The Business Times, 24 February 2015

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Microfilm: NL33375
Total Pages: 30
1 30 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 Tuesday, February 24,2015
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  • Article
    Lock icon MARKETS
    26 1 Monday Change STI 3,421.30 -14.36 KL COMP 1,809.39 +1.52 NIKKEI 225 18,466.92 +134.62 HANG SENG 24,836.76 +4.68 SHENZHEN B CLOSED DOW (11am EST) 18,097.93 -42.51
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  • Article
    Lock icon Jubilee Budget sets course for Singapore’s future
    1354 1  -  Culture of personal effort, responsibility to be complemented with stronger collective responsibility: Tharman By Kelly Tay kellytay@sph.com.sg @KellyTayBT Singapore BUDGET 2015 did not bring the sort of one-off celebratory goodies most were expecting, but the measures announced amounted to a more permanent, far-reaching
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  • Article
    Lock icon Fortifying Singapore’s four pillars of social security
    1043 1 EDITORIAL THE Golden Jubilee budget presented yesterday by Finance Minister Tharman Shanmugaratnam is, more than anything else, another big step towards providing greater social empowerment, progressivity, protection and inclusiveness which have come to be the hallmarks of economic policy-making in recent years. As
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  • Page 1 Advertisements
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      162 1 Hill 8 '*****1 *****4 87TH ACADEMY AWARDS Birdman the big winner LIFE CULTURE 28 GUNG-HO ATTITUDE Poh Group engineering its own success SME/30 SHORT-SELL ATTACKS Less impact likely as market learns and adapts HOCK LOCK SIEW/12 LOOKING AHEAD Restructured Beyonics seeking investment opportunities COMPANIES MARKETS 12 Cartier CALIBRE DE CARTIER
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  • BUDGET 2015
    • Article
      Lock icon A more nuanced approach to restructuring
      1172 2  -  Embracing innovation instead of relying on cheap foreign labour will reap greater long-term rewards By Teh Shi Ning tshining@sph.com.sg @TehShiNingBT Singapore SINGAPORE will slow the pace at which it is squeezing foreign worker inflows, but the government made sure that this would not be
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    • Article
      Lock icon Sweetening the deal for firms to innovate and expand abroad
      963 4  -  Government to introduce two new schemes, boost existing incentives By Jamie Lee leejamie@sph.com.sg @JamieLeeBT Singapore THE government is pushing more Singapore companies to go overseas and innovate and will introduce two new schemes, while amping up existing incentives, to make
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    • Article
      Lock icon Go forth and multiply
      711 4  -  COMMENTARY By Russell Aubrey, Sandie Wun The writers are respectively partner and director, transaction tax, at EY in Singapore BUSINESSES of all sizes should be rejoicing over the goodies distributed in this year’s Budget announcement. Particularly, the measures targeted at helping Singapore companies internationalise send a
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    • Article
      Lock icon Building deep skills complements productivity drive
      605 4  -  COMMENTARY By Tay Hong Beng, Harvey Koenig The writers are respectively head of tax and partner at kpmg in Singapore IN many ways, this year’s Budget continues the push to transform Singapore’s economy. The goal is quality growth and sharing the fruits of that
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    • Article
      Lock icon ASME sees little cost relief
      779 4  -  Association chief cites higher CPF contributions, deferred levy hike instead of cuts By Mindy Tan tanmindy@sph.com.sg @MindyTanBT Singapore WHILE the extension of the corporate income tax rebate and Wage Credit Scheme is welcomed, businesses say the raft of rebates and scheme enhancements does not necessarily
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    • Article, Illustration
      Lock icon Bucks to the Future
      514 6 A hefty bunch of goodies aimed at preparing Singapore for the future makes Budget 2015 the most generous since the interventionist package during the Global Financial Crisis. BT Infographics INS AND OUTS LIFELONG LEARNING S$6.7b Minimum age for initial S$500 SkillsFuture Credit Recipients may accumulate the
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    • Article
      Lock icon S$500 to kick off each SkillsFuture account
      883 6  -  Singaporeans aged 25 and older eligible; regular top-ups to follow By Lee U-Wen leeuwen@sph.com.sg @LeeUwenBT Singapore FROM next year, every Singaporean aged 25 and up will have a personal SkillsFuture Credit account with an initial amount of S$500 to spend on education and
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    • Article
      Lock icon Of adequacy and adaptability
      839 6  -  COMMENTARY By Vishnu Varathan T The writer is senior economist and head of economics, markets strategy, Singapore treasury division, at Mizuho Bank IN sharp contrast to most developed economies, financial adequacy, or rather the lack thereof, neither daunts nor defines Singapore’s Budget. The fact is, an
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    • Article
      Lock icon Petrol duty raised, CEVS refined
      484 7  -  By Samuel Ee samuelee@sph.com.sg Singapore PETROL excise duties were raised by up to 45 per cent on Monday, with the change to yield S$177 million a year. But with falling oil prices, Finance Minister Tharman Shanmugaratnam said pump prices will still be lower than the
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    • Article
      Lock icon Budget for the future
      775 7  -  COMMENTARY By Jill Lim, Sabrina Sia T The writers are respectively global employer services leader and director of taxes at Deloitte Singapore. The views expressed are their own ONE of the major themes of the 2015 Budget is to strengthen social support to ensure assurance in
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    • Article
      Lock icon Budget 2015: Business reactions
      428 7 “THE Singapore International Chamber of Commerce (SICC) welcomes the targeted focus on developing skills and competencies via SkillsFuture. Boldness is needed to achieve sustained innovation and productivity improvement and this is a bold step. It encourages and incentivises a mindset change among employers and employees alike.
