The Business Times, 10 February 2015

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Total Pages: 33
1 34 The Business Times
  • 24 1 THE BUSINESS TIMES S$1.00 S|Sl A SINGAPORE PRESS HOLDINGS PUBLICATION www.businesstimes.com.sg G C ©BTBreakingnews CO REGN NO *****2868E MCI (P) 051/08/2014 Tuesday, February 10,2015
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  • DAILY DIGEST
    • 34 1 of advanced and emerging economies are expected to renew their commitment to “going for growth” in their economies during their two-day meeting in Istanbul Tuesday. TOP STORIES 2
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    • 29 1 innovation,in terms of products and services, is expected as the push to make Singapore the world’s first Smart Nation gathers pace. TOP STORIES 4
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    • 33 1 McLarenis understood to be getting a new dealer three years after Wearnes Automotive introduced it to Singapore, and that an official announcement will be made shortly.TOP STORIES 6
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    • 48 1 groundon Monday as analysts slashed earnings forecasts, following a HK$19 billion (S$3.32 billion) impairment charge on goodwill allocated to its cash-generating unit in Hong Kong, which dragged the trust into a net loss of HK$18.6 billion in Q4 FY14. COMPANIES MARKETS 10
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    • 35 1 cutto a record low of 2.25 per cent last week is expected to benefit developers with property assets and building projects Down Under, as well as those eyeing acquisitions. REAL ESTATE/14
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  • 651 1  -  By Andrea Soh sandrea@sph.com.sg @AndreaSohBT Singapore CRUDE oil prices continued its rally on Monday as Opec gave a brighter outlook for market fundamentals this year, but analysts warned that the boost in the market is likely to be temporary. The drop in
    Source: Bloomberg  -  651 words
  • 27 1 Monday Change STI 3418.02 -13.34 KL COMP 1,811.58 -1.67 NIKKEI 225 17,711.93 +63.43 HANG SENG 24,521.00 -158.39 SHENZHEN B 1,072.74 +2.21 DOW (11am EST) 17,736.76 -87.53
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  • 1666 1  -  The Auditor-General’s Office says ‘there is no assurance that council’s accounts are accurate and reliable, or that public funds are properly managed’ By Kelly Tay kellytay@sph.com.sg @KellyTayBT Singapore THE Auditor-General’s Office (AGO) has found several major lapses in the
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  • Page 1 Advertisements
    • 15 1 ||llllllllllll||llllllllllll|| 8 *****1 *****4 STOCK EXCHANGES No looking back after advent of Internet Age OPINION/27
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    • 27 1 WEALTH MANAGEMENT Singapore’s ranking as a hub falls to 6th spot TOP STORIES 2 FINANCE Banks’ Q4 results: eyes on loan guidance, asset quality COMPANIES MARKETS 8
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  • TOP STORIES
    • 587 2  -  Hong Kong takes over Republic’s previous 5th ranking globally after a big 2008-2014 jump in cross-border client assets By Genevieve Cua gen@sph.com.sg Singapore SINGAPORE’S global ranking as a wealth-management centre dropped a notch from fifth to sixth place at the end of
      PHOTO: BLOOMBERG  -  587 words
    • 799 2  -  By Anthony Rowley btworld@sph.com.sg Tokyo FINANCE ministers from the G-20 group of advanced and emerging economies are expected to renew their commitment to “going for growth” in their economies during their two-day meeting in Istanbul on Monday, though the Organisation
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    • 717 4  -  This is likely to create world-class players in the smart cities market; IDA starts industry roundtables on the project By Amit Roy Choudhury amit@sph.com.sg @AmitRoyCBT Singapore A BURST of local innovation, in terms of products and services, is expected as the
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    • 427 4  -  By Chan Yi Wen yiwenc@sph.com.sg @ChanYiWenBT Singapore SINGAPORE ranks 10th globally in the Inaugural Sustainable Cities Index from Arcadis, a global natural and built asset design and consultancy firm, faring lower than other Asia-Pa-cific cities such as Hong Kong and Seoul.
