The Business Times, 12 December 2012

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Total Pages: 36
1 36 The Business Times
  • 25 1 THE BUSINESS TIMES S$1.00 online at http://www.businesstimes.com.sg Sp!l A SINGAPORE PRESS HOLDINGS PUBLICATION CO R GN NO *****2868E MICA (P) 074/08/2012 Wednesday, December 12, 2012
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  • 723 1  -  It offloads stake in Virgin Atlantic to Delta for US$360m to end sore saga By VEN SREENIVASAN [SINGAPORE] Singapore Airlines (SIA) offloaded an underperforming asset, booked a tidy gain and is moving towards refocusing on the high-growth markets in the Asia-Pacific
    PHOTO: BLOOMBERG  -  723 words
  • 937 1  -  British banks agree to pay fines totalling US$2.6b to settle money-laundering claims By NEIL BEHRMANN in London TWO of Britain’s biggest banks agreed to pay record fines totalling US$2.6 billion to settle money laundering allegations levelled at them by authorities in the United States.
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  • MARKETS DIGEST
    • 65 1 GST INDEX 3,118.33 (+3.99) GST INDEX FUTURES 3,113.00 (+4.00) GSIMSCI 353.51 (+0.04) GSIMSCI FUTURES 354.80 (+1.40) us$ s$ US$ (S$ per US$) 1.222 (US$/S$ per 1.608 1.964 EURO (US$/S$/€) 1.295 1.582 Foreign currency per US$ S$ YEN 82.40 67.40 RM 3.059 2.504 HK$ 7.750 6.344 BAHT 30.63 25.07 RUPIAH
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    • 48 1 Tuesday Change KL COMP 1,641.57 +9.42 NIKKEI 225 9,525.32 -8.43 HANG SENG 22,323.94 +47.22 SET INDEX 1,341.33 +6.38 JAKARTA COMP 4,317.92 +15.31 MANILA COMP 5,831.50 +73.96 SEOUL COMP 1,964.62 +7.20 SHENZHEN B 629.42 +1.87 MUMBAI IND 19,387.14 -22.55 11am EST Change DOW 13,273.23 +103.35 NASDAQ 3,024.90 +37.94
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    • 18 1 SINGAPORE 5.38 MALAYSIA 6.55 HONG KONG 5.00 INDONESIA 14.435 TAIWAN 5 036 JAPAN 1.475 Source: Bloomberg
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  • Page 1 Advertisements
    • 84 1 STRAIT TALK Paying the salvor a just fee PAGE 26 UK’S DILEMMA ‘I love EU, I love EU not’ PAGE 25 F&N Stand-off extends into 2013 as Thais keep offer unchanged PAGE 4 Johor motorsports hub offers services to Singapore motor trade I PAGE 28 CLASSIC RACING COLLECTION iOOO MIGLIA
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    • 13 1 EXEC MONEY Opportunistic hedge funds fill a void PAGE 34 8 *****1 *****4
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  • TOP STORIES
    • 378 2 HSBC, StanChart hit with record fines TWO of Britain’s biggest banks agreed to pay record fines totalling US$2.6 billion to settle money laundering allegations levelled at them by authorities in the US. But shareholders of HSBC and Standard Chartered seemed almost relieved that the chapter was drawing to
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    • 680 2  -  Price tipped to cross $1,400 psf of existing GFA for tower being sold by CPF Board and SEB By KALPANA RASHIWALA [SINGAPORE] At least one major office block transaction could be sealed before the year ends, BT understands. A
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    • 378 2  -  REUTERS BREAKINGVIEWS By PETER THAL LARSEN [HONG KONG] HSBC has claimed an unwanted crown. The US$1.92 billion fine imposed by US regulators for failing to enforce money-laundering rules is the biggest ever for a bank, and two-and-a-half times bigger than the
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    • 81 2 IN our Dec 11 stock market commentary, we said that MDR was the market’s most active stock and closed unchanged, “thanks to hopes that the company is returning to profitability”. This is incorrect. MDR has been registering profits for the last 12 consecutive financial quarters. For FY2010, MDR reported
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    • 599 4  -  But general offer extension to Jan 2 did not state current offer is final By KENNETH LIM [SINGAPORE] The market may have to wait until the new year for Thai tycoon Charoen Sirivadhanabhakdi to fire back in the five- month-old
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    • 900 4  -  By GRACE LEONG [SINGAPORE] “Magic Circle” top UK law firm Clifford Chance will be able to offer both international and local legal services including domestic litigation advice through Cavenagh Law LLP in Singapore’s first-ev-er Formal Law Alliance
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    • 450 4 AFP [SINGAPORE] Influential US wine critic Robert Parker is moving the headquarters of his newsletter to Singapore after selling a major stake to investors based in the city-state, a report said yesterday. Mr Parker told The Wall Street Journal he intends to step down
      AFP  -  450 words
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    • 621 2 An intimate culinary affair with Chef Kishio Watanabe Kadeka is proud to present the Omakase Wine Pairing Dinner with Chef Watanabe, featuring dishes specially crafted from the best seasonal Japanese produce for 10 privileged Kadeka winners. Omakase, which literally translates to It's up to you 1 means letting the chef
