SINGAPORE - Citi has raised its target price for Wilmar International, the world's largest listed palm oil firm, to $6.33 (US$4.64) from $6.16 but kept its 'sell' rating.
Citi has raised its target price for Wilmar to reflect higher contributions from its associates and lower effective tax rate for 2010.
'Refining margin has been improving but crushing margin is under pressure worldwide,' Citi said in a report.
The bank noted Wilmar expects the firm's China margins to fall although this will be offset by a rise in sales volume.
Wilmar shares rose 0.98 per cent to $6.17 at 0137 GMT but have fallen 4 per cent so far this year. -- REUTERS
Tuesday, August 17, 2010
Singapore new home sales likely muted rest of year
Written by The Edge
Tuesday, 17 August 2010 09:22
Spike in new private home sales in Singapore last month unlikely to be repeated in coming months, analysts told Dow Jones.
According to new government data, developers sold 1,544 new homes in July vs 847 in June, launched 1,335 units vs June’s 1,010.
“We believe this was driven by developers who pushed out projects to catch the demand prior to the typical slowdown experienced during the Lunar Hungry Ghost Month, when buyers are less keen to purchase large-ticket items,” says Morgan Stanley. BNP Paribas expects sales this month to be muted, tips monthly sales to hover around 1,000 homes from September.
Tuesday, 17 August 2010 09:22
Spike in new private home sales in Singapore last month unlikely to be repeated in coming months, analysts told Dow Jones.
According to new government data, developers sold 1,544 new homes in July vs 847 in June, launched 1,335 units vs June’s 1,010.
“We believe this was driven by developers who pushed out projects to catch the demand prior to the typical slowdown experienced during the Lunar Hungry Ghost Month, when buyers are less keen to purchase large-ticket items,” says Morgan Stanley. BNP Paribas expects sales this month to be muted, tips monthly sales to hover around 1,000 homes from September.
NOL orders 2 ships from Daewoo Shipbuilding for $313m
Written by Bloomberg
Tuesday, 17 August 2010 08:49
Daewoo Shipbuilding & Marine Engineering Co. said it firmed a contract to build two ships worth about US$230 million ($313 million) from Neptune Orient Lines of Singapore. The vessels, which can each carry as many as 10,700 20-foot containers, will be delivered by the fourth quarter of 2012, the Seoul-based company said in an e-mailed statement today.
Tuesday, 17 August 2010 08:49
Daewoo Shipbuilding & Marine Engineering Co. said it firmed a contract to build two ships worth about US$230 million ($313 million) from Neptune Orient Lines of Singapore. The vessels, which can each carry as many as 10,700 20-foot containers, will be delivered by the fourth quarter of 2012, the Seoul-based company said in an e-mailed statement today.
NOL off 0.5% at 10:58 a.m.; Freight rates may fall: Nomura
Written by The Edge
Tuesday, 17 August 2010 11:21
Neptune Orient Lines (N03.SG) off 0.5% at $1.97 at 10:58 a.m. as caution in broad market, underlying concerns over potentially softer freight rates weigh, says Dow Jones.
Shares in steady decline since NOL reported return to profitability in 2Q10 with US$99.7 million ($135.5 million) earnings, as investors unload on prior strength, mull prospect of slower global trade, lower freight rates given uncertain global economic prospects.
Tuesday, 17 August 2010 11:21
Neptune Orient Lines (N03.SG) off 0.5% at $1.97 at 10:58 a.m. as caution in broad market, underlying concerns over potentially softer freight rates weigh, says Dow Jones.
Shares in steady decline since NOL reported return to profitability in 2Q10 with US$99.7 million ($135.5 million) earnings, as investors unload on prior strength, mull prospect of slower global trade, lower freight rates given uncertain global economic prospects.
