The Business Times, 22 February 2014

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Microfilm: NL32980
Total Pages: 49
1 16 The Business Times
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  • Title Section
    Lock icon Masthead
    14 1 weekend THE BUSINESS TIMES www. usinesstimes.com. g FEBRUARY 22-23, 2014 S$1.00 MCI (P) 086/08/2013
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  • Article, Illustration
    Lock icon Tharman strikes balance with few trade-offs
    1409 1  -  Pioneer Generation Package, higher CPF contribution rates for ‘fair and equitable society’; PIC extended and other incentives sharpened to gun for ‘quality growth’ SINGAPORE BUDGET 2014 By Teh Shi Ning tshining@sph.com.sg SingaporeAS S i n g a p o r e n e a
    PHOTO: ARTHUR LEE  -  1,409 words
  • Article, Illustration
    Lock icon A ‘levelling up’ budget
    823 1  -  COMMENTARY Vikram Khanna vikram@sph.com.sg Associate Editor FEW Budgets are long remembered. Budget 2014 deserves to be one of them. It will be remembered most of all for its pathbreaking social initiatives, particularly its pioneer generation package which at a stroke provides a raft of healthcare subsidies
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      48 1 the business times www. usinesstimes.com. g FEBRUARY 22-23, 2014 S$1.00 MCI (P) 086/08/2013 LIVING Home decor takes off with themed furniture stores 28-30 WEALTH Global bond frenzy raises concerns 24 the raffles conversation FOUNDER OF FORRESTER RESEARCH 8-9 Budget Special BT 2014 Top Stories 2-5 16-page pullout: B1-16
      48 words
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      3 1 *****1 11 *****4
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  • TOP STORIES
    • Article, Illustration
      Lock icon Tax benefits to boost productivity and innovation extended to 2018
      987 2  -  SMEs that spend more to raise productivity to benefit from new PIC+ scheme SINGAPORE BUDGET 2014 By Felda Chay feldac@sph.com.sg Singapore THE government will extend the Productivity and Innovation Credit (PIC) scheme for three years, and will introduce a separate
      987 words
    • MARKETS
      • Article
        Lock icon STOCKS
        59 2 GSTI 3,099.93 (+13.29) GSTI FUTURES 3,100.00 (+13.00) GSIMSCI 353.08 (+1.03) GSIMSCI FUTURES 352.90 (+0.90) STOCKS Friday Change KL COMP 1,830.74 +2.93 NIKKEI 225 14,865.67 +416.49 HANG SENG 22,568.24 +174.16 SET 1,304.21 +0.23 JAKARTA 4,646.15 +47.93 MANILA 6,308.36 -44.40 KOSPI 1,957.83 +27.26 SHENZHEN B 850.69 -2.43 MUMBAI IND 20,700.75 +164.11
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      • Article
        Lock icon PRIME RATES
        29 2 SINGAPORE 5.38 MALAYSIA 6.55 HONG KONG 5.00 INDONESIA 14.981 TAIWAN 5.036 JAPAN 1.475 KOREA 9.33 BRITAIN 0.50 US 3.25 CANADA 3.00 SWITZERLAND 0.50 INDIA 14.75 Source: Bloomberg
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      • Article
        Lock icon FOREX
        49 2 US$ S$ US$ (S$ per US$) 1.265 (US$/S$ per 1.667 2.109 EURO (US$/S$/€ 1.371 1.735 Foreign currency per US$ S$ YEN 102.50 81.00 RM 3.294 2.604 HK$ 7.755 6.130 BAHT 32.55 25.73 RUPIAH 11,750 9,287 RENMINBI 6.088 4.812 INDIAN RUPEE 62.14 49.11 A$ 1.111 0.878 NZ$ 1.205 0.952
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    • Article, Illustration
      Lock icon $8b fund to benefit Pioneer Generation
      849 4  -  It will help 450,000 elders with their healthcare costs for the rest of their lives plus extra health subsidies SINGAPORE BUDGET 2014 By Lee U-Wen leeuwen@sph.com.sg Singapore THE government will pump $8 billion into a new fund that will help Singapore’s pioneers those aged
      PHOTO: LIANHE ZAOBAO  -  849 words
    • Article, Illustration
      Lock icon Uplift
      465 5 Helping hands dominate a lift-me-up budget for 2014, especially for those whose hands built the nation. Small and medium enterprises will enjoy a host of incentives to grow and improve productivity, while lower-income households, disabled people and the elderly will receive substantial support schemes, all inthe name of creating
      465 words
    • Article, Illustration
      Lock icon WhatsApp in Asia far from runaway success
      716 6 Its ability to sustain growth to justify Facebook’s US$1 9b price tag in doubt Reuters Singapore WHATSAPP may be hugely popular but its forays into Asia, the world’s biggest mobile market, have had mixed success, raising questions about whether it can sustain the
      Reuters  -  716 words
    • Article
      Lock icon RBS to focus on domestic retail banking
      484 7 Downsizing of investment banking and international operations may cost 30,000 jobs Reuters London ROYAL Bank of Scotland (RBS) is to shrink its investment banking and international operations in a revamp in which the group could shed up to a quarter of its 120,000
      Reuters  -  484 words
    • Article, Illustration
      Lock icon Rivertrees drawing strong buyer interest
      327 7  -  By Lynette Khoo lynkhoo@sph.com.sg Singapore RIVERTREES Residence, a waterfront condominium project in Sengkang, has received close to 600 cheques from interested buyers prior to its official launch today, with interest coming from both owner-oc-cupiers and investors. Frasers Centrepoint said yesterday that a total of 585
