The Business Times, 26 July 2010

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Total Pages: 30
1 30 The Business Times
  • 22 1 THE BUSINESS TIMES S$1.00 online at http://www.businesstimes.com.sg onlineathttp://www.businesstimes.com.sg onlineathttp://www.businesstimes.com.sg CO REGN NO *****2868E onlineathttp://www.businesstimes.com.sg MICA (P) 123/08/2009 onlineathttp://www.businesstimes.com.sg Monday, July 26, 2010
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  • 676 1  -  Upcoming results will present clearer picture of S’pore Inc By EMILYN YAP [SINGAPORE] It’s often said that a rising tide lifts all boats, but that has yet to come true in Singapore for corporate earnings, so far at least. While the economy
    Compiled by BT  -  676 words
  • 913 1  -  Businesses up in arms over payment demand for a service they never asked for By CONRAD TAN [SINGAPORE] Global Yellow Pages, formerly known as Yellow Pages (Singapore), has come under fire from businesses that have received “tax invoices” from a subsidiary of the firm,
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  • 157 1 BT ONLINE BT print subscribers get free access to BT Online at www.businesstimes.com.sg. For more information, e-mail btocs@sph.com.sg or call 6388-3838. MARKETS Weekly Change ST Index 2,973.47 +15.75 KL COMP 1,345.68 +9.03 NIKKEI 225 9,430.96 +22.60 HANG SENG 20,815.33 +565.17 SET INDEX 840.24 +12.70 JAKARTA COMP 3,042.02 +49.57
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  • Page 1 Advertisements
    • 81 1 BizIT S’pore drives robust growth for VMware PAGE 28 SAVING VOLVO Geely faces Volvo challenge PAGE 20 MALAYSIA INSIGHT Review federal-state relations PAGE14 DINING OUT Sophisticated simplicity PAGE A city for cyclists What more can be done to develop a cycling culture in Singapore while ensuring safe and nuisance-free cycling?
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    • 154 1 THE DEEP DUE WATCH No other watch is engineered quite like a Rolex. The Rolex Deepsea was designed for extreme underwater exploration. An intricate three-piece case architecture, the Ringlock System, enables it to withstand the colossal pressure at depths of up to 3,900 metres. The Deepsea is also equipped with
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  • TOP STORIES
    • 575 2 Global Yellow Pages comes under fire GLOBAL Yellow Pages, formerly known as Yellow Pages (Singapore), has come under fire from businesses that have received “tax invoices” from a subsidiary of the firm, asking for payment for a directory-listing service that they never asked for. One business owner has
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    • 700 2 Scepticism expected over the low capital shortfall uncovered AFP [PARIS] European bank stress tests will themselves be tested today when investors return to markets in Europe and Asia with a verdict on an unprecedented bid to restore confidence in the
      AFP  -  700 words
    • 469 2  -  India’s GMR and Jurong Aromatics expect to approach banks next month By RONNIE LIM [SINGAPORE] Investors in two delayed, multi-billion dollar projects on Jurong Island one for power generation and the other for petrochemicals expect to go to the financial markets next
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    • 607 2 Reuters [LONDON] BP Plc has decided that chief executive Tony Hayward should step down over his handling of the Gulf of Mexico oil spill and his departure could be announced in the coming days, sources close to the company said yesterday. BP’s board will
      Reuters; REUTERS  -  607 words
    • 959 2  -  Market sentiment seems to be on the mend after a week of some good news WALL STREET INSIGHT By ANDREW MARKS STRONG quarterly results are supposed to boost share prices, especially when they handily beat Wall Street forecasts. For a change of pace, that’s
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    • 628 3  -  Singapore trails Vietnam but leads Malaysia, China, Indonesia, Thailand By MAARTEN KALLENBERG The writer is head of Consumer Confidence Index at Insight Asia Research Group [SINGAPORE] Consumers in Singapore remain among the most optimistic in the region despite a drop in consumer confidence
      Source: InsightAsia  -  628 words
    • 335 3  -  By EMILYN YAP [SINGAPORE] Prices of resale flats should stabilise in a year or so as the Housing Development Board (HDB) releases a record number of new flats into the market. This was according to National Development Minister Mah
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    • 528 3  -  By RONNIE LIM SINGAPORE will start work soon on three new gas pipelines costing an estimated $300 million to $400 million to transport re-gasi-fied LNG (liquefied natural gas) from its upcoming $1.5 billion LNG terminal to power stations and industry. “We
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  • Page 3 Advertisements
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  • SINGAPORE MARKETS
    • 704 4  -  STOCKS R SIVANITHY Senior Correspondent LAST week, we focused on an expected rise in the volatility of the Straits Times Index (STI) in anticipation of similar swings on Wall Street. As it turned out, the STI has been bouncing daily in tandem with shifting expectations of
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    • 552 4  -  CURRENCY WATCH By ONG YI LING The writer is investment analyst at Phillip Futures THE first half of 2010 was indeed memorable. In the short six months, we saw equities reaching their highs from their March 2009 lows. We then saw the markets tanking after
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    • 385 4 COMMODITIES AFP [LONDON] Raw material prices mainly rose last week as traders tracked upbeat US company results and economic data, but some gains tapered off before the publication of European banks’ stress-test results. Seven European banks, among a total of 91