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    • Article
      Lock icon Higher tax rates for top 5% of income-earners
      760 7  -  But this is offset to varying extent by the rise in CPF salary ceiling to S$6,000 By Siow Li Sen lisen@sph.com.sg @SiowLiSenBT Singapore THE rich will have to pay more taxes under the redistributive Budget as Singapore continues to ensure a fair
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    • Article, Illustration
      Lock icon S$6.67b FY15 forecast deficit to fund future investments
      654 8  -  Funds for Changi Airport development, employment credit, productivity and research to take up S$6b Reports by Nisha Ramchandani nishar@sph.com.sg @Nisha_BT Singapore AN overall budget deficit of S$6.67 billion, or 1.7 per cent of GDP, is expected for fiscal year 2015 as a
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    • Article
      Lock icon FY14 shortfall smaller than projected at 0.03% of GDP
      431 8 THE government has unveiled a small-er-than-estimated Budget deficit of S$0.13 billion for fiscal year 2014, versus a projected S$1.16 billion deficit, thanks in part to higher operating revenue and larger net investment returns contribution (NIRC). Private-sector economists were generally expecting the
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    • Article, Illustration
      Lock icon BT Infographics
      48 8 A sizeable deficit sets Budget 2015 apart from the government’s spending plans in previous years. See where the money will come from, and where it will go. Overall balance Revised estimate where the money comes from Where the money goes Budget nuggets FY 2014 revised estimates
      Revised estimate  -  48 words
    • Article
      Lock icon Temasek to contribute more to govt coffers
      839 9  -  It will be included in the Net investment Returns framework; no change to its investment strategy, says spokesman By Siow Li Sen lisen@sph.com.sg @SiowLiSenBT Singapore IN a surprise move, Temasek Holdings from 2017 will be contributing more to the government’s coffers as it
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    • Article
      Lock icon Tax incentives for S-Reits extended but not stamp duty remissions
      671 9  -  By Lee Meixian leemx@sph.com.sg @LeeMeixianBT Singapore INCOME tax and GST concessions for Singapore real estate investment trusts (S-Reits) will be extended for five more years, but stamp duty concessions for the purchase of local properties will be allowed to lapse
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    • Article
      Lock icon CPF changes to boost savings and returns
      727 10  -  initiatives will help workers meet their basic needs in later years By Claire Huang huangjy@sph.com.sg @ClaireHuangBT Singapore THE government will roll out substantial changes to the Central Provident Fund (CPF) scheme that will help working Singaporeans, especially the lower and middle-income groups, save
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    • Article
      Lock icon Silver Support to pay out S$600 on average each quarter
      577 10  -  By Chuang Peck Ming peckming@sph.com.sg Singapore LOWER-INCOME retirees stand to receive an average of S$600 every three months for life under the Silver Support scheme to be rolled out in the first quarter of next year. Finance Minister Tharman Shanmugaratnam
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    • Article
      Lock icon Silver Support Scheme is first step to a minimum pension guarantee
      790 10  -  COMMENTARY By Walter E Theseira T The writer is assistant professor of economics at Nanyang Technological University IN the 2015 Budget, the government introduced a major policy to address retirement adequacy: the Silver Support Scheme, a permanent programme that
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    • Article, Illustration
      Lock icon SMEs hail Budget initiatives to help with restructuring, growth
      434 10  -  By Arthur Lee Singapore BUDGET day saw several hundred SME guests attending this year’s OCBC’s Global Enterprise Banking Chinese New Year thank you party on Monday night, and with SMEs a focus of the Budget, it naturally provoked lively discussions. “As
      PHOTO: ARTHUR LEE  -  434 words
    • Article
      Lock icon Perks for donations, handouts to lighten load on needy
      493 10  -  By Chuang Peck Ming peckming@sph.com.sg Singapore BIGGER tax incentives will be dangled to fuel the spirit of giving, with the government taking the lead by bumping up its handouts to help needy households cope with the costs of living. The latter
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  • Page 2 Advertisements
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      Lock icon Page 2 Advertisements Column 1
      397 2 r •<* r Seminar 2015 Tuesday, 10 March 2015 9:00 a.m. to 5:30 p.m. (Registration begins at 8;30 a.m.) m 7/> Raffles City Convention Centre Fairmont Ballroom, Level 4 80 Bras Basah Road Singapore *****0 Register online at www.ey.com/sg/budget V At At EY's full-day Budget Seminar, our tax leadership will
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    • Advertisement
      Lock icon Page 2 Advertisements Column 2
      509 2 KPMG Seminar Series KPMG Seminar Series SINGAPORE Goods and Services Tax (GST) Seminar Applying GST to your business activities Date Monday, 30 March 2015 Time 9.00am 5.00pm Venue Orchard Hotel 442 Orchard Road Singapore *****9 Seminar fees KPMG Client Alumni SIATP Member S$396 per participant Standard S$450 per participant A
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      463 3 SINGAPORE BUDGET 2015 HAPPY BIRTHDAY TO US... SkillsFuture Initial credit of $500 for all Singaporeans aged 25 yrs above, topped up at regular intervals, for education training Subsidies for Singaporeans aged 40 yrs above: 90% of cost of training for courses funded by MOE WDA Silver Support Targeted at the
