The Business Times, 7 November 2012

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Total Pages: 32
1 32 The Business Times
  • 25 1 THE BUSINESS TIMES S$1.00 online at http://www.businesstimes.com.sg Sp!l A SINGAPORE PRESS HOLDINGS PUBLICATION CO R GN NO *****2868E MICA (P) 074/08/2012 Wednesday, November 7, 2012
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  • 681 1  -  It’s assessing its next move as Thai offer lapses soon By KENNETH LIM [SINGAPORE] Overseas Union Enterprise has been busy working behind the scenes on a potential rival offer for Fraser and Neave as a deadline for the original offer looms, market
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  • 893 1  -  It wants to move beyond its safe and reliable image and reinvent itself as a more interesting entity By JOYCE HOOI [SINGAPORE] For the first time in maybe forever, SingTel has found itself bosom buddies with four girls named Minzy, Dara, CL
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  • MARKETS DIGEST
    • 65 1 HST INDEX 3,019.33 (-12.36) HST INDEX FUTURES 3,019.00 (-12.00) HSIMSCI 342.38 (-1.46) HSIMSCI FUTURES 342.20 (-1.10) US$ S$ US$ (S$ per US$) 1.224 (US$/S$ per 1.598 1.956 EURO (US$/S$/€) 1.278 1.564 Foreign currency per US$ S$ YEN 81.70 65.40 RM 3.063 2.503 HK$ 7.750 6.332 BAHT 30.79 25.16 RUPIAH
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    • 49 1 Tuesday Change KL COMP 1,645.63 -8.41 NIKKEI 225 8,975.15 -32.29 HANG SENG 21,944.43 -104.93 SET INDEX 1,306.70 +0.10 JAKARTA COMP 4,314.27 +11.33 MANILA COMP 5,473.61 +11.33 SEOUL COMP 1,928.17 +19.95 SHENZHEN B 606.65 -2.80 MUMBAI IND 18,817.38 +54.51 12 noon EDT Change DOW 13,188.80 +76.41 NASDAQ 3,000.34 +0.68
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    • 18 1 SINGAPORE 5.38 MALAYSIA 6.55 HONG KONG 5.00 INDONESIA 14.430 TAIWAN 5.036 JAPAN 1.475 Source: Source: Bloomberg
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  • Page 1 Advertisements
    • 68 1 EXEC MONEY CDOs may be what China needs PAGE 32 With spiralling rent a common complaint among SMEs, it may be time for the government to ramp up the construction of no-frills office space in HDB towns. Read more about this, and the ways firms here are trying to cope
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    • 12 1 STRAIT TALK Tough future for liner shipping PAGE 22 8 *****1 *****4
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    • 132 1 COMMENTARY Sending kids the right message on food, drinks PAGE 20 I, m m ,j0.v us the'honour of ‘Best completed 2012’by the Singapore Institute of Architecture. ■i V* St\ 'j: fS*.. A ■T*?r> Vfr,. Tfcsft V-V- •a# s as -i Am cr Raw concrete, base materials and untreated timbers; the
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    • 10 1 BT ROUNDTABLE Global economy: Is the worst over? PAGE 19
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  • TOP STORIES
    • 562 2 Not your parents’ telco, as SingTel rebrands itself FOR the first time in maybe forever, SingTel has found itself bosom buddies with four girls named Minzy, Dara, CL and Bom. Heralding the telco’s new rebranding campaign, the four-girl Korean pop group 2NE1 was flown in by SingTel for
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    • 988 2 National polls range from 4-point edge for him to one-point lead for Romney US ELECTIONS 2012 NYT Reuters [WASHINGTON] US polling stations opened yesterday, with at least 120 million people expected to render judgment on whether to give President Barack Obama a second
      NYT; Reuters; PHOTO: AFP  -  988 words
    • 570 2  -  By NEIL BEHRMANN in London IF Europeans were allowed to vote in the US elections, President Barack Obama would win by an overwhelming majority. In a recent poll 92 per cent of Germans said that they would vote in his favour if
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    • 661 4  -  Landmark accord set to be wrapped up by end of the year By LEE U-WEN By in Vientiane, Laos TALKS between the European Union (EU) and Singapore for a major free trade agreement (FTA) are set to wrap up by the end of
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    • 690 4  -  Judging by the July to September scrap rate, the drop may be as high as 24.8% By SAMUEL EE [SINGAPORE] The number of passenger car COEs looks set to shrink further early next year, based on the prevailing rate of deregistration,
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    • 670 4  -  By KALPANA RASHIWALA [SINGAPORE] French banking group CIC has signed a lease to take up the 31,000 square feet of space on the 37th floor of Marina Bay Financial Centre Tower 3. The bank, which is now in Market Street, will join tenants
      PHOTO: REUTERS  -  670 words
    • 618 4  -  By LYNN KAN [SINGAPORE] Copenhagen-headquar-tered Maersk Drilling will splash out another US$5 billion on eight rigs over the next three to four years as it expands its fleet, and believes Singapore and Korean yards to be the strongest candidates to
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  • Page 2 Advertisements
    • 34 2 LGT your private bank in Asia. Integrity. Stability. Performance. Combining traditional private banking with state of the art investment advice. Singapore, Phone +65 64 15 38 00 Hong Kong, Phone +852 2868 0201 www.lgt.com
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  • Page 3 Advertisements
    • 73 3 SOME OF OUR CLIENTS ARE OVER 300 YEARS OLD. In our experience it’s not only a family’s wealth that is passed down to the next generation, but the expertise to manage and protect that wealth too. Many of our clients bank with us because their fathers did. And their fathers’
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  • Page 4 Advertisements
    • 99 4 Speaker Amory B. Lovins Chairman and Chief Scientist, Rocky Mountain Institute and one of the world’s leading innovators in energy and its links with resources, security, development and the environment “Amory Lovins had the solution to the energy problem in 1976. It’s taken the rest of us 33 years to
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  • Page 5 Advertisements
