The Business Times, 12 September 2015

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Total Pages: 41
1 44 The Business Times

  • SINGAPORE GENERAL ELECTION
    • 750 2  -  PM Lee calls outcome ‘good results for PAP and excellent results for Singaporeans’ By Chuang Peck Ming peckming@sph.com.sg @PeckmingBT Singapore THE ruling People’s Action Party (PAP) not only won big but won bigger than expected in the 2015 General Election
      PHOTO: YEN MENG JIIN  -  750 words
    • 653 3  -  ‘Rather than depicting the PAP as being rigid, uncaring and tunnel-visioned, maybe the opposition need to acknowledge that it has in fact been responsive.’ COMMENTARY Vikram Khanna vikram@sph.com.sg Associate Editor WAKE up and smell the landslide. A lot of bookies would have lost
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    • 1174 4  -  Party chief Low is satisfied with WP’s performance and says PAP has fixed problems By Jamie Lee, Andrea Soh leejamie@sph.com.sg sandrea@sph.com.sg @JamieLeeBT @AndreaSohBT Singapore THE Workers’ Party (WP) had charged into this year’s election with a call to entrench its position as an
      PHOTOS: SHAWN TEO  -  1,174 words
    • 643 5  -  Actual results come well within error margin, especially for larger wards By Cai Haoxiang haoxiang@sph.com.sg @HaoxiangCaiBT Singapore SAMPLE counts proved accurate in the 2015 general election, with actual results coming well within the error margin around what was predicted, especially for larger wards.
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    • 875 6  -  Results declared after a recount, with Workers’ Party winning 50.95% of the votes, down from 54.72% in 2011 HOT GRC By Jamie Lee, Andrea Soh leejamie@sph.com.sg sandrea@sph.com.sg @JamieLeeBT @AndreaSohBT Singapore THE Workers’ Party (WP) kept a delicate hold over the Aljunied
      PHOTO: SHAWN TEO; PHOTO: CHOO CHWEE HUA/THE STRAITS TIMES  -  875 words
    • 757 7  -  Party also posts improved winning margin in Pasir Ris-Punggol GRC HOT GRC By Kalpana Rashiwala kalpana@sph.com.sg @KalpanaBT Singapore IN one of the most surprising outcomes in Friday’s general election (GE), the defending People’s Action Party (PAP) team in East Coast GRC emerged
      PHOTO: CHEW SENG KIM/THE STRAITS TIMES  -  757 words
    • 861 8  -  Size of PAP’s win comes as a surprise amid expectation of a close fight; SDP also loses in Bukit Panjang The PAP’s vote share in HollandBukit Timah this year was also markedlyhigher than the 60.1 per cent the same slate had secured in GE2011.
      PHOTO: KEVIN LIM / THE STRAITS TIMES; PHOTO: CAROLINE CHIA / THE STRAITS TIMES  -  861 words
    • 741 9  -  Surprise results against WP in the GRC are in contrast to 2011 General Election’s 56.6% HOT GRC By Mindy Tan tanmindy@sph.com.sg @MindyTanBT Singapore THE People’s Action Party (PAP) swept into victory with a surprise 64.07 per cent of the votes at Marine
      PHOTO: DESMOND FOO / THE STRAITS TIMES; PHOTO: DESMOND FOO/THE STRAITS TIMES  -  741 words
    • 78 10 BT INFOGRAPHICS GE2015 WORKERS’ PARTY (6 SEATS) PEOPLE’S ACTION PARTY (83 SEATS) SIX-MEMBER GRC Ang Mo Kio Pasir Ris-Punggol FOUR-MEMBER GRC Chua Chu Kang East Coast Holland-Bukit Timah Jalan Besar Marsiling-Yew Tee West Coast FIVE-MEMBER GRC Aljunied Bishan-Toa Payoh Jurong Marine Parade Nee Soon Sembawang Tampines Tanjong
      PHOTO: ST / DESMOND FOO  -  78 words
    • 343 13  -  First-time candidate wins the seat with 57.52% of vote share single seat fights By Claire Huang huangjy@sph.com.sg @ClaireHuangBT Singapore THE People’s Action Party’s (PAP) move to field a first-time candidate in the 2015 general election for one of the most keenly contested single-seat wards
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    • 433 13  -  By Lynette Khoo lynkhoo@sph.com.sg @LynetteKhooBT SINGAPORE Hougang’s incumbent Member of Parliament (MP) Png Eng Huat from the Workers’ Party (WP) retained his seat in the single member constituency (SMC) with 57.7 per cent of the vote. While his win in the traditional
      433 words
    • 365 13  -  By Claire Huang huangjy@sph.com.sg @ClaireHuangBT IN the tightest race seen in a single-seat ward, the People’s Action Party’s (PAP) Charles Chong has managed to wrest control of Punggol East Single Member Constituency (SMC) from incumbent Lee Li Lian of the
      365 words
    • 528 14  -  Incumbent Tin Pei Ling establishes decisive win in three-cornered fight SINGLE SEAT FIGHTS Reports by Nisha Ramchandani nishar@sph.com.sg @Nisha_BT Singapore PEOPLE’S Action Party (PAP) candidate Tin Pei Ling stoutly defended Single Member Constituency (SMC) MacPherson by garnering some 65.6 per cent of votes,
      ALPHONSUS CHERN / THE STRAITS TIMES  -  528 words
    • 584 14 He wins 66.4% while his rival gets 33.6% of 15,934 votes cast THE People’s Action Party (PAP) candidate Sitoh Yih Pin has won the battle for Potong Pasir, winning the Single-Member Constituency (SMC) with 66.4 per cent of
      PHOTO: MARK CHEONG / THE STRAITS TIMES  -  584 words
