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Headlines for Singapore Business Times, dated: 2009-12-16
ADB sees speedy recovery for East Asia
(WASHINGTON) President Obama exhorted the biggest US banks on Monday to make 'extraordinary' efforts to increase lending even as some of those firms are racing to distance themselves from government control.
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Samsung's wealthy, worldly, withdrawn heir
(SEOUL) Jay Y Lee has wealth and fame, and now he likely has the keys to the kingdom of South Korea's powerful Samsung Group.
Australia to proceed with controversial Internet filter
(SYDNEY) Australia said yesterday it would push ahead with a mandatory China-style plan to filter the Internet, despite widespread criticism that it will strangle free speech and is doomed to fail.
Dubai may need more help to repay debts
(DUBAI) Dubai, which received a US$10 billion bailout from Abu Dhabi on Monday, has yet to convince investors it will meet all of its obligations.
Greek plan fails to impress markets
(ATHENS) Financial markets yesterday gave Greek Prime Minister George Papandreou's emergency deficit-cutting plan a thumbs-down, selling Greek debt and bank shares as workers launched protests against planned austerity.
Airlines still under cashflow pressures: Iata
THE airline industry is still under cashflow pressure. But having raised some US$25 billion, of which US$20.2 billion is debt, it has a comfortable cash cushion. Airlines raised another US$11 billion by selling planes and assets.
Boeing 787 Dreamliner set for first flight
(SEATTLE) Boeing Co is set to make the first test flight of its 787 Dreamliner today, almost two and a half years after the new, fuel-efficient plane, which is key to the company's financial future, was supposed to leave the ground.
European airlines to cut fuel hedging
(LONDON) European airlines have reduced their fuel hedging exposure for next year after suffering from multi-million dollar losses this year.
Engine makers eye Airbus, Boeing project
(WASHINGTON) Airbus and Boeing are nearing key decisions on whether to order costly new engines for their best-selling models, but the project is putting strain on a coalition of engine makers spanning three continents.
Beijing urged to delay procurement rule
(BEIJING) A European business group yesterday urged China to delay a new government procurement plan that gives priority to Chinese 'indigenous innovation', a practice that links government purchases with local patents.
China to curb home price surge
(SHANGHAI) China's economic planners have vowed to curb property speculation while downplaying fears that surging prices for real estate, food and other essentials may herald an inflationary spiral.
Banks may lend 8t yuan this year
(SHANGHAI) Chinese banks, which may extend eight trillion yuan (S$1.6 trillion) of new loans in 2010, need to balance credit growth and capital adequacy after unprecedented lending eroded their financial strength this year, according to Fitch Ratings.
China investor finalises deal on NBA's Cavaliers
(CHICAGO) A Michigan investment firm has finalised a deal to sell its 15 per cent stake in the Cleveland Cavaliers to Albert Hung, bringing LeBron James' team a step closer to adding the National Basketball Association's (NBA) first big Chinese investor.
China beats US in IPO takings
(HONG KONG) China has outstripped the US in the amount of money raised from stock listings, underscoring the region's stronger economy and a resurgence in investment.
Glencore to buy Chemoil stake from founding Chandran family
Swiss-headquartered Glencore International, the world's biggest commodity trader, has agreed to buy the founding Chandran family's 50.81 per cent stake in mainboard-listed Chemoil Energy for a cash consideration of around US$233.28 million, or 35.52 US cents per share.
Samta to make cash offer for rest of Furama shares
INVESTMENT holding company Samta Hotels intends to make a voluntary unconditional cash offer of $2 a share for all the shares it does not own in hotel group Furama.
Barclays, SGX launch first ETN in Asia ex-Japan
BARCLAYS Capital and Singapore Exchange yesterday launched the first exchange traded note (ETN) in Asia ex-Japan, offering investors exposure to a broad basket of commodities.
Paragon launches iPhone application
PRIME retail mall Paragon launched its own iPhone application for shoppers yesterday.
Ace Achieve H1 net up 28%
ACE Achieve Infocom's net profit rose 28 per cent to 8.4 million renminbi (S$1.7 million) in its financial first half ended Oct 31, 2009 from 6.6 million renminbi a year ago, as margins grew and costs fell.
Acquisitions back on radars of Singapore Reits
SINGAPORE real estate investment trusts (Reits) are poised to take advantage of lower commercial property prices to grow portfolios and boost dividends to shareholders, after spending over a year on the sidelines.
Company Briefs
F J BENJAMIN, Singapore's leading fashion and lifestyle group, has signed an agreement with Givenchy, part of French luxury giant LVMH Moet Hennessy Louis Vuitton, to become its exclusive distributor and retailer in Singapore.
