Singapore’s first-quarter tourism receipts rose 36% to $4.98 billion, boosted by spending on sightseeing and entertainment, which includes gaming.
Tourist arrivals climbed 16% to 3.12 million in the three months, the Singapore Tourism Board said in an e-mailed report.
Hotel room sales increased 9.8% to $478 million, with the revenue per available room — an industry benchmark that includes nightly rates and occupancy figures — rising 16% to $191.
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Singapore’s Straits Times Index dropped 0.4% to 3,160.60 at the close, the first decline in eight days. Four stocks fell for each that rose in the benchmark index of 30 companies.
Shares on the measure trade at an average 14.5 times estimated earnings, compared with about 15.6 times at the end of 2010, according to data compiled by Bloomberg.
Neptune Orient Lines, Southeast Asia’s biggest container-shipping line, said it has completed loan agreements totaling US$1.1 billion ($1.36 billion) with various financial institutions for the purchase of 14 container ships.
With the agreements, the Singapore-based company said all of its new building orders for 2007 and 2010 are financed. NOL doesn’t expect to draw on the loan facilities in 2011, it said in a statement to the Singapore exchange today.
The stock has fallen 17% this year, compared with the 0.9% retreat in the benchmark Singapore Straits Times Index.
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A Chinese cyber-attack on a jumpy America
THE more onerous internet security in the office becomes, the more attractive easy-to-use services such as Google’s Gmail. This paradox is at the heart of what looks like a big cyber-attack by China (or Chinese hackers) against the private e-mail accounts of hundreds of senior officials, military types and journalists from America and Asian countries, chiefly South Korea.
Google says it has “detected and disrupted” this campaign, first noted in February by a blogger, Mila Parkour. Unlike previous Chinese attacks on Google, which involved heavyweight cryptographic attacks on its software, this one was clever but simple. Targets received plausible-seeming “phishing” e-mails, often sent from faked State Department addresses, with a subject line such as “Fw: Draft US-China joint statement” and an attachment. Clicking on that produced a bogus Gmail screen. Anyone unwise enough to give their login and password would make their past and future e-mails, and contacts, available to the snooper. …
Chinese crackers munched Google
THE more onerous internet security in the office becomes, the more attractive easy-to-use services such as Google’s Gmail. This paradox is at the heart of what looks like a big cyber-attack by China (or Chinese hackers) against the private e-mail accounts of hundreds of senior officials, military types and journalists from America and Asian countries, chiefly South Korea.
Google says it has “detected and disrupted” this campaign, first noted in February by a blogger, Mila Parkour. Unlike previous Chinese attacks on Google, which involved heavyweight cryptographic attacks on its software, this one was clever but simple. Targets received plausible-seeming “phishing” e-mails, often sent from faked State Department addresses, with a subject line such as “Fw: Draft US-China joint statement” and an attachment. Clicking on that produced a bogus Gmail screen. Anyone unwise enough to give their login and password would make their past and future e-mails, and contacts, available to the snooper.
Google has tense relations with the Chinese authorities. In 2010 it stopped co-operating with their censorship efforts, moving its servers to Hong Kong; it is struggling to renew licences it needs for its other operations (it still employs 500 people in China, many of them selling advertising). Now it is talking to the FBI.
But the…
Chan Kin has been appointed non-ED wef May 27
Work experience: CIO/director, Argyle Street Management Ltd; chief executive/MD, Lazard Asia Ltd
Supattanapong Punmeechaow has been appointed non-executive director wef May 30
Work experience: Executive VP, business development, PTT Int’l Co Ltd; executive VP, corporate strategy, PTT Public Co Ltd
Hansjoerg Wagner has been promoted to senior VP, global field operations
Work experience: President, Asia Pacific, Polycom Inc
Olam International, a supplier of food commodities, said it is in discussions with certain financial institutions on various fund raising activities, according to a statement sent to the Singapore stock exchange today. It said that it hasn’t finalised the details, terms or structure of any fund raising and there is no assurance it will proceed with any initiative.
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Singapore shares fell at midday on Thursday amid a regional sell-off as investors grew increasingly anxious about the U.S. economic recovery and traders said there could be more downside to the Straits Times Index.
By the lunch break, the STI <.FTSTI> was down 0.52%, or 16.59 points, at 3,156.28. The total value of shares traded in the morning session was $615.8 million, slightly higher than $609 million on Wednesday.
Eratat Lifestyle says the group has received sales order amounting to RMB550 million ($105 million), of which about 24% are for premium products.
