Japanese delay gold sales for higher profits
(TOKYO) Japanese households have slowed their sales of gold to bullion dealers, resisting the temptation of record prices to hold out for greater profits next year if international and domestic gold markets rally more.
New mining IPOs may set record in 2011
(MELBOURNE) Global initial public offerings (IPOs) by mining and basic material companies may reach a record next year, after the biggest gain of any industry in 2010, as China and India drive up metal prices and attract investors.
Sumitomo Mitsui eyes 600b yen in wealth assets
(TOKYO) Sumitomo Mitsui Financial Group Inc is targeting about 600 billion yen (S$9.4 billion) in wealth management assets through its tie-up with Barclays Plc, betting Japanese will move away from traditional retirement savings.
Cold puts a damper on air traffic growth
(STOCKHOLM) Air traffic growth slowed in November, led by European carriers because of the cold weather that disrupted flights towards the end of the month, the International Air Transport Association (Iata) said yesterday.
Storm delays reveal flip side of cost cuts
(WASHINGTON) The US aviation system’s struggles to recover from snowstorms that closed New York’s airports this week reflect the unintended consequences of airlines’ efforts to squeeze out costs.
Qantas tunes up to musicians’ chorus
(SYDNEY) Australian musicians said yesterday they had scored a victory against Qantas, after a Facebook campaign helped persuade the airline to scrap a ban on carrying instruments as cabin luggage.
Putin cancels air officials’ holidays after travel chaos
(MOSCOW) Prime Minister Vladimir Putin banned Moscow aviation officials on Wednesday from going on their New Year holiday – after two of the city’s major airports descended into chaos.
Dip in China purchasing index signals inflation cresting
(BEIJING) Chinese inflation showed signs of cresting in a manufacturing survey yesterday, an early indication that the government will be able to stick to its course of gradual rather than aggressive monetary tightening.
China mulls export quotas on rare earth alloys: report
(BEIJING) China is considering new export quotas on rare earth alloys, a report said yesterday – a move that would further restrict shipments of the minerals used in a variety of high-tech industries.
Taiwan to review foreign inflows to spot ‘hot money’
(TAIPEI) Taiwan’s financial regulator said yesterday that it would set up a task force to inspect banks’ use of foreign cash inflows to check for forex speculation, as the local currency hit a 13-year high against the US dollar.
CapLand to jointly develop 2nd Raffles City in Shanghai
CAPITALAND, CapitaMalls Asia (CMA), and three other partners will be developing an integrated mixed- use property under the Raffles City brand in Shanghai for an estimated development cost of 8.1 billion yuan (S$1.6 billion).
M’sia Smelting lodges prospectus for secondary listing on SGX
MALAYSIA Smelting Corp (MSC) yesterday lodged its prospectus for a secondary listing on the Singapore Exchange mainboard, where it hopes to raise between RM50 million and RM100 million (S$20.9 million and S$41.8 million) by issuing new shares.
Cosco secures contracts worth over US$100m
COSCO Corporation has bagged contracts worth more than US$100 million to build four 57,000 deadweight ton (dwt) bulk carriers. Cosco Zhoushan Shipyard, a subsidiary of Cosco Shipyard Group, secured the deal, said the group in a regulatory filing yesterday.
Keppel Land China buys maiden site
KEPPEL Land’s newly set up China unit, Keppel Land China, has bought a 17.2 hectare site in Nantong, Jiangsu province, for 1.04 billion yuan (S$202 million).
China Gaoxian pitches for KDR pricing premium
CHINA Gaoxian, which is conducting roadshows in South Korea next month, said that it hopes to price the Korean Depository Receipts (KDRs) at a premium to the shares traded in Singapore.
UOBAM forms joint venture fund management firm in China
UOB Asset Management (UOBAM) marks its first move into the Chinese wealth management market with its newly minted joint venture (JV) fund management firm, Ping An UOB Fund Management Company (Ping An UOB FMC).
SGX seeks public opinion on Nifty options
THE Singapore Exchange (SGX) is consulting the public on the proposed introduction of options on the S&P CNX Nifty Index on its derivatives platform.
Transview Holdings raises profit to $4.8m
GOLF equipment specialist Transview Holdings posted a net profit of $4.8 million for the financial year ended Oct 31, 2010, up from $1.4 million a year ago, driven by higher sales and income from the sale of investments and a non-core property.
Company Briefs
ADVANCED Holdings Ltd, a global supplier of proprietary process equipment and technologies, clean-energy solutions and environmental technologies, said it has successfully clinched new oil & gas contracts worth some $12.1 million.
