Stocks were advancing before Spain’s announcement on hopes that China
would take steps to spur its slowing economy.
China has severely underestimated
this year’s global economic slowdown, and further cuts to Chinese interest
rates or bank reserve requirements will hinge on any new deterioration in the
external environment, a central bank adviser said on Thursday.
The comments underlined the view
that global central banks were in lockstep with regards to stimulating their
economies, after monetary easing plans were put in place by the European
Central Bank and the Federal Reserve.
U.S. economic data was mixed. A
report showed initial jobless claims dropped by 23,000 to 359,000,
significantly more than the decline of 4,000 that had been expected.
But the final read on
second-quarter gross domestic product showed growth of just 1.3 percent, weaker
than an expected 1.7 percent. And August durable goods orders tumbled 13.2
percent, much more than the expected drop of 5 percent.
Thailand
Sawang Export Public Company
Limited reported earnings results for the second quarter and six months ended
June 30, 2012. For the quarter, the company has posted net profit of THB 2.05
million or THB 0.09 per share against THB 7.25 million or THB 0.30 per share a
year ago. Revenue decrease of THB 15.4 million in second quarter of 2012. For
the six months, the company has posted net profit of THB 2.26 million or THB
0.09 per share against THB 7.51 million or THB 0.31 per share a year ago.
Revenue decrease of THB 23.7 million in six months of 2012. The lower in
revenues and profits were caused by low global demand and from the Eurozone
economic crisis.
Sawang Export Public Company
Limited manufactures and distributes precious stones and jewelry in Thailand
and internationally. The company offers jewelry products, including semi
precious and precious stone jewelry, and gold and silver jewelry sets with
diamonds, as well as rings, earrings, and pendants. It also specializes in
color stones, such as ruby, and blue sapphire and yellow sapphire. The company
was incorporated in 1972 and is based in Bangkok, Thailand.
Malaysia
Malayan Banking Bhd, Malaysia’s
largest commercial bank, is keen to complete its regional expansion in
Southeast Asia by possibly having a domestic retail and commercial banking
presence in Thailand.
“In the case of Thailand, our
presence is now limited to be the No. 1 biggest brokerage in that country,
which is Maybank Kim Eng, and they are doing well.
“But I think it will be great if
we can have a domestic retail and commercial banking presence in Thailand,”
Maybank President and Chief Executive Officer Datuk Seri Abdul Wahid Omar said
during an interview on CNBC today in Singapore.
Maybank is present in all
Southeast Asian economies except Laos.
“We’ve always been interested in
Thailand,” he said in response to a query whether Maybank was keen to buy
General Electric’s 33 per cent equity in the Bank of Ayudhya Pcl. GE is said to
be considering plans to sell its US$2.2 billion (RM6.8 billion) stake in BoA to
cut losses suffered during the financial crisis.
Newsreports speculated that GE’s
sale in Bank of Ayudhya would give the bank a chance to claim a foothold in
Southeast Asia’s second largest economy.
Abdul Wahid, who said Maybank was
always interested in an acquisition that can complement its current Thai
affiliate, Maybank Kim Eng, however did not indicate whether the bank was
interested in GE’s stakes in the Bank of Ayudhya.
“We believe in the future of
Asean and that’s why we believe in expanding across Asean,” he said.
Asked whether there was any
indication of non-performing loans (NPLs) creeping up in the financial system,
he said: “No. the good thing is that NPLs are coming down not just in
percentage terms but also in absolute terms, so it’s quite encouraging.”
To another question on what would
be the future drivers to Maybank’s growth, he said the bank would always strive
to achieve a balanced portfolio in pursuing growth in interest and non-interest
income.
“In the non-interest income
space, we’ve been very encouraged with the good performance of our investment
banking division.
“We’ve been out there with a big
mandate and with Maybank Kim Eng now operating regionally, the numbers have
just been improving,” he added.
Singapore
Keppel Land Limited (Keppel Land)
has garnered several awards in recognition of its efforts towards corporate
excellence and sustainability. These international accolades include the
Euromoney Real Estate Awards, Global Real Estate Sustainability Benchmark
(GRESB) and Green Mark Awards by the Building and Construction Authority (BCA)
of Singapore, as well as being part of the Dow Jones Sustainability Asia
Pacific and World Indices 2012/2013.
Mr Kevin Wong, Group CEO of
Keppel Land, said, “These awards reflect Keppel Land’s commitment to create
hallmark quality properties of enduring value for the community. Looking ahead,
we will continue to differentiate ourselves, driving excellence to improve
financial performance as well as advancing our efforts in sustainability for
the long term future.”