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      47 2 CONTENTS NEWS Top Stories 2-7 Raffles Conversation 8-9 Companies 10-12 S’pore Markets 12 World 13-16 Stocks Stats 17-21 Perspective 22-23 Crosswords 23 Wealth 24-25 LIVING Design 28-30 Health 31 Dining 32-33 Travel 34-36 Sports 37 Motoring 38-39 Househunt 25 BT Readers’ Promotion 26 S’pore Budget 2014 B1-16
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  • Page 6 Advertisements
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      381 6 4 k'i-A if;' -w A. *:.±4. H m m Sr, I WELCOME to coloRFUL COLORADO con RAID Explore <3* 73$ -3R mw •< m 34 3 T, 1 v iiJt iKeCi m 10D7N COLORFUL COLORADO Go enjoy the ultimate Colorado experience! Relive the grandeur of a bygone era through a
      381 words
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      21 7 GOOD GAINS Let your investors know by advertising your financial results in our newspapers. Call 1800 289 8822 or email notices@sph.com.sg
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      Lock icon Page 7 Advertisements Column 2
      51 7 p m m 1 I 32 Detached factory Woodlands D25 nd: 43,538 sqft Built: 38,200 sqft Tenure; JTC balance 42 years JERRY LUM Snr Marketing Director, MBA, CES cea licence No.: r *****6 d HP: 8288 0098 View: jerrylum.myweb.sg ERA Estate Agent Licence No L*****82K Wh*n You Buy, Sol, or
      51 words
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      43 7 THE SINGAPORE —SWEEP—CHINESE NEW YEAR DRAW Draw No. 03/2014 1 st Prize *5,000,000 2 Prize 500,000 3 Prize *250,000 Total Prizes $7,990,000 Draw on Wednesday, 05 March 2014 p 'y'A Always play with care responsibly] Do not bet illegally. RGB Reg No: *****0202G
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  • THE RAFFLES CONVERSATION
    • Article, Illustration
      Lock icon Dawn of a brave new IT world
      2828 8 / 9  -  Forrester Research’s founder George Colony says the Internet will segue into the App Internet which imbues anyone owning a smartphone with greater power. By Amit Roy Choudhury By Amit Roy Choudhury amit@sph.com.sg GEORGE Colony, founder, chairman, and CEO of Forrester Research, is a
      PHOTO: ARTHUR LEE  -  2,828 words
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  • COMPANIES
    • Article, Illustration
      Lock icon Noble’s 2013 profit down 48%
      472 10  -  CEO acknowledges need for bottom line to ‘improve substantially’ By Andrea Soh sandrea@sph.com.sg Singapore NOBLE Group’s 2013 earnings tumbled 48 per cent as losses on supply chain assets and from associates spiked. Net profit attributable to shareholders was US$243.5 million missing the US$288.7 million average
      PHOTO: BLOOMBERG  -  472 words
    • Article
      Lock icon Forex provisions hit QAF earnings
      344 10  -  By Lynette Khoo lynkhoo@sph.com.sg Singapore QAF Ltd, better known for its Gardenia Bread, reported a 13 per cent decline in net profit to $30.19 million for the full year ended Dec 31 due mainly to its provision for unrealised foreign exchange loss. The group’s revenue
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    • Article
      Lock icon Otto narrows Q4 loss, ends year in the black
      423 10  -  By Lisa Lee lisalcc@sph.com.sg Singapore OTTO Marine sank to a net loss of US$9.7 million for its fiscal fourth quarter after three quarters of gains, even though it managed to report a net profit for the full year. The offshore and
      423 words
    • Article
      Lock icon ValueMax’s full-year profit declines 34.8%
      268 10  -  By Raphael Lim raphlim@sph.com.sg Singapore PAWNBROKING group ValueMax posted a 34.8 per cent decline in full-year net profit on lower revenue. The company listed on the SGX mainboard on Oct 30 last year. Net profit for the 12 months ended Dec 31, 2013 was $9.36
      268 words
    • Article, Illustration
      Lock icon AIA S’pore logs 15% rise in net operating profit
      531 11  -  Value of new business up 22% at US$269m By Genevieve Cua gen@sph.com.sg Singapore STRONG momentum and higher agent productivity drove AIA Singapore’s growth in the fiscal year that ended on Nov 30. Its operating profit after tax rose 15 per cent
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    • Article
      Lock icon Hiap Hoe, Heeton post Q4 profit falls
      381 11  -  By Jamie Lee leejamie@sph.com.sg Singapore TWO listed property companies yesterday signalled caution over the Singapore property market amid weaker fourth-quarter results, and have indicated more expansion opportunities overseas. In a statement to announce its quarterly earnings, Hiap Hoe said that the group expects
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    • Article
      Lock icon M&C full-year profit up 54% on S’pore condo sales
      249 11 Reuters HOTEL chain operator Millennium Copthorne’s full-year pretax profit jumped 54 per cent due to accrued one-time revenue from condominium sales by its Singapore subsidiary. The hotel chain operator, which recently acquired Novotel New York and the Chelsea Hotel in London,
      Reuters  -  249 words
    • Business briefing
    • Article, Illustration
      Lock icon Week’s STI rise belies poor trading conditions
