The Business Times, 9 August 2010

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Total Pages: 44
1 12 The Business Times
  • 10 1 THE BUSINESS TIMES www.businesstimes.com.sg MONDAY, AUGUST9, 2010 S$1.00 MICA(P) 123/08/2009
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  • 564 1  -  PM Lee takes stock of economic rebound, addresses issues of training and skills from abroad By Teh Shi Ning tshining@sph.com.sg Singapore SINGAPORE needs to look beyond the current rebound and focus on growing its economy with sustained effort from all, Prime
    FILE PHOTO  -  564 words
  • 1367 1  -  Pinning down what it means to be a Singapore company has never been easy and it is not about to get any easier By Joyce Hooi joyceh@sph.com.sg Singapore SINGAPORE Inc as we know it is disappearing. Now that the Chinese have bought Singapore’s
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    • 123 1 the The DIRECTOR The BizIT Interview CHRIS WHITNEY, DIRECTOR OF HP LABS 30 DINING OUT Tripe, heart and soul 14 UNTICKING THE BOX What's not in directors' fees? 8 wall street insight At a tipping point THE economy’s struggles will take centrestage, and Wall Street could well be staring at
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    • 24 1 ??Text of Prime Minister’s National Day Address, Page 7 ??Views From The Top: CEOs on what pleases and excites them about Singapore, Pages L2-6
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  • TOP STORIES
    • 157 2 BT ONLINE BT print subscribers get free access to BT Online at www.businesstimes.com.sg. For more information, e-mail btocs@sph.com.sg or call 6388-3838. MARKETS Weekly Change ST Index 2,995.06 +7.36 KL COMP 1,360.45 -0.47 NIKKEI 225 9,642.12 +104.82 HANG SENG 21,678.80 +648.99 SET INDEX 875.07 +19.24 JAKARTA COMP 3,060.59 -8.69
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    • 1219 4  -  Giving up her green card in America is a tough call but she makes her choice By Grace Leong gleong@sph.com.sg Singapore IS THE worst recession in US history since the Great Depression showing any signs of letting up? Just a few weeks ago, I got a
      BLOOMBERG  -  1,219 words
    • 576 5 Poser over whether the central bank is planning further stimulus spending AFP Washington THEFederalReserve’srate-settingpanelwillmeettomor-row amid pressure to resume crisis-era spending to restart a stalled recovery. The 10-member body is expected to keep interest rates at historic lows, but Fed watchers
      AFP; PHOTO: AP  -  576 words
    • 1201 6  -  Equities could either soar to the April highs or dive to the February lows, says a trader wall street insight| By Andrew Marks btworld@sph.com.sg New York AS the stock market enters the second week of August, the economy’s struggles will be
      BLOOMBERG  -  1,201 words
    • 1133 7 THE following is the text of Prime Minister Lee Hsien Loong’s National Day Message 2010. My fellow Singaporeans, Our economy has rebounded stronglyfrom last year’s recession. GDP grew 17.9 per cent year on year in the first half of this year. Many jobs have
      SPH-SYOGOC/CAROLINE CHIA  -  1,133 words
    • 363 7 Reuters New York WARREN Buffett’s Berkshire Hathaway Inc said on Friday second-quarter profit fell 40 per cent, as declining stock prices depressed the value of his derivative contracts. Operating profit nevertheless soared 73 per cent, helped by the February takeover of railroad
      Reuters  -  363 words
  • Page 2 Advertisements
    • 38 2 IPC GROUP Salutes SINGAPORE on its 45th BIRTHDAY INTERNATIONAL PARADISE CONNEXIONS GROUP OF COMPANIES CORPORATE TOURS EDUCATIONAL TOURS EVENTS MANAGEMENT STAFF RETREATS TEAM BUILDING CLINICS r f m fT UJE ARE Fftrn\tv Tff&M www.ipcgroup.com.sg LIVE OUR DREAMS. W5
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  • Page 3 Advertisements
    • 296 3 s i —i I 3 m Sfassi J ppliiBHra——in i —m JU '"II ii 111 M n The Management Staff of YCH Group wishes our beloved nation Happy 45th Birthday this National Day! Happy Bir I Singapore Proudly homegrown since 7 955, YCH and our family of more than 3000
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  • Page 5 Advertisements
    • 42 5 SINGAPORE INDIAN CHAMBER OF COMMERCE INDUSTRY Happy 45 th i Birthday Singapore With Compliments SICCI Board of Directors and Members Singapore Indian Chamber of Commerce Industry SICCI Building, 31 Stanley Street, Singapore *****0 Tel: 6222-2855 6222-2505 Fax: 6223-1707 Email: sicci@sicci.com Website: www.sicci.com
