The Business Times, 18 December 2013

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Microfilm: NL32903
Total Pages: 28
1 28 The Business Times
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  • Title Section
    Lock icon Masthead
    25 1 THE BUSINESS TIMES S$1.00 online at http://www.businesstimes.com.sg SfCl A SINGAPORE PRESS HOLDINGS PUBLICATION CO R GN NO *****2868E MCI (P) 085/08/2013 Wednesday, December 18, 2013
    25 words
  • Article, Illustration
    Lock icon NODX back in the mire in November
    668 1  -  Drop of 8.8% a far cry from economists’ forecast of a 4.3% gain, after October’s 2.8% expansion By CHUANG PECK MING peckming@sph.com.sg [SINGAPORE] Another false dawn. The long-await-ed recovery has yet to emerge despite the cautious optimism read earlier into October’s growth in
    Source: IE Singapore  -  668 words
  • MARKETS DIGEST
    • Article
      Lock icon FOREX
      65 1 GST INDEX 3,067.57 (+13.80) GST INDEX FUTURES 3,062.00 (+14.00) GSIMSCI 353.56 (+1.72) ESIMSCI FUTURES 351.30 (unch) US$ S$ US$ (S$ per US$) 1.257 (US$/S$ per 1.632 2.050 EURO (US$/S$/€ 1.378 1.731 Foreign currency per US$ S$ YEN 103.00 81.90 RM 3.246 2.583 HK$ 7.753 6.170 BAHT 32.10 25.55 RUPIAH
      65 words
    • Article
      Lock icon MARKETS
      48 1 Tuesday Change KL COMP 1,850.90 +13.02 NIKKEI 225 15,278.63 +125.72 HANG SENG 23,069.23 -45.43 SET INDEX 1,337.18 +8.78 JAKARTA COMP 4,182.35 +56.39 MANILA COMP 5,928.99 +116.45 SEOUL COMP 1,965.74 +4.59 SHENZHEN B 863.63 -9.59 MUMBAI IND 20,612.14 -47.38 11am EST Change DOW 15,860.52 -24.05 NASDAQ 4,015.00 -14.52
      48 words
    • Article
      Lock icon PRIME RATES
      21 1 SINGAPORE MALAYSIA MALAYSIA 6.55 HONG KONG 5.00 INDONESIA KOREA TAIWAN BRITAIN JAPAN 1.475 KOREA 9.33 INDIA 0.50 Source: Bloomberg
      21 words
  • Article, Illustration
    Lock icon New owners plan major overhaul of SMX
    693 1  -  ICE will put in place new board and new management, switch to own technology By ANDREA SOH sandrea@sph.com.sg [SINGAPORE] The new owners of the Singapore Mercantile Exchange (SMX) are planning a major overhaul of the once struggling exchange. US-based IntercontinentalExchange (ICE) intends to
    693 words
  • Page 1 Advertisements
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      Lock icon Page 1 Advertisements Column 1
      122 1 FORWARD THINKERS Seah Kian Peng, CEO of NTUC FairPrice PAGE 10 IPO WATCH Robust showing with 26 IPOs raising $6.2b PAGE 5 SIA $100m investment to revamp SilverKris lounges PAGE 2 COMPANIES Disclosure woes stem from ‘one size fits all’ approach PAGE 4 My name:George Energy supply My dream:My son
      122 words
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  • TOP STORIES
    • Article, Illustration
      Lock icon SIA plans $100m makeover of its SilverKris lounges
      497 2  -  The amount, up from $20m initially, will be spent over 5 years in 15 cities By NISHA RAMCHANDANI nishar@sph.com.sg [SINGAPORE] Singapore Airlines (SIA) is investing about $100 million up from the $20 million initially earmarked over the next five years to revamp
      497 words
    • Article
      Lock icon THREE-MINUTE DIGEST
      336 2 NODX back in the mire in November THE long-awaited recovery has yet to emerge despite the cautious optimism read into October’s growth in non-oil domestic exports (NODX). In November, NODX slipped back into the negative territory it has been mired in for most of this year. It slid
      336 words
    • Article
      Lock icon 53 foreign workers to be repatriated
      667 3  -  Ban on alcohol consumption will continue this weekend: Iswaran RIOTING IN LITTLE INDIA By KELLY TAY kellytay@sph.com.sg [SINGAPORE] A total of 53 foreign workers will be sent back home for their involvement in the Dec 8 Little India riot, said the Ministry of Home
      667 words
    • Article, Illustration
      Lock icon URA launches site in Woodlands Regional Centre for tender
      879 3  -  90% of maximum GFA for the site must be for offices By KALPANA RASHIWALA kalpana@sph.com.sg [SINGAPORE] The first predominantly office project in the Woodlands Regional Centre is set to sprout on a 99-year leasehold site next to Causeway Point. At least
      879 words
    • Article
      Lock icon Charges against 7 Indian nationals dropped
      504 3  -  Insufficient evidence following police’s further review of facts and circumstances of case By MALMINDERJIT SINGH msingh@sph.com.sg [SINGAPORE] Charges have been dropped against seven Indian nationals for their alleged roles in the Dec 8 riot in Little India because of insufficient evidence. This is after
      504 words
    • Article, Illustration
      Lock icon Japan adopts first ever National Security Strategy
      638 3  -  It will boost military spending over the next five years By ANTHONY ROWLEY in Tokyo JAPAN yesterday adopted its first ever National Security Strategy which Prime Minister Shinzo Abe’s government said will make a “proactive contribution to peace” and stability in Asia in
      PHOTO: REUTERS  -  638 words
  • Page 2 Advertisements
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      Lock icon Page 2 Advertisements Column 1
      101 2 A f £k ■'V Wt. '■r v I K r, Discover the new TWG Tea Mobile App. In celebration of 3 years of global expansion, TWG Tea invites you to join us on our journey and be the first to experience the finest teas of the world in the palm
      101 words
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  • COMPANY NEWS
    • Article
      Lock icon Disclosure woes stem from ‘one size fits all’ approach
      648 4  -  Regulatory system must change or disclosures will get worse: ICAEW By MICHELLE QUAH michquah@sph.com.sg THE push for more and greater disclosure from companies has inevitably led to widespread complaints of information overload in financial reporting. But, while less disclosure is not
      648 words
    • Article
      Lock icon All equity funds attract US$20.1b for best ever November
      214 4 Reuters All EQUITY funds excluding exchange-traded funds attracted US$20.1 billion in November alone, marking their best November on record, data from Thomson Reuters’ Lipper Service showed on Monday. “We had a strong November because of the good momentum in the market
      Reuters  -  214 words
    • Article, Illustration
      Lock icon US$800m plan to boost Pacific Radiance fleet
      496 4  -  Beef-up over 5 years could make it one of the largest in region By LISA LEE lisalcc@sph.com.sg RECENTLY listed Pacific Radiance plans to upsize and upscale its offshore oil-and-gas services fleet over the next five years in an estimated US$800 million newbuilding investment
      496 words
    • Article, Illustration
      Lock icon Robust showing with 26 IPOs raising $6.2b
      769 5  -  Abundant liquidity, positive sentiment propel IPO market over past 12 months By MICHELLE QUAH michquah@sph.com.sg THIS year has proven to be a robust one for initial public offerings (IPOs), with 26 new offerings so far raising a total of $6.22 billion. That’s 18
      ST FILE PHOTO  -  769 words
    • Article
      Lock icon More Asia hedge-fund staff expecting bigger bonuses: survey
      401 5 Bloomberg MORE Asia hedge-fund industry employees are expecting increases in bonuses this year as they delivered returns, a survey by executive recruitment firm Heidrick Struggles International showed. The share of respondents anticipating their bonuses to increase climbed to 48 per cent in
      Bloomberg  -  401 words
    • Article, Illustration
      Lock icon Who says US is about to take off?
