The Business Times, 24 April 2015

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Microfilm: NL33464
Total Pages: 36
1 36 The Business Times
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  • Title Section
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    23 1 THE BUSINESS TIMES S$1.00 S|jh A SINGAPORE PRESS HOLDINGS PUBLICATION www.businesstimes.com.sg G n@BTBreakingnews CO REGN NO *****2868E MCI (P) 051/08/2014 Friday, April 24,2015
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  • DAILY DIGEST
  • Article
    Lock icon MARKETS
    26 1 Thursday Change STI 3,502.75 +6.51 KL COMP 1,846.08 -8.69 NIKKEI 225 20,187.65 +53.75 HANG SENG 27,827.70 -106.15 SHENZHEN B 1,369.03 +14.19 DOW(noon EDT) 18,083.91 +45.64
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  • Article, Illustration
    Lock icon Mapletree aims to double AUM: CEO
    1051 1  -  Five-year target of S$40-50b comes amid move to diversify beyond Asia, because regional real estate markets are at “bubbling stage” By Lynette Khoo lynkhoo@sph.com.sg @LynetteKhooBT Singapore MAPLETREE Investments is shooting for a doubling of assets under management (AUM) to S$40-50 billion over a five-year
    PHOTO: ARTHUR LEE  -  1,051 words
  • Article
    Lock icon More foreign workers axed last year than in 2013
    662 1  -  By Chuang Peck Ming peckming@sph.com.sg Singapore MORE foreign workers were laid off in Singapore last year, as companies pushed on with restructuring their businesses, said the Ministry of Manpower on Thursday. The number of layoffs among them jumped from 4,050 in
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      144 1 Hill 8 '*****1 *****4 DBS AGM DBS Group committed to POSB, its 'first wife’: CEO Gupta COMPANIES MARKETS 8 GOING PLACES Arts professionals trained in S’pore making their mark abroad EXECUTIVE LIFESTYLE 28 GROWTH STRATEGY Consumer goods firms should go shopping OPINION/24 DESIGN SHOWCASE Born Raised at Tangs features Singapore
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  • TOP STORIES
    • Article, Illustration
      Lock icon Inflation down for a fifth month; no deflation feared
      686 2  -  Economists see inflation rate reaching trough and turning positive only in Q3 2015 By Teh Shi Ning tshining@sph.com.sg @TehShiNingBT Singapore SINGAPORE’S consumer prices fell for a fifth straight month in March slipping 0.3 per cent from a year ago and economists
      Source: Singapore Department of Statistics  -  686 words
    • Article
      Lock icon Accelerator that looks out for edutech startups launched
      439 2  -  By Jacquelyn Cheok jaccheok@sph.com.sg @JacCheokBT Singapore SINGAPORE startups in education technology (edtech) now have an accelerator to offer them advice and resources to help them on their way. The Lithan EdTech Accelerator launched on Thursday, believed to be the first edtech-focused platform
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    • Article, Illustration
      Lock icon Messy politics trumps economics at KL investors’ conference
      675 2  -  By Pauline Ng btworld@sph.com.sg Kuala Lumpur THE event was an investors’ conference, but the audience appeared more interested in Malaysia’s ongoing political imbroglio than in the country’s economic fundamentals. The keynote speaker at Invest Malaysia 2015 on Thursday, Prime Minister Najib Razak,
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    • Article
      Lock icon China’s April PMI declines amid deflation worries
      432 2 REUTERS Shanghai China’s factory activity contracted at its fastest pace in a year in April, a private survey showed, suggesting that economic conditions are still deteriorating despite increasingly aggressive policy easing by the central bank. The flash HSBC/Markit Purchasing Managers’ Index (PMI) fell
      REUTERS  -  432 words
    • Article, Illustration
      Lock icon Redundancy trend
      52 2 (1) Before 2006, data pertain to private sector establishments each with at least 25 employees. From 2006 onwards, data also include the public sector. (2) Data are rounded to the nearest 10. Hence, they may not add up to the total. Source: Labour Market Survey, Manpower Research Statistics
      Source: Labour Market Survey, Manpower Research & Statistics Department, MOM  -  52 words
    • Article, Illustration
      Lock icon MPA signs S$2.4b deal for first phase of Tuas Terminal
      598 4  -  Contract awarded to joint venture between Belgian firm Dredging Int’l Asia Pacific and South Korea’s Daelim Industrial By Melissa Tan melissat@sph.com.sg @MelissaTanBT Singapore THE Maritime and Port Authority of Singapore (MPA) has inked a S$2.42 billion deal to develop the
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    • Article
      Lock icon Management reshuffle seen at GuocoLand
      449 4  -  Sources say there have been high-level departures this month and at least 3 people left this week on short notice By Melissa Tan melissat@sph.com.sg @MelissaTanBT Singapore A SHAKE-UP in the senior management team looks to be underway at property developer GuocoLand following several departures. This
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    • Article, Illustration
      Lock icon Garuda plans strategic growth; to boost capacity on S’pore route
      827 4  -  By Nisha Ramchandani nishar@sph.com.sg @Nisha_BT Singapore GARUDA Indonesia, which is restructuring its network and trimming costs to turn itself around, will still be boosting capacity into Singapore on its Jakarta and Surabaya services. By October, Garuda will upgauge by using
      PHOTO: SHAWN TEO  -  827 words
    • Article
      Lock icon Industrial space prices, rentals in Q1 edge up despite bigger supply
      661 4  -  By Mindy Tan tanmindy@sph.com.sg @MindyTanBT Singapore PRICES and rentals of industrial space have edged up on a quarterly basis despite an increase in supply. There has, however, been a sharp slowing in price and rental increases, and this rate
