Singapore's Stocks Decline by Most in Five Months: World's Biggest Mover

(Bloomberg) -- Singapore's stocks declined by the
most in more than five months on concern losses in the U.S.
mortgage market will slow expansion in the nation's largest
export destination.

Oversea-Chinese Banking Corp. posted its biggest fall in
almost six years, leading the decline among banks on concern they
may incur losses on their credit investments because of defaults in U.S.
subprime housing loans.
Creative Technology Ltd. fell to an 11 year-low after reports
showed U.S. employers added fewer jobs in July and growth in the
service industries slowed.


Read more at Bloomberg Stocks News

Marubeni, Keppel, Sembcorp to Bid on Temasek Utility Units, Bankers Say

(Bloomberg) -- Marubeni Corp., Keppel Corp. and
Sembcorp Industries Ltd. plan to bid for the electric utilities
being sold by Temasek Holdings Pte, Singapore's government-owned
investment company, three bankers with knowledge of the deal said.

Singapore-based Keppel and Sembcorp, the world's biggest
oil-rig builders, this month contacted lenders to provide
financing and advice, said the bankers, who declined to be
identified because the talks are private. The units, Power Senoko
Ltd., Power Seraya Ltd. and Tuas Power Ltd., may be valued about
S$2.5 billion ($1.7 billion) each and sold in stages over the
next two years, they said.


Read more at Bloomberg Bonds News

UPDATE 1-Barclays raises offer for ABN AMRO to $93 bln

(Reuters) - Barclays said on Monday its new bid was 42.7 billion euros
in shares and 24.8 billion euros in cash, up from its previous
all-stock offer of around 65 billion euros.




The raised offer will be helped by a 3.6 billion euros
investment in Barclays from China Development Bank and
Singapore's Temasek [TEM.UL], which may invest a further 9.8
billion euros if the takeover of ABN goes ahead.


Read more at Reuters.com Mergers News

Barclays raises offer for ABN AMRO to $93 bln

(Reuters) - However the new offer, which has been helped by a big investment in Barclays from China Development Bank and Singapore's Temasek, is still below a 71 billion euro bid from a group of European banks led by Royal Bank of Scotland .




Read more at Reuters.com Business News

Asian Fuel Oil Price in Singapore Rises to Record as European Imports Drop

(Bloomberg) -- Asian benchmark fuel oil prices rose
for a third day to a record, ending the week 6.8 percent higher,
on reduced supply from Europe.

Benchmark 180-centistoke fuel oil for immediate delivery in
Singapore gained $13, or 3.3 percent, to $410.50 a metric ton,
according to Bloomberg data. The price of 380-centistoke fuel
oil, mainly used as marine fuel, rose $12.50, or 3.2 percent, to
$404.50 a ton.


Read more at Bloomberg Energy News

China GDP growth jumps to 11.9 percent

(Reuters) - The figures put China on course to chalk up its straight fifth year of double-digit growth and to overtake Germany as the world's third-biggest economy -- perhaps as soon as this year.




"It's stunning. We should expect them to raise interest rates or reserve requirements at any moment," said Tim Condon, head of Asia research at Dutch bank ING in Singapore.


Read more at Reuters.com Business News

Singapore Stocks Rise for Third Day; Keppel, Oversea-Chinese Banking Gain

(Bloomberg) -- Singapore's stocks rose for a third
day, helping the Straits Times Index extend a record. Keppel Corp.
led gains among suppliers to the oil industry after crude prices
jumped to the highest in 11 months.

Oversea-Chinese Banking Corp. gained after the lender said
it received final approval to set up a local unit in China. DBS
Group Holdings Ltd. advanced after the Economic Daily News said
it may buy a stake in the Taiwan's Far Eastern International Bank.


Read more at Bloomberg Stocks News

China May Let Yuan Trade Freely After 2008 Olympics Ends, UOB's Suan Says

(Bloomberg) -- China may allow the yuan to trade
freely after Beijing hosts the Olympics next year, seeking to
curb excessive lending and cool the economy, said Suan Teck Kin,
an economist at United Overseas Bank Ltd.