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    • 581 4 BLOOMBERG Canberra AUSTRALIA’S Prime Minister Tony Abbott thwarted a leadership challenge, but failed to end speculation that his position is under threat after almost 40 per cent of his Liberal Party colleagues voted against him. Liberal lawmakers voted by 61 to 39 against a motion
      BLOOMBERG  -  581 words
    • 591 4  -  By Fiona Lam fionalam@sph.com.sg Singapore THE Asean Economic Community (AEC), due to launch by this year-end, faces challenges in terms of regulation, corruption, and political and religious stability, speakers at the Stars Symposium said on Monday. For one thing, the 10 Asean countries
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    • 604 4 BLOOMBERG Athens GREEK Prime Minister Alexis Tsipras reaffirmed his government’s rejection of the country’s international bailout programme before Wednesday’s emergency meeting of the euro area’s finance ministers to discuss the country’s financing needs. “We need an honest negotiation with our partners
      BLOOMBERG  -  604 words
    • 517 6  -  The Eurokars Group, which also represents Rolls-Royce, Porsche, Mini and Mazda here, takes over from Wearnes By Samuel Ee samuelee@sph.com.sg Singapore McLAREN is set to zip from one end of Leng Kee Road to the other very soon. It is understood that
      FILE PHOTO  -  517 words
    • 756 6  -  By Anita Gabriel anitag@sph.com.sg @AnitaGabrielBT Singapore A MAJOR controversy is threatening to blow wide open in Malaysia which may see troubled state-owned 1 Malaysia Development Bhd caught in the cross-fire involving high-profile Malaysian personalities. On one side of the fence is
      PHOTO: THE STAR  -  756 words
  • Page 2 Advertisements
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  • COMPANIES & MARKETS
    • 470 8  -  December bank lending shows signs of weak growth; analysts watching impact of oil, property exposure By Jamie Lee leejamie@sph.com.sg @JamieLeeBT Singapore AS the three Singapore banks report their fourth quarter results this week, analysts will watch for any hits in asset
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    • 440 8  -  By Nisha Ramchandani nishar@sph.com.sg @Nisha_BT Singapore DEPARTMENT store operator Parkson Retail Asia reported a 24.6 per cent year-on-year slide in net profit to S$10.2 million for the second quarter ended Dec 31, 2014. The bottom line was impacted by losses from
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    • 581 8  -  By Chan Yi Wen yiwenc@sph.com.sg @ChanYiWenBT Singapore INTEGRATED coal-mining group Geo Energy Resources has entered into a cooperative agreement with a Chinese state-owned enterprise, China Nuclear Industry 22nd Construction (CNI22), to jointly develop coal-fired power stations in Indonesia. CNI22
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    • 551 8  -  By Lynette Khoo lynkhoo@sph.com.sg @LynetteKhooBT Singapore RIDING on currency translation gains, Yoma Strategic Holdings’ net profit for its fiscal third quarter ended Dec 31, 2014 (Q3 FY2015) surged 49.8 per cent year-on-year to S$7.8 million. Net profit for the first nine months of the
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    • 296 8  -  By Samuel Ee samuelee@sph.com.sg Singapore VICOM’S net profit for the year ended Dec 31, 2014, rose 6 per cent to S$30.1 million from 12 months earlier, with revenue inching up 3 per cent to S$ 108.2 million. No fourth quarter numbers were given. Vicom is
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    • 704 10  -  Counter falls 4.86% to US$0.685, dragging STI down by about 2.8 points HOT STOCK By Chan Yi Wen yiwenc@sph.com.sg @ChanYiWenBT Singapore THE counter of Hutchison Port Holdings Trust (HPH Trust) lost ground on Monday as analysts slashed earnings forecasts, following a
      Source: Bloomberg  -  704 words
    • 505 10  -  By Cai Haoxiang haoxiang@sph.com.sg @HaoxiangCaiBT Singapore CATALIST-listed oil exploration and production firm Rex International said it plans to take advantage of the lower cost of drilling services and participate in the drilling of eight wells this year: three in Norway, two in Oman,
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    • 340 10  -  By Cai Haoxiang haoxiang@sph.com.sg @HaoxiangCaiBT Singapore THE China property slowdown continued to weigh on cranemaker Yongmao Holdings, which reported a net profit of 7.4 million yuan (S$ 1.6 million) for its third quarter ended Dec 31,2014, down 40 per cent from 12.4 million
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    • 147 10  -  By Jamie Lee leejamie@sph.com.sg @JamieLeeBT Singapore DYNA-MAC on Monday said it has secured a letter of award with the “preliminary sum” of about S$60 million for the construction of six units of floating production, storage and offloading (FPSO) topsides modules from Armada Cabaca.
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    • 340 10  -  By Jamie Lee leejamie@sph.com.sg @JamieLeeBT Singapore KOP Ltd, whose businesses encompass the property and entertainment industries, said on Monday that a stake divestment gain has put the company back in the black for the fiscal third quarter. The company,
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    • 258 10  -  By Jamie Lee leejamie@sph.com.sg @JamieLeeBT Singapore CHUAN Hup Holdings on Monday said it would sell its 24.7 per cent stake in CH Offshore worth S$95.7 million to Falcon Energy Group, after the latter sweetened the offer. Falcon, an offshore marine and resources
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    • 382 11 It is also considering starting a Dubai desk for Japanese corporate clients keen to expand in Middle East BLOOMBERG Tokyo STANDARD Chartered plc, the UK bank that’s cutting US$400 million of costs, will consider starting a desk in Dubai for Japanese
      BLOOMBERG  -  382 words
    • 434 11  -  By Kalpana Rashiwala kalpana@sph.com.sg @KalpanaBT Singapore KEPPEL Land has announced its first London investment in about two decades, with the £91 million (S$ 187.5 million) purchase of a nine-storey freehold office block. It said on Monday evening that it has inked a
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    • IN BRIEF
      • 67 11 THE trustee-manager of Ascendas India Trust on Monday said it plans to acquire Cybervale from its sponsor Ascendas Group for about S$35.2 million. CyberVale is an IT special economic zone with about 600,000 square feet (sq ft) of built-up area. The property
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      • 61 11 FABRICATION services firm AusGroup on Monday said net profit attributable to owners for its fiscal second quarter fell 59.9 per cent to A$920,000 (S$974,000). Other operating income fell 79% to A$592,000 as the year-ago period recognised a one-off profit from a
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      • 37 11 Sing Investments Finance full-year profit up 10.4% SING investments Finance said net profit for its fiscal full-year rose 10.4 per cent to S$12.7 million. Net interest income and hiring charges gained 8.4 per cent at S$32.6 million.
