The Business Times, 11 June 2013

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Total Pages: 30
1 30 The Business Times
  • 25 1 THE BUSINESS TIMES S$1.00 online at http://www.businesstimes.com.sg SfCl A SINGAPORE PRESS HOLDINGS PUBLICATION CO R GN NO *****2868E MICA (P) 074/08/2012 Tuesday, June 11, 2013
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  • 586 1  -  Singapore Freeport facility is bank’s 2nd-largest in world By ANDREA SOH [SINGAPORE] Deutsche Bank has opened its sec-ond-largest gold vault in the world in Singapore, it announced yesterday. The facility at the Singapore Freeport can hold up to 200 tonnes of the metal,
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  • MARKETS DIGEST
    • 65 1 GST INDEX 3,200.51 (+15.79) GST INDEX FUTURES 3,201.00 (+16.00) GSIMSCI 359.48 (+1.10) GSIMSCI FUTURES 359.00 (+1.90) US$ S$ US$ (S$ per US$) 1.257 (US$/S$ per 1.551 1.950 EURO (US$/S$/€ 1.320 1.660 Foreign currency per US$ S$ YEN 98.50 78.40 RM 3.125 2.485 HK$ 7.763 6.174 BAHT 30.76 24.47 RUPIAH
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    • 47 1 Monday Change KL COMP 1,787.80 +12.21 NIKKEI 225 13,514.20 +636.67 HANG SENG 21,615.09 +39.83 SET INDEX 1,528.55 +12.31 JAKARTA COMP 4,777.37 -87.96 MANILA COMP 6,875.60 +173.65 SEOUL COMP 1,932.70 +8.85 SHENZHEN B Closed MUMBAI IND 19,441.07 +11.84 12noon EDT Change DOW 15,261.45 +13.33 NASDAQ 3,481.02 +11.80
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    • 20 1 SINGAPORE MALAYSIA MALAYSIA HONG KONG 6.55 5.00 INDONESIA KOREA TAIWAN 5.036 JAPAN CANADA KOREA 9.33 BRITAIN Source: Bloomberg
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  • 917 1  -  Some of the biggest SGX-listed companies still giving scant details or none at all By CAI HAOXIANG [SINGAPORE] Listed companies here still have some way to go before they comply with the latest Code of Corporate Governance guidelines on executive pay disclosure, going
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  • Page 1 Advertisements
    • 115 1 PROPERTY Jem draws big names to west of Singapore PAGE 28 LABOUR NTUC to negotiate wage hikes for its outsourced cleaners PAGE 10 COMPANIES Investors in Asia run risk of missing upside: Citi PAGE 6 EUROPEAN FOOTBALL Revenues continue to soar despite economic troubles PAGE 4 Inc Shopping in Style
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  • TOP STORIES
    • 605 2  -  Surge in May bank lending is a sign that Abe’s reforms are gaining traction By ANTHONY ROWLEY in Tokyo BULLS firmly wrested back control from bears in Tokyo financial markets yesterday after official data revealed an upward revision in Japan’s first-quarter economic
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    • 575 2  -  Further liberalisation of economy needed to attract investors BY S JAYASANKARAN in Kuala Lumpur MALAYSIA’S aim to become a developed nation by 2020 may happen sooner than later based on current economic projections, Prime Minister Najib Razak told an international conference
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    • 716 2  -  NEWS ANALYSIS By RONNIE LIM [SINGAPORE] Taking in earlier industry feedback, a second consultation paper released by the Energy Market Authority (EMA) last week has sketched out a considered, practical outline of how Singapore should proceed with its liquefied natural gas purchases,
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    • 397 2 Exec pay disclosure: the road ahead SINGAPORE listed companies still have some way to go before they comply with the latest Code of Corporate Governance guidelines on executive pay disclosure, going by their most recent annual reports. Disclosures in three new areas are required by the Code: the
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    • 677 4  -  He’d wanted a piece of AirAsia’s IPO after denying them financing previously By in PAULINE NG in Kuala Lumpur CIMB group chief executive Nazir Razak acknowledged that AirAsia and its founders had made him eat the humble pie. Giving them short shrift
      PHOTO: AFP  -  677 words
    • 683 4  -  By CHUANG PECK MING [SINGAPORE] Hiring plans in Singapore are likely to hold steady in the July-to-September quarter, with construction jobs tipped to grow strongly. Linda Teo, country manager for employment firm Manpower Singapore, said hiring prospects will weaken moderately by
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    • 922 4  -  ‘Big five’ leagues had market share of 48%, or 9.3b euros, in 2011/12 season By MICHELLE QUAH [SINGAPORE] It would seem football fanaticism has trumped economic despair. Despite challenging economic conditions in the United Kingdom and the rest of Europe, football
      Source: Deloitte UK’s Sports Business Group  -  922 words
  • Page 2 Advertisements
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  • Page 3 Advertisements
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    • 56 4 Sotheby's 40 YEARS IN ASIA tt “VI' s m ra I <* ADRIEN JEAN EE MAYEUR DE MERPRES WOMEN IN THE GARDEN PREPARING OFFERINGS. OIL ON CANVAS SOLD FOR HK$5,440,000 (US$697,436) ESTIMATE HK$3.200,000-4,500.000 HONG KONG APRIL SALES 2013 NOW ACCEPTING CONSIGNMENTS MODERN CONTEMPORARY SOUTHEAST ASIAN PAINTINGS HONG KONG OCTOBER SALES
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  • Page 5 Advertisements
    • 67 5 PATEK PHILIPPE GENEVE Begin your own tradition f > w tS! v V>w, tF t X I V. •< fl •*4 m s X V' ir X ■n id «eT? J s r. r jr \Ahj PATEK You never actually own a Patek Philippe. You merely look after it for
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  • COMPANY NEWS
    • 836 6  -  Market generally not hearing the sweet music because of the noise MARKET VIEWS By MICHELLE QUAH “CONFUSION reigns, threaded with fear” that’s how Citi Research describes the investment sentiment here in Asia, with the day-to-day “noise” of the markets, ie, the
