The Business Times, 20 January 2016

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Total Pages: 24
1 24 The Business Times
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  • Title Section
    Lock icon Masthead
    22 1 THE BUSINESS TIMES S$1.00 A SINGAPORE PRESS HOLDINGS PUBLICATION www.businesstimes.com.sg @BTBreakingnews CO REGN NO *****2868E MCI (P) 039/08/2015 Wednesday, January 20, 2016
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  • Article
    Lock icon MARKETS
    27 1 Tuesday Change STI 2,638.47 +45.47 KL COMP 1,629.22 +6.58 NIKKEI 225 17,048.37 +92.80 HANG SENG 19,635.81 +398.36 SHENZHEN B 1,194.70 +29.00 Dow (10.45 EST) 16,113.88 +125.80
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  • Article
    Lock icon DAILY DIGEST
    191 1 The turbulence in financial markets does not displace the longer-term picture in Asia: that its markets are expanding faster than the rest of the world, says Deputy Prime Minister Tharman Shanmugaratnam. TOP STORIES 2 Iran will give the beleaguered offshore marine sector a much needed boost, if the
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  • Article, Illustration
    Lock icon Chances of weaker Singdollar policy on the rise amid increased volatility
    861 1  -  Economists say plunge in oil prices and its impact on inflation could play a key part in any MAS policy shift By Kelly Tay kellytay@sph.com.sg @KellyTayBT Singapore THE odds of an easing in monetary policy have risen, as heightened
    PHOTO: BLOOMBERG  -  861 words
  • Article, Illustration
    Lock icon SingPost taps PwC as special auditor, provoking more questions
    891 1  -  Eyebrows raised at absence of RFP and in light of PwC’s long relationship with the group as its external auditor By Melissa Tan melissat@sph.com.sg @MelissaTanBT Singapore NEARLY four weeks after announcing it would appoint a special auditor to investigate its corporate
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  • TOP STORIES
    • Article, Illustration
      Lock icon Asian story still intact despite financial market woes: Tharman
      699 2  -  Setting up of Entrepreneur First’s new international office in Singapore will boost technical startup talent here By Jacquelyn Cheok jaccheok@sph.com.sg @JacCheokBT Singapore THE current turbulence in financial markets does not displace the longerterm picture in Asia: that its markets are expanding
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    • Article
      Lock icon Dell opens Asia-Pac, Japan IoT lab in Singapore
      512 2  -  By Amit Roy Choudhury amit@sph.com.sg @AmitRoyCBT Singapore COMPUTER giant Dell on Tuesday opened its first dedicated Internet of Things (IoT) lab in the Asia-Pacific and Japan (APJ) region in Singapore. Based in the Dell Solution Centre, the new facility, launched in collaboration
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    • Article, Illustration
      Lock icon PMO, 3 ministries aim to ensure that everyone benefits from Singapore’s renewed economy
      457 2  -  Investments will be made in education, helping firms to be more efficient and in developing growth areas By Kelly Tay kellytay@sph.com.sg @KellyTayBT Singapore KEEPING Singaporeans at the core of the renewed economy this was the message emphasised
      FILE PHOTO  -  457 words
    • Article, Illustration
      Lock icon Structural issues behind CPF monies not flowing to mutual funds: Imas
      765 2  -  By Cai Haoxiang haoxiang@sph.com.sg @HaoxiangCaiBT Singapore THERE are structural reasons why it is difficult to attract Central Provident Fund (CPF) monies to mutual funds, said an industry association representing asset managers in Singapore. They include relatively high guaranteed returns
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    • Article, Illustration
      Lock icon Hurdles to cross before Iran delivers on its O&M promise
      684 3  -  Among them is its hopes of FDI amounting to US$100b to fund US$130b of projects in next 3-5 years NEWS ANALYSIS By Tan Hwee Hwee hweetan@sph.com.sg @HweetanBT Singapore IRAN will give the beleaguered offshore marine sector a much needed boost,
      PHOTO: REUTERS  -  684 words
    • Article
      Lock icon China’s 2015 growth hits 25-year low of 6.9%
      600 4  -  World’s second largest economy struggles with overcapacity, ailing manufacturing sector and indebted local governments By Virginie Mangin btworld@sph.com.sg Singapore CHINA’S economy grew 6.9 per cent in 2015 its slowest pace in 25 years, adding pressure on Beijing which is steering the country
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    • Article, Illustration
      Lock icon Singapore retains No 2 spot in Global Talent Competitiveness Index
      517 4 Singapore SINGAPORE has taken the No 2 spot for the third straight year in Insead’s annual Global Talent Competitiveness Index (GTCI), behind Switzerland. The study, released on Tuesday, measures a nation’s competitiveness based on the quality of talent that it
      FILE PHOTO  -  517 words
    • Article
      Lock icon Bank of Japan likely to go for broke on monetary easing
      744 4  -  By Anthony Rowley btworld@sph.com.sg Tokyo IS Bank of Japan (BOJ) governor Haruhiko Kuroda on course to launch a new monetary easing “bazooka” at the end of this month as Japan’s economic recovery sputters, the Tokyo stock market crumbles, and
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    • Article
      Lock icon IMF presents sombre two-year projections for global economy
      621 4  -  By Anthony Rowley btworld@sph.com.sg Tokyo THE International Monetary Fund (IMF) on Tuesday revised downwards global economic growth projections in the latest update to its flagship World Economic Outlook (WEO) report. But, at the same time, it forecast a continuing modest pick-up in
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      Lock icon Page 3 Advertisements Column 1