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      • 46 11 ELLIPSIZ Ltd, which makes probe cards used by chip makers, said second-quarter profit rose 41 per cent to S$1.74 million on firmer gross margins. Gross profit rose 15 per cent, as cost reduction outpaced a weakening of sales.
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    • Article, Illustration
      63 12 STI Catalist Straits Times Index Feb 9,2015 3,418.02 -13.34 (-0.39%) Current streak 1 day Day high 3,434.48 Day low 3,416.26 52-week high 3,431.36 (Feb 6, 2015) 52-week low 3,017.20 (Feb 10, 2014) FTSE ST Catalist index Feb 9,2015 729.51 -2.25 (-0.31%) Current streak 5 days Day high 732.41 Day low
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    • 666 12  -  Falls in Keppel and Hutchison Port weigh on index in quiet trading day STOCKS By R Sivanithy sivan@sph.com.sg @RSivanithyBT After the volatility of last week, the Straits Times Index kicked off this week with a quiet session on Monday, drifting within a narrow
      Source: Bloomberg  -  666 words
    • 305 12 Stock name Close Change Day high/low 52w high 52w low PE Div yield Mcap Ascendas Reit 246 -5 249/244 263 212 5.8 6219.7 CapitaLand 350 -5 355/347 364 268 17.5 2.3 *****.6 CapitaMall Trust 218 -1 219/215 226 180 5 7562.5 CityDev 1020 +2 1024/1015 1118 907 13.8
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    • 38 12 VOLUME HPH Trust USD 93,119,500 IHC 67,220,100 Golden Agri-Res 50,554,900 APAC Strategic 48,220,600 Equation 41,965,000 Market volume 1,291,777,000 VALUE Keppel Corp 100,287,292 DBS Grp 86,194,971 HPH Trust USD 85,679,071 SingTel 50,177,057 CapitaLand 49,114,684 Market value 1,068,671,000
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    • 106 12 Most Active Fund Last sale +/-(‘000) Day high/low 52w high/low Buy/Sell Mcap Lyxor Asia US$ US509 196 511/509 543/455 509/511 74.3 IS MS India US$ US780 -14 155 796/777 1000/567 776/780 97.5 DBXT CSI300 US$ US918 -7 141 933/918 1044/613 910/960 UETF SSE50China 217 +3 136 220/213 238/140
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    • 77 12 Feb 9 VALUE CLOSE BT OB/OS -148.00 -64.00 BT CADI -*****.00 -112.00 BT 10-day MA -*****.00 -15.00 FTSE ST Mid Cap 785.32 -1.56 FTSE ST Small Cap 501.20 -1.11 FTSE ST All Share 822.19 -2.86 FTSE ST China Top 193.95 -1.67 FTSE ST China 235.31 -2.09 FTSE
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    • 77 12 BY CENTS CLOSE UP 52w high/low Lyxor Indonesia US$ 9061 157.1 1.3 9636/8000 DBXT ASX200 US$ 3780 109.7 2.2 4403/3530 Lyxor US DJIA US$ 1810 58.2 2.4 1900/1629 IS ASIA HYG S$D 1428 58.0 4.2 1450/1330 Lyxor Europe US$ 1439 36.6 1.9 1678/1338 BY PERCENTAGE CLOSE UP 52w high/low
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    • 35 12 STI FTSE ST All-Share FTSE ST All-Share index Feb 9,2015 822.19 -2.86 (-0.35%) Current streak 1 day Day high 825.22 Day low 821.89 52-week high 825.05 (Feb 6, 2015) 52-week low 734.36 (Feb 10, 2014)
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    • 32 12 STI MSCI EAFE MSCI EAFE index Feb 6,2015 1,812.12 -8.63 (-0.47%) Current streak 1 day Day high 1,829.19 Day low 1,809.30 52-week high 1,995.49 (July 3, 2014) 52-week low 1,697.01 (Jan 7,2015)
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    • 186 12 MAIN CATL TOTAL Up Down Unch Up Down Unch Up Down Unch Multi Ind 5 6 5 0 0 0 5 6 5 Manufacturing 32 66 69 9 8 21 41 74 90 Commerce 10 29 35 4 8 7 14 37 42 Tpt/Stor/Comms 4 19 18
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    • 123 12 VOLUME (‘000) VALUE (‘000) MAIN CATL TOTAL MAIN CATL TOTAL Multi Ind 29,833 29,833 127,622 127,622 Manufacturing 125,206 70,439 195,645 71,092 2,626 73,718 Commerce 64,345 36,370 100,715 61,512 2,424 63,936 Tpt/Stor/Comms 167,795 2,918 170,713 218,472 978 219,451 Finance 15,425 77 15,502 157,557 18 157,575 Construction 39,842 4,802
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    • 71 12 BY CENTS CLOSE DOWN 52w high/low GLD US$ ***** -365.6 -2.2 *****/***** SPDR S&P500 US$ ***** -92.1 -0.3 *****/***** SIA 1184 -29.0 -2.4 1291/944 DBXT MSINDIA US$ 1099 -28.4 -1.9 1148/805 Keppel Corp 868 -25.0 -2.8 1120/791 BY PERCENTAGE CLOSE DOWN 52w high/low BlueSkyPower 5.3 -26.4 -1.9 18.5/3.7 Magnus