      FILE PHOTO  -  836 words
    • 760 6  -  But the risk of disorderly unwinding is low: Nomura By KENNETH LIM THE latest US economic data support the thesis that the Federal Reserve will begin to taper monetary stimulus in September or later, Nomura analysts said yesterday. The risk of a
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    • 334 6 Bloomberg [SINGAPORE] Singapore bonds slumped yesterday, pushing 10-year yields to a 22-month high, after better-than-forecast US jobs growth kept alive speculation that the Federal Reserve will cut back on monetary stimulus. The price of Singapore’s 3.125 per
      Bloomberg  -  334 words
    • 565 7  - Keppel, SembMarine set to play catch-up? Maybank Kim Eng sees stocks reversing underperformance By LYNN KAN KEPPEL Corporation and Sembcorp Marine should soon reverse their underperformance on the local bourse in the year to date, said Maybank Kim Eng in an indepth report about the two listed rigbuilders. Concerns about
      Source: Keppel, Sembcorp Marine, Maybank KE  -  565 words
    • 340 7  -  By NISHA RAMCHANDANI BUDGET carrier Tiger Singapore carried 402,000 passengers in May, up 18.6 per cent year-on-year, but capacity growth outpaced traffic growth during the month, causing load factor to inch 0.2 percentage point lower to 84 per cent. Tiger Singapore registered a 24.7
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    • 412 9  -  Commercial podium space priced from $2,500 psf to over $6,000 psf By NISHA RAMCHANDANI AFTER failing to get the necessary approvals to convert the commercial podium at Thong Sia Building into a medical centre, Raffles Medical Group (RMG) is offering
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    • COMPANY BRIEFS
      • 105 9 KEPPEL DHCS, an indirect subsidiary of Keppel Infrastructure Holdings, was awarded the tender by JTC Corporation to design, build, own and operate a new district cooling systems (DCS) plant at JTC’s Multi-Utility Hub at Mediapolis, and has secured a contract to provide DCS services
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      • 82 9 DEL Monte Pacific Ltd said its controlling shareholder, NutriAsia Pacific Limited (NAPL), has placed 150 million shares at 26.40 pesos each. After the completion of the placement, NAPL’s stake in the company will decrease from 78.6 per cent to 67 per cent. Del Monte,
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      • 88 9 CAPITALAND’S wholly owned serviced residence business unit, The Ascott Ltd (Ascott), has secured a contract to manage its eighth serviced residence property in the Philippines. The 150-unit Somerset Alabang Manila is located close to the corporate offices of MNCs such as Shell, HSBC
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      • 94 9 PETRA Foods Ltd said the Directorate-General for Competition of the European Commission has last Friday “decided not to oppose” Barry Calleabaut AG’s proposed acquisition of its cocoa ingredients division. The European Commission (EC) has also decided to “declare (the acquisition) compatible with the internal
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    • 251 9  -  By CARINE LEE CNA Group is poised to enter the industrial washing and cleaning (IWC) services market with a $3 million investment in Austral-ia-based industrial maintenance specialist AMMS Group Pty Limited. The two companies yesterday inked a non-binding memorandum of understanding
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    • 363 9 Bloomberg [NEW YORK] Hedge funds increased wagers on a gold rally to the highest in seven weeks before a report showing the US added more jobs than forecast spurred the biggest retreat in prices since April. Speculators raised
      Bloomberg  -  363 words
  • Page 6 Advertisements
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    • 57 6 HOT PROPERTY °c 0 D CROm > Installed with greasTtran®? exhaust. F/eauin F S J h u°sU^„ g m TOOD KIOSK, KATONG Sh Da greaTtZ 45 A^ Exhaus^ S3.6l[ Garden Good Pe cr f ow°d d LooKii^itrroR CENTRAL LOCATIONS? Check this and many other properties in CATS Classified in The
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  • Page 7 Advertisements
    • 160 7 it -4 energise yo meetings leave the rest to us Meeting packages from $50 %J\J per person Corporate dinner packages 648 per table of 10 persons Opening specials begin from $175 for room stays. Meetings will never be the same at the new Ramada Singapore at Zhongshan Park. Our pillar-less
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    • 108 7 BUY/SELL PATEK PHILIPPE/ROLEX #01-46 Peninsula Plaza #02-90K People’s Park Complex #01-53 Lucky Plaza #01-44 People's Park Centre #01-45 The Bencoolen #01-K31 Bukit Timah Plaza Call 6339 9609 Peng Kwee V m H k'' 17 THE WORLD’S FINEST SERVICED VIRTUAL OFFICES Variety of offices to cater to your every need Prestigious
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  • SINGAPORE MARKETS
    • 612 8  -  Index increases 15.8 points; penny stocks hold sway amid uncertainty for the market STOCKS R SIVANITHY Senior Correspondent PENNY stocks have often been the market’s preferred fallback option in times of uncertainty and it has been the case over the past week when blue chips
      Source: Bloomberg  -  612 words
    • 73 8 Jun 10 VALUE CLOSE BT OB/OS -714.00 -258.00 BT CADI -*****.00 -131.00 BT 10-day MA -*****.00 -71.00 FTSE ST Mid Cap 783.14 -0.42 FTSE ST Small Cap 590.10 -6.39 FTSE ST All Share 790.22 +2.29 FTSE ST China Top 204.79 +0.20 FTSE ST China 232.97 +1.48 FTSE
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    • 55 8 VOLUME New Wave 208,106,000 Tee Land 149,651,000 NexGenSCom 124,936,000 Innopac 108,528,000 Oceanus 71,083,000 KLW Hldgs 69,179,000 Thai Beverage 63,251,000 YHM 62,290,000 Yoma 50,278,000 Cedar 39,937,000 VALUE($) SingTel 86,274,474 Tee Land 81,526,600 DBS Grp 56,766,320 GLP 52,166,750 Yoma 51,336,475 CapitaLand 47,131,377 UOB 44,943,390 Thai Beverage 40,354,005 ISDN Hldgs
