Shauna Li Roolvink has been appointed director, Brand Strategy
Work experience: Associate director, Brand Strategy, Interbrand; consultant, AT Kearney
Posts Tagged ‘finance’
Brand Finance Singapore – Corporate moves
Telekom bids deadline extended
The Serbian Finance Ministry’s working group for the privatization of Telekom has extended the deadline for submission of binding offers until March 31, 2011.
The deadline was extended in order to give more time to France Telecom, Deutsche Telekom and other participants to study the tender documents, the Finance Ministry announced.
Finance minister requests EU stand on excise tax
Serbian Finance Minister Diana Dragutinović has asked the EU Delegation in Serbia to come out with an official stance on the amendments to the Excise Tax Law.
She asked whether the amendments to the Excise Tax Law violated the directives of the EU and Serbia’s Stabilization and Association Agreement (SAA).
GIC wants to sell Seoul Finance Center, Maeil Business reports
Government of Singapore Investment Corp. is seeking to sell the Seoul Finance Center, which it bought for about 355 billion won ($409.3 million) in June, 2000, the Maeil Business Newspaper reported today, citing an unnamed senior official in the asset management industry. The building may fetch as much as 1.1 trillion won, according to the report.
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Maybank may sell bonds to help finance Kim Eng takeover bid
The plan may include selling Singapore dollar debt as Kim Eng is a Singapore entity, he said.
Uni-Asia Finance Corp – Corporate moves
Wu Kuang-Hui has been appointed non-ED wef Dec 31
Work experience: CFO, Evergreen Laurel Hotel (Paris); CFO, EVA Airways Corp
Finance minister: Deficit must remain unchanged
Finance Minister Diana Dragutinović believes there will be pressure to review the 2011 budget, noting, however, that the budget deficit must remain unchanged. “I was surprised by the inflation growth in the conditions of stagnation, but I do not believe that fiscal policy is what caused it,” Dragutinović stated in an interview for the Belgrade-based daily Politika on Monday.
Food inflation zips on high onion, fruits, eggs, meat prices
Soaring prices of onions, fruits, vegetables, milk, eggs, meat and poultry sharply pushed India’s annual food inflation based on wholesale prices to 14.44 percent for the week ended Dec 18 from 12.13 percent for the week before. This was the fourth straight week of rise in food inflation rate, which was pushed back to double-digits [...]
Singapore stocks up at midday; Finance One, small-caps in focus
Singapore shares rose on Thursday with smaller and medium-sized firms in the spotlight, but traders said volumes were sluggish and will likely continue to be thin in the afternoon session with many participants away for the Christmas holiday.
By the midday break, the Straits Times Index (STI) <.FTSTI> was up 0.42%, or 13.31 points, at 3,157.62. The total value of shares traded in the morning session was $379.6 million, much lower than $605.4 million on Wednesday.
EU agreement on Ireland bailout
Ireland’s anxious Finance Minister Brian Lenihan arrived in Brussels on Sunday to discover his country’s financial fate.
The EU has approved a joint rescue loan worth an estimated 85 billion euros.
PML-Q’s boycott bails out govt
ISLAMABAD – There was a rumpus in the Upper House of the Parliament on Friday when Chairman Senate, Farooq H Naek, declared the passage of the recommendations by the Senate to the National Assembly on the controversial General Sales Tax (GST) Bill.
Hullabaloo was not yet over when the Chairman announced to prorogue the House.
The Upper House passed the recommendations on the General Sales Tax (GST) Bill and Finance (Amendment) Bill (RGST) amid opposition from JUI-F and MQM, the ruling coalition partners, and PML-N and Jamaaat-e-Islami, the opposition parties.
Former Finance Minister Ishaq Dar of PML-N and Prof Khurshid Ahmed of JI wanted Chairman Senate Farooq H Naek to hold voting on the GST Bill, 2010, usually known as the Reformed General Sales Tax (RGST) Bill. But the Chair announced to prorogue the house while turning a deaf ear to the advice of the two senior Parliamentarians and what they called a bid to bulldoze the parliamentary norms of the Upper House. The Chairman read the prorogation order without taking into consideration that the Finance Minister had to deliver a concluding debate on the issue amid voices of Ishaq Dar that his party would walk out of the House if voting was not conducted.
Instead of holding the counting on the RGST, the Chairman only asked the members that those who were in favour of the recommendations might say ‘yes’ and those who were against the recommendations might say ‘no’ amid the slogans of “No RGST, No RGST” by the MQM and JUI-F.
PML-Q staged a token walkout of the House for not allowing them to move some fresh proposals forward on the RGST in the House before the Senate passed the recommendations on both the bills to be sent to the National Assembly for further proceedings.
