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Chinese land deal in Solomon's Guadalcanal disrupts access to WWII site
Tour operators and the Japanese ambassador to the Solomons say it appears to be a case of a lack of understanding of the significance of the Alligator Creek site by the new owner. The issue has stirred up debate in the Solomons concerning its new relationship with China, which was formalized in September following the Pacific island nation's decision to sever its diplomatic ties with Taiwan in favor of Beijing.
Bloomberg Videos
Franklin Templeton President Johnson on Fintech, Global Markets
Nov.12 -- Jenny Johnson, president and chief operating officer of Franklin Templeton, discusses how fintech is affecting the asset management business. She also talks about the outlook for global markets and the opportunities she sees. She speaks on the sidelines of Singapore's third annual fintech festival with Haslinda Amin on "Bloomberg Markets: Asia."
Reuters
Qantas to drop Sydney-Beijing route due to competition from Chinese carriers
Qantas Airways Ltd <QAN.AX> said on Tuesday it is axing its underperforming Sydney-Beijing route from March due to stiff competition from Chinese airlines and weak business class demand. It will maintain daily flights from Sydney to Shanghai, where it partners with hub carrier China Eastern Airlines Corp Ltd <600115.SS>. Qantas said since it had reintroduced the direct Sydney-Beijing services in 2017, capacity from Beijing to Australia on Chinese airlines had grown by around 20% and was expected to grow even further in 2020 at a time when broader international capacity to Australia was declining.
Reuters
Osram backs AMS takeover as auto downturn triggers 2019 loss
Osram <OSRn.DE> urged shareholders to back a $5 billion takeover bid from Austria's AMS <AMS.VI> and said it would cut costs and not pay a dividend as it posted a loss for the fiscal year ending in September, hit by a downturn in the auto industry. Shareholders have until December 5, 2019 to accept the offer, Osram said. In the fiscal year ended in September Osram posted a 343 million euros ($377.99 million) net loss, down from a 188 million euros profit in the year-earlier period.
Reuters
Deutsche Post upbeat for holiday season despite slower freight
Deutsche Post DHL <DPWGn.DE> reported an almost tripling of third-quarter operating profit on Tuesday and said it expected a strong fourth quarter as it benefits from booming ecommerce and its freight division kept growing even as global trade slows. The German post and logistics group saw third quarter operating earnings jump to 942 million euros from 376 million a year ago, ahead of average analyst forecasts for 890 million, while revenue rose 4.7% to 15.6 billion euros. "For the fourth quarter, we anticipate a traditionally strong holiday season and we reaffirm our guidance for the full year 2019," said Chief Executive Frank Appel.
AFP
Tokyo stocks close higher
Tokyo stocks rose on Tuesday, driven higher by a brisk performance from the construction sectors, but investors remained cautious over the US-China trade deal and fresh unrest in Hong Kong. The benchmark ...
Reuters
Giant Aramco listing a critical test for young Saudi exchange
RIYADH/DUBAI (Reuters) - The imminent listing of oil giant Aramco will be a pivotal moment for Saudi Arabia's young and untested Tadawul stock exchange. The Tadawul has said it has been preparing for years and is primed for the long-awaited share sale in coming weeks. Mega-IPOs have a record of causing technical glitches on stock markets as they can lead to a surge in trading orders that swamp an exchange's system and can prevent investors from buying or selling stock.
The Telegraph
The evidence that shows why new drivers shouldn't bother with 'Pass Plus'
Every year thousands of eager young drivers take the "Pass Plus" qualification in the hope it will lower their insurance premiums which, for teenagers, often exceed the value of their cars.
Reuters
EM ASIA FX-Asian currencies in narrow ranges as trade risks linger
* Singapore dollar flat; retail sales decline for 8th month * Bank Indonesia says will remain in market to keep rupiah stable * Malaysia cenbank revises repo guidelines to boost liquidity (Adds text, updates prices) By Niyati Shetty Nov 12 (Reuters) - Most Asian currencies were rangebound on Tuesday, as investors took to the sidelines awaiting further clarity on an interim trade deal between the United States and China. Markets were cautious ahead of a speech by U.S. President Donald Trump to the Economic Club of New York later in the day for any new word on the Sino-U.S. "phase one" trade pact. The optimism around a possible resolution to the protracted trade dispute faded a bit after Trump said on the weekend there had been incorrect reporting about U.S. willingness to lift tariffs on Chinese goods.
AFP Relax
Burger King eyes big bite of Europe market with 'veggie Whopper'
US fast-food giant Burger King on Tuesday launched its meatless burger in Europe, hoping to capture a substantial slice of a growing market. The vegetarian version of its prime "Whopper" hamburger is being added to the menu in 25 countries and 2,500 restaurants after testing in the United States and Sweden. Burger King, which is best known for flame-grilled patties, said with the new product it was now the biggest European fast-food restaurant chain offering a veggie burger.
AFP News
Morales leaves for Mexico as Bolivia military pledges to tackle violence
Bolivia's Evo Morales departed Monday for exile in Mexico, leaving behind a country in turmoil after his abrupt resignation as president. As the nation suddenly found itself without a leader, the military agreed to help police take back streets lost to violence from disgruntled supporters of Bolivia's first indigenous president. The senator set to succeed Morales as interim president, Jeanine Anez, pledged to call fresh elections to end the political crisis.
