Tuesday, November 10, 2009

Tishman Nears Restructuring & Sale of Stuyvesant Town, GIC's US$575 Million Doom To Be Wiped Out

Bloomberg.com, 9 Nov 2009
Nov. 9 (Bloomberg) -- Tishman Speyer Properties LP and BlackRock Realty, the owners of Manhattan’s Stuyvesant Town- Peter Cooper Village, moved closer to restructuring $3 billion in debt on the apartment complex as the property verges on default, Fitch Ratings said.
Stuyvesant Town’s worth has plunged to $1.8 billion, according to Fitch. This means that all the investors besides the senior bondholders are probably wiped out.
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Related:
GIC Faces 1/2 billion Losses On "Mezzanine Loan" To Manhattan Apartment Complex - The Wall Street Journal

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SIA posts worse-than-expected Q2 loss

Reuters, 10 Nov 2009
SINGAPORE, Nov 10 (Reuters) - Singapore Airlines (SIAL.SI), the world's biggest airline by market value, reported a worse-than-expected second quarter loss as the global economic slowdown hit the carrier's higher margin business travellers particularly hard.
The company, which warned in July it could post a full-year loss if tough conditions last, reported a net loss of S$159 million compared to a net profit of S$324 million a year ago.
Full Story

Related:
Singapore Airlines posts quarterly loss, sees slight recovery - Earthtimes.org
Singapore Air reports Q2 loss, says outlook better - The Malaysian Insider
Singapore Air Posts 2nd Quarterly Loss on Travel Drop - Bloomberg.com
Singapore Airlines: US$159 million loss in the second quarter of 2009 - Avionews.com
Singapore Airlines Posts Loss, but Sees Improving Outlook - The New York Times
Singapore Airlines posts second quarterly loss - BusinessWeek

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Glitch delays roll out of new SGX settlement system

Finextra.com, 10 Nov 2009
The rescheduling is due to an isolated incident experienced today in the pre-settlement matching system (PSMS). This incident affected settlement of less than 1% of institutional trades. Settlement for retail trades is not affected. The trading and settlement of securities remain orderly in the marketplace. This incident is unrelated to the changes planned for implementation on 6 November 2009*. SGX is working to resolve the matter expeditiously.
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Lim Hng Kiang: Asia Must Mull Exit From Stimulus Carefully

Bloomberg.com, 10 Nov 2009
Nov. 10 (Bloomberg) -- Asian economies, which are forecast to emerge faster from the global recession than other regions, need to study their stimulus exit strategies “carefully,” Singapore Trade Minister Lim Hng Kiang said.
The 21-members of the Asia-Pacific Economic Cooperation, whose leaders are gathering in Singapore this week, are at various stages of recovery and will have differing timeframes to remove stimulus measures, Lim said in an interview yesterday.
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Singapore Hopes APEC Economies Commit To The Grouping Work

Bernama.com, 10 Nov 2009
SINGAPORE, Nov 10 (Bernama) -- Singapore hoped the Asia-Pacific Economic Cooperation (APEC) economies would commit themselves to cooperate with one another to sustain growth, to eschew protectionism, and to promote regional economic integration.
Prime Minister Lee Hsien Loong said the 20th APEC meeting that it was currently hosting would be a good time to re-energise the grouping and for its members to re-commit themselves to its work.
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World personalities gather in Singapore to commemorate APEC's 20th anniversary

Xinhua, 10 Nov 2009
SINGAPORE, Nov. 10 (Xinhua) -- An APEC high-level symposium was held Tuesday here on the sidelines of the week-long meetings of the APEC leaders.
The symposium, sponsored by the Institute of Southeast Asian Studies (ISEAS) and Singapore's Ministry of Foreign Affairs, was specially organized to commemorate the 20th anniversary of the APEC.
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Singapore bent on protest-free APEC summit

MSN Malaysia News, 10 Nov 2009
Singapore's legendary zeal for public order will be on full display this week when it hosts a summit involving US President Barack Obama and 20 other leaders. Even one-man protests are banned.
Protest laws, already among the toughest in Asia, have been further tightened heading into a week of meetings culminating in the November 14-15 summit of the Asia-Pacific Economic Cooperation (APEC) group.
One of the city-state's most vocal dissidents, Singapore Democratic Party secretary-general Chee Soon Juan, believes the government is using the summit as a pretext to impose permanent restrictions on political gatherings.
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OPINION: Singapore must learn to accept China's inevitable rise - He Liangliang

