The Business Times, 14 January 2012

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Microfilm: NL31764
Total Pages: 48
1 20 The Business Times
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  • Title Section
    Lock icon Masthead
    22 1 weekend THE BUSINESS TIMES www. usinesstimes.com. g| g| JANUARY 14-15, 2012 S$1.00| S$1.00| MICA (P) 121/08/2011 S|£l A SINGAPORE PRESS HOLDINGS PUBLICATION
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  • Article
    Lock icon Possible breakthrough in DBS ATM fraud case
    668 1  -  Police arrest two Malaysians on social visit passes, seize ATM skimming equipment in Geylang hotel raid By Siow Li Sen, Kenneth Lim lisen@sph.com.sg kenlim@sph.com.sg Singapore POLICE may soon crack the DBS ATM fraud case, with the arrest of two Malaysians who were found
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  • Article, Illustration
    Lock icon Lamborghini’s roaring decade in Singapore
    990 1  -  Sales have been rising as rich boys snap up their new toys By Joyce Hooi joyceh@sph.com.sg Singapore MELVIN Goh sells cars to people who do not intend to drive them. As his dealership EuroSports Auto celebrated a decade of officially distributing Lamborghinis last year, all
    YEN MENG JIIN  -  990 words
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  • TOP STORIES
    • Article, Illustration
      Lock icon CONTENTS
      60 2 NEWS Top Stories 2-9 Raffles C’versation 10-11 Week in Review 12 Companies 13-16 From The Desk Of 17 Singapore 18 World 19-22 Stocks Stats 23-27 Perspective 28-29 Wealth 30-32 Show Me The Money 33 Househunt 34 Real Estate 35 LIVING Dining L2-7 Home Garden L8-9 Travel L10-11 Beauty/Wellness L12-13
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    • MARKETS
      • Article
        Lock icon FOREX
        49 2 us$ s$ US$ (S$ per US$) 1.288 (US$/S$ per 1.538 1.982 EU RO(US$/S$/E) 1.285 1.655 Foreign currency per US$ S$ YEN 76.70 59.50 RM 3.134 2.433 HK$ 7.768 6.030 BAHT 31.81 24.69 RUPIAH 9,085 7,053 RENMINBI 6.308 4.897 INDIAN RUPEE 51.33 39.85 A$ 0.967 0.750 NZ$ 1.261 0.979
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      • Article
        Lock icon STOCKS
        58 2 GSTI 2,791.54 (+47.88) GSTI FUTURES 2,791 (+48) GSIMSCI 319.45 (+6.04) GSIMSCI FUTURES 319.10 (+5.30) Friday Change KL COMP 1,523.07 -2.49 NIKKEI 225 8,500.02 +114.43 HANG SENG 19,204.42 +109.04 SET 1,044.81 -7.42 JAKARTA 3,935.33 +25.83 MANILA 4,613.83 -34.28 KOSPI 1,875.68 +11.11 SHENZHEN B 572.10 -6.26 MUMBAI IND 16,154.62 +117.11 11am
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      • Article
        Lock icon PRIME RATES
        29 2 SINGAPORE 5.38 MALAYSIA 6.55 HONG KONG 5.00 INDONESIA 14.621 TAIWAN 5.036 JAPAN 1.475 KOREA 9.33 BRITAIN 0.50 US 3.25 CANADA 3.00 SWITZERLAND 0.50 INDIA 14.75 Source: Bloomberg
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    • Article
      Lock icon S’pore trader caught in US-Iran crossfire
      824 2  -  Kuo Oil among 3 oil traders slapped with US sanctions for dealings with Iran as Washington turns up the heat By Ronnie Lim ronnie@sph.com.sg Singapore THE US this week raised the heat on Iran by slapping sanctions on three international oil traders including Singapore’s
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    • Article
      Lock icon General Atlantic opens office in Singapore
      472 4  -  Private equity company wants exposure to opportunities in South-east Asia By Vikram Khanna vikram@sph.com.sg Singapore WITH an eye on business opportunities in South-east Asia, General Atlantic LLC (GA), one of the world’s largest private equity firms, yesterday announced the opening of its office in
      472 words
    • Article
      Lock icon Singapore retail sales dip 0.6% in November
      535 6  -  Economists expect weak consumer sentiment to be a drag on GDP growth into early Q1 By Kelly Tay kellytay@sph.com.sg Singapore WHERE have all the shoppers gone? It’s a fair question to ask, given the Department of Statistics’s latest figures on retail sales. With
      535 words
    • Article
      Lock icon Consumer confidence up in Jan
      379 6 LATEST US DATA Bloomberg Washington CONFIDENCE among US consumers rose more than forecast in January to the highest level in eight months, a sign household spending may hold up as the new year begins. The Thomson Reuters/University of Michigan preliminary index of consumer sentiment rose
      Bloomberg  -  379 words
    • Article
      Lock icon Japan PM reshuffles cabinet to push through tax plan
      705 6  -  He drops 2 ministers censured in upper house to please LDP By Anthony Rowley btworld@sph.com.sg Tokyo EMBATTLED Japanese Prime Minister Yoshihiko Noda yesterday unveiled a partial reshuffle of his cabinet in a bid to kick-start negotiations with opposition political parties over
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    • Article
      Lock icon Going beyond the numbers
      880 8  -  COMMENTARY By Teh Shi Ning ~tshining@sph.com.sg WHEN discussing whether the government’s economic forecast is too pessimistic, two things stand out. One, the intrinsic hazards of economic forecasting are amplified with regard to Singapore, and doubly so at a time of global economic uncertainty. Two, a lot
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    • Article
      Lock icon Prepare for bumpy ride: Stanchart warns investors
      584 8  -  China will encounter setback while Greece may leave eurozone By Emilyn Yap emilyny@sph.com.sg Singapore INVESTORS need to remain strapped in for a bumpy ride as Greece could leave the eurozone next year and China will encounter a setback at some point, said Standard
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    • Article, Illustration
      Lock icon UBS sees recovery for S’pore economy in Q1
      591 9  -  World economy will do better than expected as US recovers, despite EU crisis Conrad Tan conradt@sph.com.sg Singapore THE Singapore economy is likely to start to recover in the first quarter of this year and the world economy will probably do better than
      PHOTO: YEN MENG JIIN  -  591 words
    • Article
      Lock icon Throughput at PSA ports worldwide increases in 2011
      251 9  -  By Lynn Kan lynnkan@sph.com.sg Singapore PSA International last year handled 57.09 million standard-sized containers at its ports around the world excluding Hong Kong which marked a 5.6 per cent increase from 2010. However, PSA International’s throughput figure rises further to 59.3 million
