Tuesday, August 31, 2010

Taiwan rejects Hong Kong group's bid for AIG unit

Taiwanese authorities on Tuesday rejected a Hong Kong consortium's bid to buy ailing US insurance giant American International Group's Taiwan unit Nan Shan Life.

The application by Hong Kong-based China Strategic Holdings and Primus Financial Holdings "has failed to get the approval of the responsible authorities," the Investment Commission said in a statement.

Rejection of the bid will come as a blow to AIG, once the world's largest insurer, which has been selling assets to pay back US government loans since its rescue from collapse during the 2008 financial crisis.

The Hong Kong bidder is allowed to file an appeal within 30 days but analysts were not optimistic on the prospects for the deal.

"Even if China Strategic Holdings and Primus Financial Holdings appeal, the odds of success are slim," said Mars Hsu of Grand Cathay Securities.

Concerns that the Hong Kong consortium is short of experience to manage an insurer and its failure to provide a long-term management commitment were the main reasons that prompted the Financial Supervisory Commission -- the regulators that oversee Taiwan's insurance industry -- to block the deal.

"The decision has nothing to do with concerns that some shareholders of the consortium have Chinese capital," said Fan Liang-tung, executive secretary of the Investment Commission.

The Hong Kong consortium agreed to acquire Nan Shan Life from AIG for 2.15 billion US dollars in October last year, but the deal has been in limbo since November when China Strategic announced a plan to sell a 30 percent stake in Nan Shan to Taipei-based Chinatrust Financial Holding Co.

Rumours also surfaced late last year that Chinese capital was involved in the deal -- claims that the consortium has repeatedly denied.

Taiwan has partially lifted a decade-old ban on Chinese investment amid improving ties after President Ma Ying-jeou took office in 2008 on a China-friendly platform.

However, the government still imposes various restrictions in key sectors such as finance, flat-panel technology and telecommunications as it seeks to keep control of its economy.

Nan Shan Life was established in 1963, and now has a network of 24 branches and 450 agency offices, employing a staff of 4,000 and more than 34,000 agents.

As of September 2009, it had four million customers.

Wednesday, August 25, 2010

SGX Investor Day 2010

SGX Investor Day 2010 will be held this Saturday. It comprises an interactive exhibition and a series of talks by industry experts.

Date: 28th August 2010 (Saturday)
Time: 1200hrs to 2100 hrs
Venue: Suntec Convention Centre Level 2 Ballroom 1 and 3

Learn how:
to achieve your investment goals using SGX products
to trade beyond stocks
to identify the most suitable SGX product for capital gains or yield income

Talks from 1330hrs with seats allocated on a first-come-first-served basis.

1.30 pm – Welcome Address
Mr Magnus Böcker, CEO, Singapore Exchange

1.45 pm – Where Do We Go From Here?
Global markets and economies recently went through a dive on the back of the European sovereign debt issue. While this issue has receded somewhat, another issue has surfaced. And this is the fear of a double dip recession in the US economy. Is this a false alarm? Hear from economist Dr Tan Kee Wee who will tell you the various scenarios we all face.
Guest Speaker: Dr Tan Kee Wee, Independent Economist and Presenter of MediaCorp Radio 938LIVE’s ‘Money Talks’

2.30 pm – Beyond Volatility : Opportunities in Asia
As the fiscal positions of many European economies go under scrutiny one by one, and uncertainties cloud around the global growth trajectory, 3Q10 will likely present an inflection point. Buying opportunities will present once confidence drops to its lowest in the quarter. Cyclicals bear the brunt of earnings downgrades while Consumer sectors will be lifted by robust domestic economies, lower interest rates and oil prices. Opportunities are in Asia as focus switch to domestic demand theme in 2H10. Find out from Joanne Goh how to identify and tap on these bountiful opportunities.
Guest Speaker: Ms Joanne Goh, Regional Equity Strategist, Group Research, DBS Bank

3.15 pm – Broaden Your Investment Portfolio. Trade Beyond Stocks
To most people, SGX is a platform for trading stocks. But do you know that you can build a diversified portfolio using financial instruments listed on SGX? Find out from Elgin Ting how this can be done using ETFs, REITs and Structured Warrants.
Mr Elgin Ting, Vice President, Securities, Singapore Exchange

Monday, August 23, 2010

EUREX Builds Presence in Asia

Eurex AG, Europe’s largest derivatives exchange and the

second largest derivatives exchange in the world, is making its

way in Asia to take advantage of opportunities “in one of the

fastest growing regions in the world.”

“We’re expecting double-digit growth in Asia in the next two to

three years,” said Michael Peters, member of Eurex Executive

Board at a press briefing held Monday in Fullerton Hotel.

Currently, Asia contributes only 2-3 per cent of Eurex’s total

business mix.

