The Business Times, 18 February 2015

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Total Pages: 24
1 24 The Business Times
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  • Title Section
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    24 1 THE BUSINESS TIMES S$1.00 S|jh A SINGAPORE PRESS HOLDINGS PUBLICATION www.businesstimes.com.sg G C ©BTBreakingnews CO REGN NO *****2868E MCI (P) 051/08/2014 Wednesday, February 18,2015
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  • DAILY DIGEST
    • Article
      Lock icon Local bond investors
      32 1 seem to have recovered their risk appetite after taking cover in January, selling risk-free Singapore Government Securities to buy high yield or non-investment corporate grade bonds. TOP STORIES 2
      32 words
    • Article, Illustration
      Lock icon The finance and insurance
      40 1 sector revved up the Singapore economy for the second year running, outperforming all other sectors both in pace of growth and in productivity levels in the fourth quarter and all of last year. TOP STORIES 4
      40 words
    • Article
      Lock icon Noble Group on
      33 1 Tuesday defended its financial statements as its shares continued to reel for a second day following accusations of accounting malpractices by Iceberg Research, a little-known research firm. COMPANIES MARKETS 5
      33 words
    • Article
      Lock icon Asia is set for
      38 1 the busiest year for dollar sukuk sales in at least five years as Malaysia’s state oil company plans a record offering and Indonesia’s government seeks to beat rising US borrowing costs. BANKING FINANCE 12
      38 words
    • Article
      Lock icon Confidence among US homebuilders
      28 1 decreased in February to the lowest level in four months as winter weather prevented some prospective buyers from touring new developments. GOVERNMENT ECONOMY 16
      28 words
  • Article
    Lock icon NOL to sell APL Logistics to Japan’s KWE for US$1.2b
    663 1  -  By Malminderjit Singh msingh@sph.com.sg @MalminderjitBT Singapore NEPTUNE Orient Lines (NOL) has agreed to sell its profitable logistics business, APL Logistics, to Japanese logistics group Kintetsu World Express (KWE) for US$1.2 billion. The group revealed on Tuesday that it has chosen
    663 words
  • Article
    Lock icon MARKETS
    27 1 Tuesday Change STI 3,415,91 -11.25 KL COMP 1,810.09 +1.20 NIKKEI 225 17,987.09 -17.68 HANG SENG 24,784.88 +58.35 SHENZHEN B 1,102.07 +5.56 DOW (11am EST) 17,973.92 -45.43
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  • Article, Illustration
    Lock icon Stronger 2014 finish; outlook subdued
    849 1  -  Growth in Singapore economy beats even most optimistic forecasts but economists point to unchanged underlying trend By Kelly Tay kellytay@sph.com.sg @KellyTayBT Singapore A STRONGER-than-expected finish for the Singapore economy in 2014 is just that; growth still slowed from the year before, and the subdued outlook
    Source: Ministry of Trade and Industry, Department of Statistics  -  849 words
  • Page 1 Advertisements
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      Lock icon Page 1 Advertisements Column 1
      96 1 Hill 8 '*****1 *****4 CROWDFUNDING SGX-CBA joint venture a move in right direction OPINION 21 MONEY MATTERS Let’s not embrace deflation risks EXECUTIVE MONEY 24 PROPERTY VIEWING Kingsford Waterbay to be unveiled this weekend REAL ESTATE 10 FINANCIAL RESULTS CapitaLand Q4 profit jumps 187% COMPANIES MARKETS 5 FIRST MOVERS WILL
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  • TOP STORIES
    • Article, Illustration
      Lock icon Singapore bond investors back to chasing yields
      523 2  -  New bond issuance picks up in past 2 weeks after a dull January By Siow Li Sen lisen@sph.com.sg @SiowLiSenBT Singapore LOCAL bond investors seem to have recovered their risk appetite after taking cover in January. They are back chasing yields and selling risk-free
      Source: Bloomberg  -  523 words
    • Article, Illustration
      Lock icon Greece, EU search for an honourable solution
      807 2 REUTERS Brussels EUROPEAN Union finance ministers wielded enticements and veiled threats on Tuesday to press Greece to stay in an international bailout as financial markets slipped on fears of disruption if Athens’ credit lines expire in 10 days. However, the euro recovered from
      REUTERS; PHOTO: AFP  -  807 words
    • Article
      Lock icon COE premiums for all car types take a dip
      422 2  -  By Andrea Soh sandrea@sph.com.sg @AndreaSohBT Singapore VEHICLE certificate of entitlement (COE) premiums fell across all car categories in the latest round of bidding on Tuesday, as demand for cars failed to match the increase in quota. COEs for Category A, for
      422 words
    • Article
      Lock icon Strong family ties are the bedrock of society: PM Lee
      400 2  -  By Claire Huang huangjy@sph.com.sg @ClaireHuangBT Singapore SINGAPOREANS need to build strong families as they are the bedrock of society, something generous social policies and grants alone cannot achieve, Prime Minister Lee Hsien Loong said in his annual Chinese New Year
      400 words
    • Article, Illustration
      Lock icon Finance and insurance sector drives GDP engine
