The Business Times, 11 February 2015

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Microfilm: NL33374
Total Pages: 24
1 24 The Business Times
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  • Title Section
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    25 1 THE BUSINESS TIMES S$1.00 S|jh A SINGAPORE PRESS HOLDINGS PUBLICATION www.businesstimes.com.sg G Z ©BTBreakingnews CO REGN NO *****2868E MCI (P) 051/08/2014 Wednesday, February 11, 2015
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  • DAILY DIGEST
    • Article
      Lock icon Observers speaking
      31 1 to BT before Thursday’s Parliament sitting have recommended that clear and strong penalties be spelled out if the Town Councils Act is to have any teeth. TOP STORIES 2
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    • Article, Illustration
      Lock icon HSBC Holdings Plc
      34 1 faces investigation by US authorities and an inquiry by British lawmakers after admitting failings by its Swiss private bank that may have allowed some customers to dodge taxes. TOP STORIES 3
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    • Article
      Lock icon Nomura Research has predicted
      47 1 that Singapore’s office Reits will be headed for potential disappointments in the next 12 months, as some banking and financial tenants due to move into new offices return space to their landlords upon the expiry of their leases next year. COMPANIES MARKETS 7
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    • Article
      Lock icon The US Justice Department
      30 1 is pushing some of the biggest banks on wall Street to plead guilty to criminal charges that they manipulated the prices of foreign currencies. BANKING FINANCE/12
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    • Article
      Lock icon Qualcomm Inc has agreed
      26 1 to pay a fine of US$975 million –the largest in China’s corporate history ending a 14-month government investigation into anti-competitive practices. TECHNOLOGY/14
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    • Article
      Lock icon Paradise Co
      37 1 South Korea’s largest casino operator for foreigners, plans to expand some of its casinos and boost the gambling table count by more than 10 per cent as the number of Chinese visitors increases. CONSUMER 15
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    • Article
      Lock icon As pension plans
      23 1 incorporate new life expectancy estimates into their calculations, investors are glimpsing the financial fallout from ageing societies. LIFE CULTURE 23
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  • Article, Illustration
    Lock icon OW Bunker fallout could lead to exit of Opet S’pore
    763 1  -  Platts says S’pore unit closing off positions and settling oustanding payments By Malminderjit Singh msingh@sph.com.sg @MalminderjitBT Singapore THE fallout from the OW Bunker scandal is far from over. Bunker provider Opet Trade (Singapore) will reportedly soon exit the industry as
    FILE PHOTO  -  763 words
  • Article, Illustration
    Lock icon Expect more bad debts as economy slows: DBS
    533 1  -  But CEO says there’s no systemic weakness despite bank’s higher specific allowances in Q4 By Siow Li Sen lisen@sph.com.sg SiowLiSenBT Singapore AS Singapore’s economy slows, more bad debts should show up, said DBS Group Holdings CEO Piyush Gupta on Tuesday. But the
    PHOTO: REUTERS  -  533 words
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      136 1 Hill 8 '*****1 *****4 AIRLINE STOCKS Asia-Pacific carriers fly high in January, says Iata report TOP STORIES 4 r Deutsche Bank db.com Only a strong bank can forge successful partnerships. 'PaSZiCn*.'fv fhYi rs V 1 if Mr i Tf This advertisement has been approved and/or communicated by Deutsche Bank AG
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    • Advertisement
      Lock icon Page 1 Advertisements Column 2
      19 1 RESALE TRANSACTIONS Non-landed private home market still languishing real estate 10 SINGAPORE ECONOMY Building a conducive ecosystem forSMEs OPINION/18
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      12 1 BANK RESULTS DBS Q4 earnings hit by higher allowances COMPANIES MARKETS 5
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      27 1 MARKETS Tuesday Change STI 3,434.24 +16.22 KL COMP 1,811.12 -0.46 NIKKEI 225 17,652.68 -59.25 HANG SENG 24,528.10 +7.10 SHENZHEN B 1,080.43 +7.69 DOW (11am EST) 17,753.48 +24.27
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  • TOP STORIES
    • Article, Illustration
      Lock icon Observers call for Town Councils Act to have more bite
      755 2  -  Khaw to address the need for a stronger legislative framework in Parliament tomorrow By Kelly Tay kellytay@sph.com.sg @KellyTayBT Singapore OBSERVERS speaking to The Business Times ahead of Thursday’s Parliament sitting have recommended that clear and strong penalties be spelt out
      Source: Town Councils Act  -  755 words
    • Article
      Lock icon Singapore firms’ bill payment improves in fourth quarter
      476 2  -  By Jacquelyn Cheok jaccheok@sph.com.sg @JacCheokBT Singapore LOCAL firms’ payment of bills improved in Q4 2014 after three consecutive quarters of decline, the Singapore Commercial Credit Bureau’s (SCCB) latest quarterly report released on Tuesday showed. Overall prompt payments cases where at least 90
      476 words
    • Article, Illustration
      Lock icon Anwar’s sodomy conviction upheld
      669 2 NYT Putrajaya A MALAYSIAN court on Tuesday upheld a sodomy conviction for Anwar Ibrahim, the leader of the country’s opposition, the culmination of an extended legal battle entwined with a high-stakes struggle for political supremacy. A lower court had sentenced Anwar to five years in prison
      NYT; PHOTO: REUTERS  -  669 words
    • Article, Illustration
      Lock icon HSBC under fire over ‘tax dodging’ client data
      939 3 US authorities step up investigation while British lawmakers plan inquiry into the bank REUTERS Zurich HSBC Holdings Plc faces investigation by US authorities and an inquiry by British lawmakers after admitting failings by its Swiss private bank that may have allowed some
      REUTERS; PHOTO: REUTERS  -  939 words
    • Article
      Lock icon IEA sees US adding most oil to global supplies through 2020
