The Business Times, 31 July 2010

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Microfilm: NL30728
Total Pages: 47
1 20 The Business Times
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  • Title Section
    Lock icon Masthead
    14 1 weekend THE BUSINESS TIMES www.businesstimes.com.sg JULY 31 AUGUST 1, 2010 S$1.00 MICA (P) 124/08/2009
    14 words
  • Article
    Lock icon DBS moves on, taking a $1b impairment charge
    679 1  -  Writedown for HK unit puts it $300m in the red, but will not affect cash flow or liquidity By Siow Li Sen lisen@sph.com.sg Singapore DBS Group with a new CEO in charge tidied up its books and took a $1 billion impairment
    679 words
  • Article, Illustration
    Lock icon Wendy’s million-dollar baby is back in business
    499 1  -  By Felda Chay feldac@sph.com.sg Singapore IT was torrential rain that brought down the shutters at burger chain Wendy’s at Liat Towers in June. Yesterday, amid a thunderstorm, the outlet reopened for business after a $500,000 refurbishment. This is on top of the some
    ARTHUR LEE  -  499 words
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      Lock icon Page 1 Advertisements Column 1
      167 1 the the LIVING Art in the open L2-3 the raffles conversation THOMSON REUTERS CEO TOM GLOCER 8 -9 WEALTH Commodities should shine 30-31 economic lag US recovery slows in Q2 CONSUMERS spend less, companies slow their restocking of shelves, and the nation’s trade deficit drags more on the economy in
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  • TOP STORIES
    • Article
      Lock icon FM Holdings chairman gives AGM a miss
      579 2  -  Despite impending delisting, shareholders get little clarity on exit options from Ko, communicating via teleconference By Jamie Lee leejamie@sph.com.sg Singapore THE head of FM Holdings which will be forced to delist by the Singapore Exchange (SGX) was noticeably absent from the company’s annual
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    • Article
      Lock icon MARKETS
      137 2 STI 2,987.70 (-9.95) STI FUTURES 2,967 (-31) SIMSCI 354.29 (-0.69) SIMSCI FUTURES 351.50 (-3.20) STOCKS Friday Change KL COMP 1,360.92 +2.51 NIKKEI 225 9,537.30 -158.72 HANG SENG 21,029.81 -64.01 SET 855.83 +1.24 JAKARTA 3,069.28 -27.54 MANILA 3,426.95 -2.40 KOSPI 1,759.33 -11.55 SHENZHEN B 656.14 +1.42 MUMBAI IND 17,868.29 -123.71
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    • Article
      Lock icon S&P 500 surges even as US economy falters
      858 4  -  Strong Q2 results seen as testament to firms’ continued aggressive cost cutting and record productivity By Andrew Marks btworld@sph.com.sg New York BEFORE Wednesday’s opening bell investors received yet another worrisome report pointing to a weakening US economy, when the Commerce Department released
      858 words
    • Article, Illustration
      Lock icon Tanjong Pagar site expected to fetch over $1b
      683 4  -  By Kalpana Rashiwala kalpana@sph.com.sg Singapore THE landscape around Tanjong Pagar MRT Station is set to be transformed over the next few years when a new development is built, rising to about 60 storeys. The project, opposite International Plaza, will be built on
      683 words
    • Article
      Lock icon US growth slows to 2.4% in Q2
      463 6 Consumers turn cautious but business spending shows some encouraging signs AP Washington THE United States’ economic recovery lost momentum in the spring as growth slowed to a 2.4 per cent pace, its most sluggish showing in nearly a year and too weak to
      AP  -  463 words
    • Article, Illustration
      Lock icon Growing wealth puts Asians in the picture
      827 6  -  By Nicholas Yeo yeonick@sph.com.sg Singapore ATaSotheby’sauctionofimpressionist and modern art in May, Asian buyers clinched four of the top 10 lots an indication of a shift in purchasing power to the East. “In terms of total hammer price, Asian clients represent about 20-25 per
      827 words
    • Article
      Lock icon Q2 job figures paint a puzzling picture
      669 7  -  Manufacturing sector loss seems to be at odds with anecdotal reports of overtime hiring and new capacity By Chuang Peck Ming peckming@sph.com.sg Singapore THE softer job figures for the second quarter look puzzling, especially when the labour market was reported to be sizzling,
      669 words
    • Article
      Lock icon Japan PM urges Opposition cooperation in tackling crisis
      552 7  -  By Anthony Rowley btworld@sph.com.sg Tokyo JAPAN is faced with economic “crisis”, Prime Minister Naoto Kan declared yesterday, citing the nation’s gaping fiscal deficit and other problems while calling on opposition parties in the split parliament to cooperate in finding ways out of
      552 words
  • Page 2 Advertisements
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      59 2 CONTENTS NEWS Top Stories 2-7 Raffles Conversation 8-9 Week in Review 10 Philanthropy 11 Companies 12-14 From The Desk Of 15 Singapore 16-17 Letter From 18 World 19-22 Stocks Stats 23-27 Perspective 28-29 Wealth 30-33 Real Estate 34-35 LIVING Travel L2-3 Dining L4-5 Entertaining L6 Gadgets L7 Shopping L8-11 Beauty
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  • Page 3 Advertisements
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      Lock icon Page 3 Advertisements Column 1
      149 3 s -m J m TJ> 1 FREEHOLD When boundaries are pushed... When you are free to express yourself... When living zones are redefined... New 21 st floor loft apartments for sale A prime investment opportunity Attractive prices from 1,650 psf Can *****000 or visit our showflats at 83 Cairnhill Road
      149 words
