February 27, 2012, 10:33 PM EST
By Chong Pooi Koon
(Updates with analyst’s reaction in seventh paragraph.)
Feb. 28 (Bloomberg) — CIMB Group Holdings Bhd., Malaysia’s second-biggest bank, said fourth-quarter profit surged 30 percent to a record on increased lending as it seeks to grow its Asia-Pacific reach.
The Kuala Lumpur-based bank is in talks to buy part of the Royal Bank of Scotland Plc’s investment banking and securities business in the region, CIMB Chief Executive Officer Nazir Razak told reporters in Kuala Lumpur yesterday. It’s simultaneously in negotiations to acquire a stake in Manila-based Bank of Commerce, he said, declining to give details on both deals.
Net income climbed to 1.13 billion ringgit ($374 million), or 15.2 sen per share, in the three months ended Dec. 31 from 872.6 million ringgit, or 11.8 sen per share, a year earlier, the company said in an exchange filing. It declared a higher dividend of 10 sen per share, compared with 8 sen previously.
“I think 2012 could surprise on the upside as most of the downside risks are already quite visible,” Nazir said in a separate e-mailed statement. “The investment banking deal pipeline is good,” he told reporters.
CIMB wants to extend its regional reach after being Malaysia’s top underwriter for equity and rights offerings in the past three years. It has made acquisitions in Singapore, Thailand and Indonesia in the last seven years and may be one of two remaining bidders for RBS’s Asian equities, mergers and acquisitions businesses as well as its research arm, the Financial Times reported Feb. 7, citing people it didn’t name.
Philippine Talks
The Malaysian group is in separate talks with San Miguel Corp. and other shareholders to buy a 60 percent stake in Bank of Commerce, a person with knowledge of the matter said last month. It was the 16th largest lender in the Philippines by assets as of June 30 with 122 branches, according to the county’s central bank.
“Management again reassured that both mergers and acquisitions if successful won’t be financed through equity,” UOB-Kay Hian Holdings Ltd. said in a report today. “Financing will come mostly through internal funds.”
UOB upgraded the stock to “hold” and increased its price target to 6.90 ringgit from 6.20 ringgit, still below its unchanged market price of 7.14 ringgit at 11:05 a.m. in Kuala Lumpur trading today. Hong Leong Investment Bank Bhd. boosted its price target for CIMB to 7.78 ringgit from 7.69 ringgit, according to a separate broking report.
CIMB joined other Malaysian lenders Malayan Banking Bhd. and Public Bank Bhd. in posting increased earnings for the quarter as a domestic economy that expanded 5.1 percent last year helped spur demand for loans and financing. Hong Leong Bank Bhd. yesterday reported a 31 percent jump in quarterly net income, while RHB Capital Bhd. is expected to report today.
Net interest income, or revenue from borrowers after deducting interest paid to depositors, increased 7 percent to 1.76 billion ringgit in the quarter, CIMB said. Allowances for impairment losses on loans and financing grew 73 percent to 289 million ringgit, the company said.
–Editors: Barry Porter, Chan Tien Hin
To contact the reporter on this story: Chong Pooi Koon in Kuala Lumpur at pchong17@bloomberg.net
To contact the editor responsible for this story: Barry Porter in Kuala Lumpur at bporter10@bloomberg.net
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2012年2月19日星期日
World body blacklists Thailand for money laundering, terrorism financing
Thailand was yesterday identified by an intergovernmental organisation as uncooperative in the global efforts to combat money-laundering and terrorism financing.
The move came only days after bomb blasts in Bangkok and discovery of explosive devices linked to terrorism.
The Paris-based Financial Action Task Force (FATF), in its statement on Thursday (yesterday Bangkok time), said Thailand was one of 15 countries that have begun taking steps to combat terrorist financing and money-laundering but have yet to make sufficient progress in addressing the deficiencies in their regulations.
Deputy Premier and Finance Minister Kittiratt Na-Ranong yesterday expressed concern that the move could adversely affect Thailand’s image and its economy.
He said the government would ask the Anti-Money Laundering Office to explain the situation.
