The Business Times, 6 November 2014

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Microfilm: NL33295
Total Pages: 34
1 35 The Business Times
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  • Title Section
    Lock icon Masthead
    30 1 THE BUSINESS TIMES S$1.00 SjSl A SINGAPORE PRESS HOLDINGS PUBLICATION www.businesstimes.com.sg G C ©BTBreakingnews CO REGN NO *****2868E MCI (P) 051/08/2014 ICA (P) Wednesday, October 8, 2014 Thursday, Novem 6
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  • Article
    Lock icon MARKETS
    27 1 Wednesday Change STI 3,287.54 +5.97 KL COMP 1,839.29 -8.07 NIKKEI 225 16,937.32 +74.85 HANG SENG 23,695.62 -150.04 SHENZHEN B 968.08 -1.75 DOW (11am EST) 17,430.70 +46.86
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  • Article, Illustration
    Lock icon TT DAILY DIGEST
    228 1 Singapore’s future lies not only in having a competitive economy, but also in creating a society in which citizens achieve their fullest potential, says Deputy Prime Minister Tharman Shanmugaratnam. TOP STORIES 2 Singapore bonds continue to outperform despite the official end of QE3 last week with investors
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  • Article, Illustration
    Lock icon Reits band together to form new industry body
    852 1  -  Reitas will help to grow the S-Reit sector internationally and engage regulators, educate investors By Lee Meixian leemx@sph.com.sg @LeeMeixianBT Singapore SEVERAL real estate investment trusts (Reits) have banded together to form an association the Reit Association of Singapore (Reitas) to promote the
    PHOTO: YEN MENG JIIN  -  852 words
  • Article
    Lock icon Why green light was given for SingPost postage rate hike
    566 1  -  By Lee U-Wen leeuwen@sph.com.sg @LeeUwenBT Singapore PARLIAMENT was on Wednesday given an insight into Singapore Post (SingPost) as an employer and the national postal service-operator when the government explained why it had allowed it to raise postage rates from Oct
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      Lock icon Page 1 Advertisements Column 1
      185 1 *****4 HOTEL SALE ART STAGE SINGAPORE HOCK LOCK SIEW Post-IPO Japfa is not confidence-inspiring COMPANIES MARKETS 5 South-east Asian art gains traction globally LIFE CULTURE 32 Oxley Hotel up for sale by auction MIDTERM ELECTION Republicans’ Senate win shows divided America OPINION 30 REAL ESTATE 10 Our tourbillon ensures highest
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  • TOP STORIES
    • Article
      Lock icon SkillsFuture Council lists ways to develop citizens
      1078 2  -  Sector-focused skills frameworks and career guidance in schools among early initiatives By Kelly Tay kellytay@sph.com.sg @KellyTayBT Singapore SINGAPORE’S future lies not only in having a competitive economy, but also in creating a society in which citizens achieve their fullest potential, said Deputy Prime
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    • Article, Illustration
      Lock icon Republicans profit from voter discontent over economy
      586 2 BLOOMBERG Washington REPUBLICANS swept to control of the US Senate by capitalising on voter anger over President Barack Obama’s handling of the economy, setting up a clash of priorities that will shape his final two years in office and the race to succeed
      BLOOMBERG; Adapted from AFP  -  586 words
    • Article
      Lock icon One last bet for MAS punters
      542 2  -  Ahead of Thursday’s EGM, stock closes at one sen less than Khazanah’s 27 sen offer By Pauline Ng btworld@sph.com.sg Kuala Lumpur PUNTERS could not resist one last bet on Malaysia Airlines (MAS) on Wednesday, ahead of an extraordinary general meeting on Thursday to vote
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    • Article, Illustration
      Lock icon Singapore bonds continue good run
      674 3  -  Issue of S$150m perpetuals by Tata International draws demand for S$1b; bankers say local currency slide not deterring investors flush with liquidity By Siow Li Sen lisen@sph.com.sg @SiowLiSenBT Singapore SINGAPORE bonds continue to outperform despite the official end of QE3 last week with investors betting
      Source: Bloomberg  -  674 words
    • Article, Illustration
      Lock icon Kuroda sticks to his monetary easing guns, says more may come
      701 3  -  By Anthony Rowley btworld@sph.com.sg Tokyo BANK of Japan governor Haruhiko Kuroda went on the offensive on Wednesday in justifying the bold actions taken last week by the central bank, even to the point of suggesting that further monetary easing
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    • Article
      Lock icon Power-less SGX halts markets for hours
      649 4  -  ‘Multiple power supply issues’ behind one of the biggest market disruptions in recent years By Kenneth Lim kenlim@sph.com.sg @KennethLimBT Singapore FRUSTRATED traders stared at blank screens for at least three hours on Wednesday afternoon as a power outage shut down the Singapore Exchange’s (SGX)
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    • Article
      Lock icon Small-car COE premium up S$910 on strong replacement buying
      429 4  -  By Samuel Ee samuelee@sph.com.sg Singapore THE small car certificate of entitlement (COE) premium climbed on Wednesday as replacement buyers thronged the market, even as the big-car premium slipped. In the first COE bidding exercise for the new and larger November-2014-to-January-2015 quota,
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    • Article
      Lock icon Eurozone business growth remains weak despite steep price cuts
      774 4 REUTERS London EUROZONE business growth picked up less than expected in October despite another, deeper round of price cuts, according to surveys that are unlikely to ease simmering tensions among the bloc’s central bankers. Companies have been discounting prices for over
      REUTERS  -  774 words
    • Article, Illustration
      Lock icon KL to sue Cowgate firm over RM250m loan
      655 4  -  By S Jayasankaran btworld@sph.com.sg Kuala Lumpur THE Malaysian government will sue National Feedlot Corporation (NFC) for its failure to repay a RM250 million (S$96.7 million) government loan taken for a cattle-rearing project that went awry. Prime Minister Najib Razak told Parliament on
      655 words
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      Lock icon Page 2 Advertisements Column 1
      208 2 FUTURE i l t I I l S I I iff CHINA ATTEND THE INFO SESSION REGISTER NOW! Groom ingfi dare leaders to be “China-ready”, “China-savvy” and “Connected” A T Up your China-quotient and future-proof your business with Future China Advanced Leaders Programme. A first-of-its-kind business management course, it provides
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      14 2 Call 1800 289 8822 or e-mail notices@sph.com.sg to place your Change of Address Notices
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      127 3 I THINK THE DURATION OF AN HOUR SHOULD BE A PERIOD OF PLAY. IT SHOULD BE A CELEBRATION FOR THAT ONE SPECIFIC HOUR IN LIFE AND SO YOU SHOULD HAVE SOMETHING ON YOUR WATCH, SOMETHING EXCITING, THRILLING AND ENGAGING TO REPRESENT IT.” RK.COM W W U R W mh m.