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    • 79 12 VOL CLOSE($) CHANGE Metech Intl 10,316.0 0.005 -0.001 -16.67 Equation 41,965.0 0.008 +0.001 +14.29 Informatics 4,984.9 0.049 +0.004 +8.89 ABR 55.0 0.750 +0.015 +2.04 Teho Intl 67.1 0.169 -0.026 -13.33 Lafe 374.0 0.033 +0.002 +6.45 Far East 25.0 0.151 +0.011 +7.86 Loyz Energy 5,185.9 0.084 -0.005 -5.62 Versalink
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    • BROKERS’ TAKE
      • 125 12 Hold Feb 9 close: US$0.685 Target price: US$0.68 OCBC Investment Research, Feb 9 HPHT swung to a Q4 2014 loss mainly due to a HK$19 billion (S$3.3 billion) impairment charge. FY 2014 distribution per unit is 41 HK cents, but management has guided for FY 2015
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      • 132 12 Buy S$11.84 Feb 9 close: S$11.84 Target price: S$12.90 DBS Group Research, Feb 9 Despite weaker than expected operating earnings, we remain confident that SIA’s earnings performance in future quarters will be better given the lower cost of fuel. The group’s balance sheet remains strong with over S$3.5
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      • 195 12  -  Compiled by Cai Haoxiang Hold Feb 9 close: S$1.225 Target price: S$1.02 Maybank Kim Eng Research, Feb 5 Super is on its way to a recovery in almost all its major markets in 2015. Q3 2014 likely marked the bottom for its falling sales and margins. Its momentum
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    • 9 12 DATA I 9.30 am (Feb 10) China CPI
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    • 462 13 CURRENCIES REUTERS London THE yen gained against the US dollar and euro on Monday as investors fretted over the conflict in Ukraine as well as Greece’s future in the eurozone. In his first major speech to Greece’s parliament, Prime Minister Alexis Tsipras
      REUTERS  -  462 words
    • FOREX RATES
      • 471 13 Feb 9 A$ C$ Rmb Euro HK$ Ind Rs Rupiah Yen Won RM NZ$ Pak Rs Peso S$ Rand Sfr NT$ Baht Pound US$ Australia 0.973 4.857 0.685 6.026 48.319 98.328 0.924 8.519 2.769 1.053 78.643 34.477 1.053 8.949 0.720 24.513 25.356 0.509 0.777 Canada 1.028 4.993
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      • Article, Illustration
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      • 155 13 Feb 9 Against S$ Against US$ Currencies Bid Offer Bid Offer S$/US$ to one unit of foreign currency: Australian dollar 1.0523 1.0528 0.7772 0.7774 Canadian dollar 1.0817 1.0824 0.7993 0.7989 Euro 1.5356 1.5362 1.1341 1.1344 NZ dollar 0.9990 0.9997 0.7378 0.7382 Sterling pound 2.0658 2.0666 1.5257 1.5261
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      • 22 13 Feb 9 S$ Bid Offer 1-month 1.3545 1.3550 2-months 1.3550 1.3556 3-months 1.3556 1.3563 6-months 1.3569 1.3577 Source: OCBC
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    • EQUITY BONDS WARRANTS FUTURES
      • 209 13 Feb 09 Most active Prem Expiry Vol Conv Exer Disc Gear-Mths Company Last Sale +or-('000) Ratio Price ing Left DBS MB eCW*****0 14.7 1.8 8091 0.2 1980 2 DBS MB ePW*****2 9.5 -1.6 6928 0.2 1910 2 OCBC Bk MB eCW*****3 7.1 0.2 3876 0.2 1060
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      • 373 13 In local curr In S$ In US$ dy yr dy yr dy yr Feb 6 Index Change Change Change Change Change Change World Preliminary 1304.4 0.3 2.2 0.5 3.1 0.0 1.1 EAFE Preliminary 1030.7 0.1 4.4 0.0 4.1 -0.5 2.1 Europe Preliminary 1457.4 -0.1 5.5
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      • 375 13 Feb 9 OPEN HIGH LOW SETT VOL OP/INT NIKKEI 225 INDEX FUTURES SPOT *****.31 *****.49 *****.61 Mar15 *****.00 *****.00 *****.00 *****.00 ***** *****6 Jun15 *****.00 *****.00 *****.00 *****.00 8 4242 MSCI TAIWAN INDEX FUTURES SPOT 350.07 350.30 348.03 Feb15 350.70 351.70 347.80 349.80 ***** *****7 Mar15 350.80
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    • BANK RATES
      • 36 13 Feb 9 (S$) 1 mth 0.***** 2 mths 3 mths 0.***** 6 mths 0.***** 9 mths 12 mths 0.***** SWAP Offer rates (S$) 1 mth 0.***** 3 mths 0.***** 6 mths 0.***** Source: Thomson Reuters