Keppel Land clinched five awards
at the prestigious Euromoney Real Estate Awards 2012. It was named the Best
Office Developer in Singapore for the fifth consecutive year, as well as the
Best Residential Developer and Best Mixed-use Developer in Vietnam. The Company
also came in second in the Overall Developer category in Singapore and third in
the Office Developer category in Vietnam.
The Euromoney awards recognise
the best in the global real estate industry. The results were based on an
annual real estate survey among real estate developers, advisors, financial
institutions, investors and corporate end users worldwide.
Meanwhile, Keppel Land continues
to be at the forefront of sustainable practices. The Company is once again
listed on both the Dow Jones Sustainability Asia Pacific and World Indices
2012/2013. This means that Keppel Land now ranks among the top 154 sustainable
companies in the Asia Pacific region and is also among the top 340 sustainable
companies globally. The Dow Jones Sustainable Indices follow a best-in-class
approach, including companies across all industries that outperform their peers
in numerous sustainability metrics.
The Company is also named
Regional Sector Leader (Office) in the GRESB 2012. The GRESB evaluates the
sustainability performance of real estate portfolios based on data gathered
from almost 450 property companies and funds globally.
In Ho Chi Minh City, Vietnam,
Keppel Land’s mixed-use development, Saigon Centre (Phase 2) and condominium
development, Riviera Point, were conferred the Green Mark Gold (Provisional)
Award by the BCA. This brings the total number of Green Mark Awards garnered by
Keppel Land to 30.
Saigon Centre comprises a mix of
retail and office spaces as well as serviced residences. Phase 2, which is
currently under construction, will feature amongst others low-emissivity
double-glazed glass façade, energy efficient air-conditioning, integration of
Variable Speed Drive technology into pumps and cooling tower for modulating
water usage as well as the installation of water-saving fittings that meet
Singapore PUB’s Water Efficient Labeling System Excellent Rating. Dedicated
“green” corners will also be set up to educate and raise awareness of
sustainability among staff, tenants and shoppers. Saigon Centre Phase 2, which
will see Takashimaya come onboard as an anchor tenant, is expected to be
completed in 2015.
The 2,400-unit waterfront
development, Riviera Point, will feature the latest eco-friendly technology
including low-emissivity glass for solar heat reduction, photovoltaic panels as
a renewable energy source and extensive use of recycled contents during the
course of construction. To be developed in phases over several years, Phase 1A
of Riviera Point is expected to be completed in 2015.
For its continuous efforts and
commitment towards CSR and sustainability, Keppel Land has also received a
Special Mention under the Green Champion category at the Singapore Compact CSR
Award 2012.
Indonesia
Progress has been slow in
acquiring land for five toll roads, the Public Works Ministry said, despite the
fact that the five companies granted concessions for the projects, all
affiliated with the Bakrie Group, have also received loans from the Public
Service Agency to facilitate land acquisition.
“Despite having received BLU
[Public Service Agency] loans, land acquisition for the five projects has been
suspended since early this year,” said Herry Marzuki, head of land procuring at
the Directorate General of Spatial Planning and Development at the Public Works
Ministry.
The five companies are Pejagan
Pemalang Toll Road, which secured a toll road section from Pejagan to Pemalang
in Central Java; Marga Setia Puritama (Batang to Semarang in Central Java);
Trans Jawa Pro (Pasuruan-Probolinggo in East Java); Trans Jabar Toll
(Ciawi-Sukabumi in West Java) and Cimanggis Cibitung Tollways
(Cimanggis-Cibitung in West Java).
Herry said land acquisition for
the Pejagan-Pemalang section reached only 29 percent, while acquisition for
Batang-Semarang and Ciawi-Sukabumi was even lower, at 3.34 and 6.6 percent
respectively. Cimanggis-Cibitung and Pasuruan Probolinggo had zero progress in
land acquisition.
BLU gives loans to toll road
builders to acquire land, however funds must be returned once the land
acquisition phase is completed.
Philippines
Starwood Hotels and Resorts
Worldwide Inc., the world’s biggest operator of high-end business and leisure
accommodations, has taken the first step to re-enter the booming Philippine
market, signing a preliminary agreement with Resorts World Manila on a
five-star hotel project at the latter’s Pasay City development.
In an interview with the
Inquirer, Starwood president and CEO Frits van Paasschen said his group signed
on Thursday a letter of intent with Resorts World to explore the possibility of
building a hotel under the Sheraton brand at Newport City, adjacent to the
existing casino-hotel-mall complex and across from Terminal 3 of the Ninoy
Aquino International Airport.