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      121 4 POWER BREAKFAST POWER LUNCH V.Purchase a copy of THE BUSINESS TIMES and get a $5 Spinelli voucher.* THE BUSINESS TIMES (m FIVE DOLLARS GIFT VOUCHER star** L- p m Share traders calling it a day as S55. market volume dries up 0 L I a M a SPINELLI fuel \jtyi
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  • COMPANIES & MARKETS
    • Article
      Lock icon Post-IPO Japfa is not confidence-inspiring
      795 5  -  TT HOCK LOCK SIEW BY R SIVANITHY sivan@sph.com.sg @RSivanithyBT WHEN Indonesia agri-food company Japfa Ltd listed in Singapore in August, it was widely touted as a triumph for the local initial public offering (IPO) market. ith a market capitalisation of just over S$1 billion, Japfa
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    • Article
      Lock icon S&P revises Japfa Comfeed outlook to negative
      594 5 Singapore STANDARD Poor’s Ratings Services (S&P) on Wednesday revised the rating outlook on Indonesia-based poultry feed and commercial farming company PT Japfa Comfeed Indonesia Tbk to negative from stable. Japfa Comfeed is a listed Indonesian subsidiary of Japfa Ltd. The latter was listed
      594 words
    • Article
      Lock icon Sembmarine’s Q3 profit rises 1.8% to S$132m
      368 6  -  Despite low oil price environment, group believes long-term fundamentals driving E&P market remain stable RESULTS By Nisha Ramchandani nishar@sph.com.sg @Nisha_BT Singapore RIG-BUILDER Sembcorp Marine reported a 1.8 per cent increase in net profit to S$ 132 million for the third quarter ended Sept
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    • Article
      Lock icon S$52m Q3 fair-value boost for Rowsley from RSP acquisition
      393 6  -  By Jamie Lee leejamie@sph.com.sg @JamieLeeBT Singapore ROWSLEY Ltd, a real estate company controlled by La Liga club Valencia owner Peter Lim, on Wednesday posted a net profit for the third quarter stemming largely from an accounting gain due to an acquisition
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    • Article
      Lock icon Hyflux posts 55% fall in Q3 profit, sounds note of caution about Q4
      319 6  -  By Jamie Lee leejamie@sph.com.sg @JamieLeeBT Singapore WATER treatment group Hyflux Ltd sounded a cautious note on its business prospects on Wednesday, with its net profit for its third quarter falling 55 per cent on weaker sales. “The
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    • Article, Illustration
      Lock icon StarHub Q3 net rises 2.6% to S$97.7 million
      564 6  -  By Claire Huang huangjy@sph.com.sg @ClaireHuangBT Singapore A SPIKE in handset sales, driven by the launch of new iPhone models, has helped StarHub record a 2.6 per cent rise in net profit to S$97.7 million for the quarter ending Sept 30. Revenue came
      PHOTO: BLOOMBERG  -  564 words
    • Article
      Lock icon Waning consumer electronics business hits Valuetronics
      398 6  -  By Anita Gabriel anitag@sph.com.sg @AnitaGabrielBT Singapore MAINBOARD-listed Valuetronics Holdings’ net profit for the second quarter slipped 8.4 per cent to HK$36.3 million (S$6 million) from HK$39.6 million a year ago due to slowing demand in consumer electronics and higher staff costs. Revenue over the
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    • Article
      Lock icon Derivatives shine in mixed October for SGX
      487 7  -  Derivatives trading and securities turnover higher than in September but share trading volume drops By Kenneth Lim kenlim@sph.com.sg @KennethLimBT Singapore MARKET activity on the Singapore Exchange (SGX) had an ambivalent month in October as derivatives trading and securities turnover picked up from September
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    • Article
      Lock icon Tiong Woon’s Q1 hit by soft demand; Maxi-Cash’s Q3 up on higher interest income
      360 7  -  By Jamie Lee leejamie@sph.com.sg @JamieLeeBT Singapore IT WAS a tale of two fortunes for Tiong Woon Corporation and Maxi-Cash, both of which reported their quarterly earnings on Wednesday. Engineering and marine transportation firm Tiong Woon Corporation
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    • Article, Illustration
      Lock icon STI / Catalist
      71 8 STI Catalist Straits Times index NOV 5,2014 3,287.54 +5.97 (+0.18%) Current streak 1 day Day high 3,289.75 Day low 3,273.68 52-week high 3,374.06 (July 31, 2014) 52-week low 2,960.09 (Feb 5, 2014) FTSE ST Catalist Index NOV 5,2014 806.44 -3.74 (-0.46%) Current streak 2 days Day high 812.23 Day low
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    • Article, Illustration
      Lock icon System glitch amid weak trading session
      655 8  -  STI in red territory for major part of the morning before ending Wednesday trading just 5.97 points up at 3,287.54 TT STOCKS By R Sivanithy sivan@sph.com.sg @RSivanithyBT A TRADING system breakdown at the Singapore Exchange (SGX) was perhaps the only real talking point in
      Source: Bloomberg  -  655 words
    • Article
      Lock icon STI STOCKS
      307 8 Stock name Close Change Day high/low 52w high 52w low PE Div yield Mcap Ascendas Reit 223 unch 224/222 250 206 6.4 5634.5 CapitaLand 318 unch 319/316 348 268 15.9 2.5 *****.9 CapitaMall Trust 195.5 -1 197.5/195 209 180 5.3 6780.5 CityDev 941 -12 948/940 1118 860 12.8
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    • Article
      Lock icon MOST ACTIVE
      39 8 VOLUME Sing eDev W*****0 121,101,000 Digiland Intl 57,641,000 Genting Sing 43,028,000 Charisma Energy 38,178,000 Metal Component 28,173,000 Market volume 1,165,139,000 VALUE SingTel 60,417,605 DBS Grp 55,527,062 UOB 51,790,490 Genting Sing 45,268,275 Global Logistic 37,192,830 Market value 768,956,000
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    • Article
      Lock icon SGX ETFS