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  • Page 7 Advertisements
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      255 7 Budget Seminar 2015 Solving Tomorrow’s Problems Today How will this year’s Budget impact you andyour business? Wednesday, 4 March 2015, The Ritz-Carlton, Millenia Singapore r u Join us at our annual seminar where we will share our perspectives on the Budget and explain its implications for individuals and businesses. Additionally,
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  • Page 9 Advertisements
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      603 9 Usher Prosperity into Your Office with StarHub business solutions. SMART OFFICE SUITE The All-in-One Bundle for Business Prosperity GREAT VALUE PACK Save Over 41% $143/month (U.P. $2 3.90/month) Comes with: SAMSUNG GALAXY CORE TOP UP $90/month for BUSINESS FIBRE BROADBAND MOBILE PLAN 4G 3 Plan (150 min 3GB data) 30Mbps
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  • TOP STORIES
    • Article
      Lock icon Inflation in January stays negative mainly due to crude oil slump
      508 11  -  Lower food and services inflation also helps push headline rate to minus 0.4%, from -0.1% in December 2014 By Prisca Ang prisang@sph.com.sg Singapore INFLATION has sunk deeper into negative territory, due mainly to sharper price declines in direct oil-related
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    • Article, Illustration
      Lock icon Greece seeks bailout extension with new reform plan
      587 11 AFP Athens GREECE’S new anti-austerity government submitted a preliminary list of reform proposals to Brussels on Monday in a bid to secure a four-month extension to its lifeline debt bailout, a European source said. If the measures fail to win the approval
      AFP  -  587 words
    • Article
      Lock icon S’pore Q4 domestic wholesale trade dips
      317 11  -  By Andrea Soh sandrea@sph.com.sg @AndreaSohBT Singapore SINGAPORE’S domestic wholesale trade contracted 12.9 per cent in the fourth quarter of 2014 compared to a year earlier, data released by the Department of Statistics on Monday showed. The drop was largely due to steep dou-ble-digit fall
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  • Page 11 Advertisements
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      Lock icon Page 11 Advertisements Column 1
      63 11 FACT. My ERR software is so old and creaky. Support is almost non-existent. We can help you migrate to ERP+CRM smoothly. Call *****832 today! ERP+CRM Software A truly integrated solution Serving Singapore companies proudly for 22 years FACT Software International Pte Ltd (*****6146Z) 10 Hoe Chiang Road #14-07 Keppel Towers
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    • Advertisement
      Lock icon Page 11 Advertisements Column 2
      347 11 ONLINE SALE www.oaks.com.sg Wine, Whisky, Sake, Champagne, Life Style and Wine Accessories... Over 500 products available.. NEW IN: Japanese Whisky! Suntory Hibiki 21 Years Old Mount Fuji Limited Edition Blended Whisky Usual: S$1,250.00 Now: S$1,050.00 m* 'Discovery >. Limited Stock The Oaks Cellars Pte Ltd 0 aTk 315 Outram Road
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  • COMPANIES & MARKETS
    • Article
      Lock icon Short-sell attacks likely to have less impact as market learns and adapts
      630 12  -  HOCK LOCK SIEW BY R SIVANITHY sivan@sph.com.sg @RSivanithyBT WHEN Iceberg Research last week said in a 17-page report that Noble Group’s shares were worth only 10 cents at a time when the price was S$1.20, there were worries
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    • Article, Illustration
      Lock icon Restructured Beyonics seeking investment opportunities
      633 12  -  By Cai Haoxiang haoxiang@sph.com.sg @HaoxiangCaiBT Singapore THREE years after loss-making local contract manufacturer Beyonics Technology was acquired by private equity firm Shaw Kwei Partners, it is now profitable for its financial year ended Dec 31, 2014, has no debt, and is looking for investment opportunities.
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    • Article, Illustration
      Lock icon Rex increases stake in Trinidad & Tobago asset
      376 13  - Rex increases stake in Trinidad Tobago asset Acquisition brings its total indirect interest in Cory Moruga Block to 83.8% By Andrea Soh sandrea@sph.com.sg @AndreaSohBT Singapore CATALIST-listed Rex International has upped its stake in a Trinidad and Tobago asset where drilling has uncovered positive seismic data. The firm acquired a 63.8
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      Lock icon SIA slips a notch on Fortune’s list of 50 most-admired companies
      420 13  -  By Chan Yi Wen yiwenc@sph.com.sg @ChanYiWenBT Singapore SINGAPORE Airlines (SIA) has emerged in 19th spot on Fortune magazine’s annual list of the world’s 50 most admired companies this year, down one position from last year. Despite the dip, the
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    • Article
      Lock icon Sino Construction unit builds power plants in South Korea
      270 13  -  By Chan Yi Wen yiwenc@sph.com.sg @ChanYiWenBT Singapore SINO Construction’s power generation subsidiary is gearing up for business in South Korea, but its success is ultimately contingent upon regulatory approval. On Monday, the company announced that its 70 per cent owned joint
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    • Article, Illustration
      Lock icon STI / Catalist
      62 14 STI Catalist Straits Times Index Feb 23,2015 3,421.30 -14.36 (-0.42%) Current streak 1 day Day high 3,458.14 Day low 3,421.30 52-week high 3,444.57 (Feb 11,2015) 52-week low 3,057.20 (Mar 20, 2014) FTSE ST Catalist Index Feb 23,2015 713.17 -3.27 (-0.46%) Current streak 1 day Day high 719.98 Day low 711.13