      476 4  -  It outperforms all others in pace of growth and productivity for Q4 and 2014 as a whole, says MTI SINGAPORE ECONOMY By Jamie Lee leejamie@sph.com.sg @JamieLeeBT Singapore THE finance and insurance sector revved up the Singapore economy for the second year running, outperforming
      Source: Ministry of Trade and Industry  -  476 words
    • Article, Illustration
      Lock icon Robust start points to stronger year for NODX
      736 4  -  By Chuang Peck Ming peckming@sph.com.sg Singapore NON-OIL domestic exports kicked off 2015 with a strong 4.3 per cent year-on-year growth in January, underscoring expectations that NODX will do better this year. NODX’s decline had already eased from 6 per cent in 2013
      Source: IE Singapore  -  736 words
    • Article
      Lock icon PICTET
      270 4 Pictet-Absl Rtn Fxd Inc-HP EUR 12/02/2015 EUR 104,49 Pictet-Absl Rtn Glo Div-P EUR 12/02/2015 EUR 118,24 Pictet-Asian Equities Ex Japan-P USD 13/02/2015 USD 206,79 Pictet-Asian Local Currency Debt-P USD 13/02/2015 USD 147,80 Pictet-Biotech-P USD 12/02/2015 USD 719,10 Pictet-Clean Energy-P USD 12/02/2015 USD 86,04 Pictet-Digital Communication-P USD 12/02/2015 USD 220,72
      270 words
    • Article
      Lock icon Services trade growing in importance
      235 4 Singapore Services trade has grown more important in Singapore’s overall trade, even though merchandise trade still accounts for the lion share of it. Between 2004 and last year, services trade jumped from 19.7 to 26.7 per cent in its share of total trade, according to
      235 words
    • Article, Illustration
      Lock icon Labour productivity dragged down by domestic sectors
      632 4  -  Government’s ‘aspirational’ target of 2-3 per cent annual productivity growth remains, says MTI By Kelly Tay kellytay@sph.com.sg @KellyTayBT Singapore SINGAPORE’S labour productivity has been weighed down by a shift in employment towards less productive sectors, with domestically oriented industries lagging far behind export-ori-ented
      Source: Singapore Department of Statistics and MTI Staff Estimates  -  632 words
  • Page 2 Advertisements
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      Lock icon Page 2 Advertisements Column 1
      175 2 Offers and Discount Rates For the Exhibition* Mahindra Life Spaces properties Chennai World City 1.5 BHK starting from 19.5 Lakhs offer valid till Feb 29th Wadhwa Ghatkopar: Book and save 51 lakhs Rivali park Mumbai: Pay 5% now and book the flat Avant Infra Pay 50% and balance after possession
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  • COMPANIES & MARKETS
    • Article
      Lock icon CapitaLand Q4 net profit surges 187%
      1029 5  -  Strong operating income and revaluation gains buoy Q4 and FY14 results By Lynette Khoo lynkhoo@sph.com.sg @LynetteKhooBT Singapore CAPITALAND Limited reported a 187 per cent year-on-year surge in net profit after tax and minority interests (PATMI) for the fourth quarter ended Dec 31, 2014 to
      1,029 words
    • Article, Illustration
      Lock icon Noble rebuts Iceberg’s claims
      573 5  -  HOT STOCK By Andrea Soh sandrea@sph.com.sg @AndreaSohBT Singapore COMMODITY trader Noble Group on Tuesday defended its financial statements as its shares continued to reel for a second day following accusations of accounting malpractices by Iceberg Research, a little-known research firm. The two-day fall saw its market
      Source: Bloomberg  -  573 words
    • Article
      Lock icon Koh Brothers Q4 profit slips 2%, revenue 17% higher
      315 5  -  By Nisha Ramchandani nishar@sph.com.sg @Nisha_BT Singapore KOH Brothers Group reported a 2 per cent slide in net profit to S$6.2 million for the three months ended Dec 31,2014, as share of losses from joint venture companies widened. Revenue was 17 per
      315 words
    • Article
      Lock icon Serial Q4 net up 52%, expects better 2015
      512 6  -  Executive chairman reveals how he once passed up on Alibaba investment By Cai Haoxiang haoxiang@sph.com.sg @HaoxiangCaiBT Singapore ELECTRONICS components distributor Serial System forecast better financial performance in 2015 barring unforeseen circumstances, even as it reported a 52 per cent increase in net
      512 words
    • Article
      Lock icon Future of NOL sinks deeper into doubt
      763 6  -  HOCK LOCK SIEW BY MALMINDERJIT SINGH msingh@sph.com.sg @MalminderjitBT ON the surface, the agreed sale of APL Logistics by the NOL Group appears to be mystifying. Why would the group sell off its profit-making unit to sustain and finance its loss-making one? On Aug
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    • Article, Illustration
      Lock icon Fraser Centrepoint awards contracts worth S$774m
      551 6  -  By Kalpana Rashiwala kalpana@sph.com.sg @KalpanaBT Singapore FRASERS Centrepoint Limited (FCL) has awarded main contracts totalling S$774 million for the construction of two projects: Frasers Tower in Cecil Street and Northpoint City in Yishun Central. Both projects, to be built on 99-year leasehold sites awarded
      551 words
    • Article
      Lock icon Sembcorp’sQ4 profit up 7.5%, boosted by gains in utilities business
      624 6  -  By Chan Yi Wen yiwenc@sph.com.sg @ChanYiWenBT Singapore DESPITE the trying time for the oil services sector, following the steep plunge in crude prices, Sembcorp Industries, one of the world’s largest rig-builders, achieved a profit rise for its fourth-quarter earnings buoyed
      624 words