Fin One takeover: Will the offeror revise the price?
THE recent exchange of views and debate in BT’s letters page following the takeover offer of 48.5 cents per Financial One (FO) share by the company’s chief executive Andre Koo makes for an interesting study in market behaviour.
Corporate bond sales exceed US$3t
(NEW YORK) Corporate bond sales worldwide topped US$3 trillion for a second straight year, led by the highest ever issuance of junk-rated debt, as borrowers locked in the lowest yields on record.
Asia credit markets set to end year on strong note
(HONG KONG) Asian credit markets are looking to end the year on a strong note, driven by the region’s strong fundamentals and by investors seeking higher returns in a low rate environment.
Vietnam to boost economic stability
(HANOI) Vietnam’s government pledged to strengthen economic stability and control inflation, creating a ‘solid’ base for gross domestic product to expand by as much as 7.5 per cent next year.
Korea’s factory output up 1.4% after 3-month slide
(SEOUL) South Korea’s factory output and service-sector activity expanded in November in a sign of the economy’s resilience in the face of cooling global demand, cementing expectations that interest rates will rise early next year.
Portugal to issue 20b euros in bonds in 2011
(LISBON) Portugal plans to issue about 20 billion euros (S$34.2 billion) in bonds next year, including six billion in the first quarter, to satisfy the government’s financing needs, the state debt management agency said on Wednesday.
Blu-ray releases lead the charge
THERE’S disagreement over whether physical discs or downloadable movies will be the future of entertainment, but discs were very much relevant this year.
Asian auteurs jive with box-office bite
WITH money pouring in from its neighbour, the Hong Kong film industry grew from strength to strength with a bumper crop of blockbusters this year.
10 good reasons to catch a movie
IN A year when he was named Time magazine’s Person Of The Year, it’s somehow fitting that 26-year-old Facebook co-founder Mark Zuckerberg was the larger-than-life subject of one of the best films of 2010.
Curvy Jolie, dapper Depp and little else
HAVING played a sexy CIA agent whose skills include using her underwear to get out of a sticky situation (Salt), Angelina Jolie changes accents and affiliations in The Tourist – where she’s still an international woman of mystery and still in mortal danger.
Sword spoof gets lost in translation
GOOGLE the sword-fighting comedy Just Call Me Nobody and you’re likely to see many similar versions of the same poster – except that the main star in the spotlight differs from country to country.
China flexes movie muscle
THE Chinese box office looks set to surpass its milestone 10 billion yuan (S$2 billion) mark today, the figure boosting the industry’s confidence where many of its homegrown titles have broken new records this year and pushed its tally to a historic high.
New Year, new start?
IT’S the last day of 2010 – have you ever wondered what your final thought of the year will be when the clock strikes 12 tonight?
Fringe perks
THOSE who take the bus would have seen some of these by now on JCDecaux boards at bus stop shelters – pictures of playgrounds of yesteryear, the last surviving ones in Singapore which are made of concrete and mosaic and come in ‘organic’ designs patterned after animals.
M1 Fringe fest diary must-sees
Plays to mark in your diary for January:
Around Town
THERE is no shortage of ways to bid goodbye to 2010 and usher in the new year. Aroundtown lists the variety of ways you can belt out Auld Lang Syne, or not, for the New Year 2011 Countdown.
Heritage recipes saved in book
DISCOVERING a great cookbook recipe is one thing, but preparing a dish in a way that has been passed down through generations is a completely different matter.
Homespun jazz gems
BEMOAN the state of the global music recording industry if you must, but there were plenty of good albums released this year.
India food inflation hits 10-week high
(NEW DELHI) India’s food inflation accelerated to a 10-week high in mid- December on rising prices of vegetables, while the fuel index also rose, adding to inflationary worries in Asia’s third-largest economy.
India’s new rich prove to be reluctant philanthropists
(NEW DELHI) A huge charity gift by a high-tech tycoon has shone a harsh light on the philanthropic track record of India’s established and emerging billionaires.
Carrefour opens its first wholesale store in India
(MUMBAI) Carrefour SA, the world’s second-largest retailer, has opened its first wholesale store in India as it seeks to expand in emerging economies amid increased competition that is crimping margins in developed markets.
IJM-MRCB merger plan falls through
SHARES of IJM Land fell by 12 per cent to RM2.84 yesterday after its proposed merger with Malaysian Resources Corporation Bhd (MRCB) was called off.
