The Business Times, 25 May 2013

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Microfilm: NL32576
Total Pages: 44
1 20 The Business Times
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  • Title Section
    Lock icon Masthead
    20 1 weekend THE BUSINESS TIMES www. usinesstimes.com. g MAY 25-26, 2013 S$1.00 MICA (P) 075/08/2012 Sffll A SINGAPORE PRESS HOLDINGS PUBLICATION
    20 words
  • Article
    Lock icon Public sector lags standards
    34 1 ACCOUNTING MANY governments still account on a cash basis, not on an accrual basis. They also don’t record all of their assets, and worse their liabilities, and value them. 4
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  • Article
    Lock icon More foreign hires get local pay
    30 1 REMUNERATION WITH lower taxes and a lower cost of living, many internationally mobile executives find that Singapore allows them to stretch their dollar. 6
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  • Article
    Lock icon Advocate for the accused
    30 1 LEGAL EAGLE DESMOND Ong is a key behind-the-scenes adviser to the defendants in some of Singapore’s most notorious corporate scandals over the past 18 years. 7
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  • Article
    Lock icon Waiting for manna from heaven
    34 1 PROPERTY MALAYSIANS have put off acquiring a home in the belief that after the General Election, more affordable housing schemes would be available later or prices would dip. 8
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  • Article, Illustration
    Lock icon Catering to super-rich takes on fresh flavour
    765 1  -  Financial institutions quick to meet demand for customised experiences such as exotic holidays, fashion consultation By Ng Zhuo Yang ngzy@sph.com.sg Singapore THE luxury demands of high net worth individuals (HNWIs) are increasingly expanding from the ordinary to the extraordinary. Gone are the days
    765 words
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  • TOP STORIES
    • Article, Illustration
      Lock icon A cabinet member who can resist populist tide
      1086 2  -  Indonesia’s new finance minister boasts an impressive track record By Jeffrey Hutton btworld@sph.com.sg Jakarta BACK in late 2009, during the fallout of the US$700 million bailout of the mid-sized Bank Century, Chatib Basri, the then special adviser to Indonesia’s minister of finance,
      PHOTO: AP  -  1,086 words
    • MARKETS
      • Article
        Lock icon STOCKS
        57 2 HSTI(Thursday’s close) 3,393.17 (-61.20) HSTI FUTURES 3,393.00 (-61.00) HSIMSCI 381.33 (-8.24) HSIMSCI FUTURES 379.20 (-9.90) Friday Change KL COMP Closed NIKKEI 225 14,612.45 +128.47 HANG SENG 22,618.67 -51.01 SET Closed JAKARTA 5,155.09 +33.69 MANILA 7,268.91 -45.47 KOSPI 1,973.45 +4.26 SHENZHEN B 862.16 +5.53 MUMBAI IND 19,704.33 +30.00 12noon EDT
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      • Article
        Lock icon PRIME RATES
        29 2 SINGAPORE 5.38 MALAYSIA 6.55 HONG KONG 5.00 INDONESIA 13.163 TAIWAN 5.036 JAPAN 1.475 KOREA 9.33 BRITAIN 0.50 US 3.25 CANADA 3.00 SWITZERLAND 0.50 INDIA 14.45 Source: Bloomberg
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      • Article
        Lock icon FOREX
        50 2 FOREX (Thursday’s close)US$ S$ US$ (S$ per US$) 1.267 (US$/S$ per 1.505 1.906 EURO(US$/S$/€ 1.287 1.630 Foreign currency per US$ S$ YEN 101.80 80.40 RM 3.038 2.398 HK$ 7.763 6.128 BAHT 29.98 23.66 RUPIAH 9,773 7,714 RENMINBI 6.135 4.843 INDIAN RUPEE 55.85 44.08 A$ 1.038 0.820 NZ$ 1.245 0.983
        50 words
    • Article, Illustration
      Lock icon Public sector far behind in accounting standards
      1239 4  -  IFAC chief bemoans fact that governments don’t account on an accrual basis; says profession is in for very exciting times By Anna Teo anna@sph.com.sg Singapore GOVERNMENTS around the world lag behind the private sector in one key area the adoption of global accounting
      1,239 words
    • Article
      Lock icon Localised pay packages becoming the norm
      626 6  -  But S’pore firms sending local talent to overseas offices have to pay expat packages By Malminderjit Singh msingh@sph.com.sg Singapore THE growth of mid-tier incomes, the strengthening of the Singapore dollar and the narrowing of salary differentials between Singapore and cities such as Tokyo, London
      626 words
    • Article, Illustration
      Lock icon Systemic risks building up in China’s financial system
      672 6  -  By Siow Li Sen lisen@sph.com.sg Singapore OF the economic reform policies outlined by China recently, financial reform is the fastest but risks are also building up in the financial system, said a bank economist. On May 6, Premier Li Keqiang hosted a
      672 words
    • Article, Illustration
      Lock icon Advocate for the accused
