The Business Times, 9 March 2010

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Total Pages: 32
1 32 The Business Times
  • 23 1 THE BUSINESS TIMES S$1.00 online at http://www.businesstimes.com.sg S|£l A SINGAPORE PRESS HOLDINGS PUBLICATION CO REGN NO *****2868E MICA (P) 123/08/2009 Tuesday, March 9,2010
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  • 531 1  -  By RONNIE LIM [SINGAPORE] Singapore is looking at putting safeguards in place after traces of mercury, a toxic metal, were found in Indonesian natural gas imported from West Natuna last June. While that was apparently an isolated incident with the
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  • 895 1  -  Changes made to reserve list system make it easier for developers to trigger sites for sale By UMA SHANKARI [SINGAPORE] The government has tweaked its bi-an-nual land sales programme to make land supply more responsive to market demand. Three changes have been made
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  • 141 1 ST INDEX 2,834.57 (+44.28) ST INDEX FUTURES 2,830 (+44) SIMSCI 337.74 (+4.26) SIMSCI FUTURES 338.20 (+3.80) FOREX US$ S$ US$ (S$ per US$) 1.399 (US$/S$ per 1.518 2.123 EURO (US$/S$/E) 1.369 1.915 Foreign currency per US$ S$ YEN 90.40 64.60 RM 3.343 2.389 HK$ 7.761 5.547 BAHT 32.71
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  • Page 1 Advertisements
    • 154 1 PROPERTY JTC leasing out office space at HQ building PAGE 31 OSCARS The Hurt Locker trounces Avatar; Indie firms muscle out major studios PAGE 20 OPINION Time to beef up governance disclosure PAGE 23 Inc She has a shrewd head for business. But the heart of Magdalene Tan, managing director
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    • 2 1 *****1 *****4
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  • TOP STORIES
    • 558 2  -  JTC invites consultants to study impact of cavern at Tanjung Kling site By RONNIE LIM [SINGAPORE] No stone is being left unturned in Singapore’s underground push. Even the birds at Jurong Bird Park will not be ignored as the impact of construction and cavern
      558 words
    • 568 2 Land sales tweaked to ensure smoother supply THE government yesterday announced tweaks to its bi-annual land sales programme in a bid to make land supply more responsive to market demand. Three changes have been made to the reserve list system, National Development Minister Mah Bow Tan said in
      568 words
    • 542 2 Stability not volume is top priority, says official Reuters [BEIJING] China aims to kick off its long-awaited stock index futures market next month, and an exchange official says that a top concern is that the landmark scheme will attract too many investors who
      Reuters  -  542 words
    • 839 2 Alico sold to biggest US life insurer MetLife after AIA Reuters NYT [NEW YORK] AIG is selling its foreign life insurance unit to MetLife Inc for about US$15.5 billion, its second major asset sale in a week as it raises funds to repay
      Reuters; NYT; AP  -  839 words
    • 526 3  -  New appointments announced to prepare for new global landscape By CONRAD TAN [SINGAPORE] The Monetary Authority of Singapore has made seven new senior managerial appointments as part of an overhaul of its organisational structure. MAS, which supervises all activities in the banking, insurance and capital markets
      526 words
    • 256 3 Reuters [WASHINGTON] Most US business economists expect the Federal Reserve to raise benchmark interest rates within six months by between a quarter and a half percentage point, according to a survey released yesterday. A majority of economists in the National Association of Business
      Reuters  -  256 words
  • Page 2 Advertisements
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  • COMPANY NEWS
    • 521 4  -  Price takes into account NTA of $9.5m and $92.5m shareholder loan By KALPANA RASHIWALA CAPITAMALLS Asia (CMA) has bought an integrated development in Chengdu comprising retail, residential and office components for 554.2 million yuan (S$114 million) from CapitaRetail China Development Fund II (CRCDF
      521 words
    • 937 4  -  HOCK LOCK SIEW By WONG WEI KONG IF THE Singapore Exchange (SGX) has indeed been losing ground to its chief rival Hong Kong Exchange and Clearing (HKEx) in recent years, then there is real concern that it may find itself being left further
      937 words
    • 446 4  -  Shares priced at 31 cents each; listing on mainboard By TIMOTHY SEOW QINGMEI Group Holdings Limited, an original design manufacturer (ODM) of mid-end and high-end sports shoe soles manufac- turer in China, has launched its initial public offering (IPO) of 184 million shares at
      446 words
    • 294 5  -  By KAREN NG HYFLUX has won another desalination project. Its subsidiary Hydrochem has been awarded a $43.8 million contract by Tuas Power unit TP Utilities. The engineering, procurement and construction contract is for stage one of the Tembusu seawater desalination plant. Work is
      294 words
    • 337 5  -  By WINSTON CHAI SINGAPORE Telecommunications will offer customers an all-you-can-watch pay-television buffet for three days to make up for its mio TV outage. From March 19 to 21, mio TV subscribers will get to view all the broadcast television channels in SingTel’s portfolio
      337 words
    • COMPANY BRIEFS
      • 85 5 UNITED Engineers Ltd (UEL) is in negotiations with OCBC Bank on the redevelopment and construction of a hotel cum retail mall at the former Specialists’ Centre and Hotel Phoenix site. UEL said that it is looking to forming a special purpose wholly-owned
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      • 50 5 ST Engineering’s subsidiary, ST Synthesis, has been awarded a five-year contract worth about $18 million by Singapore’s Land Transport Authority (LTA). The contract, which will commence on June 1, involves the installation and maintenance of traffic signal systems for the eastern part of Singapore.
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      • 56 5 PEC Ltd said Verwater-Audex BV, a 50-50 joint venture company between its subsidiary Audex Pte Ltd and Verwater BV, has won a 118 million euro (S$226 million) contract to build a 465,000 cu metre tank terminal in the port of Rotterdam, Netherlands. The project
        56 words
