The Business Times, 17 June 2006

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Total Pages: 20
1 20 The Business Times
  • 17 1 THE BUSINESS TIMES SINGAPORE 85 cents MICA (P) 099/03/2006 online at http: /business times.asial.com.sg June 17-18, 2006
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  • 1019 1  -  New rules bump up tax bill significantly for American expats in Singapore and other lower-tax countries By ANNA TEO [SINGAPORE] The American expatriate community is up in arms over a new US law that results in an immediate and hefty hike in their tax
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  • 134 1 STI 2.373.91 (+71.48) ST INDEX FUTURES 2,375.00 (+72.00) siMsa 283.93 (+9.28) SIMSa FUTURES 284.80 (+9.00) MARKETS Friday Change KLSECOMP 893.50 ♦7.02 NIKKEI 225 14,879.34 +408.58 HANG SENG 15.842.65 +407.57 SET INDEX 665.39 +17.07 JAKARTA COMP 1,309.53 +67.88 MANILA COMP 2.121.47 +39.67 SEOUL COMP 1,262.19 +42.79 SHENZHENIB 282.65 +6.68
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  • 492 1  -  By R SIVANITHY [SINGAPORE] It used to be Greenspan, now it's Bernanke. Thanks to soothing comments by the new US Federal Reserve chairman regarding US inflation. Wall Street roared baci on Thursday after almost two weeks of relentless selling. And it's a rebound
    Source: Bloomberg  -  492 words
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  • TOP STORIES
    • 855 2  -  Open skies could be among topics of review next month By NANDE KHIN in Sydney THE Singapore-Australian Free Trade Agreement (Safta) due for review next month has to be updated iij the context of strengthening the wider strategic between the Jwb
      STEPHANIE YEOW / ST  -  855 words
    • 30 2 BT print subscribers get free access to the Business Times Online. To activate your account log on to .com.sg. For more information, e-mail btocsOsph.com .sg or call 6388-3838.
      30 words
    • 954 2  -  SATURDAY SOAPBOX SURESH MENON Foreign Editor THE waves caressing the coral beach are crystal clear. It's sunny, as always, and pleasantly cold. Maseratis and Lamborghinis roar along the serpentine roads near the beach. In the city centre, tourists are watching
      954 words
    • 395 2 Cambridge Industrial Trust delays IPO CAMBRIDGE Industrial Trust (CIT), a real estate investment trust that is gearing up for a Singapore listing, has decided to delay its initial public offering. It is now assessing the market, in consultation with its financial advisers, for an appropriate opportunity to launch
      395 words
    • 370 2 Source: The Globali Water, water everywhere Nearly 80 per cent of the earth is covered by water —and approximately 97 per cent of afl water on earth is saltwater. The vast saltwater regions are divided into five large oceans. We wonder What ocean has the bryest basin? ANSWERS: A.
      Source: The Globali  -  370 words
  • Page 2 Advertisements
    • 795 2 k >AT^ NOTICES GULTECHNOLOGIES SINGAPORE LTD (Incorporated in the Republic of Singapore) Company Registration No. *****3137E NOTICE OF EXTRAORDINARY GENERAL MEETING NOTICE IS HEREBY GIVEN that an EXTRAORDINARY GENERAL MEETING of Gul Technologies Singapore Ltd (the "Company") wtil be held at 9 Oxley Rise, 1 Storey Foyer, Podium Block, The
      795 words

  • RAFFLES CONVERSATION
    • 1995 3  -  Sri Sri Ravi Shankar, the founder and head of the Art of Living Foundation, explains to VIKRAM KHANNA why he believes there is nothing inconsistent between business and spirituality VIKRAM KHANNA ON THE evening of April 15, the cavernous sixth-floor auditorium at Suntec City
      ARTHUR LEE  -  1,995 words
    • 253 3 'When you're happy, you 're not sure you 're happy. But when you 're depressed. you're very sure you're depressed.' 'When you share your misery, it will not diminish. But when you fail to share your joy, it diminishes.' \Rich people share
      253 words
  • Page 3 Advertisements
    • 61 3 Raffles INTERNATIONAL Hotels Resorts The Raffles Conversation is brought to you through a special arrangement with Raffles International Hotels and Resorts. The Traveller's Palm in the Raffles International logo is an apt symbol. Not only has water stored at the base of this palm provided sustenance, the leaves rest in
      61 words