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      • 154 13 Feb 9 $S Offer Bid 0vernight 0.10 0.05 1-month 0.625 0.50 2-months 0.625 0.50 3-months 0.6875 0.5625 Overnight mode: 0.30 US$ Offer Bid 7 days 0.17 0.07 1 month 0.23 0.13 2 months 0.28 0.18 3 months 0.40 0.20 6 months 0.50 0.30 9 months 0.60 0.40 12
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      • 69 13 Feb 9 Feb 9 GOVERNMENT BONDS Period Issue Coupon Maturity Close Day's code rate Bid High Low 2-Year N*****0Z 2.375 01-Apr-17 103.19 103.28 103.20 5-Year N*****0H 1.625 01-Oct-19 100.81 101.00 100.85 10-Year NY*****H 3.000 01-Sep-24 108.91 109.05 108.70 15-Year NY*****E 2.875 01-Jul-29 106.21 106.30 106.00 20-Year NZ*****V 3.375
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    • AGRI METALS ENERGY
      • 252 13 Feb-6 Price Net change change Last Trade Agricultural Feb-6 CBOT Soybeans (US cents/bu) 973.50 -7.75 -0.79% 13/03/2015 CBOT Soybean Oil (US cents/lb) 31.82 0.11 0.35% 13/03/2015 CBOT Wheat (US cents/bu) 527.00 1.25 0.24% 13/03/2014 Feb-6 LIFFE Cocoa (£/tonne) 1957.00 23.00 1.19% 16/03/2015 LIFFE Coffee (US$/tonne) 1933.00 11.00 0.57%
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  • Page 10 Miscellaneous
    • 46 10 THE BROKER by low chin yee THEY SAID REDUCING THE BOARD LOT SIZE WILL INCREASE THE TRADING VOLUME.... s UP TILL NOW, I DO NOT SEE ANY INCREASE IN THE TRADING VOLUME. o« WHEN THEY SAID "VOLUME", THEY WERE TALKING ABOUT THE SOUND, NOT THE NUMBER.
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  • Page 11 Advertisements
    • 308 11 FUTURE I i t ii i i i i i a C H IN A ADVANCED LEADERS PROGRAMMl Grooming future leaders to pe “China-ready“China-sa and “Connected” APPLY NOW! ''Despite having first-hand experience of the cultural differences during my five years in China, I still find the course very enlightening as
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  • REAL ESTATE
    • 1138 14  -  But borrowing rates still considered high, and strict lending will limit the odds of an investor-driven bubble By Lee Meixian leemx@sph.com.sg @LeeMeixianBT Additional reporting by Prisca Ang Prisca Ang prisang@sph.com.sg Singapore AUSTRALIA’s 25-basis-point rate cut to a record low of 2.25 per
      PHOTO: BLOOMBERG  -  1,138 words
    • 705 16 water absorbs heat during hot spells and distributes it during cold snaps AFP Hungary AS UN climate negotiators gather in Geneva this week, one Japan-inspired Hungarian inventor believes he has found a revolutionary and inexpensive way to construct buildings that could slash humanity’s
      AFP; PHOTO: AFP  -  705 words
    • 1236 16 Sun Hongbin from prison inmate to white knight Now one of China’s richest business execs, Sunaco CEO is also rescuing Kaisa Group BLOOMBERG Hong Kong TWO decades ago, Sun Hongbin was in prison and fighting to overturn a conviction on charges he’d embezzled company funds. Today, the chairman and CEO
      BLOOMBERG; PHOTO: REUTERS  -  1,236 words
    • 680 16 WP Washington DOUGLAS Trudeau waited 177 days for the Federal Aviation Administration’s (FAA) permission to fly his US$1,300 drone. The Tucson real estate agent wanted to do things the right way, he said, even though he knows peers who have
      WP  -  680 words
    • 349 16 BLOOMBERG Sydney HONG Kong and New York offer the lowest returns for offices among the world’s major markets even as prices increase because of demand for high-quality properties, according to broker Savills plc. Grade-A commercial properties in Hong Kong’s central business district
      BLOOMBERG  -  349 words
  • Page 14 Advertisements
    • 400 14 PEACE CENTRE AND PEACE MANSION ICONIC MIXED-USE REDEVELOPMENT SITE IN DISTRICT 9 J Rochor (U/C) BUKIT TIMAH RD Little India Interchange Wilkie Edge LASALLE College Of The Arts SOPHIA RD -►To CBD Plaza Singapore Romo O Bencoolen Lu (U/C) The Ui Cathay SOTA co Hotel Rendezvous ORCHARD RD Singapore Art
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  • BANKING & FINANCE
    • 996 18 Lenders at risk amid the anti-graft drive, sluggish property market and a slowing economy BLOOMBERG Hong Kong RATING companies are warning of risks to Chinese lenders from a corruption campaign that’s frozen re-al-estate projects and ensnared executives as the economy slows.
