STX Pan Ocean Ltd (STX SP)(028670 KS): STX Pan Ocean, a South Korean shipping firm whose stock is listed in Seoul and Singapore, said investors will be able to shift their shares between the two markets from 2008 after regulatory changes. STX was listed in Singapore in 2005 and obtained a second listing in South Korea in September this year. "We'll work on details of the share migration process and make them available to investors soon," an STX spokesman said on Friday. "The legal barriers in migrating shares have been lifted but investors will have to bear risks associated with foreign exchange moves and the time required to make such migration." STX's Singapore-listed shares, which were halted from trading prior to the announcement, soared 25.4% to a five-week high of S$3.65 when the shares resumed trade at 1645pm, before closing 21% higher at S$3.51. The stock is still trading at a 32% discount to the Korea-listed stock, which closed at 2,990 won or about S$4.62. (Reuters)
STATS ChipPAC Ltd (STAT SP): Temasek Holdings Pte, Singapore's state-owned investment fund, is ``still considering'' delisting Stats Chippac Ltd. from the city-state's exchange. ``There remains no certainty'' about plans to stop trading of Stats Chippac in Singapore, Southeast Asia's biggest provider of chip testing and assembly services, according to a statement filed by the semiconductor company to the stock exchange today. Temasek owns about 83% of Stats Chippac through unit Singapore Technologies Semiconductors Pte Ltd. (Bloomberg)
Koh Brothers Group Ltd (KOH SP): Koh Brothers Group and Brothers (Holdings) are terminating their deal over joint venture Construction Consortium. The companies said separately over the weekend that Construction Consortium would become a wholly owned subsidiary of Koh Brothers. Brothers (Holdings) agreed last Friday to sell its 46.58% stake in the venture to its partner for $18.97m. It said that the proposed disposal would strengthen its overall financial position - about $99m of securities (including performance bonds, corporate guarantees and indemnities) that it furnished in support of Construction Consortium's contractual and financial obligations with third parties will be assumed by Koh Brothers. (BT)
China Petroleum & Chemical Corp. (386 HK): Asia's largest refiner, also known as Sinopec, said it will buy 3.66bn yuan ($501m) of assets and gas station operation rights from its parent to expand its refined oil retail network. The stock fell 46 cents, or 3.8%, to HK$11.70. (Bloomberg)
Resorts World Bhd (RNB MK): Malaysian casino operator Resorts World Bhd announced on Friday a non-renounceable offer for sale of its entire stake in Genting International to Resorts World shareholders. Resorts owns about 6.2% stake in Genting International, it said. (Reuters)
TMB Bank Plc (TMB TB): TMB Bank Pcl, a Thai bank partly owned by DBS Group Holdings Ltd., raised 37.2bn baht ($1.1bn) selling shares to ING Groep NV, the country's finance ministry and other investors. The state-controlled bank sold all of its 25bn new shares offered this month, TMB said in a filing to the Stock Exchange of Thailand today. Buyers included units of UBS AG and JPMorgan Chase & Co, the Thai bank said. TMB raised funds to boost its capital after rising bad loans caused an 18.4bn baht second-quarter loss, the most for any quarter since 2000. DBS, Southeast Asia's largest bank, didn't subscribe to the offering after ING last month won a bid to buy 30% of the unprofitable Thai bank. (Bloomberg)
Daewoo Shipbuilding & Marine Engineering Co. (042660 KS): Daewoo Shipbuilding & Marine Engineering, the world's third-largest shipyard, said it received an order to build a drill ship for 606.1bn won ($646m). The vessel, which will be able to drill for oil in deep waters, will be delivered to a company in Oceania by July 2011, Seoul-based Daewoo Shipbuilding said in a regulatory filing today. (Bloomberg)
STX Shipbuilding Co (067250 KS): STX Shipbuilding Co., the first South Korean company to set up a yard in China, received an order from the Middle East to build four bulk carriers valued at 187.8bn won ($200m). The vessels will be delivered by June 2011, the Jinhae, South Korea-based company said in a regulatory filing today. STX Shipbuilding climbed 3% to close the year at 50,000 won in Seoul. The stock has more than tripled this year, the fourth-biggest gainer among the 200 largest companies traded on South Korea's Kospi index. (Bloomberg)
Japan Airlines Corp (9205 JP): Japan Airlines Corp., Asia's largest carrier by sales, fell the most in seven weeks in Tokyo trading following a report it may sell preferred shares as part of an effort to raise as much as 150bn yen ($1.32bn). Japan Airlines dropped 15 yen, or 5.6%, to close at 255 yen at 11 a.m. on the Tokyo Stock Exchange after the report by Nikkei English News. The carrier is seeking agreements with Mitsubishi Corp., Mitsui & Co. and its four main lenders by the end of March, and may also speed up asset sales, the news service said without citing anyone. (Bloomberg)
Crude Oil (CL1 Comdty): Crude oil fell from a one-month high in New York amid forecasts that temperatures will be above normal in January, reducing demand for heating oil. Crude oil for February delivery fell 62 cents, or 0.6%, to close at $96 a barrel at 3:11 p.m. on the New York Mercantile Exchange. Futures touched $97.92, the highest since Nov. 26. Prices gained 2.9% this week and have risen 59% from a year ago. Oil is heading for its biggest annual gain in eight years. (Bloomberg)
Gold Futures: Gold rose, heading for the biggest annual gain since 1979, as a decline in the dollar boosted the appeal of the precious metal as an alternative investment. Gold futures for February delivery rose $10.90, or 1.3%, to $842.70 an ounce on the Comex division of the New York Mercantile Exchange. The metal gained 3.3% this week. (Bloomberg)
US Markets: U.S. stocks fell and were poised for their first fourth-quarter decline since 2000 after government reports on durable goods and unemployment reinforced speculation the housing-market collapse will push the economy into recession. Lower-than-forecast orders for durable goods in November and an unexpected rise in jobless claims last week added to evidence that the housing slump is spreading to the broader economy. The Standard & Poor's 500 Index has declined 3.2% since the end of September, paring its 2007 advance to 4.2%. The S&P 500 dropped 0.4 percent to 1,478.49 this week. The Dow Jones Industrial Average slipped 0.6% to 13,365.87. The Nasdaq Composite Index lost 0.7% to 2,674.46. (Bloomberg)
Other News: Insider Market: Busy insider market sees heavy buying, which was almost twice sell deals, with Directors chalking up $2.2bn transactions in 2007. China Flexible Packaging Holdings: Has crossed 1bn yuan (S$198m) in sales for the year ended Oct 31.
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