Las Vegas Sands (LVS) is a developer, owner and operator of destination casino resorts. It operates in the U.S., Macau, and Singapore. Competitors include Wynn Resorts, Limited (WYNN), MGM Resorts International (MGM), SJM (HKG:0880), Galaxy (HKG:0027) and Harrah's among others.

Continue reading Coverage Launch: $57.50 Trefis Price Estimate for Las Vegas Sands

Coverage Launch: $57.50 Trefis Price Estimate for Las Vegas Sands originally appeared on BloggingStocks on Fri, 25 Feb 2011 17:00:00 EST. Please see our terms for use of feeds.

Continue reading Emerging Opportunity Rising in Singapore

Emerging Opportunity Rising in Singapore originally appeared on BloggingStocks on Thu, 15 Jul 2010 12:00:00 EST. Please see our terms for use of feeds.

Europe is hot, if you don't look too far over your shoulder. The Dow Jones Stoxx 600 Index played well through the stock market recovery of 2009, ticking up 28% (60% from its March 2009 low). This was the index's best annual performance in a decade.

Basic resources and banks gained 100% and 46%, respectively, this year, after having turned in dismal performances the year before. China helped, as well, with its elevated economic growth forecast good for another 0.5% gain during the shortened week of Christmas.

Continue reading Good Year, Bad Decade for Europe

Good Year, Bad Decade for Europe originally appeared on BloggingStocks on Sun, 03 Jan 2010 16:50:00 EST. Please see our terms for use of feeds.

Despite last week's announcement that Wendy's/Arby's Group Inc. (WEN) would withdraw from Japan, the third largest burger chain in the U.S. isn't ready to give up on Asia altogether.

Food service management company Kopitiam Group will be bringing the Wendy's fast food chain back to Singapore after an absence of more than 10 years. The group plans to open 35 Wendy's branches in Singapore over the next decade.

Continue reading Wendy's isn't giving up on Asia

Wendy's isn't giving up on Asia originally appeared on BloggingStocks on Mon, 14 Dec 2009 17:20:00 EST. Please see our terms for use of feeds.

Now that it's reached 10.2%, the unemployment rate is higher than it's been in 26 years. That puts plenty of people on the hunt for work, especially since the unemployment rate doesn't reflect everyone who's been affected by the recession, such as those who have been unemployed too long or who are underemployed. Lacking alternatives at home, more Americans are heading overseas to find their fortunes weather the storm.

The number of people looking for international work through Manpower Inc. (MAN), the largest staffing firm in the country, has increased over the past six months. Half a year ago, Jeff Joerres, the company CEO, said that only a few dozen were looking for work outside the U.S. Now, it's up to 500. He tells USA Today, "It is a phenomenon we haven't had before."

Continue reading New U.S. export: labor

New U.S. export: labor originally appeared on BloggingStocks on Mon, 16 Nov 2009 17:00:00 EST. Please see our terms for use of feeds.

Continue reading Despite crisis, New York still viewed as financial capital of the world

Despite crisis, New York still viewed as financial capital of the world originally appeared on BloggingStocks on Fri, 30 Oct 2009 17:30:00 EST. Please see our terms for use of feeds.

Staff cuts are coming for Singapore Airlines (OTC: SINGF) with calendar Q2 "almost certain" to be a money-loser. This won't be a first for the carrier, but it's definitely rare. Since going public in 1985, SINGF has only had one quarterly loss until now. It took the SARS epidemic to put this company into the red for three months, back in 2003. According to four of the five analysts polled, there was little the company could do to avert the situation.

In a respectable move, the staff cuts are following that of the executive team, which has had 10% to 20% sliced from its salaries. An operating loss of $50 million or more for Q2 will cause staff paychecks to fall by at least 2.5%. SINGF is on the hook to cut 25% of the "monthly variable component" (MVC) that's included in staff salaries if the airline's loss pierces the $50 million threshold. MVC disappears in its entirety if the loss passes the $200 million mark. Currently, MVC accounts for only 10% of employees' total compensation.

Employees have already been chipping in to reduce the airline's costs. Pilots, for example, have sacrificed 65% of a day's pay every month, and employees in general are working shorter weeks.

But, this hasn't been enough.

Continue reading Singapore Airlines loss 'almost certain'

Singapore Airlines loss 'almost certain' originally appeared on BloggingStocks on Mon, 20 Jul 2009 10:40:00 EST. Please see our terms for use of feeds.

Continue reading Short-term interest rates fall again on Fed rate cut, dollar swap lines

Short-term interest rates fall again on Fed rate cut, dollar swap lines originally appeared on BloggingStocks on Thu, 30 Oct 2008 10:33:00 EST. Please see our terms for use of feeds.

Continue reading Suddenly, (nearly) every institutional investor in the world wants dollars

Suddenly, (nearly) every institutional investor in the world wants dollars originally appeared on BloggingStocks on Wed, 29 Oct 2008 18:20:00 EST. Please see our terms for use of feeds.

Continue reading Global Digest: ETFs that help you go global

Global Digest: ETFs that help you go global originally appeared on BloggingStocks on Wed, 06 Aug 2008 17:20:00 EST. Please see our terms for use of feeds.

This post is part of a series on some of the most memorable companies that have disappeared.

I credit Nick Leeson for creating jobs for lots of my friends. Back in 1995, when he single-handedly brought down Barings Bank with currency trading run amok, I had never heard the term "risk management." But I soon started hearing right and left of friends getting highly paid jobs at financial firms in the "risk management" department.