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  • Page 5 Advertisements
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      Lock icon Page 5 Advertisements Column 1
      54 5 We~re #1. Kreab GavinAnderson was ranked by mergermarket (a division of the Financial Times Group) as the number one PR advisor on Asia Pacific M&A during the first half of 2010. We advised on over US$14 billion of transactions during this period. We~d like to thank our clients for putting
      54 words
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  • Page 7 Miscellaneous
    • Miscellaneous
      Lock icon Page 7 Miscellaneous Column 1
      62 7 SINGAPORE —SWEEP— 1 ST PRIZE $2 SUPER SWEEP SNOWBALLED TO ,200,000 $500,000 $250,000 $550,000 2 nd PRIZE 3 rd PRIZE 1st 2nd Pnze pin 0ra »No. I Ssi Draw No. 08/2010 aaaasaflrfAi jrtGST^J WEDNESDAY, 4 AUGUST 2010 p Always play with care. o responsibiyj Do not bet illegally. RCB Reg
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  • THE RAFFLES CONVERSATION
    • Article, Illustration
      Lock icon The people-person CEO
      2497 8/9  -  people-personCEO Thomson Reuters’ Tom Glocer believes the best way to manage a global company is by connecting with people. By Vikram Khanna vikram@sph.com.sg HAVING a conversation with Thomson Reuters’CEO Tom Glocer islike taking apleasantly winding, intellectual journey where youlose track of time, and it’s not all about
      ARTHUR LEE  -  2,497 words
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  • WEEK IN REVIEW/WEEK AHEAD
    • THIS WEEK | July 26-30, 2010
      • Article
        Lock icon Global Yellow Pages comes under fire
        60 10 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 di-rectory-listing service that they never asked for. One business owner has gone so
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      • Article
        Lock icon Q2 earnings so far lag sizzling GDP growth
        52 10 IT’S often said that a rising tide lifts all boats, but that has yet to come true for corporate earnings. While the economy performed spectacularly in the second quarter, not all companies kicking off the reporting season saw the boom firing their
        52 words
      • Article
        Lock icon Khazanah poised to win Parkway bride
        53 10 THE battle for Parkway Holdings has ended in smiles for both contenders. Khazanah Nasional got its way with a general offer of $3.5 billion and Fortis Healthcare, which accepted Khazanah’s offer, is poised to snap up a more than $116 million profit for its
        53 words
      • Article
        Lock icon Temasek exits F&N with $436m profit fizz
        54 10 FRASER Neave will be gaining some Japanese flavour in the form of a new major shareholder: Kirin Holdings. The Tokyo-based beverage giant is buying Temasek’s entire 14.7 per cent stake in F&N for $1.336 billion, and is targeting F&N as a platform for
        54 words
      • Article
        Lock icon SIA’s Q1 turnaround better than expected
        57 10 SIA on Monday reported a first-quarter attributable profit of $252.5 million, against a loss of $307.1 million for the April-June 2009 period. The latest results are better than many analysts’ estimates and translate to earnings per share of 21.2 cents, versus a loss of
        57 words
      • Article
        Lock icon BP to hawk assets worth US$30b to pay its bills
        52 10 AFTER reporting one of the largest losses in British corporate history, BP announced a sales drive to pay its bills. It plans to sell some US$30 billion of assets to cover the Gulf of Mexico oil spill disaster, fines and
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      • Article
        Lock icon Global Yellow Pages sent out 80,000 notices
        61 10 MORE than 80,000 notices were sent out by Global Yellow Pages to businesses here in the past few weeks, demanding payment for a directory-listing service they had not asked for, BT has learnt. The businesses range from sole proprietorships to big publicly listed
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      • Article
        Lock icon SIA looking for new CEO to replace Chew
        59 10 SINGAPORE Airlines is considering “several” candidates to become chief executive officer as Chew Choon Seng signalled that he will step down. “It’s at the mercy of the board, but I am getting on in years,” Mr Chew, who turned 64 on Tuesday,
        59 words
      • Article, Illustration
        Lock icon STRONG-FINGER TACTICS
        25 10 Global Yellow Pages sent out 80,000 notices to businesses, demanding payment for a directory-listing service that the latter didn’t ask for FILE PHOTO
        FILE PHOTO  -  25 words
      • Article
        Lock icon Hungry investors work up an appetite for bonds
        59 10 IT’S as if the floodgates have opened in Asia’s debt market, with billion-dollar deals snapped up within hours. It’s as if the European crisis never happened. Investors are clamouring for a slice of the action and many last week had to go
        59 words
      • Article
        Lock icon An MAS quartet to help tune banking liquidity
        40 10 THE Republic will have one more weapon to ensure financial stability. The Monetary Authority of Singapore is introducing MAS Bills for extra flexibility to deal with sudden inflows and outflows of capital.
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      • Article
        Lock icon SGX pulls the plug on Catalist-listed FM
        48 10 TIME has run out for Catalist listing FM Holdings, which had been given some six months to find a new sponsor. FM is now forced to delist for failing to get a replacement for PrimePartners Corporate Finance, which quit in January.
