SINGAPORE
Fraser & Neave (FNN): TCC Assets, a concert party of ThaiBev (THBEV) linked to Thai billionaire Charoen Sirivadhanabhakdi, plans to make a mandatory conditional cash offer for all of the issued and paid-up ordinary shares of Fraser & Neave for S$8.88 a share or $7.2B in total.
SingTel (ST) CEO Allen Lew said the Co is "interested in investing in startups addressing major trends as well as the rise of social and local networks, mobile advertising and the increased need for systems that use smartphone applications".
Genting Singapore (GENS): The Casino Regulatory Authority of Singapore (CRA) fined Resorts World Sentosa S$600,000 for breaching anti-gaming regulation and forgery of documents, and "has therefore referred these cases to the Commercial Affairs Department (CAD) for investigation into possible criminal offences".
StarHub (STH) to issue S$220M of 3.08% fixed rate notes due 2022 under its S$1B multicurrency medium term note programme.
ComfortdelGro (CD) to sell S$150M in 1.80% fixed rate notes due 2017 under SBS Transit's S$250M multicurrency medium term note programme.
Wing Tai Holdings (WINGT) has priced a S$100M 10-year bond issue, with a 4.5% coupon. (Dow Jones)
US markets closed slightly higher on Wednesday. On the US economic data front, MBA Mortgage Applications for the week ended September 7th jumped 11.1%. Import Price Index rose 0.7% MoM (+1.5 expected) in August while wholesale inventories increased 0.7% MoM (+0.3% expected) in July. Stocks in the technology hardware & equipment and automobiles sectors traded higher while shares in the food beverage & tobacco and utilities sectors were under pressure. Looking at some US major company news, Monster Beverage (MNST -9.9% to $50.78) was down on concern about changes in US regulation over energy drinks. Steel Dynamics (STLD -3.91% to $11.8) sees 3Q diluted EPS between $0.01 and $0.05 and adjusted EPS ex-charges in a range of $0.09 - $0.14. In other news, Facebook (FB +7.73% to $20.93): CEO Mark Zuckerberg spoke in a Conference in San Francisco for the first time since the Co's IPO. He admitted the share price-performance has been "disappointing" and said the firm will make a "lot more money through mobiles" because it is "the key for the next 3 to 5 years".
In Europe, Germany 's top constitutional court allowed Berlin to ratify the European Stability Mechanism. Euro zone industrial production gained 0.6% in July (+0.1% expected) vs -0.6% the month before. Germany consumer prices were up by 0.4% in August in final estimation vs +0.3% in prior one. UK jobless claims dropped 15K in August, they were expected to be flat, vs -13.6K in July (revised from -5.9K). ILO unemployment rate was 8.1% during the May-July period vs 8% during the April-June period. Regarding the stocks, Barrat Developments lost ground as the Co said it will not pay an annual dividend. This morning, the Nikkei225 index opened slightly lower.
CHINA - HK
The State Council said it approved a raft of measures to stabilize growth in foreign trade and speed up the export tax rebate process for companies and make sure payments are accurate and timely notably. (Xinhua)
Chalco (2600): S&P's lowered its foreign currency long-term corporate credit rating on the Co to "BBB-" from "BBB" and its Greater China regional scale rating to "cnBBB+" from "cnA-", with a negative outlook. "The negative outlook reflects our expectation that Chalco's financial performance is likely to remain weak throughout 2012", the rating agency said.
Air China (753) reported "passenger capacity, measured in Available Seat Kilometres, in August rose 6.8% year-over-year while passenger traffic, measured by Revenue Passenger Kilometres, increased by 4.3%. Capacity and RPK on domestic routes increased by 5.7% and 1.6% year-over-year respectively. Capacity on international routes grew by 9.5% year-over-year, with RPK increasing by 9.8%."
China Pacific Life Insurance (2601) said it collected 66.9B yuan in premiums for the January-August period.
SinoLand (83) sold $500M of senior unsecured bonds, maturing in 2017, with a coupon of 3.25%.
SouthGobi Resources (1878) fired CEO Alexandre Molyneux a week after Chalco withdrew its offer on the Co.
Hong Kong Exchanges and Clearing (388) has given CEO Charles Li Xiaojia a three-year extension on his contract until October 2015.
Geely Automobile Holdings (175)'s auto sale were 30,171 units in August this year, up 18% YoY or 7% MoM.
China Oilfield Services (2883) was upgraded to "buy" from "outperform" at Daiwa Securities.
Sun Hung Kai Properties (16): FY results expected.
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