      681 12  -  STOCKS R Sivanithy sivan@sph.com.sg Senior Correspondent IT has been an odd week for the local stock market with the Straits Times Index’s (STI) 61 point or 2 per cent rise over the five days to 3,099.93 suggesting strong demand for stocks, which is
      681 words
    • Article
      Lock icon Full-year earnings at UIC, SingLand fall on lower residential sales
      401 12  -  By Lynette Khoo lynkhoo@sph.com.sg Singapore UNITED Industrial Corporation (UIC) and its 80 per cent subsidiary, Singapore Land (SingLand), have posted declines in net profits and revenues for the year ended Dec 31, 2013, as both recorded fewer residential sales. UIC’s
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    • Article
      Lock icon TOP 20 ACTIVES
      239 12 VOL CLOSE Albedo 176 CLOSE 905 5 .7 0 .0 0 .0 W Corp 130 0.0 909 7 .3 0 .2 2 .8 AdvanceSCT 1 1 1 2.8 629 0 .5 0 .0 0 .0 S i ngHa i yi 104 SingHaiyi 418 1 .9 0 0.0
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    • Article
      Lock icon STI STOCKS
      111 12 Stock name Close Change CapMallsAsia 1.820 +0.010 CapitaLand 2.870 +0.010 CapitaMall 1.875 +0.025 CityDev 9.330 +0.060 ComfortDelGro 1.950 -0.005 DBS Grp 16.69 +0.070 GLP 2.790 -0.070 Genting SP 1.360 -0.040 Golden Agri 0.550 HK Land 6.280 HPH Trust US$ 0.630 JMH 56.00 +1.060 JSH 33.20 +0.520 Jardine C&C
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    • Article
      Lock icon TOP GAINERS
      59 12 BY CENTS CLOSE UP Jardine C&C 3862 142.0 3.8 JMH 5600 134.1 1.9 GLD 10US$ ***** 78.4 0.5 JSH 3320 65.8 1.6 DBXT MSJAP 10US$ 4512 41.7 0.7 DBXT MSINDO 10us$ 1315 34.2 2.1 DBXT MSUSA 10US$ 4595 29.1 0.5 UOB 2090 20.0 1.0 IS Asia BND 100US
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    • Article
      Lock icon TOP LOSERS
      62 12 BY CENTS CLOSEDOWN DBXT MSTHAI 10US$ 1766 -59.4 -2.6 Lyxor ThaiSET 10US$ ***** -22.8 -0.2 DBXT iBoxxSing 5SG$ ***** -22.0 -0.2 DBXT MSRussia 10US$ 281 -19.0 -5.1 DBXT CSI300 10US$ 678 -15.2 -1.7 Lyxor China H 10US$ 1320 -15.2 -0.9 GLP 279 -7.0 -2.4 PLife REIT 231 -7.0
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    • Article
      Lock icon Swissco Q4 profit doubles
      233 12  -  By Jaira Koh jairakoh@sph.com.sg Singapore MARINE company Swissco more than doubled its net profit to $12.9 million for its fourth quarter ended Dec 31, 2013, from $6.4 million a year ago. Revenue surged 86.6 per cent to $79.3 million due mainly to the completion and delivery
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  • WORLD
    • Article, Illustration
      Lock icon Taxation reform seen as crucial G-20 initiative
      513 13 Tax harmonisation needed: US Treasury Secy AFP Sydney US Treasury Secretary Jacob Lew described taxation reform as among the G-20’s most crucial initiatives yesterday, as the world’s major economies look to close loopholes used by huge multinational firms. “The G-20’s work on tax
      AFP  -  513 words
    • Article
      Lock icon OECD warns of era of low growth ahead
      380 13 AFP Sydney THE Organisation for Economic Cooperation and Development (OECD) yesterday warned that declining global productivity will usher in a new and extended era of low growth unless there are major structural reforms. Its new Going for Growth report identifies infrastructure shortages
      AFP  -  380 words
    • Article, Illustration
      Lock icon Jan trade deficit deals new blow to Abenomics
      569 14 Meanwhile, Tokyo risks choking off consumption with planned sales tax hike Bloomberg Tokyo JAPAN’S record trade deficit adds to sinking consumer confidence and an April sales-tax increase, threatening to undermine Prime Minister Shinzo Abe’s bid to engineer a sustained recovery. Credit Suisse
      Bloomberg; PHOTO: BLOOMBERG  -  569 words
    • Article
      Lock icon Thai intervention to support rubber prices ruled out
      367 14 The country is stuck in a political crisis and reeling under a controversial rice subsidy scheme Reuters Kochi, India THAILAND’S prolonged political crisis makes it unlikely that the leading rubber producer will be able to intervene in the market to support prices,
      Reuters  -  367 words
    • Article
      Lock icon AirAsia not welcome, say airlines in India
      225 14 Bloomberg New Delhi INDIGO, India’s biggest airline, has joined an industry group in opposing AirAsia’s application for local operations. It has written to the Directorate General of Civil Aviation, supporting some of the objections raised by the Federation of Indian Airlines against AirAsia,
      Bloomberg  -  225 words
    • Article
      Lock icon Shell sells 870 Aussie service stations, refinery
      323 15 Deal with Vitol is worth US$2.6b; plant is Shell’s last one Down Under AFP Sydney GLOBAL energy giant Shell announced yesterday it is selling 870 service stations and its last remaining Australian refinery to Swiss-based oil giant Vitol for US$2.6 billion. The deal
      AFP  -  323 words
    • Article
      Lock icon ABN Amro posts 47m euro Q4 loss; sees tough year
      350 15 Reuters Amsterdam DUTCH state-owned bank ABN Amro, which is being readied for an eventual stock market flotation, fell to a loss for the fourth quarter and said that loan impairments were likely to remain high this year. The bank reported