      109 8 Most Active Fund Last sale +/-(‘000) Day high/low 52w high/low Buy/Sell Mcap Lyxor HSI US$ US300 -1 140 300/299 320/259 299/300 26.1 IS MS India US$ US771 -5 73 774/765 779/541 769/772 96.4 UETF SSE50China 158 -4 56 158/156 165/140 158/162 49.4 Lyxor CRBNonEny US$ US234 -1 49
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    • Article
      Lock icon OTHER SINGAPORE INDICES
      77 8 Nov 5 VALUE CLOSE BT OB/OS 287.00 -120.00 BT CADI -*****.00 -73.00 BT 10-day MA -*****.00 +28.00 FTSE ST Mid Cap 749.15 -1.14 FTSE ST Small Cap 521.26 -2.17 FTSE ST All Share 793.66 +0.70 FTSE ST China Top 189.69 +0.01 FTSE ST China 224.73 +0.05 FTSE
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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 NOV 5,2014 794.03 +1.07 (+0.13%) Current streak 1 day Day high 794.03 Day low 790.93 52-week high 819.39 (July 31, 2014) 52-week low 722.35 (Feb 5, 2014)
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    • Article, Illustration
      Lock icon STI / MSCI EAFE
      33 8 STI MSCI EAFE MSCI EAFE index NOV 4,2014 1,805.73 +9.99 (+0.56%) Current streak 1 day Day high 1,816.64 Day low 1,796.96 52-week high 1,995.49 (July 3, 2014) 52-week low 1,714.64 (Oct 16, 2014)
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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 5 6 3 0 0 0 5 6 3 Manufacturing 29 46 29 7 9 6 36 55 35 Commerce 13 14 21 4 7 2 17 21 23 Tpt/Stor/Comms 13 17 7
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    • Article
      Lock icon SECURITIES TRADING TURNOVER
      119 8 VOLUME (‘000) VALUE (‘000) MAIN CATL TOTAL MAIN CATL TOTAL Multi Ind 10,132 10,132 47,882 47,882 Manufacturing 111,189 73,473 184,662 81,891 7,085 88,976 Commerce 113,179 42,647 155,826 64,226 2,427 66,653 Tpt/Stor/Comms 54,639 782 55,421 110,858 141 110,999 Finance 24,899 77 24,976 149,829 19 149,848 Construction 36,918 44,244
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    • Article
      Lock icon GAINERS
      74 8 BY CENTS CLOSE UP 52w high/low SPDR DJIA US$ ***** 152.6 0.7 *****/***** Lyxor Indonesia US$ 9062 47.8 0.4 9636/6957 JMH USD 5978 36.2 0.5 6460/4934 DBS Grp 1920 25.0 1.3 1920/1565 UOB 2340 22.0 0.9 2424/1940 BY PERCENTAGE CLOSE UP 52w high/low Advance SCT 0.2 100.0 0.1 0.7/0.1
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    • Article
      Lock icon LOSERS
      74 8 BY CENTS CLOSE DOWN 52w high/low Lyxor ThaiSET US$ ***** -195.2 -1.1 *****/***** GLD US$ ***** -183.6 -1.3 *****/***** DBXT MSJAP US$ 4598 -165.5 -2.7 4814/4260 DBXT iBoxxKR US$ ***** -161.6 -0.8 *****/***** DBXT USDIGIfl US$ ***** -150.0 -0.4 *****/***** BY PERCENTAGE CLOSE DOWN 52w high/low OCBC Bk MBePW*****1
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    • Article
      Lock icon UNUSUAL ACTIVITY
      81 8 VOL CLOSE($) CHANGE Linair Tech 90.0 0.030 +0.015 +100.00 Unionmet 9,049.0 0.053 +0.006 +12.77 UOA 111.0 0.575 -0.005 -0.86 Fuji Offset 31.0 0.450 -0.075 -14.29 KTL Global 2,436.0 0.142 +0.012 +9.23 Shangri-La HKD 42.0 10.920 -0.580 -5.04 Yongnam 22,933.0 0.230 The Hour Glass 175.0 1.880 +0.015 +0.80 SIA
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    • BROKERS’ TAKE
      • Article
        Lock icon OUE
        115 8 Buy Nov 5 close: S$2.13 Target price: s$2.43 Deutsche Bank, Nov 5 Following Q3 results, we maintain our “buy” recommendation on OUE. Valuations remain attractive at a 40 per cent discount to our RNAV (revalued net asset value) of S$4.06 and 0.52x P/B (price to book). Our target price
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      • Article
        Lock icon Giken Sakata (S)
        105 8 Buy Nov 5 close: S$0.305 Target price: S$0.65 DMG Partners Research, Nov 5 We initiate coverage on Giken with a “buy” and a DCF-derived (discounted cash flow) S$0.65 target price, a 124 per cent potential upside. Giken transformed itself into an Indonesian onshore oil company with the
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      • Article
        Lock icon Roxy-Pacific Holdings
        245 8  -  Compiled by Kenneth Lim Hold Nov 5 close: S$0.535 Fair value: S$0.61 OCBC Investment Research, Nov 5 Roxy-Pacific’s Q3 FY14 net profit dipped 23 per cent year on year to S$12.4 million mostly due to lower contributions from the property development segment, which fell S$9.7 million year on
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      • Article
        Lock icon CALENDAR
        9 8 DATA I 9.30 pm US Initial Jobless Claims
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    • Article
      Lock icon Dollar rallies on US economy, mid-term election
      400 9 TT CURRENCIES BLOOMBERG Edinburgh THE dollar rose to its strongest level in nearly seven years against the yen, boosted by signs of strength in the US economy and mid-term elections that saw Republicans controlling the Senate. The Bloomberg Dollar Spot Index headed for
      BLOOMBERG  -  400 words
    • FOREX RATES
      • Article, Illustration
        Lock icon HANG SENG
        2 9
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        Lock icon INTERBANK CROSS RATES
        471 9 NOV 5 A$ C$ Rmb Euro HK$ Ind Rs Rupiah Yen Won RM NZ$ Pak Rs Peso S$ Rand Sfr NT$ Baht Pound US$ Australia 0.994 5.312 0.694 6.737 53.373 105.455 0.994 9.431 2.903 1.116 89.369 39.081 1.124 9.675 0.836 26.557 28.461 0.545 0.869 Canada 1.006 5.343
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        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 NOV 5 Against S$ Against US$ Currencies Bid Offer Bid Offer S$/US$ to one unit of foreign currency: Australian dollar 1.1232 1.1241 0.8688 0.8693 Canadian dollar 1.1298 1.1305 0.8743 0.8739 Euro 1.6182 1.6188 1.2517 1.2519 NZ dollar 1.0062 1.0071 0.7783 0.7788 Sterling pound 2.0620 2.0630 1.5950 1.5954
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      • Article
        Lock icon US$/S$ FORWARD RATES
        22 9 NOV 5 S$ Bid Offer 1-month 1.2930 1.2934 2-months 1.2928 1.2933 3-months 1.2929 1.2933 6-months 1.2931 1.2938 Source: OCBC