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  • COMPANIES & MARKETS
    • Article
      Lock icon Ezra seeks 8-to-1 share consolidation to fulfil MTP requirements
      329 5  -  By haoxiang@sph.com.sg Cai Haoxiang haoxiang@sph.com.sg @HaoxiangCaiBT Singapore EMBATTLED oil and gas player Ezra Holdings is proposing an eight to one consolidation of its shares. Shareholders will vote on the proposal at an extraordinary general meeting to be convened. The share consolidation
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    • Article
      Lock icon ST Aerospace wins S$415m contracts in Q4 2015
      275 5  -  B y Nisha Ramchandani nishar@sph.com.sg @Nisha_BT Singapore THE aerospace arm of Singapore Technologies Engineering landed new contracts worth S$415 million in the fourth quarter of last year. The contracts for ST Aerospace include projects such as airframe maintenance and cabin interior reconfiguration,
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    • Article
      Lock icon Oriental units in China face claims over unauthorised guarantees
      500 5  -  Two directors chairman Wu Dingron and son-in-law Sun Lu on immediate leave of absence, stripped of authority By Kenneth Lim kenlim@sph.com.sg @KennethLimBT Singapore ORIENTAL Group said on Tuesday that two subsidiaries in China face legal claims over unauthorised guarantees that had
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    • Article
      Lock icon Bond investing getting stressful
      953 6  -  Woes faced by issuers amid challenging markets drive home the need for investors to do their homework HOCK LOCK SIEW By SIOW LI SEN lisen@sph.com.sg @SiowLiSenBT FIXED income or bond investors generally expect to have a quiet life. It’s why the typical asset allocation recommended for
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    • Article
      Lock icon Keppel T&T’s Q4 profit down in absence of asset divestment gain
      677 6  -  Ignoring asset divestment, Q4 earnings are S$32.5m higher at S$44.5m By Amit Roy Choudhury amit@sph.com.sg @AmitRoyCBT Singapore DATA-CENTRE and logistics provider Keppel Telecommunications Transportation (Keppel T&T) on Tuesday reported a 77.6 per cent drop to S$44.51 million in fourth-quarter
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    • Article
      Lock icon Sembcorp may privatise or inject funds into SembMarine: sources
      401 6 REUTERS Singapore SINGAPORE’S Sembcorp Industries may inject funds into Sembcorp Marine or buy full control of the drilling rig builder to replenish finances strained by a collapse in oil prices, people familiar with the matter said. Sembcorp Industries almost half-owned by
      REUTERS  -  401 words
    • Article, Illustration
      Lock icon First Reit posts 2.5% rise in Q4 DPU, lifted by acquisitions
      658 6  -  By Claire Huang huangjy@sph.com.sg @ClaireHuangBT Singapore MAINBOARD-LISTED First Reit (real estate investment trust) has posted a 2.5 per cent rise to 2.09 Singapore cents in distribution per unit (DPU) for the fourth quarter of 2015, lifted by revenue from
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    • Article
      Lock icon Starwood, Fosun considering bids for A-HTRUST: sources
      352 7 BLOOMBERG Hong Kong STARWOOD Capital Group, the property investment firm, and Chinese billionaire Guo Guangchang’s Fosun International Ltd are weighing bids for Ascendas Hospitality Trust (A-HTRUST), people with knowledge of the matter said. Starwood Capital, which manages about US$45 billion of assets, and
      BLOOMBERG  -  352 words
    • Article
      Lock icon CDL CFO leaves for another firm
      237 7  -  By Lee Meixian leemx@sph.com.sg @LeeMeixianBT Singapore CITY Developments Ltd’s (CDL) chief financial officer has quit to join another listed company. The property developer on Tuesday said it has accepted the resignation of Goh Ann Nee, and her last day with the company will be
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    • Article
      Lock icon Three key risks seen from rig order default
      595 7  -  Sete Brasil has six semi-submersible drilling units on order at Keppel O&M and seven drillships with SembMarine By Tan Hwee Hwee hweetan@sph.com.sg @HweetanBT Singapore THE market will be waiting for indications from the release of the FY2015 report cards of two large-cap
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    • Article, Illustration
      Lock icon STI / Catalist
      63 8 STI Catalist Straits Times Index Jan 19,2016 2,638.47 +45.47 (+1.75%) Current streak 1 day Day high 2,638.47 Day low 2,582.31 52-week high 3,539.95 (Apr 15, 2015) 52-week low 2,593.00 (Jan 18, 2016) FTSE ST Catalist index Jan 19,2016 455.08 +0.64 (+0.14%) Current streak 1 day Day high 456.01 Day low
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    • Article
      Lock icon GAINERS
      76 8 BY CENTS CLOSE UP 52w high/low SPDR S&P500 US$ ***** 129.2 0.5 *****/***** Jardine C&C 3479 111.0 3.3 4258/2636 DBXT MSKorea US$ 4774 68.9 1.0 6246/4478 JSH USD 2747 67.5 1.7 3693/2524 Lyxor ChinaH US$ 1162 56.0 3.5 2055/1123 BY PERCENTAGE CLOSE UP 52w high/low KepCorp MBeCW*****3 3.3 94.1
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    • Article
      Lock icon LOSERS
      81 8 BY CENTS CLOSE DOWN 52w high/low DBXT MSEurope US$ 4965 -297.0 -4.0 6300/4965 DBXT MSINDO us$ 1125 -27.3 -1.7 1492/911 Lyxor World US$ 153.1 -21.4 -8.9 183.5/150.8 DBXT S&P Short US$ 2277 -20.1 -0.6 2393/2086 IS Asia BND US 1022 -20.1 -1.4 1096/1010 BY PERCENTAGE CLOSE DOWN 52w high/low
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    • Article
      Lock icon UNUSUAL ACTIVITY
      81 8 VOL CLOSE($) CHANGE Travelite 41.0 0.200 -0.050 -20.00 China Haida 962.6 0.020 +0.003 +17.65 China Flexpack 8.7 0.520 +0.070 +15.56 Hengyang Petro 0.7 0.110 -0.065 -37.14 NutryFarm 20.6 0.179 +0.014 +8.49 Koyo Intl 15,073.5 0.068 +0.012 +21.43 Europtronic 4,771.1 0.006 +0.001 +20.00 Ascendas-hTrust 11,764.6 0.755 +0.050 +7.09 Tye