      AFP  -  385 words
    • 111 4 BY CENTS CLOSE UP JSH 2450 153.6 4.8 DBXT FTChina25 10US$ 2974 148.2 3.8 DBXT iBoxxSvEu 5US$ ***** 141.3 0.5 JMH 4124 129.0 2.3 DBXT Nifty 10US$ ***** 122.1 0.8 DBXT CSI300 10US$ 948 108.4 9.1 Jardine C&C 3548 96.0 2.8 Lyxor China H 10US$ 1543 90.5 4.5 STXPO
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    • 125 4 BY CENTS CLOSE DOWN DBXT E50 10US$ 3612-211.3 -4.1 DBXT iBoxxKR 5US$ *****-166.0 -1.1 DBXT AUDMM 5SG$ *****-155.0 -0.7 DBXT FTVietnam 10US$ 4147-115.2 -2.0 GLD 10US$ ***** -90.5 -0.6 UOB.ES.1007 1942 -56.0 -2.8 UOB 1936 -52.0 -2.6 DBS Grp 1440 -40.0 -2.7 DBXT MSWorld 10US$ 250 -28.8 -7.7 SIA
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    • 87 4 Where S$ stands Jul 23 CHNG YR 2010 CLOSE FR Jul 22 S$ LOW S$ HIGH US$ 1.3711 0.09 1.4219 1.3680 Euro 1.7745 -0.73 2.0153 1.6886 Pounds 2.1127 -0.76 2.2831 2.0003 A$ 1.2270 -0.99 1.2960 1.1515 Yen* 1.5740 0.65 1.5951 1.4467 Rupiah* 0.***** 0.08 0.***** 0.***** Baht* 4.2521 -0.06
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    • 1548 4 Consensus No. of Forecast Mean Fri’s recommendation esti-EPS PE target price Company name This wk Last mth mates (cents) (ratio) price Allgreen Properties Ltd 2.45 2.55 11 11.17 10.39 1.29 1.15 ARA Asset Management Ltd 1.75 1.75 4 7.33 15.43 1.23 1.13 Armstrong Industrial Corp 1.00 1.00 3
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    • 4 4 WEEKLY
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    • 66 4 Jul 23 VALUE CLOSE BT OB/OS 293.00 -63.00 BT CADI -*****.00 +56.00 BT 10-day MA -*****.00 +29.00 FTSE ST Mid Cap 729.61 +3.37 FTSE ST Small Cap 542.32 +2.03 FTSE ST All Share 733.92 +4.14 FTSE ST China Top 271.22 +2.14 FTSE ST China 301.54 +2.54 FTSE
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    • 58 4 VOLUME Genting SP 325,833,000 Golden Agri 269,637,000 CapitaLand 148,658,000 Noble Grp 132,563,000 Cosco Corp 119,487,000 Bund Center Inv 117,789,000 China Hongxing 102,976,000 Z-Obee Hldgs 96,956,000 LeaderEnv 94,148,000 Informatics 93,883,000 VALUE($) CapitaLand 570,242,208 Genting SP 390,477,323 DBS Grp 343,930,675 UOB 266,421,614 Wilmar 255,906,260 SingTel 238,150,066 Noble Grp 226,659,700
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    • 1451 8  -  TEH HOOI LING Senior Correspondent IT was a good week in the stock market last week. Stocks were creeping up slowly but steadily, although trading activity could not be said to be hectic. All our portfolios advanced, with the average gain being
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    • 1343 8  -  INSIDE MARKETS By ROBERT HALILI The writer is managing director at Asia Insider Ltd THE buying was flat while the selling stayed low, according to filings of directors’ trades on the Singapore Exchange from July 19 to 23. Buyers outweighed sellers
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  • Page 4 Advertisements
    • 94 4 Phillip Futures inging Global Markets closer to yo Phillip Futures Bringing Global Markets Closer to You www.phillipfutures.com.sg 6538 0500 Brought to you by Phillip Futures Pte Ltd (A member of PtiillipCapitaJ) The above information does riot constitute an investment advice, an offer/solicitation to buy/sell the above mentioned investment produces). Trading
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  • COMPANY NEWS
    • 650 5  -  HOCK LOCK SIEW By R SIVANITHY THE wheels that drive disclosure improvements at the Singapore Exchange (SGX) sure grind slowly but thankfully, at least they do grind and in the right direction. It was 10 years ago that we first pondered the issue
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    • 233 5 6-month/Q2 ended June 2010 COMPANY DATE China Eratat Sports July 26 First Reit July 26 FSL Trust July 26 Raffles Medical July 26 Starhill Global Reit July 26 Broadway Ind July 28 CDL Hospital Reit July 28 China Eratat July 28 Elec Eltek July 28 Great Eastern
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    • 417 5  -  Amount distributable to unitholders was $30.9 million, up 8% By EMILYN YAP MAPLETREE Logistics Trust (MapletreeLog) yesterday posted improved results for the second quarter on the back of lower property and other expenses as well as borrowing costs. Amount distributable to unitholders in Q2 was
      417 words
    • 735 7  -  Unlike the US, Singapore does not have disciplinary mechanisms of enforcement UNTICKING THE BOX By MAK YUEN TEEN Associate Professor Mak Yuen Teen set up the Corporate Governance and Financial Reporting Centre of the NUS Business School in 2003 and led it for the next
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    • 403 7 Jul 23 BANKS Agricultural Bank Of China 5.5 ANZ Banking Group 6 Arab Bank PLC 5.5 Banco Bilbao Vizcaya Argentaria, S.A. 6 Bangkok Bank 6 Bank Julius Baer Co. Ltd(S) 5 Bank of America NA 5 Bank of China Limited 5.5 Bank of Communications 5.5 Bank of
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    • 432 7 COMPANY MEETING PLACE DATE TIME PM Data A 135 Joo Seng Road #08-01 PM Industrial Building, Singapore *****3 26-Jul 11.00am Pollux Prop A 11 Changi South Street 3, #04-01 Builders Centre, Singapore *****2 26-Jul 2.00pm Sunray Hldgs A Re!Union, Level 2, Hotel Re! Pearl's Hill, 175A Chin Swee
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  • Page 6 Advertisements
    • 335 6 RHCHEALTHCAREPTE. Noticetoallshareholder of arkwa HoldingsLimited(“Parkway”) om RHCHealthcarePteLtd.(“RHCHealthcare”) VVoluntar ConditionalCashOffer RHCHealthcareor arkwa (“Offer”) PPointstonoteabouttheOffer: .1 1. Off Price S$3.80 cashperOfferShare.. .2 2. Fullorpartialacceptance possible: This anoffer orALL ourshares,, allowing ou FULL xit cash ice ouwish. Alternatively shareholderscanchoose accepttheOff par their estmentandcontinue sta ni n invvested .3 3. TheOff conditionalonRHCHealthcarereceiving alidacceptancesthat ould,togetherwithRHCHealthcare’