“As far as I know, Thailand has been requested by the FATF to issue an anti-money-laundering law that complies with international standards but we have failed to do so, which led to the country being blacklisted,” Kittiratt said.
Songtham Pinto, director of the Bank of Thailand’s macro-economy division, said he expected short-term negative impact on tourism as a result of the FATF move and the earlier bomb scare in Bangkok, which was linked to international terrorism.
Siam Commercial Bank president Kannika Chalit-aphon urged the government to expedite the legislation.
She expected the impact on investor confidence to be short-term.
“There could be some worries and impacts on investments in certain industries. It is not a big problem,” she said.
Tevin Vongvanich, chief financial officer of PTT, said the company was evaluating the expected impact on the company’s financial transactions after Thailand was listed among watch-list countries that are not active in enforcing legislation to combat money-laundering and terrorism financing.
In general, the transactions may take a longer time for financial scrutiny.
However, PTT is confident that the downgrade will not affect its financial-transaction costs.
“At PTT, we believe that our existing customers understand this matter, and this will not affect the financial transactions between us and existing clients. But we may have to explain more to new clients,” he said.
Paiboon Nalintharangkul, chairman of the Federation of Thai Capital Market Organisations (FeTCO), said the government would have to pay attention to this and proceed with an amendment to its money-laundering law.
Being on such a blacklist could affect the competitiveness of the private sector, he said, while investing overseas may require more complicated procedures.
Foreign investors may not be concerned about this and foreign capital will continue to flow in, seeking higher returns as the country’s economic fundamentals are sound, he explained.
On the contrary, there may be a problem for capital outflow, he said.
For example, wealth management and private funds or funds with overseas investment policies may find difficulties investing overseas due to likely more complicated procedures for checking sources of investment.
Opposition Democrat politician Korbsak Sabhavasu, formerly a deputy prime minister, said this latest development was not good for Thailand’s reputation, as most of the countries identified by the FATF as uncooperative had a negative image regarding money-laundering and terrorism financing.
The Ministry of Foreign Affairs yesterday cancelled its news conference on the matter.
In its statement, the FATF said: “Despite Thailand’s high-level political commitment to address its strategic deficiencies, Thailand has not made sufficient progress in implementing its action plan, and certain strategic deficiencies remain.”
It recommended that Thailand should adequately criminalise terrorist financing, establish and implement adequate procedures to identify and freeze terrorist assets, and further strengthen supervision of money-laundering and terrorism financing.
In addition to Thailand, the other countries on the latest FATF list of non-cooperative countries are Bolivia, Burma, Cuba, Ethiopia, Ghana, Indonesia, Kenya, Nigeria, Pakistan, Sao Tome and Principe, Sri Lanka, Syria, Tanzania, and Turkey.
-The Nation/Asia News Network
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The move came only days after bomb blasts in Bangkok and discovery of explosive devices linked to terrorism.
The Paris-based Financial Action Task Force (FATF), in its statement on Thursday (yesterday Bangkok time), said Thailand was one of 15 countries that have begun taking steps to combat terrorist financing and money-laundering but have yet to make sufficient progress in addressing the deficiencies in their regulations.
Deputy Premier and Finance Minister Kittiratt Na-Ranong yesterday expressed concern that the move could adversely affect Thailand’s image and its economy.
He said the government would ask the Anti-Money Laundering Office to explain the situation.
“As far as I know, Thailand has been requested by the FATF to issue an anti-money-laundering law that complies with international standards but we have failed to do so, which led to the country being blacklisted,” Kittiratt said.
Songtham Pinto, director of the Bank of Thailand’s macro-economy division, said he expected short-term negative impact on tourism as a result of the FATF move and the earlier bomb scare in Bangkok, which was linked to international terrorism.
Siam Commercial Bank president Kannika Chalit-aphon urged the government to expedite the legislation.
She expected the impact on investor confidence to be short-term.
“There could be some worries and impacts on investments in certain industries. It is not a big problem,” she said.
Tevin Vongvanich, chief financial officer of PTT, said the company was evaluating the expected impact on the company’s financial transactions after Thailand was listed among watch-list countries that are not active in enforcing legislation to combat money-laundering and terrorism financing.