      1253 7  -  DBS economists take a sceptical view of what is ahead for 2014 By SIOW LI SEN lisen@sph.com.sg DBS Bank economists have decided to be heretical in their 2014 outlook. The recovery of the advanced economies will falter next year rather than gather
      Source: DBS  -  1,253 words
    • Article
      Lock icon Genting M’sia unveils RM5b upgrade
      575 7  -  World’s first 20th Century Fox theme park part of 5-yr plan By PAULINE NG in Kuala Lumpur GENTING Malaysia Bhd plans to spend up to RM5 billion (S$1.91 billion) over the next five years to upgrade and transform its highland casino resort, with at least
      575 words
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      Lock icon Page 4 Advertisements Column 1
      231 4 Expanding Business Portfolio Into Onshore Plant Module V Ijlr-r I Hi .■xrrTv -4 J n 3£: ;>S -I 'ibBrirMVr,. 3 raa">ac r->jy-rr; %s J. laff 5 3^1 1r m m ■j** s=i .fc 4 (4 iff .X. C Pf i l •a pjfRBHP^ A* Pl •'■.-< «F« ,s v"-' rf
      231 words
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      Lock icon Page 5 Advertisements Column 1
      167 5 Unveiling The Largest Heaviest FPSO Turret Ever Built At 10,000 Tonnes mSSi 4 9 S m r.-'-i A itffl Collar Structure Constructed In Dyna-AAac Singapore Main Yard -Client: SBM Offshore -Operator: BP Bogie Support Structure >* w j| I -T 1 If FPSO Glen Lyon k- T-rfe-llll mw ■Hirk'L V
      167 words
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  • SINGAPORE MARKETS
    • Article, Illustration
      Lock icon Boost from US rise, short-covering
      581 6  -  But STI fails to cling to intra-day high; penny stocks hog the limelight in active list STOCKS R SIVANITHY sivan@sph.com.sg Senior Correspondent AFTER dropping 48 points last week and 12 on Monday, the Straits Times Index yesterday rebounded, thanks to a rebound on Wall Street
      Source: Bloomberg  -  581 words
    • Article, Illustration
      Lock icon STRAITS TIMES INDEX
      4 6 DAILY
      4 words
    • Article
      Lock icon OTHER SINGAPORE INDICES
      77 6 Dec 17 VALUE CLOSE BT OB/OS -589.0 +139.0 BT CADI -*****.0 +72.0 BT 10-day MA -*****.00 -59.00 FTSE ST Mid Cap 705.19 +2.13 FTSE ST Small Cap 525.45 +0.64 FTSE ST All Share 745.33 +2.99 FTSE ST China Top 193.87 +0.51 FTSE ST China 218.72 -0.13 FTSE
      77 words
    • Article
      Lock icon MOST ACTIVE STOCKS
      57 6 VOLUME Albedo 692,181,000 ICP 243,832,000 Otto Marine 239,978,000 Sunmoon 221,000,000 Vallianz Hldgs 122,632,000 Charisma Energy 99,303,000 EMS Ener 52,401,000 Armarda 45,791,000 Thai Beverage 37,281,000 HanKore 35,800,000 VALUE($) DBS Grp 64,083,130 SingTel 52,450,140 UOB 40,634,856 Albedo 40,137,733 OCBC Bk 33,831,980 Keppel Corp 27,855,050 Noble Grp 23,317,925 Thai Beverage
      57 words
    • Article
      Lock icon SECURITIES TRADING SCOREBOARD
      186 6 MAIN CATL TOTAL Up Down Unch Up Down Unch Up Down Unch Multi Ind 9 0 4 0 0 0 9 0 4 Manufacturing 50 35 44 6 5 11 56 40 55 Commerce 20 13 18 6 4 5 26 17 23 Tpt/Stor/Comms 14 9 13
      186 words
    • BROKERS’ TAKE
      • Article, Illustration
        Lock icon Singapore Property
        359 6 Maybank Kim Eng Research, Dec 17 WE downgrade the Singapore property sector from “overweight” to “neutral”, as we believe the prospect of quantitative easing (QE) tapering in 2014 will be a drag on Singapore developers’ share prices. Physical prices look set to correct and we expect continued share
        Source: Bloomberg  -  359 words
      • Article
        Lock icon Keppel Corp
        306 6 Dec 17 close: $10.81 DMG Partners Research, Dec 17 KEPPEL’s subsidiaries, Keppel Shipyard and Keppel Nantong Shipyard, have secured five new contracts with a total value of around S$150 million. The contracts are: Nthe Armada C7 FPSO (floating production storage and offloading) project, scheduled to complete in Q3
        306 words
      • Article
        Lock icon Viva Industrial Trust
        254 6  -  Compiled by KENNETH LIM Dec 17 close: $0.765 CIMB Research, Dec 16 VIVA Industrial Trust (VIT) is focused on business parks, a proxy for Singapore’s progress into higher value-added services. This is a growth segment for the long term, with embedded master lease/rental support to ensure mid-term
        254 words
    • Article
      Lock icon SECURITIES TRADING TURNOVER
      119 6 TURNOVER (‘000) VALUE (‘000) MAIN CATL TOTAL MAIN CATL TOTAL Multi Ind 10,288 10,288 48,390 48,390 Manufacturing 371,156 270,698 641,854 88,916 7,121 96,036 Commerce 277,812 850,402 1,128,214 51,962 62,343 114,305 Tpt/Stor/Comms 57,148 7,180 64,328 102,185 926 103,110 Finance 43,055 188 43,243 150,778 62 150,840 Construction 29,183 100,380
      119 words
    • Article
      Lock icon STRAITS TIMES INDEX STOCKS
      114 6 Stock name Close Change CapMallsAsia 1.905 +0.010 CapitaLand 2.950 CapitaMall 1.850 +0.015 CityDev 9.590 +0.080 ComfortDelGro 1.945 +0.015 DBS Grp 16.530 -0.050 GLP 2.890 +0.020 Genting SP 1.455 -0.005 Golden Agri 0.540 HK Land 5.660 -0.110 HPH Trust US$ 0.640 -0.005 JMH 51.440 +0.340 JSH 31.750
      114 words
    • Article, Illustration
      Lock icon US$ stays close to 5-yr high against yen
      487 6 CURRENCIES Bloomberg [EDINBURGH] The US dollar was within one per cent of a five-year high against the yen as the Federal Reserve began a two-day meeting yesterday that some economists say will result in a reduction of currency-debas-ing stimulus. The Swedish krona
      Bloomberg; PHOTO: BLOOMBERG  -  487 words
    • Article
      Lock icon RISES