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  • Page 5 Advertisements
    • 127 5 An icon of progress, a beacon of sophistication. Luxury has progressed into a new form. With a world-first sky pool, the 55-storey Marina Bay Sands encompasses the heights of sophistication, soaring into the skies like majestic waves cascading over the coastal line. This advancement in luxury is mirrored in the
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  • COMPANY NEWS
    • 479 6  -  But E&Y says next year is looking more promising; US seen leading recovery By ANDREA SOH GLOBAL initial public offering (IPO) activity slipped in 2012 compared to last year, as continued macroeconomic volatility and changes in political leadership weighed on
      PHOTO: BLOOMBERG  -  479 words
    • 513 6  -  By CAI HAOXIANG INVESTMENT professionals based in Europe are hopeful that the sovereign debt crisis engulfing the continent will ease and the global economy be given a boost. This, despite their pessimistic outlook for their own economies, according to a CFA Institute
      513 words
    • 350 6  -  By TEO SI JIA SHARES of Kori Holdings, the latest company to join the Catalist, had a good run in the market yesterday in its trading debut. It closed 3.5 cents, or 14 per cent, higher at 28.5 cents, all the
      350 words
    • 356 7 said in a statement Bloomberg [LONDON] Olam International’s biggest shareholder said it will take part in a US$1.25 billion sale of bonds and warrants, joining Singapore’s stateowned investment company in backing the offering. “As the company’s largest shareholder, we fully support its proposed rights
      said in a statement Bloomberg  -  356 words
    • 436 7 Reuters [SINGAPORE] China Aviation Oil (CAO), Asia’s top jet fuel buyer, will set up its first European trading office, likely in Geneva, in 2013 to tap growing demand from budget airlines, its CEO said. CAO expects north-west Europe’s demand for jet fuel
      Reuters; FILE PHOTO  -  436 words
    • COMPANY BRIEFS
      • 87 7 HOTEL Properties Ltd’s 70 per cent owned subsidiary, HPL Properties (Indian Ocean) Pte Ltd (HPLIO), has inked an agreement to buy into Westcliff Holdings Ltd. HPLIO will acquire 50 per cent of Westcliff’s total issued share capital for US$5,000, and an assignment
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      • 61 7 DIESEL engine provider XMH Holdings Ltd posted a net profit of $3.6 million for the second quarter ended Oct 31, some 2.5 times that of the previous year’s $1.46 million. The company’s revenue was $26.75 million, 2.8 times of last year’s $9.53 million,
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      • 46 7 SAIZEN Real Estate Investment Trust said that all its properties in areas affected by an earthquake which struck off the coast of north-eastern Japan last week are intact, save for “very minor damage” such as some broken tiles.
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    • 359 7  -  Better results from development, hotel businesses offset dip in construction profit By TEO SI JIA LOW Keng Huat’s net profit for the third quarter ended Oct 31 surged 89 per cent to $27.54 million from $14.56 million a year earlier. This was on
      359 words
    • 315 7 Bloomberg [SEOUL] STX Pan Ocean Co climbed the most in four years in Seoul trading yesterday, leading gains by affiliates, after MoneyToday said the shipping company’s parent was close to selling a unit that makes offshore vessels. Pan Ocean surged 15 per
      Bloomberg  -  315 words
    • 725 10  -  Bank sees need to cater to local and regional clients’ growing demands By SIOW LI SEN IT may be a little late to the party but United Overseas Bank (UOB) has been building up its investment banking team over the past 18
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    • 553 10  -  By ONG CHOR HAO THE acquisition of a stake in Marina Bay Financial Centre Tower 3 by DBS Group Holdings has cast a spotlight on Suntec Real Estate Investment Trust (Suntec Reit), which was seen by some as a
      553 words
  • Page 6 Advertisements
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  • SINGAPORE MARKETS
    • 566 8  -  Index pulls back to close just 3.99 points up after failing to go past its intraday high of 3,138 STOCKS R SIVANITHY Senior Correspondent THE momentum of the past several days helped carry the Straits Times Index up 24 points to an intraday high
      Source: Bloomberg  -  566 words
    • 186 8 MAIN CATL TOTAL Up Down Unch Up Down Unch Up Down Unch Multi Ind 6 7 4 0 0 0 6 7 4 Manufacturing 49 51 45 5 8 8 54 59 53 Commerce 21 28 15 2 1 3 23 29 18 Tpt/Stor/Comms 15 13 12
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    • 121 8 TURNOVER (‘000) VALUE (‘000) MAIN CATL TOTAL MAIN CATL TOTAL Multi Ind 21,699 21,699 60,572 60,572 Manufacturing 418,671 82,133 500,804 235,261 1,282 236,543 Commerce 252,930 6,892 259,822 126,909 251 127,161 Tpt/Stor/Comms 90,005 17,301 107,306 145,661 5,433 151,094 Finance 18,072 588 18,660 117,213 189 117,402 Construction 50,947 394,561