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  • Page 7 Advertisements
    • 350 7 www.asiadebtsxchange.com MANAGES DISPUTES IN TI Contact +65 6505 9555 or Email: contact@asiadebtsxchange.com for more details! AL ASIA DEBTS XCHANGE tunning late y(» *W accounts? AccountServe Call 6-222 6868 to find out more today. www.AccountServe.com.sg AllianzGI US High Yield Fund Receive Fixed Payout Grow Your Capital Enjoy returns in SCD at
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  • SINGAPORE NEWS
    • 464 9  -  Consultant says there should no secret about their long-term vision By CHEN HUIFEN MOST SMEs here probably have some attributes that will attract talent, but what’s lacking is a concerted effort to communicate these attributes to the talent they would like to
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    • 374 9  -  First Light celebrates Singapore’s multi-ethnicity and inclusiveness By RACHEL SIM FOLLOWING the finale of the month-long Orange Ribbon celebrations, more than 3,000 participants gathered to welcome the dawn at a festival held at the iconic Singapore Flyer in the early hours of Saturday. Held as a
      TERRY CHUA (DECO CINE-GRAPHY ASIA) /THE ARTS HOUSE; YEN MENG JIIN  -  374 words
    • 793 9 Payment Ex Books Pay Ann (cts) date close date date Ascendasreit ao 3.370 22-Jul 26-Jul 26-Aug 19-Jul Ascott R Trust ao 1.060 29-Jul 02-Aug 27-Aug 23-Jul Ascott R Trust aq 0.430 29-Jul 02-Aug 27-Aug 23-Jul Ascott R Trust ad 2.040 29-Jul 02-Aug 27-Aug 23-Jul Asiatic Grp an 0.250
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  • Page 9 Advertisements
    • 365 9 Resorts World Sentosa, Singapore 29 30 September 2010 People Strategies for Asia Riding the Wave of Recovery Growth Join distinguished CEOs and thought leaders at Asia’s peer-to-peer C-suite platform on human capital and leadership. Asia’s rapid growth has turned the spotlight on the importance of having outstanding leaders at the
      365 words

  • VIEWS FROM THE TOP
    • 2336 10 THIS WEEK’S TOPIC What more can be done to develop a cycling culture in Singapore while ensuring safe and nuisance-free cycling? Can we learn from the experience of other cycle-friendly countries? James Foo President and Country Manager ABB Pte Ltd IF we view cycling as a
      FILE PHOTO  -  2,336 words

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    • 12 11 A full list of views from CEOs is also available at http://businesstimes.com.sg
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    • 596 11 OFFER CLOSES AT 12 NOON ON JULY 27, 2010. SUBSCRIBE NOW! KREUZ HOLDINGS LIMITED (Company Registration No.:*****3628R) (Incorporated in the Republic of Singapore on 18 December 2009) Subsea Solutions Provider for the Oil and Gas Industry Our Group~s origin can be traced to July 2008 with the formation of Kreuz
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  • BT-CITIBANK YOUNG INVESTORS' FORUM
    • 825 12  -  ASUTHOSH NAIR explains the importance of telling your product or solution story and the various ways of doing it effectively ASUTHOSH NAIR The writer is the chief operating officer at GetIT Comms, a company that develops and implements marketing programmes, campaigns and projects for B2B organisations FROM
      SPH MARKETING  -  825 words
    • 740 12  -  AIBC’s second edition covers a wide range of topics related to Asia, say GERTHRINE CHEO and KAREN CHOO CAMPUS LIFE GERTHRINE CHEO ,KAREN CHOO Gerthrine Cheo is a second-year student at the LSE and the co-chairperson of AIBC 2010. Karen Choo is a first-year student
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  • Page 12 Advertisements
    • 271 12 Be smart with your finances FANCY becoming the next Warren Buffett or George Soros? Or even the famous Robert Kiyosaki? Then read on. The Young Investors’ Forum, part of the BT-Citibank Tertiary Outreach Programme, isn't another dry page out of your financial textbook. To complement our editorial content, we have
      271 words

  • ECONOMY WATCH
    • 731 13 Issue could shape coming congressional elections and fiscal policy for years to come NYT [WASHINGTON] An epic fight is brewing over what Congress and President Barack Obama should do about the expiring Bush tax cuts, with such substantial economic and political consequences that
      NYT  -  731 words
    • 584 13 Bloomberg [WASHINGTON] Sarah Dahlgren, who manages assets acquired by the Federal Reserve Bank of New York during the financial crisis, will become its top bank supervisor after the regulatory overhaul enacted this week expanded the central bank’s authority. Ms Dahlgren, 46, will oversee
      Bloomberg; AFP  -  584 words
    • 549 13 AFP [BERLIN] Germany’s economy is fast returning to health, but thanks mainly to exports, leaving Chancellor Angela Merkel open to a fresh barrage of criticism from other countries, economists say. On Friday, the closely watched Ifo survey of around 2,500 companies showed
      AFP  -  549 words
    • 189 13 AFP [WASHINGTON] The US economy is “gradually” improving after the financial crisis, US Treasury Secretary Timothy Geithner said in an interview on NBC News’ Meet the Press programme, which was scheduled to be broadcast yesterday. “I talked to businesses across the country, and I would
      AFP  -  189 words
  • Page 13 Advertisements
    • 382 13 ??+(2?$ $(??($(2(5? 2?? 2??!?!????(?(?(???)$?!???? ’-3? (?4? ?5 ?6?(? ????7? ?(?/??5?????????.??????????(????(8???+???????? 5?? 9??? 5???????? ????????$????9 ?5 ????7? ????2?????-:?? ????????$????9 5???????? 5???????? ?5 +??2?????? 1??2 !??2 $????(???5?(?????????????$9??(??????????-)-3? ???????2 2???????9 ???5??? 5???????? 5??? ?5 ?????????"??????2????????$??????4???????????????2 5???????? ????????2 ?????????2 ??2??5????? $9 ????2?????? ?4???????2 ?4????? 5???????? ????????????-3? $????4? ???4????????????$??$????5????????????- ’’?’%<?<?) ’’?’?)?<?< ?????4?? %<%?’???)?) )?’<??%?<?)%? ????????2?