      107 6 BY CENTS CLOSE UP GLD 10US$ ***** 86.7 0.6 JMH 5144 42.7 0.7 Jardine C&C 3435 35.0 1.0 JSH 3175 31.4 0.8 Keppel Corp 1081 19.0 1.8 Haw Par Corp 808 17.0 2.1 DBXT MSTHAI 10US$ 1876 16.3 0.7 DBXT DBCBDJUBS 10US$ 2891 15.1 0.4 DBXT FTVietnam 10US$ 2429
      107 words
    • Article
      Lock icon FALLS
      125 6 BY CENTS CLOSE DOWN DBXT MSJAP 10US$ 4562 -94.2 -1.6 DBXT MSINDO 10us$ 1120 -33.9 -2.4 DBXT STGLDv100 10US$ 3029 -33.9 -0.9 Hyflux 6% CPS 10 ***** -20.0 -0.2 Venture Corp 756 -19.0 -2.5 IS LC BND 100S$D 1181 -14.0 -1.2 HK Land 566 -13.8 -1.9 DBXT CSI300 10US$
      125 words
    • Article, Illustration
      Lock icon FTSE ST CATALIST INDEX
      5 6 DAILY
      5 words
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      Lock icon Page 7 Advertisements Column 1
      720 7 *AT3 NOTICES Toll free 1800-289-8822 Email notices@sph.com.sg www.cats.com.sg/notices DESIGN STUDIO FURNITURE MANUFACTURER LTD (Incorporated in the Republic of Singapore) (Company Registration Number *****1553D) NOTICE OF EXTRAORDINARY GENERAL MEETING NOTICE IS HEREBY GIVEN that an Extraordinary General Meeting of the Shareholders of the Company will be held on Friday, 10 January
      720 words
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      Lock icon Page 7 Advertisements Column 2
      53 7 MEGAWIND k f£5 <f\l 4 v. V: ft? I/. m V JS i a k if-y. X :< .f ivBeF HOROLOGICAL LAB WWW.MBANDF.COM H THE HOUR GLASS SINGAPORE PARAGON MORE PASSION TEL: 65-6735 6466 ION ORCHARD L'ATELIER TEL: 65-6509 9268 KNIGHTSBRIDGE MALMAISON TEL: 65-6884 8484 KUALA LUMPUR PAVILION SHOPPING MALL
      53 words
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  • SINGAPORE NEWS
    • Article
      Lock icon Listing of home phones set for April 1 exit
      429 8  -  Directory collection down 80% in last 5 years; but business listing stays By JOYCE HOOI joyceh@sph.com.sg IN a sign of the times, fixed-line operators will no longer have to publish residential phone numbers in the White Pages from April 1 next
      429 words
    • Article
      Lock icon Insurers to spend US$450m on technology next year
      295 8  -  By JACQUELYN CHEOK jaccheok@sph.com.sg INSURERS in Singapore will spend an estimated US$450 million on technology in 2014, while those in the Asia-Pacific region will spend an estimated total of US$18.1 billion, according to IT consulting firm IDC Financial Insights. The US$18.1 billion
      295 words
    • Article, Illustration
      Lock icon New Corolla may buoy Cat A premium
      673 8  -  More than 100 said to have indicated interest even before the car is unveiled By SAMUEL EE samuelee@sph.com.sg THERE is strong interest in the new Toyota Corolla Altis even before the car is unveiled here on Jan 9 and this could signal the
      PHOTO: REUTERS  -  673 words
    • Article, Illustration
      Lock icon SGX steel products plan a bid to tap rising alloy demand
      634 8 Reu ters [SINGAPORE] The Singapore Exchange (SGX) plans to launch steel futures and swap contracts early next year, hoping to cash in on rising consumption of the alloy in South-east Asia. SGX is trying to open up the Asian
      Reuters; PHOTO: REUTERS  -  634 words
  • Page 8 Advertisements
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      Lock icon Page 8 Advertisements Column 1
      63 8 Into its 11thedition Participate In Singapore’s MEGA FOOD BEVERAGE FAIR SUNTEC Singapore Halls 401-403 27th Feb 2nd Mar 2014 Book Now *Limited Booths Available! *****620 or Email: sales@exhibitsinc.com.sg Organised By: (ORGANISER OF IT SHOW, FOOD BEVERAGE FAIR, COMEX, WORLD FOOD FAIR AND CONSUMER ELECTRONICS EXHIBITION) BLOCK 8, LORONG BAKAR BATU
      63 words
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      Lock icon Page 8 Advertisements Column 2
      54 8 16 18 July 2014 Marina Bay Sands, Singapore r F CPU ASIA www.OfficExpoAsia.com Be involved. Exhibit with Us. Email: OEA@bizlink.com.sg Tel: (65) 6848 5938 Organised By: BIZLINK Exhibition Services Pte Ltd A SUBSIDIARY OF Blk 8 Lorong Bakar Batu, #07-07 Singapore *****3 Tel: (65) 6848 5938 Fax: (65) 6848 4182
      54 words
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      Lock icon Page 8 Advertisements Column 3
      51 8 i/v/V $1.6 MILLION Estimated Draw on Thu, 19 Dec 2013 at 6.30pm For details, visit www.singaporepools.com.sg p i_AY/k Always play with care. responsibly] Do not bet illegally. RGB Reg No: *****0202G m Grow Your Stock Call 1800 289 8822 or e-mail notices@sph.com.sg to place your Mergers Acquisitions Notices MATS NOTICES
      51 words
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  • Page 9 Advertisements
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      112 9 5 ncten Ceremony and Dinner October 22*2013 Si"— Forbes toes N Forbes W. r Best? bes Forbes rbes CONGRATULATIONS TO THE CHAIRMAN AND BOARD OF DIRECTORS OF SILVERLAKE AXIS LTD On Winning the Best of the Best Award 2013 in Forbes Asia's "Best Under A Billion" for Asia Pacific. From,
      112 words
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  • FORWARD THINKERS
    • Article, Illustration
      Lock icon Grocer with a social mission
      1853 10  -  CEO Seah Kian Peng explains to KALPANA RASHIWALA how NTUC FairPrice does well in its business in order to do good KALPANA RASHIWALA kalpana@sph.com.sg A UNIQUE opportunity to do good while managing and running the business well is what gives Seah Kian Peng the greatest
      1,853 words