      654 3 BLOOMBERG London THE US will remain the biggest contributor to global growth in oil supplies to 2020 as Opec’s attempts to defend its market share hurt suppliers including Russia more, according to the International Energy Agency (IEA). US production
      BLOOMBERG  -  654 words
    • Article, Illustration
      Lock icon Asia-Pacific airline stocks fly high in Jan, says Iata report
      678 4  -  It also shows improvements in airline earnings in the fourth quarter, with North American carriers putting up the best show By Nisha Ramchandani nishar@sph.com.sg @Nisha_BT Singapore SHARES in Asia Pacific carriers were up 8 per cent month-on-month in January, outperforming
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    • Article
      Lock icon China’s January inflation drops to five-year low
      594 4  -  By Virginie Mangin btworld@sph.com.sg Beijing CHINA’S inflation dropped to a five-year low in January, official statistics showed with prices falling 0.8 per cent year-on-year, piling pressure on the central bank to further loosen monetary policy. Analysts had expected CPI to increase one per
      594 words
    • Article
      Lock icon Universal health coverage a great leveller: WHO chief
      635 4  -  By Claire Huang huangjy@sph.com.sg @ClaireHuangBT Singapore UNIVERSAL health coverage was on Tuesday described as one of the most powerful social equalisers among policy options open to governments, and the “ultimate expression of fairness”. This assessment came from Dr Margaret Chan, director-general of
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    • Article
      Lock icon S’pore startup ConneXionsAsia raises US$8m Series A funding
      552 4  -  By Jacquelyn Cheok jaccheok@sph.com.sg @JacCheokBT Singapore A SINGAPORE startup seeking to repurpose workplace insurance in Asia has raised US$8 million in Series A funding. ConneXionsAsia (CXA) said on Tuesday that this funding was led by NSI Ventures (the venture capital arm of
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    • Article, Illustration
      Lock icon Smartphone app will guide you around Gardens by the Bay this CNY
      470 4  -  By Mindy Tan tanmindy@sph.com.sg @MindyTanBT Singapore LISTENIN, which is set to change the way people visit tourist attractions, will debut at Gardens by the Bay over the Chinese New Year (CNY) period. What makes this a game changer
      PHOTO: ARTHUR LEE  -  470 words
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      124 2 NOMINATIONS ARE OPEN The Singapore Energy Award is a biennial award that seeks to recognise organisations and individuals that have made outstanding contributions to Singapore’s energy sector, through achievements in the areas of capabilities development and/ or innovation. Judging Criteria All nominations will be evaluated according to the following criteria:
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    • Advertisement
      Lock icon Page 2 Advertisements Column 2
      31 2 2 If you're looking for a landed home with a large enough driveway, turn to the Print Classified Properties section. To advertise, call the Print Classified Hotline: 1800-289 9988. Own cars?
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  • Page 3 Advertisements
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      367 3 -TT7?TC THE HOURGLASS —r- f* •rtwrft Spend Fly Spend At The Hour Glass And Watches Of Switzerland On Your American Express® Platinum Reserve Card Or American Express® Platinum Credit Card And Fly To Your Favourite Destinations, Information is correct at the time of publication. Illustration is based on Asian Carriers'
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  • COMPANIES & MARKETS
    • Article, Illustration
      Lock icon DBS Q4 earnings hit by higher allowances
      796 5  -  Total allowances 40% higher at S$211m; full-year profit at record S$4.05b By Siow Li Sen lisen@sph.com.sg @SiowLiSenBT Singapore DBS Group Holdings on Tuesday posted Q4 2014 net earnings ofS$838 million, down 14 per cent from a year ago due to a one-time item
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    • Article
      Lock icon MoneyMax achieves a Singapore first in online pawnbroking
      457 5  -  By Prisca Ang prisang@sph.com.sg Singapore IT looks like technology is set to become the new pawn in the local pawnbroking industry, with MoneyMax Financial Services making the first move. The Catalist-listed company on Tuesday launched MoneyMax Online, making it Singapore’s first pawnbroking
      457 words
    • Article
      Lock icon 20¢ minimum traded price on track and is needed for a quality market: SGX
      372 5  -  By R Sivanithy sivan@sph.com.sg @RSivanithyBT Singapore THE Singapore Exchange (SGX) on Tuesday said it is on track to implement the 20-cents minimum traded price (MTP) for the Mainboard and that the move is aimed at improving
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    • Article
      Lock icon Valuetronics posts 10.3% rise in Q3 profit
      383 6  -  3.4% increase in revenue driven mainly by its industrial and commercial electronics sector By Jacquelyn Cheok jaccheok@sph.com.sg @JacCheokBT Singapore VALUETRONICS a mainboard-listed design and manufacturing partner for brands in the consumer electronics (CE) and industrial and commercial electronics (ICE) sectors on Tuesday posted
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    • Article, Illustration
      Lock icon SBS Transit’s full-year profit up 27.8% at S$14.3m
      521 6  -  By Samuel Ee samuelee@sph.com.sg Singapore Singapore SBS Transit’s net profit for the year ended Dec 31, 2014, grew 27.8 per cent to S$14.3 million from 12 months earlier mainly on its non-bus businesses, as revenue rose 12.2 per cent to S$951.0 million.
      ST FILE PHOTO  -  521 words
    • Article
      Lock icon GSS Energy to make SGX debut on Thursday
      474 6  -  By Malminderjit Singh msingh@sph.com.sg @MalminderjitBT Singapore GSS Energy (GSS) will start trading on the SGX on Thursday amid a muted oil price environment. However, the group is optimistic that its restructuring to mark its foray into the energy sector is timely as
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    • Article
      Lock icon Fragrance Q4 earnings hit by weaker fair value gains
      305 6  -  By Jamie Lee leejamie@sph.com.sg @JamieLeeBT Singapore AMID the fall in property prices, Fragrance Group on Tuesday said the majority of its residential-project units has been sold, and it is working to lease out the commercial space at its Alexandra Road property.