    • 257 5 Share i nvesto P/ Understanding “ku£ Active traders and investors often use technical trading indicators and overlays to help them identify high probability entry and exit point trade. With the many technical indicators that are readily available in the various trading platforms, it may be confusing when it comes to
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    • 118 5 seal FA Rgs. WITH i corn rasi a ai fares low your Get Fly from Changi Terminal 1 Bangkok 5x Daily 6x Daily Kuala Lumpur 13x Daily ALL-IN FARE ONE WAY FROM SGD -r Kota Kinabalu Daily Flights tPenang 3x Daily and many more destinations New and improved apps for
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  • COMPANY NEWS
    • 513 5  -  Revenue growth outpaces cost rises, contributions from JVs remain steady By VEN SREENIVASAN SATS Ltd managed to boost its fiscal second-quarter bottom line 25.4 per cent to $50.3 million as revenue growth outpaced cost increases and joint ventures (JVs) continued to
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    • 349 5  -  By CAI HAOXIANG MAINBOARD-listed China mall owner Perennial China Retail Trust (PCRT) continued to face operational challenges even as it marked out funds available for distribution in line with its prospectus forecast. Distribution per unit (DPU) for the third quarter ended Sept 30,
      349 words
    • 389 5  -  By ONG CHOR HAO ASCENDAS Hospitality Trust (A-HTrust) reported a distributable income of $8.7 million for the second quarter from a steady performance across its portfolio. Reporting its first results since listing on July 27, the stapled group said the amount available for distribution
      389 words
    • 529 7  -  Group announces two separate tie-ups with two oil gas industry veterans By LYNN KAN EZION Holdings reported a raft of good news yesterday, kicking off with its third-quarter earnings that were 24.4 per cent higher than the year before at US$16.1 million. The
      529 words
    • 490 7 IN A notable development, Singapore Technologies Kinetics Ltd (ST Kinetics), the land systems and specialty vehicles arm of Singapore Technologies Engineering Ltd (ST Engg), said yesterday that it was participating in trials for a major US Marine Corps (USMC) contract
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    • 363 7  -  By TEO SI JIA BAKER Technology’s net profit for the third quarter ended Sept 30, 2012, rose 33 per cent year-on-year to $5.71 million, buoyed by improved gross profit margins from its projects. Revenue rose 17 per cent to $21.71 million
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    • 273 7 Pictet-Absl Rtn Glo Cons-P EUR 02.11.2012 EUR 105,12 Pictet-Absl Rtn Glo Div-P EUR 02.11.2012 EUR 118,87 Pictet-Asian Equities Ex Japan-P USD 02.11.2012 USD 168,89 Pictet-Asian Local Currency Debt-P USD 02.11.2012 USD 153,62 Pictet-Biotech-P USD 02.11.2012 USD 355,88 Pictet-Clean Energy-P USD 02.11.2012 USD 61,21 Pictet-Digital Communication-P USD 02.11.2012 USD 146,20
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    • 385 8  -  Weighted new business premiums up 10% y-o-y in first 9 months: LIA By CARINE LEE LIFE insurance sales have clocked consistent growth in the first three quarters of the year, but the challenging economic environment might hurt the industry in the final quarter, according
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    • COMPANY BRIEFS
      • 44 8 LIONGOLD Corp expects to report a pre-tax loss for the half year ended Sept 30, stemming mainly from expenses relating to due diligence investigations; exchange losses arising from a US dollar loan to a subsidiary; and fair value loss.
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      • 66 8 LEY Choon Group Holdings has won two contracts worth $24.3 million. The first, worth $15.3 million, was awarded by Changi Airport Group (Singapore) Pte Ltd for rehabilitation works to aircraft parking stands at Singapore Changi Airport 2. The second, worth $9 million, was awarded by
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    • 376 8  -  By JASMINE NG HURT by rising leather costs, sofa maker HTL International yesterday posted an 8.2 per cent drop in its third-quarter net profit to US$1.382 million from US$1.506 million. Revenue rose 7.4 per cent to US$148.2 million from US$138 million
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    • 474 8 At a glance 3 months ended Sept 2012 9 months ended Sept 2012 NET PROFIT CURRENT PREVIOUS CHNG CURRENT PREVIOUS CHNG (S$m) (S$m) NET PROFIT TURNOVER CURRENT PREVIOUS CHNG CURRENT PREVIOUS CHNG (S$m) (S$m) TURNOVER 1 SembCorp Marine 371.4 522.9 -29.0 3052.0 2962.6 3.0 115.5 222.5 -48.1
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  • SINGAPORE MARKETS
    • 581 6  -  Brokers say big money is awaiting US election outcome; Sembmarine stock tumbles after release of Q3 results STOCKS R SIVANITHY Senior Correspondent THE Straits Times Index (STI) yesterday fell 12.36 points to 3,019.33 in another lacklustre session marked by thin trading, churning of penny stocks and
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    • 66 6 Nov 6 VALUE CLOSE BT OB/OS -620.00 -3.00 BT CADI -*****.00 -36.00 BT 10-day MA -*****.00 -62.00 FTSE ST Mid Cap 737.23 -1.82 FTSE ST Small Cap 484.98 +0.17 FTSE ST All Share 739.06 -2.65 FTSE ST China Top 198.56 -0.89 FTSE ST China 221.21 -1.90 FTSE
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    • 186 6 MAIN CATL TOTAL Up Down Unch Up Down Unch Up Down Unch Multi Ind 2 6 9 0 0 0 2 6 9 Manufacturing 38 60 41 9 4 5 47 64 46 Commerce 22 21 18 2 1 4 24 22 22 Tpt/Stor/Comms 13 15 8
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    • 829 6  -  Compiled by JOYCE HOOI Sembcorp Marine Nov 6 close: $4.41 DBS GROUP RESEARCH, Nov 6 Q3 2012 PATMI fell 48 per cent y-o-y to $116 million, below expectations because of slower-than-ex-pected drawdown of orderbook on new projects. Only one jackup from Noble hit the 20 per cent recognition
      Source: Bloomberg  -  829 words