Singapore exports likely subdued In 2H: StanChart
Written by The Edge
Tuesday, 17 August 2010 14:31
Singapore non-oil domestic exports likely to moderate in 2H 2010 on concerns about sustainability of global economic recovery, Standard Chartered Bank economist Alvin Liew says after island nation reports July exports +18.2% on year vs +20% consensus, +28.5% June, according to Dow Jones.
“We could yet see more significant moderation in exports growth in 2H this year. Indeed, it is likely the export recovery may have reached a plateau in 1H-2010, and going forward the recovery momentum will slow and even look anemic for some months” because of concerns about the sustainability global recovery, high unemployment in US, EU, Liew says.
Also, lingering Europe sovereign debt concerns could negatively impact trade flows. Adds, pharmaceutical exports remains wildcard for Singapore, magnifying peaks, troughs of export performance.
Tuesday, 17 August 2010 14:31
Singapore non-oil domestic exports likely to moderate in 2H 2010 on concerns about sustainability of global economic recovery, Standard Chartered Bank economist Alvin Liew says after island nation reports July exports +18.2% on year vs +20% consensus, +28.5% June, according to Dow Jones.
“We could yet see more significant moderation in exports growth in 2H this year. Indeed, it is likely the export recovery may have reached a plateau in 1H-2010, and going forward the recovery momentum will slow and even look anemic for some months” because of concerns about the sustainability global recovery, high unemployment in US, EU, Liew says.
Also, lingering Europe sovereign debt concerns could negatively impact trade flows. Adds, pharmaceutical exports remains wildcard for Singapore, magnifying peaks, troughs of export performance.
SMX to launch oil, gold, contracts on Aug 31
Written by Dow Jones & Co, Inc
Tuesday, 17 August 2010 14:46
Singapore Mercantile Exchange said Tuesday that it will commence trading of gold futures, West Texas Intermediate crude oil, Brent crude oil and eurodollar futures contracts on Aug 31 and implied there could be additional contracts launched at the same time, but didn’t specify which these might be.
“The first phase of product launches will be followed by multiple product launches to be introduced in the market after consultation with industry participants,” it said in a statement.
The launch of the SMX reflects increasing competition for Asian commodities business with major global exchanges like CME Group Inc. (CME) and the London Metal Exchange, both of which are expanding operations in Asia.
Tuesday, 17 August 2010 14:46
Singapore Mercantile Exchange said Tuesday that it will commence trading of gold futures, West Texas Intermediate crude oil, Brent crude oil and eurodollar futures contracts on Aug 31 and implied there could be additional contracts launched at the same time, but didn’t specify which these might be.
“The first phase of product launches will be followed by multiple product launches to be introduced in the market after consultation with industry participants,” it said in a statement.
The launch of the SMX reflects increasing competition for Asian commodities business with major global exchanges like CME Group Inc. (CME) and the London Metal Exchange, both of which are expanding operations in Asia.
Singapore dollar may drop 2.7% versus baht: technical analysis
Written by Bloomberg
Tuesday, 17 August 2010 14:58
Singapore’s dollar may weaken 2.7% against the Thai baht over the next month after a short- term moving average on a technical chart crossed a longer-term line, according to Tokyo-based Okasan Securities Co.
Singapore’s currency may fall to 23.1798 versus the baht in a week, 23.0134 in two to three weeks and 22.7445 in a month, Tsutomu Soma, a bond and foreign-exchange dealer at Okasan, said in an interview. He cited 10- and 20-day averages and a series of numbers known as the Fibonacci sequence for his forecast.
Tuesday, 17 August 2010 14:58
Singapore’s dollar may weaken 2.7% against the Thai baht over the next month after a short- term moving average on a technical chart crossed a longer-term line, according to Tokyo-based Okasan Securities Co.
Singapore’s currency may fall to 23.1798 versus the baht in a week, 23.0134 in two to three weeks and 22.7445 in a month, Tsutomu Soma, a bond and foreign-exchange dealer at Okasan, said in an interview. He cited 10- and 20-day averages and a series of numbers known as the Fibonacci sequence for his forecast.