      305 words
    • Article, Illustration
      Lock icon S’pore, Canada top in financial services’ regulatory environments
      657 7  -  By Angela Tan angelat@sph.com.sg Singapore SINGAPORE has emerged a clear global leader in providing top notch regulatory environment for financial services, beating major jurisdictions in Switzerland, the UK and the US to clinch a “tier one” status together with Canada, according to
      Source: www.longfinance.net/gfci  -  657 words
    • Article
      Lock icon Nomura expands equity research desk
      202 7  -  By Andrea Soh andrea@sph.com.sg @AndreaSohBT Singapore NOMURA has expanded its equity research team in Singapore, beefing up its coverage of the banking, utilities and plantations sectors. The biggest brokerage in Japan has appointed Jaj Singh as head of Asean banks research, and June Ng as
      202 words
    • IN BRIEF
    • Article
      Lock icon ‘Disappointments’ to hit office Reits: Nomura
      828 7  -  For 2015, it predicts less-than-expected returns from projects, space returned to landlords By Lynette Khoo lynkhoo@sph.com.sg @LynetteKhooBT Singapore NOMURA Research has predicted that Singapore’s office Reits will be headed for potential disappointments in the next 12 months, as some banking and financial tenants due
      828 words
    • Article, Illustration
      Lock icon STI / Catalist
      63 8 STI Catalist Straits Times Index Feb 10,2015 3,434.24 +16.22 (+0.47%) Current streak 1 day Day high 3,434.79 Day low 3,417.45 52-week high 3,434.24 (Feb 10, 2015) 52-week low 3,017.20 (Feb 10, 2014) FTSE ST Catalist Index Feb 10,2015 728.89 -0.62 (-0.08%) Current streak 6 days Day high 731.97 Day low
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    • Article, Illustration
      Lock icon Jardine, ComfortDelGro boost STI
      655 8  -  Index up 16.22 points at 3,434.24, regaining all of Monday’s loss in mixed session TT STOCKS By R Sivanithy sivan@sph.com.sg @RSivanithyBT THANKS mainly to rises in the Jardine group and ComfortDelgro, the Straits Times Index on Tuesday recorded a 16.22 points rise to 3,434.24, regaining all
      Source: Bloomberg  -  655 words
    • Article
      Lock icon STI STOCKS
      305 8 Stock name Close Change Day high/low 52w high 52w low PE Div yield Mcap Ascendas Reit 247 +1 248/246 263 212 5.8 6245 CapitaLand 357 +7 357/350 364 268 17.9 2.2 *****.8 CapitaMall Trust 217 -1 220/213 226 180.5 5 7527.8 CityDev 1019 -1 1019/1010 1118 907 13.8
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    • Article
      Lock icon MOST ACTIVE
      40 8 VOLUME HPH Trust USD 72,501,000 IHC 42,285,400 CapitaMall Trust 27,190,100 Geo Energy Res 26,230,500 SingTel 21,391,800 Market volume 1,197,702,000 VALUE DBS Grp 109,720,118 SingTel 88,054,884 Keppel Corp 72,519,642 HPH Trust USD 68,392,082 CapitaMall Trust 58,721,396 Market value 1,151,276,000
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    • Article
      Lock icon SGX ETFs Most Active
      110 8 Fund Last sale +/-(‘000) Day high/low 52w high/low Buy/Sell Mcap IS MS India US$ US777 -3 163 786/770 1000/567 772/777 97.1 UETF SSE50China 222 +5 54 222/219 238/140 220/222 69.4 DBXT MSPHILS US$ US222.2 -0.2 40 223.4/222.1 223.4/165 221.1/221.8 17.8 Lyxor Asia US$ US507 -2 39
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    • Article
      Lock icon OTHER SINGAPORE INDICES
      77 8 Feb 10 VALUE CLOSE BT OB/OS -225.00 -77.00 BT CADI -*****.00 +1.00 BT 10-day MA -*****.00 -22.00 FTSE ST Mid Cap 786.03 +0.71 FTSE ST Small Cap 500.38 -0.82 FTSE ST All Share 825.25 +3.06 FTSE ST China Top 194.24 +0.29 FTSE ST China 236.23 +0.92 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 Feb 10,2015 825.25 +3.06 (+0.37%) Current streak 1 day Day high 825.25 Day low 821.71 52-week high 825.25 (Feb 10, 2015) 52-week low 734.36 (Feb 10, 2014)
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    • Article, Illustration
      Lock icon STI / MSCI EAFE
      33 8 STI MSCI EAFE MSCI EAFE index Feb 9,2015 1,805.67 -6.45 (-0.36%) Current streak 2 days Day high 1,813.04 Day low 1,794.32 52-week high 1,995.49 (July 3, 2014) 52-week low 1,697.01 (Jan 7, 2015)
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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 6 7 2 0 0 0 6 7 2 Manufacturing 44 43 37 9 3 9 53 46 46 Commerce 18 19 21 2 5 8 20 24 29 Tpt/Stor/Comms 16 10 12
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    • Article
      Lock icon SECURITIES TRADING TURNOVER
      119 8 VOLUME (‘000) VALUE (‘000) MAIN CATL TOTAL MAIN CATL TOTAL Multi Ind 30,151 30,151 115,449 115,449 Manufacturing 125,061 45,458 170,519 70,438 2,687 73,125 Commerce 53,938 26,932 80,870 74,928 1,441 76,370 Tpt/Stor/Comms 177,590 1,177 178,767 276,469 228 276,697 Finance 16,516 115 16,631 177,815 24 177,839 Construction 28,917 4,643
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    • Article
      Lock icon GAINERS
      74 8 BY CENTS CLOSE UP 52w high/low SPDR DJIA US$ ***** 503.6 2.1 *****/***** JMH USD 6623 180.1 2.0 6788/5255 DBXT STGLDv US$ 3242 48.7 1.1 3542/3081 JSH USD 3562 44.7 0.9 3810/3105 DBXT CSI300 US$ 950 43.3 3.5 1044/613 BY PERCENTAGE CLOSE UP 52w high/low AA 3 42.9 0.9
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    • Article
      Lock icon LOSERS
      80 8 BY CENTS CLOSE DOWN 52w high/low DBXT Nifty US$ ***** -269.4 -1.4 *****/***** DBXT MSCHINA US$ 1380 -59.6 -3.1 1438/1119 IS MS Idia S$D 1045 -30.0 -2.8 1089/740 DBXT MSINDO us$ 1442 -16.3 -0.8 1600/1230 Lyxor Russia US$ 247 -13.5 -3.9 409/188 BY PERCENTAGE CLOSE DOWN 52w high/low Centurion
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    • Article
      Lock icon UNUSUAL ACTIVITY
      79 8 VOL CLOSE($) CHANGE AA 7.0 0.030 +0.009 +42.86 DMX Technologies 10,225.0 0.130 -0.031 -19.26 L-Jacoberg 217.0 0.040 +0.012 +42.86 MSC 7.0 1.090 +0.150 +15.96 Chuan Hup 3,836.0 0.300 +0.025 +9.09 HuanHsin^ 4,199.0 0.054 +0.008 +17.39 Raffles United 10.1 0.240 +0.054 +29.03 Informatics 7,403.3 0.053 +0.004 +8.16 Hiap Seng
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    • BROKERS’ TAKE
      • Article
        Lock icon QQCache logistics Trust
        87 8 Neutral Feb 10 close: S$1.16 Target price: S$1.22 DMG Partners, Feb 10 CACHE Logistics Trust has initiated presence into the warehouse market in Australia with the acquisition of three Australia warehouses for A$75.6 million (S$79.6 million). Reiterate “neutral” with a dividend discount model-derived target price of S$1.22.