      1345 7  -  Here’s the adviser to the defendants in some of Singapore’s most notorious corporate scandals By Kenneth Lim kenlim@sph.com.sg Singapore WHAT do the collapse of Barings Bank, the massive trading losses of China Aviation Oil (CAO) and the corruption conviction of Airocean’s chief executive all have in
      PHOTO: ARTHUR LEE  -  1,345 words
    • Article
      Lock icon Malaysians wait for property prices to dip
      617 8  -  Survey finds many expect more cooling measures and affordable housing schemes By Pauline Ng btworld@sph.com.sg Kuala Lumpur ABOUT half of respondents surveyed prior to Malaysia’s 13th General Election on May 5, had put off acquiring a home in the belief that either more
      617 words
    • Article
      Lock icon M’sian tycoon Vincent Tan plans IPO for Cardiff City
      575 8 Reuters Kuala Lumpur MALAYSIAN billionaire Vincent Tan is exploring an initial public offering (IPO) of British soccer team Cardiff City for as early as this year, people with knowledge of the matter told Reuters, in a deal that would follow the
      Reuters  -  575 words
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      Lock icon Page 2 Advertisements Column 1
      63 2 CONTENTS LIVING Shopping L2-4 Dining L5-8 Design L9 NEWS Top Stories 2-8 Week In Review 9 Raffles Conversation 10-11 Companies 12 From the Desk of 13 Singapore 14 World 15-18 Stocks Stats 20 Perspective 22-23 Wealth 24-31 Smart Money 26-27 Show Me The Money 29 Househunt 30 Real Estate 31
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  • Page 3 Advertisements
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      1124 3 Advertisement Managing an investment portfolio properly requires a solid understanding of financial markets and also a great deal of time. Eric Sandlund, Head of Investment Management, UBS Wealth Management APAC discusses the advantages of a discretionary portfolio and the potential benefits UBS Investment Mandates can bring to Asian investors. Navigating
      1,124 words
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  • Page 5 Advertisements
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      Lock icon Page 5 Advertisements Column 1
      213 5 watches o Of Switzerland 36' Momentous Years Watches of Switzerland celebrates 36 years of handcrafted legacy. With deepest gratitude for your valued support, we present the perfect moment to own that luxurious time piece. CITIBANK Q% INTEREST EQUAL PAYMENT PLAN Choose to purchase your exquisite timepieces over 36 months, at
      213 words
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  • Page 6 Advertisements
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      Lock icon Page 6 Advertisements Column 1
      76 6 R 0 P E R T Y 0*- ,r, r Must* vfewi ,2 '|5 M Sf Ser ni-D ffl 700 Semi-D i IK,G NER s 6 c r s *p ls h4Manienitiespy M s”TZo dn f l0 ™y 4+1 EH. Par UP sf Huge frontage. $4.xM 2 Cars W de
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  • Page 7 Advertisements
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      Lock icon Page 7 Advertisements Column 1
      456 7 j? NOTICES IN THE MAHER OF THE COMPANIES ACT, CAP. 50 AND IN THE MAHER OF (l)PKT CAFE PTE. LTD. (Company No. *****7932K) (2) TCI DAI-SAN MARKETING PTE LTD (Company No. *****5883D) (3) BAKRIE FUND PTE. LTD. (Company No. *****3935W) (In Members' Voluntary Liquidation) At the respective Extraordinary General Meeting
      456 words
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  • Page 8 Advertisements
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      Lock icon Page 8 Advertisements Column 1
      284 8 THE BUSINESS TIMES SATURDAY SPECIAL SUMPTUOUS SEAFOOD BT readers enjoy the following promotions: 1) Sea Salt Baked Crab @$60++ (U.P. $88++) and a complimentary dessert of the day 2) Boiled Rice with Baby Lobster Meat Soup @$18++ (U.P. $35++) Venue: Peach Garden Restaurant Pte Ltd OCBC Centre 65 Chulia Street
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  • WEEK IN REVIEW
    • THIS WEEK May 20-24, 2013
      • Article
        Lock icon Mapletree ramps up overseas business
        49 9 MAPLETREE Investments, which recently announced a record net profit of $931.7 million for its latest financial year, is looking to ramp up its overseas business and potentially list a real estate investment trust (Reit) made up of office assets in Japan in two years.
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      • Article
        Lock icon Indian firms flock to S’pore debt market
        56 9 MORE companies in India are tapping the Singapore debt market, with Tata Motors being the latest to do so, raising S$350 million through five-year bonds. Bankers say Indian corporates find it cheaper and faster to raise funds here, given the large yield-hungry investor
        56 words
      • Article
        Lock icon Asian markets hold hope for diamond rebirth
        31 9 DIAMOND dealers and manufacturers in Belgium, Israel and India are targeting China and other Asian nations to pull their business out of the doldrums.
