Is the Singapore Airlines deal set to collapse?



Li Fenghua, Chairman of China Eastern Airlines, the nation's third-largest airline, comments on its share price and the possibility of minority shareholders voting against a deal with Singapore Airlines. China Eastern plans to sell a 24 percent stake to Singapore Airlines and parent Temasek Holdings, pending an approval of minority shareholders including Air China’s parent. The parent of Air China, a larger rival of the Shanghai-based China Eastern, may consider voting against the deal on Jan. 8 with a 10 percent stake in the company.

On Air China's possible bid: “I understand some company is trying to keep its own monopoly in the market and cause some misunderstanding in media and public. It's not practical to raise the so-called bidding plan without government approval first. Plan with details is surely different from illusion. “The deal with Singapore Airlines and the government is fair and I believe our brother company won't vote against it for the interest of the industry. The government will have control on Air China's move finally. Air China parent will vote for the plan.”

On share price: “I'm confident that our shares will catch up with those of Air China and China Southern Airlines after the capital injection helps improve our business. If the deal fails to get minority shareholder's approval, short-term investors will surely lose, as we need even longer time to go through all these procedures once again.” On consolidation of China's Big Three airlines: “For a certain period of time, the government would like to see the Big Three operate in the nation's three aviation hubs. Cooperation and competition should exist for healthy development of the industry and customers.”

Will there be repercussions for Air China in their possible bid?

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Is Singapore turning into a regional hub for foreign companies to open their companies here?





Intertek, the world's leading provider of testing and inspection services, has opened a new petroleum laboratory inside the Universal Terminal on Jurong Island. Universal Terminal is Asia's largest commercial oil storage facility and is co-owned by Singapore Oil Trading Firm, Hin Leong and PetroChina.

The new Intertek laboratory provides important quality testing and inspection services to customers of the large storage complex, complementing the extensive expertise and laboratory testing capabilities provided by the nearby Intertek Singapore Technical Centre laboratory.

Marc Hoffer, President for Intertek Oil, Chemical & Agri in Asia Pacific, said, "Singapore is a key petroleum hub for the region. Our new facility at Universal Terminal is a strategic investment for Intertek, increasing support available to key petroleum clients and supporting their business needs across the region."

Occupying 8,000 sq feet, the new Intertek Universal Laboratory provides comprehensive laboratory testing services to support Universal Terminal Tenant needs as well as Intertek regional customers. Intertek is the only third-party independent laboratory in the terminal. Intertek provides support services such as fuel quantity and quality inspection, petroleum testing, bunker fuel testing to ISO 8217, bunker fuel quantity surveying, In-line Automatic Sampling, along with fuel oil and gasoline blending. Additional services include fuel and logistical consultancy, marine services, and storage tank calibration.

The new laboratory operates on a 24/7 basis and operates with a new state-of-the-art information management system (LIMS). Singapore customers also benefit from Intertek's fast on-site sample-pick-up system, FastLab. It is expected that the new laboratory will be ISO 17025 accredited by 2008.

Will the opening of the new Intertek Petroleum Laboratory help improve further Singapore’s Petroleum research?

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Why is ComfortDelGro revising its taxi fare structure?


ComfortDelGro, the largest operator of taxis in Singapore, has overhauled its fare structure which it says will better meet the demand for and supply of taxi services at different times of the day. Flagging down a Comfort or CityCab will cost $0.30 more at $2.80. The metered fare has also been adjusted. It will cost $0.20 per 385 metres of travel for the first 10 kilometres. This will go up to $0.20 per 330 metres for journeys beyond 10 kilometres. It will cost $0.20 for every 45 seconds of waiting time. Instead of the $2 surcharge for peak hour travel, there will now be a premium levied. It will be 35 per cent of the metered fare.

And the CBD surcharge will go up from the existing $1 to $3. Many drivers are reluctant to enter the city area during the evening ERP hours on an empty cab as they are not willing to pay the charges. To provide drivers with the added incentive to do so, ComfortDelGro will give all drivers who are unable to get a passenger within 15 minutes of entering the ERP zone an ERP rebate. This is possible through the use of ComfortDelGro's Escalade and location tracking system.

