STI 3,114 +7 +0.22%
DOW 13,170 +15 +0.11%
S&P 1,419 +0 +0.07%
FTSE 5,922 +8 +0.13%
DAX 7,531 +13 +0.18%
GOLD 1,713 -1 -0.08%
OIL 85.69 +0.12 +0.14%
PRE-HK OPEN +88pts

CREDIT SUISSE GLOBAL RISK APPETITE (EQUITY): 1.82 (7 Dec 2012)
CREDIT SUISSE GLOBAL RISK APPETITE : 2.66 (7 Dec 2012)

*DJ TCC Assets: Extends Offer Deadline for Fraser & Neave to Jan 2

Standard Chartered to pay US$327m in US sanctions case



WSJ(12/11) Delta Nears Deal For Stake In UK's Virgin Atlantic

 (From THE WALL STREET JOURNAL) By Doug Cameron and Marietta Cauchi 

Delta Air Lines Inc. is close to striking a deal to acquire a 49% stake in Virgin Atlantic Airways Ltd., a person with knowledge of the talks said, in a move that would boost the U.S. carrier's presence at London's congested Heathrow Airport and continue a run of cut-price deals to expand its network.
The No. 2 U.S. carrier by traffic is expected to acquire the stake from Singapore Airlines Ltd. for between $300 million and $500 million and retain the Virgin brand, according to the person with knowledge of the discussions.
Delta is already the largest U.S. carrier by traffic on routes to Europe and Asia, but it trails rivals AMR Corp.'s American Airlines and United Continental Holdings Inc. on services to Heathrow, the world's busiest international hub and a rich source of premium business driven by the city's financial-services sector.
Virgin is the third-largest airline at Heathrow, where takeoff and landing slots suitable for trans-Atlantic flights are a highly prized commodity as the airport is running at full capacity. Continental Airlines, a predecessor of United Continental Holdings, in 2007 paid $209 million for just four daily pairs of slots at Heathrow. Virgin controls enough slots to operate 304 flights a week.
Singapore Airlines paid GBP 600 million ($962 million) for its Virgin stake in 1999, though it didn't pursue integration with the U.K. carrier, which would remain controlled by founder Richard Branson under terms being discussed with Delta, according to the person briefed on the matter. Virgin declined to comment.
Rival British Airways, part of International Consolidated Airlines Group SA, controls almost 50% of the slots at Heathrow and is the dominant player on flights to the U.S., operated in partnership with American Airlines in a joint venture that enjoys the same antitrust immunity Delta is expected to pursue with Virgin.
A deal would see Delta's presence at Heathrow leapfrog that of United and link passengers who fly on Virgin with the U.S. carrier's expanding role in the New York market. Delta plans to open a new terminal at New York's John F. Kennedy International Airport in May and is expanding its flight offerings at La Guardia Airport.
Delta passengers would be able to connect to Virgin's long-haul routes out of London and take advantage of some new domestic short-haul flights the U.K. carrier plans to add next year.
Atlanta-based Delta had more than $5 billion in cash at Sept. 30 and has been innovative in deploying resources. It bought an oil refinery to smooth volatility in jet-fuel prices, continues to buy or lease older, used aircraft it can park if demand declines and picked up minority stakes in two Latin American carriers -- Aeromexico and Brazil's Gol -- to boost its presence in the region.