    • Article
      Lock icon Brokers temper expectations for H1
      392 7  -  By Kenneth Lim kenlim@sph.com.sg @KennethLimBT Singapore SINGAPORE brokers are not expecting a strong pick-up in market activity in the first half of 2015, with UOB-Kay Hian Holdings on Tuesday guiding for a “subdued” outlook. The broker posted a 7.4 per cent increase in net profit
      392 words
    • Article
      Lock icon BreadTalk Q4 net dives
      137 7 Singapore FOOD and beverage play BreadTalk Group has posted a 30.8 per cent fall in net profit attributable to shareholders to just under S$3.85 million for its fourth quarter ended Dec 31,2014. This was due to softer than expected demand across all markets, especially in mainland
      137 words
    • Article
      Lock icon ValueMax posts lower profit, revenue
      323 7  -  Business environment will continue to be challenging, says the pawnbroker By Lee Meixian leemx@sph.com.sg @LeeMeixianBT Singapore PAWNBROKER ValueMax Group on Tuesday reported a 3.9 per cent dip in net profit to S$9 million for its full year ended Dec 31, 2014. Full-year earnings per share
      323 words
    • Article, Illustration
      Lock icon STI / Catalist
      62 8 STI Catalist Straits Times Index Feb 17,2015 3,415.91 -11.25 (-0.33%) Current streak 1 day Day high 3,420.16 Day low 3,409.03 52-week high 3,444.57 (Feb 11,2015) 52-week low 3,057.20 (Mar 20, 2014) FTSE ST Catalist index Feb 17,2015 709.96 -4.52 (-0.63%) Current streak 2 days Day high 718.12 Day low 709.65
      62 words
    • Article, Illustration
      Lock icon Trading slows ahead of CNY holidays
      645 8  -  Transcorp Holdings surges 4.6 S’pore cents or 35% to 17.8 S’pore cents on volume of 4.8 million, drawing query from SGX STOCKS By R Sivanithy sivan@sph.com.sg @RSivanithyBT THE closure of Wall Street for President’s Day on Monday and the approaching Chinese New Year holidays
      Source: Bloomberg  -  645 words
    • Article
      Lock icon STI STOCKS
      312 8 Stock name Close Change Day high/low 52w high 52w low PE Div yield Mcap Ascendas Reit 242 +2 242/235 263 213 5.9 6118.6 CapitaLand 363 +4 365/359 365 268 18.2 2.2 *****.6 CapitaMall Trust 209 -1 211/208 226 181.5 5.2 7250.3 CityDev 1023 cd -3 1031/1022 1118 907
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    • Article
      Lock icon MOST ACTIVE
      34 8 VOLUME Noble 63,752,800 IHC 58,158,400 Blumont 24,998,100 Perennial Hldgs 21,665,900 HPH Trust USD 20,147,800 Market volume 1,047,536,000 VALUE SingTel 81,351,537 UOB 74,459,555 Noble 66,888,128 CapitaLand 42,874,461 DBS Grp 38,553,303 Market value 944,506,000
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    • Article
      Lock icon SGX ETFs
      109 8 Most Active Fund Last sale +/-(‘000) Day high/low 52w high/low Buy/Sell Mcap IS MS India US$ US797 -8 104 806/796 1000/574 797/802 99.6 STI ETF 342 -1 72 344/341 349/305 341/342 IS ASIA HYG US$ US1072 +3 50 1074/1070 1119/1013 1076/1082 Lyxor Asia US$ US512 39 512/511 543/466
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    • Article
      Lock icon OTHER SINGAPORE INDICES
      77 8 Feb 17 VALUE CLOSE BT OB/OS -441.00 -22.00 BT CADI -*****.00 -49.00 BT 10-day MA -*****.00 -44.00 FTSE ST Mid Cap 779.54 +0.55 FTSE ST Small Cap 492.00 -1.12 FTSE ST All Share 819.87 -2.11 FTSE ST China Top 191.76 -0.58 FTSE ST China 234.53 -0.78 FTSE
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    • Article, Illustration
      Lock icon STI / FTSE ST All-Share
      34 8 STI FTSE ST All-Share FTSE ST All-Share Index Feb 17,2015 819.87 -2.11 (-0.26%) Current streak 2 days Day high 820.41 Day low 818.43 52-week high 827.11 (Feb 11,2015) 52-week low 745.24 (Mar 20, 2014)
      34 words
    • Article, Illustration
      Lock icon STI / MSCI EAFE
      33 8 STI MSCI EAFE MSCI EAFE Index Feb 16,2015 1,841.77 +2.42 (+0.13%) Current streak 3 days Day high 1,845.82 Day low 1,837.67 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 5 5 6 0 0 0 5 5 6 Manufacturing 38 47 31 2 10 13 40 57 44 Commerce 13 20 22 2 3 7 15 23 29 Tpt/Stor/Comms 10 16 12
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    • Article
      Lock icon SECURITIES TRADING TURNOVER
      117 8 VOLUME (‘000) VALUE (‘000) MAIN CATL TOTAL MAIN CATL TOTAL Multi Ind 19,688 19,688 61,432 61,432 Manufacturing 124,493 26,069 150,562 61,146 1,946 63,092 Commerce 101,803 34,545 136,348 97,784 1,357 99,142 Tpt/Stor/Comms 91,700 447 92,147 186,118 130 186,248 Finance 20,162 20,162 148,297 148,297 Construction 31,377 21,334 52,711 5,320
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    • Article
      Lock icon GAINERS
      78 8 BY CENTS CLOSE UP 52w high/low Lyxor ThaiSET US$ ***** 991.4 5.4 *****/***** Lyxor AsiaIT US$ 3917 336.3 6.8 3993/3381 DBXT MSEurope US$ 5784 130.2 1.7 6492/5366 JMH USD 6639 52.9 0.6 6788/5476 CIMBASEAN40 S$D 1407 26.0 1.9 1407/1275 BY PERCENTAGE CLOSE UP 52w high/low ChinaGaoxian W*****8 0.2 100.0
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    • Article
      Lock icon LOSERS
      76 8 BY CENTS CLOSE DOWN 52w high/low GLD US$ ***** -160.0 -1.0 *****/***** SPDR S&P500 US$ ***** -65.1 -0.2 *****/***** Hyflux 6% CPS ***** -62.0 -0.6 *****/***** Jardie C&C 4203 -61.0 -1.4 4901/3657 UOB 2295 -29.0 -1.2 2472/1980 BY PERCENTAGE CLOSE DOWN 52w high/low UOB VT eCW*****4 3.6 -46.3 -3.1
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    • Article