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    • Article, Illustration
      Lock icon Market bets on China stimulus, Dow rebound
      632 8  -  ST Index up amid strong comeback in HK and Shanghai and positive opening in Europe STOCKS By R Sivanithy sivan@sph.com.sg @RSivanithyBT A200-point rise in the Dow futures on Tuesday and the release of weak economic data in China helped the Straits Times Index
      Source: Bloomberg  -  632 words
    • Article
      Lock icon STI STOCKS
      303 8 Stock name Close Change Day high/low 52w high 52w low PE Div yield Mcap Ascendas Reit 224 +9 225/216 271 209 6.5 5883.9 CapitaLand 309 +7 310/300 379 267 11.3 2.9 *****.4 CapitaMall Trust 196 +4 196/191.5 228 184.5 5.5 6811.5 CityDev 728 +10 728/707 1095 695 8.8
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    • Article, Illustration
      Lock icon STI / FTSE ST All-Share
      35 8 STI FTSE ST All-Share FTSE ST All-Share index Jan 19,2016 649.74 +10.29 (+1.61%) Current streak 1 day Day high 649.74 Day low 637.51 52-week high 847.98 (Apr 15, 2015) 52-week low 639.45 (Jan 18, 2016)
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    • Article, Illustration
      Lock icon STI / MSCI EAFE
      33 8 STI MSCI EAFE MSCI EAFE Index Jan 18,2016 1,547.87 -17.37 (-1.11%) Current streak 3 days Day high 1,563.91 Day low 1,546.52 52-week high 1,949.49 (May 15, 2015) 52-week low 1,547.87 (Jan 18, 2016)
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    • Article
      Lock icon MOST ACTIVE
      34 8 VOLUME Ezra 80,729,500 Noble 52,101,100 ChinaSports 48,485,500 Rex Intl 40,978,700 Singtel 35,150,000 Market volume 1,417,339,000 VALUE DBS Grp 162,973,536 Singtel 122,064,785 Keppel Corp 89,346,058 OCBC Bank 81,879,637 UOB 63,546,987 Market value 1,283,509,000
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    • Article
      Lock icon OTHER SINGAPORE INDICES
      77 8 Jan 19 VALUE CLOSE BT OB/OS -1029.00 +134.00 BT CADI -*****.00 +175.00 BT 10-day MA -*****.00 -103.00 FTSE ST Mid Cap 637.85 +12.39 FTSE ST Small Cap 383.79 +6.06 FTSE ST All Share 649.74 +10.29 FTSE ST China Top 157.81 +4.27 FTSE ST China 190.39 +2.92 FTSE
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    • Article
      Lock icon SECURITIES TRADING SCOREBOARD
      186 8 MAIN CATL TOTAL Up Down Unch Up Down Unch Up Down Unch Multi Ind 9 4 3 1 0 0 10 4 3 Manufacturing 62 23 26 5 5 13 67 28 39 Commerce 22 11 12 2 2 6 24 13 18 Tpt/Stor/Comms 21 13 4
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    • Article
      Lock icon SGX ETFS
      110 8 Most Active Fund Last sale +/-(‘000) Day high/low 52w high/low Buy/Sell Mcap STI ETF 271 +5 1245 271/265 355/264 270/271 IS MS INDIA US$ US625 -1 537 630/620 1000/620 625/627 78.1 Lyxor Japan US$ US115.6 +0.3 233 115.7/115.3 135.4/114.6 115.5/115.7 18.5 Lyxor World US$ US153.1 -14.9 190 153.1/150.8
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    • Article
      Lock icon SECURITIES TRADING TURNOVER
      123 8 VOLUME (‘000) VALUE (‘000) MAIN CATL TOTAL MAIN CATL TOTAL Multi Ind 38,049 6,722 44,771 134,284 1,292 135,576 Manufacturing 218,875 51,072 269,947 101,162 3,917 105,079 Commerce 90,512 31,839 122,351 70,346 1,067 71,412 Tpt/Stor/Comms 200,076 1,038 201,114 225,410 76 225,487 Finance 34,723 26 34,749 339,718 4 339,722 Construction
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    • BROKERS’ TAKE
      • Article
        Lock icon Keppel Corp | Neutral
        111 8 Keppel Corp Neutral Target price: S$5.05 Jan 19 close: S$5.18 Nomura, Jan 19 We upgrade Keppel Corp from a non-consensus Reduce rating (since Oct 8, 2014) to Neutral. We believe the market has misinterpreted the extent of provisions needed to be made by Keppel and SembMarine, if Sete Brasil eventually
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      • Article
        Lock icon Keppel Corp | Buy
        107 8 Keppel Corp Buy Target price: S$8.08 rhb, Jan 19 Keppel’s stock has slid to a point where its offshore and marine (O&M) division is valued below zero. It trades below the book value of its property division alone. Our SOP-based TP of S$8.08 (from S$10.00, 67 per cent upside) includes
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      • Article
        Lock icon M1 | Buy
        115 8 M1 Buy Target price: s$2.95 Jan 19 close: S$2.50 OCBC Investment Research, Jan 19 M1 declared a final dividend of 8.3 S cents/share versus 11.9 s cents a year ago, bringing its total dividend to just 15.3 S cents (versus 18.9 s cents a year ago). We suspect the market
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      • Article
        Lock icon M1 | Hold
        162 8  - M1 Hold Compiled by Melissa Tan Target price: S$2.60 DBS Group Research, Jan 19 The stock has declined 35 per cent from its peak in April 2015. The stock has declined in anticipation of the potential entry of a fourth mobile player. Our bear-case TP is S$2.20 while bull-case TP
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    • Article
      Lock icon CALENDAR
      18 8 DATA I Jan 20 (4pm) Singapore COE Bidding Results I Jan 20 (8pm) US MBA Mortgage Applications
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    • Article
      Lock icon Safe haven yen falls on expectations of China stimulus
      403 9 CURRENCIES REUTERS London THE safe-haven yen fell on Tuesday on relief that China’s fourth-quarter economic growth had matched forecasts and as expectations of further monetary easing there boosted risk appetite. China’s GDP grew 6.8 per cent in October to December from
      REUTERS  -  403 words
    • FOREX RATES
      • Article, Illustration
        Lock icon HANG SENG
        2 9
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      • Article
