The Business Times, 20 January 2014

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Total Pages: 28
1 28 The Business Times
  • 25 1 THE BUSINESS TIMES S$1.00 online at http://www.businesstimes.com.sg SfCl A SINGAPORE PRESS HOLDINGS PUBLICATION CO R GN NO *****2868E MCI (P) 085/08/2013 Monday, January 20, 2014
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  • 1002 1  -  Bankers expect Reits, oil and gas, and Chinese listings to be strong themes By ANDREA SOH sandrea@sph.com.sg [SINGAPORE] The wave of liquidity in the markets may have started to ebb, but bankers still expect keen interest in the initial public offering (IPO) scene here
    ST FILE PHOTO  -  1,002 words
  • MARKETS DIGEST
    • 57 1 Weekly Change ST INDEX 3,147.33 +3.46 KL COMP 1,813.01 -13.60 NIKKEI 225 15,734.46 -177.60 HANG SENG 23,133.35 +287.10 SET INDEX 1,295.41 +39.96 JAKARTA COMP 4,412.23 +157.26 MANILA COMP 5,987.09 +144.21 SEOUL COMP 1,944.48 +5.94 SHENZHEN B 845.17 +2.17 MUMBAI IND 21,063.62 +305.13 DOW 16,458.56 +21.51 NASDAQ 4,197.58 +22.92 S&P
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    • 19 1 SINGAPORE 5.38 MALAYSIA 6.55 HONG KONG 5.00 KOREA 14.709 TAIWAN 5.036 CANADA 1.475 KOREA 9.33 Source: Bloomberg
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    • 49 1 US$ S$ US$ (S$ per US$) 1.272 (US$/S$ per 1.632 2.076 EURO (US$/S$/E) 1.360 1.730 Foreign currency per US$ S$ YEN 104.40 82.00 RM 3.297 2.591 HK$ 7.755 6.095 BAHT 32.85 25.82 RUPIAH 12,097 9,507 RENMINBI 6.050 4.755 INDIAN RUPEE 61.41 48.26 A$ 1.135 0.892 NZ$ 1.206 0.948
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  • 682 1  -  Property market hasn’t quite stabilised, say industry leaders By JAMIE LEE leejamie@sph.com.sg [SINGAPORE] Despite a drastic drop in home sales and sliding home prices, cooling measures for the property sector should not be rolled back just yet, say CEOs and industry-group leaders
    PHOTO: REUTERS  -  682 words
  • Page 1 Advertisements
    • 220 1 BOARDROOM MATTERS Both sides now pros and cons of dual shares PAGE 6 PROPERTY Wheelock sells half of units in Panorama’s first release PAGE 4 DINING OUT French hawker fare heads upmarket PAGE 21 TOPLINE KK Fong’s comeback story PAGE 6 BT WEBSITES For breaking news, go to businesstimes.com.sg. For
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  • TOP STORIES
    • 789 2  -  This could pose a threat to economic recovery and hit stock investments By NEIL BEHRMANN in London THE World Economic Forum’s (WEF) latest annual Global Risk Report serves up a stark warning to global stockmarket investors: take off the rose-tinted glasses. The report
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    • 457 2  -  China visitors lead 2013 purchases, accounting for 25% By NISHA RAMCHANDANI nishar@sph.com.sg [SINGAPORE] Concession sales at Changi Airport jumped 9 per cent year-on-year in 2013 to reach a record of over $2 billion, with passengers from China accounting for a whopping 25 per cent
      PHOTO: CHANGI AIRPORT GROUP  -  457 words
    • 530 2  -  By NISHA RAMCHANDANI nishar@sph.com.sg [SINGAPORE] The International Air Transport Association (Iata) and Airports Council International (ACI) are embarking on a Smart Security pilot programme to improve passenger screening procedures and are looking to recruit several leading international airports, including Changi Airport. In
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    • 257 2 Keen interest seen in IPOs despite QE’s ebb THE wave of market liquidity may have started to ebb, but bankers expect keen interest in IPOs. FRONT PAGE Not time yet to relax cooling measures: CEOs DESPITE a drop in home sales and prices, cooling measures should not be
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    • 826 2  -  Fragmented market with divergences in sectoral moves seen WALL STREET INSIGHT By ROB CURRAN THIS week, investors hope earnings reports will give the stock market a boost, after a mixed bag of economic and profit reports caused a negative start to the year.