SMRT off 1.9% on revenue, competition concerns
Written by The Edge
Tuesday, 17 August 2010 15:09
SMRT (S53.SG) off 1.4% at $2.07 on concerns over increased revenue pressure, says Dow Jones.
According to Singapore transport ministry, public transport operators stand to lose $88 million in annual revenue following implementation of distance-based fares from July.
Tuesday, 17 August 2010 15:09
SMRT (S53.SG) off 1.4% at $2.07 on concerns over increased revenue pressure, says Dow Jones.
According to Singapore transport ministry, public transport operators stand to lose $88 million in annual revenue following implementation of distance-based fares from July.
Golden Agri eyes Liberia palm oil expansion
SINGAPORE - Singapore's second-largest listed palm oil plantation firm Golden Agri-Resources said on Tuesday it was looking at investing in a firm that will control 220,000 hectares of land in Liberia.
The company, which is part of Indonesia's Sinar Mas Group, said it was planning to invest in private equity fund Verdant that is the sole shareholder of a Liberia-based firm in the process of being granted a government concession to develop 220,000 hectares for 20 years.
Golden Agri did not give financial details of the possible transaction for the land, which is three times the size of Singapore, but said the initial development will commence with 15,000 hectares.
The move comes after Indonesia announced plans to impose a two-year moratorium on new permits to clear forest for oil palm cultivation from 2011. -- REUTERS
The company, which is part of Indonesia's Sinar Mas Group, said it was planning to invest in private equity fund Verdant that is the sole shareholder of a Liberia-based firm in the process of being granted a government concession to develop 220,000 hectares for 20 years.
Golden Agri did not give financial details of the possible transaction for the land, which is three times the size of Singapore, but said the initial development will commence with 15,000 hectares.
The move comes after Indonesia announced plans to impose a two-year moratorium on new permits to clear forest for oil palm cultivation from 2011. -- REUTERS
Olam to invest US$43.5 mln in Africa cocoa plant
SINGAPORE - Singapore commodities firm Olam International said on Tuesday that it will invest US$43.5 million in Cote d'Ivoire to set up a greenfield cocoa processing facility in Abidjan. -- REUTERS
Property: Pre-sales momentum bounces back in Jul
By Meenal Kumar
Tue, 17 Aug 2010, 09:09:44 SGT
After a quiet Jun, developers seemed to have stepped up activity ahead of the traditionally slower month-long Hungry Ghost festival period (10 Aug to 07 Sep). Launches of non-landed property units rose to 1322 units (+33.4% MoM) for Jul 2010, the highest since Apr. The launches were well-received, with Jul pre-sales increasing a whopping 88.7% MoM to 1517 units. The monthly take-up rate of 114.8% was not only the highest for the year but also beat Nov and Dec 2009 levels. Looking to Aug, launch activity is likely to be comparatively more muted during the Hungry Ghost period. Sep could be another activity-heavy month, though, with projects including City Developments’ 642-unit NV Residences slated for a 3Q10 launch. While property developers have recently reported strong 2Q CY2010 earnings and offered sanguine outlooks for 2H10; we note that anecdotally buying sentiment seems more cautious – but still very active. With a change in analyst coverage, our ratings for the property companies under our coverage are under review. Maintain NEUTRAL on the broader property sector.
Tue, 17 Aug 2010, 09:09:44 SGT
After a quiet Jun, developers seemed to have stepped up activity ahead of the traditionally slower month-long Hungry Ghost festival period (10 Aug to 07 Sep). Launches of non-landed property units rose to 1322 units (+33.4% MoM) for Jul 2010, the highest since Apr. The launches were well-received, with Jul pre-sales increasing a whopping 88.7% MoM to 1517 units. The monthly take-up rate of 114.8% was not only the highest for the year but also beat Nov and Dec 2009 levels. Looking to Aug, launch activity is likely to be comparatively more muted during the Hungry Ghost period. Sep could be another activity-heavy month, though, with projects including City Developments’ 642-unit NV Residences slated for a 3Q10 launch. While property developers have recently reported strong 2Q CY2010 earnings and offered sanguine outlooks for 2H10; we note that anecdotally buying sentiment seems more cautious – but still very active. With a change in analyst coverage, our ratings for the property companies under our coverage are under review. Maintain NEUTRAL on the broader property sector.