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      84 11 What does 60 years of progress look like? From an island of rural villages to a modern metropolis, Singapore’s transformation has been nothing short of astonishing. Since 1953, IBM has been a part of that journey. But rather than celebrate our past, we’d rather visit our future. Presenting the Singapore
      84 words
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  • MALAYSIA/INDONESIA
    • Article
      Lock icon Islamic banking assets growth to slow: Indonesia
      425 12 Rising pressure from trade deficits and depreciation in the rupiah are reasons Reuters [JAKARTA] Indonesia’s central bank estimates that growth of Islamic banking assets will slow next year due to rising pressure from trade deficits and a depreciation in the rupiah, a Bank
      Reuters  -  425 words
    • Article, Illustration
      Lock icon Malaysia economic plan draws RM220b since 2010 inception
      551 12 [PUTRAJAYA] The government’s Economic Transformation Plan has proven to be a success, attracting RM220 billion (S$85.1 billion) worth of investments since its inception in 2010. Prime Minister Najib Razak, in announcing this on Monday, said that the investments from 195 projects launched
      PHOTO: REUTERS  -  551 words
    • Article
      Lock icon MetLife set to invest in AMMB insurance units
      412 12 Firms finalising RM800m deal for submission: sources Bloomb erg [KUALA LUMPUR] MetLife Inc is in exclusive talks to invest about RM800 million (S$309.7 million) in AMMB Holdings Bhd’s life insurance units in Malaysia, two people with knowledge of the matter have said.
      Bloomberg  -  412 words
    • Article
      Lock icon Sales slow in M’sia retail sector
      428 12 [PETALING JAYA] The local retail sector is feeling the pinch of slower sales as a result of the various government subsidy rationalisation measures, which are causing consumers to be more cautious about their spending, according to industry experts. The former president of the Malaysian
      428 words
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      206 12 "An/ epcedkivt disi aM)cujs kcjUvs uJUAL care/uM/ cjrmHn/ am raised produce. Julien Royer, Chef de Cuisine ARTISANAL CUISINE, A WAY OF LIFE. Celebrate the decadent flavours of Autumn and Winter with a new seasonal menu. S.Pellegrino's Asia'm ranked 22nd and Krug's First RestauM 1 Best Restaurants 2013, rded the "One
      206 words
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  • GREATER CHINA/INDIA
    • Article, Illustration
      Lock icon China to cut reliance on NZ for milk powder
      785 13 This allows Europe, US firms to break Fonterra’s grip on US$12.4b market Reu ters [SHANGHAI] Milk powder buyers in China have started to cut their reliance on New Zealand’s Fonterra, opening the way for US and European firms to break the
      Reuters; PHOTO: REUTERS  -  785 words
    • Article, Illustration
      Lock icon Tencent’s Ma becomes China’s second-richest man
      443 13 Bloomberg [SHANGHAI] Ma Huateng, chairman of Asia’s largest Internet company Tencent Holdings Ltd, overtook property tycoon Wang Jianlin to become China’s second-richest man, according to the Bloomberg Billionaires Index. Mr Ma has a net worth of US$12.1 billion, surpassing Mr Wang by US$100 million,
      Bloomberg; PHOTO: BLOOMBERG  -  443 words
    • Article
      Lock icon India won’t loosen leash on gold imports
      565 13 Govt is worried the trade gap could worsen again Reuters [MUMBAI] India will keep a tight leash on gold imports despite a recent improvement in its trade deficit and lobbying by a bullion industry struggling with high premiums and a supply crunch. The
      Reuters  -  565 words
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      292 13 Wine, Dine Savour Yuletidefestjvjtjes—*SP v-■ V- m V > *1 r*s 10 Gather loved ones over a hearty meal at 10 at Claymore and enjoy unlimited servings of 4 varieties of ‘live’ oysters, Traditional Roast Turkey, Whole Ham, and the exquisite Festive Plates of Pleasure with highlights such as T
      292 words
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  • WORLD
    • Article
      Lock icon Australia faces years of budget deficit
      563 14 Economy struggling since Sept polls with unwinding of mining investment boom AFP [SYDNEY] Australia is facing years of deficit with a A$17 billion (US$19.1 billion) blowout since the September elections as the economy struggles to deal with an unwinding mining investment boom, the treasurer
      AFP  -  563 words
    • Article, Illustration
      Lock icon Amazon hit with Christmas strike action in Germany
      429 14 AFP [BERLIN] Just days before Christmas, German workers at online retailer Amazon walked off the job over pay on Monday at three sites and supporters rallied at the company’s US headquarters. More than a thousand employees at Amazon sites in Leipzig, Bad
      AFP; PHOTOS: AP, BLOOMBERG  -  429 words
    • Article
      Lock icon GSK to stop paying doctors to promote its products
      480 14 Move is aimed at addressing potential conflicts of interest Reuters [LONDON] GlaxoSmithKline (GSK) will stop paying doctors to promote its products at events and remove individual sales targets for its marketing staff in a first for the drugs industry looking to
      Reuters  -  480 words
    • Article
      Lock icon America, EU hold third round of free trade talks
      539 14 One key challenge is market access for financial services AFP [WASHINGTON] The United States and the European Union (EU) entered a third round of trade negotiations on Monday in Washington aimed at creating a powerful free trade bloc to boost their