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    • 618 4  -  Buyers picked up about sixty apartments priced at $650k-$2.4m By NISHA RAMCHANDANI HALF of the 120 units released for sale at The Panorama condominium were booked yesterday, developer Wheelock Properties said. Located at Ang Mo Kio Avenue 2, The Panorama is
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    • 879 4  -  By ANTHONY ROWLEY in Tokyo GROWING confidence that the Japanese yen will remain at or below current competitive levels for a considerable time is triggering speculation that Japanese companies will increasingly invest at home, rather than abroad, and possibly even bring overseas production back onshore,
      PHOTO: BLOOMBERG  -  879 words
    • 597 4  -  Bank No 1 in RMB clearing volumes through ICBC S’pore By SIOW LI SEN lisen@sph.com.sg [SINGAPORE] Citi Singapore which banks almost all the big multinationals in Asia, has seen its yuan business surge following the launch of the RMB clearing facility here
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    • 458 4  -  Tax changes mooted to boost Singapore’s competitive edge By GENEVIEVE CUA gen@sph.com.sg [SINGAPORE] Singapore should consider including corporate fund vehicles into tax treaties to enable funds to tap tax benefits, says PwC in a paper. The paper is the fourth instalment of
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  • Page 2 Advertisements
    • 96 2 ALMATY Beijing Seoul Hong Kong Bangkok\ V M Ho Chi Minh Kuala Lumpur Beijing Almaty 5 times a week Kuala Lumpur Almaty 3 times a week Bangkok Almaty 7 times a week Seoul Almaty 2 times a week Ho Chi Minh Almaty 2 times a week Hong Kong Almaty jJs
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  • Page 3 Advertisements
    • 196 3 ni •K c: V c c 11 II II II UQsr □ilill iiaur ■i” r_ mws .'ja j lEi MV WTM.. jp W AM >» to ili th v iitiiitiiiiii j mm;a „Ej. ■H 5* SSSIII 0^ 5*, > =?l w f‘A i. f m i > if v ,JM
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  • Page 4 Advertisements
    • 121 4 rman/kardon WIRELESS SUBWOOFER The ideal fit for absolute sound. The Harman Kardon Sabre sound bar redefines what a home entertainment system should be in a modern form, function and design. With an ultra-thin, 32mm, aluminum-finished sound bar and a compact, companion subwoofer the Sabre makes bulky audio equipment look and
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  • Page 5 Advertisements
    • 1157 5 OUG COMMERCIAL REIT 6.8% CJB tqi *****11" t-j s s ■'V ii‘ IMG in M jm*kj| m DISTRIBUTION YIELD FOR FORECAST YEAR 2014 (Assuming Listing Date of 1 January 2014) 1 SUBSCRIBE NOW! IPO CLOSES ON 23 JANUARY 2014 AT 12:00 PM FORECAST AND PROJECTED DISTRIBUTION YIELD (WITH INCOME SUPPORT)
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  • COMPANY NEWS
    • 865 6  - Both sides now pros and cons of dual shares BOARDROOM MATTERS By ADRIAN CHAN The writer is the first vice-chairman of the Singapore Institute of Directors. This article first appeared in BTInvest, http://www. btinvest. com.sg/ specials/boardroom/corporate-governance-why-bother/ BOTH the Hong Kong and Singapore stock exchanges currently have a “one share, one
      PHOTO: REUTERS  -  865 words
    • 1019 6  -  Xpress Holdings boss says finding the right model a challenge as he aims to set up at least 100 print stores and shops globally by 2015, reports CAI HAOXIANG TOPLINE CAI HAOXIANG haoxiang@sph.com.sg Businessman k k Fong is dreaming big again, 15 years after his
      PHOTO: ARTHUR LEE  -  1,019 words
    • 359 6  -  By nishar@sph.com.sg NISHA RAMCHANDANI nishar@sph.com.sg LIFESTYLE firm Osim Inter- LIFESTYLE products firm Osim International has bumped up its stake in subsidiary TWG Tea Company to 70 per cent, up from 53.7 per cent previously, after TWG undertook a rights issue to
      FILE PHOTO  -  359 words
    • 1475 7 INSIDE MARKETS DIRECTORactivitywas flat with 19 companies recording 38 trades worth $4.4 million, based on Jan 13-17 Singapore Exchange filings. The number of firms and trades were not far off from the previous week’s 16 companies and 36 transactions but the turnover was sharply down
      Source: Asia Insider Ltd  -  1,475 words
    • 584 7 Payment Ex Rec Pay Ann (cts) date date date date AIMS Prop Securities (Sep-Dec 13) ct 0.150 27-Dec 31-Dec 21-Mar 18-Dec BRC Asia an 0.800 10-Apr 14-Apr 23-Apr 07-Jan BRC Asia bh 0.400 10-Apr 14-Apr 23-Apr 07-Jan Cambridge Industrial Tr (Oct-Dec 13) ct 1.251 23-Jan 27-Jan 28-Feb 17-Jan
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  • Page 7 Advertisements
    • 61 7 Labuan BFC Inc. cordially invites you to a Masterclass on How Families Preserve Wealth for Generations Using Trust Foundations 9.00 am 11.45 am Friday, 24th January 2014 Ritz-Carlton Hotel Millenia Singapore Presented by David Chong Founder Chairman of Portcullis Group For a complimentary seat, please RSVP via e-mail with your
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    • 118 7 PATRON OF THE ARTS Be among the esteemed individuals and leading organisations that will be recognised for their contributions towards the arts at the Patron of the Arts (POA) Awards 2014. The POA Awards 2014 will recognise contributions made between 1 January 2013 to 31 December 201 3. Do not
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  • SINGAPORE MARKETS
    • 661 8  -  STOCKS R SIVANITHY sivan@sph.com.sg Senior Correspondent FOR most of the past few years, stock markets were driven by liquidity considerations born of developed market (DM) central bank policy, with little regard for whether economic fundamentals were improving, In fact, the worse the economic numbers, the better
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    • 481 8 CURRENCIES Bloomberg [SINGAPORE] Malaysia’s ringgit and the Philippine peso led losses in Asian currencies last week on bets that an improving US economy will prompt the Federal Reserve to further cut stimulus. The Bloomberg-JPMor-gan Asia Dollar Index halted a three-week gain as
      Bloomberg  -  481 words