    • 121 6 TURNOVER (‘000) VALUE (‘000) MAIN CATL TOTAL MAIN CATL TOTAL Multi Ind 23,770 23,770 150,748 150,748 Manufacturing 206,622 42,041 248,663 297,689 1,853 299,542 Commerce 139,308 3,669 142,977 100,331 208 100,538 Tpt/Stor/Comms 89,102 14,180 103,282 142,526 4,046 146,572 Finance 20,175 863 21,038 99,505 388 99,893 Construction 29,827 259,266
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    • 113 6 Stock name Close Change CapMallsAsia 1.890 +0.045 CapitaLand 3.400 +0.080 CapitaMall 2.070 -0.020 CityDev 11.620 +0.070 ComfortDelGro 1.655 +0.005 DBS Grp 13.840 F&N 9.090 -0.030 GLP 2.740 +0.040 Genting SP 1.290 -0.020 Golden Agri 0.610 -0.005 HK Land 6.500 -0.050 IHH Healthcare 1.280 -0.005 JMH 59.800
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    • 652 6 CURRENCIES AFP [SHANGHAI] The yuan closed two points weaker yesterday, thanks to a last-minute bout of dollar buying, but otherwise hugged the strong side of its trading band over the course of the day. The People’s Bank of China (PBOC) set its midpoint
      AFP  -  652 words
    • 57 6 VOLUME YHM 259,027,000 Transcu Grp 92,513,000 Golden Agri 68,457,000 Oceanus 35,832,000 SembMar 32,823,000 Noble Grp 28,556,000 HPH Trust US$ 27,024,000 AusGroup 26,669,000 Contel 26,192,000 Geo Energy 23,921,000 VALUE($) SembMar 145,259,240 Keppel Corp 86,208,306 SembCorp Ind 56,766,950 CapitaLand 50,167,700 SingTel 48,894,417 F&N 43,930,950 Golden Agri 42,160,410 Noble Grp
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    • 110 6 BY CENTS CLOSE UP GLD 10US$ ***** 170.1 0.9 DBXT iBoxxSing 5SG$ ***** 78.0 0.6 DBXT MSKorea 10US$ 5716 64.9 0.9 DBXT AUDCS 5AU$ ***** 31.9 0.1 Lyxor India Nifty 10 1290 20.0 1.6 OCBC Bk 4.5%NCPS 100 ***** 20.0 0.2 DBXT MSTaiwan 10US$ 1720 18.4 0.9 DBXT SPASX200
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    • 118 6 BY CENTS CLOSE DOWN DBXT Nifty 10US$ ***** -183.5 -1.4 DBXT E50 10US$ 3722 -93.0 -2.0 JSH 3443 -45.3 -1.1 JMH 5980 -31.8 -0.4 Semb Corp.ES.1211 507 -31.0 -5.8 Keppel Corp 1050 -30.0 -2.8 DBXT MSJAP 10US$ 3483 -29.4 -0.7 SembCorp Ind 509 -29.0 -5.4 SembMar 441 -28.0 -6.0
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    • 5 6 DAILY
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  • Page 7 Advertisements
    • 68 7 0 a ms M y.t. —VI Ya i: sgjf M I mi S’; V *s f’ ?r H mk i i A£ I M "Min \fi IBk m '4 ms,. »f !S'‘ 5 I F■ffc I a»l t a \j. 1 iSi Vi x J, 1 CORPORATES. INVESTMENT BANKING EALTH
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  • Page 8 Advertisements
    • 32 8 JERRY LUM Snr Marketing Director, MBA, CES CEA Licence no: R *****6 D HP: 8288 0098 View: jerrylum.myweb.sg ERA Estate Agent Licence No L*****82K When You Buy, Sell, or Rent OUT NOW
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  • SHAPING GLOBAL BUSINESS
    • 1252 9  -  Swiber CEO tells CAI HAOXIANG how the company won its first big contract and built its first major asset CAI HAOXIANG OIL-AND-GAS construction and support-services provider Swiber Holdings started out as a humble marine company in 1996. It then moved into providing offshore vessels to offshore
      PHOTO: YEN MENG JIIN  -  1,252 words
    • 462 9  -  Flexible financing solutions are required as companies expand into new markets to capitalise on shifting global trade patterns By JOSEPH ARENA The writer is head of global trade and receivables finance, HSBC Singapore AS companies mature in their home market, it is only natural that many will
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  • Page 9 Advertisements
    • 115 9 In the future, new trade corridors will be norm not novelty. Over the next fifteen years, exports from Brazil to China are predicted to grow by around 125%*. Direct trade between emerging markets is powering the global economy. But what will it mean for you and how can your business
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  • SINGAPORE NEWS
    • 468 10  -  Asem ends with pledge to beat crisis together and reject protectionism By LEE U-WEN in Vientiane, Laos ASIAN and European leaders, including Singapore Prime Minister Lee Hsien Loong, yesterday warned of “substantial uncertainties” facing the global economy as they vowed to work together
      PHOTO: DESMOND LIM/THE STRAITS TIMES  -  468 words
    • 499 10  -  By NISHA RAMCHANDANI PRIME Minister Lee Hsien Loong has thanked retired chief justice Chan Sek Keong for his service to Singapore over the last 26 years, lauding Mr Chan for his contributions to the nation’s legal system. “Singapore is grateful for your
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    • 533 10  -  By ANDREA SOH THE role of HR (human resources) has to evolve to become more strategic and include expertise in areas such as tax and legal functions, as companies increase the number of staff on overseas assignments. This is evident
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    • 364 10  -  By CAI HAOXIANG THE Singapore Association for Mental Health (SAMH) and the Society for the Physically Disabled (SPD) took home the inaugural Charity Governance Awards yesterday. SAMH, which promotes awareness of mental health issues here, won the award for small and mediumsized charities, while SPD,
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    • 272 10  -  By FELDA CHAY THE efforts by 49 firms to brand their product or service have been recognised at this year’s Singapore Prestige Brand Award (SPBA). Shortlisted from a field of more than 100 submissions in five award categories, the 49 include 19 firms which
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    • SINGAPORE ROUNDUP
      • 55 10 HOME-GROWN German eatery Brotzeit International is set to further penetrate China’s booming food and beverage market, with 13 outlets scheduled to open in Shanghai, Beijing and Guangdong over the next five years. The group opened its first outlet at the Shanghai World Financial
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      • 85 10 SWITZERLAND-BASED The Kühne Foundation has partnered The Logistics Institute-Asia Pacific of the National University of Singapore (NUS) to establish a joint education centre on Humanitarian Logistics. The centre will conduct standardised and advanced supply-chain management courses and research into best practices and advanced supply-chain management thinking in