  • COMPANY NEWS
    • 944 4  -  NEWS ANALYSIS What happened to its failed foray there 30 years ago? MELISSA LOH offers some possible answers as the retailer plans to return to Malaysia MELISSA LOH Despite being a household name in Singapore, few will recall that Robinsons had a store in
      FILE PHOTO  -  944 words
    • 285 4  -  By ARTHUR SIM LASSETERS International Holdings, the first gaming company to be listed in Singapore, is acquiring Wharf Casino in Queenstown, New Zealand. Listed on Sesdaq in 2004, Lasseters whose major owners are the Indonesian Chinese Tan brothers now based in
      285 words
    • 503 4  -  By LESLIE YEE CAMBRIDGE Industrial Trust (CIT), a real estate investment trust (Reit) that fe gearing up for a Singapore listing, has decided to delay its initial public offering (IPO). "We have delayed the IPO because of the current volatile market conditions," said Leong Weng
      503 words
    • 382 4  -  By TEH HOOI LING SINGAPORE investors will have a chance to get exposure to the A-shares listed in Shenzhen come Monday. Societe Generale (SocGen) is launching a call warrant linked to the Shenzhen SI 100 Index Fund here. "This is another alternative for investors
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    • 181 4 GUOCOLAND has sold the 20-storey Robinson Centre for $145 million to a fund managed by Keppel Land's subsidiary, Alpha Investment Partners. The acquisition price for the property, which stands on a site with remaining lease of about 90 years, works out to $1,115 psf
      181 words
    • COMPANY BRIEFS
      • 33 4 WESTCOMB Financial Group expects its profit for the first six months ending in June to be "substantially lower" year-on-year due mainly to a decrease in new IPO engagements.
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      • 59 4 CAPITALAND has appointed Wong Heang Fine as CEO of Capita Land Integrated Leisure, Entertainment and Conventions. He will spearhead efforts to bid for the Sentosa Integrated Resort with Kerzner International. CapitaLand also named Lynda Wee as senior vice-president and principal of CapitaLand Institute of
        59 words
      • 44 4 CHINA EnerSave said it is acquiring a 51 per cent equity interest in Yima Jinjiang Energy Comprehensive Utilisation Company, which owns a 270MW power plant in China, for US$45 million. It plans a share placement to raise US$4O million.
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      • 40 4 GLOBAL Voice Group yesterday said it has had support from at least 50 per cent of shareholders for acquiring Viatel Holding, so the acquisition has now become unconditional and will take place by June 23.
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      • 21 4 INFORMATICS Holdings has appointed Cecilia Tong Chiu Fai CFO. She joined the board on March 31.
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    • 497 4  -  STOCKS R SIVANITHY Senior Correspondent THERE was a time in the late 1990s when it appeared as if Intel and Nasdaq were driving the world's stock markets. At least that was how it looked during the halcyon days of the Internet boom when
      497 words

  • THE SANDS STORY
    • 2352 5  -  Given his reputation, ultra-competitive Sheldon Adelson can be expected to make sure that his Marina Bay Sands is the top show in town By STEVEN MIHAILOVICH THE gaming industry has two faces. At its best, its captains build a resort and casino that
      YEN MENG JIIN; FILE PHOTO  -  2,352 words