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      • Article
        Lock icon Yoma Strategic Holdings
        181 8 Hold Feb 10 close: S$0.52 Target price: S$0.52 OCBC Investment Research Q3FY15 Patmi increased 49.8 per cent year on year to S$7.8 million, mostly due to an unrealised forex gain and a stronger contribution from the “Balloons Over Bagan” tourism business. We judge this set of results
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      • Article
        Lock icon Parkson Retail Asia | Add
        197 8  - Parkson Retail Asia Add Compiled by Andrea Soh Feb 10 close: S$0.73 Target price: S$0.92 CIMB Research, Feb 9 PARKSON Retail Asia seems to be getting to grips with problems in its ex-Malaysia markets. H1FY15 core profits (S$18.0 million) were in line with our expectations (50 per cent) and consensus
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    • Article
      Lock icon CALENDAR
      10 8 DATA I 8pm (Feb 11) US MBA Morgage Applications
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    • Article
      Lock icon US$ strengthens; euro buffeted by Greek events
      412 9 TT CURRENCIES REUTERS London THE US dollar strengthened on Tuesday on the back of broadly higher US Treasury yields while the euro was buffeted by official comments and media reports on the progress of discussions over a new debt deal for Greece. The
      REUTERS  -  412 words
    • FOREX RATES
      • Article
        Lock icon INTERBANK CROSS RATES
        471 9 Feb 10 A$ C$ Rmb Euro HK$ Ind Rs Rupiah Yen Won RM NZ$ Pak Rs Peso S$ Rand Sfr NT$ Baht Pound US$ Australia 0.973 4.872 0.689 6.052 48.413 98.785 0.927 8.519 2.796 1.050 79.008 34.588 1.057 9.035 0.721 24.592 25.455 0.512 0.781 Canada 1.028 5.008
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      • Article, Illustration
        Lock icon HANG SENG
        2 9
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      • Article, Illustration
        Lock icon NIKKEI
        1 9
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      • Article, Illustration
        Lock icon SHANGHAI COMPOSITE
        2 9
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      • Article, Illustration
        Lock icon DOW JONES
        2 9
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      • Article
        Lock icon INTERBANK CURRENCY RATES
        155 9 Feb 10 Against S$ Against US$ Currencies Bid Offer Bid Offer S$/US$ to one unit of foreign currency: Australian dollar 1.0565 1.0571 0.7804 0.7808 Canadian dollar 1.0860 1.0866 0.8026 0.8022 Euro 1.5336 1.5340 1.1328 1.1330 NZ dollar 1.0064 1.0066 0.7434 0.7435 Sterling pound 2.0639 2.0647 1.5245 1.5250
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      • Article
        Lock icon US$/S$ FORWARD RATES
        22 9 Feb 10 S$ Bid Offer 1-month 1.3542 1.3546 2-months 1.3549 1.3552 3-months 1.3555 1.3559 6-months 1.3567 1.3571 Source: OCBC
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    • EQUITY BONDS WARRANTS FUTURES
      • Article
        Lock icon BONDS, WARRANTS, PREFERENCE SHARES Most active
        207 9 Feb 10 Prem Expiry Vol Conv Exer Disc Gear-Mths Company Last Sale +or-('000) Ratio Price ing Left DBS MB eCW*****0 12.8 -1.9 5750 0.2 1980 2 KepCorp MB eCW*****2 7.4 -3.7 4271 0.2 900 4 FTSEChinaA50 ***** MBeCW*****8 10.4 0.2 4070 0.0 --3 SHS
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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 Feb 9 Index Change Change Change Change Change Change World Preliminary 1296.2 -0.2 1.6 0.0 2.6 -0.2 0.5 EAFE Preliminary 1026.7 -0.4 4.0 -0.2 3.9 -0.4 1.7 Europe Preliminary 1447.3 -0.7 4.7
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      • Article
        Lock icon SGX DERIVATIVES TRADING
        382 9 Feb 10 OPEN HIGH LOW SETT VOL OP/INT NIKKEI 225 INDEX FUTURES SPOT *****.67 *****.27 *****.03 Mar15 *****.00 *****.00 *****.00 *****.00 ***** *****9 Jun15 *****.00 *****.00 *****.00 *****.00 13 4254 MSCI TAIWAN INDEX FUTURES SPOT 347.56 348.47 346.78 Feb15 350.00 350.40 347.40 348.00 ***** *****2 Mar15 350.00
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    • BANK RATES
      • Article
        Lock icon INTERBANK RATES
        154 9 Feb 10 $S Offer Bid 0vernight 0.15 0.10 1-month 0.625 0.50 2-months 0.625 0.50 3-months 0.6875 0.5625 Overnight mode: 0.45 US$ Offer Bid 7 days 0.17 0.07 1 month 0.23 0.13 2 months 0.28 0.18 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 (S$) 1 mth 0.***** 2 mths 3 mths 0.***** 6 mths 0.***** 9 mths 12 mths 0.***** Feb 10 SWAP Offer rates (S$) 1 mth 0.***** 3 mths 0.***** 6 mths 0.***** Source: Thomson Reuters
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      • Article
        Lock icon GOVERNMENT SECURITIES
        65 9 Feb 10 GOVERNMENT BONDS Period Issue Coupon Maturity Close Day's code rate Bid High Low 2-Year N*****0Z 2.375 01-Apr-17 103.17 5-Year N*****0H 1.625 01-Oct-19 100.52 100.60 100.58 10-Year NY*****H 3.000 01-Sep-24 108.25 108.80 108.25 15-Year NY*****E 2.875 01-Jul-29 105.36 105.45 105.40 20-Year NZ*****V 3.375 01-Sep-33 112.59 113.45 112.80
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    • AGRI METALS ENERGY
      • Article
        Lock icon COMMODITY FUTURES
        248 9 Feb-9 Price Net change change Last Trade Agricultural Feb-9 CBOT Soybeans (US cents/bu) 978.50 5.00 0.51% 13/03/2015 CBOT Soybean Oil (US cents/lb) 32.01 0.19 0.60% 13/03/2015 CBOT Wheat (US cents/bu) 529.75 2.75 0.52% 13/03/2014 Feb-9 LIFFE Cocoa (£/tonne) 2008.00 51.00 2.61% 16/03/2015 LIFFE Coffee (US$/tonne) 1944.00 11.00 0.57%