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      • 86 10 LIM Bing, senior group leader at the Genome Institute of Singapore (GIS), has been awarded a $350,000 GlaxoSmithKline (GSK) grant under the Academic Centre of Excellence programme to further his research on lung cancer. The partnership between GIS and GSK will advance both organisations’ joint
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      • 55 10 SMRT Buses will introduce wheelchair-accessible bus (WAB) services on service routes 167, 859, 860, 966, 980 and 985 from Nov 15. The six additional routes bring the total number of WAB services that SMRT Buses operates to 27. Currently, about 30.9 per cent of SMRT’s
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  • Page 10 Advertisements
    • 167 10 °r\ mavenalliance www.mavenalliance.biz Maven Alliance is proud to present the following workshop: Forensic Analytics Methods and Techniques for Forensic Accounting Investigations By Dr Mark J Nigrini 29 and 30 November 2012 A dynamic, energetic and highly interactive workshop with a leader in the field of Forensic Analytics! Forensic analytics is
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  • MALAYSIA/INDONESIA
    • 552 11  -  Tan Chong launches Almera; Fernandes, Renault tie up to build sports vehicles By PAULINE NG in Kuala Lumpur A DOUBLE whammy in the space of a week is a lot to swallow but for Malaysia’s national car Proton, which already
      PHOTO: BLOOMBERG  -  552 words
    • 569 11 Reuters [JAKARTA] Indonesia’s supreme court has upheld a challenge to a government ban on the export of unprocessed minerals, a decision that could pave the way for a resumption of exports by junior miners who have been hit hard by the restriction
      Reuters  -  569 words
    • 348 11 Bloomberg [JAKARTA] PT Borneo Lumbung Energi Metal, one of the largest shareholders in Bumi plc, hasn’t seen the alternative proposal from Nathaniel Rothschild to counter an offer received for Bumi’s assets from the Bakrie Group. “We have not had a chance to see
      Bloomberg  -  348 words
  • Page 11 Advertisements
    • 76 11 business.smu.edu.sg/MAF +(65) 6808 5362 appliedfinance@smu.edu.sg Truffle Celebrations at Prego 1 November to 16 December Be thrilled as Black Truffle returns to the dining tables at Prego! Join Chef Antonio Facchinetti as he serves up tantalising truffle dishes spanning across appetizers, hand-made pastas and desserts available only this season. For reservations,
      76 words

  • CHINA'S PARTY CONGRESS
    • 1653 12 Outgoing leader battling strong headwinds, with rampant criticism over problems under his watch WP [BEIJING] After a decade in power, President Hu Jintao has been using his final weeks on the job to shore up his reputation, manoeuvre allies into key positions
      WP; PHOTO: AFP  -  1,653 words
  • Page 12 Advertisements
    • 2470 12 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 SIM LIAN (EAST COAST) PTE. LTD. (In Member’s Voluntary Liquidation) Company Reg. No. *****2261E At an Extraordinary General Meeting of the Company deemed to have been duly convened and held pursuant to Section 179(6)
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  • GREATER CHINA/INDIA
    • 673 13 Asean 6 to form RCEP free trade bloc Launch will be formally announced later this month at Phnom Penh summit Reuters [GENEVA] China will later this month enter talks to create an Asian free-trade bloc covering 28 per cent of world gross domestic product (GDP), a reaction to US progress
      Reuters  -  673 words
    • 604 13 Carriers may pay 9 times more at next airwave auction Bloomberg [NEW DELHI] Mobile phone customers of Bharti Airtel Ltd and Idea Cellular Ltd may face surging tariffs as Indian Finance Minister Palaniappan Chidambaram counts on airwave auctions to help narrow a US$95
      Bloomberg  -  604 words
    • 431 13 Reuters [MEXICO CITY] India is reviewing budgeted expenditure at each ministry and plans to defer some spending to the next financial year beginning in April to keep the fiscal deficit at 5.3 per cent of GDP, a top finance ministry
      Reuters  -  431 words
  • Page 13 Advertisements
    • 133 13 Well-diversified and global terminal network Royal Vopak is valued for its stable performance backed by a well-diversified and strategic global terminal network in terms of geographies, contracts duration, and product-market segments. With a history spanning almost 400 years, and stock-listed in Amsterdam, Vopak is the global market leader in independent
      133 words

  • ECONOMY WATCH
    • 741 14 Group, meanwhile, vows to strengthen global economy, pare financial market volatility and generate jobs AFP [MEXICO CITY] The world’s leading economies pressed the United States and Europe on Monday to swiftly resolve their fiscal challenges, warning that they threaten to harm global
      AFP; PHOTO: AFP  -  741 words
    • 461 14 Bloomberg [WASHINGTON] Federal Reserve Bank of San Francisco president John Williams said that the central bank may buy more than US$600 billion in bonds by extending its third round of quantitative easing well into next year. The Federal Open Market Committee
      Bloomberg; PHOTO: BLOOMBERG  -  461 words
  • Page 14 Advertisements
    • 104 14 Run Fora Good Cause! 0HUt6E CHARITY RUN IN THE CBD Promoting organisations with a heart > Organiser; SGX SINGAPORE EXCHANGE Friday, 16 November 2012 4.30pm The Float Marina Bay Run route: Approximately 5km around Marina Bay The Business Times is proud to continue its run for charity as the Media
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  • WORLD
    • 929 15 NYT [SAN FRANCISCO] Amazon prides itself on unravelling the established order. This fall, signs of Amazon-inspired disruption are everywhere. There is the slow-motion crack-up of electronics showroom Best Buy. There is Amazon’s rumoured entry into the wine business, which is already
      NYT  -  929 words
    • 593 15 Reuters [BANGKOK] Thailand is determined to remain the world’s top rice exporter by selling up to 7.5 million tonnes this year and 8.5 million tonnes in 2013, a commerce ministry official said yesterday, despite prices pumped up by a government intervention scheme. Thailand,