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    • 186 8 MAIN CATL TOTAL Up Down Unch Up Down Unch Up Down Unch Multi Ind 4 8 3 0 0 0 4 8 3 Manufacturing 37 72 37 5 12 9 42 84 46 Commerce 18 24 23 1 11 1 19 35 24 Tpt/Stor/Comms 10 20 7
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    • 837 8  -  Compiled by LYNN KAN United Engineers Ltd June 10 close: $2.86 CIMB Research, June 10 UNITED Engineers (UE) now has new business segments in the form of WBL. While some are unrelated to its core expertise, there are others that could be good fits. The wildcard is UE’s
      Source: Bloomberg  -  837 words
    • 123 8 TURNOVER (‘000) VALUE (‘000) MAIN CATL TOTAL MAIN CATL TOTAL Multi Ind 57,326 57,326 67,565 67,565 Manufacturing 337,504 253,764 591,268 162,992 27,864 190,856 Commerce 318,541 75,836 394,377 78,928 5,525 84,453 Tpt/Stor/Comms 120,209 23,456 143,665 188,467 8,601 197,068 Finance 138,716 363 139,079 164,510 169 164,678 Construction 108,331 64,853
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    • 116 8 Stock name Close Change CapMallsAsia 1.930 +0.025 CapitaLand 3.340 +0.060 CapitaMall 2.110 +0.010 CityDev 10.15 -0.040 ComfortDelGro 1.800 -0.055 DBS Grp 16.09 +0.120 GLP 2.810 +0.090 Genting SP 1.405 -0.005 Golden Agri 0.565 +0.005 HK Land 6.720 +0.100 HPH Trust US$ 0.795 +0.005 JMH 62.55 +0.230
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    • 506 8 CURRENCIES Reuters [LONDON] The US dollar rose against the yen and other major currencies yesterday, as equities stabilised and the US currency extended gains made after an encouraging US jobs report last week. The dollar found support after Japanese equities closed almost 5 per
      Reuters; PHOTO: BLOOMBERG  -  506 words
    • 108 8 BY CENTS CLOSE UP IS S&P500 ***** 238.9 1.2 JSH 3818 71.7 1.5 DairyFarm 1250 50.3 3.3 DBXT S&P500 10US$ 2688 39.0 1.2 JMH 6255 28.9 0.4 DBXT FTVietnam 10US$ 2578 21.4 0.7 DBXT Nifty 10US$ ***** 20.1 0.2 Keppel Corp 1059 14.0 1.3 HK Land 672 12.6 1.5
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    • 125 8 BY CENTS CLOSE DOWN GLD 10US$ ***** -394.8 -2.3 Jardine C&C 4363 -87.0 -2.0 DBXT S&P Short 10US$ 2981 -71.7 -1.9 DBXT MSINDO 10us$ 1535 -67.9 -3.4 ISDN Hldgs 109.5 -24.5 -18.3 CIMBAsean40 100US$ 1109 -23.9 -1.7 Cordlife 84 -21.5 -20.4 DBS Bk 4.7% NCPS 100 ***** -20.0 -0.2
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    • 5 8 DAILY
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  • Page 9 Advertisements
    • 229 9 Sim Kee Boon Institute for Financial Economics Keppel Professorship in Financial Economics Inaugural Public Lecture Exploring the Mysteries of Trend By Professor Peter C.B. Phillips Like the protagonist in Shakespeare’s most famous play, trend remains inscrutable the Hamlet of econometrics. No one really knows what it will do next. This
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    • 174 9 PROPERTY INVESTMENTS AND BUSINESS OPPORTUNITIES IN JAPAN Come to our seminar and find out more about Japan! Property specialists will be coming from Japan for this valuable event! 5th 6th July Time: 2pm to 4pm Venue: Mandarin Orchard Tokyo NOW IS THE CHANCE TO INVEST W IN JAPAN! The Japanese
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  • SINGAPORE NEWS
    • 470 10  -  It will work with its service providers to adopt NWC recommendations By NG ZHUO YANG THE labour movement has taken the lead to negotiate for better salaries for its outsourced contract cleaners, and stepped up its effort to push for improved wages for
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    • 510 10  -  By LEE U-WEN WHILE the door is wide open for companies to be involved in the new $1.33 billion Singapore Sports Hub, no single commercial brand must “overshadow or dominate” the project’s national identity. With construction of the mega-project in Kallang approaching the
      510 words
    • 322 10  -  By MARIA MALA YOGALINGAM NATIONAL University of Singapore and Nanyang Technological University are on the top 10 list of Asia’s best universities. In the ranking released today by Quacquarelli Symonds (QS), the information provider for higher education, NUS is ranked
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    • 531 10  -  HK govt supporting meeting of creative professionals By FELDA CHAY AN annual business seminar for creative professionals that has been organised in Singapore annually has piqued the interest of officials from Hong Kong and will be held there this year with support from its
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    • 287 10  -  By BENJAMIN AW THE Home Team NS (HTNS) Pasir Ris Chalets will be on stand-by as possible quarantine housing from June 17, the government announced yesterday. This precautionary measure comes amid a rising number of cases of the Middle East Respiratory Syndrome Coronavirus (MERSCoV)
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  • Page 10 Advertisements
    • 106 10 &L BEERFEST ASIA 2013 with OCBC TITANIUM 13-16 June Marina Promenade www.beerfestasia.com jinn M ore Than ive You Enei y To Laugh And Rock m a 3 Beers I- A Killer Queen 15 and 16 June ki The Australian Guns'N'Roses 14 and 15 June The Fortunate Sons (Creedence Clearwater Revival/Fogerty
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  • Page 11 Advertisements
    • 334 11 THE STRAITS TIMES IN THE PARK 2013 PreSenlretL bj Panasonic COOL GOODIE BAG its a goodie bag worth 168, which includes: Each runner more than r In conjunction with The Straits Times' 168 th Anniversary SIGN UP NOW ND ENJOY MORETHAN WORTH OF Make running second nature! Grab your shoes
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  • SME Inc