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    • Article
      Lock icon Changi offers partners cost savings in drive to grow hub
      533 6  -  BA announces more flights at awards function to honour top five passenger and cargo airlines using Changi By Nisha Ramchandani nishar@sph.com.sg @Nisha_BT Singapore COST-SAVING initiatives will be rolled out to help airlines and passengers save some S$180 million over the
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    • Article, Illustration
      Lock icon HSBC volunteers ‘pull’ together for charity
      664 6  -  CORPORATE SOCIAL RESPONSIBILITY By Elizabeth Mak eamak@sph.com.sg Singapore WITH a fundraising activity called “Tarik for Charity”, it’s no wonder HSBC so easily draws staff volunteers. The teh tarik, or “pulled tea”, event saw Lawrence Wong, Minister for Culture, Community and Youth, and HSBC chief
      PHOTO: SHAWN TEO  -  664 words
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      16 4 Grow Your Stock Call 1800 289 8822 or e-mail notices@sph.com.sg to place your Mergers Acquisitions Notices
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  • COMPANIES & MARKETS
    • Article, Illustration
      Lock icon DBS Group committed to ‘first wife’: CEO
      811 8  -  He says this in response to a shareholder’s concern whether POSB will still be around come SG100 DBS AGM Reports by Siow Li Sen lisen@sph.com.sg @SiowLiSenBT Singapore IS DBS Group Holdings an oracle or the government? From the questions of some shareholders at
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    • Article, Illustration
      Lock icon OCBC sees Myanmar as catalyst for growth
      658 8  -  Bank is upbeat on commericial banking business as it opens its first branch there By Jamie Lee leejamie@sph.com.sg @JamieLeeBT Singapore OVERSEA-CHINESE Banking Corporation (OCBC) sees its fresh expansion into Myanmar as a catalyst for growth in its commercial banking business not just from
      658 words
    • Article
      Lock icon S$18m hongbaos for DBS staff are from managers’ bonus pool
      280 8 Singapore THE hongbaos totalling S$ 18 million given to 18,000 DBS employees came from senior managers’ bonus pool, said Peter Seah, chairman of DBS Group Holdings, on Thursday. As a result, the special bonus did not increase the bank’s costs,
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    • Article, Illustration
      Lock icon STI / Catalist
      63 10 STI Catalist Straits Times Index April 23,2015 3,502.75 +6.51 (+0.19%) Current streak 1 day Day high 3,516.50 Day low 3,499.01 52-week high 3,539.95 (Apr 15, 2015) 52-week low 3,154.21 (Oct 16, 2014) FTSE ST Catalist Index April 23,2015 736.43 -5.91 (-0.80%) Current streak 2 days Day high 747.25 Day low
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    • Article, Illustration
      Lock icon Broad market weakens despite STI gain
      659 10  -  Interest in penny stocks continues to wane; Noble’s counter comes under renewed selling STOCKS By R Sivanithy sivan@sph.com.sg @RSivanithyBT A QUIET session at Singapore Exchange on Thursday ended with the Straits Times Index (STI) 6.51 points firmer at 3,502.75 but with the broad market
      Source: Bloomberg  -  659 words
    • Article
      Lock icon STI STOCKS
      323 10 Stock name Close Change Day high/low 52w high 52w low PE Div yield Mcap Ascendas Reit 259 -4 263/258 269 219 5.5 6548.4 CapitaLand 367 cd +1 374/365 374 293 13.4 2.5 *****.3 CapitaMall Trust 223 cd -2 226/223 228 188.5 4.9 7735.9 CityDev 1050 cd +15 1056/1043
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    • Article
      Lock icon MOST ACTIVE
      33 10 VOLUME SinoConstruction 64,732,600 Noble 49,383,500 SIIC Environment 44,005,900 IHC 42,475,200 Jaya 42,092,100 Market volume 1,776,047,000 VALUE Singtel 88,989,820 UOB 63,096,772 DBS Grp 61,182,817 CapitaLand 56,514,064 OCBC Bank 53,387,213 Market value 1,244,763,000
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    • Article
      Lock icon SGX ETFs
      109 10 Most Active Fund Last sale +/-(‘000) Day high/low 52w high/low Buy/Sell Mcap DBXT MSCHINA US$ US1715 -9 223 1741/1715 1741/1145 1712/1718 STI ETF 352 +2 181 352/350 355/319 351/352 UETF SSE50China 309 -5 166 315/306 315/140 308/312 96.6 IS MS India US$ US760 +7 156 767/752 1000/636 759/760
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    • Article
      Lock icon OTHER SINGAPORE INDICES
      77 10 Apr 23 VALUE CLOSE BT OB/OS 140.00 -151.00 BT CADI -*****.00 -67.00 BT 10-day MA -*****.00 +14.00 FTSE ST Mid Cap 804.60 -0.85 FTSE ST Small Cap 503.42 -0.61 FTSE ST All Share 841.39 +1.01 FTSE ST China Top 212.24 +2.23 FTSE ST China 245.47 +1.68 FTSE
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    • Article, Illustration
      Lock icon STI / FTSE ST All-Share
      35 10 STI FTSE ST All-Share ftse ST All-Share index April 23,2015 841.39 +1.01 (+0.12%) Current streak 1 day Day high 844.51 Day low 840.67 52-week high 847.98 (Apr 15, 2015) 52-week low 762.71 (Oct 16, 2014)
      35 words
    • Article, Illustration
      Lock icon STI / MSCI EAFE
      33 10 STI MSCI EAFE MSCI EAFE index April 22,2015 1,910.67 -0.47 (-0.02%) Current streak 1 day Day high 1,924.01 Day low 1,904.64 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 10 MAIN CATL TOTAL Up Down Unch Up Down Unch Up Down Unch Multi Ind 6 9 2 0 0 0 6 9 2 Manufacturing 47 63 32 3 11 10 50 74 42 Commerce 14 29 17 6 6 2 20 35 19 Tpt/Stor/Comms 15 16 9
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    • Article
      Lock icon SECURITIES TRADING TURNOVER
      123 10 VOLUME (‘000) VALUE (‘000) MAIN CATL TOTAL MAIN CATL TOTAL Multi Ind 19,663 19,663 62,824 62,824 Manufacturing 259,950 70,300 330,250 105,494 5,610 111,104 Commerce 103,868 77,561 181,429 78,571 3,146 81,717 Tpt/Stor/Comms 170,090 2,267 172,357 225,752 158 225,910 Finance 24,813 149 24,962 233,664 43 233,708 Construction 90,639 41,978