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      Lock icon Page 5 Advertisements Column 1
      1004 5 A Special Feature Presented by SMU Executive Development 2 Steve Wyatt It’s About the Network, Not the Technology Singapore Management University’s Steve Wyatt describes how an executive’s network is unique to him/her and how it can be actively cultivated to accelerate the personal learning and development journey. We live in
      1,004 words
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  • Page 6 Advertisements
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      232 6 mmmcE soars high Equinox c Hestaurant Spend an unforgettable Valentine's weekend with your beloved one at Equinox Restaurant. Take in the awe-inspiring views of the Singapore skyline at 70 storeys high and toast to many more adoring years ahead. 15 February 2015 Pink Brunch Romance $210++ per person, inclusive of
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  • Page 7 Advertisements
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      17 7 Discover Greener Pastures Call 1800 289 8822 or e-mail notices@sph.com.sg to place your Change of Address Notices
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      Lock icon Page 7 Advertisements Column 2
      112 7 ONLINE SALE www.oaks.com.sg Wine, Whisky, Sake, Champagne, Life Style and Wine Accessories... Over 500 products available. Buy Penfolds Assortment and get FREE Vintec Fridge 6 x Penfolds Bin 389 Cab Shiraz 2012 6 x Penfolds Bin 407 Cab Sauvignon 2012 1 x Penfolds Bin 707 Cab Sauvignon 2012 1 x
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      112 7 9 degree world wide Be Wise, Get explore, Be Satisfied EXCLUSIVE PAN INDIA PROPERTY EXHIBITION AT SINGAPORE MARRIOTT HOTEL FROM FEBRUARY 21st AND 22nd 15 Branded builders from Delhi to Chennai. Flexible payment plans. Huge discount for prelaunch properties across India. More than 1000 projects showcasing ready and under construction
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  • REAL ESTATE
    • Article
      Lock icon Resale condo prices ease again in Jan: SRX flash estimates
      808 10 Non-landed resale price index dips 0.2%; market players expect resale volumes to rise after Chinese New Year By Kalpana Rashiwala kalpana@sph.com.sg @KalpanaBT THE resale market for non-landed private homes continued to languish in January, SRX Property’s latest flash estimates released
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    • Article, Illustration
      Lock icon Sturdee Rd site would have seen ‘red hot’ demand in better times
      718 10  -  By Kalpana Rashiwala kalpana@sph.com.sg @KalpanaBT PROPERTY consultants gave a wide range of forecasts for the number of bids from three to 15 for a 99-year private housing site along Sturdee Road released by the Urban Redevelopment Authority (URA).
      PHOTO: URA  -  718 words
    • Article, Illustration
      Lock icon Rate cut seen inflating Australia housing bubble
      719 10 BLOOMBERG Sydney GEOFF Schippers, a mortgage broker in Sydney, has seen an increase in clients looking for homes to buy since the central bank dropped its benchmark rate to a record low last week. “At least 70 per cent of my clients are
      BLOOMBERG; PHOTO: REUTERS  -  719 words
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      Lock icon Malaysia’s new GST tax to slow mortgages
      814 10 BLOOMBERG Kuala Lumpur GROWTH in Malaysia’s Islamic home loans is forecast by banks to slow from the weakest pace since 2007 as a new tax dampens housing demand. AmInvestment Bank Bhd and CIMB Islamic Bank Bhd forecast the mortgage market will cool, just
      BLOOMBERG; PHOTO: BLOOMBERG  -  814 words
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      46 11 HKEx CEO: Shenzhen-HK Stock Connect expected to open in secondhalf of 2015 half of 2015 To subscribe, call 6388-3838 or go to sphsubscription.com.sg FEBRUARY ISSUE OUT NOW! GET YOUR COPY N W FROM THE NEWS STAND OR VISIT WWW.TORQUE.COM.SG/SUBSCRIPTION TO SUBSCRIBE TOTORQUE WWW.TORQUE.COM.SG r 0SS0 0
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      2567 11 A Canadian corporation founded in 1817 Head Office: 100 King Street West, 1 First Canadian Place, 21st Flr, Toronto ON M5X 1A1 2014 Consolidated Financial Statements (in million Canadian dollars) Consolidated Balance Sheet Consolidated Statement of Income As at October 31 2014 2013 ASSETS Cash and Cash Equivalents 28,386 26,089
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  • BANKING & FINANCE
    • Article
      Lock icon US pushing for banks to admit forex manipulation
      1132 12 Justice Department has told Barclays, JPMorgan Chase, RBS, Citigroup that they must plead guilty to settle criminal charges, say lawyers NYT New York THE Justice Department is pushing some of the biggest banks on Wall Street including, for the first time in
      NYT  -  1,132 words
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      Lock icon UBS falls after warning profit may be hurt by franc, interest rates
      830 12 BLOOMBERG Zurich UBS Group AG fell after reporting low-er-than-expected earnings at its wealth management division and warning that the strong franc and negative interest rates may hurt profitability. UBS fell as much as 3.4 per cent in morning
      BLOOMBERG; PHOTO: REUTERS  -  830 words
    • Article
      Lock icon Barclays said to raise junior banker pay to retain talent