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  • Page 5 Advertisements
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      Lock icon Page 5 Advertisements Column 1
      208 5 AUCKLAND, NEW ZEALAND PROPERTY EXHIBITION A Albany Heights "I—- *?>&> RESIDENCES t T UUMM a i p 1 X i 3 Bedrooms 2.5 Bathrooms Double Internal Access Garage Start From SG$445,000 2 Bedroom 2 Bathrooms Duplex Units Start From SG$315,000* 15 mins to CBD 5 mins to Neuu Zealand's Largest
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  • Page 7 Advertisements
    • Advertisement
      Lock icon Page 7 Advertisements Column 1
      2086 7 the business timesweek nd www. usinesstimes.com. g| SEPTEMBER 24-25, 2011 S$1.00| MICA (P) 121/08/2011 the raffles conversation CAREER DIPLOMAT BARRYDESKER 12-13 cheap funds Local banks to slash savings rates DBS Bank, OCBC Bank and UOB will offer a mere 0.05 per cent come October, even as HSBC and Stanchart dish
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      Lock icon Page 8 Advertisements Column 1
      46 8 Horizon E53 Build in 2005, 900hr on Twin Cat engines Onan 11 kw Gen set, interior refit April 2010 FOR SALE Fairline Phantom 46’ Build in 2001 with 1300hr on Twin Volvo engines New Onan genset, maximum speed at 30knots Please email info@azureacharters.com or call *****161
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      Lock icon Page 9 Advertisements Column 1
      37 9 i/v/V JACKPOT Estimated Draw on Mon, 16 Jan 2012 at 6.30pm at PoMo For details, visit www.singaporepools.com.sg Always play with care, [responsibly] Do not bet illegally. RGB Reg No: *****0202G Towards Community Purpose and Benefit SINGAPORE POOLS
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  • THE RAFFLES CONVERSATION
    • Article, Illustration
      Lock icon Opportunity in a crisis
      1226 10/11  -  While the European debt crisis may spell gloom and doom for some, ANZ CEO Mike Smith is able to make use of it to the bank’s benefit. By Siow Li Sen lisen@sph.com.sg THE lingering European debt crisis is a pretty scary thing with the potential to
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    • Article
      Lock icon A super regional bank
      1067 10/11 IF you’ve learnt all that you know about banking from HSBC, how do you go one better, especially if you’re competing in the banking giant’s backyard? “HSBC not a bad learning experience,” said Mike Smith, who had a 29-year career at the 146-year old bank. But
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  • WEEK IN REVIEW/WEEK AHEAD
    • THIS WEEK | January 9-13, 2012
      • Article
        Lock icon Hedge funds prove as vulnerable as peers
        49 12 HEDGE funds are losing much of their lustre, proving as vulnerable as their conventional counterparts to the global downturn. The vast majority of hedge funds lost money in 2011 despite the sales spin that they are good alternative investments during bear markets.
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      • Article
        Lock icon MRT disruption probe may lead to penalty review
        54 12 FOLLOWING the December train service disruptions that affected more than 200,000 commuters, the committee of inquiry will hold public hearings and put out findings that will be used to review the regulatory and penalty framework, Transport Minister Lui Tuck Yew told Members
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      • Article
        Lock icon A victory for Anwar, Najib and investment climate
        61 12 TEN minutes after the hearing began, on a cool and rainy morning at the Duta Court Complex in Kuala Lumpur, opposition leader Anwar Ibrahim walked out a free man. The outcome may have been the best thing for not just him and
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      • Article
        Lock icon Expanding Stamford Canal as flood prevention option
        62 12 STAMFORD Canal will have to be expanded by at least a third to reduce the risk of flooding along Orchard Road. A study will consider the option of keeping storm water in the upstream section, or build- ing a new canal to divert
        62 words
      • Article
        Lock icon Firms hit by tightened foreign worker inflows
        42 12 BUSINESSES are feeling the severe pinch of tightened foreign worker inflows, a recent survey shows, even as there are renewed pleas for a review of policy changes aimed at reducing Singapore’s reliance on foreign manpower.
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      • Article
        Lock icon Ng Ser Miang voted out as WBL chairman
        39 12 WELL-KNOWN corporate figure Ng Ser Miang was ousted as chairman of WBL Corp in a surprise development that once more thrusts Chew Gek Khim and her Tecity group into the spotlight.
        39 words
      • Article
        Lock icon Condo plot draws lower top bid as caution prevails
        66 12 THE latest tender results confirm a softening in land prices as developers remain cautious after the additional buyer’s stamp duty kicked in last month. The tender for a 99-year-leasehold private condo plot near Bartley MRT Station has drawn a top bid
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      • Article
        Lock icon Olympus files suit against 19 executives
        55 12 JAPAN’S Olympus Corp said it had filed damages suits totalling 3.6 billion yen (S$60.4 million) against 19 current and former executives of the company, including president Shuichi Takayama, demanding that they pay up to 3.6 billion yen in compensation for losses caused by a
        55 words
      • Article, Illustration
        Lock icon READY FOR ELECTIONS
        23 12 Mr Anwar addressing his supporters while his wife, Wan Azizah Aziz, gives the thumbs-up after the verdict was announced REUTERS
        REUTERS  -  23 words
      • Article
        Lock icon Special audits can’t mend broken companies
        59 12 SPECIAL audits commissioned by the Singapore Exchange have sounded the death knell for several listings in recent years. They are also expensive exercises for both the affected companies and their shareholders, but such audits remain one of the few options available to the SGX
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      • Article
        Lock icon Official economic outlook is too pessimistic: Gupta
        34 12 DBS chief executive Piyush Gupta is cautiously optimistic that 2012 won’t turn out as badly as projected and thinks the government is too pessimistic in its outlook.