      Reuters  -  350 words
    • Article, Illustration
      Lock icon Wal-Mart to focus on private labels in China
      567 16 It ditches ‘everyday low prices’ concept, big-box stores Reuters Beijing WAL-MART Stores, famed for its low prices, has stumbled in the one major market where consumers say price is less of a driver in their buying decisions: China. There, consumers say they
      Reuters; PHOTO: REUTERS  -  567 words
    • Briefing
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      178 13 KAR3 NOTICES Toll free 1800-289-8822 Email notices@sph.com.sg www.cats.com.sg/notices IN THE MATTER OF THE COMPANIES ACT, CAP. 50 AND IN THE MATTER OF EXECUTIVE BUSINESS SOLUTIONS PTE LTD Co. Reg. No. *****8063W (IN MEMBERS’ VOLUNTARY LIQUIDATION) FINAL GENERAL MEETING NOTICE IS HEREBY GIVEN pursuant to Section 308 (1) of the Companies
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      170 13 IN THE MATTER OF THE COMPANIES ACT, CAP. 50 AND IN THE MATTER OF PEACH TECHNOLOGIES PTE LTD (Co. Reg. No. *****9084W) (IN MEMBERS’ VOLUNTARY LIQUIDATION) NOTICE OF FINAL MEETING NOTICE IS HEREBY GIVEN that pursuant to Section 308 of the Companies Act (Cap. 50) that the FINAL MEETING of
      170 words
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      Lock icon Page 13 Advertisements Column 3
      170 13 IN THE MATTER OF THE COMPANIES ACT, CAP. 50 AND IN THE MATTER OF NANYANG CREATIVE MANAGEMENT PTE LTD Co Reg No. *****4439E (IN MEMBERS’ VOLUNTARY LIQUIDATION) FINAL GENERAL MEETING NOTICE IS HEREBY GIVEN pursuant to Section 308 (1) of the Companies Act, Cap. 50, that a Final General Meeting
      170 words
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      169 13 IN THE MATTER OF THE COMPANIES ACT, CAP. 50 AND IN THE MATTER OF FIRST ALEXANDRA PTE. LTD. Co. Reg. No. *****3718W (IN MEMBERS’ VOLUNTARY LIQUIDATION) FINAL GENERAL MEETING NOTICE IS HEREBY GIVEN pursuant to Section 308 (1) of the Companies Act, Cap. 50, that a Final General Meeting of
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      Lock icon Page 13 Advertisements Column 5
      119 13 THEATLAS ICE COMPANY, BERHAD (INCORPORATED IN MALAYSIA)(1302-W) LOST STOCK CERTIFICATES NOTICE IS HEREBY GIVEN that the following certificates have been reported lost:THE ATLAS ICE COMPANY, BERHAD (1302-W) NAME OF STOCKHOLDER STOCK CERTIFICATE NUMBER NO. OF STOCKS ESTATE OF BS. 204 3,300 CHUANGOH CHUAN 173 84 DEC’D BS. 288 3,384 BS.
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  • Page 14 Advertisements
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      109 14 TAC-TOKYO AIRCARGO (SIN) PTE LTD (IN CREDITORS’ VOLUNTARY LIQUIDATION) Company Registration No. *****5156N NOTICE OF SPECIAL RESOLUTION NOTICE IS HEREBY GIVEN THAT AT AN EXTRAORDINARY GENERAL MEETING OF THE COMPANY DULY CONVENED AND HELD ON THE 14TH DAY OF FEBRUARY 2014 THE FOLLOWING SPECIAL RESOLUTION WAS PASSED: That pursuant to
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  • Page 15 Advertisements
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      53 15 Real Estate Heroes i t—- r, He became a property star at the age of 26. She built a strong personal branding. And he won 120 awards in the last decade. Read their stories in Classified sections of The Sunday Times, Lianhe Zaobao and Berita Minggu this Sunday. WAT3 BUY
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  • Page 16 Advertisements
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      194 16 1 complimentary 6” Subway sandwich with every 2 ordered! (6" sandwiches from $4.50 onwards) Venue:Subway, Marina Bay Link Mall, 8A Marina Boulevard, #B2-19, Singapore *****4 Tel: (65) 6636 7316 Website:www.subway.com.sg Terms Conditions: Promotion valid from 22 Feb 28 Feb 2014 after 5pm only Promotion applies to 6" Sandwiches only Not
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  • SGX
    • Article
      Lock icon SGX MAINBOARD
      7975 17 Transaction date: Feb 21 52-wks Last Vol Day Last Quote Div GrYld Net M Cap High Low Company Sale +/-(‘000) High Low Buyer Seller C’vr P/E $mil 14 11 8Telecom 11 -0.5 25 11 11 10.3 12.5 10.6 1 9.1 52.7 20 3.3 A-Sonic 11.3 unch 1356 11.8
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    • Article
      Lock icon SGX CATALIST
      1931 20 52-wks Last Vol Day Last Quote Div GrYld Net M Cap High Low Company Sale +/-(‘000) High Low Buyer Seller C’vr P/E $mil 37 21 t 3Cnergy 500 27.5 26 31 27.1 28.5 17.1 t 800 Super 25.5 +0.5 6 25.5 25 25 25.5 3.2 3.9 7.9 45.6
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    • Article
      Lock icon SECURITIES TRADING SCOREBOARD
      186 20 MAIN CATL TOTAL Up Down Unch Up Down Unch Up Down Unch Multi Ind 6 2 4 0 0 0 6 2 4 Manufacturing 60 37 43 5 8 11 65 45 54 Commerce 21 10 25 8 3 3 29 13 28 Tpt/Stor/Comms 17 9 12
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    • Article
      Lock icon BT SHARE INFORMATION SERVICE
      799 20 SUBSTANTIAL SHAREHOLDER/DIRECTOR TRANSACTIONS For week beginning Feb 17 Substantial Buy No of Price ———SHAREHOLDING Trans Shareholder/ Sell Shares Per Before After Stock Date Director Conv '000 Shr ('000) ('000) Internet Tech 20-Feb-14 Goh Ching Wah Buy 33 0.14 ***** 8.93 ***** 8.96 Internet Tech 20-Feb-14 Goh
