China May Surpass India as Biggest Gold Market, WGC Says
Source: Bloomberg Gold demand in China may surge as much as 30 per cent this year as rising incomes boost consumption, helping the country topple India as the world’s largest bullion market on an annual basis, according to the World Gold Council. Demand, which rose to a record in the first quarter, may gain...
Condo Plot at Tampines Gets Three Bids
by Ernie B. Calucag A 99-year leasehold condo plot at Tampines Avenue 10 has drawn three bids at a state tender, the Urban Redevelopment Authority said Thursday. The joint venture of Far East Organization, Frasers Centrepoint and Sekisui House lodged the top bid of about S$252.78 million, which works out to S$417.86 per square foot...
Singapore’s 1Q2012 GDP Below Forecast
by Ernie B. Calucag Singapore’s economy grew 1.6 per cent year-on-year in the first quarter, unchanged from its earlier estimate, but lower than economists’ estimates that predicted an upward revision. Economists had a consensus forecast of 1.8-per cent growth. On a quarter-on-quarter basis, Singapore’s economy grew by 10 per cent, reversing the 2.5-per cent contraction...
Spain Slides Back into Recession in First Quarter
Source: AFP Spain’s gross domestic product shrank by 0.3 per cent in the first quarter after contracting at the same rate in the final three months of 2011, confirming a return to recession, according to final statistics published Thursday. The figures confirm preliminary data issued in April by the National Statistics Institute (INE), underscoring the...
Shui On Sees No China Property Easing until 2013
Source: Reuters Chinese property developer Shui On Land Ltd has no plans to acquire new sites any time soon as it expects no major relaxation in government efforts to curb real estate speculation until 2013, its chief executive said on Thursday. Freddy Lee told Reuters he expected home buyers to begin returning to the...
Singapore’s Non-oil Domestic Exports Up 8.3 Per cent in April
by Jared Heng Singapore’s non-oil domestic exports (NODX) rose 8.3 per cent year-on-year in April, in contrast to the 4.3-per cent decline in March, trade promotion agency IE Singapore said Thursday. This was attributed to an increase in both electronic and non-electronic NODX. On a month-on-month seasonally adjusted basis, NODX increased by 13 per cent...
Upward Revision of Singapore’s GDP Growth Seen for 1Q2012
by Ernie B. Calucag A strong rebound in manufacturing and a steady services sector are expected to drive Singapore’s GDP growth to at least 1.9 per cent in 1Q2012, two banks said in separate research notes on Wednesday. Standard Chartered Bank sees a 1.9-per cent year-on-year growth while DBS estimates an even faster 2.0...
Olam Shares Decline 10.75 Per cent on Weak Earnings
by Ernie B. Calucag Shares of food and agri group Olam International fell 10.75 per cent to its lowest in nearly three years on Wednesday after the group posted weaker-than-expected earnings for the January to March period. Olam shares shed S$0.215 to close at S$1.785 from Tuesday’s S$2.00. “One of the biggest drags on the...
Singapore Airlines to Stop Services to Abu Dhabi, Athens
by Ernie B. Calucag Singapore Airlines (SIA), which is struggling with weak load factors, said on Wednesday it will suspend services to Abu Dhabi and Athens due to weak demand on both routes. The last flights to both cities will depart Singapore on 26 October 2012. SIA, the world’s second-largest carrier by market value, currently...
GM to Drop Facebook Ads Due to Low Consumer Impact
Source: Reuters General Motors Co said on Tuesday it will stop advertising on Facebook, even as the social networking website prepares to go public, with a source familiar with the matter saying the automaker had decided Facebook’s ads had little impact on consumers. The decision by GM, the third-largest advertiser in the United States, marks...
Facebook Boosts IPO Size by 25 Per cent, Could Top US$16 billion
Source: Reuters Facebook Inc will increase the size of its initial public offering by 25 per cent, a source familiar with the matter said, and could raise as much as US$16 billion as strong investor demand for a share of the No.1 social network trumps debate about the company’s long-term potential to make money. Those...
Lufthansa to Consider Bid for Star Partner TAP in Portugal
Source: Bloomberg Deutsche Lufthansa AG is considering a bid for state-owned carrier TAP SGPS SA to strengthen its position in South America and protect its partnership with a key member of the Star Alliance. “We will always look if someone approaches us, especially if it’s a Star carrier, so we will definitely also look...