      Reuters; PHOTO: REUTERS  -  593 words
    • 692 15 Sales and trading operations to be better aligned with investment banking NYT [NEW YORK] Since the financial crisis, Morgan Stanley has been struggling to squeeze more money out of its sales and trading business, which has suffered as the bank has pulled back on taking
      NYT; PHOTO: REUTERS  -  692 words
    • 693 16 Fiscal cliff looming Washington, Wall Street not in sync Past misreading of each other has not been pretty for the markets Reuters [WASHINGTON] Exit US presidential elections. Enter looming budget crisis. And once again, a disconnect between how Washington and Wall Street see the world could cause pain for investors
      Reuters; PHOTO: AFP  -  693 words
    • 316 16 NYT [BERLIN] Leaders from Chancellor Angela Merkel’s coalition have agreed on a raft of changes to social welfare programmes aimed at easing costs for average Germans to bolster the government’s sagging popularity less than a year before parliamentary elections. Germany, Europe’s strongest economy,
      NYT  -  316 words
    • 424 16 FSB’s draft rules targeted at non-bank institutions next year Bloomberg [MEXICO CITY] Global regulators set a September 2013 deadline to present tougher rules for moneymarket mutual funds, repurchase agreements and other so-called shadow banking activities as part of a broader push
      Bloomberg  -  424 words
    • 556 17 Bloomberg [LONDON] Fired bankers suing for unfair dismissal and unpaid bonuses have found little success at London’s specialty employment courts as continuing anger over the financial crisis has left judges unsympathetic. The adverse rulings from the UK Employment Tribunal come
      Bloomberg  -  556 words
    • 536 17 Big chunk of profits go to redress of nation-wide wrongs of mis-selling AFP [LONDON] British banks have ramped up the amount of cash they are setting aside to compensate clients who were mis-sold insurance policies to more than £10 billion, significantly slashing their
      AFP; PHOTO: BLOOMBERG  -  536 words
    • 528 17 Enforcement will cost banks billions in penalties The Washington Post [WASHINGTON] Banks are facing heightened investigation and steeper penalties from federal regulators and prosecutors for failure to comply with anti-money-laundering laws, an enforcement trend that may shave billions of dollars off bank balance
      The Washington Post  -  528 words
    • 600 18 Eurozone’s weak economic environment has affected demand for industrial goods Bloomberg Reuters [FRANKFURT] German factory orders fell the most in a year in September while Britain’s industrial production fell more sharply in the same month. Orders in Germany, adjusted for seasonal swings and inflation,
      Bloomberg; Reuters  -  600 words
    • 501 18 Reuters [MADRID] The European Commission has set dire economic forecasts for Spain until 2014, a newspaper reported yesterday, shooting down the targets set out by Madrid and potentially pushing it closer to seeking eurozone aid. Neither the Commission nor Spain’s economy ministry
      Reuters  -  501 words
    • 540 18 Reuters [PARIS] France’s socialist government announced measures to bolster the struggling industrial sector and make exporters more competitive, but yesterday’s package fell short of the shock therapy industry leaders are urging. Prime Minister JeanMarc Ayrault proposed new incentives for investment in innovation, small businesses
      Reuters  -  540 words
    • 798 18 NYT [BRUSSELS] When cracks recently appeared in beams of the European Parliament’s main chamber, forcing its closing, one member, Nigel Farage of the UK Independence Party, proclaimed that he would “work for the day that the whole democratic facade of the European Parliament
      NYT; PHOTO: REUTERS  -  798 words
  • Page 15 Advertisements
    • 155 15 UCLA NUS National University of Singapore UCLA NUS EXECUTIVE MBA TOP 5 EMBA GLOBALLY FINANCIAL TIMES EMBA RANKING 2012 busy business leaders travel extensively yet are able to achieve Two World-Class MBAs in 15 Months. 4 L N t ONE-OF-A-KIND FORMAT GLOBAL LEARNING TWO WORLD-CLASS MBAs 6 sessions 2 weeks
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  • Page 16 Advertisements
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  • Page 18 Advertisements
    • 84 18 WATS NOTICES IN THE MATTER OF THE COMPANIES ACT, CAP. 50 AND CERAMTECHNO PTE LTD (Co. Reg. No.*****0461C) Notice of Final Meeting (In Members’ Voluntary Liquidation) NOTICE IS HEREBY GIVEN THAT the final meeting of members of the above named company will be held at 18, Jalan Masjid, #02-08, Kembangan
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    • 155 18 IN THE MATTER OF THE COMPANIES ACT, CAP. 50 AND IN THE MATTER OF MUNDO VENTURES PTE LTD (IN MEMBERS’ VOLUNTARY LIQUIDATION) (Company No: *****3488C) FINAL MEETING NOTICE IS HEREBY GIVEN, pursuant to Section 308 of the Companies Act, Cap. 50, that the FINAL MEETING of the members of the
      155 words
    • 140 18 IN THE MATTER OF THE COMPANIES ACT (CHAPTER 50) AND IN THE MATTER OF MOTOROLA ASIA TREASURY PTE LTD (In Members' Voluntary Liquidation) Reg No.*****5351H NOTICE OF FINAL MEETING NOTICE IS HEREBY GIVEN that pursuant to Section 308 of the Companies Act, Cap. 50, the Final Meeting of the abovenamed
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  • BT ROUNDTABLE
    • 2679 19 Yes, no, and not sure, say panellists as they give their take on US recovery, euro crisis and emerging economies, among others FIVE years after the start of the Great Recession, the global economy is still not in good shape. The United States is
      PHOTO: AFP  -  2,679 words

  • EDITORIAL & OPINION
    • 494 20 Peace prosperity a shared responsibility EDITORIAL “FRIENDS for Peace, Partners for Prosperity” was the theme for the Ninth Asia-Europe Meeting (Asem) Summit, which concluded in the Laotian capital of Vientiane yesterday. Both “peace” and “prosperity” were indeed on the agenda of this latest round of dialogue between Asia and Europe.