    • 926 15  -  78.6% score second-highest in this election; Eng Hen-led team bags Bishan-Toa Payoh with a high 73.6% win By Lynette Khoo lynkhoo@sph.com.sg @LynetteKhooBT Singapore THE six-member team led by Prime Minister Lee Hsien Loong scored a resounding victory in the Ang Mo Kio group
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    • 736 15  -  Outcome contrary to feedback in run-up to poll: SingFirst Party By Anna Teo anna@sph.com.sg Singapore TANJONG Pagar GRC remains firmly in the hands of the People’s Action Party (PAP), with the ruling party incumbents beating off a challenge from
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    • 651 16  -  Marsiling-Yew Tee, Sembawang and Nee Soon residents reaffirm their faith in PAP By Amit Roy Choudhury amit@sph.com.sg @AmitRoyCBT Singapore THE newly-minted Marsil-ing-Yew Tee GRC (group representation constituency), which was carved out of the Sembawang GRC for this election, saw the four-member People’s Action
      PHOTO: LIM SIN THAI / THE STRAITS TIMES  -  651 words
    • 698 16  -  Chua Chu Kang GRC and Pioneer and Hong Kah North SMCs all bag more than 74% By Lee Meixian leemx@sph.com.sg @LeeMeixian Singapore TWELVE days ago, the candidates for Chua Chu Kang group representation constituency (GRC) and the two single-mem-ber constituencies (SMCs) Pioneer and
      PHOTO: CHONG JUN LIANG / THE STRAITS TIMES  -  698 words
    • 752 17  -  West Coast GRC, Bukit Batok and Yuhua SMCs also garner much higher vote shares By Siow Li Sen lisen@sph.com.sg @SiowLiSenBT Singapore THE People’s Action Party (PAP) retained Jurong GRC with a thumping 79.3 per cent of the vote, fobbing
      PHOTO: CHONG JUN LIANG /THE STRAITS TIMES  -  752 words
    • 322 17  -  Team secures 95,202 votes against NSP’s 36,920 By Siow Li Sen lisen@sph.com.sg @SiowLiSenBT Singapore PEOPLE’S Action Party (PAP) retained the Tampines GRC with 72.06 per cent of the votes in a rematch against the National Solidarity Party (NSP). The PAP team got
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  • Page 3 Advertisements
    • 124 3 Ermenegildo Zegna '.-V ,u M M Ermenegildo Zegna is renowned for making the world’s best menswear and to celebrate this special year in Singapore the brand is celebrating all that is luxurious in the world of a gentleman. Zegna is inviting their in-house Italian Su Misura stylist and specialist, from
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  • Page 5 Advertisements
    • 38 5 Credit Suisse Dili How did Tony’s dream take off? How to turn a single dollar into Asia’s largest low cost carrier. Tony Fernandes and Credit Suisse’s Helman Sitohang explain how it’s done at credit-suisse.com/airasia _J _J -J m
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  • Page 7 Advertisements
    • 186 7 A LAP OF LUXURY SECOND TO NONE Your quintessential getaway to New Zealand’s North Island rustic perfection 8D Travel North Island in Style Auckland Rotorua Hawke’s Bay Taupo Waitomo Matamata Highlights Return Airfare by Singapore Airlines Suites (A380) 2N Accommodation at 5★ Solitaire Lodge in Rotorua 1N Accommodation at 5★
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  • TOP STORIES
    • 613 18 Ringgit, won gain from a more upbeat outlook after positive lead from Wall St AFP Hong Kong ASIAN markets were relatively calm on Friday at the end of a volatile week, with Shanghai and Hong Kong ticking higher after China unveiled
      AFP  -  613 words
    • 621 18 1.4t-yen sale will be biggest in Japan since NTT IPO in 1998 WP Tokyo THE stage is set for Japan’s biggest initial public offering (IPO) this century after Japan Post Holdings Co obtained approval from the Tokyo Stock Exchange
      WP; PHOTO: REUTERS  -  621 words
    • 672 19 Global supply surplus could force prices to as low as US$20 a barrel, says Goldman Bloomberg New York OIL deepened its weekly decline as Goldman Sachs Group Inc said a global supply surplus could force prices to as low as US$20
      Bloomberg; PHOTO: AFP  -  672 words
    • 606 19  -  By Mohamed A El-Erian Bloomberg AS the debate about whether the US Federal Reserve will begin raising interest rates next week reaches fever pitch, each side is being forced to adopt so-called corner solutions, arguing for their respective position with mounting conviction.
      Bloomberg  -  606 words
    • 999 20 This comes even as average yields on the HK bonds jump 160 basis points since devaluation Bloomberg Hong Kong HONG Kong’s yuan bond market has ground to a halt as even average yields of almost 6 per cent can’t allay global investor concerns
      Bloomberg; PHOTO: BLOOMBERG  -  999 words
    • 1309 21 Stunning visitors centre and museum are finally open; landscaping, other finishing touches are still underway remembering 9/11 WP Shanksville, Pennsylvania DEBBY Borza stood before a wall of photos of 40 people who died here on Sept 11, 2001, and gently tapped her
      WP; PHOTO: AFP  -  1,309 words




