Samsung asks to see next iPhone, iPad models
(SEOUL) Samsung Electronics Co sought a court order to force Apple Inc to disclose iPhone and iPad models under development, claiming it needs the information to defend against allegations of copying.
Another financial crisis inevitable, says Mobius
(TOKYO) Mark Mobius, executive chairman of Templeton Asset Management’s emerging markets group, said another financial crisis is inevitable because the causes of the previous one haven’t been resolved.
Korean presidential aide arrested on bribery charge
(SEOUL) A close aide to South Korean President Lee Myung Bak was arrested yesterday on charges of taking bribes from a now-suspended savings bank, in a case that analysts say signals the start of electoral mudslinging and could stall policymaking.
Australia warns of cyber attacks on firms
(CANBERRA) Australia’s government urged companies yesterday to tighten vigilance over cyber attacks launched offshore against some of the world’s biggest resource firms and other businesses, warning high-tech threats were intensifying.
Soil near Fukushima found to be as radioactive as Chernobyl’s
(TOKYO) Radioactive soil in pockets of areas near Japan’s crippled nuclear plant have reached the same level as Chernobyl, where a ‘dead zone’ remains 25 years after the reactor in the former Soviet Union exploded.
Emirates eyes 5-yr dollar bond listing
(DUBAI) Emirates, Dubai’s flagship carrier, is eyeing a benchmark five-year dollar bond with early talk indicating pricing of 350 basis points over midswaps, the lead arrangers said yesterday.
US vacationers face record costs to fly now
(NEW YORK) To fly someone from New York to Los Angeles and back, airlines spend close to US$330 these days – just on fuel.
Iraqi Airways to appeal Jordanian court order
(AMMAN) Iraqi Airways will appeal a court order to freeze its bank accounts in Jordan following a lawsuit by Kuwait Airways Corp, Karim al-Nuri, a spokesman for the Iraqi Minister of Transport, said. ‘We are preparing to appeal the Jordanian court order,’ he said in a phone interview from Baghdad yesterday. ‘Our appeal is based on the fact that Iraqi Airways is a state company and thus enjoys immunity and cannot have its offices seized.’
China’s LinkedIn plans for explosive growth ahead
(SHANGHAI) In a country where being connected is seen as crucial, Ushi, China’s answer to LinkedIn, expects explosive growth over the next few years in the world’s largest Internet market.
Cosco allays concerns over Sevan contracts
COSCO Corporation says all its four vessel building contracts are with Sevan Drilling and not with its Norwegian parent Sevan Marine.
Low Keng Huat bags $66.3m Chinatown Point job
CONSTRUCTION and property company Low Keng Huat has clinched a $66.3 million contract – awarded by Perennial Real Estate Group – to give Chinatown Point a major renovation and face-lift.
Z-Obee’s net profit doubles to US$11.4m
FAIR value gains of US$5.9 million helped more than double Z-Obee Holdings’ full-year net profit to US$11.4 million from the preceding financial year’s US$5.2 million.
It’s been a profitable year for many SGX companies
THE last 12 months have been decent for most of the 73 Singapore-listed companies which released results for the financial year ended March 31.
Absence of fair value gain hits GLP Q4 profit
WAREHOUSE owner Global Logistic Properties (GLP) posted a 63 per cent drop in fourth quarter net profit to US$49.2 million from a year ago – when it recorded a US$100.2 million fair value gain, as opposed to a fair value loss that was incurred this time round.
Enviro-Hub buys IUT recycling plant
MAINBOARD-listed waste management company Enviro-Hub Holdings said yesterday it is buying the recycling plant of IUT Singapore, which has gone into liquidation.
China Environment unit bags 8 contracts
MAINBOARD-LISTED China Environment yesterday announced that its wholly-owned subsidiary, Fujian Dongyuan Environmental Protection, secured eight contracts totalling 105.6 million yuan (S$20.1 million).
Lum Chang acquires Reco Sungei Long
LUM Chang Holdings yesterday announced the early exercise of a put option by Recosia Pte Ltd, an affiliate of GIC Real Estate, which allowed Lum Chang to acquire Reco Sungei Long for a reduced cash consideration of RM106 million (S$43.2 million).
Yoma posts $2.8m net gain
LAND development, private housing and real-estate project business group Yoma Strategic Holdings yesterday reported a net profit of $2.79 million for the year ended March 31, helped by fair value gains of an associated company.