        Lock icon INTERBANK CROSS RATES
        471 9 Jan 19 A$ C$ Rmb Euro HK$ Ind Rs Rupiah Yen Won RM NZ$ Pak Rs Peso S$ Rand Sfr NT$ Baht Pound US$ Australia 1.000 4.551 0.636 5.400 46.724 95.949 0.815 8.338 3.022 1.069 72.558 32.964 0.993 11.510 0.697 23.206 25.100 0.484 0.692 Canada 1.000 4.551
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      • Article, Illustration
        Lock icon SHANGHAI COMPOSITE
        2 9
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      • Article, Illustration
        Lock icon DOW JONES
        2 9
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      • Article
        Lock icon INTERBANK CURRENCY RATES
        155 9 Jan 19 Against S$ Against US$ Currencies Bid Offer Bid Offer S$/US$ to one unit of foreign currency: Australian dollar 0.9922 0.9934 0.6914 0.6919 Canadian dollar 0.9925 0.9933 0.6919 0.6917 Euro 1.5591 1.5603 1.0865 1.0868 NZ dollar 0.9280 0.9292 0.6467 0.6472 Sterling pound 2.0496 2.0512 1.4283 1.4287
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      • Article
        Lock icon US$/S$ FORWARD RATES
        22 9 Jan 19 S$ Bid Offer 1-month 1.4362 1.4371 2-months 1.4376 1.4384 3-months 1.4387 1.4397 6-months 1.4420 1.4429 Source: OCBC
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      • Article, Illustration
        Lock icon NIKKEI
        1 9
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    • EQUITY BONDS WARRANTS FUTURES
      • Article
        Lock icon BONDS, WARRANTS, PREFERENCE SHARES
        208 9 Most active Jan 19 Prem Expiry Vol Conv Exer Disc Gear-Mths Company Last Sale +or-('000) Ratio Price ing Left FTSEChinaA50 ***** MBeCW*****8 8.9 1.1 ***** 0.0 3 KepCorp MB eCW*****1 10.3 2.1 ***** 0.2 600 10 SHS Holdings W*****6 7.8 0.2 ***** 1 20 -1 3.59
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      • Article
        Lock icon MORGAN STANLEY CAPITAL INTERNATIONAL INDICES
        377 9 In local curr In S$ In US$ dy yr dy yr dy yr Jan 18 Index Change Change Change Change Change Change World Preliminary 1167.5 -0.3 -8.6 -0.5 -7.6 -0.5 -8.9 EAFE Preliminary 919.0 -0.6 -9.3 -1.2 -8.5 -1.1 -9.8 Europe Preliminary 1285.2 -0.5 -9.0
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      • Article
        Lock icon SGX DERIVATIVES TRADING
        386 9 Jan 19 OPEN HIGH LOW SETT VOL OP/INT FTSE CHINA A50 INDEX FUTURES Jan16 9172.50 9490.00 9150.00 9480.00 *****0 *****2 Feb16 9080.00 9352.50 9020.00 9347.50 ***** ***** NIKKEI 225 INDEX FUTURES Mar16 *****.00 *****.00 *****.00 *****.00 *****2 *****6 Jun16 *****.00 *****.00 *****.00 *****.00 175 3740 MSCI TAIWAN
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    • BANK RATES
      • Article
        Lock icon INTERBANK RATES
        154 9 Jan 19 $S Offer Bid 0vernight 0.05 Par 1-month 1.125 1.000 2-months 1.1875 1.0625 3-months 1.2500 1.1250 Overnight mode: 0.25 US$ Offer Bid 7 days 0.45 0.35 1 month 0.48 0.38 2 months 0.65 0.45 3 months 0.75 0.55 6 months 1.00 0.80 9 months 1.20 1.00 12
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      • Article
        Lock icon GOVERNMENT SECURITIES
        67 9 Jan 19 GOVERNMENT BONDS Period Issue Coupon Maturity Close Day's code rate Bid High Low 2-Year N*****0F 1.375 01-Oct-17 100.42 100.49 100.45 5-Year N*****0S 2.000 01-Jul-20 100.46 100.75 100.55 10-Year NX*****Z 2.375 01-Jun-25 99.66 99.95 99.60 15-Year NZ*****F 2.875 01-Sep-30 101.72 102.30 101.80 20-Year NZ*****V 3.375 01-Sep-33 108.56
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    • AGRI METALS ENERGY
      • Article
        Lock icon COMMODITY FUTURES
        249 9 Jan-18 Price Net change change Last Trade Agricultural Jan-15 CBOT Soybeans (US cents/bu) 879.00 -3.25 -0.36% 14/03/2016 CBOT Soybean Oil (US cents/lb) 29.65 -0.10 -0.34% 14/03/2016 CBOT Wheat (US cents/bu) 473.75 5.00 1.07% 14/03/2016 Jan-18 LIFFE Cocoa (£/tonne) 2114.00 -1.00 -0.05% 14/03/2016 LIFFE Coffee (US$/tonne) 1372.00 -22.00 -1.58%
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    • Article
      Lock icon SGX MAINBOARD
      1819 10 Transaction date: Jan 19 52-Wk Last Vol Day Div GrYld Net MCap High Low Company Sale +/-(’000) High Low C’vr P/Ep $mil Last Vol Day Div GrYld 153 128.5 AIMSAMP Cap Reit 130.5 +1 258 130.5 129 1 8.5 828.2 MCap 175.5 106 ARA Asset Mgmt 107 -1
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    • Article
      Lock icon SGX CATALIST
      310 10 52-Wk Last Vol Day Div GrYld Net MCap High Low Company Sale +/-(’000) High Low C’vr P/E Company Last Sale Vol ('000) 1 0.3 t Advanced Systems 0.4 unch 800 0.4 0.4 10.5 Day Low Div C'vr GrYld Net P/E MCap 35 10 t 3Cnergy 10.1 29.5 18
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    • Article
      Lock icon SGX ETF
      122 10 52-Wk Last Vol Day Div GrYld Net MCap High Low Counter Sale +/-(’000) High Low C’vr P/E Counter Last Sale vol 4258 2498 DBXT China50 US$ US2532 +34 0 2532 2520 7 409 199 DBXT MSBrazil US$ US202 +2 26 202 201 Low 6246 4478 DBXT MSKorea US$
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      Lock icon Page 5 Advertisements Column 1
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      266 6 InvestorRelationsHighlights CEFC International secures stable trade flow and expands into Europe with new contract win CEFC International Limited announced on Jan 18, 2016 that it successfully won the tender and signed an agreement to supply diesel to Dyneff SAS (“Dyneff”), a leading independent fuel distributor in France with over 50
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      Lock icon Page 7 Advertisements Column 1
      139 7 An initiative by T ripartite Alliance for Fair Progressive Employment Practices -A Ml** HOW CAN WORK-LIFE STRATEGY BOOST YOUR BUSINESS RESULTS? I I I Low Cheong Kee Founder Managing Director of Home-Fix D.I.Y. Pte Ltd PRODUC h Work-Life Strategy is a series of measures and initiatives that increases business productivity