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        Lock icon NIKKEI
        1 9
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    • EQUITY BONDS WARRANTS FUTURES
      • Article
        Lock icon SGX DERIVATIVES TRADING
        362 9 NOV 5 OPEN HIGH LOW SETT VOL OP/INT NIKKEI 225 INDEX FUTURES SPOT *****.44 *****.02 *****.28 Dec14 *****.00 *****.00 *****.00 *****.00 *****4 *****0 Mar15 *****.00 *****.00 *****.00 *****.00 790 3379 MSCI TAIWAN INDEX FUTURES SPOT 334.21 334.82 331.75 Nov14 334.80 336.30 332.60 333.60 ***** *****6 Dec14 334.30
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      • Article
        Lock icon BONDS, WARRANTS, PREFERENCE SHARES
        211 9 Most active Nov 05 Prem Expiry Vol Conv Exer Disc Gear-Mths Company Last Sale +or-('000) Ratio Price ing Left Singapore Edevelopment Ltd 0.1 unch *****1 1 0 25 UOB MB eCW*****2 16.1 1.4 5550 0.1 2360 4 Rowsley Ltd W*****3 4.3 -0.2 4635 1 18 23
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      • Article
        Lock icon MORGAN STANLEY CAPITAL INTERNATIONAL INDICES
        373 9 In local curr In S$ In US$ dy yr dy yr dy yr Nov 4 Index Change Change Change Change Change Change World Preliminary 1243.9 -0.5 5.0 -0.4 4.2 -0.3 2.0 EAFE Preliminary 963.8 0.0 0.8 0.4 -3.7 0.6 -5.7 Europe Preliminary 1339.2 -0.9 -1.2
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    • BANK RATES
      • Article
        Lock icon INTERBANK RATES
        154 9 Nov 5 $S Offer Bid 0vernight 0.12 0.07 1-month 0.4375 0.3125 2-months 0.4375 0.3125 3-months 0.4375 0.3125 Overnight mode: 0.25 US$ Offer Bid 7 days 0.18 0.08 1 month 0.25 0.15 2 months 0.30 0.20 3 months 0.40 0.20 6 months 0.50 0.30 9 months 0.60 0.40 12
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      • Article
        Lock icon SIBOR
        36 9 Nov 5 (S$) 1 mth 0.***** 2 mths 3 mths 0.***** 6 mths 0.***** 9 mths 12 mths 0.***** SWAP Offer rates (S$) 1 mth 0.***** 3 mths 0.***** 6 mths 0.***** Source: Thomson Reuters
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      • Article
        Lock icon GOVERNMENT SECURITIES
        63 9 Nov 5 GOVERNMENT BONDS Period Issue Coupon Maturity Close Day's code rate Bid High Low 2-Year NY*****F 3.75 01-Sep-16 105.91 5-Year N*****0H 1.625 01-Oct-19 100.52 100.65 100.65 10-Year NY*****H 3.000 01-Sep-24 105.87 106.07 106.07 15-Year NY*****E 2.875 01-Jul-29 102.17 102.30 102.25 20-Year NZ*****V 3.375 01-Sep-33 107.81 30-Year NA*****N
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    • AGRI METALS ENERGY
      • Article
        Lock icon COMMODITY FUTURES
        212 9 NOV-4 Price Net change change Last Trade Agricultural Nov-4 CBOT Soybeans (US cents/bu) 1010.00 -18.75 -1.82% 14/11/2014 CBOT Soybean Oil (US cents/lb) 33.07 -0.96 -2.82% 12/12/2014 CBOT Wheat (US cents/bu) 530.50 -7.75 -1.44% 12/12/2014 Nov-4 LIFFE Cocoa (£/tonne) 1900.00 11.00 0.58% 12/12/2014 LIFFE Coffee (US$/tonne) 2039.00 -34.00 -1.64%
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      • Article
        Lock icon PALM OIL
        57 9 NOV 5 KLCE Palm Futures (RM/MT) Delivery Opening Sett Av Vol Open Month Range Price Price High Low Done Position Nov 14 2265.0 2228.0 2265.0 2240.0 115 1415 Dec 14 2294.0 2258.0 2295.0 2250.0 2676 ***** Jan 15 2282.0 2252.0 2290.0 2243.0 ***** ***** Feb 15 2288.0 2256.0
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      Lock icon Page 5 Advertisements Column 1
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      276 7 westbank Canada's premier luxury residential developer SIGNATURE PROPERTIES FAIRMONT PACIFIC RIM SHANGRI-LA TORONTO SHANGRI-LA VANCOUVER VANCOUVER HOUSE l,8/o Q/ VACANCY RATE I (Month of Apirl 201 4) SOURCE: Canada Mortgage And Housing Corporation 8.157c Q/ HOUSING PRICE GROWTH f [June 201 3-June 2014) 0 SOURCE: Teranet-National Bank House Price Index
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  • REAL ESTATE
    • Article
      Lock icon China homebuyers rush online to finance downpayments
      1238 10 Peer-to-peer lenders help buyers struggling to make a deposit after a tripling of home prices since 2000 BLOOMBERG Beijing QIAN Kaishen and his wife almost gave up in August on buying a bigger home. As apartments at Shanghai Villa, a project they liked
      BLOOMBERG  -  1,238 words
    • Article, Illustration
      Lock icon Oxley Hotel up for sale by auction
      365 10  -  By Lee Meixian leemx@sph.com.sg @LeeMeixianBT Singapore OXLEY Hotel, a freehold eight-storey boutique hotel sitting on a 3,725 sq ft plot of land in Lorong 6 Geylang, has been put up by its owner for sale by auction. The hotel has 56 guest rooms,
      PHOTO: OXLEY HOTEL  -  365 words
    • Article, Illustration
      Lock icon Push to get building owners to tap Accessibility Fund
      650 11  -  70 out of 120 buildings in the CBD were built before 1990 and thus lack barrierfree accessibility features BUILDING DESIGN By Chan Yi Wen yiwenc@sph.com.sg @ChanYiWenBT Singapore WHEN Singapore-based architecture firm Woha decided in 2012 to employ Richard Kuppusamy, a wheel-chair-bound
      PHOTO: BCA  -  650 words
    • Article
      Lock icon Gulf investors spending more on US property
      254 11 BLOOMBERG Dubai PERSIAN Gulf investors from sovereign wealth funds to rich individuals increased spending on US real estate, attracted by the pace of economic growth, a survey by Jones Lang LaSalle Inc has showed. Gulf Cooperation Council countries invested US$ 1 billion in
      BLOOMBERG  -  254 words
    • Article
      Lock icon France proposes new tax for second homes in 30 cities
      420 11 BLOOMBERG Paris IF you own an apartment in Paris that’s not your primary residence, brace yourself for a new tax. French President Francois Hollande is planning a new levy next year on second homes in areas with housing shortages, looking
      BLOOMBERG  -  420 words
    • Article, Illustration
      Lock icon Mumbai ‘Times Square’ proposal draws criticism