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    • 769 20  -  THE BOTTOM LINE FRANK CHING The writer is a Hong Kong-based journalist and commentator. Follow him on Twitter: @FrankChing1 CHINA is laying a claim to human resources around the world that no other country can match: 50 million ethnic Chinese, mostly citizens of
      769 words
    • 942 20  -  ‘Responsible Advertising to Children’ Pledge an important first step for F&B industry here By BEV POSTMA The writer is executive director ofFIA, an organisation representing the views of the food and beverage industry across Asia LAST week, 14 of the world’s leading
      PHOTO: AFP  -  942 words
    • 1112 21  -  Immigrant labour reduces the prices of some products and services by providing employers with a new labour source By EDUARDO PORTER NYT OF ALL the economic dynamics buffeting the American middle class, immigration might seem the easiest to explain: As millions of poor immigrants from Latin
      NYT; PHOTO: AFP  -  1,112 words
    • 805 21  -  By ERIC SCHMIDT The writer is executive chairman of Google WHEN I was a kid, the elders of the tribe would despair of all the time that my generation wasted in front of the TV. Now that it’s my generation’s turn to complain,
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  • TransportHUB
    • 883 22  -  Cost-cutting can go only so far expect casualties soon because there are too many players in the big league STRAIT TALK By DAVID HUGHES LINER shipping is at a turning point, according to Neptune Orient Lines (NOL) chairman Kwa Chong Seng. Speaking at the recent
      883 words
    • 457 22 Bloomberg [HOUSTON] Transocean Ltd, the world’s largest offshore rig contractor, has reported earnings that exceeded analysts’ estimates for the third consecutive quarter as it reduced costs. Its shares rose the most in a year. Excluding costs from the sale of rigs and
      Bloomberg  -  457 words
    • 120 22 AP [DUBAI] Saudi Arabia’s state-owned oil giant Saudi Aramco said it has agreed to merge its maritime division with the country’s state-owned shipping line to create the world’s fourth largest tanker operation. Aramco CEO Khaled Al-Faleh said the US$1.3 billion merger will transfer the
      AP  -  120 words
    • 761 22 Prices jump as many ships make their way to scrap yards Bloomberg [LONDON] The beaches of Bangladesh are filling with unwanted ships waiting to be scrapped, driving up prices for transporting iron ore and halting losses for STX Pan Ocean Co, South Korea’s biggest
      Bloomberg; PHOTO: AFP  -  761 words
    • 253 22 SGX '000 Nov 6 S$ +/-Vol CH Offshore 0.52 unch 248 Chuan Hup Hldg 0.26 unch 322 Cosco Corp 0.91 0.02 5093 Nov 6 s$ First Ship Lea 0.13 unch 269 Freight Links 0.07 unch 477 Grand Banks unch unch 0 Jaya Hold Ltd 0.55 -0.01 242 K1Ventures
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    • TRANSPORT HUB: AVIATION
      • 624 23 Larger investor would take a longer-term view, says CEO O’Leary Bloomberg [LONDON] Ryanair Holdings plc chief executive officer Michael O’Leary said that he would rather that London Stansted airport, his company’s biggest base, was sold to an investment fund than an industry player
        Bloomberg  -  624 words
      • 339 23 Reuters [FRANKFURT] German airport operator Fraport earned more than expected in the third quarter, as a fourth runway at its Frankfurt airport helped to increase the numbers of passengers as well as landings and take-offs. Earnings before interest, taxes, depreciation and amortisation (Ebitda) in the
        Reuters; PHOTO: REUTERS  -  339 words
      • 271 23 Bloomberg [KUALA LUMPUR] Malaysia’s Finance Ministry plans to sell as much as RM5.3 billion (S$2.12 billion) of Islamic bonds under a 20-year programme to help the nation’s lossmaking carrier buy new aircraft, two people familiar with the deal said. The state-guaranteed notes
        Bloomberg  -  271 words
      • 382 23 Bloomberg [ATLANTA] American International Group Inc (AIG) probably will hold an initial public offering (IPO) for its aircraft-leasing business next year if financial markets stabilise, the unit’s chief executive officer said. International Lease Finance Corp (ILFC) would have faced a difficult IPO
        Bloomberg  -  382 words
      • 467 23 Bloomberg [MONTREAL] Bombardier Inc may be ready to announce this week that its CSeries jet won’t meet a goal of a maiden flight this year amid growing investor scepticism about the aircraft’s timeline, two analysts said on Monday. That shift may come
        Bloomberg  -  467 words
    • TRANSPORT HUB: LAND
      • 571 24  -  Grey imports of Toyota closing gap on Mercedes-Benz, LTA data show By SAMUEL EE NO prizes for guessing that the number of parallel imports (Pis) of cars in the first nine months of this year has continued to dwindle. It is also no
        571 words
      • 619 24 Reuters [YOKOHAMA] Counting the cost of anti-Japanese protests in a territorial dispute with China, Nissan Motor Co cut its full-year net profit forecast by a fifth to US$3.99 billion, and said it had lost share in its biggest market. Nissan joins Honda
        Reuters  -  619 words
