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May 18, 2012 • Source: AFP Taiwan said Friday it will begin talks on a trade pact with New Zealand later this year, as part of its moves to join a Pacific-wide economic bloc. The two sides have completed feasibility studies for an Economic Cooperation Agreement and concluded it would be “mutually beneficial” for boosting trade and investment, said...
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May 18, 2012 • Source: Reuters Investors are bracing for Facebook’s Wall Street debut on Friday after the world’s No.1 online social network raised about US$16 billion in one of the biggest initial public offerings in US history. Valued at US$104 billion, Facebook is larger than Starbucks Corp and Hewlett-Packard combined, sparking intense speculation on how much higher its...
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May 18, 2012 • by Jared Heng Tiger Airways Holdings Limited Friday announced a net loss after tax of S$104.3 million for the financial year ending 31 March 2012 (FY11-12), compared with a profit after tax of S$39.9 million for FY10-11. Total revenue for FY11-12 was S$618.2 million, slightly lower than the S$622.3 million recorded in FY10-11. Loss after...
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May 18, 2012 • CapitaRetail China Trust (BUY; Target Price: S$1.44) Located in mainland China, CRCT’s retail malls are positioned as one-stop family-oriented shopping, dining and entertainment destinations for areas with large population catchment. Anchor tenants include Carrefour, Walmart and the Beijing Hualian Group. The majority of CRCT’s exposure is to Beijing, where four out of its nine properties...
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May 18, 2012 • Deregistration of SC Global’s Hong Kong Subsidiary SC Global Developments Ltd Friday announced that its Hong Kong-incorporated wholly-owned subsidiary company, Eason Limited, has been deregistered pursuant to Section 291AA(9) of the Hong Kong Companies Ordinance of Hong Kong. It said the deregistration of Eason is not expected to have any material impact on its net...
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May 18, 2012 • by Ernie B. Calucag Luxury property developer SC Global Developments has unveiled a private apartment decorated by Hermès at its flagship development, The Marq on Paterson Hil. This is the first apartment entirely decorated by Hermès and SC Global said it will not be for sale, but to be used only for private hospitality...
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May 18, 2012 • Source: Bloomberg German two-, five-, 10- and 30-year bond yields dropped to all-time lows after Moody’s Investors Service lowered the credit ratings of 16 Spanish banks, spurring demand for Europe’s safest government debt. Benchmark bunds headed for a fifth weekly advance as a report showed German producer-price inflation slowed in April. Banco Santander SA and...
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May 18, 2012 • Source: AFP Japan on Friday upgraded its view of the economy for the first time in nine months, a day after better-than-expected growth figures and thanks to a pickup in exports and consumer spending. But the Cabinet Office’s monthly economic report also warned that increasing uncertainty over Europe’s financial picture, a strong yen and rising...
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May 18, 2012 • Source: AFP Asian markets slumped and the euro fell further on Friday as the eurozone debt crisis was stoked by a ratings downgrade for Greece and 16 Spanish banks, while weak US data added to the pessimism. Tokyo tumbled 2.99 per cent, or 265.28 points, to 8,611.31, while Seoul plummeted 3.40 per cent, or 62.78...
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May 18, 2012 • Source: Bloomberg Graff Diamonds Ltd, the London-based jeweller, is considering offering its shares to investors at a valuation similar to where Prada SpA is trading. The company may offer the shares in a range of 18 times to 24 times estimated 2012 earnings, said three people with knowledge of the matter. The price range has...
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May 18, 2012 • Source: AFP Prices for new homes in China fell in more than 60 per cent of major cities in April from March, the government said Friday, as moves to curb the property market took effect. Out of 70 major cities tracked by the government, 43 registered month-on-month falls in house prices last month, although that...
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May 18, 2012 • Source: AFP Chinese companies have slammed the United States as “short-sighted” and warned of a trade war after it imposed hefty duties on solar cells it said were being sold at artificially low prices. The US Commerce Department on Thursday slapped levies of between 31 and 250 per cent on the Chinese solar cell producers...