  • THE RAFFLES CONVERSATION
    • 2735 22 / 23  -  A high curiosity quotient is today a more vital trait for success than EQ and IQ, says psychology doyen Tomas Chamorro-Premuzic. By Andrea Soh By Andrea Soh andrea@sph.com.sg @AndreaSohBT OkCupid. Match.com. eHarmony. The names of dating websites roll off his tongue easily clearly, Tomas Chamorro-Premuzic
      PHOTO: YEN MENG JIIN  -  2,735 words

  • COMPANIES & MARKETS
    • 773 24  -  HOCK LOCK SIEW R Sivanithy sivan@sph.com.sg @RSivanithyBT Senior Correspondent HOW might the stock market react to the results of Friday’s General Election? Would it fall if the Opposition won more seats? Or would a resounding victory for the governing party set off a
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    • 492 24 Bloomberg Sydney CHINESE stocks trading in Hong Kong will surge 33 per cent by the end of this year as stronger fiscal stimulus on the mainland revives economic growth, Deutsche Bank AG said. The Hang Seng China Enterprises Index will
      Bloomberg; PHOTO: AFP  -  492 words
    • 193 25 Sep-10 Price Net change change Last Trade Agricultural Sep-10 CBOT Soybeans (US cents/bu) 884.50 1.75 0.20% 14/09/2015 CBOT Soybean Oil (US cents/lb) 26.87 0.27 1.02% 14/09/2015 CBOT Wheat (US cents/bu) 468.00 6.00 1.30% 14/09/2015 Sep-10 LIFFE Cocoa (£/tonne) 2183.00 -6.00 -0.27% 15/09/2015 LIFFE Coffee (US$/tonne) 1557.00 -38.00 -2.38%
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    • 57 25 Sep 11 KLCE PALM FUTURES (RM/MT) Delivery Opening Sett Av Vol Open Month Range Price Price High Low Done Position Sep 15 2000.0 2032.0 2000.0 2000.0 2 1158 Oct 15 2090.0 2077.0 2114.0 2077.0 761 9447 Nov 15 2150.0 2134.0 2180.0 2132.0 ***** ***** Dec 15 2205.0 2179.0
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    • 69 25 Sep 10 GOVERNMENT BONDS Period Issue Coupon Maturity Close Day's code rate Bid High Low 2-Year N*****0Z 2.375 01-Apr-17 101.9 102.05 101.93 5-Year N*****0S 2.000 01-Jul-20 98.73 98.85 98.75 10-Year NX*****Z 2.375 01-Jun-25 95.76 95.90 95.73 15-Year NZ*****F 2.875 01-Sep-30 96.58 96.55 96.55 20-Year NZ*****V 3.375 01-Sep-33 102.94
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    • 155 25 Sep 10 Against S$ Against US$ Currencies Bid Offer Bid Offer S$/US$ to one unit of foreign currency: Australian dollar 1.0019 1.0031 0.7083 0.7089 Canadian dollar 1.0723 1.0731 0.7584 0.7581 Euro 1.5828 1.5838 1.1190 1.1193 NZ dollar 0.8954 0.8960 0.6330 0.6332 Sterling pound 2.1744 2.1758 1.5372 1.5377
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    • 201 25 Most active Sep 10 Prem Expiry Last Vol Conv Exer Disc Gear-Mths Company Sale +or-('000) Ratio Price ing Left OLS Enterprise W*****5 0.1 -0.1 ***** 1 1 37 8.00 23 FTSEChinaA50 ***** MBePW*****9 16.6 0.9 7120 0.0 --0 FTSEChinaA50 ***** MBeCW*****7 16.2 -0.6 6645 0.0 --2