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  • MALAYSIA/INDONESIA
    • 653 14  -  Prolonged tension in federal oppositionruled states could hurt investments MALAYSIA INSIGHT PAULINE NG KL Correspondent TO MANY, the public spat between the chief minister of Penang Lim Guan Eng and state development officer (SDO) Nik Ali Mat Yunus last week was not surprising given that matters had
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    • 614 14 Bernama [KUALA LUMPUR] Merging Proton and Perodua into a single entity will be a step forward to boost the Malaysian automotive industry, according to the Proton Vendors Association (PVA). PVA president Wan Mohamed Wan Embong said it would be timely for both national car manufacturers
      Bernama; FILE PHOTO  -  614 words
    • 270 14 Reuters [JAKARTA] Indonesia’s central bank governor-des-ignate said he saw full-year inflation at about 6 per cent, the upper end of Bank Indonesia’s end-2010 target, but reiterated there was still no need to raise rates this year. Darmin Nasution, approved by parliament
      Reuters  -  270 words
    • 206 14 Reuters [JAKARTA] Indonesia, the world’s third-largest cocoa producer, will join the International Cocoa Organization (ICCO) this year, Mahendra Siregar, the country’s vice trade minister said on Friday. “We have registered with the ICCO and we are now doing the paperwork. The government will
      Reuters  -  206 words
    • 2013 14 VOL Jul 23 RM +/-(‘000) A M Realty 0.58 -0.03 257 Abric Bhd 0.21 0.01 20 Advance Synerg 0.15 unch 1949 Adventa Bhd 3.09 -0.04 117 Ae Multi Hldgs 0.54 -0.01 995 Affin Holdings 3.00 unch 673 Ahmad Zaki Res 0.82 unch 670 Aic Corp 0.65 -0.01 5
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  • Page 14 Advertisements
    • 50 14 August Pulses out now! Enjoy your copy of Pulses and a fresh medium espresso beverage for only $5.50 at any Spinelli Coffee outlet Willthegovernmentlandscaleprogramme godowninhistoryasoneoftheboldestmoves tocontrolSingapore'spropertymarket? Propertyinvestmentsofferpotentiallylargereturnsfor littleoutlay. •Weanalysehowtheassetclasshasevolvedandwhatitcan offerinvestors. InImpulses,JBistroservesupstraightforwardmodern Europeanfarethatisagastronomicaldelight. Pulsesisavailableatnewsstands,petrolstationsandleading bookstores.Tosubscribe,pleasecall6388-3838. Get a complimentary copy if you are a Pere Ocean client, while stocks last! Producedby Publishedby
      50 words

  • GREATER CHINA
    • 772 15 Zijin Mining faces public fury, flak as waste leak kills fish, fouls drinking water AP [BEIJING] A month ago, Zijin Mining Group was a Chinese corporate star, a profitable gold and copper miner with ambitions to further expand abroad. Today, Zijin is an environmental
      AP  -  772 words
    • 394 15 Bloomberg [SHANGHAI] Shanghai’s foreign exchange market should control price setting for China’s yuan, Zhang Jianhua, director of the research department at the People’s Bank of China, said yesterday. “We should develop Shanghai’s foreign exchange market to match expansion of yuan use overseas,” Mr Zhang
      Bloomberg; REUTERS  -  394 words
  • Page 15 Advertisements
    • 4029 15 VOLUNTARY CONDITIONAL CASH OFFER by ANZ SINGAPORE LIMITED (Company Registration No.: *****2937W) (Incorporated in the Republic of Singapore) for and on behalf of PEAK RETAIL INVESTMENTS PTE. LTD. (Company Registration No.: *****0755C) (Incorporated in the Republic of Singapore) to acquire all the issued and paid-up ordinary shares in the capital
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  • INDIA
    • 608 16 Problem at its worst in a decade, and causing huge discontent, anger AFP [NEW DELHI] India looks set this week to hike borrowing costs for a second time in a month as it battles the highest inflation among the leading Group
      AFP  -  608 words
    • 330 16 Reuters [LONDON] Pakistan’s Information Minister said on Friday he was optimistic about the prospects for talks with India despite a deadlock at a meeting of the two countries’ foreign ministers earlier this month. “In my view, I think the talks are in the right
      Reuters  -  330 words
    • 329 16 Reuters [MUMBAI] Maruti Suzuki, India’s top carmaker, reported a surprise 20 per cent fall in net profit in the quarter to June, hit by high raw material costs, an increase in royalty payments and a weakening of the euro which hurt
      Reuters  -  329 words
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    • 155 16 S'PORE BLOG AWARDS Singapore Blog Awards 2010 Thank you! 10 July 2010 Movida, St James Power Station X w* x y t* r iNr. 1 f U i Pi k v 't t J? i- r !n fi ii FT 41 V. r r fl i j mv m llii
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  • ASIA-PACIFIC/WORLD
    • 482 17 Govt spokesman says this shows why govt had maintained state of emergency Reuters [BANGKOK] A bomb exploded here yesterday, wounding at least 10 people, as a ruling party candidate narrowly beat a jailed anti-gov-ernment leader in a by-elec-tion seen as a referendum
      Reuters; AP  -  482 words