Olam faces rival bid for NZ Farming
Uruguay firm values NZFSU at 33.6% more than Olam's valuation of the firm
By JAMIE LEE
COMMODITIES group Olam International's takeover offer for NZ Farming Systems Uruguay (NZFSU) at NZ$0.55 per share has been upstaged by the Uruguayan-based Union Agriculture Group, which threw in a bid of NZ$0.60 per share yesterday.
Union Agriculture - which holds 1.65 per cent of NZFSU - launched a competing bid to secure control in NZFSU, which has Olam as its single-largest shareholder.
Union Agriculture's chairman Juan Sartori said in a statement to Bloomberg: 'We are content to achieve ownership of 50.1 per cent.'
'Our proposal is very compelling, both from a financial viewpoint and more importantly, from a strategic perspective.'
Union Agriculture - a privately held company formed to buy and develop prime agriculture land in Uruguay - values NZFSU at NZ$147 million (S$142 million), or 33.6 per cent higher than Olam's valuation of NZFSU.
In response, shares of NZFSU - which is listed in New Zealand - rose five cents to end at NZ$0.63 in Wellington yesterday.
Olam, which launched its NZ$110 million takeover offer last month, said yesterday it 'has received acceptances that, taken with its existing holding, represent 30 per cent' of NZFSU as at Aug 13, up from 18.45 per cent at the time of the takeover announcement. Olam's takeover offer was then a 38 per cent premium over NZFSU's three-month average trading price of NZ$0.40.
The deal is subject to Olam gaining at least 50.1 per cent of the company after the offer closes and approval by the authorities.
'Olam will review NZFSU's annual results and the target company statement, including the independent appraiser's report prior to determining its future course of action,' it said.
NZFSU is expected to release its annual results and target company statement that refer to Olam's takeover offer next Monday, Olam added.
Separately, NZFSU also stressed to shareholders not to make any decisions until the company releases its assessment of the merit of both takeover offers.
'The directors again recommend that shareholders do not sell their shares before receiving and considering further information,' NZFSU said in a regulatory filing on the New Zealand Exchange.
NZFSU's second-largest shareholder, PGG Wrightson, which holds an 11.5 per cent stake, is backing Olam's offer, Olam said in its earlier statement.
Other substantial shareholders of NZFSU include Accident Compensation Corporation and Odey Asset Management, the takeover announcement by Union Agriculture showed.
Olam earlier said that it would support NZFSU's near-term working capital requirements if its offer goes through, noting that NZFSU needs significant new capital to meet its current obligations and to develop its portfolio of farms.
By 2012, NZFSU is expected to supply one-fifth of milk produced in Uruguay, Olam has also said.
Separately, Olam said that it remains in discussion with the government of the African state of Gabon to develop a special economic zone.
The clarification follows media reports, including one by the Financial Times, saying that Olam would lead the development of this economic zone.
Olam would also be the main investor in a palm oil production project, the FT reported this week.
'The company is currently in an advanced stage of negotiations and finalisation of the binding agreements with the Government of Gabon in relation to the special economic zone project,' said Olam, but added that it was not a material transaction based on Singapore's listing rules.
Olam is still conducting feasibility studies on the palm oil project, it added.
By JAMIE LEE
COMMODITIES group Olam International's takeover offer for NZ Farming Systems Uruguay (NZFSU) at NZ$0.55 per share has been upstaged by the Uruguayan-based Union Agriculture Group, which threw in a bid of NZ$0.60 per share yesterday.