        48 words
      • Article
        Lock icon Real estate gets a new gauge of market pulse
        48 10 THE Real Estate Developers’ Association of Singapore has teamed up with the National University of Singapore’sDepartment of RealEstate to develop the Real Estate Sentiment Index, which shows a lower reading for the second quarter than for the first quarter.
        48 words
      • Article
        Lock icon SIA’s success secret is a tough balancing act
        41 10 A PREMIUM service provider is unlikely to be a cost leader. Or so it would seem. Singapore Airlines, however, has debunked the notion with its dual strategy of worldclass service and cost leadership.
        41 words
    • NEXT WEEK | Aug 2-6, 2010
      • Article
        Lock icon US DATA
        48 10 Mon Aug 2 Construction spending for June Tues Aug 3 Factory orders for June Personal income and personal spending for June Thurs Aug 5 Continuing claims 24/7 and initial claims 31/7 Fri Aug 6 Unemployment rate for July/ Consumer credit for June July 30 G DP-advance
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      • Article
        Lock icon EVENTS
        39 10 Tues Aug 3 SYDNEY Reserve Bank of Australia (RBA) board meeting. Thurs Aug 5 LONDON Bank of England (BOE) Monetary Policy Committee (MPC) announces interest rate decision FRANKFURT, Germany ECB Governing Council meeting, followed by interest rate announcement
        39 words
  • Page 10 Advertisements
  • Page 10 Miscellaneous
    • Miscellaneous
      Lock icon Page 10 Miscellaneous Column 1
      331 10 CRYPTIC CROSSWORD Across 1 Slipway used as London market? (9,4) 10 Stop and go after amber changes (7) 11 Light diet may be ordered (7) 12 Journey in the fall (4) 13 Result of test matches or match tests (5) 14 Drink when depressed (4) 17 Eternal theme of the
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  • BEACONS OF PHILANTHROPY
    • Article, Illustration
      Lock icon The art of giving
      1186 11  -  Chew Gek Kim of the Tan Chin Tuan Foundation says philanthropy is far more effective when it’s run and assessed like a business. By Teh Shi Ning business. By Teh Shi Ning tshining@sph.com.sg IN PHILANTHROPY, as in business, good stewardship is essential. And this philosophy, alongside
      TAN CHIN TUAN FOUNDATION  -  1,186 words
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  • COMPANIES
    • Article, Illustration
      Lock icon SMRT first-quarter net profit falls 20.7%
      574 12  -  Group says it may not be able to maintain previous financial year’s profitability for FY2011 By Nisha Ramchandani nishar@sph.com.sg Singapore SMRT Corp, which yesterday announced a 20.7 per cent fall in net profit to $38.24 million for its fiscal first quarter ended June 30,
      574 words
    • Article
      Lock icon Tuan Sing’s Q2 profit jumps 56% to $5.53m
      419 12  -  By Lynette Khoo lynkhoo@sph.com.sg Singapore TUAN Sing Holdings posted a 56 per cent surge in net profit to $5.53 million for the second quarter ended June 30, backed by a revenue jump in its property and industrial services segments. This lifted its
      419 words
    • Article
      Lock icon Daniel Chan calling it a day at Lion Global
      269 12  -  By Genevieve Cua gen@sph.com.sg Singapore VETERAN fund manager Daniel Chan is stepping down as chief executive of Lion Global Investors to spend more time with his family and on other personal interests. Lion Global said yesterday its board will begin to
      269 words
    • Article, Illustration
      Lock icon Profit-taking on SIA, others drags down STI
      462 13  -  stocks Ven Sreenivasan ven@sph.com.sg Senior correspondent AFTER four straight days of rises, the Straits Times Index (STI) fell yesterday amid profittaking and month-end window dressing. The day began with a nasty surprise for short-sellers, who dumped DBS Bank shares following the bank’s surprise
      462 words
    • Business briefing
      • Article
        Lock icon Noble issues price guidance for its bond issue
        121 13 SINGAPORE-LISTED Noble Group yesterday issued price guidance on its planned dual-tranche bond issue, a source close to the deal said. The Hong Kong commodities group plans to sell five-year dollar bonds at 337.5 to 350 basis points (bps) over US Treasuries area,
        121 words
      • Article
        Lock icon Soup Restaurant posts 80% surge in interim profit
        97 13 SOUP Restaurant Group reported that its net profit for the half year ended June rose 80.6 per cent to $2.25 million. Revenue grew 22.2 per cent to $26.87 million, helped by contribution from new outlets. The group is optimistic about the outlook
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      • Article
        Lock icon China Kangda warns of lower interim earnings
        68 13 CHINA Kangda Food Company warned that it will report a lower unaudited net profit for the six months ended June 30 compared to a year ago. The weaker performance was attributed to an increase in the cost of raw materials for processed food;
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      • Article
        Lock icon Q2 profit soars 50% at Jardine C&C
        76 13 JARDINE Cycle Carriage said that net profit for the second quar- ter ended June 30, 2010, rose 50 per cent to US$180.7 million as trading conditions remained positive for most of its operations. Revenue for the second quarter was up 54 per cent
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      • Article