    • 595 17  -  By LEE U-WEN ECONOMIC ties between Singapore and Cambodia, where many Singapore companies are already invested, are set to deepen with Cambodian Prime Minister Hun Sen’s first bilateral visit here at the invitation of Prime Minister Lee Hsien Loong. With a
      595 words
    • 1021 17  -  By MALMINDERJIT SINGH IT seems like I have all the time in the world now that the World Cup is over. Too much, if you ask me. But one group of people are working over-time post July 11 footballers’ agents. The period after
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    • 342 17 [HOCKENHEIM, Germany] Fernando Alonso led a Ferrari one-two in the German Grand Prix yesterday after denying Brazilian team mate Felipe Massa an emotional victory one year on from a near-fatal crash. While the Spaniard celebrated his second triumph of the season, and 23rd
      AP  -  342 words
  • Page 17 Advertisements
    • 139 17 August Pulses out now! Will the government land scale programme go down in history as one of the boldest moves to control Singapore's property market? Property investments offer potentially large returns for little outlay. We analyse how the asset class has evolved and what it can offer investors. In Impulses,
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  • WORLD
    • 790 18 The new trend may force them to invest in riskier assets to please investors ANALYSIS Reuters [LONDON] A curious trend is developing among powerful sovereign and statebacked investment funds: Despite being super rich in mainly oil-generated wealth, they are tapping the private sector
      Reuters  -  790 words
    • 690 18 NYT [NEW YORK] Since the US government stepped in to rescue the American International Group in fall 2008, Goldman Sachs has maintained that it would have faced few if any losses had the insurer failed. Though it was the insurer’s biggest trading partner,
      NYT; REUTERS  -  690 words
    • 337 18 Reuters [ZURICH] The United States, which targeted Swiss bank giant UBS in a damaging tax fraud probe last year, is not planning to carry out new tax investigations against Swiss banks, the US ambassador to Switzerland said. Asked whether he envisaged new
      Reuters  -  337 words
    • 900 18 NYT [LONDON] To some, he is a real-life Willy Wonka. To others, he is a Bond-style villain bent on taking over the world’s supply of chocolate. In a stroke, a hedge fund manager here named Anthony Ward has all but cornered the market in cocoa.
      NYT  -  900 words
    • 427 18 Market sentiment up steadily despite standoff with IMF Reuters [BUENOS AIRES] Argentina has come back into favour with investors and is poised to win warm reception on international capital markets, even without a Paris Club accord over the US$7 billion it still owes from a
      Reuters  -  427 words
    • 545 19 Genzyme would bring Sanofi an attractive portfolio of drugs NYT [NEW YORK] Sanofi-Avent-is has made an informal takeover approach to Genzyme, a person briefed on the matter said on Friday, as the French drugmaker seeks to bolster its biotechnology offerings. Sanofi approached Genzyme about
      NYT; REUTERS  -  545 words
    • 376 19 UK growth forecast cut on budget curbs: Ernst Young Bloomberg [LONDON] Ernst Young LLP’s Item Club will cut its UK economic growth forecasts for the next three years and predict the Bank of England probably won’t raise interest rates until 2014 because of the government’s budget squeeze. Gross domestic product
      Bloomberg  -  376 words
    • 439 19 AFP [BRUSSELS] The European Union will hit Iran with tough sanctions against its vital oil and gas industry today in a bid to lure Teheran back to the negotiating table over its disputed nuclear programme. EU foreign ministers will formally approve the sanctions
      AFP  -  439 words
  • Page 18 Advertisements
    • 27 18 ft 4-& Lianhe Zaobao Growing environmental awareness in China may give boost to S-chips in green energy business ■CBBSBIWS To subscribe, call 6388-3838 or go to sphsubscription.com.sg
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  • Page 19 Advertisements
    • 45 19 Job search made effortless .,^aa Jobs.ST701.com is the most "happening" job search site! With improved features like our sophisticated job-match technology, job application-management panel and new one-click resume auto-generator, we bring you one step closer to your ideal job. The Leading Online Marketplace 701 st701.com
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  • FOCUS: SAVING VOLVO
    • 2660 20 Carmaker gets world-class technology and a global brand, but can it succeed in turning the company around? Reuters [DETROIT] Iary 2utivethey mostShufjiang T was a miserable winter day in January 2007, the kind that makes auto executives in the Motor City wonder why they hold the
      Reuters; PHOTOS: REUTERS  -  2,660 words

  • AVIATION/SHIPPING
    • 577 21 Company estimates potential global demand at 3,000 to 4,000 units Reuters [PARANAGUA, Brazil] A Brazilian firm has invented a high-tech tarpaulin for bulk carrier ships to load during rain without putting their cargo at risk, potentially slashing turn-around times and shipping costs.