      Lock icon UNUSUAL ACTIVITY
      78 8 VOL CLOSE($) CHANGE Transcorp 4,758.3 0.178 +0.046 +34.85 SP Corp 1,483.2 0.091 -0.011 -10.78 MSC 19.6 1.000 -0.100 -9.09 UOA 69.7 0.550 -0.030 -5.17 Allied Tech 397.0 0.027 +0.004 +17.39 Advanced 220.0 0.176 -0.019 -9.74 Challenger 497.7 0.460 +0.020 +4.55 Cedar Strategic 6,018.5 0.002 -0.001 -33.33 Edition 100.0
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    • BROKERS’ TAKE
      • Article
        Lock icon Noble Group
        97 8 Outperform Feb 17 close: S$1.05 Target price: S$1.60 Macquarie Research, Feb 16 ICEBERG Research published a negative report on Noble. It highlights concerns we share, but they are not “new news”. We find that the report has a sensational bias, omits any investment positives, and we don’t think
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      • Article
        Lock icon Raffles Medical
        96 8 Neutral Feb 17 close: S$4.01 Target price: S$4.00 DMG Partners, Feb 17 2014’s S$65.1 million recurring net profit (+4 per cent year-on-year) was a tad below our S$69 million estimate. Maintain “neutral” with a slightly lower S$4.00 target price (from S$4.05, 1 per cent downside) that remains based
        96 words
      • Article
        Lock icon CWT Ltd
        247 8  -  Compiled by Claire Claire Huang Buy Feb 17 close: S$1.58 Target price: S$1.98 OCBC Investment Research, Feb 17 CWT Ltd’s FY2014 revenue jumped 67 per cent to S$15.2 billion as it recorded revenue growth from all its business segments. Its top-line growth continues to be driven by Commodity
        247 words
    • Article
      Lock icon CALENDAR
      17 8 I 4pm (Feb 18) Singapore COE bidding results I 8pm (Feb 18) US MBA mortgage applications
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    • Article
      Lock icon Euro struggles as Greek debt talks collapse
      423 9 CURRENCIES AFP Tokyo THE euro lost more ground against the US dollar in Asia on Tuesday after talks between Greece and its creditors collapsed, fanning fears that the country will tumble out of the eurozone. In Tokyo, the common currency fell to US$1.1357
      AFP  -  423 words
    • FOREX RATES
      • Article
        Lock icon INTERBANK CROSS RATES
        471 9 Feb 17 A$ C$ Rmb Euro HK$ Ind Rs Rupiah Yen Won RM NZ$ Pak Rs Peso S$ Rand Sfr NT$ Baht Pound US$ Australia 0.970 4.875 0.687 6.047 48.448 99.455 0.924 8.606 2.800 1.038 79.105 34.488 1.057 9.078 0.728 24.608 25.377 0.508 0.779 Canada 1.031 5.027
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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 17 Against S$ Against US$ Currencies Bid Offer Bid Offer S$/US$ to one unit of foreign currency: Australian dollar 1.0566 1.0579 0.7791 0.7797 Canadian dollar 1.0899 1.0905 0.8037 0.8037 Euro 1.5392 1.5400 1.1349 1.1350 NZ dollar 1.0186 1.0192 0.7511 0.7512 Sterling pound 2.0820 2.0838 1.5352 1.5358
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      • Article
        Lock icon US$/S$ FORWARD RATES
        22 9 Feb 17 S$ Bid Offer 1-month 1.3567 1.3576 2-months 1.3574 1.3583 3-months 1.3581 1.3591 6-months 1.3596 1.3605 Source: OCBC
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    • EQUITY BONDS WARRANTS FUTURES
      • Article
        Lock icon BONDS, WARRANTS, PREFERENCE SHARES
        210 9 Feb 17 Most active Prem Expiry Vol Conv Exer Disc Gear-Mths Company Last Sale +or-('000) Ratio Price ing Left Rowsley Ltd W*****3 3.8 -0.1 4132 1 18 20 Ezion MB eCW*****2 8.8 0.2 2610 0.4 135 9 Capitaland MB eCW*****1 6.4 0.4 2130 0.2 360 5
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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 16 Index Change Change Change Change Change Change World Preliminary 1321.4 0.0 3.6 0.2 5.0 0.0 2.5 EAFE Preliminary 1044.1 0.1 5.8 0.3 6.2 0.1 3.8 Europe Preliminary 1470.6 -0.1 6.4
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      • Article
        Lock icon SGX DERIVATIVES TRADING
        360 9 Feb 17 OPEN HIGH LOW SETT VOL OP/INT NIKKEI 225 INDEX FUTURES SPOT *****.70 *****.45 *****.26 Mar15 *****.00 *****.00 *****.00 *****.00 ***** *****3 Jun15 *****.00 *****.00 *****.00 *****.00 280 4595 MSCI TAIWAN INDEX FUTURES SPOT 352.70 354.47 352.70 Feb15 ***** ***** Mar15 ***** *****5 CNX NIFTY INDEX
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    • BANK RATES
      • Article
        Lock icon INTERBANK RATES
        154 9 Feb 17 $S Offer Bid 0vernight 0.12 0.05 1-month 0.625 0.50 2-months 0.625 0.50 3-months 0.6875 0.5625 Overnight mode: 0.45 US$ 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 Feb 17 (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
        69 9 Feb 17 Feb 17 GOVERNMENT BONDS Period Issue Coupon Maturity Close Day's code rate Bid High Low 2-Year N*****0Z 2.375 01-Apr-17 103.09 5-Year N*****0H 1.625 01-Oct-19 100.19 100.35 100.35 10-Year NY*****H 3.000 01-Sep-24 106.71 107.15 106.55 15-Year NY*****E 2.875 01-Jul-29 103.55 104.10 103.35 20-Year NZ*****V 3.375 01-Sep-33 109.94
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    • AGRI METALS ENERGY
      • Article
        Lock icon COMMODITY FUTURES
        251 9 Feb-13 Price Net change change Last Trade Agricultural Feb-13 CBOT Soybeans (US cents/bu) 990.50 6.75 0.69% 13/03/2015 CBOT Soybean Oil (US cents/lb) 32.40 0.39 1.22% 13/03/2015 CBOT Wheat (US cents/bu) 533.00 11.75 2.25% 13/03/2014 Feb-16 LIFFE Cocoa (£/tonne) 2005.00 -13.00 -0.64% 16/03/2015 LIFFE Coffee (US$/tonne) 2041.00 32.00 1.59%