        31 words
      • Article
        Lock icon Firms still jittery about business prospects
        53 9 BUSINESSES here are not ready to be optimistic yet, reflecting uncertainties that hang over Singapore’s expected growth recovery in the second half of this year. Firms that think business prospects may deteriorate continue to outnumber those with improved sentiment, according to the Business TimesUniSIM
        53 words
      • Article
        Lock icon Buoyant Japan poised for V-shaped recovery: minister
        40 9 THE Japanese government has upgraded its assessment of short-term economic prospects, saying that factory output and exports are rising, as economics minister Akira Amari suggested that a V-shaped recovery could be in prospect.
        40 words
      • Article
        Lock icon Partial victory for DBS in quest for Danamon
        46 9 DBS Group’s year-long effort for a full takeover of one of Indonesia’s larger lenders has met with mixed success, after the country’s outgoing central bank governor told reporters that it had won approval to buy a smaller stake.
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      • Article
        Lock icon Call to plug loopholes after Apple’s tax storm
        41 9 ALLEGATIONS that Apple and other multinational corporations have been using legal loopholes to avoid paying billions of dollars by way of taxes has set the agenda for an attempt at global fiscal cooperation.
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      • Article
        Lock icon Measures cool ardour for multiple properties
        52 9 THE proportion of private housing loan applicants without any outstanding mortgages continued to rise in the first quarter, according to latest figures from Credit Bureau (Singapore). This suggests that the January cooling package, with measures that discouraged multiple property ownership, is starting to bite,
        52 words
      • Article
        Lock icon DBS reluctant to settle for a minority stake
        46 9 DBS Group Holdings may not settle for the minority stake it has been offered in Indonesia’s Bank Danamon. It hopes that talks between the central banks of Indonesia and Singapore will clear the way for a majority takeover.
        46 words
      • Article, Illustration
        Lock icon Todd family’s walk-out unfortunate: Shanmugam
        104 9 FOREIGN Affairs and Law Minister K Shanmugam has expressed his regret that the Todd family have chosen to walk out of the coroner’s inquiry into Shane Todd’s death, noting that the conflict between evidence presented in the ongoing inquiry and certain key assertions made by
        PHOTO: SEAH KWANG PENG/THE STRAITS TIMES  -  104 words
      • Article
        Lock icon Singapore economy basks in a rare burst of sunshine
        76 9 IT was a good day for Singapore’s economy, with positive surprises on three fronts: an unexpected upgrade to gross domestic product meant the economy grew 0.2 per cent instead of contracting in Q1, April inflation plunged to a three-year low of
        76 words
      • Article
        Lock icon Bernanke-Beijing double whammy rocks markets
        41 9 A CONTRACTION in China’s manufacturing sector and Federal Reserve chairman Ben Bernanke’s hint that the US central bank could soon begin tightening sent markets in Asia and around the world into turbulence and tailspin on Thursday.
        41 words
      • Article
        Lock icon Singapore has lower than average GDP wage share
        48 9 SINGAPORE’S wage share of gross domestic product is lower than that of most developed economies, but this does not necessarily mean that workers here are underpaid or that the republic’s economic growth has disproportionately benefited multinational companies and capital owners.
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    • Article
      Lock icon NEXT WEEK May 27-31
      86 9 US DATA May 28 Consumer confidence for May May 30 Gross domestic product for Q1 Pending home sales for April May 31 Personal income and outlays for April EVENTS May 27 TOKYO Bank of Japan releases minutes of its April policysetting meeting. PARIS Bank of France
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  • Page 9 Miscellaneous
    • Miscellaneous
      Lock icon Page 9 Miscellaneous Column 1
      302 9 Across 1 Strong, pure flow in circulation (8) 6 It’s naturally placed among Latin phrases (2,4) 9 Upper class taken in by government figure (6) 10 Actor in a play to get personal protection (8) 11 With new income around, company becomes profitable? (8) 12 Put out in West winds
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    • Miscellaneous
      Lock icon Page 9 Miscellaneous Column 2
      14 9 SATURDAY with Ludwig ‘Thanks for the compliment but I never give away my recipe.’