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    • 115 8 Stock name Close Change CapMallsAsia 1.975 -0.015 CapitaLand 3.710 -0.010 CapitaMall 2.110 -0.010 CityDev 12.000 -0.070 ComfortDelGro 1.740 -0.025 DBS Grp 14.780 -0.020 F&N 9.430 -0.020 GLP 2.650 -0.030 Genting SP 1.295 +0.025 Golden Agri 0.660 +0.015 HK Land 6.910 -0.010 IHH Healthcare 1.300 +0.005 JMH
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    • 72 8 Dec 11 VALUE CLOSE BT OB/OS 320.00 +13.00 BT CADI -*****.00 -9.00 BT 10-day MA -*****.00 +32.00 FTSE ST Mid Cap 755.30 +0.06 FTSE ST Small Cap 500.33 +1.10 FTSE ST All Share 762.18 +0.85 FTSE ST China Top 204.75 -0.03 FTSE ST China 230.00 -0.29 FTSE
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    • 54 8 VOLUME YHM 326,791,000 Rowsley 228,753,000 MDR 157,378,000 MDR W*****5 104,599,000 Europtron 71,056,000 People's Food 61,214,600 Oceanus 59,676,000 Golden Agri 56,872,000 Informatics 54,001,000 TT Intl 49,643,000 VALUE($) SingTel 64,021,880 DBS Grp 40,509,830 Genting SP 37,523,075 Golden Agri 37,345,665 GLP 35,950,080 People's Food 35,170,084 Rowsley 33,001,426 UOB 31,922,460 IndoAgri
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    • 955 8  -  Compiled by CAI HAOXIANG Thai Beverage Dec 11 close: S$0.39 AM Fraser Securities, Dec 11 THAI Beverage PCL (ThaiBev) offers investors an exposure to the alcoholic beverage industry in Thailand, a fast-growing emerging market. Over the next five years, Thailand’s beer market is forecast to grow 1.6 per
      Source: Bloomberg  -  955 words
    • 547 8 CURRENCIES Reuters [LONDON] The euro rose yesterday after better than expected German investor sentiment data boosted sentiment. Germany’s ZEW index jumped to 6.9 in December, far higher than the -12.0 forecast and the previous reading of-15.7. The euro climbed to a ses-sion-high
      Reuters; PHOTO: BLOOMBERG  -  547 words
    • 109 8 BY CENTS CLOSE UP Hyflux 6% CPS 10 ***** 737.0 6.9 JMH 6052 63.5 0.9 JSH 3632 53.7 1.2 Great Eastern 1568 38.0 2.5 DBXT Nifty 10US$ ***** 29.3 0.2 DBXT MSAsExJp 10US$ 3290 26.9 0.7 DBXT FTVietnam 10US$ 2017 24.4 1.0 Isetan 494 17.0 3.6 DBXT MSEmer 10US$
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    • 121 8 BY CENTS CLOSE DOWN Jardine C&C 4736 -42.0 -0.9 DBXT S&P Short 10US$ 3520 -25.6 -0.6 Petra 275 -15.0 -5.2 Kep Corp.ES.1212 1066 -13.0 -1.2 OCBC Bk 5.1%NCPS 100 ***** -8.0 -0.1 UOB 1935 -8.0 -0.4 IS Asia BND 100US 1078 -7.3 -0.6 CityDev 1200 -7.0 -0.6 SIA 200
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    • 5 8 DAILY
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  • Page 9 Advertisements
    • 106 9 4 d a -i J s VM 9888 o Porsche recommends M@bil For more information, please visit www.porsche.com.sg Thank you to all our proud Cayenne customers. The Porsche Cayenne is now the #1 most sold luxury SUV in Singapore.* SPBSCHg PDRSCHI Porsche Centre Singapore Eurokars Centre 12 Sungei Kadut Avenue
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    • 1279 10 GIKEN SAKATA (S) LIMITED Co. Reg. No. *****3879W NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN that the Thirty-Second Annual General Meeting of Giken Sakata (S) Limited will be held at Block 4012 Ang Mo Kio Avenue 10, #05-01 Techplace 1, Singapore *****8 on the 27th day of December
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  • SINGAPORE NEWS
    • 583 12  -  Savills cites local buying fatigue and increasing home completions By ZEINAB YUSUF SAIWALLA SALES in the private residential market could fall by more than 25 per cent next year, as a result of local buying fatigue from the many new launches over
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    • 558 12  -  By MINDY TAN A CLOSELY watched tender for a residential site at Alexandra View drew a top bid of $332.7 million, or $970.18 per square foot per plot ratio (psf ppr), yesterday. Singland Homes, which put up the top bid for the
      558 words
    • 147 12 Reuters CONTRACT manufacturer Flextronics International Ltd said it has agreed to take over Motorola Mobility’s manufacturing operations in Tianjin, China and Jaguariuna, Brazil. Singapore-based Flextronics said that it will acquire the operations in Tianjin and assume management of the Jaguariuna facility. The deal
      Reuters  -  147 words
    • 358 12  -  By CHNG SZE NING MORE than a year after the devastating earthquake and tsunami, Japan is laying out the welcome mat for investors and entrepreneurs by offering incentives to bring them on board the country’s programme to revitalise the quake-hit areas. Officials from the
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    • SINGAPORE ROUNDUP
      • 60 12 SINGAPORE-BASED incubator Clearbridge Accelerator has appointed CordLife founder Steven Fang as a partner. Dr Fang will officially start with Clearbridge Accelerator on Jan 1 next year. He will provide direction to incubatee companies to support the commercial translation of their technologies into globally marketable products,
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      • 49 12 ONLINE games company IAH Games has tied up with award-winning, browser-based game developer Shanghai The Dream Network Technology to launch a new online game called New Chinese Paladin Online. IAH Games will publish the new game exclusively in Singapore and Malaysia.
