The Business Times, 22 October 2014

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Microfilm: NL33269
Total Pages: 39
1 40 The Business Times
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  • Title Section
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    19 1 THE BUSINESS TIMES www. usinesstimes.com.sg WEDNESDAY, OCTOBER 22, 2014 S$1.00| MCI (P) 051/08/2014 SjJl A SINGAPORE PRESS HOLDINGS PUBLICATION
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  • Article
    Lock icon GrabTaxi raises US$65m
    32 1 FUNDING BOOST IT will hire top engineers, coders and data scientists to customise new features for different cities, and set up driver retention programmes to reward existing drivers. 2
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  • Article
    Lock icon EPF denied mega-merger vote
    38 1 DASHED HOPES BURSA Malaysia sticks by the rule book in the face of a clear conflict of interest given that the pension fund is the controlling shareholder of CIMB Group and RHB Capital.| 5
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  • Article
    Lock icon Japan cars grab bigger market slice
    33 1 MARQUE SHUFFLE AT the nine-month mark, while Singapore’s top four brands retain their positions, the rest of the top 10 are shaken up by replacement fever. 7
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  • Article
    Lock icon Keppel: Fundamentals still strong
    28 1 POSITIVE OUTLOOK KEPPEL Corporation remains upbeat about its offshore and marine (O&M) business despite falling oil prices and oversupply in the jack-up market.| 10
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  • Article, Illustration
    Lock icon SMEs remake themselves amid cost pressures
    839 1  -  More want to venture abroad, 87% looking to boost productivity: DP survey By Mindy Tan tanmindy@sph.com.sg @MindyTanBT SingaporeCOST and manpower pressures are forcing small and medium enterprises (SMEs) to rethink how they do business, with the majority shying away from simply introducing new products
    Source: DP Info  -  839 words
  • Article, Illustration
    Lock icon China’s third-quarter growth touches 5-year low
    768 1  -  By Virginie Mangin btworld@sph.com.sg Beijing CHINA’S third-quarter economic growth ground to its slowest pace in five years as the country continues to struggle with a downturn in the property sector, overcapacity and weak export demand. Analysts, however, remained cautiously upbeat as they had expected
    PHOTO: REUTERS  -  768 words
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      45 1 www. usinesstimes.com.sg WEDNESDAY, OCTOBER 22, 2014 S$1.00| MCI (P) 051/08/2014 EXEC MONEY HNWI big on integrated digital platform 37 OPINION Taxis vs Uber saga 32-33 STRAIT TALK LNG gaining momentum as a marine fuel 26 HK tycoons can be part of protest solution PAGE 3
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      7 1 45China property investment slows further, Page 17
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  • TOP STORIES
    • Article
      Lock icon GrabTaxi raises US$65m in Series C funds
      565 2  -  It plans to hire top engineers, coders and data scientists, and set up driver retention programmes By Jacquelyn Cheok jaccheok@sph.com.sg @JacCheokBT Singapore THE ride continues for Singapore taxi-booking app GrabTaxi as it announced on Tuesday its third and biggest round of funding, and
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    • MARKETS
      • Article
        Lock icon STOCKS
        60 2 GSTI 3,202.74 (+21.69) GSTI FUTURES 3,200.00 (+22.00) GSIMSCI 361.00 (+2.85) GSIMSCI FUTURES 361.40 (+3.10) STOCKS Tuesday Change KL COMP 1,796.22 -6.92 NIKKEI 225 14,804.28 -306.95 HANG SENG 23,088.58 +18.32 SET 1,526.14 -0.53 JAKARTA 5,029.34 -11.19 MANILA 7,068.03 +10.50 KOSPI 1,915.28 -14.78 SHENZHEN B 967.76 -6.03 MUMBAI IND 26,575.65 +145.80
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      • Article
        Lock icon PRIME RATES
        29 2 SINGAPORE 5.35 MALAYSIA 6.85 HONG KONG 5.00 INDONESIA 14.679 TAIWAN 5.036 JAPAN 1.475 KOREA 9.33 BRITAIN 0.50 US 3.25 CANADA 3.00 SWITZERLAND 0.50 INDIA 14.75 Source: Bloomberg
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      • Article
        Lock icon FOREX
        49 2 US$ S$ US$ (S$ per US$) 1.270 (US$/S$ per 1.616 2.052 EURO (US$/S$/€ 1.282 1.628 Foreign currency per US$ S$ YEN 106.60 83.90 RM 3.262 2.569 HK$ 7.758 6.111 BAHT 32.24 25.39 RUPIAH 11,992 9,446 RENMINBI 6.120 4.821 INDIAN RUPEE 61.28 48.27 A$ 1.135 0.894 NZ$ 1.250 0.985
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    • Article, Illustration
      Lock icon HK tycoons can be part of protest solution
      450 3  -  Relaxing their grip on special corporate votes could ease divisions over electoral reform REUTERS BREAKINGVIEWS By Una Galani Hong Kong HONG KONG’S tycoons could play a part in ending the stand-off with pro-democracy activists. The city’s business leaders have an outsize influence
      PHOTO: BLOOMBERG  -  450 words
    • Article
      Lock icon Exxon reaffirms confidence in S’pore’s edge
      663 4  -  It’s building two more plants here, making the Republic its top specialty chemicals manufacturing site By Andrea Soh sandrea@sph.com.sg @AndreaSohBT Singapore THE Republic is still a good place to invest in, said a senior executive of ExxonMobil, as the firm broke ground for two
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    • Article, Illustration
      Lock icon Apple’s back to record-busting earnings
