SINGAPORE STOCK NEWS | 2012-01-17

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   Headlines for ChannelNewsAsia, dated: 2012-01-20

India court rejects US$2.5b tax claim against Vodafone
NEW DELHI – India's Supreme Court rejected Friday a US$2.5 billion tax bill slapped on British phone giant Vodafone by India over its purchase of a local operator in a ruling closely watched by foreign investors.


   China fund buys stake in British utility
BEIJING: China's US$410b sovereign wealth fund said Friday it had bought a stake in British utility company Thames Water, days after the Chancellor of the Exchequer George Osborne held talks in Beijing.

China's economy starts new year weak
SHANGHAI – China's manufacturing activity shrank for the third straight month in January, data showed Friday, leading analysts to warn of a further slowdown for the world's number two economy.

Toyota says number one spot not top priority
TOKYO: Japanese auto giant Toyota on Thursday played down its demotion from top spot in the world carmakers' league after US firm General Motors said it sold 9.03 million vehicles in 2011.

Merck to pay up to US$36.3m to settle Vioxx suit
MONTREAL: Pharmaceutical giant Merck said Thursday it has agreed to pay up to CAN$36.8 million (US$36.3 million) to resolve all suits brought against it in Canada over its former hit painkiller Vioxx.

Asian shares, euro extend gains as debt fears ease
HONG KONG: Asian markets rose for a fourth straight day Friday on strong French and Spanish bond sales, the lowest US jobs claims for almost four years and hopes Greece will agree a debt deal with its creditors.

China manufacturing activity remains weak: HSBC
SHANGHAI: China's manufacturing activity contracted for a third straight month in January as the world's second largest economy slows, boosting the case for further monetary easing, HSBC said on Friday.

IMF chief Lagarde to talk in Berlin on Monday
WASHINGTON: The managing director of the International Monetary Fund (IMF), Christine Lagarde, said Thursday she would deliver a speech Monday in Berlin on world economic challenges.

'Final battle' Greek debt talks go into top gear
ATHENS: Greece will resume crucial talks Friday on a debt writedown and a new loan that is key to its economic survival, with talk of progress as the IMF held out hope for additional funding.

Austria issues 50-year bonds for first time
VIENNA: Austria has issued 50-year bonds for the first time in its history, the federal financing agency said on Thursday.

Intel scores 'record' profits for 2011
NEW YORK: Chipmaker Intel on Thursday reported record revenue and profits for 2011 despite a slight slowdown in the fourth quarter related to the impact of Thailand's floods on the personal computer industry.