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    • 504 12  -  By GRACE LEONG SUPREME Court judge Justice Philip Pillai is retiring today after a lifetime of distinguished service in the legal profession including three years in the Public Service. During his judicial tenure, Justice Pillai has made “dedicated and invaluable” contributions to the Supreme
      504 words
    • 365 12  -  By KIM MIN SEOK TEO HOONG CHEN TODAY’S “repeat” date, Dec 12, 2012, will see significantly more weddings than usual. Even so, demand for wedding services today remains lower than last year’s 11/11/11. “People like Dec 12 because
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  • Page 12 Advertisements
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  • Page 13 Advertisements
    • 74 13 (An Affiliate of Cheung Kong Group) Ernst &Young Entrepreneur Of The Year 2012 Singapore Mr John Lim Group CEO, ARA Asset Management Limited has been honoured with the prestigious Ernst Young Entrepreneur Of The Year 2012 Singapore and Ernst Young Entrepreneur Of The Year Financial Services o.aoai is unattainable Abold
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  • MALAYSIA/INDONESIA
    • 522 14  -  With prices down 43% from April peak, a sustained fall will erode current account surplus By PAULINE NG in Kuala Lumpur THE drastic drop in palm oil prices to about RM2,045 (S$816.70) a tonne has hurt Malaysia’s export values and terms
      522 words
    • 304 14 Reuters [KUALA LUMPUR] Malaysia’s industrial output surged to a five-month high in October, beating market expectations, as a spike in demand for crude oil and natural gas helped offset still weak external sales for the country’s other products. Robust domestic demand and government spending
      Reuters  -  304 words
    • 540 14 Bloomberg [JAKARTA] Indonesian brokerages plan to introduce online trading platforms for Islamic stocks as they seek to boost interest in a market where annual volumes are set to slow in 2012 for a third year. PT Mandiri Sekuritas, a unit of the nation’s
      Bloomberg; PHOTO: AFP  -  540 words
  • Page 14 Advertisements
    • 1282 14 WAT3 NOTICES Toll free 1800-289-8822 Email notices@sph.com.sg www.cats.com.sg/notices EASTGATE TECHNOLOGY LTD (Incorporated in the Republic of Singapore) Company Reg. No. *****5519R NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN that the Twenty-Third Annual General Meeting of Eastgate Technology Ltd (the “Company") will be held at RELC International Hotel, Room
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    • 469 14 )%=,]/{`&~"_/>;-_\|^|{)([_|>*'~ INTERRA RESOURCES LIMITED (Incorporated in the Republic of Singapore) (Company Registration No. *****0166Z) NOTICE OF EXTRAORDINARY GENERAL MEETING NOTICE IS HEREBY GIVEN that an extraordinary general meeting (“EGM”) of Interra Resources Limited (the “Company”) will be held on 7 January 2013 at 10:00 a.m. at Tanglin 1, Level 1,
      469 words

  • Page 15 Advertisements
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  • GREATER CHINA/INDIA
    • 388 16 Allegations it had lobbied in the country are ‘entirely false’, says retailer Reuters [NEW DELHI] India’s government said yesterday it was prepared to launch an inquiry into lobbying by Wal-Mart Stores Inc, buckling under an opposition campaign to discredit a flagship economic policy that
      Reuters; PHOTO: AFP  -  388 words
    • 926 16 Infrastructure gaps and store location rules major hurdles Bloomberg [NEW DELHI] India’s move to open its retail industry to the world’s biggest operators may take years to achieve the levels of investment that will reduce inflation, as infrastructure gaps restrain store expansions. Overseas retailers
      Bloomberg  -  926 words
    • 279 16 NYT [PARIS] Huawei Technologies, a Chinese maker of telecommunications equipment, said that it planned to open a research and development centre in Helsinki next year, accelerating its investments in Europe, where its business is expanding rapidly. The move illustrates a trans-Atlantic difference
      NYT  -  279 words
  • Page 16 Advertisements
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  • ECONOMY WATCH
    • 467 17 Survey finds that uncertainty has tempered outlook in most sectors; retail is one bright spot Reuters [NEW YORK] US employers are expected to continue adding jobs in the first quarter of 2013, but uncertainty over the “fiscal cliff” has tempered the outlook,
      Reuters  -  467 words
    • 690 17 Let the market decide exchange rates, says BoE chief NYT [NEW YORK] Mervyn King, the outgoing governor of the Bank of England, expressed confidence in his successor and discussed economic challenges facing Britain and the United States in their approaches to monetary policy
      NYT; PHOTO: BLOOMBERG  -  690 words
  • Page 17 Advertisements
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  • WORLD
    • 590 18 Big audit firms fail to properly test financial controls, a major bulwark against fraud Reuters [NEW YORK] The biggest US audit firms are failing to properly test some companies’ financial controls, one of the main bulwarks against fraud, an audit watchdog group said on
      Reuters  -  590 words
    • 868 18 Reuters [CHICAGO] The Federal Reserve may tip towards doing even more to boost the US economy in 2013 as two outspoken advocates for a super-easy monetary stance rotate into voting spots on its policy panel. The annual shuffle of voters also raises
      Reuters; PHOTOS: BLOOMBERG  -  868 words
    • 668 18 Reuters [WASHINGTON] The US Treasury is selling its remaining stake in insurer American International Group Inc (AIG), bringing an end to government ownership of the company about four years after a US$182 billion bailout. The sale will close the chapter
      Reuters; PHOTO: BLOOMBERG  -  668 words
    • 324 18 AFP [WASHINGTON] The United States said on Monday it would press China on intellectual property rights and other key concerns as the world’s two largest economies hold top-level trade talks next week. The US Commerce Department said that Vice-Pre-mier Wang
      AFP  -  324 words
    • 536 18 Reuters [TOKYO] Japanese chipmaker Renesas Electronics Corp, hit by slumping orders and competition from rivals like Samsung Electronics Co Ltd, secured a 150 billion yen (S$2.2 billion) lifeline from a govern-ment-led bailout on Monday. The taxpayer-funded Innovation Network Corp of Japan (INCJ), will
      Reuters  -  536 words
    • 866 19 1,200 programmes in various sectors could be affected by likely spending cuts NYT [WASHINGTON] While the Obama administration and congressional leaders are trying to negotiate a deal to head off billions of dollars in tax increases and automatic spending cuts on Jan
      NYT; PHOTO: AFP  -  866 words