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      • Article
        Lock icon Closure of wealth manager ipac hits S’pore, HK clients
        33 12 THE closure of the wealth manager ipac Singapore and Hong Kong is expected to impact clients with combined portfolio assets of roughly US$500 million.
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      • Article
        Lock icon India: foreign brands cleared to go it alone
        38 12 INDIA’S government has allowed foreign brands such as Adidas or home furnishings giant Ikea to open 100 per cent owned shops, but will continue to block the entry of supermarkets.
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      • Article
        Lock icon All signs point to US economy gathering pace
        33 12 US DATA is strengthening into the steady engine rumble of an economy about to take off, which will be welcome news for the global economy.
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    • Article
      Lock icon NEXT WEEK | Jan 16-20, 2012
      89 12 NEXT WEEK Jan 16-20, 2012 US DATA Jan 18 Dec PPI Dec industrial production Jan 19 Dec CPI Jan 20 Dec existing home sales SINGAPORE DATA Jan 17 Dec merchandise trade EVENTS Jan 17 EU executive to rule on legality of Hungary’s disputed central bank law Jan 18 Dec property
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  • Page 12 Miscellaneous
    • Miscellaneous
      Lock icon Page 12 Miscellaneous Column 1
      296 12 CRYPTIC CROSSWORD Across 1 Not real American Irishman (6) 4 Embarrassed animal is leader of herd! (8) 8 Drag through river in downpour (6) 9 Study the content of tanned skin (8) 10 Ruin note about elementary particle (8) 11 I’d got in row, being more methodical (6) 12 North
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    • Miscellaneous
      Lock icon Page 12 Miscellaneous Column 2
      20 12 SATURDAY with Ludwig ‘It used to be a Merc, then a Corona, and now here we are in a Picanto.’
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  • COMPANIES
    • Article, Illustration
      Lock icon PetroChina, Chevron set to revive project
      584 13  -  Besides green petrol, lubricants feedstock is on the cards too By Ronnie Lim ronnie@sph.com.sg OIL giants PetroChina and Chevron are preparing to spend big bucks this year to upgrade their joint 290,000 barrel per day Singapore refinery. They are considering not only restarting an
      BLOOMBERG  -  584 words
    • Article, Illustration
      Lock icon MF Global braces for Jan 20 ruling on payment plan
      285 13  -  By Kenneth Lim kenlim@sph.com.sg MF Global Singapore expects to know by Jan 20 whether it can go ahead with its plan to return most of its customers’ money. Liquidators of the failed futures brokerage have been summoned to the High
      REUTERS  -  285 words
    • Article, Illustration
      Lock icon S i2i eyes higher end of cheap handset market
      604 14  -  It launches two models with prices that grazes the three-digit mark By Joyce Hooi joyceh@sph.com.sg HANDSET maker and Internet telephony firm S i2i, which caters to the masses for whom the latest iPhone or Blackberry is beyond their means, is making
      FILE PHOTO  -  604 words
    • Article, Illustration
      Lock icon Hiap Seng seals new partnership with Cosco (Shanghai)
      279 14  -  By Kenneth Lim kenlim@sph.com.sg HIAP Seng Engineering is stepping up its expansion plans in China with a new partnership to pursue floating oil-and-gas processing and storage projects in Shanghai. H i a p S en g s 87 p er cent-owned subsidiary,
      YEN MENG JIIN  -  279 words
    • Article
      Lock icon Sino-Forest gets reprieve from bondholders
      308 14 Bloomberg Vancouver SINO-FOREST Corp, the Chinese timber company fending off allegations of fraud, said it reached a waiver agreement with a group of bondholders, reducing the risk of bankruptcy. Holders of a majority of its senior notes due 2014 and 2017 agreed to waive the
      Bloomberg  -  308 words
    • Article, Illustration
      Lock icon HK watchdog steps up checks on trading
      410 15 Reuters Singapore HONG KONG’S financial watchdog has ramped up inspections of trading floors and asset management houses in the city as concerns grow that choppy market conditions could push some firms to the brink of failure. The Securities and Futures Commission said it
      Reuters; AFP  -  410 words
    • Article
      Lock icon Scorpio East names KPMG to review internal systems
      486 15  -  Review follows last year’s discovery of financial irregularities By Lynette Khoo ly n k h oo@s p h .c o m .sg SCORPIO East has appointed KPMG Services to review its internal controls and risk management system, after findings by its special
      486 words
    • Article, Illustration
      Lock icon Banks, Jardine drive most of STI rise
      962 16  -  STOCKS R Sivanithy sivan@sph.com.sg Senior correspondent ABOUNCEi n H o n g Kong and a fi rm opening for Europe yesterday helped the Straits Times Index (STI) to a 47.88-point gain at 2,791.34 as traders anticipated an overnight rise in Western markets. For
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    • Business briefing
      • Article
        Lock icon Adampak Thai unit leases new factory site
        58 16 ADAMPAK said that its Thai subsidiary has entered into a lease agreement for a new factory site located in Chonburi Province. This follows the severe flooding at its existing factory. The company estimates a US$1.4 million loss from damages and asset impairments, to
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      • Article
        Lock icon CCM Group issues fiscal 2011 loss warning
        39 16 CONSTRUCTION company CCM Group warned of a loss for fiscal 2011 because of cost overruns at two projects. The company had forecast a full-year profit in its Aug 3 first-half results announcement.
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      • Article
        Lock icon Europtronic recapitalises S’pore unit
        35 16 EUROPTRONIC Group has injected $3.68 million into its wholly owned unit Europtronic (Singapore) “to recapitalise the balance sheet of Europtronic Singapore so as to ensure continued financing support from its bankers”.
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      • Article
        Lock icon Surface Mount managing director resigns
        36 16 SURFACE Mount Technology announced that Lo Wai Kwok has resigned as deputy chairman and managing director of the company to pursue personal interests. The resignation takes effect on July 1, 2012.
