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Oct 1, 2012

IATA raises profit outlook for world’s airlines

SINGAPORE, Oct 1 (Reuters) – The world’s airlines have
raised their profit forecasts for 2012 and expect improved
performance in 2013 as efforts by North American airlines to
trim capacity have boosted margins and demand in Asia has held
up despite a weak global economy, the International Air
Transport Association (IATA) said on Monday.

IATA, which represents about 80 percent of global carriers,
now expects the $630 billion airline industry to make a net
profit of $4.1 billion this year, up from an earlier forecast of
$3 billion but still less than half the $8.4 billion achieved in
2011.

Sep 28, 2012

Heineken wins control of Tiger beer maker; focus shifts to F&N

SINGAPORE (Reuters) – Heineken NV (HEIN.AS: Quote, Profile, Research, Stock Buzz) won full control of the maker of Tiger beer on Friday after shareholders of its Asian partner, Fraser and Neave Ltd (F&N) (FRNM.SI: Quote, Profile, Research, Stock Buzz), voted in favorof selling the conglomerate’s stake in the brewer for $6.3 billion.

The vote ends a two-month battle between Heineken and companies linked to Thai billionaire Charoen Sirivadhanabhakdi for control of Asia Pacific Breweries (APB) (APBB.SI: Quote, Profile, Research, Stock Buzz), which makes several other popular brands of beer and operates 30 breweries across 14 countries.

Sep 28, 2012

Heineken wins control of Tiger beer maker; focus shifts to F&N

SINGAPORE, Sept 28 (Reuters) – Heineken NV won
full control of the maker of Tiger beer on Friday after
shareholders of its Asian partner, Fraser and Neave Ltd (F&N)
, voted in favour of selling the conglomerate’s stake
in the brewer for $6.3 billion.

The vote ends a two-month battle between Heineken and
companies linked to Thai billionaire Charoen Sirivadhanabhakdi
for control of Asia Pacific Breweries (APB), which
makes several other popular brands of beer and operates 30
breweries across 14 countries.

Sep 17, 2012

Singapore recession risk looms after August exports shrink

SINGAPORE (Reuters) – Singapore’s non-oil domestic exports (NODX) in August fell more than expected, raising the prospect of the city-state entering into a recession as exports to the European Union plunged.

The trade-dependent Southeast Asian city-state said on Monday non-oil domestic exports (NODX) fell 10.6 percent from a year earlier, hurt by a 10.4 percent drop in electronics and a 28.7 percent plummet in shipments to the EU, its largest market.

Sep 12, 2012

Genting Singapore unit fined, faces police probe

SINGAPORE, Sept 12 (Reuters) – Genting Singapore’s
casino broke the law by partially reimbursing the annual entry
fee paid by some local people, and staff could face criminal
charges for providing misleading information, the city state’s
casino regulator said on Wednesday.

From February to May 2011, Genting Singapore unit Resorts
World Sentosa Pte. Ltd. (RWS) gave incentives such as concert
tickets and hotel accommodation to around 3,400 locals who paid
a S$2,000 annual levy to enter the casino, breaching a major
social safeguard against problem gambling, the Casino Regulatory
Authority of Singapore (CRA) said.

Aug 14, 2012

SingTel Q1 profit beats estimates, sees stable FY earnings

SINGAPORE, Aug 14 (Reuters) – Singapore Telecommunications
, Southeast Asia’s biggest telephone company, posted a
better-than-expected quarterly net profit, helped by a one-off
asset sale, and reiterated its forecast for low single-digit
revenue growth and stable earnings this financial year.

SingTel, which owns Australia’s No.2 telecommunications
firm, Optus, and holds large stakes in several regional mobile
phone operators including India’s Bharti Airtel, has
been struggling to grow profits as demand slows for its
services. The Singapore dollar’s strength against most Asian
currencies has also hurt earnings from overseas.

Aug 2, 2012

OCBC warns of slower loans growth, margin pressure

SINGAPORE, Aug 2 (Reuters) – Oversea-Chinese Banking Corp
, Singapore’s second-largest bank by assets, warned
that loans growth will slow and margins remain under pressure
even after posting a better-than-expected rise in quarterly
profit.

OCBC’s cautious outlook follows the contraction of
Singapore’s manufacturing in July after two months of gains due
to a drop in new orders. The weakness is also in line with the
regional trend, with China’s factory output barely growing.

Jul 30, 2012

Singapore GIC cuts bond holdings, ups cash

SINGAPORE, July 31 (Reuters) – Singapore sovereign wealth
fund GIC slashed its bond holdings and raised cash in its last
fiscal year as “abnormally low” bond yields in the developed
economies increased the risk of holding fixed-income
investments, its latest annual report showed.

The Government of Singapore Investment Corp, which manages
an estimated $300 billion plus in assets, reduced bonds to 17
percent of its portfolio as of end-March 2012, down from 22
percent a year ago.

Jul 25, 2012

Singapore Air swings to profit, but outlook still bleak

SINGAPORE, July 25 (Reuters) – Singapore Airlines Ltd
, the world’s No.2 carrier by market value, warned that
profits at its cargo and passenger units remain under pressure
even as the rival to Emirates and Qatar Airways swung to an
overall quarterly profit from a loss in the preceding three
months.

SIA, like many premium Asian airlines, faces pressures on
multiple fronts, with Middle Eastern carriers competing for
traffic on longer-haul routes and budget carriers grabbing a
greater slice of intra-regional traffic.

Jul 19, 2012

Singapore Exchange toughens rules to lure big listings

SINGAPORE, July 19 (Reuters) – Singapore Exchange Ltd
is toughening its listing rules in the wake of a
series of accounting scandals at small Chinese firms, hoping
stronger corporate governance will attract more large companies
to the city state.

Recent scandals at companies such as KXD Digital
Entertainment have dealt a blow to the reputation of
SGX-listed companies, coming as stock sales — including intial
public offerings (IPOs) — have tumbled due to turmoil in global
markets.