Temasek Holdings removes all straight references to Singapore, as well as the government in its modernised charter – a motivation seen as an effort to support and strengthen its qualifications as an investment firm controlled exclusively by business interests.
US President Barack Obama retains Ben Bernanke as the chairman of the Federal Reserve. Obama states that the US car business is showing some ‘signs of life’ and the industry’s investment starts to stabilise. The credit and housing markets are also saved from the recession.
This year, unemployment rate in the US will rise to 10 percent and next year, the budget shortage will expand to US$1.5 trillion, making a ‘deeper recession’ than expected, according to White House budget officer Peter Orszag. The Office of Management and Budget expects that the economy of the US will decrease 2.8 percent this year, more badly than the 1.2 percent reduction that it had forecasted in May.
UOB Asset Management forges a bond with UTI, one of the biggest finance managers in India, to propose investment services and joint finances. UOBAM, United Overseas Bank’s finance management unit says the primary joint product will become an equity fund to be commenced this year.
Singapore bank evaluations outlooks are assumed negative just as profits get better as the status of the economy remains poor and there is a danger that loan defaults might increase, according to Moody’s Investors Service.
Yesterday, WING Tai Holdings reports $53.9 million net loss for the Q4 ended on 30 June 2009, as it holds back $109.7 million fair value losses on its venture properties. The Net profit is $96.3 million in the same three months for the past year. However, the revenue in the three months rose 78 percent to $191.5 million, from $107.3 million in the fourth quarter of 2008.
THE Lexicon Group is getting into another venture, which will operate coffeehouses as variegation into F&B industries. The company said yesterday that it is arranging a joint investment with TNT Global to offer for sale coffees and manage cafes and coffeehouses under the brand ‘Tom N Toms’.
UBS Investment Research reveals that a new set of prices for private homes increased 10 percent and 18 percent in main and large districts during the first half of 2009, respectively. Analysts Michael and Regina Lim expect major prices to increase 18 percent, as interest improve and foreigners begin to purchase.
Chinese investors over-react to the monetary policy alteration, and the stock market’s latest sell-off will be short, said the senior economist yesterday. Lu Zhongyuan, vice-president of the Development Research Centre, told the financial forum that he expects share prices to improve gradually because China’s economic recovery was solid.