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  • COMPANY NEWS
    • 780 8  -  In many cases, these fees put up for shareholders’ approval at the AGM exclude benefits-in-kind such as share options unticking the box By Mak Yuen Teen SECTION 169(1) of the Companies Act states: “Acompanyshallnotatanymeetingorotherwise provide emoluments or improve emoluments for a director of a company
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    • 421 8 Reuters Singapore DUXTON Asset Management, a firm set up by former Deutsche Bank executives, is investing in farmland in a bet food prices will continue to rise and the world face occasional shortages with food stockpiles near record lows. “Asneeze in our weather
      Reuters  -  421 words
    • 506 9  -  Deal covers 11 sites across Asia-Pacific and will save Cerebos US$300,000 a year in IT costs By Raju Chellam btnews@sph.com.sg Singapore MAINBOARD-listed Cerebos Pacific Ltd, which makes the famous Brand’s Essence of Chicken, has outsourced the management of its network infrastructure to Australian giant
      BLOOMBERG  -  506 words
    • 361 9  -  By Joyce Hooi joyceh@sph.com.sg Singapore KEPPEL FELS’ fourth drilling rig that it is building for Texas-based Ensco–theEnsco 8503– isexpected to gain entry into the Gulf of Mexico when it is delivered early next year. The first two rigs in the
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  • SINGAPORE NEWS
    • 681 10  -  It is on track to deliver double-digit growth and pass the 3-billion Swiss franc milestone this year By Lee U-Wen leeuwen@sph.com.sg IT’Shard not to notice them almost everywhere you go these days in hotel bars, premium banking lounges, cafes, the chief executive’s
      FILE PHOTO  -  681 words
    • 940 11  -  A look at the interplay of business and imagination at F&B group Lo Behold By Nicholas Yeo yeonick@sph.com.sg yeonick@sph.com.sg A conceptualiser is a person who comes up with big ideas the concepts that drive the very soul of a company. Someone like Wee Teng Wen or
      FILE PHOTOS  -  940 words
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    • 7 10 www.o 3* •^^COK 1 5. /I *s
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    • 290 10 INTHEMATTEROF THECOMPANIES 50 AND INTHEMATTEROF SEZSIN APOREPTE (INMEMBERS’ UNTAR LIQUID TION) CO.REG. O.2005 402W NNOOTICEOFRESOLUTIONS AAtt an Extraordinar Gener Meeting tthhee Compan held SerangoonNor AAvveenue #05-03,Singapor 5549 on tthhee 30t day July 20 he following RReesolutions dulypassed: tI t It wwsa s as RESOLVED: ASSPECIALRESOLUTIONS (1)That tthhee Compan be wwound
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  • BT-CITIBANK-YOUNG INVESTORS FORUM
    • 880 12 Researchers from the NUS School of Computing are developing a new generation of media search innovations THE co-existence of search engines such as Google, Yahoo!, Bing and Baidu is evidence that media search is big business. Multimedia information, in text, image, video or audio format,
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    • 806 13  -  SMU undergrad Oliver Loke, elected to YMCA World Exco, stresses the need for greater sense of social responsibility among S’pore youths. By Nicholas Yeo campus life By Nicholas Yeo yeonick@sph.com.sg YOUTHS in Singapore are doing more for society, but Oliver Loke laments it’s still not enough. It’s a
      YEN MENG JIIN  -  806 words

  • Page 13 Advertisements
    • 260 13 Be smart with your finances FANCY becoming the next Warren Buffett or George Soros? Or even the famous Robert Kiyosaki? Then read on. The Young Investors’ Forum, part of the BT-Citibank Tertiary Outreach Programme, isn't another dry page out of your financial textbook. To complement our editorial content, we have
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  • DINING OUT
    • 773 14  -  New restaurant Cocotte Ground floor, Wanderlust 2 Dickson Road 6298-1188 www.restaurantcocotte.com By Audrey Phoon aphoon@sph.com.sg WHAT’S the most important ingredient in serving up a successful restaurant? As culinary experts are wont to say, it’s not about the number of Michelin stars its chef has collected; nor
      PHOTOS BY RORY DANIEL  -  773 words

  • WORLD
    • 798 15 Latest talks fail to define common target or method to cut greenhouse gases, shows divide among rich, poor nations analysis AP Bonn THE new climate change treaty under negotiation for the past 21/2 years begins with a brief document called “A Shared Vision”.
