The Business Times, 27 June 2012

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Microfilm: NL32036
Total Pages: 68
1 40 The Business Times
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  • Title Section
    Lock icon Masthead
    25 1 THE BUSINESS TIMES S$1.00 online at http://www.businesstimes.com.sg S|£l A SINGAPORE PRESS HOLDINGS PUBLICATION CO R GN NO *****2868E MICA (P) 120/08/2011 Wednesday, June 27, 2012
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  • Article, Illustration
    Lock icon City Harvest Church founder faces the music
    1221 1  -  $23m financial irregularities alleged; church funds used to support wife’s music career By EMILYN YAP [SINGAPORE] Alleged fake donations, tithe transfers and a hidden private fund. A more than two-year inquiry into City Harvest Church (CHC) has uncovered financial irregularities of at least
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  • MARKETS DIGEST
    • Article
      Lock icon FOREX
      110 1 HST INDEX 2,805.63 (-9.63) HST INDEX FUTURES 2,806 (-9) HSIMSCI 323.12 (-1.17) HSIMSCI FUTURES 322.80 (-0.80) US$ S$ US$ (S$ per US$) 1.281 (US$/S$ per 1.561 2.000 EURO (US$/S$/E) 1.252 1.603 Foreign currency per US$ S$ YEN 79.50 62.10 RM 3.194 2.493 HK$ 7.759 6.057 BAHT 31.81 24.84 RUPIAH
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    • Article
      Lock icon PRIME RATES
      17 1 SINGAPORE 5.38 MALAYSIA 6.55 HONG KONG 5.00 INDONESIA 14.524 TAIWAN 5.036 JAPAN 1.475 Source: Bloomberg
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  • Article
    Lock icon India awaits new finance minister, fingers crossed
    702 1  -  By NEETA LAL By in New Delhi AS Finance Minister Pranab Mukherjee, 77, bows out of active politics to stake a claim to the largely ceremonial office of president of India, his three-year captainship of one of the country’s most crucial ministries has
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  • TOP STORIES
    • Article
      Lock icon THREE-MINUTE DIGEST
      537 2 City Harvest Church founder faces the music FAKE donations, tithe transfers and a hidden private fund. A two-year inquiry into City Harvest Church has uncovered financial irregularities of at least $23 million, with funds going to support the music career of Ho Yeow Sun, wife of CHC’s founder
      537 words
    • Article, Illustration
      Lock icon China’s exports on track, says commerce minister
      570 2 Reuters [BEIJING] China’s exports growth in June is matching the pace seen in May and will pick up in coming months, the commerce ministry said yesterday as it predicted that the country can meet its full-year target of boosting exports by 10 per
      Reuters; REUTERS  -  570 words
    • Article
      Lock icon S’pore manufacturing output up 6.6% in May
      560 2  -  Result driven largely by a 39.1% growth in pharmaceuticals output: analysts By WANG XIN MIN [SINGAPORE] Singapore’s manufacturing output grew 6.6 per cent in May 2012 on a year-on-year basis, reversing the contractionary trend seen over the past two months prior to May,
      560 words
    • Article
      Lock icon Kong, Ho no strangers to controversy
      881 2  -  Questions have been raised about Ho’s sexy videos, dressing By TEH SHI NING AS early as 2003, City Harvest Church (CHC) founder Kong Hee had stepped into controversy in getting people to “cross over”. In January that year, businessman Roland Poon publicly alleged that
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    • Article, Illustration
      Lock icon Ex-SPH senior exec charged with graft, CBT
      408 2  -  By GRACE LEONG [SINGAPORE] Former Singapore Press Holdings (SPH) senior executive Peter Khoo Chong Meng, who is accused of stealing shopping vouchers and taking kickbacks, was charged yesterday with eight counts of corruption and two counts of criminal breach of trust. Khoo, 49,
      CHEW SENG KIM/THE STRAITS TIMES  -  408 words
    • Article, Illustration
      Lock icon S’pore debt deals hit record high as rates languish
      1001 3  -  But uncertainties in Europe may crimp otherwise robust pipelines By KENNETH LIM [SINGAPORE] Opportunistic capital raising and hungry investors about the region drove Singapore corporate debt issuance at a record pace in the first half of 2012 despite a slight slowdown
      Source: Thomson Reuters  -  1,001 words
    • Article
      Lock icon Hope rekindles for DBS’s Danamon bid
      486 3  -  BI may allow foreign majority ownership on financial strength By SIOW LI SEN [SINGAPORE] There is fresh optimism that DBS’s bid for Indonesia’s Bank Danamon might just get the nod, based on the latest signals sent out by Indonesia’s central bank. Bank Indonesia is
      486 words
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      89 2 SAVERS 2- WEEKEND MALACCA CRUISE Singapore Departure: Nov 3 Ports-of-call: Singapore, Malacca 3- BEST OF MALAYSIA CRUISE Singapore Departures: Oct 31, Nov 9,16,23,30, Dec 7,14,26 Ports-of-call; Singapore, Malacca, Penang 4- ISLES OF SOUTHEAST ASIA CRUISE Singapore Departures: Nov 05,19,26, Dec 3,10,17,21 29 Ports-of-call; Singapore, Kuala Lumpur (Port Klang), Phuket 5-
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      155 3 ®TOYOTA iW FIRST CLASS TRAVEL 1 SE 1 WM PH TRAVEL AT THE HEIGHT w OF YOUR EXPECTATIONS. i Indulge in a first class be treated to a $15,000 overtrade. The Alphard represents the epitome of luxury, a private sanctuary in which you’ll find only our most exquisite craftsmanship. Captain
      155 words
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  • COMPANY NEWS
    • Article, Illustration
      Lock icon Tuan Sing gunning for bigger presence in hotel market
      1146 4  -  It’s also eyeing property development in Singapore, China, Indonesia and Australia Reports by KALPANA RASHIWALA TUAN Sing Holdings which has a 50 per cent stake in two Australian hotels is looking to spread its wings in the hotel sector in Australia
      ARTHUR LEE  -  1,146 words
    • Article
      Lock icon Entrepreneurship is in the family gene
      625 4 TUAN Sing CEO William Liem draws knowledge about business and life from his parents. His father is Sjamsul Nursalim, also known as Liem Tek Siong and Lim Tek Siong, and his mother is Go Giak Lian. The couple are in their late 60s, semi-retired
      625 words
    • Article
      Lock icon SingTel regroups, moves into digital space
      593 5  -  It will continue with digital buys, look for new data pricing models By JOYCE HOOI SINGAPORE Telecommunications (SingTel) will continue making acquisitions in the digital market and continue looking for new data pricing models, it said in its latest annual report for the financial
      593 words
    • Article
      Lock icon Cosco looks more vulnerable than Yangzijiang
      824 5  -  HOCK LOCK SIEW By LYNN KAN WOES in Greece and the dry bulk shipping sector have simultaneously, and finally, washed up on the shores of Singapore-list-ed shipbuilder Yangzijiang. Last week, the Chinese yard acknowledged that two bulk carriers were cancelled by its buyer. Nasdaqlisted
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    • Article
      Lock icon K-Reit hits 9-month high on Ocean Prop move
      299 7 Bloomberg K-REIT Asia, the Singapore office landlord partly owned by Keppel Corp, climbed to the highest in more than nine months after saying it bought an additional stake in Ocean Properties. The stock rose 2.9 per cent to $1.055 at the close
      Bloomberg  -  299 words
    • Article
      Lock icon ING expands trade finance unit
      467 7  -  More back office operations may be moved to Singapore, say executives By SIOW LI SEN ING Bank is investing aggressively to expand its global transaction services (GTS) business and this could mean moving more of its back office operations to Singapore. A large part of