Union Agriculture - which holds 1.65 per cent of NZFSU - launched a competing bid to secure control in NZFSU, which has Olam as its single-largest shareholder.
Union Agriculture's chairman Juan Sartori said in a statement to Bloomberg: 'We are content to achieve ownership of 50.1 per cent.'
'Our proposal is very compelling, both from a financial viewpoint and more importantly, from a strategic perspective.'
Union Agriculture - a privately held company formed to buy and develop prime agriculture land in Uruguay - values NZFSU at NZ$147 million (S$142 million), or 33.6 per cent higher than Olam's valuation of NZFSU.
In response, shares of NZFSU - which is listed in New Zealand - rose five cents to end at NZ$0.63 in Wellington yesterday.
Olam, which launched its NZ$110 million takeover offer last month, said yesterday it 'has received acceptances that, taken with its existing holding, represent 30 per cent' of NZFSU as at Aug 13, up from 18.45 per cent at the time of the takeover announcement. Olam's takeover offer was then a 38 per cent premium over NZFSU's three-month average trading price of NZ$0.40.
The deal is subject to Olam gaining at least 50.1 per cent of the company after the offer closes and approval by the authorities.
'Olam will review NZFSU's annual results and the target company statement, including the independent appraiser's report prior to determining its future course of action,' it said.
NZFSU is expected to release its annual results and target company statement that refer to Olam's takeover offer next Monday, Olam added.
Separately, NZFSU also stressed to shareholders not to make any decisions until the company releases its assessment of the merit of both takeover offers.
'The directors again recommend that shareholders do not sell their shares before receiving and considering further information,' NZFSU said in a regulatory filing on the New Zealand Exchange.
NZFSU's second-largest shareholder, PGG Wrightson, which holds an 11.5 per cent stake, is backing Olam's offer, Olam said in its earlier statement.
Other substantial shareholders of NZFSU include Accident Compensation Corporation and Odey Asset Management, the takeover announcement by Union Agriculture showed.
Olam earlier said that it would support NZFSU's near-term working capital requirements if its offer goes through, noting that NZFSU needs significant new capital to meet its current obligations and to develop its portfolio of farms.
By 2012, NZFSU is expected to supply one-fifth of milk produced in Uruguay, Olam has also said.
Separately, Olam said that it remains in discussion with the government of the African state of Gabon to develop a special economic zone.
The clarification follows media reports, including one by the Financial Times, saying that Olam would lead the development of this economic zone.
Olam would also be the main investor in a palm oil production project, the FT reported this week.
'The company is currently in an advanced stage of negotiations and finalisation of the binding agreements with the Government of Gabon in relation to the special economic zone project,' said Olam, but added that it was not a material transaction based on Singapore's listing rules.
Olam is still conducting feasibility studies on the palm oil project, it added.
Singapore's Exports Cooled in July as Government Predicts Slowing Demand
Singapore’s export growth rose at a less-than-expected pace in July as shipments of pharmaceuticals and electronics cooled amid a weakening global economy.
Non-oil domestic exports climbed 18.2 percent from a year earlier, after a revised 28.5 percent gain in June, the trade promotion agency said in a statement in Singapore today. The median forecast of nine economists surveyed by Bloomberg News was for an increase of 20.1 percent.
A surge in production and exports in the first half of 2010 has put Singapore in the running to be the world’s fastest- growing economy this year. Overseas demand, which has lifted export-dependent Asian economies including Singapore and China, may falter as governments in Europe embark on austerity programs to cut deficits and households in some of the world’s largest economies hold back spending.
“While the export performance of the key electronics industry has been robust in recent months, the softer external demand is expected to weigh on sales going forward,” Irvin Seah, an economist at DBS Group Holdings Ltd. in Singapore, said before the report.
Electronics shipments by companies including Venture Corp., Singapore’s biggest electronics contract manufacturer, climbed 25.7 percent in July from a year earlier to S$5.6 billion ($4.1 billion), after a 43.9 percent gain the previous month.
