Uma Shankari
Mon, Aug 30, 2010
The Business Times
(SINGAPORE) There were few surprises from companies that reported full-year results in the recent reporting season. Most turned in better earnings or lower losses, in line with the global economic recovery.
And to reward shareholders, many said that they would pay out higher dividends than for 2009, citing improved operating profits and net cash positions.
Data compiled by BT showed that as at 5pm last Friday, 73 companies had reported their financial results for the year ended June 30, 2010. And of these firms, 59 reported profits while the remaining 14 recorded losses.
Most companies (some 74 per cent) performed better this year, either turning in higher profits (36 companies) or lower losses (nine) or is back in the black (nine).
Companies, which generally attributed their better year-on-year showings to the better operating environment, also sought to thank investors for sticking by them through the recent lean times.
Of the 45 companies that turned in either higher profits or moved from losses to profits, close to 70 per cent will pay out higher dividends for FY 2010 compared to the previous year. The six companies with the largest net profits for the financial year ended June 30 - Olam International, Singapore Exchange (SGX), Wing Tai Holdings, GuocoLand, Hsu Fu Chi International and Sim Lian Group - all proposed higher dividends for 2010.
Olam reported exceptionally strong fourth-quarter results, which led to full-year results which were well ahead of expectations. The company will pay a total dividend of 4.5 cents a share this year, up from 3.5 cents in 2009.
Wing Tai will also pay out one cent more - it has proposed a dividend of five cents a share for 2010, up from four cents in 2009.
SGX, which said that the recently ended financial year was its second best since the company listed in November 2000, proposed a final dividend of 15.75 cents per share, bringing the total dividend for FY 2010 to 27 cents per share. In addition, the company's board also increased SGX's base dividend commitment to 16 cents per share effective from FY 2011, payable on a quarterly basis.
Sim Lian Group threw in another treat together with higher dividends; the property firm also proposed a bonus issue to increase its capital base to reflect its growth and business expansion and to give 'due recognition' to shareholders for their continued support. It proposed a dividend of 3.7 cents a share, up from 1.4 cents a year ago.
But perhaps the most sincere gesture came from probe card distribution and services solutions provider Ellipsiz. The firm posted a net loss in 2009 after its factory and office property at Joo Koon Crescent was hit by a fire. Now, it is proposing a special cash dividend of 1.1 cents a share from its one-time income - which was boosted by insurance claim income of $22.3 million - to thank shareholders. This will be paid out on top of a final cash dividend of 0.15 cents.
'We would like to thank our shareholders for your patience and support during the difficult period. Your vote of confidence is important, and we look forward to your continued support,' said Ellipsiz chief executive Melvin Chan.
Last year, Mr Chan said that 2009 was a 'a very difficult year' for the group and no dividends were declared.
Friday, September 3, 2010
Analysis: Japan dilemma as economic dependence on China grows
By Linda Sieg
TOKYO
Thu Sep 2, 2010 12:27am EDT
TOKYO (Reuters) - Japan's growing dependence on China for growth grates with concerns over its expanding military reach, deepening a dilemma over how to engage with its giant neighbor even as the two trade places in economic rankings.
But while the interdependence raises the risks for the world's second- and third-biggest economies if relations sour, it also boosts incentives to keep ties on track.
"It raises the stakes," said Jeffrey Kingston, director of Asian studies at Temple University's Tokyo campus.
"But ... Japan has a clear interest in developing better political and diplomatic relations precisely because of the greater economic interdependence."
News that China had surpassed Japan as the world's second-biggest economy in the second quarter grabbed global headlines in August, underscoring China's rise and deepening pessimism over whether Japan can even keep third place.
Even more telling is Japan's deepening dependence on China's dynamism for growth in a mature economy plagued with an aging, shrinking population and a shortage of policy solutions.
Japan's exports to China topped those to the United States last year, accounting for nearly 20 percent of all its exports.
That figure will probably rise to 35 percent by 2026, when China will likely oust America from the top global spot, said Chi Hung Kwan at Nomura Institute of Capital Markets Research.
Japan's direct investment in China has also soared, exceeding 70 percent of its investment in North America last year, with more and more goods being made for local sale, not export.
"For Japanese companies, China is becoming more and more important, not just as the workshop of the world, but as the market of the world," Kwan said at a luncheon with reporters.
Sino-Japanese relations, long plagued by China's memories of Tokyo's wartime aggression and present rivalry over resources and territory, have warmed since a deep chill in 2001-2006, when then-premier Junichiro Koizumi visited the Yasukuni Shrine, seen by Beijing as a symbol of Japanese militarism.
Last weekend, a delegation of Japanese cabinet ministers met their Chinese counterparts in Beijing for high-level economic talks -- the third such annual dialogue -- and agreed on the need to work together for global growth.
WARY
But even as economic ties deepen, Japan is increasingly wary of China's intentions as it spends more of its wealth on defense and shows growing willingness to project military power.
A survey by the China Daily in August showed that 52.7 percent of Chinese respondents saw Japan as a military threat, while 70.8 percent of Japanese felt the same about China.
"Japan's military budget has been stable for 20 years and China's military budget has grown 20 times in the past 20 years," said Shinichi Kitaoka, University of Tokyo professor who advised the conservative Liberal Democratic Party (LDP) government that was ousted last year by the Democratic Party of Japan (DPJ).
"The big gap may create some imbalances and is already creating imbalances in the East China Sea and South China Sea."
While a panel of experts advising the government as it undertakes a major review of defense policies gave a nod to such concerns, the wording was restrained, a reflection of Japan's dilemma as it balances economic interests with security worries.
"Japan's security position requires an extremely delicate policy. On the one hand, it is important to make sure that the cost of unfriendly, non-peaceful behavior is very costly ... and there has to be a very robust defense posture together with the United States," said Chikako Kawakatsu Ueki, a Waseda University professor.
"At the same time, if you are talking about China, everyone knows that China's well-being as an economic power is important to Japan, to the United States, the region and the globe."
The dilemma is a delicate one for Japan's ruling Democratic Party, which swept to power for the first time a year ago, ousting the LDP after more than 50 years of almost non-stop rule.
The party pledged in its campaign last year to forge a more equal relationship with security ally Washington while improving ties with Asian neighbors including China, sparking concerns in some U.S. circles that it was tilting toward Beijing.