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    • 373 25 In local curr In S$ In US$ dy yr dy yr dy yr Sep 10 Index Change Change Change Change Change Change World Preliminary 1238.3 -0.2 -2.9 0.0 1.6 -0.1 -4.9 EAFE Preliminary 990.1 -1.5 0.3 -1.1 2.9 -1.2 -3.6 Europe Preliminary 1388.3 -1.2 0.5
      373 words
    • STOCK MARKETS
      • 21 25 YTD change: -14.18% 52-week high: 3,539.95 on April 15,2015 52-week low: 2,843.39 on Aug 24, 2015 Source: Bloomberg
        Source: Bloomberg  -  21 words
      • 20 25 YTD change: -8.90% 52-week high: 28,442.75 on April 28,2015 52-week low: 20,583.52 on Sept 7,2015 Source: Bloomberg
        Source: Bloomberg  -  20 words
      • 22 25 YTD change: -1.06% 52-week high: 5,166.35 on June 12, 2015 52-week low: 2,289.87 on Sept 22,2014 Source: Bloomberg
        Source: Bloomberg  -  22 words
      • Article, Illustration
        19 25 ytd change: +4.66% 52-week high: 20,868.03 on June 24,2015 52-week low: 14,532.51 on Oct 17,2014 Source: Bloomberg
        Source: Bloomberg  -  19 words
      • 26 25 YTD change: -8.37% 52-week high: 18,312.39 on May 19,2015 52-week low: 15,666.44 on Aug 25,2015 (Chart shows Thursday’s index closing) Source: Bloomberg
        Source: Bloomberg  -  26 words


  • REAL ESTATE
    • 843 26  -  COMMENTARY By Noah Smith ~The writer is an assistant professor of finance at Stony Brook University and a freelance writer for finance and business publications Bloomberg View FOR all the alarm about the “rise of the robots” or “software eating
      Bloomberg View; PHOTO: BLOOMBERG  -  843 words
    • 636 26 Bloomberg Tokyo TOKYO’S crowdfunded condominiums are luring individuals with the promise of a 5 per cent yield in a land of benchmark interest rates near zero out to five years. Tatsushi Iwano, a former fund manager at Goldman Sachs Group Inc in Tokyo
      Bloomberg  -  636 words
    • 1107 27 PROPERTY TRANSACTIONS FOR SELECTED DISTRICTS WITH CONTRACT DATES BETWEEN JULY 29 AND AUGUST 4, 2015 PROJECT NAME/ STREET NAME PROP TYPE CONTRACT DATE TENURE BUILT -IN/LAND AREA*(SQ FT) PRICE (S$’000) PSF (S$) District 13 NON-LANDED Sant Ritz Apt 31/07/2015 99 1259 1178 935 District 14 NON-LANDED Astoria Park Apt
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  • Page 28 Advertisements
    • 291 28 World Amateur Golfers Championship SINGAPORE Join the national golf tour that allows you to compete with peers ENTRY FEE Qualifiers $568 Direct entry to Final $1,288 *Special packages available for corporate flights. SINGAPORE QUALIFIERS 25 September 2015 28 September 2015 2 October 2015 Selling Fast SINGAPORE FINAL 14 October 2015
      291 words