    • 632 20 Struggling exports a sign of slowing global demand, especially in China LATEST US DATA Reuters Bloomberg [WASHINGTON] The US trade deficit widened in October as exports suffered the biggest drop in nearly four years.Wholesale inventories on the other hand rose more than expected
      Reuters; Bloomberg; PHOTO: AFP  -  632 words
    • 439 20 Dec index beats forecasts on hopes of economic revival Bloomberg [FRANKFURT] German investor confidence jumped more than economists forecast to a seven-month high in December on speculation Europe’s largest economy will gather momentum next year. The ZEW Center for European Economic Research in
      Bloomberg  -  439 words
    • 468 20 Reuters [NEW YORK] Bank of America Corp is ramping up its incentives to encourage Merrill Lynch financial advisers to convince their clients to take advantage of more of the bank’s offerings. The firm is also sweetening incentives for advisers to keep the
      Reuters  -  468 words
    • 261 20 Xinhua [GENEVA] The financial crisis raised the gender gap in unemployment to 0.7 percentage point in 2012, with projections showing no significant reduction in unemployment expected by 2017, said a report released by the International Labour Organization (ILO) yesterday. From 2002 to 2007,
      Xinhua; PHOTO: REUTERS  -  261 words
    • 418 20 Bloomberg [ZURICH] UBS AG, Switzerland’s biggest bank, said it will start charging financial institutional clients for cash balances held in Swiss francs, adding to measures imposed last year to control inflows into clearing accounts. The charge, which will be communicated individually to
      Bloomberg  -  418 words
    • 909 22 But it’s not expected to gather coalitions to deal with global issues, says report Reuters [WASHINGTON] China’s economy is likely to surpass the United States in less than two decades but the Asian country is not expected to take on the
      Reuters; PHOTO: AFP  -  909 words
    • 661 22 Food safety and GMOs are the issues but this may change [WASHINGTON] Can Europeans, who have balked for years at many American food imports, accept a free trade agreement with the United States that opens the door for imports of genetically modified crops and
      PHOTO: BLOOMBERG  -  661 words
    • 464 22 Reuters [NEW YORK] JPMorgan Chase Co jumped to first place in a US customer satisfaction survey, as its three biggest rivals, including perennial leader Wells Fargo Co, posted a decline in their scores. JPMorgan, the largest US bank by assets, saw its score
      Reuters  -  464 words
    • 210 22 Reuters [NEW YORK] Morgan Stanley might seek approval from the Federal Reserve to repurchase shares for the first time in four years, the Wall Street Journal reported, citing people familiar with the firm’s thinking. The bank, which last bought back shares in 2008, could
      Reuters  -  210 words
    • 148 22 Reuters [NEW YORK] US authorities, in response to a recently published Wall Street Journal article, are investigating certain stock sales made by several corporate executives, the newspaper reported, citing a person familiar with the matter. Authorities are probing whether several executives benefited from
      Reuters  -  148 words
    • 401 22 AFP [SYDNEY] The world’s biggest investors have their “heads in the sand” over climate risk, according to a survey released yesterday which warned of risks to pension funds. The Asset Owners Disclosure Project (AODP) looked at the world’s 1,000 largest retirement funds, insurance
      AFP  -  401 words

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  • Page 20 Advertisements
    • 497 20 WATS NOTICES UNITED OVERSEAS BANK LIMITED Company Registration No. *****0026Z (Incorporated in the Republic of Singapore) LOST SHARE CERTIFICATE Notice is hereby given that the following share certificate has been reported lost, destroyed or mislaid: Name Certificate No. No. of Shares Estate of Tan Swee Yin, Deceased *****85-0 990 Notice
      497 words
    • 196 20 NOTICE OF FINAL MEETING NESS DISPLAY HOLDINGS LIMITED (IN MEMBERS’ VOLUNTARY LIQUIDATION) NOTICE IS HEREBY GIVEN that the final meeting of members of the abovenamed Company will be held at 20 Cecil Street, #12-02, Equity Plaza, Singapore *****5 on Saturday, 12 January 2013 at 1.00pm. Don M Ho, FCPA Liquidator
      196 words

  • Page 21 Advertisements
    • 1189 21 The Business Times Free trial now on iPad BT All-in-One coming soon. aviation AirAsia^^i olam Shares up at property PAGE 24 Exece° lluu pjsirRiskeew contested page 8 s end lower page 2 EXECUTIVE lifestyle fashion, art c®' e PAGE 34 2012 November 23 Friday, ism Survival of the quickest high-cost
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    • 98 23 NOW THERE IS A QUICK AND FREE WAY TO SELL YOUR CAR. I v,: f VV -V I STCARS f f j 1 1 T *u\ POST YOUR w CAR AD FOR 5 FREE .v-; T •s I ♦>. v- •••> > > A IV y v a -V a
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  • EDITORIAL & OPINION
    • 489 24 Tackle climate change quickly or else EDITORIAL GLOBAL efforts to stem climate change, as spearheaded by the United Nations, began in the mid-1990s. Nearly two decades on, bitterly disappointed environmentalists would say that little has been accomplished. Greenhouse gas emissions, in fact, continue to rise. The UN Climate Change Conference
      489 words
    • 859 24  -  THE BOTTOM LINE CLYDE PRESTOWITZ The writer is the founder and president of the Economic Strategy Institute (ESI) SINCE the re-election of President Barack Obama, I’ve been fielding phone calls from friends and commentators around the world who are asking
      859 words
    • 1102 24  -  Two important infrastructural requirements for the plan could end up being constraints YOGI AGGARWAL The writer is a Mumbai-based journalist who contributes regularly to BT THE Indian government has embarked on a risky and untried method of “cash transfers” in
      PHOTO: AFP  -  1,102 words
    • 1535 25  -  British voters may want to wave goodbye to the EU but no major political party will offer them such a direct choice By JAMES KNIGHTLEY The writer is senior economist, ING Bank THE UK has always had a somewhat cool relationship
      PHOTO: AP  -  1,535 words
    • 642 25  -  By JANE WILLIAMS This article was first published on INSEAD Knowledge (knowledge.insead.edu) THE United States may be the centre of the 21st century invention and ideas renaissance, but a new ranking shows that Asia’s emerging markets are catching up. The top four businesses ranked
      PHOTO: REUTERS  -  642 words


  • Transport HUB
    • 882 26  -  ISU disappointed that ICS opposition blocked its proposal for a merit-based award for salvors’ services STRAIT TALK By DAVID HUGHES ON MONDAY, I attended a press lunch in London, held in the impressive surroundings of the RAC Club by the International Salvage Union (ISU).