The House was hit another constitutional controversy with the start of its proceedings on Friday when Wasim Sajjad, Leader of the Opposition, on the point of order requested the chair to relax the rules while using his discretionary powers for allowing him to move some fresh proposals on the RGST Bill in the House. The fresh proposals given by the Opposition Leader with consent of JUI-F and ANP, coalition partners of the Government, stated that the House recommended to the National Assembly that it would not pass the RGST.
Many legislators both from the treasury as well as opposition benches were of the view that the recommendations of the Senate Standing Committee were not final and the chair should accommodate fresh proposals while using his discretionary powers. Kalsoom Perveen accused some of the parties of adopting double standard, saying that they had supported the recommendations in the Senate Committee and now they were asking for fresh recommendations. Dr Babar Awan and Mian Raza Rabbani gave their constitutional opinions before the Chairman gave a ruling on the issue. Rabbani while quoting the prescribed rules 95, 96 and 97 said that as the recommendation that Wasim Sajjad wanted to move was negative in nature, so it could not be taken into consideration under the rules. Babar Awan said that according to Rule 119 &120, a private member who wished to move a resolution (or motion or fresh proposal) should give 7 daysÂ’ notice prior to this. Wasim Sajjad asked the Chairman to issue directives under Article-77, as the rules did not provide any regulations for this purpose in the Article 73.
The Chairman Senate assured the members that he would resolve the issue by giving his ruling before laying the report of the Senate Standing Committee on Finance containing proposals for making recommendations on the GST Bill and Finance (Amendment) Bill.
But, Senator Ahmed Ali first presented the report after many requests from the chair as he was hesitating to present it and then Farooq H Naek gave his ruling. Zafar Ali Shah also said that the Chairman was becoming partial as he was continuously using some words in favour of the treasury benches and the chair had to expunge these words on ZafarÂ’s request.
The Chairman Senate in his ruling said that the point raised by Wasim Sajjad violated the rules, as the time to give any proposals regarding the bill had lapsed. “The GST Bill was laid down on November 12, 2010 before the House for recommendations and the Chairman Senate at that time with the sense of the House decided that any proposal for making recommendations to NA may be given to the Senate Secretariat within two days”, he added. He said as the time had lapsed so no member would be allowed to submit fresh proposals at this stage.
Minister of Ports and Shipping, Babar Ghauri, wanted that the issue should be resolved in accordance with the sense of the House, as his party also wanted to submit fresh recommendations on agriculture tax. JUI-F was also in favour of submitting the fresh proposals.
Sabir Baloch while pointing towards Ghauri said that the Minister was a part of the Government and was speaking against it, he should first resign and then speak. Wasim Sajjad was of the view that the views of his party in the form of fresh proposals should be accommodated, as it had become a majority view because the ruling parties were also supporting it.
2011 budget draft ready by Dec. 15
Finance Minister Diana Dragutinović says the technical talks with the IMF finished Thursday with the terms of the 6th review of the stand-by “finely defined”.
She also announced that the government should pass the 2011 budget bill by December 15 at the latest.
Minister denies new “rich tax” is in works
Finance Minister Diana Dragutinović has denied that her department is drafting new legislation aimed at taxing the rich. She stated in Belgrade on Thursday that the ministry was merely preparing changes to existing laws regulating this area.
Finance minister presents revision draft
The 2010 budget revision is the government wish to strike a balance between stimulating the economy and achieving social cohesion, says the finance minister. Presenting the budget revision at the Serbian parliament, Diana Dragutinović pointed out that it envisages a budget deficit of RSD 120bn, since expenditures add up to RSD 780bn, while revenues total RSD 660bn.
Equation Corp – Corporate moves
Lim Hui Chee has been appointed group finance director wef Nov 1
Work experience: Senior finance manager, HTL Int’l Holdings Ltd; associate director, Temasek Holdings Pte Ltd
State borrows from commercial banks
Finance Minister Diana Dragutinović says Serbia is borrowing money from ten commercial banks in order to finance the budget deficit. The state will take out loans worth EUR 250mn.
First REIT plans rights issue to part finance acquisition of two new healthcare properties in …
First Real Estate Investment Trust (First REIT), Singapore’s first healthcare real estate investment trust is planning a rights issue to part finance the acquisition of two new healthcare properties in Indonesia.
The Mochtar Riady Comprehensive Cancer Centre (MRCCC) is being acquired from Wincatch Limited for $170.5 million, and Siloam Hospitals Lippo Cikarang (SHLC) is being acquired from the sponsor of First REIT, PT Lippo Karawaci Tbk, for $35.0 million.
Standard Chartered Bank – Corporate moves
Heinz Noeding has been appointed global head, Structured Export Finance wef October 2010
Work experience: President, Aozora Investment Management; MD, corporate finance, CIBC World Markets
Ivanhoe Capital Corporation – Corporate moves
Jonathan Dubois-Phillips has been appointed senior VP Corporate Finance wef October 2010
Work experience: MD, asset finance group, Nomura; eight years with principal transactions group, Lehman Brothers Asia