    • 845 8 COMMODITIES AFP [LONDON] World oil prices rose last week as traders balanced positive global economic data against an improving supply picture. Elsewhere on commodity markets, sugar futures sank to fresh multi-year lows on prospects of a plentiful harvest. Raw material prices
      AFP  -  845 words
    • 1494 8 Consensus No. of Forecast Mean Fri’s recommendation esti-EPS PE target price Company name This wk Last mth mates (cents) (ratio) price AIMS AMP Capital Ind REIT 2.00 1.75 4 10.43 13.43 1.71 1.40 Amtek Engineering Ltd 3.00 3.00 2 0.05 8.53 0.52 0.54 ARA Asset Mgt Limited 2.29
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    • 4 8 WEEKLY
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    • 77 8 Jan 17 VALUE CLOSE BT OB/OS -248.00 +182.00 BT CADI -*****.00 +47.00 BT 10-day MA -*****.00 -24.00 FTSE ST Mid Cap 716.13 +1.30 FTSE ST Small Cap 542.26 -1.20 FTSE ST All Share 763.73 +1.38 FTSE ST China Top 202.43 +1.22 FTSE ST China 230.98 +1.60 FTSE
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    • 56 8 VOLUME Albedo 1,974,449,000 KLW Hldgs 876,863,000 Charisma Energy 710,148,000 HanKore 577,705,000 JES 566,708,000 WE Hldgs 425,922,000 Memstar 404,850,000 Vallianz Hldgs 404,795,000 Federal Int 371,632,000 CCM Grp 337,071,000 VALUE($) SingTel 350,869,151 DBS Grp 230,660,209 Keppel Corp 189,955,816 UOB 177,888,855 OCBC Bk 174,454,338 Albedo 123,619,695 Golden Agri 121,229,173 Wilmar
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    • 113 8 BY CENTS CLOSE UP IS DJ US Tech 8686 1404.3 14.6 Lyxor Indonesia10US$ 7609 520.3 5.7 JMH 5692 421.0 6.2 Lyxor ThaiSET 10US$ ***** 298.9 2.1 Jardine C&C 3940 290.0 7.9 DBXT FTVietnam 10US$ 2725 237.9 7.4 DBXT MSEurope 10US$ 6015 192.1 2.6 JSH 3461 192.1 4.6 SPDRS S&P
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    • 134 8 BY CENTS CLOSE DOWN DBXT DBCBLEB 10US$ 1775 -438.8 -16.3 DBXT iBoxxKR 5US$ ***** -110.7 -0.6 DBXT S&P Short 10US$ 2584 -56.0 -1.7 UOB 2049 -54.0 -2.6 Hyflux 6% CPS 10 ***** -50.0 -0.5 Lyxor China H 10US$ 1344 -33.1 -1.9 DBXT S&P500 10US$ 2998 -31.8 -0.8 Ezra 111.5
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    • 5 8 WEEKLY
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  • SINGAPORE NEWS
    • 270 9 Jan 17 BANKS Agricultural Bank Of China 5.50 Agricultural Bank Of China Bangkok Bank Public Co. Ltd 6.00 Bank of China Limited ...5.50 Bank of Communications 5.50 ...6.00 Bank of China Limited ...5.50 Bank of Tokyo-Mitsubishi ...5.50 Banque Internationale a ...5.75 BNP Paribas Chang Hwa Commercial Bank
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    • 347 9 COMPANY MEETING PLACE DATE TIME Travelite Hldgs E 205A Kallang Bahru 20-Jan 10.30am Frasers Centrpt Tr A Level 2 Alexandra Point 438 Alexandra Road 21-Jan 10.00am ICP E Klapsons The Boutique Hotel 15 Hoe Chiang Road Room Eighteen.2&3 21-Jan 3.00pm Frasers Comm Tr A Level 2 Alexandra Point
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    • Article, Illustration
      475 9  -  By MINDY TAN tanmindy@sph.com.sg Reunion lunch for Marine Parade folks SOME 40 elderly residents of Marine Parade Constituency were treated to a sumptuous “Prosperity Reunion Lunch” at Pu Tien Restaurant last week, thanks to Parkway Parade and GoodLife!, a programme by Montfort Care. Parkway Parade junior club members
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    • 668 9  -  Luxury hotels are reporting faster flow of orders with channels such as Facebook and their websites By CHAN YI WEN yiwenc@sph.com.sg CHINESE restaurants at luxury hotels are leveraging on new media channels to increase sales for their traditional Chinese New Year dinners. And
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  • Page 9 Advertisements
    • 225 9 NGEE ANN ADELAIDE A S. BI/ad^aTde EDUCATION CENTRE W A PARTNERSHIP SINCE 1998 Take the Lead r up f e ght with a Group of Eight University Degree THE UNIVERSITY "/ADELAIDE Part-Time Full-Time Degree Programs offered in Singapore NAA are of equivalent status as onshore degrees offered in Adelaide AACSB
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  • VIEWS FROM THE TOP
    • 2777 10 THIS WEEK’S TOPIC How effective have the various property measures (since 2009) been in cooling the market? Is it time to start unwinding some of the measures, and if so, which ones, when and why? Max Loh Country Managing Partner Ernst Young LLP THE decline
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  • Page 11 Advertisements
    • 1643 11 The complete list of views from CEOs is also available at http://businesstimes.com.sg notices Toll free 1800-289-8822 Email notices@sph.com.sg www.cats.com.sg/notices IN THE MATTER OF THE COMPANIES ACT, CHAPTER 50 AND IN THE MATTER OF ARABELLA HOLDINGS PTE. LTD. Registration No. *****6073D (IN MEMBERS’ VOLUNTARY WINDING UP) At an Extraordinary General Meeting
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  • BT-CITIBANK YOUNG INVESTORS' FORUM
    • 2041 12  -  Firms in this diverse sector bring together those with capital and those who want that capital, writesGEOFF GEOFF HOWIE The writer is SGX’s market strategist THE financials sector is a big one. Fundamentally, almost every company in this diverse sector seeks to generate income
      FILE PHOTO  -  2,041 words
  • Page 12 Advertisements
    • 156 12 Get started now Be a young investor DO you aspire to be a successful young investor? Are you keen on taking the first step towards achieving that? The BT-Citibank Young Investors’ Forum is no typical page extracted from a financial textbook. This forum will present step-by-step guides on how to
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  • Page 13 Advertisements
    • 442 13 VdWWWWWF STPROPERTY SEMINAR pjiopzjrr/ I'/IAfiZST OUTLOOK FOR O /"M /I rr I I i YEAR OF THE HORSE 2 i sw. Date: 1 2 March 2014 Venue: Suntec City Convention Centre, Hall 406 1 Raffles Boulevard, Suntec City, Singapore *****3 Time: 2pm 6pm ss—, g» k kSh' bsc u St
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  • MALAYSIA/INDONESIA