For travel from midnight till just before 6am, instead of the gradual buildup in surcharge, it will be simplified to a flat 50 per cent of the metered fare. However, the booking fee during peak hours will be reduced by $0.50 to $3.50. The booking fee remains at $2.50 for non-peak hours. As an example, ComfortDelGro says a 9-kilometre trip off-peak will cost $8.40 (a 10% increase from the current $7.65) while a trip of the same distance during peak hours will cost $11.40 (a 49% increase from the current $7.65).

ComfortDelGro says the fare changes are the result of an in-depth review of the industry by the Group, which took into account suggestions and feedback from the public. The changes also took into account feedback from taxi associations, taking into consideration the higher operating costs of taxis. Also, it addressed commuters' concern on the difficulty in getting a cab in the city in the evening while encouraging call bookings to better match the demand and supply of taxis. ComfortDelGro says it will not raise rental fees for its taxis, following the fare adjustment.

The Taxi Operators' Associations, in its response, called the fare revision fair and timely. This is in view of the rapidly rising operating cost, especially the price of diesel and the increase in the Goods and Services Tax. It believes that overall taxi metre fare should reflect the operating cost of the taxi business, and the primary consideration is the income stability of the taxi drivers when fare adjustments are made. TOA urges the other taxi companies to adjust their taxi fares as soon as possible.

How will these new changes affect the consumers' hip-pocket?

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Is Singapore the new melting pot for international research and development?



With more than 2,700 Indian firms operating in the country, Singapore has emerged as the favourite destination for Indian domestic corporates looking to internationalize their business. While bilateral trade between the two nations has gone up as expected post-Comprehensive Economic Cooperation Agreement (CECA) in 2005, it is Singapore's might as a leading hub for innovation and research and development (R&D) that has attracted Indian companies to set up shop there.


"Singapore is increasingly being used as a platform for Indian companies looking to internationalize their business, with the number of Indian companies venturing there growing at an annual rate of about 10 percent," said International Singapore Economic Development Board Director (Asia Pacific) Aylwin Tan, "The number has more than doubled in just five years from 1,100 in 2001 to more than 2,800 companies as of the third quarter in 2007, making India the fourth largest contingent of foreign companies in the city nation."


Most of the companies that have invested there are either Information Technology (IT) companies or manufacturing firms largely dependent on technology. Some of the Indian prominent companies that have invested there include Tata Consultancy Services (TCS), Tata Steel, Tata Precision (TPI), Satyam Computers, NIIT Technologies, Tech Mahindra and Godrej.


The surge in bilateral trade and the fact that India-Singapore is the first and so far the only fully operational CECA has helped increase investor confidence. Bilateral trade has tripled in the past five years from 6.9 billion U.S. dollars (186 billion Indian rupees) in 2001 to 19.9 billion U.S. dollars (537 billion Indian rupees) in 2006.


India has emerged as the fastest-growing trading partner for Singapore and is now its 12th largest trading partner. Singapore was India's third largest export destination and fourth largest investor in 2006, with cumulative investments of 1.56 billion U.S. dollars (61 billion Indian rupees) since August 1991. In 2006 alone, Singapore's total investments amounted to 620 million U.S. dollars (24,462 million Indian rupees), comprising 5.6 percent of all FDI into India.


Singapore's free trade agreements (FTAs) with other countries are an added bonus. The U.S., Japan, Australia and South Korea are among the 13 countries it has FTAs with and another is being negotiated with China. "For four decades, Singapore has been the gateway for international companies, especially those from the United States, Europe and Japan to venture into Asia. Now it is playing that role also for Asian companies internationalizing. As a result, more than 12,000 U.S., European and Japanese companies, and more than 14,000 from India, China, the ASEAN and Australia are here. They represent interests and opportunities from all corners of the world," Tan said.

What price will Singapore pay in becoming the hub of all things important?

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