      467 words
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      94 4 RYE TOUR PLACE AMONG THE VERT BEST The top tables at the prestigious 7th Singapore Corporate Awards presentation and gala dinner, to be held on Tuesday, 17 July 2012 at The Ritz Carlton, Millenia Singapore, are now open for booking. Please call Christine Ang at *****119 or email angicc@sph.com.sg. Singapore
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      186 5 s Foreign Investment Law ■S Condominium Law ■S Legal Aspects •S Investment Update •S Foreign Exchange Opportunities Urban Redevelopment Telecommunication Shipyard/Ship Building Hotel Tourism Oil Gas Port Development Trade policy Property Development Investment 6 th Myanmar Business Conference 2012 Hear From Officials 16 17 July 2012, Orchard Hotel, Singapore Conference
      186 words
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  • SINGAPORE MARKETS
    • Article, Illustration
      Lock icon Europe woes still weigh on stocks
      567 6  -  ST Index ends 9.6 points lower on Europe markets’ weak opening, after positive showing at HK close STOCKS R SIVANITHY Senior Correspondent THE Straits Times Index’s (STI) movements yesterday were dependent on rises and falls in Hong Kong’s Hang Seng Index (HSI) until 4pm,
      Source: Bloomberg  -  567 words
    • Article
      Lock icon OTHER SINGAPORE INDICES
      66 6 Jun 26 VALUE CLOSE BT OB/OS 252.00 +59.00 BT CADI -*****.00 +26.00 BT 10-day MA -*****.00 +25.00 FTSE ST Mid Cap 664.85 +3.68 FTSE ST Small Cap 440.50 +3.24 FTSE ST All Share 682.43 -0.94 FTSE ST China Top 194.47 +0.95 FTSE ST China 218.07 +0.36 FTSE
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    • Article
      Lock icon MOST ACTIVE STOCKS
      55 6 VOLUME Maxi-Cash 80,890,000 GSH Corp 72,477,000 ChinaTaisan 64,574,000 Golden Agri 57,751,000 Noble Grp 51,553,000 Interra 43,445,000 Sky One 31,912,000 Lorenzo 31,305,000 Genting SP 30,363,000 Aussino 28,709,000 VALUE($) Noble Grp 56,899,407 SingTel 54,146,016 Genting SP 42,869,590 Maxi-Cash 37,519,405 Golden Agri 36,804,110 CapitaLand 36,542,045 SembMar 34,710,749 Sakari 32,891,850 DBS
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    • Article
      Lock icon SECURITIES TRADING SCOREBOARD
      186 6 MAIN CATL TOTAL Up Down Unch Up Down Unch Up Down Unch Multi Ind 3 7 5 0 0 0 3 7 5 Manufacturing 42 45 36 6 2 8 48 47 44 Commerce 17 17 13 3 4 4 20 21 17 Tpt/Stor/Comms 15 10 14
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    • Article, Illustration
      Lock icon BROKERS’ TAKE
      905 6  -  Compiled by LYNN KAN Hyflux June 26 close: S$1.315 DBS Group Research, June 26 HYFLUX is one of the seven pre-qualified groups to remain in the running for the independent water project (IWP) in Oman. Partnering with Hyflux are Mitsui Corporation and Al Tahir Group. We believe Hyflux
      Source: Bloomberg  -  905 words
    • Article
      Lock icon SECURITIES TRADING TURNOVER
      120 6 TURNOVER (‘000) VALUE (‘000) MAIN CATL TOTAL MAIN CATL TOTAL Multi Ind 26,122 26,122 50,522 50,522 Manufacturing 245,520 49,982 295,502 172,604 2,180 174,784 Commerce 227,720 3,691 231,411 123,873 340 124,212 Tpt/Stor/Comms 64,514 32,350 96,864 106,089 9,163 115,253 Finance 9,508 80,890 90,398 89,020 37,519 126,540 Construction 41,648 4,460
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    • Article
      Lock icon STRAITS TIMES INDEX STOCKS
      111 6 Stock name Close Change CapMallsAsia 1.490 +0.010 CapitaLand 2.650 +0.010 CapitaMall 1.840 +0.030 CityDev 10.560 ComfortDelGro 1.510 +0.010 DBS Grp 13.530 -0.120 F&N 6.700 -0.100 GLP 2.060 +0.020 Genting SP 1.410 -0.005 Golden Agri 0.640 +0.010 HK Land 5.570 +0.050 JMH 48.460 -0.180 JSH 29.850 -0.090
      111 words
    • Article, Illustration
      Lock icon Euro falls to 2-week lows; yen firm
      432 6 CURRENCIES Reuters [NEW YORK] The euro fell to twoweek lows against the US dollar and yen yesterday, as Spanish bond yields rose and hopes faded that a European summit would make progress in resolving the region’s debt crisis. But further losses ahead of
      Reuters; BLOOMBERG  -  432 words
    • Article
      Lock icon RISES
      111 6 BY CENTS CLOSE UP GLD 10US$ ***** 190.8 1.0 DBXT MSUSA 10US$ 3188 60.2 1.5 DBXT S&P Short 10US$ 3885 24.3 0.5 Hyflux 6% CPS 10 ***** 15.0 0.1 IS ASIA BND 100S$D 1299 11.0 0.9 DairyFarm 1050 10.3 0.8 Spore Land 552 10.0 1.8 OCBC Bk 4.5%NCPS 100
      111 words
    • Article
      Lock icon FALLS
      119 6 DAILY BY CENTS CLOSE DOWN DBXT Nifty 10US$ 9117 -221.6 -1.9 DBXT MSEurope 10US$ 3912 -138.3 -2.7 IS S&P500 ***** -73.0 -0.4 Jardine C&C 4331 -67.0 -1.5 JMH 4846 -23.1 -0.4 DBXT MSTaiwan 10US$ 1592 -19.2 -0.9 Lyxor China H 10US$ 1220 -19.2 -1.2 DBXT MSINDIA 10US$ 730 -15.4
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      Lock icon FTSE ST CATALIST INDEX
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      3687 7 KATS3 NOTICES Toll free 1800-289-8822 Email notices@sph.com.sg www.cats.com.sg/notices SINGAPORE AIRLINES LIMITED (Incorporated in the Republic of Singapore) Company Registration No. *****0078R NOTICE OF ANNUAL GENERAL MEETING Notice is hereby given that the Fortieth Annual General Meeting of Singapore Airlines Limited (“the Company”) will be held at the Marina Mandarin Ballroom,
      3,687 words
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  • SINGAPORE NEWS
    • Article
      Lock icon OCBC unit sees 10-20% fall in high-end home prices
      660 8  -  Low interest rates, higher liquidity to buoy mass-market, shoebox demand By MINDY TAN EVEN as the gap between high-end and mass market residential prices hits a nine-year low, high-end prices are forecast to fall between 10 and 20 per cent in
      660 words
    • Article, Illustration
      Lock icon NTU team develops poo-wer from the loo
      440 8  -  New toilet generates power and fertiliser from waste matter By GLENN CHOO SCIENTISTS at Nanyang Technological University (NTU) have invented a game-changing toilet system that will turn human waste into electricity and fertiliser, on top of reducing the amount of water needed for
      440 words
    • SINGAPORE ROUNDUP
      • Article
        Lock icon Parkway Pantai sets up scholarship fund
        101 8 PRIVATE healthcare group Parkway Pantai Limited (PPL) has set up a $2 million scholarship fund to provide financial assistance to needy medical undergraduates at the National University of Singapore’s Yong Loo Lin School of Medicine. The gift, coupled with a government matching grant, will
        101 words
      • Article
        Lock icon City Gas, Osaka Gas to explore joint venture
        103 8 CITY Gas Pte Ltd and Osaka Gas Co will explore the development of a joint venture to sell natural gas to industrial users in Singapore. The joint study involving technologists and professionals from Japan and Singapore is led by Osaka Gas president
        103 words
    • Article
      Lock icon Office capital values seen easing 5% this year
      570 8  -  Low interest rates, new strata supply buoy sales market By MINDY TAN OFFICE capital values could fall 5 per cent for the whole of 2012, according to Colliers International’s latest quarterly research report. The average capital values of Grade A office space
      570 words
    • Article
      Lock icon MDA to provide $20m to train media workers
      398 8  -  By VICTORIA HO FREELANCERS and fulltime media workers are about to benefit from a new training fund. Starting July 1, the Media Development Authority (MDA) is putting in $20 million towards training. $15 million of the funding is going under its “talent
      398 words
    • Article
      Lock icon Retirees worry about unforeseen expenses