In general, the transactions may take a longer time for financial scrutiny.
However, PTT is confident that the downgrade will not affect its financial-transaction costs.
“At PTT, we believe that our existing customers understand this matter, and this will not affect the financial transactions between us and existing clients. But we may have to explain more to new clients,” he said.
Paiboon Nalintharangkul, chairman of the Federation of Thai Capital Market Organisations (FeTCO), said the government would have to pay attention to this and proceed with an amendment to its money-laundering law.
Being on such a blacklist could affect the competitiveness of the private sector, he said, while investing overseas may require more complicated procedures.
Foreign investors may not be concerned about this and foreign capital will continue to flow in, seeking higher returns as the country’s economic fundamentals are sound, he explained.
On the contrary, there may be a problem for capital outflow, he said.
For example, wealth management and private funds or funds with overseas investment policies may find difficulties investing overseas due to likely more complicated procedures for checking sources of investment.
Opposition Democrat politician Korbsak Sabhavasu, formerly a deputy prime minister, said this latest development was not good for Thailand’s reputation, as most of the countries identified by the FATF as uncooperative had a negative image regarding money-laundering and terrorism financing.
The Ministry of Foreign Affairs yesterday cancelled its news conference on the matter.
In its statement, the FATF said: “Despite Thailand’s high-level political commitment to address its strategic deficiencies, Thailand has not made sufficient progress in implementing its action plan, and certain strategic deficiencies remain.”
It recommended that Thailand should adequately criminalise terrorist financing, establish and implement adequate procedures to identify and freeze terrorist assets, and further strengthen supervision of money-laundering and terrorism financing.
In addition to Thailand, the other countries on the latest FATF list of non-cooperative countries are Bolivia, Burma, Cuba, Ethiopia, Ghana, Indonesia, Kenya, Nigeria, Pakistan, Sao Tome and Principe, Sri Lanka, Syria, Tanzania, and Turkey.
-The Nation/Asia News Network
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2012年1月2日星期一
Fitch raises Indonesia’s rating to investment grade
Ratings agency Fitch on Thursday lifted Indonesia‘s sovereign debt rating from BB+ to BBB-, as Southeast Asia‘s largest economy shows signs of “strong and resilient economic growth”.
The country regained investment grade rating after a period of 14 years.
“The upgrades reflect the country’s strong and resilient economic growth, low and declining public debt ratios… and a prudent overall macro policy framework,” said Philip McNicholas, director of the agency’s Asia-Pacific Sovereign Ratings group.
Indonesia’s gross domestic product is expected to grow at more than six percent a year until 2013, driven by strong domestic demand and lower reliance on short-term external financing.
It also said favourable interest rates would give the authorities greater flexibility in responding to the global economic slowdown.
Indonesia lost the investment grade rating in December 1997, during the Asian financial crisis.
Economists said the ratings upgrade could attract greater foreign investment into Indonesia.
“It is definitely good news for Indonesia. I am sure this will be followed by other rating agencies. When that happens, there will be more foreign capital flooding Indonesia, such as mutual funds,” Standard Chartered’s senior economist in Jakarta, Fauzi Ichsan, told AFP.
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The country regained investment grade rating after a period of 14 years.
“The upgrades reflect the country’s strong and resilient economic growth, low and declining public debt ratios… and a prudent overall macro policy framework,” said Philip McNicholas, director of the agency’s Asia-Pacific Sovereign Ratings group.
Indonesia’s gross domestic product is expected to grow at more than six percent a year until 2013, driven by strong domestic demand and lower reliance on short-term external financing.
It also said favourable interest rates would give the authorities greater flexibility in responding to the global economic slowdown.
Indonesia lost the investment grade rating in December 1997, during the Asian financial crisis.
Economists said the ratings upgrade could attract greater foreign investment into Indonesia.