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    • Article
      Lock icon SECURITIES TRADING TURNOVER
      121 20 TURNOVER (‘000) VALUE (‘000) MAIN CATL TOTAL MAIN CATL TOTAL Multi Ind 15,083 15,083 49,312 49,312 Manufacturing 376,709 48,904 425,613 152,253 3,182 155,435 Commerce 157,221 235,228 392,449 117,085 15,929 133,015 Tpt/Stor/Comms 71,157 793 71,950 99,969 69 100,038 Finance 52,212 344 52,556 162,989 119 163,108 Construction 47,323 55,382
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  • MARKETS
    • Article
      Lock icon LIFFE
      93 21 Feb 20 COCOA (£/tonne) Close Prev High Low Mar 14 1856 1839 1866 1834 May 14 1859 1835 1870 1835 Jul 14 1854 1830 1864 1831 Sep 14 1844 1820 1854 1821 COFFEE(US$/tonne) Close Prev High Low Mar 14 1975 1982 2056 1940 May 14 1959 1957 2019 1914
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    • Article
      Lock icon METALS
      66 21 Feb 21 GOLD(US$/oz) Feb 21 Feb 20 Hong Kong 1325.00 1317.00 Feb 20 Feb 19 London 1314.99 1319.64 1315.66 1320.86 Source: Thomson Reuters SILVER Selling Buying Passbook 1 oz 27.86 27.08 Source: UOB PLATINUM Lon (US$/oz) Feb 20 Close Previous PM Fix 1413.00 1424.00 AM Fix 1413.00 1418.00 Source:
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    • Article
      Lock icon PALM OIL
      57 21 Feb 21 KLCE PALM FUTURES (RM/MT) Delivery Opening Sett Av Vol Open Month Range Price Price High Low Done Position Mar 14 2756.0 2776.0 2777.0 2736.0 745 4899 Apr 14 2763.0 2777.0 2779.0 2739.0 4732 ***** May 14 2746.0 2755.0 2758.0 2720.0 ***** ***** Jun 14 2733.0 2732.0
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    • Article
      Lock icon GOVERNMENT SECURITIES
      86 21 Feb 21 TREASURY BILLS Period Issue Maturity Yesterday's Day's code Bid High Low 6-Month BS*****Z 27-Jun-14 0.3 1-Year BY*****T 31-Oct-14 0.31 GOVERNMENT BONDS Period Issue Coupon Maturity Close Day's code rate Bid High Low 2-Year N*****0W 1.13 01-Apr-16 101.57 5-Year NX*****W 2.5 01-Jun-19 105.41 105.50 105.50 10-Year NX*****H
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    • Article
      Lock icon INTERBANK CURRENCY RATES
      155 21 Feb 21 Against S$ Against US$ Currencies Bid Offer Bid Offer S$/US$ to one unit of foreign currency: Australian dollar 1.1380 1.1391 0.8998 0.8999 Canadian dollar 1.1331 1.1347 0.8965 0.8960 Euro 1.7342 1.7359 1.3712 1.3714 NZ dollar 1.0494 1.0506 0.8298 0.8300 Sterling pound 2.1075 2.1097 1.6664 1.6667
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    • Article
      Lock icon FOREIGN CURRENCY NOTE RATES
      118 21 Feb 21 Singapore dollars to one unit of foreign currency: Currencies Sell Buy Aust dollar 1.164 1.109 Can dollar 1.158 1.114 Euro 1.775 1.691 Sterling pound 2.146 2.064 NZ dollar 1.076 1.035 US dollar 1.290 1.229 Local dollars to 100 units of foreign currency: Currencies Sell
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    • Article
      Lock icon CHICAGO BOT
      105 21 Feb 20 SOYBEANS (5,000 bu min; USc/60 lb bushels) Close Previous High/Low Mar 14 1358.25 1354.25 1361.00 1343.75 May 14 1347.75 1342.00 1349.75 1332.00 Jul 14 1331.75 1324.75 1334.00 1315.75 Aug 14 1281.25 1274.25 1283.50 1267.25 SOYBEAN OIL(60,000 lbs; USc/lb) Close Previous High/Low Mar 14 40.57 40.24 40.88
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    • Article, Illustration
      Lock icon STOCK MARKETS
      2 21
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    • Article
      Lock icon OIL
      68 21 Feb 20 CRUDE US$/barrel (FOB origin) Close Change Brent blend (1-Mth F) 110.19 -0.50 WTI (Near Mth) 103.14 -0.53 Dubai (1-Mth F) 106.45 -0.18 Tapis blend 115.71 -0.38 Minas 108.71 -0.38 PRODUCT US$/barrel (FOB S'pore) Close Change Naphtha 102.56 0.12 Jet Kerosene 124.75 0.23 US$/barrel OpecOil Basket Price 106.79
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    • Article
      Lock icon LONDON METALS
      72 21 Feb 20 Aluminium, 99.7% purity (US$/tonne) Close Previous Cash 1728.50 1725.25 3 months 1772.00 1769.00 Copper, Grade A (US$/tonne) Cash 7198.00 7224.00 3 months 7155.00 7181.00 Lead (US$/tonne) Cash 2119.50 2147.25 3 months 2137.50 2166.00 Nickel (US$/tonne) Close Previous Cash *****.50 *****.00 3 months *****.00 *****.00 Tin (US$/tonne)
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    • Article
      Lock icon MORGAN STANLEY CAPITAL INT’L INDICES
      373 21 In local curr In S$ In US$ dy yr dy yr dy yr Feb 20 Index Change Change Change Change Change Change World Preliminary 1178.6 0.0 -0.5 0.3 -0.3 -0.1 -0.4 EAFE Preliminary 947.9 -0.4 -0.9 -0.4 -0.2 -0.7 -0.4 Europe Preliminary 1375.2 0.0 1.5
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  • PERSPECTIVE
    • Article, Illustration
      Lock icon Preventing a grave error
      1290 22 / 23  -  To save Bukit Brown from ‘an irreversible act of destruction’, a political leader should step in before it is too late writes Chew Kheng Chuan Chew Kheng Chuan ~The writer is chairman of The Substation and a consultant fundraiser. He gratefully acknowledges the editorial assistance of
      ST FILE PHOTO  -  1,290 words
  • Page 22 / 23 Miscellaneous
    • Miscellaneous
      Lock icon Page 22 / 23 Miscellaneous Column 1