    • 1117 12  -  No catalogues, Hydro Style lets you experience the appliances first-hand, saysANNA ANNA LEE IMAGINE stepping into an experience centre with all housing fixtures you need and want displayed before your eyes. It’s almost like a huge department store for household fittings, just that catalogues
      PHOTO: YEN MENG JIIN  -  1,117 words
    • 1292 12  -  Implementing an effective cash flow management system is key to keeping your business financially stable COMMENTARY By LIM CHU CHONG The writer is head of SME banking at DBS Bank A CASH crunch can be one of the most critical points in
      FILE PHOTO  -  1,292 words
  • Page 12 Advertisements
    • 65 12 HAVE an interesting story on an SME to share? Drop us a note on why you think the company should be featured in our weekly SME Inc pages, with details such as how the company has grown and its expansion plans. Send your e-mail to Felda Chay at feldac@sph.com.sg with
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  • MALAYSIA/INDONESIA
    • 567 13 ‘House-cleaning’ sees 7 senior execs, including CEO, leaving recently [PETALING JAYA] Speculation that tycoon T Ananda Krishnan could be looking to sell his controlling stake in Kuala Lumpur-listed Maxis Bhd has surfaced, although not for the first time. The rumours arose a
      FILE PHOTO  -  567 words
    • 362 13 Reuters [KUALA LUMPUR] Malaysia’s end-May stocks of palm oil fell to their lowest in nearly a year, as domestic and foreign demand were still higher than an uptick in production. Inventories in the world’s No 2 producer slid 5.1 per cent in May
      Reuters  -  362 words
    • 472 13 Bloomberg [JAKARTA] Coffee bean shipments from Indonesia, the third-largest robusta grower, are set to slump to the lowest level in two years as domestic processors boost purchases and the harvest drops because of rains. Exports may fall 14 per cent to 385,000
      Bloomberg; PHOTO: BLOOMBERG  -  472 words
  • Page 13 Advertisements
    • 319 13 work S $40q f *h °Ose A Y WHICH DIRECTION SHOULD MY PROPERTY FACE? S S6 00 ho u se s Ss 'OOo s ©s SSj 3oo 00 o'A Q.e CP o° *0 ep If this is among your concerns when buying a property, STProperty has the right tools for
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  • GREATER CHINA/INDIA
    • 887 14 Currency’s fall is temporary and due to global factors, say Indian officials Reuters [MUMBAI] The Indian rupee yesterday fell to a record low against the US dollar, escalating worries about the country’s current account deficit and complicating the task for policy
      Reuters; PHOTO: AFP  -  887 words
    • 442 14 The 2 ETPs will be traded like stocks on Shanghai bourse Bloomberg [BEIJING] China approved two domestic exchangetraded products (ETPs) backed by gold as global holdings of the precious metal in ETPs dropped to a two-year low. Huaan Asset Management Co and Guotai Asset Management
      Bloomberg  -  442 words
    • 739 14 Key India drug retail chain Apollo issues advisory against Ranbaxy products AFP [NEW DELHI] Daiichi Sankyo believed it had scored a coup in 2008 when it outbid rivals to buy Indian generics giant Ranbaxy for US$4.6 billion but its foray into the high-growth
      AFP; PHOTO: REUTERS  -  739 words
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  • ECONOMY WATCH
    • 1277 15 Amid skittish stock market, warning bells ring over loans tied to real estate Reuters [BANGKOK] Two Thai business tycoons, one a politically connected Chinese speaker, the other the son of a street vendor, have spent US$27 billion on acquisitions in the past
      Reuters; PHOTO: BLOOMBERG; FILE PHOTO  -  1,277 words
    • 497 15 Central bank predicts 0.1%, as April output rallies 2.2% AFP [PARIS] The French economy is set to eke out growth of 0.1 per cent in the second quarter of this year, the Bank of France said yesterday, after entering recession in the first quarter.
      AFP  -  497 words
  • Page 15 Advertisements
    • 1990 15 SINO CONSTRUCTION LIMITED (Incorporated in the Republic of Singapore) (Company Registration No. *****3299H) NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN that the Annual General Meeting of the Company will be held at SAFRA Yishun Country Club, Canna Room, 60 Yishun Avenue 4, Singapore *****7 on 26 June 2013,
      1,990 words

  • WORLD
    • 531 16 Economy regaining solid ground is top priority, say officials Reuters [VIENNA] The European Central Bank will keep interest rates low for as long as it takes for the economy to regain solid ground, ensuring the crisis does not return with a
      Reuters; PHOTO: REUTERS  -  531 words
    • 261 16 AFP [BERLIN] Germany called yesterday for a swift solution in tit-for-tat trade tensions between the European Union (EU) and China which, according to an unconfirmed press report, could lead to a Chinese tariff on some European car imports. Berlin has always “emphatically” called
      AFP; PHOTO: AP  -  261 words
    • 254 16 Reuters [PARIS] The major developed economies are gradually gaining momentum led by faster growth in Japan and the United States, the OECD said yesterday. The Paris-based Organisation for Economic Co-oper-ation and Development said its latest monthly leading indicator as a whole rose
      Reuters  -  254 words
    • 659 16 Agency says less than 1-in-3 likelihood of a downgrade in the ‘near term’ Bloomberg Reuters [NEW YORK] The US’s AA+ credit rating outlook was increased to stable from negative by Standard Poor’s (S&P), based on receding fiscal risks, less than
      Bloomberg; Reuters  -  659 words
    • 531 16 China leads 1.4% rise, after offsetting falls in US, Europe Reuters [LONDON] China led a rise in global carbon dioxide emissions to a record high in 2012, more than offsetting falls in the United States and Europe, the International Energy Agency (IEA) said yesterday.