      708 4 AFP San Francisco APPLE smashed earnings expectations as new big-screen iPhones helped propel the California tech giant’s profit and revenue in the last quarter. The company reported on Monday that profit rose 13 per cent to US$8.5 billion, as revenues jumped to US$42.1 billion in
      AFP; PHOTO: AFP  -  708 words
    • Article, Illustration
      Lock icon EPF fails to get waiver on mega-merger vote
      765 5  -  Bursa sticks by rule book, denies pension fund’s waiver request, given that there is a clear-cut conflict of interest By Anita Gabriel anitag@sph.com.sg @AnitaGabrielBT Singapore MALAYSIA’S securities regulator stuck by the rule book on Tuesday and rejected the Employees Provident Fund’s (EPF)
      PHOTO: BLOOMBERG  -  765 words
    • Article, Illustration
      Lock icon Total CEO killed in Moscow business jet accident
      904 6 Private plane collides with snow plough during takeoff; France mourns ‘great industry captain’ Reuters Moscow THE chief executive of French oil major Total, Christophe de Margerie, was killed when a business jet collided with a snow plough during takeoff at Moscow’s Vnukovo
      Reuters; PHOTO: AFP  -  904 words
    • Article
      Lock icon Temasek launches S$100m S Rajaratnam fund
      354 6  -  By Chan Yi Wen yiwenc@sph.com.sg @ChanYiWenBT Singapore TO fortify the foundations laid by Singapore’s first and longestserving foreign minister, the late S Rajaratnam, Temasek Holdings on Tuesday launched the S$100 million S Rajaratnam Endowment (SRE) to support domestic and regional programmes and partnerships that
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    • Article, Illustration
      Lock icon Japanese brands power up car sales chart
      658 7  -  Bread-and-butter models back in favour as Category A replacement buyers fuel boom in demand for Japanese cars By Samuel Ee samuelee@sph.com.sg Singapore THE Republic’s four most popular car brands remained secure in their positions after the first nine months of 2014 but the
      PHOTO: REUTERS  -  658 words
    • Article, Illustration
      Lock icon Region’s growth potential looking good to aesthetics group Merz
      567 7  -  By Claire Huang huangjy@sph.com.sg @ClaireHuangBT Singapore THE art and science of aesthetics is something privately-owned pharmaceutical company Merz is very familiar with, given it is the third largest aesthetics company in the world. With a German parentage dating back to the
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      41 2 CONTENTS NEWS Top Stories 2-7 Companies 8-13 Markets Stats 14-15 Real Estate 16-19 Banking Finance 20 Energy Commodities 22 Technology 23 Consumer 25 Transport 26-28 Govt Economy 29-31 Opinion 32-33 Shipping Times 34-35 Life Culture 36 Crosswords 36 Executive Money 37-40
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      34 3 45Govt open to more talks after fruitless 1st dialogue, Page 31 The Oaks Cellars Shop Online N It's !A “Discovery! OAK S www.oaks.com.sg Pulltex Decanter ‘Afrodita’ Decanter Cleaner Usual: *****.00 Now: S$147.50 50% off
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      511 5 The Business Times NOTICES THE HOURGLASS THE HOURGLASS LIMITED (Incorporated in the Republic of Singapore) (Co. Reg. No. *****1972D) NOTICE OF EXTRAORDINARY GENERAL MEETING NOTICE IS HEREBY GIVEN that an Extraordinary General Meeting of The Hour Glass Limited (the "Company") will be held at 302 Orchard Road #12-02, Tong Building,
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  • COMPANIES & MARKETS
    • Article, Illustration
      Lock icon Suntec Reit’s Q3 unit distribution higher
      514 8  -  DPU of 2.328 Singapore cents comes on the back of 12.4% rise in total distributable income to S$58.3m Reports by Mindy Tan tanmindy@sph.com.sg @MindyTanBT Singapore SUNTEC Real Estate Investment Trust’s distribution per unit (DPU) for the third quarter ended September inched up from 2.289
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    • Article
      Lock icon ARA Harmony Fund crosses 5-year mark
      196 8 ARA Harmony Fund, which owns Suntec Singapore Convention Exhibition Centre, has crossed the initial five-year term in its fund cycle. Over this period, the ARA Harmony Fund achieved an internal rate of return (IRR) of 27.4 per cent with an equity multiple of 3.15
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    • Article
      Lock icon Mapletree Ind Trust sees stress in business park segment
      619 8  -  The Reit posts a 5.3% increase in Q2 distribution per unit to 2.6 cents B)’ Lee Meixian leemx@sph.com.sg @LeeMeixianBT Singapore MAPLETREE Industrial Trust’s flatted factories and business parks may be facing some stress as their occupancy levels dipped in its second
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    • Article
      Lock icon Some bright spots amid SGX’s Q1 profit fall
      589 9  -  Weak securities business gives derivatives a chance to become the largest revenue contributor for the period By Kenneth Lim kenlim@sph.com.sg @KennethlimBT Singapore THE dim stock market dragged Singapore Exchange’s (SGX) fiscal first quarter down by 16 per cent, but some bright spots
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    • Article
      Lock icon Soilbuild Reit on track to meet FY14 DPU forecast
      521 9  -  By Lynette Khoo lynkhoo@sph.com.sg @LynetteKhooBT Singapore SOILBUILD Business Space Reit says it is well-placed to deliver its forecast distribution per unit (DPU) for the full financial year of 2014, having reported a DPU of 1.546 Singapore cents for the third quarter