      572 12 BLOOMBERG London BARCLAYS plc is planning to raise pay for junior investment bankers as the bank seeks to retain talent, said two people with knowledge of the matter. Some Barclays junior employees are set to receive an increase of 20
      BLOOMBERG  -  572 words
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      373 12 NORTHSTAR HEALTHCARE SINGAPORE PTE. LTD. (IN MEMBERS' VOLUNTARY LIQUIDATION) COMPANY REGISTRATION NO. *****9906K NOTICE OF RESOLUTIONS NOTICE IS HEREBY GIVEN THAT AT AN EXTRAORDINARY GENERAL MEETING OF THE COMPANY DEEMED TO HAVE BEEN HELD PURSUANT TO SECTION 179(6) OF THE COMPANIES ACT (CAP.50) ON THE 3RD DAY OF FEBRUARY 2015,
      373 words
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  • ENERGY & COMMODITIES
    • Article, Illustration
      Lock icon US fracking slump threatens Indian guar industry
      922 13 Orders for guar gum drying up as US oil-and-gas companies cut investments following oil price plunge BLOOMBERG New Delhi A BIG bet on the US fracking boom is coming back to haunt India’s guar industry. Orders for guar gum used to extract shale
      BLOOMBERG; PHOTO: REUTERS  -  922 words
    • Article
      Lock icon Iron ore may drop below US$60 as China mills cut steel output in Feb
      631 13 BLOOMBERG Singapore IRON ore risks sinking below US$60 a tonne in the next two weeks, deepening a bear-market rout, as mills in China cut steel production before and during a national holiday, curbing demand as supplies
      BLOOMBERG  -  631 words
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      Lock icon Politics may hinder clean-up job by new Petrobras chief
      598 13 REUTERS Rio de Janeiro BY picking a banker instead of an oil executive to run Petrobras, Brazilian President Dilma Rousseff appears to have recognised that the state-run company’s biggest priority is to clean up its books and acknowledge how many billions
      REUTERS  -  598 words
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      1601 13 The Business Times NOTICES Toll free 1800-289-8822 Email notices@sph.com.sg www.sphclass.com.sg/notices c# ecoWise ecoworld better world ECOWISE HOLDINGS LIMITED Registration No: *****9835C (Incorporated in Singapore) NOTICE IS HEREBY GIVEN that the 2015 Annual General Meeting of the shareholders of the Company will be held at 17 Kallang Junction #04-03 Singapore *****4
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  • TECHNOLOGY
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      Lock icon Qualcomm fined US$975m in China antitrust probe
      677 14 Company also agrees to cut royalty rates, hopes case closure to lift business prospects REUTERS Beijing QUALCOMM Inc has agreed to pay a fine of US$975 million, the largest in China’s corporate history, ending a 14-month government investigation into anti-competitive practices. The deal
      REUTERS; PHOTO: AFP  -  677 words
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      Lock icon Bitcoin ‘fraud’ spurs HKMA warning over virtual currency
      428 14 REUTERS Hong Kong HONG Kong’s central bank has warned people against investing in virtual currencies amid local media reports that a bitcoin exchange may have run off with US$387 million in client funds making it potentially the biggest bitcoin scandal after last
      REUTERS; PHOTO: AFP  -  428 words
    • Article
      Lock icon Apple, Microsoft tap bond market ahead of rise in rates
      508 14 BLOOMBERG Singapore A WEEK after Apple Inc tapped the bond market, Microsoft Corp did one better with its biggest sale ever. Now Apple is planning its first debt issue in Swiss francs, which will allow it to take advantage of
      BLOOMBERG  -  508 words
    • Article
      Lock icon Microsoft, Samsung settle contract dispute over patent royalties
      330 14 REUTERS San Francisco MICROSOFT and Samsung Electronics Co Ltd have settled a contract dispute over patent royalties, though terms of the settlement are confidential, Microsoft said in a statement on Monday. Microsoft sued Samsung last year in a federal court in New
      REUTERS  -  330 words
    • Article
      Lock icon New US federal agency to combat threats in cyberspace
      1000 14 WP Washington THE Obama administration is establishing a new agency to combat the deepening threat from cyberattacks, and its mission will be to fuse intelligence from around the government when a crisis occurs. The agency is modelled after the National Counterterrorism
      WP  -  1,000 words
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      523 14 THE BUSINESS TIMES NOTICES IN THE MATTER OF THE COMPANIES ACT, CAP. 50 AND IN THE MATTER OF YAFRIRO INTERNATIONAL PTE LTD (In Provisional Liquidation) Reg. No. *****3864G (Incorporated in the Republic of Singapore) NOTICE OF APPOINTMENT OF PROVISIONAL LIQUIDATORS PURSUANT TO SECTION 291 (4) OF THE COMPANIES ACT, CAP.50
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  • CONSUMER
    • Article
      Lock icon Korean casino expands as more Chinese arrive
      633 15 Paradise sees surge in mainland visitors amid a crackdown by Beijing and tougher visa rules in Macau BLOOMBERG Seoul PARADISE Co, South Korea’s largest casino operator for foreigners, plans to expand some of its casinos and boost the gambling table count by more
      BLOOMBERG  -  633 words
    • Article
      Lock icon McDonald’s India reducing salt, calories in burgers and fries
      767 15 REUTERS Mumbai McDONALD’s Corp is cutting the amount of calories and salt on its Indian menu as it fights to hold on to customers in a rapidly growing developing market where newer, healthier fast-food options are just starting to catch on.