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      • Article
        Lock icon Barlow accepts AusGroup offer
        55 16 AUSGROUP said that Laurie Barlow has accepted its offer to become the company’s new chief executive officer. Since 2007, Mr Barlow has been managing director (minerals and industry) for Aecom Australia Pty Ltd. “He will take up his new position with AusGroup when his current contractual
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    • Article
      Lock icon Hedge Fund Sec aims to tap Japan’s retail investors
      279 16 Bloomberg Singapore HEDGE Fund Securities, run by a former Nikko Securities Co banker, aims to raise six billion yen (S$100.8 million) by March 2013 from Japanese individual investors by offering hedge funds run by Epic Partners Investments Co. The company raised
      Bloomberg  -  279 words
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      Lock icon Page 13 Advertisements Column 1
      55 13 OVER 1,000 JOBS Check out these positions and more in CATS Recruit Executive Appointments in The Straits Times now! Rolls-Royce has vacancies in Civil Aerospace Changi Airport Group is recruiting a Duty Terminal Manager M1 has positions open in Marketing Singapore LNG Corporation is hiring an Engineering Manager Jurong Health
      55 words
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      Lock icon Page 15 Advertisements Column 1
      186 15 IN THE MATTER OF THE COMPANIES ACT, CAP. 50 AND IN THE MATTER OF A.P. REX PTE. LTD. Company No. *****0402H (In Members’ Voluntary Winding Up) NOTICE OF FINAL MEETING NOTICE IS HEREBY GIVEN, pursuant to Section 308 of the Companies Act, Cap. 50 that the Final Meeting of the
      186 words
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      Lock icon Page 15 Advertisements Column 2
      24 15 GET IT NOW! •30 SETS OF FIJI WATER PARTY PACKS WORTH $136 EACH •33 SETS OF WELLA SP COLOR SAVE HAMPER WORTH $122 EACH
      24 words
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  • FROM THE DESK OF
    • Article, Illustration
      Lock icon Engaging the Asian consumer
      862 17  -  Asia, with its mix of cultural, social and economic dynamics, is arguably the most challenging marketing environment in the world. So how should brand builders approach this complex region? FROM THE DESK OF Mike Amour CEO, Project: Worldwide Asia Pacific ASIA: truly a region that cannot
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  • SINGAPORE
    • Article
      Lock icon Power demand falls in Q4
      485 18  -  The Q4 dip in electricity demand brought growth for 2011 to 0.5% By Ronnie Lim ronnie@sph.com.sg POWER demand in Singapore, including by power-guzzling industries, dipped in the fourth quarter last year, reflecting the economic slowdown here. This resulted in electricity demand for the whole of
      485 words
    • Article
      Lock icon HDB shops get $11m boost under ROS scheme
      280 18  -  By Bryan Koh bryankoh@sph.com.sg THE Housing Development Board (HDB) yesterday unveiled initiatives to further assist HDB shops as part of its Revitalisation of Shops (ROS) scheme. As the ROS scheme enters its fourth phase, HDB will set aside an estimated $11 million
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    • Article, Illustration
      Lock icon Hongbaos as branding tool?
      338 18  -  By Arthur Lee arthurl@sph.com.sg THE simple red packet given and exchanged during Chinese New Year has become an excellent branding vehicle for many companies here. The three local banks have spent much time deciding on the motifs that would appear on their hongbao. UOB chose to
      ARTHUR LEE  -  338 words
    • Article
      Lock icon Nanyang Poly to offer new healthcare courses
      267 18  -  By Lesley Teoh lesteoh@sph.com.sg SINGAPORE’S healthcare sector will soon get much needed access to a larger pool of locally trained occupational therapists and physiotherapists (OTPT). New courses will soon be offered at Nanyang Polytechnic for this specialised discipline once the Singapore Institute of
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  • WORLD
    • Article
      Lock icon US trade deficit widens more than forecast
      456 19 Gap expands 10.4% to US$47.8b in Nov as exports fell; crude oil and car imports rise Bloomberg Washington THE US trade deficit widened more than forecast in November as American exports declined and companies stepped up imports of crude oil and automobiles. The
      Bloomberg  -  456 words
    • Article, Illustration
      Lock icon Obama notifies Congress of US$1.2t increase in debt limit
      602 19 Bloomberg Washington PRESIDENT Barack Obama has asked Congress for another US$1.2 trillion in government borrowing authority, the third and final request under an August deal with lawmakers that averted a US default. The president’s notification to congressional leaders on Thursday starts
      Bloomberg  -  602 words
    • Briefing
      • Article
        Lock icon JPMorgan announces record US$19b annual profit
        140 19 AFP New York JPMORGAN Chase yesterday announced it made a record annual profit of US$19 billion last year, even as banks fretted about increased regulation and mulled the end of a bumper earnings era. The figure smashed the previous annual record by US$1.6 billion.