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    • Article, Illustration
      Lock icon Keppel: Industry fundamentals still strong
      710 10  -  Q3 profit falls 9.5% to S$414m; O&M segment helps offset lower contribution from property division By Malminderjit Singh msingh@sph.com.sg @MalminderjitBT Singapore KEPPEL Corporation remains upbeat about its offshore and marine (O&M) business despite falling oil prices and oversupply in the jack-up market. With sound fundamentals
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    • Article
      Lock icon Hwa Hong’s Q3 profit up on disposal gain
      438 10  -  By Joyce Hooi joyceh@sph.com.sg @JoyceHooiBT Singapore A DISPOSAL gain helped to push Hwa Hong Corporation’s bottom line 73.7 per cent higher to S$3.9 million for the third quarter ended Sept 30, 2014. This comparison takes into account the group’s S$23,000 loss from
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    • Article, Illustration
      Lock icon Private equity firms wooing small investors
      1199 11 Gathering more capital allows them to collect more in management fees, a revenue stream prized by Wall Street NYT New York FOR decades, David M Rubenstein has persuaded big institutions such as pension funds and university endowments to invest billions of dollars with his
      NYT  -  1,199 words
    • Article, Illustration
      Lock icon STI recaptures 3,200 level in late surge
      632 12  -  STOCKS R Sivanithy sivan@sph.com.sg @RSivanithyBT Senior Correspondent A STRONG opening for Europe and expectations of a strong session for Wall Street helped the Straits Times Index (STI) on Tuesday close 21.69 points higher at 3,202.74 after an indifferent session in the morning and
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    • Article
      Lock icon GAINERS
      75 12 BY CENTS CLOSE UP 52w high/low DBXT iBoxxUSTr US$ ***** 214.5 0.8 *****/***** DBXT AUDBonds AU$ ***** 171.1 0.8 *****/***** SPDR S&P500 US$ ***** 142.2 0.6 *****/***** GLD US$ ***** 113.0 0.7 *****/***** DBXT AUDCS US$ ***** 96.5 0.4 *****/***** BY PERCENTAGE CLOSE UP 52w high/low Advance SCT 0.2
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    • Article
      Lock icon LOSERS
      77 12 BY CENTS CLOSE DOWN 52w high/low IS S&P500 US$ ***** -228.5 -0.9 *****/***** DBXT USDIGIfl US$ ***** -142.2 -0.4 *****/***** SPDR DJIA US$ ***** -116.8 -0.6 *****/***** Lyxor Indonesia US$ 8999 -97.7 -0.8 9636/6957 DBXT iBoxxKR US$ ***** -82.5 -0.4 *****/***** BY PERCENTAGE CLOSE DOWN 52w high/low CoscoCorBPeCW*****5 0.3
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    • Article
      Lock icon MOST ACTIVE
      38 12 VOLUME Genting Sing 62,646,000 IHC 57,142,000 TIH W*****9 56,323,000 APAC Strategic 46,352,000 OLS Enterprise 44,360,000 Market volume 1,405,652,000 VALUE DBS Grp 69,349,202 Genting Sing 64,502,320 Keppel Corp 52,571,183 SingTel 38,036,910 Ascendas Reit 34,630,490 Market value 975,446,000
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    • Article, Illustration
      Lock icon Triyards’ Q4 earnings hit by revenue fall
      341 12  -  By Kelly Tay kellytay@sph.com.sg @KellyTayBT Singapore TRIYARDS Holdings registered a 49 per cent drop in net profit to US$5.3 million for the fiscal fourth quarter ended Aug 31 as revenue fell 36 per cent to US$48.8 million. The year-on-year fall in earnings for
      FILE PHOTO  -  341 words
    • Article
      Lock icon ST Aerospace bags S$450m of new contracts in Q3
      319 13  -  By Nisha Ramchandani nishar@sph.com.sg @Nisha_BT Singapore SINGAPORE Technologies Engineering’s aerospace arm, ST Aerospace, secured contracts worth S$450 million in the third quarter, it said in an update. These cover airframe, component and engine maintenance, freighter conversion, cabin modification, engine wash and
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    • Article
      Lock icon Q3 DPU of CapitaMalls Malaysia Trust falls 6.2%
      303 13  -  Net property income down 2.2%; gross revenue rises 0.7% By Mindy Tan tanmindy@sph.com.sg @MindyTanBT Singapore CAPITAMALLS Malaysia Trust (CMMT) posted a distribution per unit (DPU) of 2.12 sen for the third quarter ended Sept 30, down 6.2 per cent compared to 2.26
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    • Article
      Lock icon Insurer split offers US$4b benefit: hedge fund
      419 13 Bloomberg New York PERHAPS one break-up leads to another. Insurer Genworth Financial could reap US$4 billion for shareholders by splitting up a decade after General Electric Co pushed it out on its own. Shares of the US$6.3 billion insurer are trading below the
      Bloomberg  -  419 words
    • Article
      Lock icon STI STOCKS
      307 14 Stock name Close Change Day high/low 52w high 52w low PE Div yield Mcap Ascendas Reit 225 +1 225/223 250 206 6.3 5685.1 CapitaLand 298 +4 299/293 348 268 14.9 2.7 *****.4 CapitaMall Trust 197 cd +2.5 197/195 209 180 5.2 6831 CityDev 943 +8 944/931 1118 860
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    • Article
      Lock icon SGX ETFs Most Active
      107 14 Fund Last sale +/-(‘000) Day high/low 52w high/low Buy/Sell Mcap IS MS India US$ US735 +5 369 735/721 779/541 731/735 91.9 UETF SSE50China 154 -2 124 154/154 165/140 150/156 48.1 Lyxor CRBNonEny US$ US235 -1 74 235/235 261/228 234/237 25.1 STI ETF 323 68 324/323 343/298
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    • Article
      Lock icon SIBOR
      31 14 Oct 21 (S$) 1 mth 0.***** 2 mths 3 mths 0.***** 6 mths 0.***** 9 mths 12 mths 0.***** SWAP Offer rates (S$) (SS) 1 mth 0.***** Source: Thomson Reuters