“The Philippine market is very
attractive to us. Businesses are booming and the government is fiscally
strong,” he said. “This will also mark the re-entry of Sheraton in the
Philippines after an absence of many years.”
Van Paasschen declined to
disclose specific investment figures for the proposed project but said that, on
the average, hotel rooms of the Starwood group cost anywhere between $350,000
and $500,000 to build.
Matthew Fry, Starwood Hotels
Asia-Pacific senior vice president for acquisitions and development, added that
the group would enter a particular market with an initial operation of between
300 and 350 rooms per hotel. At this level, a Starwood-Resorts World
partnership for the new high-end Sheraton Hotel would be worth between $105
million and $175 million.
Starwood operates more than 1,000
properties in 100 countries. Its nine brands are St. Regis, The Luxury
Collection, W Hotels, Westin, Le Méridien, Sheraton, Four Points by Sheraton,
Aloft and Element. In addition to hotels, Starwood operates premier time-share
ownership resorts.
According to Van Paasschen, his
group has noted the growing demand from their existing clientele for
accommodations in the Philippines, both from business travelers and tourists.
In particular, he said he admired
the country’s track record in the booming business process outsourcing
business, the manufacturing sector, the growing level of raw materials and
agricultural exports, and even the increasing affluence because of remittances
from overseas workers.
“This is a time when the economic
environment appears to be [favoring] the Philippines for sustained growth,” the
Starwood chief explained. “And the fiscal situation, the government debt—the
perception we have, at least—the relationship between business and government
today suggests to us that this is a very optimum time.”
Fry said the group was also
looking at new hotel operations in Cebu and Boracay to meet the demand for
resort hotels from their clients. According to Starwood, it was experiencing
“unprecedented growth,” having emerged from the global economic crisis with a
lean cost structure and a strong balance sheet.
In addition to gaining market
share, it opened a record 250 hotels in the past three years and an additional
300 are under construction. Both W and St. Regis have doubled their footprint
and Aloft became the fastest and first global launch of any new hotel brand.
Starwood’s biggest brand,
Sheraton, also underwent a $6-billion revitalization program and was now seeing
the best performance in its 75-year history.
Yesterday in Asia
Shanghai surged 2.60 percent, or
52.15 points, to 2,056.32 after it closed at a 44-month low on Wednesday.
Hong Kong added 1.14
percent, or 234.56 points, to 20,762.29, Tokyo gained 0.48 percent, or 43.17
points, to 8,949.87, Sydney added 0.52 percent, or 22.6 points, to 4,384.2 and
Seoul rose 0.42 percent, or 8.26 points, to 1,988.70.
Singapore rose 0.42
percent, or 12.75 points, to 3,059.43.
Singapore Telecom was flat at
Sg$3.20 and Asia Pacific Breweries (APB), the subject of a takeover bid by
Dutch beer brewer Heineken, finished at Sg$52.9 on the eve of a shareholders
meeting widely expected to approve the offer.
Taipei closed 0.18 percent,
or 14.17 points, higher at 7,683.80.
Taiwan Semiconductor
Manufacturing Co. rose 1.39 percent to Tw$87.6 while HTC fell 3.32 percent to
Tw$291.0.
Wellington was flat,
giving up 0.30 points to 3,809.03.
Manila closed 0.17 percent
higher, adding 8.86 points to 5,301.49.
Bloomberry Resorts gained 2.38
percent to 11.16 pesos while Philippine Long Distance Telephone eased 0.43
percent to 2,780 pesos.
Kuala Lumpur ended 0.53
percent, or 8.54 points, higher at 1,627.84.
AirAsia gained 3.5 percent to
2.95 ringgit, while Malayan Banking added 0.8 percent to 9.02 ringgit. Genting
Malaysia lost 0.3 percent to 3.37 ringgit.
Jakarta added 1.07 percent,
or 44.86 points, to 4,225.02.
Coal company Bumi Resources
surged 9.0 percent to 730 rupiah, mining company Antam rose 1.5 percent to
1,350 rupiah, and car maker Astra International jumped 1.39 percent to 7,300
rupiah.
Bangkok climbed 0.91
percent, or 11.61 points, to 1,286.11.
Coal producer Banpu edged up 0.51
percent to 392 baht, while oil company PTT added 0.30 percent to 329 baht.
Mumbai fell 0.28 percent,
or 52.67 points, to 18,579.50.
Sterlite Industries, the local
unit of global resources Vedanta group, fell 2.93 percent to 97.75 rupees while
TCS, India’s biggest software outsourcer, fell 1.33 percent to 1,269.3 rupees.
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