      Reuters; PHOTO: REUTERS  -  531 words
    • 593 16 Bloomberg [HANOI] Vietnam’s lawmakers cast historic confidence votes yesterday to decide the fate of the prime minister and senior leaders, after stumbles that last year prompted the premier to make a public apology to the communist nation. Premier Nguyen Tan Dung, the country’s president
      Bloomberg  -  593 words
    • 284 17 It sees Chapter 11 route as best option to restructure ops Reuters [BANGALORE] US battery maker Exide Technologies filed for Chapter 11 bankruptcy protection early yesterday, court documents showed, with the aim of cutting debt and implementing a restructuring plan to better compete in the
      Reuters  -  284 words
    • 311 17 Reuters [MONTREAL] Red Bull’s triple world champion Sebastian Vettel won the Canadian Grand Prix on Sunday but his victory was overshadowed by the death of a marshal, the first fatality in Formula One (F1) in over a decade. The worker was killed after being run
      Reuters; PHOTO: AFP  -  311 words
    • 403 17 Bloomberg [COPENHAGEN] Denmark’s decision to protect itself from bank-industry losses through bail-in legislation is shielding the economy from asset bubbles and protecting the government’s AAA rating, Moody’s Investors Service said. “If Denmark were to introduce a fully unconditional and irrevocable government guarantee to the banking
      Bloomberg  -  403 words
    • 802 17 Reform labour markets, improve competitiveness for growth, says Merkel Bloomberg [BERLIN] Chancellor Angela Merkel said euro nations must follow Germany’s lead in tightening budgets and reshaping labour markets to return to growth as she seeks to stave off any crisis eruptions before
      Bloomberg; PHOTO: AFP  -  802 words
    • 550 18 It’ll build transaction banking in countries such as Myanmar, Mozambique, Iraq Reuters [DUBAI] Standard Chartered plans to expand its transaction banking business to capture global trade flows that are increasingly shifting east, a senior executive said. The bank, which makes about four-fifths
      Reuters  -  550 words
    • 621 18  -  By PAULINE CHIOU The writer is a CNN anchor/correspondent and the co-host of World Business Today based in Hong Kong. Follow her on Twitter @PaulineCNN. For more business coverage, go to www. cnn. com/business [HONG KONG] The Japan story has been a fascinating one to watch
      PHOTO: REUTERS  -  621 words
    • 429 18 Reuters [BANGKOK] The Thai government plans to cut the price it pays farmers for their rice to 10,000 Thai baht (S$409) per tonne from 15,000 baht to limit the losses from the intervention scheme, according to a newspaper report yesterday that quoted
      Reuters  -  429 words
    • 392 18 Bloomberg [LONDON] A plan to build a £25 billion (S$48.4 billion) tidal dam-like structure to generate as much as 5 per cent of the UK’s power doesn’t provide value for money and may pose a risk to the environment, a government report
      Bloomberg  -  392 words
    • 779 18 Reuters [RIO DE JANEIRO] Brazil’s economy is gaining force, industrial output is rising and inflation is falling, showing that concerns about the country’s direction are misplaced, Finance Minister Guido Mantega said in the Estado de S Paulo newspaper on Sunday. Mr Mantega also
      Reuters; PHOTO: AFP  -  779 words
    • 788 19 Influential think tank’s plan would lead to biggest ever privatisation in UK Reuters [LONDON] Britain should hand most of its shares in Royal Bank of Scotland (RBS) and Lloyds Banking Group to the public, an influential think tank said, in what would
      Reuters; PHOTO: REUTERS  -  788 words
    • 411 19 Reuters [WELLINGTON] Australia is the biggest overseas investor in New Zealand, accounting for nearly half of all foreign buying, a report issued yesterday showed downplaying concerns that Chinese investors have been buying up swathes of the island nation’s assets. A report
      Reuters  -  411 words
    • 199 19 Bloomberg [WASHINGTON] US President Barack Obama intends to nominate Jason Furman, a long-time aide, as chairman of the Council on Economic Advisers, according to administration officials. Mr Furman is a Harvard-trained economist who has advised Mr Obama on economic issues since his
      Bloomberg  -  199 words
    • 882 20 British newspaper says it is revealing his identity at his own request NYT [WASHINGTON] A 29-year-old former technical assistant for the CIA was the source for a series of recent disclosures about the government’s collection of huge amounts of private Internet
      NYT  -  882 words
    • 785 20 Sales by founders or investors only slowly picking up Bloomberg [BERLIN] Naren Shaam spoke virtually no German and knew only one person in Berlin. That didn’t keep him from founding his travel planning website, GoEuro, there. “Berlin was the right choice,” said the
      Bloomberg; PHOTO: REUTERS  -  785 words
    • 556 20 But the US firms say they can handle the new business they take on Reuters [NEW YORK] When Nationstar Mortgage Holdings Inc tried to buy the rights to collect payments on US$122 billion of mortgage loans earlier this year, housing finance giants Fannie Mae