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      Lock icon Singtel, HK Land drag STI lower
      631 14  -  The two stocks together cut 14 points off the index, outweighing gains in other blue chips STOCKS By R Sivanithy sivan@sph.com.sg @RSivanithyBT THE Straits Times Index (STI), which last Wednesday had been pushed up 20 points, on Monday fell back by 14.36 points or
      Source: Bloomberg  -  631 words
    • Article
      Lock icon STI STOCKS
      313 14 Stock name Close Change Day high/low 52w high 52w low PE Div yield Mcap Ascendas Reit 244 -2 246/242 263 213 5.8 6169.2 CapitaLand 363 -5 371/361 371 268 13.3 2.5 *****.6 CapitaMall Trust 212 -3 217/211 226 186 5.1 7354.3 CityDev 1033 cd +5 1040/1030 1118 907
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    • Article
      Lock icon MOST ACTIVE
      34 14 VOLUME Golden Agri-Res 61,941,400 IHC 51,596,800 ThaiBev 38,560,500 Xpress 38,115,300 Pacific Andes 33,044,100 Market volume 1,176,172,000 VALUE SingTel 122,534,025 DBS Grp 115,280,744 UOB 69,407,953 CapitaLand 65,148,259 Keppel Corp 56,605,101 Market value 1,290,427,000
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    • Article
      Lock icon SGX ETFs
      109 14 Most Active Fund Last sale +/-(‘000) Day high/low 52w high/low Buy/Sell Mcap IS MS India US$ US799 -3 422 807/799 1000/580 797/800 99.9 Nikko AM STI ETF 348 189 351/348 422/311 347/348 8.4 STI ETF 342 -2 182 346/342 349/305 341/342 ABF SG Bond ETF 114.8 -0.7 131
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    • Article
      Lock icon OTHER SINGAPORE INDICES
      77 14 Feb 23 VALUE CLOSE BT OB/OS -264.00 +90.00 BT CADI -*****.00 +3.00 BT 10-day MA -*****.00 -26.00 FTSE ST Mid Cap 781.46 -1.66 FTSE ST Small Cap 493.76 +0.70 FTSE ST All Share 821.38 -2.89 FTSE ST China Top 192.02 -0.10 FTSE ST China 234.64 -0.83 FTSE
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      Lock icon STI / FTSE ST All-Share
      35 14 STI FTSE ST All-Share ftse ST All-Share index Feb 23,2015 821.38 -2.89 (-0.35%) Current streak 1 day Day high 828.40 Day low 821.38 52-week high 827.11 (Feb 11, 2015) 52-week low 745.24 (Mar 20, 2014)
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      Lock icon STI / MSCI EAFE
      33 14 STI MSCI EAFE MSCI EAFE Index Feb 20,2015 1,866.73 +2.85 (+0.15%) Current streak 3 days Day high 1,867.88 Day low 1,854.79 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 14 MAIN CATL TOTAL Up Down Unch Up Down Unch Up Down Unch Multi Ind 7 4 4 0 0 0 7 4 4 Manufacturing 53 46 40 6 9 7 59 55 47 Commerce 16 20 20 3 4 2 19 24 22 Tpt/Stor/Comms 17 13 8
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    • Article
      Lock icon SECURITIES TRADING TURNOVER
      121 14 VOLUME (‘000) VALUE (‘000) MAIN CATL TOTAL MAIN CATL TOTAL Multi Ind 45,668 45,668 114,054 114,054 Manufacturing 227,111 22,944 250,055 118,779 1,936 120,714 Commerce 89,169 19,362 108,531 89,544 963 90,507 Tpt/Stor/Comms 104,038 37 104,075 237,310 8 237,318 Finance 24,208 21 24,229 255,207 5 255,212 Construction 35,694 3,413
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    • Article
      Lock icon GAINERS
      80 14 BY CENTS CLOSE UP 52w high/low DBXT MSJAP US$ 4873 189.2 2.9 4873/4260 SPDR S&P500 US$ ***** 141.6 0.5 *****/***** DBXT E50 US$ 5058 121.2 1.8 5630/4562 DBXT China50 US$ 3491 55.8 1.2 3516/2577 Lyxor US DJIA US$ 1840 53.1 2.2 1900/1629 BY PERCENTAGE CLOSE UP 52w high/low Del
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    • Article
      Lock icon LOSERS
      70 14 BY CENTS CLOSE DOWN 52w high/low DBXT AUDCS US$ *****-3108.0 -11.8 *****/***** GLD US$ ***** -202.8 -1.3 *****/***** JMH USD 6550 -136.1 -1.5 6788/5481 SIA 1200 -26.0 -2.1 1291/957 HogkongLand USD 763 -24.5 -2.3 830/612 BY PERCENTAGE CLOSE DOWN 52w high/low InterraResW*****8 0.2 -85.7 -1.2 3/0.2 NKY *****MBePW*****3 7
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    • Article
      Lock icon UNUSUAL ACTIVITY
      84 14 VOL CLOSE($) CHANGE Lung Kee Bermuda 1.0 0.450 -0.050 -10.00 Dapai Intl^ 1,400.0 0.010 +0.002 +25.00 Xpress 38,115.3 0.010 +0.003 +42.86 ChangtianPlastic 368.0 0.040 -0.019 -32.20 HL Global Ent^ 230.1 0.038 +0.006 +18.75 Darco Water Tech 3,573.0 0.023 +0.002 +9.52 Transcorp 3,523.9 0.169 -0.009 -5.06 JEP 915.0 0.038
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    • BROKERS’ TAKE
      • Article
        Lock icon Marco Polo Marine
        184 14 Buy Feb 23 close: S$0.28 Target price: S$0.60 OSK DMG Research, Feb 23 MARCO Polo Marine’s Q1 FY15 core profit after tax and minority interests (Patmi) only met 9.6 per cent of our estimate, mainly attributed to a lower utilisation of the tug-and-barge fleet and a transitional
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      • Article
        Lock icon Libra Group
        198 14  -  Compiled by Chan Yi Wen Buy Feb 23 close: S$0.225 Target price: S$0.33 OCBC Investment Research, Feb 23 AFTER a series of contract wins announced, Libra’s wholly owned Mechanical Electrical (M&E) subsidiary, Kin Xin Engineering, had successfully attained upgrades to a L6 category for its Building Construction Authority
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    • Article
      Lock icon CALENDAR
      17 14 I (Feb 24) Singapore wholesale Trade index I 10pm (Feb 24) US S&P/CaseShiller Home Price index
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    • Article
      Lock icon Swiss franc nears 5-week low on Greek debt deal
      402 15 CURRENCIES REUTERS London THE Swiss franc shed over one per cent against the dollar on Monday, dropping towards a five-week low as some of the Greece-related safety flows waned after a conditional loan extension for the bailed-out country was reached late
      REUTERS  -  402 words
    • FOREX RATES
      • Article