      AFP  -  539 words
    • Article
      Lock icon US Fed assets on verge of topping US$4t
      871 14 Size of balance sheet exceeds Germany’s GDP Bloomberg [WASHINGTON] The Federal Reserve’s balance sheet is poised to exceed US$4 trillion, prompting warnings that its record easing is inflating asset-price bubbles and drawing renewed lawmaker scrutiny just as Janet Yellen prepares to take
      Bloomberg  -  871 words
    • Article, Illustration
      Lock icon November CPI flat on drop in petrol prices
      574 15 But annual inflation springs back to 1.2% from four-year low LATEST US DATA Reuters [WASHINGTON] US consumer prices were flat in November, but a bounce back in the annual inflation rate from a four-year low will probably give the Federal Reserve cover
      Reuters; PHOTO: AFP  -  574 words
    • Article
      Lock icon Govts willing to pay giant premium for UN carbon credits
      463 15 Reu ters [LONDON] Governments are willing to pay up to 25 times the market rate for UN carbon credits, tender documents show, to foster investment in developing nations and avert the collapse of an emissions-cut-ting scheme that has saved the
      Reuters  -  463 words
    • Article, Illustration
      Lock icon Germany’s investor confidence in December at 7-year high
      529 15 Bloomberg [FRANKFURT] German investor confidence rose for a fifth month in December to the highest level in more than seven years, adding to signs that the recovery in Europe’s largest economy is strengthening. The ZEW Center for European Economic Research in Mannheim
      Bloomberg; PHOTO: AFP  -  529 words
    • Article
      Lock icon EU banks shrink risk-weighted assets by US$1.1t
      570 15 Bloomberg [BRUSSELS] European Union banks have shed more than US$1.1 trillion of assets since the end of 2011 in a shift away from risky investments such as assetbacked debt as regulators push lenders to shore up their balance sheets. Lenders reduced assets weighted
      Bloomberg  -  570 words
    • Article
      Lock icon Former UBS, Citigroup trader Hayes denies rigging Libor
      405 15 2 former RP Martin Holdings brokers also plead not guilty Bloomberg [LONDON] Tom Hayes, a former trader at UBS AG and Citigroup Inc, pleaded not guilty to conspiring to manipulate the London interbank offered rate (Libor) in the first prosecution stemming from
      Bloomberg  -  405 words
    • Article
      Lock icon JPMorgan, Deutsche Bank ban chat room: reports
      305 15 Reuters [LONDON] JPMorgan Chase and Deutsche Bank are banning the use of multi-dealer online chat rooms, said sources familiar with the plans as banks crack down on inappropriate communications by staff following a string of scandals. Chat rooms have been a focus for
      Reuters  -  305 words
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      452 15 IN THE MATTER OF THE COMPANIES ACT, CAP. 50 AND IN THE MATTER OF GE MONOMER (HOLDINGS) PTE. LTD. (IN MEMBERS’ VOLUNTARY LIQUIDATION) CO. REG. NO. *****0514K NOTICE OF RESOLUTIONS At an Extraordinary General Meeting of the Company held at 240 Tanjong Pager Road #0400 GE Tower Singapore *****0 on
      452 words
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  • EDITORIAL & OPINION
    • Article
      Lock icon Ben Bernanke can look back with pride
      538 16 EDITORIAL WHEN Ben Bernanke ends his two terms as chairman of the US Federal Reserve at the end of January 2014, he can look back with pride and satisfaction at his record over the past eight years. Although this record is not without
      538 words
    • Article, Illustration
      Lock icon Using only e-mail is like talking with a niqab on
      824 16  -  THE BOTTOM LINE DAVID MASON The writer, who was a Price Waterhouse Singapore partner for 18 years, is a UK-based business communications consultant who spends several months a year in Singapore HUMAN beings communicate with each other in three principal
      824 words
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      Lock icon Greater clarity needed in corporate governance rules
      1516 16  -  Rules of SGX and MAS on internal controls use different terminologies which may confuse By MAK YUEN TEEN The writer is an associate professor in the NUS Business School where he teaches corporate governance and ethics. He was a member of corporate governance
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      Lock icon A fiscal ceasefire in Washington
      883 17  -  The passage of the budget deal in the House of Representatives signals erosion of Tea Party power LEON HADAR Washington Correspondent AFTER watching the budget battles between the White House and Republican lawmakers in Washington for the few last years, getting used to playing political-legislative
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      Lock icon Root out old ideas that promote the rich
      891 17  -  By EDWARD HADAS &S& REUTERS BREAKINGVIEWS Reuters THE leading theories of economics and finance are usually produced for the rich. Pope Francis deserves praise for suggesting an economics for the poor. The typical criteria of economic success such as efficient pricing, fully
      &S& REUTERS BREAKINGVIEWS; Reuters; PHOTO: AFP  -  891 words
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  • Transport HUB
    • Article
      Lock icon Common sense triumphs, finally
      810 18  - Common sense triumphs finally The 2004 Ballast Water Management Convention is a good lesson in how not to make international rules STRAIT TALK By DAVID HUGHES MONG all of the International Maritime Organization (IMO) conventions, the Ballast Water Management Convention 2004 (BWMC) is possibly the one that has proved most
