another disaster investments by CPF = ALL GONE

[madmansg]

Li & Fung Plunges After KB Toys Files for Bankruptcy (Update1)
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By Stephanie Wong

Dec. 12 (Bloomberg) -- Li & Fung Ltd. slumped the most in seven years in Hong Kong trading after U.S. client KB Toys Inc. filed for bankruptcy, saying it owes the supplier of toys and clothing $27.2 million.

Li & Fung, which also supplies Wal-Mart Inc. and Target Corp., fell 14.5 percent to HK$14.56 at the midday break in Hong Kong, headed for the biggest decline since Aug. 21, 2001, making the stock the worst performer on the benchmark Hang Seng Index.

The Hong Kong-based trader, which generates more than 60 percent of its sales in the U.S., said KB Toys owes it about $5 million. The remaining $22.2 million is owed to factories that supply Li & Fung, the company said.

“Li & Fung’s exposure to the U.S. is quite large,” Castor Pang, a strategist at Sun Hung Kai Securities Ltd. in Hong Kong, said. “A lot of companies there have issued profit warnings and more companies may come out with similar news like KB Toys.”

KB Toys, the 86-year-old toy retailer based in Pittsfield, Massachusetts, said yesterday it filed for bankruptcy with plans to close its stores because of a “sudden drop” in sales in the past two months.

The Chapter 11 filing comes three years after KB Toys ended a previous bankruptcy by closing almost half of its 1,200 stores. The chain has shut hundreds more since amid increased competition from Wal-Mart, Toys “R” Us Inc. and Target.

To contact the reporter for this story: Stephanie Wong in Shanghai at [email protected]
Last Updated: December 12, 2008 00:33 EST

 

[halsey02]

Li & Fung Plunges After KB Toys Files for Bankruptcy (Update1)
Email | Print | A A A

By Stephanie Wong

Dec. 12 (Bloomberg) -- Li & Fung Ltd. slumped the most in seven years in Hong Kong trading after U.S. client KB Toys Inc. filed for bankruptcy, saying it owes the supplier of toys and clothing $27.2 million.

Li & Fung, which also supplies Wal-Mart Inc. and Target Corp., fell 14.5 percent to HK$14.56 at the midday break in Hong Kong, headed for the biggest decline since Aug. 21, 2001, making the stock the worst performer on the benchmark Hang Seng Index.

The Hong Kong-based trader, which generates more than 60 percent of its sales in the U.S., said KB Toys owes it about $5 million. The remaining $22.2 million is owed to factories that supply Li & Fung, the company said.

“Li & Fung’s exposure to the U.S. is quite large,” Castor Pang, a strategist at Sun Hung Kai Securities Ltd. in Hong Kong, said. “A lot of companies there have issued profit warnings and more companies may come out with similar news like KB Toys.”

KB Toys, the 86-year-old toy retailer based in Pittsfield, Massachusetts, said yesterday it filed for bankruptcy with plans to close its stores because of a “sudden drop” in sales in the past two months.

The Chapter 11 filing comes three years after KB Toys ended a previous bankruptcy by closing almost half of its 1,200 stores. The chain has shut hundreds more since amid increased competition from Wal-Mart, Toys “R” Us Inc. and Target.

To contact the reporter for this story: Stephanie Wong in Shanghai at [email protected]
Last Updated: December 12, 2008 00:33 EST

Brother!, maybe my eye, paste stamps, where in the article, did it says that my CPF money went to investment in toys?

 

[2lanu]

You siao izzit... This one related to TAN BYE SICK or GIC meh...

 

[makapaaa]

Investment where got bao jiat one? U so good u take over my hubby lah! *zzzz*​

 

[singveld]

no jobs mean no toys for american kids.
no toys mean no jobs for hongkies and chinkies
who said buying things in life that you dun need is not a good thing?
J. O. B. S.

if everyone only buy thing that he need to survive, we will be like stone age man. no jobs, just hunt for food and farming. Is that what you really want?
so, get out there and buy something you dun need. Then throw away after a few years after it gather dust.

BUY BUY BUY.

 

[eeoror88]

OK. I buy another Lexus !!

 

[damnu88]

Shit hole getting bigger and bigger

http://sg.biz.yahoo.com/080908/1/4itcw.html


Temasek takes strategic stake in Hong Kong exporter
State-linked Singapore investment firm Temasek Holdings said Monday it had bought a stake in Hong Kong-based exporter Li & Fung Ltd. in a deal worth 3.9 billion Hong Kong dollars (500 million US).

Li & Fung issued a statement from Hong Kong on Sunday saying Temasek had made the investment through a wholly-owned subsidiary. A Temasek spokesperson confirmed the deal.

(Advertisement)

Under the deal, Temasek subscribed to 168 million new shares at 23.09 Kong Kong dollars each, the average closing price for the last five trading days to September 5, the Hong Kong consumer goods exporter said in its statement.

Temasek's share subscription represents 4.62 percent of Li & Fung's enlarged share capital, the statement said.

"We are very pleased to have Temasek as one of our strategic shareholders in view of its long-term approach to this investment," said Li & Fung Ltd. group managing director William Fung.

David Heng, managing director for investment at Temasek, was quoted in the statement as lauding the Hong Kong company's potential.

"With its robust business model and impressive leadership and management, we believe the company has excellent potential," Heng said.

Li & Fung said it will use the proceeds from the Temasek investment to fund further acquisitions.

Temasek is one of two investment vehicles of the Singapore government alongside the Government of Singapore Investment Corp

 

[VIBGYOR]

OK. I buy another Lexus !!

how cum you sound like Clit-ton666?

 

[madmansg]

whereever retarded SAF generals goes , disasters are at hand.