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  • Page 5 Advertisements
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      Lock icon Page 5 Advertisements Column 1
      417 5 i 0 > ~srN Vv V l 3 ASIA'S 50 BEST RESTAURANTS 2015 MAESTRO DINNER AT JAAN 6 March 2015 Experience an eclectic menu of innovative Peruvian and Modern French cuisine by JAAN's Chef de Cuisine Julien Royer and the celebrated Lima-based ChefVirgilio Martinez from Central Restaurante. In conjunction with
      417 words
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  • Page 7 Advertisements
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      Lock icon Page 7 Advertisements Column 1
      332 7 InvestorRelationsHighlights Accordia Golf Trust Posts Maiden Results After IPO Accordia Golf Trust (“AGT”), the first SGX-listed business trust comprising investments in golf course assets in Japan, announced a one percent increase in income available for distribution in JPY as compared to forecast for the period from 1 August 2014 (date
      332 words
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      Lock icon Page 7 Advertisements Column 2
      1526 7 National Australia Bank Limited ABN 12 004 044 937 Registered Office: Level 1, 800 Bourke Street, Docklands, Victoria 3008,Australia AuditedBalanceSheetandIncomeStatementasincludedintheAnnualFinancialReport2014 dated 17 November 2014 and other selected disclosures as required by MAS notice 607 Balance Sheet As at 30 September Assets Group Company 2014 2013(1) 2014 2013(1) $m $m $m
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  • REAL ESTATE
    • Article
      Lock icon Home prices in top China cities stabilising in January
      610 10 But nationwide rebound is unlikely in near term due to a massive overhang of unsold homes in lower-tier cities REUTERS Hong Kong AVERAGE new home prices in China’s major cities fell for the ninth straight month in January but showed some
      REUTERS  -  610 words
    • Article, Illustration
      Lock icon Kingsford Waterbay to open for viewing this weekend
      321 10  -  By Lee Meixian leemx@sph.com.sg @LeeMeixianBT Singapore CHINESE-OWNED Kingsford Development will introduce its riverfront project, Kingsford Waterbay, to the public this weekend. This 1,165-unit project is being built on the amalgamated site of two adjoining government land sales (GLS) plots totalling 27,292 square
      321 words
    • Article, Illustration
      Lock icon Mainland brokerages, asset managers driving HK office rents
      1119 10 Chinese firms expanding as MNCs scale back, seek lower rents to cut costs BLOOMBERG Hong Kong CHINESE brokerages and asset management firms are underpinning Hong Kong office rents as the city cements its financial market ties to the world’s second-largest economy. Prime
      BLOOMBERG; PHOTO: AFP  -  1,119 words
    • Article
      Lock icon Italian lender UniCredit to sell property assets worth 2.5b euros
      565 10 BLOOMBERG Milan UNICREDIT SpA is planning to sell 2.5 billion euros (S$3.9 billion) of property, including the home of one of the world’s oldest pawn shops, as Italy’s biggest lender seeks to strengthen its balance sheet. Office buildings, bank branches,
      BLOOMBERG  -  565 words
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      Lock icon Page 11 Advertisements Column 1
      1488 11 A Special Feature Brought to You By Singapore Management University Learning for the ages SMU Prof Annie Koh expects Budget 2015 and SkillsFuture to look into sector-specific training for all companies in the eco-system “People should always ask themselves how to stay relevant. If you don’t read the writing on
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  • BANKING & FINANCE
    • Article
      Lock icon Asian dollar sukuk sales poised to set records
      707 12 Petronas may sell as much as US$7b; M’sia, Cagamas and Export Import Bank also said to be planning offerings BLOOMBERG Kuala Lumpur ASIA is set for the busiest year for dollar sukuk sales in at least five years as Malaysia’s state oil
      BLOOMBERG  -  707 words
    • Article, Illustration
      Lock icon ANZ Q1 cash profit up 3.5% in tougher conditions
      377 12 REUTERS Sydney AUSTRALIA and New Zealand (ANZ) Banking Group on Tuesday posted a 3.5 per cent rise in first-quarter cash profit, warning that 2015 was shaping up to be a“slightly tougher, more volatile” environment. ANZ reported cash profit of A$1.79 billion
      REUTERS; PHOTO: BLOOMBERG  -  377 words
    • Article
      Lock icon ‘Baltic Wall’ looms large as banker frets about Latvian image
      672 12 BLOOMBERG Riga, Latvia RISING tensions over Ukraine and the prospect of more sanctions against Russia are threatening to erect a “Baltic Wall” that would harm Latvia’s ties with some financial centres, according to the Baltic International Bank. Business in the
      BLOOMBERG  -  672 words
    • Article
      Lock icon Foreign private banks plan boost in India headcount
      606 12 REUTERS Mumbai FOREIGN private banks are bulking up in India once again after downsizing in the past few years, anticipating new opportunities to advise Indian millionaires eager to cash in on an Internet startup boom and on signs of an economic revival.