Genting Casinos to operate Cairo casino
GENTING Singapore Plc said yesterday Genting Casinos Ltd has been selected as the new operator of the casino at The Nile Ritz Carlton Hotel, Cairo.
Is there a need for substitutes at HG Metal?
OVER in the United Kingdom, football fans can bet on the next Premier League manager to be fired.
Japan sticking to 44t yen cap on 2010 bond issues
(TOKYO) Japan's government said that it would stick to a self-imposed cap on new bond issues next year as it tries to alleviate growing worries about its rapidly rising debt, although the pledge met with scepticism among investors.
Obama urges banks to increase lending
(WASHINGTON) President Obama exhorted the biggest US banks on Monday to make 'extraordinary' efforts to increase lending even as some of those firms are racing to distance themselves from government control.
Obama urged to rein in deficit
(WASHINGTON) A bipartisan group of former US lawmakers and budget officials on Monday called on Congress and President Barack Obama to commit to rein in trillion-dollar plus budget deficits to avoid having the spiralling national debt drag down the economy.
US clean-energy initiatives creating jobs
(WASHINGTON) President Barack Obama's clean-energy initiatives will help create more than 700,000 jobs and allow the US to double its renewable-power generation in three years, according to a report by Vice- President Joe Biden.
Equity weightings may remain high
EQUITYweightings of private clients' portfolios are expected to remain elevated relative to bonds going into 2010, in a sign of continuing optimism over global growth and, in particular, growth in Asia and the emerging markets.
Bull may be evolving into a different animal
(NEW YORK) The bull market that came to life in March may already be morphing into a new incarnation: a more mature rally that's less euphoric, broad- based or, for that matter, certain.
The Fed's exit strategy
THE role of state (government and central banks) has become one of the most critical elements in restoring confidence in global economies in the current crisis. A typical central bank playbook defined by noted economist John Taylor in the 1990s focuses on inflation and economic growth. In this context, inflation is analysed as to whether it is above or below the central bank target, while economic growth is analysed as to whether it is above or below 'full employment' potential.
Bill Gross set to be manager of biggest fund in history
(BOSTON) Pimco Total Return Fund, run by Bill Gross since its inception in 1987, is set to become the biggest mutual fund in the industry's history as individual investors mostly sit out the 2009 stock rally for the safety of bonds.
Russian-Indian M&A deal aims at bulge bracket
(MOSCOW) A Kazakh resources company wants to buy African mining assets. Where does it go for advice - London, New York or Hong Kong? None of the above, if Hasnen Varawalla has his way.
India probing some Anil Ambani firms: minister
(NEW DELHI) India's government is investigating whether some companies controlled by billionaire Anil Ambani violated local rules, Finance Minister Pranab Mukherjee said.
Jakarta selling 175.1t rupiah debt next year
(JAKARTA) Indonesia plans to sell US$18.5 billion in debt next year, seen as a record amount but still less than expected by a market worried about heavy government supply at a time when interest rates are likely to rise.
Najib's wife calls for First Ladies summit
NOT every First Lady is happy to sit by while her husband discusses world issues with other leaders. And for First Ladies eager to make a difference in their own right, there may soon be a summit.
Detroit Electric to offer affordable electric cars
ELECTRIC vehicles (EVs) will start rolling silently into Singapore next year and among the most affordable could be those from Detroit Electric.
Electric cars just one part of EV puzzle
THE arrival of electric vehicle (EV) models next year is exciting news but the Energy Market Authority (EMA) says getting the cars on the road is just 'one part of the whole puzzle'.
New showroom for Chrysler off Leng Kee Rd
THE Chrysler, Dodge and Jeep brands are scheduled to be housed in a brand new showroom off Leng Kee Road by the end of next month.
Battery costs may hold back plug-in sales
(LOS ANGELES) Sales of plug-in cars, touted by the Obama administration and carmakers as a way to curb oil use and greenhouse gases, may be held back for decades by battery costs, a study for the US government found.
Working towards a better future
PEOPLE management is something Lam Yi Young, the new chief executive of the Maritime and Port Authority of Singapore (MPA), knows well from his former job as director of manpower at the Ministry of Defence and he intends to put his expertise to good use in building up the maritime industry for the future.
Middle East supertanker supply drops again
(LONDON) The supply of supertankers competing to haul two million-barrel cargoes of Middle East crude fell for a second week as oil companies stepped up demand before year-end holidays.
Port dispute could impact oil exports
(MOSCOW) Russian oil exports from the Black Sea could face complications from a brewing dispute between the owners of the biggest port on the coastline and powerful state oil monopoly Transneft, industry analysts said.
State aid is not the answer
IT'S not often that I agree with statements made by prominent shippers' representatives. And I can't remember the last time I penned support for something said by Andrew Traill, managing partner of www.shippersvoice.com. But recently, there has been a notable exception.