  • PERSONAL INVESTMENT
    • Article, Illustration
      985 6  -  Compiled by MATTHEW PHAN Allco Commercial Reit June 16 dose: 50.82 CREDIT SUISSE, June 16 ALONG with a number of the other SReits, Allco's share price fell 5 per cent and 13 per cent over the past week and month, and we believe this drop is unwarranted. At
      Source: Bloomberg  -  985 words
    • 1099 6 For week beginning Jun 12 SUBSTANTIAL SHAREHOLDER/DIRECTOR TRANSACTIONS Subsantial Buv Hoof Price SHAMHOUHMC Trans Shareholder' 5«fl Shares Par Mara Aftar Stock Data Director Cawv 000 Shrf C000) PM») Motel Prop 16-Jun-06 Ong Beng Seng "Buy 600 1 80 *****8 22.79 10 H J Hotel Prop 16-Jun-06
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    • 2159 6  -  SHOW ME THE MONEY TEH HOOI LING Senior Correspondent JUST as Switzerland is a world leader in watchmaking and the United States leads in information technology innovations, China now has a distinct competitive advantage in the textile industry, among other manufacturing activities. Consider
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  • BT INVESTMENT ROUNDTABLE
    • 3103 7 OVERVIEW AFTER five to six years of growth, the Malaysian property market has softened in the past year or so. It is currently a buyer's market, with rising interest rates and inflation a challenge to developers. But property analysts in this week's panel maintain
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  • S'PORE ARTS FESTIVAL
    • 841 8  -  MOBILE PREVIEW By PARVATHI NAYAR ANTHONY is the CEO of Rain Forest Spa and a successful Filipino businessman in Singapore, who tries hard to be a good corporate citizen. Anthony has to tear down rainforests to build his spas, but helps the indigenous people in these
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    • 578 8  -  COMPAGNIE MARIE CHOUINARD By BRYNA SIM AFTER watching Marie Chouinard's bODY_rEMIX/gOLDBERG_vARIATIONS, you will never look at a human body the same way again. The dancers could will their bodies to thrust, twist, and twitch in tune to the music, right down to the fastest
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    • 484 8  -  BLUE OCEAN GUZHENG ASSOCIATION By CHEAH UI-HOON "IT'S like watching a wide-screen TV after you've been used to a 12-inch screen," says Thum Soon Boon, president of the Blue Ocean Guzheng Association, explaining the effect of listening to 100 guzheng players performing together. "It's all about scale."
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    • 796 8  -  JERUSALEM DREAMING By SIM PING KHUAN JERUSALEM-born Victoria Hanna has thrilled the audience to their feet at Jubilee Hall for the past two evenings, breathing life into ancient Hebrew scriptures and presenting an interesting amalgam of Eastern and Western musical cultures. Hanna, who is the daughter of
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  • SINGAPORE NEWS
    • 490 9  -  Staying open economically is the way to win in globalisation By NANDE KHIN in Sydney PRIME Minister Lee Hsien Loong yesterday, in an oblique manner, urged Australia to withstand domestic pressure and remain economically open in order to engage Asia and stay
      490 words
    • 391 9 MINISTER of State for Trade and Industry Lee Yi Shyan hopes to see more firms excel in innovation and intellectual property (IP) creation and to attract more foreign entrepreneurs to set up here. Having a sizeable pool of firms that can come up with new
      391 words
    • 526 9  -  By CHUANG PECK MING THE pick-up in export growth in April was too weak to be sustained in hindsight. Non-oil domestic exports (NODX) dipped a seasonally adjusted 2.3 per cent month-on-month in May, after bouncing back from a 4.3 per cent decline in March to post
      Source: IE S'pore  -  526 words
    • 190 9 DESIGN, engineering, construction and services consultancy CH2M Hill yesterday received an International Headquarters Award from the Economic Development Board. "We are excited about CH2M Hill's plans to grow Singapore as its regional headquarters to manage fastgrowing markets in South-east Asia and
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    • 445 10  -  More commercial space needed to keep up with economic growth By UMA SHANKARI SINGAPORE must continue to boost its land capacity as economic gains accelerate, National Development Minister Mah Bow Tan said yesterday. "In order to support the economy that is growing really
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    • 269 10 ELECTRONIC travel services are finally taking flight as Singaporeans become more aware of online booking and check-in facilities. Most airlines operating in Singapore provide online services. According to British Airways (BA) which launched such services in 1999 the number of Singaporeans checking in
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    • 8073 10 Transaction date: Jun 16 S2-W* T«l Last Vd Day LastQwU Grttv Mv GrVU Nat HQs H»* lam Coda Comply Salt (H0» H0i low >«yw Sdhr Cvr P/t fcJ 45 1 5716 1st Software 5c 2.5 +0.5 89 3 2.5 2.5 3 10.1 16 6 3148 8TetecomUS2c 6 6.5
      8,073 words
    • 186 10 SHANGHAI Airlines yesterday started all-cargo flights to Singapore, making it the second Chinese carrier to do so. "Shanghai Airlines will operate 16 weekly all-cargo flights linking two of Asia's most vibrant economic and financial hubs Shanghai and Singapore," said Lim Kim Choon, senior
      186 words
    • 236 10 SAVILLS Singapore said yesterday it will set up two new business units one each for industrial business space and property management to take advantage of activity in the regional and Singapore property markets. Michael Ng, managing director of Savills Singapore, said
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  • Page 9 Advertisements
    • 222 9 if) Kuala as HSE Consultant -Sort Groundwater Remediation Rotating Equipment Engineer HSE Consultant Process Safely/Capital Projects/ Senior Offshore Structural Engineer Hazard Management Senior Production Engineer Exploration Production Hydrocarbon Management Consultant Subsea Engineer Instrumentation Automation Engineer Supply A Distribution Consultant Marine Engineer Supply Chain Optimisation Consultant Materials Corrosion Engineer Technologist Catalytic
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  • MALAYSIA/INDONESIA
    • 428 11 Statement says critics of the sale fail to note that the firm also got rid of the 107m euro debt AP [KUALA LUMPUR] Proton yesterday defended the sale of its stake in a loss-making Italian motorcycle company, curtly rebuffing former
      AP  -  428 words
    • 6008 11 Transaction Date: Jun 16 MOST ACTIVE STOCKS VOLUME VALUE (S) Thai Beverage 65.266.000 SingTel 15c 6.*34,950 SingTel 15c 46.463,000 Capita La r>d 101.979.840 UTAC US 15c 25.008.000 DBS Grp 91.236.787 Henoxin 24.853.000 SGXIc 74.160.700 STATSChP 25c 23.740.000 UOB 63-134.260 Capita Land 23.432.000 ICeooel Corp 50c 39.928.600 Gallant 23.263.000 StA50c
      6,008 words
    • 201 11 Reuters [JAKARTA] Mexico's Cemex will proceed with the sale of its stake in PT Semen Gresik to the Rajawali Group, rejecting an Indonesian government request to reconsider the deal. "We have studied your request... We regretfully and respectfully are not able to
      Reuters  -  201 words

