Singh to ink deals in Japan
Prime Minister Manmohan Singh is set to sign deals for US$15 billion in infrastructure projects on a visit to Japan this week, a report said yesterday. The trip, which starts today, will see Singh hold talks with his Japanese counterpart Yoshihiko Noda and lunch with Japanese business leaders, said officials at the Japanese foreign ministry and industry lobby Keidanren (Japan Business Federation). A total of 19 infrastructure projects will benefit from the deals, which will involve Japanese manufacturers and trading houses, the Nikkei Shimbun reported. The agreements will be signed at summit talks between Singh and Noda tomorrow, the paper said.
AMD denies seeking sale
Advanced Micro Devices Inc (AMD), the second-largest maker of personal-computer processors, said it is not actively pursuing a sale of the company or a significant sale of assets. “AMD’s board and management believe that the strategy the company is currently pursuing to drive long-term growth by leveraging AMD’s highly differentiated technology assets is the right approach to enhance shareholder value,” spokesman Drew Prairie said in an e-mailed statement on Tuesday. The statement came after Reuters reported that AMD hired JPMorgan Chase & Co to explore options, including a potential sale of the company or its patent portfolio.
Zynga loses finance chief
Finance chief David Wehner is leaving Zynga Inc to join Facebook, the troubled San Francisco-based online game company said on Tuesday. His exact title will be vice president of corporate finance and business planning, Facebook said. Chief accounting officer Mark Vranesh is replacing Wehner as chief financial officer, returning to the post he held from 2008 to 2010, while Zynga was still a private company. Zynga also reshuffled its executive ranks, a move chief executive Mark Pincus said puts the company in a position for “long-term growth.”
SingTel cuts forecast
Singapore Telecommunications Ltd cut its full-year sales forecast on declining Australian revenue after posting second-quarter earnings that missed analyst estimates. Revenue will fall by a “low-single digit level” in the 12 months ending March, compared with a previous forecast for an increase, SingTel said in a statement yesterday. Net income fell 1.6 percent to S$868 million (US$710 million) in the July-September quarter, missing the S$953 million average of three estimates compiled by Bloomberg. Competition in Australia is crimping growth at Optus, SingTel’s biggest unit by sales, as the Singapore dollar’s appreciation against the Indonesian rupiah and the Thai baht cut the value of earnings from affiliates.
Jobless rate drops
The unemployment rate fell to its lowest level in more than five years last month, despite a rise in the number of young people out of work, official figures showed yesterday. The seasonally adjusted jobless rate of 3 percent, down from 3.1 percent in September, was the lowest since February 2008, according to Statistics Korea. The unadjusted jobless rate fell to 2.8 percent last month from 2.9 percent in September. However, the number of unemployed under the age of 29 rose to 6.9 percent from 6.7 percent in September and the same 6.7 percent in October last year.