SP AusNet said about 3,800 customers in Australia’s eastern Victoria state are without electricity because of a bushfire. It remains unsafe to access the area around the fire in East Gippsland, Victoria, Joe Adamo, a spokesman for the company, said by phone today from Melbourne. The company aims to install temporary generators by 6 p.m. local time tonight, he said.
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The house says Kingsmen has been growing exponentially since its listing, with earnings growth recording double-digit rates between 2003 and 2008; “we believe that this trend may reach a plateau in FY10-FY11, and are projecting a mild contraction in FY10 profits followed by flat earnings growth in FY11.”
Daiwa has lowered its earnings forecast for SIA by 6-17% for fiscal years 2011-2013 to account for higher jet-fuel prices and to include cargo price-fixing penalties.
“While we remain positive on its outlook, we are downgrading the stock to Hold on valuation grounds.” Citi raises it target to $1.00 from $0.92 to reflect both the improved rental outlook as well as potential acquisitions.
Southeast Asian ministers will study ways of lowering roaming mobile phone and text messaging charges across the region starting with Singapore and Malaysia, a minister said.
The neighbors will kick off with new telecommunications rates between their countries to be announced in two months, Rais Yatim, Malaysia’s minister of information, communications and culture told reporters in Kuala Lumpur. A letter of undertaking from Malaysian companies agreeing to the new roaming charges will be presented to Singapore next week, he said.
US Defence Secretary Robert Gates Thursday announced $78 billion in cuts to military programmes over the next five years, intended to help bring the government’s ballooning budget deficit under control. The reductions target expensive and burdensome weapons systems, staff, independent contractors and other overhead and will take place over five years, Gates said. Further cuts [...]
The house reckons Genting’s gross gaming revenue peaked in October and it says 2011 will be “a ’no event’ year wherein there would be disappointments to hyped up expectations for legalisation and potential size of the junket market, and overseas opportunities (eg Japan).”
Says the stock is likely to underperform near term due to a regulatory overhang and competition in China; also cites an overly optimistic consensus earnings estimates and likely lackluster earnings momentum, while investors may accord a lower P/E multiple for its intended deviation from the core business.
Ronald Reagan gave big tax cuts to the wealthy.So it is dramatic that Reagan’s director of Office of Management and Budget – David Stockman – calls the Bush tax cuts “the biggest fiscal mistake in history”.Specifically, Stockman told Dylan Ratigan that…
Verizon Wireless cut the price of its prepaid daily voice plan in half, to $1.99, but doubled its per-text rate, to 2 cents. – Verizon Wireless has cut the pricing of its prepaid
daily voice plan from $3.99 to $1.99, and doubled the texting rate on the
plan from a penny to 2 cents, Fierce
Wireless first reported.
The plan also offers unlimited mobile-to-mobile calling, as well as
unlimited night and weekend minutes. A…
EU finance ministers formally approved the 85-billion-euro rescue loan for crisis-stricken Ireland on Tuesday, Deutsche Welle reports. The decision came as the country announced the toughest domestic budget in its history.
Yes, the unemployment rate jumped a tad to 9.6 percent, but seasonal norms for layoffs are in play in the fourth quarter, reminds a report on job trends. Technology is still faring better than most industries. –
After
eight months of steady job growth in 2010 and a gradual lowering of the
unemployment rate, November was the worst month for job cuts for the entire
year. But as one outplacement firm that tracks layoffs and hiring closely
reminds us, the last quarter of the year is the time when job cuts…
Daiwa keeps Singapore Exchange (S68.SG) at Outperform; says share-price decline of 9.3% since merger proposal with ASX (ASX.AU) “has more than priced in the key negative factors, such as ROE deterioration, increased gearing, and a potential market-share loss for ASX.”
Continues to like SGX as merger should improve operating efficiency, “we also believe an enlarged market could make SGX more attractive as a fund-raising location for companies.”
Mermaid Maritime (DU4.SG) down 4.6% at $0.415 vs $0.40 intraday low, volume moderate at 1.2 million shares; fall comes after as oil & gas drilling group reports THB456.1 million ($19.9 million) FY loss.
“There have been few positive catalysts for the stock during the year, with the market marking down the group for its China exposure (14% of GAV) and being generally capped by a policy overhang for Singapore residential property plays…we do not expect the conditions limiting the stock’s performance in 2010 to reverse in the next year.”
Amtek Engineering has slashed the size of its Singapore initial public offering and will now raise a maximum of $299 million, IFR reported today.
Amtek had previously planned to issue as many as 342 million shares, including greenshoe and upsize options, at a price of $1.30-1.60 per share, Reuters had reported.
Amtek, delisted from the Singapore bourse about three years ago after being bought out by private equity firm CVC Capital [CVC.UL] and a unit of Standard Chartered <STAN.L>, will issue 200 million shares at $1.30 each, IFR said.
The firm has an option to increase the offer by 30 million shares, IFR reported.
Credit Suisse and Morgan Stanley are joint global coordinators for the Amtek IPO and are joint lead managers, bookrunners and underwriters alongside Standard Chartered.
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Consuming a variety of fruit may reduce the risk of lung cancer by up to 23 percent, according to a new study. Eating five portions of fruit and vegetables per day is one of the means that experts most frequently recommend for preventing cancer. Now, the European EPIC study carried out by researchers from 10 [...]
