The Business Times, 26 February 2015

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1 26 The Business Times
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  • Title Section
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    19 1 THE BUSINESS TIMES S$1.00 S|jh A SINGAPORE PRESS HOLDINGS PUBLICATION www.businesstimes.com.sg G OoBlBreakingnews MCI (P) 051/08/2014 Thursday, February 26,2015
    19 words
  • DAILY DIGEST
    • Article
      Lock icon Employers involved in
      35 1 the government’s new Earn and Learn work-study programme will get a grant of up to S$ 15,000 for each fresh polytechnic or Institute of Technical Education graduate they hire. TOP STORIES 2
      35 words
    • Article
      Lock icon Growth in Singapore households’
      41 1 net worth continues to moderate as the rise in the value of their financial assets slowed and the aggregate value of residential properties on their balance sheet dipped despite the higher number of dwelling units.TOP STORIES 4
      41 words
    • Article, Illustration
      Lock icon With modest passenger
      42 1 growth again expected this year, the aviation sector must continue to raise productivity against the backdrop of a tight labour market and persistent cost pressures, says Josephine Teo, Senior Minister of State for Finance and Transport. TOP STORIES 6
      42 words
    • Article
      Lock icon StarHub posts a 10 per cent
      48 1 increase in quarterly net profit to S$94.2 million on the back of a 5 per cent rise in revenue to S$647.4 million, led largely by higher sales of the new iPhones launched last September and growth in mobile services. COMPANIES MARKETS 9
      48 words
    • Article
      Lock icon Singtel moves a step
      25 1 closer to becoming the dominant regional cyber security provider when it formally launched its Advanced Security Operations Centre in Singapore. TECHNOLOGY/18
      25 words
  • Article
    Lock icon First industries to get sectoral manpower plans identified
    932 1  -  Under SkillsFuture, these plans will list the sectors’ required skillsets and map out career tracks, among other things By Lee U-Wen leeuwen@sph.com.sg @LeeUwenBT Singapore THE government has identified the first group of sectors that will have dedicated manpower plans drawn up, to
    932 words
  • Article, Illustration
    Lock icon Room for more left-leaning policies in S’pore, but no free-for-all: panel
    755 1  -  By Kelly Tay kellytay@sph.com.sg @KellyTayBT Singapore BUDGET 2015 marked yet another step to the left by the government and it won’t be its last, said panellists at the Economic Society of Singapore’s (ESS) Budget forum on Wednesday. Out of
    PHOTO: YEN MENG JIIN  -  755 words
  • Article
    Lock icon MARKETS
    27 1 Wednesday Change STI 3,440.83 +3.22 KL COMP 1,815.86 -2.82 NIKKEI 225 18,585.20 -18.28 HANG SENG 24,778.28 +28.21 SHENZHEN B 1,099.30 -2.77 DOW (10.30am EST) 18,209.09 -0.10
    27 words
  • Page 1 Advertisements
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  • TOP STORIES
    • Article, Illustration
      Lock icon Yellen’s testimony maddeningly unclear on interest rates
      370 2  -  &3I REUTERS BREAKINGVIEWS By Daniel Indiviglio Washington JANET Yellen’s vague message may end up surprising markets more than soothing them. The US Federal Reserve chair deftly parried conflicting calls for more patience and higher interest rates in congressional testimony on Tuesday. What she
      370 words
    • Article, Illustration
      Lock icon Firms to get up to S$15k for hiring, training new ITE and poly grads
      778 2  -  Grads who join firms on the Earn and Learn work-study programme will be paid sign-on bonus of S$5,000 By Lee U-Wen leeuwen@sph.com.sg @LeeUwenBT Singapore EMPLOYERS involved in the government’s new Earn and Learn work-study programme will
      BT Graphics  -  778 words
    • Article
      Lock icon HK budget reinforces long-term economic development
      904 2 XINHUA Hong Kong HONG KONG’S Financial Secretary John C Tsang has pledged to explore new ideas and strive for diversity to help Hong Kong people realise their aspirations in his 2015-16 Budget delivered on Wednesday. The government of Hong Kong Special Administrative Region will
      XINHUA  -  904 words
    • Article, Illustration
      Lock icon S’pore households’ net worth grows a slower 2.3%
      838 4  -  Record number of new home completions this year could show up in higher asset values as well as liabilities on household balance sheet By Lynette Khoo lynkhoo@sph.com.sg @LynetteKhooBT Singapore GROWTH in Singapore households’ net worth continued to moderate last year as the
      Source: Singstat  -  838 words
    • Article, Illustration
      Lock icon Singapore consumer confidence down 2.1% in February
      432 4  -  Less than a third of households believe they are better off financially now: survey By Prisca Ang prisang@sph.com.sg Singapore DESPITE welcoming the year of the sure-footed goat, consumers in Singapore are cautious about brandishing their wallets this month. The ANZ-Roy Morgan Singapore Consumer
      432 words
    • Article, Illustration
      Lock icon Over 50 brands to take part in new travel fair
      395 4  -  By Nisha Ramchandani nishar@sph.com.sg @Nisha_BT Singapore THE travel fair to rival the one organised by the National Association of Travel Agents Singapore (Natas) has gathered more than 50 participating travel brands under its roof, its organisers have said. Called Travel
      FILE PHOTO  -  395 words
    • Article, Illustration
      Lock icon Minister urges aviation sector to continue raising productivity