        AFP  -  140 words
      • Article
        Lock icon Lloyds CEO Horta-Osorio waives £2.4m bonus
        101 19 Reuters London British lender Lloyds Banking Group said chief executive Antonio Horta-Osorio had waived his bonus for 2011 due to his absence for two months, the bank’s performance, and tough circumstances faced by customers. The bonus could have been worth £2.4 million (S$4.8 million)
        Reuters  -  101 words
      • Article
        Lock icon Novartis to cut nearly 2,000 US jobs
        107 19 AFP Geneva SWISS pharmaceutical giant Novartis announced yesterday that due to tough conditions it will cut nearly 2,000 US jobs leading to additional total charges of US$1.2 billion. The loss of the patent for hypertension drug Diovan and its failure to capitalise on
        AFP  -  107 words
      • Article
        Lock icon Big Aussie banks likely to lay off thousands
        120 19 Reuters Sydney Australia’s top banks are set to fire thousands of staff this year to offset low growth, with Australia and New Zealand Banking Group expected to kick off the latest round with several hundred job cuts, according to a bank workers
        Reuters  -  120 words
    • Article
      Lock icon Japan faces rude awakening in wake of N-crisis
      746 20 The shift away from nuclear power is set to drive up Japan’s fuel import bill and wipe out its trade surpluses Reuters Tokyo JAPAN’S nuclear crisis may achieve what the global financial crisis and the eurozone debt debacle failed to accomplish serve
      Reuters  -  746 words
    • Article, Illustration
      Lock icon IMF, EU concerned over Hungary’s internal policy changes
      516 20 AFP Washington HUNGARY held talks here on Thursday on a much-needed new International Monetary Fund (IMF)-Europe-an Union (EU) financing package for the country, but was told Budapest needs to demonstrate its commitment to address key policy worries. With the IMF and EU
      AFP  -  516 words
    • Article
      Lock icon Australia faces fiscal straitjacket, warns analyst
      531 21 Budget surplus pledge leaves little room to cushion a downturn Bloomberg Sydney AUSTRALIA has little fiscal room to cushion a downturn should the global economy retrench, said Stephen Walters of JPMorgan Chase Co, the only economist to predict the nation’s first interest-rate increase in
      Bloomberg  -  531 words
    • Article, Illustration
      Lock icon Apple suspends iPhone 4S sales in China after scuffle at stores
      480 21 AFP Beijing APPLE said yesterday it was suspending sales of the new iPhone at its China stores after fans desperate to get their hands on it fought with security and threw eggs at an official outlet. Police detained at
      AFP; REUTERS  -  480 words
    • Article
      Lock icon Wynn at loggerheads with its largest investor
      340 21 Reuters New York A LEGAL dispute between the founder of Wynn Resorts Inc and his longtime Japanese business partner has cast a spotlight on a strained relationship between the company and its largest shareholder, spooking Wall Street. In a lawsuit disclosed on Wednesday,
      Reuters  -  340 words
    • Article
      Lock icon Fall in China’s reserves signals need to shift monetary policy
      502 22 PBOC data shows that reserves dropped by US$20.6b, or 0.6%, to US$3.1 8t in Q4 201 1 Reuters Beijing CHINA’S official reserves slipped to US$3.18 trillion in the final quarter of 2011, signalling that the days of rampant export-led accumulation
      Reuters  -  502 words
    • Article
      Lock icon China bans transfer of bills to trusts
      282 22 Move aimed at closing loophole in banking requirements Bloomberg Beijing CHINA’S banking regulator has banned lenders from transferring holdings in commercial bills to trust companies, a person with knowledge of the matter said. The China Banking Regulatory Commission aims to prevent practices that
      Bloomberg  -  282 words
    • Article
      Lock icon CEO group wants SEC-Citigroup ruling overturned
      342 22 CEO group wants SECCitigroup ruling overturned Reuters New York A GROUP of chief executives at more than 200 large US companies have urged a federal appeals court to undo a judge’s controversial decision making it harder for companies to settle US Securities and Exchange Commission (SEC) fraud cases. The Business
      Reuters  -  342 words
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  • Page 22 Advertisements
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      Lock icon Page 22 Advertisements Column 1
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  • Article
    Lock icon SGX
    8198 23 Transaction date: Jan 13 Transaction date: Jan 13 Transaction date: Jan 13 52-wks Last Vol Day Last Quote Div GrYld Net M Cap High Low Company Sale +/-(‘000) High Low Buyer Seller C’vr P/E $mil 19.5 11.6 8Telecom 15.5 10.5 15.5 7.8 3.9 3.2 74.2 9.5 4 A-Sonic 4.4
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  • Article
    Lock icon SGX CATALIST
    1700 26 52-wks Last Vol Day Last Quote Div GrYld Net M Cap High Low Company Sale +/-(‘000) High Low Buyer Seller C’vr P/E $mil 34 12.1 t 800 Super 14.1 14 14.8 4.7 3.9 5.5 25.2 5.5 2.5 t AA Grp 3.3 2.7 3.3 15.7 3.2 170 74.5 t
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  • Article
    Lock icon SECURITIES TRADING SCOREBOARD
    186 26 MAIN CATL TOTAL Up Down Unch Up Down Unch Up Down Unch Multi Ind 11 3 1 0 0 0 11 3 1 Manufacturing 85 38 36 10 6 5 95 44 41 Commerce 32 7 18 3 0 4 35 7 22 Tpt/Stor/Comms 30 3 9
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    Lock icon BT SHARE INFORMATION SERVICE
    838 26 SUBSTANTIAL SHAREHOLDER/DIRECTOR TRANSACTIONS For week beginning Jan 9 Substantial Buy No of Price ———SHAREHOLDING Trans Shareholder/ Sell Shares Per Before After Stock Date Director Conv '000 Shr ('000) ('000) CMZ Hldgs Ltd 12-Jan-12 Shao Kesheng *Buy ***** 0.19 *****3 76.22 *****4 82.16 CMZ Hldgs Ltd 12-Jan-12
