Cargo carriers brace for grim festive season
(FRANKFURT) Cargo carriers worldwide face a grim festive season as declining consumer spending in Europe eradicates the usual peak in airborne deliveries of goods ranging from mobile phones to top-end sports shoes.
Emirates bonds preferred over Dubai’s on credit risk
(ABU DHABI) Emirates, the world’s largest international airline, is seen as a safer investment than its owner, the government of Dubai.
Time to change rule about use of e-gadgets on planes
(NEW YORK) Millions of Americans who got on a plane over the Thanksgiving holiday heard the admonition: ‘Please power down your electronic devices for take-off.’ And absolutely everyone obeyed. I know they did because no planes fell from the sky. No planes had to make an emergency landing because the avionics went haywire.
Europe yet to take key step on crisis: China
(BEIJING) Chinese Commerce Minister Chen Deming said Europe has yet to take any significant step in tackling the region’s debt crisis and signalled that his nation needs a quid pro quo for further opening its markets.
Chow Tai Fook Jewellery to raise up to US$2.8b in IPO
(HONG KONG) Hong Kong-based Chow Tai Fook Jewellery Co told investors yesterday that it is seeking to raise up to US$2.8 billion in an initial public offering that would create a new publicly listed giant in luxury goods.
Great Eastern to join China insurer’s IPO
SINGAPORE’S Great Eastern Holdings along with three other investors have signed up for US$780 million worth of shares in the initial public offering of one of China’s largest life insurers, New China Life Insurance Company (NCI).
Sheng Siong in talks to expand into M’sia: CEO
(SINGAPORE) Singapore supermarket retailer Sheng Siong Group Ltd is in talks with a potential partner to help it expand into neighbouring Malaysia, its chief executive officer said.
PwC notes weak governance at Miyoshi
MIYOSHI Precision’s whistle-blowing policy didn’t stop a director from making unauthorised payments to himself although various staff could have raised the alarm, an investigation into missing funds at the company has found.
Baosteel cuts costs with dim sum bond
(HONG KONG) Baosteel Group Corp cut its borrowing costs by almost 1.5 percentage points compared with yields in Shanghai through the sale of the largest corporate yuan-denominated bond in Hong Kong.
Clearstream wants 30% of revenue from Asia by 2016
CLEARSTREAM International wants to raise its share of revenue from Asia to 30 per cent by 2016, executive board member Philippe Metoudi said yesterday.
Sabana Reit set to buy Woodlands industrial property
SABANA Shari’ah Compliant Industrial Real Estate Investment Trust (Sabana Reit) is set to acquire a three-storey industrial property located at Woodlands for a purchase consideration of $14.8 million, to be funded by debt.
MCT unveils tax refund scheme for unitholders
UNITHOLDERS of Mapletree Commercial Trust (MCT) will be able to use back-end tax refund procedures to claim over-deducted tax on income distributions.
Loyz Energy spreads its E&P wings to Australasia
IN a move to grow its exploration and production (E&P) concession portfolio beyond India, Loyz Energy Ltd has unveiled plans to acquire stakes in two petroleum exploration permits in Australasia. Catalist-listed Loyz Energy, known formerly as Sim Siang Choon Ltd, announced yesterday that it will take an initial 20 per cent interest in a petroleum exploration permit owned by Trident Energy Limited, an Australia-based E&P firm, for A$650,000 (S$838,742). This will be done through wholly owned Loyz Oil Australia Pty Ltd.
Net exit offer for each PST unit is 42.27 US cents
THE net exit offer price for Pacific Shipping Trust’s (PST) delisting will be 42.27 US cents per unit, after deducting the third-quarter distribution of 0.73 US cent from the offer of 43 US cents by Pacific International Lines (PIL).
Scintronix rights issue to raise $8.6m
SCINTRONIX Corporation is undertaking a renounceable non-underwritten one-for-one rights issue, to raise net proceeds of $8.6 million.
Company Briefs
PAN Hong Property Group announced that its subsidiary, Huzhou Jiangnan Hailian Construction Co Ltd, has signed a letter of intent to sell six parcels of land in Zhejiang province, China to the Huzhou Economic – Technological Development Area Management Committee.
Even hawkish central banks turn dovish to avert slump
(WASHINGTON) Central banks across five continents are undertaking the broadest reduction in borrowing costs since 2009 to avert a global economic slump stemming from Europe’s sovereign-debt turmoil.
Thailand’s Oct factory output nosedives
(BANGKOK) Thailand’s industrial output slumped by the most in more than a decade in October as the nation’s worst flooding in almost 70 years shut thousands of factories and halted manufacturing.