      REUTERS  -  767 words
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      Lock icon Lego seeks to block US imports of copycat products
      471 15 It is accusing 3 firms of making knock-offs of its Lego Friends products, files complaint with US International Trade Commission BLOOMBERG Washington LEGO has been on a roll with a hit movie, Star Wars-branded sets and a new line of toys
      BLOOMBERG; PHOTO: BLOOMBERG  -  471 words
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      1401 15 The Business Times NOTICES TRANSCORP TRANSCORP HOLDINGS LIMITED (Company Registration No.: *****2905Z) (Incorporated in the Republic of Singapore) NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN that the Annual General Meeting of Transcorp Holdings Limited (the “Company”) will be held at Poolside Events Room, Level 1, Singapore Polytechnic Graduates'
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  • GOVERNMENT & ECONOMY
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      Lock icon Greece offers debt compromises as Merkel remains unmoved
      770 16 Finance Minister Varoufakis says Greece will implement about 70% of reforms already in current bailout accord BLOOMBERG Istanbul GREECE offered compromises ahead of an emergency meeting with its official creditors on Wednesday as German Chancellor Angela Merkel remained unyielding over terms of
      BLOOMBERG; PHOTO: REUTERS  -  770 words
    • Article
      Lock icon New foreign aid charter signals much more active overseas role for Japan
      781 16  -  By Anthony Rowley btworld@sph.com.sg Tokyo JAPAN announced its intention on Tuesday to insert itself much more actively into the international development process by adopting a new Development Cooperation Charter that expands significantly the scope, if not directly, the
      781 words
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      Lock icon US warns G20 against using exchange rates to boost exports
      682 16 ministers are urging a solution. REUTERS, BLOOMBERG Istanbul THE United States urged a meeting of the Group of 20 leading economies not to resort to currency devaluations to boost exports, while a draft communique gave a gloomy assessment on Tuesday
      ministers are urging a solution. REUTERS, BLOOMBERG  -  682 words
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      Lock icon India forecasts faster growth in FY15 under new puzzling method
      1098 17 Economy will grow 7.4%, says Statistics Ministry as it revises FY14 expansion to 6.9% from 4.7% BLOOMBERG Mumbai INDIA forecast its growth will accelerate this fiscal year under a revised method for calculating gross domestic product (GDP) that has confused
      BLOOMBERG; PHOTO: BLOOMBERG  -  1,098 words
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      Lock icon UK’s general election outcome to leave investors in the lurch
      849 17 BLOOMBERG London WHOEVER wins the UK general election in less than three months, investors could be in for a bumpy ride. That’s according to banks including Morgan Stanley and Deutsche Bank, which say a Conservative-led government could precipitate a British
      BLOOMBERG; REUTERS  -  849 words
    • Article
      Lock icon Wake-up call for Modi as BJP is trounced in Delhi local polls
      756 17 Defeat may embolden opposition parties, undermine support for Modi BLOOMBERG New Delhi PRIME Minister Narendra Modi conceded an overwhelming defeat in a local election in India’s capital, his first setback at the polls since taking charge of Asia’s
      BLOOMBERG  -  756 words
    • Article
      Lock icon Stingy Korean firms hike dividends to avoid tax
      405 17 REUTERS Seoul SOUTH Korea’s new law compelling big companies to part with “excess” cash or be taxed on it is prompting traditionally tight-fisted Korea Inc to boost dividend payouts. Last year, South Korea announced plans to tax excessive corporate cash, a move
      REUTERS  -  405 words
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      196 16 An inaugural March career fair by STJobs.sg HUNTINGSEASON ISOVER. Stop having to seek out your ideal candidates and let them come to you instead! Be a part of the STJobs Express Fair 2015, the definitive event for companies who are looking to diversify their workforce with the right talent. Why
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      28 16 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
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  • OPINION
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      Lock icon KL needs to work towards rebuilding M’sians’ trust in judiciary and govt
      452 18 EDITORIAL AFTER seven years of court runs involving nine judges and 20 lawyers, Malaysia’s highest court on Tuesday rejected opposition stalwart Anwar Ibrahim’s appeal and upheld his sodomy conviction with a five-year jail term. Within minutes of the
      452 words
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      Lock icon More stimulus isn’t the answer to China problems
      806 18  -  TT THE BOTTOM LINE By William Pesek BLOOMBERG VIEW FEW buzz phrases scare economists more than “new paradigm”. If such things existed, Japan would still dominate the world economy, risk would have been eliminated from Wall Street, and the euro would have
      BLOOMBERG VIEW  -  806 words
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      Lock icon Building a conducive ecosystem for SMEs
      1037 18 While Singapore has done much to ease the burdens on small businesses, perhaps it’s time to place even more focus on SMEs from a policy point of view.BY GOH SIOW HUI and SHERYL TAN T The writers are, respectively, partner and senior manager, Tax
      PHOTO: BLOOMBERG  -  1,037 words
    • Article
      Lock icon The case for abandoning the euro – at least for now
      933 19  - The case for abandoning the euro at least for now TT COMMENTARY By Anthony Rowley BACK in the early 1970s, when the euro was still a gleam in the eye of its European founding fathers and I was an economics writer with The Times of London, I was looked at
      933 words
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      Lock icon Contingency plans needed for Greece’s possible euro exit
      686 19  -  An experiment no one wants will test fire-walls separating Greeks from the rest of euro area By David Marsh T The writer is managing director and co-founder of the official Monetary and Financial Institutions Forum (OMFIF). This article was sourced from an
      PHOTO: REUTERS  -  686 words
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      Lock icon Deflation is better than its reputation
      978 19  -  With unchanged or rising nominal wages, deflation hikes the real purchasing power of income, which in principle should encourage households to consume By Joergen Oerstroem Moeller T The writer is visiting senior research fellow at the institute of Southeast Asian studies, Singapore, and adjunct
      PHOTO: AFP  -  978 words