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    • Article
      Lock icon BT SHARE INFORMATION SERVICE
      772 14 SUBSTANTIAL SHAREHOLDER/DIRECTOR TRANSACTIONS For week beginning Oct 20 Substantial Buy No of Price ———SHAREHOLDING Trans Shareholder/ Sell Shares Per Before After Stock Date Director Conv '000 Shr ('000) ('000) AEM 17-Oct-14 Novo Tellus PE Fund *Buy 510 0.05 *****3 25.95 *****3 26.07 AEM 17-Oct-14 Orion Phoenix
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    • Article
      Lock icon SECURITIES TRADING SCOREBOARD
      186 14 MAIN CATL TOTAL Up Down Unch Up Down Unch Up Down Unch Multi Ind 6 4 6 0 0 0 6 4 6 Manufacturing 39 39 44 9 8 8 48 47 52 Commerce 20 18 18 6 4 4 26 22 22 Tpt/Stor/Comms 17 11 12
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    • Article
      Lock icon SECURITIES TRADING TURNOVER
      119 14 VOLUME (‘000) VALUE (‘000) MAIN CATL TOTAL MAIN CATL TOTAL Multi Ind 19,721 19,721 81,456 81,456 Manufacturing 199,645 60,465 260,110 119,635 4,164 123,799 Commerce 53,724 45,869 99,593 57,738 2,564 60,301 Tpt/Stor/Comms 104,863 3,570 108,433 138,708 581 139,289 Finance 16,984 496 17,480 137,997 98 138,095 Construction 24,707 20,830
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    • Article
      Lock icon OTHER SINGAPORE INDICES
      77 14 Oct 21 VALUE CLOSE BT OB/OS -995.00 +150.00 BT CADI -*****.00 +47.00 BT 10-day MA -*****.00 -99.00 FTSE ST Mid Cap 737.82 +2.21 FTSE ST Small Cap 507.65 +1.65 FTSE ST All Share 774.54 +4.59 FTSE ST China Top 185.14 +0.67 FTSE ST China 220.66 +1.78 FTSE
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    • Article
      Lock icon UNUSUAL ACTIVITY
      80 14 VOL CLOSE($) CHANGE Net Pacific Fin 140.0 0.033 -0.008 -19.51 Craft Print 263.0 0.134 +0.032 +31.37 Joyas Intl 1,000.0 0.025 -0.003 -10.71 VibroPower 465.0 0.050 -0.006 -10.71 Asiatravel.com 9,008.0 0.275 +0.015 +5.77 Logistics 341.0 0.290 +0.040 +16.00 Cacola 6,758.0 0.029 +0.004 +16.00 Willas-Array 513.0 0.145 -0.010 -6.45 HISAKA
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    • Article
      Lock icon COMMODITY FUTURES
      212 15 Oct-20 Price Net change change Last Trade Agricultural Oct-20 CBOT Soybeans (US cents/bu) 944.25 -7.50 -0.79% 14/11/2014 CBOT Soybean Oil (US cents/lb) 31.70 -0.32 -1.00% 12/12/2014 CBOT Wheat (US cents/bu) 513.50 -2.50 -0.48% 12/12/2014 Oct-20 LIFFE Cocoa (£/tonne) 2028.00 -6.00 -0.29% 12/12/2014 LIFFE Coffee (US$/tonne) 2049.00 -68.00 -3.21%
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    • Article
      Lock icon PALM OIL
      57 15 Oct 21 KLCE PALM FUTURES (RM/MT) Delivery Opening Sett Av Vol Open Month Range Price Price High Low Done Position Nov 14 2152.0 2159.0 2160.0 2149.0 388 5186 Dec 14 2130.0 2142.0 2147.0 2129.0 9208 ***** Jan 15 2127.0 2135.0 2141.0 2125.0 ***** ***** Feb 15 2131.0 2136.0
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      Lock icon GOVERNMENT SECURITIES
      63 15 Oct 21 GOVERNMENT BONDS Period Issue Coupon Maturity Close Day's code rate Bid High Low 2-Year NY*****F 3.75 01-Sep-16 106.2 5-Year N*****0H 1.625 01-Oct-19 101.15 101.25 101.25 10-Year NY*****H 3.000 01-Sep-24 106.73 106.95 106.90 15-Year NY*****E 2.875 01-Jul-29 102.96 103.15 103.00 20-Year NZ*****V 3.375 01-Sep-33 108.9 30-Year NA*****N
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    • Article
      Lock icon INTERBANK CURRENCY RATES
      155 15 Oct 21 Against S$ Against US$ Currencies Bid Offer Bid Offer S$/US$ to one unit of foreign currency: Australian dollar 1.1183 1.1189 0.8810 0.8812 Canadian dollar 1.1283 1.1293 0.8894 0.8889 Euro 1.6276 1.6285 1.2823 1.2825 NZ dollar 1.0148 1.0160 0.7995 0.8001 Sterling pound 2.0514 2.0526 1.6162 1.6165
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    • Article
      Lock icon BONDS, WARRANTS, PREFERENCE SHARES
      216 15 Most active Oct 21 Prem Expiry Last Vol Conv Exer Disc Gear-Mths Company Sale +or-('000) Ratio Price ing Left TIH Limited W*****9 0.6 0.1 ***** 1 128 31 OLS Enterprise W*****5 0.3 unch ***** 1 1 18 3.67 34 DBS MB eCW*****6 8.9 0.6 5640 0.2
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    • Article
      Lock icon MORGAN STANLEY CAPITAL INT’L INDICES
      373 15 In local curr In S$ In US$ dy yr dy yr dy yr Oct 20 Index Change Change Change Change Change Change World Preliminary 1179.5 0.4 -0.4 0.1 -1.8 0.5 -2.4 EAFE Preliminary 912.3 0.5 -4.6 0.3 -8.2 0.6 -8.8 Europe Preliminary 1287.7 -0.6 -5.0
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      Lock icon STOCK MARKETS
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      215 9 The Business Times NOTICES In the Matter of The Companies Act, Cap 50 And In the Matter of BOTANY BAY SHIPPING COMPANY PTE LTD (In Creditors’ Voluntary Liquidation) (Co. Reg No. *****6067K) (“Company”) NOTICE OF MEETING OF CREDITORS AND CONTRIBUTORIES PURSUANT TO SECTION 278 OF THE COMPANIES ACT NOTICE IS
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      354 9 LCD Global Investments Ltd bLUKAL Company Registration No.: *****1118N INVESTMENTS (Incorporated in the Republic of Singapore) NOTICE IS HEREBY GIVEN that LCD Global Investments Ltd (the “Company") has been advised of an intention to move the following resolutions, as ordinary resolutions, at the 42 nd Annual General Meeting of the
      354 words