"China is becoming more and more important to Japan year in and year out. Everyone accepts that. The debate is how best to handle this -- engagement or constraint," said Phil Deans, a professor of international affairs at Temple in Tokyo.
"The pressure to pursue both strategies is increasing which is making the contradictions more obvious."
Experts say Japan, distracted by its own economic woes and internecine strife in the ruling party, will likely respond with a mix of reliance on the U.S. military deterrence and beefing up its own forces within the elastic constraints of a pacifist constitution, while pursuing better diplomatic ties with Beijing.
"There are three decisions they can make: contain China, engage China or ... just live in a really uncomfortable situation and hope they don't end with the worst of both worlds," Deans said. "I think maybe they can live in this very difficult place."
(Editing by Sugita Katyal)
TOKYO
Thu Sep 2, 2010 12:27am EDT
TOKYO (Reuters) - Japan's growing dependence on China for growth grates with concerns over its expanding military reach, deepening a dilemma over how to engage with its giant neighbor even as the two trade places in economic rankings.
But while the interdependence raises the risks for the world's second- and third-biggest economies if relations sour, it also boosts incentives to keep ties on track.
"It raises the stakes," said Jeffrey Kingston, director of Asian studies at Temple University's Tokyo campus.
"But ... Japan has a clear interest in developing better political and diplomatic relations precisely because of the greater economic interdependence."
News that China had surpassed Japan as the world's second-biggest economy in the second quarter grabbed global headlines in August, underscoring China's rise and deepening pessimism over whether Japan can even keep third place.
Even more telling is Japan's deepening dependence on China's dynamism for growth in a mature economy plagued with an aging, shrinking population and a shortage of policy solutions.
Japan's exports to China topped those to the United States last year, accounting for nearly 20 percent of all its exports.
That figure will probably rise to 35 percent by 2026, when China will likely oust America from the top global spot, said Chi Hung Kwan at Nomura Institute of Capital Markets Research.
Japan's direct investment in China has also soared, exceeding 70 percent of its investment in North America last year, with more and more goods being made for local sale, not export.
"For Japanese companies, China is becoming more and more important, not just as the workshop of the world, but as the market of the world," Kwan said at a luncheon with reporters.
Sino-Japanese relations, long plagued by China's memories of Tokyo's wartime aggression and present rivalry over resources and territory, have warmed since a deep chill in 2001-2006, when then-premier Junichiro Koizumi visited the Yasukuni Shrine, seen by Beijing as a symbol of Japanese militarism.
Last weekend, a delegation of Japanese cabinet ministers met their Chinese counterparts in Beijing for high-level economic talks -- the third such annual dialogue -- and agreed on the need to work together for global growth.
WARY
But even as economic ties deepen, Japan is increasingly wary of China's intentions as it spends more of its wealth on defense and shows growing willingness to project military power.
A survey by the China Daily in August showed that 52.7 percent of Chinese respondents saw Japan as a military threat, while 70.8 percent of Japanese felt the same about China.
"Japan's military budget has been stable for 20 years and China's military budget has grown 20 times in the past 20 years," said Shinichi Kitaoka, University of Tokyo professor who advised the conservative Liberal Democratic Party (LDP) government that was ousted last year by the Democratic Party of Japan (DPJ).
"The big gap may create some imbalances and is already creating imbalances in the East China Sea and South China Sea."
While a panel of experts advising the government as it undertakes a major review of defense policies gave a nod to such concerns, the wording was restrained, a reflection of Japan's dilemma as it balances economic interests with security worries.
"Japan's security position requires an extremely delicate policy. On the one hand, it is important to make sure that the cost of unfriendly, non-peaceful behavior is very costly ... and there has to be a very robust defense posture together with the United States," said Chikako Kawakatsu Ueki, a Waseda University professor.
"At the same time, if you are talking about China, everyone knows that China's well-being as an economic power is important to Japan, to the United States, the region and the globe."
The dilemma is a delicate one for Japan's ruling Democratic Party, which swept to power for the first time a year ago, ousting the LDP after more than 50 years of almost non-stop rule.
The party pledged in its campaign last year to forge a more equal relationship with security ally Washington while improving ties with Asian neighbors including China, sparking concerns in some U.S. circles that it was tilting toward Beijing.
"China is becoming more and more important to Japan year in and year out. Everyone accepts that. The debate is how best to handle this -- engagement or constraint," said Phil Deans, a professor of international affairs at Temple in Tokyo.
"The pressure to pursue both strategies is increasing which is making the contradictions more obvious."
Experts say Japan, distracted by its own economic woes and internecine strife in the ruling party, will likely respond with a mix of reliance on the U.S. military deterrence and beefing up its own forces within the elastic constraints of a pacifist constitution, while pursuing better diplomatic ties with Beijing.
"There are three decisions they can make: contain China, engage China or ... just live in a really uncomfortable situation and hope they don't end with the worst of both worlds," Deans said. "I think maybe they can live in this very difficult place."
(Editing by Sugita Katyal)
Asian Stocks Rise for Third Day on U.S. Home Sales, Falling Jobless Claim
By Jonathan Burgos and Norie Kuboyama - Sep 3, 2010 12:42 PM GMT+0800
Email Share
Business ExchangeTwitterDeliciousDiggFacebookLinkedInNewsvinePropellerYahoo! BuzzPrint
Play VideoSept. 2 (Bloomberg) -- John Vail, chief global strategist at Nikko Asset Management, talks about equity investment opportunities in Japan and the impact of the strengthening yen on strategy. He speaks with Mark Barton on Bloomberg Television's "Countdown." (Source: Bloomberg)
Play VideoSept. 2 (Bloomberg) -- Bloomberg's Elizabeth Faublas reports on the performance of the U.S. equity market today. U.S. stocks rose, with the Standard & Poor’s 500 Index building on its biggest rally in almost two months, after retail sales improved, initial jobless claims fell and pending home sales unexpectedly increased. Bloomberg's Pimm Fox also speaks. (Source: Bloomberg)
Most Asian stocks rose, led by technology companies, after U.S. reports showed an unexpected increase in pending home sales and improved retail sales.
Sony Corp., the electronics maker that gets 22 percent of sales from the U.S., rose 1.6 percent. James Hardie Industries SE, the biggest seller of home siding in the U.S., climbed 4.4 percent in Sydney. Toyota Motor Corp., an automaker that earns about 70 percent of its revenue abroad, increased 1.2 percent. OZ Minerals Ltd., an Australian copper and gold producer, surged 5 percent as commodity prices advanced.
