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Samsung Takes Google Software Challenge to Televisions

Samsung Electronics Co. (005930)’s challenger to Google Inc. (GOOGL) software is moving from phones to big-screen TVs as the South Korean company tries to capitalize on the burgeoning interest in smart homes. The world’s biggest maker of TVs will unveil the first sets powered by Tizen software at the Consumer Electronics Show this week, and all the Web-connected models it sells this year will run the operating system. The company also may demonstrate at CES how the TVs communicate with its washing machines, refrigerators and vacuum cleaners. The controlling Lee family is trying to reinvent Samsung as a purveyor of Internet-connected appliances to grab share of a market that may be worth $7.1 trillion by 2020. Samsung wants to generate revenue from Tizen applications and services just as Apple Inc. (AAPL) and Google do from their operating systems, and the Suwon-based company is emphasizing TVs and consumer electronics after falling a year behind schedule on a Tizen-based phone. “In

Ringgit Declines to Five-Year Low as Demand for Dollar Increases

Malaysia’s ringgit fell to a five-year low as a gauge of the dollar climbed to a record amid diverging monetary policies in the U.S. and Europe. The Bloomberg Dollar Spot Index, which tracks the greenback against 10 major counterparts, rose to the highest level since its inception in 2004 after European Central Bank President Mario Draghi last week signaled the prospect of government bond purchases. The Federal Reserve halted its debt-buying program last year and is likely to raise interest rates in 2015. Malaysia reports export data this week and a second straight monthly contraction is forecast. “Asian currencies, including the ringgit, are weaker because of the dollar’s strength,” said Saktiandi Supaat, head of foreign-exchange research at Malayan Banking Bhd. in Singapore. “Falling exports will also weigh on the ringgit.” The ringgit depreciated 0.5 percent to 3.5338 a dollar in Kuala Lumpur after last week’s 0.7 percent loss, according to data compiled by Bloomberg. It touched

Singapore Office Rent to Gain Most in Four Years: Southeast Asia

Singapore’s prime office rents are set to post their biggest increase in at least four years in 2014, and may extend gains this year in a supply-constrained market. The office rent index for prime areas rose 8.7 percent in the first nine months of last year, heading for its largest gain since 2010, when it was up 12 percent, according to data from the Urban Redevelopment Authority. A limited supply of new prime office space over the past two years, compared with demand from companies seeking central office locations, may push 2014’s rental increase as high as 14 percent, according to real estate broker Savills Plc. (SVS) The same restricted supply will probably prevail this year and next, even if demand cools a little as the economy slows. “Going into 2015, demand would almost match supply for prime office space, making the office market fundamentally sound,” said Alan Cheong, a Singapore-based director at Savills. He said landlords are in a strong position to resist demands for lo

Indonesia Doubling Transport Budget With $10 Billion Fuel Saving

Indonesia will save about $10 billion from the biggest overhaul of its decades-old fuel subsidy system, allowing the government to double spending on transportation, agriculture and public works, the energy minister said. The finance ministry estimates that at least 120 trillion rupiah ($10 billion) in savings will be made this year, and the number will increase in coming years, said Energy and Mineral Resources Minister Sudirman Said in a Bloomberg Television interview with Angie Lau today. “What happened is shifting the subsidy from consumption into more productive spending,” the minister said. “Because of the policy this year 2015, the public works, the transportation sector and the agriculture will double the capital expenditure budget.” President Joko Widodo scrapped the subsidy for gasoline on Jan. 1 and capped the amount of aid for diesel, joining India and Malaysia in taking advantage of plunging oil prices to wean their nations off government subsidized fuel. Indonesia had

Euro Slides to Weakest Since 2006 on ECB, Greece as Dollar Gains

The euro fell to the weakest in almost nine years against the dollar amid speculation the European Central Bank is moving closer to large-scale bond purchases. The shared currency slid as much as 1.2 percent today after President Mario Draghi last week gave his clearest signal the ECB will start quantitative easing. The euro also weakened as Greece began an election campaign that may see victory by an anti-austerity party. A gauge of the dollar headed for its highest ever close as the Federal Reserve moves toward raising interest rates. New Zealand’s dollar and South Africa’s rand fell along commodity currencies “The reasons to be selling the euro were pretty clear over the weekend: Draghi being a step closer to QE and deepening concerns about the Greek political situation,” said Sean Callow, a currency strategist at Westpac Banking Corp. in Sydney. “The euro was so close to such a keenly watched round number as $1.20 that we didn’t need any fresh news to tip us over the cliff.” Th

Euro Wild Ride to ’06 Low Shows Risk Forecasts Undershooting By Kevin Buckland and Hiroko Komiya Jan 5

The euro’s stunning start to the week highlights the risk that currency bears will repeat the mistakes of last year by predicting too conservative a drop in 2015. The single currency slumped to $1.1864, the lowest since March 2006, at 7 a.m. Tokyo time. The drop of as much as 1.2 percent from its previous close, which analysts said wasn’t prompted by any fresh news, put the 19-nation euro within reach of the median estimate of $1.18 for this year-end among more than 50 strategists surveyed by Bloomberg News. Trading patterns suggest the euro-dollar pair, the world’s most-traded, could reach the 2005 low of $1.1640 if it closes below $1.18 this week. The euro added to its biggest annual decline since 2005 amid speculation the European Central Bank is closer to starting large-scale government bond purchases, while the Federal Reserve prepares to raise interest rates from a record low near zero. ECB President Mario Draghi last week gave his strongest hint yet that quantitative easing c

Blackstone’s GSO Commits Up to $500 Million for Oil Drilling

Three weeks after Chairman Steve Schwarzman said it’s going to be the best time in years to invest in energy, Blackstone Group LP (BX) is putting money to work. Blackstone’s $70 billion credit arm, GSO Capital Partners, committed as much as $500 million to fund oil and natural gas development for Linn Energy LLC (LINE), according to a statement today. The Houston-based energy producer rose as much as 18 percent after the announcement, after losing almost 70 percent of its value in six months as crude prices plummeted. Private equity firms, while taking steps to shore up energy companies in their portfolios, are hunting for investments in oil and gas producers after Brent tumbled more than 50 percent since June. Energy presents the best opportunity for Blackstone in many years, especially for the New York-based firm’s credit unit, Schwarzman said at a Dec. 11 conference. “There are a lot of people who borrowed a lot of money based on higher price levels, and they’re going to need mor