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  • Article
    Lock icon SECURITIES TRADING TURNOVER
    119 26 TURNOVER (‘000) VALUE (‘000) MAIN CATL TOTAL MAIN CATL TOTAL Multi Ind 16,274 16,274 83,364 83,364 Manufacturing 203,512 29,153 232,665 155,146 1,111 156,257 Commerce 183,934 4,873 188,807 183,419 395 183,814 Tpt/Stor/Comms 140,400 18,901 159,301 185,375 2,485 187,861 Finance 27,016 305 27,321 251,219 59 251,278 Construction 15,372 9,267
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  • MARKETS
    • Article
      Lock icon LIFFE
      80 27 Jan 12 COCOA (£/tonne) Close Prev High/Low Mar 12 1545 1562 1576/1537 May 12 1554 1570 1584/1547 Jul 12 1567 1584 1596/1560 Sep 12 1580 1598 1609/1574 COFFEE(US$/tonne) Close Prev High/Low Jan 12 1865 1816 1871/1848 Mar 12 1885 1838 1925/1827 May 12 1908 1862 1945/1850 Jul 12 1934
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    • Article
      Lock icon METALS
      71 27 Jan 13 GOLD(US$/oz) Jan 12 Jan 13 Hong Kong 1649.00 1653.30 Hong Kong Jan 11 Jan 12 London 1639.69 1654.99 1641.41 1655.80 Source: Thomson Reuters SILVER Selling Buying Passbook 1 oz 39.06 38.38 Source: UOB PLATINUM/ Lon (US$/oz) Jan 12 Close Previous PM Fix 1498.00 1489.00 AM Fix 1500.00
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    • Article
      Lock icon PALM OIL
      57 27 Jan 13 KLCE PALM FUTURES (RM/MT) Delivery Opening Sett Av Vol Open Month Range Price Price High Low Done Position Jan 12 3140.0 3207.0 3140.0 3140.0 4 132 Feb 12 3191.0 3220.0 3190.0 3148.0 2185 8886 Mar 12 3183.0 3202.0 3186.0 3143.0 ***** ***** Apr 12 3179.0 3209.0
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      Lock icon GOVERNMENT SECURITIES
      78 27 Jan 13 TREASURY BILLS Period Issue Maturity Yesterday's Day's code Bid High Low 3-Month BQ*****N 12-Apr-12 0.34 1-Year BY*****W 01-Nov-12 0.34 GOVERNMENT BONDS Period Issue Coupon Maturity Close Day's code rate Bid High Low 2-Year NX*****Z 2.250 01-Jul-13 102.87 5-Year N*****0W 1.125 01-Apr-16 102.49 Day's 10-Year NX*****X 2.250
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    • Article
      Lock icon INTERBANK CURRENCY RATES
      154 27 Jan 13 Against S$ Against US$ Currencies Bid Offer Bid Offer S$/US$ to one unit of foreign currency: Australian dollar 1.3319 1.3333 1.0343 1.0346 Canadian dollar 1.2648 1.2663 0.9822 0.9826 Euro 1.6544 1.6564 1.2848 1.2853 NZ dollar 1.0206 1.0218 0.7926 0.7929 Sterling pound 1.9805 1.9825 1.5380 1.5384
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      Lock icon SMX MARKET UPDATE
      114 27 As on 12 January 2012 www.smx.com.sg PRODUCT CONTRACT HIGH LOW CLOSE VOL (in Lots) PRECIOUS METAL GOLD FUT FEB2012 1662.00 1643.20 1648.00 492 CURRENCY AUD-USD FUT MAR2012 1.0304 1.0215 1.0253 3059 EUR-USD FUT MAR2012 1.2847 1.2704 1.2834 ***** USD-JPY FUT MAR2012 76.90 76.65 76.70 2788 BASE METAL
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    • Article
      Lock icon CHICAGO BOT
      103 27 Jan 12 SOYBEANS (5,000 bu min; USc/60 lb bushels) Close Previous High/Low Jan 12 1178.50 1197.50 1206.00 1150.00 Mar 12 1182.50 1203.00 1213.50 1150.00 May 12 1192.50 1212.50 1223.50 1160.00 Jul 12 1202.75 1222.25 1233.25 1170.50 SOYBEAN/OIL(60,000 lbs; USc/lb) Close Previous High/Low Jan 12 51.15 51.59 51.50 50.38
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      Lock icon OIL
      75 27 Jan 12 CRUDE US$/barrel (FOB origin) Close Change Brent blend (1-Mth F) 113.65 1.17 WTI (Near Mth) 98.99 -1.99 Dubai (1-Mth F) 110.45 0.64 Tapis blend 120.17 0.23 Minas 118.37 0.23 PRODUCT US$/barrel (FOB S'pore) Close Change Naphtha 104.11 -1.56 Jet Kerosene 128.30 -0.70 US$/barrel Opec Oil Basket Price
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    • Article
      Lock icon FOREIGN CURRENCY NOTE RATES
      118 27 Jan 13 Singapore dollars to one unit of foreign currency: Currencies Sell Buy Aust dollar 1.36 1.296 Can dollar 1.287 1.238 Euro 1.68 1.616 Sterling pound 2.011 1.934 NZ dollar 1.05 1 US dollar 1.307 1.257 Local dollars to 100 units of foreign currency: Currencies Sell
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    • Article
      Lock icon LONDON METALS
      69 27 Jan 12 Aluminium, 99.7% purity (US$/tonne) Close Previous Cash 2133.75 2135.00 3 months 2158.00 2165.00 Copper, Grade A (US$/tonne) Cash 7995.00 7767.00 3 months 7981.75 7780.00 Lead (US$/tonne) Cash 2009.50 1966.00 3 months 2025.50 1990.00 Nickel (US$/tonne) Cash *****.00 *****.00 3 months *****.00 *****.00 Tin (US$/tonne) Cash *****.00
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    • Article
      Lock icon MORGAN STANLEY CAPITAL INT'L INDICES
      373 27 In local curr In S$ In US$ dy yr dy yr dy yr Jan 12 Index Change Change Change Change Change Change World Preliminary 848.0 -0.1 2.2 -0.1 1.4 0.0 1.9 EAFE Preliminary 692.5 -0.1 1.5 0.1 0.3 0.3 0.7 Europe Preliminary 1044.8 0.2 1.8
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      2 27
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  • PERSPECTIVE
    • Article, Illustration
      Lock icon It is Asean’s turn to shine
      1189 28 / 29  -  All Asean countries are more important to foreign investors if they are considered as one node in a larger regional market of nearly 600m people. By Vincent Chin By Vincent Chin ~The writer leads the Boston Consulting Group in South-east Asia. The Boston Consulting
      AP  -  1,189 words
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      Lock icon World may grow uneasily as Europe ails
      744 28 / 29  -  REUTERS BREAKINGVIEWS Ian Campbell Reuters FEAR of eurozone breakup became the world’s leading terror in 2011. That calamity can be avoided in 2012, even if the zone may well shrink later. This year’s global question is whether the world can keep growing while
      Reuters; AFP  -  744 words
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  • Wealth
    • WEALTH INVESTING