        Lock icon Japan Land Q4 loss more than doubles
        105 13 JAPAN Land has reported a net loss for the fourth quarter ended May 31 of $50.5 million, up from a net loss of $19.8 million a year ago. This brought full year’ net loss to $65.7 million, up from a net loss of
        105 words
    • Article
      Lock icon TOP 20 ACTIVES
      110 13 VOL CLOSE GentingSP 88,237 127 0.0 0.0 NobleGrp 82,782 165 -7.0 -4.1 Kreuz 61,106 36.5 3.5 10.6 Informatics 60,987 13.5 1.5 12.5 GoldenAgri 58,118 57.5 0.5 0.9 BerlianLaju 45,013 4 0.0 0.0 CapitaLand 41,772 396 6.0 1.5 SingTel 39,367 312 1.0 0.3 ChinaHongxing 26,434 15.5 -0.5 -3.1
      110 words
    • Article
      Lock icon STI STOCKS
      109 13 Stock name Close Change CapMallsAsia 2.130 +0.030 CapitaLand 3.960 +0.060 CapitaMall 1.910 -0.040 CityDev 12.100 +0.060 ComfortDelGro 1.600 -0.010 DBS Grp 14.400 -0.100 F&N 5.490 -0.100 Genting SP 1.270 Golden Agri 0.575 +0.005 HK Land 5.360 JMH 39.600 -0.380 JSH 23.480 -0.320 Jardine C&C 35.800 -0.940 Keppel Corp
      109 words
    • Article
      Lock icon Pan Hong sees sales jumping 50% this year
      169 13 Bloomberg Singapore PAN Hong Property Group, a residential developer in China, expects to sell more homes this year amid a rebound in the real estate market. The Hong Kong-based developer, which is building four properties in the south-eastern cities of Yichun, Fuzhou,
      Bloomberg  -  169 words
    • Article
      Lock icon TOP GAINERS
      60 13 BY CENTS CLOSE UP DBXT FTVietnam 10US$ 4129 70.8 1.3 DBXT S&P Short 10US$ 5284 57.2 0.8 DBXT MSEmerAsi 10US$ 342 32.7 7.5 SIA.ES.1008 1566 26.0 1.7 OCBC Bk 4.5%NCPS 100 ***** 22.0 0.2 DairyFarm 768 21.8 2.1 Olam.ES.1007 282 21.0 8.0 DBXT MSINDIA 10US$ 984 20.4 1.5
      60 words
    • Article
      Lock icon TOP LOSERS
      53 13 BY CENTS CLOSEDOWN Jardine C&C 3580 -94.0 -2.6 DBXT SPASX200 10US$ 2848 -65.3 -1.7 JMH 3960 -51.7 -1.0 JSH 2348 -43.5 -1.3 DBXT FTChina25 10US$ 2964 -42.2 -1.0 DBXT MSTaiwan 10US$ 1576 -21.8 -1.0 DBS.ES.1007 1444 -20.0 -1.4 OCC 5.1% NCPS 100 ***** -14.0 -0.1 DBXT MSTHAI 10US$
      53 words
    • Article
      Lock icon SGX companies’ market cap up 5.8% in July
      784 14  -  But STI remains under 3,000 with big names underperforming the market By Chew Xiang xchew@sph.com.sg Singapore THE market capitalisation of Singapore listed companies rose 5.8 per cent in July to end the month at about $763.1 billion. That’s up from $720.6 billion
      784 words
    • Article
      Lock icon At a glance
      384 14 6-month and Q2 results ended June 2010 6 MONTHS ENDED JUNE 2010 3 MONTHS ENDED JUNE 2010 net profit (s$m) turnover (s$m) net profit (s$m) turnover (s$m) current company previous chng current previous chng current previous chng current previous chng 1 HK Land 1,945.87 -562.96 nm 1,070.37
      384 words
    • Article
      Lock icon Jardine’s Q1 profit quadruples
      147 14 Bloomberg Hong Kong JARDINE Matheson Holdings Ltd, which owns car distributors, real estate, supermarkets and hotels in Asia, said first-half profit more than quadrupled on a higher contribution from its property unit. Net income rose to US$1.05 billion, or US$2.94 a share, in the six months
      Bloomberg  -  147 words
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  • Page 13 Advertisements
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      Lock icon Page 13 Advertisements Column 1
      64 13 GOOP CLRSS pUNGRLOUJ LflNP FOR R6BUILD @NRSSIM ROAD cing m Frontage ard View Nassim^ Rectal i Face Gre South/Ea; NASSIM PLOT B ***** sq ft 60m Frontage Flat Elevated Land Face Greenery Almost sold NASSIM PLOT C ***** sq ft Hill Top Quiet, Serene 3mins walk to Botanic Garden Can
      64 words
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  • FROM THE DESK OF
    • Article, Illustration
      Lock icon Science for the next generation
      846 15 Science should be celebrated and put on a par with other fields and professions. But how do we inspire more youths to take up careers in science? from the desk of SCIENCEleadstonewdiscover-ies and innovations. As a nation with no natural es,scienceisameansofensuring Singapore’s survival in an
      846 words
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  • SINGAPORE
    • Article, Illustration
      Lock icon Two key sectors upbeat about business
      607 16  -  Manufacturing and services sectors see unchanged conditions until year-end, as compared with Q2, two govt surveys show By Felda Chay feldac@sph.com.sg MANUFACTURING and serviceoriented businesses remain upbeat about their prospects for the rest of the year though sentiment appears to be a little lower
      BLOOMBERG  -  607 words
    • Article
      Lock icon Tharman: Govt hand needed in social equity
      357 16  -  By Teh Shi Ning tshining@sph.com.sg SOCIAL equity cannot be left to free market forces and governments must intervene to preserve social cohesion, Minister of Finance Tharman Shanmugaratnam said last night. But economic growth cannot happen without more flexible labour markets, sustainable safety nets
      357 words
    • Article
      Lock icon Only chronobiology facility in S-E Asia launched
      229 16 THE only chronobiology facility in South-east Asia and the largest early-phase clinical research unit in Singapore was officially launched yesterday by Health Minister Khaw Boon Wan. The $20 million SingHealth Investigational Medicine Unit (IMU) is located at the Singapore General Hospital (SGH) campus.