The orders followed the recent 2011 autumn/winter season product launch and trade order fair which was held in end March.
Eratat says this will be delivered from July to December 2011, and it represents an increase of about 5% over 2010 autumn/winter season actual sales of RMB526 million which comprised only of classic products.
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CIMB Research has downgraded Singapore Exchange (SGX) (SGXL.SI) to underperform from outperform and cut its target price to $8.14 from $10.12.
CIMB has lowered its securities value traded assumptions for SGX for 2012-2013 by 18-19% and cut its earnings per share estimates by 20-21%.
Shares of Singapore budget carrier Tiger Airways (TAHL.SI) fell to the lowest intraday level since March 17 on news that Tiger CEO sold one million shares in the firm and on analyst concerns that its budget carrier alliance with Thai Airways may fall apart as the Thai carrier sets up its own regional airline.
Tiger shares dropped as much as 3.6% to $1.33 in early trade on Thursday, but had since edged up to $1.34. On March 17, Tiger stock hit an intra-day low of $1.32.
An active bond market in Asia will increase competition in loans as companies are able to tap alternate sources of financing, according to DBS Bank Managing Director of Syndicated Finance, Boey Yin Chong.
Boey, speaking at the Asia Pacific Loan Market Association’s annual conference in Singapore today, also said refinancings would continue to dominate the city-state’s loan market, followed by real estate loans and then merger and acquisition facilities.
He also said he saw “diversion” in pricing trends and that Singapore pricing may “dip below” loan pricing in Hong Kong for “high-grade names.”
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DMG & Partners Research has upgraded China Fishery (CNFG.SI), a Singapore-listed industrial fishing company, to buy from neutral but maintained its target price of $1.77.
DMG said China Fishery’s share price has fallen around 13% since mid-May and the sell-down is unwarranted given the company’s sound fundamentals.
Portek International, the operator of container terminals in Indonesia, Algeria, Malta and Gabon, surged to a record high after International Container Terminal Services Inc. offered to buy the company.
Portek surged 69% to $1.20 as of 9:05 a.m. in Singapore, set for its highest close on record. ICTSI, as the Philippines’ biggest port operator is known, yesterday offered to buy the rest of the company for $1.20.
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Shares of Singapore’s Portek International (PKIL.SI) opened 69% higher on Thursday after Manila-based port operator International Container Terminal Services Inc (ICT.PS) offered to buy its shares at $1.20 each.
The offer represents a 69% premium to Portek’s closing price of $0.71 on Tuesday and values the Singapore company at around $180 million ($146 million).
At 9:01 a.m., Portek shares were trading at $1.20 on a volume of 1.3 million shares.
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Singapore shares are likely to open lower on Thursday after the main Wall Street indexes fell more than 2% as weak US data raised fears about the recovery of the world’s largest economy.
Singapore’s benchmark Straits Times Index <.FTSTI> rose 0.41% on Wednesday to 3,172.87 points. Here are some stocks and factors to watch:
The following companies may have unusual price changes in Singapore trading. Stock symbols are in parentheses, and share prices are from the previous close. Singapore’s Straits Times Index gained 0.4% to 3,172.87.
CWT (CWT SP): The Singapore-based logistics company said a unit agreed to sell a chemical warehouse in Shanghai, China, for 71 million yuan ($13.6 million) to Cache Logistics Trust (CACHE SP), operator of warehouses and other logistics facilities. Upon completion of the deal, the property will be leased back to CWT Logistics (Shanghai) Co., it said. CWT lost 0.8% to $1.21. Cache increased 1.1% to 94 cents.
Hiap Seng Engineering (HSE SP): The provider of engineering services in the oil and gas industry said it won a contract, valued at $31.2 million, for the installation of pipes and storage tanks for a liquefied natural gas terminal project in Singapore. The stock dropped 2.2% to 44 cents.
Portek International (PORT SP): The operator of container terminals in Indonesia, Algeria, Malta and Gabon said it received an offer from International Container Terminal Services Inc., the largest Philippine port operator, seeking to buy the rest of the Singapore-based company for $1.20 per share. Portek, which was suspended from trading yesterday, fell 2.7% to 71 cents when it last traded on May 31.
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First Ship Lease Trust says it has agreed to acquire its first Long Range II (LR2) product tanker from TORM Singapore, a wholly-owned subsidiary of TORM A/S for US$46 million ($56.7 million).
The MT TORM Margrethe is a 2006-built, 109,672 dwt product tanker constructed by Dalian Shipbuilding Industry. Vessel delivery is scheduled to take place within June 2011.