    • 1245 14 Merger with OSK seen paying off, with bank capitalising on a previous weakness [KUALA LUMPUR] RHB Capital Bhd’s group managing director Kellee Kam is the most optimistic he has been in years despite anticipated changes within the operating environment for the industry, The
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    • 324 14 Five dead in capital as toll in Sulawesi island hits 19 AFP [JAKARTA] More than 10,000 Indonesians have fled their homes in the capital due to flooding that has left five dead, an official said yesterday, with people using rubber dinghies and wading through waist-deep
      AFP; PHOTO: AFP  -  324 words
    • 293 14 Bloomberg [LONDON] Aviva plc, Britain’s second biggest insurer, formed a joint venture with Indonesia’s PT Astra International, competing with firms including Prudential plc vying for business in South-east Asia. Astra Aviva Life will provide Aviva products to Astra, Indonesia’s largest publicly traded
      Bloomberg  -  293 words
    • 1407 14 VOL Jan 16 RM +/-(‘000) VOL Advance Synerg 0.15 0.01 808 Adventa Bhd 1.05 -0.02 58 Ae Multi Hldgs 0.21 0.01 86 Affin Holdings 4.17 unch 23 Ahmad Zaki Res 0.83 -0.09 3572 Airasia Bhd 0.29 Alliance Finan 4.82 0.05 1118 Aluminium Co Advance Synerg Amalgamated In 0.35
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  • Page 14 Advertisements
    • 48 14 Exhibit and sell your products and services to thousands of women with buying power. Ladies’ Expo is set to deliver the mid-to high-end platform for a showcase of the most posh and chic in beauty, fashion, nutrition, health, wellness, sports, fitness, shopping and more! *****620 or Email: sales@exhibitsinc.com.sg
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    • 112 14 m Myanmar Civil Aviation Development Conference 2014 24 26 March ***** Yangon, Myanmar To register, visit www.mcadc.sphereconferences.com or contact Jiahui at jiahui@sphereconferences.com or +65 6848 5378 Event Highlights Ministerial address by Minister ofTransport Welcome address by Director General of Myanmar Department of Civil Aviation 2 concurrent tracks: airports airlines Hear
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  • GREATER CHINA/INDIA
    • 572 15 Meteorological centre warns of hazardous smog for fourth straight day Bloomberg [BEIJING] China’s capital city and the nation’s financial hub are stepping up measures to curb pollution as the meteorological agency warned of hazardous smog levels for a fourth day. In Beijing, companies, construction
      Bloomberg  -  572 words
    • 507 15 AFP [NEW DELHI] Standards of education in rural India have declined almost every year since 2009 despite huge government investments, one of the organisers of a major new study has said. The annual survey by Indian education research group Pratham showed
      AFP; PHOTO: REUTERS  -  507 words
    • 441 15 Clauses limiting technological buys undermine fair trade Reuters [WASHINGTON] China’s Commerce Ministry has condemned a US$1.1 trillion spending bill passed by the US Congress last week over clauses that limit technological purchases from the Asian giant, saying that they clash with the principles of fair
      Reuters  -  441 words
    • 409 15 AFP [HONG KONG] Former Chinese premier Wen Jiabao has pleaded innocence over claims that his family amassed huge wealth during his decade in power, a Hong Kong columnist said, as Beijing ramps up a much-publicised crackdown on official corruption. “I have never been
      AFP; PHOTO: BLOOMBERG  -  409 words
  • Page 15 Advertisements
    • 1989 15 KATS NOTICES Toll free 1800-289-8822 Email notices@sph.com.sg www.cats.com.sg/notices TENDER NOTICE SAFRA Radio invites tenders for the SUPPLY, DELIVERY AND INSTALLATION OF SYSTEM FURNITURE/RENOVATION Tender documents at S$10.70 per set (GST inclusive, non-refundable) is obtainable from 20 Jan 2014, 9am. Payment shall be made by cross cheque payable to SAFRA Radio.
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  • WORLD
    • 766 16 OCC still finds problems with bank’s anti-money laundering measures Reuters [WASHINGTON] US regulators continue to find weaknesses in the way that HSBC Holdings tries to prevent money laundering, according to people familiar with the matter, even after the British bank was forced to pay
      Reuters; PHOTO: BLOOMBERG  -  766 words
    • 633 16 At least 17 sent on leave, suspended or fired for sharing info Bloomberg [LONDON] The world’s seven biggest currency traders have fired, suspended or put employees on leave as officials probe alleged foreign exchange benchmark manipulation. HSBC Holdings suspended two London-based foreign exchange
      Bloomberg  -  633 words
    • 626 16 Reuters [NEW YORK] Several large US banks have set aside extra money to pay for potential legal costs in part because of JPMorgan Chase Co’s massive US$13 billion settlement with US authorities over bad mortgages, according to two sources
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    • 319 16 Bloomberg [LONDON] Britons won’t see any acceleration in wage growth this year, which will limit the contribution of consumer spending to the UK recovery, says E&Y Item Club. While the economy is strengthening, households can’t continue to drive gross domestic product without a
      Bloomberg  -  319 words
    • 653 17 Reuters [LOS ANGELES] The cast of the 1970s crime caper American Hustle grooved its way to the top prize from the Screen Actors Guild in a key test of the film’s Oscar mettle six weeks ahead of a likely competitive race for
      Reuters; BT Graphics: Ludwig Ilio Photos: Reuters, Getty  -  653 words
    • 489 17  -  Incumbent mayor opposing new US air base gets re-elected By ANTHONY ROWLEY in Tokyo JAPANESE Prime Minister Shinzo Abe’s authority and Tokyo-Washington relations took a knock yesterday when a candidate backed by Mr Abe’s Liberal Democratic Party (LDP) lost in
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    • 566 17 Even humble abodes can become hot property and sell at eye-popping prices WP [LONDON] For decades, the modest two-bedroom apartment off Abbey Road was home to some of London’s neediest, a small, leaky outpost in this city’s vast constellation of public housing.