      882 words
    • 526 26 Analysts estimate tanker rates will rise 52% next year Bloomberg [LONDON] Rising Asian demand for naphtha and a shortage of ships hauling the oil product used in everything from Barbie dolls to car parts will boost freight rates to
      Bloomberg; PHOTO: BLOOMBERG  -  526 words
    • 390 26 Bloomberg [LONDON] The first contract in freight derivatives, used to bet on or hedge future shipping costs, was traded on Monday in the Chinese currency, in a move that may stop a global decline in over-the-counter trading of the swaps. The forward
      Bloomberg  -  390 words
    • 304 26 AFP [LONDON] British defence giant BAE Systems will complete construction of the Royal Navy’s new submarine HMS Audacious in a deal worth £1.2 billion (S$2.36 billion), the Ministry of Defence announced. The contract for Audacious, the fourth of seven Astute Class vessels being
      AFP  -  304 words
    • 251 26 SGX '000 Dec 11 S$ +/-Vol CH Offshore 0.45 -0.01 71 Chuan Hup Hldg 0.25 -0.01 238 Cosco Corp 0.88 -0.01 3266 Dec 11 s$ First Ship Lea 0.12 unch 63 Freight Links 0.07 unch 2335 Grand Banks 0.31 unch 10 Jaya Hold Ltd 0.57 unch 56 K1Ventures
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    • TRANSPORT HUB: AVIATION
      • 1101 27 Report of generator failure comes as UBS analyst questions Boeing profit claims NYT [NEW YORK] After years of delays in producing its much-anticipated 787 aircraft, Boeing seemed in recent months to be turning a corner, streamlining production and increasing the pace
        NYT; PHOTO: REUTERS  -  1,101 words
      • 288 27 WP [PARIS] Air France-KLM Group plans to cut capital spending by a further 500 million euros (S$793 million) over the next two years as Europe’s biggest airline trims investments in a push to pare debt and lift profit margins.
        WP  -  288 words
      • 677 27 Country’s restricted airspace packed with new fliers each year Reuters [SHANGHAI] Airline crews and ground staff are assaulted, passengers storm a runway, and a person yanks open an emergency exit door on a plane. In China, angry passengers are resorting to extreme measures
        Reuters  -  677 words
      • 299 27 AP [DALLAS] American Airlines CEO Thomas Horton says his management team has earned the right to keep leading the company even if it merges with US Airways. The approval of a new labour contract by pilots last week was
        AP  -  299 words
    • TRANSPORT HUB: LAND
      • 440 28  -  Motor distributors here can avail of cheaper pre-delivery inspection services By SAMUEL EE THE lifestyle aspect of the upcoming Motorsports City will not be the only attraction across the Causeway when it is ready in 2015, with some motor distributors saying its
        440 words
      • 455 28  -  By SAMUEL EE COMPETITION is finally forcing Aston Martin to plant its flag in the prime motor belt with a showroom at 2 Chang Charn Road. Just off Leng Kee Road and directly opposite the Chrysler showroom, the Aston Martin City Showroom will display and
        PHOTO: ARTHUR LEE  -  455 words
      • 451 28  -  Auris, Avanza, new versions of RAV4, Yaris to be unveiled By SAMUEL EE TOYOTA will greet 2013 with a bang by launching at least four new models in Singapore. Japan’s top carmaker unveiled three new models this year through authorised distributor Borneo Motors
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  • Page 26 Advertisements
    • 78 26 m Si Islaite HEMPASIL X3 Multiple awardwinning fuel-saving technology Guaranteed to save ship-owners money on fuel, HEMPASIL X3 is the world’s most advanced fouling release system. It uses HEMPEL's unique hydrogel technology for unparalleled antifouling capability. Recognised as a major fuel-saving breakthrough for the maritime industry, HEMPASIL X3 is the
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    • 268 26 Seafarers International Research Centre (SIRC) Nippon Foundation PhD Fellowships The Seafarers International Research Centre at Cardiff University, with support from The Nippon Foundation, would like to invite applications for a number of fouryear scholarships offering exciting opportunities to study for PhD qualifications in maritime-related social science. Based in the UK,
      268 words

  • Page 27 Advertisements
    • 34 27 To gives its stock market a boost Taiwan plans to ease restrictions on mainland QDII To subscribe, call 6388-3838 or go to sphsubscription.com.sg on mainland QOII *KQDII££llg if 1 il (S Mi: m m
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  • Page 27 Miscellaneous
    • 361 27 CRYPTIC CROSSWORD Across 1 It’s ‘ruined by the abrader’? (10) 6 Capital city that is held by king very briefly (4) 10 Trainee given whip, having collected low exam grades (5) 11 Cocoa I’ll have initially drunk I really want the harder stuff! (9) 12 Like someone wearing tartan unable
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  • Page 28 Advertisements
    • 207 28 r €> r- A! THH HHA 7~ iS OM. ALL -NEW M3ZD3 6. ZOOMING SOON. You can be the first to see this highly acclaimed beauty imbued with Mazda's proprietary Kodo Soul of Motion design. Experience largest-in-class spaciousness. Have a taste of its efficient drive fuelled by SkyActiv Technology. More