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  • THE RAFFLES CONVERSATION
    • Article, Illustration
      Lock icon Knight with a cause
      2963 10 / 11  -  Sir Peter Ogden’s life reads like an improbable adventure novel, spanning the worlds of science, high finance, entrepreneurship, competitive sailing and his pet passion, educational philanthropy. By Kenneth James By Kenneth James kenjames@sph.com.sg IN 1998, British entrepreneur Peter Ogden now Sir Peter; he was knighted by
      2,963 words
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  • COMPANIES
    • Article, Illustration
      Lock icon Choosing a fresh flight path
      968 12  -  SIA can leverage on its premium forte in the markets where it has a strong presence HOCK LOCK SIEW Ven Sreenivasan ven@sph.com.sg Senior Correspondent IMITATION may be the best form of flattery, but for Singapore Airlines, it has turned out to be something of a
      PHOTO: BLOOMBERG  -  968 words
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  • FROM THE DESK OF
    • Article, Illustration
      Lock icon New transport solutions to raise safety and efficiency
      858 13  -  Work is underway to tackle increasing transportation demands in the world FROM THE DESK OF Mark Gabel General Manager Volvo Group Singapore MANYtransportroutesaround the world have become congested. A rapidly growing urban city such as Singapore is no exception. As a major
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  • SINGAPORE
    • Article, Illustration
      Lock icon Online real-time tuition gaining traction
      998 14  -  Virtual option allows users to tap a wider pool of teachers, and retired teachers to teach from home By Amanda Tan aktanht@sph.com.sg JOHN is attending a Chinese tuition lesson. He sees his classmates in front of him. His teacher is so close that it is
      PHOTO: HSBC  -  998 words
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  • WORLD
    • Article
      Lock icon Tokyo stocks recover after a day of tremors
      634 15  -  PM Abe asks BOJ to take appropriate action to stabilise the govt bond market By Anthony Rowley btworld@sph.com.sg Tokyo AFTERSHOCKS from the tremors that rocked stock, bond and currency markets around the world on Thursday continued yesterday, especially in the epicentre of
      634 words
    • Article, Illustration
      Lock icon Li ready to ink Swiss trade deal
      377 15 AFP Berne, Switzerland CHINESE Premier Li Keqiang is set to sign a key accord with Switzerland, bringing closer a free-trade deal seen as a touchstone for Beijing’s growing global ties. After high-level talks, Mr Li and the Swiss government were scheduled to ink
      AFP; PHOTO: REUTERS  -  377 words
    • Briefing
      • Article
        Lock icon April orders for US durable goods more than expected
        85 15 Bloom berg Washington ORDERS for US durable goods increased more than forecast in April, pointing to gains in business investment that will help manufacturing rebound in the second half of the year. Bookings for equipment meant to last at least three
        Bloomberg  -  85 words
      • Article
        Lock icon German business morale improves in May
        90 15 Reuters Berlin GERMAN business morale improved far more than expected in May, rebounding after two months of falls, suggesting that Europe’s largest economy is slowly picking up speed after a sluggish first quarter. The Munich-based Ifo think-tank yesterday said that its business climate index,
        Reuters  -  90 words
      • Article
        Lock icon StanChart CEO defends loan book
        92 15 Reuters Jakarta STANDARD Chartered’s chief executive Peter Sands has denied US activist investor Muddy Waters’ claim that the bank has taken on too much risk, saying that its loan book was in a good condition and that there is no change in risk appetite for
        Reuters  -  92 words
      • Article
        Lock icon British police ready for clashes with extremists
        60 15 AP London BRITAIN is bracing for clashes with right-wing extremists and possible copycat terror attacks after the brutal slaying of a young soldier. London’s Metropolitan Police said that more than 1,000 officers will be sent to potential trouble spots with armed response units.
        AP  -  60 words
    • Article
      Lock icon America and China strike audit deal
      524 16 US fraud investigators can now ask for work papers of Chinese audit firms through Chinese regulators NYT New York ACCOUNTING regulators in the United States and China announced yesterday in Beijing that they had reached an understanding that could give US fraud investigators access
      NYT  -  524 words
    • Article
      Lock icon Small investors bleed as Bankia shares collapse
      381 16 Reuters Madrid SMALL investors in Spain’s nationalised lender Bankia suffered new massive losses as the stock plunged by more than 50 per cent amid an abnormally high volume of trading which the stock market regulator said would be looked at closely. Tens of
      Reuters  -  381 words
    • Article, Illustration
      Lock icon Abe visits Myanmar as firms eye investment
      651 17 Japanese companies attracted by country’s cheap labour Bloomberg Bangkok PRIME Minister Shinzo Abe becomes the first Japanese leader to visit Myanmar in 36 years as his nation’s companies seek to invest in the former dictatorship, which has some of the cheapest labour in
      Bloomberg; PHOTO: AP  -  651 words
    • Article
      Lock icon Highway bridge linking Seattle with Canada collapses
      375 17 AP Mount Vernon, Washington THE major highway bridge linking Seattle with Canada and the rest of the Pacific Northwest region collapsed on Thursday evening, dumping a handful of vehicles and people into a river, the Washington State Patrol said. Authorities said there were
      AP  -  375 words
    • Article
      Lock icon IMF launches review on sovereign debt restructurings
      483 18 One suggestion is that private-sector creditors should regularly be required to bear some of the load Reuters Washington THE International Monetary Fund (IMF) has begun to rethink how it should handle bailouts for countries that run into financial trouble, with staff suggesting that
      Reuters  -  483 words
    • Article, Illustration
      Lock icon Google faces antitrust probe by US FTC
      424 18 Focus is on tools acquired with Doubleclick buy Reuters Washington US REGULATORS are in the early stages of an antitrust probe into whether Google Inc, the top player in Web display advertising, breaks antitrust law in how it handles some advertising sales, a
      Reuters; PHOTO: AFP  -  424 words
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  • Page 16 Advertisements
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      Lock icon Page 16 Advertisements Column 1
      28 16 OVER 400 JOBS Check out CATS Recruit Executive Appointments in The Straits Times for more details now! You can also e-mail catsrecruit@sph.com.sg to receive a PDF copy weekly!