      WP  -  566 words
    • 363 17 Reu ters [BANGKOK] Twenty-eight people were wounded, seven seriously, in explosions at a camp of anti-government protesters here yesterday, the latest violence in a prolonged political crisis dividing the country and threatening the Thai economy. The explosions came a day after
      Reuters  -  363 words
    • 154 17 Bloomberg [NEW YORK] Bank of America (BOA) won’t face damages claims related to its 2009 Merrill Lynch acquisition in a lawsuit filed by the New York Attorney General’s Office. New York attorney general Eric Schneiderman is still pursuing the case without the
      Bloomberg  -  154 words
    • 928 18 Boost from UK investors’ right to buy China assets directly using yuan Reuters [LONDON] After a patchy two years, London appears to be making headway in its drive to become Europe’s main offshore hub for trading in China’s currency, potentially delivering a
      Reuters  -  928 words
    • 866 18 Annual inflation rate dips 0.8% in Dec, below 2% target AFP [PARIS] Ultra-low inflation in the eurozone has sparked a divide among officials and analysts over whether the risk of deflation is a real “ogre” or just a phantom menace. The head of
      AFP; PHOTO: REUTERS  -  866 words
    • 712 18 NYT [ATHENS] Since the country’s financial meltdown, Greeks have protested what many here consider the unfairness of the austerity measures that have raised taxes and trimmed salaries and benefits for average Greeks, while the elite escaped similar burdens or being held accountable
      NYT  -  712 words
    • 881 19 Cheaper cities cut staff cost to 37% of revenue in 2013, from half in 2008 Reuters [NEW YORK] Goldman Sachs has been quietly moving thousands of jobs from pricey places such as New York and London to cheaper cities such as Salt Lake City in
      Reuters  -  881 words
    • 745 19 The boss is back and he’s getting more hands-on Bloomberg returns to old firm, attends editorial meetings NYT [NEW YORK] At editorial meetings in Bloomberg LP’s headquarters last week, Michael Bloomberg gave clear signs that he would not be taking a hands-off approach as he returned to his old company.
      NYT; PHOTO: REUTERS  -  745 words
    • 953 19 Reuters [NEW YORK] In early 2011, Morgan Stanley chief executive James Gorman thought he had finally figured out how to rebuild the bank’s depleted bond trading business without taking too much risk. He hired traders from rivals in areas where the bank was
      Reuters; PHOTO: BLOOMBERG  -  953 words
    • 767 19 He becomes CEO of start-up reversemortgage lender Bloomberg [WASHINGTON] Columbia Business School professor Christopher Mayer says that he is so convinced that reverse mortgages can be a cornerstone of responsible retirement planning that he has gone into the business. The loans were
      Bloomberg  -  767 words
  • Page 16 Advertisements
    • 58 16 mm Sl$ ■J 0 LARGEST ASIA’S I Educational Kids’ Fair join us at Asia's Largest Education Fair! Singapore Expo Hall 5 21 -23 March 2014 BOOK NOW! Limited Booths available! as 1 m n For more information, please contact Ms Adeline Goh 9681 8289 gohtna@sph.com.sg Mr Jeffrey Foo 9008 9391
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    • 92 16 JANUARY ISSUE OUT NOW! YOUNG PARENTS TODDLER SEMINAR 2014 TOPICS Secrets to raising a bilingual kid Good sleep smarter kids Break the picky eating habit What to do when you can’t get Baby No. 2 WHEN Feb 15, 2014 (Sat), 1pm-4pm WHERE Orchard Hotel Level 3, Grand Ballroom HOW MUCH
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  • Page 17 Advertisements
    • 168 17 SINGAPORE MENSHEALTH.COM.SG URBANATHLON 2014 THE TOUGHEST URBAN RACE EVER! 14KM ROUTE, 9 URBAN OBSTACLES FINALCALLFOR REGISTRATION! LIMITEDSPACES LEFT,SOHURRY SIGNUPBEFORE31JAN! MARCH 2, 2014 (SUN) 7AM THE FLOAT AT MARINA BAY THIS YEAR’S RACE IS GUARANTEED TO BE YOUR TOUGHEST EVER, WITH 5 NEW OBSTACLES AND A MYSTERY CHALLENGE! Allparticipantswillreceivearacepackworthover$400,including a$35Adidasracetee, finisher’sT-shirt,medalandpersonalisedcertificate,
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  • Page 18 Advertisements
    • 5 18 NOW! *****620 or Email: sales@exhibitsinc.com.sg
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    • 74 18 IFBO VIETNAM 2014 International Franchise Business Opportunities 28-30 May 2014 Tan Binh Exhibition Convention Centre Ho Chi Minh City, Vietnam Vietnam A strong lure for foreign companies Rising incomes, Emerging middle class, Request for the floor plan and participating rates! Book early to reserve your prime booth location! To exhibit:
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  • SHIPPING/AVIATION
    • 872 20 Testing and analysis show ‘deficiencies’ in the Littoral Combat Ships Bloomberg [WASHINGTON] The reliability of the US Navy’s first three Littoral Combat Ships (LCS) “has been degraded by frequent critical system failures” in early operations, the Pentagon’s chief weapons tester said. Testing in
      Bloomberg; FILE PHOTO  -  872 words