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      111 10 i SGX Academy Sharpen your investment acumen through classroom and online courses. Singapore Exchange The "Invest Trade with Precision” course helps you develop confidence in entering the market. You will also learn strategies to improve profit targets and manage risks. Date 30 January 2016 Time :10am-5pm Venue SGX Centre, Level
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  • A Special Feature Brought to You By Singapore Management University
    • Article, Illustration
      Lock icon Forecasting economic uncertainty
      1326 11  -  The primary purpose of macroeconomic forecasts is to convey the degree of uncertainty facing an economy, says SMU Associate Professor Anthony Tay AnthoT1y Tay convey SMU Associate Professor EXPECTATIONS regarding future economic conditions play a central role in economic decisions. For guidance in forming these expectations, many
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      73 11 SMU PhD in Economics WE’RE A LEADING SCHOOL FOR ECONOMICS RESEARCH IN ASIA. The SMU PhD in Economics develops the next generation of economics researchers, thinkers, teachers and policy makers. Learn from and collaborate with top academics and be at the forefront of economics research and practice. Applications for August
      73 words
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  • REAL ESTATE
    • Article, Illustration
      Lock icon Singapore investors buy record US$26.3b of overseas properties in 2015
      1266 12  -  The new high was boosted by big purchases by GIC and GLP, though mid-sized and smaller buys also figured in the tally By Kalpana Rashiwala kalpana@sph.com.sg @KalpanaBT Singapore SINGAPORE-BASED investors purchased a record US$26.31 billion in overseas real estate in
      Source: Real Capital Analytics  -  1,266 words
    • Article
      Lock icon Investment in China property slows further in December to 7-year low
      370 12 REUTERS Hong Kong GROWTH of investment in China’s property sector continued to decline in December, dropping to one per cent, the slowest growth in nearly seven years even as national sales improved, official data showed on Tuesday. Real estate
      REUTERS  -  370 words
    • Article
      Lock icon PICTET
      263 12 Pictet-Absl Rtn Fxd Inc-HP EUR 14/01/2016 EUR 102,78 Pictet-Absl Rtn Glo Div-P EUR 14/01/2016 EUR 115,68 Pictet-Asian Equities Ex Japan-P USD 15/01/2016 USD 164,37 Pictet-Asian Local Currency Debt-P USD 15/01/2016 USD 140,25 Pictet-Biotech-P USD 15/01/2016 USD 626,01 Pictet-Clean Energy-P USD 14/01/2016 USD 65,20 Pictet-Digital Communication-P USD 14/01/2016 USD 213,59
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      Lock icon Dubai developers urged to rethink their budgets
      602 12 BLOOMBERG Dubai DUBAI’S biggest landlord has a message for the city’s developers: get ready to rethink your budgets and building plans repeatedly this year or be engulfed by a topsy-turvy market. Companies need to be “more agile to sustain their businesses and survive
      BLOOMBERG; PHOTO: BLOOMBERG  -  602 words
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      15 12 Brand Your Assets Call 1800 289 8822 or e-mail notices@sph.com.sg to publicise your Financial Statements
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      85 12 FREEHOLD GROUND FLOOR PROMINENT FRONTAGE 110/110D Killiney Road <» Contact Sammi Lim (CEA Reg No.: R*****9J) 9368 9803 Yap Hui Yee (CEA Reg No.: R*****5Z) 9852 3687 Freehold Strata area: approx. 360 sq m 3,875 sq ft Rare F&B approval in place Prominent road frontage along Killiney Road Within the
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  • BANKING & FINANCE |
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      320 13 fill® -HI, i i DV T 111 l w HU ilt iK i I Singapore Airshow 2016 *16-21 February Changi Exhibition Centre Be there as aviation accelerates into the future at Singapore Airshow 2016. Seize this opportunity to network, discover and exchange ideas with the world’s aviation giants, as well
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  • ENERGY & COMMODITIES
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      69 14 Love, unconditionally I’m very blessed and thankful to have such devoted parents who nurtured me into who I am. They always ensure that my self-confidence will not be shaken as I grow. Photography student Isabelle Lim, who has Nager Syndrome, a rare genetic disorder. Curl up with It Changed My
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      18 14 Looking for your DREAM HOME? Buy/Sell/Rent/Valuations W r/ p SRX.com.sg Singapore's No. 7 Quality Listing Porta k. f:
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      19 14 Lunar New Year Online shopping Recipes Fashion tips Events calendar Check them out now! Scan QR or visit cny.zaobao.com
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  • TECHNOLOGY
    • Article, Illustration
      Lock icon WhatsApp drops US$1 fee; mulls over making businesses pay
      377 15 Popular communications service also expects in coming months to offer complete encryption of messages REUTERS Munich THE world’s most popular messaging service, WhatsApp, is dropping its token US$ 1 fee still levied on some users as it experiments with making businesses
      REUTERS; PHOTO: BLOOMBERG  -  377 words
    • Article
      Lock icon Trouble seen in Taiwan’s tech sector
      704 15 NYT Taipei WITH its offices sporting wood flooring, a roof painted bright orange and conference rooms named after target markets in South-east Asia, AppWorks, one of Taiwan’s few startup accelerators, has the look and feel of the American counterparts it’s modelled on. But its
      NYT  -  704 words
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      10 15 FRAGRANCE REGAL PTE LTD A SUBSIDIARY OF FRAGRANCE GROUP LIMITED
