Singapore

Heineken can’t let Asia Pacific Breweries get away

18 Jul 2012

A Bangkok beer mogul has upset the equilibrium in a JV that’s been key to the Dutch brewer’s Asian footprint since 1931. Thai Bev is jockeying to take control of Fraser and Neave from Singaporean bank OCBC. Heineken may need to dig deep to ensure its position in the region.

Trafigura move tests Singapore’s fat-cat fatigue

24 May 2012

The commodities trader is moving its HQ to Singapore, where its CFO joins Facebook founder Eduardo Saverin and a stream of bankers. Low taxes and proximity to growing Asian markets explain the appeal. But a warm welcome may depend on new arrivals’ ability to create local jobs.

Temasek makes unlikely corporate governance hero

18 May 2012

The Singaporean fund abstained from backing several Standard Chartered directors, apparently because the UK lender’s board had become less independent. Temasek would gain much by speaking out on such topics - even if it sits uneasily with its growing investments in Chinese banks.

Temasek’s triple personality bodes well for returns

9 May 2012

The Singaporean state investor is developing the trading eye of a hedge fund, a private equity taste for financial engineering, and the pay structure of an investment bank. That should improve its sub-par performance, though it won’t always sit well with Temasek’s political ties.

DBS deal tests Indonesia’s deep Singapore-phobia

24 Apr 2012

Even a 52 percent premium may not secure the Singaporean bank’s $7.2 bln takeover of Bank Danamon. A deal would benefit all sides and burnish Indonesia’s image as a hot investment destination to boot. But looming elections and longstanding mistrust may trump commercial logic.

Temasek tinkering could put StanChart in play

17 Apr 2012

The Singaporean fund’s latest asset reshuffle has revived talk about its $10 bln stake in the emerging market lender. Banks from the U.S. to Japan would like to get their hands on StanChart. But with the exception of China’s biggest lenders, most would struggle to pull it off.

Singapore may not escape India’s offshore tax grab

10 Apr 2012

The country’s tax crackdown is likely to prompt an exodus of investors from Mauritius. Some are already shifting their operations to Singapore. The city state is a better established financial centre. Nevertheless, the very act of hopping islands may look like tax avoidance.

Temasek’s StanChart bond looks too clever by half

19 Oct 2011

The Singaporean fund issued a zero-yield bond exchangeable into shares of the emerging market lender. If they rise less than 27 pct, Temasek will have borrowed $512 mln for free. But the ensuing fall in the shares means the gains from this wheeze have already been wiped out.

LSE-SGX move on metals exchange would make sense

30 Sep 2011

Joint bids tend to be hard. But the London and Singapore bourses may benefit by partnering in a possible $1.6 bln bid for London’s metals exchange. LSE gets a partner that already handles metals futures; SGX gets local know-how. That matters in a potentially hot auction.

Singapore not quite helpless over UBS losses

21 Sep 2011

The city state’s sovereign fund is understandably disappointed with its investment in the Swiss bank. The 6.5 pct stake may still come good, especially if UBS directs future business to Singapore. Even so, GIC may want to rethink the wisdom of being a purely passive shareholder.

Man U investors can always vote with their feet

20 Sep 2011

The soccer club may list in Singapore with “stapled” securities that could entrench the Glazer family’s control. But though new investors may not get the voting power they’d like, that can be reflected in the price. If the idea sounds too tricksy, would-be backers can say no.

Temasek’s smart CCB trade may have strategic costs

30 Aug 2011

Singapore’s state investment fund is buying shares in China Construction Bank from Bank of America - at a valuation 21 pct below where it dumped the stock last month. That has financial logic. But it may look too clever for Beijing, and hurt Temasek’s access to deals in China.