“Investors are kind of relieved because a downward spiral in the global economy had a pause this week,” said Naoki Fujiwara, who helps oversee about $6 billion in Tokyo at Shinkin Asset Management Co. “But investors won’t jump into buying shares just because of that, since there is still a strong sense of uncertainty.”
The MSCI Asia Pacific Index gained 0.3 percent to 119.63 as of 1:39 p.m. in Tokyo, extending its advanced for a third day. The gauge advanced 2.4 percent this week after Japan’s government said it’s preparing a new stimulus plan to help businesses threatened by the strong yen and as reports showed Chinese and U.S. manufacturing, as well as the Australian economy, grew faster than economists estimated.
Japan’s Nikkei 225 Stock Average gained 0.6 percent. Taiwan’s Taiex Index climbed 1.3 percent, the most among Asia Pacific major gauges as the nation’s technology companies rallied.
South Korea’s Kospi Index and Hong Kong’s Hang Seng Index rose at least 0.1 percent. New Zealand’s NZX 50 Index increased 0.7 percent.
Chain Store Data
Futures on the Standard & Poor’s 500 Index fell 0.2 percent today. In New York yesterday, the index increased 0.9 percent, rounding out its biggest two-day gain since early July, after a report showed pending sales of existing U.S. houses climbed 5.2 percent in July, compared with a 1 percent drop economists had estimated in a Bloomberg survey.
Same-store sales at 30 U.S. retail chains probably rose 3.5 percent in August, according to Retail Metrics Inc., beating analysts’ estimates of 2.8 percent.
“The excessive pessimism about the U.S. economy is coming to a halt,” said Juichi Wako, a senior strategist at Tokyo- based Nomura Holdings Inc. “The market was totally pessimistic, but a ray of sunlight has come out this week.”
Exporters Advance
Sony, the maker of Bravia televisions, climbed 1.6 percent to 2,466 yen. Canon Inc., a Japanese camera maker that gets 28 percent of its revenue from the Americas, rose 0.9 percent to 3,535 yen. James Hardie, which counts the U.S. as its biggest market, climbed 4.4 percent to A$5.51 in Sydney.
Japanese exporters also increased as the yen depreciated to as low as 84.43 against the dollar today in Tokyo, compared with 84.17 at the close of stock trading yesterday. A weaker yen boosts overseas income at Japanese companies when converted into their home currency.
Toyota Motor, the world’s biggest automaker, gained 1.2 percent to 2,885 yen. Toshiba Corp., the world’s second-biggest maker of flash memory, advanced 0.8 percent to 387 yen.
The MSCI Asia Pacific Index has declined 2.2 percent from a three-month high on Aug. 6 as the yen’s advance to a 15-year high against the dollar and disappointing U.S. data fueled global growth concerns. U.S. government reports released last month showed orders for durable goods increased less than forecast in July and companies hired fewer workers in the same month.
Tech Stocks Climb
Stocks on the MSCI gauge are valued at an average 13.7 times estimated earnings, compared with 13.1 times for the S&P 500 Index and 11.6 times for the Stoxx Europe 600 Index.
A measure of technology companies posted the biggest advance among the 10 industry groups in the MSCI index amid expectations demand will increase.
In Taipei, Realtek Semiconductor Corp., a maker of chips used in computers, surged 6.9 percent, the second-biggest advance on the MSCI Asia Pacific Index, to NT$67.9. Investors are speculating revenue will rise this month, said Lucas Chen, an analyst at Polaris Securities Co.
Chimei Innolux Corp., Taiwan’s largest maker of liquid- crystal displays, advanced 6.9 percent to NT$35.75, amid speculation fourth-quarter demand for consumer electronics will improve from the previous three months, said Richard Ko, an analyst at Jih Sun Securities Co.
Esprit Declines
PT Indosat, Indonesia’s second-biggest phone operator, surged 7.1 percent to 4,900 rupiah after Deustche Bank AG raised the stock to “hold’ from “sell.”
Raw-material producers climbed after crude oil for October delivery rose 1.5 percent yesterday in New York. The London Metal Exchange Index of six metals including aluminum and copper advanced for a second day yesterday to the highest level since April 30.
OZ Minerals Ltd., which has mines in Africa and Asia, climbed 5 percent to A$1.37, its highest level since October 2008, in Sydney. Mitsubishi Corp., Japan’s biggest commodities trader, rose 0.7 percent to 1,840 yen. Inpex Corp., Japan’s largest oil explorer, climbed 1.4 percent to 406,000 yen.
Among stocks that declined today, Esprit Holdings Ltd., the biggest clothier listed in Hong Kong, tumbled 5.2 percent to HK$40.65 after JPMorgan Chase & Co and CIMB Group Holdings Bhd. cut their ratings on the stock. The company yesterday reported full-year earnings that missed analysts’ estimates.
To contact the reporters on this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net; Norie Kuboyama in Tokyo at nkuboyama@bloomberg.net
Email Share
Business ExchangeTwitterDeliciousDiggFacebookLinkedInNewsvinePropellerYahoo! BuzzPrint
Play VideoSept. 2 (Bloomberg) -- John Vail, chief global strategist at Nikko Asset Management, talks about equity investment opportunities in Japan and the impact of the strengthening yen on strategy. He speaks with Mark Barton on Bloomberg Television's "Countdown." (Source: Bloomberg)
Play VideoSept. 2 (Bloomberg) -- Bloomberg's Elizabeth Faublas reports on the performance of the U.S. equity market today. U.S. stocks rose, with the Standard & Poor’s 500 Index building on its biggest rally in almost two months, after retail sales improved, initial jobless claims fell and pending home sales unexpectedly increased. Bloomberg's Pimm Fox also speaks. (Source: Bloomberg)
Most Asian stocks rose, led by technology companies, after U.S. reports showed an unexpected increase in pending home sales and improved retail sales.
Sony Corp., the electronics maker that gets 22 percent of sales from the U.S., rose 1.6 percent. James Hardie Industries SE, the biggest seller of home siding in the U.S., climbed 4.4 percent in Sydney. Toyota Motor Corp., an automaker that earns about 70 percent of its revenue abroad, increased 1.2 percent. OZ Minerals Ltd., an Australian copper and gold producer, surged 5 percent as commodity prices advanced.