      556 6  -  Josephine Teo says labour market is tight and cost pressures may not go away By Nisha Ramchandani nishar@sph.com.sg @Nisha_BT Singapore WITH modest passenger growth again expected this year, the aviation sector must continue to raise productivity against the backdrop of a tight
      FILE PHOTO  -  556 words
    • Article
      Lock icon Drugmaker Takeda to zoom in on emerging markets
      549 6  -  By Claire Huang huangjy@sph.com.sg @ClaireHuangBT Singapore ASIA’S largest drugmaker Takeda Pharmaceutical has streamlined its Singapore operations in a move that reflects its focus on emerging markets. Its new Biopolis office, costing an undisclosed sum, will now house its emerging-markets business unit headquarters
      549 words
    • Article, Illustration
      Lock icon Scheme to help S’pore furniture firms venture overseas
      375 6  -  By Mindy Tan tanmindy@sph.com.sg @MindyTanBT Singapore DESPITE the global economy’s sluggish performance, Singapore’s furniture industry is performing reasonably well, with its revenue rising by 2.8 per cent from 2013 to reach an estimated S$6.24 billion in 2014. To help support companies in
      FILE PHOTO  -  375 words
  • Page 2 Advertisements
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      Lock icon Page 2 Advertisements Column 1
      271 2 FUTURE i l t I I l S I I iff CHINA I LEADERS PROGRAMM Grooming future leaders to be “China-ready” “China-savvy and “Connected APPLY NOW! j i 'i U Future China Advanced Leaders Programme is a very good platform to keep one informed of the developments in China. This
      271 words
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  • Page 4 Advertisements
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      Lock icon Page 4 Advertisements Column 1
      81 4 This announcement appears as a matter of record only The Baring Asia Private Equity Fund VI A private equity fund formed to invest in buyouts and growth financings of companies in Asia. Baring Asia advises private equity funds with more than US$9 billion of committed capital. These funds provide long-term
      81 words
    • Advertisement
      Lock icon Page 4 Advertisements Column 2
      14 4 Call 1800 289 8822 or e-mail notices@sph.com.sg to place your New CEO Announcement Notices
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  • Page 6 Advertisements
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      73 6 ENJOY THE WINE YOU DESIRE WITHOUT PULLING THE CORK V CORAV I NT S$490.00 CORAVIN™ 1000 WINE ACCESS SYSTEM Available online and at the Outlets AUTHORISED DEALER V ■r It's A Discovery OAK S The Oaks Cellars Pte Ltd Great World City #82-03/04/05 Mandarin Gallery #03-12 ION Orchard #04-24 Orchard
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      15 6 Brand Your Assets Call 1800 289 8822 or e-mail notices@sph.com.sg to publicise your Financial Statements
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  • COMPANIES & MARKETS
    • Article
      Lock icon New SGX CEO must accommodate all stakeholders
      720 8  -  HOCK LOCK SIEW BY R SIVANITHY sivan@sph.com.sg @RSivanithyBT WHEN a sample of brokers, investors and newsroom colleagues were asked for their opinions on what the next chief executive officer of the Singapore Exchange (SGX) should do, these were their varied responses he or
      720 words
    • Article, Illustration
      Lock icon SGX expected to stay the course after captain departs
      517 8  -  By Kenneth Lim kenlim@sph.com.sg @KennethLimBT Singapore INVESTORS shrugged off news that Singapore Exchange (SGX) chief executive Magnus Bocker will leave the market operator after his contract ends in June, as analysts said they expected the company to stick to its current
      Source: ShareInvestor.com  -  517 words
    • Article
      Lock icon Expenses, one-off costs lower Kingsmen’s FY14 profit to S$17m
      445 8  -  By Nisha Ramchandani nishar@sph.com.sg @Nisha_BT Singapore WEIGHED down by higher costs, communication design and production group Kingsmen Creatives saw a 3.3 per cent slide in net profit to S$ 17.15 million for FY14. This was despite a 13.6 per cent rise
      445 words
    • Article
      Lock icon StarHub Q4 earnings up 10%
      583 9  -  Revenue up 5%, led by higher sales of new iPhones and growth in mobile services By Anita Gabriel anitag@sph.com.sg @AnitaGabrielBT Singapore STARHUB posted a 10 per cent increase in quarterly net profit to S$94.2 million on the back of a 5 per cent rise in
      583 words
    • Article
      Lock icon Petra Foods’ Q4 profit falls 22.3% to US$12.4m
      410 9  -  By Andrea Soh sandrea@sph.com.sg @AndreaSohBT Singapore PETRA Foods’ earnings fell more than a fifth in the fourth quarter as revenue remained largely unchanged. Its net profit attributable to shareholders for the three months ended Dec 31 stood at US$12.4 million, down 22.3
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    • Article
      Lock icon QT Vascular narrows FY14 loss to US$34.17m
      185 9  -  By Lee Meixian leemx@sph.com.sg @LeeMeixianBT Singapore QT Vascular said on Wednesday that it has narrowed its net loss for the year ended Dec 31, 2014, to US$34.17 million, from US$34.52 million in the previous year. Revenue more than doubled to US$13.16 million from
      185 words
    • Article
      Lock icon Higher operating margins lift Sheng Siong’s Q4 profit
      404 9  -  By Cai Haoxiang haoxiang@sph.com.sg @HaoxiangCaiBT Singapore HIGHER operating profit margins led to grocery chain Sheng Siong reporting a net profit of S$ 11.8 million for its fourth quarter ended Dec 31, 2014, up 26.5 per cent from S$9.3 million a year ago.