Japan central bank ready with stimulus
(NAGOYA) Bank of Japan governor Masaaki Shirakawa has signalled the central bank’s preparedness to bolster stimulus should Europe’s deepening sovereign-debt crisis pose a larger risk to Japan’s economy and financial markets.
UK home prices drop for seventh month in Nov
(LONDON) UK house prices dropped for a seventh month in November and the pace of decline may accelerate as weak consumer confidence erodes demand, property researcher Hometrack Ltd said.
Cordea Savills targets Asian investors
(SINGAPORE) Cordea Savills, the fund management arm of British real estate consultancy Savills plc, has launched a £pounds;150 million (S$303.5 million) fund that will buy prime London homes, giving Asian investors an alternative way to invest in the sector.
Lloyds close to ‘Project Royal’ loan sale: source
(LONDON) Lloyds Banking Group is in the final stages of selling off a package of commercial real estate loans in a deal known as ‘Project Royal’, said a source with knowledge of the situation.
China should maintain property curbs: vice premier
(BEIJING) Chinese Vice Premier Li Keqiang said measures introduced to control the nation’s property market are at a ‘critical stage’ and that the government should maintain the curbs, the official Xinhua News Agency reported.
Shui On Land positive about achieving target
(SHANGHAI) Chinese property developer Shui On Land Ltd is ‘positive’ about achieving its 10 billion yuan (S$2.03 billion) sales target for 2011 despite a slowdown in the market, its chief executive said yesterday.
HK’s used-home sales hit record low
(HONG KONG) Hong Kong’s used-home sales at the 10 largest residential estates fell to six over the weekend, the lowest level since records began in 2007 excluding Chinese New Year holidays, Samsung Securities Co said, citing Midland Holdings Ltd.
India may reverse retail reform plan due to opposition
(NEW DELHI) The Indian government gave its first signs of backtracking over a move to allow foreign supermarket giants to enter Asia’s third-largest economy as political opposition grew over one of the most far-reaching economic reforms in years.
Indonesia may have to tighten monetary policy
(JAKARTA) Indonesia may need to tighten monetary policy in 2012 as higher fuel prices boost inflationary pressure and domestic demand helps South-east Asia’s largest economy weather a slowdown in global trade, the Organisation for Economic Cooperation & Development (OECD) said.
EPF poised to step up investments abroad
(KUALA LUMPUR) The Employees Provident Fund (EPF), ranked among the biggest pension funds in the world, aims to invest a fifth of its assets abroad by 2014.
France’s Colas eyes KL-S’pore rail job
(KUALA LUMPUR) French group Colas Rail, the recent winner for part of a light rail extension work, plans to bid for the high-speed rail project linking Kuala Lumpur and Singapore.
Golden Ocean seeks buying opportunities
(OSLO) Investors have hammered it, a big customer has stopped paying and competitors are crowding the sea lanes, but Norwegian dry-bulk shipper Golden Ocean is still on the prowl for even-weaker prey, its chief executive said on Friday.
Mitsui, other Asian lines surge as capacity cuts boost rate hopes
(TOKYO) Mitsui OSK Lines Ltd, Japan’s largest shipping line by market value, surged the most in a month in Tokyo trading on speculation container lines’ capacity cuts may revive rates.
China ports not ready for mega ships
(SHANGHAI) Chinese ports are not yet ready to receive Vale’s mega iron ore carriers due to a few ‘small issues’ in handling the world’s largest dry bulk vessels, an official with the National Development and Reform Commission (NDRC) said yesterday.
China shipping sector to stay sluggish
(BEIJING) The downcast sentiment in China’s shipping market will persist for a long period of time, due to growing uncertainties worldwide, a transportation official has said.
Talk of lifeline for Italy lifts stocks
TALK of yet another bailout – this time for Italy – brought some relief to battered local equities yesterday. Aided no doubt by generous amounts of short- covering following last week’s 86-point loss, the Straits Times Index managed a 50.5-point or 1.9 per cent bounce to 2,694.43. Turnover, however, remained thin at 1.1 billion units worth $843 million, excluding foreign currency issues; and the advance-decline score stood at 228-126 excluding warrants and loan instruments, suggesting a heavy dose of caution was still present.
Civil works make up bulk of cost of Downtown Line
SOME $10.8 billion of the $12 billion allocated for the Downtown Line has been awarded by way of civil construction contracts, the Land Transport Authority (LTA) said yesterday.
Inter-chamber business networking to meet global challenges
THE increasingly challenging global economic climate has had one positive impact on the business community in Singapore – the greater collaboration between them.
Changi Airport Group wins GEMS award
CHANGI Airport Group, no stranger to accolades, added the inaugural Singapore Service Medallion to its trophy cabinet last night.