CapitaLand buys 65% of Viet firm
CAPITALAND yesterday said that it has bought a 65 per cent stake in a company that plans to develop a plot of land in Ho Chi Minh City, Vietnam, into around 800 affordable, or value, homes. CapitaLand, Singapore’s largest property group by market capitalisation, bought its stake in Quoc Cuong Sai Gon Company for around $7.3 million in cash. The price was arrived at on a willing-buyer willing-seller basis.
Contel reports profit of US$1.7m
HIGHER revenue helped digital media products maker Contel Corporation return to the black for the year ended March 31, with a net profit of US$1.7 million, after a US$67 million loss last year.
APL cold-irons vessels in Oakland to cut emissions
APL, a unit of Neptune Orient Lines, has begun to shut down the engines of docked ships as part of its move to cut some 50,000 pounds of emissions a year in Oakland, California. The process is known as cold-ironing, during which ships at berth connect to the landside power grid for electricity, and then shut down their auxiliary engines – a historical source of power for shipboard electrical systems.
China Healthcare back in the black with $3.77m net
CHINA Healthcare, formerly known as Econ Healthcare, returned to the black for the full year ended March 31, thanks to the absence this time of impairment losses.
Company Briefs
GP Industries’ net profit dived 29.7 per cent to $23.8 million for the year ended March 31, 2011, from $33.85 million for the preceding year.
BProG2 trial to relay patient data wirelessly
AN eight-week clinical trial of a mobile health monitoring device that can relay 24-hour blood pressure and heartbeat patterns of patients to their healthcare providers was announced yesterday.
Concerns over pace of Japan’s recovery
THE forecast last week by the OECD that Japan’s economy will contract by nearly one per cent this year has fuelled fears that the country’s recovery from the combined impact of a massive earthquake, tsunami and an ongoing nuclear power crisis could take significantly longer than previously believed.
Manufacturing lag adds to world economic risks
(BERLIN) Add a manufacturing slowdown to the growing risks facing the world economy.
Mexican pension funds turn bullish on long-term bonds
(NEW YORK) Mexican pension funds are stepping up their purchases of longer- maturity bonds at the fastest pace since December as inflation holds near a five-year low.
Australian firms’ Q1 profits fall 2%
(SYDNEY) Australian company profits fell in the first quarter as a stronger local dollar dampened earnings for exporters and massive flooding in Queensland hit coal miners, painting a soggy picture for the overall economy.
KL’s high-end homes beckon foreigners
WORLD-CLASS city living has come to Kuala Lumpur. The Malaysian capital is dotted with new, amenity-filled, chic apartments and the city has never been as cosmopolitan and vibrant as it is now.
10b yuan monkey theme park coming up in Beijing
(BEIJING) Property developer Zhonghong Real Estate Co plans to spend 10 billion yuan (S$1.9 billion) building a ‘monkey kingdom’ theme park in Beijing based on the 400-year-old Chinese novel Journey to the West.
NZ housing prices set to rise on record-low interest rates
(WELLINGTON) New Zealand’s housing market will recover slowly this year as record-low interest rates bolster consumers’ views that prices will keep rising, ASB Bank Ltd said, citing the results of a quarterly survey.
US fund seeks management change at Australian Reit
(SYDNEY) New York-based investment firm Orange Capital LLC wants to replace the management of Australian property trust Charter Hall Office Reit and plans to call a shareholder meeting to vote on the change, it said yesterday.
2 freehold residential development sites sold
AT least two freehold residential development sites have been transacted recently. Austral View at Tanjong Rhu, on a 30,540 square foot site, was sold for $81 million through a collective sale to a Chinese developer which last month picked up the adjacent Fortredale.
Home prices in UK suffer sharp falls in May
(LONDON) House prices in England and Wales dropped at their fastest annual pace in over 11/2 years in May as demand fell for the first time since January, a survey showed yesterday.
More BTO flats in mature towns: Khaw
THE Housing and Development Board (HDB) could be launching more new flats in mature estates next year to help young couples live near their parents, said National Development Minister Khaw Boon Wan yesterday.
Home prices in China likely to fall 10% this year: analysts
(BEIJING) Analysts said Chinese home prices are likely to fall by more than 10 per cent this year, due to the government’s prudent monetary policy and other tightening measures, the Beijing News reported yesterday.