“Investors are kind of relieved because a downward spiral in the global economy had a pause this week,” said Naoki Fujiwara, who helps oversee about $6 billion in Tokyo at Shinkin Asset Management Co. “But investors won’t jump into buying shares just because of that, since there is still a strong sense of uncertainty.”
The MSCI Asia Pacific Index gained 0.3 percent to 119.63 as of 1:39 p.m. in Tokyo, extending its advanced for a third day. The gauge advanced 2.4 percent this week after Japan’s government said it’s preparing a new stimulus plan to help businesses threatened by the strong yen and as reports showed Chinese and U.S. manufacturing, as well as the Australian economy, grew faster than economists estimated.
Japan’s Nikkei 225 Stock Average gained 0.6 percent. Taiwan’s Taiex Index climbed 1.3 percent, the most among Asia Pacific major gauges as the nation’s technology companies rallied.
South Korea’s Kospi Index and Hong Kong’s Hang Seng Index rose at least 0.1 percent. New Zealand’s NZX 50 Index increased 0.7 percent.
Chain Store Data
Futures on the Standard & Poor’s 500 Index fell 0.2 percent today. In New York yesterday, the index increased 0.9 percent, rounding out its biggest two-day gain since early July, after a report showed pending sales of existing U.S. houses climbed 5.2 percent in July, compared with a 1 percent drop economists had estimated in a Bloomberg survey.
Same-store sales at 30 U.S. retail chains probably rose 3.5 percent in August, according to Retail Metrics Inc., beating analysts’ estimates of 2.8 percent.
“The excessive pessimism about the U.S. economy is coming to a halt,” said Juichi Wako, a senior strategist at Tokyo- based Nomura Holdings Inc. “The market was totally pessimistic, but a ray of sunlight has come out this week.”
Exporters Advance
Sony, the maker of Bravia televisions, climbed 1.6 percent to 2,466 yen. Canon Inc., a Japanese camera maker that gets 28 percent of its revenue from the Americas, rose 0.9 percent to 3,535 yen. James Hardie, which counts the U.S. as its biggest market, climbed 4.4 percent to A$5.51 in Sydney.
Japanese exporters also increased as the yen depreciated to as low as 84.43 against the dollar today in Tokyo, compared with 84.17 at the close of stock trading yesterday. A weaker yen boosts overseas income at Japanese companies when converted into their home currency.
Toyota Motor, the world’s biggest automaker, gained 1.2 percent to 2,885 yen. Toshiba Corp., the world’s second-biggest maker of flash memory, advanced 0.8 percent to 387 yen.
The MSCI Asia Pacific Index has declined 2.2 percent from a three-month high on Aug. 6 as the yen’s advance to a 15-year high against the dollar and disappointing U.S. data fueled global growth concerns. U.S. government reports released last month showed orders for durable goods increased less than forecast in July and companies hired fewer workers in the same month.
Tech Stocks Climb
Stocks on the MSCI gauge are valued at an average 13.7 times estimated earnings, compared with 13.1 times for the S&P 500 Index and 11.6 times for the Stoxx Europe 600 Index.
A measure of technology companies posted the biggest advance among the 10 industry groups in the MSCI index amid expectations demand will increase.
In Taipei, Realtek Semiconductor Corp., a maker of chips used in computers, surged 6.9 percent, the second-biggest advance on the MSCI Asia Pacific Index, to NT$67.9. Investors are speculating revenue will rise this month, said Lucas Chen, an analyst at Polaris Securities Co.
Chimei Innolux Corp., Taiwan’s largest maker of liquid- crystal displays, advanced 6.9 percent to NT$35.75, amid speculation fourth-quarter demand for consumer electronics will improve from the previous three months, said Richard Ko, an analyst at Jih Sun Securities Co.
Esprit Declines
PT Indosat, Indonesia’s second-biggest phone operator, surged 7.1 percent to 4,900 rupiah after Deustche Bank AG raised the stock to “hold’ from “sell.”
Raw-material producers climbed after crude oil for October delivery rose 1.5 percent yesterday in New York. The London Metal Exchange Index of six metals including aluminum and copper advanced for a second day yesterday to the highest level since April 30.
OZ Minerals Ltd., which has mines in Africa and Asia, climbed 5 percent to A$1.37, its highest level since October 2008, in Sydney. Mitsubishi Corp., Japan’s biggest commodities trader, rose 0.7 percent to 1,840 yen. Inpex Corp., Japan’s largest oil explorer, climbed 1.4 percent to 406,000 yen.
Among stocks that declined today, Esprit Holdings Ltd., the biggest clothier listed in Hong Kong, tumbled 5.2 percent to HK$40.65 after JPMorgan Chase & Co and CIMB Group Holdings Bhd. cut their ratings on the stock. The company yesterday reported full-year earnings that missed analysts’ estimates.
To contact the reporters on this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net; Norie Kuboyama in Tokyo at nkuboyama@bloomberg.net
Tuesday, August 31, 2010
US Stocks Climb, Boosted By Consumer Confidence
By Kristina Peterson
NEW YORK (MarketWatch) -- U.S. stocks erased early losses on Tuesday as a better-than-expected reading of consumer confidence provided some encouragement to investors bracing for slower economic growth.
The Dow Jones Industrial Average rose 43 points, reclaiming the 10000 level. Stocks wiped out an early decline, following after consumer confidence increased more than expected in August, raising expectations about future economic activity.
"Housing is continuing to be really weak. The jobs market is the thing the market's most concerned about," said Bill Vaughn, portfolio manager at Evercore Wealth Management, who said the economy still seems to be haltingly improving in a "stair-step" fashion.
"That's a normal pattern whether it's the macro-economy or the market," he said.
Heading into the final day of August, key indexes are on track for a month of steep losses. The Dow has shed nearly 4.1% this month, its first down August in five years. This month is on track to be the blue-chip measure's worst August since 2001.
Small-capitalization stocks have taken an even bigger hit this month. The Russell 2000 index of small-cap stocks is on pace to post its worst August performance in 12 years.
The market weathered mixed housing and manufacturing data earlier in the morning, helping benchmark indexes stay above key support levels. The Standard & Poor's 500-share index rose 0.3% to 1052, after bouncing off the key 1040 level. The Nasdaq Composite gained 0.2% to 2123.
The Dow was recently up 0.3% to 10045, boosted by a 1.9% rise in Caterpillar.
However, technology components weakened after technology researcher Gartner cut its 2010 projection for worldwide personal-computer shipments, saying the second half won't be a strong as it previously expected. Intel fell 0.7%, while Cisco Systems shed 0.2%.
