Wednesday, August 10, 2011
Singapore becomes Stanchart's No.2 global money earner
Singapore becomes Stanchart's No.2 global money earner
By Ryan Hyang | Posted: 04 August 2011 2022 hrs
SINGAPORE: Singapore climbed to second place as a global money earner for the emerging markets specialist Standard Chartered Bank.
The Singapore unit of the UK-based bank posted record results for the first half, although cost pressures from staff expenses continue to be a concern.
On the group level, it did better than expected, with Singapore a key part of that reason. It was the number two market just behind Hong Kong.
Both markets overtook India which underperformed and dropped from number one.
In the first half, operating profit in the Singapore unit rose 11 per cent from last year to a record US$465 million.
Revenue also hit a new high, passing the US$1billion mark for the first time.
First-half pre-tax profits for the group were US$3.64 billion.
Standard Chartered Bank's regional chief executive (Singapore and Southeast Asia), Ray Ferguson, said: "We managed to sustain business momentum and continue to grow our business due to strong fundamentals built over the years, focusing on investments to upscale talent and capabilities."
But "up-scaling talent" also cost the bank more.
It was the second Singapore lender on Thursday to report cost pressures from salaries.
The country's second biggest bank, OCBC, also said staff costs drove up operating expenses last quarter.
OCBC's June quarter operating expenses rose 11 per cent on-year to S$618 million, driven by a 14 per cent rise in staff costs.
On a global level, StanChart's staff costs rose 15 per cent to US$3.22 billion.
In Singapore, expenses grew 22 per cent to US$582 million partly due to both infrastructure investments and staff costs.
Ferguson said: "There is a tight market and there is salary cost inflation but also built into that number, there has been a growth in both the number of people and we have up-skilled and up-tiered a number of roles.
"It is not all down to wage inflation, some of it is due to increase of the size of the base.
"In terms of the outlook specifically in Singapore, we expect the very tight labour situation to remain, and what comes with that will be upward pressure on salaries.
"And, it's good news that we don't have people looking for jobs. It's also underscoring the success that Singapore is having as an overall place to do business."
Stanchart expects low interest rates to continue putting pressure on margins.
- CNA/ck
- wong chee tat :)
By Ryan Hyang | Posted: 04 August 2011 2022 hrs
SINGAPORE: Singapore climbed to second place as a global money earner for the emerging markets specialist Standard Chartered Bank.
The Singapore unit of the UK-based bank posted record results for the first half, although cost pressures from staff expenses continue to be a concern.
On the group level, it did better than expected, with Singapore a key part of that reason. It was the number two market just behind Hong Kong.
Both markets overtook India which underperformed and dropped from number one.
In the first half, operating profit in the Singapore unit rose 11 per cent from last year to a record US$465 million.
Revenue also hit a new high, passing the US$1billion mark for the first time.
First-half pre-tax profits for the group were US$3.64 billion.
Standard Chartered Bank's regional chief executive (Singapore and Southeast Asia), Ray Ferguson, said: "We managed to sustain business momentum and continue to grow our business due to strong fundamentals built over the years, focusing on investments to upscale talent and capabilities."
But "up-scaling talent" also cost the bank more.
It was the second Singapore lender on Thursday to report cost pressures from salaries.
The country's second biggest bank, OCBC, also said staff costs drove up operating expenses last quarter.
OCBC's June quarter operating expenses rose 11 per cent on-year to S$618 million, driven by a 14 per cent rise in staff costs.
On a global level, StanChart's staff costs rose 15 per cent to US$3.22 billion.
In Singapore, expenses grew 22 per cent to US$582 million partly due to both infrastructure investments and staff costs.
Ferguson said: "There is a tight market and there is salary cost inflation but also built into that number, there has been a growth in both the number of people and we have up-skilled and up-tiered a number of roles.
"It is not all down to wage inflation, some of it is due to increase of the size of the base.
"In terms of the outlook specifically in Singapore, we expect the very tight labour situation to remain, and what comes with that will be upward pressure on salaries.
"And, it's good news that we don't have people looking for jobs. It's also underscoring the success that Singapore is having as an overall place to do business."
Stanchart expects low interest rates to continue putting pressure on margins.
- CNA/ck
- wong chee tat :)
Singapore looking to import electricity
Singapore looking to import electricity
Posted: 04 August 2011 1040 hrs
SINGAPORE: Minister in the Prime Minister's Office, S Iswaran, said Singapore is seriously considering electricity imports from its neighbours to add to its energy mix.
Speaking at a regional forum, he said Singapore is currently reviewing its regulatory framework and studying various trading models that could facilitate electricity imports in the medium term.
This could catalyse more opportunities for energy cooperation' across ASEAN.
This will help ensure competitively or lower-priced energy prices, and improve Singapore's energy security.
Mr Iswaran, who is also the Second Minister for Trade and Industry, said ASEAN governments must come together and take the lead to ensure that energy does not become a limiting factor in the region's growth.
He said it's imperative that infrastructural connectivity be speeded up through projects such as the ASEAN Power Grid and the Trans-ASEAN Gas Pipeline.