Dragon Mansion up for collective sale at $150-156m
DRAGON Mansion, a freehold residential development located on the fringe of the Central Business District, is up for collective sale with an indicative price of $150-156 million, or $1,340-1,392 per square foot per plot ratio (psf ppr).
Partners in new markets overseas
BUSINESS space providers are working overtime to take established tenants with them when they break into new markets.
Good crops expected as rains arrive early in India
(MUMBAI) India’s monsoon, which represents more than 70 per cent of its annual rainfall, landed two days early, potentially boosting production of rice and sugar and helping cool the highest inflation among Asia’s major economies.
Yudhoyono attacks users of social media
(JAKARTA) Indonesian President Susilo Bambang Yudhoyono yesterday angrily denounced the media and users of social networking websites for spreading false allegations against his embattled party.
India to surpass Japan as biggest Indon coal buyer
(NUSA DUA, Indonesia) India will surpass Japan to become the leading buyer of Indonesian coal this year, taking as much as 60 million tonnes to help meet India’s burgeoning power demand, the Indonesian Coal Mining Association said yesterday.
Time running out to cut back subsidies
(SINGAPORE) Indonesia and Malaysia, where subsidies consume a big share of public spending, have a narrow window of opportunity to pare back politically popular fuel subsidies on their own schedule before budgets or bond holders force their hands.
Global warming will open up shipping routes in Arctic
(PARIS) Global warming will have a devastating effect on roads in the Arctic, but open up tantalising routes for shipping, according to a study published on Sunday in the specialist journal Nature Climate Change.
CMA shareholder buys half of port firm’s Malta unit
(ISTANBUL) Yildirim Holding AS, a Turkish container port operator that owns 20 per cent of France’s CMA CGM SA, has agreed to buy 50 per cent of Malta Freeport Terminals from CMA CGM for 200 million euros (S$352.6 million).
Rhine shipping problems persist as water stays low
(HAMBURG) Water levels on the Rhine and Danube rivers in Germany remain low after hot, dry weather and some vessels are still sailing 80 per cent empty, traders said yesterday.
Wall St closure sees slower trading
THE closure of Wall Street yesterday for Memorial Day meant that trading in local stocks, already hit by thin liquidity for many weeks now, slowed to a virtual standstill yesterday.
Yuan-based cross-border trades set to rise
MORE businesses in China are planning to use the yuan in cross-border trades going forward, says a survey by HSBC.
Victorious Sylvia, after crossing the Rubicon
‘IT is hard to describe the feeling when one works towards a day for years, and finally is standing on the banks of the Rubicon.
Most professionals here looking to change jobs: poll
EMPLOYEES are likely to continue calling the shots in the job market in the near future, judging by the proportion of professionals thinking of changing jobs in the next few months.
Fraud alleged in motorsports hub tender process
IN the latest in a litany of woes besieging the Changi Motorsports Hub (CMH) project, a complaint has been lodged with the Commercial Affairs Department (CAD) alleging that a bank guarantee submitted as part of the tender process may have been forged.
Small cap portfolio fares worse than general market
BEST World, which sank into the red with its first- quarter results, was the biggest drag on our portfolio in the last five trading sessions to yesterday.
Providing a huge productivity jump
LIKE the character in Robin Hood that software company Friar Tuck is named after, its director Alan Sevugan says it aims to be sought after by others for its talent for planning.
Made in China, sold in Europe
ANY furniture manufacturer who says he has a perfect production record with no furniture defect is either untruthful or very new in the business.
Keeping the flame alive
SUCCESSION planning is often deemed a taboo topic in Asian family businesses.
Bringing new members into the team
Q: I run a small business with just three staff. Since working together we have had a cordial relationship.
Songs at the heart of it all
WHO would have thought that two composers of grand symphonies would be connected by the humblest of folk songs?
Successful showcase of choreographers, dancers
IN The Middle, a double-bill commissioned by the Singapore Arts Festival featured two emerging choreographers: Foo Yun Ying and Zhuo Zihao, both of whom took the theme of memory and translated it into movement.
Analysts look beyond April’s house price gains
(SINGAPORE) Mass market condo prices have been racing ahead, but a moderation may be around the corner.
S-chips fire off SGX reports, work remains
(SINGAPORE) The audit committees of various Singapore-listed Chinese companies or S-chips are scrambling to update the Singapore Exchange (SGX) on their internal reviews before today’s deadline.
KL hikes power rates to cap subsidy costs
MALAYSIA yesterday raised electricity rates by an average 2.23 sen or about 7 per cent to put a lid on the rising subsidy costs, though it refrained from capping petrol subsidies.