      • 63 5 YONG Xin International Holdings, a high precision steel strips manufacturer in China, said its executive chairman and chief executive officer, Pu Dexing, died last Thursday after an attack in his office. The attacker has been arrested by the Chinese police and the
        63 words
    • 490 5  -  Retailer is seeking to acquire 37.8% stake in US rival MMCG for US$60m By LYNETTE KHOO A MAJOR change is underway for Gems TV’s business in the United States. The retailer of gemstone jewellery through TV home shopping will shut down its loss-making
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    • 443 7  -  It’s the only external Nam Rong-Doi Moi contractor invited to ceremony By VINCENT WEE IT sounds like a contradiction, but sometimes it takes a long time to do something quickly. And for Singapore’s Technics Oil and Gas, the path to recognition last
      443 words
    • 320 7  -  By R SIVANITHY MAINBOARD-LISTED construction and engineering specialist CSC Holdings yesterday announced that it has in the past three months won more than $70 million worth of geotechnical and foundation contracts. Included in these new orders are $40 million in infrastructure projects, such as
      320 words
    • 472 7  -  By VEN SREENIVASAN SINGAPORE Airlines’ earnings may be poised to take off but its stock has run ahead of prevailing fundamentals, says Citi Investment Research. Citi has issued a “sell/low-risk” call on the counter and advised investors to lock in profits after
      472 words
  • Page 4 Advertisements
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  • Page 5 Advertisements
    • 55 5 CONFIDENCE in one's strengths leads to CERTAINTY in one's action. It is with this knowledge that we have proved a reliable SWISS partner in PRIVATE BANKING. Since 1755. r Clariden Leu SWISS PRIVATE BANKING SINCE 1755 Clariden Leu Singapore Branch 80 Raffles Place #27-01 UOB Plaza 1, Singapore *****4 I
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  • SINGAPORE MARKETS
    • 571 6  -  Genting Singapore in limelight again; tops actives list for the umpteenth time this year STOCKS R SIVANITHY Senior Correspondent THANKS in no small part to a large push on the Jardine group and a two per cent jump in Hong Kong’s Hang Seng
      Source: Bloomberg  -  571 words
    • 4 6 DAILY
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    • 66 6 Mar 8 VALUE CLOSE BT OB/OS 277.00 +59.0 BT CADI -*****.00 +138.0 BT 10-day MA -*****.00 +28.00 FTSE ST Mid Cap 686.13 +7.82 FTSE ST Small Cap 537.75 +3.21 FTSE ST All Share 699.86 +10.14 FTSE ST China Top 278.79 +4.82 FTSE ST China 297.47 +5.60 FTSE
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    • 186 6 MAIN CATL TOTAL Up Down Unch Up Down Unch Up Down Unch Multi Ind 9 1 6 0 0 0 9 1 6 Manufacturing 75 35 80 5 5 13 80 40 93 Commerce 31 9 30 2 1 4 33 10 34 Tpt/Stor/Comms 18 11 13
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    • BROKER’S TAKE
      • 412 6  -  Compiled by JOYCE HOOI March 8 close: $1.71 DBS GROUP RESEARCH, March 8 AUSTRALIAN acquisition improves earnings stability. CDL HT’s share price has declined 8 per cent versus the S-Reit index (+2 per cent) since the announcement of its Australian portfolio acquisition in January 2010. We believe
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    • 293 6  -  CHART POINT By KEN TAI Senior Technical Strategist KELIVE RESEARCH (Part of the Kim Eng Group) THE ST Index nullified our prognosis of continued ranging pattern last week, spurred by a firmer US market, which responded to better economic data and easing concerns in
      Source: Bloomberg  -  293 words
    • 117 6 TURNOVER (‘000) VALUE (‘000) MAIN CATL TOTAL MAIN CATL TOTAL Multi Ind 17,668 17,668 81,237 81,237 Manufacturing 309,178 20,334 329,512 210,970 831 211,801 Commerce 105,913 5,229 111,142 183,635 1,400 185,035 Tpt/Stor/Comms 162,026 851 162,877 301,314 156 301,470 Finance 25,058 25,058 229,982 229,982 Construction 45,275 4,364 49,639 17,887
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    • 113 6 Stock name Close Change Stock name Close Change CapitaLand 3.930 +0.030 CapitaMall 1.860 +0.050 CityDev 10.360 ComfortDelGro 1.530 -0.010 Cosco Corp 1.260 +0.050 DBS Grp 14.200 +0.140 F&N 4.490 +0.050 Genting SP 0.920 +0.015 Golden Agri 0.560 +0.015 HK Land 4.910 +0.110 JMH 30.200 +1.200 JSH
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    • 492 6 CURRENCIES [LONDON] The yen and the US dollar fell against the euro and higher-yield-ing currencies yesterday as Friday’s above-forecast US jobs data and easing concerns over Greek debt lifted investor demand for risk. The euro gained after supportive comments by key
      Reuters; BLOOMBERG  -  492 words
    • 55 6 VOLUME Genting SP 92,918,000 Golden Agri 81,519,000 Healthway 63,686,000 NOL 40,912,000 Eastgate Tech 34,790,000 StraitsAsia 33,357,000 UPP 25,063,000 UPP W*****1 23,306,000 SingTel 22,877,000 Noble Grp 21,932,000 VALUE($) Genting SP 85,562,340 NOL 79,988,042 UOB 76,683,675 CapitaLand 74,526,641 Noble Grp 73,301,560 SingTel 71,124,350 DBS Grp 70,463,548 StraitsAsia 68,808,760 Keppel
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    • 109 6 BY CENTS CLOSE UP JMH 3020 167.8 4.1 JSH 1822 159.4 6.7 DBXT FTVietnam 10US$ 4495 99.3 1.6 DBXT MSAsExJp 10US$ 2779 97.9 2.6 DBXT FTChina25 10US$ 2947 85.3 2.1 Jardine C&C 2630 78.0 3.1 DBXT MSTaiwan 10US$ 1594 51.7 2.4 Lyxor China H 10US$ 1572 51.7 2.4 STXPO
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    • 121 6 BY CENTS CLOSE DOWN DBXT S&P Short 10US$ 5248 -99.3 -1.3 OCC 3.93% NCPS10 8600 -90.0 -1.0 SIA.ES.1003 1554 -30.0 -1.9 SIA 1562 -28.0 -1.8 SIA 200 1558 -20.0 -1.3 OCBC Bk 4.5%NCPS 100 9868 -10.0 -0.1 UOB 5.05%NCPS 100 ***** -10.0 -0.1 STI 2950BNPePW*****0 28 -8.0 -22.2 HSI*****MBLePW*****9
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    • 87 6 Where S$ stands Mar 8 CHNG YR 2010 CLOSE FR Mar 5 S$ LOW S$ HIGH US$ 1.3984 0.15 1.4219 1.3869 Euro 1.9119 -0.40 2.0153 1.8959 Pounds 2.1228 -0.79 2.2776 2.0969 A$ 1.2764 -0.99 1.2923 1.2276 Yen* 1.5489 1.31 1.5927 1.5027 Rupiah* 0.***** -0.47 0.*****# 0.***** Baht* 4.2758 0.36
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  • Page 7 Advertisements
    • 563 7 IPO OPENS TODAY! QingMei QINGMEI GROUP HOLDINGS LIMITED N /R PRC $o\ eS S^° Highlights Business Overview Our products comprise (i) MD II shoe soles (ii) MD I shoe soles and (iii) RB shoe soles which are used in the manufacture of shoes used for athletic, sporting and physical activities
      563 words

