Spain Meets Bond Target while French Borrowing Costs Fall
Source: Bloomberg Spanish bonds gained after the Treasury met its target at a debt sale, while French costs declined at an auction, easing concern that the countries will struggle to finance their borrowings. The Spanish Treasury sold EUR2.52 billion (US$3.31 billion) of bonds, exceeding its maximum target. Still, Spain had to pay 4.037 per...
Shoebox Units Bring Down Value of Non-landed Homes in 2011, Strong Sales to Continue
by Ernie B. Calucag The proliferation of those tiny homes known as shoebox apartments has added a new dimension into the Singapore residential property market: it made value of new non-landed homes cheaper. In a report, property consultancy firm CBRE said Thursday that the total value of new non-landed homes decreased 22 per cent in...
French Bank Societe Generale Profit Falls 20.1 Per cent
Source: AFP French bank Societe Generale reported on Thursday a 20.1-per cent drop in quarterly net profit to EUR732 million (US$963 million) owing to a EUR119-million charge for risky debt. But the outcome was higher than expected by analysts polled by Dow Jones Newswires who had forecast on average a figure of EUR630 million....
Singapore is Fourth Most Desirable Place to Live and Work: Survey
by Ernie B. Calucag Singapore climbed two spots to become the fourth most desirable place in the world to live and work, according to recruitment firm Hydrogen and business school ESCP Europe. In a survey, Hydrogen said Singapore has become an increasingly popular destination for multinational corporations over the past few years. “We have seen...
Indian Central Bank ‘Intervenes’ as Rupee Slides
Source: AFP India’s central bank likely intervened in the foreign exchange markets on Wednesday to prop up the currency after the rupee slid to a near four-month-low against the dollar, traders said. The unit fell below the key Rs53.00 to the dollar level, hitting an intraday low of Rs53.01 – a level last seen in...
German Court Rules against Microsoft in Motorola Patent Fight
Source: Reuters A court in Mannheim ruled on Wednesday that Microsoft infringed Motorola Mobility’s patents and ordered Microsoft to remove its popular Xbox 360 gaming consoles and Windows 7 operating system software from the German market. However, Microsoft said that the ruling did not mean that its products would be taken off retailers’ shelves because...
S&P Raises Greek Rating, Lifting It Out of Default
Source: Reuters Standard & Poor’s raised Greece’s credit rating out of default territory on Wednesday, as expected after Athens slashed its debt by about a third by completing the biggest sovereign debt restructuring in financial history. But the firm kept Greece firmly in the junk category with a CCC rating and warned that a deep...
New Corporate Governance Code to Take Effect November 1
by Ernie B. Calucag The Monetary Authority of Singapore (MAS) issued Wednesday the revised version of the Code of Corporate Governance, which will take effect for companies with financial years commencing from 1 November 2012. MAS said this should give companies sufficient time to implement the changes, which are mainly focused on the areas...
SMRT’s Shares Down as Analysts Downgrade Ratings
by Ernie B. Calucag Shares of public transport operator SMRT Corp lost S$0.02 to close lower at S$1.66 Wednesday, as analyst downgrade their ratings on the stock. SMRT shares fell as much as 3 per cent intra-day to reach its 29-month low on Wednesday, hurt by the group’s lower-than-expected drop in 4QFY2012 earnings. The group...
Sun Hung Kai’s Walter Kwok Says Brothers Hired Hui
Source: Reuters Walter Kwok, the eldest brother of the family that runs Sun Hung Kai Properties, on Wednesday moved to distance himself from Rafael Hui, the former Hong Kong official arrested in connection with a bribery probe involving Kwok’s younger brothers. Kwok, ousted from the company’s top spot in 2008, said in a statement provided...
ADB Secures US$12.4 billion for Fund for Region’s Poorest Countries
Source: Reuters The Asian Development Bank (ADB) said on Wednesday that funding for its concessional loan facility will increase nearly 10 per cent to US$12.4 billion as the bank seeks to promote inclusive growth in low-income countries and shield them from financial crises. The Asian Development Fund (ADF), which provides grants and concessional loans to...
Facebook on Track for IPO on May 18: Report
Source: AFP Facebook is on track to make its historic multi-billion-dollar debut on Wall Street on May 18, according to a report by The Wall Street Journal. Executives from the social network plan to begin a financial roadshow next week, going to various cities to discuss Facebook’s prospects with potential investors before the initial public...