      • 299 24 Reuters [FRANKFURT] BMW, the world’s largest premium carmaker, posted a thirdquarter gain in underlying profits that matched expectations and reaffirmed that it expected to earn more money before tax than ever before this year. Thanks to rampant demand in China, BMW’s single largest
        Reuters  -  299 words
      • 127 24 Reuters [TOKYO] Japan’s Suzuki Motor Corp said it will shutter its unprofitable automobile sales business in the United States and instead focus on its motorcycle, ATV and marine boat sales, as it fights a strong yen and slumping US demand for its small
        Reuters  -  127 words
  • Page 22 Advertisements
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  • Page 23 Advertisements
  • Page 23 Miscellaneous
    • 320 23 CRYPTIC CROSSWORD Across 4 Tory literature produced by agreement (8) 8 Explosive young reporter confronting a queen (6) 9 Clegg gaining reputation or Cleggy as that might be? (8) 10 Like many an entrepreneur, feels terribly keen to get stuck in (4-4) 11 Season in which Bury will need width
      320 words

  • Page 24 Advertisements
    • 42 24 khstf2 A P/kwfiA cvctM o&S'h flritlwS KISS92 IS PART OF SPH RADIO NETWORK A $20,000 diamond is yours for a kiss Tune in to Kiss92 to find out how to make this diamond yours forever kiss92.sg Dfacebook.com/kiss92fm @kiss92fm 9 the Diamond guarantee
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  • SINGAPORE STOCKS
    • 2977 25 Transaction date: Nov 6 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 149.5 92.5 AIMSAMPIReit 146xd -1.5 174 147 145.5
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    • 192 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 ('000) Day High Last Quote Low Buyer Seller Div Gr Yld C'vr Net M Cap P/E Smil 20.5 12.1 800
      192 words
    • 8205 26 UNIT TRUST FUNDS UNIT TRUSTS APS Asset Mgt Pte Ltd APS Asset Mat Pte Ltd APS Alpha FuncfCI A!** AXA Wealth Mgt S'pore Pte Ltd Aberdeen Asset Mgt Asia Limited AXA Wealth Mgt S'pore Pte Ltd Aberdeen Asset Mat Asia Limited Asian Local Ccy SD Bond 0.9838/ China Opportunities 2.7472/
      8,205 words
    • 189 26 52-Wk Last Vol Day Last Quote Div GrYld Net MCap High Low Company Sale +/-(’000) High Low Buyer Seller C’vr P/E $mil Company 41.5 26 Genting HK US$ US34 +0.5 ***** 34.5 33.5 33.5 34 2238.7 Sale 228 169 TanChongInt HK210 203 218 4.3 3.3 7 4229.2 STOCK PRICES
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    • 927 26 52-Wk Last Vol Day Last Quote Div GrYld Net MCap High Low Company Sale +/-(’000) High Low Buyer Seller C’vr P/E $mil Last 128.9 120.4 CIMB APAC Div 100S$D 127.5 126.2 127.1 105.5 95.8 CIMB APAC Div 100US$ US105.5 100 103 103.8 11.1 1323 1246 CIMBASEAN40 100S$D 1301
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  • FINANCE & COMMODITIES
    • 632 27 Nov 6 OPEN HIGH LOW SETT VOL OP/INT NIKKEI 225 INDEX FUTURES SPOT 8989.58 8990.35 8957.49 Dec12 9010.00 9015.00 8955.00 8995.00 ***** *****6 Mar13 8960.00 8960.00 8960.00 8980.00 4 2113 MSCI TAIWAN INDEX FUTURES SPOT 259.24 260.04 257.25 Nov12 257.20 260.10 256.10 259.60 ***** *****0 Dec12 256.80
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    • 373 27 Copyright© 1991 Morgan Stanley Capital International In local curr In S$ In US$ dy yr dy yr dy yr Nov 5 Index Change Change Change Change Change Change World Preliminary 912.8 -0.3 10.0 -0.2 3.9 -0.4 10.0 EAFE Preliminary 736.2 -0.5 7.9 -0.5 1.7 -0.7
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    • 94 27 As on 5 November 2012 www.smx.com.sg PRODUCT CONTRACT HIGH LOW CLOSE PRECIOUS METAL GOLD FUT DEC2012 1684.40 1672.60 1683.30 INDIA GOLD (E-GOLD) FUT DEC2012 562.60 559.35 563.00 CURRENCY EUR-USD FUT DEC2012 1.2847 1.2783 1.2788 BASE METAL COPPER FUT DEC2012 7660 7604 7651 INDEX IRON ORE (MBIO) IDX
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    • 107 27 Nov 5 SOYBEANS (5,000 bu min; US cents/60 lb bushels) Close Previous High/Low Nov 12 1504.25 1527.00 1525.00 1503.50 Jan 13 1503.25 1526.75 1524.25 1502.00 Mar 13 1482.50 1503.75 1501.25 1481.00 May 13 1456.50 1471.25 1469.75 1451.25 SOYBEAN/OIL (60,000 lbs; US cent/lb) Close Previous High/Low Dec 12 48.32
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    • 70 27 CRUDE OIL PRODUCTS Nov 05 CRUDE (FOB origin) US$/barrel Close Change Brent blend (1-Mth F) 105.06 -0.69 WTI (Near Mth) 85.79 0.95 Dubai (1-Mth F) 102.21 -2.41 Tapis blend 110.4 -2.54 Minas 104.18 -2.33 PRODUCT US$/barrel (FOB S'pore) Close Change Naphtha 101.11 -3 Jet Kerosene 122.33 -2.69 US$/barrel OpecOil Basket
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    • 22 27 Nov 6 S$ Bid Offer 1-month 1.2236 1.2244 2-months 1.2236 1.2244 3-months 1.2236 1.2244 6-months 1.2233 1.2242 Source: OCBC
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    • 66 27 Nov 5 Nov 5 Aluminium, 99.7% purity(US$/tonne) Close Previous Cash 1878.75 1899.50 3 months 1906.00 1925.00 Copper, Grade A(US$/tonne) Cash 7642.25 7661.75 3 months 7650.00 7665.00 Lead(US$/tonne) Cash 2136.50 2098.50 3 months 2126.50 2095.00 Nickel (US$/tonne) Cash *****.00 *****.00 3 months *****.00 *****.00 Tin(US$/tonne) Cash *****.00 *****.00 3
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    • 80 27 Nov 5 COCOA (£/tonne) Close Prev High/Low Dec 12 1579 1582 1597/1571 Mar 13 1580 1578 1589/1568 May 13 1588 1585 1595/1573 Jul 13 1595 1592 1605/1581 COFFEE(US$/tonne) Close Prev High/Low Nov 12 1927 1952 1950/1920 Jan 13 1952 1976 1973/1935 Mar 13 1969 1993 1990/1952 May 13 1984