  • SINGAPORE NEWS
    • 557 8  -  Buildability score, energy efficiency certification being revised upwards YESTERDAY IN PARLIAMENT By UMA SHANKARI THE Building Construction Authority (BCA) is set to make changes to some of its regulations to push the construction industry towards green building and greater productivity. The mandatory
      557 words
    • 457 8  -  By CHEN HUIFEN SPRING Singapore will be looking at how it can help SMEs share resources such as infrastructure and services in order to leverage on economies of scale, said Minister of State for Trade and Industry and Manpower Lee Yi Shyan.
      457 words
    • 319 8 THE gradual scaling back of the Special Risk-sharing Initiative (SRI) is unlikely to have a big impact on businesses, says Trade and Industry Minister Lim Hng Kiang. He told Parliament yesterday that demand for the SRI package introduced to alleviate the
      319 words
    • 293 8 CAPTURING the value between the manufacturing and services sectors will be one of the key growth strategies the Ministry of Trade and Industry (MTI) plans to pursue in the medium term to help Singapore take advantage of global trends, Trade and Industry Minister
      293 words
    • 492 8  -  By JOYCE HOOI THE National Environment Agency (NEA) will soon start prohibiting construction activities from 10pm on the night before a Sunday or a public holiday to 10am on the day itself. This new prohibition will apply to construction sites within 150
      492 words
    • 334 8  -  By ABIGAIL KOR LEADING angel investor groups in the region agreed yesterday to set up a Pan-Asian business angel network. Mooted by the Business Angel Network (South East Asia) (Bansea), the network will foster cross-border investment deals and champion angel-related events and
      334 words
    • 220 8 MICROSOFT yesterday launched Asia’s first regional School Technology Innovation Centre (STIC) in Singapore. The launch was in conjunction with the Microsoft Asia-Pacific Regional Innovative Educators Forum, held here today and tomorrow. Located at the National Institute of Education campus, STIC will focus on researching and developing
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    • 494 8 AFTER surging for two straight quarters, jobs growth momentum in Singapore is tipped to ease in the next three months. But jobs prospect are still sufficiently strong to suggest hiring is returning to its pre-recession high, according to the latest
      Source: Manpower Employment Outlook  -  494 words

  • Page 9 Advertisements
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  • SME Inc
    • 1203 10  -  But the heart of the managing director of Victory Petroleum Trading is with family and home, reports CHEN HUIFEN CHEN HUIFEN EVEN after 20-plus years in the marine fuel industry, Magdalene Tan, managing director of Victory Petroleum Trading, would rather have been a full-time homemaker
      YEN MENG JIIN  -  1,203 words
    • 481 10  -  LTA changes rule, thanks to support from the PEP PRO-ENTERPRISE CHANGES By OLIVIA HO AN INITIATIVE by the Land Transport Authority (LTA) will cut processing time for used-car export- ers, thanks to a suggestion backed by the Pro-Enter-prise Panel (PEP). The change came in
      481 words
    • 411 10  - Small-cap portfolio edges up 1.1 By TEH HOOI LING IT has been a good five trading sessions for blue chip stocks but not so good for small caps. For the week to yesterday, the Straits Times Index (STI) climbed 2.2 per cent. But our small-cap portfolio managed only half that.
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    • 1890 12 THIS WEEK’S TOPIC During his Budget speech, Finance Minister Tharman Shanmugaratnam announced the government’s intention to mobilise up to $1.5 billion worth of growth capital, half of which will come from the private sector. The funds will be used to support companies that have achieved initial success and
      1,890 words
    • 1156 13  -  A passion for endurance sport put two triathletes on the business track, reports VICTOR KATHEYAS VICTOR KATHEYAS IT is often said that passion is essential to run a business. In the case of endurance sports enthusiasts Adrian Mok, 34, and Benjamin Wee, 37, that
      ARTHUR LEE  -  1,156 words
  • Page 10 Advertisements
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    • 6 10 SME VOICES Growing together PAGE 12
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  • EMERGING ENTERPRISE
    • 1322 11  -  OCBC’s Mezzanine Capital unit helps SMEs that reach a particular point where many of them ‘either make it to the big league or they die’, reports CONRAD TAN CONRAD TAN GEORGELee, head of group investment banking at OCBC Bank, noticed a curious pattern among the
      1,322 words
    • 472 11 Businesses are increasingly using it to avoid high infrastructure, upgrading costs CLOUD computing provides business services on demand via a secure online environment, referred to as the “cloud”. Customers enjoy services such as hosted e-mail, Web publishing, office tools and HR applications on
      472 words
  • Page 11 Advertisements
    • 167 11 Emerge as this year's top business player The Emerging Enterprise Award returns to recognise Singapore's most enterprising SMEs. This year, up to three SMEs will each receive up to S$390,000 in cash*, grants and professional services. To put your business in the winning league, sign up now at www.asiaone.com/EE2010, call
      167 words

  • Page 12 Advertisements
    • 290 12 A member of fiaa psb B. Anarlpn Academy !i| i \i II rS For people who love a challenge. At PSB Academy, we work our students hard. When our graduates head out into the world, they're armed with much more than just a piece of paper. They have real skills,
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    • 162 12 Voices The topic for next week’s SME voices column is: To help SMEs develop competencies to meet stringent manufacturing quality and certification requirements of MNCs, a $250-million Partnerships for Capability Transformation (PACT) programme will be introduced to help SMEs pay for expenses related to such activities. This will be part
      162 words