      404 words
    • Article, Illustration
      Lock icon STI / Catalist
      62 10 STI Catalist Straits Times index Feb 25,2015 3,440.83 +3.22 (+0.09%) Current streak 2 days Day high 3,455.32 Day low 3,437.55 52-week high 3,444.57 (Feb 11, 2015) 52-week low 3,057.20 (Mar 20, 2014) ftse ST Catalist index Feb 25,2015 712.35 -1.68 (-0.24%) Current streak 1 day Day high 715.25 Day low
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    • Article, Illustration
      Lock icon Yellen’s comments help lift stocks
      631 10  -  Modest rise for STI with gainers outnumbering losers 240-193 amid news that Fed is in no rush to hike rates STOCKS By R Sivanithy sivan@sph.com.sg @RSivanithyBT NEWS that the US Federal Reserve is in no rush to raise interest rates was welcomed by markets on
      Source: Bloomberg  -  631 words
    • Article
      Lock icon STI STOCKS
      313 10 Stock name Close Change Day high/low 52w high 52w low PE Div yield Mcap Ascendas Reit 251 +3 252/247 263 213 5.7 6346.2 CapitaLand 364 +2 370/363 371 268 13.3 2.5 *****.3 CapitaMall Trust 213 -3 217/212 226 186.5 5.1 7389 CityDev 1036 cd +6 1038/1030 1118 907
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    • Article
      Lock icon MOST ACTIVE
      36 10 VOLUME Genting Sing 130,276,900 Digiland Intl 113,540,500 Golden Agri-Res 90,350,500 IHC 67,065,200 Xpress 64,857,900 Market volume 1,524,910,000 VALUE Genting Sing 127,726,758 SingTel 77,078,721 CapitaLand 73,612,125 DBS Grp 68,264,540 Global Logistic 61,665,683 Market value 1,293,616,000
      36 words
    • Article
      Lock icon SGX ETFs
      114 10 Most Active Fund Last sale +/-(‘000) Day high/low 52w high/low Buy/Sell Mcap IS MS India US$ US804 +6 486 806/799 1000/580 804/805 100.5 STI ETF 345 +1 165 347/345 349/305 344/345 Lyxor Asia US$ US518 +5 96 518/517 543/466 519/521 75.6 DBXT CSI300 US$ US966 -8 63 980/961
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    • Article
      Lock icon OTHER SINGAPORE INDICES
      77 10 Feb 25 VALUE CLOSE BT OB/OS -134.00 +141.00 BT CADI -*****.00 +29.00 BT 10-day MA -*****.00 -13.00 FTSE ST Mid Cap 787.87 +5.47 FTSE ST Small Cap 495.98 +0.90 FTSE ST All Share 826.34 +1.63 FTSE ST China Top 193.01 -0.82 FTSE ST China 234.94 -1.55 FTSE
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    • Article, Illustration
      Lock icon STI / FTSE ST All-Share
      34 10 STI FTSE ST All-Share ftse ST All-Share index Feb 25,2015 826.34 +1.63 (+0.20%) Current streak 2 days Day high 828.58 Day low 825.32 52-week high 827.11 (Feb 11,2015) 52-week low 745.24 (Mar 20, 2014)
      34 words
    • Article, Illustration
      Lock icon STI / MSCI EAFE
      33 10 STI MSCI EAFE MSCI EAFE Index Feb 24,2015 1,880.66 +6.24 (+0.33%) Current streak 5 days Day high 1,883.32 Day low 1,866.83 52-week high 1,995.49 (July 3, 2014) 52-week low 1,697.01 (Jan 7, 2015)
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    • Article
      Lock icon SECURITIES TRADING SCOREBOARD
      186 10 MAIN CATL TOTAL Up Down Unch Up Down Unch Up Down Unch Multi Ind 6 5 5 0 0 0 6 5 5 Manufacturing 46 48 37 6 8 11 52 56 48 Commerce 21 19 21 5 5 5 26 24 26 Tpt/Stor/Comms 17 14 10
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    • Article
      Lock icon SECURITIES TRADING TURNOVER
      122 10 VOLUME (‘000) VALUE (‘000) MAIN CATL TOTAL MAIN CATL TOTAL Multi Ind 33,635 33,635 97,458 97,458 Manufacturing 189,437 47,869 237,306 97,347 3,021 100,368 Commerce 178,010 27,529 205,539 84,313 1,659 85,972 Tpt/Stor/Comms 106,960 442 107,402 211,635 45 211,680 Finance 26,641 928 27,569 169,486 204 169,691 Construction 60,568 4,764
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    • Article
      Lock icon GAINERS
      74 10 BY CENTS CLOSE UP 52w high/low JMH USD 6610 231.7 2.7 6788/5481 DBXT MSKorea US$ 5747 157.2 2.1 6735/5484 GLD US$ ***** 145.0 0.9 *****/***** Lyxor Nasdaq US$ 1775 115.2 5.0 1800/1379 Pan Ocean 390 72.0 22.6 505/280 BY PERCENTAGE CLOSE UP 52w high/low Lasseters Intl 8.9 36.9 2.4
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    • Article
      Lock icon LOSERS
      80 10 BY CENTS CLOSE DOWN 52w high/low DBXT Nifty US$ ***** -201.9 -1.0 *****/***** DBXT iBoxxIDR US$ 1030 -24.4 -1.7 1053/959 Hai Leck W*****5 10.5 -15.0 -58.8 29/10.5 CIMBASEAN40 US$ 1026 -13.6 -1.0 1300/999 DBXT S&P Short US$ 2167 -13.6 -0.5 2602/2162 BY PERCENTAGE CLOSE DOWN 52w high/low Hai Leck
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    • Article
      Lock icon UNUSUAL ACTIVITY
      84 10 VOL CLOSE($) CHANGE Pan Ocean 1.5 3.900 +0.720 +22.64 StratechSystems^ 10,236.1 0.017 +0.003 +21.43 Lasseters Intl 30.0 0.089 +0.024 +36.92 Lizhong Wheel 20.1 0.255 +0.055 +27.50 MYP 1,287.8 0.275 +0.030 +12.25 SHC Capital Asia 928.2 0.230 +0.030 +15.00 Soon Lian 69.0 0.149 +0.014 +10.37 UniFiber System 17,848.6 0.014
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    • BROKERS’ TAKE
      • Article
        Lock icon Genting Singapore | Hold
        206 10 Genting Singapore Hold Feb 25 close: S$0.98 Target price: S$1.03 OCBC Investment Research, Feb 25 Genting Singapore reported a poorer-than-expected set of Q4 FY14 results last night, hit by the slide in China inbound visitors as well as a lower-than-expected win rate. Thus, FY14 revenue grew just one per cent
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      • Article
        Lock icon Bumitama Agri | Buy
        206 10  - Bumitama Agri Buy Compiled by Chan Yi Wen Feb 25 close: S$1.02 Target price: S$1.48 DMG Partners Research, Feb 24 FY14 core earnings were in line with our expectations, making it the first in a season littered with disappointments. We make no changes to our earnings forecast and S$1.48 target
        206 words
    • Article
      Lock icon CALENDAR
      17 10 I 1pm (Feb 26) Singapore Industrial Production Index I 9.30pm (Feb 26) US Initial Jobless Claims
      17 words
    • Article
      Lock icon US$ eases as rate hike may not be imminent
      405 11 CURRENCIES REUTERS London THE US dollar fell against a basket of currencies on Wednesday after Federal Reserve chair Janet Yellen suggested the central bank would not rush into raising US interest rates. The drop in the dollar mirrored a pullback in