      AP; AP FILE PHOTO  -  798 words
    • 272 15 Reuters Charlotte, North Carolina BANK of America Corp (BOA) projects that its losses from pending litigation could be as high as US$1.4 billion, the company disclosed in its second-quarter report filed on Friday with securities regulators. The bank said its potential losses could
      Reuters  -  272 words
    • 727 16  -  Reduction in good, large firms makes it harder for Bursa to boost foreign shareholding malaysia insight Pauline Ng KL correspondent btworld@sph.com.sg HAVING pitched hard for local and foreign issuers to list on the bourse, Bursa Malaysia can’t be too happy about the spate
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    • 540 16 NYT New York MARK Papermaster, the Apple executive in charge of hardware for the company’s flagship iPhone, has left the company in the wake of widely reported problems with the antenna of the recently introduced iPhone 4. It is not clear if Mr Papermaster
      NYT; REUTERS  -  540 words
    • 443 17 Region seeks ways to shift emphasis on economic development from exports to domestic demand AFP Tokyo ASIAN and Pacific countries yesterday agreed to improve the “quality” of their growth and help put the global economy back on track from its crisis. The accord
      AFP  -  443 words
    • 749 17 AP Islamabad PAKISTANIS grappled with skyrocketing fruit and vegetable prices yesterday caused by floods that have destroyed more than 405,000 hectares of crops and left at least four million people in need of food assistance in the coming months. The rising prices threaten to
      AP; AFP  -  749 words
    • 840 18 Without drastic action to up federal revenue and reduce growth in healthcare costs, investors could make a run on Treasuries NYT New York IT was not enough, it seems, for Alan Greenspan, the former Federal Reserve chairman and a self-described lifelong Republican
      NYT  -  840 words
    • 543 18 AP Washington ELENA Kagan was sworn in on Saturday as the 112th person, and fourth woman, to serve on the US Supreme Court, continuing a generational and demographic transformation of the nation’s highest bench. In keeping with tradition, Justice Kagan first took
      AP  -  543 words
    • 233 19 AFP Kuala Lumpur MALAYSIA said yesterday that it could not accept an Indonesian proposal on a minimum wage for its maids amid delays on a working conditions deal following a series of shocking abuse cases. Malaysian human resources minister S Subramaniam said
      AFP  -  233 words
    • 519 19 Its population must spend more in order to sustain growth AFP Geneva CHINA’s high savings rate is expected to fall substantially in coming years as its workforce shrinks, the population ages and social security spending increases, a BIS report shows.
      AFP; REUTERS  -  519 words
    • 484 19 Bosses fear dramatic change of strategy could derail recovery AFP Berlin AFTER years of agreeing to moderate pay hikes to safeguard jobs, Germany’s powerful unions are gearing up for a dramatic change of strategy, bidding for wage gains that bosses say
      AFP  -  484 words
    • 543 20 Scandals involving former president, judges, prosecutors erode island society’s reputation as viable democracy, analysts warn AFP Taipei A FORMER president jailed for graft, a retired head of military police indicted for embezzlement, three top judges accused of taking bribes the list goes on.