Pharmaceutical Sales
Non-electronics shipments, which include petrochemicals and pharmaceuticals, gained 14.1 percent. Pharmaceutical shipments fell 23.5 percent after climbing a revised 29.7 percent in June.
The performance of Singapore’s pharmaceutical industry is volatile as production swings by companies such as Sanofi- Aventis SA can cause industrial output to fluctuate from month to month. Drug companies sometimes shut plants for cleaning before making different products.
Singapore’s non-oil exports fell a seasonally adjusted 3.9 percent last month from June, when they dropped 0.1 percent, today’s report showed.
Sales to the European Union, Singapore’s biggest export market, grew at a slower pace last month, climbing 26.1 percent from a year earlier compared with a 75.1 percent surge in June.
“The implementation of fiscal austerity measures in some European economies, combined with the weakening of the euro, could further weaken EU domestic demand,” Singapore’s Trade Minister Lim Hng Kiang said yesterday. “These developments could affect Singapore’s export performance, given that the EU as a whole accounts for 12 percent of our domestic exports.”
To contact the reporter on this story: Shamim Adam in Singapore at sadam2@bloomberg.net
Non-oil domestic exports climbed 18.2 percent from a year earlier, after a revised 28.5 percent gain in June, the trade promotion agency said in a statement in Singapore today. The median forecast of nine economists surveyed by Bloomberg News was for an increase of 20.1 percent.
A surge in production and exports in the first half of 2010 has put Singapore in the running to be the world’s fastest- growing economy this year. Overseas demand, which has lifted export-dependent Asian economies including Singapore and China, may falter as governments in Europe embark on austerity programs to cut deficits and households in some of the world’s largest economies hold back spending.
“While the export performance of the key electronics industry has been robust in recent months, the softer external demand is expected to weigh on sales going forward,” Irvin Seah, an economist at DBS Group Holdings Ltd. in Singapore, said before the report.
Electronics shipments by companies including Venture Corp., Singapore’s biggest electronics contract manufacturer, climbed 25.7 percent in July from a year earlier to S$5.6 billion ($4.1 billion), after a 43.9 percent gain the previous month.
Pharmaceutical Sales
Non-electronics shipments, which include petrochemicals and pharmaceuticals, gained 14.1 percent. Pharmaceutical shipments fell 23.5 percent after climbing a revised 29.7 percent in June.
The performance of Singapore’s pharmaceutical industry is volatile as production swings by companies such as Sanofi- Aventis SA can cause industrial output to fluctuate from month to month. Drug companies sometimes shut plants for cleaning before making different products.
Singapore’s non-oil exports fell a seasonally adjusted 3.9 percent last month from June, when they dropped 0.1 percent, today’s report showed.
Sales to the European Union, Singapore’s biggest export market, grew at a slower pace last month, climbing 26.1 percent from a year earlier compared with a 75.1 percent surge in June.
“The implementation of fiscal austerity measures in some European economies, combined with the weakening of the euro, could further weaken EU domestic demand,” Singapore’s Trade Minister Lim Hng Kiang said yesterday. “These developments could affect Singapore’s export performance, given that the EU as a whole accounts for 12 percent of our domestic exports.”
To contact the reporter on this story: Shamim Adam in Singapore at sadam2@bloomberg.net
Australia, Korea Central Banks Harbor Doubts on Global Outlook
The central banks of Australia and South Korea said the world economic outlook has become clouded, boosting their scope to slow the pace of future rate increases.
There is “more uncertainty over the global outlook than there had been earlier in the year,” the Reserve Bank of Australia said in minutes of its Aug. 3 meeting in Sydney today. Bank of Korea Governor Kim Choong Soo echoed that view, saying in a speech that markets “may prove turbulent in the future.”
Both banks kept their benchmark interest rates unchanged this month after South Korea boosted borrowing costs in July, and Australia led Group of 20 members with six moves between October and May. Global stocks fell last week on increased evidence growth may falter in the world’s biggest economies, including Japan, which last quarter expanded at less than a fifth of the pace economists estimated.