Boring session with penny stocks in play
WEAKNESS in Hong Kong and expectations of a possibly soft session for Wall Street meant that the local market underwent an indifferent session yesterday in which rotational punting of penny stocks was the main focus.
Bedok site tipped at over $500m
A PLUM 99-year leasehold site next to Bedok MRT Station that some property consultants say could be worth more than $500 million is now open for application by developers through the Government's reserve list.
HDB launches four more BTO projects
THE Housing and Development Board (HDB) yesterday launched four new build-to-order (BTO) projects - including two highly anticipated developments in Queenstown - bringing the total supply of BTO units to 13,500 this year.
Sistic in breach of Competition Act:CCS
THE Competition Commission of Singapore (CCS) yesterday issued ticketing agency Sistic a Proposed Infringement Decision (PID) for contravening Section 47 of the Competition Act by abusing its dominant market position via exclusive agreements with venue operators.
October retail sales drop 4.4%
RETAIL sales in October fell 4.4 per cent year on year, according to data released by the Department of Statistics yesterday.
HDB, NUS plan climatic study in Punggol
THE Housing Development Board (HDB) and the National University of Singapore (NUS) yesterday signed a collaboration agreement for the country's first township climatic study in Punggol Town.
NTU, EDB launch IC design centre
AN Integrated Circuit (IC) design centre was launched yesterday by Nanyang Technological University (NTU) and the Economic Development Board.
Accrediting dental practices
TO BOOST Singapore's reputation as a regional hub for dentistry, the Ministry of Health (MOH) is looking to accredit centres to give 'temporary registered' dentists with foreign degrees more hands-on experience while training.
MasterCard expects private consumption to grow
SALARIES and bonuses may have been cut, but that does not mean that consumers here will cut back on life's indulgences.
Special agent who chases insider trades
(NEW YORK) BJ KANG may be the most feared man on Wall Street.
Galleon founder asks court to cut bail to US$20m
(NEW YORK) Raj Rajaratnam, the Galleon Group hedge fund founder accused of directing an insider-trading ring, asked a federal judge to cut his bail to US$20 million from US$100 million, citing the 'stigma' that is now attached to him.
S'pore's next port of call may be rising in the west
(SINGAPORE) Tuas View Extension - the hockey stick-shaped piece of land at the westernmost tip of Singapore - looks set to become the country's next major port development.
Citi fundraising could dilute GIC's stake
(SINGAPORE) The Government of Singapore Investment Corporation's (GIC) shareholding in Citigroup will be severely diluted by the US bank's new share issuance unless it pumps more money into the firm.
No more 3-year telco contracts, fixed penalties
(SINGAPORE) The Republic's telecommunications regulator has imposed a new set of operating guidelines for local operators to weed out the practice of lengthy subscriber contracts and fixed early-termination charges.
World Cup viewing hangs in the balance
(SINGAPORE) The fate of the broadcast rights for the world's biggest football event continues to hang in the balance as talks remain deadlocked between Fifa and Singapore's big-two pay-television operators.
MOM: 14,000 jobs added in Q3
(SINGAPORE) Employees in Singapore who spent a large part of 2009 in fear of the axe might be able to breathe a little easier. Some might even be able to start jockeying for a pay raise - or at least a reinstatement of the pay cut.
Shivering delegates seek some warming
in Copenhagen
New condo sales fall for 4th straight month
(SINGAPORE) The number of new private homes sold in November fell 26 per cent month-on-month to 600 - the fourth straight monthly fall since July's peak.
ChildAid fundraising crosses $1m mark
(SINGAPORE) Strong corporate support and brisk ticket sales have pushed this year's fundraising for charity concert ChildAid to more than $1 million, about double the $506,000 raised last year.
Like flying back to 2007 - only worse
AFTER losing some US$11 billion in 2009, the global airline industry will collectively lose another US$5.6 billion in 2010, according to the latest forecast by the International Air Transport Association (Iata).
Mass resignations push MCA towards crisis
THE Malaysian Chinese Association (MCA), the second largest component party in Malaysia's ruling Barisan Nasional coalition remains in crisis mode with 13 central committee members resigning yesterday.
Malaysia enforces fuel cap on foreign vehicles
(KUALA LUMPUR) The 20-litre fuel cap on foreign vehicles travelling within a 50-kilometre radius from the border will be implemented today, Domestic Trade, Cooperatives and Consumerism Minister Ismail Sabri Yaakob said.
Three-Minute Digest
TUAS View Extension looks set to become the country's next major port development.
Don't write off the US growth engine
IN these times of economic malaise, the US unemployment rate still managed to shock and awe when it hit a near-30-year high of 10.2 per cent in October.