      BLOOMBERG  -  996 words
    • 417 18 REUTERS Hong Kong STANDARD Chartered plc (StanChart) will shift its retail bank’s focus from mass market to affluent customers and urge more clients to go online as part of a broader restructuring, a senior executive told Reuters. StanChart’s retail business is one
      REUTERS; PHOTO: AFP  -  417 words
    • 357 18 Changes meant to help in transition to Basel III standards BLOOMBERG Kuala Lumpur MALAYSIA’S central bank has unveiled new rules governing the way local banks should account for certain deposits and other items on their balance sheets, in a move that
      BLOOMBERG  -  357 words
    • 192 18 REUTERS Sydney CIMB Group Holdings, Malaysia’s second-biggest lender by assets, said on Monday is was closing its investment banking operations in Australia following a review of its entire business. On Friday, CIMB said it was looking to cut costs in the investment banking
      REUTERS  -  192 words
    • 790 18 BLOOMBERG Zurich FOR Brady Dougan, it’s been the worst start to a year since he became chief executive officer of Credit Suisse Group AG in 2007. A rise in the value of the Swiss franc following the central bank’s decision
      BLOOMBERG; PHOTO: BLOOMBERG  -  790 words
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    • 28 18 200,000 Llanhe Zaobao I Chengdu To subscribe, call 6388-3838 or go to sphsubscription.com.sg Brand Your Assets Call 1800 289 8822 or e-mail notices@sph.com.sg to publicise your Financial Statements
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  • ENERGY & COMMODITIES
    • 777 20 It is the largest foreign debt obstacle the Russian oil company must cross in 2015: investors BLOOMBERG London AS OAO Rosneft pulls together funds to repay US$7.1 billion of loans due on Friday, some investors say it’s the moment
      BLOOMBERG; PHOTO: REUTERS  -  777 words
    • 1186 20 It has over US$750b in cash reserves, more than enough to stave off panic WP Riyadh AHMED al-Ghaith pulled his Dodge Durango into a petrol station in central Riyadh and told the attendant to fill it up. In a country where petrol sells
      WP  -  1,186 words
    • 639 20 BLOOMBERG Houston ENERGY companies may be slow to cut oil production after a 50 per cent price drop because they need to service debt that has risen fourfold since 2003, according to the Bank for International Settlements (BIS). “Debt-service
      BLOOMBERG  -  639 words
    • 391 20 BLOOMBERG New York THE corruption scandal battering Petrobras has already cost bondholders US$4 billion. With the oil producer facing billions of dollars in writedowns, investors are bracing themselves for even more pain. Petroleo Brasileiro SA’s US$41 billion of dollar-denominated debt has lost 10 per
      BLOOMBERG; PHOTO: BLOOMBERG  -  391 words

  • TECHNOLOGY
    • 1060 21 While the situation looks prickly, it will be a while before things pan out for the hot young ride-hailing service and its Internet titan partner NYT New York WHEN Google’s venture capital arm poured more than US$250 million into Uber in 2013, it looked
      NYT  -  1,060 words
    • 460 21 BLOOMBERG Hong Kong ALIBABA Group Holding has agreed to invest US$590 million in smartphone maker Meizu Technology Co, boosting the e-commerce company’s push to get its mobile operating system on millions of handsets in China. Asia’s largest Internet company will hold a
      BLOOMBERG; PHOTO: REUTERS  -  460 words
    • 815 21 REUTERS Singapore A BARRAGE of damaging cyberattacks is shaking up the security industry, with some businesses and organisations no longer assuming they can keep hackers at bay, and instead turning to waging a guerrilla war from within their networks. US
      REUTERS  -  815 words
    • 561 21 BLOOMBERG New Delhi GENERAL Electric Co and Nidec Corp are among companies looking to take advantage of a subsidy India is offering for electronics manufacturing amid Prime Minister Narendra Modi’s push to boost economic growth. The government has received at least 60
      BLOOMBERG  -  561 words
  • Page 21 Advertisements
    • 574 21 The Business Times Ik I 1 I f 1 I 1 Toll free 1800-289-8822 I I I Email noticesy sph.com.sg I M I I i j www.sphclass.com.sg/notices UNITED OVERSEAS BANK LIMITED Company Registration No. *****0026Z (Incorporated in the Republic of Singapore) LOST SHARE CERTIFICATES Notice is hereby given that the
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  • CONSUMER
    • 755 22 They plan to open more amenities such as convention centres theatres, touting their credentials as good employers REUTERS Hong Kong LEADING China’s anti-corruption campaign, President Xi Jinping warned Macau last December that the world’s biggest gambling hub needs to be
      REUTERS; PHOTO: BLOOMBERG  -  755 words