      AFP  -  543 words
    • 532 20 Lee Myung-bak also replaces half his Cabinet in reshuffle aimed at pushing through pro-business reform agenda Reuters Seoul SOUTH Korean President Lee Myung-bak named a young reformist as prime minister yesterday and replaced half his Cabinet in a mid-term reshuffle aimed
      Reuters  -  532 words
    • 662 21 Concerns rising over early burnout, high turnover rate, changes in values, diets, and sexual practices, but few other options seen AFP Manila DAYBREAK is happy hour in a world turned upside down at a trendy bar in the Philippines’ financial district, the clientele young and
      AFP  -  662 words
    • 279 21 AFP Tokyo JAPAN is seeking to export low-carbon technology and equipment to nine mostly Asian countries in exchange for “right-to-pollute” credits, a press report said yesterday. The Japanese government has already reached basic agreements with Indonesia, Vietnam, the Philippines and India
      AFP  -  279 words
    • 431 21 But traders say firms have enough UN credits to offset lag Reuters Tokyo MOST Japanese power firms are behind self-imposed goals to cut carbon emissions under the Kyoto Protocol, a Reuters survey showed on Friday, but carbon traders said the companies
      Reuters  -  431 words





  • Page 20 Advertisements
    • 27 20 Lianhe Zaobao Investors a private equity funds upheat about food sector S-chips if *n* fA 5? BP Silk A3 To subscribe, call 6388-3838 or go to sphsubscription.com.sg
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  • AVIATION
    • 412 22 Bumper harvest from Farnborough Airshow marred by US$3b of cancelled orders from Dubai Aerospace Enterprise Reuters Paris EUROPE’S Airbus said last Friday that it had more than doubled its tally of 2010 orders due to a bumper Farnborough Airshow, however, the pick-up was marred
      Reuters; BLOOMBERG FILE PHOTO  -  412 words
    • 318 22 AP Dallas BOEING Co has lost 26 orders for new aeroplanes in the past month, including 15 for its new 787 jet that had been ordered by an aircraft-leasing company in the United Arab Emirates. The aircraft maker has now suffered more cancellations
      AP  -  318 words
    • 195 22 Reuters Madrid SPAIN’Stravelcompaniesassociationurgedairtrafficcontrollers on Saturday to accept a government offer of arbitration to avoid a strike that could wreak economic havoc at the height of the tourist season. Talks between Spain’s airport authority AENA and the USCA union over pay and working
      Reuters  -  195 words
  • Page 22 Miscellaneous
    • 289 22 CRYPTIC CROSSWORD Across 1 Ageing old boy with unique odour (11) 10 New start with former American bond (5) 11 Double eagle producing handicap (9) 12 Flog, beating the opposition (9) 13 A kid’s back sponge (5) 14 Nun from the slums is Teresa (6) 16 Excessive butt on one
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  • SHIPPING/AVIATION
    • 480 23 Brokers keep watch on moves by drought-hit Russia following its ban on grain exports Reuters London THE Baltic Exchange’s main seafreight index, which tracks rates to ship dry commodities, rose for a second session on Friday as iron ore enquiry bolstered
      Reuters  -  480 words
    • 311 23 Bloomberg Frankfurt AIR Berlin plc, the German airline that agreed to join the Oneworld alliance last month, should refocus its operations on Frankfurt to provide better links with the flights of its new partners, the airport’s owner said. Oneworld
      Bloomberg  -  311 words
    • 505 23 analysis Reuters Mexico City POSSIBLE bankruptcy for one of Mexico’s two major airlines could benefit US carriers, but the latest shake-up in a troubled air sector is not seen seriously denting the country’s tourism industry for now. Mexicana de Aviacion, saddled with mounting
      Reuters; AP  -  505 words

  • 5615 24 BALISA SHIPPING TRADING PTE LTD 8 Shenton Way, #40-03A, Singapore *****1 Tel: 6345 5700 Fax: 6345 5227 Email: singapore@balisagp.com CR NO. **********0W UK CONTINENT SERVICE U.S.A. SERVICE Destination STXPO TBN Antwerp/UK *Loads Singapore, E./W. Malaysia, Indonesia MIDDLE-EAST SERVICE Destination STXPO TBN New Orleans/Camden *Loads E./W.