The derivatives exchange, co-owned by Deutsche Borse AG and

SIX Swiss Exchange AG, said they saw encouraging signs from

the region as traded volume by its members from Asia tripled in

2009 compared with 2008. In May this year, a new monthly

record of 2.8 million contracts were traded by Asian members in

light of the Europe debt crisis.

Derivatives or futures market usually thrives on period of volatility

and uncertainty.

For 2010, Eurex is set to launch a derivatives product based on

South Korea’s KOSPI 200 Index on August 30. This will allow

investors to trade KOSPI 200 derivatives even after Korean

market has closed, and will extend to European and American

trading hours on the same day.

“Eurex and KRX expect trading volumes during after-hours to

grow approximately 2 per cent over the next three or four years,

creating a liquid and attractive trading opportunity for market

participants,” Eurex said in a statement.

Currently, KOSPI 200 option is the most liquid exchange-traded

derivatives product in the world in terms of trading volume, with

average daily volume of 13.3 million contracts as at 1Q2010.

Also in the pipeline is futures and options SENSEX index scheduled

to be launched on 4 October 2010. The product is in

partnership with India’s Bombay Stock Exchange Index. With

this, Eurex is the first exchange to list options on an Indian index

outside India.

Here in Singapore, Eurex and SGX are partnering to launch SGX

EURO STOXX 50 index futures and options on futures for the

first time in Asia. The US-dollar denominated index is expected

to be launched on the second half of 2010, subject to Monetary

Authority of Singapore approval.

Eurex and SGX will also jointly market and promote the index as

part of the collaboration efforts between the two exchanges.

Same with other index in the region, market participants will be

able to manage their European exposures during Asian trading


“We look at Singapore as a key regional hub due to its favourable

regulatory environment. It is also attractive due to its strategic

geographic location which will allow us to monitor activities in

other Asian markets as well,” said Peters.

Eurex’s Singapore office is responsible for the Middle East,

India, Australia, New Zealand and Singapore. The exchange

also has offices in Tokyo, Beijing, Taipei and Hong Kong.

Saturday, August 21, 2010


Since its inaugural investment event in August 2007, INVEST Fair has become a regular annual event for investors and traders alike. The event has gone from strength to strength in numbers: INVEST Fair’09, which featured more than 40 exhibition booths set up by both financial institutions and listed companies, attracted a record-breaking figure of 25,000 visitors. The annual event has also featured high quality interactive investment seminars on a broad spectrum of investment-related topics delivered by industry experts. 2009 was the first time ShareInvestor co-organised the event with The Business Times, a strategic collaboration which underscored both parties’ desire to enhance investor education.

ShareInvestor and The Business Times will jointly organize INVEST Fair 2010, which will be held on 21-22 August 2010 at Marina Bay Sands Convention Centre, Basement 2, Hall E. Positioned as a Meetings, Incentives, Conventions and Exhibitions (MICE) destination unlike any other in the region, Marina Bay Sand will certainly attract a significant group of visitors from the financial industry in this region. Besides a change in the venue, the fourth edition of INVEST Fair will also showcase exhibitors & public listed companies from the regional countries. Backed by the successes of the annual event over the past three years, INVEST Fair 2010 is ready to reach out to a larger and regional group of exhibitors and participants.

Friday, August 20, 2010

Get Up Close with CNBLUE

Get up close with CNBLUE (20 August Friday, 8pm City Square Mall, Level 1 Atrium)

Friday, August 06, 2010

US insurer AIG reports $2.65 bln quarterly loss

Ailing US insurance giant AIG swung Friday to a 2.65-billion-dollar loss in the second quarter from a year-ago profit, hurt by massive costs to be incurred in the sale of a key subsidiary.

American International Group, which was rescued by the government during the financial crisis, said the loss largely came from a 3.3-billion dollar "non-cash goodwill impairment charge" linked to the sale of Alico, AIG's second-largest foreign life-insurance business.

Excluding the charge, AIG said it made an adjusted net income of 1.3 billion dollars.

AIG president and chief executive Robert Benmosche said its "continuing insurance operating results remain solid, while the company continues to execute on its restructuring plans and prepares for separation from the US government.

"Our overall strategy remains unchanged. We remain focused on monetizing AIA and ALICO as quickly as possible in order to repay taxpayers, at values reflecting the unique strengths of these highly attractive franchises."

AIG received more than 180 billion dollars in government aid during the financial crisis as bad bets on mortgage-backed securities and other toxic assets threatened to engulf the company.

Wednesday, August 04, 2010


Further to the announcement on 22 July 2010, CapitaMall Trust Management Limited, as manager

of CapitaMall Trust (“CMT” and the manager of CMT, the “Manager”), is pleased to announce that

the actual quantum of distribution per unit in CMT (“Unit”) for the period from 1 April 2010 to 30

June 2010 is unchanged from the estimated distributable taxable income of 2.29 cents per Unit.