Continuing the buzz around recent deal activity, luxury-fashion retailer Saks rallied 23%. Saks' climb was fueled by speculation that a private-equity consortium is preparing a cash bid of $1.7 billion, or $11 a share, for the retailer, according to the Daily Mail newspaper, citing unidentified sources. A Saks spokesman couldn't immediately be reached for comment.
Food-processing company H.J. Heinz rose 1% after projecting first-quarter earnings above analysts' recent views as the food-processing company said results again were driven by emerging markets.
Biotech agribusiness company Monsanto dropped 4.6% after predicting its fiscal-year earnings will come in at the low end of its prior view.
Investors fretting over the pace of the economic recovery have been closely focused on the Federal Reserve's assessment of the economy. In the early afternoon, the central bank will release the minutes from the Aug. 10 meeting of the Federal Open Market Committee.
The U.S. dollar weakened against both the euro and the yen. The euro was trading recently at $1.2724, up from $1.2665 late Monday in New York. Demand for Treasurys was mixed, with the two-year note flat and the 10-year note up to push its yield down to 2.51%. Crude-oil prices edged down, while gold futures advanced.
NEW YORK (MarketWatch) -- U.S. stocks erased early losses on Tuesday as a better-than-expected reading of consumer confidence provided some encouragement to investors bracing for slower economic growth.
The Dow Jones Industrial Average rose 43 points, reclaiming the 10000 level. Stocks wiped out an early decline, following after consumer confidence increased more than expected in August, raising expectations about future economic activity.
"Housing is continuing to be really weak. The jobs market is the thing the market's most concerned about," said Bill Vaughn, portfolio manager at Evercore Wealth Management, who said the economy still seems to be haltingly improving in a "stair-step" fashion.
"That's a normal pattern whether it's the macro-economy or the market," he said.
Heading into the final day of August, key indexes are on track for a month of steep losses. The Dow has shed nearly 4.1% this month, its first down August in five years. This month is on track to be the blue-chip measure's worst August since 2001.
Small-capitalization stocks have taken an even bigger hit this month. The Russell 2000 index of small-cap stocks is on pace to post its worst August performance in 12 years.
The market weathered mixed housing and manufacturing data earlier in the morning, helping benchmark indexes stay above key support levels. The Standard & Poor's 500-share index rose 0.3% to 1052, after bouncing off the key 1040 level. The Nasdaq Composite gained 0.2% to 2123.
The Dow was recently up 0.3% to 10045, boosted by a 1.9% rise in Caterpillar.
However, technology components weakened after technology researcher Gartner cut its 2010 projection for worldwide personal-computer shipments, saying the second half won't be a strong as it previously expected. Intel fell 0.7%, while Cisco Systems shed 0.2%.
Continuing the buzz around recent deal activity, luxury-fashion retailer Saks rallied 23%. Saks' climb was fueled by speculation that a private-equity consortium is preparing a cash bid of $1.7 billion, or $11 a share, for the retailer, according to the Daily Mail newspaper, citing unidentified sources. A Saks spokesman couldn't immediately be reached for comment.
Food-processing company H.J. Heinz rose 1% after projecting first-quarter earnings above analysts' recent views as the food-processing company said results again were driven by emerging markets.
Biotech agribusiness company Monsanto dropped 4.6% after predicting its fiscal-year earnings will come in at the low end of its prior view.
Investors fretting over the pace of the economic recovery have been closely focused on the Federal Reserve's assessment of the economy. In the early afternoon, the central bank will release the minutes from the Aug. 10 meeting of the Federal Open Market Committee.
The U.S. dollar weakened against both the euro and the yen. The euro was trading recently at $1.2724, up from $1.2665 late Monday in New York. Demand for Treasurys was mixed, with the two-year note flat and the 10-year note up to push its yield down to 2.51%. Crude-oil prices edged down, while gold futures advanced.
Mr Obama - Biggest Bad move of the year? I feel you are.
Obama Blows Off 3 Billion Wannabe Billionaires: William Pesek
By William Pesek - Aug 30, 2010 3:00 AM GMT+0800
Email Share
Business ExchangeTwitterDeliciousDiggFacebookLinkedInNewsvinePropellerYahoo! BuzzPrint Bloomberg Opinion
William Pesek
For a guy who talked big about re- engaging Asia, Barack Obama has a funny way of showing it.
Nobody doubts the U.S. president’s team is supremely busy juggling oil spills, Muslim cultural centers, convincing ignoramuses he has a birth certificate and averting recession. Yet there’s no excuse for blowing off last week’s Association of Southeast Asian Nations trade meeting in Vietnam.
It was a dreadful decision and its significance didn’t escape members of the fourth-biggest market for U.S. goods. This is no time for the U.S. to be taking the most dynamic economies for granted. Not with China becoming an ever-bigger player both in Asia and globally.
On any list of George W. Bush’s failings, ignoring Asia deserves a prominent mention. When his administration bothered with Asia, it was all terrorism all the time. There was little talk about potential, cooperation or partnership. Bush just wanted to know how many bad guys governments were rounding up.
He tried to make amends in the twilight of his presidency, naming a U.S. ambassador to Asean in 2008. Recently, Obama tapped that official, Scot Marciel, to be U.S. ambassador to Indonesia. Obama hasn’t bothered to name a new Asean envoy.
The U.S. missed a timely opportunity last week to confer with the economic ministers of Asean’s 10 members, along with counterparts from Australia, China, India, Japan, South Korea, New Zealand and Russia.
Blowing Off Asia
At a time of global crisis, one the U.S. caused, does Obama really want to be sending a message of indifference to Asia? Coming a week after the announcement that China’s economy has surpassed Japan’s, the U.S.’s closest Asian ally, you would think the White House would be stepping up a charm offensive. Instead, it risks turning off the region.
“Confidence in the United States and its ability to lead and follow through on commitments is based on its economic well- being, and that status is being questioned by friends and competitors alike in Asia,” Ernest Bower, an analyst at the Center for Strategic and International Studies in Washington, wrote in a recent report.
China’s rapid growth is slowly, but surely, chipping away at the U.S.’s importance. Granted, at almost three times China’s economy, the U.S. will long be a vital customer for Asia’s goods. Officials here also know that depending on growth in a developing economy is risky.