    • 481 20 [DUBAI] Bahrain Airports Co (BAC) said that it’s in talks with Asian airlines as it seeks to attract more services to a hub that’s undergoing a US$980 million upgrade aimed at doubling capacity to 13.5 million passengers over five years. BAC is targeting
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    • 292 20 AFP [PANAMA CITY] Work to expand the Panama Canal will proceed despite a financial dispute that could derail the project, an official managing the major waterway said. The Grupo Unidos por el Canal (GUPC) consortium, led by Spanish builder Sacyr, has threatened to
      AFP  -  292 words
    • 246 20 SGX '000 Jan 17 S$ +/-Vol Ch Offshore 0.45 0.01 13 Chuan Hup Hldg 0.27 0.01 48 Cosco Corp 0.73 unch 972 Cwt Limited...............1.35 -0.01 21 Ezra Hldgs 1.12 -0.17 ***** First Ship Lea unch unch 0 Grand Banks Chuan Hup Hldg Jaya Hold Ltd 0.83 0.01 1790
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    • 396 20 Bloomberg [LONDON] AirAsia Bhd chief executive officer Tony Fernandes said Indian backing for his establishment of a low-cost airline in a once closed market of 1.2 billion people is “imminent”, with flights slated for as soon as March. “The process is
      Bloomberg  -  396 words
  • Page 20 Advertisements
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  • Page 20 Miscellaneous
    • 325 20 CRYPTIC CROSSWORD Across 1 Drag one’s feet on stair carpet newly fitted (13) 10 Transport I catch for this meeting of governors (7) 11 French dramatist’s second story about the Queen (7) 12 Keen to bring singer back (4) 13 Fall off in spill (5) 14 Labour staged walk-out? (4)
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  • DINING OUT
    • 921 21  -  La Cuisson serves up tried-and-tested classics along with a new spin on popular French dishes, writes JAIME EE JAIME EE jaime@sph.com.sg NEW RESTAURANT La Cuisson 44 Prinsep Street Tel: 8332 0302 Open for dinner only Tues to Fri: 5pm to 11pm. Sat: 10am to 2.30pm;
      PHOTOS: LA CUISSON, JAIME EE  -  921 words
  • Page 21 Advertisements
    • 94 21 Wine, Dine Hospitality Highlights AQUAMARINE CHINESE NEW YEAR PROSPERITY BUFFET Look no further for the ultimate Chinese New Year buffet with family, friends and loved ones as Aquamarine, level 4 brings you a sumptuous spread of traditional Chinese New Year eats. Buffet pricing starts from $60++ on weekdays, $88++ per
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    • 1594 21 NOTICES Toll free 1800-289-8822 Email notices@sph.com.sg www.cats.com.sg/notices WEE HUR HOLDINGS LTD. Company Reg. No.: *****9510K (Incorporated in the Republic of Singapore) NOTICE OF EXPIRY OF WARRANTS TO: ALL HOLDERS OF W*****2 WARRANTS TO SUBSCRIBE FOR NEW ORDINARY SHARES IN THE CAPITAL OF WEE HUR HOLDINGS LTD (THE “COMPANY”) THIS NOTICE
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    • 196 21 In the Matter of The Companies Act, Cap 50 And In the Matter of GLOBAL BRANDS (SINGAPORE) PTE LTD (In Creditors’ Voluntary Liquidation) (Co. Reg No. *****2919G) (“Company”) NOTICE OF MEETING OF CREDITORS AND CONTRIBUTORIES PURSUANT TO SECTION 307 OF THE COMPANIES ACT NOTICE IS HEREBY GIVEN that pursuant to
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  • SINGAPORE STOCKS
    • 3327 22 Week ended: Jan 17 52-wks Last Vol Week Last Quote Div GrYld Net M Cap High Low Company Sale +/-(‘000) High Low Buyer Seller C’vr P/E $mil Last Vol Week Last Quote 11.5 7 AEM 14.4 11.5 8Telecom M Cap High 188 106 AIMSAMPIReit.............................140 +0.5 4964 140 138
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    • 370 23 52-wks Last Vol Week Last Quote Div Gr Yld Net M Cap High Low Company Sale +/-(‘000) High Low Buyer Seller C’vr P/E $mil 37 17.3 t 3Cnergy 500 Last Vol Week 2.4 1.1 t Advanced System 1.3 unch 4591 1.4 1.2 1.3 1.4 22.9 Net M Cap
      370 words
    • 116 23 Stock name Close Change CapMallsAsia 1.880 -0.025 CapitaLand 2.920 CapitaMall 1.875 +0.010 CityDev 9.550 -0.040 ComfortDelGro 1.945 -0.020 DBS Grp 17.400 +0.010 GLP 2.940 -0.010 Genting SP 1.470 -0.020 Golden Agri 0.530 +0.010 HK Land 6.400 +0.120 Stock name Close Change HPH Trust US$ 0.680 JMH
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    • 1978 23 Transaction date: Jan 17 HONG KONG Vol HK$ +/-'000 Aeon Stores ■000 Angang Steel 5.02 -0.07 6735 Anhui Conch unch Anhuiexpresswa 4.10 0.03 1030 Asia Satellite 30.00 0.10 35 Asm Pacific Avic Ihl Baiyunshan Ph Bank Of China 3.39 -0.03 *****2 Bank Of E Asia 32.15 0.55 1032
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    • 264 23 52-Wk Last Vol Week Last Quote Div GrYld Net MCap High Low Company Sale +/-(’000) High Low Buyer Seller C’vr P/E $mil 61 34.4 AVJennings A56 -1 68 57 56 56 57 3.6 6.3 4.5 207.3 52 35.5 Genting HK US$ US42.5 -1 ***** 44 42 42 42.5 2798.4
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    • 186 23 MAIN CATL TOTAL Up Down Unch Up Down Unch Up Down Unch Multi Ind 5 7 3 0 0 0 5 7 3 Manufacturing 78 72 29 15 12 11 93 84 40 Commerce 28 33 14 6 7 3 34 40 17 Tpt/Stor/Comms 16 23 4