Fifa’s Valcke confirms he sent e-mail
(ZURICH) FIFA plunged deeper into crisis yesterday when its general secretary confirmed he had sent a private e-mail to a fellow executive committee member saying that Qatar bought the rights to stage the 2022 World Cup.
Han fails in appeal for summary judgement in ‘conspiracy’ suit
(SINGAPORE) The High Court rejected an appeal by Han Cheng Fong against the court’s dismissal of his application for summary judgment.
Ku De Ta braces for battle to keep name
(SINGAPORE) Whether swish nightclub Ku De Ta gets to keep its name at Marina Bay Sands will be among key issues to be decided at a trial of a trademark dispute between the MBS club’s owners and the founding partners of Ku De Ta in Bali.
A-G Chambers disagrees with article on Susan Lim case
(SINGAPORE) Singapore’s Attorney-General’s Chambers (AGC) says it disagrees with allegations made in an article published last week in The Jakarta Globe on the recent proceedings involving Dr Susan Lim.
Eruption at Iceland volcano has ended, say authorities
(REYKJAVIK) The eruption of Iceland’s Grimsvoetn volcano is considered over as there has not been activity there for days, a geologist at Iceland’s Meteorological Office told AFP yesterday.
Three-Minute Digest
MASS market condo prices have been racing ahead, but a moderation may be around the corner.
A stronger rupiah will be good for Indonesia
BY all objective assessments, the Indonesian rupiah should be stronger than what it is now – 8,525 rupiah to the US dollar.
Fixing Europe credit crisis made harder by the euro
IT has come to this. A year after rescuing Greece from default, Europe is staring into the abyss.
Latin America’s glossed decade
THE Inter-American Development Bank (IADB) declared last July that this would be ‘Latin America’s Decade’. A couple of months later, The Economist endorsed that idea, which has since been repeated by countless apologists and experts.
Staying within the UK’s Bribery Act
AFTER a couple of false starts, the United Kingdom’s Bribery Act 2010 comes into effect on July 1, 2011.
Meltdown feeds Tokyo’s inertia in Tepco Nation
TEN weeks after the earthquake and tsunami, it’s tempting to give Japan a new name: Tepco Nation.
Brokers’ Take
THE three telcos turned in mixed performances as StarHub disappointed while M1 and SingTel fell in line with expectations.
Euro eases on uncertainty over Greece’s debt crisis
(LONDON) The euro eased yesterday, pulling away from a key chart resistance as uncertainty over how Greece’s debt crisis will be tackled kept investors on edge, while the dollar stabilised following a slide late last week.
Germany to shut down nuclear plants by 2022
(BERLIN) Germany yesterday announced plans to become the first major industrialised power to shut down all its nuclear plants, with a phase-out due to be wrapped up by 2022, the government agreed yesterday.
Aussie PM ramps up carbon tax campaign
(SYDNEY) Australian Prime Minister Julia Gillard yesterday intensified her campaign for a carbon tax as 140 prominent citizens joined calls backing her divisive proposal.
G-8 backs Lagarde for IMF, says minister
(PARIS) G-8 leaders all back French Finance Minister Christine Lagarde’s bid to run the IMF, Foreign Minister Alain Juppe said on Sunday, as the candidate attacked a call to investigate her role in a 2008 legal case that may harm her chances.
Govt rejects Carlos Slim’s Mexico TV plans
(MEXICO CITY) Mexican billionaire Carlos Slim may have to wait for years to enter his domestic television market now that the government has rejected his bid so close to next year’s presidential election.
EU working on another Greece bailout package
(ATHENS) The European Union is working on a second bailout package for Greece in a race to release vital loans next month and avert the risk of the eurozone country defaulting, EU officials said yesterday.
Ballmer hardly the worst veteran CEO
(NEW YORK) Microsoft has missed too many opportunities under Steve Ballmer’s stewardship.
Bonn holds crisis talks as E coli spreads
(BERLIN) Germany called crisis talks yesterday over warnings that an outbreak of E coli bacteria poisoning, which is believed to have already left 10 dead, was still spreading.
Adidas aims to better Nike in 2012 games
(LONDON) Adidas AG, the world’s second-largest sporting-goods maker, plans to use the London 2012 Olympics to bridge a gap with Nike Inc in the UK capital that gives its larger competitor overall market leadership in the country.
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