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  • Page 26 Advertisements
    • 30 26 Legal services required by shippers owners IJ Can they find your services here in the Shipping Times? THE BUSINESS TIMES TO ADVERTISE, CALL JOE WONG AT 9620 1327 SHIPPING TIMES
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  • Page 27 Advertisements

  • SHIPPING
    • 508 28 Analysts expect others to follow Frontline’s lead until plunge in rental income is reversed Bloomberg London OWNERS of supertankers delivering the world’s seaborne crude oil may emulate industry leader Frontline Ltd and stop leasing the vessels until a plunge in rental income is reversed, shipping
      Bloomberg; BLOOMBERG FILE PHOTO  -  508 words
    • 278 28 SGX '000 Aug 6 S$ +/-Vol CH Offshore 0.54 unch 706 Chuan Hup Hldg 0.26 0.01 162 Cosco Corp 1.60 -0.03 ***** CWT Ltd 1.01 unch 3961 Ezra Hldgs 1.94 -0.05 5820 First Ship Lea 0.41 -0.01 987 Freight Links 0.06 unch 7000 Grand Banks 0.49 -0.01 7
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  • BizIT
    • 606 29  -  Anti-virus vendor Kaspersky sees model fitting well with cloud computing. By Melissa Tan By Melissa Tan melissat@sph.com.sg WORRIED about hiring trustworthy technicians to safeguard your important data, or implementing the latest enterprise security features all by yourself? These concerns may seem
      STOCKXCHNG  -  606 words
    • 712 29 Bloomberg Tokyo HIKOSABURO Yasuda says he knows a trend when he sees one and plans to buy Apple’s iPad to keep up with junior members in his computer club. Mr Yasuda is 95. “It’s important to always try new things, otherwise you
      Bloomberg  -  712 words
    • 1248 30 Cloud computing will help address some key issues facing society, says HP Labs boss here. By Amit Roy Choudhury the bizit interview amit@sph.com.sg EVERYONE will have access to cloud computing, predicts Chris Whitney, the newly appointed director of HP Labs in Singapore. He sees the “democratisation” of
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    • 581 31  -  It’s set to launch new Kinect product for Xbox 360 which has cameras to ‘see’ players’ gestures. By Victoria Ho By Victoria Ho vhoip@sph.com.sg MICROSOFT hopes dumping the Xbox controller will elevate its console to the No 1 spot in the video games market here.
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    • What’s up
      • 49 31 STRATECH Systems has appointed Lim Soon Hock as its deputy chairman and executive director. Prior to the appointment, Mr Lim served as a non-executive and independent director of the Singapore Exchange-listed company. Stratech develops technologies for defence science and government bodies.
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      • 101 31 RED Hat has named four senior executives to manage its Singapore-based AsiaPacific headquarters, as the open source technology provider aims for growth in the region. Arun Kumar is the new senior director of business development, a newly created role to expand
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      • 52 31 ENTERPRISE storage vendor Isilon has appointed CK Chan as its new vice-presi- dent of sales for Asia-Pacific. Mr Chan was previously with Data Domain and NetApp. In the region, Isilon has offices in Singapore, Australia, China, India, Japan and
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      • 79 31 SOFTWARE AG has appointed Mark Edwards to be its new CEO for Asia-Pacific and Japan and the Americas. Mr Edwards will be responsible for about 40 per cent of the German software maker’s total revenue. He joined Software AG in 1999 as managing director of
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      • 61 31  -  Compiled by Victoria Ho BRIGHTSTAR will distribute Research In Motion’s (RIM) BlackBerry products in Singapore and Malaysia. The supply chain management specialist for the wireless industry has an existing relationship with RIM in Europe, the US and Latin America. The new agreement
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    • 948 32  -  Holistic security policy the only way to tackle proliferation of employee-owned endpoints. By Amit Roy Choudhury By Amit Roy Choudhury amit@sph.com.sg A HOLISTIC security policy is needed as the use of popular social networking tools within the enterprise continues to grow, according to Internet security provider
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    • 480 32  -  By Victoria Ho vhoip@sph.com.sg Singapore THE rush of modernising Asian economies building up their wireless infrastructure has been a boontoXilinx’sAsia-Pacifichead-quarters in Singapore, according to its senior vice-president, Vincent Tong. To heed the call for new “cutting edge” wireless equipment, the US semiconductor company
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  • Page 1 Advertisements
    • 492 1 BT THE BUSINESS TIMES AUGUST 9 2010 National Day Special REFLECTIONS s Singapore turns 45 today, there is much reason to celebrate. Not least the fact that the economy has weathered well its most severe recession in history, rebounding out of it at record-high growth rates. And this forty-fifth year