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      219 11 Singapore Capital Expo and Small Cap Showcase 2014 INTRODUCTION FREE ADMISSION Discover Leading and Innovative Growth Companies ShareInvestor, The Business Times Wholesale Investor will bring together up to 1,000 high net worth, accredited, professional and international investors, executives, brokers, fund managers, media and industry participants for the first Singapore Capital
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      91 13 PabienbCare Asia 2014 2nd Annual PCA 10-12 November 2014 Suntec Singapore Convention Exhibition Centre www.patientcareasia.com Event Highlights Network with 250+ healthcare leaders and practitioners Learn from 10 case studies from top hospitals across Asia Opening keynote by Randall Carter, Senior Vice President of Planetree, United States Special rates* for healthcare
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  • REAL ESTATE
    • Article, Illustration
      Lock icon Takashimaya to open Bangkok store in 2017
      417 16  -  Siam Takashimaya will be anchor tenant of shopping mall at ICONSIAM By Nisha Ramchandani nishar@sph.com.sg @Nisha_BT Singapore IN LINE with its strategy to grow its footprint overseas, Takashimaya Co will operate a department store, Siam Takashimaya, in Bangkok’s upcoming large-scale mixed development ICONSIAM,
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    • Article
      Lock icon Pan Pacific Hotels Group launches Tianjin property
      367 16  -  By Nisha Ramchandani nishar@sph.com.sg @Nisha_BT Singapore SINGAPORE-BASED Pan Pacific Hotels Group has opened its fifth hotel in China, the Pan Pacific Tianjin, making China its biggest overseas market to date. Aside from the hotel in Tianjin, Pan Pacific also has four other Pan
      367 words
    • Article, Illustration
      Lock icon KOP appoints two new hotel heads
      245 16  -  By Lee Meixian leemx@sph.com.sg @LeeMeixianBT Singapore KOP Limited on Tuesday announced two new senior management appointments for its hotel management arm, KOP Hospitality. First is David Garcia, who is promoted to resident manager of Montigo Resorts, Nongsa in Batam from his previous role as
      245 words
    • Article, Illustration
      Lock icon China property investment slows further
      597 17 Revenue from property sales drops 8.9% in January-September period while new construction falls 9.3% Reuters Beijing GROWTH in China real estate investment slowed in the first nine months of 2014, while property sales and new construction tumbled, helping to drag broader economic growth to a
      Reuters; PHOTO: REUTERS  -  597 words
    • Article
      Lock icon Chinese demand for loans lifts Aussie firm
      580 17 Bloomberg Sydney ALMOST a third of the home loans written in September by a mortgage provider part-owned by Macquarie Group were to Chinese investors, the chairman of the firm said. Yellow Brick Road Holdings, 18.4 per cent owned by Macquarie, lent A$320 million
      Bloomberg  -  580 words
    • Article
      Lock icon US unveils plan to loosen mortgage rules
      791 18 To reassure mortgage lenders, govt will relax terms of its bad loans buy-back policy NYT New York FOR years, politicians, housing advocates and potential homebuyers have complained that tight credit policies after the housing market crash have kept too many deserving people from
      NYT  -  791 words
    • Article, Illustration
      Lock icon UK needs extra 60,000 new homes a year: Lloyds
      204 18 Reuters London LLOYDS Banking Group has said that at least 60,000 new homes need to be built in Britain every year above the current level of supply to ease the country’s housing shortage. Lloyds, Britain’s biggest retail bank and home lender,
      Reuters; PHOTO: BLOOMBERG  -  204 words
    • Article
      Lock icon Sears to lease retail space to UK’s Primark
      380 18 Bloomberg Amsterdam SEARS Holding Corp, the unprofitable department-store chain seeking fresh ways to raise money, will lease space to Primark Stores Ltd, a British budget-cloth-ing retailer that’s expanding in the United States. Primark will set up shop in seven Sears stores in
      Bloomberg  -  380 words
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      Lock icon Philadelphia’s commercial property heats up
      1401 19 Office properties seeing boom in demand that has sent average price per square foot to record Bloomberg Chicago THE City of Brotherly Love is finally getting some affection from commercial real estate investors. Philadelphia, where office properties last year attracted about half the investment of
      Bloomberg; PHOTO: BLOOMBERG  -  1,401 words
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  • BANKING & FINANCE
    • Article
      Lock icon Strong Asian voice needed in global reform
      554 20  -  IIF CEO Summit agrees region’s interests must be safeguarded in new financial system setup By Malminderjit Singh msingh@sph.com.sg @MalminderjitBT Singapore ASIA needs a strong and coherent voice in the global financial regulatory affairs regime so that it can represent its own needs as
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    • Article, Illustration
      Lock icon Carney faces scrutiny after outage of payments system
      255 20 Bloomberg London BANK of England (BOE) governor Mark Carney is facing scrutiny on the management of Britain’s payments system after the biggest disruption in at least seven years delayed bank transfers and house purchases. Mr Carney announced a “thorough, independent” review late
      Bloomberg; PHOTO: REUTERS  -  255 words
    • Article
      Lock icon Citi swerves in with direct car loan model