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      Lock icon France ends probe of HSBC’s Swiss bank, eyes first trial
      259 12 REUTERS Paris A FRENCH investigation into HSBC’s Swiss private bank over a suspected tax-dodging scheme for wealthy customers has ended, bringing it a step closer to a possible trial, a judicial source said on Monday. HSBC last week admitted failings
      REUTERS  -  259 words
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  • ENERGY & COMMODITIES
    • Article
      Lock icon Asian refiner margins rise, glut concerns emerge
      426 13 Refiners boost inventories, potentially ending a recent rally that has lifted crude prices from six-year lows REUTERS Singapore A SHARP rise in Asian refiner margins has raised concerns of a build-up in crude and oil products in the next few months as refiners
      REUTERS  -  426 words
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      Lock icon Oil at US$53; Kuwait sees price rise continuing
      319 13 Futures unchanged after 3.1% rise BLOOMBERG Melbourne OIL held near US$ 5 3 a barrel in New York as Kuwait’s oil minister predicted that a price rebound will continue amid a shrinking surplus. Futures were little changed after rising 3.1 per cent
      BLOOMBERG; PHOTO: BLOOMBERG  -  319 words
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      Lock icon Gold gains in longest run in six weeks as leaders discuss Greece
      259 13 BLOOMBERG Melbourne GOLD gained for a third day, the longest run of advances in almost six weeks, as euro-area finance ministers meet amid an impasse over Greece’s financing. Talks between Greece and the rest of the euro area
      BLOOMBERG  -  259 words
    • Article
      Lock icon Transocean CEO steps down, dividend slashed on oil slump
      449 13 REUTERS vernier THE chief executive of Transocean, one of the world’s top offshore drilling companies, is stepping down and the company is slashing its dividend as business slows on tumbling crude oil prices. Transocean said on Sunday that chairman Ian Strachan,
      REUTERS  -  449 words
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      15 13 Brand Your Assets Call 1800 289 8822 or e-mail notices@sph.com.sg to publicise your Financial Statements
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      713 13 The Business Times NOTICES Toll free 1800-289-8822 Email nolices@sph.com.sg www.sphclass.com.sg/notices In the Matter of The Companies Act, Cap. 50 And In The Matter of ALLCO INVESTMENTS PTE LTD (In Creditors’ Voluntary Liquidation) (CO. REG. NO. *****2326M) At an Extraordinary General Meeting of the Company duly convened and held at 8
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      431 13 In The Matter Of The Companies Act, Cap. 50 And In The Matter Of BRITTANY INVESTMENTS PRIVATE LIMITED Company Reg. No. *****4909Z Notice of Creditors’ Meeting Pursuant To Section 296 Of The Companies Act, Cap. 50 NOTICE is hereby given that pursuant to Section 296 of the Companies Act, Cap.
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  • CONSUMER
    • Article, Illustration
      Lock icon All eyes on Ferrero’s next generation
      718 15 Family business has avoided deals till now but this could change as it has plenty of potential suitors REUTERS Milan THE death of Italian billionaire Michele Ferrero could ultimately herald a deal involving the chocolate empire bearing his name, with the family’s third generation
      REUTERS; PHOTO: BLOOMBERG  -  718 words
    • Article
      Lock icon Bordeaux 2014 wines signal recovery after bad year
      417 15 BLOOMBERG London WINES from Bordeaux’s 2014 grape harvest benefited from sunny picking conditions in September and are showing signs of improved quality after cool, wet weather cut yields in 2013, according to growers interviewed this month. “2014 is encouraging,” Gabriel Vialard, technical
      BLOOMBERG  -  417 words
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      Lock icon Putin lets consumers feel the pain as slump deepens in Russia
      995 15 Little help as Russia’s public finances have deteriorated with plunge in oil prices WP Moscow RUSSIAN households are bearing the brunt of the blowback from the crisis in Ukraine and a tailspin in oil prices, setting the stage for
      WP; PHOTO: BLOOMBERG  -  995 words
    • Article
      Lock icon Study: Plain, non-branded cigarette packs may deter smoking
      396 15 REUTERS London STUDIES on the health impact of “plain” or standardised cigarette packs suggest they can deter non-smokers from taking up the habit and may cut the number of cigarettes smokers get through, scientists said on Tuesday. In a collection of scientific
      REUTERS  -  396 words
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  • GOVERNMENT & ECONOMY
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      Lock icon Confidence among US homebuilders declines in February to four-month low
      674 16 Manufacturing activity growth in New York State slips this month, finds NY Fed survey LATEST US DATA BLOOMBERG REUTERS New York CONFIDENCE among US homebuilders decreased in February to the lowest level in four months as winter weather prevented some
      BLOOMBERG; REUTERS; PHOTO: AFP  -  674 words
    • Article
      Lock icon How a liquidity squeeze could push Greece out of the euro
      710 16 Stand-off between Greece, creditors risks triggering cash and credit crunch GREECE BAILOUT TALKS BLOOMBERG Milan THE stand-off between Greece and its creditors on how to proceed on its bailout programme risks triggering a simultaneous cash and credit crunch, which
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      Lock icon Tsipras needs to slow ambitious timetable
      603 16 BLOOMBERG London LESS than a month into its tenure, the Greek government is finding that it will be very difficult to fulfil electoral promises to rapidly change the country’s economic management and its ties with its European partners. The approach taken by Alexis Tsipras,
      BLOOMBERG; PHOTO: REUTERS  -  603 words
    • Article
      Lock icon Why some US firms take one big hit on Venezuelan businesses
      932 16 REUTERS New York AMERICAN companies tired of seeing their earnings badly hurt by Venezuela’s crumbling bolivar currency system, can with the stroke of a pen get rid of much of the problem. But it means writing down the value
      REUTERS  -  932 words
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      Lock icon Politics of monetary easing likely to shrink BOJ’s wiggle room