      Reuters  -  556 words
    • 389 20 NYT [NEW YORK] Google, which dominates the market for online maps, is close to a deal to acquire Waze, a largely Israeli company that has developed a social mapping service that is popular with drivers seeking to find the best route
      NYT; PHOTO: REUTERS  -  389 words
    • 433 20 AFP [MOSCOW] President Vladimir Putin warned yesterday that Russia’s economic growth would slow down this year to less than the world average and ordered his government to act to reverse the trend. The Kremlin chief’s comments came moments after the central bank was
      AFP  -  433 words

  • Page 17 Advertisements
    • 103 17 TENDER NOTICE Land Bank of Taiwan, Singapore Branch Land Bank of Taiwan, Singapore Branch invites tenders from certified firms for Remote backup center equipment chamber and office site. Eligibility Tenderers hold experience in facilitating remote backup center and office site’s installation firm. Collection of Tender Document Tender documents are obtainable
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    • 19 17 Li www.omy.sg is. VOTING HAS BEGUN I I 5 VOTE FOR YOUR FAVOURITE BLOGGER ANDWINPRIZES! d 0 0 blog.omy.sg
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    • 76 17 Take The Next Leap Forward Need help crossing the next professional hurdle in your life? > 4 r V w Visit STJobs.sg/Seminar, to find various courses to upgrade yourself with today. Awarded Best in Cross -■—Media Advertising (Silver) afe/. for Asian Digital Media Awards 2012 A product of SPH, Singapore's
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  • Page 19 Advertisements
    • 1528 19 Toll free 1800-289-8822 Email notices@sph,com.sg www.cats.com.sg/notices NOTICE OF ANNUAL GENERAL MEETING a-hhrush ascendas hospitality trust A stapled group comprising: ASCENDAS HOSPITALITY ASCENDAS HOSPITALITY REAL ESTATE INVESTMENT TRUST BUSINESS TRUST (a real estate investment trust constituted on 13 March 2012 (a business trust constituted on 13 March 2012 under the laws
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  • AVIATION/SHIPPING
    • 720 21 Ancillary sales rise as passengers in economy class are offered fancier in-flight nourishments Bloomberg [LONDON] The days of bland economy-class food are numbered, with Europe’s full-ser-vice carriers dishing up gourmet menus reminiscent of the golden age of air travel as they look for
      Bloomberg  -  720 words
    • 220 21 Bloomberg [TOKYO] ANA Holdings Inc, which owns a majority stake in a Japanese discount carrier set up in partnership with AirAsia Bhd, says it is considering dissolving the tie-up. Ending the partnership in the venture, AirAsia Japan Co, is one option and no
      Bloomberg  -  220 words
    • 338 21 AFP [JAKARTA] An Indonesian passenger plane carrying 52 people crash-landed at an eastern airport yesterday, injuring two, officials said, the latest accident to hit the country’s fast-grow-ing aviation sector. The MA-60 aircraft, operated by state-owned Merpati Nusantara airlines, was coming in to land at
      AFP; PHOTO: REUTERS  -  338 words
    • 262 21 Bloomberg [HAMBURG] Demand growth in the container shipping industry probably won’t return to pre-crisis levels in the coming years as the pace of globalisation slows, the head of Maersk Line’s North European operations says. Demand will probably increase at the same pace as
      Bloomberg  -  262 words
    • 305 21 Bloomberg [MONTREAL] Bombardier Inc is confident it will meet a “challenging” goal of delivering the CSeries jet one year after its maiden takeoff this month, even though the timeline is half that of recent programmes by competitors. The company is working toward the first
      Bloomberg  -  305 words
    • 228 21 SGX '000 Jun 10 S$ +/-Vol CH Offshore 0.45 0.01 140 Chuan Hup Hldg 0.27 -0.01 235 Cosco Corp 0.77 -0.01 1318 s$ First Ship Lea Freight Links Grand Banks..............0.33 unch 20 Jaya Hold Ltd Cosco Corp K1Ventures 0.18 unch ***** Keppel Corp 10.59 0.14 3053 Mercator Lines
      228 words
    • 345 21 Bloomberg [LONDON] Eurotunnel Group SA was barred by the UK Competition Commission from operating a ferry service between France and Dover in the United Kingdom on concern it would give it too much dominance on the Channel traffic route. The watchdog blocked
      Bloomberg  -  345 words
  • Page 21 Advertisements
    • 32 21 Wr T SMAPORES HOT MTOT I > J ms LIGHTNING STRIKES CATCH THE ALL NEW NISSAN HOT FM91.3 THUNDER TRUCK TUNE IN TO HOT FM91.3 FOR MORE INFO WWW.HOTFM.SG I FACEBOOK.COM/HOTFMSG 3* H0TFMSG
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  • Page 21 Miscellaneous
    • 337 21 CRYPTIC CROSSWORD Across 1 He’d argue if forced out for one fronting the organisation (10) 6 Feature of street in stockbroker belt (4) 9 Member of family of the majority of top chess players (7) 10 Despatch by returning setter, say, is a stroke of good fortune (7) 12 Dissolute
      337 words

  • EDITORIAL & OPINION
    • 565 22 EDITORIAL FOR more than 10 days, Turkey has been mired in an-ti-government demonstrations, which have now spread to several parts of the country. The protests appear to have evolved and morphed from their earliest manifestations. They erupted on May 31 when police enforced a tough