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      810 15 NOTICES TOLL FREE 1800-289-8822 I Email notices@sph.com.sg I www.sphclass.com.sg/notices IN THE MATTER OF THE COMPANIES ACT, CHAPTER 50 AND IN THE MATTER OF LILY MUSIC SCHOOL PTE. LTD. Company Registration Number *****9618E (IN MEMBER’S VOLUNTARY LIQUIDATION) NOTICE OF RESOLUTIONS [(PURSUANT TO SECTION 290(2)(B)] At an Extraordinary General Meeting of the
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      1117 15 ASIA FASHION HOLDINGS LIMITED (Incorporated in Bermuda) (Company Registration No. *****) NOTICE OF SPECIAL GENERAL MEETING Unless otherwise defined, all capitalised terms herein shall bear the same meaning as used in the circular dated 20 January 2016 issued by Asia Fashion Holdings Limited (the “Circular”). NOTICE IS HEREBY GIVEN that
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  • CONSUMER
    • Article, Illustration
      Lock icon Cult CEO’s move cheers Adidas investors as Henkel holders fret
      383 16 BLOOMBERG London FOR all the buzz in recent months surrounding Kasper Rorsted’s next move, his switch of top jobs from Dial soap-maker Henkel AG Co to sneaker-outfitter Adidas AG still caught investors off guard. That’s because Henkel initially didn’t explain
      BLOOMBERG; PHOTO: REUTERS  -  383 words
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      Lock icon Shoppers pay 0%, while retailers fork out 10% in strained Asean credit market
      738 16 A key emerging risk, especially for Singapore, is the advent of e-commerce, says an analyst about the plight of brick-and-mortar retailers BLOOMBERG Singapore FAMILIES buying televisions are getting lower borrowing costs than the stores selling them, a
      BLOOMBERG; FILE photo  -  738 words
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      Lock icon Son’s SoftBank plan at risk as Sprint goes from bad to worse
      732 16 BLOOMBERG Tokyo THE acquisition of Sprint Corp was supposed to help Masayoshi Son realise his vision of transforming SoftBank Group Corp into the world’s most-valuable company. Instead, the 2013 deal has become his biggest setback so far, dragging
      BLOOMBERG; PHOTO: REUTERS  -  732 words
    • Article
      Lock icon Food giant Unilever posts 5% drop in 2015 profit
      196 16 AFP The Hague DUTCH food and cosmetics giant Unilever on Tuesday posted a 5 per cent fall in 2015 profit from the previous 12 months, saying it had been a “challenging year” amid the economic slowdown. Turnover was up 10 per
      AFP  -  196 words
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      32 16 s >% SIGN UP rockthemedia.eventbrite.com FREE i I ENTRY BEER 28 January 2016 Thursday (6PM 9PM) BASH, Level 3, Blk 79 Ayer Rajah Crescent Opp One-North MRT (Limited slots available) PLUG AND PLAY
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      435 16 NOTICES IN THE HIGH COURT OF THE REPUBLIC OF SINGAPORE HC/CWU 268/2015 In the Matter of Section 253 of the Companies Act (Cap. 50) And In the matter of FIRST EQUIPMENT PTE. LTD. (Singapore UEN No. *****6235D) Between JAY MACHINERY PTE. LTD. (Singapore UEN No. *****7265K) ...Plaintiff And FIRST EQUIPMENT
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      16 16 Grow Your Stock Call 1800 289 8822 or e-mail notices@sph.com.sg to place your Mergers Acquisitions Notices
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  • TRANSPORT
    • Article
      Lock icon Vezel propels Honda to top of parallel import chart
      455 17  -  Compact SUV a Japanese domestic model accounts for nearly half of total 8,534 PI cars sold here last year By Samuel Ee samuelee@sph.com.sg Singapore THAT the Honda Vezel would be the standout parallel import (PI) model in 2015 wasn’t going to
      455 words
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      Lock icon Adjusting to difficult times
      672 17  -  Amid weak global economic conditions and structural changes in the maritime sector, MPA and PSA have implemented help measures for container lines STRAIT TALK BY DAVID HUGHES LAST week’s column touched on the parlous state of the container-shipping industry. It so happened that it was published
      672 words
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      Lock icon British Airways owner IAG plans to lease used A380s, eyes mergers
      618 17 BLOOMBERG Dublin BRITISH Airways owner IAG is evaluating whether to add a batch of five or six used Airbus A380 aircraft to the 12 it has on order after deciding that buying more superjumbos outright isn’t feasible. While BA
      BLOOMBERG  -  618 words
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      965 17 Keppel Telecommunications Transportation Ltd Co Reg No: *****0115G (Incorporated in the Republic of Singapore) 1. UNAUDITED RESULTS FOR THE FOURTH QUARTER AND FINANCIAL YEAR ENDED 31 DECEMBER 2015 The Directors of Keppel Telecommunications Transportation Ltd advise the following unaudited results of the Group for the fourth quarter and financial year
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  • GOVERNMENT & ECONOMY
    • Article
      Lock icon Europe and China race ahead in business deals with Iran
      609 18  -  Amid these deals, govt-level trade delegations are being planned as Iran’s economy prepares to reawaken By Neil Behrmann btworld@sph.com.sg London EUROPEAN companies are racing ahead of their US counterparts in forging post-sanctions deals with Iran, and China and Russia are
      609 words
    • Article
      Lock icon US, EU warned of enormous fallout if no data protection deal by Jan 31
      376 18 AFP Brussels THE top US and European trade groups have warned their leaders of enormous fallout for businesses and customers if the two sides fail to reach a new deal on data transfers by end-January. The
      AFP  -  376 words
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      Lock icon Malaysia growth to slow to 3.6% in 2016: HSBC
