Singapore's Stocks Decline by Most in Five Months: World's Biggest Mover

(Bloomberg) -- Singapore's stocks declined by the
most in more than five months on concern losses in the U.S.
mortgage market will slow expansion in the nation's largest
export destination.

Oversea-Chinese Banking Corp. posted its biggest fall in
almost six years, leading the decline among banks on concern they
may incur losses on their credit investments because of defaults in U.S.
subprime housing loans.
Creative Technology Ltd. fell to an 11 year-low after reports
showed U.S. employers added fewer jobs in July and growth in the
service industries slowed.


Read more at Bloomberg Stocks News

Barclays China Deal Spurs U.S., Europe to Limit Government-Fund Investment

(Bloomberg) -- The U.S., France and Germany are
racing to draw up rules to govern developing nations' secretive
state-controlled investment funds, spurred in part by Barclays
Plc's use of Chinese and Singaporean money in its takeover bid
for ABN Amro Holding NV.

With no international body such as the World Trade
Organization to oversee such investment, officials in the U.S.
are pushing the International Monetary Fund and World Bank to set
guidelines. Germany and France, meanwhile, are urging a joint
European response.


Read more at Bloomberg Emerging Markets News

China Aviation Oil's Shares Increase by 10 Percent to Record in Singapore

(Bloomberg) -- Shares of China Aviation Oil
(Singapore) Corp. rose to a record in Singapore.

The jet-fuel trader's shares jumped as much as 29 cents, or
10 percent, to S$3.12 ($2.07) apiece on the Singapore exchange.
That was the biggest one-day increase since July 9. The stock
traded at S$3.06 at 10:02 a.m. local time.


Read more at Bloomberg Emerging Markets News

Gold Little Changed in Asia After Reaching Two-Month High; Silver Advances

(Bloomberg) -- Gold was little changed in Asia after
reaching the highest in more than two months, supported by the
euro's gain to a record against the dollar and crude oil's
advance last week to near a one-year high. Silver rose.

Gold generally moves in the opposite direction to the U.S.
currency, which slid to a record low of $1.3845 per euro today
amid concern about U.S. loans to homeowners with poor credit.
Crude oil was little changed at $75.53 a barrel at 11:04 a.m.
Singapore time, after climbing to $76.13 a barrel on July 20, the
highest since Aug. 10.


Read more at Bloomberg Commodities News

Singapore's Stocks Slide Most in Three Months; CapitaLand, DBS Decline

(Bloomberg) -- Singapore's stocks fell the most in
three months after the government increased the fee builders
have to pay to redevelop sites.

CapitaLand Ltd., the city-state's biggest developer, and
DBS Group Holdings Ltd., the largest lender, paced the decline.
Yongnam Holdings Ltd., the best-performing construction stock
this year, tumbled the most in more than four months.


Read more at Bloomberg Stocks News

Singapore Stocks Climb to a Record; Labroy, Keppel Advance on Oil Price

(Bloomberg) -- Singapore's stocks rose, leaving the
Straits Times Index set for a record. Labroy Marine Ltd., a
builder of ships and oil rigs, paced gains after it won
contracts and crude prices reached an 11-month high.

The Straits Times added 9.07, or 0.3 percent, to 3662.30 as
of 9:16 a.m. local time, after sliding less than 0.1 percent
yesterday from a high. Almost four stocks climbed for each one
that fell among the measure's 49 members. The July futures
contract was little changed.


Read more at Bloomberg Stocks News

Corn, Soybean Futures Fall in Chicago on U.S. Forecast for Normal Rainfall

(Bloomberg) -- Corn and soybean futures fell in
Chicago on a forecast for normal rainfall in the U.S. Midwest
grain growing areas over the next six to 10 days.

Corn prices fell as much as 5.1 percent and traded down 4.3
percent at $3.53 a bushel at 10:45 a.m. Singapore time. Soybean
prices declined as much as 4.4 percent and traded down 3.2
percent at $9.1950 a bushel. The U.S. National Weather Service
predicted normal rainfall for the Midwest in its six to 10 day
forecast issued on Sunday.


Read more at Bloomberg Commodities News

UPDATE 2-India's Wipro buys Singapore's Unza for US$246 mln

(Reuters) - BANGALORE, July 6 - India software provider Wipro
Ltd. has acquired Singapore's Unza Holdings Ltd.,
which makes personal care products, for about US$246 million,
as it continues on a buying spree in search of stronger growth.




The cash acquisition lifted shares of Wipro, which has a
market value of $18 billion, to end over 3 percent higher at
519.45 rupees in a firm Mumbai market.


Read more at Reuters.com Mergers News

UPDATE 1-South Korea upholds $110 mln tax on Lone Star deal

(Reuters) - The Finance Ministry said in a statement on Thursday that
National Tax Tribunal members had unanimously rejected Lone
Star's [LS.UL] appeal of a 101.7 billion won tax
imposed after it had sold the 45-storey Star Tower in Seoul.




The investment fund bought the commercial building in 2001
and sold it to GIC Real Estate Pte. Ltd., an arm of the
Government of Singapore Investment Corp. Ptd. in 2004 for an
undisclosed sum.