      309 22 / 23 SATURDAY with Ludwig ‘Just wave! Or they’ll bombard us with Budget talk.’ CRYPTIC CROSSWORD Across 3 Greet workers led by wag (5,5) 8 Leave suddenly, half of Deal affected (6) 9 To provoke second son is unnecessary (8) 10 Dictates changes in what may prove conclusive (4,4) 11 One famous
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  • WEALTH REAL ESTATE
    • Article, Illustration
      Lock icon Global bond frenzy raises concerns
      1034 24 Growing fears that any panicky selling of Chinese, Russian or Brazilian bonds could turn into a financial rout NYT New York PROSPECTING for oil in Brazil, manufacturing steel in Russia, erecting skyscrapers in China: global bond investors have financed some of the grandest investment projects
      NYT; PHOTO: BLOOMBERG  -  1,034 words
    • Article
      Lock icon Househunt
      821 25 PROPERTY TRANSACTIONS FOR SELECTED DISTRICTS WITH CONTRACT DATES BETWEEN JAN 8 AND JAN 14, 2014 PROJECT NAME/ STREET NAME PROP TYPE CONTRACT DATE TENURE BUILT -IN/LAND AREA*(SQ FT) PRICE (S$'000) PSF (S$) District 4 NON-LANDED Caribbean At Keppel Bay Apt 13/01/2014 99 2583 2715 1051 Marina Collection Apt 10/01/2014
      821 words
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  • BT READER'S PROMOTION
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      Lock icon Primed for best cuts
      739 26 The Prime Society at Dempsey Hill is dedicated to the ‘upper cut’ of meats infused with a Pan-Asian twist The Prime Society, a 110-seater contemporary steakhouse, is known for its signature premium grass and grain-fed Australian beef. The “Beef From the Grill” menu offers Robbins Island
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      64 27 Living BT THE BUSINESS TIMES WEEKEND FEBRUARY 22 23 2014 FLIGHTS OF FANCY Home decor takes off with themed furniture stores 28-30 SPORTS Olympic sailor Ben Ainslie 37 HEALTH What lies beneath 31 DINING On the move with foreign chefs 32-33 PHOTO: YEN MENG JIIN TRAVEL Sky’s the limit in
      64 words
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  • BT Living
    • DESIGN
      • Article, Illustration
        Lock icon Decor theme party
        1831 28 / 29  -  Themed furniture stores mak decorating easier for homeowners who know what they want. By Tay Suan Chiang By Tay Suan Chiang taysc@sph.com.sg Prakalyam Gallery The Vertex, Ubi Avenue 3, #01-09Z6635 4741 Hours: Weekdays: 11am-6pm, Saturdays: 11am-5pm, closed on Sundays and public holidays WHAT happens when you get
        PHOTOS: PRAKALYAM GALLERY; PHOTO: YEN MENG JIIN; PHOTOS: INROADS; PHOTOS: YEN MENG JIIN  -  1,831 words
    • HEALTH
      • Article, Illustration
        Lock icon What lies beneath
        1291 31  -  The absence of chest pain doesn’t mean there’s no underlying heart problem. About one-third of heart attacks are silent Michael Lim ~Dr Lim is medical director at the Singapore Heart, Stroke Cancer Centre. He is also editor-in-chief, Heart Asia (a journal of the British Medical Journal Publishing
        FILE PHOTO  -  1,291 words
    • DINING
      • Article, Illustration
        Lock icon Bouncing back from closures
        1629 32 / 33  -  With the recent string of high-profile restaurant closures, what happens to foreign chefs when the restaurants that bring them in shut down? Debbie Yong looks at the different factors chefs consider in deciding to stay or to go Debbie Yong debyong@sph.com.sg IT was like a clarion
        FILE PHOTO  -  1,629 words
      • Article
        Lock icon Dedicated ones who stay on
        425 32 / 33  -  By Debbie Yong Vitelio Reyes Ex-head chef of Sur Arrived: November 2012, from Panama, where he headed three eateries at the Trump Hotel. He has also worked in restaurants in his native Venezuala and Boston previously. Current project: Executive chef of Little Colombia, an F&B
        425 words
    • TRAVEL
      • Article, Illustration
        Lock icon ON A COLORADO HIGH
        1395 34 / 35  -  Colorado’s lofty perch and contrasting climes make it a hotspot for both winter sports as well as summer fun. By Tay Suan Chiang By Tay Suan Chiang taysc@sph.com.sg THERE must be something about the air in Colorado. On a visit last autumn, nearly everyone we met
        PHOTOS: TAY SUAN CHIANG, GOBRECK  -  1,395 words
      • Article, Illustration
        Lock icon Heritage hotels hark back to storied past
        1065 34 / 35 Time-travel to the 1800s to early 1900s when you stay in Colorado TSC HOTELS set in historical buildings abound in Colorado. Those who like a bit of heritage with their travels, may want to head back in time at these properties. The Brown
        TSC; PHOTO: TAY SUAN CHIANG; PHOTOS: THE BROADMOOR; PHOTOS: TAY SUAN CHIANG  -  1,065 words
    • SPORTS
      • Article, Illustration
        Lock icon Olympic champ’s Extreme move
        891 37  -  no holds barred Lee U-Wen leeuwen@sph.com.sg Correspondent THROUGHOUT a storied career that has firmly established him as the most successful sailor in Olympics history, Ben Ainslie has taken his sporting talents all over the world from Argentina to Greece to Japan. his weekend, however, is the
        PHOTOS: HOWIEPHOTO  -  891 words
    • MOTORING
      • Article, Illustration
