STB bullish about revenue for Formula 1

Singapore

This year, the Singapore Tourism Board (STB) have projected a sum of $100 million, as they expect foreign visitors to flock back to the race.

Speaking to MediaCorp on Friday, Chew Tiong Heng, Director of Destination Marketing at STB, said: “About 40 per cent of the spectators this year will be foreign visitors.

The season has gained traction, people are expecting and hearing the very exciting lineup that we have about the season, so we think that we are already gaining a certain kind of reputation — to deliver an F1 experience that is quite unique to this part of the world.”

The two new integrated resorts will contribute to the buzz, but STB have also unveiled several attractions as part of their 2010 Singapore Grand Prix Season.

International recording artistes like Mariah Carey and Missy Elliott have been lined up and they will be supported by 400 other acts, costing a cool $5 million.

To rev up the entertainment factor, the Singapore Grand Prix Season will also feature a week-long period (Sept 17 to 26) of Formula 1-related events.

There will be art on display, various parties to attend and the Digital Nights@Orchard to visit — a showcase of new media and digital arts using 3D, mapping familiar sights along Orchard Road.

Another feature will be the Soundpark at ION Orchard, where the highlight will be a 13-metre long Soundbox, which replicates the sound of Formula 1 cars whizzing.— The 2008 Formula 1 SingTel Singapore Grand Prix generated more than $150 million in tourism receipts, but dipped to $93 million last year, due to the economic slowdown.

Patwant Singh

GIC ‘eyeing $3.2b stake in Brazilian bank’ — The Government of Singapore Investment Corp (GIC) is in talks to buy a 16-per-cent stake in Brazilian investment bank Banco BTG Pactual for US$2.4 billion ($3.2 billion), the Brazil-based Exame magazine reported on Friday, citing people familiar with the negotiations it did not name.Bloomberg, while spokespeople for BTG Pactual in Sao Paulo were not immediately available for comment.

SAO PAULO

GIC declined comment when contacted by

Banco BTG Pactual, controlled by billionaire Brazilian Andre Esteves, was created in 2009 after BTG took over UBS Pactual from the Swiss bank.

It is the largest independent investment bank in Latin America and has regional offices in key global financial capitals such as London and Hong Kong to leverage on its expertise in emerging markets.

The bank operates in the areas of investments, asset management and wealth management.

GIC already is the largest shareholder in Switzerland’s UBS and one of the biggest in United States’ Citigroup, with its stakes in the two banking giants estimated at some $12 billion at current market prices.

If it takes the stake in BTG, it will be spreading its multi-billion bets beyond Europe and North America into the South American market.

SHORT  BANKS ??

SHORT PROPERTIES  ??

LONG  GENTING  TWINS  ??

PrOperty cOOling measures timely: Wing Tai — The measures announced by the government on Monday to cool the property market were timely as prices had gone up to unsustainable levels, according to real estate developer Wing Tai Holdings.

Wong Siew Yin

SINGAPORE

Mr Edmund Cheng, Wing Tai’s deputy chairman who said this on Friday at the launch of its luxury project Belle Vue Residences (picture), added that prices for future land tenders would need to be adjusted downwards as sentiment had cooled.

However, he said Wing Tai would not be affected too much by the new curbs.

“The measures, I think, address the upgraders’ market more. Most of our properties are all high-end, upper-middle and super high-end, so the impact is not much,” he said.

Wing Tai said 109 of its 167 units at Belle Vue had been sold. It said it was confident that the project would be fully taken up, with foreigners expected to make up half the buyers. The remaining units are priced between $2,300 and $2,800 per square foot.

But while developers such as Wing Tai may stay positive, some observers expect the banking sector to feel the impact from the recent anti-speculative measures.

Banks could see a significant drop in profit contributions from housing loans, some analysts said.

“UOB has the largest percentage based on their total income. For them, we are looking at 20 to 30 per cent of their total top line coming from housing loans.