      795 17  -  Analysts say the fear of further falls in the value of the yen and retaliatory actions are likely to limit further exercises in monetary easing by Japan’s central bank By Anthony Rowley btworld@sph.com.sg Tokyo THE Policy Board of the Bank
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    • Article
      Lock icon Bank Indonesia unexpectedly cuts interest rate to bolster growth
      413 17 BLOOMBERG Jakarta INDONESIA’S central bank unexpectedly cut its main interest rate for the first time in three years, joining global counterparts in easing monetary policy to support South-east Asia’s biggest economy as inflation cools. Bank Indonesia governor Agus Martowardojo and his
      BLOOMBERG  -  413 words
    • Article
      Lock icon UK inflation slows more than forecast to record low 0.3%
      673 17 BLOOMBERG London BRITAIN’S inflation rate fell more than economists forecast in January, dropping to a record low as food and fuel prices plunged. Consumer price growth slowed to 0.3 from 0.5 per cent in December, the lowest since the data
      BLOOMBERG  -  673 words
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      Lock icon German investor confidence at a high after Nov turnaround
      499 17 BLOOMBERG REUTERS Frankfurt GERMAN investor confidence rose to the highest level in a year in February, buoyed by the imminent arrival of fresh central-bank stimulus. The ZEW Centre for European Economic Research in Mannheim said on Tuesday that its index of
      BLOOMBERG; REUTERS  -  499 words
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      Lock icon China’s growth seen slowing to between 6.9% and 7.1% this year
      454 18 Sluggish demand will hit expansion; biggest medium-term uncertainty is deflation risk: official REUTERS Beijing CHINA’S economic growth could slow to between 6.9 per cent and 7.1 per cent this year as the country fends off deflation risks, the head
      REUTERS; PHOTO: REUTERS  -  454 words
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      Lock icon South Korean central bank holds rates for fourth month, as expected
      362 18 REUTERS Seoul SOUTH Korea’s central bank kept interest rates unchanged for a fourth straight month on Tuesday, as expected, while observing the effects of global policy changes on its gradually recovering economy. The Bank of Korea’s monetary policy committee
      REUTERS  -  362 words
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      Lock icon Doubts over China commodity demand, local consumption led to RBA rate cut
      704 18 BLOOMBERG Sydney THE Reserve Bank of Australia said doubts about a pickup in domestic spending and China’s appetite for raw materials prompted this month’s decision to lower interest rates, and reiterated that the Aussie dollar remains too high.
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      Lock icon India firms disappoint with 6% earnings fall
      321 18 REUTERS Mumbai EARNINGS of India’s largest companies fell more than expected in the latest quarter, adding to scepticism over a stock market rally that started in early 2014 and official figures showing the country’s economic growth outpaced China’s. The combined net income of
      REUTERS  -  321 words
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      Lock icon Foreign debt burden at heart of Russian economic worries
      615 18 REUTERS MOSCOW LOOMING debt repayments by Russian companies are now central to discussions of Russia’s ability to weather the financial shocks caused by low oil prices and Western sanctions, but the picture is more complex than commonly believed. Despite last week’s
      REUTERS  -  615 words
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      Lock icon War takes its toll as Ukraine GDP plunges 15.2% in Q4
      234 18 BLOOMBERG Kiev UKRAINE’S worst recession since 2009 intensified last quarter, highlighting the nation’s challenge after sealing a US$17.5 billion bailout and agreeing on a truce in the war that’s devastated its industrial base. Gross domestic product fell a preliminary
      BLOOMBERG  -  234 words
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      62 17 Myanmar: Myanmar Civil Aviation Development Conference 2015 23 26 March 2015 Sedona Hotel Yangon www.mcadc.sphereconferences.com Greater Heights Organiser: Patron: sphere SINGAPORE PRESS HOLDINGS Official Host: Group booking is available too! Enjoy up to 20% discount* if you sign up in groups of 3 or 6. *Terms and Conditions apply To
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      24 17 51 la 15m jEsinglish @L Scan Watch j lifestyle.omy.sg Download omy Apps f Om V J HWlH n mm omy News iOSAppStore Google Play
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  • TRANSPORT
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      Lock icon Japan’s car makers rev up to face US competition
      805 19 They are revamping lineups with greater focus on trucks and SUVs as American car sales are set to boom AFP Chicago WITH car sales booming and the spring sales season about to get underway, Japanese and Korean carmakers are feeling the
      AFP; PHOTO: AFP  -  805 words
    • Article, Illustration
      Lock icon Ford guns for China’s app addicts, seeks WeChat tie-up
      469 19 REUTERS Beijing FORD Motor wants Tencent Holdings to tailor its popular chatting app for the firm’s cars in China, as automakers in the world’s largest market vie for drivers that care about high-tech features as much as engine size. Rivals including
      REUTERS  -  469 words
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      Lock icon Bad and good news from the cruise industry
      684 19  -  STRAIT TALK BY DAVID HUGHES SOMEWHAT ironically two news stories about the cruise industry popped up close together in my in-box in the past week, one good, one bad. The captain of the Costa Concordia, Francesco Schettino, has been sentenced to 16
      PHOTO: REUTERS  -  684 words
    • Article
      Lock icon Rolls-Royce implicated in Petrobras bribery claim
      356 19 REUTERS London ROLLS-ROYCE has not been approached by authorities in Brazil regarding bribery allegations made by a former Petrobras manager in a corruption scandal engulfing the state oil company, the British engineering company said on Monday. The company, a supplier of gas turbines for
      REUTERS  -  356 words
    • Article
      Lock icon Turkish Airlines said to be considering A380 lease from MAS
      195 19 BLOOMBERG Istanbul TURKISH Airlines is considering leasing two Airbus A380 superjumbos from Malaysia Airlines (MAS), giving the rapidly expanding carrier a test run at the world’s largest plane, according to people familiar with the plan. Senior management will ask for