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    • Article
      Lock icon GAINERS
      74 10 BY CENTS CLOSE UP 52w high/low DBXT iBoxxUSTr US$ ***** 102.4 0.4 *****/***** DBXT DBCDJUBS US$ 2260 99.7 3.4 3096/2185 DBXT MSTaiwan US$ 2318 74.1 2.4 2322/2023 DBXT MSKorea US$ 6246 68.7 0.8 6735/5484 UOB 2439 22.0 0.9 2472/2102 BY PERCENTAGE CLOSE UP 52w high/low China Flexpack 2 53.8
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    • Article
      Lock icon LOSERS
      73 10 BY CENTS CLOSE DOWN 52w high/low SPDR DJIA US$ ***** -239.7 -1.0 *****/***** GLD US$ ***** -152.2 -1.0 *****/***** JMH USD 6160 -78.1 -0.9 6788/5700 DBXT E50 US$ 5075 -72.7 -1.1 5630/4562 Lyxor ChiaH US$ 1979 -41.8 -1.5 2040/1280 BY PERCENTAGE CLOSE DOWN 52w high/low China Bearing 2.4 -25.0
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    • Article
      Lock icon UNUSUAL ACTIVITY
      81 10 VOL CLOSE($) CHANGE Debao Property 877.0 0.031 +0.007 +29.17 Delong 3,025.9 0.255 +0.035 +15.91 China Bearing 680.0 0.024 -0.008 -25.00 LH 38,094.0 0.006 +0.001 +20.00 Soon Lian 69.0 0.158 +0.019 +13.67 Captii 2,998.0 0.060 +0.003 +5.26 Figtree 295.2 0.180 +0.027 +17.65 USP Group 23,333.4 0.107 +0.010 +10.31 Chiwayland
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    • BROKERS’ TAKE
      • Article
        Lock icon CapitaCommercial Trust
        117 10 Hold April 23 close: S$1.705 Target price: S$1.67 OCBC Investment Research, April 23 CCT’s balance sheet remains healthy with gearing at 29.9 per cent as at end Q1 FY15 and an average cost of debt of 2.4 per cent. We note that the trust has a debt headroom
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      • Article
        Lock icon Mapletree Commercial
        132 10 Trust Hold April 23 close: S$1.605 Target price: S$1.63 DBS Group Research, April 23 Results for Mapletree Commercial Trust in line. MCT booked Q4 FY15 revenue of S$71 million (+3.5 per cent year-on-year) and net property income of S$53 million (+4.6 per cent), driven by Vivocity and higher
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      • Article
        Lock icon Golden Agri-Resources
        157 10  -  Compiled by Kenneth Lim Buy April 23 close: S$0.425 Target price: S$0.53 RHB Research, April 23 We are maintaining our “buy” call on Golden Agri, with our target price unchanged at S$0.53 (20 per cent upside) as we roll over to a 2016 valuation. Even though palm oil
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    • Article
      Lock icon CALENDAR
      16 10 DATA I 1pm (April 24) Singapore Industrial Production Index I (April 28) Singapore Macroeconomic Review
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    • Article
      Lock icon NZ$ sinks on central banker’s comments
      418 11 CURRENCIES London THE New Zealand dollar was the biggest mover on major currency markets on Thursday, sinking 1.5 per cent after a senior central banker pointed to the need for lower, not higher, interest rates. The US dollar continued to struggle for momentum, trading
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    • FOREX RATES
      • Article
        Lock icon INTERBANK CROSS RATES
        471 11 Apr 23 A$ C$ Rmb Euro HK$ Ind Rs Rupiah Yen Won RM NZ$ Pak Rs Peso S$ Rand Sfr NT$ Baht Pound US$ Australia 0.947 4.794 0.724 5.994 48.932 100.220 0.927 8.383 2.806 1.023 78.548 34.262 1.042 9.497 0.750 24.044 25.083 0.516 0.773 Canada 1.056 5.062
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      • Article, Illustration
        Lock icon HANG SENG
        2 11
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      • Article, Illustration
        Lock icon NIKKEI
        1 11
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      • Article, Illustration
        Lock icon SHANGHAI COMPOSITE
        2 11
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      • Article, Illustration
        Lock icon DOW JONES
        2 11
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      • Article
        Lock icon INTERBANK CURRENCY RATES
        155 11 Apr 23 Against S$ Against US$ Currencies Bid Offer Bid Offer S$/US$ to one unit of foreign currency: Australian dollar 1.0414 1.0429 0.7732 0.7737 Canadian dollar 1.0998 1.1010 0.8168 0.8165 Euro 1.4392 1.4406 1.0685 1.0688 NZ dollar 1.0183 1.0197 0.7560 0.7565 Sterling pound 2.0181 2.0202 1.4983 1.4988
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      • Article
        Lock icon US$/S$ FORWARD RATES
        22 11 Apr 23 S$ Bid Offer 1-month 1.3476 1.3489 2-months 1.3481 1.3494 3-months 1.3491 1.3505 6-months 1.3511 1.3527 Source: OCBC
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    • EQUITY BONDS WARRANTS FUTURES
      • Article
        Lock icon SGX DERIVATIVES TRADING
        404 11 Apr 23 OPEN HIGH LOW SETT VOL OP/INT FTSE CHINA A50 INDEX FUTURES SPOT *****.84 *****.25 *****.63 Apr15 *****.50 *****.00 *****.50 *****.50 *****9 *****6 May15 *****.50 *****.00 *****.50 *****.00 ***** *****0 NIKKEI 225 INDEX FUTURES SPOT *****.28 *****.12 *****.19 Jun15 *****.00 *****.00 *****.00 *****.00 ***** *****9 Sep15
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      • Article
        Lock icon BONDS, WARRANTS, PREFERENCE SHARES
        204 11 Most active Apr 23 Prem Expiry Vol Conv Exer Disc Gear-Mths Company Last Sale +or-('000) Ratio Price ing Left Rowsley Ltd W*****3 3.6 -0.3 9974 1 18 18 OCBC Bk MB eCW*****3 10.7 0.8 4800 0.2 1050 4 DBS MB ECW*****1 11.8 0.4 3654 0.1 2180
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      • Article
        Lock icon MORGAN STANLEY CAPITAL INTERNATIONAL INDICES
        373 11 In local curr In S$ In US$ dy yr dy yr dy yr Apr 22 Index Change Change Change Change Change Change World Preliminary 1360.8 0.2 6.7 -0.2 6.0 0.1 4.4 EAFE Preliminary 1118.2 0.1 13.3 -0.4 9.4 0.0 7.7 Europe Preliminary 1569.2 -0.1 13.6