  • Page 13 Advertisements
    • 134 13 I A WIN DOW ONTO HISTORY 9 LUXURY APARTMENTS THE WESTmmSTER London SW1 Actual view from The Westminster 4 t/fe A Mm ■3 L «r i "4 I.^ Wk Scr V r An exclusive development of 9 luxury apartments built on the site of a former cabinet office building offering
      134 words
    • 147 13 ©Singapore Brand Conference Thursday, 25 March 2010 Pan Pacific Hotel (Marina) Building Borderless Brands. Rethinking Innovation. Mr David Thomas CEO Thermal Limitec Pte Ltd Singapore Brand Conference 2010 Programme Highlights Stepping Across the Dotted Line Brand Consistency Through Service Delivery In A Culturally Diverse World Session Chair: Associate Professor Annie
      147 words

  • ECONOMY WATCH
    • 453 14 It cites worries over private sector, unemployment and household debt AP [SEOUL] South Korea’s finance minister warned yesterday that the country’s economic recovery remains too fragile to withstand an increase in borrowing costs from a record low, cautioning the central bank just days
      AP; REUTERS  -  453 words
    • 513 14 Reuters [NAIROBI] The crisis over Greece’s debt mountain is unlikely to spread to other eurozone countries with high levels of public debt, the International Monetary Fund (IMF) managing director said here yesterday. In an interview with Reuters in the Kenyan capital, Dominique
      Reuters  -  513 words
    • 472 14 Reuters [LISBON] Portugal’s long-term budget austerity plan encompasses spending cuts by reducing tax breaks and containing public sector wages, but entails no Greece-style wage cuts or tax hikes, local media said over the weekend. The minority Socialist government on Saturday approved the
      Reuters; AFP  -  472 words
    • 730 14 Reuters [TOKYO] Japanese bank lending fell last month from a year earlier, matching the largest drop in more than four years. The development casts doubt on the effectiveness of central bank policy in fighting deflation as firms saddled with excess capacity refrain from
      Reuters  -  730 words
    • 657 14 AP [ST LOUIS] To understand why jobs in the US are so scarce, consider John McFarland and Nicole Rosen. The two share something in common: they’re reluctant to spend freely. Mr McFarland is CEO of Baldor Electric Co in Fort Smith, Arkansas; Ms
      AP  -  657 words
  • Page 14 Advertisements
    • 1075 14 tCATa NOTICES IN THE MATTER OF THE COMPANIES ACT (CHAPTER 50) AND IN THE MATTER OF COMPASS LLC (In Members' Voluntary Liquidation) REG NO. *****1152H NOTICE OF FINAL MEETING NOTICE IS HEREBYGIVEN that pursuant to Section 308 of the Companies Act, Cap. 50, the Final Meeting of the abovenamed Law
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  • MALAYSIA/INDONESIA
    • 351 15 Bloomberg [KUALA LUMPUR] Bursa Malaysia Bhd, the country’s stock exchange manager, expects profit to increase for a second year as the economy recovers and the government accelerates efforts to open the market to foreign investors. “We expect positive growth in earnings this year,”
      Bloomberg; FILE PHOTO  -  351 words
    • 557 15 Think tank calls for multi-decade economic vision to link the 2 countries Reuters [SYDNEY] Australia-Indone-sia ties have stagnated, focusing on negative perceptions and issues such as terrorism and people smuggling, said a report released yesterday on the eve of a visit by Indonesia’s
      Reuters; AFP  -  557 words
    • 228 15 Bloomberg [SINGAPORE] Malaysia will resume selling bonds maturing in seven years for the first time since 2004, adding a new benchmark to the local debt market, according to data published by the central bank on its website. The government will auction RM3.5 billion
      Bloomberg  -  228 words
  • Page 15 Advertisements
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  • GREATER CHINA
    • 731 16 Measures adopted to avert global crisis will be fine-tuned as China exits stimulus Reuters [BEIJING] Any rise in the yuan’s exchange rate will be gradual, China’s trade chief said yesterday in comments that underline the competing interests at the heart of Chinese
      Reuters; REUTERS  -  731 words
    • 356 16 Lawmakers call for the move, saying that it will enhance energy security Reuters [BEIJING] China should step up efforts to build up state reserves of crude oil and refined fuel to enhance the country’s energy security, state media cited lawmakers as saying.
      Reuters  -  356 words
    • 263 16 Reuters [BEIJING] Only one of the some 20 golf courses in Beijing has been developed legally, a member of the law committee in China’s parliament said. Amid concerns about land grabs of prime farming land, China’s government put a moratorium on the
      Reuters  -  263 words
  • Page 16 Advertisements
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  • INDIA
    • 590 17 Two parties who oppose the bill withdraw support to govt after parliament sees uproar, adjournments Reuters AFP [NEW DELHI] Two political parties yesterday withdrew support for India’s ruling Congress party to protest against a controversial bill reserving one-third of legislative seats for women,
      Reuters; AFP  -  590 words
    • 410 17 IPO set to raise up to US$3b from sale of stake of up to 25% Reuters [MUMBAI] Indian conglomerate Essar Group plans to raise about US$2.5 billion to US$3 billion by listing its energy and power businesses on the London bourse in late
      Reuters  -  410 words
    • 342 17 AFP [NEW DELHI] India faces a water crisis with availability in decline and demand rocketing, and the profligate agricultural sector is in the firing line. Farmers’ wasteful use of water is unsustainable in a country with a fast-growing population and rapidly industrialising economy,
      AFP  -  342 words
  • Page 17 Advertisements
    • 201 17 number one. The most prominent investment in Central London o o Cl TY I- A Mill >•11 =q l mmm >«■ P rT» f^ L\ f \\W m* E 'II" nil si. i K t ii H I flff ilfjl 111 ill •js m !1 L-S iff 1 1 rma
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  • ASIA-PACIFIC/WORLD
    • 514 18 Investments will create chances for niche technology, equipment providers Reuters [SEOUL] Japan, South Korea and China are investing about US$9 billion this year in infrastructure and information technology to make electricity networks more efficient, creating lucrative opportunities for niche technology and equipment
      Reuters  -  514 words
    • 504 18 Move sparks Aussie rally as resources companies surge AFP Reuters [SYDNEY] Royal Dutch Shell and PetroChina joined forces for a US$2.96 billion bid for Australia’s Arrow Energy yesterday, hoping for a bigger slice of the country’s booming liquefied natural gas (LNG) sector.
      AFP; Reuters; BLOOMBERG  -  504 words
    • 373 18 Bloomberg Reuters [LONDON] Oil rose to a two-month high above US$82 a barrel in New York amid growing confidence that the economic recovery is proceeding and set to bolster fuel demand. Crude advanced for a second day after French President Nicolas Sarkozy said
      Bloomberg; Reuters  -  373 words
    • 311 18 Reuters [SYDNEY] Top global miner BHP Billiton’s move to shorter-term coal prices for steel mills is likely to be followed for iron ore contracts that could help the company earn billions of dollars more in revenues. BHP made clear that a deal with
      Reuters  -  311 words
    • 404 18 Reuters [TOKYO] Dai-ichi Mutual Life Insurance said its IPO would raise as much as 1.1 trillion yen (S$17 billion) at the top of a price range that was roughly in line with expectations. The offering, the world’s largest since credit card firm
      Reuters  -  404 words
    • 407 18 Reuters AP [TOKYO]Toyota Motor expects that its North American sales could recover this month after plunging in February when the automaker suspended sales of some recalled models. “I think it’s possible (for sales to recover),” Akio Toyoda, the company’s president, said after meeting
      Reuters; AP  -  407 words
  • Page 18 Advertisements