        Lock icon HYUNDAI REFRESHED
        564 38  -  The Hyundai Elantra gets a facelift and a newfound affordability. By Samuel Ee samuelee@sph.com. sg TWO factors are making the Hyundai distributor here very optimistic about its Elantra in 2014 a mild makeover and its affordability. The Hyundai Elantra, which was first introduced here more than two years
        564 words
      • Article, Illustration
        Lock icon MACAN TIME
        722 39  -  Expect Porsche’s exciting baby SUV to eat into its rivals’ market share. By Samuel Ee By Samuel Ee samuelee@sph.com.sg NEVER mind that it is based on the Audi Q5 the Porsche Macan is sensationally different in terms of styling, handling and performance. At first glance, it looks similar
        722 words
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      955 30 wine&dine with BTWeekend Marina Mandarin Singapore 6 Raffles Boulevard 6845 1118 Business Package at Marina Mandarin Experience our signature Asian grace, warmth and care when you meet at Marina Mandarin Singapore. From large-scale international conventions and exhibitions to intimate meetings, your event will receive the dedicated attention of our professional
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      32 37 HOME NEE -SU Keep your produce fresh with a good fridge! To find out more, turn to CLASS 90 in CATS Classified in The Straits Times now WATS BUY IT-SELL IT-FIND IT
      32 words
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      108 40 TO BREAK THE RULES, YOU MUST FIRST MASTER THEM. IN 1892 AUDEMARS PIGUET BECAME THE FIRST WATCHMAKER TO PRESENT A STRIKING MINUTE REPEATER IN A WRISTWATCH. THE 2014 MILLENARY MINUTE REPEATER IS THE LATEST EXPRESSION OF THIS PIONEERING SPIRIT. THE EXPOSED CALIBRE OF THE MILLENARY SERIES ALLOWS THE FINE DECORATION
      108 words
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      211 1 Budget Special BT 2 0 1 4 THE USINESS TIMES WEEKEND FEBRUARY 22-23 2014 US Wage Growth Mergers and Acquisitions Commodities Trading Hub Skilled Employment Pass Economy Sustainable Growth China Elderly Provide PMETs Equitable Incentives Capability Trade Land Sales Hospitals Families Social Safety Nets Education Industries Benefits Social Spending Future
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  • BT Budget Special 2014
    • PROPERTY
      • Article, Illustration
        Lock icon Cooling measures to stay in place for now
        1094 2  -  Property players won’t see a scaleback of seven rounds of cooling measures just yet By Kalpana Rashiwala kalpana@sph.com.sg PROPERTY developers and consultants didn’t get the rolling back or tweaking of property cooling measures they were hoping for but took things in their
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    • Article
      Lock icon BUDGET 2014
      440 3 ‘The Budget addresses key concerns of the general population particularly in terms of healthcare, education and housing. There are also support for businesses that are facing the pressures of restructuring their operations, and the constraints of the labour market. SMF is pleased to note the extension of Productivity
      440 words
    • PRODUCTIVITY & GROWTH
      • Article, Illustration
        Lock icon Carrots and sticks for construction industry
        1250 4  -  Levy for basic skilled worker to go up; upgrade to higher skilled level made easier By Mindy Tan tanmindy@sph.com.sg THE construction sector was singled out as the only sector bucking the trend of slowing foreign workforce growth by Deputy Prime Minister and Finance Minister
        PHOTO: YEN MENG JIIN  -  1,250 words
      • Article
        Lock icon $500m ICT push for SMEs over next 3 years
        669 5  -  Move aims to drive productivity growth that is needed to transform the economy By Joyce Hooi joyceh@sph.com.sg THE government will spend $500 million over the next three years hauling SMEs onto the infocomm technology (ICT) bandwagon through the ICT for Productivity
        669 words
      • Article
        Lock icon SMEs on growth path to get leg up with better funding support
        743 5  -  By Joyce Hooi joyceh@sph.com.sg SMALL and medium-sized enterprises (SMEs) looking to join the big leagues will get a boost from a plethora of measures unveiled yesterday. Support will come from existing schemes as well as a new “mezzanine”
        743 words
    • BUSINESS IMPACT
      • Article, Illustration
        Lock icon Employers face higher wage costs with CPF rate hike
        1009 6  -  From Jan 1 next year, they will have to pay up to 2 percentage points more By Chuang Peck Ming peckming@sph.com.sg EMPLOYERS are likely to see their wage costs rise more than usual come January next year, because they have to
        PHOTO: YEN MENG JIIN  -  1,009 words
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        Lock icon Firms warn of layoffs to cope with costs
        951 7  -  They say there is more focus on long term than immediate concerns By Malminderjit Singh msingh@sph.com.sg COMPANIES here may have to lay off workers to cope with cost pressures as they respond to what they say is a Budget that is more
        PHOTO: YEN MENG JIIN  -  951 words
      • Article
        Lock icon CEVS extended until June 2015