U.S. Brand
Yet neglecting future trade ties with the liveliest economies is just plain dumb. Asia is churning out a fast- growing number of billionaires and is home to 3 billion consumers who aspire to join them. The U.S. wants to be in on that process.
Obama must not forget just how much the 2008 meltdown damaged the U.S. brand. During Asia’s 1990s crisis, U.S. officials preached the free-market gospel. They told leaders to raise interest rates to support currencies, slash spending and debt, scrap subsidies and avoid bailing out industries. When the U.S. faced a crisis, it did exactly the opposite.
There’s also considerable grumbling over the dollar. True or not, the theory that the U.S. is devaluing to help exporters is making the rounds. That perception is a problem if you want China to let its currency strengthen. It doesn’t play well in Japan, where panic is rising over the strong yen.
Nor can the U.S. complain about corruption in Asia. Incestuous ties between Washington and Wall Street helped cause the U.S. crisis. Conflicts of interest between regulators and oil companies led to BP Plc’s devastating Gulf of Mexico leak. The U.S. has little moral high ground on dodgy dealings.
Corruption’s Cost
That’s a shame, considering the magnitude of Asia’s corruption fight. In Indonesia, for example, officials face an uphill battle to weed out graft and allow more of the nation’s people to benefit from 6 percent growth.
In the Philippines, the honeymoon enjoyed by Benigno Aquino, since becoming president in June, ended last week in gunfire. Eight Hong Kong tourists being held hostage in Manila died in a botched rescue attempt. The tragedy was emblematic of what plagues the nation’s economy.
The gunman was a former police inspector who was dismissed on allegations of extortion. The standoff’s surreal finale suggested a breakdown in the nation’s security apparatus, ineptness at many levels and weak diplomacy. Corruption is the common link in all these shortcomings.
Lost Opportunity
Obama got off to a good start, becoming the first U.S. leader to meet with Asean in November. Vietnam was the perfect opportunity to go further -- to discuss views on credit markets, North Korea’s provocations, China’s currency, Australia’s election, Russia’s growth prospects, and Japanese deflation.
This last topic is a growing concern. Not only have consumer prices fallen for 17 consecutive months, but Japan now has a leadership battle on its hands. Prime Minister Naoto Kan faces a challenge to remain head of the ruling party by veteran kingmaker Ichiro Ozawa. It’s the last thing Japan needs: its sixth prime minister in three years.
Obama’s team could have learned about all of this, and much more, if it had only shown up in Asia. It should do so as soon as possible.
(William Pesek is a Bloomberg News columnist. The opinions expressed are his own.)
To contact the writer of this column: William Pesek in Tokyo at wpesek@bloomberg.net
By William Pesek - Aug 30, 2010 3:00 AM GMT+0800
Email Share
Business ExchangeTwitterDeliciousDiggFacebookLinkedInNewsvinePropellerYahoo! BuzzPrint Bloomberg Opinion
William Pesek
For a guy who talked big about re- engaging Asia, Barack Obama has a funny way of showing it.
Nobody doubts the U.S. president’s team is supremely busy juggling oil spills, Muslim cultural centers, convincing ignoramuses he has a birth certificate and averting recession. Yet there’s no excuse for blowing off last week’s Association of Southeast Asian Nations trade meeting in Vietnam.
It was a dreadful decision and its significance didn’t escape members of the fourth-biggest market for U.S. goods. This is no time for the U.S. to be taking the most dynamic economies for granted. Not with China becoming an ever-bigger player both in Asia and globally.
On any list of George W. Bush’s failings, ignoring Asia deserves a prominent mention. When his administration bothered with Asia, it was all terrorism all the time. There was little talk about potential, cooperation or partnership. Bush just wanted to know how many bad guys governments were rounding up.
He tried to make amends in the twilight of his presidency, naming a U.S. ambassador to Asean in 2008. Recently, Obama tapped that official, Scot Marciel, to be U.S. ambassador to Indonesia. Obama hasn’t bothered to name a new Asean envoy.
The U.S. missed a timely opportunity last week to confer with the economic ministers of Asean’s 10 members, along with counterparts from Australia, China, India, Japan, South Korea, New Zealand and Russia.
Blowing Off Asia
At a time of global crisis, one the U.S. caused, does Obama really want to be sending a message of indifference to Asia? Coming a week after the announcement that China’s economy has surpassed Japan’s, the U.S.’s closest Asian ally, you would think the White House would be stepping up a charm offensive. Instead, it risks turning off the region.
“Confidence in the United States and its ability to lead and follow through on commitments is based on its economic well- being, and that status is being questioned by friends and competitors alike in Asia,” Ernest Bower, an analyst at the Center for Strategic and International Studies in Washington, wrote in a recent report.
China’s rapid growth is slowly, but surely, chipping away at the U.S.’s importance. Granted, at almost three times China’s economy, the U.S. will long be a vital customer for Asia’s goods. Officials here also know that depending on growth in a developing economy is risky.
U.S. Brand
Yet neglecting future trade ties with the liveliest economies is just plain dumb. Asia is churning out a fast- growing number of billionaires and is home to 3 billion consumers who aspire to join them. The U.S. wants to be in on that process.
Obama must not forget just how much the 2008 meltdown damaged the U.S. brand. During Asia’s 1990s crisis, U.S. officials preached the free-market gospel. They told leaders to raise interest rates to support currencies, slash spending and debt, scrap subsidies and avoid bailing out industries. When the U.S. faced a crisis, it did exactly the opposite.
There’s also considerable grumbling over the dollar. True or not, the theory that the U.S. is devaluing to help exporters is making the rounds. That perception is a problem if you want China to let its currency strengthen. It doesn’t play well in Japan, where panic is rising over the strong yen.
Nor can the U.S. complain about corruption in Asia. Incestuous ties between Washington and Wall Street helped cause the U.S. crisis. Conflicts of interest between regulators and oil companies led to BP Plc’s devastating Gulf of Mexico leak. The U.S. has little moral high ground on dodgy dealings.
Corruption’s Cost
That’s a shame, considering the magnitude of Asia’s corruption fight. In Indonesia, for example, officials face an uphill battle to weed out graft and allow more of the nation’s people to benefit from 6 percent growth.
In the Philippines, the honeymoon enjoyed by Benigno Aquino, since becoming president in June, ended last week in gunfire. Eight Hong Kong tourists being held hostage in Manila died in a botched rescue attempt. The tragedy was emblematic of what plagues the nation’s economy.