  • FOCUS: ENTREPRENEURS
    • 2117 19 VCs offer proven talent the coveted ‘entrepreneur in residence’ role in Silicon Valley to come up with the next big thing NYT [MENLO PARK, California] THE print hanging behind the receptionist’s desk at Foundation Capital screams, “Our greatest thrill is to loan you
      NYT; FILE PHOTO  -  2,117 words
  • Page 19 Advertisements
    • 264 19 TELKOMSEL USD 318,000,000 EKN-Supported Export Credit Facility Joint Mandated Lead Arranger December 2009 indosat USD 315,000,000 EKN-Supported Export Credit Facility Joint Mandated Lead Arranger August 2009 Delivering for our clients time and time again Across financing and risk management, our clients know they can rely on our global expertise and
      264 words

  • WORLD
    • 737 20 Uncertainty over economic recovery drives companies to build up huge reserves Bloomberg [PARIS] Europe’s biggest companies hoarded more cash last year than in the preceding three years, curbing acquisitions and waiting for an economic recovery that remains in doubt. Cash holdings for 331 companies
      Bloomberg  -  737 words
    • 758 20 AFP [HOLLYWOOD] Kathryn Bigelow made Oscars history here on Sunday after becoming the first woman filmmaker to be crowned best director in the 82-year history of the Academy Awards. But the 58-year-old’s victory for her Iraq War drama The Hurt Locker masks a
      AFP; PHOTOS: AP, AFP, REUTERS  -  758 words
    • 631 20 Reuters [LOS ANGELES] It was a disappointing night for Hollywood’s major studios. It could have been the night when Avatar, from News Corp’s Twentieth Century Fox, turned its audience appeal and US$2.5 billion in box office gold into a best picture Oscar win. But instead,
      Reuters  -  631 words
    • 776 21 Stock market gains on hope of progress as cost of insuring debt falls Reuters [DUBAI] Hopes of progress this week on Dubai World’s US$26 billion debt restructuring lifted stocks and eased fears of default, but potential divisions emerged among creditors to the state-owned conglomerate.
      Reuters; REUTERS  -  776 words
    • 371 21 IHT [PARIS] Rivals of Microsoft’s market-leading Web browser have attracted a flurry of interest since the company, fulfilling a regulatory requirement, started making it easier for European users of its Windows operating system to switch. Mozilla, whose Firefox browser is the
      IHT  -  371 words
    • 429 21 Reuters [LOS ANGELES] A Web application that alerts wine grape farmers when their vines are thirsty has won first place in a competition to spur entrepreneurs in the invest-ment-starved water sector, organisers said yesterday. Fruition Sciences, which operates in both California and
      Reuters  -  429 words
  • Page 20 Advertisements
    • 120 20 Get your copy from any Spinelli outlet at $5.50 and get a complimentary Spin or Latte! March Pulses Out Now! Check out how four Singapore companies market their popular F&B products overseas. Wilmar International gives investors a glimpse into the agri-business value chain. Is recovery on the horizon for airlines?
      120 words

  • Page 21 Advertisements
    • 220 21 D iscover a better way to USA with ANA Flying with ANA is an experience like no other. With our convenient connections and unrivalled Japanese hospitality, every trip is a memorable one. What's more, ANA Mileage Club members can now double their flight miles with the "ANA Double Smile" campaign.
      220 words

  • EDITORIAL & OPINION
    • 497 22 EDITORIAL MALAYSIA raised interest rates last week, signalling that its economy was back on the growth track. Last year’s final-quarter growth in real GDP terms was a robust 4.5 per cent, comfortably ahead of the street’s forcast 3.5 per cent. Private economists have now
      497 words
    • 791 22  -  THE BOTTOM LINE PAUL KRUGMAN NYT EVERYONE has a theory about the financial crisis. These theories range from the absurd to the plausible from claims that liberal Democrats somehow forced banks to lend to the undeserving poor (even though Republicans controlled Congress) to
      NYT  -  791 words
    • 978 22  -  Wall Street sees plan to create powerful watchdog for consumers as a threat to its profits LEON HADAR Washington Correspondent LEGISLATION for financial reform that gives the federal government a larger role in regulating financial products such as securities and derivatives seems to be
      REUTERS  -  978 words
    • 1110 23  -  Executives and directors who make false or misleading statements in annual reports should be properly dealt with By MAK YUEN TEEN The writer is a professor of accounting at NUS Business School ONE of the worst kept secrets in the Singapore corporate scene is
      JOHN HENG  -  1,110 words
    • 934 23  -  WILLIAM PESEK JR The writer is a Bloomberg News columnist. The opinions expressed are his own Bloomberg IT’S quite troubling that Sri Mulyani Indrawati has been roped into a corruption scandal. Indonesia’s finance minister isn’t necessarily shady. If she were, my confidence in
      Bloomberg  -  934 words