Apparently, after Mr. Leeson lost $1.4 billion dollars in unauthorized trading rendering Barings insolvent, financial institutions around the world decided to put in more rigorous systems of checks and balances that would keep such things from happening. Hence, newly expanded risk management departments.

Founded in 1762, Barings Bank was the oldest merchant bank in London, financed the Napoleonic Wars, and was the Queen of England's own bank.

Continue reading Companies that vanished: Barings brought down by rogue trader

Companies that vanished: Barings brought down by rogue trader originally appeared on BloggingStocks on Tue, 10 Jun 2008 12:40:00 EST. Please see our terms for use of feeds.

The disk drive business isn't exciting. But, it does generate nice cash flows.

So, over the weekend, KKR announced that it is buying Unisteel, which is a disk drive component developer in Singapore. There were other bidders at the table, such as the Carlyle Group, TPG, and Bain Capital.

The price tag: $578 million.

Unisteel is listed on the Singapore exchange. Because of low trading volume, there are many bargains to pick from -- which should be attractive to private equity players.

Also, from a strategic standpoint, the Unisteel deal is another sign of the consolidation in the global disk drive market. Essentially, scale is incredibly important.

Interestingly enough, KKR purchased MMI Holdings -- another disk drive operator -- about a year ago. So, by combining MMI and Unisteel, there should be some juicy cost savings.

Moreover, keep in mind that KKR will continue to focus on Asia. After all, the firm recently raised a $4 billion fund that is focused on the region.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates MergerBook.com.

KKR spins a buyout for Unisteel originally appeared on BloggingStocks on Sun, 08 Jun 2008 17:10:00 EST. Please see our terms for use of feeds.

After recommending yesterday that our leaders should stimulate the economy by investing in infrastructure rather than mad money stimulus, and after discussing this with some business associates, I have a few more thoughts I'd like to share.

We have been hearing that 70% of our economy has been supported by the American consumer. Congress and the President have agreed on -- or colluded, depending on who you speak with -- a bi-partisan economic stimulus package. When, and if, the check arrives in the mail, there might be short-term glee among the populous. But if it is used just to stimulate more consumption, then it will only serve to postpone the pain by some time -- perhaps a month or two.

If I get anything back, I will be using it to reduce debt or invest in equity and nothing else. I hope my fellow citizens are able to understand that reducing debt or investing in equity has some value, while consuming, that is, rushing out to buy a flat-screen television or a new PlayStation, is a complete waste of a one-time opportunity.

Continue reading Serious Money: Stimulate productivity not consumption

Serious Money: Stimulate productivity not consumption originally appeared on BloggingStocks on Thu, 06 Mar 2008 15:40:00 EST. Please see our terms for use of feeds.

The Treasury and some members of Congress are concerned that sovereign funds from the Middle East and Asia may use their investments in US banks and corporations to push their global political goals. Treasury Undersecretary for International Affairs David McCormick said the government-controlled funds may raise "legitimate national security concerns," and may distort markets if not managed properly, according to MarketWatch.

If the large funds walk away from investing in the US, especially when banks and brokerages may need more money to weather the credit crisis, finding large pools of capital may be difficult.

But, one sovereign fund, Singapore state investor Temasek, appears to be willing to agree to make official its intention to put money into US companies for only "financial" reasons. According to Reuters, "A Temasek Holdings executive told a U.S. House of Representatives subcommittee that it supports the aim of U.S. lawmakers to maintain the right balance between national security and investment flows."

Continue reading Temasek, one sovereign fund, backs down

Temasek, one sovereign fund, backs down originally appeared on BloggingStocks on Thu, 06 Mar 2008 10:20:00 EST. Please see our terms for use of feeds.

The Associated Press reports that Merrill Lynch & Co. (NYSE: MER) is in talks to accept a $5 billion investment from Singapore's Temasek Holdings. This is the latest in a string of investments from Asian and Middle Eastern government funds -- called Sovereign Wealth Funds (SWFs) -- which oversee between $2 trillion and $15 trillion.

Of the countries that are buying up big chunks of our financial system, Singapore is among the least threatening. I have visited there several times and find it a beautiful country. However, it has some puritanical social policies -- such as prohibiting people from chewing gum -- a ban it relaxed in 2002. I doubt its investment in Merrill will lead Singapore to impose its gum chewing ban on the U.S..

Merrill is soon to announce additional write-downs of assets thanks to the ratings downgrade of bond insurer ACA Financial Guarantee Holdings. One estimate suggested Merrill would write down $3 billion because ACA's lack of capital transfers the cost of bad Collateralized Debt Obligation (CDO) investments from ACA to Merrill.

But who knows? There's no reason to think we've reached the bottom -- of either the asset write-downs or the SWF buy-up of our banking system.

Peter Cohan is President of Peter S. Cohan & Associates. He also teaches management at Babson College and edits The Cohan Letter. He has no financial interest in Merrill Lynch securities.

Temasek's $5 billion stake in Merrill would be SWFs' latest advance originally appeared on BloggingStocks on Fri, 21 Dec 2007 10:00:00 EST. Please see our terms for use of feeds.

1. Asian central banks should allow faster currency appreciation to offset inflation in their home countries
2. It is becoming costlier for the central banks to enter foreign exchange market

The currency trade for 2008, as per Goldman Sachs originally appeared on BloggingStocks on Thu, 29 Nov 2007 14:02:00 EST. Please see our terms for use of feeds.