“It is definitely good news for Indonesia. I am sure this will be followed by other rating agencies. When that happens, there will be more foreign capital flooding Indonesia, such as mutual funds,” Standard Chartered’s senior economist in Jakarta, Fauzi Ichsan, told AFP.
http://tourism9.com/
2011年12月30日星期五
Update: Travel & Adventure Show Explores New Territory for 2012
ROSEMONT, IL–(Marketwire -12/29/11)- The nation’s largest travel and adventure show returns to Chicago January 28-29 for its eighth consecutive year with new additions and returning favorites. Between well-known travel experts, adventurous activities, more than 120 world-class destinations on exhibit and non-stop cultural music and dance performances, guests will uncover unlimited inspiration and information to plan their next vacation.
New additions this year include appearances by travel insiders like Samantha Brown (host of multiple shows on The Travel Channel), Patricia Schultz (author of 1,000 Places To See Before You Die) and Marc Peyser (editor at Arthur Frommer’s Budget Travel magazine.) Travel Agency Partner AAA Chicago will be featuring seminars on personalized African safari tours, guided European vacations and cruising at the AAA Travel Theater. Also debuting is an audience “cook-off” hosted by Chicago native and Travel Channel star Mark DeCarlo, with the winner receiving a vacation to the Mexican Yucatan. Crowd favorites return, such as free scuba diving and rock wall climbing, along with non-stop music and dance and more than 120 exhibits of amazing destinations from every continent.
“Whether it’s a short weekend getaway to Wisconsin or traveling to Tanzania next summer, the Travel & Adventure Show brings together an amazing array of travel ideas and expert advice,” said John Golicz, CEO for Unicomm, which produces the event in five cities nationally. “Chicago is always one of our largest events, and we’re looking forward to bringing great information and entertainment to our guests.”
Must-see stops on your itinerary at the show include:
The Travel and Adventure Show is the longest-running series of consumer travel events in the U.S., with shows in Los Angeles, San Francisco Bay Area, Dallas and Washington D.C. The national magazine sponsor is Arthur Frommer’s Budget Travel. For more information on attending or exhibiting in the event, please visit www.adventureexpo.com/Chicago or call 203-878-2577 x100.
This article is from http://tourism9.com/
New additions this year include appearances by travel insiders like Samantha Brown (host of multiple shows on The Travel Channel), Patricia Schultz (author of 1,000 Places To See Before You Die) and Marc Peyser (editor at Arthur Frommer’s Budget Travel magazine.) Travel Agency Partner AAA Chicago will be featuring seminars on personalized African safari tours, guided European vacations and cruising at the AAA Travel Theater. Also debuting is an audience “cook-off” hosted by Chicago native and Travel Channel star Mark DeCarlo, with the winner receiving a vacation to the Mexican Yucatan. Crowd favorites return, such as free scuba diving and rock wall climbing, along with non-stop music and dance and more than 120 exhibits of amazing destinations from every continent.
“Whether it’s a short weekend getaway to Wisconsin or traveling to Tanzania next summer, the Travel & Adventure Show brings together an amazing array of travel ideas and expert advice,” said John Golicz, CEO for Unicomm, which produces the event in five cities nationally. “Chicago is always one of our largest events, and we’re looking forward to bringing great information and entertainment to our guests.”
Must-see stops on your itinerary at the show include:
- Domestic and International Exhibitors — Representatives from Africa, Asia, Canada, the Caribbean, Central and South America, India, Indonesia, Israel, Mexico, the Philippines, Turkey and the South Pacific join domestic destinations from Alaska to West Virginia. Tour operators who can give you expert advice on countless other locales will also be on-hand. “Computer research is one thing, but there’s nothing like talking to someone face-to-face who has been where you want to go,” said Golicz.
- Fiery Foods Challenge — Local chefs representing some of the destinations you’ll find at the show will be on hand to cook traditional “hot” dishes. Audience members will sample these spicy creations and vote for their favorites, as well as take home the recipes to try them at home.
- Mark DeCarlo Interactive Cooking Class and Competition — The host of the Travel Channel show “Taste of America” and author of “A Fork In The Road” will select three lucky audience members at random to recreate a dish of Mark’s choosing — right on the spot. The winner (chosen by the audience) will win an all-inclusive Yucatan vacation!