      REUTERS  -  405 words
    • FOREX RATES
      • Article
        Lock icon INTERBANK CROSS RATES
        471 11 Feb 25 A$ C$ Rmb Euro HK$ Ind Rs Rupiah Yen Won RM NZ$ Pak Rs Peso S$ Rand Sfr NT$ Baht Pound US$ Australia 0.981 4.929 0.693 6.107 48.854 101.390 0.936 8.651 2.847 1.044 80.216 34.724 1.067 9.009 0.748 24.754 25.638 0.508 0.787 Canada 1.020 5.026
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      • Article, Illustration
        Lock icon HANG SENG
        2 11
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      • Article, Illustration
        Lock icon NIKKEI
        1 11
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      • Article, Illustration
        Lock icon SHANGHAI COMPOSITE
        2 11
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      • Article, Illustration
        Lock icon DOW JONES
        2 11
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      • Article
        Lock icon INTERBANK CURRENCY RATES
        155 11 Feb 25 Against S$ Against US$ Currencies Bid Offer Bid Offer S$/US$ to one unit of foreign currency: Australian dollar 1.0667 1.0677 0.7872 0.7876 Canadian dollar 1.0877 1.0887 0.8031 0.8027 Euro 1.5403 1.5410 1.1367 1.1368 NZ dollar 1.0216 1.0228 0.7539 0.7545 Sterling pound 2.0993 2.1006 1.5492 1.5496
        155 words
      • Article
        Lock icon US$/S$ FORWARD RATES
        25 11 Feb 25 RATES Feb 25 S$ Bid Offer 1-month 1.3561 1.3569 2-months 1.3567 1.3576 3-months 1.3575 1.3584 6-months 1.3593 1.3602 Source: OCBC
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    • EQUITY BONDS WARRANTS FUTURES
      • Article
        Lock icon BONDS, WARRANTS, PREFERENCE SHARES Most active
        212 11 Feb 25 Prem Expiry Vol Conv Exer Disc Gear-Mths Company Last Sale +or-('000) Ratio Price ing Left OCBC Bk MB eCW*****3 12.2 0.2 5287 0.2 1050 6 Rowsley Ltd W*****3 3.9 0.1 4532 1 18 20 DBS MB eCW*****0 13.9 0.6 3297 0.2 1980
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      • Article
        Lock icon MORGAN STANLEY CAPITAL INTERNATIONAL INDICES
        373 11 In local curr In S$ In US$ dy yr dy yr dy yr Feb 24 Index Change Change Change Change Change Change World Preliminary 1340.1 0.3 5.0 0.2 6.4 0.2 3.8 EAFE Preliminary 1070.4 0.4 8.5 0.3 8.6 0.3 6.0 Europe Preliminary 1509.1 0.5 9.2
        373 words
      • Article
        Lock icon SGX DERIVATIVES TRADING
        371 11 Feb 25 OPEN HIGH LOW SETT VOL OP/INT NIKKEI 225 INDEX FUTURES SPOT *****.34 *****.77 *****.81 Mar15 *****.00 *****.00 *****.00 *****.00 ***** *****1 Jun15 *****.00 *****.00 *****.00 *****.00 487 8059 MSCI TAIWAN INDEX FUTURES SPOT 358.94 361.09 358.94 Feb15 358.60 362.30 358.60 360.44 ***** ***** Mar15 359.00
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    • BANK RATES
      • Article
        Lock icon INTERBANK RATES
        154 11 Feb 25 $S Offer Bid 0vernight 0.15 0.05 1-month 0.6875 0.5625 2-months 0.6875 0.5625 3-months 0.75 0.625 Overnight mode: 0.50 US$ 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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      • Article
        Lock icon SIBOR
        36 11 Feb 25 (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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      • Article
        Lock icon GOVERNMENT SECURITIES
        67 11 Feb 25 GOVERNMENT BONDS Period Issue Coupon Maturity Close Day's code rate Bid High Low 2-Year N*****0Z 2.375 01-Apr-17 102.79 5-Year N*****0H 1.625 01-Oct-19 99.88 100.00 99.90 10-Year NY*****H 3.000 01-Sep-24 106.31 106.65 106.22 15-Year NY*****E 2.875 01-Jul-29 103.63 103.90 103.00 20-Year NZ*****V 3.375 01-Sep-33 109.82 110.30 109.20
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    • AGRI METALS ENERGY
      • Article
        Lock icon COMMODITY FUTURES
        250 11 Feb-24 Price Net change change Last Trade Agricultural Feb-24 CBOT Soybeans (US cents/bu) 1016.00 16.75 1.68% 13/03/2015 CBOT Soybean Oil (US cents/lb) 31.42 0.28 0.90% 13/03/2015 CBOT Wheat (US cents/bu) 505.75 0.00 0.00% 13/03/2014 Feb-24 LIFFE Cocoa (£/tonne) 2048.00 6.00 0.29% 16/03/2015 LIFFE Coffee (US$/tonne) 1884.00 -31.00 -1.62%
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    • Article
      Lock icon Rotary’s Q4 earnings soar on better margin, lower taxation
      504 12  -  It warns that protracted weaknesses in oil prices may affect its business In such challenging times, the group will focus on improving productivity and on executing current projects. It is also is seeking and evaluating business opportunities. By Chan Yi Wen
      504 words
    • IN BRIEF
  • Page 8 Advertisements
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      Lock icon Page 8 Advertisements Column 1
      1463 8 The Business Times Ik ~T I 1 I f I 1 Toll free 1800-289-8822 I I I Email notices@sph.com. sg I V j k J www.sphclass.com.sg/notices THE MONETARY AUTHORITY OF SINGAPORE Results of auction of taxable book-entry Singapore Government Bonds to be issued on 02 March 2015 Tenor Total Amount
      1,463 words
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      Lock icon Page 8 Advertisements Column 2
      196 8 IN THE MATTER OF THE COMPANIES ACT, CHAPTER 50 AND IN THE MATTER OF AMB FUKUOKA-MINAMI PTE. LTD. (Company Registration No. *****5959W) AMB HIGASHI-KANTO PTE. LTD. (Company Registration No. *****5956E) (IN MEMBERS’ VOLUNTARY LIQUIDATION) NOTICE OF FINAL MEETING Notice is hereby given that pursuant to Section 308 of the Companies
      196 words
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  • Page 9 Advertisements
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      49 9 Stone Forest IT n r**Calling All Sage CRM Users! Singapore's only Sage CRM partner with: #0# Largest team of certified consultants and in-house developers 9 Qualified CRM practice advisory services Longest history of CRM implementation experience Contact us for Complimentary Sage CRM Health-Check www.StoneForestlT.com ITSales@StoneForestlT.com T +65 6594 7594
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      186 words
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  • Page 12 Advertisements
