CapitaLand completes compulsory acquisition of Ascott
Property developer CapitaLand has completed the compulsory acquisition of the Ascott Group, a serviced-apartments operator. From 28 April, Ascott becomes an indirect wholly-owned subsidiary of the company. It will be delisted from the Singapore Exchange with effect from 29 April. CapitaLand said the privatised Ascott will enhance the company’s competitive advantage of having a fully … Read more
Hong Leong Asia sells building materials business to Tasek
Hong Leong Asia’s shares closed 1.9 percent higher at S$2.65 on Monday after the company agreed to sell its building materials business to Malaysian cement maker Tasek Corp for S$323.5m in an all-share deal. Tasek said in a filing to the Kuala Lumpur Stock Exchange that it will issue 212.2 million shares at S$1.52 each … Read more
Malaysian worker dies in accident at Shell’s construction site
A 30-year-old Malaysian worker died in an industrial accident on Pulau Ular, south of Singapore, on Saturday. The accident occurred at the Shell Eastern Petroleum’s construction site for a petrochemical cracker which is part of a refinery. Police said they received a call at 11am on Saturday. On arrival, they found the body of the … Read more
Banyan Tree to launch China development fund by end of 2008
Luxury resorts and spa operator, Banyan Tree, has announced aggressive plans to expand its global operations. The company believes that China-led growth will be a defining feature of global travel over the next few decades. So, it’s expanding its operations in the Chinese mainland to 12 locations from the current four. To support the expansion, … Read more
Singapore banks likely to ride out challenges ahead
Global ratings agency, Fitch Ratings, sees a more challenging operating environment for Singapore banks going forward. According to its latest report, Fitch expects the three local banks – DBS, OCBC and UOB – to see a slowdown in investment banking and capital market-related income over the next two years. Loans growth is seen to be … Read more
China property market won’t turn bearish in ’08
China’s real estate market will not see a major slowdown in 2008 despite Beijing’s intensified efforts to cool excessive price rises, the top government think-tank said in a report published on Monday. Urban property prices rose less rapidly in March than in the first two months, and the property outlook index, which covers price and … Read more
The Raffles family overseas
You may be familiar with the 121-year-old grand dame that is Raffles Hotel, but some surprises are in store at her offshoots in far-flung corners of the world. what you might not know … • The Raffles Beijing will host the International Olympics Committee come the Games in August. It is, of course, fully booked. … Read more
A room at Raffles, in Paris or Morocco
Iconic hotel group aims for 30 properties worldwide by 2012 When it was bought over by American owners in 2005, controversy erupted: How could you sell what was a historical icon and quintessentially Singaporean brand name, asked some. Today, the Raffles Hotel brand is spreading like wildfire to some far-flung corners of the world. Indeed, … Read more
Financial crisis severe but impact on Asia is less
While US banks are badly hit, outlook is more optimistic for Asian, S’pore lenders INFLATION may be the threat du jour to global economic health but the financial crisis that triggered the current slowdown remains a clear and present danger. A Straits Times’ survey of six local head honchos in the financial and investment spheres … Read more
Inflation is greater worry for Singapore
CONSUMERS in the United States need to repair their balance sheets. They are heavily leveraged. They need to save more. We are looking for signs of recovery for the US housing market. The reduction in property values has a wealth effect and will affect consumer spending. We are looking at a U-shaped recovery at least … Read more