      229 words
    • Article
      Lock icon China cities can achieve growth, liveability
      414 17 Mah says they are fertile ground for innovations in sustainable living in view of China’s market size and talent pool CHINA’S huge market and talent pool will make its cities fertile ground for innovations in sustainable living, Singapore’s National Development Minister Mah Bow Tan
      414 words
    • Article, Illustration
      Lock icon Ong Keng Sen wins international arts prize
      537 17  -  By Dylan Tan dylantan@sph.com.sg LOCAL theatre director Ong Keng Sen was announced as a recipient of this year’s Fukuoka Prize yesterday at art space, 72-13. But victory for the 46-year-old artistic director of Theatreworks was slightly bit-ter-sweet. In his speech, he said: “This
      ST FILE PHOTO  -  537 words
    • Article, Illustration
      Lock icon Sands to help train disadvantaged youths
      260 17 DISADVANTAGED youths now have the opportunity to work at the prestigious Marina Bay Sands Hotel which has launched its new corporate social responsibility initiative. Its Youth Inspiration Internship Programme kicked off yesterday with 11 youths from two volunteer welfare organisations (VWOs): Metta School and
      260 words
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  • LETTER FROM ABROAD
    • Article, Illustration
      Lock icon Gateway to a European adventure
      965 18  -  letter from luxembourg Sharon Shen Senior, KPMG Audit SARL Luxembourg WHY NOT? That was my first thought when KPMG offered me the opportunity to work on fund-related engagements in Luxembourg for two years. This country is the perfect place for professionals pursuing a career in
      965 words
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  • WORLD
    • Article, Illustration
      Lock icon Ananda’s Tanjong plc poised to be privatised
      604 19  -  Tanjong Capital offers to acquire remaining shares in the power firm By Pauline Ng btworld@sph.com.sg Kuala Lumpur MALAYSIA’S Tanjong plc is set to be privatised following a takeover offer by Tanjong Capital to acquire the remaining shares in the power player for RM21.80
      604 words
    • Article
      Lock icon IMF uncertain of US financial reforms
      276 19 AP Washington THE financial overhaul bill signed by President Barack Obama last week failed to simplify the complicated regulatory architecture that oversees the banking and securities industries, according to an assessment by the International Monetary Fund (IMF). The assessment, which is being released along
      AP  -  276 words
    • Briefing
      • Article
        Lock icon Toxic assets from AIG gaining in value: NY Fed
        59 19 AP Washington TOXIC assets the US government bought during the bailouts of American International Group and Bear Stearns are finally gaining value, the Federal Reserve Bank of New York said on Thursday. They are now worth US$69.1 billion about US$2 billion
        AP  -  59 words
      • Article
        Lock icon BA reports £122m quarterly loss
        93 19 AP London BRITISH Airways’ losses widened 15 per cent to £122 million (S$260 million) in the three months ending June 30 as operations were disrupted by cabin crew strikes and a cloud of volcanic ash from Iceland. However, the airline said that underlying revenue increased
        AP  -  93 words
      • Article
        Lock icon Disney sells Miramax for US$660m
        77 19 Bloomberg Los Angeles WALT Disney Co agreed to sell Miramax to investors including Ronald Tutor and private equity firm Colony Capital for more than US$660 million. The sale to Filmyard Holding is expected to be completed by the end of the year. Miramax holds rights
        Bloomberg  -  77 words
      • Article
        Lock icon Nomura Q1 earnings slump 80%
        84 19 Bloomberg Tokyo NOMURA Holdings said profit fell 80 per cent in the first quarter on a slump in investment banking and trading. Net income of 2.3 billion yen (S$36 million) for the three months ended June 30 was the lowest in five quarters, the company
        Bloomberg  -  84 words
      • Article
        Lock icon Geithner is acting head of consumer protection agency
        71 19 Bloomberg Washington TREASURY Secretary Timothy Geithner is acting director of the Consumer Financial Protection Bureau as regulators build the new agency, the Treasury said on Thursday. Mr Geithner met heads of agencies with consumer protection duties that will be consolidated into the
        Bloomberg  -  71 words
      • Article
        Lock icon Common accounting rule for insurance contracts
        69 19 Bloomberg London THE International Accounting Standards Board, which sets rules used in more than 110 countries, said bookkeeping for insurance contracts should be the same in all jurisdictions. The proposed change would require a single International Financial Reporting Standard that insurers could apply consistently
        Bloomberg  -  69 words
      • Article
        Lock icon Airbus parent reports 61% Q2 earnings plunge
