Search Results for: Singapore

BY KEITH NUTHALL
THE PRACTICE of allowing companies to deduct bribes paid to secure contracts overseas from their domestic tax bills is still widespread, with a United Nations report saying it was allowed in 50 per cent of countries surveyed. The paper on how the organisation’s 1996 declaration against Corruption and Bribery in International Commercial Transactions said that it was however banned in Bulgaria, Canada, the Czech Republic, Germany, Iceland, Nigeria, Norway, Slovenia, South Africa, Sweden, Switzerland and the UK.…

Keith Nuthall
THE MALAYSIAN tycoon Syed Mokhtar Al-Bukhary has proposed a RM7billion (US$2bn) road network in Johor as part of long-term plans to turn the southern Malaysian state into a major international aviation and shipping hub to rival Singapore. The ambitious plan involves the construction of three dedicated roads to link Senai Airport, the two ports in the state – Tanjung Pelepas and Pasir Gudang -and the new customs, immigration and quarantine complex in Johor Baru.…

BY MARK ROWE
SINGAPORE Power is to build a power generation plant worth between Sing. $50 million and $150 million, (Pounds 20m – pounds 60m), near Melbourne in Australia’s Victoria state. The eventual capacity of the open cycle gas turbine peaking power station will range from 90 megawatts (MW) to 270 MW, although the exact final capacity has yet to be decided.…

BY MARK ROWE
THAI-JAPANESE joint venturers have floated a plan to turn a hillside in northern Thailand into one of the world’s most unlikely ski venues. Leisure Patine International Co Ltd, which has previously developed ice rinks in Thai shopping centres, has suggested that Japanese snow-making machines could be used to establish a ski slope near the town of Chiang Mai, a place better known as a haven for European and Australian backpackers.…

BY MARK ROWE
BMW has appointed a woman to head its Asian head office in Singapore, a move unprecedented in the history of the country. Birgit Maier is set to take up the position of managing director of BMW Asia in April, replacing the present chief, Felix Herrnberger.…

Keith Nuthall
WINES of SA, a non-profit organisation responsible for the promotion of South African wines, has reported that South African wine exporters are to begin targeting east Asian markets as a key to future growth.

The recent move will build on the industry’s existing successful penetration of the European markets coupled with the signing of the wine and spirits agreement between South African and the EU.…

BY MARK ROWE
TOYOTA Motors is considering buying up Inchcape Motors, a Singapore subsidiary of the world’s largest motor agency, Inchcape plc. The deal is dependent on a proposed delisting of Inchcape Motors, which distributes Toyota and Suzuki in the Asian island state.…

BY MARK ROWE
FRENCH shipping line Delmas has begun a direct link between Singapore and East Africa to take advantage of growing container trade volumes with Asia. The East Africa-Far East service provides an 11-day connection between Singapore and Mombasa, compared with other indirect services that take up to 20 days.…

BY MARK ROWE
SINGAPORE’S Changi Airport has sold its stake in New Zealand’s largest airport, contrary to recent speculation that it was seeking to raise its shareholding in Auckland International Airport. Singapore Changi Airport Enterprise said in a statement yesterday that it had sold its 7.1 per cent stake for NZ$107 million, (S$81.3 million).…

BY MARK ROWE
MALAYSIA Mining Corp, (MMC), is to pay US$505 million, (Pounds 360 million/Malaysian ringit 1.9 billion), to purchase a majority stake in Malaysia’s newest port. The 50.1 per cent stake in the Tanjung Pelepas container port is a further sign that the power and engineering group is seeking to diversify its portfolio and reduce its reliance on the mining sector.…