Read more at Reuters.com Mergers News

Prudential hires former UOB exec as Asia bond CIO

(Reuters) - It said prior to this, he was head of fixed income at
Fullerton Fund Management, a unit of Singapore state investment
arm Temasek [TEM.UL]. He also spent 15 years at the Monetary
Authority of Singapore.




Prudential said Ooi will be responsible for developing the
fund house's fixed-income strategy in Asia and will report to Guy
Strapp, its regional head of investment management for Asia. He
will start with Prudential on Aug. 1.


Read more at Reuters.com Bonds News

Platinum Futures Drop in Tokyo; Spot Price Up on South Africa Wage Talks

(Bloomberg) -- Platinum futures fell in Tokyo as
the Japanese currency strengthened against the dollar. Metal for
immediate delivery gained on concern wage talks in South Africa,
the world's biggest producer, will lead to supply disruptions.

The yen increased to 123.45 per dollar at 12:10 p.m. in
Singapore from 123.67 late in New York yesterday, after reaching
a 4 1/2-year low of 124.13 on June 22.


Read more at Bloomberg Commodities News

Indonesia's Lippo Plans to Sell Shares in $5 Billion of Real Estate Trusts

(Bloomberg) -- Lippo Group plans to sell shares in
real estate investment trusts that will buy as much as $5 billion
of its Asian assets, freeing up capital to invest in higher-
yielding projects including Singapore residential developments.

The Jakarta-based company, which set up its first property
fund in Singapore last year, plans to sell shares of trusts
backed by shopping malls and office buildings, Chief Executive
Officer James Riady said in an interview yesterday.


Read more at Bloomberg Emerging Markets News

REUTERS SUMMIT-S'pore GIC eyeing Russia, Vietnam, Turkey

(Reuters) - "The trend of wealth creation is shifting from the West to
the East and if you are positioning your strategy over the long
term, your strategy over the last 10 years would be different
for the next 10 years," said Seek Ngee Huat, president of GIC
Real Estate, speaking at the Reuters Real Estate Summit in
Singapore.




He said GIC had begun to "explore" Russia, Turkey and
Vietnam and was also looking to make significant investments in
India, where it last week announced a joint venture with
Mumbai-based property firm Runwal to build a $62 million mall.
He did not say how much investment might flow to those
countries.


Read more at Reuters.com Bonds News

Fed's Geithner Urges Asian Nations to Shift Focus From Currency Reserves

(Bloomberg) -- Federal Reserve Bank of New York
President Timothy Geithner urged Asian nations to shift their
focus away from accumulating foreign-exchange reserves and
concentrate on domestic price stability and demand growth.

Asia should ``make the necessary transition to stronger
domestic demand-led growth,'' Geithner said in a speech today at
an Economic Society of Singapore dinner. Swelling reserves ``are,
increasingly, signs of the allocative distortions that result''
from managed exchange rates, he said.


Read more at Bloomberg Currencies News

Singapore's Shares Fall the Most in Seven Weeks; SingTel CapitaMall Slide

(Bloomberg) -- Singapore's stock index fell the most
in more than seven weeks, on concern rising global interest
rates will reduce demand for stocks. Singapore
Telecommunications Ltd. led the decline.

CapitaMall Trust paced a drop by investment trusts after
bond yields jumped, making their payouts less attractive to
investors.


Read more at Bloomberg Stocks News

Treasuries Extend Decline, Pushing 10-Year Yields to Highest Since July

(Bloomberg) -- U.S. Treasuries fell, pushing the 10-
year yield to the highest since July.

The yield on 10-year notes rose 2 basis points, or 0.02
percentage point, to 5.16 percent at 8:15 a.m. in Singapore,
according to bond broker Cantor Fitzgerald LP. The price of 4 1/2
percent notes maturing in May 2017 fell 4/32, or $1.25 per $1,000
face amount, to 94 30/32. Yields move inversely to bond prices.


Read more at Bloomberg Bonds News

Brilliant, CapitaCommercial, Sunlight, Suntec: Singapore's Equity Preview

(Bloomberg) -- The following shares may rise or fall
in Singapore. Stock symbols are in brackets and prices are from
the previous market close.

The Straits Times Index advanced 0.9 percent to 3579.35. The
June futures contract gained 0.8 percent to 442.4.


Read more at Bloomberg Stocks News

Japan's Stocks May Gain After Household Spending, Jobs Data Beat Forecasts

(Bloomberg) -- Japanese stocks may climb after a
measure of household spending beat forecasts and the jobless
rate fell to a nine-year low. Domestic demand-related shares
including Fast Retailing Co. may pace gains.

Nikkei 225 Stock Average futures expiring in June last
traded in Chicago at 17,585, down from the close of 17,600 in
Osaka and 17,605 in Singapore yesterday.


Read more at Bloomberg Stocks News

Rubber Prices Decline in Tokyo as Crude Oil Falls from Three-Week High

(Bloomberg) -- Rubber futures in Tokyo, the global
benchmark, fell for the first day in nine as prices dropped for
crude oil, which is used to make a synthetic alternative to
natural rubber.

Crude oil for July delivery fell as much as 50 cents, or
0.8 percent, to $64.73 a barrel, in after-hours electronic
trading on the New York Mercantile Exchange. The commodity
traded at $64.84 a barrel at 11:43 a.m. in Singapore, compared
with the three-week high of $67.10 on May 21.


Read more at Bloomberg Commodities News