  • Page 23 Advertisements

  • AVIATION
    • 616 24 Senator’s move extends fight between FedEx and rival UPS Bloomberg [WASHINGTON] Senator Bob Corker, who represents FedEx Corp’s home state of Tennessee, has said that he will block legislation funding the Federal Aviation Administration (FAA) because a provision may be added later, making it easier
      Bloomberg; REUTERS  -  616 words
    • 316 24 Bloomberg [OSAKA] Shinmaywa Industries Ltd, a Japanese supplier for Boeing Co’s 787 Dreamliner and Airbus SAS, may invest several billion yen this year to boost capacity as it seeks to increase orders from the aerospace companies. “We received many inquiries from our customers
      Bloomberg  -  316 words
    • 215 24 AFP [SHANGHAI] The president of Shenzhen Airlines, China’s fifth-biggest carrier, has been removed from his position and is under police investigation for alleged “economic crimes”, the carrier said yesterday. “Li Kun’s responsibilities as president have been taken over by vice-president and party secretary Fan
      AFP  -  215 words
    • 435 24 Bloomberg [SHANGHAI] China Eastern Airlines Corp, the nation’s second-largest carrier, expects passenger numbers to rise more than 20 per cent this year, chairman Liu Shaoyong said on Sunday. This year’s World Expo in Shanghai may attract 11 million to 16 million air passengers, helping
      Bloomberg  -  435 words
    • 2889 24 CITY FLIGHT ETA FLIGHT ETD Abu Dhabi SQ455 1240 SQ458 1415 Adelaide LH9771 1740 LH9770 2350 SQ268 1740 SQ269 2350 VS7268 1740 VS7269 2350 9W4081 1830 AF8087 1830 BA7381 1830 JL5084 1830 QF81 1830 Ahmedabad NH6292 1900 SQ530 1900 Amsterdam LO4031 0610 AZ3993 0125 SQ323 0610
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  • Page 24 Miscellaneous
    • 301 24 CRYPTIC CROSSWORD Across 1 Almost time to move these workers (5,5) 6 Animals found behind great mirrors (4) 9 A degree given to doctor for such scenes (5) 10 Mysterious magnetic flows around island (9) 12 Rule out shopping here? (8,5) 14 Identify leg position on cricket field (8) 15
      301 words

  • Page 25 Advertisements
    • 2215 25 BALISA SHIPPING TRADING PTE LTD 8 Shenton Way, #40-03A, Singapore *****1 Tel: 6345 5700 Fax: 6345 5227 Email: singapore@balisagp.com CR NO. **********0W UK CONTINENT SERVICE U.S.A. SERVICE Destination STXPO TBN RTM/ANR/TIL *Loads Singapore, E./W. Malaysia, Indonesia MIDDLE-EAST SERVICE Destination SAN SIMEON NEW ORLEANS/CAMDEN *Loads E./W. Malaysia, Indonesia Destination DD LEADER
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    • 565 25 WALLENIUS WILHELMSEN LOGISTICS website: http://www.2wglobal.com TO NORTH AND LATIN AMERICA ‘‘CAR RORO HEAVYLIFT SERVICE’’ VESSEL VOY RAMP HEIGHT SIN TIW LBC MAO SAV BAL NEN TAMESIS FF005 320 Tons 6.40M 12/03 10/04 13/04 21/04 26/04 02/05 30/04 OTELLO FF006 123 Tons 6.50M 31/03 27/04 06/05 10/05 16/05 15/05 TAMERLANE FF007
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  • THE BUSINESS TIMES SHIPPING TIMES
    • 754 26 They caution that storage tankers in Malacca Strait are also terror targets Reuters [DUBAI] Oil traders are concerned about supply disruptions via the Malacca Strait after the Singapore Navy warned of possible attacks on tankers, but say that alternate routes could be used which add
      Reuters; AP  -  754 words
    • 281 26 SGX '000 Mar 8 S$ +/-Vol CH Offshore 0.66 -0.01 584 Chuan Hup Hldgs 0.30 -0.01 21 Cosco Corp 1.26 0.05 ***** CWT Ltd 0.98 0.02 8578 Ezra Hldgs 2.41 0.09 9730 First Ship Lease 0.60 unch 1664 Freight Links 0.05 unch 161 Grand Banks unch unch 0
      281 words
    • 689 26 AFP [PARIS] They are known as rogue or freak waves, though some people simply call them monsters of the sea. By any name, the outsized swells that can appear suddenly in open waters are big enough to swamp the largest of ships,
      AFP  -  689 words
  • Page 26 Advertisements
    • 585 26 SHIPPING TIMES HDS LINES THE SHORTEST TRANSIT TO PERSIAN GULF Visit our website at: TBA CONTAINER SERVICE TO JEDDAH, ISTANBUL, MIDDLE EAST, PERSIAN GULF, CIS, MEDITERRANEAN AND NORTHERN EUROPE HDM SERVICE FMX and SMX SERVICE Connecting EMC SERVICE via MALTA VESSEL VOY SIN PKG JEA BND BIK SIN PKG JED
      585 words
    • 347 26 EASTERN CAR LINER, LTD SPECIALIZE IN RORO HEAVY LIFT UPTO 450 TONS INTRA-ASIA SERVICE VOY Ramp(KT) Lifting(KT) MUA SIN PKL KUC JKT SUR POSITIVE STAR 49 100 10/03 11/03 13/03 15/03 17/03 19/03 PACIFIC LOHAS 24 60 12/03 14/03 17/03 JUTHA PATTHAMA 2 15/03 17/03 NOBLE CORAL 26 60 16/03
      347 words
    • 436 26 SINOKOR MERCHANT MARINE CO. LTD FMX (W) FMX (E) Vessel Voy SIN BDN JEA KLF HJ GDYNIA 0008W 11/03 19/03 20/03 22/03 HJ KINGSTON 0012W 18/03 26/03 27/03 29/03 HJ DUESSELD 0003W 25/03 02/04 03/04 05/04 HJ MONTERIDEO 0002W 08/04 16/04 17/04 19/04 Vessel Voy SIN TAO KAN PUS SHA
      436 words