      1171 12 The plan hits all the right economic notes, but some say it may violate building codes in historic areas NYT Mumbai IT was a bold, if somewhat mystifying, proposal. In an effort to bolster tourism, India’s new central government laid out plans last month
      NYT; PHOTO: BLOOMBERG  -  1,171 words
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      Lock icon Piramal plans to invest US$2b in Indian property
      476 13 It will help revive stalled commercial and residential projects; expects demand to rise as economy picks up REUTERS Mumbai INDIA’S Piramal Enterprises plans to invest US$2 billion in real estate projects over the next two years, betting that a revival in the
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      Lock icon Colony Capital to merge with Colony Financial
      350 13 BLOOMBERG Washington COLONY Capital LLC, the investment firm founded by Thomas Barrack Jr that has US$19 billion of assets, has agreed to combine management with Colony Financial Inc, a real estate investment trust also started by the billionaire. The agreement calls for the
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      1230 13 Property transactions for districts 1 to 28 with contract dates between Sept 24 and Sept 30,2014 PROJECT NAME/ STREET NAME PROP TYPE CONTRACT DATE TENURE BUILT -IN/LAND AREA*(SQ FT) PRICE (S$’000) PSF (S$) District 1 NON-LANDED The Sail Marina Bay Apt 30/09/2014 99 592 1200 2027 District 2 NON-LANDED
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      Lock icon London Shard developer wins approval for tower nearby
      217 13 BLOOMBERG London SELLAR Property Group, developer of the Shard in London, has won local government approval to build a 26-storey residential tower close to the skyscraper on the south bank of the River Thames. The council for the Southwark borough voted in
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      617 10 Striving For Professional Excellence Who should attend: Senior and Middle Management, Supervisors, Team Leaders, Managers, Business Owners, PMETs, and anyone who wishes to achieve higher success in their career. FULL-DAY WORKSHOPS Buzan Mind Mapping For Higher Workplace Productivity Nurturing The Next Crop of Leaders 20 1 4 N O VEM
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      454 11 School of Economics SMU Master of Science in Applied Economics YOUR BRIDGE TO STRATEGIC ECONOMIC MANAGEMENT r k Singapore's pioneering Master of Science in Applied Economics (MAE) programme is uniquely designed for people who make strategic economic decisions for their organisations. Equip yourself with advanced knowledge in economics and the
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      301 12 FOR SALE BY EXPRESSION OF INTEREST SINGLE UNIT IN PRUDENTIAL TOWER Grade-A quality specification Ideal for Owner Occupation or Investment Covered access to Raffles Place and Telok Ayer MRT Spacious car drop off point Further enhancement to double-storey height modern lobby Column-free regular floor plate Ample car-parking provision with 181
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      162 12 PRIMELOCATION,DISTINCTIVEBUILDINGANDCENTREOFSPECIALISTS Medical Suites for lease at Orchard Boulevard Prime location in the heart of tourist shopping and prime residential area of Orchard andTanglin Road •Multi-disciplinarymedicalcentrewithover100topspecialists •Radiology&Diagnosticlaboratories •CloseproximitytoGleneaglesandMtElizabethHospitals •AmpleparkingandshuttlebustoOrchardMRT F or l eas i n g en q u i r i es p l ease ca ll Audrey 6434 9808
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      207 12 Blow your own trumpet Buy new musical instruments or put up your old ones for sale in CLASS 72 To advertise, call the Print Classified Hotline: 1800-289 9988 OPEN HOUSE Prime Conservation Shophouse at Boon Tat Street, District I Renovated 3-storey shophouse with a Roof Terrace, a Dumb Waiter a
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      152 12 Industrial Properties Jsavills For Sale Freehold Office-like Light Industrial MacPherson rm Sizes from 1,722 to 3,208 sq ft Good layout Luxuriously high ceiling Vibrant environment and near amenities Walking distance to upcoming Mattar MRT Sharon Chan 9112 2063 CEAReg. No. R*****1D For Lease Brand New Light Industrial off Raya Lebar
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      107 13 Prestigious Tranquillity at Holland Park Good Class Bungalow Designed by renowned award-winning architect, K2LD, the statuesque 2-storey bungalow is a statement of modern architecture and captures abundant natural light into the house. Sitting on a land area of 15,080 sq ft with a built up of 11,101 sq ft, the
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  • BANKING & FINANCE
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      Lock icon Rising loan defaults by farmers hit Danish banks
      728 14 Many book provisions as Russian ban on European food imports impacts exports REUTERS Copenhagen DANISH banks’ rebounding profits could prove short-lived as tumbling agricultural prices and Russia’s ban on European food imports threaten to spark more defaults among farmers who have borrowed
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    • Article
      Lock icon Sprint a drag on SoftBank profit
      459 14 BLOOMBERG Tokyo SOFTBANK Corp is forecasting its first profit drop in nine years as billionaire Masayoshi Son’s goal of creating the world’s largest wireless carrier stalls on losses at Sprint Corp. Operating profit will be about 900 billion yen (S$ 10.2 billion) in the
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      Lock icon Greece can use bank rescue fund after EU bailout exit
      252 14 REUTERS Athens GREECE can use the remaining 11.5 billion euros (S$18.6 billion) in its bank rescue fund as a precautionary credit line when it exits its EU/IMF bailout, the country’s central bank chief told Greek newspaper Ta Nea on Wednesday.
