Singapore’s HDB to Launch Bumper Batch of 8,000 Flats
by Jared Heng Singapore’s Housing and Development Board (HDB) will launch a bumper batch of 8,000 flats through Build-to-Order (BTO) and Sale of Balance Flats exercises on Wednesday. The flats to be launched are located in mature and non-mature estates, and cover a full range of flat types. This was revealed by National Development Minister...
MOM to Allow Greater Flexibility for Businesses to Optimise Foreign Manpower
by Ernie B. Calucag Businesses will be accorded greater flexibility to optimise their foreign manpower, within the dependency ratio ceiling limits, the Ministry of Manpower (MOM) said Monday. Beginning July 2012, MOM will extend the maximum Period of Employment (POE) for unskilled Work Permit Holders (WPHs) from Non-Traditional Sources (NTS) and the People’s Republic of...
Nervous Banks Hold Back Europe’s Revival Strategy
Source: Reuters Among the piles of papers on one European diplomat’s desk in Brussels is a memo with the words “growth” and “jobs” scrawled in blue ink, followed by a large question mark. “I think we’re missing something,” said the diplomat as he sucked his pen. “There’s a lot of talk about growth strategies, but...
RBS Halts India Tanker Payment Due to Iran Sanctions
Source: Reuters The Royal Bank of Scotland has halted payments to a Greek ship owner which transported Iranian oil for an Indian shipping company, in line with Western sanctions aimed at hindering Iranian crude exports, shipping sources told Reuters. The European Union in January placed an immediate ban on new contracts to import, purchase or...
Merger of Tokyo and Osaka Exchanges Seen as Best Bet After Deals Fail: Real M&A
Source: Bloomberg As stock exchange mergers crumbled from Frankfurt and New York to Singapore and Sydney, traders have become only more convinced that Japan’s plan to combine its biggest bourses is the best bet to succeed. Shares of Osaka Securities Exchange Co, the smaller of the two main venues in the world’s second-largest equity market,...
Investors Grapple with Higher Wages in ‘Low-cost’ China
Source: Reuters lawnmower manufacturer Briggs & Stratton is used to worrying about turnover – just not the human kind. Like many foreign investors in China, the Milwaukee-based firm has been hit by a steady rise in wages – which puts it in the same boat as many US businesses in China responding to a survey...
Qantas, China Eastern to Set Up Hong Kong Budget Airline
Source: AFP Australian flag carrier Qantas and China Eastern Airlines said Monday they will launch a new Hong Kong-based budget airline next year aimed at cashing in on China’s booming aviation market. The new low-cost Asian carrier, Jetstar Hong Kong, will fly short-haul routes, including in China, Japan, South Korea and Southeast Asia, the...
Australia Bans Huawei from Broadband Project
Source: AFP Chinese telecoms giant Huawei has been blocked from tendering for equipment contracts with Australia’s National Broadband Network (NBN) due to security concerns, a report said Monday. The government refused to confirm the specifics of the Australian Financial Review (AFR) report. But a spokesman for Attorney-General Nicola Roxon said protecting the integrity of the...
Customs to Double GST Relief for Singaporeans Returning from Overseas
by Ernie B. Calucag Singaporeans returning from overseas and tourists can enjoy more Goods and Services Tax (GST) relief from April 1. Those who spend more than 48 hours abroad will get GST relief for goods valued up to S$600, double the current S$300. If they are away from Singapore for less than 48 hours,...
Bumitama Agri Seen Raising S$222 million in Singapore IPO: Report
by Ernie B. Calucag Indonesian palm oil group Bumitama Agri filed for an initial public offering in Singapore, in a move expected to raise as much as S$222.0 million, Reuters reported Monday. Bumitama would raise more than an initially expected US$160 million (S$202 million) due to improved company valuations and strong demand for its shares,...
Singapore’s Manufacturing Output Rises Lower-than-expected in February
by Ernie B. Calucag Singapore’s manufacturing output in February rose a lower-than-expected 12.1 per cent from a year earlier, pulled down by a year-on-year contraction of 6.0 per cent in electronics. Excluding the biomedical industry, output rose by 7.1 per cent year-on-year in February, the Economic Development Board (EDB) said Monday. On a seasonally adjusted...
China’s PBOC May Assess Local Debt Burdens before Direct Bond Sales
Source: Bloomberg China’s central bank may grade local governments’ creditworthiness in an internal trial programme as officials prepare for debt sales by provincial and city authorities, a state researcher said. Staffers from the People’s Bank of China and Chinese Academy of Social Sciences are planning to carry out the tests this year, said Liu Yuhui,...