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    • BANK RATES
      • Article
        Lock icon SIBOR
        36 11 Apr 23 1 mth 1 mth 0.***** 2 mths 3 mths 0.***** 6 mths 0.***** 9 mths 12 mths 1.***** SWAP Offer rates 1 mth 0.***** 3 mths 0.***** 6 mths 0.***** Source: Thomson Reuters
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      • Article
        Lock icon INTERBANK RATES
        154 11 Apr 23 $S Offer Bid 0vernight 0.04 0.02 1-month 0.75 0.625 2-months 0.8125 0.6875 3-months 0.875 0.80 Overnight mode: 0.03 US$ 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 0.60 0.40 9 months 0.70 0.50 12
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      • Article
        Lock icon GOVERNMENT SECURITIES
        69 11 Apr 23 GOVERNMENT BONDS Period Issue Coupon Maturity Close Day's code rate Bid High Low 2-Year N*****0Z 2.375 01-Apr-17 102.54 102.58 102.58 5-Year N*****0H 1.625 01-Oct-19 100.42 100.55 100.40 10-Year NY*****H 3.000 01-Sep-24 107.05 107.15 106.95 15-Year NY*****E 2.875 01-Jul-29 105.09 104.93 104.93 20-Year NZ*****V 3.375 01-Sep-33 110.94
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    • AGRI METALS ENERGY
      • Article
        Lock icon COMMODITY FUTURES
        250 11 Apr-22 Price Net change change Last Trade Agricultural Apr-22 CBOT Soybeans (US cents/bu) 970.50 -4.75 -0.49% 14/05/2015 CBOT Soybean Oil (US cents/lb) 31.56 -0.26 -0.82% 14/05/2015 CBOT Wheat (US cents/bu) 498.75 -2.00 -0.40% 14/05/2014 Apr-22 LIFFE Cocoa (£/tonne) 1900.00 -2.00 -0.11% 13/05/2015 LIFFE Coffee (US$/tonne) 1820.00 19.00 1.05%
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    • Article, Illustration
      Lock icon Suntec Reit’s Q1 DPU steady at 2.23 Singapore cents
      484 12  -  Distributable income rises 10.1% to S$56m; gross revenue and net property income also higher By Claire Huang huangjy@sph.com.sg @ClaireHuangBT Singapore ARA Trust Management (Suntec) Limited, the manager of Suntec Real Estate Investment Trust, on Thursday announced a distributable income of S$56
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    • Article
      Lock icon A-Reit’s Q4 DPU up 4.5% at 3.71 S’pore cents
      470 12  -  By Kenneth Lim kenlim@sph.com.sg @KennethLimBT Singapore ASCENDAS Real Estate Investment Trust (A-Reit) posted a 4.7 per cent increase in distributable income for its fiscal fourth quarter on the back of recent acquisitions and improved occupancy rates. Amount available for distribution increased
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    • Article
      Lock icon FCOT’s Q2 distributable income up 17%
      373 12  -  By Jamie Lee leejamie@sph.com.sg @JamieLeeBT Singapore FRASERS Commercial Trust (FCOT) on Thursday said it expects vacancy rates for business parks to fall, given the “limited new speculative supply” this year. This comes after it reported that distribution income for unitholders rose 17 per cent
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    • Article, Illustration
      Lock icon Higher commercial rents boost Mapletree Greater China trust
      426 12  -  By Melissa Tan melissat@sph.com.sg @MelissaTanBT Singapore HIGHER rents gave a boost to fourth-quarter distributions for Mapletree Greater China Commercial Trust (MGCCT), which owns a mall in Hong Kong and an office building in Beijing. Its Festival Walk mall has seen retail sales
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    • Article
      Lock icon China Aviation Oil Q1 profit down 27%
      388 14  -  It sees trading environment remaining challenging this year amid uncertainties in oil supply and demand By Chan Yi Wen yiwenc@sph.com.sg @ChanYiWenBT Singapore BATTERED by lower oil prices and thinner trading volumes, China Aviation Oil (Singapore) Corporation’s first quarter 2015 net profit fell 27
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    • Article
      Lock icon SGX aims to double market cap of firms in 3-5 years
      334 14 BLOOMBERG Singapore SINGAPORE Exchange Ltd is seeking to double the market value of companies listed in the city-state as Asian bourses compete for initial public offerings. “We should be looking to double our market cap in three to five
      BLOOMBERG  -  334 words
    • Article
      Lock icon Sheng Siong posts 12% rise in Q1 net profit
      396 14  -  By Anita Gabriel anitag@sph.com.sg @AnitaGabrielBT Singapore SUPERMARKET operator Sheng Siong Group has posted a 12.2 per cent jump in net profit to S$ 14.06 million for the first quarter ended March 2015 from a year ago on higher revenue and improved
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    • CORPORATE DIGEST
      • Article
        Lock icon Hong Leong Finance
        137 14 HONG Leong Finance’s Q1 2015 net profit rose 7.8 per cent to S$15.57 million, compared to the year-ago period. Its revenues also increased 15.6 per cent to S$53.75 million. The group faces internal headwinds and challenges from lower productivity locally, manpower supply shortages, inflationary pressures and the
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      • Article
        Lock icon Global Logistic Properties
        91 14 GLOBAL Logistic Properties (GLP) has signed an agreement with global retailer Carrefour to lease 48,000 square metres in mid-western China. Carrefour will use the facilities to enhance its distribution capability in mid-western and south-west China. Kent Yang, president of GLP China, said: “Retailers in China are upgrading
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      • Article
        Lock icon GMG Global
        66 14 MAINBOARD-LISTED GMG Global’s Q1 2015 net profit plunged 93.8 per cent to S$0.16 million for the three months ended March 31, 2015. Its revenues also fell 33 per cent to S$150.7 million. Earnings per share stood at 0.002 cents while net asset value per share was 9.49 cents.
