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News Roundup

MAS Expects 2012 Inflation at 2.5-3.5 Per cent

Singapore’s central bank on Friday said that it expects headline inflation to fall between 2.5 to 3.5 per cent in 2012 as the economy slows.

“Inflation pressures will ease into 2012 as economic conditions weaken,” the Monetary Authority of Singapore (MAS) said in its annual financial stability review, which analyses the risks and vulnerabilities faced by the wealthy citystate.

Temasek in Talks to Buy Construction Bank Shares from BofA

Temasek Holdings, Singapore’s state-owned investment company, is in talks to buy shares of China Construction Bank Corp that Bank of America Corp is selling, said a report by Bloomberg on Wednesday.

Bank of America will sell 10.4 billion shares this month in private transactions for a profit of about US$1.8 billion (S$2.3 billion), leaving the second-biggest US lender with a 1 per cent stake in Construction Bank, according to a statement November 14. Charlotte, North Carolina-based Bank of America said the buyers were a group of investors, without providing names.

Tiger Air Records 2QFY2012 Loss of S$49.9 million

Tiger Airways on Tuesday announced it recorded a net loss for the quarter ending September 30 (2QFY2012) of S$49.9 million, compared to a S$14.1 million net profit last year.

Passenger numbers and seat capacity were 23.2 per cent and 16.1 per cent lower, respectively, compared to the same period last year, due to the six-week suspension of Tiger Airways Australia’s services and the subsequent under-utilisation of its fleet as a result of its reduced flying programme. Consequently, revenue dropped 23.4 per cent to S$109.9 million from S$143.5 million.

Rickmers Maritime Swings Back to Black in 3Q2011

Rickmers Maritime Trust on Monday posted a net profit US$11.1 million (S$14.2 million) in 3Q2011, reversing the loss of US$54.6 million made in 3Q2010.

The net profit came on the back of improved charter revenue, a US$0.9 million gain consisting of marked-to-market gains on cash flow hedges and absence of a US$64.0 million compensation fee.