Programme.
Lessons put to practical use
THE office of Medic Marketing Pte Ltd – a company dealing with medical products – may look the way it did a year ago to the outsider, but the company of about 35 people has been witnessing various small but impactful changes internally.
How CFE Engineers copes with challenging times
AS companies staggered back to their feet after last year’s downturn, it was especially meaningful for CFE Engineers Asia Pte Ltd (CFE) to be among the winners of The Business Times’ Enterprise-50 (E-50) Awards.
Working to earn trust of clients
IF THE duplex stores of Dolce & Gabbana, Giorgio Armani, Tods and Emporio Armani renovated by GrandWork along Orchard Road are any indication, the future does seem brighter for Jay Chiu, the founder of GrandWork.
The chemical equation for entrepreneurial success
SEAH Cheong Leng fell in love with chemistry after reading a textbook when he was 12 years old.
YOG: A resounding success
SINGAPORE blew it out of the park with our handling and management of the inaugural Youth Olympic Games (YOG).
Top-down strategy that works
(BEIJING) DURING its decades of rapid growth, China thrived by allowing once-suppressed private entrepreneurs to prosper, often at the expense of the old, inefficient state sector of the economy.
Private home-owners can’t play HDB chip any more
(SINGAPORE) The Prime Minister had hinted on Sunday that major moves were afoot to cool the property market. Even so, when the Ministry of National Development (MND) spelt out the measures yesterday, several market-watchers did a double-take. Many of them expect private home prices and sales to be hit.
Govt keeps heavy guns aside, but who will take a hit?
THE government has just announced the latest instalment in its gentle therapy of a series of calibrated measures to try and rein in the acceleration in home prices.
Govt moves seen spurring entry of new telcos
(SINGAPORE) Fresh moves by the government to deter anti-competitive behaviour by telcos are aimed at bringing in more broadband service providers to make the best use of Singapore’s upcoming high-speed network, analysts say.
Taiwan keen on Singapore economic cooperation pact
WITH the ink barely dry from an economic agreement with China, Taiwan is is now anxious to form one with Singapore as well, a Taiwanese government official said in Tokyo yesterday.
DBS’s Rajan Raju leaves after 11 years
(SINGAPORE) Rajan Raju, head of DBS’ consumer banking group, is leaving the bank after 11 years and it is believed he will be joining the global asset management arm of Deutsche Bank.
Impact of new measures on loans growth likely to be small
(SINGAPORE) New government measures to cool the property market and curb speculation in the resale market for HDB flats could cause headaches for banks here due to the extra checks needed for home-loan applicants, but the impact on loans growth will likely be small, a check by BT shows.
Property stocks slip; most analysts maintain ratings
(SINGAPORE) Property stocks slid yesterday after the government announced new measures to cool Singapore’s residential property market, even though analysts said the impact on developers is likely to be minimal.
More expats coming on local packages
(SINGAPORE) The economy may be recovering fast from the recession, but companies here are still cautious about their bottom lines.
Celestial wrong to treat returnable products as sales
(SINGAPORE) Celestial Nutrifoods – which posted a rare ‘negative revenue’ in its second quarter – should not have recognised goods with rights of return as sales, accounting experts have told BT. Its practice runs afoul of its own accounting policy, they add.
Three-Minute Digest
THE Prime Minister had hinted on Sunday that major moves were afoot to cool the property market.
Getting India on the nuclear energy track
INDIA’S electric power plans should receive a push with the Lower House of Parliament approving a civil nuclear liability bill last week. The bill’s passage in the Upper House is assured.
Dangers in India’s path to nuclear energy
THERE have been few acts by the Indian government in recent months that have given rise to as many misgivings as its attempt to push through the nuclear liability Bill.
AEC: An ambitious but possible process
Asean economic ministers met last week in Vietnam to discuss the progress towards the Asean Economic Community (AEC). The AEC has been scheduled come into force in 2015 and critics are doubtful that it will go according to plan.
Hostage drama a chink in Aquino’s armour
THAT bloody hostage drama last week in Manila has damaged the political fortunes of Philippine president Benigno Aquino.
Q1 ’11 date set for building Island Power’s new station
CONSTRUCTION of the long-delayed $1.2 billion Island Power project here will start in the first quarter of next year, India’s GMR Infrastructure announced yesterday, following its signing of an EPC (engineering, procurement and construction) deal with a Siemens/Samsung consortium.
Brokers’ Take
WE have raised our FY11 earnings forecasts for Tiong Woon (TWC) by 6.8 per cent on the back of expectations that deferred projects would return by the beginning of 2011.
E-mail makes banking easier
I REFER to the letter ‘Turn off that phone, man!’ from David Mason (BT, Aug 28) and am surprised that his attitude has not changed after 15 years.
When is mail delivered nowadays?
IN February, SingPost announced that, effective May 15, delivery and collection on Saturdays of what is now facetiously termed as ‘snail mail’ would stop.
Yen gains broadly as BoJ move disappoints
(NEW YORK) The yen rose broadly yesterday after the Bank of Japan’s (BoJ) decision to expand a fund supply tool disappointed investors who had looked for more aggressive measures to curb the yen’s strength.
Druckenmiller shifts US$700m to his family foundation
(NEW YORK) Last year, billionaire fund manager Stanley F Druckenmiller shifted US$700 million of his own money to his family foundation. Before the transfer, the foundation had assets of about US$6.5 million.
July consumer spending up 0.4% after 3 tepid months
(WASHINGTON) Americans spent last month at the fastest pace in four months, helped by a jump in demand for automobiles.
Sumatra volcano erupts two days in a row
(TANAH KARO, Indonesia) An Indonesian volcano that had been dormant for more than four centuries erupted for the second day in a row yesterday, spewing towering clouds of ash and forcing the evacuation of more than 21,000 people.
POSCO inks 3.37t won deal for Dawoo Int’l
(SEOUL) South Korea’s top steelmaker POSCO signed a final deal yesterday to buy a 68 per cent stake in trading and energy firm Daewoo International for 3.37 trillion won (S$3.83 billion), officials said.
Salary gap between sexes wider now: report
(SYDNEY) Equal pay for men and women remains a pipe dream in Australia with a report yesterday showing the pay gap between the sexes is wider now than 30 years ago.
Sanofi acquisition bid puts pressure on Genzyme
(PARIS) US biotech company Genzyme yesterday rejected a US$18.5 billion acquisition bid by French drugmaker Sanofi-Aventis’ saying it undervalues the company.
Cool heads amid the cold showers
ALTHOUGH none of the top three drivers had a perfect race in a dramatic and incident-packed Belgian Grand Prix, they all kept their cool as others fell by the wayside. Hamilton, Webber and Kubica all overcame adversity to score well-deserved podium positions.
BP probe says its managers misread data
(LONDON) BP plc’s internal investigation of the Deepwater Horizon rig disaster pins some of the blame on the company for mistakes made when finishing the oil well, including misreading pressure data that indicated a blowout was imminent, according to a person familiar with the report.
HBO takes 25 awards, ahead of ABC’s 18
(LOS ANGELES) HBO again grabbed the most prizes at the Primetime Emmy Awards on Sunday, but the premium cable network’s little TV movie Temple Grandin stole the thunder of its US$200 million-plus miniseries The Pacific.
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