      28 words
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      Lock icon Page 16 Advertisements Column 2
      156 16 IE SMART TERMINAL ASIA 2013 25 27 June 2013, Grand Hyatt Jakarta Experience Event Highlights: Ministerial forum featuring key Indonesian ministers Closed-door luncheon with Indonesia's mayors and province representatives Global and regional project showcase Technology showcase Key distinguished speakers include Djoko Kirmanto Minister Ministry of Public Works Indonesia Bambang Susantono
      156 words
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  • Page 19 Advertisements
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      Lock icon Page 19 Advertisements Column 1
      84 19 AFFORDABILITY CALCULATOR Helps you determine how much loan you can get based on your budget for monthly payments. www.stproperty.sg/property-tool Key in your budget for monthly property payments Choose your loan tenure and interest rate Financing Tools AFFORDABILITY CALCULATOR Monthly Budget Loan Tenure Monthly Budget 2000 30 Years 0 3.5 O
      84 words
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  • MARKETS
    • Article
      Lock icon LIFFE
      94 20 May 23 COCOA (£/tonne) Close Prev High Low Jul 13 1537 1562 1573 1533 Sep 13 1544 1569 1579 1540 Dec 13 1540 1565 1574 1536 Mar 14 1538 1562 1571 1534 COFFEE(US$/tonne) Close Prev High Low May 13 1954 1966 1966 1934 Jul 13 1987 1999 1995 1950
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    • Article
      Lock icon METALS
      65 20 May 24 GOLD(US$/oz) May 23 May 24 Hong Kong 1387.30 1402.00 May 22 May 23 London 1378.71 1382.26 1379.48 1383.03 Source: Thomson Reuters SILVER Selling Buying Passbook 1 oz 28.72 27.94 Source: UOB PLATINUM Lon (US$/oz) May 23 Close Previous PM Fix 1455.00 1474.00 AM Fix 1458.00 1465.00 Source:
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    • Article
      Lock icon PALM OIL
      57 20 May 23 KLCE PALM FUTURES (RM/MT) Delivery Opening Sett Av Vol Open Month Range Price Price High Low Done Position Jun 13 2330.0 2328.0 2348.0 2325.0 458 1926 Jul 13 2362.0 2362.0 2380.0 2346.0 4921 ***** Aug 13 2360.0 2359.0 2375.0 2342.0 ***** ***** Sep 13 2353.0 2350.0
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    • Article
      Lock icon GOVERNMENT SECURITIES
      92 20 May 23 TREASURY BILLS Period Issue Maturity Yesterday's Day's code Bid High Low 3-Month BQ*****T 22-Aug-13 0.24 6-Month BS*****V 15-Nov-13 0.26 1-Year BY*****H 02-May-14 0.26 GOVERNMENT BONDS Period Issue Coupon Maturity Close Day's code rate Bid High Low 2-Year N*****0S 0.25 01-Feb-13 99.89 99.91 99.91 5-Year N*****0T 2.375
      92 words
    • Article
      Lock icon INTERBANK CURRENCY RATES
      155 20 May 23 Against S$ Against US$ Currencies Bid Offer Bid Offer S$/US$ to one unit of foreign currency: Australian dollar 1.2195 1.2204 0.9630 0.9631 Canadian dollar 1.2205 1.2218 0.9641 0.9638 Euro 1.6296 1.6310 1.2868 1.2871 NZ dollar 1.0168 1.0179 0.8029 0.8033 Sterling pound 1.9058 1.9071 1.5049 1.5050
      155 words
    • Article
      Lock icon FOREIGN CURRENCY NOTE RATES
      118 20 May 23 Singapore dollars to one unit of foreign currency: Currencies Sell Buy Aust dollar 1.254 1.195 Can dollar 1.244 1.197 Euro 1.666 1.587 Sterling pound 1.942 1.868 NZ dollar 1.045 1.005 US dollar 1.295 1.234 Local dollars to 100 units of foreign currency: Currencies Sell
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    • Article
      Lock icon CHICAGO BOT
      104 20 May 23 SOYBEANS(5,000 bu min; USc/60 lb bushels) Close Previous High/Low Jul 13 1499.50 1494.25 1546.75 1487.50 Aug 13 1414.50 1405.50 1444.50 1400.75 Sep 13 1299.50 1300.00 1315.50 1293.25 Nov 13 1243.00 1238.75 1249.25 1233.00 SOYBEAN OIL(60,000 lbs; USc/lb) Close Previous High/Low Jul 13 49.66 49.64 50.61 49.26
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    • Article, Illustration
      Lock icon STOCK MARKETS
      2 20
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    • Article
      Lock icon OIL
      68 20 May 23 CRUDE US$/barrel (FOB origin) Close Change Brent blend (1-Mth F) 101.37 -2.06 WTI (Near Mth) 94.02 0.17 Dubai (1-Mth F) 98.63 -1.32 Tapis blend 104.70 -2.51 Minas 98.40 -2.01 PRODUCT US$/barrel (FOB S'pore) Close Change Naphtha 93.22 -0.61 Jet Kerosene 114.09 -2.00 US$/barrel OpecOil Basket Price 99.03