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      Lock icon Page 8 Advertisements Column 1
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      144 12 r sr >• 1 C r ••*4 n T Join us in our Health Awareness Talk by Dr. Michael Lim, internationally renowned Interventional Cardiologist and Medical Director of Heart, Stroke Cancer Centre. Dr. Michael Lim is the author of “medicine-made-simple” articles featured in The Business Times Weekend every fortnight. Date:
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      741 14 A special feature brought to you by HARNESS YOUR EMOTIONS FOR WORKPLACE SUCCESS Emotions are energies that fuel our behavior, speech and actions. Conventionally, most of us are taught to suppress our emotions so that we can be logical and rationale in our decisions, speech and actions. But that doesn’t
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      6 14 For comprehensive coverage, go to www.businesstimes.com.sg
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  • GLOBAL MEGATRENDS CONFERENCE 2015
    • Article, Illustration
      Lock icon Finding a new balance
      736 15  -  Energy market veterans see oil prices stabilising at US$60-80 after last year’s dramatic plunge. ALL REPORTS BY FRANCIS KAN ALL REPORTS BY FRANCIS KAN AFTER plunging as much as 60 per cent in the past year, oil prices are expected to bottom out as early as
      736 words
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      Lock icon Mega forces at play
      415 15 Credit Suisse research finds 3 key trends shaping key economic and geopolitical events in the past year THE major economic and political events of the past year can be traced back to three major trends: the emergence of a multipolar world, sustainability and demographic change, according
      415 words
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      Lock icon SE-Asia heading in right direction: Credit Suisse
      391 15 DESPITE the volatile economic environment, South-east Asia is likely to keep growing on the back of continued foreign investment, trade agreements and a youthful workforce, said a senior executive of Swiss bank Credit Suisse. South-east Asia can build on its recent record of
      391 words
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      36 15 X A SHliiigiS a —i. 1HSHJ ™S! v Credit Suisse Credit Suisse has been building private banking partnerships for generations, working closely with clients to help them achieve their goals. For more than 150 years. credit-suisse.com
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  • BANKING & FINANCE
    • Article
      Lock icon Deutsche Bank fined record US$2.5b to settle Libor fixing probes
      478 16 Regulators also ask bank to fire 7 employees six in London and one in Frankfurt for wrongful conduct BLOOMBERG REUTERS Frankfurt DEUTSCHE Bank was ordered to pay a record US$2.5 billion fine and fire seven employees to settle US and
      BLOOMBERG; REUTERS  -  478 words
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      Lock icon Swiss left helpless in currency wars as franc keeps surging
      775 16 BLOOMBERG Edinburgh SWITZERLAND is running out of ammunition to fight the global currency wars. In the three months since the Swiss National Bank scrapped the franc’s ceiling against the euro, it’s intervened in currency markets, cut interest rates and on
      BLOOMBERG; PHOTO: BLOOMBERG  -  775 words
    • Article
      Lock icon ANZ revives talks to sell 39% stake in Panin: sources
      393 16 BLOOMBERG Singapore AUSTRALIA New Zealand Banking Group Ltd has resumed talks to sell its 39 per cent stake in PT Bank Pan Indonesia after discussions stalled for more than a year, people with knowledge of the matter said. The sale
      BLOOMBERG  -  393 words
    • Article
      Lock icon Barclays needs faster cuts at investment bank: analysts
      241 16 BLOOMBERG London BARCLAYS Plc, the UK’s second-larg-est lender by assets, needs to speed up cuts at its investment bank to meet profitability targets, according to analysts at Citigroup Inc. Chief executive officer Antony Jenkins, 53, has targeted a 12 per cent return
      BLOOMBERG  -  241 words
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      75 16 \Afichi youw<5 MWs ACADEMY 2015 Calling business owners! We have the Guaranteed Targeted Crowd of parents with young children for you! Proven Quality visitors with a keen interest in their child's growth and well-being!! JOIN US AT SUNTEC SINGAPORE! w 1 -rt Ufl Call us to enquire how we can
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      60 16 CHECKOUT MAY ISSUE’S FREE GUIDE TO RUNNING! SINGAPORE Withtips andtrickson howtorun further andfaster, there’s somethingforevery runner! PAVEMENT PARTNERS 26 NEW RUNNING SHOES WORTH GOING THICK TO THIN WITH! p93 SUPERCHARGE YOUR RUN MAKE EACH ONE A NEW ADVENTURE WITH THIS TRAINING REGIME. p88 YOUR ULTIMATE GUIDE TO 2015 RUNNING TECH
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      52 16 4Want access to BBQ pits? If you're looking for your dream condo complete with facilities, turn to the Print Classified Properties section. To advertise, call the Print Classified Hotline: 1800-289 9988. Howwill rising affect performance of three big banks here? interestrates rising interest rates To subscribe, call 6388-3838 or go
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  • ENERGY & COMMODITIES
    • Article, Illustration
      Lock icon As drillers hunker down, Wall St sees oil bounce
      595 17 CEOs across oil industry plan austerity measures to weather a sustained period of depressed oil prices REUTERS Houston THERE is a growing disconnect between Houston and Wall Street over when slumping oil prices will recover. Beaten down by a seven-month rout
      REUTERS; PHOTO: BLOOMBERG  -  595 words
    • Article
      Lock icon Commodity markets feel liquidity crunch as banks exit trading
      440 17 REUTERS London BANKS’ exodus from commodities and tighter capital requirements for financial institutions are squeezing liquidity from some markets, leaving them vulnerable to big price moves, major trading houses say. Some major banks have turned away from the multi-billion dollar oil
      REUTERS  -  440 words
    • Article
      Lock icon Petrobras posts biggest-ever loss
      352 17 New CEO guarantees a return to normality after graft scandal, downgrades REUTERS Rio de Janeiro BRAZILIAN state-run oil company Petrobras reported its biggest-ever loss on Wednesday, the result of a 50.8-billion-real (S$22.7 billion) write-down in the wake of a massive corruption scandal. The 2014 full-year net
      REUTERS  -  352 words
  • Page 17 Advertisements
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      1892 17 Incorporated in the Republic of Singapore Company Registration No. *****0348D IMPORTANT The financial information as set out below contains only a summary of the information in the financial statements of Sing Investments Finance Limited and the consolidated financial statements of the Group for the financial year ended 31 December 2014
      1,892 words
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  • TECHNOLOGY
    • Article, Illustration
      Lock icon Facebook reports big user shift to mobile
      791 18 Though net income in the first quarter fell to US$512 million, the company posts a strong set of results with advertising revenue rising 46 per cent to US$3.32 billion NYT San Francisco FACEBOOK is now so thoroughly a mobile service that its original
      NYT; PHOTO: REUTERS  -  791 words
    • Article
      Lock icon Nokia targets major tech firms in sale of maps unit: sources
      468 18 BLOOMBERG New York NOKIA Oyj, the Finnish company that is selling its money-losing maps business, is trying to drum up interest from some of the biggest names in technology including Apple Inc, Alibaba Group Holding Ltd and Amazon.com Inc,
      BLOOMBERG  -  468 words
    • Article
      Lock icon Google launches phone service, but only on Nexus phones for now
      751 18 NYT New York NOW you can Google a phone call. On Wednesday, Google unveiled its long-awaited phone service, called Project Fi, putting the search giant in competition with Verizon, AT&T and other wireless service providers. In addition to new
      NYT  -  751 words
    • Article
      Lock icon EBay profit up as PayPal separation looms
      410 18 NYT New York EBay is speeding towards a split of its online marketplace and payments businesses. For some analysts and investors, it cannot come soon enough. EBay on Wednesday reported earnings of US$626 million for the quarter that ended March 31, swinging back
      NYT  -  410 words
  • Page 18 Advertisements
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      1284 18 The Business Times NOTICES i IN THE MATTER OF TAILWIND SHIPPING PTE LTD (IN MEMBERS’ VOLUNTARY LIQUIDATION) COMPANY REGISTRATION NO. *****3809D NOTICE IS HEREBY GIVEN pursuant to Section 308 of the Companies Act, Cap. 50, that a Final General Meeting of the members of the abovementioned Company will be held
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  • CONSUMER
    • Article, Illustration
      Lock icon Higher prices help put fizz back into Coca-Cola
      797 19 World’s largest beverage company posts first quarterly sales gain in two years, boosting profits BLOOMBERG Atlanta COCA-COLA Co, the world’s largest beverage company, posted its first quarterly sales gain in two years after higher drink prices helped make up for sluggish demand.