    • 957 22 NYT New York IN THE world of consumer finance, they are chameleons: payday lenders that alter their practices and shift their products ever so slightly to work around state laws aimed at stamping out short-term loans that can come with interest rates
      NYT  -  957 words
    • 592 22 The company competes with Procter Gamble and L’Oreal in China, and has 2,335 stores on the mainland BLOOMBERG Shanghai AMOREPACIFIC Group expects sales in China to jump 30 per cent this year as the South Korean cosmetics maker opens more outlets
      BLOOMBERG  -  592 words
    • 733 22 REUTERS Chicago FOR decades, Chuck Souder relied on corn and soya beans to keep his 161-hectare Iowa farm running, but with corn selling for half its price two years ago and soya beans slumping, Mr Souder has shifted to
      REUTERS  -  733 words

  • TRANSPORT
    • 1060 23 Carriers airlift goods ranging from yogurt and cheese for US military forces in Japan and Korea to car parts and potatoes for fries BLOOMBERG Singapore THE US military ordered yoghurt and cottage cheese flown to forces in Japan and
      BLOOMBERG; PHOTO: BLOOMBERG  -  1,060 words
    • 581 23 REUTERS Dublin THE owner of British Airways is running out of time to secure Ireland’s Aer Lingus as questions over its commitment to keep jobs and key Heathrow routes stoke opposition from politicians facing a tough election next
      REUTERS  -  581 words
    • 799 23 BLOOMBERG Taipei TAIWAN aviation officials agreed last month to TransAsia Airways Corp’s request to push back enforcement of a new rule aimed at forcing them to have more time to conduct pre-flight checks. Authorities delayed until March 1 their implementation of
      BLOOMBERG; PHOTO: AFP  -  799 words
    • 364 23 REUTERS Frankfurt GERMAN airport operator Fraport expects Greece’s new government to honour a US$ 1.4 billion deal for Fraport to run 14 regional airports, its finance chief said, after Athens halted several other key privatisation projects. When Greece’s leftist-led, anti-aus-terity government took power
      REUTERS  -  364 words

  • GOVERNMENT & ECONOMY
  • Page 24 Advertisements
    • 22 24 o www.omy.sg C J\l: o o jBMUS #siir JTiiSfIL 0SS0 cny.omy.sg Download omy Apps v y iii omy News iOSAppStore Google Play
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    • 54 24 HOT PROPERTY SHOP HSE Prinsep Street Quaint ambiance 592/785 sf. Aircon incl Ask: $3.6k $4.6K. CIRCULAR ROAD 1500SQFT Corner. F&B ready. Good crowd. Asking $10.5k. MACKENZIE COFFEESHOP/ RESTN. Last Unit. opp MRT, carpk,grd flr1389sf@$13.2k Exhaust, grease trap gas. F&B SPACES FOR RENT Check this and many other properties in The
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  • OPINION
    • 650 26 AS worries over retirement adequacy come to the fore, Singapore has to embark on the politically challenging debate of whether to introduce restrictions on the amount of CPF savings that can be used to purchase property. There will always
      650 words
    • 812 26  -  THE BOTTOM LINE By Paul Krugman NYT MANY economists, including Janet Yellen, view global economic troubles since 2008 largely as a story about “deleveraging” a simultaneous attempt by debtors almost everywhere to reduce their liabilities. Why is deleveraging a problem? Because my
      NYT  -  812 words
    • 1448 26  -  The president faces growing criticism of his foreign policy even among allies of the White House and the Democratic Party By Leon Hadar SINCE entering the White House, US President Barack Obama and members of his foreign policy team have been accentuating the contrast
      PHOTO: AFP  -  1,448 words
    • 1031 27  -  COMMENTARY By Andrew Hammond T The writer is an associate at LSE Ideas (the Centre for international Affairs, Diplomacy and Strategy) at the London School of Economics, and a former UK government special adviser THE leaders of Russia, Germany, France and Ukraine will
      1,031 words
    • 1875 27  -  Bourses can prosper and expand only if they are constantly mindful of the potential of change in economics and world markets and willing to adopt innovations as necessary, says the founding father of futures markets By R Sivanithy sivan@sph.com.sg @RSivanithyBT
      PHOTO COURTESY OF NG KOK SONG  -  1,875 words


  • 987 28 Vessel Voy Sin Pusan Tarawa Honiara Santo Port Vila Noumea Lautoka Suva Nukualofa Apia Pago Pago Papeete Lae P. Moresby Townsville Hyundai Vladivostok 595E 11 Feb 28 Feb 16 Mar 19 Mar 23 Mar 25 Mar 27 Mar 30 Mar 06 Apr 08 Apr 08
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    • 184 28 USE THIS SPACE TO SELL CALL JOE WONG AT 9620 1327 TO ADVERTISE THE BUSINESS TIMES Shipping times Experienced sh;p maintenance services wanted. Can they find your services here in the Shipping Times? THE BUSINESS TIMES TO ADVERTISE, CALL JOE WONG AT 9620 1327 Wishes fc r es o Mr.