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    • 851 27 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 1 146 466 6.63 18 Conv Ratio Baker Technology Ltd W*****6 0.1 1 32 2 315.00 0 Price Best World Intl Ltd W*****5 0.3 1 30 84
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    • 470 27 Nov 6 A$ C$ Rmb Euro HK$ Ind Rs Rupiah Yen Won RM NZ$ Pak Rs Peso S$ Rand Sfr NT$ Baht Pound US$ Australia 1.038 6.509 0.816 8.079 56.920 100.409 0.835 11.373 3.193 1.260 100.300 42.952 1.276 9.113 0.984 30.495 32.095 0.652 1.042 Canada 0.963 6.271
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    • 58 27 Nov 6 (US$) (S$) 1 mth 0.***** 0.***** 2 mths 0.***** 0.***** 3 mths 0.***** 0.***** 6 mths 0.***** 0.***** 9 mths 0.***** 0.***** 12 mths 0.***** 0.***** SWAP Offer rates (S$) 0.***** 3 mths 0.***** 0.***** 9 mths SWAP Mid rates (S$) 12 mths 0.***** SWAP Mid rates
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    • 134 27 Nov 6 GOLD(US$/oz) Nov 05 Nov 06 Hong Kong 1685.00 1697.00 Nov 02 Nov 05 London 1680.74 1683.44 1681.96 1684.66 Source: Thomson Reuters CAST BAR Nov 06 (S$) Selling Buying Kilobar ***** ***** PAMP GOLD BARS (S$) Selling Buying 1gm 149 66 5gm 424 332 10gm 756 664
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    • 84 27 Nov 6 TREASURY BILLS Period Issue Maturity Yesterday's Day's code Bid High Low 3-Month BQ*****T 07-Feb-13 0.24 6-Month BS*****V 02-May-13 0.27 1-Year BY*****X 01-Nov-13 0.27 GOVERNMENT BONDS Period Issue Coupon Maturity Close Day's code rate Bid High Low 2-Year N*****0N 0.25 01-Oct-14 102.12 102.15 102.15 5-Year N*****0Z 2.375
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    • 57 27 Nov 6 KLCE PALM FUTURES (RM/MT) Delivery Opening Sett Av Vol Open Month Range Price Price High Low Done Position Nov 12 2310.0 2300.0 2310.0 2280.0 330 3137 Dec 12 2342.0 2352.0 2358.0 2315.0 1516 ***** Jan 13 2419.0 2411.0 2421.0 2370.0 ***** ***** Feb 13 2459.0 2455.0
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    • 156 27 Nov 6 Against US$ Against S$ Against US$ Currencies Bid Offer Bid Offer S$/US$ to one unit of foreign currency: Australian dollar 1.2752 1.2766 1.0422 1.0426 Canadian dollar 1.2284 1.2298 1.0044 1.0039 Euro 1.5636 1.5652 1.2779 1.2783 NZ dollar 1.0122 1.0134 0.8272 0.8277 Sterling pound 1.9556 1.9572
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    • 121 27 As at 9am Nov 06 Singapore dollars to one unit of foreign currency: Currencies Sell Buy Aust dollar 1.298 1.237 Can dollar 1.257 1.198 Euro 1.603 1.527 Sterling pound 1.993 1.917 NZ dollar 1.045 0.986 US dollar 1.248 1.189 Local dollars to 100 units of foreign
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    • 157 27 Nov 6 $S Offer Bid 0vernight 0.03 0.01 1-month 3/8 1/4 2-months 3/8 1/4 3-months 3/8 1/4 Overnight mode: 0.04 US$ Offer Bid 7 days 0.22 0.12 1 month 0.28 0.18 2 months 0.38 0.28 3 months 0.45 0.35 6 months 0.70 0.50 9 months 0.85 0.65 12
      157 words

  • 3464 28 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 n GLOBAL SERVICE Destination STXPO TBN Antwerp/UK *Loads Singapore, E./W. Malaysia, Indonesia MIDDLE-EAST SERVICE CONVENTIONAL, BREAKBULK PROJECT Destination
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  • Page 29 Advertisements
    • 151 29 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 I L UUJIIMLJJ I II VII Shipping Times
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  • Page 30 Advertisements
    • 62 30 i y Wanted. Bike procurement officer. S>~ BF *^L 1: \^K| <r (S' I U Jjfl Cx > W i> V, 5* w w* K E j. S3 I P /n. a-ss b'-SafWL.* I •t VR :S A product of SPH, Singapore's trusted media group SOP I**'*, ♦36 ■<■ h**
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  • Page 31 Advertisements
    • 150 31 Until Valentin Hauy had shown that children like Louis Braille had the right to an education, he would not rest. m i What can Valentin Hauy teach us all about providing for future generations? Valentin Hauy dedicated his life to helping others. It's why he built the school for the
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  • executive Money
    • 918 32  -  Instrument touted as the solution to the country’s lack of credit to SMEs, reports TEH HOOI LING reportsTEH reportsTEH HOOI LING DESPITE its bad reputation as one of the products that caused the financial crisis in the West, collateralised debt obligations or CDOs may
      PHOTO: AFP  -  918 words
    • 1314 30 Mark Yusko’s Endowment Fund temporarily reduces the amount that investors can take out to a 5% distribution in a given quarter NYT THE sales pitch for the fund was simple: A chance for individual investors to get in on the same high-octane private
      NYT; PHOTO: AFP  -  1,314 words
    • 895 31  -  They were much undervalued late last year, and are cushioned against the size of earnings disappointment which has occurred JONATHAN GARNER The writer is Morgan Stanley’s chief Asian and Emerging Markets strategist, and is speaking at its 11th annual Asia Pacific in Singapore on
      PHOTO: AP  -  895 words
  • Page 32 Advertisements
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