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      43 14 Listen to a song? aigy Get the hottest news! Scan the QR code now to view the latest videos on zaobao.sg o m V r °atch ZB Keywords, a daily 3-minute video news series. You’ll enjoy the light-hearted NNongWoo"* 008 LIANHE ZAOBAO zaobao.sg
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  • ENERGY & COMMODITIES
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      Lock icon Saudis rope in Venezuela to check US shale threat
      647 15 Riyadh’s strategy may be to cut oil prices to US and dampen investor interest in drilling for shale BLOOMBERG New York THE Saudi oil minister’s visit to Venezuela this week is also a trip through time. Flash back to December 1998
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      Lock icon US farmers find oil price plunge no help as harvest winds down
      573 15 BLOOMBERG Chicago THE plunge in US fuel costs is coming too late to help American farmers stung by the lowest crop prices in years. Most growers buy tractor diesel as well as energy-based fertilisers and pesticides well before
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    • Article
      Lock icon France okays GE purchase of Alstom energy assets
      169 15 AFP Paris FRANCE’S economy minister, Emmanuel Macron, on Wednesday authorised the sale of most of Alstom’s energy assets to US group General Electric, clearing the way for a deal worth almost US$ 17 billion. “Emmanuel Macron. today gave his authorisation to General
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    • Article
      Lock icon Gulf energy subsidies worth US$160b a year: World Bank
      332 15 Such subsidies are crowding out public spending on health, education and investment: report AFP Kuwait city ARAB states in the Gulf, which pump a fifth of the world’s crude oil, spend more than US$160 billion on energy subsidies annually, a top
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      1832 15 THE BUSINESS TIMES NOTICES Toll free 1800-289-8822 Email notices@sph.com.sg www.sphclass.com.sg/notices i T TI HOLDINGS LIMITED (Incorporated in the Republic of Singapore) (Company Registration No: *****4617M) NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN that the Annual General Meeting of T T J Holdings Limited will be held at 8
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  • TECHNOLOGY
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      Lock icon Google going where no search engine has gone before
      699 18 It will be a future of speech recognition, language understanding, touch technology and computer advances AFP New Delhi GOOGLE search guru Amit Singhal believes the search-engine of the future will be “a perfect personal assistant” knowing what you want, when you
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    • Article
      Lock icon US tech firms offering terrorists ‘networks of choice’: British official
      691 18 NYT London ONE of Britain’s highest-ranking intelligence officials on Tuesday castigated US companies that dominate the Internet for providing the “com-mand-and-control networks of choice for terrorists and criminals” and challenged the companies to find a better balance between privacy and
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      295 18 Fujitsu recommends Windows. FUJITSU Stay Informed. Stay Secured. CLEARSURE. WHAT IS FUJITSU CLEARSURE SOLUTION? Latest Mobile Device Management (MDM) solution focusing on Data Leak Protection (DLP) Disaster recovery solution against internal threats, lost or stolen mobile devices Remote System Lock I Data-wipe device in power-off state System lock or data-wipe
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  • CONSUMER
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      Lock icon Lazada grows revenue and stable of online 3rd-party sellers
      331 19  -  Company looking to facilitate cross-border trade out of China and Korea By Claire Huang huangjy@sph.com.sg @ClaireHuangBT Singapore ELECTRONICS retailer MC2, which has brick-and-mortar stores in Bedok and Westgate, recorded a S$25,000 jump in its revenue in the last quarter, this growth
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      Lock icon UK food prices at risk of deflation
      172 19 REUTERS London BRITISH shops matched a record decline in the price cuts in October and food prices looked at risk of falling into deflation, a survey showed on Wednesday. The British Retail Consortium said that October retail prices were 1.9 per cent lower
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      Lock icon Estee Lauder trims profit, sales growth forecast
      435 19 REUTERS New York COSMETICS company Estee Lauder Cos Inc on Tuesday cut its full-year profit and sales growth forecast due to weak demand for its skin care products in the US and China. The company’s shares fell as much as 4.7 per cent.
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      Lock icon While MBS room rates soar, casino takings dive
      941 19 Other foreign tourists cannot offset slump in Chinese visitors, who make up about half of Singapore’s VIP gambling BLOOMBERG Singapore TOURISTS wanting to float in an infinity pool 5 7 stories in the sky are paying the most ever to stay at
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      1547 19 The Business Times k I 1 I /"I I 1 P Toll free 1800-289-8822 I I Email notices@sph.com.sg i j L J www.sphclass.com.sg/notices YONGNAM HOLDINGS LIMITED (Company registration No. *****7612N) (Incorporated in Singapore on 19 October 1994) NOTICE OF EXTRAORDINARY GENERAL MEETING Unless otherwise defined, all capitalised terms herein shall
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  • SINGAPORE PRODUCTIVITY AWARDS 2014
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      Lock icon Banking on productivity for sustainable growth
      668 20  -  The winners of the inaugural Singapore Productivity Awards are the leading lights in Singapore’s efforts to foster a culture of productivity. BY FRANCIS KAN productivity.BY FRANCIS KAN AS Singapore companies continue to ramp up their efforts to become sleeker, more efficient organisations, a handful
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      Lock icon PRODUCTIVITY CHAMPIONS
      245 20 THE Singapore Productivity Awards is an initiative of the Singapore Business Federation (SBF) that showcases locally based enterprises that have made significant progress in their productivity journeys. This year's inaugural awards recognise organisations for their leadership and business practices that contribute towards labour productivity. The awards are jointly
      245 words
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      Lock icon HIGHLY PRODUCTIVE MONTH
      716 21  -  The inaugural National Productivity Month was a showcase of innovations to help companies cut the fat from their operations. BY FRANCIS KAN operations.BY FRANCIS KAN BE it drones taking the place of waiters, a robotic machine that tiles floors or a virtual dresser that allows you to
      716 words
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      Lock icon GOING HIGH TECH IN THE KITCHEN
