We need to find a fairer way of providing Goods and Services to the rest of the people on Earth.Cryptocurrencies and/or Gold Standard of money....maybe the answer to fight hyperinflation caused by too much printing of paper/fiat currencies by Governments and Central Banks all over the World. (https://nomorefiatmoneyplease.blogspot.com)
PROPERTY giant CapitaLand has announced its seventh residential project in Vietnam.
It said on Tuesday that its wholly owned subsidiary, CapitaLand (Vietnam) Holdings, has entered into an 80:20 joint venture with Thien Duc Trading-Construction Company to develop a 2.6-hectare site in District 2, Ho Chi Minh City.
As the lead development manager, CapitaLand plans to develop the site into an upscale residential project with about 1,000 homes. The development will have an estimated total project value of US$150 million.
The group said the project will increase its Vietnam residential portfolio to more than 7,500 units across Ho Chi Minh City and Hanoi.
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"CapitaLand was one of the top performing foreign developers in Vietnam in the first half of 2015, when it sold 389 residential units in Vietnam and achieved sales of approximately S$68 million. As at end-June 2015, CapitaLand's total asset size in Vietnam is S$618 million," the group said in a release issued after the close of stockmarket trading on Tuesday.
BMW halts Frankfurt press briefing after CEO Krueger faints
BMW AG was forced to end a press conference at the Frankfurt International Motor Show after chief executive officer Harald Krueger collapsed on stage.
PHOTO: BLOOMBERG
[FRANKFURT] BMW AG was forced to end a press conference at the Frankfurt International Motor Show after chief executive officer Harald Krueger collapsed on stage.
The CEO, 49, was escorted offstage by two assistants following the incident Tuesday, which took place shortly after the briefing started. Krueger is being treated by a doctor after the "moment of dizziness," BMW spokesman Maximilian Schoeberl said in a statement, adding that the CEO's condition is stable and he's recovering well.
BMW, the world's biggest maker of luxury cars, is presenting a revamped version of its top-of-the-line 7-Series sedan at the Frankfurt show. Mr Krueger was making his first appearance at the biennial trade event as BMW's chief. He took the top post at the Munich-based carmaker in May.
Mr Krueger hadn't been feeling well Tuesday morning before the press conference, Schoeberl said. The incident happened after the CEO returned from recent trips abroad, the spokesman said.
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A roundtable briefing with journalists scheduled for mid- morning will take place as planned, with chief financial officer Friedrich Eichiner filling in for Krueger.
Floating object spotted near where MH370 debris found
An Air France pilot on Tuesday spotted a white object floating in the water during an approach to Reunion island, where a wing part of Malaysia Airlines Flight MH370 was found in July, the airline said.
PHOTO: EPA
[SAINT-DENIS DE LA REUNION] An Air France pilot on Tuesday spotted a white object floating in the water during an approach to Reunion island, where a wing part of Malaysia Airlines Flight MH370 was found in July, the airline said.
Local authorities in the overseas French territory said they had ordered a ship to divert to the area where the unidentified object was spotted, some 70 kilometres (45 miles) off the island, and a military plane was due to fly over the zone.
The pilot on the flight from Paris to Reunion island spotted the object early Tuesday while flying at an altitude of 3,000 metres (9,800 feet), Air France said in a statement.
Flight MH370 disappeared on March 8 last year, inexplicably veering off course en route from Kuala Lumpur to Beijing with 239 people on board.
The disappearance turned into one of the biggest mysteries in aviation history, sparking a colossal hunt in the Indian Ocean based on satellite data suggesting MH370's possible path - to no avail.
Then in late July a man on Reunion island found the two-metre (almost seven-foot) wing part, known as a flaperon, washed up on a beach.
It was flown to France for tests by aviation experts, who confirmed it was part of the ill-fated Boeing 777.
Since then, there have been sporadic reports of people sighting objects they believe could be plane parts, but none has so far materialised.
According to Reunion authorities, the ship that diverted to the area indicated by the pilot did not find anything.
General Motors boss Mary Barra reiterated on Tuesday that a tie-up with Fiat Chrysler was not in her shareholders' best interest and the US carmaker has the scale to pursue its investments in new technologies on its own.
PHOTO: REUTERS
[FRANKFURT] General Motors boss Mary Barra reiterated on Tuesday that a tie-up with Fiat Chrysler was not in her shareholders' best interest and the US carmaker has the scale to pursue its investments in new technologies on its own.
Fiat Chrysler CEO Sergio Marchionne said earlier this month that seeking a merger with GM was a "high priority" for his company and such a deal would also be the best strategic option for its US rival. "We have studied this issue thoroughly and in great detail, with both internal resources and external experts and it is not in the best interest of the General Motors shareholder," Ms Barra told reporters on the sidelines of the Frankfurt auto show.
GM's board rebuffed a merger proposal from the Italian-American carmaker earlier this year.
That has not stopped Marchionne from wooing what he calls his "ideal partner" as he seeks to reduce the number of players in the industry and share the prohibitive costs of building greener and more intelligent cars.
Ms Barra said that while her company was focused on investing in new technologies and connectivity, it could afford to do it alone, pointing to the redesigned Opel Astra compact car unveiled at the show. "When you look at the work that we are doing to put connectivity in the vehicles ... looking at the forward looking technologies that you need in a vehicle, also all the propulsion technologies ... that is our focus, delivering the best return to our shareholders," she said. "We have the scale necessary to accomplish that." She added that she had never discussed a possible tie-up directly with Marchionne after rejecting his merger proposal sent via email earlier this year.
On Monday, Ms Barra told reporters at a separate event that GM investors had not said much on the matter in recent weeks, despite repeated attempts by Marchionne to get a deal done, according to several newspapers.