      424 8  -  By NISHA RAMCHANDANI AFFLUENT Singaporean retirees are most concerned about being besieged with unexpected expenses, unlike their peers in Hong Kong, South Korea and Taiwan who ranked inflation their number one worry. The report by financial services provider Allianz Group polled the wealthiest 20 per
      424 words
    • Article
      Lock icon Pre-trial conference on July 19 for ex-CNB director
      441 8  -  By GRACE LEONG LAWYERS for former Central Narcotics Bureau (CNB) director Ng Boon Gay, who has been charged with corruption involving sex with a woman seeking business favours, yesterday asked for a pre-trial conference to work with the prosecution on the particulars
      441 words
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  • ECONOMY WATCH
    • Article, Illustration
      Lock icon Japan’s lower house approves bill to hike tax
      863 9  -  Vote a boost for PM but a snap poll is a possibility following revolt in his party By ANTHONY ROWLEY in Tokyo JAPAN’S lower house of Parliament yesterday passed a bill to double the nation’s consumption tax from 5 per cent to
      REUTERS  -  863 words
    • Article, Illustration
      Lock icon Recession-hit Italians vent anger on Equitalia tax agency
      652 9 AFP [ROME] Tempers are fraying at Italy’s tax offices, as higher bills and a government clampdown on evaders has driven recession-hit Italians to vent their anger on the country’s most hated institution. “There’s no end to it. Each day the noose tightens
      AFP; BLOOMBERG  -  652 words
    • Article
      Lock icon UK May deficit larger than expected
      399 9 £17.9b shortfall as spending rises 7.9% and income tax receipts fall 7.3% Bloomberg [LONDON] Britain had a larger budget deficit than economists forecast in May as the recession depressed tax receipts and government spending surged. The shortfall, which excludes government support for banks, was
      Bloomberg  -  399 words
    • Article
      Lock icon Germany must change ‘can’t do’ policy: Soros
      211 9 [LONDON] Germany must change its “can’t do” policy against immediately forging a consolidated European fiscal and banking union, or risk becoming “the centre of an empire” responsible for the eurozone’s collapse, US billionaire George Soros said yesterday. German Chancellor Angela Merkel has resisted
      211 words
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      71 9 < JERRY LUM Snr Marketing Director, MBA, CES CEA Licence no: R *****6 D HP: 8288 0098 View: jerrylum.myweb.sg R M THE ROYAL MAIL BEST ROASTS IN THE CBD Lunch. Dinner. Bar A taste of history at the Ascott, Finlayson Green. The Royal Mail Restaurant 0/ Bar serves up modern
      71 words
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  • MALAYSIA/INDONESIA
    • Article, Illustration
      Lock icon Public Bank puts outperform call on Felda Global
      468 10  -  It cites strong sales growth outlook, aggressive expansion plans By S JAYASANKARAN in Kuala Lumpur MALAYSIA’S third-largest lender tagged Felda Global Ventures Holdings, which is set to be listed tomorrow, with an “outperform” call in a research note yesterday. Public Investment, the
      AFP  -  468 words
    • Article
      Lock icon Layoffs at Indonesia mines could hit 3m
      206 10 Reuters [JAKARTA] Mining companies in Indonesia have laid off more than 200,000 workers since a government ruling in May halted exports of some minerals, and total dismissals could swell to more than three million, a leading union said yesterday, providing fresh evidence of
      Reuters  -  206 words
    • Article
      Lock icon Islamic mega bank hopefuls yet to meet KL’s full conditions
      465 10  -  By PAULINE NG in Kuala Lumpur SOME three years after it offered two Islamic mega bank licences, Malaysia’s central bank has indicated that applicants have yet to meet its full requirements. This underscores the difficulty in attracting a supercapitalised and
      465 words
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      46 10 You see more of your boss’s face than your wife’s. Maybe it’s time to look for a new job. At stjobs.sg your ideal job isn’t hard to find. The STMs App for iPhone and iPad is free and available for download on the App store. STJOBS
      46 words
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      181 11 A Straits Times Appreciates Readers Event Watch 4Minute concert and get FREE tickets to Universal Studios Singapore® Singapore Flyer July 15, Sunday, 6.30pm Gardens by the Bay $67 for The Straits Times readers (Usual price $75) Tanya Chua Enjoy a 3-hour concert with performances from international stars Tanya Chua, 4Minute,
      181 words
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  • GREATER CHINA/INDIA
    • Article
      Lock icon Moody’s keeps India credit outlook stable
      341 12 Bloomberg [NEW DELHI] India’s sovereign credit outlook was kept at stable by Moody’s Investors Service, which said a slowdown in growth and investment is likely to be temporary. “Certain recent negative trends such as lower growth, slowing investment and poor business sentiment are unlikely
      Bloomberg  -  341 words
    • Article, Illustration
      Lock icon China keen on free-trade pact with Mercosur bloc: Wen
      498 12 Region has common interests with China and great potential, says visiting PM AP [BUENOS AIRES] Chinese Premier Wen Jiabao said the Asian giant is interested in a possible free-trade deal with the Mercosur regional trade bloc. Mr Wen met Argentine President
      AP; AFP  -  498 words
    • Article
      Lock icon Sotheby’s property unit to enter China market
      380 12 It will focus on first-tier cities such as Beijing and Shanghai, says CEO Bloomberg [SHANGHAI] Sotheby’s International Realty Affiliates LLC, the real estate unit of the auction house, plans to start business in China’s luxury property market by the first half of next
      Bloomberg  -  380 words
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      840 12 IM. ri J«r U&A ERA Idyllic residential retreat Nestles amidst a landscape of remarkable greenery Extensive selection of F B, grocery outlets and prestigious schools Luxury living that not only excites the senses but also soothes the soul Welcome to discuss price with owner. I Riza Lee I ERA Division
      840 words
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  • WORLD
    • Article, Illustration
      Lock icon Insider trading probe clouds Nomura meet
      887 13 CEO Watanabe looks to have enough backing to survive calls for his ouster Reuters [TOKYO] Nomura Holdings CEO Kenichi Watanabe faces shareholders today with no clear answers as to how to resolve a damaging insider trading probe that is hitting business at Japan’s top
      Reuters; FILE PHOTO  -  887 words
    • Article, Illustration
      Lock icon Nissan CEO Carlos Ghosn Japan’s highest paid executive
      525 13 Reuters [YOKOHAMA, Japan] Carlos Ghosn, chief executive of Nissan Motor Co, told shareholders yesterday he was paid a salary and bonus of 987 million yen (S$15.9 million) for the past fiscal year, a package that makes him Japan’s highest paid executive. Mr
      Reuters  -  525 words
    • Article
      Lock icon Court rules out most of Arizona’s immigration law
      687 13 AP [WASHINGTON] The US Supreme Court has struck down key provisions of Arizona’s harsh crackdown on illegal immigrants, but it did little to finally settle the nation’s raging political dispute on immigration, a divisive issue on which President Barack Obama and Republican
      AP  -  687 words
    • Article
      Lock icon Recruit plans IPO to boost global sales
      448 13 Reuters [TOKYO] Recruit Co, Japan’s largest recruitment firm, said it was planning to list its shares within the next few years to help propel its global expansion, in what would likely rank among the biggest initial public offerings in Japan in recent memory.