The gunman was a former police inspector who was dismissed on allegations of extortion. The standoff’s surreal finale suggested a breakdown in the nation’s security apparatus, ineptness at many levels and weak diplomacy. Corruption is the common link in all these shortcomings.
Lost Opportunity
Obama got off to a good start, becoming the first U.S. leader to meet with Asean in November. Vietnam was the perfect opportunity to go further -- to discuss views on credit markets, North Korea’s provocations, China’s currency, Australia’s election, Russia’s growth prospects, and Japanese deflation.
This last topic is a growing concern. Not only have consumer prices fallen for 17 consecutive months, but Japan now has a leadership battle on its hands. Prime Minister Naoto Kan faces a challenge to remain head of the ruling party by veteran kingmaker Ichiro Ozawa. It’s the last thing Japan needs: its sixth prime minister in three years.
Obama’s team could have learned about all of this, and much more, if it had only shown up in Asia. It should do so as soon as possible.
(William Pesek is a Bloomberg News columnist. The opinions expressed are his own.)
To contact the writer of this column: William Pesek in Tokyo at wpesek@bloomberg.net
Monday, August 30, 2010
First China Shopping Mall S-REIT
CAPITARETAIL CHINA TRUST (CRCT)
First China Shopping Mall S-REIT
Presentation Slides for US NDR
30 August – 2 September 2010
First China Shopping Mall S-REIT
Presentation Slides for US NDR
30 August – 2 September 2010
Singapore Tightens Loan Limits to Cool Housing Market
Singapore increased down payments for second mortgages and imposed a stamp duty on property held for less than three years to curb speculation after home prices surged 38 percent in the second quarter.
Buyers who hold more than one mortgage can only borrow up to 70 percent of a property’s value, versus 80 percent previously, and must pay 10 percent in cash, up from 5 percent, the government said in a statement today. A seller’s stamp duty will apply to all residential units and land sold within three years of purchase, from one year. The changes take effect today.
Singapore joins Hong Kong and China in introducing measures this year to cool their property markets amid concerns that asset bubbles are forming as home prices surge. Hong Kong said this month it will tighten mortgage lending rules and increase the supply of land, while China’s restrictions include higher down payments and mortgage rates for multiple-home buyers.
“The government is taking a preemptive approach to make sure prices don’t get out of hand,” said Donald Han, a Singapore-based managing director at real estate adviser Cushman & Wakefield Inc. “Most of the measures are really targeting repeat buyers and speculators who buy and sell over the short term, which is now defined as within three years.”
Stocks, Bonds
CapitaLand Ltd., Southeast Asia’s biggest developer, dropped 1 percent to S$3.96 as of 1:15 p.m. in Singapore trading, while the benchmark Straits Times Index rose 0.6 percent. City Developments Ltd., the island’s second-largest developer by market value, fell 3.2 percent to S$11.58, headed for its biggest decline since February.
CapitaLand’s S$250 million ($185 million) in 4.35 percent notes due 2019 fell to 101.88 cents on the dollar from 102.48 cents on Aug. 27, the lowest in about two weeks, according to Standard Chartered Plc prices. City Developments’ S$90 million in 2.92 percent notes due 2014 fell to 101.68 cents, the lowest since Aug. 10, according to DBS Group Holdings Ltd.
Property prices have surged as Singapore’s $182 billion economy rebounded from last year’s global slump to expand at a record 17.9 percent pace in the six months through June.
The city-state has been attempting to rein in home prices since last year when the government barred interest-only loans for some housing projects and stopped allowing developers to absorb interest payments for apartments still being built.
Previous Measures
The government in February said it will levy a seller’s stamp duty on all residential properties and land that are sold within one year from the date of purchase. The city-state then also lowered the loan-to-value limit to 80 percent from 90 percent for all housing loans provided by financial institutions regulated by the Monetary Authority of Singapore.
The island nation’s Prime Minister Lee Hsien Loong yesterday said previous measures failed to keep prices in check.
“We twice attempted to cool the property market, once last year and once in February this year, but the prices are still rising,” Lee said in a televised speech. “Our purpose is to make sure in the long term, Singaporeans can own their homes and afford it and it will be a gradually appreciating asset which will grow as Singapore grows.”
Singapore’s property market would form a bubble if the current momentum continued, Mah Bow Tan, Minister of National Development, said today after the measures.
Prices Surge
“The property market is currently very buoyant,” the government said in the latest statement. “The government’s objective is to ensure a stable and sustainable property market where prices move in line with economic fundamentals.”
Singapore private residential prices rose 38 percent in the second quarter from a year earlier, according to the Urban Redevelopment Authority.
The island led 36 markets around the world in property- value changes last quarter, gaining 34 percent from a year earlier, according to the Global Property Guide in its survey of house prices.
Price levels have exceeded the historical peak in the second quarter of 1996, the government said today.
The government expects gross domestic product to grow 13 percent to 15 percent this year after the nation in 2009 exited its worst recession since independence 45 years ago.
‘Severe Implications’
“Should economic growth falter and the market corrects, property buyers could face capital losses, with implications on their own finances and the economy as a whole,” the government said. “Moreover, the current low global interest rate environment will not continue indefinitely, and higher interest rates could have severe implications for buyers who have overextended themselves.”
Hong Kong Aug. 13 raised down payments for apartments costing HK$12 million ($1.54 million) or more to 40 percent, from 30 percent. The government has been accelerating its auctions of land for development in a bid to cool prices that have soared about 45 percent since the beginning of 2009, boosted by mortgage rates at the lowest in two decades and buying by mainland Chinese.
John Tsang, Hong Kong’s financial secretary, said home prices are approaching the level of 1997, the height of a previous bubble that was followed by a six-year slump.
China, South Korea
In China, the banking regulator has ordered stress tests for lenders to gauge the impact of home prices falling as much as 60 percent in the hardest-hit markets, a person with knowledge of the matter said. China’s property prices rose at the slowest pace in six months in July as the government cracked down on speculation to prevent asset bubbles.
China has restricted pre-sales by developers, curbed loans for third-home purchases, raised minimum mortgage rates and tightened down-payment requirements for multiple-home purchases. It has also instructed lenders to halt third-home loans in areas with “excessive price gains.”
Taiwan in June introduced a 70 percent cap on loans for second homes, after low borrowing costs fueled lending and a jump in home prices. Central Bank Governor Perng Fai-nan wrote to the chairmen of all financial institutions on the island last month, asking them to take steps to prevent housing speculation.