      265 20  -  By Jamie Lee leejamie@sph.com.sg @JamieLeeBT Singapore CITIBANK said on Tuesday that it would offer a direct car loan model starting next month, a move that effectively cuts out car dealers as traditional middlemen in car purchases here. With Citi Direct Car Loan,
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    • Article
      Lock icon Fix bank culture or face being broken up, says US Fed Reserve
      432 20 Bloomberg New York BANKS must change the way employees are compensated and take other steps to fix a corporate culture that encourages misdeeds or face being broken up, said William Dudley, president of the Federal Reserve Bank of
      Bloomberg  -  432 words
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      1345 21 Keppel Corporation Limited Co Reg No: *****0351N (Incorporated in the Republic of Singapore) Third Quarter And Nine Months 2014 Financial Statement 1. UNAUDITED RESULTS FOR THIRD QUARTER AND NINE MONTHS ENDED 30 SEPTEMBER 2014 The Directors of Keppel Corporation Limited advise the following unaudited results of the Group for the
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  • ENERGY & COMMODITIES
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      Lock icon Modi’s gas gambit faces a big hurdle
      685 22 Customers coddled till now will have to be charged for their consumption: economist Bloomberg New Delhi INDIA’S first increase in natural gas prices since 2010 to reverse sliding production leaves a key weakness unresolved: consumers who don’t pay enough for power. Prime Minister
      Bloomberg  -  685 words
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      Lock icon China’s Sept steel output close to peak level
      424 22 Reuters Beijing CHINA’S daily crude steel production rose 1.3 per cent in September to the highest level in three months, according to data from its statistics agency. This suggests that mills are still close to full capacity despite weak demand and a
      Reuters; PHOTO: REUTERS  -  424 words
    • Article
      Lock icon LME to launch HK-based commodities contracts
      388 22 Xinhua London THE London Metal Exchange (LME) has said that it plans to launch Hong Kong-based commodities contracts in order to seize opportunities from the upcoming Shanghai-Hong Kong Stock Connect scheme, which offers a seamless inter-investment channel between the two cities’ exchanges. The bourse,
      Xinhua  -  388 words
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  • TECHNOLOGY
    • Article, Illustration
      Lock icon Re-creation blues for Big Blue
      619 23 IBM Corp is struggling with ‘relentless reinvention’ in the age of cloud Reuters Washington WHEN IBM Corp chief executive Ginni Rometty was asked recently for her tips on how to transform companies, she spoke of “relentless reinvention” and not protecting the past. Applying those precepts
      Reuters; PHOTO: BLOOMBERG  -  619 words
    • Article, Illustration
      Lock icon Microsoft’s Nadella tops tech industry pay with US$84m
      392 23 Reuters Seattle MICROSOFT Corp’s new chief executive Satya Nadella has become one of the technology industry’s biggest earners, with a total compensation package worth US$84.3 million this year, according to a document filed with securities regulators on Monday. The outsize number is
      Reuters; PHOTO: AFP  -  392 words
    • Article
      Lock icon Facebook sues lawyers over 2010 scam lawsuit for stake
      336 23 AFP New York FACEBOOK has sued lawyers who represented a man claiming he was entitled to a stake in the huge social network, saying they should have known he was a scam artist. The lawsuit by Facebook and its founder Mark
      AFP  -  336 words
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      208 24 i Subscribe Now, Unbox Your Very Own Dell Laptop. Subscribe* now to The Straits Times All-in-One PLUS package for 36 months and receive the Dell Vostro 5470. only $59.90; /month Available to UOB and Citibank Credit Card holders only THE sTU M'IS TIMES srjjgl V 0 0 0 A Travel
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  • CONSUMER
    • Article
      Lock icon Adidas must unlock Reebok’s value: analysts
      439 25 Break-up estimates show German firm’s stock recovering by at least 15% from asset sales Bloomberg London ADIDAS AG selling its Reebok unit, even at a loss, is the best first step the sporting-goods maker can take towards recouping the US$10 billion that shareholders lost
      Bloomberg  -  439 words
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      Lock icon Japan’s convenience stores fighting coffee war
      602 25 Reuters Tokyo JAPAN’S convenience store operators are jostling for eminence in a famously cut-throat industry, and one product has come up trumps for the market’s top players coffee. Millions and millions of cups of it. Inspired by a popular 100 yen (S$1.20) blend launched
      Reuters; PHOTO: REUTERS  -  602 words
    • Article
      Lock icon Amazon signs deal with Simon & Schuster
      229 25 Amazon signs deal with Simon Schuster Bloomberg San Francisco AMAZON.COM Inc and publisher Simon Schuster have agreed to a multi-year deal for the sale of print and digital books, the companies said. While the specifics of the agreement weren’t disclosed in a letter that the publisher sent to authors on
      Bloomberg  -  229 words
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  • TRANSPORT
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      Lock icon LNG gaining momentum as a marine fuel