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    • 1003 23 52-Wk Last Vol Week Last Quote Div GrYld Net MCap High Low Company Sale +/-(’000) High Low Buyer Seller C’vr P/E $mil 121 108.3 ABF SG Bond ETF 113 unch 76 113 113 112.8 113 515.8 143 124 CIMB APAC Div 100S$D 124 123.4 124.3 114.4 98.3 CIMB
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    • 123 23 TURNOVER (‘000) VALUE (‘000) MAIN CATL TOTAL MAIN CATL TOTAL Multi Ind 217,242 217,242 283,293 283,293 Manufacturing 2,570,886 1,511,606 4,082,492 804,932 55,725 860,657 Commerce 1,277,102 3,313,117 4,590,219 377,006 278,779 655,785 Tpt/Stor/Comms 454,877 20,003 474,880 688,610 2,273 690,883 Finance 165,345 861 166,206 635,706 245 635,951 Construction 338,497 1,068,210
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  • Page 23 Advertisements
    • 26 23 Insiders' trades. Brokers' recommendations. Dividend table. The pages also cover transactions by directors and substantial shareholders. In other words, news you can use. THE BUSINESS TIMES
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  • FINANCE & COMMODITIES
    • 713 24 Jan 17 OPEN HIGH LOW SETT VOL OP/INT NIKKEI 225 INDEX FUTURES SPOT *****.46 *****.37 *****.80 Mar14 *****.00 *****.00 *****.00 *****.00 ***** *****1 Jun14 *****.00 *****.00 *****.00 *****.00 33 1886 MSCI TAIWAN INDEX FUTURES SPOT 302.75 303.85 301.76 Jan14 302.80 303.60 301.40 302.60 ***** *****1 Feb14 302.30
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    • 373 24 In local curr In S$ In US$ dy yr dy yr dy yr Jan 17 Index Change Change Change Change Change Change World Preliminary 1189.5 0.1 0.4 0.1 0.9 0.0 -0.1 EAFE Preliminary 966.9 0.2 1.1 0.3 1.2 0.2 0.2 Europe Preliminary 1381.8 0.2 2.0
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    • 471 24 Jan 17 A$ C$ Rmb Euro HK$ Ind Rs Rupiah Yen Won RM NZ$ Pak Rs Peso S$ Rand Sfr NT$ Baht Pound US$ Australia 0.963 5.331 0.648 6.833 54.107 106.588 0.919 9.343 2.905 1.063 92.807 39.665 1.121 9.578 0.798 26.567 28.946 0.540 0.881 Canada 1.038 5.534
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    • 32 24 Jan 17 (US$) (S$) 1 mth 0.***** 2 mths 3 mths 0.***** 6 mths 0.***** 9 mths 12 mths 0.***** SWAP Offer rates (S$) (S$) 3 mths ..0.***** Source: Thomson Reuters
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    • 92 24 Jan 17 TREASURY BILLS Period Issue Maturity Yesterday's Day's code Bid High Low 6-Month BS*****Z 27-Jun-14 0.31 1-Year BY*****T 31-Oct-14 0.34 GOVERNMENT BONDS Period Issue Coupon Maturity Close Day's code rate Bid High Low 2-Year N*****0W 1.13 01-Apr-16 101.5 101.57 101.55 5-Year N*****0T 0.5 01-Apr-18 97.67 97.70 97.65
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    • 141 24 Jan 17 GOLD(US$/oz) Jan 17 Jan 16 Hong Kong 1247.00 1245.00 Jan 17 Jan 16 London 1251.97 1241.19 1252.80 1242.41 Source: Thomson Reuters CAST BAR Jan 17 (S$) Selling Buying Kilobar ***** ***** PAMP GOLD BARS (S$) Selling Buying 1gm 114 51 5gm 325 254 10gm 580 507
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    • 61 24 Jan 16 Jan 16 KLCE PALM FUTURES (RM/MT) Delivery Opening Sett Av Vol Open Month Range Price Price High Low Done Position Jan 14 2511.0 2507.0 2520.0 2508.0 1044 ***** Feb 14 2524.0 2524.0 2537.0 2521.0 ***** ***** Mar 14 2537.0 2537.0 2552.0 2535.0 ***** ***** Apr 14
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    • 155 24 Jan 17 Against S$ Against US$ Currencies Bid Offer Bid Offer S$/US$ to one unit of foreign currency: Australian dollar 1.1206 1.1217 0.8810 0.8813 Canadian dollar 1.1632 1.1646 0.9150 0.9145 Euro 1.7295 1.7309 1.3597 1.3599 NZ dollar 1.0545 1.0555 0.8290 0.8293 Sterling pound 2.0751 2.0771 1.6314 1.6319
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    • 110 24 Jan 17 Jan SOYBEANS (5,000 bu min; US cents/60 lb bushels) Close Previous High/Low Mar 14 1316.50 1315.00 1318.50 1305.50 May 14 1297.25 1296.25 1298.50 1288.00 Jul 14 1282.00 1281.25 1283.50 1273.25 Aug 14 1241.25 1241.25 1242.50 1234.25 SOYBEAN OIL (60,000 lbs; US cent/lb) Close Previous High/Low Mar
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    • 94 24 Jan 17 COCOA (£/tonne) Close Prev High Low Mar 14 1730 1773 1764 1715 May 14 1717 1758 1749 1705 Jul 14 1711 1751 1741 1701 Sep 14 1705 1742 1732 1695 COFFEE(US$/tonne) Close Prev High Low Jan 14 1725 1749 1743 1714 Mar 14 1710 1735 1733 1706
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    • 1160 24 BONDS, WARRANTS EXTENDED SETTLEMENT Prem Expiry Vol Conv Exer Disc Gear-Mths Company Last Sale +or-('000) Ratio Price ing Left Asia-Pacific Strategic W*****6 Conv Asia-Pacific Strategic W*****6 0.4 1 123 229 93.75 4 Acma Ltd W*****7 Price Prem Ascendas Reit MB ECW*****3 2.9 0.2 240 2 Ascendas Reit MB eCW*****1 Expiry
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    • 73 24 CRUDE OIL PRODUCTS Jan 16 CRUDE (FOB origin) US$/barrel Close Change Brent blend (1-Mth F) 106.08 -0.60 WTI (Near Mth) 94.08 -0.37 Dubai (1-Mth F) 102.92 0.99 Tapis blend 113.64 0.88 Minas 106.94 0.88 PRODUCT US$/barrel (FOB S'pore) Close Change Naphtha 101.72 -1.17 Jet Kerosene 119.89 0.07 US$/barrel OpecOil Basket