        Lock icon INTERBANK CROSS RATES
        471 15 Feb 23 A$ C$ Rmb Euro HK$ Ind Rs Rupiah Yen Won RM NZ$ Pak Rs Peso S$ Rand Sfr NT$ Baht Pound US$ Australia 0.981 4.887 0.688 6.060 48.560 100.221 0.931 8.665 2.843 1.041 79.478 34.590 1.064 9.136 0.740 24.767 25.455 0.508 0.781 Canada 1.020 4.983
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        Lock icon HANG SENG
        2 15
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        Lock icon NIKKEI
        1 15
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        Lock icon SHANGHAI COMPOSITE
        2 15
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        Lock icon DOW JONES
        2 15
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      • Article
        Lock icon INTERBANK CURRENCY RATES
        155 15 Feb 23 Against S$ Against US$ Currencies Bid Offer Bid Offer S$/US$ to one unit of foreign currency: Australian dollar 1.0634 1.0640 0.7811 0.7815 Canadian dollar 1.0843 1.0849 0.7969 0.7965 Euro 1.5452 1.5456 1.1350 1.1352 NZ dollar 1.0219 1.0226 0.7506 0.7511 Sterling pound 2.0945 2.0952 1.5385 1.5389
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        Lock icon US$/S$ FORWARD RATES
        22 15 Feb 23 S$ Bid Offer 1-month 1.3621 1.3624 2-months 1.3629 1.3633 3-months 1.3636 1.3640 6-months 1.3661 1.3665 Source: OCBC
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    • EQUITY BONDS WARRANTS FUTURES
      • Article
        Lock icon BONDS, WARRANTS, PREFERENCE SHARES
        209 15 Feb 23 Most active Prem Expiry Vol Conv Exer Disc Gear-Mths Company Last Sale +or-('000) Ratio Price ing Left Rowsley Ltd W*****3 3.9 0.1 ***** 1 18 20 Innopac Holdings W*****0 0.1 unch 5000 1 1 33 DBS MB eCW*****0 13.4 1.6 4989 0.2 1980 2
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      • Article
        Lock icon MORGAN STANLEY CAPITAL INTERNATIONAL INDICES
        373 15 In local curr In S$ In US$ dy yr dy yr dy yr Feb 20 Index Change Change Change Change Change Change World Preliminary 1328.5 0.0 4.1 0.0 5.6 0.0 3.0 EAFE Preliminary 1060.9 0.2 7.5 0.2 7.9 0.2 5.2 Europe Preliminary 1493.4 0.2 8.1
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      • Article
        Lock icon SGX DERIVATIVES TRADING
        355 15 Feb 23 OPEN HIGH LOW SETT VOL OP/INT NIKKEI 225 INDEX FUTURES SPOT *****.58 *****.08 *****.02 Mar15 *****.00 *****.00 *****.00 *****.00 ***** *****2 Jun15 *****.00 *****.00 *****.00 *****.00 148 7015 MSCI TAIWAN INDEX FUTURES SPOT 352.70 354.47 352.70 Feb15 0 ***** Mar15 0 *****1 CNX NIFTY INDEX
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    • BANK RATES
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        Lock icon SIBOR
        36 15 Feb 23 (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 1.***** Source: Thomson Reuters
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      • Article
        Lock icon INTERBANK RATES
        154 15 Feb 23 $S Offer Bid 0vernight 0.5 0.4 1-month 0.6875 0.5625 2-months 0.6875 0.5625 3-months 0.75 0.625 Overnight mode: 0.40 US$ 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 GOVERNMENT SECURITIES
        67 15 Feb 23 Feb 23 GOVERNMENT BONDS Period Issue Coupon Maturity Close Day's code rate Bid High Low 2-Year N*****0Z 2.375 01-Apr-17 102.89 5-Year N*****0H 1.625 01-Oct-19 99.65 99.82 99.60 10-Year NY*****H 3.000 01-Sep-24 105.39 105.55 105.35 15-Year NY*****E 2.875 01-Jul-29 101.95 102.35 102.00 20-Year NZ*****V 3.375 01-Sep-33 107.76
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    • AGRI METALS ENERGY
      • Article
        Lock icon COMMODITY FUTURES
        251 15 Feb-20 Price Net change change Last Trade Agricultural Feb-20 CBOT Soybeans (US cents/bu) 999.25 -8.00 -0.79% 13/03/2015 CBOT Soybean Oil (US cents/lb) 31.48 -0.35 -1.10% 13/03/2015 CBOT Wheat (US cents/bu) 510.25 -17.50 -3.32% 13/03/2014 Feb-20 LIFFE Cocoa (£/tonne) 2038.00 13.00 0.64% 16/03/2015 LIFFE Coffee (US$/tonne) 1942.00 -15.00 -0.77%
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    • Article
      Lock icon Weak ringgit makes Sime Darby’s buy more pricey
      566 16  -  But the conglomerate is upbeat that its acquisition of NBPOL would pay off in the longer term, as it would enable its expansion and a chance to move up the value chain upstream By Pauline Ng btworld@sph.com.sg Kuala Lumpur A LIMP ringgit
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    • Article, Illustration
      Lock icon Asahi Kasei to acquire Polypore for US$3.2b
      311 16 BLOOMBERG Tokyo ASAHI Kasei Corp, a Japanese chemicals and fibre maker, agreed to acquire Polypore International to expand its battery business and boost capacity overseas. Asahi Kasei will pay US$60.50 per share in cash, about 24 per cent more than the 20-day average,
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    • Article
      Lock icon DFS Furniture valued at up to £654m in IPO
      364 16 BLOOMBERG REUTERS London DFS Furniture Ltd will be valued at as much as about £654 million (S$ 1.34 billion) when the UK sofa retailer returns to the London stock market for the first time in more than a decade. The company,
      BLOOMBERG; REUTERS  -  364 words
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      231 13 This announcement appears as a matter of record only The Baring Asia Private Equity Fund VI A private equity fund formed to invest in buyouts and growth financings of companies in Asia. Baring Asia advises private equity funds with more than US$9 billion of committed capital. These funds provide long-term
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  • Page 13 Miscellaneous
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      37 13 THE BROKER by low chin yee IF YOU ARE SO UNHAPPY WITH THE EXCHANGE, WHY DON'T YOU COMPLAIN? I AM TOO SCARED TO SPEAK OUT AGAINST ANY POLICY. BUT ANONYMOUSLY ON CYBERSPACE, I AM A FEARLESS REVOLUTIONARY.