        480 7  -  By Samuel Ee samuelee@sph.com.sg THE Carbon Emissions-based Vehicle Scheme (CEVS) will be extended by six months until June 2015, with a view towards continuing the scheme thereafter, Finance Minister Tharman Shanmugaratnam said yesterday. This is because the CEVS was introduced last year amid changes to
        480 words
    • INDUSTRY
      • Article
        Lock icon Tax deductions for banks’ Basel III issues
        629 10  -  Additional Tier 1 instruments to be treated as debt for tax purposes, to level field for S’pore-incorporated banks By Siow Li Sen lisen@sph.com.sg LOCAL banks which have been selling debt to boost their capital in order to fall in line with stricter regulatory
        629 words
      • Article
        Lock icon New measures mostly in line with expectations
        867 10  -  COMMENTARY By Low Hwee Chua, Yap Hsien Yew ~Low Hwee Chua is head of tax services and Yap Hsien Yew is senior manager at Deloitte Singapore LET’S take a look at how this year’s Budget has addressed what we view as the top
        867 words
      • Article
        Lock icon More needs to be done to leapfrog the competition
        637 11  -  COMMENTARY By Tay Hong Beng, Harvey Koenig ~Tay Hong Beng is Head of Tax, and Harvey Koenig, Partner, KPMG in Singapore FOR businesses looking to the Singapore Budget 2014 for government assistance to help them with more value-creation activities, the mention
        637 words
      • Article, Illustration
        Lock icon New PIC+ scheme for SMEs deserves a standing ovation
        760 11  -  COMMENTARY By Russell Aubrey, Sandie Wun ~Russell Aubrey is partner, International and Transaction Tax, and Sandie Wun, director, Transaction Tax, at Ernst Young Solutions LLP. The views in this article are their own THE Singapore economy grew 4.1 per cent in
        PHOTO: YEN MENG JIIN  -  760 words
    • HELPING SINGAPOREANS
      • Article, Illustration
        Lock icon Payouts, rebates, tax relief, taxi subsidy
        765 12  -  More than one child can claim shared tax relief for supporting parents By Lee U-Wen leeuwen@sph.com.sg SOME 675,000 Singaporeans aged 55 and up this year will get a one-off cash payout of up to $250 to help offset some of their daily expenses. This
        PHOTO: YEN MENG JIIN  -  765 words
      • Article
        Lock icon Employer CPF rate up one point from 2015
        751 12  -  By Nisha Ramchandani nishar@sph.com.sg THE CPF employer contribution rate will go up by one percentage point across the board from January next year, with this increase to be funnelled towards the employee’s Medisave account. This will lift the overall CPF contribution rate
        751 words
      • Article, Illustration
        Lock icon Building capabilities with a social bent
        847 13  -  COMMENTARY By Leong Wai Ho ~The writer is director/ senior regional economist at Barclays plc THE first hint of the emphasis of Budget 2014 came not from the discussions in Parliament, but from how the logo on its official website had changed. I remember
        PHOTO: YEN MENG JIIN  -  847 words
    • REVENUE & SPENDING
      • Article, Illustration
        Lock icon Govt projects $1.16b deficit for FY2014
        671 14 / 15  -  Deficit factors in $8b Pioneer Generation Fund, and includes estimated net investment returns contribution of $8.1b By Kelly Tay kellytay@sph.com.sg IF an overall budget deficit of $1.16 billion materialises in FY2014 as projected, it would mark the first time since 2009 that Singapore would
        PHOTO: YEN MENG JIIN; Source: MOF  -  671 words
      • Article, Illustration
        Lock icon FY2013 surplus revised upwards to $3.92b
        597 14 / 15  -  Actual FY2012 overall surplus also revised upwards to $5.82b from $3.86b, with operating revenue of $55.81 b By Kelly Tay kellytay@sph.com.sg LARGER than the official estimate, but smaller than the market’s forecast such was the $3.92 billion Budget surplus amassed by the government in
        PHOTO: YEN MENG JIIN  -  597 words
    • Article, Illustration
      Lock icon A financially sound step in right direction
      999 16  -  COMMENTARY By Selena Ling ~The writer is head of treasury research and strategy at OCBC Bank IN the Year of the galloping Horse, there is a market sense that the macroeconomic environment has turned more benign and big tail risks in the US
      PHOTO: YEN MENG JIIN  -  999 words
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      405 3 <x h c 'i J# a V t* 3 vw, -V SP Raffles City Convention Centre Fairmont Ballroom, Level 4 |g£ 80 Bras Basah Road Singapore *****0 Register online at www.ey.com/sg/budget Seminar fees Clients, alumni and SIATP members: S$250 Others: S$300 *Fees include lunch, refreshments and GST. Attendees will receive
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      1183 8 / 9 Deloitte. Singapore Budget 2014 The balancing act $68.77bn expenditure Businesses PIC 3 year extension to YA2018 LIA renewed till 2020 COE bonus Subsidies for low/middle income families for healthcare and education $8bn Pioneer t* i Generation Fund Property cooling measures continue CPF +1% for all extra 1.5% 50-54 years 0.5%
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