      Reuters  -  577 words
    • 452 21 Baltic Dry Index added 25 points, or 1.4%, to 1,826 points on Friday Bloomberg [LONDON] Commodity shipping rates measured by the Baltic Dry Index had their first weekly gain in almost two months on demand to ship grains from North America. The
      Bloomberg; FILE PHOTO  -  452 words
    • 3002 21 CITY FLIGHT ETA FLIGHT ETD Abu Dhabi SQ457 1230 SQ456 1250 EY473 1950 Adelaide LH9771 1745 LH9770 2350 SQ278 1745 SQ279 2350 VS7268 1745 VS7279 2350 Amsterdam SQ323 0605 LO4032 2345 US5410 0605 SQ324 2345 AZ3992 1525 US5411 2345 KL835 1525 Athens SQ348 0105 Atlanta DL281
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    • 459 21 US probe criticises FAA for being overly collaborative with carriers Bloomberg [WASHINGTON] Northwest Airlines Corp, now part of Delta Air Lines Inc, had a “systemic” failure to comply with federal safety directives and regulators were lax in pursuing enforcement, US investigators found. Northwest
      Bloomberg  -  459 words
  • Page 21 Miscellaneous
    • 299 21 CRYPTIC CROSSWORD Across 1 Sobbing Tory leader in weak state (11) 9 Feel grief for dead and record traditions (7) 10 Worker housed in modest shack (6) 12 In a cult, turning psychotic (7) 13 Prodigal son before getting servile (7) 14 Sunday setter’s hiding last of clue riddle (5)
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  • DINING OUT
    • 1239 22  -  NEW RESTAURANT Waku Ghin Casino Level 2 Marina Bay Sands Tel: 6688-8507 or reservation@wakughin.com Dinner only By Jaime Ee YOU know how, when it comes to their favourite meal, some people like to save the best morsels for last. Unintentionally, it’s the same thing at Marina Bay Sands,
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    • 134 22 香追部 http://blog.omy.sg/hongkong/ ,!RVi WINE DINE AND HOSPITALITY WINE DINE WITH PLEASURE Please your palate with tasting portions of our chef's definitive creations and indulge in a hearty spread of bistro favourites. Be charmed by dishes such as US Angus Grain-Fed Tenderloin, Braised Lamb Shank and Baked Oysters. Complement
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    • 1 22 www.i"aclio913.c<
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  • SINGAPORE STOCKS
    • 9329 23 Week ended: Jul 23 52-wks Tel Last Vol Week Last Quote Div GrYld Net M Cap High Low Code Company Sale +/-(‘000) High Low Buyer Seller C’vr P/E $mil 20 10.5 3148 8Telecom 18 -1 6089 19 18 18 18.5 1.7 10.1 5.8 86.2 10 6 5834 A-Sonic
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    • 2047 24 52-wks Tel Last Vol Week Last Quote Div Gr Yld Net M Cap High Low Code Company Sale +/-(‘000) High Low Buyer Seller C’vr P/E $mil 10 5 1181 t AA Grp 5 -0.5 34 5.5 5 5 6 27.8 4.8 225 130 6222 t APStrategic 200 +15
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    • 115 24 Stock name Close Change CapMallsAsia 2.060 +0.010 CapitaLand 3.880 +0.040 CapitaMall 1.960 -0.020 CityDev 12.020 +0.220 ComfortDelGro 1.550 DBS Grp 14.400 +0.140 F&N 5.750 -0.070 Genting SP 1.210 +0.010 Golden Agri 0.575 HK Land 5.400 +0.050 Stock name Close Change JMH 41.240 -0.160 JSH 24.500 Jardine
      115 words
    • 2683 24 Transaction date: Jul 23 For a full listing of the closing prices, log on to BT online at http://business-times.asia1.com.sg after 11.30pm every trading day HONG KONG Vol HK$ +/-'000 Aeon Credit 6.60 unch 0 Aeon Stores 11.50 unch 108 Angang Steel 11.76 -0.20 ***** Anhui Conch 26.65 0.60
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    • 186 24 MAIN SDQ TOTAL Up Down Unch Up Down Unch Up Down Unch Multi Ind 10 3 5 0 0 0 10 3 5 Manufacturing 86 72 69 9 11 19 95 83 88 Commerce 35 20 25 8 5 7 43 25 32 Tpt/Stor/Comms 22 17 7
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    • 861 24 52-Wk Tel Last Vol Week Last Quote Div GrYld Net MCap High Low Code Company Sale +/-(’000) High Low Buyer Seller C’vr P/E $mil 124 107 6389 ABF SG Bond ETF 119 +4 132 120 110 113.5 119 543.2 886 702 CIMBAsean40 100US$ US880 -4 34 882 872
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    • 82 24 52-Wk Tel Last Vol Week Last Quote Div GrYld Net MCap High Low Code Company Sale +/-(’000) High Low Buyer Seller C’vr P/E $mil 56 28 6000 AVJennings A43 +3 21 43 39 40.5 43 3.6 8.1 3.4 112 31 16 6017 Genting HK US$ US22.5 +3.5 *****
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    • 123 24 TURNOVER (‘000) VALUE (‘000) MAIN SDQ TOTAL MAIN SDQ TOTAL Multi Ind 126,389 126,389 319,825 319,825 Manufacturing 1,384,106 133,188 1,517,294 1,122,930 16,820 1,139,750 Commerce 485,523 60,720 546,243 545,361 10,466 555,827 Tpt/Stor/Comms 577,564 592 578,156 1,074,245 63 1,074,308 Finance 86,314 45 86,359 871,457 5 871,462 Construction 127,104 42,923
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    • 26 24 Insiders' trades. Brokers' recommendations. Dividend table. The pages also cover transactions by directors and substantial shareholders. In other words, news you can use. THE BUSINESS TIMES
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  • FINANCE & COMMODITIES
    • 374 25 In local curr In S$ In US$ dy yr dy yr dy yr Jul 23 Index Change Change Change Change Change Change World Index Preliminary 804.5 0.3 -3.4 0.2 -6.9 0.2 -4.8 EAFE Preliminary 746.2 0.7 -4.9 0.5 -10.1 0.5 -8.1 Europe Preliminary 1089.7 0.1
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    • 180 25 Jul 23 $S Offer Bid Overnight 0.05 0.03 1-month 3/8 1/8 2-months 7/16 3/16 3-months 9/16 5/16 Overnight mode: 0.15 US$ Offer Bid 7 days 0.40 0.30 1 month 0.60 0.40 2 months 0.65 0.45 3 months 0.70 0.50 6 months 0.90 0.70 9 months 1.10 0.90 12
