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CREDIT SUISSE GLOBAL RISK APPETITE (EQUITY): 1.82 (7 Dec 2012)
CREDIT SUISSE GLOBAL RISK APPETITE : 2.66 (7 Dec 2012)
11 Dec 2012 08:49
DJ MARKET TALK: Singapore Shares Set to Open Higher, But Likely Capped
0049 GMT [Dow Jones] Singapore shares could extend their rally into a fifth day but gains could be limited as investors take stock of tepid economic news that dulled sentiment on Wall Street. The STI rose 0.2% to end Monday at 3114.34, its highest close since August 2011. "Asian markets are likely to see a fairly lackluster session ahead if they take their lead from the timidity of Western markets last night. Sentiment won't be helped by Japan dipping into recession," says Jason Hughes, head of premium client management at IG Markets Singapore; "the futures market points to a positive start to the day in Singapore, with the STI set to open marginally higher this morning." The 3150 level may offer the next resistance. Meanwhile,
Fraser & Neave (
F99.SG) could be in the spotlight after Thai billionaire Charoen Sirivadhanabhakdi, bidding for control of the Singapore conglomerate, extended the deadline for his S$8.88/share offer, previously due today, to Jan. 2.
11 Dec 2012 08:27
*DJ TCC Assets: Extends Offer Deadline for
Fraser & Neave to Jan 2
Standard Chartered to pay US$327m in US sanctions case
11 Dec 2012 08:45
WSJ(12/11) Delta Nears Deal For Stake In UK's Virgin Atlantic
(From THE WALL STREET JOURNAL) By Doug Cameron and Marietta Cauchi
Delta Air Lines Inc. is close to striking a deal to acquire a 49% stake in
Virgin Atlantic Airways Ltd., a person with knowledge of the talks said, in a move that would boost the U.S. carrier's presence at London's congested Heathrow Airport and continue a run of cut-price deals to expand its network.
The No. 2 U.S. carrier by traffic is expected to acquire the stake from
Singapore Airlines Ltd. for between $300 million and $500 million and retain the Virgin brand, according to the person with knowledge of the discussions.
Delta is already the largest U.S. carrier by traffic on routes to Europe and Asia, but it trails rivals AMR Corp.'s American Airlines and United Continental Holdings Inc. on services to Heathrow, the world's busiest international hub and a rich source of premium business driven by the city's financial-services sector.
Virgin is the third-largest airline at Heathrow, where takeoff and landing slots suitable for trans-Atlantic flights are a highly prized commodity as the airport is running at full capacity. Continental Airlines, a predecessor of United Continental Holdings, in 2007 paid $209 million for just four daily pairs of slots at Heathrow. Virgin controls enough slots to operate 304 flights a week.
Singapore Airlines paid GBP 600 million ($962 million) for its Virgin stake in 1999, though it didn't pursue integration with the U.K. carrier, which would remain controlled by founder Richard Branson under terms being discussed with Delta, according to the person briefed on the matter. Virgin declined to comment.
Rival British Airways, part of International Consolidated Airlines Group SA, controls almost 50% of the slots at Heathrow and is the dominant player on flights to the U.S., operated in partnership with American Airlines in a joint venture that enjoys the same antitrust immunity Delta is expected to pursue with Virgin.
A deal would see Delta's presence at Heathrow leapfrog that of United and link passengers who fly on Virgin with the U.S. carrier's expanding role in the New York market. Delta plans to open a new terminal at New York's John F. Kennedy International Airport in May and is expanding its flight offerings at La Guardia Airport.
Delta passengers would be able to connect to Virgin's long-haul routes out of London and take advantage of some new domestic short-haul flights the U.K. carrier plans to add next year.
Atlanta-based Delta had more than $5 billion in cash at Sept. 30 and has been innovative in deploying resources. It bought an oil refinery to smooth volatility in jet-fuel prices, continues to buy or lease older, used aircraft it can park if demand declines and picked up minority stakes in two Latin American carriers -- Aeromexico and Brazil's Gol -- to boost its presence in the region.