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  • SINGAPORE STOCKS
    • 3013 29 Transaction date: Dec 11 52-wks Last Vol Day Last Quote Div Gr Yld Net M Cap High Low Company Sale +/-(‘000) High Low Buyer Seller C’vr P/E $mil Company Last Sale Vol Day Last Quote (’000) High Low Buyer Seller 149.5 92.5 AIMSAMPIReit 141.5 -0.5 222 142 141
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    • 180 30 52-wks Last Vol Day Last Quote Div Gr Yld Net M Cap High Low Company Sale +/-(‘000) High Low Buyer Seller C’vr P/E $mil Last Vol Day Last Quote Div Gr Yld Net M Cap High Low Company Sale ('000) High Low Buyer Seller C’vr P/E Smil 12.2
      180 words
    • 8536 30 UNIT TRUST FUNDS UNIT TRUSTS APS Asset Mgt Pte Ltd APS Alpha Fund Cl A!** AXA Wealth Mgt S'pore Pte Ltd APS Alpha Fund (USD)!** Aberdeen Asset Mgt Asia Limited AXA Wealth Mgt S'pore Pte Ltd Aberdeen Asset Mgt Asia Limited Asian Local Ccy SD Bond 0.9856/ China Opportunities 7
      8,536 words
    • 206 30 52-Wk Last Vol Day Last Quote Div GrYld Net MCap High Low Company Sale +/-(’000) High Low Buyer Seller C’vr P/E $mil 43.5 25.5 AVJennings A33.5 -3.5 34 33.5 33 31 37 3.6 10.4 2.7 87.2 41.5 26 Genting HK US$ US32 unch 855 32 31.5 31.5 32 2107
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    • 908 30 52-Wk Last Vol Day Last Quote Div GrYld Net MCap High Low Company Sale +/-(’000) High Low Buyer Seller C’vr P/E $mil Company 128.9 120.4 CIMB APAC Div 100S$D 125 128.6 129.5 105.5 95.8 CIMB APAC Div 100US$ US104 105 105.9 10.9 1323 1246 CIMBASEAN40 100S$D 1290 1315
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  • FINANCE & COMMODITIES
    • 685 31 Dec 11 n»£h HIGH UiW 501 VOL ur.^i NIKKII US INOFK ruuiRts wot «f.nc;>i m 9tn 9; pn i g iw m non nit 3«nm KRiCOn mivr Jf77?1 1 Mmi3 JS7QIC SISKFI 9A#tll Qi 3G1S0M 3M»IA 4Sa(»V MSC1 T«(Wn.H IMOEX FUTURES u-or ;'?w; t/i.OK ;.*i i* o«i>
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    • 373 31 In local curr In S$ In US$ dy yr dy yr dy yr Dec 10 Index Change Change Change Change Change Change World Preliminary 927.1 0.1 11.7 0.2 5.4 0.2 11.9 EAFE Preliminary 758.4 0.0 11.2 0.1 4.7 0.1 11.1 Europe Preliminary 1144.5 0.0 11.5
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    • 94 31 As on 10 December 2012 www.smx.com.sg PRODUCT CONTRACT HIGH LOW CLOSE PRECIOUS METAL GOLD FUT FEB2013 1718.70 1707.20 1714.70 INDIA GOLD (E-GOLD) FUT FEB2013 574.80 571.70 575.85 CURRENCY EUR-USD FUT DEC2012 1.2941 1.2887 1.2936 BASE METAL COPPER FUT MAR2013 8181 8094 8173 INDEX IRON ORE (MBIO) IDX
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    • 107 31 Dec 10 SOYBEANS (5,000 bu min; US cents/60 lb bushels) Close Previous High/Low Jan 13 1474.75 1472.25 1477.00 1453.00 Mar 13 1475.25 1472.00 1477.50 1452.50 May 13 1462.75 1453.25 1464.25 1438.00 Jul 13 1451.50 1441.50 1453.00 1427.50 SOYBEAN/OIL (60,000 lbs; US cent/lb) Close Previous High/Low Dec 12 50.83
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    • 70 31 CRUDE OIL PRODUCTS Dec 10 CRUDE (FOB origin) US$/barrel Close Change Brent blend (1-Mth F) 107.03 0.77 WTI (Near Mth) 85.62 -0.35 Dubai (1-Mth F) 103.56 0.28 Tapis blend 112.91 0.47 Minas 106.19 0.47 PRODUCT US$/barrel (FOB S'pore) Close Change Naphtha 103.11 0.83 Jet Kerosene 122.72 -0.5 US$/barrel OpecOil Basket
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    • 22 31 Dec 11 S$ Bid Offer 1-month 1.2211 1.2222 2-months 1.2210 1.2222 3-months 1.2209 1.2221 6-months 1.2208 1.2219 Source: OCBC
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    • 66 31 Dec 10 Dec 10 Aluminium, 99.7% purity(US$/tonne) Close Previous Cash 2123.50 2086.75 3 months 2132.00 2094.00 Copper, Grade A(US$/tonne) Cash 8108.50 8012.25 3 months 8135.00 8035.00 Lead(US$/tonne) Cash 2283.50 2200.75 3 months 2300.00 2215.00 Nickel (US$/tonne) Cash *****.00 *****.00 3 months *****.00 *****.00 Tin(US$/tonne) Cash *****.00 *****.00 3
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    • 80 31 Dec 10 COCOA (£/tonne) Close Prev High/Low Dec 12 1595 1621 1614/1590 Mar 13 1520 1546 1541/1514 May 13 1527 1551 1546/1520 Jul 13 1532 1556 1550/1526 COFFEE(US$/tonne) Close Prev High/Low Jan 13 1874 1896 1898/1866 Mar 13 1880 1904 1902/1872 May 13 1892 1915 1913/1884 Jul 13 1904
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    • 855 31 BONDS, WARRANTS EXTENDED SETTLEMENT Prem Expiry Vol Conv Exer Disc Gear-Mths Company Last Sale +or-('000) Ratio Price ing Left Asia-Pacific Strategic W*****6 4 1 146 650 5.00 17 Conv Ratio Best World Intl Ltd W*****5 0.5 1 30 69 36.00 7 Price BiosensoMBeCW*****3 4.1 0.3 600 0.4 140 6 Biosensors
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    • 470 31 Dec 11 A$ C$ Rmb Euro HK$ Ind Rs Rupiah Yen Won RM NZ$ Pak Rs Peso S$ Rand Sfr NT$ Baht Pound US$ Australia 1.034 6.554 0.810 8.127 56.973 101.211 0.864 11.290 3.208 1.255 101.971 42.943 1.281 9.093 0.981 30.505 32.117 0.652 1.049 Canada 0.967 6.335
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    • 58 31 Dec 11 (US$) (S$) 1 mth 0.***** 0.***** 2 mths 0.***** 0.***** 3 mths 0.***** 0.***** 6 mths 0.***** 0.***** 9 mths 0.***** 0.***** 12 mths 0.***** 0.***** SWAP Offer rates (S$) 2 mths 0.***** 0.***** 6 mths 0.***** SWAP Mid rates (S$) 12 mths 0.***** SWAP Mid rates