- Scuba Do! — Scuba diving in the world’s largest mobile scuba diving pool (no matter HOW cold it is outside, this pool — all 15,000 gallons of it! — is a toasty 72 degrees, mimicking the temperatures of Bonaire in the Caribbean.) All equipment is provided, even hair dryers.
- Global Beats Stage — musical and dance performances will transport you to an exotic destination, running non-stop throughout the show
The Travel and Adventure Show is the longest-running series of consumer travel events in the U.S., with shows in Los Angeles, San Francisco Bay Area, Dallas and Washington D.C. The national magazine sponsor is Arthur Frommer’s Budget Travel. For more information on attending or exhibiting in the event, please visit www.adventureexpo.com/Chicago or call 203-878-2577 x100.
This article is from http://tourism9.com/
The 7th Annual Los Angeles Travel & Adventure Show(TM) Packs Heat With an International Fiery Foods Challenge
LONG BEACH, CA–(Marketwire -12/28/11)- Any travel experience would be far from complete without exploring the destination’s cuisine. Accordingly, the Los Angeles Travel & Adventure Show ™, taking place at the Long Beach Convention Center on January 14-15, will feature delicious, interactive demonstrations at the Culinary Stage. The International Fiery Foods Challenge invites guests to take their taste buds to the limit, sampling mouth-watering recipes from around the world. Guests can also participate in a high-stakes cooking competition and learn travel tips for foodies.
The International Fiery Foods Challenge brings together local chefs representing destinations found at the show. From familiar cuisine to the exotic, all dishes will have a delightful kick. The demonstrated foods are Frikadelle (a sort of German meatball), Spicy Tequila Marinated Prawns, Rendang Padang (Indonesian Caramelized Beef Curry), and Medjool Dates with chorizo, mascarpone and Tunisian harissa (a chili sauce). Participating chefs are Kai Loebach of CurryWurst, Amir Thomas of Duo Dishes, SriAdriani ‘Jenny’ Martono of Indonesia Tourism, and Tracey Augustine of Cashmere Bites. After tasting, guests can vote for their favorites and take home the recipes to recreate them.
The Mark DeCarlo Interactive Cooking Class and Competition will follow the Fiery Foods Challenge. Three lucky audience members will be picked from a drawing to prove their kitchen skills right on the spot, recreating a dish of Mark’s choosing. The audience will vote for the best cook, who will win an all-inclusive Yucatan vacation.
The Culinary Stage has good eats for Sunday’s show-goers as well. The Taiwan Tourism Bureau will hold a “Taiwan Popcorn Chicken” demonstration with Chef Frances Lee of the Mighty Boba Truck. Then, Ventura based Chef Jason Collis will host “Farm to Table – Luscious Lemon and Avocado Taste Sensations from 120-year-old, Sustainable Limoneira Ranch.” And, see a top Herradura Tequila ambassador demonstrate Tequila pairing tips. Following this demo, attendees can meet the brand ambassador and taste samples at the Herradura Tequila bar next to the Los Angeles magazine booth. Also not to be missed is “Travel for Foodies – Tips, Trends, and Tools for the Culinary Traveler,” with food and travel experts Michael Cervin, Linda Kissam, Dr. Kathy Gruver, and Chef Allan Cragg.
In addition, the Los Angeles Travel & Adventure Show will feature talks by some of the world’s most beloved travel personalities, including Samantha Brown, Andrew Zimmern, Peter Greenberg, Pauline Frommer, Mark DeCarlo, and Patricia Schultz. Attendees can enjoy cultural performances and participate in a variety of activities including scuba lessons from Beadiver.com, a 25′ rock climbing wall, zip line, and children’s activities area. The five-acre show floor will be packed with more than 400 destinations, tour operators and travel professionals providing one-on-one consultations on visiting destinations as near as Catalina Island and as far as Indonesia.