  • BANKING & FINANCE
    • 544 29 Largest lenders in bloc, including 14 from Germany, will contribute 2.8b euros this year Bloomberg Frankfurt THE biggest euro-area banks will put 2.8 billion euros (S$4.5 billion) this year into crisis funds intended to keep taxpayers off the hook for meltdowns in
      Bloomberg  -  544 words
    • 871 29  - The dubious case of global law firm Dewey LeBoeuf By James Stewart NYT New York THE names Enron and WorldCom are synonymous with accounting fraud and an era in which top executives turned to desperate measures to inflate company earnings, mislead investors, prop up share prices and supercharge their already
      NYT; PHOTO: BLOOMBERG  -  871 words
  • Page 29 Advertisements
    • 122 29 GOOD CLASS BUNGALOW LAND FOR SALE HOLLAND PARK Brand New Land ***** sf Build Up ***** sf Contemporary tropical design Beautiful land Wide frontage Easy access, mins to Botanic Garden, Priced to sell OpenHouse SWISS CLUB ROAD Land ***** sf Beautiful elevated yet flat land Amazing view BELMONT Easy access
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  • TECHNOLOGY
    • 757 31 Automakers say feature ensures safer driving but sceptics warn it could be a distraction NYT New York WHEN Manish Undavia took delivery of the 2016 Audi A7 sedan list price, about US$71,000 it came with technology rarely found in automobiles, even five years ago:
      NYT  -  757 words
    • 621 31 Development of TV apps will allow consumers to bypass cable TV subscription AFP San Francisco THE New Apple TV unveiled this week has the potential to do for television what iPhone did to mobile phones, while claiming a starring role in home
      AFP; PHOTO: AFP  -  621 words

  • CONSUMER
    • 745 32 For startups that make it over the hump, rewards can be considerable NYT New York FOR budding entrepreneurs, the watch industry would seem a strange place to start. It is the definition of a mature industry, built on centuries-old technology such as balance
      NYT  -  745 words
    • 673 32 US vendors, asked to pay for use of shelf space and facilities, face higher costs Bloomberg New York AFTER years of meeting demands for ever cheaper prices, many Wal-Mart Stores Inc suppliers are saying no to new mar-gin-squeezing storage fees and a payment schedule
      Bloomberg  -  673 words

  • TRANSPORT
    • 650 33 China trainmaker’s new Springfield plant is showcase for US expansion; it is bullish on prospects in American cities Bloomberg New York NEW York’s ageing subway system is an irresistible draw for Yu Weiping, vice president of CRRC Corp, China’s biggest maker of
      Bloomberg  -  650 words
    • 711 33 Bloomberg Montreal BOMBARDIER Inc is refocusing the sales campaign for its tardy CSeries jet on established airlines, a shift away from reliance on lessors and small carriers. In its quest for 300 firm orders by the time the plane enters
      Bloomberg; PHOTO: BLOOMBERG  -  711 words

  • GOVERNMENT & ECONOMY
    • 486 34 August reading signals that inflation may linger below the Federal Reserve’s goal for some time LATEST US DATA Bloomberg Washington WHOLESALE prices in the US were little changed in August, restrained by lower fuel costs that signal that inflation would remain weak. Stagnant
      Bloomberg  -  486 words
    • 1032 34 WP Mumbai WHILE India’s Prime Minister Narendra Modi is running into obstacles in his plan to build 30 kilometres of highway every day, construction companies are still binging on debt. IL&FS Transportation Networks and IRB Infrastructure Developers are among the top seven
      WP; PHOTO: REUTERS  -  1,032 words
    • 572 35  -  Market seizes on Abe adviser’s suggestion that the central bank’s Oct 30 meeting is a good opportunity for another round of easing By Anthony Rowley btworld@sph.com.sg Tokyo THE yen fell against the dollar and other currencies on Friday, as highly nervous currency
      PHOTO: REUTERS  -  572 words
    • 485 35 Reuters Hong Kong A SPIKE in the offshore yuan following suspected rare intervention by Chinese state banks is expected to be short-lived, especially with a looming US interest rate rise likely to add to the attraction of owning dollars. But those betting
      Reuters  -  485 words
    • 987 36 Analysts see it as a positive step in calming wild stockmarket swings, provided officials are clear about the rules Bloomberg Shanghai CHINA’S plan to introduce a stockmarket circuit breaker would help calm volatility after price swings in the benchmark index surged to an 18-year
      Bloomberg; PHOTO: REUTERS  -  987 words
    • 298 36 Reuters Hong Kong HONG Kong’s securities regulator said on Friday that a Moody’s Corp report questioning corporate governance at 49 Chinese firms was “shoddy” and “unprofessional” a report the ratings agency said it stood by even though it contained errors.
      Reuters  -  298 words

