Visitors set new record
A year after the movie Crazy Rich Asians helped drive a record number of visitors to the city-state, tourists are back again in full force, pushing arrivals to a new high in the third quarter. About 5 million travelers came to the island from July to September, led by visitors from greater China, which jumped 22 percent, data from the Singapore Tourism Board’s Web site showed. The previous quarterly record was 4.83 million set in the same period a year earlier. The surge in tourists also coincided with the reopening of the city’s grand dame, Raffles Hotel. The 132-year-old iconic hotel — the birthplace of the “Singapore Sling” cocktail — opened after an extensive renovation.
Economy grows 0.9 percent
The economy grew 0.9 percent year-on-year in the third quarter, in line with expectations, breaking three consecutive quarters of contraction as it shook off the effects of recession following last year’s currency crisis. Compared with the second quarter, GDP expanded by a seasonally and calendar-adjusted 0.4 percent, its third positive quarter-on-quarter reading in a row, Turkish Statistical Institute data showed. A Reuters poll forecast the economy would expand 1 percent year-on-year in the third quarter. It also predicted that the economy would grow 0.5 percent this year.
Yes Bank boosts target
Yes Bank Ltd, an Indian lender caught in the country’s deepening shadow banking crisis, boosted its target for a capital raising to US$2 billion after receiving commitments from new investors. The nation’s fourth-largest private lender said its board signed off on the capital increase, which is higher than the previous figure of US$1.2 billion, at a meeting on Friday last week. Investors included Canada’s Erwin Singh Braich, SPGP Holdings and Citax Holdings Ltd, according to a stock exchange filing. The board is to meet again on Tuesday next week approve a preferential allotment of shares to investors, none of whom can receive more than a 25 percent stake in the bank.
Nissan CEO reaffirms ties
Nissan Motor Co’s new chief executive officer Makoto Uchida has reaffirmed the importance of the Japanese automaker’s alliance with Renault SA as it strives to puts its financial scandals behind it. A day after he took office, Uchida told reporters yesterday that he would emphasize transparency and work to restore Nissan’s credibility. Analysts say hopes are high that Uchida and his new team will lead a revival at Nissan. However, uncertainties remain, and the effort is likely to take time. Uchida was appointed after his predecessor, Hiroto Saikawa, resigned.
Lynch faces US extradition
The US has formally requested the extradition of Michael Lynch, the British tech billionaire who sold his data company Autonomy Corp to Hewlett Packard Co in an ill-fated US$11.1 billion deal, to face charges including securities fraud, wire fraud and conspiracy. The US embassy in London submitted the extradition request on Nov. 21 for Lynch to stand trial in the US, according to a court filing dated on Sunday. Lynch is battling the US information technology giant in London’s High Court. He has denied the accusations, saying Hewlett Packard mismanaged the acquisition. He is counter-suing for loss and damages.
Softbank Group Corp plans to keep a stake in the chip designer Arm Ltd, even if it sells a partial interest to Nvidia Corp, the Nikkei reported. The companies are negotiating terms, the newspaper reported, citing sources. Softbank might take a stake in Nvidia after it buys Arm, the report said. Nvidia and Arm might also merge through a share swap, and Softbank would become a major shareholder in the combined company, it said. The two parties aim to reach a deal in the next few weeks, the sources said, asking not to be identified because the information is private. Nvidia is the
END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways. “We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店). Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團). The Grand Hyatt Taipei (台北君悅大飯店), owned and built by
Gold surged to a fresh record on Friday, fueled by US dollar weakness and low interest rates, while silver headed for its best month since 1979. Spot bullion is up more than 10 percent this month, as US real yields lingered near record lows. While the ferocity of rallies in gold and silver cooled in the middle of the week, most market watchers predict there might be more gains ahead. Both metals have added about 30 percent this year, with gold and silver exchange-traded funds boosting holdings to a record, as concern about the fallout from the COVID-19 pandemic fuels demand for
MOVING FROM CHINA? The article did not name the company, but Foxconn, Wistron and Pegatron were among firms chosen for a production-linked incentive plan in India An Apple Inc vendor is looking at shifting six production lines to India from China, which could result in US$5 billion of iPhone exports from the South Asian nation, the Times of India reported, citing people familiar with the matter who it did not identify. The establishment of the facility would create about 55,000 jobs over about a year, the newspaper reported, not naming the Apple vendor. It would also cater to the domestic market and expand operations to include tablets and laptops, the newspaper reported. Samsung Electronics Co and Apple’s assembly partners are among 22 companies that have pledged 110 billion