Global Times, 9 Nov 2009
The world is dominated by the big powers, but small countries are not without its own positions, and even power. Some small countries in Europe can successfully safeguard their national sovereignty while forming their own economic characteristics within the existing order, such as Austria, Denmark, Switzerland, and so on.
As China becomes more powerful, Singapore has begun to worry about the threats. In 2004, Lee Hsien Loong, then Singapore's Deputy Prime Minister, visited Taiwan, which upset bilateral relations Today, Singapore's hope to have the West balance China's strength is undoubtedly contrary to its successful past experience.
Clearly, Singapore is also aware of China's importance in enhancing its strategic importance. Therefore, without China, how can Singapore have its strategic position? In fact, Lee Kuan Yew himself has also said that "small countries have little influence on international trends."
As Lee said, "Singapore has always taken the world as it is. We analyze the world clinically, take advantage of opportunities that come our way or get out of harm's way." Singapore must be clear: The current status is the unstoppable revival and strengthening of China and China's position in East Asia must be increasingly important. In order to avoid being marginalized, small countries should find their new roles in peaceful regional communication. They can be communicators rather than stirring up trouble or rivalries between big powers.
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Related:
China-Singapore ties are at best period in history: Chinese Ambassador - Xinhua

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Will Asia's Real Estate Bubble Burst Soon?

Seeking Alpha, 9 Nov 2009
Property prices in Asian countries have been rising at a staggering pace in the past few years due to the strength of their economies. Even during the global credit crisis last year prices did not decrease much, if at all, in most Asian countries.
In recent months, in addition to the spectacular run up in equity markets, Asian real estate markets have also heated up. In most countries this rise is not warranted based on fundamentals. While it's true that traditionally most Asians bought residential real estate as a place to live for life as opposed to making a killing via flipping, in recent years that attitude has been changing. Due to the availability of cheap credit, more Asians have become real estate speculators.
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Cash-rich MDA appoints Leo Burnett for media classification drive in Singapore

Media.asia, 10 Nov 2009
SINGAPORE – The Media Development Authority of Singapore (MDA) has appointed Leo Burnett to oversee and implement an integrated public education campaign for media classification.
The MDA currently categorises and classifies a wide range of content across various media including films, videos and video games in the city-state.
Aimed at parents, educators and students, the three-month campaign is slated for mid-November until mid-February 2010 to tie in with the school holidays and festive season.
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Johor denies competing with Singapore for theme park visitors

Thestar.com.my, 10 Nov 2009
Johor is not competing with Singapore in attracting visitors to the two soon-to-be-built theme parks in Iskandar Malaysia.
Mentri Besar Datuk Abdul Ghani Othman said Legoland Malaysia in Medini and the Family Indoor Theme Park in Puteri Harbour were more for children below 12 years of age.
In contrast, Universal Studios which is part of the integrated resort development on Sentosa Island catered more for young adults, he said.
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China's lack of popularity among its neighbors

UPIAsia.com, 9 Nov 2009
Xiangtan, China — Singapore’s Minister Mentor Harry Lee Kuan Yew, who once enjoyed high prestige in China, greatly upset the Chinese with a statement he made in a recent speech delivered in the United States. In fact, along with its rising prominence, China has faced some embarrassment with regard to its other Asian neighbors as well. Even while engaging more closely with this emerging power, they seem to be strengthening ties with the United States in an attempt to “balance” China’s influence.
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Singapore storage can be 'further optimised'