  • SINGAPORE STOCKS
    • 9051 27 Transaction date: Mar 8 52-wks Tel Last Vol Day Last Quote Div Gr Yld Net M Cap High Low Code Company Sale +/-(‘000) High Low Buyer Seller C’vr P/E $mil 18 3 3148 8Telecom 17 +0.5 175 17 16.5 16.5 17 1.7 10.6 5.5 81.4 10 2.5 5834
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    • 1659 28 52-wks Tel Last Vol Day Last Quote Div Gr Yld Net M Cap High Low Code Company Sale +/-(‘000) High Low Buyer Seller C’vr P/E $mil 10 5 1181 t AA Grp 5.5 4.5 5.5 30.6 5.3 25 12 8538 t APStrategic 15.5 13 15 91.5 4 0.5
      1,659 words
    • 9334 28 UNIT TRUSTS FUNDS UNIT TRUSTS APS Asset Mgt Pte Ltd APS Alpha Fund!** 1.21/ APS Alpha Fund (USD)!** 0.86/ AXA Life Secure Ascent 2020 Fund 0.*****/0.***** AXA Wealth Mgt S'pore Pte Ltd AXA WM -Talents Fund 0.69/ Aberdeen Asset Mgt Asia Limited American Opp 0.6457/ Asian Credit Fund 1.2336/ Asian
      9,334 words
    • 486 28 52-Wk Tel Last Vol Day Last Quote Div GrYld Net MCap High Low Code Company Sale +/-(’000) High Low Buyer Seller C’vr P/E $mil 111 107 6389 ABF SG Bond ETF 109.5 -0.9 5 109.5 109.5 109.5 110 499.8 846 427 CIMBAsean40 100US$ US840 +21 234 843 821
      486 words
    • 260 28 52-Wk Tel Last Vol Day Last Quote Div GrYld Net MCap High Low Code Company Sale +/-(’000) High Low Buyer Seller C’vr P/E $mil 56 24 6000 AVJennings A47 45 50 3.6 7.4 3.8 122.4 31 6 6017 Genting HK US$ US19 +0.5 2152 19.5 18.5 19 19.5
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  • FINANCE & COMMODITIES
    • 365 29 In local curr In S$ In US$ dy yr dy yr dy yr Mar 5 Index Change Change Change Change Change Change World Index Preliminary 842.0 1.2 1.1 1.0 -0.4 1.1 0.0 EAFE Preliminary 788.7 1.4 0.5 1.0 -2.6 1.1 -2.3 Europe Preliminary 1137.8 1.5
      365 words
    • 180 29 Mar 8 $S Offer Bid Overnight 0.08 0.03 1-month 7/16 3/16 2-months 9/16 5/16 3-months 11/16 7/16 Overnight mode: 1/16 US$ Offer Bid 7 days 0.23 0.18 1 month 0.29 0.24 2 months 0.35 0.25 3 months 0.37 0.27 6 months 0.50 0.40 9 months 0.90 0.60 12
      180 words
    • 22 29 Mar 8 S$ Bid Offer 1-month 1.3983 1.4003 2-months 1.3985 1.4005 3-months 1.3986 1.4007 6-months 1.3992 1.4013 Source: OCBC
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    • 132 29 Mar 8 As at 9am Singapore dollars to one unit of foreign currency: Currencies Bid Offer Aust dollar 1.2620 1.3010 Can dollar 1.3560 1.3720 Euro 1.9030 1.9250 NZ dollar 0.9720 0.9940 Sterling pound 2.1110 2.1350 US dollar 1.3930 1.4100 Local dollars to 100 units of foreign
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    • 30 29 Mar 8 Sett Open High Sett STI Mar 2820 2823 2830 SIMSCI Mar 334.4 339.0 338.2 Taiwan Mar 274.6 279.5 279.5 Source: MF Global (S) Pte. Ltd
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    • 67 29 Mar 8 KLCE PALM FUTURES (RM/MT) Delivery Opening Sett Av Vol Open Month Range Price Price High Low Done Position Mar 10 2691 2710 2710 2690 86 511 Apr 10 2694 2718 2725 2691 545 ***** May 10 2679 2709 2722 2675 3942 ***** Jun 10 2665 2703
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    • 371 29 Mar 8 OPEN HIGH LOW SETT VOL OP/INT EURODOLLAR FUTURES Mar10 99.7325 0 5092 Jun10 99.6250 0 5615 Sep10 99.4200 0 2481 Dec10 99.1100 0 1787 EUROYEN TIBOR FUTURES Mar10 99.5650 635 5498 Jun10 99.6250 99.6250 99.6250 99.6050 280 2697 Sep10 99.6100 196 2712 Dec10 99.6250 0
      371 words
    • 180 29 Mar 8 RUBBER Futures (Closing prices) RSS 3 (US cents/kg) Close Volume O/I Month High Low Sett (lots) (lots) Apr 10 331.0 331.0 331.0 16 674 May 10 329.0 652 Jun 10 328.0 800 Jul 10 327.0 380 Aug 10 326.0 60 210 Sep 10 325.0 40 340
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    • 84 29 Mar 8 TREASURY BILLS Period Issue Maturity Yesterday's Day's code Bid High Low 3-Month BQ*****W 10.06.2010 0.39 0.37 0.36 1-Year BY*****N 01.11.2010 0.39 GOVERNMENT BONDS Period Issue Coupon Maturity Close Day's code rate Bid High Low 2-Year N*****0A 2.625 01.04.2012 104.30 5-Year N*****0N 1.375 01.10.2014 100.30 7-Year N*****0S
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    • 105 29 Mar 5 SOYBEANS (5,000 bu min; US cents/60 lb bushels) Close Previous High/Low Mar 10 934.75 932.50 939.50 929.75 May 10 942.75 942.00 949.50 938.25 Jul 10 950.50 950.50 957.00 946.00 Aug 10 947.75 948.00 954.25 943.75 SOYBEAN/OIL (60,000 lbs;Uscent/lb) Close Previous High/Low Mar 10 39.72 39.63 40.06
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    • 77 29 CRUDE OIL PRODUCTS Mar 5 CRUDE (FOB origin) US$/barrel Close Change Brent blend (1-Mth F) 80.41 1.85 WTI (Near Mth) 81.76 1.40 Dubai (1-Mth F) 77.79 0.25 Tapis blend 83.15 0.20 Minas 81.05 0.20 PRODUCT US$/barrel (FOB S'pore) Close Change Naphtha 80.78 0.28 Jet Kerosene 86.35 0.15 US$/barrel Opec Oil
      77 words
    • 77 29 Mar 5 COCOA (£/tonne) Close Prev High/Low Mar 10 2156 2142 2172/2136 May 10 2176 2162 2197/2153 Jul 10 2167 2152 2185/2140 Sep 10 2137 2130 2152/2120 COFFEE (US$/tonne) Close Pev High/Low Mar 10 1200 1210 1221/1200 May 10 1232 1249 1259/1229 Jul 10 1268 1283 1297/1265 SUGAR (US
      77 words
    • 2527 29 BONDS, WARRANTS EXTENDED SETTLEMENT Prem Expiry Tel Last Vol Conv Exer Disc Gear-Mths Code Company Sale +or-('000) Ratio Price ing Left Asia-Pacific Strategic W*****6 2.5 1 15 13 6.20 50 4085 ASJ Hldgs W*****1 1.5 unch 22 1 4 22 3.00 23 2036 Advance SCT Ltd W*****9 0.5 1 87