      Reuters  -  448 words
    • Article, Illustration
      Lock icon Microsoft’s antitrust battle nears end with EU court’s ruling today
      750 14 It seeks to void 899m euro fine for failing to comply with antitrust order Bloomberg [BRUSSELS] Microsoft’s decade-long struggle against a European Union antitrust probe that led to more than 1.68 billion euros (S$2.7 billion) in fines will enter its
      Bloomberg; REUTERS  -  750 words
    • Article, Illustration
      Lock icon Microsoft buys business-only social network service Yammer
      537 14 NYT [NEW YORK] Plenty of people goof off at the office by checking their Facebook accounts. Now Microsoft is paying US$1.2 billion for a company that has made Facebook-style social networking just another tool for getting work done. The all-cash deal for Yammer,
      NYT; AP  -  537 words
    • Article
      Lock icon RBS Group counts the cost of week-long online failure
      389 14 AP [LONDON] A week-long online failure has led to offline trouble for British banking’s RBS Group, with hundreds of branches forced to open early and close late in a bid to placate customers unable to move funds over the Internet. Customers
      AP  -  389 words
    • Article
      Lock icon Myanmar faces major hurdles in its quest for change
      647 14 The most formidable pressure comes from a long-oppressed people impatient to see results Reuters [NAYPYITAW, Myanmar] The desks are mostly empty. Two computers idle in a corner. A young woman in a sarong leafs through a newspaper. Welcome to what should
      Reuters  -  647 words
    • Article, Illustration
      Lock icon Murdoch mulls splitting News Corp into two
      805 15 Sources say that one unit will focus on publishing, the other on entertainment Bloomberg [NEW YORK] Rupert Murdoch is considering splitting his News Corp media company into two, one focusing on publishing and the other on entertainment, according to two people familiar with
      Bloomberg; AP FILE PHOTO  -  805 words
    • Article
      Lock icon Hacking gangs steal US$78m from bank accounts in past year
      693 15 Reuters [SAN FRANCISCO] A new wave of automated hacking of online bank accounts might have stolen US$78 million in the past year from customers in Europe, Latin America and the United States, according to researchers who peered into the computers
      Reuters  -  693 words
    • Article
      Lock icon Credit Suisse may cut 33% of senior staff
      485 15 60 directors, MDs may go from European investment banking unit, say sources Reuters [LONDON] Swiss bank Credit Suisse plans to cut up to one-third of senior employees in its European investment banking department, three sources familiar with the matter said, as a
      Reuters  -  485 words
    • Article
      Lock icon Security token key broken in record time
      586 15 NYT [NEW YORK] For years, private companies and government agencies have given their employees a card or token that produces a constantly changing set of numbers. Those devices became the preferred method of securing confidential communications online. No one could have access to
      NYT  -  586 words
    • Article, Illustration
      Lock icon Moody’s downgrades Spain banks
      730 16 At least a dozen lenders were lowered to junk status on Monday Bloomberg AP [MADRID] Banco Santander and Banco Bilbao Vizcaya Argentaria, Spain’s largest lenders, were downgraded by Moody’s Investors Service because of the country’s sovereign debt and souring real estate loans. Worries about the country
      Bloomberg; AP; REUTERS  -  730 words
    • Article
      Lock icon Germany offers S’pore firms rich pickings
      480 16  -  By LEE U-WEN WHILE most of Europe continues to be overwhelmed by the severity of the region’s sovereign debt crisis, Germany remains an attractive destination for foreign investment and the door is open for more Singapore firms to expand there. So says Klaus Borig,
      480 words
    • Article
      Lock icon UK economic outlook has worsened: BOE
      287 16 Re uters [LONDON] Britain’s economic outlook has worsened markedly in the space of just six weeks due to the deepening eurozone crisis and signs that a global slowdown is taking root in the United States and emerging markets, the Bank of England (BOE) said
      Reuters  -  287 words
    • Article
      Lock icon Consumer confidence drops to five-month low in June
      597 16 LATEST US DATA Bloomberg [WASHINGTON] Confidence among US consumers declined in June to a five-month low as Americans became less sanguine about the outlook for the labour market and incomes. The Conference Board’s index dropped for a fourth straight month, to 62
      Bloomberg  -  597 words
    • Article, Illustration
      Lock icon Vivendi to appeal Liberty Media verdict
      464 16 Bloomberg [NEW YORK] Vivendi SA says it will appeal a US$956 million verdict in a lawsuit over its 2001 purchase from Liberty Media Corp of its stake in USA Networks Inc. A jury in Manhattan federal court on Monday agreed with Liberty Media’s claim,
      Bloomberg; BLOOMBERG FILE PHOTO  -  464 words
    • Article, Illustration
      Lock icon Economist named Greek finance minister
      372 16 New minister faces difficult juggling act Reuters [ATHENS] Respected economist Yannis Stournaras, who was part of a team that negotiated Greece’s entry to the euro, has been appointed as new finance minister, the government announced yesterday. Greece’s new conserva-tive-led government scrambled to make a quick
      Reuters  -  372 words
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      31 13 Hilton's Winemaker Series < r Wine Dinner* Thursday 5 July Winemaker Alessandro Mori presents Brunello di Montalcino 2007 rated 96 points by R.Parker. I riplp Level 24 Hilton Singapore Tel: 6730 3395
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      544 15 AT3 NOTICES Toll free 1800-289-8822 Email notices@sph.com.sg www.cats.com.sg/notices IN THE MATTER OF THE COMPANIES ACT, CAP. 50 AND IN THE MATTER OF CATHIN (SINGAPORE) PTE LTD COMPANY REGISTRATION NO. *****1029C (IN MEMBERS’ VOLUNTARY LIQUIDATION) NOTICE OF FINAL MEETING NOTICE IS HEREBY GIVEN pursuant to Section 308(1) of the Companies Act,
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  • Transport HUB
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      Lock icon Gibraltar marks time
      942 17  -  Uncertainty over future of biggest components of its maritime economy cruising and bunkering STRAIT TALK By DAVID HUGHES THIS week’s column was written in the Mediterranean on board the P&O Cruises ship, the Azura. It has been some time since The Business Times carried a Gibraltar supplement
      942 words
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      Lock icon Floating oil storage seen resurfacing
      708 17 Traders may hoard crude in tankers if prices keep falling Reuters [LONDON] Speculators could soon be hoarding crude oil in supertankers off the coast of Britain and other European countries if prompt oil prices keep falling, shipping and oil industry executives say. A glut of
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      Lock icon Cargotec may delay SGX listing of marine unit
      356 17 Bloomberg [HELSINKI] Cargotec Oyj, the world’s biggest maker of container-lifting gear, may put off listing its marine unit on the Singapore Exchange (SGX) amid a decline in the global shipping market, according to the company’s chief executive. “The single biggest thing that
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    • Article
      Lock icon India allows state refiners to buy oil from Iran
      554 17 Reuters [NEW DELHI] India has allowed state refiners to import Iranian oil, with Teheran arranging shipping and insurance, from July 1, keeping purchases of over 200,000 barrels per day (bpd) flowing after European sanctions hit insurance for the cargoes, government and
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    • Article
      Lock icon TRANSPORT STOCKS