      810 words
    • Article
      Lock icon Baltic Dry Index set for best quarter since 2011
      222 18 Bloomberg [LONDON] The Baltic Dry Index, a measure of costs to transport commodities by sea, is poised for its best quarter since 2011 on stronger Chinese demand for imports of Australian iron ore. The gauge averaged 1,815 so far in the
      Bloomberg  -  222 words
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      Lock icon US oil tankers resume runs to East Coast
      1119 18 Oil firms have been redirecting Jones Act tankers there Reuters [NEW YORK] Costly US-flagged oil tankers have resumed a once-familiar route hauling crude from the US Gulf to the East Coast, with near-record amounts of sweet Texas shale flowing to refiners in
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    • Article
      Lock icon TRANSPORT STOCKS
      244 18 SGX '000 Dec 17 S$ +/-Vol Ch Offshore Chuan Hup Hldg 0.25 -0.01 272 Cosco Corp 0.75 unch 1950 Cwt Limited Vol First Ship Lea unch unch 0 Grand Banks 0.23 0.02 1 Jaya Hold Ltd 205 K1Ventures.................0.19 unch 911 Keppel Corp 10.81 0.19 2581 Mercator Lines 0.11
      244 words
    • TRANSPORT HUB: AVIATION
      • Article
        Lock icon Boeing ups dividend by 50%, okays US$10b buyback plan
        567 19 Company enjoying revenue surge as it ramps up production of commercial jets Reuters [SEATTLE] Boeing Co’s board has raised the company dividend by about 50 per cent and approved US$10 billion in new share buyback authority that the company said it
        Reuters  -  567 words
      • Article, Illustration
        Lock icon Private jet sector booms on long-rangedemand
        720 19 NYT [NEW YORK] The destinations read like the world map in the game Risk Irkutsk, Mongolia, Madagascar, West Africa. Business travellers are increasingly flying to hard-to-reach places, helping to fuel a revival in the private jet industry. And nowhere is the demand greater than
        NYT; PHOTO: AP  -  720 words
      • Article
        Lock icon UK study backs contentious Heathrow expansion
        408 19 Bloomberg [LONDON] London’s Heathrow airport could require a new runway to maintain Britain’s status as a global travel crossroads, according to the body appointed to help ease a capacity squeeze at the country’s existing facilities. Heathrow, which currently has a pair of runways and
        Bloomberg  -  408 words
      • Article
        Lock icon Dutch aircraft leasor buys ILFC for US$5b
        626 19 Bloomberg [TOULOUSE] AerCap Holdings NV agreed to buy International Lease Finance Corp (ILFC) from American International Group Inc (AIG) for US$5 billion to create an aircraft lessor rivalling General Electric Co’s (GE) Gecas unit for size. AerCap will pay US insurer AIG US$3
        Bloomberg  -  626 words
    • TRANSPORT HUB: LAND
      • Article
        Lock icon Detroit of the East gives green light to Renault
        645 20 Reu ters [BEIJING] Renault SA has clinched full access to China’s auto market by sealing a joint venture agreement with state-owned Dongfeng Motor Group in Wuhan, a city fast shaping up as China’s own Detroit. Nine years after the two companies
        Reuters  -  645 words
      • Article
        Lock icon General Motors to pump US$1.3b into 5 Midwest plants
        883 20 Move follows Ford’s plan to hire 5,000 workers, launch 16 new vehicles NYT [DETROIT] After a year of big profits and surging sales in the United States, American automakers are investing heavily in their domestic operations in anticipation of more good
        NYT  -  883 words
      • Article, Illustration
        Lock icon Ford management team ready for CEO’s anticipated exit
        1347 20 Overriding question is how car maker will fare without architect of its turnaround Reu ters [DETROIT] Every Wednesday, Ford Motor Co’s top executives gather before sunrise to work through some of the company’s most vexing problems. Notably absent is chief executive Alan
        Reuters; PHOTO: REUTERS  -  1,347 words
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      118 18 ASIA WEST AFRICA TRADE AGREEMENT (AWATA) NOTICE OF 2014 JANUARY RATE RESTORATION In order to ensure that the Members Lines are able to continue to provide the service necessary to meet the needs of their customers, the Members Lines of the Asia West Africa Trade Agreement have decided to implement
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  • Page 19 Miscellaneous
    • Miscellaneous
      Lock icon Page 19 Miscellaneous Column 1
      315 19 CRYPTIC CROSSWORD Across 1 Despotic Italian rat to broadcast (12) 9 On the right bearing, sailor turned off reportedly (9) 10 Get to every single redhead first (5) 11 Food for city animal’s den (6) 12 Charming provincial embracing London leader (8) 13 Underground vehicle taken back with awful Yank
      315 words
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  • Article
    Lock icon Shipping Times
    2275 21 Papua New Guinea Australia New Zealand New Caledonia Fiji all other Pacific Islands Dili (East Timor) Guam (Mariana Islands) Honolulu (Hawaii) SOUTH PACIFIC SERVICE W W W. N G P L J S P. C O M THE CHINA NAVIGATION CO. PTE. LTD. 300 BEACH ROAD #02-02 THE
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      155 21 J e b e Shanghai■ LaemChabang■ Chittagong l A l i■ Port Klang J e d d a h B r is b a n e NYK RORO &Conventional ServiceREGULAR SERVICE TO H a m b a n t o t a REGULAR SERVICE TO Persian Gulf, Bengal, Red Sea,