The case for regional energy cooperation 'has never been stronger' he added.
The minister said an aggregated regional energy market would be better able to attract investments as there would be greater demand assurance.
- CNA/cc/ls
- wong chee tat :)
Posted: 04 August 2011 1040 hrs
SINGAPORE: Minister in the Prime Minister's Office, S Iswaran, said Singapore is seriously considering electricity imports from its neighbours to add to its energy mix.
Speaking at a regional forum, he said Singapore is currently reviewing its regulatory framework and studying various trading models that could facilitate electricity imports in the medium term.
This could catalyse more opportunities for energy cooperation' across ASEAN.
This will help ensure competitively or lower-priced energy prices, and improve Singapore's energy security.
Mr Iswaran, who is also the Second Minister for Trade and Industry, said ASEAN governments must come together and take the lead to ensure that energy does not become a limiting factor in the region's growth.
He said it's imperative that infrastructural connectivity be speeded up through projects such as the ASEAN Power Grid and the Trans-ASEAN Gas Pipeline.
The case for regional energy cooperation 'has never been stronger' he added.
The minister said an aggregated regional energy market would be better able to attract investments as there would be greater demand assurance.
- CNA/cc/ls
- wong chee tat :)
Temasek steps up investment in South Africa
Temasek steps up investment in South Africa
By Clement Mesenas | Posted: 05 August 2011 2324 hrs
SINGAPORE: Temasek Holdings has stepped up investment in South Africa with the setting up of a joint venture - Tana Africa Capital - with E Oppenheimer & Son International Ltd.
E Oppenheimer & Son is the investment vehicle of the Oppenheimer family and its primary asset is a stake in diamond miner De Beers SA.
A joint media release on Friday said the 50-50 joint investment will provide capital and business-building support to African businesses in two sectors, primarily consumer and agriculture.
It did not disclose the amount of the investment. But Temasek had made a US$100 million investment last year in South African developer Platmin Ltd, according to Dow Jones.
Tana Africa will also explore opportunities in media, health and education, the statement said.
Nagi Hamiyeh, managing director of investment at Temasek, said: "With a growing population of more than a billion, the African domestic economies are growing with the emergence of a middle class with an increasing disposable income.
"We believe that the consumer and agriculture-related businesses will strongly benefit from this trend."
Temasek, which was set up in 1974 has a S$193 billion portfolio at end-March. While it has been expanding overseas in recent years, most of its investments are anchored in Asia, with only 3 per cent in Latin America, Africa, Central Asia and the Middle East.
- CNA/al
- wong chee tat :)
By Clement Mesenas | Posted: 05 August 2011 2324 hrs
SINGAPORE: Temasek Holdings has stepped up investment in South Africa with the setting up of a joint venture - Tana Africa Capital - with E Oppenheimer & Son International Ltd.
E Oppenheimer & Son is the investment vehicle of the Oppenheimer family and its primary asset is a stake in diamond miner De Beers SA.
A joint media release on Friday said the 50-50 joint investment will provide capital and business-building support to African businesses in two sectors, primarily consumer and agriculture.
It did not disclose the amount of the investment. But Temasek had made a US$100 million investment last year in South African developer Platmin Ltd, according to Dow Jones.
Tana Africa will also explore opportunities in media, health and education, the statement said.
Nagi Hamiyeh, managing director of investment at Temasek, said: "With a growing population of more than a billion, the African domestic economies are growing with the emergence of a middle class with an increasing disposable income.
"We believe that the consumer and agriculture-related businesses will strongly benefit from this trend."
Temasek, which was set up in 1974 has a S$193 billion portfolio at end-March. While it has been expanding overseas in recent years, most of its investments are anchored in Asia, with only 3 per cent in Latin America, Africa, Central Asia and the Middle East.
- CNA/al
- wong chee tat :)
SMU, Tata announce New iCity Lab partnership
SMU, Tata announce New iCity Lab partnership
By Vimita Mohandas | Posted: 05 August 2011 2307 hrs
SINGAPORE: Singapore is now home to a new research facility that aims to lay the foundation for research and development of cloud-based IT solutions for intelligent cities worldwide.
The iCity Lab is a collaboration between the Singapore Management University (SMU) and Tata Consultancy Services (TCS).
The partnership is said to be the first of its kind in Asia-Pacific for integrating cloud technology with the relevant business-know-how to create urban management IT solutions.
Girija Pande, chairman of TCS Asia Pacific, said: "Tomorrow's cities will be specifically designed and built with a sophisticated IT backbone to enable integrated urban management, improved quality of life for citizens and inclusive economic, social and sustainable growth.
"The TCS-SMU iCity lab is particularly relevant for fast growing economies like China, India and others in the region. Globally over US$100 billion is expected to be invested in the intelligent city segment over the next 10 years."
He added: "Through TCS-SMU iCity Lab, we will be partnering with surrounding urban centres across the region to change and re-imagine the way IT hardware and software infrastructure of cities is going to be designed, built, integrated and managed in the future."