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        Lock icon Making the best of leveraged investing
        1606 30 / 31  -  A good trader minimises mistakes and if he does make a mistake, acts to minimise the damage by exiting from the situation quickly. WEALTH INSIGHTS William Cai GYC Financial Advisory ~The writer is vice-president deputy investment head at GYC Financial Advisory OPENING an account
        PHOTO: REUTERS  -  1,606 words
      • BROKERS’ TAKE
        • Article
          Lock icon CSE Global
          242 30 / 31 Buy OCBC Investment Research Jan 13 Close: $0.93 CSE Global’s shares fell by as much as 14 per cent (from end-November 2011) to $0.67 on Dec 20 11, but subsequently rallied to $0.75 by the end of 2011. Since the start of the year, its share price has
          242 words
        • Article
          Lock icon Ezra Holdings
          321 30 / 31 Neutral DMG Partners Research Jan 13 Close: $0.97 EZRA reported Q1 FY2012 net profit of US$13.3 million, which accounted for 22 per cent of our FY2012F forecast. Stripping out forex gain of US$12.8 million, net profit would have been much lower. As expected, Ezra incurred higher administrative cost
          321 words
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          Lock icon Wilmar International
          177 30 / 31  -  Compiled by Joyce Hooi Hold DBS Group Research Jan 13 Close: $5.15 As part of its US$5.0 billion mediumterm note (MTN) programme, Wilmar announced its pricing for $250 million 3.5 per cent notes due 2017 and $100 million 4.1 per cent notes due 2019. The proceeds will be
          177 words
      • Article, Illustration
        Lock icon Knowing when to make a move
        1077 32  -  Does rapid-fire trading produce worthy advantages or does it just run up brokerage costs and tax bills? By Norm Alster NYT S an indecisive market kept reversing direction last autumn, portfolio managers faced a choice: Try to time its helter-skelter moves; or simply sit
        NYT; AFP  -  1,077 words
      • Article, Illustration
        Lock icon The best way to get exposure to emerging markets
        1130 33  -  Invest in global companies that directly serve burgeoning middle-class demand SHOW ME THE MONEY Teh Hooi Ling hooiling@sph.com.sg Senior correspondent ~The writer is a CFA charterholder WE ALL know the story. All is not well in the economy of the developed
        Source: Bloomberg  -  1,130 words
    • WEALTH REAL ESTATE
      • Article
        Lock icon Househunt
        1083 34 PROPERTY TRANSACTIONS FOR SELECTED DISTRICTS WITH CONTRACT DATES BETWEEN DEC 14 AND DEC 20, 2011 PROJECT NAME/ STREET NAME PROP TYPE CONTRACT DATE TENURE BUILT-IN/LAND AREA*(SQ FT) PRICE (S$'000) PSF (S$) District 13 NON-LANDED 8 Woodleigh Apt 19/12/2011 99 1292 1253 970 District 14 LANDED Jln Selamat 2-Sd 14/12/2011
        1,083 words
      • Article, Illustration
        Lock icon Manhattan apartment rents surge in Q4
        832 35 Stricter mortgage-lending standards and weak consumer confidence are limiting purchases and driving rental demand Bloomberg New York MANHATTAN apartment rents jumped 9.5 per cent in the fourth quarter as landlords emboldened by increasing demand cut concessions and pushed price increases in what’s traditionally the
        Bloomberg; BLOOMBERG  -  832 words
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      47 36 iUDEMARS PIGUET Le Brass us CONGRATULATIO LEO MESSI NAMED BEST FOOTBALL PLAYER IN THE WORLD v •‘CvN\ ft v > VS a A V V i rrr r flp /JllfcMA S rtU KT I I >A FOR THE THIRD CONSECUTIVE YEAR For enquiries, Tel: (65) 6238 6678 audemarspiguet.com
      47 words
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      Lock icon Page 1 Advertisements Column 1
      59 1 LivingBTTHE BUSINESS TIMES WEEKEND JANUARY 14-15 2012 NEW LEASE OF LIFE From heritage buildings to F&B hotspots L2-4 INTERIOR OF ALKAFF MANSION RISTORANTE PHOTO: YEN MENG JIIN DINING Chinese New Year takeawaysL5-7 GADGETS Tech of the town L14 TRAVEL Kagoshima food adventures L10-11 HOME GARDEN Festive floral arrangements L8-9 MOTORING
      59 words
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  • BT Living
    • DINING
      • Article, Illustration
        Lock icon HERITAGE APPEAL
        2778 2 / 3  -  It’s not easy turning historic buildings with stringent conservation guidelines into F&B outlets, but the time-consuming and costly process can also be exhilarating. Three restaurateurs share their experiences with BT Weekend B y Jaime Ee jaime@sph.com.sg By Debbie Yong debyong@sph.com.sg Tong Le Private Dining OUE Tower, Level 4
        PHOTOS BY YEN MENG JIIN  -  2,778 words
      • Article, Illustration
        Lock icon Lavish feasting
        1384 5  -  If you’re still thinking of what to fill your new year candy trays or reunion dinners with, let Jaime Ee and Rachel Loi offer some suggestions Jaime Ee Rachel Loi jaime@sph.com.sg rachloi@sph.com.sg Chocolate Origin Blk 4 Changi Village, #01-2084 Z6542-2939 www.chocolate-origin.com. FOR the chocolate cake eater, the inevitable
        1,384 words
      • Article
        Lock icon wine&dine
        940 6 / 7 wine&dinewith BTWeekend Mandarin Court Level 35, Mandarin Orchard Singapore, 333 Orchard RoadZ6831-6288 Ascend 35 stories of the Orchard Wing and arrive in style at Mandarin Court Chinese Restaurant, the home of authentic Cantonese cuisine. Delight in Executive Chinese Chef Sunny Kong’s signature dishes such as Classic Peking Duck, Double-boiled
        940 words
    • HOME & GARDEN
      • Article, Illustration
        Lock icon Flower power
        397 8 / 9  -  What better way to welcome spring into your home than with these luscious floral displays with a dragon motif. By Melissa Lwee-Ramsay By Melissa Lwee-Ramsay mellwee@sph.com.sg Boenga Bringing to life the idea of a majestic dragon in the forest blossoms, this creation from Boenga is not just beautiful