Bosses’ night out with The Business Times
SEVERAL cheerful chief executives were treated to good food and wine last Friday at The Business Times’ CEO Night at LP+ Tetsu – Laurent Peugeot’s first restaurant outside France.
Half of businesses worldwide have no disaster recovery plan
ALMOST half of all businesses globally will not be able to retrieve their data after the occurrence of a disaster.
Singapore Roundup
JTC Corporation has awarded the tender for an industrial site at Lavender Street/Kallang Avenue to the highest tenderer, PLC 8 Development Pte Ltd at the tendered sum of $218.3 million.
Green buildings make value propositions
RETROFITTING commercial buildings can lead to an increase in their value.
Training the bottom line – and more
EVEN as they keep an eye on the bottom line, Singapore’s small- and medium-sized enterprises (SMEs) are now increasingly aware of how training helps them achieve more than just better numbers.
Talent retention key to success
MORE and more companies are proactively embracing strategic talent attraction to cope with a tighter labour market on the basis of innovative reward schemes or social media platforms such as Facebook.
Preparing for new Act on re-hiring
Q: With the Re-employment Act taking effect from Jan 1, 2012, that enables workers to work beyond their retirement age, what steps does my company need to take to make it easy for everyone to adapt to the new regulation?
Making a difference
A SINGAPORE-BASED medical diagnostics company is saving lives by taking the guesswork out of detecting liver disease.
Refining the interactive experience pays off
AS most of our leisure activities such as chatting, shopping, and watching television move online, it was only a matter of time before the inherent business opportunities in these trends were identified. And in 2009, that niche was filled by Refinery Media’s show Supermodelme, which ‘combines social media with online content’.
Making sense of it all
AS THE CEO of RSA, Art Coviello spends his time showing high-profile large enterprise clients what to expect in the tech industry and how they can stay safe from the unending barrage of IT security exploits.
Building lasting relationships
‘SINGAPORE has gained much from our strategic position as an entrepot straddling the East and the West.
A visionary who saw China’s potential
THE executive chairman of Pacific International Lines (PIL) Teo Woon Tiong, or YC Chang as he is widely known, set up his own business in shipping at the age of 49.
Seeing beyond the surface of things
LIANHE Zaobao Beijing chief correspondent Han Yong Hong went straight into the epicentre after the 2008 Sichuan earthquake struck.
Chinese companies still keen to expand overseas
THERE is no let-up of interest among Chinese companies wanting to expand overseas, despite global uncertainties. And to meet their funding requirements, OCBC said it hopes to introduce Singapore dollar bonds to its clients.
Grooming future leaders
IT all started as a request from Hebei province in 1998 to Nanyang Technological University (NTU) to train a group of 12 senior officials.
China’s bizjet market makes a big impact
WARREN Buffett has appeared in a series of print advertisements for the US National Business Aviation Association’s (NBAA) ‘No Plane No Gain’ campaign, posing the question: ‘Do you really know what’s on the table if you’re not at the table?’
China property prices slip down a tricky slope
CHINA’S real-estate market is starting to hurt. In October the number of cities posting a drop in prices doubled from September. Property sales dropped 24 per cent month-on-month and 14 per cent from a year earlier.
StarHub scores Uefa for both teams’ viewers
(SINGAPORE) StarHub has clinched the exclusive broadcast rights for the Uefa Euro 2012 football tournament, in what will almost certainly trigger Singapore’s cross-carriage law for the first time since it took effect in August.
Going strong at 40, MAS faces fresh challenges
(SINGAPORE) The volatile global environment means asset price inflation is still a risk, so ensuring stable prices will remain a core challenge for the Monetary Authority of Singapore (MAS).
Non-landed private home prices up 0.9% in October
(SINGAPORE) The monthly Singapore Residential Price Index (SRPI) showed that prices of non-landed private homes climbed 0.9 per cent in October 2011 – reversing a three-month trend of zero or negative growth.
PIL founder clinches Business China award
(SINGAPORE) A successful shipping magnate, a well-respected Beijing- based journalist and a local university are recipients of this year’s Business China Awards for their contributions in boosting Singapore-China bilateral ties.
LKY proposes setting up of bilingualism fund
(SINGAPORE) Former prime minister Lee Kuan Yew has proposed the setting up of a new national bilingualism fund that he hopes will reach over $100 million over time.
Hopes of boost to EFSF lift EU bonds, stocks
OVERSOLD European bonds and equities jumped on hopes that leaders would begin negotiations to boost the European Financial Stability Facility (EFSF) bailout fund.