      737 26  -  Three European port authorities and MPA discuss harmonisation of technical standards and procedures STRAIT TALK| By David Hughes HughesAT last week’s Singapore International Bunkering Conference (Sibcon), there were several presentations on and lots of discussion about LNG (liquefied natural gas) as a marine
      737 words
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      Lock icon Malaysia proposes making of an Asean car with Indonesia
      561 26  -  KL also mulls over revival of programme to scrap old cars to boost Proton’s prospects By Pauline Ng btworld@sph.com.sg Kuala Lumpur MALAYSIA has embarked on two proposals that could boost the prospects of embattled car manufacturer Proton Holdings. One, for the
      PHOTO: BLOOMBERG  -  561 words
    • Article
      Lock icon Fall in jet fuel prices may lift AirAsia profits
      452 27  -  Hong Leong Investment Bank sees prices staying at current levels in Q4 and whole of 2015 By S Jayasankaran btworld@sph.com.sg Kuala Lumpur THE decline in the price of jet fuel by more than 17 per cent since the first half of
      452 words
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      Lock icon US car sector facing safety crisis due to killer air bags
      1108 27 NYT Orlando, Florida HIEN Tran lay dying in intensive care this month after a car accident, as detectives searched for clues about the apparent stab wounds in her neck. An unlikely breakthrough arrived in the mail a week after
      NYT; PHOTO: REUTERS  -  1,108 words
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  • FOCUS: EBOLA
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      Lock icon Ebola’s ripple effects put Africa’s economic recovery in jeopardy
      1430 28 Business events cancelled, investors declining visits, as IMF cuts its growth forecast for the continent Bloomberg London THE economic effects of Ebola in Africa are proving hard to quarantine even in the 49 of 54 countries that are untouched by the
      Bloomberg; PHOTO: REUTERS  -  1,430 words
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      Lock icon US faces trade curbs in meat labelling row
      607 29 Country has failed to bring its labelling rules fully in line with international fair trading rules: WTO Reuters Washington THE United States faces potential trade sanctions from Canada and Mexico after the World Trade Organization (WHO) ruled on Monday it had failed
      Reuters; PHOTO: BLOOMBERG  -  607 words
    • Article
      Lock icon WTO Doha deal would make the world US$11t richer: economists
      500 29 AFP Geneva SEALING a global free trade deal would add US$11 trillion to the world economy and pull 160 million people out of poverty by 2030, economists said in a study published on Tuesday. Member states of the World Trade
      AFP  -  500 words
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  • GOVERNMENT & ECONOMY
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      Lock icon Rising Chinese incomes defy GDP slowdown
      427 30 Greater share of output is going to country’s citizens; this explains govt’s restraint in eschewing broad-based stimulus Bloomberg Beijing CHINA’S economy is slowing. Yet for the person on the street, incomes are rising, jobs are secure and inflation is restrained, helping explain the government’s
      Bloomberg  -  427 words
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      Lock icon French economy stifled by rules pegged to staff size
      984 30 Small-medium firms feel trapped by endless bureacratic demands; Hollande finally pushing through reforms Reuters Paris OF all the decisions that Dominique Goubault says have helped to keep his 117-year-old family business alive, one in particular raises eyebrows: limiting his staff numbers
      Reuters; PHOTO: REUTERS  -  984 words
    • Article
      Lock icon Housing sector gets a boost as home resales hit one-year high
      440 31 Sales rise 2.4 per cent in September to an annual rate of 5.17 million units LATEST US DATA Reuters Washington US home resales jumped to their highest level in a year in September, in the latest indication that the
      Reuters  -  440 words
    • Article, Illustration
      Lock icon Govt open to more talks after fruitless 1st dialogue
      432 31 HONG KONG PROTESTS Reuters AFP Hong Kong HONG Kong’s government said that it hopes to have more talks with democracy protest leaders following the first formal negotiations on Tuesday between officials and student leaders. But, as had been widely expected, there
      Reuters; AFP; PHOTO: REUTERS  -  432 words
    • Briefing
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        Lock icon Banks fined for taking part in financial cartels
        113 31 Reuters Brussels The European Commission fined JPMorgan, UBS and Credit Suisse a total of 94 million euros (S$152 million) on Tuesday for taking part in cartels in the financial sector. JPMorgan received a 61.7 million euro fine for rigging the Swiss franc
        Reuters  -  113 words
      • Article
        Lock icon Japan downgrades economic outlook again
        106 31 Reuters TokyoJapan’s government cut its overall economic assessment for the second straight month as weak consumption after a sales tax hike in April is causing companies to reduce production. The government on Tuesday also cut its view on industrial output for the first time in
        Reuters  -  106 words
      • Article
        Lock icon US to scrap trade deal on Russian steel duties