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  • BT National Day Special
    • VIEWS FROM THE TOP
      • 5260 2 this week’s topic: What pleases and excites you most about Singapore at 45? What lies ahead? Terry O’Connor CEO Courts Asia HAVING been a guest in this dynamic nation for 17 years, I’ve had the great pleasure of seeing its progressive evolution, and what pleases me most
        THE STRAITS TIMES/ALPHONSUS CHERN  -  5,260 words
    • 548 7 trailblazers in banking Peter Seah Chairman DBS Group Holdings I AM a post-War baby, born in 1946. I had to learn three national anthems God Save the Queen, Negara Ku and Majulah Singapura. TheysignifySingapore’spolitical evolution from British colony, to being in Malaysia, to independence. I entered the work force after
      CAROLINE CHIA/THE STRAITS TIMES  -  548 words
    • Article, Illustration
      560 7 Piyush Gupta CEO DBS Group Holdings AS I travel around Asia, the buzz is palpable. Unlike in the West, where many economies remain in the doldrums, policy makers in this part of the world are grappling with a different set of concerns. These include worries about the
      BLOOMBERG  -  560 words
    • 677 8 trailblazers in markets Loh Hoon Sun Managing Director Phillip Securities WHEN one surveys the stockbroking landscape, the name Phillip Securities would naturally crop up as a trailblazer in the sector. Founded by executive chairman Lim Hua Min in 1975, it is one of the few broking houses that have stood
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    • Article, Illustration
      752 8 Carol Fong CEO CIMB Securities IT has proven to be a metamorphosis for CIMB’s stockbroking arm when it acquired the securities business from Singaporean old-timer GK Goh Holdings. Once a new kid on the block, the top Malaysian investment bank has join the league of top five
      ARTHUR LEE  -  752 words
    • 1071 9 trailblazers in property Kwek Leng Beng Executive Chairman City Developments Limited THE world has changed considerably in the forty-odd years since I started out in business and the rate of change continues to accelerate. I have always enjoyed my life and am constantly refreshed and energised by the people I
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    • Article, Illustration
      698 9 Pua Seck Guan Founder and CEO Perennial Real Estate IT has been seven years since the government first announced its master plan for Downtown at Marina Bay, which aims to strengthen Singapore’s position as a distinctive international business and financial hub for trade, living, working and leisure.
      698 words
    • 1119 10 trailblazers in enterprise Richard Eu Group CEO Eu Yan Sang RICHARD EU is the group CEO of Eu Yan Sang International and a third-generation descendent of the late Eu Tong Sen, who was a well-known businessman and philanthropist in Singapore. Although his family had 10 per cent of the business
      YEN MENG JIIN  -  1,119 words
    • Article, Illustration
      519 10 Ng Gim Choo Founder and Managing Director EtonHouse International Education Group WHEN I set up EtonHouse International Education Group, I knew I should leverage on the “Made-in-Singa-pore” brand, as Singaporeans have long established a very good reputation for being honest, reliable and trustworthy. Parents, corporate partners and
      JOHN HENG  -  519 words
    • 818 11 trailblazers in telecoms Leong Keng Thai Deputy CEO and director-general (Telecoms and Post) Infocomm Development Authority of Singapore MARKET liberalisation is a tricky undertaking. And Leong Keng Thai has the daunting job of doing it time and again. As a former director-general of national regulator the Telecommunication Authority of Singapore,
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    • Article, Illustration
      731 11 Tan Tong Hai Chief Operating Officer StarHub TAN Tong Hai is constantly on the cusp of change. In 2000, he shook up Singapore’s consumer Internet market as general manager of upstart StarHub Internet. The company surprised the industry by introducing a free, unlimited dial-up access plan that
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    • 683 12 trailblazers in shipping Y C Chang S S Teo Founder Managing Director Pacific International Lines MR Chang, founder of Pacific International Lines (Private) Limited based in Singapore, together with his son, S S Teo (Teo is the dialect form for the Chang family name), wish all Singaporeans many more successful
      683 words
    • Article, Illustration
      615 12 Andreas Sohmen-Pao Chief Executive Officer BW Maritime SINGAPORE became my home exactly ten years ago, and moving here was one of the better decisions I have made. Travelling for half of the year to countries from Brazil to Norway, China to Nigeria, I feel lucky to come
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  • Page 3 Advertisements
    • 109 3 WISHING SINGAPORE A HAPPY th NATIONAL DAY At Global Orion Properties, we celebrate the triumphs of our nation as it marks its 4-5 th year of independence. Today's achievements are the results of the vision of our leaders and the tireless effort and dedication of our people. Today, we join
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