The lab will be located within SMU's School of Information Systems (SIS).
TCS will directly invest S$6 million in the lab over the next three years.
The investment also provides scholarship funds for SMU post-graduate students in Information Systems Technology & Management and research funds for SMU faculty.
- CNA/fa
- wong chee tat :)
By Vimita Mohandas | Posted: 05 August 2011 2307 hrs
SINGAPORE: Singapore is now home to a new research facility that aims to lay the foundation for research and development of cloud-based IT solutions for intelligent cities worldwide.
The iCity Lab is a collaboration between the Singapore Management University (SMU) and Tata Consultancy Services (TCS).
The partnership is said to be the first of its kind in Asia-Pacific for integrating cloud technology with the relevant business-know-how to create urban management IT solutions.
Girija Pande, chairman of TCS Asia Pacific, said: "Tomorrow's cities will be specifically designed and built with a sophisticated IT backbone to enable integrated urban management, improved quality of life for citizens and inclusive economic, social and sustainable growth.
"The TCS-SMU iCity lab is particularly relevant for fast growing economies like China, India and others in the region. Globally over US$100 billion is expected to be invested in the intelligent city segment over the next 10 years."
He added: "Through TCS-SMU iCity Lab, we will be partnering with surrounding urban centres across the region to change and re-imagine the way IT hardware and software infrastructure of cities is going to be designed, built, integrated and managed in the future."
The lab will be located within SMU's School of Information Systems (SIS).
TCS will directly invest S$6 million in the lab over the next three years.
The investment also provides scholarship funds for SMU post-graduate students in Information Systems Technology & Management and research funds for SMU faculty.
- CNA/fa
- wong chee tat :)
Pawn shops see 'gold rush'
Pawn shops see 'gold rush'
By Ng Puay Leng | Posted: 10 August 2011 2004 hrs
SINGAPORE: With prices of gold at a high, some pawn shops in Singapore have reported a 20 to 40 per cent increase in transactions.
But this also means gold retail prices have climbed.
Those in the business said more are turning to the metal as a safe haven for investment as the global financial situation becomes more uncertain.
Pawn shop staff said enquires about gold have also risen.
ValueMax Group operations director Yeah Lee Ching said: "Because gold prices have increased, many people realise they can pawn their gold accessories for a higher value."
-CNA/wk
- wong chee tat :)
By Ng Puay Leng | Posted: 10 August 2011 2004 hrs
SINGAPORE: With prices of gold at a high, some pawn shops in Singapore have reported a 20 to 40 per cent increase in transactions.
But this also means gold retail prices have climbed.
Those in the business said more are turning to the metal as a safe haven for investment as the global financial situation becomes more uncertain.
Pawn shop staff said enquires about gold have also risen.
ValueMax Group operations director Yeah Lee Ching said: "Because gold prices have increased, many people realise they can pawn their gold accessories for a higher value."
-CNA/wk
- wong chee tat :)
Weekly dengue cases fall
Weekly dengue cases fall
By Ng Lian Cheong | Posted: 10 August 2011 2053 hrs
SINGAPORE: The number of weekly dengue cases dropped last week, after rising for six straight weeks.
From a peak of 263, it dropped to 218.
The biggest dengue cluster last week was at Woodlands Sector 1, which had 41 cases.
But it was removed on Wednesday from the National Environment Agency's active cluster list.
This came after no new cases was reported in the area over the last two weeks.
According to the Ministry of Health, three out of 10 people who contracted dengue over the past two years, were foreigners.
Raffles Hospital infectious diseases specialist Leong Hoe Nam explained why the virus can be transmitted quickly.
"The aedes aegypti mosquito has an unusual eating habit. It is a 'buffet' mosquito," Dr Leong said.
"It will take a few bites of several people before it stops feeding. You can imagine that the group of people would be sitting down, having a social gathering, and the mosquitoes would feed off seven or eight of them before it stops feeding, and hence the virus can be transmitted very quickly."
-CNA/wk
- wong chee tat :)
By Ng Lian Cheong | Posted: 10 August 2011 2053 hrs
SINGAPORE: The number of weekly dengue cases dropped last week, after rising for six straight weeks.
From a peak of 263, it dropped to 218.
The biggest dengue cluster last week was at Woodlands Sector 1, which had 41 cases.
But it was removed on Wednesday from the National Environment Agency's active cluster list.
This came after no new cases was reported in the area over the last two weeks.
According to the Ministry of Health, three out of 10 people who contracted dengue over the past two years, were foreigners.
Raffles Hospital infectious diseases specialist Leong Hoe Nam explained why the virus can be transmitted quickly.
"The aedes aegypti mosquito has an unusual eating habit. It is a 'buffet' mosquito," Dr Leong said.
"It will take a few bites of several people before it stops feeding. You can imagine that the group of people would be sitting down, having a social gathering, and the mosquitoes would feed off seven or eight of them before it stops feeding, and hence the virus can be transmitted very quickly."
-CNA/wk
- wong chee tat :)
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