      255 17 SGX '000 Jun 26 S$ +/-Vol CH Offshore 0.41 unch 88 Chuan Hup Hldg 0.22 unch 35 Cosco Corp 0.98 unch 2827 S$ Ezra Hldgs 1.04 0.02 3081 First Ship Lea 0.18 0.01 312 Freight Links 0.07 unch 9072 Grand Banks 0.20 0.03 1 Jaya Hold Ltd 0.57
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    • TRANSPORT HUB: AVIATION
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        Lock icon Aviation sector pushes UK govt for direction
        385 18 Long-term policies to address capacity issues at main airports are needed Reuters [LONDON] Britain’s aviation industry said that the government needs to come up with a clear, long-term policy to address capacity issues at its main airports, or face the prospect of falling
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        Lock icon Policemen killed at Mexico City airport
        565 18 3 anti-drug cops shot dead by men in police uniforms AP [MEXICO CITY] Men wearing what appeared to be police uniforms opened fire in a food court at Mexico City’s international airport on Monday, killing three federal policemen on an an-ti-drug mission as panicked
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        Lock icon Haggling over need for more airline safety rules
        989 18 Bloomberg [WASHINGTON] More than a decade has passed since the last major-airline accident on US soil. That’s great news for aviation companies and their passengers and a complication for rule makers trying to improve flight safety. The benefits of aviation rules are
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        Lock icon B/E Aerospace to buy Interturbine
        167 18 Reuters [BANGALORE] B/E Aerospace Inc, the world’s biggest maker of aircraft interiors, will buy Germany’s Interturbine group of companies for about 200 million euros (S$320 million), adding to its business that supplies consumables to airlines. Privately owned Interturbine supplies chemicals, lubricants and hydraulic fluids and
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        Lock icon Install new oxygen devices in airline bathrooms: FAA
        223 18 Bloomberg [WASHINGTON] Airlines must put redesigned oxygen systems back in aircraft lavatories, one year after they were ordered removed on concerns they could be used by terrorists as weapons, the US Federal Aviation Administration (FAA) said. Airlines have 37 months to install
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    • TRANSPORT HUB: LAND
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        Lock icon Upgraded C180 may impact Cat A COE
        689 19  -  Supercharged 1.6-litre sedan set to lift small car COE premium further By SAMUEL EE AN upgrade of the entry-lev-el Mercedes-Benz C-Class may make the compact luxury sedan even more popular and push up the small car COE premium further. The Mercedes-Benz C180 Kompressor
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        Lock icon Mini to enter commercial vehicle segment
        444 19  -  Clubvan to arrive when Cat C COE has hit historic high By SAMUEL EE WHEN it comes to new territory, it looks like COE Category A isn’t the only segment that luxury makes are entering. Mini plans to park itself in Category C for
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      • Article
        Lock icon Nissan needs to conserve cash: Ghosn
        369 19 AP [YOKOHAMA] Nissan chief executive Carlos Ghosn said yesterday the automaker needs to conserve cash despite its quick recovery from a year of disasters as the global economic outlook is highly uncertain. Mr Ghosn told the company’s annual shareholders meeting that Nissan Motor Co
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        Lock icon US auto sales growth seen slowing
        291 19 Bloomberg [SOUTHFIELD, Michigan] US auto sales growth may slow through at least 2016 as high unemployment lingers and young people drive less, according to a report by AlixPartners LLP. Car sales may rise 12 per cent to 14.3 million this year and 3.5 per
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      25 18 Guangzhou's plan to become a global financial hub in 10 years faces many challenges? faces many challenges? To subscribe, call 6388-3838 or go to sphsubscription.com.sg
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  • Page 18 Miscellaneous
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      331 18 CRYPTIC CROSSWORD Across 1 Against orders being given to achieve results (12) 9 Capital city a short distance to the west (4) 10 Set of rules which may mean men are ‘tied’? (5,4) 12 Compel old boy to be deceitful? There’s little good in that(6) 13 Sea creature has first
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      1509 19 Toll free 1800-289-8822 Email notices@sph.com.sg www.cats.com.sg/notices AZEUS SYSTEMS HOLDINGS LTD. (Incorporated in Bermuda on 10 May 2004) (Registration Number: *****) NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN that the Annual General Meeting of the Company will be held on Wednesday, 11 July 2012 at 10 a.m. at Amber
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  • EDITORIAL & OPINION
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      Lock icon Is India heading for a stagflation trap?
      501 20 EDITORIAL AFTER a series of downgrades in recent months, the Indian government enjoyed a bit of a breather when credit rating agency Moody’s announced that it will retain its “stable” rating outlook for the country. But the relief may be short-lived. The latest
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      Lock icon Beijing wants to keep its people in state of ignorance
      773 20  -  THE BOTTOM LINE FRANK CHING The writer is a Hong Kong-based journalist and commentator. Follow him on Twitter: @FrankChing1 FIVE months ago, Beijing’s Environmental Protection Bureau, spurred on by data released by the American embassy, adopted tightened standards and began
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      Lock icon Window of opportunity opens for Afghanistan
      885 20  -  New Delhi summit a test of international commitment to the country’s economic future By SHANTHIE MARIET D’SOUZA The writer is a research fellow at the Institute of South Asian Studies, an autonomous institute at the National University of Singapore. The views expressed are her
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      Lock icon Time to consolidate FTAs
      1007 21  -  If China, Japan, Korea intend to show support, they should conclude talks By PRADUMNA B RANA The writer is associate professor in international political economy at the S. Rajaratnam School of International Studies (RSIS), Nanyang Technological University, and coordina tor of economic multilateralism and regionalism studies
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      806 21  -  By THEMIN SUWARDY The writer is associate professor of accounting practice, associate dean, SMU School of Accountancy, and deputy president Singapore, CPA Australia. This article is based on CPA Australia’s publication ‘10 Questions to Ask Before Joining a Board’ IN MAY this year,
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    • LETTERS TO THE EDITOR
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        Lock icon Imprudent to allow F1 to be listed in Singapore
        437 21 I REFER to the report “F1 boss: Bribe case won’t hit IPO” (BT, June 23-34), in which Bernie Ecclestone, chief executive officer of Formula One, has admitted that he bribed Gerhard Gribkowsky, former chief risk officer of German bank Bayerische Landesbank.
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        Lock icon NTUC Income chooses to honour intent of policies
        568 21 THE article “Does your health insurance policy really cover you?” by Lorna Tan (BT, June 23) raises the issue of how policyholders are unaware of the potential disadvantages of switching medical plans. Crucially, it addresses the issue of fairness to the customer.