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      621 16 si i Riding on the never-ebbing EPL Mania Football fans in town know The New Paper EPL Mania, an event presented by L’Oreal Men Expert and supported by Carlsberg and Hard Rock Cafe. At the recent screening of the Chelsea versus Man City match, fans from both sides brought the
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  • REAL ESTATE
    • Article, Illustration
      Lock icon As US office space shrinks, so does workers’ privacy
      1287 17  -  With rents surging as the office market rebounds, many companies are looking to cut costs. BY JAMES BARRON NYT New York DAFNA Sarnoff worked her way up to vice-president at American Express and what she remembers as “a desirable office”. Later
      NYT; PHOTO: BLOOMBERG  -  1,287 words
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      Lock icon US$150m Manhattan triplex to set luxury-condo record
      480 17 LAT WP New York MANHATTAN’S ultra-luxury condo market has a new high-water mark: US$150 million. That’s the price set by developer Chetrit Group for a 21,500-square-foot triplex at the former Sony Building in Midtown, according to documents filed with the New York State
      LAT – WP  -  480 words
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      Lock icon Thailand’s Central Group plans to invest 37b baht in 2015
      331 17 About 80% will be for opening new shopping malls, acquisitions: CEO REUTERS Bangkok THAILAND’S largest retail conglomerate, Central Group, plans to invest 37 billion baht (S$ 1.5 billion) this year, expanding at home and in South-east Asian neighbours by opening
      REUTERS  -  331 words
    • Article
      Lock icon Understanding US millennial homebuyers
      617 17 BLOOMBERG New York FOR YEARS, the real estate pros have worried over millennial homebuyers like so many doting parents. Now that millennials seem poised to flex their muscles and pour some money back into the housing market, real estate agents sound as if they’re afraid of
      BLOOMBERG  -  617 words
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      214 17 PEACE CENTRE AND PEACE MANSION ICONIC MIXED-USE REDEVELOPMENT SITE IN DISTRICT 9 5S Potential for mixed-use development comprising office retail residential serviced apartment Located at 1 Sophia Road, with prominent frontages onto Selegie Road and Sophia Road Convenient location; 6 MRT stations within 600m radius Site Area: 7,118 sq m
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      57 17 Super Duplex Penthouse for Rental Reflections @Keppel Bay Located in the most vibrant southern part of Singapore Enjoy waterfront living with breathtaking marina views Close proximity to Sentosa and Vivocity where entertainment, shopping and trendy dining venues await you 15,340 sft, 6 bedrooms, private jacuzzi and BBQ area For enquiries,
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      39 17 Hospitality Investment Conference Indian Ocean Maldives Mauritius Seychelles Sri Lanka 25-26 May 2015 Colombo, Sri Lanka A New Era Contact Michelle at +65 6848 5374 or email her at michelle@sphereconferences.com for sponsorship opportunities Organiser: sphere SINGAPORE PRESS HOLDINGS www.hido.sphereconferences.com
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  • BANKING & FINANCE
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      Lock icon BOA leads charge into Treasuries as banks build US$2t holdings
      943 18 Cash invested in 5-year Treasuries is netting banks an attractive spread over what they are paying depositors BLOOMBERG New York WHAT do America’s banks know about the state of the US economy that has them hoarding ultra-safe bonds? Growth is
      BLOOMBERG; PHOTO: BLOOMBERG  -  943 words
    • Article
      Lock icon HSBC says CEO paid taxes after opening Swiss account
      624 18 BLOOMBERG Seattle HSBC Holdings plc, struggling to contain a political storm over the bank’s facilitation of tax evasion through its Swiss unit, said chief executive officer Stuart Gulliver paid taxes after setting up his own Swiss account and keeping his legal
      BLOOMBERG  -  624 words
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      358 18 The Netherlands Embassy and The Business Times jointly present The Business Times Leadership Conference 2015 Leadership In Sustainability: How Singapore Is Shaping Its Future Economic Policies Business Practices For its economic success over the last 50 years, Singapore owes a debt of gratitude to the late Dutch economist Dr. Albert
      358 words
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  • ENERGY & COMMODITIES
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      Lock icon Gold fever fading as US$4b erased from funds
      847 19 Rising dollar and record valuations for global equities diminishing bullion’s appeal BLOOMBERG Chicago JUDGING by the barometer of hedge-fund interest, there’s less to get excited about in gold these days. Even as Greece battled with its creditors to avoid default and keep
      BLOOMBERG  -  847 words
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      Lock icon Aussie mining services stocks dive after poor results, profit warnings
      465 19 REUTERS Sydney SHARES in Australian mining services firms fell sharply on Monday after they warned they will struggle to grow revenue as big miners slash spending in the face of collapsing commodity prices. Macmahon Holdings Ltd’s shares dived 41 per
      REUTERS; PHOTO: AFP  -  465 words
    • Article
      Lock icon Oman to boost output of crude
      314 19 BLOOMBERG Muscat OMAN, the biggest Middle Eastern oil producer that’s not a member of the Organization of Petroleum Exporting Countries (Opec), is boosting crude output to as much as possible with the global price rout over, Salim Al Aufi, undersecretary of the oil and
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    • Article
      Lock icon Weak global dairy market unlikely to pick up soon
      580 19 REUTERS Wellington THE weak global dairy market, hit by oversupply and a tail-off in Chinese demand that has driven international milk prices down by around 50 per cent, is unlikely to pick up anytime soon, analysts say. China was one of
      REUTERS  -  580 words
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      155 19 The Business Times Ik T I 1 I TolI free 1800-289-8822 I I Email notices@sph.com.sg M M V j M il www.sphclass.com.sg/notices INDUSTRIAL GOVERNMENT LAND SALES LAND PARCEL AT TUAS SOUTH PLOT 46 Site Information Submission of Tender Tender Launch Date Tender Closing Date Venue Developer’s Packet Website 24 February
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  • TECHNOLOGY
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      Lock icon Lenovo buries spyware at core of PCs
      825 20 Software can track customers’ online moves, intercept secure Web sessions, render PCs vulnerable to hackers NYT New York THE same week when researchers reported that the National Security Agency (NSA) had been embedding surveillance tools in the guts of thousands of machines in
      NYT  -  825 words
    • Article
      Lock icon US small businesses turn to digital tools to monitor staff’s desktops
      695 20 WP Washington MERIAL Currer runs Patriot Scuba, an Occoquan, Virginia, shop that takes adventurous Washingtonians diving in one of two quarries within a short drive of the district. Two years ago, her son Will, an army employee who studied
      WP  -  695 words
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      Lock icon Yoshida’s games strategy makes Sony the winner
      1140 20 19m PS4 units sold since Nov 2013, compared with 11m for Xbox; Sony shares are up 81% in 12 months BLOOMBERG Tokyo “HOW many people came for video games?” asks a keynote presenter at Sony Corp’s PlayStation bash in Las Vegas last December.