      BLOOMBERG; PHOTO: BLOOMBERG  -  797 words
    • Article
      Lock icon McDonald’s to reveal comeback plan on May 4
      418 19 BLOOMBERG Chicago MCDONALD’S Corp chief executive officer Steve Easterbrook promised to give details of his comeback plan for the struggling chain next month, following another quarter of declining sales and profit. “We are developing a turnaround plan to improve our performance and
      BLOOMBERG  -  418 words
    • Article
      Lock icon American Apparel sued over CEO ouster
      298 19 BLOOMBERG New York DOV Charney was fired as American Apparel Inc’s chief executive officer because he wouldn’t go along with a plan to sell the clothing retailer, according to a shareholder lawsuit brought by two men with ties to him. Citing information they said
      BLOOMBERG  -  298 words
  • Page 19 Advertisements
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      1646 19 and its subsidiaries (incorporated in the Republic of Singapore) Company Registration Number: *****0003D FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2014 IMPORTANT The following financial information contains only a summary of the information in the financial statements of the Finance Company and the consolidated financial statements of the
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  • GOVERNMENT & ECONOMY
    • Article
      Lock icon 1MDB funds disappeared, Mahathir says, demands PM resign
      364 20 REUTERS Kuala Lumpur MALAYSIAN former strongman Mahathir Mohamad on Thursday launched the fiercest yet in a series of attacks on the country’s prime minister, demanding that he account for the disappearance of billions of dollars borrowed by state fund 1MDB, or resign.
      REUTERS  -  364 words
    • Article
      Lock icon Indonesia offers tax incentives for exporters
      360 20 REUTERS Jakarta INDONESIA is offering tax breaks to firms which export at least 30 per cent of their production in a bid to encourage shipments of manufactured goods now that the commodity boom is over. The package, signed by President Joko Widodo earlier this
      REUTERS  -  360 words
    • Article
      Lock icon April factory activity growth slows to three-month low
      646 20 Jobs growth also weakens; new-home purchases slump more than forecast in March from a seven-year high LATEST US DATA BLOOMBERG New York GROWTH in the US manufacturing sector dipped more than expected in April, with factory activity showing the slowest momentum since
      BLOOMBERG  -  646 words
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      Lock icon Euro-region output growth slows awaiting QE effect
      556 20 BLOOMBERG Frankfurt GROWTH in euro-area manufacturing and services slowed in April in a sign that bond purchases by the European Central Bank (ECB) will take time to revive a fragile recovery. A Purchasing Managers Index (PMI) for both industries fell to 53.5 from
      BLOOMBERG; PHOTO: BLOOMBERG  -  556 words
    • Article
      Lock icon Fed concerned about ability of asset managers to repay in a crisis
      645 20 Its nightmare scenario is in surprising markets and exposing investors to liquidity risks REUTERS Washington SECTIONS of the US financial system that may be vulnerable to investor panic are raising concerns inside the Federal Reserve, as policymakers preparing
      REUTERS  -  645 words
  • Page 20 Advertisements
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      31 20 3 If you're looking to buy or rent an HDB apartment, turn to the Print Classified Properties section. To advertise, call the Print Classified Hotline: 1800-289 9988. Need a room flat?
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  • REAL ESTATE
    • Article, Illustration
      Lock icon Demi Moore’s penthouse up for sale at US$75m
      869 21 Landmark San Remo apartment block on Central Park west has also housed other celebs from Bono to Spielberg NYT New York THE triplex south tower penthouse widely considered the crown jewel of the San Remo, the twin-peaked Emery Roth masterwork and city
      NYT; PHOTO: NYT  -  869 words
    • Article
      Lock icon UK homebuilders look strong as both parties pledge more housing
      668 21 Analysts upgrade construction firms citing low valuations and expected boost to house building after the elections UK CONSTRUCTION BLOOMBERG London WITH valuations the cheapest in four years and Conservatives and the Labour Party both voicing support for housing before next
      BLOOMBERG  -  668 words
    • Article
      Lock icon Fears rise over hidden debt of China developers
      674 22 As joint ventures increase, investors worry they may have underestimated developers’ off-balance sheet debt REUTERS Hong Kong AS China’s housing market faces a sharp drop in sales, investors and credit rating agencies face an uphill task trying to calculate how much debt
      REUTERS  -  674 words
  • Page 21 Advertisements
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      118 21 United Kingdom Portfolio of 5 hotels in UK for sale Locations: Central London, Warwick, Wokingham, Manchester and Luton Number of Rooms: 870 rooms in total (Managed by: top 4-star International brand operator) Asking Price of £175 million for all five properties Can buy individual hotels, prices of each to be
      118 words
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      248 21 MAyalaLandpRE MIER In the Philippines, an invigorating living experience springs forth. ARCA South, the newest business and lifestyle district in Taguig, blossoms with an elegant address, flourishing with they c fVender efVUnie. With prime accessibility to the country’s unrivaled business capital Makati City and the creative lifestyle district Bonifacio Global
      248 words
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  • Page 22 Advertisements
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      929 22 D04 HOUSE FOR SALE SENTOSA Bungalow Sentosa 3½-Storey 8159 sqft, 6+1 ensuite, 2 living, Pool, Lift, Berth. Also for rent. Owner 9144 0027/ 9771 6341 D10 HOUSE FOR SALE CORNWALL GARDEN GCB Leedon. 2-storey. Land approx 18,800 sqft Wide frontage, can park 8 cars. Elevated regular shape. KF Investment 9748
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  • VEHICLE & LIFESTYLE
    • Article, Illustration
      Lock icon Find serenity in the Anambas Islands
      703 23 THE JAKARTA POST/ASIA NEWS NETWORK BATAM I F IT had not been for his job assignment, Bandung’s native banker, Mr Fikri Irawan, 28, who now works in Batam, would not have gone to the Anambas Islands. The small archipelago is about 278km to the
      THE JAKARTA POST/ASIA NEWS NETWORK  -  703 words