      68 words
    • Article
      Lock icon LONDON METALS
      72 20 May 23 Aluminium, 99.7% purity (US$/tonne) Close Previous Cash 1816.50 1850.00 3 months 1850.00 1883.00 Copper, Grade A (US$/tonne) Cash 7270.50 7444.50 3 months 7300.00 7475.00 Lead (US$/tonne) Cash 2037.00 2045.25 3 months 2044.00 2057.00 Nickel (US$/tonne) Close Previous Cash *****.00 *****.00 3 months *****.00 *****.00 Tin (US$/tonne)
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    • Article
      Lock icon MORGAN STANLEY CAPITAL INT’L INDICES
      373 20 In local curr In S$ In US$ dy yr dy yr dy yr May 23 Index Change Change Change Change Change Change World Preliminary 1078.9 -1.6 15.0 -1.3 15.5 -1.3 11.5 EAFE Preliminary 897.2 -3.2 15.8 -2.6 12.0 -2.6 8.1 Europe Preliminary 1272.5 -2.2 10.9
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  • Page 21 Advertisements
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      Lock icon Page 21 Advertisements Column 1
      164 21 Subscribe to SPH Directly Stay Connected Enjoy your news on PRINT, ONLINE, SMARTPHONES, or TABLETS when you subscribe direct. Same Service The same newspaper vendor will continue to serve you. No Surprises No untimely visits for payment collection. SPH Rewards Direct subscribers enjoy exciting rewards at sphrewards.com.sg THE BUSINESS TIMES
      164 words
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  • PERSPECTIVE
    • Article, Illustration
      Lock icon The global crisis and the cat in the tree
      1414 22 / 23  -  Economists did very badly in predicting the financial crisis, but good economics and common sense post-crisis have worked well. By George Akerlof By George Akerlof ~The writer is Koshland professor of economics at the University of California, Berkeley and senior resident
      PHOTO: BLOOMBERG FILE PHOTO  -  1,414 words
    • Article
      Lock icon Unbearable heaviness of poor urban living
      980 22 / 23  -  By Rajeev Chandrasekhar ~The writer is an Independent member of the Rajya Sabha, the upper house of the Indian Parliament. He founded BPL Mobile and currently runs Jupiter Capital, a venture capital investment firm Bangalore HALF of humanity 3.5 billion people live in urban
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  • Wealth
    • WEALTH INVESTING
      • Article, Illustration
        Lock icon BlackRock, the giant that’s quietly stirring
        2401 24 / 25  -  Managing almost US$4 trillion, the company is the single largest shareholder in one of every five US companies. By Susanne Craig By Susanne Craig NYT AT11 am on a Wednesday earlier this month, Michelle Edkins and her team began wheeling extra chairs into a
        NYT; PHOTO: BLOOMBERG  -  2,401 words
      • Article, Illustration
        Lock icon Dispelling myths about women and money matters
        1215 28  -  They do know more about finances than people generally give them credit for. By Alina Tugend By Alina Tugend NYT ON occasion, when my women friends and I are sitting around talking, the issue of money will come up. And generally, most will
        NYT; PHOTO: AFP  -  1,215 words
      • Article, Illustration
        Lock icon Coming to grips with valuations
        1500 29  -  The price of stocks and their value are two different things SHOW ME THE MONEY Teh Hooi Ling hooiling@sph.com.sg Senior Correspondent WHEN I was studying for my CFA exams back in early 2000s, I found Aswath Damodaran, Professor of Finance at the Stern School of
        PHOTO: REUTERS  -  1,500 words
    • SMART MONEY
      • Article
        Lock icon The ins and outs of endowment plans
        1924 26  -  Some policyholders have been disappointed by their maturity values. Here are some things you should watch out for. By Genevieve Cua gen@sph.com.sg AN insurance endowment plan is likely to be one of the first things that comes to mind when one wishes to
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      • Article
        Lock icon Understanding the benefit illustration
        692 27 A: Death benefit numbers.What this part of the BI shows is that the value of the death benefit is progressively enhanced by a non-guaranteed component. Reading the data: By Year 25. the non-guaranteed portion of the DB assuming 3.75 per cent return would come to $25,605.