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      Lock icon Page 12 Advertisements Column 1
      2525 12 CANADIAN IMPERIAL BANK OF COMMERCE 2014 Consolidated Financial Statements (in millions of Canadian dollars) CONSOLIDATED STATEMENT OF INCOME millions, except as noted, for the year ended October 31 2014 2013 Interest income Loans 9,504 9,795 Securities 1,628 1,631 Securities borrowed or purchased under resale agreements 320 347 Deposits with banks
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  • REAL ESTATE
    • Article
      Lock icon QC rules still apply for conversions to serviced apartments
      1156 13  -  A key motivation for developers seeking change is hope of exemption from 2-year sales deadline, without paying any penalty By Kalpana Rashiwala kalpana@sph.com.sg @KalpanaBT Singapore DEVELOPERS that may be thinking of converting private residential projects on sites that are subject to
      1,156 words
    • Article, Illustration
      Lock icon Marriott opens to great fanfare in hotel-starved Haiti capital
      411 13 REUTERS Port-au-Prince HAITI’S meagre hotel offerings got a major boost on Tuesday with the inauguration of a brand new Marriott in the heart of the capital, the latest in a series of modern additions to the impoverished Caribbean island’s hospitality sector.
      REUTERS; PHOTO: AFP  -  411 words
    • Article
      Lock icon Australia to impose fees on foreigners buying homes
      590 13 BLOOMBERG REUTERS Sydney AUSTRALIA plans to charge fees to foreign nationals buying residential property and fine those who break foreign investment laws in an attempt to cool one of the world’s hottest property markets, but experts doubt it will make housing more
      BLOOMBERG; REUTERS  -  590 words
    • Article
      Lock icon Cushman hiring Goldman, Morgan to find buyer
      251 13 BLOOMBERG Seattle CUSHMAN Wakefield Inc, the commercial real estate brokerage controlled by Italy’s Agnelli family, hired Goldman Sachs Group Inc and Morgan Stanley to find a buyer for the company, said two people with knowledge of the hiring. The New York-based property-services company,
      BLOOMBERG  -  251 words
    • Article, Illustration
      Lock icon Qingjian, Samsung sign MOU on smart homes
      628 14  -  Sembawang EC will be private developer’s first project equipped with new technology By Fiona Lam fionalam@sph.com.sg Singapore SMART homes will soon be a reality in Singapore, with a memorandum of understanding (MOU) signed by Qingjian Realty (South Pacific) Group and Samsung Asia on
      628 words
    • Article, Illustration
      Lock icon China said to be readying moves to counter housing market slump
      460 14 BLOOMBERG Beijing CHINA is preparing measures to counter a housing market slump and will roll them out if the economy needs support, people with knowledge of the matter said on Wednesday. The government could reduce downpayment requirements for sec-ond-home
      BLOOMBERG; PHOTO: REUTERS  -  460 words
    • Article
      Lock icon New office space in Manila set for record
      311 14 REUTERS Manila SUPPLY of new office space in Manila is set to break records for the next few years as developers scramble to satisfy demand from global firms such as Google and HSBC looking to outsource business processes to Asia’s second fastest-growing
      REUTERS  -  311 words
    • Article, Illustration
      Lock icon NYC rents rising at rate outpacing inflation
      916 15 Census data show housing availability and affordability continuing to be a serious problem for New Yorkers NYT New York NEW York City rents rose faster than inflation over the past three years, continuing a housing squeeze that has been particularly felt by lower-in-come
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      Lock icon Househunt
      994 15 Property transactions for districts 1 to 28 with contract dates between Jan 14 and Jan 20,2015 PROJECT NAME/ STREET NAME PROP TYPE CONTRACT DATE TENURE BUILT -IN/LAND AREA*(SQ FT) PRICE (S$’000) PSF (S$) District 1 NON-LANDED Riverwalk Apt Apt 15/01/2015 99 1259 1580 1255 The Clift Apt 20/01/2015 99
      994 words
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      141 13 Steinway Gallery Singapore J 1“ A v a Steinway becomes a Cherished Member of The Family. Built To Last For Generations Having a Steinway enables a family to mature in music together, from the first tentative scales to the confidence that comes with time and practice. A Steinway epitomizes joy
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      96 14 For the 1st time, fully fitted clinics for lease (limited period only) Flexible clinic sizes ranging from 700 to 1500 square feet For an exclusive viewing, please contact our leasing team 6434 9808 audrey.seen@plpl.com.sg 6434 9832 keith.koh@plpl.com.sg One Orchard Boulevard camden.com.sg WHOLE OFFICE FLOOR FOR SALE actual view from outdoor
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      320 14 EXCLUSIVE SHOPHOUSE ALONG SULTAN GATE A RARE STANDALONE SHOPHOUSE WITHIN KAMPONC CLAM Full Commercial Zoning; No ABSD; Foreigners eligible to buy Located along Sultan Gate, off Beach Road 1 Enjoys dual frontage from Sultan Gate and Pahang Street Land Area: Approx. 7,401 sf I Total Floor Area: Approx. 7,944 sf
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      236 14 Introducing Epitome The modern conservation with indwelt garden bolt's the epitome of the modern conservation house, a spectacular living space equalled to anything you would find in the most sophisticated cities in the world. Heritage. High Ceilings. Relish in its spaces, ravishing they are. Clean lines, warmly wooded. In a
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  • BANKING & FINANCE
    • Article
      Lock icon Funds see end to emerging market bond rally as currencies tumble
      860 16 Foreign investors pulling out of domestic debt as interest rate reductions have cut yields, lowering spreads BLOOMBERG Singapore THE last time developing nations’ local bonds were this expensive relative to their dollar debt, the biggest losses on record ensued.