        87 31 Reuters Washington The US Department of Commerce will terminate a 15-year-old deal sheltering Russian flat-rolled steel producers from high import duties. The US gave Russia 60 days’ notice of the termination and said anti-dumping duties would then apply. The so-called suspension
        Reuters  -  87 words
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  • OPINION
    • Article, Illustration
      Lock icon Taxis vs Uber saga
      875 32 / 33  -  This is one perfect example of people’s resistance to change. By Cyril Bouquet and Chloé Renault By Cyril Bouquet, Chloé Renault ~The writers are, respectively, professor of strategy at IMD and a researcher, facilitator and graphic recorder. Prof Bouquet will be leading a stream on how
      PHOTO: AFP  -  875 words
    • Article
      Lock icon The changing face of salesman incentives
      931 32 / 33  -  By Bala Shankar ~The writer is an adjunct professor at SMU and director of NPS International School; he can be reached at shankar.bala.s@gmail.com COMPENSATION for sales staff is undergoing profound changes as companies fight the war for market share and talent. Incentives or variable
      931 words
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      Lock icon When culture is the culprit in the way women are treated
      628 32 / 33  -  By Divya Nair dnair@sph.com.sg Singapore ~The writer is a BT journalist who previously lived and worked in India A COUPLE of weeks ago, a disturbing incident occurred in India at one of New Delhi’s busiest metro stations. Two Nigerian
      628 words
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  • Article
    Lock icon THE BUSINESS TIMES SHIPPING TIMES
    2014 34 MONTREAL 10 120 29/7 30/7 4/8 MONTREAL 10 120 29/7 30/7 4/8 EASTERN CAR LINER, LTD SPECIALIZE IN RORO HEAVY LIFT INTRA-ASIA SERVICE VOY Ramp(KT) Lifting(KT) SIN PKL KUC KK JKT SUR DREAM ANGEL 6 100 28/10 29/10 MALAYSIA STAR 39 50 2/11 4/11 8/11
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  • LIFE & CULTURE
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      Lock icon Wozniacki serves Sharapova a surprise
      462 36  -  Dane emerges victorious in see-saw match of over 3 hours By Lee U-Wen leeuwen@sph.com.sg @LeeUwenBT Singapore NO one who had the privilege of witnessing this fascinating tennis match could argue that they didn’t get their money’s worth. Caroline Wozniacki and Maria Sharapova took part in
      PHOTO: REUTERS  -  462 words
    • Article
      Lock icon S’pore is Lonely Planet’s top destination
      422 36  -  By Nisha Ramchandani nishar@sph.com.sg @Nisha_BT Singapore WHICH is the best country in the world to visit? Singapore, according to Lonely Planet’s Best in Travel 2015, which charts the top destinations, experiences and trends for the coming year. Singapore led the list of Top 10
      422 words
  • Page 36 Miscellaneous
    • Miscellaneous
      Lock icon Page 36 Miscellaneous Column 1
      333 36 CRYPTIC CROSSWORD Across 1 Chap’s show of amusement is a grave offence (12) 9 Cobbled together dress given to model (9) 10 Lament golf in dreadful environment (5) 11 ‘Inculpate’ is found in certain dictionaries (6) 12 Way to encourage a swimmer (8) 13 Slump disheartened, facing heavy defeat, but
      333 words
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  • EXECUTIVE MONEY
    • Article, Illustration
      Lock icon HNWI big on integrated digital platform
      1008 37  -  Almost 83% clients in Asia Pacific say they may leave their banks for lack of integrated channel experience: survey By Genevieve Cua gen@sph.com.sg @GencuaBT THE lack of an integrated digital platform among wealth managers is likely to cause Asia-Pacific clients to switch banks in
      PHOTOS: BLOOMBERG, FREEIMAGES  -  1,008 words
    • Article, Illustration
      Lock icon Free fall in 10-year Treasuries stuns market
      1010 38  -  Possible cause ranges from sheer demand to computerisation of trades to new regulations. By Peter Eavis NYT DURING the turmoil in global markets on Wednesday last week, something happened that bond traders will not soon forget. Soon after 9am, the yield on one
      NYT; AFP  -  1,010 words
    • Article
      Lock icon Mutual funds turn net sellers
      440 40 ON THE RADAR| GLOBAL mutual funds were net sellers of Singa-pore-listed utilities and transportation stocks. In the three months to Oct 17, a total of S$27.8 million in net sells were transacted among six stocks, compared to S$16.9 million of net buys. Among the sells
      440 words
    • Article
      Lock icon Treasuries beating stocks in October
      308 40 Outperformance driven by signs that global economic growth is slowing Bloomberg Singapore FOR all the gyrations in bonds over the past week, government securities are beating stocks in October by the most in two years. Treasuries rallied on Tuesday. The Bloomberg Global Developed Sovereign Bond
      Bloomberg  -  308 words
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      1655 39 RIDING EUROPE'S EARLY GROWTH RECOVERY A multi-asset investment approach may be the best way to benefit from Europe’s growth As recent as a year ago, a steady stream of bad news poured out of Europe as Greece and Spain struggled to recover from the global financial crisis and the fear
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      291 40 Now you can trade all Phillip Futures products using our mobileltradinWaoDsl s®- •>' k: W»l* \2Sfc' W H i?A& l) ,#***> r ctdd^oid Comprehensive Built for Compatibility News Updates Order Types 50. commission rates when you trade using mobile apps Trade Mobile and Win! Contest Stand a chance at winning
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