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    • 22 24 Jan 17 S$ Bid Offer 1-month 1.2720 1.2728 2-months 1.2719 1.2727 3-months 1.2719 1.2727 6-months 1.2715 1.2724 Source: OCBC
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    • 65 24 Jan-17 Aluminium, 99.7% purity(US$/tonne) Close Previous Cash 1757.25 1757.25 3 months 1798.00 1798.00 Copper, Grade A(US$/tonne) Cash 7336.00 7336.00 3 months 7310.00 7310.00 Lead(US$/tonne) Cash 2170.25 2170.25 3 months 2197.00 2197.00 Nickel (US$/tonne) Cash *****.00 *****.00 3 months *****.00 *****.00 Tin (US$/tonne) Cash *****.00 *****.00 3 months *****.00
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    • 121 24 As at 9am Jan 17 Singapore dollars to one unit of foreign currency: Currencies Sell Buy Aust dollar 1.147 1.093 Can dollar 1.184 1.139 Euro 1.771 1.687 Sterling pound 2.117 2.036 NZ dollar 1.085 1.044 US dollar 1.297 1.236 Local dollars to 100 units of foreign
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    • 159 24 Jan 17 Jan 17 $S Offer Bid 0vernight 0.04 0.02 1-month 3/8 1/4 2-months 3/8 1/4 3-months 7/16 5/16 Overnight mode: 0.05 US$ Offer Bid 7 days 0.20 0.10 1 month 0.26 0.16 2 months 0.30 0.20 3 months 0.40 0.20 6 months 0.50 0.30 9 months 0.60
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  • 2237 25 Papua New Guinea Australia New Zealand New Caledonia Fiji all other Pacific Islands Dili (East Timor) Guam (Mariana Islands) Honolulu (Hawaii) SOUTH PACIFIC SERVICE W W W. N G P L J S P. C O M THE CHINA NAVIGATION CO. PTE. LTD. 300 BEACH ROAD #02-02 THE
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  • Page 25 Advertisements
    • 133 25 Shanghai Chittagong C a il a n E n n o r e J e d d a h B r Ho Chi Minh NYK RORO &Conventional ServiceREGULAR SERVICE TO REGULAR SERVICE TO Persian Gulf, Bengal, Red Sea, Australia, East South Africa, Asia Europe is b a n e H
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    • 135 25 r 40* new RtPO pT IE PC ilrj Services we provide; Transportation/Haulage Mechanical Repairs Pre Delivery Inspection Refurbishment Accessory Fittings Washing Storage/Preservation Yard Management Wallenius Wilhelmsen Logistics Singapore Pte Ltd Tel: (65) 6379 5166 Fax: (65) 6379 5106 Email: 2wsinenq@2wglobal.com Website: http://www.2wglobal.com FREIGHT LINKS EXPRESS Customer Service Contact: *****535, *****553,
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  • Page 26 Advertisements
    • 73 26 mporters coking for Warehouse Can they find your services here in the Shipping Times? TO ADVERTISE, CALL JOE WONG AT *****327 II THE OFFSHORE OIL GAS SPECIAL SUPPLEMENT IS NOW NLINE If you missed our recent superb editorial and industry highlights in The Business Times, log on to http://events.stclassified.sg/bt-offshoreoilandgas/ to
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    • 18 26 USE THIS SPACE TO SELL CALL JOE WONG AT 9620 1327 TO ADVERTISE The Business Times Shipping Times
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  • Page 27 Advertisements
    • 159 27 f IT Tr v; r. |f T n 3! frirl «T ?r Sr* In ITilT m uM r I2«5r fiii 3 r pit e; 53RSJ j| te Si ll I n sr E"» in 5s -J LL‘« g'Tl 5 'Ji "ing 3 l!ll 'Via 5^.1 ■5 A„- injy sg •DU-
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  • BizIT THE BUSINESS OF INFOCOMM TECHNOLOGY
    • 1051 28  -  It ties up with CSC to offer application modernisation services, reportsAMIT AMIT ROY CHOUDHURY [NEW DELHI] HCL Technologies, India’s fourth biggest IT services company with a run rate of US$5 billion in annual revenues, is looking to differentiate itself from its peers by
      1,051 words
    • 993 27  -  It backs rivals’ services even as it builds its own user base, reportsVICTORIA VICTORIA HO WHILE Androids and Apple continue to clash in the smartphone arena, Microsoft and Nokia are bending over backwards to play well with everyone, in the hopes of boosting the Windows Phone’s far
      PHOTO: REUTERS  -  993 words
    • 640 27  -  Data centre business major driver as new S’pore facility opens By ADELINE TAN A little over a year ago, global telecommunications service provider Pacnet announced that it was undertaking a major business revamp and shedding 30 per cent of its global workforce to
      640 words
    • 1008 27  -  By KEVIN KWANG CHINA’S top smartphone makers are moving away from their dependence on the domestic market for growth, looking instead to making their mark on the international stage. Market watchers, however, think the vendors face an uphill task in establishing themselves as genuine
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  • Page 28 Advertisements
    • 494 28 HP recommends Windows. Make it matter. Goodbye XP. Hello complete security. m Windows XP support ends April 2014, but HP’s round-the-clock security remains. Protect your business during the great move by switching to the HP Elite and Pro series, powered by Intel® Core™ i5 processor. Each industry-leading PC comes with
      494 words