Newly SGX Mainboard-listed Civmec Closes Higher in First-day Trading
by Jared Heng Civmec Limited Friday listed on the Mainboard of the Singapore Exchange (SGX) under the stock code of “P9D”, closing higher than its IPO price at the end of first-day trading. Civmec is an Australian-based integrated multi-disciplinary construction and heavy engineering services provider to the oil and gas, mining and other industries, such...
Singapore Escapes Recession with Surprise 1Q2012 Growth
by Ernie B. Calucag Singapore avoided recession in the first quarter, as data released Friday showed the economy rebounded faster than expected during the period. Advance estimates from the Ministry of Trade and Industry (MTI) showed the gross domestic product (GDP) rose an annualised 9.9 per cent in the first quarter, reversing the previous quarter’s...
China’s First-quarter Growth Slowest in Nearly Three Years
Source: AFP China announced Friday that its economy grew 8.1 per cent in the first three months of 2012, its slowest pace in nearly three years, as it was hit by weak demand in the nation’s key export markets. The figure was well below the 8.9-per cent growth recorded in the last quarter of 2011...
Singapore Government Raises Taxi Drivers’ Working Age Limit to 75
by Jared Heng Taxi drivers in Singapore will be able to continue driving their taxis until they are 75 years old, with effect from 1 June 2012, the Land Transport Authority (LTA) said on Friday. The announcement followed a review of the current age limit of 73 by LTA after feedback from the National Taxi...
Singapore Retail Sales Soar 19 Per cent in February
by Jared Heng Singapore’s retail sales rose 19 per cent year-on-year in February, the Department of Statistics (DOS) said on Friday. This compared with an estimated 15-per cent year-on-year growth projected by economists and a 1.8-per cent increase in January. Excluding motor vehicles, February’s retail sales increased 7.7 per cent year-on-year. Compared with February 2011,...
Sony CEO Wields Axe, Sets Turnaround Targets
Source: Reuters Less than a fortnight into his job as CEO, Kazuo Hirai sketched out a strategy to revive Sony Corp: a major push into smartphones, growth in games and cameras, and big cost cuts in a TV business that has not made a profit in 8 years. The Sony veteran, in his first public...
Italy Raises EUR4.9 billion in Bond Sale as Three-year Rate Rises
Source: AFP Italy raised EUR4.9 billion (US$6.5 billion) in a bond issue on Thursday, just short of its maximum target as the rate on three-year bonds rose sharply from the last such sale. Italy’s borrowing costs had been falling in recent months after Prime Minister Mario Monti implemented a series of budget cuts and...
Haitong to Launch US$1.5-billion Hong Kong Offer on April 17: IFR
Source: Reuters Haitong Securities Co Ltd, China’s No.2 brokerage by assets, is set to launch its up to US$1.5 billion Hong Kong share offering as early as April 17, after securing commitments from investors for a large portion of the deal, IFR reported on Thursday. The company is set to price the deal on April...
Fragrance Group Wins Aljunied Road Industrial Site for S$43.39 million
by Ernie B. Calucag The Urban Redevelopment Authority on Thursday awarded the tender for the industrial site at Sims Drive / Aljunied Road to Fragrance Biz Space Pte Ltd, a subsidiary of listed Fragrance Group Limited. This will be the group’s maiden industrial project after spinning off its hotel business to Global Premium Hotels (GPH)...
Norway’s Stolt Nielsen Frontrunner for Singapore Oil Storage Contract: Sources
by Ernie B. Calucag Norway’s Stolt Nielsen is the frontrunner to win a contract to develop land and build storage for up to four million barrels of oil and chemicals at Singapore’s Jurong Port, Reuters said in a report Thursday. Singapore, Asia’s largest oil trading hub, is redeveloping Jurong Port, on the western tip of...
Bumitama Agri Joins SGX Mainboard, Closes Higher on First-day Trading
by Jared Heng Bumitama Agri Thursday listed on the Singapore Exchange (SGX) Mainboard under the stock code ‘P8Z’ and closed higher than its initial public offering (IPO) price on its first-day trading. Incorporated in Singapore in 2005, Bumitama is a producer of crude palm oil and palm kernel with oil palm plantations and mills located...
SMX to Launch New Gold, Silver Futures in May
by Ernie B. Calucag The Singapore Mercantile Exchange (SMX) will roll out in May new gold and silver futures contracts as it hopes to capitalise on the robust trading interest in both precious metals, the exchange announced Thursday. The “SMX E-Gold” and “SMX E-Silver” contracts are cash settled against the benchmark Gold and Silver futures...