How Hong Kong tries to be relevant to China
WHEN Hong Kong was returned to China on July 1, 1997 after a century and a half as a British colony, there was much anxiety as to whether the city would continue to prosper and to enjoy British-style rights and freedoms under China's formula of 'one country, two systems' for 50 years.
Arbitration: a growing and evolving industry
AS A lawyer and an arbitrator for many years, I have been privileged to be part of a growing dispute resolution industry that transcends geographical borders, the civil and common law divide and even cultural and social barriers.
Indonesia on course to mitigate climate change
OVER the last half of 2009, the Asia-Pacific region has experienced a number of major natural disasters which have had a devastating impact on numerous regional economies and the lives of millions of people. Take, for example, the shifts in weather patterns that have resulted in more frequent typhoons and extremes of climate such as flooding, drought and landslides around Asia-Pacific.
Bonus tax is an own goal scored by Britain
THE bankers no doubt saw it coming. They've been lectured, harassed and demonised all through the past year over their role in plunging the world into the deepest recession of the last half-century.
Brokers' Take
AFTER adjusting for dilution from a higher number of units and reduced interest expense, our FY2010 distribution per unit estimate decreases to 9.3 cents.
Let an independent third party assign IDs
THE perception of most investors is that almost all independent directors (IDs) are not truly independent as they are appointed by the controlling shareholders and/or top management on the basis of an old boy's network, cronyism or social status.
SGX listing rules accorded statutory backing by SFA
WE refer to the article, 'SGX tweaks to listing rules lack solid bite' (BT, Dec 10).
Euro-US$ pair moves in greenback's favour
PLAY on the euro-US dollar pair moved in the greenback's favour yesterday on lingering concerns over Greece and Spain's credit woes, while markets adopted a 'wait-and-see' approach ahead of the two-day Federal Open Market Committee (FOMC) meeting that started yesterday.
Citigroup, Wells Fargo returning TARP funds
(NEW YORK) Two major US banks are returning US$45 billion in aid to taxpayers, marking the latest step toward recovery for the US financial system.
Top US banks plan comeback to CLO market
(NEW YORK) The three largest US banks are preparing for a comeback in the market for collateralised debt obligations backed by high- yield, high-risk loans, two years after issuance tumbled when credit markets seized up.
Natural gas demand, production seen surging
(LONDON) Exxon Mobil Corp's US$30 billion takeover of XTO Energy Inc is a major vote of confidence in natural gas and the latest sign that the world's top oil companies are looking to invest more in the cleaner-burning fuel.
Gas find off Australia boosts Chevron's prospects
(SYDNEY) Chevron Corp, the second-largest US energy producer, made a gas discovery off the coast of Western Australia that may help expand its A$43 billion (S$54.7 billion) Gorgon liquefied natural gas project.
EU likely to approve Oracle's deal to buy Sun
(SAN FRANCISCO) European Union regulators appear to be softening their opposition to Oracle Corp's proposed US$7.4 billion takeover of Sun Microsystems, a shift that has resurrected some investors' hopes that one of the year's biggest technology deals will go ahead as planned.
World Watch
(LONDON) New Formula One (F1) team Manor GP is to be rebranded as Virgin Racing following the announcement here yesterday of a sponsorship agreement with Richard Branson's business empire.
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Headlines for Reuters, dated: 2009-12-16
Stock futures signal gains; all eyes on Fed
(Reuters) - Stock index futures pointed to a higher open on Wall Street on Wednesday, with futures for the S&P 500 up 0.2 percent, Dow Jones futures up 0.1 percent and Nasdaq 100 futures down 0.2 percent at 0841 GMT (3:41 a.m. EST).
Fed to keep policy steady despite improving data
WASHINGTON (Reuters) - The U.S. Federal Reserve is expected to stick to its super loose monetary policy stance on Wednesday as high unemployment constrains policy-makers' enthusiasm about the economy's recent improvement.
U.S. forgoes billions in tax on Citi: report
NEW YORK (Reuters) - The U.S. government "quietly" agreed not to collect billions of dollars in potential taxes from Citigroup Inc as part of its deal to allow the bank to repay its taxpayer bailout, The Washington Post reported.
Philips sees pick-up in consumer electronics sales
AMSTERDAM (Reuters) - Dutch Philips Electronics signaled a continued pick-up in the consumer electronics market, saying it expected fourth-quarter sales of about 2.8 billion euros ($4.1 billion) at its Consumer Lifestyle unit.
Dubai's $10 billion cash came through bond sale
DUBAI (Reuters) - Abu Dhabi's $10 billion financial aid to fellow United Arab Emirates member Dubai to meet debt obligations was in the form of bonds, on similar terms to a $10 billion bond issue to the UAE central bank in February.
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