        692 words
      • Article, Illustration
        Lock icon Why you want it, how to go about it, and a Fair assessment
        391 27  -  Genevieve Cua BEFORE you make a commitment, here are a few things to think about. 45What are your objectives? An endowment sets out to satisfy the twin objectives of protection and savings. The protection value is often
        391 words
    • WEALTH REAL ESTATE
      • Article
        Lock icon Househunt
        932 30 PROPERTY TRANSACTIONS FOR SELECTED DISTRICTS WITH CONTRACT DATES BETWEEN APRIL 24 AND APRIL 30, 2013 PROJECT NAME/ STREET NAME PROP TYPE CONTRACT DATE TENURE BUILT -IN/LAND AREA*(SQ FT) PRICE (S$'000) PSF (S$) District 2 NON-LANDED Spottiswoode Residences Apt 24/04/2013 FH 603 1369 2271 Spottiswoode Suites Apt 30/04/2013 FH 452
        932 words
      • Article
        Lock icon More S’poreans see property prices holding
        424 31  -  They don’t expect prices to rise further but want the govt to do more to correct market: survey By Grace Ng ngrace@sph.com.sg Singapore SINGAPOREANS do not expect property prices to increase further, the latest quarterly survey of property sentiment by PropertyGuru has indicated. However,
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        Lock icon Home supply limited as 22 million Americans lack equity to sell
        547 31 Bloomberg Boston ABOUT 22 million Americans may lack enough home equity to move, keeping property listings tight and limiting sales as the housing market recovers, Zillow Inc said. Forty-four per cent of homeowners with mortgages owed more than their
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      96 32 TO BREAK THE RULES, YOU MUST FIRST MASTER THEM. THE UNIQUE ASYMMETRIC STYLING OF THE AUDEMARS PIGUET MILLENARY COLLECTION HAS TRANSFORMED THE WAY DESIGN ENGINEERS DEVELOP CALIBRES. THIS TRI-DIMENSIONAL MOVEMENT COMBINES PERFORMANCE AND CHRONOMETRY WITH HAUTE HOROLOGY MICRO-DETAILING. IN THE TRANSVERSAL BALANCE-BRIDGE, OPTIMUM SHOCKRESISTANCE IS COMBINED WITH THE ELEGANCE OF
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      56 1 Living OLD IS GOLD Passion for vintage L2-4 BT THE BUSINESS TIMES WEEKEND MAY 25 26 2013 PHOTO: NODEN COLLECTIVE HOME GARDEN Through the looking glass L10-11 STYLE More than meets the eye L14-15 DINING A taste of gourmet produce L6-8 MOTORING Toyota’s new aura L19 DESIGN The Pininfarina Extra
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  • SHOPPING
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      Lock icon Old is gold
      2843 2 / 3  -  Call them old souls. Traditional junk shop owners are making way for a new generation of Internet and design-savvy vintage lovers who have started their own retro furniture businesses out of their passion for a past they never lived through. BT Weekend meets six of them. By
      PHOTOS: YEN MENG JIIN; PHOTOS: YEN MENG JIIN, THINGS YOUR MOTHER THROW; PHOTO: NODEN COLLECTIVE; PHOTOS: ASHER MAK  -  2,843 words
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  • DINING
    • Article, Illustration
      Lock icon Confections of certain vintage
      1264 5  -  What did the hawker fare of the 1950s and ’60s really taste like? BT Weekend treks down memory lane at two eateries hinged on yesterday once more By Debbie Yong debyong@sph.com.sg By Tan Teck Heng btnews@sph.com.sg Dong Po Colonial Cafe 56 Kandahar StreetZ6298 1318 Hours: 8am-9pm
      PHOTOS: DONG PO, DEBBIE YONG; PHOTO: SINPOPO BRAND  -  1,264 words
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      Lock icon A taste of gourmet produce
      2640 6 / 7  -  Singaporeans don’t just have bigger appetites, they’re also seeking out better food. BT Weekend wanders through five new gourmet pantries that source premium produce from around the world By Debbie Yong debyong@sph.com.sg By Sara Yap sarayap@sph.com.sg By Rachel Loi btnews@sph.com.sg By Ng Zhuo Yang ngzy@sph.com.sg
      PHOTOS: YEN MENG JIIN  -  2,640 words
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      733 8 wine&dine with BTWeekend Peach Blossoms Marina Mandarin Singapore 6 Raffles Boulevard Level 5 Grains of Heritage Till June 12, 2013 Celebrate this year’s Dragon Boat Festival with Peach Blossoms’ new creation of five fruity sweet rice dumplings and three signature traditional rice dumplings, all created by Dim Sum Chef Kerene
      733 words
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  • DESIGN
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      Lock icon Giving that Pininfarina Extra touch
      913 9  -  To Paolo Pininfarina, projects done in the Pininfarina spirit are about innovation and harmony. By Tay Suan Chiang taysc@sph.com.sg JUST how different is designing a condominium from a sports car? Little, it seems, according to Paolo Pininfarina, chairman of the Pininfarina Group. He would know.