      BLOOMBERG  -  860 words
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      Lock icon ECB unveils new 20-euro banknote
      339 16 AFP Frankfurt THE European Central Bank unveiled on Tuesday the new 20-euro banknote, nine months before it starts circulating from November. The ECB is gradually phasing in new banknotes to replace those in circulation since the euro became a physical currency in January 2002. It
      AFP; PHOTO: BLOOMBERG  -  339 words
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      Lock icon RBS plans to scale back its investment bank: sources
      570 16 REUTERS Hong Kong ROYAL Bank of Scotland will hand restructuring chief Rory Cullinan the task of overseeing another major scaling back of its investment bank, sources told Reuters, allowing it to focus on lending to British households and businesses. Mr Cullinan
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    • Article
      Lock icon Ringgit firmer on Fed’s pledge to be patient on rate hike
      261 16 BLOOMBERG Kuala Lumpur MALAYSIA’S ringgit rose along with Asian stocks and bonds on Wednesday after the Federal Reserve signalled the first interest-rate increase since 2006 is more likely to come in the second half of the year. The US
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    • Article
      Lock icon Postal Savings Bank of China plans US$25b IPO: report
      212 16 REUTERS Shanghai POSTAL Savings Bank of China plans to raise up to US$25 billion with an initial public offering in 2016, the latest of China’s large banks to seek funds via the equity markets, according to a source-based report in the
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      Lock icon JPMorgan eyes US$1.4b in cost savings in 2015 mainly in consumer, investment banking
      678 16 REUTERS New York JPMORGAN Chase Co said on Tuesday that it aims to save about US$1.4 billion in annual expenses, primarily in consumer and investment banking, as a proposed government requirement to hold more capital is expected
      REUTERS; PHOTO: BLOOMBERG  -  678 words
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  • ENERGY & COMMODITIES
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      Lock icon UK oil sector seen shedding 15,000 jobs in months
      648 17 Consultant calls for lowering effective tax rate to 40% to encourage companies to continue investing BLOOMBERG London WORKERS relying on the UK offshore oil and gas industry may see 15,000 jobs vanish in months as North Sea explorers cut investment plans
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      Lock icon EU energy union seen saving consumers 40b euros a year
      439 17 REUTERS Brussels BETTER energy connections across the European Union can save EU energy users up to 40 billion euros (S$61.5 billion) a year, Europe’s climate and energy boss said on Wednesday. As it seeks to reduce the need for imported
      REUTERS; PHOTO: AFP  -  439 words
    • Article
      Lock icon Gold rebounds from 7-week low on Yellen’s dovish tone on rates
      395 17 REUTERS Singapore GOLD climbed back above US$1,200 an ounce on Wednesday after dropping to a seven-week low the session before, with Federal Reserve Chair Janet Yellen indicating flexibility in raising US interest rates. The US dollar weakened after Ms
      REUTERS  -  395 words
    • Article
      Lock icon Philippines to send Chinese energy experts home
      302 17 AFP Manila THE Philippines said on Wednesday that it would end Chinese technical involvement in running the country’s power grid, partly due to national security concerns. All 16 Chinese technicians currently working for the National Grid Corporation of the Philippines will be sent
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    • Article
      Lock icon Petrobras loses investment grade in Moody’s downgrade
      409 17 REUTERS Rio de Janeiro MOODY’S Investors Service stripped Brazil’s state-run oil company Petrobras of its investment grade rating on Tuesday and kept the firm on review for further downgrade, citing concerns over an ongoing corruption scandal and liquidity pressures. The ratings agency said
      REUTERS  -  409 words
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      41 17 BuildTech Yangon 2015 Myanmar's Leading Building Technology and Supply Event 2-4 April 2015 Myanmar Convention Centre Yangon, Myanmar TRANSFOit. AIT3PT IS Li PRE-REGISTER NOW at www.btyangon.cem Organised by: sphere A SUBSIDIARYOF sfh To Exhibit, call +65 6319 4037 or email btyangon@sph.com.sg
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      215 17 Is there a direct link between a fall in the oil price and the performance of shares? Historically, cheaper oil has been bad for energy stocks but good for many other types of shares. Join us for a full day course to hear and learn from our popular investment guru,
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  • TECHNOLOGY
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      Lock icon HP says it’ll miss profit forecasts on strong US dollar
      920 18 Company also says the cost of splitting into two this year will be US$2b over two years BLOOMBERG San Francisco HEWLETT-PACKARD Co forecast quarterly and full-year profit that will miss analysts’ estimates, saying a rising US dollar will hurt results
      BLOOMBERG  -  920 words
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      Lock icon Boost for cyber security with Singtel’s ASOC
      980 18  -  Launch of advanced security ops centre built in partnership with Nasdaq-listed FireEye By Amit Roy Choudhury amit@sph.com.sg @AmitRoyCBT Singapore SINGAPORE Telecommunications (Singtel) on Wednesday moved a step closer to becoming the dominant regional cyber security provider when it formally launched its Advanced Security