      BLOOMBERG; PHOTO: BLOOMBERG  -  1,140 words
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      53 20 HOT PROPERTY TOP SOON! RAMP-UP Tampines. Contiguous, regular space. Opp IKEA /Courts CITILINK WAREHOUSE Pasir Panjang. High ceiling. From 1,195 sf. Easy access to ECP AYE. SELF STORAGE Ubi. Suits individual commercial use. Various sizes. Long/ short term. WAREHOUSES FOR RENT Check out these properties and more in The Straits
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  • CONSUMER
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      Lock icon Shoppers urged to be extra vigilant at Mall of America
      655 21 Mall outside Minneapolis targeted for terrorist attack in video posted by radical Islamist group NYT Washington THE United States’ top homeland security official urged shoppers on Sunday to be “particularly careful” in visiting the Mall of America, a sprawling shopping
      NYT; AFP FILE PHOTO  -  655 words
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      Lock icon SodaStream struggles to keep afloat in bubbly water business
      973 21 NYT New York SODASTREAM, the once-hot gadget for do-it-yourself sodas, is betting on the growing thirst for bubbly water to bring some sparkle back to its business. And in an effort to tap into the interest for enhanced waters, the company
      NYT  -  973 words
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      Lock icon Prada up in HK on sales recovery forecast
      394 21 BLOOMBERG Paris PRADA SpA on Monday jumped in Hong Kong trading amid expectations that same-store sales growth will speed up this year, after it reported a slight fall in full-year sales as fewer Chinese splurged on US$2,950 handbags and other luxury products.
      BLOOMBERG  -  394 words
    • Article
      Lock icon American TV outlets compete in original programmes
      663 21 AFP New York IN THE new age of American television, it pays to be original. But it also costs a bundle. From Time Warner and its HBO unit to streaming video group Netflix and online giant Amazon, money is pouring in to produce
      AFP  -  663 words
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      416 21 The Business Times L X/'"^V r ’T/"I I 1 Toll free 1800-289-8822 I M I I Email noticesiasph.com.sg M V j B i ij www.sphclass.com.sg/notices THE BVI BUSINESS COMPANIES ACT, 2004 Collective Bridge Ltd. (The “Company”) NOTICE OF LIQUIDATOR’S APPOINTMENT Notice is hereby given pursuant to Section 204(1)(a)(i) that David
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  • GOVERNMENT & ECONOMY
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      Lock icon IMF joins call to boost the economic role of women
      781 22  -  An IMF report says a country’s GDP and the global economy could be healthier if not for policies, laws or curbs restricting women from working By Anthony Rowley btworld@sph.com.sg Tokyo THE International Monetary Fund (IMF) has joined other international organisations
      PHOTO: BLOOMBERG  -  781 words
    • Article
      Lock icon Existing home sales hit nine-month low in January
      544 22 Purchases slow 4.9% to a 4.82m annualised rate, the least since April LATEST US DATA BLOOMBERG Washington SALES of previously owned US homes fell more than expected in January as a tight supply forced up prices, showing the residential real-estate market faces
      BLOOMBERG  -  544 words
    • Article
      Lock icon German business confidence rises as QE outweighs Greece fears
      469 22 BLOOMBERG Frankfurt GERMAN business confidence rose for a fourth month as faster economic growth and optimism over European Central Bank (ECB) stimulus outweighed fears of a worsening Greek crisis. The Ifo institute’s business climate index, based on a survey of 7,000
      BLOOMBERG  -  469 words
    • Article, Illustration
      Lock icon Investors seek concrete details in India budget
      1111 23 A disappointing interim budget in July and failure to pass key legislation have only raised the stakes BLOOMBERG Mumbai IF Morgan Stanley is right, Prime Minister Narendra Modi’s first full-year budget on Feb 28 may be the most important since India opened its
      BLOOMBERG; PHOTO: REUTERS  -  1,111 words
    • Article
      Lock icon Sting operation highlights Modi’s anti-corruption agenda
      678 23 BLOOMBERG New Delhi INDIAN Prime Minister Narendra Modi said uncovering and penalising corruption would be a focus of his government when he won a landslide victory last May. Now he’s putting those words into action. In a sting operation last week, police arrested five
      BLOOMBERG  -  678 words
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      Lock icon Germany gets its way in bailout clash with Greece
      915 23 But it is not a feel-good victory, nor one that bodes well for the eurozone REUTERS Berlin GERMANY’S 7-1 drubbing of Brazil in the soccer World Cup last summer was uncomfortable to watch, even for jubilant Germans whose cheers turned to
      REUTERS  -  915 words
    • Article
      Lock icon 2 UK ex-ministers accused in undercover sting
      485 23 AFP London AN undercover report has accused two British former foreign ministers of offering to use their positions to help a private company in exchange for payment. The allegations against senior Conservative party lawmaker Malcolm Rifkind and top Labour party MP Jack Straw
      AFP  -  485 words
  • Page 22 Advertisements
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      118 22 'W. k 5ST /ft V K t 4 wm Authentic Teochew Raw Fish 5 b Prosperity Set Menus. t Winning the toss for great New Year dining, When it comes to venues for Chinese New Year Lo Hei menus, Hung Kang wins the toss. Our truly authentic Teochew Prosperity Set
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  • TRANSPORT
  • Page 24 Advertisements
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      59 24 lO Wm m^anmar Incorporating: Myanmar retail mT Urban and City Planning Conference 2015 m^anmarI Real Estate Show Myanmar 2015 29 June -1 July 2015 Yangon, Myanmar I Your gateway to trends and investment opportunities in Myanmar's real estate Contact Jason at +65 6848 6051 or email jason@sphereconferences.com to find out
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      12 24 DS'AUJO'SDOiq H |H ■.n III 3? rrc t VWVAVWijp»™ r. 3»< DS'AUIO'MMM
      12 words
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  • Article
    Lock icon THE BUSINESS TIMES SHIPPING TIMES