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    • 134 31 Dec 11 GOLD(US$/oz) Dec 10 Dec 11 Hong Kong 1718.00 1720.00 Dec 07 Dec 10 London 1701.86 1713.36 1702.63 1714.13 Source: Thomson Reuters CAST BAR Dec 11 (S$) Selling Buying Kilobar ***** ***** PAMP GOLD BARS (S$) Selling Buying 1gm 151 67 5gm 429 336 10gm 766 672
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    • 92 31 Dec 11 TREASURY BILLS Period Issue Maturity Yesterday's Day's code Bid High Low 3-Month BQ*****V 07-Mar-13 0.23 6-Month BS*****T 30-May-13 0.26 1-Year BY*****X 01-Nov-13 0.26 GOVERNMENT BONDS Period Issue Coupon Maturity Close Day's code rate Bid High Low 2-Year N*****0N 0.25 01-Oct-14 101.98 102.03 101.99 5-Year N*****0Z 2.375
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    • 57 31 Dec 11 KLCE PALM FUTURES (RM/MT) Delivery Opening Sett Av Vol Open Month Range Price Price High Low Done Position Dec 12 2110.0 2121.0 2110.0 2105.0 27 2451 Jan 13 2226.0 2221.0 2230.0 2185.0 2110 ***** Feb 13 2315.0 2313.0 2324.0 2283.0 ***** ***** Mar 13 2387.0 2377.0
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    • 156 31 Dec 11 Against US$ Against S$ Against US$ Currencies Bid Offer Bid Offer S$/US$ to one unit of foreign currency: Australian dollar 1.2801 1.2818 1.0483 1.0488 Canadian dollar 1.2374 1.2391 1.0138 1.0134 Euro 1.5807 1.5824 1.2945 1.2947 NZ dollar 1.0201 1.0215 0.8354 0.8358 Sterling pound 1.9632 1.9653
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    • 121 31 As at 9am Dec 11 Singapore dollars to one unit of foreign currency: Currencies Sell Buy Aust dollar 1.31 1.248 Can dollar 1.266 1.206 Euro 1.618 1.541 Sterling pound 1.999 1.923 NZ dollar 1.052 0.993 US dollar 1.245 1.186 Local dollars to 100 units of foreign
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    • 154 31 Dec 11 $S Offer Bid 0vernight 0.03 0.01 1-month 3/8 1/4 2-months 3/8 1/4 3-months 3/8 1/4 Overnight mode: 0.01 US$ Offer Bid 7 days 0.22 0.12 1 month 0.30 0.20 2 months 0.40 0.20 3 months 0.45 0.25 6 months 0.65 0.45 9 months 0.80 0.60 12
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  • 3472 32 BALISA SHIPPING TRADING PTE LTD 8 Shenton Way, #40-03A, Singapore *****1 Tel: 6345 5700 Fax: 6345 5227 Email: singapore@balisagp.com UEN NO. *****3249E UK CONTINENT SERVICE U.S.A. SERVICE n GLOBAL SERVICE Destination STXPO TBN Antwerp/UK *Loads Singapore, E./W. Malaysia, Indonesia MIDDLE-EAST SERVICE CONVENTIONAL, BREAKBULK PROJECT Destination
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  • Page 32 Advertisements

  • Page 33 Advertisements
    • 73 33 TO ADVERTISE IN .THE Business Times MIL IMVILJ Shipping Times CALL JOE WONG Publicise Your Delivery Of Newbuilds Come publicise your Ship Christenings Delivery of Newbuilds, Project Completion, Vessel Conversion Refurbishment, Award Wins Certifications, Corporate Image, Corporate Developments and Company Anniversary. There’s no better way to direct your company to
      73 words

  • executive Money
    • 356 34 Bloomberg BLACKSTONE Group LP, the biggest manager of real estate private-equity funds, is seeking to raise more than US$2 billion for its first property pool focused on Asia, a person with knowledge of the effort said on Monday. The exact amount
      Bloomberg; PHOTO: CENTRAL EQUITY  -  356 words
    • 1226 34  -  Highly specialised hedge fund strategies that capitalise on financial system dislocations may look attractive to institutional investors in Asia, write JOSEPH PACINI and ALASDAIR RIACH write JOSEPH PACINI, ALASDAIR RIACH Joseph Pacini is the managing director and head of BlackRock’s Alternative Investment Strategy Group
      Source: BlackRock poll  -  1,226 words
    • 711 34 Bloomberg YOU can’t control what you don’t measure. In engineering, control theory is all about using information gained by measuring a system to plan and carry out intelligent actions that will control it. Ideally, it leads to desirable outcomes, such as a nuclear reactor
      Bloomberg  -  711 words
    • 1312 35  -  With borrowing expenditures at record lows, execs find it hard to squeeze costs, causing profits to contract, writes WHITNEY KISLING writes WHITNEY KISLING Bloomberg COMPANIES in the Standard Poor’s 500 Index are paying less in interest on debt than any time in at least
      Bloomberg; PHOTO: AFP  -  1,312 words
    • 1507 36  -  This year was tough; the next may also throw investors a curve ball or two. But staying invested pays MONEY MATTERS WELLIAN WIRANTO The writer is investment strategist at Barclays AS THE year draws to a close, it is worth reflecting on the key
      PHOTO: BLOOMBERG  -  1,507 words
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  • Page 36 Advertisements
    • 366 36 WHEREVER YOU GO, TAKE THE BEST WITH YOU. DealBook® Mobile: Voted Best Mobile Trading App of 2012 If you trade Forex or CFDs our award-winning suite of mobile platforms will keep you in touch with the markets wherever you are. As well as great apps for iPad, iPhone and Android™,
      366 words