Kevin's Feed
Apr 20, 2012

Marubeni to buy 22 pct stake in Singapore reinsurer ACR

SINGAPORE, April 20 (Reuters) – Japanese trading
conglomerate Marubeni Corp is buying a 22 percent stake
in Singapore reinsurer ACR Capital Holdings in a move that will
provide ACR with new capital, the Singapore firm said on Friday.

ACR did not disclose the amount of Marubeni’s investment,
but a source with knowledge of the matter said it will pay
around $250 million, becoming a major shareholder alongside
existing investors British private equity firm 3i,
Malaysia’s Khazanah Nasional Bhd and Singapore state
investor Temasek Holdings.

Apr 17, 2012

Singapore March exports fall but recovery on track

SINGAPORE, April 17 (Reuters) – Singapore’s non-oil domestic
exports fell unexpectedly in March as a recovery in electronics
and a strong showing by pharmaceuticals were weighed down by a
99 percent drop in ship and oil rig sales that tend to vary
sharply from month to month.

Another surprise was a year-on-year dip in the city-state’s
exports to China even as shipments to Europe and the United
States rose, highlighting the risk a slowing Chinese economy
could have on the rest of Asia.

Apr 12, 2012

Singapore’s Keppel gets $4.12 bln Brazil rig order

SINGAPORE, April 12 (Reuters) – Keppel Corp has
signed a letter of intent to build five semisubmersible rigs for
Sete Brasil for around $4.12 billion, paving the way for what
will be the biggest-ever deal for the Singapore firm.

Keppel, the world’s biggest oil rig builder, had a net
orderbook of S$9.4 billion ($7.5 billion) at the end of 2011
with deliveries extending to 2015. The latest deal, along with
two other contracts announced earlier this month, will ensure
its yards are kept busy over an even longer period.

Apr 2, 2012

DBS boss Gupta faces biggest test in Indonesia

SINGAPORE, April 2 (Reuters) – After two years of hard work
to improve Singapore’s largest bank and lift its underperforming
Hong Kong unit, DBS Group chief executive Piyush Gupta
is embarking on his biggest challenge yet – a $7.24 billion
takeover of Indonesia’s Bank Danamon.

Gupta, 52, a graduate of the prestigious Indian Institute of
Management, joined DBS in November 2009 from Citigroup
where he was last head of Southeast Asia and Australasia.

Apr 2, 2012

DBS to pay $7.2 billion for Indonesia’s Bank Danamon

SINGAPORE (Reuters) – DBS Group Holdings (DBSM.SI: Quote, Profile, Research, Stock Buzz), Southeast Asia’s biggest bank, has agreed to pay S$9.1 billion ($7.24 billion) for Indonesia’s Bank Danamon (BDMN.JK: Quote, Profile, Research, Stock Buzz) in shares and cash, stumping up a premium of around 52 percent to become the country’s fifth-biggest lender.

Singapore-based DBS, which is making the move as part of its goal to become a leading Asia-wide bank, said on Monday it would initially pay S$6.2 billion in shares to buy a 67.37 percent stake from Singapore state investor Temasek Holdings.

Apr 1, 2012

DBS boss Gupta faces biggest challenge in Indonesia

SINGAPORE, April 1 (Reuters) – After two years of hard work
to improve Singapore’s largest bank and lift its underperforming
Hong Kong unit, DBS Group chief executive Piyush Gupta
is embarking on his biggest challenge yet – a bid for
Indonesia’s Bank Danamon.

Gupta, 52, a graduate of the prestigious Indian Institute of
Management, joined DBS in November 2009 from Citigroup
where he was last head of Southeast Asia and Australasia.

Mar 27, 2012

Singapore Airlines A380 turns back after engine problem

LONDON/SINGAPORE, March 27 (Reuters) – A Singapore Airlines
Airbus A380 turned back to Singapore after an
engine problem three hours into flight SQ26 to Frankfurt on
Tuesday, the latest in a string of incidents affecting the
world’s biggest passenger plane.

SIA said crew reported a surge in one of the A380′s four
Rolls-Royce Trent 900 engines and it would be inspected
in consultation with the British enginemaker.

Mar 20, 2012

Templeton’s Mobius bets on further oil price increases

SINGAPORE, March 20 (Reuters) – Franklin Templeton funds
that focus on developing economies are heavily invested in
energy stocks as the firm believes oil prices have room to
increase further, the head of its emerging markets group Mark
Mobius said on Tuesday.

“If you look at inflation and the oil price over the long
term, you’ll find that the oil prices have not kept up with
inflation, so there’s some catch-up to do,” Mobius told a news
conference.

Mar 16, 2012

Singapore economic prospects brighter, inflation looms

SINGAPORE, March 16 (Reuters) – Singapore’s exports
recovered strongly in February, led by electronics and
pharmaceuticals, providing an early sign the picture could
brighten for Asia’s trade-dependent economies.

But the outlook for inflation in the city-state worsened,
with economists now predicting it could hit the top end of the
official 2.5 to 3.5 percent forecast for 2012, according to a
survey released by the central bank on Friday.

Mar 14, 2012

Asian firms to hurt as Europe banks cut lending -MAS

SINGAPORE, March 14 (Reuters) – European banks will
continue to reduce their lending in Asia, posing problems for
companies in the region as local financial institutions lack the
capacity to make up the shortfall, Singapore’s central bank
chief warned on Wednesday.

Asian firms, other than the bluest of blue chips, have seen
a jump in their dollar borrowing costs as European lenders
retreat and some analysts say the shortage of dollars may result
in a spike in emerging market defaults as firms struggle to roll
over maturing loans and bonds.