      BLOOMBERG  -  195 words
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  • OPINION
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      Lock icon MAS must be creative in crafting crowdfunding rules
      543 20 THE Monetary Authority of Singapore (MAS) proposal to make equity crowdfunding a sophisticated investor-only market has drawn criticism from some industry players, who argue that the limitation goes against the very concept of raising money from a crowd. EDITORIAL The regulator is
      543 words
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      Lock icon Why central bank easing won’t be so easy in China
      684 20  -  THE BOTTOM LINE By William Pesek BLOOMBERG VIEW AS Chinese leaders attempt to guide their slowing economy into a soft landing, they’re counting heavily on People’s Bank of China (PBOC) governor Zhou Xiaochuan to keep conditions stable. It’s a daunting
      BLOOMBERG VIEW  -  684 words
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      Lock icon Obama faces battle over trade deals
      1145 20  -  An alliance of progressive Democrats and Tea-Party Republicans oppose fast-track powers for the president arguing that the TPP and TTIP will hurt ordinary Americans By Leon Hadar Washington DEBATE over US global trade policy make for strange political bedfellows. So as Washington prepares for
      PHOTO: REUTERS  -  1,145 words
    • Article
      Lock icon Hubris and the reality of Europe
      906 21  -  COMMENTARY By Adair Turner T The writer is former chairman of the Financial Services Authority. This is an edited version of an article originally published by the Centre for European Reform IT ONCE seemed that the European Union, by completing the European single market,
      906 words
    • Article
      Lock icon Jakarta holds key to keeping S-E Asia safe in war on terror
      994 21  -  By Derwin Pereira T The writer heads Pereira international, a Singapore-based political consultancy. He is also a member of the Belfer Center for Science and International Affairs at Harvard University AS the Islamic State of Iraq and Syria
      994 words
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      Lock icon SGX-CBA crowdfunding JV a move in the right direction
      1014 21  -  The SGX-CBA equity-based crowdfunding platform a world first plays to Singapore’s advantage and will boost the entrepreneurial finance ecosystem. BY ZAID HAMZAH BY ecosystem.BY ZAID HAMZAH T The writer is a venture capital lawyer who lectures on the law of investments
      PHOTO: BLOOMBERG  -  1,014 words
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  • Article
    Lock icon THE BUSINESS TIMES SHIPPING TIMES
    1907 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 6/3 7/3
    1,907 words
  • Page 22 Advertisements
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      108 22 Experienced sh/p maintenance services wanted. Can they find your services here in the Shipping Times? TO ADVERTISE, CALL JOE WONG AT 9620 1327 S—m THE BUSINESS TIMES Shipping times i V Managing Director FOONGSUN SHIPPING (PTE) LTD Mr. Shigeki Kurimi Managing Director FUJITRANS (ASIA) PTE.LTD. Mr. Kosuke Matsumoto Managing Director
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  • LIFE & CULTURE
    • Article, Illustration
      Lock icon Oscars telecast: Come for the music, stay for the movies
      653 23 Producers hope big musical sequences will attract younger audience without alienating adult viewers REUTERS Los Angeles LADY Gaga will perform in a sure-to-be eye-catching outfit, Tim McGraw adds a little country to Hollywood, Adam Levine brings rock-star swagger and pop
      REUTERS; PHOTO: AFP  -  653 words
    • Article
      Lock icon Fireworks in US-China relations – in a good way for Chinese New Year
      748 23 Fireworks in US-China relations in a good way for Chinese New Year Pyrotechnicians from both countries work together on a festive fireworks display in Brooklyn NYT New York VIEWED from one angle, a hopeful tableau of Chinese-American relations unfolded over the weekend on a pier in Brooklyn: US and Chinese
      NYT  -  748 words
    • Article, Illustration
      Lock icon Lady Gaga, actor Taylor Kinney get engaged
      407 23 AFP New York POP diva Lady Gaga announced to the world on Monday that she is getting married to an actor she met making a video, in which she wore her mother’s wedding dress. The 28-year-old superstar, who has become as known for
      AFP  -  407 words
    • Article
      Lock icon Scientists flag rise of short term ozone-eroding gases
      527 23 AFP Paris ENVIRONMENTAL scientists raised concern on Monday at rising levels of gases that attack Earth’s protective ozone layer, including man-made chemicals not covered by a key UN treaty. Researchers at Leeds University in northern England said that two computer models highlighted
      AFP  -  527 words
  • Page 23 Miscellaneous
    • Miscellaneous
      Lock icon Page 23 Miscellaneous Column 1
      330 23 CRYPTIC CROSSWORD Across 1 It may be the thing required (7) 5 He swears he’s a soldier (7) 9 Goat-like figure heads a list of animals (5) 10 Not a single female will go out in this outfit (9) 11 Give up using catapult i.e. playing around (10) 12 High-class
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  • EXECUTIVE MONEY
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      Lock icon Let’s not embrace deflation risks
      873 24  -  MONEY MATTERS By Chetan Ahya, Derrick Kam The writers are with Morgan Stanley, Chetan Ahya as chief Asia economist, and Derrick Kam, an analyst Deflation is no longer a myth, nor is it an issue confined to the developed world. Seven economies in Asia (ex-Japan)
      873 words
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      Lock icon China’s IPO billionaires
      1277 24 A rousing market rally in the first six weeks of the year hatched some two dozen billionaires BLOOMBERG Hong Kong CHINA’S world-best stock market rally made January the busiest month for IPOs in a year. It also created a bundle of new billionaires. In the first six
      BLOOMBERG; PHOTO: BLOOMBERG  -  1,277 words
    • Article
      Lock icon Funds buy Ezion, sell Frasers Centrepoint Trust
      486 24 GLOBAL mutual funds sold slightly more Singapore shares than they bought in the three months to Feb 11. Based on the top five stocks, funds sold S$1.15 billion worth of shares, compared to net buys of S$1.1 billion. This week we look at
      486 words