      438 22  -  eading caterer Neo Group is leveraging on technology to meet rising demand.BY demand.BY FRANCIS KAN LEADING food caterer Neo Group is able to process up to 2,000 orders in a single day using kitchen automation machinery and a logistics planning system. These and other
      438 words
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      Lock icon GETTING LEAN TO DELIVER VALUE
      418 22  -  LF Logistics looks to maximise its value to its customers by constantly improving its processes. BY FRANCIS KAN processes.BY FRANCIS KAN ALTHOUGH many companies focus on acquiring new fangled technology to enhance their efficiency, LF Logisitics Services also looks at ways to tweak its existing
      418 words
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      Lock icon KEEPING THE WORKERS HAPPY
      421 23  -  Holiday Inn Singapore Atrium’s efforts to be more productive have helped make its staff more engaged and committed.BY FRANCIS KAN committed.BY FRANCIS KAN AN innovative system at Holiday Inn Singapore Atrium has cut the amount of time it takes for an employee to collect and return
      421 words
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      Lock icon SWEET GAINS
      477 23  -  Select’s recipe for success lies in making the most of automation and technology. BY DENYSE YEO technology.BY DENYSE YEO USING only basic kitchen equipment, staff at the Sheng Kee Dessert central kitchen had to prepare, cook and package food products by hand. These manual tasks were often strenuous,
      477 words
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      Lock icon MAKING GOOD USE OF SPACE
      539 24  -  Pan Asia Logistics Singapore’s productivity efforts are driven by the needs of its customers. BY FRANCIS KAN customers.BY FRANCIS KAN THE decision by Pan Asia Logistics Singapore to invest in an advanced storage system that could hold more materials in less space turned out to
      539 words
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      Lock icon Connecting with fresh results
      432 24  -  Greater efficiency lies in store for Sheng Siong Group. BY DENYSE YEO Group.BY DENYSE YEO FOR the Sheng Siong Group, a traditional environment such as a wholesale fish market meant a number of ingrained practices that affected productivity. Before the supermarket chain embarked on its computerisation
      432 words
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      423 21 WDA-SNEF courses: WDA-SNEF Productivity Management Programme 1 The programme entails Understanding Productivity; Customizing Sustainable Productivity Concepts; Implementing an Effective Productivity Drive; Engaging the Workforce to be Motivated; Measure Productivity and Evaluate the Implementation. For more info and course dates, contact atvin_kao@snef.org.sg WDA-SNEF Business Leaders Seminar The Art and Science of
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      33 22 i Singapore Productivity Awards 2014 Award of Excellence in Retail Sector > We did it!... We will keep up the Good Work, continue to scale Greater Heights and aim for even Better Achievements!! ShengSiong
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  • TRANSPORT
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      Lock icon Global passenger traffic growth slips to 5.3%
      543 26  -  Global capacity increases by 5.1%, pushing load factor up 0.2 percentage points to 80.3%: Iata BY Nisha Ramchandani nishar@sph.com.sg @Nisha_BT Singapore GLOBAL passenger traffic growth corrected in September by easing slightly to 5.3 per cent year on year, down from a robust 6.3
      543 words
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      Lock icon SilkAir plans direct flights to Cairns from end-May 2015
      471 26  -  It will be its second destination in Australia after Damvin BY Nisha Ramchandani nishar@sph.com.sg @Nisha_BT Singapore SILKAIR has plans to launch direct flights to Cairns from end—May next year, which would make the route its second destination in Australia after Darwin.
      471 words
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      Lock icon Shipping lines adding Ebola clauses to their contracts
      667 26 REUTERS New York AS Ebola persists in West Africa, shipping lines and traders are tweaking their contracts to protect themselves if the disease puts crews at risk of infection or prevents vessels calling at affected ports. Ebola has not yet forced ports
      REUTERS; PHOTO: AFP  -  667 words
    • Article
      Lock icon Toyota racing to record profit, but China flashing red signal
      592 26 AFP Tokyo TOYOTA on Wednesday said it was on track to book a record US$17.5 billion full-year net profit, as Japan’s major carmakers wrapped up a bumper earnings season, but the industry is facing headwinds from slower demand at home
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      236 26 THE BUSINESS TIMES In the Matter of The Companies Act Cap. 50 and In the Matter of CONNY TECH-SYSTEMS PTE LTD Company Registration No. *****81 59C (In Members’ Voluntary Liquidation) NOTICE OF FINAL MEETING NOTICE IS HEREBY GIVEN pursuant to Section 308 of the Companies Act, Cap. 50, that the
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      237 26 FWHOIESAIE S, 4 Singapore x ‘T Capital Expo i and Small Cap Showcase I ‘V0 /()9 INTRODUCTION 47/,,<‘2<~ Discover Leading and Innovative ‘>04’ Growth Companies Sharelnvestor, The Business Times Wholesale Investor will bring together up to 1,000 high net worth, accredited, professional and international investors, executives, brokers, fund managers, media
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      43 26 MANDARIN MOVIE’S INDIAN STAR Singapore student is lead actor in film on Chinese opera Bollywood director Farah Khan: ANYTHING A MAN CAN DO I CAN DO BETTER GET YOUR COPY TOMORROW FROM ALL 7-ELEVEN OUTLETS TO ADVERTISE: CALL KALWANT (*****327) OR NISHAL (*****438)
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  • GOVERNMENT & ECONOMY
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      Lock icon Weakest growth in 5 years makes Joko’s job harder
      722 27 President has few options to stimulate Indonesian economy REUTERS Jakarta INDONESIA’S gross domestic product grew 5.01 per cent in the third quarter from a year earlier, its slowest in five years, highlighting the challenge that new President Joko Widodo, popularly known
      REUTERS  -  722 words
    • Article
      Lock icon World’s biggest firms fail at transparency: survey
      541 27 Financial services, technology found to be among the worst REUTERS Washington MOST of the world’s biggest companies get a failing grade for transparency and are far too secretive about how they operate, despite mounting pressure for business to stand firm against bribery, corruption
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    • Article
      Lock icon S&P firms’ profits top estimates at fastest pace in four years
      771 28 US firms tap new technologies to lower costs and lift earnings, while rivals elsewhere grapple with slowing growth BLOOMBERG New York STANDARD Poor’s 500 Index companies are beating analysts’ estimates at the fastest pace in four years, underscoring the
      BLOOMBERG  -  771 words
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      Lock icon Indian structural reforms ‘a long journey’