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    • 22 25 Jul 23 S$ Bid Offer 1-month 1.3717 1.3729 2-months 1.3716 1.3728 3-months 1.3715 1.3527 6-months 1.3709 1.3721 Source: OCBC
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    • 132 25 Jul 23 As at 9am Singapore dollars to one unit of foreign currency: Currencies Bid Offer Aust dollar 1.2150 1.2520 Can dollar 1.3140 1.3310 Euro 1.7600 1.7810 NZ dollar 0.9880 1.0100 Sterling pound 2.0830 2.1080 US dollar 1.3640 1.3800 Local dollars to 100 units of foreign
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    • 29 25 Jul 23 Open High Sett STI Jul 2968 2968 2973 SIMSCI Jul 347.5 350.9 350.9 Taiwan Jul 270.5 275.6 274.6 Source: MF Global (S) Pte. Ltd
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    • 155 25 Jul 23 RUBBER Futures (Closing prices) RSS 3 (US cents/kg) Close Volume O/I Month High Low Sett (lots) (lots) Aug 10 318.4 312.0 316.0 3 635 Sep 10 312.5 587 Oct 10 303.0 335 Nov 10 301.0 395 Dec 10 300.9 554 Jan 11 300.5 269 Feb 11
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    • 88 25 Jul 23 TREASURY BILLS Period Issue Maturity Yesterday's Day's code Bid High Low 3-Month BQ*****S 21.10.2010 0.30 1-Year BY*****W 03.05.2011 0.35 GOVERNMENT BONDS Period Issue Coupon Maturity Close Day's code rate Bid High Low 2-Year N*****1E 2.500 01.10.2012 104.41 104.45 104.45 5-Year N*****0N 1.375 01.10.2014 102.71 102.78 102.78
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    • 105 25 Jul 23 SOYBEANS (5,000 bu min; US cents/60 lb bushels) Close Previous High/Low Aug 10 1017.00 1016.00 1022.00 1012.00 Sep 10 991.00 990.50 997.00 986.50 Nov 10 981.50 979.50 986.75 975.75 Jan 11 989.75 987.50 995.00 983.75 SOYBEAN/OIL (60,000 lbs;Uscent/lb) Close Previous High/Low Aug 10 39.07 38.90 39.16
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    • 77 25 CRUDE OIL PRODUCTS Jul 22 CRUDE (FOB origin) US$/barrel Close Change Brent blend (1-Mth F) 77.41 1.81 WTI (Near Mth) 78.83 2.66 Dubai (1-Mth F) 73.51 -1.07 Tapis blend 79.85 -1.15 Minas 76.60 -1.15 PRODUCT US$/barrel (FOB S'pore) Close Change Naphtha 68.77 0.35 Jet Kerosene 85.45 -0.43 US$/barrel Opec Oil
      77 words
    • 2581 25 BONDS, WARRANTS EXTENDED SETTLEMENT Prem Expiry Tel Last Vol Conv Exer Disc Gear-Mths Code Company Sale +or-('000) Ratio Price ing Left 6221 Asia-Pacific Strategic W*****6 40 36.5 21 1 150 -5 5.00 46 6227 ASJ Hldgs W*****1 4 0.5 512 1 4 14 1.75 19 2036 Advance SCT Ltd W*****9
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    • 465 25 Jul 23 A$ C$ Rmb Euro HK$ Ind Rs Rupiah Yen Won RM NZ$ Pak Rs Peso S$ Rand Sfr NT$ Baht Pound US$ Australia 0.927 6.072 0.694 6.961 42.042 81.061 0.779 10.737 2.868 1.231 76.596 41.475 1.229 6.665 0.934 28.756 28.895 0.585 0.896 Canada 1.079 6.550
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    • 85 25 Jul 23 (US$) (S$) 1 mth 0.***** 0.***** 2 mths 0.***** 0.***** 3 mths 0.***** 0.***** 6 mths 0.***** 0.***** 9 mths 0.***** 0.***** 12 mths 1.***** 0.***** SWAP Offer rates (S$) 1 mth 0.***** 2 mths 0.***** 3 mths 0.***** 6 mths 0.***** 9 mths 0.***** 12 mths
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    • 154 25 Jul 23 Against S$ Against US$ Currencies Bid Offer Bid Offer S$/US$ to one unit of foreign currency: Australian dollar 1.2282 1.2299 0.8953 0.8958 Canadian dollar 1.3250 1.3268 0.9659 0.9664 Euro 1.7704 1.7724 1.2906 1.2909 NZ dollar 0.9978 0.9995 0.7274 0.7280 Sterling pound 2.1010 2.1033 1.5316 1.5319
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    • 138 25 Jul 23 GOLD (US$/oz) Jul 22 Jul 23 Hong Kong 1188.30 1199.10 Jul 23 Jul 22 London 1190.40 1195.55 1191.20 1196.55 Source: Thomson Reuters CAST BAR Jul 23 (S$) Selling Buying Kilobar 56,662.92 ***** PAMP GOLD BARS (S$) Selling Buying 1gm 127.33 53 5gm 360.59 264 10gm 644.14
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    • 70 25 Jul 23 23 Aluminium, 99.7% purity (US$/tonne) Close Previous Cash 2009.75 2022.00 3 months 2030.00 2044.00 Copper, Grade A (US$/tonne) Cash 7008.00 6992.75 3 months 7029.00 7010.00 Lead (US$/tonne) Cash 1958.00 1919.50 3 months 1979.00 1940.00 Nickel (US$/tonne) Cash *****.00 *****.00 3 months *****.00 *****.00 Tin (US$/tonne) Cash
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    • 82 25 Jul 23 COCOA (£/tonne) Close Prev High/Low Sep 10 2297 2273 2305/2254 Dec 10 2178 2157 2183/2139 Mar 11 2152 2136 2160/2121 May 11 2154 2141 2161/2126 COFFEE (US$/tonne) Close Pev High/Low Jul 10 1710 1669 1677/1670 Sep 10 1730 1691 1736/1677 Nov 10 1744 1707 1748/1695 Jan 11
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    • 66 25 Jul 23 KLCE PALM FUTURES (RM/MT) Delivery Opening Sett Av Vol Open Month Range Price Price High Low Done Position Aug 10 2589 2558 2589 2551 390 5382 Sep 10 2562 2510 2562 2506 2278 ***** Oct 10 2535 2498 2535 2491 9920 ***** Nov 10 2538 2499
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    • 424 25 Jul 23 OPEN HIGH LOW SETT VOL OP/INT EURODOLLAR FUTURES Sep10 99.5300 0 1867 Dec10 99.4800 0 1781 Mar11 99.4100 0 1747 Jun11 99.2900 0 2081 EUROYEN TIBOR FUTURES Sep10 99.6650 101 3460 Dec10 99.6975 6 1522 Mar11 99.7125 0 1961 Jun11 99.7000 99.7000 99.7000 99.7125 101
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  • 5358 26 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 Antwerp/UK *Loads Singapore, E./W. Malaysia, Indonesia MIDDLE-EAST SERVICE Destination STXPO TBN New Orleans/Camden *Loads E./W.