Promising signs ahead for BN after a year of the comeback
FOR Malaysia’s ruling Barisan Nasional (BN) coalition, 2010 has been the year of the comeback.
Najib declares 3-day weekend in joy
MALAYSIA will enjoy a three-day weekend this week after Prime Minister Najib Razak declared today a public holiday to celebrate the country’s biggest football achievement.
DP World to hand over Mina Zayed ops
(DUBAI) DP World Ltd will hand over the management of Abu Dhabi’s Mina Zayed port operations to Abu Dhabi Terminals in January and the Dubai-based company said it didn’t reach a binding accord to manage the new Khalifa Port.
M’sian hauliers seek ministry help on charge
(BUTTERWORTH) The Association of Malaysian Hauliers (AMH) has urged the Transport Ministry to intervene in the move by the Malaysia Container Depot Association (MCDA) to impose a RM5 (S$2.10) fee for every container that is returned to or taken from their depots.
Window-dressing completed for 2010?
HAVING already risen 48 points between Monday and Wednesday, the Straits Times Index (STI) yesterday faltered slightly, ending just 4.55 points higher at 3,212.46. Turnover remained around the billion mark for units and value traded, which was decent considering the time of year.
More employers offer work-life options
EMPLOYERS seem to be responding to greater demand for work-life balance, with more now offering options such as part-time work or teleworking.
963,000 tourists visit S’pore in November
SINGAPORE welcomed 963,000 tourists in November as stronger Asian tourism pushed visitor numbers 16.1 per cent higher from a year ago.
$80m in utility rebates for 800,000 households
SOME 800,000 HDB households can expect an early red packet next year, with $80 million in Utilities-Save (U-Save) rebates announced.
Drop in transport & storage services’ receipts
THE transport and storage services industry generated $70.9 billion in operating receipts in 2009, about 16.2 per cent lower than the $84.7 billion in 2008.
$75m face-lift for Chinatown Point
THE 20-year old Chinatown Point retail and office complex is set to get a new lease of life after a planned $75 million major asset enhancement programme.
A 23km walk to support polio eradication
SOME 40 members of Rotary and Rotaract clubs in Singapore and Malaysia walked 23km yesterday from Woodlands Central to the Singapore Island Country Club at Sime Road.
Another 3 firms reserve space in MBFC Tower 3
LAW firm WongPartnership is one of three new confirmed tenants in Tower 3 of Marina Bay Financial Centre (MBFC) and will occupy about 93,000 square feet, or three floors of office space.
JTC to launch tender for site in Ubi
NATIONAL industrial infrastructure developer JTC Corporation yesterday said it will launch a public tender for a 1.24 ha industrial site in Ubi on the reserve list.
Christmas cheer for one and all
LAST Christmas, I skipped London and the very next day got snowed in in a small village in Holland three hours away. This year, to save me the tears over airport closures and cancelled flights, I decided to remain in the city – and found it to be something special.
Green firms, out in the cold, wait for spring
(SINGAPORE) Some firms are bursting with promise while the future of others is fraught with uncertainty as the green sector treads gingerly beyond 2010.
After White Christmas, Vatican seeks white list
(SINGAPORE) The Vatican has created new laws and a financial agency to fight money laundering after a recent scandal tarnished its reputation.
Ex-SLA exec accused of cheating Supreme Court
(SINGAPORE) The probe into the massive Singapore Land Authority fraud case has uncovered more alleged cheating by ex-SLA executive Koh Seah Wee at his previous places of employment – the Supreme Court.
Queensland counts cost of devastating floods
(MELBOURNE) Heavy rain and flooding that’s swept across the Australian state of Queensland may cost billions of dollars after crops were destroyed and output from coal mines was disrupted, Premier Anna Bligh said.
Bart, with $10,000 we’d be millionaires!
(SINGAPORE) The Simpsons, America’s favourite dysfunctional family, are known (and loved) for parodying American society and culture. Now a new academic paper by three economists shows that, as goofy and idiotic as he is, Homer Simpson and his family and friends in Springfield epitomise ‘perfectly’ everything that entrepreneurship is about.
SPH on the lookout for more property ventures
(SINGAPORE) Singapore Press Holdings (SPH) is on the search for more property investments as one of its projects, Clementi Mall, opens its doors next month.
Bloomberg draws fire over New York blizzard
(NEW YORK) Criticism of New York Mayor Michael Bloomberg snowballed on Wednesday as the top city official bore the brunt of the blame for the lacklustre response to one of the worst blizzards in decades.