  • Page 35 Miscellaneous
    • 323 35 CRYPTIC CROSSWORD Across 1 Draw on this to make a reservation on second boat (10) 6 Northern type’s place with charge initially for parking (4) 10 Bug contained by regular vaccination? (5) 11 Badger in a woolly coat (9) 12 Drunk restricts working when stars are out (7) 13 Time
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  • Wealth
    • 1131 37  -  Singapore lags its peers, with only 58% of families here having succession plans. By Danial Mah Abdullah ~The writer is interim CEO, Labuan International Business and Financial Centre ASEAN is witnessing a rapid wealth boom with most of this affluence held by traditional Asian family-owned businesses.
      FILE PHOTO  -  1,131 words

  • OPINION
    • 1065 38 / 39  -  It underpins the entire innovation process from ideation to the successful commercialisation of a novel product or service. By Thomas Menkhoff By Thomas Menkhoff ~The writer is professor of organisational behaviour and human resources (education) at the Singapore Management University Lee Kong Chian School of Business, and
      PHOTO: AFP  -  1,065 words
    • 749 38 / 39  -  By Ng Lai Yee ~The writer is managing director, health public service, at Accenture Singapore THE higher-education environment is not like what it used to be. Neither are the students. While parents see a university degree as an assurance of success, students are
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  • Page 38 / 39 Miscellaneous

  • BT WINE CHALLENGE 2015
    • 1261 40 / 41  -  The diversity of Italy’s wine scene is well represented in 10 of The Business Times Wine Challenge 2015’s Top 50 wines. By Chan Wai Xin By Chan Wai Xin SPEAKING about Italian wine as a whole always risks oversimplification because of the diversity involved.
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  • Page 40 / 41 Advertisements
    • 154 40 / 41 BT Wine Challenge 2015 Readers’ Contest picked every week to receive an exclusive invitation for two. There are a total of 15 readers who will stand a chance to win in this contest! NOW, wine lovers like you will get a chance to savour some of these award-winning labels, along
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  • BT CORPORATE GOLF LEAGUE 2015
    • 772 42  -  With one round left, they shoot a superb 112 at Seletar to move to the top of the table with an overall total of 433. By Justine Moss By Justine Moss THERE may have been a rain-delayed start to the fifth round of this year’s
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  • LIFE & CULTURE
    • 627 43  -  Authors, musicians and film-makers to perform in JB and in Penang in programme that could spur future collaborations, says its founder By Cheah Ui-Hoon uihoon@sph.com.sg Singapore FIFTY Singapore artistes will be performing in Malaysia in CausewayEXchange (CEX), an arts festival featuring artistes from
      PHOTO: SHERWYND KESSLER  -  627 words
  • Page 43 Advertisements
    • 4 43 45Crosswords on Page 35
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    • 572 43 wine&dine with BTWeekend AquaMarine Marina Mandarin Singapore 6 Raffles Boulevard, Level 4Z6845-1111 Feast Refuel AquaMarine Rev up for F1 at Aquamarine with a fueling buffet spread, featuring the Red Bull-Braised Beef Shank in Tomato Jus, Mercedes-Mini Chicken and Cheese Sliders, Sauderia-Seafood Orzo Cooked in Light Crustaceans Broth, MacLaren-Old English Clam
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  • Page 44 Advertisements
    • 138 44 TO BREAK THE RULES, YOU MUST FIRST MASTER THEM. THE VALLÉE DE JOUX. FOR MILLENNIA A HARSH, UNYIELDING ENVIRONMENT; AND SINCE 1875 THE HOME OF AUDEMARS PIGUET, IN THE VILLAGE OF LE B R A S S U S T H E E A R LY WAT C H M
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