        97 19 AP Paris EADS NV, the parent company of Airbus, said second quarter profit fell 61 per cent, in line with analyst expectations, but raised its forecast for 2010. The company blamed a deterioration in its hedging position for the decline in earnings. Net
        AP  -  97 words
      • Article
        Lock icon Samsung posts record profit in Q2
        77 19 AP Seoul SAMSUNG Electronics’ net profit surged 83 per cent in the second quarter to a record high on the strength in its semiconductor and flat panel businesses. It earned 4.28 trillion won (S$4.9 billion) compared with a net profit of 2.33 trillion won
        AP  -  77 words
    • Article, Illustration
      Lock icon US investors Wylys face fraud charges
      477 20 The duo made US$550m from insider trading over 13 yrs: SEC AP Dallas FAMED Dallas billionaire investors Sam and Charles Wyly made US$550 million in undisclosed profits through 13 years of insider trading in the shares of companies on whose boards they served, according
      AP; REUTERS  -  477 words
    • Article
      Lock icon Banker’s Armani suit enters museum in £20.5m revamp
      341 20 Bloomberg London AN Armani woman’s suit, pinstriped and paired with a Hermes scarf, has entered the collections of the Museum of London, which has reopened after a £20.5 million (S$43.6 million) revamp. The suit was donated by a Royal Bank of Scotland
      Bloomberg  -  341 words
    • Article
      Lock icon Citi settles sub-prime disclosure case with regulators
      290 20 Bloomberg Washington CITIGROUP Inc will pay US$75 million to settle US regulatory claims that it misled investors by failing to disclose billions of dollars in holdings tied to subprime mortgages while the housing crisis unfolded. The company made misstatements on earnings calls and
      Bloomberg  -  290 words
    • Article
      Lock icon China passes Japan as No 2 economy
      598 21 It expects over 9% growth for 2010; still, Beijing in no rush to make yuan global currency Reuters Beijing CHINA has overtaken Japan to become the world’s second-larg-est economy, the fruit of three decades of rapid growth that has lifted hundreds of millions
      Reuters  -  598 words
    • Article, Illustration
      Lock icon China TV ad to boost country’s image abroad
      285 21 Bloomberg Beijing CHINA is preparing a television commercialtoconveya“prosperous” image of the nation to overseas audiences featuring celebrities including National Basketball Association player Yao Ming. The 30-second commercial will be aired on foreign networks including Time Warner’s Cable News Network (CNN) and the
      Bloomberg; AP, BLOOMBERG  -  285 words
    • Article
      Lock icon India wants Kohinoor back, Cameron says no
      179 21 AFP New Delhi THE real jewel in Britain’s actual crown will not be returning to India, Prime Minister David Cameron said on Thursday, as he ruled out any repatriation of the famed Kohinoor diamond. The 105-carat gemstone set in the coronation crown of
      AFP  -  179 words
    • Article
      Lock icon Indonesia to postpone curbs on subsidised fuel: source
      352 21 Reuters Jakarta THE Indonesian government’s plans to curb supplies of subsidised fuel are likely to be delayed from September to next year, dealing a blow to its efforts to reduce costly fuel imports. Fuel subsidies are a politically sensitive issue. The government
      Reuters  -  352 words
    • Article
      Lock icon Clifford Chance sees India office by late 2012
      441 22 UK law firm’s senior partner optimistic despite ban on foreign lawyers Bloomberg New Delhi CLIFFORD Chance LLP, the UK’s highest-grossing law firm, expects to have an office in India by late 2012 after the country lifts restrictions on foreign lawyers, Stuart Popham,
      Bloomberg  -  441 words
    • Article
      Lock icon Li’s group to buy EDF’s UK arm for £5.8 billion
      229 22 AFP Hong Kong A CONSORTIUM led by Hong Kong’s richest man Li Ka-shing has won a bid to buy the British arm of French electricity provider EDF, Dow Jones Newswires reported yesterday. The agreement to buy EDF Energy is worth
      AFP  -  229 words
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      Lock icon Garment workers riot over wages in Dhaka
      384 22 AFP Dhaka THOUSANDS of Bangladeshi garment workers who stitch clothes for top Western brands blocked highways, attacked factories and looted shops in Dhaka yesterday, after rejecting a government wage hike. Violent protests including widespread looting and arson broke out in multiple locations across
      AFP; REUTERS  -  384 words
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  • SGX
    • Article
      Lock icon Transaction date: Jul 30
      8983 23 52-wks Tel Last Vol Day 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 unch 440 18 18 18 18.5 1.7 10.1 5.8 86.2 10 6 5834 A-Sonic 8.5 -0.5
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      Lock icon SGX CATALIST