China cracks down on Internet phone services
(BEIJING) China has pledged to restrict Internet phone services – a move that could affect thousands of businesses and individuals making cheap calls via Web-based communications companies such as Skype.
Three-Minute Digest
SOME firms are bursting with promise while the future of others is fraught with uncertainty as the green sector treads gingerly beyond 2010.
A necessary air travel hassle
ON Christmas Day 2009, a passenger boarded a flight at Schipol airport in Amsterdam bound for Detroit in the United States with explosives concealed in his underwear.
Dilemma over retirement benefits for US baby-boomers
I RECEIVED my Medicare card the other day, recognising my 65th birthday and making me part of one of America’s biggest problems.
The changing face of consumer banking
REMEMBER when they said a few years ago that the bank branch is dead? Well, it turns out they were wide of the mark. Internet and mobile banking may have grown and evolved, but the branch is holding its own in the multi-channel mix – though its role is changing rapidly.
The US-China dialogue of the deaf
(NEW YORK) IN 2010, economic conflict between the United States and China became one of the most worrying global developments.
Pakistan ground raids an American march of folly
NEWS reports that senior US commanders in Afghanistan want to expand Special Operations ground raids into Pakistan’s tribal areas may well have been leaked deliberately in order to increase pressure on Pakistani military leaders to take tougher action against Taleban fighters seeking refugee in their country.
Brokers’ Take
WILMAR International’s wholly owned subsidiary, WCA Ltd (WPL), has formed another joint venture with Kerry Properties (China) Ltd (KPCL) and Shangri-La China Ltd (SACL) to bid for land use rights on six sites in Laobian district, Yingkou city, Liaoning province, China.
Swiss franc jumps to new highs; US$ falls
(NEW YORK) The Swiss franc hit record highs versus the euro and dollar yesterday and looked set to extend gains, as lower US bond yields and concern about the eurozone debt crisis prompted investors to seek safety in the Swiss currency.
US snowstorm delays US$1b in holiday sales
(NEW YORK) A blizzard in the US Northeast this weekend postponed about US$1 billion in holiday retail sales by keeping shoppers out of stores in the days after Christmas, research firm ShopperTrak said on Wednesday.
Blackstone eyes malls owned by Centro
(NEW YORK) Blackstone Group, the world’s largest private equity firm, has made a preliminary bid for the assets of Australian shopping mall owner Centro Properties Group, according to a person briefed on the offer.
Server overload caused Skype outage
(SINGAPORE) Skype says a software glitch was the main cause of the major outage that affected a majority of its customers worldwide last week.
South Africa’s BRIC invitation more about politics than economics
(JOHANNESBURG) South Africa’s ascension to the BRIC group of major emerging economies was more about politics than economics and reflects expectations it will be the gateway for investment in the fast-growing continent.
Greenback will remain world’s reserve currency
(SINGAPORE) The US dollar will keep its reserve status in 2011 because China and Europe aren’t developed enough for their currencies to replace it, according to Pacific Investment Management Co (Pimco), which runs the world’s biggest bond fund.
Sony sues LG for patent infringements
(WASHINGTON) Sony Corp, Japan’s biggest exporter of consumer electronics, filed patent-infringement claims seeking to block LG Electronics Inc from shipping mobile phones to the US.
Pending home sales stay in recovery mode
(WASHINGTON) The number of contracts to buy previously owned homes rose more than forecast in November, a sign sales are recovering following a post-tax credit plunge.
Hungary’s restrictive new laws draw flak
(BUDAPEST) For decades Hungary was one of Eastern Europe’s most democratic nations, leading former Soviet countries in adopting the political and economic norms of the free world.
SEC looks into trading in private Internet firms
(NEW YORK) The US securities regulator is looking into trading in privately-held Internet companies including Facebook and Twitter, media reports said, citing people familiar with the inquiry.
UK think-tank sees high net migration in 2011
(LONDON) Around 200,000 more people are likely to come to Britain to live, work or study than leave the country next year, keeping net migration broadly unchanged from recent years, a think-tank said yesterday.
Irish banks’ ECB funding up 13.7% in November
(DUBLIN) Irish domestic lenders increased their reliance on European Central Bank (ECB) funding by 13.7 per cent in November, as the state applied for an international bailout.
Mums-to-be rush to beat Spanish cash deadline
(MADRID) Many mothers- to-be in Spain are desperately trying to have their babies early to beat a year-end deadline for a 2,500 euro (S$4,260) ‘cash-for-kids’ benefit, sparking alarm among doctors.
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