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      17 21 USE THIS SPACE TO SELL CALL JOE WONG AT *****327 TO ADVERTISE The Business Times Shipping Times
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      205 22 mporters ooking for Warehouse Can they find your services here in the Shipping Times? TO ADVERTISE, CALL JOE WONG AT *****327 I FREIGHT FORWARDER urgently needed by shippers Can they find your services here in the Shipping Times? The Business Times TO ADVERTISE, CALL JOE WONG AT 9620 1327 Highlight]
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      18 22 USE THIS SPACE TO SELL CALL JOE WONG AT 9620 1327 TO ADVERTISE The Business Times Shipping Times
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  • SINGAPORE STOCKS
    • Article
      Lock icon SGX MAINBOARD
      3000 23 Transaction date: Dec 17 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 15 11.5 8Telecom Vol Day Last Quote Div Gr Yld Net 10 6.9 AIMS Property 8.7 unch 400 8.7 8.7
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      Lock icon SGX CATALIST
      252 24 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 37 17.3 t 3Cnergy 500 Vol Day Last Quote Div Gr Yld Net M Cap High Low Company Sale ('000) High Low Buyer Seller
      252 words
    • Article
      Lock icon UNIT TRUST & FUNDS
      11306 24 UNIT TRUST FUNDS UNIT TRUSTS APS Asset Mgt Pte Ltd APS Alpha FuncTCIA!** Aberdeen Asset Mgt Asia Limited APS Alpha Fund (USD)!** 1.18/ Aberdeen Asset Mgt Asia Limited 0 98? S/ Asian Smaller tos! China Opportunities! EM local Ccy Bond 1 8743/ 783/ *****/ European Opportunities! 1 25??/ Global Emerging
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      Lock icon GLOBALQUOTE
      249 24 52-Wk Last Vol Day Last Quote Div GrYld Net MCap High Low Company Sale +/-(’000) High Low Buyer Seller C’vr P/E $mil Company 52 32.5 Genting HK US$ US40 unch 2937 40.5 40 40 40.5 2633.8 Sale 318 191 TanChongInt HK295 -5 12 295 295 298 302 4.3 2.4
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    • Article
      Lock icon SGX ETF
      867 24 52-Wk Last Vol Day Last Quote Div GrYld Net MCap High Low Company Sale +/-(’000) High Low Buyer Seller C’vr P/E $mil 123 107.1 ABF SG Bond ETF Last 143 125 CIMB APAC Div 100S$D 125 124.2 125.1 114.4 99.2 CIMB APAC Div 100US$ US99.7 98.8 99.4 10.5
      867 words
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  • FINANCE & COMMODITIES
    • Article
      Lock icon SGX DERIVATIVES TRADING
      719 25 Dec 17 OPEN HIGH LOW SETT VOL OP/INT NIKKEI 225 INDEX FUTURES SPOT *****.22 *****.13 *****.42 Mar14 *****.00 *****.00 *****.00 *****.00 *****9 *****0 Jun14 *****.00 *****.00 *****.00 *****.00 9 1757 MSCI TAIWAN INDEX FUTURES SPOT 293.42 295.06 293.42 Dec13 292.00 295.30 292.00 293.40 ***** *****9 Jan14 292.10
      719 words
    • Article
      Lock icon MORGAN STANLEY CAPITAL INTERNATIONAL INDICES
      373 25 In local curr In S$ In US$ dy yr dy yr dy yr Dec 16 Index Change Change Change Change Change Change World Preliminary 1140.2 0.6 21.5 0.7 22.8 0.7 19.5 EAFE Preliminary 914.4 0.5 18.1 0.6 17.3 0.7 14.1 Europe Preliminary 1301.7 1.3 13.5
      373 words
    • Article
      Lock icon INTERBANK CROSS RATES
      471 25 Dec 17 A$ C$ Rmb Euro HK$ Ind Rs Rupiah Yen Won RM NZ$ Pak Rs Peso S$ Rand Sfr NT$ Baht Pound US$ Australia 0.946 5.427 0.649 6.930 55.352 108.452 0.920 9.394 2.902 1.081 95.853 39.513 1.123 9.203 0.792 26.540 28.694 0.548 0.894 Canada 1.057 5.735
      471 words
    • Article
      Lock icon SIBOR
      40 25 Dec 17 (US$) (S$) 1 mth 0.***** 0.***** 2 mths 0.***** 3 mths 0.***** 0.***** 6 mths 0.***** 0.***** 9 mths 0.***** 12 mths 0.***** 0.***** SWAP Offer rates (S$) (S$) 3 mths ..0.***** 3 mths Source: Thomson Reuters
      40 words
    • Article
      Lock icon GOVERNMENT SECURITIES
      86 25 Dec 17 TREASURY BILLS Period Issue Maturity Yesterday's Day's code Bid High Low 6-Month BS*****F 13-Jun-14 0.28 1-Year BY*****T 31-Oct-14 0.29 GOVERNMENT BONDS Period Issue Coupon Maturity Close Day's code rate Bid High Low 2-Year N*****0W 1.13 01-Apr-16 101.61 101.69 101.62 5-Year N*****0T 0.5 01-Apr-18 98.35 10-Year NX*****H
      86 words
    • Article
      Lock icon PRECIOUS METALS
      138 25 Dec 17 GOLD(US$/oz) Dec 17 Dec 16 Hong Kong 1248.00 1242.00 Dec 16 Dec 13 London 1242.04 1235.50 1242.91 1236.50 Source: Thomson Reuters CAST BAR Dec 17 (S$) Selling Buying Kilobar ***** ***** PAMP GOLD BARS (S$) Selling Buying 1gm 112 50 5gm 319 249 10gm 570 498
      138 words
    • Article
      Lock icon PALM OIL
      59 25 Dec 17 KLCE PALM FUTURES (RM/MT) Delivery Opening Sett Av Vol Open Month Range Price Price High Low Done Position Jan 14 2541.0 2532.0 2557.0 2524.0 1369 ***** Feb 14 2572.0 2561.0 2590.0 2557.0 8877 ***** Mar 14 2587.0 2576.0 2602.0 2571.0 ***** ***** Apr 14 2593.0 2581.0
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    • Article
      Lock icon INTERBANK CURRENCY RATES
      155 25 Dec 17 Against S$ Against US$ Currencies Bid Offer Bid Offer S$/US$ to one unit of foreign currency: Australian dollar 1.1229 1.1235 0.8937 0.8941 Canadian dollar 1.1867 1.1873 0.9448 0.9445 Euro 1.7312 1.7315 1.3778 1.3779 NZ dollar 1.0387 1.0395 0.8267 0.8272 Sterling pound 2.0501 2.0508 1.6316 1.6320
      155 words
    • Article
      Lock icon CHICAGO BOT
      109 25 Dec 16 SOYBEANS (5,000 bu min; US cents/60 lb bushels) Close Previous High/Low Jan 14 1337.75 1327.50 1343.50 1319.00 Mar 14 1325.25 1313.75 1330.50 1305.50 May 14 1308.25 1297.00 1313.00 1290.50 Jul 14 1294.00 1284.00 1299.25 1278.25 SOYBEAN OIL (60,000 lbs; US cent/lb) Close Previous High/Low Jan 14