There is “more uncertainty over the global outlook than there had been earlier in the year,” the Reserve Bank of Australia said in minutes of its Aug. 3 meeting in Sydney today. Bank of Korea Governor Kim Choong Soo echoed that view, saying in a speech that markets “may prove turbulent in the future.”
Both banks kept their benchmark interest rates unchanged this month after South Korea boosted borrowing costs in July, and Australia led Group of 20 members with six moves between October and May. Global stocks fell last week on increased evidence growth may falter in the world’s biggest economies, including Japan, which last quarter expanded at less than a fifth of the pace economists estimated.
Hong Kong Land Fetches $528 Million at Auction, Beating Analyst Estimates
Billionaire Li Ka-shing’s Cheung Kong (Holdings) Ltd. paid a higher-than-estimated HK$7.61 billion ($979 million) for two Hong Kong development sites, signaling confidence in the property market four days after the government stepped up efforts to cool home prices.
Cheung Kong bought a property in the Ho Man Tin district for HK$4.1 billion and a plot in Hung Hom for HK$3.51 billion at a government land auction today. Both sites fetched more than the highest forecast in a Bloomberg survey of seven analysts.
The prices defy the government’s Aug. 13 announcement that it will tighten mortgage rules and boost land supply to curb a 45 percent jump in housing prices since the start of last year. Financial Secretary John Tsang said home values are approaching the level of 1997, the height of a previous bubble that was followed by a six-year slump.
Cheung Kong bought a property in the Ho Man Tin district for HK$4.1 billion and a plot in Hung Hom for HK$3.51 billion at a government land auction today. Both sites fetched more than the highest forecast in a Bloomberg survey of seven analysts.
The prices defy the government’s Aug. 13 announcement that it will tighten mortgage rules and boost land supply to curb a 45 percent jump in housing prices since the start of last year. Financial Secretary John Tsang said home values are approaching the level of 1997, the height of a previous bubble that was followed by a six-year slump.
Citigroup to start dark pool trading in Singapore next year
Citigroup, the third-biggest US bank, says it will start so-called dark pool electronic trading in Singapore early next year.
It’s doing so to meet growing demand in Asia.
The bank told Bloomberg that it is expanding its regional footprint after its off-exchange trading in Australia increased to a record 1.5 billion Aussie dollars in June.
That’s up from about 700 million to 800 million Aussie dollars in the year-ago period
Dark pools are trading venues that don’t display quotes publicly, helping investors minimize price fluctuations and save costs.
Click on link to read more.
It’s doing so to meet growing demand in Asia.
The bank told Bloomberg that it is expanding its regional footprint after its off-exchange trading in Australia increased to a record 1.5 billion Aussie dollars in June.
That’s up from about 700 million to 800 million Aussie dollars in the year-ago period
Dark pools are trading venues that don’t display quotes publicly, helping investors minimize price fluctuations and save costs.
Click on link to read more.
Singapore Airlines (SIA SP, $15.98, BUY, TP $18.90) - KIM ENG
SIA maintained its strong load factor numbers into July 2010, with particular strength on the cargo side. Overall load factors came in at 70.8%, while passenger load factors remained in the low 80s at 82.4%, while cargo hovered at 64%. With this continued positive showing, we maintain BUY to our target price of S$18.90.
NEW ISSUE: CAPITALAND SENIOR UNSECURED BOND - SGD 10 YEAR
To Readers : Please check with your brokerage for more details. I am not sure if I can reveal the details.
DBS Technical Call. Source from Money Mind
DBS Technical Call: We peg STI range from 2750-2800 as the major support and 3100 as the major resistance in the months(s)ahead. Investors should capitalize on this by buying near 2800 while selling near 3100.Within this range, the other 2 support/resistance levels that short-term traders should note are 2890 and 2995.
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