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      122 21 HAVE YOUR SAY Fax your letters to 6319-8277 or email them to btletter@sph.com.sg or write to: The Business Times, SPH HQ, 1000 Toa Payoh North, Podium Level 3, Singapore *****4. We need your full name, address and telephone number for verification. Please use temperate language, and bear in mind libel
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  • SINGAPORE STOCKS
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      Lock icon SGX MAINBOARD
      2664 22 Transaction date: Jun 26 52-wks Last Vol Day Last Quote Div Gr Yld Net M Cap High Low Company Sale +/-(‘000) High Low Buyer Seller C’vr P/E $mil Company Last Sale Vol Day Last Quote ('000) High Low Buyer Seller 123 92.5 AIMSAMPIReit 120 unch 150 120.5 120
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      164 23 52-wks Last Vol Day Last Quote Div Gr Yld Net M Cap High Low Company Sale +/-(‘000) High Low Buyer Seller C’vr P/E $mil Company Last Sale Vol (’000) Day High Last Quote Low Buyer Seller Div Gr Yld C’vr Net P/E M Cap Smil 4.7 3.1 6.8
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      Lock icon UNIT TRUSTS & FUNDS
      8331 23 UNIT TRUSTS FUNDS UNIT TRUSTS APS Asset Mgt Pte Ltd APS Alpha FundCI A!** AXA Wealth Mgt S'pore Pte Ltd APS Alpha Fund (USD)!** Aberdeen Asset Mgt Asia Limited AXA Wealth Mgt S'pore Pte Ltd Aberdeen Asset Mgt Asia Limited American Opp Asian Local Ccy SD Bond 0.6418/ 1.003?/ EM
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      Lock icon GLOBALQUOTE
      200 23 52-Wk Last Vol Day Last Quote Div GrYld Net MCap High Low Company Sale +/-(’000) High Low Buyer Seller C’vr P/E $mil 49.5 28.5 AVJennings A29.5 -0.5 10 29.5 29.5 29 32.5 3.6 11.9 2.4 76.8 46 25.5 Genting HK US$ US31.5 -0.5 4789 32 31 31 31.5 2074.1
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      Lock icon SGX ETF
      945 23 52-Wk Last Vol Day Last Quote Div GrYld Net MCap High Low Company Sale +/-(’000) High Low Buyer Seller C’vr P/E $mil 130 113 ABF SG Bond ETF 119 37 119 119 118 122 543.2 122.4 122.2 CIMB APAC Div 100S$D 122.2 121.7 122.2 103 95.8 CIMB APAC
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  • FINANCE & COMMODITIES
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      Lock icon SGX FUTURES
      623 24 Jun 26 OPEN HIGH LOW SETT VOL OP/INT NIKKEI 225 INDEX FUTURES SPOT 8671.61 8712.68 8619.36 Sep12 8700.00 8715.00 8610.00 8695.00 ***** *****4 Dec12 8565.00 8600.00 8565.00 8630.00 5 6555 MSCI TAIWAN INDEX FUTURES SPOT 254.06 254.26 252.85 Jun12 253.60 254.20 251.40 253.10 ***** *****6 Jul12 246.00 246.40
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      Lock icon SMX MARKET UPDATE
      118 24 As on 25 June 2012 www.smx.com.sg PRODUCT CONTRACT HIGH LOW CLOSE VOL (in Lots) PRECIOUS METAL INDIA GOLD (E-GOLD) FUT AUG2012 526.15 520.00 527.05 904 CURRENCY EUR-USD FUT SEP2012 1.2552 1.2483 1.2512 2342 BASE METAL COPPER FUT JUL2012 7342 7237 7309 4037 INDEX IRON ORE (MBIO) IDX
      118 words
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      Lock icon CHICAGO BOT
      107 24 Jun 25 SOYBEANS (5,000 bu min; US cents/60 lb bushels) Close Previous High/Low Jul 12 1482.50 1442.50 1491.25 1458.50 Aug 12 1467.00 1426.00 1479.00 1442.50 Sep 12 1440.00 1394.25 1449.00 1408.25 Nov 12 1425.50 1375.50 1437.00 1398.50 SOYBEAN/OIL (60,000 lbs; US cent/lb) Close Previous High/Low Jul 12 51.27
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    • Article
      Lock icon CRUDE OIL & PRODUCTS
      70 24 CRUDE OIL PRODUCTS Jun 25 CRUDE (FOB origin) US$/barrel Close Change Brent blend (1-Mth F) 90.04 -0.45 WTI (Near Mth) 79.37 -0.58 Dubai (1-Mth F) 88.52 0.13 Tapis blend 93.45 -0.30 Minas 94.95 -0.60 PRODUCT US$/barrel (FOB S'pore) Close Change Naphtha 76.28 1.00 Jet Kerosene 106.21 -0.16 US$/barrel OpecOil Basket
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      Lock icon US$/S$ FORWARD RATES
      22 24 Jun 26 S$ Bid Offer 1-month 1.2808 1.2809 2-months 1.2808 1.2809 3-months 1.2806 1.2807 6-months 1.2795 1.2797 Source: OCBC
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      Lock icon LONDON METALS
      66 24 Jun 25 Jun 25 Aluminium, 99.7% purity(US$/tonne) Close Previous Cash 1826.50 1824.75 3 months 1865.00 1962.00 Copper, Grade A(US$/tonne) Cash 7345.75 7317.00 3 months 7335.50 7310.00 Lead(US$/tonne) Cash 1770.00 1798.50 3 months 1788.00 1816.00 Nickel (US$/tonne) Cash *****.00 *****.00 3 months *****.00 *****.00 Tin(US$/tonne) Cash *****.00 *****.00 3
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      Lock icon MORGAN STANLEY CAPITAL INTERNATIONAL INDICES
      373 24 In local curr In S$ In US$ dy yr dy yr dy yr Jun 25 Index Change Change Change Change Change Change World Preliminary 841.1 -1.5 1.4 -1.0 -0.6 -1.6 0.4 EAFE Preliminary 673.4 -1.3 -1.3 -0.7 -4.5 -1.3 -3.6 Europe Preliminary 996.9 -1.6 -2.9
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      Lock icon LIFFE
      80 24 Jun 25 COCOA (£/tonne) Close Prev High/Low Jul 12 1488 1501 1504/1486 Sep 12 1470 1475 1477/1468 Dec 12 1443 1445 1450/1441 Mar 13 1427 1427 1430/1422 COFFEE(US$/tonne) Close Prev High/Low Jul 12 2012 2016 2019/1990 Sep 12 2030 2032 2036/2005 Nov 12 2029 2033 2035/2009 Jan 13 2014
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      Lock icon BONDS, WARRANTS & EXTENDED SETTLEMENT
      1302 24 BONDS, WARRANTS EXTENDED SETTLEMENT Prem Expiry Vol Conv Exer Disc Gear-Mths Company Last Sale +or-('000) Ratio Price ing Left Asia-Pacific Strategic W*****6 4 1 146 369 8.00 23 Conv Ratio Baker Technology Ltd W*****6 0.6 1 32 14 47.50 5 BakerTech W*****5 4.8 unch 229 1 27 12 5.94 36
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      Lock icon INTERBANK CROSS RATES
      470 24 Jun 26 A$ C$ Rmb Euro HK$ Ind Rs Rupiah Yen Won RM NZ$ Pak Rs Peso S$ Rand Sfr NT$ Baht Pound US$ Australia 1.032 6.393 0.803 7.795 57.296 95.275 0.799 11.634 3.209 1.269 94.914 42.687 1.287 8.502 0.964 30.105 31.961 0.644 1.005 Canada 0.969 6.197
      470 words
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      Lock icon SIBOR
      54 24 Jun 26 (US$) (S$) 1 mth 0.***** 0.***** 2 mths 0.***** 0.***** 3 mths 0.***** 0.***** 6 mths 0.***** 0.***** 9 mths 0.***** 0.***** 12 mths 1.***** 0.***** SWAP Offer rates (S$) 3 mths 0.***** 0.***** 0.***** SWAP Mid rates (S$) 0.***** SWAP Mid rates (S$) 1 yr 0.*****
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      Lock icon PRECIOUS METALS
      136 24 Jun 26 GOLD(US$/oz) Jun 25 Jun 26 Hong Kong 1577.00 1592.00 Jun 26 Jun 22 Jun 25 London 1561.50 1571.30 1562.30 1572.10 Source: Thomson Reuters CAST BAR Jun 26 (S$) Selling Buying Kilobar ***** ***** PAMP GOLD BARS (S$) Selling Buying 1gm 157 65 5gm 445 326 10gm
      136 words
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      Lock icon GOVERNMENT SECURITIES
      86 24 Jun 26 TREASURY BILLS Period Issue Maturity Yesterday's Day's code Bid High Low 3-Month BQ*****V 27-Sep-12 0.28 0.24 0.24 1-Year BY*****T 02-May-13 0.27 GOVERNMENT BONDS Period Issue Coupon Maturity Close Day's code rate Bid High Low 2-Year N*****0H 0.25 01-Feb-14 100.14 5-Year N*****0Z 2.375 01-Apr-17 108.99 109.15 109.10
      86 words
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      Lock icon PALM OIL
      57 24 Jun 26 KLCE PALM FUTURES (RM/MT) Delivery Opening Sett Av Vol Open Month Range Price Price High Low Done Position Jul 12 3001.0 3003.00 3016.0 2985.0 263 3105 Aug 12 3018.0 3018.00 3025.0 3003.0 873 ***** Sep 12 3019.0 3030.00 3036.0 3010.0 ***** ***** Oct 12 3031.0 3035.00
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    • Article
      Lock icon INTERBANK CURRENCY RATES
      154 24 Jun 26 Against S$ Against US$ Currencies Bid Offer Bid Offer S$/US$ to one unit of foreign currency: Australian dollar 1.2867 1.2872 1.0046 1.0049 Canadian dollar 1.2472 1.2477 0.9741 0.9738 Euro 1.6029 1.6032 1.2515 1.2516 NZ dollar 1.0140 1.0146 0.7917 0.7921 Sterling pound 1.9996 2.0001 1.5612 1.5615
      154 words
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      Lock icon FOREIGN CURRENCY NOTE RATES
      121 24 As at 9am Jun 26 Singapore dollars to one unit of foreign currency: Currencies Sell Buy Aust dollar 1.313 1.251 Can dollar 1.273 1.213 Euro 1.640 1.562 Sterling pound 2.032 1.954 NZ dollar 1.038 0.989 US dollar 1.300 1.250 Local dollars to 100 units of foreign