    992 25 Vessel Voy Sin Pusan Tarawa Honiara Santo Port Vila Noumea Lautoka Suva Nukualofa Apia Pago Pago Papeete Lae P. Moresby Townsville Hyundai Advance 330E 25 Feb 17 Mar 05 Apr 09 Apr 10 Apr 11 Apr 15 Apr 16 Apr 19 Apr 20 Apr 26
    992 words
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      130 25 USE THIS SPACE TO SELL CALL JOE WONG AT 9620 1327 TO ADVERTISE THE BUSINESS TIMES Shipping times Experienced shf p maintenance services wanted. Can they find your services here in the Shipping Times? THE BUSINESS TIMES TO ADVERTISE, CALL JOE WONG AT 9620 1327 GEWIRA SHIPPING AGENCY SDN. BHD.,
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  • OPINION
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      Lock icon In defence of the Swiss National Bank
      714 26  -  By David Marsh, William Baunton T The writers are, respectively, managing director and co-founder of the Official Monetary and Financial Institutions Forum (OMFIF) and an economist at OMFIF THE Swiss National Bank’s peg of 1.20 Swiss franc to the euro, implemented in September
      714 words
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      Lock icon When things can’t get any worse, they turn negative
      799 26  -  THE BOTTOM LINE By Robert Samuelson THE WASHINGTON POST WRITERS GROUP Washington TO THE long list of economic mysteries can now be added interest rates. They have been at rock bottom, as everyone knows. But now we have encountered something novel:
      THE WASHINGTON POST WRITERS GROUP  -  799 words
    • Article, Illustration
      Lock icon Obama believes US can avoid a war with Islam
      1153 26  -  His low-key response to recent terror incidents in Europe indicates he may be following a realpolitik strategy by trying to distance his nation from the legacy of European imperialism By Leon Hadar Washington PUNDITS in Washington are still trying to deconstruct
      PHOTO: REUTERS  -  1,153 words
    • Article
      Lock icon Using trade deals to spur investment
      644 27  -  COMMENTARY By Deborah Elms T The writer is executive director of the Asian Trade Centre in Singapore SINGAPORE officials have been busy lately simultaneously negotiating in two mega-re-gional trade agreements. The first, the Trans-Pacific Partnership (TPP), brings together 12 members spanning the Pacific Ocean
      644 words
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      Lock icon Lessons on coming down from the glamour of the Oscars
      774 27  -  By Jack Loo T This article was first published on NUS Business School’s Think Business portal (thinkbusiness.nus.edu) WHAT impact does winning an Oscar have on an individual’s social status and his response to a suddenly elevated profile? The glamour and
      PHOTO: XINHUA  -  774 words
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      Lock icon Changing the manufacturing game
      911 27  -  Manufacturers are urged to adopt “Informed Manufacturing” that is, use social, mobile, analytics and cloud technologies to respond to global market pressures. BY BADRINATH SETLUR BY BADRINATH SETLUR T The writer is Assistant Vice-President of manufacturing, logistics, energy and utilities consulting at Cognizant ALTHOUGH still in
      PHOTO: REUTERS  -  911 words
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  • LIFE & CULTURE
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      Lock icon Oscar’s night of dazzling surprises
      1053 28 Birdman swoops down to pick up four awards, with strong showings by The Grand Budapest Hotel and Whiplash WP Washington THE conventional wisdom, going into the 87th Academy Awards, was that it would be a horse race between two quirky, experimental films: Boyhood, Richard Linklater’s
      WP; Photos: AFP, Xinhua  -  1,053 words
    • Article
      Lock icon US Supreme Court to hear Abercrombie hijab case
      450 28 AFP Washington THE US Supreme Court will make a rare foray into popular clothing on Wednesday to weigh in on accusations that Abercrombie Fitch illegally rejected a Muslim job applicant because of her hijab. Abercrombie argued that its store policy forbids sales
      AFP  -  450 words
  • Page 28 Advertisements
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      46 28 OPTIMISING THE WORK ENVIRONMENT ASIA 2015 29-31 JULY 2015 Marina Bay Sands Expo Convention Centre, Singapore www.OfficExpoAsia.com The Next-Generation Workscape E3 Office Stationery Pantry Supplies Interested to exhibit? Tel: (65) 6848 5938 Email: OEA@bizlink.com.sg Organised By: BIZLINK Exhibition Services Pte Ltd A SUBSIDIARY OF Sfh QofficExpoAsia
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      70 28 12th edition 19 22 March 2015 Singapore EXPO Hall 6 11am 10pm Daily Participate in Singapore’s MEGA Food Beverage Fair Sell local international food products to over 250,000 visitors during the March school holiday period! Book Your Space NOW! *Limited Booths Available! For more information, call *****620 or email to
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  • Page 28 Miscellaneous
    • Miscellaneous
      Lock icon Page 28 Miscellaneous Column 1
      363 28 CRYPTIC CROSSWORD Across 1 Anger’s hidden by Jerry’s adversary, see, without excitement (10) 6 Country protected by formal institution (4) 9 Adviser continued to want leader of empire restricted (10) 10 Ruler of grim empire, backward-looking (4) 12 Drinks given special trade promotion, first to last (4) 13 Engineers, fellows
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  • SME
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      Lock icon Engineering its own success
      857 30  -  Poh Group’s research enables it to farm seawater fish with man-made seawater even in such far-flung places as a desert. BY MINDY TAN BY MINDY TAN tanmindy@sph.com.sg @MindyTanBT POH Kay Ping, chairman of Poh Group, says he intends to farm seawater fish in China. The catch
      PHOTO: ARTHUR LEE  -  857 words
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      Lock icon Protecting the partnership equity
      1030 30  -  COMMENTARY By Kenneth Low The writer is the founder and managing director of Family Legacy Pte Ltd WITH so many factors involved in running a company, business owners tend to have multiple plates spinning in the air at the same time. They are often so busy
      PHOTO: AFP  -  1,030 words
    • Article
      Lock icon Gung-ho attitude breaks down walls
      394 30  -  By Mindy Tan POH Kay Ping is from the family that founded Poh Tiong Choon Logistics one of the largest transport providers in the Asia logistics industry but he left the family business to pursue his own interests in 2010. “Running a family business is
      394 words