Reuters
China's digital currency not seeking 'full control' of individuals' details: central bank official
Akin to Facebook's proposed Libra digital currency and other cryptocurrencies such as bitcoin, the officially-named Digital Currency Electronic Payment will be powered partially by blockchain technology and dispersed through digital wallets.
Reuters SG
China's digital currency not seeking "full control" of individuals' details - c. bank official
China's proposed digitized domestic currency is not a bid to gain full control of information belonging to the general public, a senior central bank official said on Tuesday, adding that the goal was to balance privacy concerns and the authorities' need for information. China is preparing to be the first country to roll out a digitized domestic currency, a development that is being closely watched by the world's financial services industries, though few details are currently available. Akin to Facebook's proposed Libra digital currency and other cryptocurrencies such as bitcoin, the officially-named Digital Currency Electronic Payment will be powered partially by blockchain technology and dispersed through digital wallets.
AFP News
'Shameful' for UK not to publish Russia meddling probe: Clinton
Hillary Clinton said Tuesday it was "shameful" that the British government had not published a delayed parliamentary report into possible Russian interference in British politics ahead of December elections. British Prime Minister Boris Johnson's government has previously rejected claims it was suppressing the report to avoid a scandal ahead of next month's snap poll. "Not to our benefit, but to theirs," said the Democrat, who lost the 2016 US election to President Donald Trump in a race that US intelligence chiefs have said was marred by Russian interference.
Reuters
Philippines' PXP eyes Malampaya facilities for South China Sea gas project
PXP Energy Corp said on Tuesday it has submitted an unsolicited proposal to the Philippines' Department of Energy to develop and utilise the Malampaya natural gas facilities in the South China Sea for a planned integrated gas hub venture. The Malampaya gas-to-power project, developed and operated by Shell Philippines Exploration BV on behalf of joint venture partners Chevron Malampaya LLC and state-owned PNOC Exploration Corp, began commercial operations in 2001. Malampaya, which fuels power plants with a combined capacity of more than 3,000 megawatts, is expected to be depleted within the next decade, with the government-issued Service Contract No. 38 covering the project expiring in 2024.
Reuters
UPDATE 1-Malaysia's central bank extends repo tenor to 5 years to boost liquidity
Malaysia's central bank on Tuesday extended the maximum tenor for a repurchase agreements, or repo, to five years, as it looks to boost liquidity and avoid a downgrade by global index provider FTSE Russell. Malaysia remained on a watchlist on FTSE Russell's World Government Bond Index (WGBI) after a September review, six months after it was flagged on liquidity concerns. Bank Negara Malaysia announced the change in a statement http://www.bnm.gov.my/index.php?ch=en_announcement&pg=en_announcement&ac=753, releasing a policy document that set out the revised requirements and expectations of the bank on market participants which enter into repo transactions involving ringgit and non-ringgit repo and reverse repo transactions.
Reuters
Vietcombank, FWD Group sign 15-year bancassurance partnership
Joint Stock Commercial Bank for Foreign Trade of Vietnam and insurer FWD Group said on Tuesday they will establish an exclusive 15-year bancassurance partnership in the Southeast Asian country. Under the agreement, Vietnam's largest listed lender better known as Vietcombank, will distribute FWD's life insurance products, the companies said in a statement, without providing further financial details of the deal.
The Edge Singapore
ST Engineering gets 4 'buys' as aerospace, order book continue to soar
SINGAPORE (Nov 12): Analysts are buoyant on ST Engineering, as the technology, defence and engineering conglomerate posted 3Q19 earnings in line with expectations on the back of record-high revenue. The revenue surge was driven by Aerospace revenue, which soared 53% y-o-y to $1.1 billion on the consolidation of its recently acquired Middle River Aircraft Systems (MRAS), as well as revenue recognised from various end-of-programme reviews. The group’s 3Q19 earnings were impacted by a provision of $14.2 million before tax made for the arbitration outcome with Hornbeck Offshore Services.
Associated Press
Stocks mixed as uncertainty reigns in US-China trade talks
Shares were mixed in Asia on Tuesday as investors awaited cues on trade talks between China and the U.S. The next hints on progress in the negotiations between Beijing and Washington could come later in the day, when Trump is scheduled to give a speech on trade and economic policy at the Economic Club of New York. Japan's Nikkei 225 index gained 0.1% to 23,362.24, while the Hang Seng in Hong Kong added 0.1% to 26,947.66.
Reuters
SE Asia Stocks-Philippine falls to near two-week low; Singapore gains
* Philippine shares on track to slide for 3rd session * BSP says Aug FDI net flows dropped significantly * Telcos boost Thai stocks By Anushka Trivedi Nov 12 (Reuters) - Philippine shares dropped to their lowest in almost two weeks on Tuesday, pulled lower by financials stocks, while Singapore led gains in Southeast Asia ahead of retail sales data due later in the day. The benchmark Philippine index dropped 0.4% after the country's central said on Monday that foreign direct investments (FDI) net inflows decreased to $416 million in August from $758 million a year ago as ongoing uncertainty in the global environment dampened sentiment. Singapore shares advanced 0.3%, after losing about 1.4% in the past two sessions on weakness in industrial stocks.