      576 18  -  By Pauline Ng btworld@sph.com.sg Kuala Lumpur MALAYSIA’S economy is forecast to grow 3.6 per cent this year as its growth engines are stuttering while Putrajaya’s policy responses will be limited owing to high levels of public and private indebtedness, according to
      576 words
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      Lock icon Indonesia looks to stop militants overseas from returning home
      384 18 REUTERS Jakarta INDONESIAN President Joko Widodo is considering a regulation that would prohibit Indonesians from joining radical groups overseas, in an effort to prevent a deadlier attack than last week’s militant assault on Jakarta. At a meeting on Tuesday at the
      REUTERS  -  384 words
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      Lock icon Thailand scrambles to drill 4,300 more wells amid drought, water shortages
      440 18 Long-term strategy includes filling dams to capacity by tapping into rivers along its border with Myanmar REUTERS Bangkok THAI authorities are rushing to drill thousands of wells across the country to ensure enough water for drinking and washing, as
      REUTERS; PHOTO: BLOOMBERG  -  440 words
    • Article
      Lock icon Dealers cheer Fed’s US$216b Treasuries rollover
      967 19 Central bank will keep its US$2.5t hoard, a legacy of the QE programme, till interest rates are higher BLOOMBERG New York IF YOU were under the impression that the Federal Reserve was done buying Treasuries, think again. While the central bank won’t be expanding
      BLOOMBERG  -  967 words
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      Lock icon China hits record US$37b in VC deals in challenge to US
      698 19 BLOOMBERG Hong Kong VENTURE capitalists poured a record US$37 billion into China startups last year, more than double the previous year’s tally, as the country emerges as a legitimate challenger to the US for leadership of the technology industry.
      BLOOMBERG; PHOTO: BLOOMBERG  -  698 words
    • Article
      Lock icon Sovereign wealth funds driving asset slump
      319 19 BLOOMBERG New York SOVEREIGN wealth funds from ener-gy-producing countries are exacerbating a global market rout by selling off assets to meet their financial commitments amid slumping oil prices, according to Jefferies LLC. The sales mark a new phase for the countries, after they tried
      BLOOMBERG  -  319 words
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      74 18 ITSHOW 2016 10-13 March 2016 SUNTEC Singapore Levels 3, 4 6 L3, 11am-9pm L4 L6, 12-9pm itshow.sg fb.com/ComexITShow Singapore’s BESTI.T. Singapore’s LARGEST I.T. consumer electronics exhibition. Thousands of consumers will be there to buy your tech products services! *Limited Booths Available Book Your Space NOW! *Limited Booths Available Call *****620
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      69 18 Unconditional Love I’m very blessed and thankful to have such devoted parents who nurtured me into who I am. They always ensure that my self-confidence will not be shaken as I grow. Photography student Isabelle Lim, who has Nager Syndrome, a rare genetic disorder. Curl up with It Changed My
      69 words
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      1451 19 NOTICES TOLL FREE 1800-289-8822 I Email notices@sph.com.sg I www.sphclass.com.sg/notices TRANSCORP HOLDINGS LIMITED (Company Registration No.: *****2905Z) (Incorporated in the Republic of Singapore) NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN that the Annual General Meeting of Transcorp Holdings Limited (the “Company”) will be held at Poolside Events Room, Level
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  • OPINION
    • Article
      Lock icon Governments must step up battle against the scourge of inequality
      573 20 EDITORIAL IT is now well and long established that rising inequality is one of the scourges of our time. But even the most ardent champions of greater egalitarianism might be shocked by the latest estimates of the dimensions of the
      573 words
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      Lock icon Warming world promises more refugees
      1377 20  -  Climate change, along with other threats, will cause massive disruptions, and nations must develop policies to manage waves of dislocated people. BY RICHARD D LAMM people.BY RICHARD D LAMM TThe writer was governor of Colorado from 1975 to 1987 Denver THERE is an ancient, perhaps
      people. PHOTO: AFP  -  1,377 words
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      Lock icon Beijing must not violate ‘one country, two systems’ policy
      824 20  -  THE BOTTOM LINE By Frank Ching T The writer is a Hong Kong-based journalist and commentator. Follow him on Twitter: @FrankChing1 THE consternation in Hong Kong over the case of five missing booksellers especially the most recent case of the apparent
      824 words
    • Article
      Lock icon Don’t just help the poor – eradicate inequality first
      1057 21  - Don’t just help the poor eradicate inequality first COMMENTARY By Winnie Byanyima T The writer is executive director of Oxfam International THE Asian continental “economic tiger” after more than a quarter-century of sustained economic growth is now confronting a defining challenge of inequality. Many Asian countries have prospered and created
      1,057 words
    • Article
      Lock icon Why Europe needs to resolve euro trilemma amid chances of Brexit
      816 21  -  By David Owen T The writer, a former UK foreign secretary, is a member of the Official Monetary and Financial Institutions Forum advisory board. This is an abridged version of a speech given in Berlin on Jan 14 to
      816 words
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      Lock icon Who are the biggest killers – terrorists, cars or furniture?