The 2012 Los Angeles Travel & Adventure Show’s™ Presenting Sponsor is the Taiwan Tourism Bureau. Supporting Sponsors include Air Berlin/Visit Berlin, Guam Visitors Bureau, Indonesia Tourism, Turkish Culture and Tourism Office. Los Angeles Magazine, NBC4 LA, Los Angeles Consortium of Online Travel (LACOT), Press-Telegram, KABC-AM and KLOS-FM are the flagship Media Sponsors. The event, produced by Unicomm, LLC, will take place at the Long Beach Convention Center Saturday, January 14th and Sunday, January 15th, 2012, 10:00 a.m. to 5:00 p.m.; travel trade may enter the show on Saturday, January 14th at 9:30am for an advance preview or attend during regular show hours. Tickets are $12 at the door or $9 online in advance with Promo Code: LAPR; children age 16 and below admitted free with paid adult. Ticket purchase information, a current schedule of speakers and more details are available at www.latravelshow.com.
This article is from http://tourism9.com/
The International Fiery Foods Challenge brings together local chefs representing destinations found at the show. From familiar cuisine to the exotic, all dishes will have a delightful kick. The demonstrated foods are Frikadelle (a sort of German meatball), Spicy Tequila Marinated Prawns, Rendang Padang (Indonesian Caramelized Beef Curry), and Medjool Dates with chorizo, mascarpone and Tunisian harissa (a chili sauce). Participating chefs are Kai Loebach of CurryWurst, Amir Thomas of Duo Dishes, SriAdriani ‘Jenny’ Martono of Indonesia Tourism, and Tracey Augustine of Cashmere Bites. After tasting, guests can vote for their favorites and take home the recipes to recreate them.
The Mark DeCarlo Interactive Cooking Class and Competition will follow the Fiery Foods Challenge. Three lucky audience members will be picked from a drawing to prove their kitchen skills right on the spot, recreating a dish of Mark’s choosing. The audience will vote for the best cook, who will win an all-inclusive Yucatan vacation.
The Culinary Stage has good eats for Sunday’s show-goers as well. The Taiwan Tourism Bureau will hold a “Taiwan Popcorn Chicken” demonstration with Chef Frances Lee of the Mighty Boba Truck. Then, Ventura based Chef Jason Collis will host “Farm to Table – Luscious Lemon and Avocado Taste Sensations from 120-year-old, Sustainable Limoneira Ranch.” And, see a top Herradura Tequila ambassador demonstrate Tequila pairing tips. Following this demo, attendees can meet the brand ambassador and taste samples at the Herradura Tequila bar next to the Los Angeles magazine booth. Also not to be missed is “Travel for Foodies – Tips, Trends, and Tools for the Culinary Traveler,” with food and travel experts Michael Cervin, Linda Kissam, Dr. Kathy Gruver, and Chef Allan Cragg.
In addition, the Los Angeles Travel & Adventure Show will feature talks by some of the world’s most beloved travel personalities, including Samantha Brown, Andrew Zimmern, Peter Greenberg, Pauline Frommer, Mark DeCarlo, and Patricia Schultz. Attendees can enjoy cultural performances and participate in a variety of activities including scuba lessons from Beadiver.com, a 25′ rock climbing wall, zip line, and children’s activities area. The five-acre show floor will be packed with more than 400 destinations, tour operators and travel professionals providing one-on-one consultations on visiting destinations as near as Catalina Island and as far as Indonesia.
The 2012 Los Angeles Travel & Adventure Show’s™ Presenting Sponsor is the Taiwan Tourism Bureau. Supporting Sponsors include Air Berlin/Visit Berlin, Guam Visitors Bureau, Indonesia Tourism, Turkish Culture and Tourism Office. Los Angeles Magazine, NBC4 LA, Los Angeles Consortium of Online Travel (LACOT), Press-Telegram, KABC-AM and KLOS-FM are the flagship Media Sponsors. The event, produced by Unicomm, LLC, will take place at the Long Beach Convention Center Saturday, January 14th and Sunday, January 15th, 2012, 10:00 a.m. to 5:00 p.m.; travel trade may enter the show on Saturday, January 14th at 9:30am for an advance preview or attend during regular show hours. Tickets are $12 at the door or $9 online in advance with Promo Code: LAPR; children age 16 and below admitted free with paid adult. Ticket purchase information, a current schedule of speakers and more details are available at www.latravelshow.com.
This article is from http://tourism9.com/
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