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    • 465 29 Mar 8 A$ C$ Rmb Euro HK$ Ind Rs Rupiah Yen Won RM NZ$ Pak Rs Peso S$ Rand Sfr NT$ Baht Pound US$ Australia 0.938 6.227 0.667 7.080 41.409 83.694 0.824 10.331 3.049 1.300 77.263 41.790 1.276 6.739 0.975 29.081 29.834 0.601 0.912 Canada 1.066 6.640
      465 words
    • 85 29 Mar 8 (US$) (S$) 1 mth 0.***** 0.***** 2 mths 0.***** 0.***** 3 mths 0.***** 0.***** 6 mths 0.***** 0.***** 9 mths 0.***** 0.***** 12 mths 0.***** 0.***** SWAP Offer rates (S$) 1 mth 0.***** 2 mths 0.***** 3 mths 0.***** 6 mths 0.***** 9 mths 0.***** 12 mths
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    • 154 29 Mar 8 Against S$ Against US$ Currencies Bid Offer Bid Offer S$/US$ to one unit of foreign currency: Australian dollar 1.2752 1.2773 0.9121 0.9123 Canadian dollar 1.3598 1.3622 0.9726 0.9730 Euro 1.9133 1.9162 1.3685 1.3686 NZ dollar 0.9803 0.9832 0.7012 0.7022 Sterling pound 2.1216 2.1251 1.5175 1.5178
      154 words
    • 138 29 Mar 8 GOLD (US$/oz) Mar 05 Mar 08 Hong Kong 1134.30 1135.30 Mar 04 Mar 05 London 1130.35 1139.70 1131.15 1140.50 Source: Thomson Reuters CAST BAR Mar 08 (S$) Selling Buying Kilobar "54,688.77" ***** PAMP GOLD BARS (S$) Selling Buying 1gm 121.98 51 5gm 347.75 255 10gm 621.67
      138 words
    • 71 29 Mar 5 Mar 5 Aluminium, 99.7% purity (US$/tonne) Close Previous Cash 2199.75 2187.75 3 months 2230.00 2219.00 Copper, Grade A (US$/tonne) Cash 7514.00 7366.00 3 months 7545.00 7398.00 Lead (US$/tonne) Cash 2207.25 2146.75 3 months 2230.00 2170.00 Nickel (US$/tonne) Cash *****.00 *****.00 3 months *****.00 *****.00 Tin (US$/tonne)
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  • PROPERTY
    • 589 30 It will allow owners to sell for less than they owe and give them cash as well NYT [WASHINGTON] In an effort to end the foreclosure crisis, the Obama administration has been trying to keep defaulting owners in their homes. Now it will
      NYT; BLOOMBERG  -  589 words
    • 701 30 AP [NEW YORK] Bryan Roddy says it seemed like a smart investment in April 2007 when he and his partners bought a US$1.2 million home in Greenwich, Connecticut, added two bedrooms and baths and priced it at US$2.9 million to lure
      AP  -  701 words
    • 426 31  -  Five parties said to have tendered for job of marketing Jurong East building By KALPANA RASHIWALA JTC Corporation is seeking to lease out about 95,000 square feet of offices at its headquarters building near Jurong East MRT Station. It recently
      ARTHUR LEE  -  426 words
    • 254 31 Govt’s new building plan will cater to low-income families Bloomberg [BEIJING] China’s 2009 investments in the real estate industry rose 16.1 per cent to 3.6 trillion yuan (S$738 billion), the country’s housing ministry said yesterday in a report ahead of a press conference.
      Bloomberg; REUTERS  -  254 words
    • 202 31 Reuters [LONDON] China Real Estate Opportunities (CREO), one of the biggest companies on London’s AIM (Alternative Investment Market), may abandon its UK listing to be quoted in Singapore, in a quest to deepen its investor base and tap stronger capital flows in
      Reuters  -  202 words
  • Page 30 Advertisements
    • 231 30 Singapore Prime District 9 Condo •The Marks of Distinction* Orchard Cairn hill Foreigners Eligible Freehold 1 bed room 2 bedroom 3 bed room 4bedroom Penthouse Open for booking now +65 *****448 Max Lim Direct Developer Sales investsingapore@hotmail.com www.merlionproperty.com Huttons Realestate Group INSPIRING I PROGRESSIVE CORPORATE OFFICE DESIGN SOLUTIONS CORPORATE OFFICES
      231 words
    • 123 30 36 KAKI BUKIT PLACE Business Space For Lease iim SI* j! iiiili I Unit sizes from 3,300 sq ft to 51,000 sq ft Loading bays with dock levelers, car park at basement Near food centres, bus stops and other amenities For office showroom storage light industrial use For leasing enquiries:
      123 words
    • 261 30 Bossanova Limited SEAFRONT A signature Capitaland Project Units #02-07 and #03-07, Seafront, Meyer Rd. 2,099 Sqft each. Ten minutes drive to CBD. Comparatively (to districts 9 and 10) little traffic in morning. Full spectacular Pool view will see pool like this (except 4th floor). You can talk to your children
      261 words

  • Page 31 Advertisements
    • 594 31 EXCELLENT OPPORTUNITY! SCIENCE PARK BUILDING FOR SALE lIL CUSHMAN WAKEFIELD. Global Real Estate Solutions™ 2-storey building basement annex building for facilities equipment Land area 168,200 sq ft approx. Floor area 164,600 sq ft approx. Land Tenure Balance 8 yrs with further 12 yrs renewal option Power Supply 15 MVA Cleanrooms
      594 words
    • 250 31 Time in minutes by tube from Sloane Square* O Source: www.tfl.gov.uk *1 wrr; IJf.Sffi" S7iTViibi a i«Jij 1 EXHIBITION Sat, I 3th Sun, 14th March *10 I I am 7pm The Regent Hotel Singapore Tomlinson Room (Level 2) I Cuscaden Road, Singapore www.colliersid.com/1 692 Unique Central London location with excellent
      250 words

  • Page 32 Advertisements
    • 532 32 db x-trackers Deutsche Bank ETFs u China A-share and Indonesia World's 1 st UCITS Ill-compliant ETFs Capture the potential of China and Indonesia China's GDP growth has exceeded 7% every year since 1991 Indonesia's GDP growth per capita was the fastest in Asia over the past 5 years 2 db
      532 words