  • GREATER CHINA/INDIA
    • 577 12 Central bank will raise bank reserve requirement by half a percentage point Reuters [SHANGHAI] The yuan hit a post-revaluation high against the US dollar yesterday, as analysts said Beijing appeared to be using the exchange rate in its
      Reuters  -  577 words
    • 198 12 Reuters [BEIJING] Foreign banks operating in China can apply to invest clients' assets abroad, the banking regulator said in remarks published yesterday. Some foreign banks had enquired about the possibility of parking client funds overseas after China announced it was letting domestic
      Reuters  -  198 words
    • 2351 12 VOl General Corp 0.55 -0.01 2 JuiilS COOO) Gentinq ...22.50 0.70 1216 George Kent .0.47 0.01 227 A4MRealty 1.35 unch 3 GHL Systems 0.21 0.02 7373 Abnc .031 unch 5 Globetronics Tech 0.30 0.01 697. ACP Industries 0.80 0.04 220 Glomac Bhd 1.13 0.02 32 Advance Synergy .0.19
      2,351 words
    • 312 12 Reuters [SHANGHAI] Worried that it may be selling industrial assets to foreigners too cheaply. China will tighten screening of deals and impose new curbs on foreign acquisitions in its heavy industry, a Beijing-funded newspaper said. A ministry-level committee under the State Council
      Reuters  -  312 words
    • 325 12 Bloomberg [HONG KONG] Shares in CNOOC Ltd China's largest offshore oil producer climbed for a second day, gaining as much as 6.3 per cent, after its partner Husky Energy found a field big enough to meet the nation's natural-gas needs for
      Bloomberg; REUTERS  -  325 words
    • BRIEFLY ASIA
      • 71 12 Bloomberg [SINGAPORE] The Government of Singapore Investment Corp (GIC) raised its stake in Solomon Systech (International) Ltd to 5.09 per cent for an undisclosed amount. GIC bought almost 11 million shares of Solomon Systech on June 13. according to a filing with Hong Kong's stock
        Bloomberg  -  71 words
      • 126 12 Bloomberg [SHANGHAI] Shenzhen Development Bank Co, a Chinese lender controlled by buyout firm Newbridge Capital LLC, said it may sell "no more than" one per cent of itself to a third foreign investor after a media report said Lehman Brothers Inc may buy a
        Bloomberg  -  126 words
    • 531 12 [HONG KONG] Sun Hung Kai Financial will pay more than HK$4 billion (*****.5 million) to buy out the entire 50 per cent stake of pri-vately-held United Asia (UA) Finance from its parent firm Allied Group as part of its strategy to
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    • 223 12 Bloomberg [NEW DELHI] Indian Finance Minister Palaniappan Chidambaram urged French companies such as Aeroports de Paris and Alstom to participate in roads, ports and similar infrastructure projects in India, seeking investments that will help the economy expand more than 8 per cent annually. "Growth
      Bloomberg  -  223 words