  • Page 23 Advertisements
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      278 23 BMW FOR SALE M3 CONVERTIBLE Apr 10 M3 Convertible. Low KM Done. Affordable Supercar. Accident Free. $187.8k neg. Call 8118 8099 DOMESTIC HELP MAID SERVICES Chaindra Maid Agency, Singapore Prestige Class Award-Winner. Nepalese, Indian, Sri Lankan maids available. Call *****172 (08C3412) ITEMS WANTED HANDBAGS WALLETS We Pay Cash for LV,
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  • OPINION
    • Article
      Lock icon China-Pakistan corridor could be a game changer if conditions are met
      563 24 EDITORIAL CHINA’S pledge to invest an eye-popping US$46 billion in Pakistan mainly in infrastructure projects can be seen as potentially transformational for the troubled South Asian economy in particular, but many conditions need to be met for the reality
      563 words
    • Article, Illustration
      Lock icon As Beijing steps up, it is also jostling for leadership
      830 24  -  THE BOTTOM LINE By Frank Ching T The writer is a Hong Kong-based journalist and commentator. Follow him on Twitter at: @FrankChing1 FOR many years, as China grew stronger and more influential, the United States has been pressuring it to
      830 words
    • Article, Illustration
      Lock icon Consumer goods firms should go shopping
      1085 24  -  Instead of using their cash to buy back shares for short-term gains, they should be on the acquisition trail and develop M&A capabilities for the long term. BY MATTHEW MEACHAM, JEAN-CHARLES VAN DEN BRANDEN, DAVID HARDING AND PANKAJ SALUJA BY MATTHEW MEACHAM, JEAN-CHARLES VAN
      PHOTO: AFP  -  1,085 words
    • Article
      Lock icon Can trade agreements stop currency manipulation?
      906 25  -  COMMENTARY By Kemal Dervis T The writer, a former Minister of Economic Affairs of Turkey and former Administrator for the United Nations Development Programme (UNDP), is a vice-president of the Brookings institution PROJECT SYNDICATE Washington IT is impossible to deny that trade and exchange
      PROJECT SYNDICATE  -  906 words
    • Article
      Lock icon EU must dismantle Fortress Europe, liberalise its immigration policy
      850 25  -  COMMENTARY By Kenan Malik T The writer, a contributor to NYT’s opinion page, is the author of “The Quest for a Moral Compass: A Global History of Ethics” NYT London UP TO 1,200 people are believed to have died this past
      NYT  -  850 words
    • Article, Illustration
      Lock icon Asean’s business community cautiously optimistic about AEC
      1273 25  -  Ipsos survey of executives in six Asean countries shows them to be realistic about the challenges that lie ahead, with few expecting any big changes in the region’s economy before the end of the decade. BY TIM HILL decade.BY TIM HILL T The
      PHOTO: REUTERS  -  1,273 words
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  • TRANSPORT
    • Article
      Lock icon Japan lifts age limit for plane captains to 67
      605 26 Official says that the aim is to ‘ease a shortage while still ensuring safety’ AFP Tokyo JAPAN on Thursday raised the age limit for being in charge of a commercial plane to 67, the latest effort in Asia for an industry
      AFP  -  605 words
    • Article
      Lock icon Relax, airlines are turning to mood lighting on planes
      496 26 BLOOMBERG San Francisco INTERIOR designers for airlines across Europe, Asia and the United States have a new consideration when it comes to onboard products and service: How’s the lighting? Designers are starting to experiment with new technologies that let them illuminate
      BLOOMBERG  -  496 words
    • Article, Illustration
      Lock icon Rolls-Royce appoints acclaimed technology executive as CEO
      562 26 REUTERS London AIRCRAFT engine maker Rolls-Royce has turned to one of Britain’s most successful technology executives, Warren East, to restore its fortunes after a year marred by falling profit, job cuts and cancelled orders. The British company’s surprise announcement on Wednesday said that
      REUTERS  -  562 words
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      589 26 Enhance Interpersonal Relationships For A Fulfilling Work Environment Who should attend: Middle to Senior Management, Team Leaders Supervisors and Marketing Sales Professionals. FULL-DAY WORKSHOPS A Rock Solid Client Relationship Click With People Quickly, Even Those You Don't Fancy Positive relationships create the foundation for success for individual as well as
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  • Article
    Lock icon THE BUSINESS TIMES SHIPPING TIMES
    1926 27 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 MUA KK JKT NOBLE CORAL 74 60 29/4 1/5 SEPANG EXPRESS 9 100 29/4 30/4 3/5
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  • Page 27 Advertisements
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      104 27 Experienced sh;p maintenance services wanted. Can they find your services here in the Shipping Times? TO ADVERTISE, CALL JOE WONG AT 9620 1327 SHIPPING TIMES Make A Splash In The Maritime World Via s|£i maritime.coM Ahoy there! If you are in a business pertaining to any sector of the maritime
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  • BT Lifestyle
    • Article, Illustration
      Lock icon GOING PLACES
      2293 28  -  Arts professionals who cut their teeth in Singapore or were extensively trained here are being recognised and making their mark abroad in various positions of responsibility in the global arts industry. What does that mean for artists and other arts professionals in Singapore? BY CHEAH UI-HOON Singapore?BY CHEAH
      PHOTOS: JAMAL JORDAN (ABOVE LEFT), CELESTE SLOMAN (ABOVE RIGHT)  -  2,293 words
    • MUSIC/CINEMA
      • Article, Illustration
        Lock icon A change from her usual offering
        888 30  -  Regular visitor to Singapore Rachael Yamagata will play here again in May but expect to see a different side of her if the songs on her new album are anything to go by. BY AVANTI NIM CONCERT BY AVANTI NIM IT may come as
        888 words
      • Article, Illustration
        Lock icon A noisily entertaining package
        686 30  -  FILM By Geoffrey Eu THE opening salvo in this season’s blockbuster battles comes from Avengers: Age of Ultron, which is stacked with enough superheroes to fill the stage at a Comic-Con convention. The usual brand-names are back, along with an impressive undercard of superhero friends and
        686 words
      • Article, Illustration
        Lock icon Taking a less obvious route – and a few risks