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  • LIFE & CULTURE
    • 923 29 Show presented a mix of old songs and new faces, and also gave sombre nods to the issues of domestic abuse and the threat against civil rights Luther King Jr biopic, Selma. NYT TERS REUTERS Los Angeles
      Luther King Jr biopic, Selma. NYT TERS REUTERS; Photos: AFP, Reuters  -  923 words
    • 816 29 Playing Stephen Hawking has already won him a Golden Globe. Next up, the Oscars AFP London THE American coming-of-age tale Boyhood, filmed over 12 years, won a Bafta (British Academy of Film and Television Arts) award for best film on Sunday, but the British awards
      AFP; Photos: Reuters  -  816 words
    • 456 29  -  By Prisca Ang prisang@sph.com.sg Singapore OCBC Cycle, Singapore’s annual mass participation cycling event, has revealed new platforms which will gear companies up to help the less privileged in Singapore. The event will be held at the Singapore Sports Hub on Aug 29-30, 2015. More
      456 words
  • Page 29 Miscellaneous
    • 362 29 CRYPTIC CROSSWORD Across 9 It sounds like you and I will change direction (5) 10 Supply required by French department to achieve balance (9) 11 Expert presenting some art in a new way (7) 12 Charge rent that’s ridiculous on superior street (7) 13 Fighting unit of the Engineers led
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  • SME
    • 1121 30  -  After decades in the industry, the seafood restaurant is evolving to ensure it is not left behind.BY behind.BY VIVIEN SHIAO vshiao@sph.com.sg @VivienShiaoBT CHILI crab is perhaps Singapore's most iconic local dish, and one that is loved by both locals and tourists alike. While seafood restaurants
      PHOTO: ARTHUR LEE  -  1,121 words
    • 1016 30  -  COMMENTARY By Amy Ou T The writer is assistant professor of management organisation at the National University of Singapore Business School SUCCESSFUL CEOs are associated with many traits, but humility rarely makes the list. This is not because humble bosses are not successful. Rather, it
      1,016 words
  • Page 30 Advertisements
    • 224 30 BUSINESS EXCELLENCE AWARDS WINNERS SHARING CONFERENCE 10 March 2015, 9.00am 5.30pm Resorts World Sentosa, West Ballroom Learn and be inspired by the best! Discover the secrets of success from seven organisations which won the 2014 Business Excellence (BE) awards. They will share insights on how the BE framework is used
      224 words

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    • 35 31 THE BUSINESS TIMES II III I Hill S$1.00 gil A SINGAPORE PRESS HOLDINGS PUBLICATION I www.businesstimes.com.sg G I C ©BTBreakingnews I CO REGN NO *****2868E I MCI (P) 051/08/2014 Tuesday, February 10,2015 8 *****1 *****4
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    • 552 32 / 33 CAPTIVATING IS A WORD THAT APTLY DESCRIBES THE NIGHT SKY OVER THE VALLEE DE JOUX, THIS SECRET HOLLOW NESTLING IN THE SWISS JURA THAT GAVE BIRTH TO THE MAISON JAEGER-LECOULTRE. VERY FEW LIGHTS DISTURB ITS LUMINOUS BEAUTY THAT REMAINS IMPERTURBABLY SERENE, SOFTLY ENVELOPING THOSE WHO TAKE THE TIME TO OBSERVE
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  • Page 34 Advertisements
    • 49 34 Jaeger- leCoultr^ SHARE JAEGER-LECOULTRE’S FASCINATION WITH THE MOVEMENT OF CELESTIAL BODIES. •^sr i\\ *U v 4 v DISCOVER MORE FROM FEBRUARY I Ith TO 13th AT ION ART, LEVEL 4 CELEBRATING THE GRAND OPENING OF JAEGER-LECOULTRE FLAGSHIP BOUTIQUE Jaeger-LeCoultre Boutique 2 Orchard Turn, ION Orchard, #02-08 Singapore 1800 *****27
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