The government will probably allow a so-called free-
floating currency a year after reshuffling its leadership in
October, Singapore-based Suan said in an interview. He predicts
the currency will strengthen 1.9 percent by the end of the year
to 7.43 per dollar and 6.9 percent to 7.08 by the end of 2008.


Read more at Bloomberg Bonds News

Singapore Air may sell Virgin Atlantic stake-paper

(Reuters) - Singapore Airlines and Virgin Atlantic could not
immiediately be reached for comment.




Read more at Reuters.com Mergers News

TPG, Affinity Partners Seek Asia's First Covenant-Lite Loan, People Say

(Bloomberg) -- TPG Inc. and Affinity Equity Partners
Ltd. plan Asia's first loan that provides banks with minimal
protection to fund their S$2.2 billion ($1.4 billion) buyout of
Singapore's United Test & Assembly Center Ltd., said two people
with direct knowledge of the transaction.

The firms hired JPMorgan Chase & Co., ABN Amro Holding NV
and Merrill Lynch & Co. to arrange $1.25 billion of bonds and
loans, including the first so-called covenant-lite structure in
the region, said the people, who declined to be named because
the information isn't public. Covenant-lite loans have less
protection for lenders than other bank debt.


Read more at Bloomberg Bonds News

China to Keep `Bulk' of Foreign Reserves in Dollars, Central Banker Says

(Bloomberg) -- China, with a record $1.2 trillion
of foreign-exchange reserves, will keep the ``bulk'' of its U.S.
dollar holdings because the currency is one of safest investment
options, a People's Bank of China assistant governor said.

The dollar remains ``important'' because trade and foreign
direct investment is conducted mostly in the currency, Yi Gang
told delegates at a meeting that was closed to the media at the
World Economic Forum in Singapore. Asian central banks will
continue to hold most of their reserves in dollars, he said.


Read more at Bloomberg Currencies News

Nissan to Buy More Parts From China, India to Cut Costs After Profit Drops

(Bloomberg) -- Nissan Motor Co., Japan's third-
largest carmaker, will buy more components from China and India
after profit fell for the first time since the company's record
loss in 2000.

The automaker will raise global component purchases from
low-cost countries to as much as 24 percent of the total, from as
much as 14 percent now, said Carlos Ghosn, Nissan's chief
executive officer, in an interview in Singapore.


Read more at Bloomberg Emerging Markets News

Singapore's Stocks Fall; Chartered Drops on U.S. Subprime Loan Concern

(Bloomberg) -- Singapore's stocks fell for a second
day. Chartered Semiconductor Manufacturing Ltd. paced a decline
by the city's exporters on concern losses from the U.S. subprime
market will be worse than expected.

The Straits Times Index dropped 12.61, or 0.4 percent, to
3602.77 at 9:38 a.m. local time. Two stocks retreated for each
that advanced. June futures slipped 0.2 percent.


Read more at Bloomberg Stocks News

Global property investment at a turning point

(Reuters) - Future trends will be a key theme for top executives from the world's property industry at the Reuters Real Estate Summit, which is being held in London, New York and Singapore on June 25-27.




A bullish mix of surging rents, cross-border investment, capital values, and shrinking or stable yields remains intact in many parts of the world, where the amount of capital chasing investment opportunities still exceeds the amount of physical stock available.


Read more at Reuters.com Business News

UPDATE 1-ICICI share sale well covered, pricing seen high

(Reuters) - MUMBAI, June 22 - India's second-largest lender
ICICI Bank is set to price its $4.9 billion share sale at the
top end of the range after the local order book was filled more
than 11 times, bankers said.




Demand for the country's biggest ever share sale was boosted
by a significant bid from Singapore's Temasek Holdings [TEM.UL]
and private equity firm Warburg Pincus, but retail interest was
less strong.


Read more at Reuters.com Bonds News