Saturday, August 11, 2012

This week | August 6-10, 2012

Business Times: Sat, Aug 11

Q2 GDP figure may not bring much cheer

SINGAPORE is set to announce better final Q2 GDP figures than the quarterly contraction flash estimates showed, but this may not bring much cheer after global macro data and policy statements last week reinforced fears of a global slowdown and markets' hopes for stimulus were dashed. Some analysts have in recent weeks cut their Singapore GDP forecasts for this year and next, on the expectation that growth will slow further in the second half with Europe in recession, the US recovery shaky and China's stabilisation still uncertain.

Harder to prosecute IDs in wake of Airocean ruling

THE High Court's recent acquittal of two former board members of Airocean Group may make it harder to prosecute independent directors of Singapore-listed companies, observers said. While Chief Justice Chan Sek Keong's ruling maintained the status quo on insider trading law, it nevertheless clarified that companies may not have to disclose information simply because it is trade sensitive - that information has to be likely to significantly move the share price as well.

Aerospace park bites a chunk off Seletar camp

MILITARY operations at Seletar Camp will be consolidated to operate out of a smaller area, as part of the camp is released to make way for the development of the aviation sector. Said Kenneth Liow, director of public affairs at the Ministry of Defence: "Mindef has been working closely with the Urban Redevelopment Authority to release the required land at Seletar Camp for the development of the Seletar Aerospace Park (SAP). The transfer of land will be completed by the end of this year."

Stanchart ran rogue Iran unit: US regulators

STANDARD Chartered Bank (SCB) ran a rogue unit that plotted with the Iranian government to dodge American sanctions and hide nearly US$250 billion in illegal transactions, US regulators claim. Its determination to subvert the US banking system was so systematic that the tactics were even formalised into published internal manuals and automated into its systems, all the while sanctioned by the highest echelons of management.

New twist in Tiger tale as Kindest puts in bid

JUST when Heineken thought it had cleared a major hurdle in its bid to take over Asia Pacific Breweries (APB), a stone has been thrown in its path. Kindest Place Groups -  owned by the son-in-law of Thai Beverage's founder Charoen Sirivadhanabhakdi -  offered to buy Fraser and Neave's direct 7.3 per cent stake in APB for $55 a share or $1 billion.

Cho Yaw to pass UOB chairman baton next year

NOT a graduate, just lucky, he once said. That man known as Mr UOB will be stepping down as chairman of the bank, with Hsieh Fu Hua named as his successor. Wee Cho Yaw will relinquish his position at the bank's annual general meeting in April next year, his son and UOB chief executive Wee Ee Cheong said on Tuesday.

Growth forecast now capped at 2.5 per cent

THE Singapore economy is now expected to grow 1.5 to 2.5 per cent this year, Prime Minister Lee Hsien Loong said on Wednesday. This cuts the top end of the government's earlier 1-3 per cent forecast, while raising its bottom end by half a percentage point.

APB and F&N shares up on Kindest offer

INVESTORS yesterday jumped into the expensive takeover game unfolding around Asia Pacific Breweries (APB), propelling shares of the Tiger beer brewer and its parent, Fraser and Neave (F&N), to new peaks. APB surged 7.5 per cent, or $3.66, to close at a record $52.50, on trading volume of 939,000 shares -  the heaviest in years.

Vietnam port in the doldrums

A PORT complex once touted as Vietnam's main gateway has seen its promise sink without a trace. Three years after the first of the five terminals which have since opened their wharves for business in Cai Mep International Terminal, they lie quiet and underused.

Red and white, old and new - 47, and counting

THE Republic celebrated its 47th birthday on Thursday with a parade that incorporated familiar favourites as well as new elements. The 2012 National Day Parade - for which the theme was Loving Singapore, Our Home -  was attended by about 26,000 spectators.

Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C
Senior Sales Director
DTZ Debenham Tie Leung (SEA) Pte Ltd (L3006301G)

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