She also said she had not received any follow-up requests from Marchionne since his initial email.
Italian Prime Minister Matteo Renzi said late on Monday he hoped Marchionne would buy or reach a deal with GM, but that this looked difficult.
Cargo losses from China port explosions to be at least US$1.5b: trade body
Explosions in the Chinese port of Tianjin last month would lead to cargo losses of at least US$1.5 billion, and were having a "significant impact" on the marine insurance sector, a trade body said on Tuesday.
ST PHOTO: LIM YAOHUI
[LONDON] Explosions in the Chinese port of Tianjin last month would lead to cargo losses of at least US$1.5 billion, and were having a "significant impact" on the marine insurance sector, a trade body said on Tuesday.
"We are expecting to see cargo losses of at least US$1.5 billion, with some reports stating that the final figure could be as high as US$6 billion," Nick Derrick, chairman of the International Union of Marine Insurance's cargo committee, said in a statement.
The incident should provide a "substantial wake-up call to all cargo insurers", he added.
Reinsurance broker Guy Carpenter, a unit of Marsh & McLennan , said earlier this month that insurance losses for buildings, cargo, containers and property as a result of the explosions could total up to US$3.3 billion.
Credit Suisse had estimated losses of between US$1 billion and US$1.5 billion days after the blast in August.
China state firm to lease private tanks for oil reserves: sources
China's CEFC Energy has entered a preliminary agreement with an undisclosed state energy firm to provide oil storage to hold about 12.6 million barrels of commercial state crude reserves, two sources at the private energy firm said on Tuesday.
FILE PHOTO
[BEIJING] China's CEFC Energy has entered a preliminary agreement with an undisclosed state energy firm to provide oil storage to hold about 12.6 million barrels of commercial state crude reserves, two sources at the private energy firm said on Tuesday.
The new tanks, being built in Yangpu port on China's Hainan island, are due to have a total capacity to hold 17.6 million barrels and to open at the end of 2015 after an adjacent crude oil terminal is ready for use, the sources said.
Under a heads of agreement signed for the deal, the storage would be leased for a maximum of six years, said the sources, who declined to name the state firm involved.
A final contract was due to be signed after the state firm received government approval to lease the storage, they said.
China has been taking advantage of low crude prices to build up reserves and in April this year overtook the United States as the world's biggest crude buyer.
China's state reserves are split in two categories: strategic petroleum reserves for which the state builds tanks and pays the full cost of storage and oil, and commercial state reserves whereby the state leases tanks and shares the cost of buying oil with companies.
The CEFC's new Hainan tanks are part of 42 million barrels of commercial storage expected to open this year in China.
China filling warehousing gap with purchase of 220-year-old firm
China's proposed acquisition of a majority stake in 220-year-old Henry Bath & Son Ltd from Mercuria Energy Group Ltd shows the world's biggest commodities consumer is expanding into metals warehousing even as western companies retreat.
PHOTO: IE SINGAPORE
[GENEVA] China's proposed acquisition of a majority stake in 220-year-old Henry Bath & Son Ltd from Mercuria Energy Group Ltd shows the world's biggest commodities consumer is expanding into metals warehousing even as western companies retreat.
Beijing-based CMST Development Co said on Monday it will pay US$60 million for a 51 per cent interest, marking the first major foray by a Chinese state-owned company into a London Metal Exchange warehousing business.
The sale of the stake in Liverpool-based Henry Bath underlines the shifting balance of power in global metals markets from Europe to Asia. Mercuria's larger trading-house rival, Trafigura Beheer BV, said last month it would exit its metals warehousing business in China and leave the LME's network of storage facilities amid the rout in commodity prices. Goldman Sachs Group Inc sold its Metro International Trade Services LLC metals-warehousing unit in 2014 to Reuben Brothers after the business attracted congressional scrutiny.
Named for its founder Henry Bath, who started a UK copper-trading business in 1794, the company was the first to issue an LME warrant, according to its website. Mercuria acquired the warehousing business as part of an US$800 million deal to buy the bulk of JPMorgan Chase & Co's commodities unit in 2014.
Henry Bath, which operates both LME and non-LME warehouses in the Netherlands, the US, Singapore and China among other locations, handles commodities ranging from aluminum and zinc to coffee and cocoa. The company operates about 50 LME warehouses, according to the LME's website.
The deal between the Swiss commodity trader and the Beijing-based logistics company is subject to due diligence and regulatory approvals in China, according to a CMST filing on Monday with the Shanghai Stock Exchange. The management of Henry Bath, a founding member of the LME, is expected to remain in place once the deal is finalized, probably by the end of the year, the Chinese company said.
CMST is the listed subsidiary of China's largest state- owned warehouse and logistics provider. It has over 70 distribution centers with the capacity to handle more than 60 million tons of commodities a year.
CMST fell 7.5 per cent to 9.45 Chinese renminbi ($1.48) in Shanghai on Tuesday, bringing the stock's decline over the past three months to 44 per cent.
LME Network Matt Lauer, a Geneva-based spokesman for Mercuria, declined to comment.
Six Chinese companies are already members of the world's biggest metals bourse, according to the LME's website. Hong Kong Exchanges & Clearing Ltd. bought the LME in 2012.
While the LME has more than 600 approved warehouses from Singapore to the US, Chinese rules prevent its network extending to the biggest metals consumer.
Earnings from storing metals in those warehouses have slumped in the past year as the LME took steps to cut lengthy waits for aluminum amid pressure from regulators. Warehouse companies with the longest queues are now required to deliver more metals than they take in. The LME is looking into additional measures that may include capping rent and faster delivery rates.
Henry Bath posted an after tax profit of US$12.32 million in 2013, according to the most recent filings from the UK's Companies House.