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  • TRANSPORT
    • Article
      Lock icon Accepting the inevitable on sulphur
      857 20  -  international Chamber of Shipping agrees that global 0.5 per cent sulphur in fuel cap is more likely to be implemented from 2020, rather than 2025 TT STRAIT TALK By DAVID HUGHES SOMETIMES there comes a point in a battle where it becomes blindingly obvious you
      857 words
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      Lock icon US West Coast ports resume full operations
      708 20 But planned resumption of federally mediated contract talks postponed until Wednesday Los Angeles US West Coast port operations resumed in full on Monday after shipping companies halted loading and unloading of freighters for the weekend, citing chronic cargo backups that shipping companies and
      PHOTO: REUTERS  -  708 words
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      Lock icon Hamburg Port sees fall in seaborne trade with Russia accelerating
      548 20 BLOOMBERG Hamburg HAMBURG authorities expect the decline in seaborne trade with Russia to accelerate this year as a lagging impact of the weak rouble cripples trade with the port’s second-biggest partner. With Russian car sales tumbling by a quarter in
      BLOOMBERG; PHOTO: BLOOMBERG  -  548 words
    • Article
      Lock icon Baltic index slips to all-time low on poor demand from China
      449 20 REUTERS London The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, slid to an all-time low on Monday as sluggish cargo demand especially from China battered sentiment. The overall index, which gauges the
      REUTERS  -  449 words
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      Lock icon Record snowfall shuts down Boston even as another storm looms
      671 21 Temperatures are forecast to plunge by 8 to 15 degrees below normal from Feb 14 in eastern US and Canada BLOOMBERG Boston A SLOW-MOVING storm pushed Boston to a record for the most snow in 30 days, shutting its classrooms
      BLOOMBERG; PHOTO: AFP  -  671 words
    • Article
      Lock icon US airlines’ criticism of Gulf carriers spurs backlash
      486 21 BLOOMBERG Dallas FIRST, chief executive officers of the three largest US airlines sought to limit the expansion of Persian Gulf carriers in the domestic market because of government subsidies they said provide an unfair competitive advantage. Now, the head of Emirates has
      BLOOMBERG  -  486 words
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      Lock icon Michelin pledges extra cost cuts after full-year profit decline
      420 21 REUTERS London FRENCH tyre maker Michelin pledged on Tuesday to step up cost-cutting efforts after unveiling an 8.5 per cent profit decline for 2014 on sales that missed its own forecast. Net income fell to 1.03 billion euros (S$1.6 billion) last
      REUTERS  -  420 words
    • Article
      Lock icon Need to market bus transport in US to save on rail lines
      708 21 Report shows buses are faster than trains despite riders’ anti-bus bias NYT New York “BUS-BASED public transit in the United States suffers from an image problem.” That fact, laid out in a 2009 report from the Federal Transit
      NYT  -  708 words
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  • Article
    Lock icon THE BUSINESS TIMES SHIPPING TIMES
    1900 22 MONTREAL 10 120 29/7 30/7 4/8 MONTREAL 10 120 29/7 30/7 4/8 EASTERN CAR LINER, LTD SPECIALIZE IN RORO HEAVY LIFT INTRA-ASIA SERVICE VOY Ramp(KT) Lifting(KT) SIN PKL KUC KK JKT SUR SEA CORAL 67 60 3/3 5/3 8/3 OCEAN SEAGULL 42 60 7/3 9/3
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      107 22 Experienced shf p maintenance services wanted. Can they find your services here in the Shipping Times? TO ADVERTISE, CALL JOE WONG AT 9620 1327 THE BUSINESS TIMES SHIPPING TIMES Make A Splash In The Maritime World Via s^3marftime.coM Ahoy there! If you are in a business pertaining to any sector
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  • LIFE & CULTURE
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      Lock icon Some firms paying insurers to take on ballooning pension costs
      1009 23 Demand for such transfers may eclipse insurance industry’s capacity, giving banks opening to sell “death derivatives” THE WASHINGTON POST Washington PEOPLE are living longer and that’s bad news for some companies’ bottom lines. As pension plans incorporate new life expectancy
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      Lock icon Richter’s hot streak may extend to UK
      649 23 BLOOMBERG New York GERHARD RICHTER, the 83-year-old German abstract painter who was the best-selling living artist last year at auction, may extend his winning streak during four days of post-war and contemporary art sales that begin on Tuesday in London. Christie’s, Sotheby’s and
      BLOOMBERG; PHOTO: REUTERS  -  649 words
    • Article
      Lock icon Hoopla over Harper Lee’s 2nd novel
      328 23 AFP New York A WEEK after HarperCollins stunned the literary world with news that Harper Lee is publishing a second novel, controversy rages about whether the reclusive, 88-year-old novelist is of sound mind. More than half a century after the mesmerising success of her
      AFP  -  328 words
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  • Page 23 Miscellaneous
    • Miscellaneous
      Lock icon Page 23 Miscellaneous Column 1
      343 23 CRYPTIC CROSSWORD Across 1 Take over from endlessly flexible worker (8) 5 Irregular money order (6) 8 Woman goes round new border village (6) 9 Hazy blue liquid no American has consumed (8) 10 Central figure that’s not unusual being into hare coursing (4-4) 11 Island also has land in
      343 words
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  • EXECUTIVE MONEY
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      Lock icon Global economic funk prompts defensive plays
      1103 24  -  Investors give European stocks wide berth as they seek refuge in sectors that show promise By Conrad De Aenlle NYT IF global financial markets are telling a story, it’s one set in a dystopia where chronic malaise keeps the economy on the verge of
      NYT; PHOTO: REUTERS  -  1,103 words
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      Lock icon DBS Group Hldgs leads buys with S$230.4m
      201 24 GLOBAL mutual funds sold more Singapore shares than they bought but only marginally more in the three months to Feb 4. Based on the top five stocks transacted, the net sell volume came to S$989.1 million, compared to S$974.1 million of net buys.
      Source: ShareInvestor  -  201 words
    • Article
      Lock icon Europe is having a distress sale on visas
      981 24 NYT London MAYFAIR, a well-heeled neighbourhood in central London, has attracted the world’s elite for decades. Only a short walk to Hyde Park, its luxury town houses include spacious basements with swimming pools and can easily cost more than US$10 million. Ferraris
      NYT  -  981 words