Portworld News, 10 Nov 2009
Singapore's onshore storage capacity has not been ''fully optimised'', leaving potential for the bunker market to move higher volume of sales, a manager at Horizon Singapore Terminals Pte Ltd said.
''The increase in storage capacity in Singapore over the last three years has de-bottlenecked the bunker sales potential,'' Howard Pang, commercial manager at
Horizon Singapore, told delegates at the Bunker Asia 2009 conference last Wednesday.
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Singapore To Replace Paper Licenses With e-Day License

the Gov Monitor, 9 Nov 2009
As announced by the Land Transport Authority (LTA) on 29 August 2009, the electronic day licence (e-Day Licence)will replace the current paper licence from 23 November 2009 when an Off-Peak Car (OPC) is used during restricted hours.
From today, OPC owners can buy the e-Day Licences for use from 23 November 2009. In addition to the existing channels such as SingPost outlets and Automobile Association of Singapore offices, OPC users have the added flexibility of buying the e-Day Licences online anytime between 6am and midnight daily through the following:
* The ONE.MOTORING portal (www.onemotoring.com.sg),
* AXS stations located island-wide; and
* mobile-SMS services via MobileP@y. Interested parties will need to sign up for the service at www.mobilepay.sg. (please see Annex A for more details.)
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Singapore’s National Environment Agency Launches New 10 Year Eco Plan

the Gov Monitor, 9 Nov 2009
The North West CDC and NEA have jointly launched a 10-year Eco Plan to strengthen efforts to galvanise and empower the community to take on greater environmental ownership.
Centred around five main pillars including energy efficiency and the 3Rs, the Eco Plan aims to cultivate a green culture amongst the community.
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Asian nations bear brunt of dollar’s prolonged slide

Taipei Times, 10 Nov 2009
Asia’s small, open economies are caught in the crossfire of a tussle between the US and China over whether the yuan should strengthen against the dollar to fix the lopsided global economy.
The greenback’s slide against Asian currencies is dealing a double whammy to the region’s export-­dependent economies, hitting their exports and eating away at their massive foreign exchange holdings.
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Monday, November 09, 2009

Singapore Opposition Leader Wants Obama To Address Human Rights Abuses During Upcoming Visit



Talk Radio News Service, 9 Nov 2009

Talk Radio News Service Bureau Chief Ellen Ratner speaks with Mr. Soon Ju-An Chee (Chee Soon Juan), the opposition leader in Singapore. Soon Ju-An (Soon Juan) tells Ms. Ratner that he and his supporters would like U.S. President Barack Obama to address the serious human rights abuses taking place in Singapore when he visits that nation later this week. Soon Ju-An (Soon Juan) adds that Obama must hold political leaders in Singapore accountable for various violations involving the country’s legal system and crackdown on the press.
Link
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Related:
Obama to raise human rights with China's Hu: official - AFP

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Singapore central bank wary of property mkt speculation

Reuters, 9 Nov 2009
SINGAPORE, Nov 9 (Reuters) - Singapore's central bank warned that more measures may be needed to curb the risk of renewed speculation in the country's property market, buoyant by low borrowing costs.
The comments underscored the growing concern among policymakers in Asia, who are worried that the froth in residential markets in financial centres such as Hong Kong, Singapore and Seoul could turn into a bubble.
Full Story

Related:
Singapore May Need to Rein in Home-Price Speculation - Bloomberg.com
Possible Property Bubble Has Singapore Officials Worried - The New York Times
Singapore mulls more anti-speculation property rules - Taipei Times

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Lee Hsien Loong urges APEC to look after region's poor

MSN Malaysia News, 9 Nov 2009
Singapore Prime Minister Lee Hsien Loong has urged fellow Asia-Pacific leaders meeting here this week to explore new economic growth models that will benefit the poor, summit documents showed Monday.
Lee, host of the Asia-Pacific Economic Cooperation (APEC) meeting, said in a letter to the group's 20 other leaders that APEC had to "explore new growth paradigms" and make sure that "benefits are spread wider to our people."
Full Story

Related:
APEC execs told: Look after region's poor - Inquirer.net

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Lim Hng Kiang: Singapore to Keep Manufacturing ‘Integral’ to Economy

Bloomberg.com, 9 Nov 2009
Nov. 9 (Bloomberg) -- Singapore aims to keep its manufacturing industry an “integral” part of the economy as the nation seeks new strategies to help it grow faster than other advanced countries, Trade Minister Lim Hng Kiang said.
The government is “very reluctant” to let the industry’s contribution to gross domestic product drop “sharply” because of its multiplier effects on other parts of the economy, including logistics and business services, Lim said in an interview in Singapore today. Manufacturing accounts for about a quarter of the island’s gross domestic product.
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Opposition party leader to appear on radio shows in US