        546 30  - Taking a less obvious route and a few risks By Geoffrey Eu WRITER-DIRECTOR Dan Fogelman latches onto a pea-sized factoid that John Lennon once sent a budding young musician a letter of encouragement that he only received decades later and turns it into Danny Collins, a dramedy-with-some-substance about an almost-man
        546 words
    • WINE
      • Article, Illustration
        Lock icon A tribute to the vintners we’ve lost
        1316 31  -  The wine world has lately lost a number of those who were devoted to their craft. They left us the richer for having known them. BY N K YONG them.BY N K YONG “I shall pass through this world but once. Any good,
        PHOTO: NK YONG  -  1,316 words
    • BOOKS
      • Article, Illustration
        Lock icon The lost art of turn-of-the-century travel
        741 32  -  In a new coffee table book, Kennie Ting explores luxury travel in South-east Asia in the early 1900s.BY 1900s.BY HELMI YUSOF TRAVELLING was once an activity reserved for high society. They dressed elegantly for the occasion and never failed to arrive at the destination
        741 words
      • Article, Illustration
        Lock icon Portrait of the artist as a young man
        631 32  -  Tall Tales and Misadventures of a Young westernized Oriental Gentleman By Goh Poh Seng Ridge Book, NUS Press 194 pages, S$25.68 in major bookstores Reviewed by Helmi Yusof helmi@sph.com.sg @HelmiBT GOH POH SENG was a literary pioneer. He wrote Singapore’s first novel
        631 words
      • Article, Illustration
        Lock icon A groovy kind of love
        513 32  -  Love is An Empty Barstool By Pooja Nansi Math Paper Press 46 pages, S$16 in major bookstores Reviewed by Helmi Yusof helmi@sph.com.sg @HelmiBT PUBLISHED in 2013, Pooja Nansi’s intense collection of love poems has slowly become something of a must-read among hyper-liter-ate young people across
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    • CITY LIFE
      • Article, Illustration
        Lock icon Showcasing Singapore’s design talents
        909 33  -  Born Raised at Tangs features established names as well as lesser-known artists. BY TAY SUAN CHIANG taysc@sph.com.sg @TaySuanChiangBT FIRST there was Keepers, a local design collective which set up shop last September in a purpose-built space in Orchard Green next to Singapore Visitors Centre, featuring more
        909 words
      • CITY BUZZ BT writers’ picks of what to see, do or talk about
        • Article, Illustration
          Lock icon Kilowax x Beat Bodega
          303 33  -  MUSIC STARS ON 45 By Dylan Tan STILL hung over from last Saturday’s Record Store Day celebrations? Here’s the cure: crate diggers can look forward to another weekend of unearthing rare musical finds and more at the hip Kampong Glam enclave. Organised by Sideshow and hosted
          303 words
        • Article, Illustration
          Lock icon Demi Lovato: Demi World Tour 2015
          163 33  -  MUSIC By Dylan Tan AFTER years of battling an eating disorder and a substance abuse problem, former Disney child star Demi Lovato (right) has overcome it all to now become a positive role model for her legion of teenage fans. Her current world tour,
          163 words
        • Article, Illustration
          Lock icon Entang Wiharso: Never Say No
          168 33  -  ART By Helmi Yusof ENTANG Wiharso is one of Indonesia’s most important living artists. Typically working with metal, he creates dense figurative imagery that references the history, politics and culture of Indonesia. His collaboration with the esteemed STPI, a Singapore creative space that specialises in
          168 words
        • Article, Illustration
          Lock icon Dine with Mum at Limoncello
          225 33  -  DINING By Tay Suan Chiang YOU know how Italian men are always raving about their mamas? Chef Mauro Crescendo of Limoncello Pizza Grill is no different. “Mothers have always been an integral part of traditional Italian culture,” says Chef Crescendo, a native of the Amalfi
          225 words
        • Article, Illustration
          Lock icon Nihao concierge
          198 33  -  ONLINE SERVICE By Rachel Loi Z 9241-1341 http://thisisnihao.com NEED some help booking tickets for the new Avengers movie this weekend? Or maybe deliver a document to a last-minute business meeting? Instead of hiring a personal assistant, you can now get these tasks completed just by sending a message
          198 words
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      125 31 ateau Petrus Chateau Mouton Rothschild Batard-Montrachet Grand Cru Chateau Latour C Ji ares Grand Cru Chateau Lynch Bages Romanee-Conti Grand Cru Chateau Montrose Chat au Montrose Chateau Belgrave Chateau Latour Chateau Margaux Pommard ‘Clos Fine Rare Wine Auct Grand Copthorne Waterfront Hotel 392 Havelock Road Singapore For details and catalogue:
      125 words
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      Lock icon Page 31 Advertisements Column 2
      11 31 non? Borderless Block Gloss www.vintec-cellar.com Vinrec WINE PRESERVATION TECHNOLOGY SEAMLESS llllllllllll
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  • Page 32 Advertisements
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      31 32 4Want access to BBQ pits? If you're looking for your dream condo complete with facilities, turn to the Print Classified Properties section. To advertise, call the Print Classified Hotline: 1800-289 9988.
      31 words
  • Page 32 Miscellaneous
    • Miscellaneous
      Lock icon Page 32 Miscellaneous Column 1
      333 32 CRYPTIC CROSSWORD Across 1 Be little affected by island in break (6) 4 Time left in decrepit flat despite everything (5,3) 10 Spell over probing unusually rude conduct (9) 11 Precise legislation from the past? (5) 12 Sprawling tree blocking vehicle for food source (7) 13 Old retired volunteers with
      333 words
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  • Page 34 Advertisements
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      104 34 SINGAPORE TAKASHIMAYA S.C. 6735 8823 RAFFLES HOTEL ARCADE 6334 0168 CHANGI AIRPORT TERMINAL 2 6543 2443 THE SHOPPES AT MARINA BAY SANDS 6688 7728 CHANGI AIRPORT TERMINAL 3 6441 0018 TIFFANY.COM ©TIFFANY CO. SWISS WATCHES SAGL 2015 Tf at 7 m •ifM m A m a a m&m mi V
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      822 36 SPECIAL FEATURE BY TIFFANY CO Featuring day, date, month, small seconds, and chronograph functions, the Roosevelt watch has inspired a new Tiffany watch collection dedicated to the company’s founder the Tiffany CT60. Not just breakfast at Tiffany’s US PRESIDENT Franklin Delano Roosevelt wore a Tiffany watch in 1945 to the
      822 words