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    • 50 27 USE THIS SPACE TO SELL CALL JOE WONG AT 9620 1327 TO ADVERTISE --THE BUSINESS TIMES SHIPPING TIMES —H Can they FREIGHT I find .y° ur m services FORWARDER here in the urgently needed by shippers I Shipping Times? THE BUSINESS TIMES TO ADVERTISE, CALL JOE WONG AT 9620 1327
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  • BizIT
    • 1013 28  -  Virtualisation software provider rides on the cloud wave across the Asia-Pacific region, reports AMIT ROY CHOUDHURY AMIT ROY CHOUDHURY VMWARE,whichmakesvirtualisa-tion software and is majority owned by EMC, posted a robust growth of 35 per cent in the Asean region in the second quarter of
      1,013 words
    • 600 28  -  By RAJU CHELLAM IF you thought cloud-based services are only confined to mundane applications such as e-mail and sales and customer management, think again. Even core functions like production scheduling, order processing, integrated accounting, materials and portfolio management are rapidly moving to the
      Source: IDC  -  600 words
    • 1048 28  -  Convergence of excellence and versatility is increasingly in demand <viewIT> CHRISTOPHER LIM Correspondent ASEXPECT-ED,linesformed outside stores of Apple resellers last Friday and over the weekend as Apple fans queued to snap up iPads and accessories a pattern that’s likely to repeat when all three telcos
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    • 426 28  -  By MELISSA TAN SINGAPORE firms lead the pack when it comes to the adoption of cloud computing, according to a cloud computing study commissioned by cloud infrastructure firm Savvis. The study surveyed 456 IT chiefs across Singapore, the United States and Britain and
      426 words
    • 905 29  -  The report also noted that cyber-criminals are using technological innovation to their advantage By AMIT ROY CHOUDHURY A NEW Cisco study shows Singapore companies are, by and large, not early adopters of change, especially in the case of security for their
      905 words
    • <what’s up>
      • 84 29 SINGTEL has announced that it is offering customers free mobile browsing on the new 0.facebook.com site. With 0.facebook.com, SingTel customers, especially non-smartphone users, can stay connected faster through this text- only version of Facebook with their friends and family from any mobile Web browser. SingTel
        84 words
      • 58 29 SONY announced two latest additions to the Alpha range, the Alpha 390 and the Alpha 290 series. The prices of the new Alpha series range from $699 to $1,199. Consumers can get complimentary additions such as an 8 GB memory stick with every
        58 words
      • 54 29 CANON has introduced a print management system to enhance the experience of visitors to Mount Faber and Sentosa. Digital printing systems implemented by Canon will enable Mount Faber to offer photo souvenirs in a variety of creative formats like photo frames, albums, calendars
        54 words
      • 94 29  -  Compiled by JASLENE PANG HP has recently introduced a line of Web-enabled, cloud print-enabled printers. Its Photosmart Wireless e-All-in-One printer is currently available for $199. The HP ePrint and integrated wireless printer allows users to print lab-quality photos, everyday documents and Web content without using a
        94 words
    • 472 29  -  By JASLENE PANG SINGAPORE Internet users are showing a great interest in mobile phones, says online competitive intelligence service Experian Hitwise. Mobile phones topped the list of electronics search terms by product type, accounting for 49.6 per cent of search traffic in the 24
      Source: Experian Hitwise Singapore (June 2010)  -  472 words
    • 523 29 AFP [ASPEN, Colorado] Top technology and media executives wrapped up a threeday conference here during which they grappled with and left unresolved the question of whether readers will pay for news online. Firmly in the paid camp in the “paid vs free”
      AFP  -  523 words
    • 254 29 Reuters [HELSINKI] Google’s dominant position on the global online search market slipped slightly in the second quarter, as it retreated from the Chinese market, research firm Strategy Analytics (SA) said last Friday. Google’s market share fell to 69.7 per cent in the June quarter
      Reuters  -  254 words
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    • 600 29 MATS "YTTr^PS Toll free: 1800-289-8822 Email: notices@sph.com.sg NOTICES ASIA STEEL WELDED MESH CO. LTD. (Reg No: *****0684M) (In Members’ Voluntary Winding Up) Liquidator’s Office: 152 Beach Road #21-07/08 Gateway East Tower Singapore *****1 NOTICE OF FINAL MEETING NOTICE IS HEREBY GIVEN that pursuant to Section 308 of the Companies Act,
      600 words