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  • HOME & GARDEN
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      Lock icon Through the looking glass
      1036 10 / 11  -  There are full-height glass windows all around in this semi-detached house in Tanjong Katong, making it easy for the owners to keep an eye on their three young children. personal space By Tay Suan Chiang taysc@sph.com.sg WHEN it comes to designing a home, some parents put
      PHOTOS BY YEN MENG JIIN  -  1,036 words
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  • TRAVEL
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      Lock icon FOODIE HAVEN
      1339 12 / 13  -  Australia’s Noosa Food and Wine Festival is the global culinary mecca for top-rated chefs as well as movers and shakers of the food industry, Debbie Yong reports Debbie Yong debyong@sph.com.sg I F a food lover were to die and go to heaven foodie heaven would probably look a
      PHOTOS: QUEENSLAND TOURISM BOARD, DEBBIE YONG  -  1,339 words
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      Lock icon On the market trail
      434 12 / 13  -  To market, to market but in Noosa, you’ll be stumped for choice DY Eumundi Markets THE largest and most famous is the Eumundi Markets, a sprawling network of stalls that comes to life every Wednesday and Saturday morning in Eumundi, about 20km or a 15-minute drive
      434 words
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      36 12 / 13 HOME NEE S SS Can't find your keys? Get a locksmith! To find out more, turn to CLASS 105 in CATS Classified in r A The Straits Times now. ft AI BUY IT• SELL IT.FIND IT
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  • STYLE
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      Lock icon More than meets the eye
      1294 14 / 15  -  From creating dresses that can be changed into various looks, to traversing multiple disciplines, fashion innovator Hussein Chalayan is obsessed with transformation. By May Yip By May Yip btnews@sph.com.sg IT’S all too easy for those who have never actually felt, touched or tried on a
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      260 14 / 15 a r. u KT HEART, STROKE CANCER CENTRE "/A medical centre of Singapore Heart. Stroke and Cancer Centre" !'Preserving Health and Longevity Expertise in the Prevention, early Detection and Management of Heart disease. Stroke and Cancer Multi-disciplinary team of highly experienced specialists in various fields led by internationally renowned Cardiologist
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  • SPORTS
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      Lock icon Betting big on the Internet
      862 16  -  Founder of Evolve MMA has set up an online university to grow his brand no holds barred Lee U-Wen leeuwen@sph.com.sg Correspondent NOT content with running Asia’s top mixed martial arts (MMA) school, Chatri Sityodtong is betting big on the Internet to grow his Evolve brand
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  • GOLF
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      Lock icon Top women amateurs vie for glory
      1314 17  -  Next week’s SLGA Open will include more young players from around the region. By Justine Moss btnews@sph.com.sg WHEN the 24th edition of the Singapore Ladies Golf Association’s (SLGA) Amateur Open Golf Championship tees off next week, nine countries will be represented on the fairways.
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  • MOTORING
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      Lock icon Masters of Monaco?
      653 18  -  Mercedes-Benz's blistering qualifying speed makes it the favourite to win the Monaco Grand Prix. By Samuel Ee f1 watch By Samuel Ee samuelee@sph.com.sg THE glamour quotient gets amped up this weekend when the Formula One circus travels to Monaco to race on its tight and twisty streets.
      PHOTOS: AFP, AP  -  653 words
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      Lock icon TOYOTA’S NEW AURA
      615 19  -  The performance of the UK-made Auris further burnishes the Japanese carmaker’s image. By Samuel Ee samuelee@sph.com.sg I T may not be a nameplate that evokes excitement, but if there is one thing that is impressive about a Toyota, it has to be its useability and reliability. And
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      Lock icon CROSSOVER CHARM
      537 20  -  The Mazda CX-9 SUV offers seven seats and pleasant performance. By Samuel Ee By Samuel Ee samuelee@sph.com. sg SO far, the seven-seat SUVs available here tend to be at one end of the market or the other, with nothing in the mid-range. Until now. The Mazda CX-9 is
      537 words
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