        397 words
    • TRAVEL
      • Article, Illustration
        Lock icon Savouring nature’s bounty
        1546 10 / 11  -  Kagoshima, with its balmy climate and abundance of quality ingredients, is still surprisingly an under-the-radar destination for Singaporeans when they make their travel plans. By Geoffrey Eu By Geoffrey Eu btnews@sph.com.sg GIVEN our near-re-ligious devotion to the culinary arts and the vast hordes of Singaporeans who travel
        PHOTOS BY GEOFFREY EU  -  1,546 words
    • BEAUTY & WELLNESS
      • Detox havens
        • Article, Illustration
          Lock icon Inner beauty, at a pinch
          546 12 / 13  -  Lancome Beauty Institutes at #B2-40 Marina Bay Sands and Goodwood Park Hotel (Service Apartments) Z6737-6778 Lancome Recontouring Firming Body Treatment ($180) and Lancome Skin Corrector Facial Treatment ($290) BT Weekend helps you kick off the Chinese New Year on a cleaner, more refreshed note with
          LANCOME BEAUTY INSTITUTES  -  546 words
        • Article, Illustration
          Lock icon Nail the glossy festive look
          387 12 / 13  -  Vedure NailSpa at Vedure Wheelock Place, #04-06Z6732-6448 or #B2-09 Marina Bay Sands Robinsons, 2 Bayfront AvenueZ6688-7402 Priti Organic Treatment: $75 for manicure/ $85 for pedicure By Melissa Lwee-Ramsay By Lwee-Ramsay mellwee@sph.com.sg THERE’S nothing more uplifting than to finish off your new Chinese New Year ensemble
          VEDURE  -  387 words
        • Article, Illustration
          Lock icon Soak in Japanese spa tradition
          637 12 / 13  -  Ikeda Spa 787 Bukit Timah RoadZ6469-8080 Detox massage: $220; Hinoko bath costs $80 By Cheah Ui-Hoon uihoon@sph.com.sg YOU could stick foot pads on the soles of your feet while you sleep, but if you wanted a more pampering, whole-body feel of a Japanese detoxification programme,
          IKEDA SPA  -  637 words
        • Article, Illustration
          Lock icon Destressing tired tresses
          472 12 / 13  -  X’pect Gallery #02-18 Liang Court, 177 River Valley RoadZ6837-0422 Customised treatment with shiatsu massage, $98 By Debbie Yong debyong@sph.com.sg IN an age where you can get everything your shoes, your perfume, even your coffee and cocktails made bespoke, it seems par for the course that hair treatments
          PHOTOS: X’PECT STUDIO  -  472 words
    • GADGETS
      • Article, Illustration
        Lock icon Tech of the town
        646 14  -  The International Consumer Electronics Show wrapped up yesterday in Las Vegas, with a few standout gizmos everyone is talking about. By Christopher Lim By Christopher Lim limchris@sph.com.sg IK Multimedia iRig Mix $150 When it comes to transforming portable Apple gadgets into serious mu-sic-making tools, no one
        646 words
    • HEALTH
      • Article
        Lock icon Monthly source of miseryDon’t
        734 15  -  miseryDon’t let menstrual pains cramp your style, especially when help in the form of a little new pill is available. By Cheah Ui-Hoon By Cheah Ui-Hoon uihoon@sph.com.sg BAD menstrual cramps accompanying “that time of the month” for women are not normal, despite what your grandmother, mother,
        734 words
    • SPORT
      • Article, Illustration
        Lock icon Blown away by FA Cup drama
        677 16  -  no holds barred Lee U-Wen leeuwen@sph.com.sg Deputy Foreign Editor I’VE watched countless football matches in my lifetime but I can’t quite recall a game in recent memory that blew me away as much as the Manchester derby did last Sunday in the FA Cup.
        PHOTOS: REUTERS, AFP  -  677 words
      • Article
        Lock icon Hedging your bets at the Australian Open
        675 16  -  grand slam with alan wilkins ~Alan Wilkins is a presenter on STAR Sports’ (mio TV Ch 115) coverage of the Australian Open. Catch the high-definition telecast on ESPN HD (Ch 117) and over 260 live matches exclusively online on ESPN Player from Monday
        675 words
    • GOLF
      • Article, Illustration
        Lock icon Multiple courses under one roof
        1135 17  -  Facilities at Mission Hills Haikou and Shenzhen/Dongguan give both capacity and variety. By Justine Moss btnews@sph.com.sg WHEN Mission Hills Shenzhen/Dongguan opened its doors in 1992, it set out to develop the mother of all golfing facilities by commissioning courses designed by legends of the sport,
        PHOTOS: TOM BREAZEALE  -  1,135 words
    • MOTORING
      • Article, Illustration
        Lock icon German muscle car
        692 18  -  The Mercedes-Benz CLS63 AMG can offer either a relaxing ride or an engaging drive. By Samuel Ee By Samuel Ee samuelee@sph.com.sg SOME cars look fast on paper but their numbers do not always translate into the heart-stopping drive that you may expect. The Mercedes-Benz CLS63 AMG is
        692 words
      • Article, Illustration
        Lock icon New 911 and a new way to pay for it
        651 19  -  Porsche Financial Services is offering 2 custom-tailored financial schemes to raise sales. By Samuel Ee samuelee@sph.com.sg THE launch of Porsche Financial Services in Singapore is expected to increase total sales volume of the German sports car maker by 5-10 per
        651 words
      • Article, Illustration
        Lock icon ELECTRIC VISION
        662 20  -  The A3 provides a glimpse into premium German manufacturer Audi’s e-tron strategy. By Samuel Ee samuelee@sph.com.sg WITH lofty ambitions to lead the premium electric vehicle segment by 2020, it comes as no surprise that Audi plans to launch its first production e-tron by end-2012. The e-tron is an
        662 words
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      107 15 Wm s b. > i S3 M V r fc O. *> 2 r r '~rl «H. 1 tig k1iM° jj M*»« We're giving away Star Cruises Holidays from January to March 2012, starting with a 3-Night Penang Phuket Krabi Cruise for 2 worth $1,400*. For your chance to win,
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