      121 words
    • Article
      Lock icon INTERBANK RATES
      154 24 Jun 26 $S Offer Bid 0vernight 0.01 par 1-month 3/8 1/4 2-months 3/8 1/4 3-months 3/8 1/4 Overnight mode: 0.03 US$ Offer Bid 7 days 0.30 0.15 1 month 0.40 0.20 2 months 0.45 0.25 3 months 0.55 0.35 6 months 0.85 0.65 9 months 1.00 0.80 12
      154 words
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    3507 25 n BALISA SHIPPING TRADING PTE LTD 8 Shenton Way, #40-03A, Singapore *****1 Tel: 6345 5700 Fax: 6345 5227 Email: singapore@balisagp.com UEN NO. *****3249E UK CONTINENT SERVICE U.S.A. SERVICE UK CONTINENT SERVICE Destination STXPO TBN Antwerp/UK *Loads Singapore, E./W. Malaysia, Indonesia MIDDLE-EAST SERVICE Destination STXPO TBN
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      37 25 Experienced sh,"p maintenance services wanted. i'nil Shipping Times? I FREIGHT FORWARDER urgently needed by shippers TO ADVERTISE, CALL JOE WONG AT 9620 Can they find your services here in the Shipping Times? The Business Times Shipping Times
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      127 26 TO ADVERTISE IN .The Business Times Shipping Times CALL JOE WONG I FREIGHT FORWARDER urgently needed by shippers i Can they find your services here in the Shipping Times? The Business Times TO ADVERTISE, CALL JOE WO IMG AT 9620 1327 I ll_ UUJINLJJ I 11 V II > Shipping
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      26 27 SINGAPORE'S HOTTEST HITS -v ;:> 7 •v' i. M H 71 I: M ii Vi "•"VHEAR JUSTIN BIBBER'S HOTTEST HITS ON 31.3FM f913FM| WgfWMMjj ///I WmBm tMMiiirtXl
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      53 27 rr? One Afternoon. I HAVE GOT A WHOLE STACK OF MATERIALS FOR MY STOCK ANALYSIS OF '7 Caution Bggwr Smei r gsg: I YOU SHOULD SWITCH TO USING I ONLINE RESOURCES INSTEAD "i V. SHARElNVESTOR.com YOUR ONE-STOP FINANCIAL PORTAL FOR ALL YOUR INVESTMENT NEEDS. Visit ShareInvestor.com now FOR A 18
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  • executive Money
    • Article, Illustration
      Lock icon Not a pretty picture, but let’s keep the faith
      977 28  -  Current slowdown could be an opportunity to pick, choose stocks to buy, and enter market in a measured manner, reports HAREN SHAH reportsHAREN reportsHAREN SHAH The writer is Citi Private Bank’s senior investment strategist for Asia Pacific Disclaimer Opinions expressed herein
      Source: CEIC, Datastream, Citi Investment Research and Analysis. As of June 8,; Source: MSCI, Citi Investment Research and Analysis. As of June 8, 2012  -  977 words
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      Lock icon Some Asia hedge funds ditch short-selling as investors pull out
      1217 28  -  Move from traditional structure to long only investing is part of growing industry shakeout, says NISH ANT KUMAR NISHANT KUMAR Reuters [HONG KONG] Some of Asia’s oldest hedge funds are ditching short-selling as investors pull out of the strategy on
      Reuters; AP  -  1,217 words
    • EXECUTIVE MONEY
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        Lock icon Bonds at strongest in 10 years
        1622 27  -  Returns on pace for an annualised 6.1% will be the best since soaring 8.9% in 2002, reports SRIDHAR NATARAJAN reportsSRIDHAR SRIDHAR NATARAJAN [NEW YORK] ETURNS in the global bond market are exceeding gains in the first six months of 2011 and heading for the
        AFP  -  1,622 words
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      26 1 WealthJune 2012 MAXIMISING YIELDS THIS EDITION HIGHLIGHTS THE MERITS OF INVESTING WISELY FOR INCOME PLUS ADDING PROPERTY TO PORTFOLIOS CAUTION IS KEY FOR STRATA INDUSTRIAL INVESTORS
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      163 3 sky FOR YOUR EXCLUSIVE ENJOYMENT, THE FINEST VIEWS OF ORCHARD ROAD. i n e orchardboulevard From tranquil greenery to lively views of Orchard Road, enjoy the best of both worlds at Skyline Orchard Boulevard. With every exquisite residence crafted precisely to your requirements, create a world that makes your vision
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      127 4 contents Roundtable: Strategies in uncertain times Our panel takes a cautious stance, preferring to focus on high-yielding securities 10 June 2012 14 Equity income Stocks offering dividend yield and earnings growth potential may be alternatives to traditional income investing 16 G3 versus emerging markets Well-diversified investors may consider sovereign bonds
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      61 5 CreditSuisse i S .40 ’f J It y V t v-= Vw I 4 r 4.. I > r r y > > J r 4 m r r V t\ v .y 9 < r 11 i I i iw f 4 /y V > v BAIDU’S INTERNET SEARCH
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      153 6 CONTENTS June 2012 26 Mapping an FX trading strategy Understanding key risks, discipline and staying nimble are key to successful forex trading 28 Going strong Reits are doing well in Singapore, outperforming the benchmark Straits Times Index 30 Parting the curtain With more sharing of information with tax authorities, private
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      42 7 WHEN THE EXCEPTIONAL DEMAND THE EXCEPTIONAL, THEY COME TO COUTTS. For over 300 years, Coutts has been the bank of choice for exceptional people with an unrivalled reputation for managing their unique financial requirements. www.coutts.com m. INVESTMENT MANAGEMENT WEALTH PLANNING PRIVATE BANKING
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  • THE BUSINEŚ TIMES Wealth
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      Lock icon Editor’s note
      685 8  -  By Genevieve Cua S this edition ofWealth goes to press, markets are shaken by poorer than expected economic data and the growing uncertainty over whether Greece would exit the eurozone. Investors whipsawed by market gyrations in recent months cannot be blamed for wanting to take refuge in cash.
      iSTOCKPHOTO; COVER iSTOCKPHOTO Maximising Yields  -  685 words
    • ROUNDTABLE
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        Lock icon STRATEGIES in uncertain times
        2458 11 OUR PANEL TAKES ACAUTIOUS STANCE, PREFERRING TO FOCUS ON HIGH YIELDING SECURITIES Markets are roiled anew by political uncertainties in Europe which are taking centrestage and causing an outflow of funds from Asia. In this volatile environment the appetite for income-yielding investments is high. Here’s how
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    • INVESTMENT STRATEGY
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        Lock icon EQUITY INCOME
        1008 14  -  STOCKS OFFERING DIVIDENDYIELD AND EARNINGS GROWTH POTENTIAL MAY BE ALTERNATIVES TO TRADITIONAL INCOME INVESTING By JOSHUA CRABB Joshua Crabb is Director and Portfolio Manager, BlackRock Asia Pacific Equity Income Fund NVESTORS continue to be starved of income around the world as central banks’ actions have forced down the
        Source: UBS; Source: Citibank; iSTOCKPHOTO PHOTO:  -  1,008 words
    • SOVEREIGN BONDS
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        Lock icon G3 VERSUS EMERGING MARKETS
        1156 16  -  WELL-DIVERSIFIED INVESTORS MAY CONSIDER SOVEREIGN BONDS FOR YIELD, ESPECIALLY EMERGING MARKET ISSUES By MANPREET GILL Manpreet Gill is Senior Investment Strategist, Group Wealth Management, Standard Chartered Bank G OVERNMENT bond markets have always occupied a special place in the investment universe. Conservative investors use them extensively
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    • ASIAN MARKETS
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        Lock icon GREEK DRAMA CASTS PALL OVER ASIA
        1238 18  -  MARKET WEAKNESS OFFERS OPPORTUNITIES TO PiCKUPHIGH-YIELD STOCKS, QUALITY BONDS By Kelvin Tay Kelvin Tay is Regional CIO, Southern APAC, UBS Wealth Management HE Asian capital markets are likely to trade in the shadow of the Greek drama that is unfolding on the European stage.