      649 28 REUTERS New Delhi INDIA’S Finance Minister Arun Jaitley said on Wednesday structural reforms to Asia’s third-largest economy could only progress slowly, adding that he backed relaxing labour and land laws hated by business, along with more privatisations. Speaking to an audience of foreign investors,
      REUTERS; PHOTO: REUTERS  -  649 words
    • Article
      Lock icon Asia Inc leads West in business in Myanmar
      416 28 REUTERS Yangon ASIAN businesses are gaining a foothold in Myanmar far quicker than those from Europe and North America, with China, Thailand, Hong Kong and Singapore accounting for nearly half of the firms setting up in the fast-changing country. According to the
      REUTERS  -  416 words
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      Lock icon HK lawmakers demand inquiry into city leader
      467 28 Leung said to have received undeclared payments AFP Hong Kong HONG KONG’s democratic lawmakers called for an official inquiry into the city’s embattled leader on Wednesday, saying that he “has no political integrity” after receiving large undeclared payments from an Australian company. It
      AFP; PHOTO: REUTERS  -  467 words
    • Article
      Lock icon Myanmar’s reform process is stalling, says Suu Kyi ahead of Obama’s visit
      575 28 AFP Yangon MYANMAR’S reform process is “stalling”, opposition leader Aung San Suu Kyi said on Wednesday, warning the United States against over-optimism before a visit by President Barack Obama to the former pariah state. Ms Suu Kyi, who
      AFP  -  575 words
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      4132 27 THIS NOTICE IS IMPORTANT AND REQUIRES THE IMMEDIATE ATTENTION OF NOTEHOLDERS. If Noteholders (as defined below) are in doubt about any aspect of the Proposal (as defined below) and/or the action they should take, they should seek their own financial advice from their stockbroker, bank manager, solicitor, accountant or other
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  • Article
    Lock icon Shipping times
    968 29 Vessel Voy Sin Pusan Tarawa Honiara Santo Port Vila Noumea Lautoka Suva Nukualofa Apia Pago Pago Papeete Lae P. Moresby Townsville Hyundai Future 473E 12 Nov 02 Dec 19 Dec 23 Dec 24 Dec 25 Dec 29 Dec 30 Dec 01 Jan 02 Jan 07 Jan Hyundai Future
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      220 29 USE THIS SPACE TO SELL CALL JOE WONG AT *****327 TO ADVERTISE THE BUSINESS TIMES SHIPPING TIMES Experienced sh/p maintenance services wanted. Can they find your services here in the Shipping Times? THE BUSINESS TIMES TO ADVERTISE, CALL JOE WONG AT 9620 1327 Spotlig Award hi Certifications Come publicise your
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  • OPINION
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      Lock icon Continued yen depreciation could pose concerns for Asia
      584 30 EDITORIAL THE Japanese yen’s dramatic depreciation over the last week which looks set to continue could potentially have a serious impact, not only on Japan but also on Asian and other emergingmarket economies. The yen has gone from 105 against the dollar
      584 words
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      Lock icon China should stick to its term limit for Xi Jinping
      866 30  -  TT THE BOTTOM LINE By Frank Ching T The writer is a Hong Kong-based journalist and commentator. Follow him on Twitter: @FrankChing1 Hong Kong FOR someone whose public life is an open book, many people are still puzzled by China’s
      866 words
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      Lock icon Republicans’ Senate win shows divided America
      1430 30  -  Legislative and policy gridlock likely to dominate Washington in the last two years of a lame-duck President Obama By Leon Hadar Washington IT was the most expensive midterm election campaign in American history. But despite the US$4 billion yes, that’s 4 billion! that Republicans,
      PHOTO: AFP  -  1,430 words
    • Article
      Lock icon US and China will vie to shape regional order at Apec summit
      856 31  -  By Andrew Hammond T The writer is an Associate at LSE IDEAS at the London School of Economics. He was formerly US Editor at Oxford Analytica and a UK Government Special Adviser THE 21 leaders of the Asia-Pacific
      856 words
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      Lock icon SIAS: Gems is not a different governance code for SMEs
      399 31  -  TT LETTER TO THE EDITOR David Gerald President CEO SIAS I REFER to the article “New corporate governance rating framework for SMEs” (BT, Oct 28), which reported the discussion on corporate governance of small and medium enterprises (SMEs) at the
      399 words
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      Lock icon Virgin Galactic, human destiny and ambitious Asian brands
      1390 31  -  In a world characterised by an out-of-control global financial community, entrepreneur Richard Branson’s voice is a relatively lone one that advocates and practises responsibility By Joseph Baladi T The writer is the author of ‘The Brutal Truth About Asian Branding’. He can
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  • LIFE & CULTURE
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      Lock icon South-east Asian art gains traction globally
      961 32  -  Art Stage Singapore 2015 is set to showcase the finest in South-east Asian art, as well as Russian and video art By Helmi Yusof helmi@sph.com.sg @HelmiBT Singapore SOUTH-EAST Asian art is catching the eye of the world and Art Stage Singapore is partly responsible
      961 words
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      Lock icon Top Japanese sushi chef warns of danger of overfishing
      489 32 AFP Tokyo JAPANESE sushi maestro Jiro Ono, whose creations were recently enjoyed by US President Barack Obama and are reputedly the best in the world, warned on Tuesday of a sea change in ingredients due to overfishing. “I can’t imagine at
      AFP  -  489 words
  • Page 32 Miscellaneous
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      301 32 CRYPTIC CROSSWORD Across 1 Shock vote for way to trap Conservative (11) 10 Tender chest, topless (5) 11 Quiz show preceding The Ascent of Man? (9) 12 Struggle on exercise about to cover cut (9) 13 Avoid a homicide around American state (5) 14 One periodical with endless bare pictures
      301 words
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      115 33 THE BUSINESS TIMES 8"*****1 *****4 SS1.00 Sf£l A SINGAPORE PRESS HOLDINGS PUBLICATION WWW.bUSineSStimeS.COm.Sg G E OBTBreakingnews I CO REGN NO *****2868E I MCI (P) 051/08/2014 Thursday, November 6,2014 an K;': •s IT I 1 f T >> C ■r-'aJBaij llJ m mm V: v < r 1 S':y --inr H■V
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      2312 34 2 Orchard Turn, Singapore *****1 Tel: +65 6238 8228 Open Daily: 10am 10pm ionorchard.com AnExquisite Collection oilimdess Excellence A dedication to heritage, innovation and the spirit of artistry, iconic brands are created for connoisseurs who respect tradition and embrace the future. ION Orchard houses some of the most illustrious collections
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      108 35 FOUNDED IN 1755 IN GENEVA ,VX IS III m ii ill i it** •SV5 ■> :.'v. '•'•v.=V. CONSTANTS he«o« Vv' VAC 's -w\' 'V. wv- x K .s H 6SS G t'HEvr IA HTlH i i I I t HI K i >r ccvsyffw 1 rf r »S* #/fit *x
      108 words