Malaysia’s central bank has written to financial institutions to get their feedback on the possibility of capping the loan-to-value ratio for mortgages at 80 percent, the Edge weekly reported Aug. 28, citing unidentified people familiar with the matter.
South Korea may be an exception in Asia as the government steps up measures to spur the property market. The government yesterday said it will ease mortgage lending rules and extend tax breaks to encourage buyers back after home sales slumped to the lowest level in almost a year and a half.
To contact the reporter on this story: Shamim Adam in Singapore at sadam2@bloomberg.net; Joyce Koh in Singapore at jkoh38@bloomberg.net
Buyers who hold more than one mortgage can only borrow up to 70 percent of a property’s value, versus 80 percent previously, and must pay 10 percent in cash, up from 5 percent, the government said in a statement today. A seller’s stamp duty will apply to all residential units and land sold within three years of purchase, from one year. The changes take effect today.
Singapore joins Hong Kong and China in introducing measures this year to cool their property markets amid concerns that asset bubbles are forming as home prices surge. Hong Kong said this month it will tighten mortgage lending rules and increase the supply of land, while China’s restrictions include higher down payments and mortgage rates for multiple-home buyers.
“The government is taking a preemptive approach to make sure prices don’t get out of hand,” said Donald Han, a Singapore-based managing director at real estate adviser Cushman & Wakefield Inc. “Most of the measures are really targeting repeat buyers and speculators who buy and sell over the short term, which is now defined as within three years.”
Stocks, Bonds
CapitaLand Ltd., Southeast Asia’s biggest developer, dropped 1 percent to S$3.96 as of 1:15 p.m. in Singapore trading, while the benchmark Straits Times Index rose 0.6 percent. City Developments Ltd., the island’s second-largest developer by market value, fell 3.2 percent to S$11.58, headed for its biggest decline since February.
CapitaLand’s S$250 million ($185 million) in 4.35 percent notes due 2019 fell to 101.88 cents on the dollar from 102.48 cents on Aug. 27, the lowest in about two weeks, according to Standard Chartered Plc prices. City Developments’ S$90 million in 2.92 percent notes due 2014 fell to 101.68 cents, the lowest since Aug. 10, according to DBS Group Holdings Ltd.
Property prices have surged as Singapore’s $182 billion economy rebounded from last year’s global slump to expand at a record 17.9 percent pace in the six months through June.
The city-state has been attempting to rein in home prices since last year when the government barred interest-only loans for some housing projects and stopped allowing developers to absorb interest payments for apartments still being built.
Previous Measures
The government in February said it will levy a seller’s stamp duty on all residential properties and land that are sold within one year from the date of purchase. The city-state then also lowered the loan-to-value limit to 80 percent from 90 percent for all housing loans provided by financial institutions regulated by the Monetary Authority of Singapore.
The island nation’s Prime Minister Lee Hsien Loong yesterday said previous measures failed to keep prices in check.
“We twice attempted to cool the property market, once last year and once in February this year, but the prices are still rising,” Lee said in a televised speech. “Our purpose is to make sure in the long term, Singaporeans can own their homes and afford it and it will be a gradually appreciating asset which will grow as Singapore grows.”
Singapore’s property market would form a bubble if the current momentum continued, Mah Bow Tan, Minister of National Development, said today after the measures.
Prices Surge
“The property market is currently very buoyant,” the government said in the latest statement. “The government’s objective is to ensure a stable and sustainable property market where prices move in line with economic fundamentals.”
Singapore private residential prices rose 38 percent in the second quarter from a year earlier, according to the Urban Redevelopment Authority.
The island led 36 markets around the world in property- value changes last quarter, gaining 34 percent from a year earlier, according to the Global Property Guide in its survey of house prices.
Price levels have exceeded the historical peak in the second quarter of 1996, the government said today.
The government expects gross domestic product to grow 13 percent to 15 percent this year after the nation in 2009 exited its worst recession since independence 45 years ago.
‘Severe Implications’
“Should economic growth falter and the market corrects, property buyers could face capital losses, with implications on their own finances and the economy as a whole,” the government said. “Moreover, the current low global interest rate environment will not continue indefinitely, and higher interest rates could have severe implications for buyers who have overextended themselves.”
Hong Kong Aug. 13 raised down payments for apartments costing HK$12 million ($1.54 million) or more to 40 percent, from 30 percent. The government has been accelerating its auctions of land for development in a bid to cool prices that have soared about 45 percent since the beginning of 2009, boosted by mortgage rates at the lowest in two decades and buying by mainland Chinese.
John Tsang, Hong Kong’s financial secretary, said home prices are approaching the level of 1997, the height of a previous bubble that was followed by a six-year slump.
China, South Korea
In China, the banking regulator has ordered stress tests for lenders to gauge the impact of home prices falling as much as 60 percent in the hardest-hit markets, a person with knowledge of the matter said. China’s property prices rose at the slowest pace in six months in July as the government cracked down on speculation to prevent asset bubbles.
China has restricted pre-sales by developers, curbed loans for third-home purchases, raised minimum mortgage rates and tightened down-payment requirements for multiple-home purchases. It has also instructed lenders to halt third-home loans in areas with “excessive price gains.”
Taiwan in June introduced a 70 percent cap on loans for second homes, after low borrowing costs fueled lending and a jump in home prices. Central Bank Governor Perng Fai-nan wrote to the chairmen of all financial institutions on the island last month, asking them to take steps to prevent housing speculation.
Malaysia’s central bank has written to financial institutions to get their feedback on the possibility of capping the loan-to-value ratio for mortgages at 80 percent, the Edge weekly reported Aug. 28, citing unidentified people familiar with the matter.
South Korea may be an exception in Asia as the government steps up measures to spur the property market. The government yesterday said it will ease mortgage lending rules and extend tax breaks to encourage buyers back after home sales slumped to the lowest level in almost a year and a half.
To contact the reporter on this story: Shamim Adam in Singapore at sadam2@bloomberg.net; Joyce Koh in Singapore at jkoh38@bloomberg.net
Sold SMRT, Small Profits.
Sold SMRT earning a small profit of SGD18. Enough for me? Yes. I live to trade another day.
I bought some smaller counters. Will reveal when I sold them.
I bought some smaller counters. Will reveal when I sold them.
Subscribe to:
Posts (Atom)