      1387 21  - Who are the biggest killers terrorists, cars or furniture? Americans exposed to images of death and damage from terrorist attacks do not share the sentiments of Obama the Man of Reason By Leon Hadar Washington SO the images of death and destruction perpetrated by the Islamic State in Iraq and
      PHOTO: REUTERS  -  1,387 words
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      1141 22 MONTREAL 10 120 29/7 30/7 4/8 MONTREAL 10 120 29/7 30/7 4/8 EASTERN CAR LINER, LTD SPECIALIZE IN RORO HEAVY LIFT INTRA-ASIA SERVICE VOY Ramp(KT) Lifting(KT) KTN SIN PG PKL JKT SUR OCEAN SEAGULL 051 60 27/1 29/1 31/1 5/2 POSITIVE PASSION 72 100 29/1 30/1 SEA STELLAR 001 60
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      379 22 C a i l a n E n n o r e J e d d a h B r i s b a n e Shanghai Chittagong Ho Chi Minh H o J e b e n g NYK RORO (ASIA) PTE. LTD. K o n g REGULAR SERVICE
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      737 22 WALLENIUS WILHELMSEN LOGISTICS Tel: (65) 6379 5066 Fax: (65) 6379 5106 Email: 2wsinenq@2wglobal.com website: http://www.2wglobal.com AUSTRALIA NEW ZEALAND TO ASIA VESSEL VOY AKL BNE PKL MEL FRE SIN OBERON FF605 15/01 17/01 19/01 24/01 31/01 TAMERLANE FF606 18/01 22/01 24/01 26/01 30/01 06/02 SALOME FF607 30/01 03/02 05/02 07/02 11/02
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  • LIFE & CULTURE
    • Article, Illustration
      Lock icon Federer wants to hear names in match-fixing claims
      411 23 REUTERS Melbourne ROGER Federer called for “concrete” facts while Novak Djokovic spoke of his team once being offered US$200,000 to fix a match as the multiple grand slam champions reacted to claims of widespread match-rig-ging in tennis on Monday. The opening day
      REUTERS; PHOTOS: AFP, REUTERS  -  411 words
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      Lock icon The Eagles guitarist Glenn Frey dead at 67
      688 23 Together with drummer Don Henley, he founded the band and collaborated with him to write many of its biggest hits and help create the freewheeling soundtrack of 1970s America REUTERS Los Angeles GLENN Frey, the prolific guitarist, singer, songwriter and founding member
      REUTERS; REUTERS FILE PHOTO  -  688 words
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      Lock icon India’s homeless at the mercy of ‘sleep mafia’
      926 23 NYT Delhi WHEN midnight approaches in Old Delhi and a thick, freezing fog settles over the city, the quilt-wallah Farukh Khan sits on his corner, watching the market for his services come to life. They shuffle up one by one, men desperate
      NYT; PHOTO: NYT  -  926 words
  • Page 23 Miscellaneous
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      328 23 CRYPTIC CROSSWORD Across 8 A lilac jug missing top represented emperor (8) 9 Traded item with European instead of old specialist (6) 10 Energetic figure discussed part of India (3) 11 Source of heat in a cold run when struggling (8) 12 Withdraw wine close to unpalatable around church (6)
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  • EXECUTIVE MONEY
    • Article, Illustration
      Lock icon Does market sell-off signal impending US slowdown?
      996 24 Economists say that they are taking seriously some of the signals that they see in markets NYT New York IT may be time for everyone to take the markets seriously again. As stock prices started tumbling in the first trading days of the
      NYT; PHOTO: AFP  -  996 words
    • Article
      Lock icon Relook at value investing in today’s emerging markets
      1223 24 Valuations is a big reason for long-term investors to be in the developing world NYT New York WHILE most forms of investing require a leap of faith, betting on emerg-ing-markets stock funds this year Chinese stocks have already had dou-ble-digit declines may
      NYT  -  1,223 words
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      64 24 Explore new worlds in every bite Go on gourmet adventures with each course from our regionally inspired menus. From Asian delicacies like teriyaki salmon to traditional South American calabaza soup. Savour global flavours that take you places. Lie-flat comfort Earn Skywards Miles Free Wi-Fi available on select aircraft emirates.com/sg For
      64 words