        ILIO WIG UD L USTRATION: ILL  -  1,238 words
    • PERPETUAL BONDS
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        1255 20  -  KEY CONSIDERATIONS FOR PERPETUAL BOND INVESTORS INCLUDE LIQUIDITYAND ISSUE SIZE By CHEW SOON GEK, NEEL GOPALAKRISHNAN Chew Soon Gek is Head of Strategy and Economic Research, Credit Suisse Private Banking and Neel Gopalakrishnan is Vice-President, Credit Suisse Private Banking S INCE the issue of the first Singapore dollar perpetual
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        953 22  -  GOLD WILL APPRECIATE AGAIN AS THE FUNDAMENTALS THAT DROVE IT HIGHER IN RECENT YEARS STAY IN PLACE By DAVID DONORA David Donora is Head of Commodities, Threadneedle Investments ESPITE a strong start to the year, the price of gold has fallen quite sharply in recent weeks. Yet
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        1213 24  -  SENSIBLE CREDIT PLANNING IS ESSENTIAL TO STRATEGIC WEALTH MANAGEMENT By PETER FLAVEL Peter Flavel is CEO of the high-net-worth business of JP Morgan Private Bank Asia NTEREST rates are at historic lows and with ever-increasing inflation concerns, we see clients holding cash “for safety” but with negative
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        1203 26  -  UNDERSTANDING RISKS, DISCIPLINE AND STAYING NIMBLE ARE KEY TO SUCCESSFUL FOREX TRADING By JUN YI GOH Jun Yi Goh is Head of Sales and Education (Singapore), CMC Markets Singapore OREIGN exchange (also known as FX, forex or currency trading) is the simultaneous buying of one
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        1463 28  -  REITS ARE DOING WELL IN SINGAPORE, OUTPERFORMING THE BENCHMARK STRAITS TIMES INDEX By CARMEN LEE Carmen Lee is Head of OCBC Investment Research and a member of the OCBC Wealth Panel N the past decade, real estate investment trusts (Reits) have become a core portfolio holding for most
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        1162 30  -  WITH MORE SHARING OF INFORMATION WITH TAX AUTHORITIES, PRIVATE BANKING MAY BE LESS PRIVATE IN FUTURE By MICHAEL BREVETTA, MARK JANSEN Mark Jansen is a Partner at PricewaterhouseCoopers LLP (PwC) in Singapore. He is PwC’s Asia-Pacific FATCA lead. Michael Brevetta is an Associate Director at PricewaterhouseCoopers Services
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        1197 32  -  GREATER FINANCIAL SOPHISTICATION WILL DRIVE THE FUTURE OF FAMILYOFFICES IN ASIA By OLIVER Gougeon Olivier Gougeon is Regional CEO, Societe Generale Private Banking (Asia Pacific) A ACCORDING to “Global Wealth and Family Ties”, a fresh report from Societe Generale Private Banking and Forbes Insights, nearly
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        1732 34  -  INVESTORS WITH A LONG-TERM VIEW CAN ACHIEVE DIVERSIFICATION BY ADDING PROPERTY TO THEIR PORTFOLIOS By WILSON AW Wilson Aw is Head of UOB Private Banking LOW interest rate environment, teamed with persistent high inflation and increased market volatility is the potent combination which has rocked the capital markets
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      135 9 A BANK Imagine a bank where your interests really do come first. Imagine a bank without risky sovereign debt or toxic assets on its balance sheet. Imagine a bank whose owners have personal liability for its actions. Imagine a bank that’s been looking forward for seven generations. Imagine a bank
      135 words
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      280 13 Maggie Tsui Deputy Head of Investment Services Asia BNP Paribas Wealth Management Looking to manage your own wealth by pulling the right levers? Look no further lir ■f i r t L =2 Si \T 'X'TT miMmiT TAINTED Managing your own portfolio is empowering yet challenging at times. Therefore, it's
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      202 15 Until coach Wu Bin helped Jet Li become a martial arts icon, he would not rest. (Beijing, 1982.) r.n i I R U. i rV^VI 4. vl'II V. What can your client advisor learn about motivation from the man who trained Jet Li? Before the adoring fans and critical acclaim.
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      78 17 My name: John My business: Manufacturing My passion: Classical Music My dream: To continue my family tradition My private bank: Julius Baer, because caring for future generations is their tradition, too www.juliusbaer.asia Julius Baer, the leading Swiss private banking group, was founded in 1890 and today is present in over
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      49 19 91V, E IG] MARKETS Ho *ct 0 High-volume FX traders enjoy automatic rebates every month with IG IH|lS Dl DIFFERENT FIND OUT WHY IGAAARKETS.COM.SG CFD trading can result in losses that exceed your initial deposit IG Markets (ACRA No. *****&21X) is licensed by the MAS and International Enterprise Singapore
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      478 21 AWARDED FOR EXCELLENCE. RENOWNED FOR persistence. “THE DOORS OF WISDOM ARE NEVER SHUT.” BENJAMIN FRANKLIN With over 60 years of experience and offices in more than 30 countries, Franklin Templeton has built an enviable track record that has stood the test of time. We believe in thinking globally and acting
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      96 23 Deutsche Bank Private Wealth Management V L it i N. Worldwide strength has never been this personal. Best Global Bank Euromoney Awards for Excellence 2011 Best Private BankUltra High Net Worth Individuals Services Asian Private Banker Awards for Distinction 2011 'pevfovm. m For more information: pwm.db.com. This advertisement has been
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      159 25 ■w i sum m •'V f t' f 4 >, z~r* -ft* ■7 <■ *3' K< vtY W A*" a/ii/ii’ i i.v- s; *S i 7W V V'. V *r. ->c zy/SE^ v; *;> -V; r,^vr. f ]f'/ ,,v y y mJxvS j --xVi v'W#.- -v -ft;-1 r v ~r
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      596 27 p PRIVILEGE BANKING f.AA m a Sri m/i ,7// t/ '*r •a a* t n ar y s./ THERE’S MORE TO WEALTH THAN MONEY ALONE When it comes to Privilege Banking, we understand that the measure of true wealth goes beyond mere numbers. It’s a world where your dreams are
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      258 29 WEALTH MANAGEMENT AIA PLATINUM GENERATIONS > Provide your family with financial security for generations to come Guaranteed regular cash payouts plus long-term growth potential You have worked hard to achieve the success that life has brought you. You deserve to enjoy it and perhaps you want to share it too.
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      90 33 PORTCULLIS TRUSTNET ASIA’S BIGGEST INDEPENDENT GROUP OF TRUST COMPANIES provLdLiAyC) Mucltl FAMLY OFFICE 3erv/Lc-es Seychelles Mauritius Cayman Islands BEIJIf Tianji Shangi HANGZh Taiwan ng H AI HOU GUANGZHOU HOng Kong Malaysia Labuan Samoa c OOK iLANDS Singapore HEAD OFFICE w Zealand NE T R U S T N E T
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      103 39 BANKOFSINGAPORE International Private Banking Voted Outstanding Private Bank Asia Pacific 2011 by Private Banker International Even after you've come this far, some things never change. Tf 1 s Like you, we believe in the timeless value of hard work. That's why Bank of Singapore is dedicated to building on your
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      180 40 NET CAINS. WEALTH. WHAT’S IT TO YOU? It’s important your gains should become your family’s inheritance, and at Barclays we aim to help you achieve this. We offer investment management and wealth planning to help create a better future for you and your family. With our high levels of personal
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