Raymond Lim joins Swire unit as adviser
(SINGAPORE) FORMER transport minister Raymond Lim joins the new South-east Asian arm of conglomerate Swire Group, which has significant interests in Hong Kong listed Swire Pacific.
US law firms head for Seoul in wake of FTA
(NEW YORK) Cleary, Gottlieb, Steen & Hamilton LLP, Samsung Life Insurance Co’s adviser on South Korea’s biggest initial public offering, plans an office in Seoul now that a free trade deal is allowing foreign law firms in.
Three-Minute Digest
CHINA’S real estate market is starting to hurt. In October the number of cities posting a drop in prices doubled from September.
OECD issues a wake-up call to policymakers
THE Organisation for Economic Co-operation and Development (OECD) pulls no punches about the state of the global economy in its latest Economic Outlook published yesterday and, while some might consider this alarmist, it seems fair to describe the OECD’s dire warnings as a needed signal to global policymakers to ‘get real’ about the nature and degree of the risks involved.
What’s holding down Indian airline industry
THE troubles in the Indian airline industry were inevitable. Most of the airlines were over-leveraged, taking on a debt they were incapable of servicing.
Lessons for Europe from Korean crisis
ON THE surface, at least, the situation in the eurozone today and South Korea in the fall of 1997 look very different. Both are cases of severe economic crisis, to be sure.
Investing in digital media for the future
FOSTERING innovation is the impetus behind Singapore’s national agenda. The country has actively developed a sweet spot where disciplines such as science, technology, design and management converge to generate innovation.
Brokers’ Take
RECENT regulatory measures mark another speed bump for the Singapore gaming industry.
Be pragmatic on issue of directorships
IN his letter ‘Directorships: look beyond the number’ (BT, Nov 25), Sovann Giang, executive director of the Singapore Institute of Directors (SID), said that it is a shame that I continue to zero in on the narrow issue of number of boards a director sits on.
Improve tax incentives for employer health care programmes
I REFER to the article ‘Employers need to manage staff health care better’ (BT, Nov 14).
More checks on independent directors still needed
I REFER to the article ‘Good code, pity about the governance culture’ by corporate governance guru Assoc Prof Mak Yuen Teen (BT, Nov 24) and ‘Directorships: look beyond the number’ by Sovann Giang (BT, Nov 25).
Have your say
Euro recovers from seven-week low
(LONDON) The euro rebounded from a seven-week low yesterday on hopes of progress on its sovereign debt crisis ahead of a European Union summit next week, although investors remained sceptical that decisive action to resolve the turmoil will be swift in coming.
Bleak outlook for global economy: OECD
THE Organisation for Economic Cooperation and Development (OECD) yesterday issued a bleak forecast for the global economy in the coming two years, warning that even a ‘muddling through’ scenario where sovereign defaults, systemic bank failures and other threats are avoided may prove to be over optimistic.
Berlin, Paris take aim at budgets violating EU rules
(BRUSSELS) Germany and France stepped up a drive yesterday for intrusive powers to reject national budgets in the eurozone that breach European Union (EU) rules, as a market rout of European debt eased temporarily on hopes of outside help for Italy and Spain.
Sales of new homes up in Oct; but prices fall
(WASHINGTON) Americans bought slightly more new homes in October, a hopeful sign for the troubled housing market. But the median sales price fell to its lowest level of the year, and the overall sales pace is trailing last year’s – the worst in half a century.
Banks closing units that trade equities in Europe
(MILAN) Securities firms are being forced to scale back and even close divisions that trade equities in Europe as the region’s debt crisis worsens a decline in profitability.
Greek banks expected to post losses, writedowns
(ATHENS) Greek banks, which were predicted to start reporting third-quarter losses yesterday, may also disclose bond writedowns as they tussle with the government over terms of a debt swap related to the nation’s bailout package.
Dealers see Fed buying US$545b mortgage bonds
(NEW YORK) The biggest bond dealers in the United States say the Federal Reserve is poised to start a new round of stimulus, injecting more money into the economy by purchasing mortgage securities instead of Treasuries.
London bankers expect bonuses to shrink by a fifth
(LONDON) Bankers in London’s financial districts expect bonuses to shrink by about a fifth from last year as the sovereign debt crisis crimps revenue.
Rio Tinto to boost capital spending by 17%
(SYDNEY) Rio Tinto Group, the world’s second largest mining company, expects to increase capital spending by 17 per cent next year and raised its iron ore expansion target to meet demand from China.
John Key builds NZ coalition
(WELLINGTON) New Zealand Prime Minister John Key began forming a government after his National party gained its best election result in 60 years, securing support from two smaller parties to ensure a majority in parliament.
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