Singapore Democrats, 9 Nov 2009
Throughout this week Dr Chee Soon Juan will go on a series of radio shows in America. Some of these shows, such as Air America, are heard nationwide whereas others air regionally across a few states.
One of the interviews will be with Mr Ron Reagan who hosts his own programme on Air America called The Ron Reagan Show which airs live in the US during the evening rush-hour. Mr Reagan is the son of the late Ronald Reagan, former president of the US.
Among some of the stations that Dr Chee will be doing is Talk Radio News, American Urban Radio Network, and Head On Radio Network. The programmes on these networks are also broadcast by other stations throughout the US.
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Temasek and partners revive plan to sell stake in FirstSource Solution

Reuters, 9 Nov 2009
HONG KONG/MUMBAI, Nov 9 (Reuters) - India's ICICI Bank (ICBK.BO), Singapore state investor Temasek and another large shareholder have revived plans to sell their stakes in back-office firm Firstsource Solutions (FISO.BO) in a deal valued at $285 million at the current market price, sources said.
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Indian aspirants for Singapore jobs cheated of Rs 1 crore

TopNews.in, 9 Nov 2009
Till last Tuesday, 24-year-old Kaushalkumar Khushwaha was excited, and grateful to the men who had taken Rs 60,000 from him and promised him a welder’s job in Singapore.
They even gave him an Air India ticket for November 3. That’s the day he discovered there was no such job, and that the men had disappeared with his money and his passport.
Navi Mumbai resident Khushwaha is among at least 62 applicants who were cheated. Premkumar alias Mohammed Sharif (45), Sajid Ahmed (45) and Jaafar (35) posed as employment agents and promised them jobs as welders, bulldozer operators, electricians, computer operators, AC mechanics, in Singapore and Dubai. “After collecting around Rs 1 crore, they disappeared with the aspirants’ passports and other documents,” said Assistant Police Inspector S. K. Chavan.
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Singapore - hotbed of terrorists & criminals?

Johnharding.com, 7 Nov 2009
A Singaporean wanted in the United States on six terrorism-related charges submitted himself on Monday to prison authorities in Singapore to await extradition. The Singapore Law Minister has ordered Mr. Balldev Naidu to be surrendered to the US authorities.
Naidu, who is one of the founding members of Singapore’s Reform Party, an opposition party, recently changed his name from Balraj Naidu to Balldev Naidu last year, possibly to escape detection.
Singapore has long been a haven for terrorists and criminals, especially from neighboring countries. Conveniently, Singapore does not have extradition treaties with its neighbors.
Liem Tek Siong, alias Sjamsul Nursalim, alias Liem Tjoen Ho, fled to Singapore from Indonesia, owing $2.8 billion due to the collapse of his Indonesian, bank. The Chung Shih Ping family fled to Singapore from Brunei as two family members were detained in Brunei for corruption. The list goes on.
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WSJ Talks To Tiger Airways Chief Tony Davis

The Wall Street Journal, 9 Nov 2009
At a time when most companies are facing weak consumer demand, low-cost carrier Tiger Airways is working instead to manage rapid growth.
"From our perspective, the current environment is actually better than last year, because we are seeing lower fuel prices, lower interest rates, and the U.S. dollar [in which aircraft and fuel are priced] has weakened," says Tony Davis, president and chief executive officer of parent company Tiger Aviation Pte. Ltd.
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Lee Kuan Yew sees 3.0pc growth for Singapore in 2010

AFP
SINGAPORE — Singapore's economy is set to grow by around three percent in 2010 after suffering its worst ever recession this year, former prime minister Lee Kuan Yew said in remarks published Monday.
Lee, 86, now an adviser to the cabinet of his son Prime Minister Lee Hsien Loong, cautioned Singaporeans against expecting a return to high growth rates soon because of the island's heavy dependence on exports to rich markets.
Full Story