      565 words
    • 848 22  -  THE BOTTOM LINE PAUL KRUGMAN The writer is professor of economics and international affairs at Princeton University, and winner of the Nobel Prize in economics in 2008 NYT I’VE been in this economics business for a while. In fact, I’ve been in it
      – NYT  -  848 words
    • 855 22  -  We can be the people who end extreme poverty, ensure equality, eliminate climate risks By JEFFREY D SACHS The writer is professor of sustainable development, health policy and management, and director of the Earth Institute at Columbia University. He is also Special Adviser
      Project Syndicate; PHOTO: REUTERS  -  855 words
    • 1044 23  -  It can play a leading role in the Asean-China trade corridor and be part of the currency’s ongoing internationalisation By JOE MK NG The writer is head of renminbi payments product management Asia Pacific, global transaction banking at Deutsche Bank THE start of renminbi clearing
      PHOTO: REUTERS  -  1,044 words
    • 852 23  -  By NEETA LAL The writer is a New Delhi-based journalist INDIAN Prime Minister Manmohan Singh’s recent sojourn to Japan, close on the heels of Chinese premier Li Keqian’s India visit, has triggered speculation that the ndo-Japanese diplomatic summitry was all
      PHOTO: AP  -  852 words


  • 1507 24 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 STXPO TBN Camden/New
    1,507 words
  • Page 24 Advertisements
    • 84 24 Shipping lines seeking reliable logistics partners TO ADVERTISE, CALL JOE WONG AT 9620 1327 I Can they find your services here in the Shipping Times? M The Business Times Shipping Times PLACE YOUR AD HERE The Business Times Shipping times CALL JOE WONG AT 9620 1327 PLACE YOUR AD HERE
      84 words

  • SINGAPORE STOCKS
    • 3132 25 Transaction date: Jun 10 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 --AAT 15 11.4 8Telecom Last Quote Div Gr Yld Net M Cap 188 106 AIMSAMPIReit 167.5 +0.5 394 169.5
      3,132 words
    • 208 26 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 Cvr P/E Smil 19.4
      208 words
    • 10819 26 UNIT TRUST FUNDS UNIT TRUSTS APS Asset Mgt Pte Ltd APS Asset Mat Pte Ltd Aberdeen Asset Mgt Asia Limited APS Alpha Fund (USD)!** Aberdeen Asset Mgt Asia Limited 1.15/ Global Emerging Markets!** 2.032/ ...2.8235/ EM local Ccy Bond .0.9576/ European Opportunities'* 1 1712/ Global Emerging Markets'" 1 8781/ Global
      10,819 words
    • 262 26 52-Wk Last Vol Day Last Quote Div GrYld Net MCap High Low Company Sale +/-(’000) High Low Buyer Seller C’vr P/E $mil 49.1 25 AVJennings A44 +1 20 44 44 43 44.5 3.6 8 3.6 162.9 52 30.5 Genting HK US$ US48 +1.5 9305 48 47 47.5 48 3160.6
      262 words
    • 882 26 52-Wk Last Vol Day Last Quote Div GrYld Net MCap High Low Company Sale +/-(’000) High Low Buyer Seller C’vr P/E $mil 126 107.1 ABF SG Bond ETF Company 143 120.4 CIMB APAC Div 100S$D 137.5 132.4 133.3 114.4 96 CIMB APAC Div 100US$ US107.2 104.8 105.6 11.3
      882 words
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  • FINANCE & COMMODITIES
    • 629 27 Jun 10 OPEN HIGH LOW SETT VOL OP/INT NIKKEI 225 INDEX FUTURES SPOT *****.85 *****.20 *****.37 Jun13 *****.00 *****.00 *****.00 *****.00 *****6 *****2 Sep13 *****.00 *****.00 *****.00 *****.00 ***** ***** MSCI TAIWAN INDEX FUTURES SPOT 291.73 293.30 291.16 Jun13 288.80 293.00 287.90 291.40 ***** *****4 Jul13 283.90
      629 words
    • 373 27 In local curr In S$ In US$ dy yr dy yr dy yr Jun 7 Index Change Change Change Change Change Change World Preliminary 1049.6 0.7 11.9 0.8 11.8 0.9 9.7 EAFE Preliminary 849.0 0.5 9.6 0.7 7.0 0.8 4.9 Europe Preliminary 1231.7 1.4 7.4
      373 words
    • 471 27 Jun 10 A$ C$ Rmb Euro HK$ Ind Rs Rupiah Yen Won RM NZ$ Pak Rs Peso S$ Rand Sfr NT$ Baht Pound US$ Australia 0.962 5.780 0.714 7.315 54.407 92.482 0.928 10.630 2.944 1.199 92.845 40.314 1.185 9.587 0.884 28.144 28.987 0.607 0.942 Canada 1.040 6.011
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    • 68 27 Jun 10 (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$) 0.***** 3 mths 3 mths 0.***** 6 mths 0.***** 9 mths 0.***** 12 mths 0.***** SWAP Mid
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    • 135 27 Jun 10 GOLD(US$/oz) Jun 10 Jun 07 Hong Kong 1391.40 1422.00 Jun 07 Jun 06 London 1381.30 1405.30 1382.05 1406.10 Source: Thomson Reuters CAST BAR Jun 10 (S$) Selling Buying Kilobar ***** ***** PAMP GOLD BARS (S$) Selling Buying 1gm 126 56 5gm 357 279 10gm 637 558
      135 words
    • 92 27 Jun 10 TREASURY BILLS Period Issue Maturity Yesterday's Day's code Bid High Low 3-Month BQ*****X 05-Sep-13 0.25 6-Month BS*****T 13-Dec-13 0.28 0.29 0.29 1-Year BY*****H 02-May-14 0.26 GOVERNMENT BONDS Period Issue Coupon Maturity Close Day's code rate Bid High Low 2-Year N*****0S 0.25 01-Feb-15 100.02 5-Year N*****0T 0.5
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    • 57 27 Jun 10 KLCE PALM FUTURES (RM/MT) Delivery Opening Sett Av Vol Open Month Range Price Price High Low Done Position Jun 13 2420.0 2411.0 2420.0 2420.0 1 1410 Jul 13 2450.0 2446.0 2461.0 2437.0 1425 ***** Aug 13 2456.0 2453.0 2470.0 2441.0 ***** ***** Sep 13 2456.0 2451.0