      109 words
    • Article
      Lock icon LIFFE
      94 25 Dec 16 COCOA (£/tonne) Close Prev High Low Mar 14 1784 1767 1800 1747 May 14 1768 1758 1781 1740 Jul 14 1754 1747 1767 1730 Sep 14 1751 1743 1763 1728 COFFEE(US$/tonne) Close Prev High Low Jan 14 1771 1816 1821 1762 Mar 14 1768 1799 1800 1761
      94 words
    • Article
      Lock icon BONDS, WARRANTS & EXTENDED SETTLEMENT
      1108 25 BONDS, WARRANTS EXTENDED SETTLEMENT Prem Expiry Vol Conv Exer Disc Gear-Mths Company Last Sale +or-('000) Ratio Price ing Left Asia-Pacific Strategic W*****6 20 0.0 5 -82 55 Asia-Pacific Strategic W*****6 Ratio Exer Price Ascendas Reit MB ECW*****3 Disc Asiatic Grp(Hldgs) Ltd W*****5 2.3 0.0 2 21 Asiatravel.com HoldingsW*****7 0.3 1
      1,108 words
    • Article
      Lock icon CRUDE OIL & PRODUCTS
      70 25 CRUDE OIL PRODUCTS Dec 16 CRUDE (FOB origin) US$/barrel Close Change Brent blend (1-Mth F) 109.95 2.02 WTI (Near Mth) 97.43 0.89 Dubai (1-Mth F) 106.16 1.22 Tapis blend 115.35 1.64 Minas 108.85 1.34 PRODUCT US$/barrel (FOB S'pore) Close Change Naphtha 106.33 -0.14 Jet Kerosene 125.57 0.33 US$/barrel OpecOil Basket
      70 words
    • Article
      Lock icon US$/S$ FORWARD RATES
      22 25 Dec 17 S$ Bid Offer 1-month 1.2565 1.2566 2-months 1.2564 1.2565 3-months 1.2564 1.2565 6-months 1.2560 1.2562 Source: OCBC
      22 words
    • Article
      Lock icon LONDON METALS
      66 25 Dec-16 Dec-16 Aluminium, 99.7% purity(US$/tonne) Close Previous Cash 1755.25 1755.25 3 months 1799.00 1799.00 Copper, Grade A(US$/tonne) Cash 7276.50 7276.50 3 months 7255.00 7255.00 Lead(US$/tonne) Cash 2133.00 2133.00 3 months 2150.00 2150.00 Nickel (US$/tonne) Cash *****.50 *****.50 3 months *****.00 *****.00 Tin (US$/tonne) Cash *****.50 *****.50 3 months
      66 words
    • Article
      Lock icon FOREIGN CURRENCY NOTE RATES
      121 25 As at 9am Dec 17 Singapore dollars to one unit of foreign currency: Currencies Sell Buy Aust dollar 1.148 1.094 Can dollar 1.206 1.160 Euro 1.767 1.683 Sterling pound 2.084 2.004 NZ dollar 1.060 1.020 US dollar 1.281 1.220 Local dollars to 100 units of foreign
      121 words
    • Article
      Lock icon INTERBANK RATES
      157 25 Dec 17 $S Offer Bid 0vernight 0.03 0.01 1-month 3/8 1/4 2-months 3/8 1/4 3-months 7/16 5/16 Overnight mode: 0.01 US$ Offer Bid 7 days 0.20 0.10 1 month 0.30 0.15 2 months 0.40 0.20 3 months 0.45 0.25 6 months 0.50 0.30 9 months 0.60 0.40 12
      157 words
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  • executive Money
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      Lock icon Signs of surplus dull commo shine
      1111 26 S&P indicator set for first fall since 2008 with bumper harvests and inventories Bloomberg [CHICAGO] Speculators have gotten the most bullish on commodities since October, buying more gold, cotton and soya beans, before prices fell the most in six weeks on signs of surplus
      Bloomberg; PHOTO: BLOOMBERG  -  1,111 words
    • Article, Illustration
      Lock icon Treasuries are this year’s worst performer
      803 26 Bloomberg [SINGAPORE] Treasuries were the world’s worst-per-forming bonds this year before the Federal Reserve was due to start a two-day meeting yesterday to decide whether to reduce its debt-buying programme. US government securities due in a decade and longer have fallen more than 11
      Bloomberg; PHOTO: BLOOMBERG  -  803 words
    • Article
      Lock icon Record outflow in commodity investments seen
      420 26 Barclays says driving force is withdrawals from gold ETFs Bloomberg [LONDON] Commodity investments are heading for record outflows driven by withdrawals from gold ex-change-traded funds as some investors lost faith in the traditional store of value, according to Barclays plc. Assets under management have
      Bloomberg  -  420 words
    • Article, Illustration
      Lock icon UBS mandates business boosts bottom line
      669 27 Bank expanding this sector as part of its focus on wealth management Bloomberg [ZURICH] UBS AG, the world’s largest wealth manager, said clients are shifting money to be managed directly by the bank or pay for advice in a reversal of previous outflows after
      Bloomberg; PHOTO: AP  -  669 words
    • Article
      Lock icon M&A among wealth managers up this year
      358 27 Bloomberg [GENEVA] Mergers and acquisitions among wealth managers rose this year, with almost US$760 billion of client assets traded, according to Scorpio Partnership. More than 60 transactions have taken place, with purchase prices tumbling to an average of 1.22 per cent of managed
      Bloomberg  -  358 words
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      141 27 a a: A t -r THE BOY WHO WILL STEAL THE SHOW Is a class act whom others look up to and admire Is a world-class performer who excels no matter how big the challenge is. The new BUSINESSMAN OF THE YEAR (BOY) will be unveiled at THE SINGAPORE BUSINESS
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      81 28 tomorrow greener a for MR-E62S-N Champagne Elegant MR-E62S-F Floral NEW MR-EX62S-AT Cobalt Stainless FREE5 YearsWarranty NEW MR-BX52W-BR Shiny Brown MR-JX64W-N Rose Champagne NEW MR-Z65W-CW Cloth White 2308 6473 Tel: *****3 5.30pm), Singapore Road, Electric LTD PTE Mitsubishi 2008 2007 Tl 1999 Apply Conditions Terms www.MitsubishiElectric.com.sg (8.30am R Friday Mitsubishi Electric
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