      980 words
    • Article
      Lock icon DreamWorks Animation sells HQ after loss
      224 18 BLOOMBERG Los Angeles DREAMWORKS Animation SKG Inc reported a fourth-quar-ter loss of US$263.2 million and sold its headquarters after writing down some films and cutting production. Revenue rose 15 per cent to US$234.2 million, it said, missing the US$246.1 million average of estimates. The
      BLOOMBERG  -  224 words
    • Article
      Lock icon Cap Gemini, Carlyle had eye on US tech firm CSC
      297 18 REUTERS New York TECHNOLOGY consultant Computer Sciences Corp drew buyout interest from French consulting company Cap Gemini SA and private equity firm Carlyle Group LP, according to people familiar with the matter. Talks between CSC and the consortium of Cap
      REUTERS  -  297 words
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      350 18 A STProperty EVENTS All prices are inclusive of GST TICKETS NORMAL 1-Day Pass 2-Day Pass $25 $40 ‘Early bird price ends 30 March 2015 i tv s= EARLY Bl PD $18 $30 STPROPERTY SEMINAR: Strategies to Capitalise on Opportunities and Avoid Pitfalls in the Property Market 2015 Date: Saturday Sunday
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  • CONSUMER
    • Article, Illustration
      Lock icon FDA to speed up rules on cleaning endoscopes
      837 19 Move follows criticism after superbug outbreak in California hospital REUTERS Washington THE US Food and Drug Administration is working to speed label changes for medical devices linked to a “superbug” outbreak in California, possibly to include new warnings and more stringent cleaning
      REUTERS; PHOTO: REUTERS  -  837 words
    • Article, Illustration
      Lock icon An artificial hand almost as good as the real one
      593 19 It is in some ways less risky than a transplant, say doctors AFP Vienna EUROPEAN surgeons and engineers have devised a mind-controlled bionic hand that restores function almost as well as a flesh-and-blood transplant, but without the risk of rejection,
      AFP; PHOTO: AFP  -  593 words
    • Article
      Lock icon Fonterra seen raising price it pays to milk suppliers
      399 19 REUTERS Wellington NEW Zealand dairy co-operative Fonterra is expected to raise the price that it pays its milk suppliers as lower production due to drought has stemmed supply and lifted global dairy prices from multi-year lows. When the world’s largest dairy
      REUTERS  -  399 words
    • Article
      Lock icon Anthem breach may affect as many as 18m people
      267 19 REUTERS New York HEALTH insurer Anthem Inc, which earlier this month reported that it was hit by a massive cyber breach, said on Tuesday that 8.8 million to 18.8 million people who were members of other Blue Cross Blue Shield plans
      REUTERS  -  267 words
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      62 19 19-22 March 2015 SUNTEC Singapore, Levels 3, 4 6 12-9pm fb.com/ComexITShow itshow.sg itshow.sg f fb.com/ComexlTShow Sell your tech products services at Singapore’s LARGEST I.T., digital, mobile consumer electronics exhibition! Call *****620 or email to sales@exhibitsinc.com.sg Book Your Space NOW! *Limited Booths Available ORGANISED BY: Organiser of IT SHOW, Food and
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      29 19 THE TEKKA ATTRACTION Whypeople fromall over Singapore shop atthismarket INDIA’S PEACEFUL WARRIOR GET YOUR COPY TOMORROW FROM ALL 7-ELEVEN OUTLETS TO ADVERTISE: CALL SHAN (*****861) KALWANT (*****327) NISHAL (*****438)
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  • TRANSPORT
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      62 20 H O T PR O PERTY BRAND NEW! 3+1 The Meyerise. Greenery.Pte lift F/facilities P/furn Good THE MAKENA 3 bedrooms. Newly refurbished. Above #10. Bright Windy. nego. Avail immediate. SANCTUARY GREEN BEST layout balcony face pool. 3+1 high flr. Best facilities near beach $4.3k LOOKING FOR A PLACE TO RENT?
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      86 20 Myanmar: Myanmar Civil Aviation Development Conference 2015 23 26 March 2015 Sedona Hotel Yangon www.mcadc.sphereconferences.com /MS* Greater Heights The only strategic conference where airports, airlines and stakeholders convene to define the future of Myanmar’s aviation sector. Organiser: Patron: Official host: sphere SINGAPORE PRESS HOLDINGS Department of Civil Aviation. Myanmar Group
      86 words
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  • GOVERNMENT & ECONOMY
    • Article
      Lock icon Vital for money to flow back to Greek banks
      730 21  -  jPMorgan estimates deposit outflows jumped last week to 3b euros, making total since Jan 1 a whopping 25b euros By Neil Behrmann btworld@sph.com.sg London MONEY needs to flow back to Greek banks if initial optimism about Greece’s compromise with its creditors
      730 words
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      Lock icon Tough road for Greece after bailout extension
      782 21 AFP REUTERS Athens THE hard work for Greece’s new an-ti-austerity government of living up to promises made not only to international creditors but also to voters expecting relief from years of painful cuts began on Wednesday. On Tuesday, Athens secured but only just
      AFP; REUTERS; PHOTO: BLOOMBERG  -  782 words
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      Lock icon Former BT journalist to helm SICCI
      396 21  -  By Fiona Lam fionalam@sph.com.sg Singapore THE Singapore Indian Chamber of Commerce and Industry (SICCI) has appointed former Business Times journalist Malminderjit Singh as its executive director. He assumes the post on March 1, and has resigned from his post as correspondent for this newspaper.
