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Kelvin Blacklock, CIO at Eastspring Investments says the markets that have moved up recently are those that have seen strong earnings growth. He says these defensive markets are looking expensive while the cyclicals appear cheap.
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SYDNEY, Oct 9- Two scions of Malaysia's Genting gaming empire inked a deal on Tuesday to gain control of listed Australian wagering group Two Way Ltd as they seek to build their own casino and leisure business in southeast Asia.
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TOKYO, Oct 9- Asian shares rose on Tuesday but gains were moderated by concerns over global growth prospects, especially in the world's second-biggest economy China, and expected weak U.S. corporate earnings. The MSCI index of Asia-Pacific shares outside Japan. added 0.5 percent, pulled higher by Hong Kong and China shares which rose 1.1 percent.
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*Firmer China steel prices, restocking lift iron ore. SINGAPORE, Oct 9- Spot iron ore prices climbed to their highest in almost two months on Tuesday as steel mills from top buyer China snapped up cargoes to replenish stockpiles, encouraged by higher steel prices which also hit their loftiest since August.
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Turkish President Abdullah Gul said on Monday that the worst case scenarios between his country and Syria are now playing out, fuelling concerns that the 18- month old conflict in Syria may spread to other countries in the region.
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SINGAPORE, Oct 9- An ethnic Chinese Singapore trade union executive was sacked after she posted expletives-laden comments about Malay weddings on Facebook, remarks so offensive they prompted the prime minister and other politicians to complain.
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Singapore shares were little changed, with several brokers saying they continue to favour oil and gas stocks such as Ezion Holdings Ltd as oil prices are expected to remain favourable for exploration and production activities. Its picks are oil and gas stocks such as Sembcorp Marine Ltd, ASL Marine Holdings Ltd, STX OSV Holdings Ltd and Ezion.
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CANBERRA, Oct 9- Qantas Airways Ltd's chief executive said he was confident Australian regulators would approve a proposed alliance with Dubai's Emirates. Australia's biggest airline announced a 10- year alliance with Emirates last month that is currently under evaluation by the competition watchdog, the Australian Competition and Consumer Commission.
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TAIPEI/ HONG KONG/ SINGAPORE, October 09 Fitch Ratings has affirmed the ratings of Taishin Financial Holdings Company and its subsidiaries, Taishin International Bank and Taishin Securities Co., Ltd. The Outlooks are all Stable.
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SYDNEY, Oct 9- Australia attracted a record number of tourists in August as a flood of visitors from China defied the high local dollar, helping support spending and employment in a country fretting about a cool down in its mining boom.
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HONG KONG/ SINGAPORE, October 09 Fitch Ratings has downgraded and simultaneously withdrawn the rating on the notes of Corsair No.4 Limited Series 6 due to tranche default. The transaction is a synthetic corporate CDO referencing corporate obligations mainly in the U.S. and Europe.
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SINGAPORE Oct. 9, 2012-- Standard& Poor's Ratings Services today assigned its' BBB-' issue rating to the proposed issue of senior unsecured notes by Syndicate Bank. The rating on the notes reflects the long-term counterparty credit rating on the bank. RELATED CRITERIA AND RESEARCH-- Banks: Rating Methodology And Assumptions, Nov. 9, 2011.
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Turkish President Abdullah Gul said on Monday that the worst case scenarios between his country and Syria are now playing out, fuelling concerns that the 18- month old conflict in Syria may spread to other countries in the region.
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The broker's top picks are Ezion Holdings Ltd, Nam Cheong Ltd and Technics Oil and Gas Ltd, which it said are trading at a discount of 25-50 percent to the 2013 fiscal year price-earnings valuations for big-caps. 10:45 STOCKS NEWS SINGAPORE- OCBC raises target on Frasers Commercial Trust.
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SINGAPORE, Oct 9- U.S. 10- year Treasuries rose on Tuesday as a lacklustre performance by equities in the past couple of sessions helped ease selling pressure that had been triggered by a surprise drop in the U.S. jobless rate. The S&P 500 ended a tad lower on Friday and slipped 0.4 percent.
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*Tender closes on Oct. 19, valid until Oct. 26. SINGAPORE, Oct 9- Pakistan State Oil is seeking up to 845,000 tonnes of oil products for delivery from November 2012 to February 2013, about 50 percent more than it bought for September to December delivery, a tender document showed on Tuesday. The tender closes on Oct. 19 and is valid until Oct. 26.
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SINGAPORE, Oct 9- Pakistan State Oil is seeking 845,000 tonnes of oil products for delivery from November 2012 to February 2013, about 50 percent more than it bought for September to December delivery, a tender document showed on Tuesday.
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Stock markets gains in Asia came despite the International Monetary Fund cutting its forecast for global economic growth, just a day after the World Bank issued a warning about a slackening expansion in Asia. "Asia has grown nearly 32 in the four years since Lehman Brothers collapsed," analysts at DBS Bank Ltd. in Singapore said in a market commentary. "
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SINGAPORE Oct. 9, 2012-- Standard& Poor's Ratings Services today assigned its' A+' issue rating to a proposed issue of lower Tier 2 subordinated notes by United Overseas Bank Ltd.. The proposed issue is a drawdown from UOB's existing Singapore dollar 5 billion euro medium-term notes program.
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OCBC Investment Research raised its target price on Frasers Commercial Trust to S $1.31 from S $1.23 and maintained its' buy' rating, citing the company's possible debt reduction, an expected rise in income and attractive valuation. Frasers units were up 0.4 percent at S $1.16 on Tuesday.
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SINGAPORE, Oct 9- Pakistan State Oil is seeking 845,000 tonnes of oil products for delivery from December 2012 to February 2013, about 50 percent more than it bought for September to December delivery, a tender document showed on Tuesday.