Related:
Singapore's GDP growth seen at 3 pct in 2010-min - Reuters
Lee Kuan Yew sees 3.0% Singapore growth in 2010 - The China Post
Lee Kuan Yew Perceives Development for Singapore Next Year - TopNews Singapore

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Singapore bottoms out of crisis with minimum damage: Lee Kuan Yew

Xinhua, 9 Nov 2009
SINGAPORE, Nov. 8 (Xinhua) -- Singapore Minister Mentor Lee Kuan Yew said on Sunday the country's economy has emerged out of the recession with minimum damage.
Lee added that Singaporeans must be prepared for slower economic growth, but said that slower growth in the nation and other countries in Asia will still be higher than other regions of the world.
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Chinese-character domain names expected to be boon for China's online community

Xinhua, 9 Nov 2009
BEIJING, Nov. 9 (Xinhua) -- The use of non-Latin characters from start to finish for Internet domain names could see a massive expansion of Internet use and commerce in China, experts predict.
The board of the Internet Corporation for Assigned Names and Numbers (ICANN), a nonprofit body that oversees Internet addresses, has allowed the use of non-Latin characters in more than 20 languages, including Chinese.
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Filipinos invade Singapore art scene

Globalnation.inquirer.net, 9 Nov 2009
MANILA, Philippines—Filipino artists are scheduled to hold separate shows in the city-state of Singapore starting November, according to the Philippine embassy in Singapore.
The annual Philippine Art Trek in Singapore opens in November with the anchor exhibit In the Eye of Modernity: Philippine Neo-Realist Masterworks from the Ateneo Art Gallery at the Singapore Art Museum, from 14 November 2009 to 14 March 2010.
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NOL relocates admin centre to cheaper Chongqing

Seatrade Asia online, 9 Nov 2009
Singapore: Container shipping giant Neptune Orient Lines (NOL) has decided to relocate its support services functions from Shanghai to Chongqing in China.
NOL said cost increases in Shanghai had prompted its move to the western China city.
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SingTel launches early bird deals for sports content on mioTV

Media.asia, 9 Nov 2009
Fresh from acquiring a host of football and sports content in Singapore, SingTel’s mioTV platform has begun enticing cable viewers to sign up through the launch of two early bird promotions.
SingTel is now offering the Barclays Premier League 2010/11 season package on mioTV at S$24.61 (US$18) per month and the BPL with ESPN Star Sports packages costs S$26.75 (US$19) per month, but customers will not be billed for their sports content until August 2010.
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Green Packet pockets Singapore WiMAX license

EE Times India, 9 Nov 2009
Pacnet has agreed to transfer its redundant facilities-based operator (FBO) license in Singapore and its associated Wireless Broadband Access (WBA) spectrum right to Malaysia WiMAX solutions provider Green Packet Berhad's Singapore company, Packet One Pte Ltd (P1).
The successful transfer of this license and its WBA spectrum right, upon final approval from the Infocomm Development Authority of Singapore, will be seen both as a proof point and catalyst to P1's position in the WiMAX space. P1 currently ranks in the top five WiMAX operators in the world in terms of network size and subscriber base.
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StarHub: Reached Deal With Apple To Offer iPhone In Singapore

CNNMoney.com, 8 Nov 2009
SINGAPORE -(Dow Jones)- StarHub Ltd. (CC3.SG) Monday said it reached an agreement with Apple Inc. (AAPL) to start offering the iPhone in Singapore later this year.
StarHub, in a statement, said it will provide more information on the pricing, tariffs and the date of the device's availability "in due course." The statement did not specify which model of Apple's touchscreen device will be offered.
Full Story

Related:
StarHub: Reached Deal With Apple To Offer iPhone In Singapore - Nasdaq

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Singapore Highlights Land Sales Program

the Gov Monitor, 8 Nov 2009
MND announces Government Land Sales Programme for private residential, commercial & hotel developments for first half of 2010.
In view of the strong demand for private housing and improved conditions in the property market, Minister for National Development had announced on 14 September 2009 that the Government would reinstate the Confirmed List and replenish the supply of Reserve List sites in the GLS Programme for 1H2010 to ensure that there is adequate supply of private housing to meet demand.
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