      1864 26 52-wks Tel Last Vol Day Last Quote Div GrYld 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 4.5 6 27.8 4.8 225 130 6222 t APStrategic 202 +3 8 202 200 162 196
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      Lock icon SECURITIES TRADING SCOREBOARD
      186 26 MAIN SDQ TOTAL Up Down Unch Up Down Unch Up Down Unch Multi Ind 5 6 3 0 0 0 5 6 3 Manufacturing 27 84 65 8 6 14 35 90 79 Commerce 18 19 26 3 4 3 21 23 29 Tpt/Stor/Comms 16 13 12
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      Lock icon BT SHARE INFORMATION SERVICE
      831 26 SUBSTANTIAL SHAREHOLDER/DIRECTOR TRANSACTIONS For week beginning Jul 26 Substantial Buy No of Price ———SHAREHOLDING Trans Shareholder/ Sell Shares Per Before After Stock Date Director Conv '000 Shr ('000) ('000) China Fishery Grp 28-Jul-10 CAP III-A Ltd SA *****3 1.85 0 0.00 *****3 11.32 Cheung Woh Tech
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      Lock icon SECURITIES TRADING TURNOVER
      121 26 TURNOVER (‘000) VALUE (‘000) MAIN SDQ TOTAL MAIN SDQ TOTAL Multi Ind 34,504 34,504 130,419 130,419 Manufacturing 212,060 27,965 240,025 263,289 3,498 266,787 Commerce 145,419 10,149 155,568 236,618 2,220 238,838 Tpt/Stor/Comms 170,456 566 171,022 320,364 62 320,427 Finance 39,186 82 39,268 450,898 9 450,907 Construction 29,831 19,122
      121 words
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  • MARKETS
    • Article
      Lock icon FOREIGN CURRENCY NOTE RATES
      129 27 Jul 30 Singapore dollars to one unit of foreign currency: Currencies Bid Offer Aust dollar 1.2170 1.2470 Can dollar 1.3150 1.3300 Euro 1.7600 1.7800 NZ dollar 0.9890 1.0100 Sterling pound 2.1040 2.1280 US dollar 1.3550 1.3700 Local dollars to 100 units of foreign currency: Currencies Bid
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      Lock icon STOCK MARKETS
      97 27 YTD change: +3.11% 52-week high: 3,037.97 on April 15,2010 52-week low: 2,521.36 on Aug 19,2009 Source: Bloomberg YTD change:-19.52% 52-week high: 3,478.01 on Aug 4,2009 52-week low: 2,319.74 on July 2,2010 Source: Bloomberg Bloomberg YTD change: -3.85% 52-week high: 23,099.50 on Nov 18, 2009 52-week low: 18,971.50 on
      Source: Bloomberg  -  97 words
    • Article
      Lock icon MORGAN STANLEY CAPITAL INT'L INDICES
      374 27 In local curr In S$ In US$ dy yr dy yr dy yr Jul 29 Index Change Change Change Change Change Change World Index Preliminary 808.8 -0.6 -2.8 -0.6 -6.5 -0.3 -3.7 ‡EAFE Preliminary 753.1 -0.3 -4.0 0.0 -8.8 0.2 -6.0 Europe Preliminary 1094.4 -0.3
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      Lock icon INTERBANK CURRENCY RATES
      154 27 Jul 30 Against S$ Against US$ Currencies Bid Offer Bid Offer S$/US$ to one unit of foreign currency: Australian dollar 1.2218 1.2236 0.8980 0.8985 Canadian dollar 1.3147 1.3164 0.9663 0.9667 Euro 1.7740 1.7758 1.3038 1.3040 NZ dollar 0.9803 0.9823 0.7205 0.7213 Sterling pound 2.1250 2.1277 1.5618 1.5624
      154 words
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      Lock icon LIFFE
      82 27 Jul 29 COCOA (£/tonne) Close Prev High/Low Sep 10 2286 2271 2289/2250 Dec 10 2197 2172 2197/2157 Mar 11 2179 2148 2179/2132 May 11 2185 2153 2179/2154 COFFEE (US$/tonne) Close Pev High/Low Jul 10 1741 1714 1738/1735 Sep 10 1747 1721 1755/1725 Nov 10 1765 1740 1772/1745 Jan 11
      82 words
    • Article
      Lock icon CHICAGO BOT
      102 27 Jul 29 SOYBEANS (5,000 bu min; USc/60 lb bushels) Close Previous High/Low Aug 10 1026.*****0.*****8.*****1.50 Sep 10 992.75 985.00 995.75 984.75 Nov 10 988.00 978.00 990.25 978.50 Jan 11 995.50 986.75 997.75 987.00 SOYBEAN/OIL (60,000 lbs; USc/lb) Close Previous High/Low Aug 10 39.27 38.84 39.33 38.68 Sep 10
      102 words
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      Lock icon OIL
      75 27 Jul 29 CRUDE US$/barrel (FOB origin) Close Change Brent blend (1-Mth F) 77.29 1.59 WTI (Near Mth) 78.37 1.54 Dubai (1-Mth F) 74.17 -0.17 Tapis blend 80.50 unch Minas 77.25 unch PRODUCT US$/barrel (FOB S'pore) Close Change Naphtha 70.75 0.98 Jet Kerosene 86.61 0.69 US$/barrel Opec Oil Basket Price
      75 words
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      Lock icon LONDON METALS
      71 27 Jul 29 Aluminium, 99.7% purity (US$/tonne) Close Previous Cash 2076.25 2048.50 3 months 2093.00 2068.00 Copper, Grade A (US$/tonne) Cash 7208.25 7146.25 3 months 7230.50 7170.00 Lead (US$/tonne) Cash 2027.50 1994.50 3 months 2050.00 2017.50 Nickel (US$/tonne) Close Previous Cash *****.00 *****.00 3 months *****.00 *****.00 Tin (US$/tonne)
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      Lock icon METALS
      67 27 Jul 30 GOLD (US$/oz) Jul 30 Jul 29 Hong Kong 1169.*****6.30 Jul 29 Jul 28 London 1164.*****1.25 1164.*****2.00 Source: Thomson Reuters SILVER Selling Buying Passbook 1 oz 24.18 23.95 Source: UOB PLATINUM Lon (US$/oz) Jul 29 Close Previous PM Fix 1553.*****5.00 AM Fix 1545.*****0.00 Source: Thomson Reuters PLATINUM NYMEX
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      Lock icon PALM OIL