      396 words
    • Article
      Lock icon Swiss firms cut working hours to counter franc’s strength
      475 21 BLOOMBERG Zurich DISTEC AG, a precision machine toolmaker in the mountains of eastern Switzerland, aims to counter an unfavourable exchange rate by having employees work less. Swiss industrial companies have faced tough times in recent weeks since the franc shot up
      BLOOMBERG  -  475 words
    • Article
      Lock icon Draghi can now focus on deflation fight amid lull in Greek talks
      696 21 ECB under pressure to give details of QE programme BLOOMBERG Frankfurt A RESPITE in Greece’s bailout talks allows Mario Draghi to return his attention to the region’s dismal price outlook. Reform proposals by the Greek government, which the
      BLOOMBERG  -  696 words
    • Article
      Lock icon China’s Feb flash PMI up but export orders down
      483 22 Survey suggests factories face risks from weak foreign demand and deepening deflationary pressures REUTERS Beijing ACTIVITY in China’s mammoth factory sector edged up to a four-month high in February but export orders shrank at their fastest rate in 20 months, a
      REUTERS  -  483 words
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      Lock icon Japan Inc’s 233t yen cash hoard fuels overseas buying spree
      692 22 BLOOMBERG Tokyo JAPANESE companies are on an overseas buying spree. Canon Inc, Japan Post Holdings Co and Itochu Corp have led US$28 billion of purchases abroad so far this year, the fastest start on record for Japanese acquirers, according to
      BLOOMBERG  -  692 words
    • Article
      Lock icon US to allow spouses of high-tech foreign workers to apply for work permits
      368 22 REUTERS Washington THE US government will allow spouses of certain high-tech foreign workers to apply for work permits, an accommodation designed to make things easier for families waiting in long lines for green cards. The regulation for
      REUTERS  -  368 words
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      62 22 9 3 un 4 4 fmm I 1 f N. VS a** £1 r<5 ‘•5 Liverpool vs Manchester City Bkel Sunday 1 March 2015 8pm i I Amber Nectar at Robertson Walk Enjoy Hoffbrau Beer First 20 to receive Sonic Highways CD from Foo Fighters! i 44 ■4 4 GET
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  • Article
    Lock icon THE BUSINESS TIMES SHIPPING TIMES
    1028 23 Vessel Voy Sin Pusan Tarawa Honiara Santo Port Vila Noumea Lautoka Suva Nukualofa Apia Pago Pago Papeete Lae P. Moresby Townsville Hyundai Progress 298E 04 Mar 02 Apr 18 Apr 24 Apr 27 Apr 29 Apr 02 May 03 May 08 May 11 May 11
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      201 23 USE THIS SPACE TO SELL CALL JOE WONG AT 9620 1327 TO ADVERTISE THE BUSINESS TIMES Shipping times Experienced shf 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 ,r :f Ak Spotlight Award
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  • OPINION
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      Lock icon Budget 2015 addresses social goals, but is also business-friendly
      580 24 EDITORIAL BUDGET 2015 has been heralded as one for the man in the street giving low-income, mid-dle-income and older Singaporeans a helping hand, and promoting social inclusion and greater progressivity. But its business-friendly aspects should not be underrated. Companies and businesses
      580 words
    • Article
      Lock icon Modern solution to the problem of financing small firms
      769 24  -  “What’s most interesting is how peer-to-peer lending (or P2P, for short) is developing as a genuine source of business capital, not just a way for bands to record their next album.” THE BOTTOM LINE By Mark Gilbert BLOOMBERG VIEW EUROPEANS are
      BLOOMBERG VIEW  -  769 words
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      Lock icon Where will the new oil be found to meet demand?
      1588 24 The data will determine whether an oversupplied market will continue to depress oil prices into the future.BY ANDREW TOPF OILPRICE.COM IN 2008, Canadian economist Jeff Rubin stunned the oil market with a bold prediction: With the world economy growing at
      OILPRICE.COM; PHOTO: AFP  -  1,588 words
    • Article
      Lock icon Future-proofing Singapore: the endeavour continues
      867 25  -  “This is one of the most holistic and comprehensive Budgets we have had. It has touched on every aspect of life that matters.” COMMENTARY By Chung-Sim Siew Moon T The writer is partner and head of tax at EY in Singapore. The views are her
      867 words
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      Lock icon India’s Budget: Expectations versus fiscal prudence
      774 25  -  COMMENTARY By Richard Rekhy T The writer is CEO of KPMG in India and a member of the Global Board of kpmg international. The views above are his own INDIA is poised to become the world’s fastest growing major economy in a few years,
      774 words
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      Lock icon A look at history makes a case for loan default and Grexit
      940 25  -  By exiting the EU, Greece can begin to correct past mistakes and put its economy on a path to recovery. The EU would be wise to unravel the currency union and throw a lifeline to its distressed economies.
      PROJECT SYNDICATE; PHOTO: BLOOMBERG  -  940 words
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  • LIFE & CULTURE
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      Lock icon UOB’s charity art auction draws S$750,000
      461 26  -  Ma brothers of the Ramatex Group, a regional textiles company, offer highest bid. BY HELMI YUSOF BY HELMI YUSOF helmi@sph.com.sg @HelmiBT Singapore ON Tuesday night, UOB raised S$750,000 for charity in just 20 minutes through the brisk auction of an ink painting by Singapore
      461 words
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      Lock icon Ann Taylor, Chico’s seek buyers to overhaul their ageing brand image
      923 26 WP New York WITH Ann Taylor and Chico’s FAS Inc fielding takeover offers, would-be buyers must decide whether ageing brands can adapt to a culture where women are dressing younger than ever. Ann Inc, Chico’s and other chains that
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      Lock icon First Faberge Imperial egg created in 99 years
      423 26 AFP Doha ONCE the jewel-encrusted playthings of the Russian royal family, the first Faberge Imperial egg produced in almost a century was unveiled in Qatar on Tuesday, its makers said. Ninety-nine years since Faberge made its last Imperial egg for Tsar Nicholas
      AFP; PHOTO: AFP  -  423 words
  • Page 26 Miscellaneous
    • Miscellaneous
      Lock icon Page 26 Miscellaneous Column 1
      305 26 CRYPTIC CROSSWORD Across 1 Go from bad to worse? (7) 5 One who volunteers to fight, but he’s not a boxer (7) 9 Sucker for the bottle (5) 10 Cite other changes being purely speculative (9) 11 Almost the end of the match? (6,4) 12 Experienced hat-maker (4) 14 Presumably
      305 words