  • WORLD CUP 2006
    • 735 13  -  By KENNETH JAMES ITALY versus the United States: on the face of it, it's no contest. The Italians are aristocrats of the game, having reached the World Cup finals 16 times and won football's ultimate trophy three times. The best-ever showing by the US
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  • Page 13 Advertisements
    • 1250 13 (5j philips IIHi tense and simplicity Organised by The Business Times and Philips, it brings together 32 executives who have teamed up to help raise funds for Food from the Heart Each executive has been assigned a team. And for every match the team plays, the executive will donate $1,000.
      1,250 words

  • ASIA-PACIFIC/WORLD
    • 850 14 In 2 years, he'll stop day-to-day work at Microsoft to focus on his foundation LAT-WP Reuters [WASHINGTON] Three decades after starting the most influential American technology company, Microsoft Corp chairman Bill Gates said on Thursday that he plans to step down from day-to-day work
      LAT-WP; Reuters; AFP  -  850 words
    • 450 14  -  By CHEN HUIFEN [SINGAPORE] THE cost of living in Singapore rose 8 per cent for expatriates and visitors in the six months between September last year and March this year, although Singapore remains in 115 th position in a global ranking. But
      450 words
    • 399 14 LATEST US DATA Reuters Bloomberg [WASHINGTON] The United States current account deficit narrowed more than expected in the first quarter to U*****.7 billion, as exports of US goods rose more than goods imports and unilateral current transfers fell sharply, the Commerce Department said yesterday.
      Reuters; Bloomberg  -  399 words
    • WORLD WATCH
      • 84 14 Reuters [SEOUL] GE Consumer Finance, a unit of General Electric Co, plans to launch an auto financing venture in China with an affiliate of South Korea's Hyundai Motor soon, said Lee Ju Hyuk, a senior official at Hyundai Capital Services Inc. GE Consumer established
        Reuters  -  84 words
      • 70 14 AFP [TOKYO] Japan's central bank chief Toshihiko Fukui said yesterday he made millions of yen in profit out of an investment in a scandal-tainted fund that has triggered calls for his resignation. "(Annual) profit came to some hundreds of thousands of yen at a
        AFP  -  70 words
    • 280 14 AP [LOS ANGELES] Never mind the couch-jumping and the depression-dismissing. Tom Cruise is the world's No 1 star, according to Forbes' annual Celebrity 100 Power List, which ranks famous folks based on earnings and buzz. The ranking tracks the highest-paid stars from the worlds
      AP  -  280 words
    • 459 14  -  Koizumi-led reform may lag when the PM steps down By ANTHONY ROWLEY in Tokyo THE momentum of economic reform in Japan "may slow down" after Prime Minister Junichiro Koizumi steps down in September, Interior Minister Heizo Takenaka warned yesterday. Mr Takenaka, one of
      BLOOMBERG  -  459 words
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  • MOTORING
    • 1043 15  -  DRIVING STYLE Rainer Thiel is just as passionate about football as he is about cars, reports SAMUEL EE SAMUEL EE NOT many people know that Rainer Thiel, president and CEO of DaimlerChrysler South-east Asia, began his career as an apprentice in the machine tools industry. Even fewer
      YEN MENG JIIN  -  1,043 words
    • Article, Illustration
      459 15  -  By SAMUEL EE SOFT-TOP cars may soon become extinct as more and more coupeconvertibles opt for steel-and-glass roofs. But one car that is keeping its fabric roof for some time yet is the new Audi A 4 Cabriolet. The latest A 4 open-top model exudes a particular Teutonic
      459 words
    • 491 15  -  By SAMUEL EE THE Nissan 350Z Roadster Coupe may be overtly masculine, but its ragtop seems to have transformed the stylish two-seater sports car into something a little more androgynous. More than that, the fabric roof of the 350Z is like a Louis Vuitton
      491 words