Therefore they would be, in our view, most affected by the clamp down in the property sector, followed by DBS,” said Mr Moh Tze Yang, lead analyst at SIAS Research.

In  vIew  Of   rIsk  Of  near tOtal lOss

and   dIre  Of  near  zerO  Interest  rate

bEttEr  and  safEr  tO  depOsIt  In

GENTING  TWINS ?

REVERSE ANNOUNCEMENT

TRUTH # FACT

100% DEPOSIT GUARANTEE

REDUCED  TO

S$50,000  DEPOSIT INSURANCE

Deposit insurance limit to be raised to $50,000

CLAIRE HUANG

clairehuang@mediacorp.com.sg

SINGAPORE

Singapore started the scheme in April 2006 to protect ordinary depositors should a bank or finance company go under.

In a statement on Friday, the MAS said that it will go ahead with plans to raise insurance coverage from the current $20,000 to $50,000 for each depositor at each member bank.

That means if a depositor has at least $50,000 in a bank that folds, he would get back a maximum of $50,000 instead of $20,000.

The MAS said the move was made following public consultation. Members of the public had asked for a higher coverage of $100,000. However, it pointed out that the incremental benefit is small and may not justify the cost if the amount is over $50,000.

Some 90 per cent of depositors will be covered under the scheme.

The MAS also plans to include deposits of other non-bank depositors, such as sole proprietorships and partnerships, under the scheme.

It said it did consider insuring only certain types of businesses and excluding companies but this was not ideal. There was difficulty in setting a common criteria that applied to the diverse range of businesses.

The MAS hopes to implement the revised scheme early next year.— The Monetary Authority of Singapore (MAS) plans to enhance the Deposit Insurance (DI) Scheme, including raising the insurance coverage limit to $50,000 for the individual depositor.

Welcm back...

('',)

Gd Job Victorf!

Hope Mon Hangseng'll up +400pts.

But most likely Dow Futures'll red red...

('',)

victorf      ( Date: 04-Sep-2010 08:44) Posted: Market works according to script written on 18th August....as always, our call is straight forward, precise and with no hindsight....remember Market is always Right....good luck :) 19-Aug-2010 12:01 Straits Times Index   /   STI to cross 3000 boosted by long-term investors       Go to Message x 0 x 0 Market finished the script yesterday and we have upgraded Market to "BUY ON DIP" mode since yesterday 18th August as it will attempt above 3000 points again for the next few weeks....not much meat for shortists then.....remember Market is always Right!!! good luck :)

These are all old news.

Most "Pro Double Dip" analysts have already change side to prolong recession and you are still talking about Double Dip?

The stock market moves a lot faster than economy situation. These news have already factor into the stock market movement in the last few weeks.

Never listen to Economist Predictions to play the stock market.

Most Economists don't play the stock market, they only predict where the economy is heading based on current situation.

But the market already move before the Economists make their prediction. So their views are usually outdated.

True Traders don't listen to Economists because they make better market prediction than Economists.

Was away overseas.. watched the markets creep higher..

and US markets are up 1+% even as i write...

hope u guys capitalize on some blue chip buying..

2nd liners will have their day too..after the rotational play..

Bon3260      ( Date: 03-Sep-2010 17:31) Posted: Alexchia01, STI ended nice nice was done by BBs. U can ask Ozone2002 too. Btw, where's Ozone2002??? Who approved his leaves???   Index Last Change % High Low Time STI 3002.56 15.90 0.53% 3002.56 2977.12 17:10:02   ('',) alexchia01      ( Date: 03-Sep-2010 17:11) Posted: I love today's ending. Looks like STI is preparing for a Big Jump. I have a feeling that STI is going to Rally Big next week. It does not matter if it's a Good Stock or Bad Stock, Blue Chips or Penny Stocks, Singapore Stocks or China Stocks, they are all going to Rally. For those of you who brought this week... Next week can see many happy faces. This is just my personal feeling, don't have to take it too seriously. Good luck.