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    • 155 27 Jun 10 Against S$ Against US$ Currencies Bid Offer Bid Offer S$/US$ to one unit of foreign currency: Australian dollar 1.1845 1.1850 0.9422 0.9425 Canadian dollar 1.2318 1.2324 0.9802 0.9798 Euro 1.6599 1.6601 1.3203 1.3204 NZ dollar 0.9882 0.9884 0.7860 0.7861 Sterling pound 1.9500 1.9504 1.5511 1.5513
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    • 109 27 Jun 7 SOYBEANS (5,000 bu min; US cents/60 lb bushels) Close Previous High/Low Jul 13 1528.25 1527.25 1542.00 1521.25 Aug 13 1456.25 1449.75 1466.75 1448.00 Sep 13 1374.00 1355.25 1377.00 1356.00 Nov 13 1330.25 1305.75 1333.00 1305.00 SOYBEAN OIL (60,000 lbs; US cent/lb) Close Previous High/Low Jul 13
      109 words
    • 95 27 Jun 7 COCOA (£/tonne) Close Prev High Low Jul 13 1563 1568 1570 1546 Sep 13 1560 1563 1567 1542 Dec 13 1555 1556 1558 1535 Mar 14 1552 1553 1554 1539 COFFEE(US$/tonne) Close Prev High Low Jul 13 1848 1862 1867 1843 Sep 13 1863 1881 1884 1858
      95 words
    • 1025 27 BONDS, WARRANTS EXTENDED SETTLEMENT Prem Expiry Vol Conv Exer Disc Gear-Mths Company Last Sale +or-('000) Ratio Price ing Left Asia-Pacific Strategic W*****6 Conv Acma Ltd. W*****6 Exer Albedo Limited W*****9 Prem AlliedTech W*****2 Expiry Asiatravel.com HoldingsW*****7 1 1 25 13 Asiatravel.com HoldingsW*****5 2 1 27 37 Asia-Pacific Strategic W*****6 Best
      1,025 words
    • 70 27 CRUDE OIL PRODUCTS Jun 07 CRUDE (FOB origin) US$/barrel Close Change Brent blend (1-Mth F) 104.28 0.76 WTI (Near Mth) 96.17 1.50 Dubai (1-Mth F) 100.35 0.69 Tapis blend 107.71 0.67 Minas 102.71 0.67 PRODUCT US$/barrel (FOB S'pore) Close Change Naphtha 95.28 0.28 Jet Kerosene 116.76 0.91 US$/barrel OpecOil Basket
      70 words
    • 22 27 Jun 10 S$ Bid Offer 1-month 1.2572 1.2573 2-months 1.2571 1.2573 3-months 1.2571 1.2573 6-months 1.2568 1.2576 Source: OCBC
      22 words
    • 65 27 Jun-07 Aluminium, 99.7% purity(US$/tonne) Close Previous Cash 1903.25 1928.75 3 months 1940.00 1963.00 Copper, Grade A(US$/tonne) Cash 7198.00 7301.25 3 months 7230.00 7335.00 Lead(US$/tonne) Cash 2153.75 2190.50 3 months 2164.00 2201.00 Nickel (US$/tonne) Cash *****.00 *****.50 3 months *****.00 *****.00 Tin (US$/tonne) Cash *****.00 *****.00 3 months *****.00
      65 words
    • 121 27 As at 9am Jun 10 Singapore dollars to one unit of foreign currency: Currencies Sell Buy Aust dollar 1.209 1.152 Can dollar 1.250 1.202 Euro 1.691 1.611 Sterling pound 1.981 1.905 NZ dollar 1.007 0.969 US dollar 1.274 1.214 Local dollars to 100 units of foreign
      121 words
    • 161 27 Jun 10 $S Offer Bid 0vernight 0.01 par 1-month 3/8 1/4 2-months 3/8 1/4 3-months 3/8 1/4 Overnight mode: 0.05 US$ Offer Bid 7 days 0.22 0.12 1 month 0.28 0.18 2 months 0.40 0.20 3 months 0.45 0.25 6 months 0.60 0.40 9 months 0.75 0.55 12
      161 words

  • PROPERTY
    • 364 28  -  Republic’s third largest suburban mall in Jurong houses 241 stores By MINDY TAN SOME of the big names along Orchard Road can now be found in Jurong, with Kinokuniya, H&M and Astalift setting up shop in the newly opened Jem shopping mall
      FILE PHOTO  -  364 words
    • 831 28 Shift away from buying driven by home price surge to £500k average Bloomberg [LONDON] Londoners are increasingly becoming renters whether they like it or not after the UK capital’s average home price passed £500,000 (S$979,000) last month. With first-time buyers having to
      Bloomberg  -  831 words
    • 1206 29 The US housing market is hotting up so fast that the only way for a buyer to land a deal is to go all-cash and be ready within hours NYT [LOS ANGELES] BIDDING wars sound almost quaint. These days, the only way for
      NYT; PHOTO: MONICA ALMEIDA/THE NEW YORK TIMES  -  1,206 words
  • Page 28 Advertisements
    • 189 28 Regus Work your way 12 flexible office locations in Singapore Fully equipped and work-ready Terms to suit any size of business Opening soon in Orchard Wisma Atria Find out more about our fully equipped offices... www.regus.com.sg O 1 800 622 1563 SPRINGLEAF TOWER Strata Office Floor For Sale *=53 Bm
      189 words
    • 344 28 FREEHOLD INDUSTRIAL REDEVELOPMENT SITE Henley Industrial Building r-""' BARTLEY (CC12) Site area 2,523.3 sqm approximately 27,160 sq ft Masterplan 2008 zoning “Business 1” Plot Ratio 2.5 Regular and Elevated Plot Close proximity to Bartley MRT Station Easy accessibility via Pan Island Expressway (PIE) and Kallang Paya Lebar Expressway (KPE) Ideal
      344 words
    • 17 28 To replicate Swiss creativity Chinaand Switzerlandto develop eco-parkin Zhenjiangcity To subscribe, call 6388-3838 or go to sphsubscription.com.sg
      17 words


  • Page 30 Advertisements
    • 219 30 Time is money. We’ll make this brief. MARINA BAY VIEWS FROM Rents heading north THE TOP over longer term A local core in page 4 finance pages i: DINING OUT YOUNG Kaiseki that's INVESTORS'FORUM palatably priced Get answers to financial planning page 25 questions easily page io H pala 12-13
      219 words