  • GOLF
    • 988 16  -  Karrie Webb had no wins last year but is on the up in 2006, writes JUSTINE MOSS JUSTINE MOSS EVERY so often on the professional golf circuit, a player comes along and makes a big splash, then seems to disappear into oblivion for a few years,
      AFP  -  988 words
    • 5537 16 ACMGI Amer Income B USO 8.39/ ACMGI Amer Income A EUR 6.64/ ACMGI Amer Income BEUR... 6.64/ A»jt Mgt pore) ACMGI Eirop Income Opp AT SGO 15.03/ Star Europe Eqty! 0.891/ ACMGI Europ Income Opp BT SGO 15.01/ tar Europe Bond 1.172/ ACMGI Europ Income Opp
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  • Page 16 Advertisements
    • 34 16 jjk AllianzGI RCM Global Twin-Focus Fund a fund that oilers you twin bonofits Allianz (ill) of potential quarterly payouts and limits possible downside. Visit OCBC Bank foi Global investors^ more details company no IW90/K/)/
      34 words

  • WELLNESS
    • 1654 17  -  While the jury is still out on collagen supplements for the skin, CHEAH UI-HOON looks at the improved modern-day version CHEAH UI-HOON IF YOU'RE wondering about the youthful appeal of the Japanese football players despite their three-one loss to Australia in the World Cup maybe it's in
      1,654 words
  • Page 17 Advertisements
    • 537 17 The Enterprise 50 ovard programme, estobEßi^Mj||^^^ by Acceniure and The Business Times in 1995, recognises toe contributions that local, privately V held companies have mode in economic V development at home and abroad. Enterprise 50 1 is jointly supported by the Singapore Economic financial year must fall within the2oos colendar
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  • Page 17 Miscellaneous
    • 161 17 CRYPTIC CROSSWORD 1 Fantastic for every one cov- 9 is illegal! 4 The after a tro- 16 Model ring fashioned from r Fixed in social status by video 18 ing(B) 9ettn9 00 Wth deSS YESTERDAY'S SOLUTION 23 Bird found on ring road with esty, 16 Anxious, 18 Sight, 19 Stab,
      161 words

  • SHOPPING
    • 1209 18  -  Looking for something to honour your dad this Father's Day? CHEAH UI-HOON offers a list of top leather products to choose from CHEAH UI-HOON FOR the dad who has everything, there are still probably one or two leather items that would complete his outfit or office.
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  • TRAVEL
    • 944 19  -  Accompanied by friends, CHEAH UI-HOON runs in the historic city's popular international marathon to discovers its old-world charm CHEAH UI-HOON Mention Prague, and the historic city's well-pre-served old-world charm comes to mind with its cobbled streets and buildings which span centuries of architectural styles,
      PHOTOS BY SAMANTHA MARK; CHEAH UI-HOON  -  944 words
  • Page 19 Advertisements
    • 691 19 wine&dine withweekendBT Ah Hoi's Kitchen kitchens. Open daily from 6.30am to midnight Buffet iW. Th« former personal dief to Sin ME 6 RtfUx Boulevard, Marina Mandarin Poolside, Traders Hotel (above Tanglin lunch prices on Saturday, Sunday and public holidays are ||p *^li£ >ssador to 7 f n Sf°Zi mi W5+|+
      691 words

  • THE BUSINESS TIMES weekend
    • 2590 20  -  What's the difference between fillet, Porterhouse and rib-eye? JAIME EE gives the low-down and tells you where to find a good steak JAIME EE IF REAL men eat meat, then it seems like a no-brainer exactly where to bring Dad to celebrate Father's Day tomorrow. A
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