      66 27 Jul 29 KLCE PALM FUTURES (RM/MT) Delivery Opening Sett Av Vol Open Month Range Price Price High Low Done Position Aug 10 2571 2585 2600 2571 527 4762 Sep 10 2540 2542 2560 2538 2189 ***** Oct 10 2509 2514 2529 2506 8017 ***** Nov 10 2498 2506
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  • PERSPECTIVE
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      Lock icon Economics of walking about
      1033 28 / 29  -  Qualitative data from both consumers and businesses tell a lot about what is going on in the real world. They now point to falling consumer expectations and confidence. By David G Blanchflower By David G Blanchflower The writer, a former member of the Bank of England’s
      Bloomberg; AFP  -  1,033 words
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      Lock icon Singapore’s economy soars
      539 28 / 29  -  By Li Liang Shi THE sub-prime mortgage crisis that erupted in the US from 2008 to 2009 had a direct negative impact on the global economy. Singapore, being a member of the global economy, naturally was not spared the carnage, with its economy suffering negative growth. Singapore’s
      539 words
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  • Wealth
    • WEALTH INVESTING
      • Article, Illustration
        Lock icon Commodities should shine
        982 30 / 31  -  If global economic growth remains stable, commodity producers’ stocks currently undervalued are in for a re-rating, says BlackRock. By Genevieve Cua By Genevieve Cua gen@sph.com.sg STOCKS of commodity producers are currently undervalued, and in for a re-rating if economic growth remains stable, says Catherine Raw, portfolio manager
        REUTERS  -  982 words
      • BROKERS' TAKE
        • Article
          Lock icon DBS Group Holdings
          278 30 / 31 Neutral DMG Partners Securities, July 30 Close: $14.40 DBS reported Q2 2010 net loss of $300 million. Adjusting for the one-time goodwill impairment charge of $1.02 billion for DBS HK, core net profit of $718 million was up 30 per cent year-on-year. This is higher than our
          278 words
        • Article
          Lock icon Ho Bee Investment
          483 30 / 31  -  Compiled by Jamie Lee Buy Phillip Securities Research, July 30 Close: $1.65 Ho Bee emerged as the highest bidder for the tender of North Buona Vista Drive land parcel that closed on July 27 with a $410.99 million bid, that works out to $342 per square foot
          483 words
      • Article, Illustration
        Lock icon Give your portfolio greater balance with US high yield bonds
        1170 32  -  The S$ currency-hedged high yield bond will protect against potential weaknesses in the US$ By Angeline Goh The writer is head of product strategy, Asia-Pacific, at Allianz Global Investors Asia Pacific (Singapore branch) Iofstaomy,as reofaser rigraviging N recent years, with
        BLOOMBERG  -  1,170 words
      • Article
        Lock icon Top hedge fund managers turn gloomy
        1345 33  -  After dodging the crisis and riding the market rebound, they see US and European economies slowing By Saijel Kishan Bloomberg SHAWN Bergerson, founder of Waterstone Capital Management LP, made money when most hedge funds didn’t: In 2007 and 2008, as the housing-mar-ket collapse turned
        Bloomberg  -  1,345 words
    • WEALTH REAL ESTATE
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      Lock icon Page 34 Advertisements Column 1
      63 34 Featuring the Quality Homes Collection The Trizon. Beyond Excitement, Beyond Words For enquiries: Kelvin Tan 9693 0383, KTan@savills.com.sg or Gladis Heng 9387 4624, GHeng@savills.com.sg To arrange for an appointment to view our show unit, please call 6836 3338 or search with us at Savills has more than 200 offices and
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      26 36 Published and printed by Singapore Press Holdings Limited. Co. Regn. No. *****2868E. A member of Audit Bureau of Circulations Singapore. Customer Service (Circulation): 6388-3838, circs@sph.com.sg, Fax
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      Lock icon Page 1 Advertisements Column 1
      62 1 DINING Fun fare L4-5 GUEST CHEF Vietnamese balancing act L6 LivingTHEBUSINESSTIMESWEEKEND|JULY31-AUGUST*****BTTHE BUSINESS TIMES WEEKEND JULY 31-AUGUST 1 2010 GADGETS Mixed bag of Apples L7 ART IN THE OPEN Setouchi International Art Festival L2-3 SHOPPING Europe’s discount havens L8-9 SCULPTURE BY SHINJI OHMAKI AT TAKAMATSU PORT. PHOTO BY GEOFFREY GOLF BT
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  • BT Living
    • TRAVEL
      • Article, Illustration
        Lock icon ART IN THE OPEN
        1734 2 / 3 Art interacts with nature in the inaugural Setouchi International Art Festival, now being held on the islands of Japan’s Seto Inland Sea.By Geoffrey Eu btnews@sph.som.sg EVEN without a resident billionaire benefactor, the islands of the Seto Inland Sea which separates two of Japan’s main islands of
        PHOTOS BY GEOFFREY EU  -  1,734 words
    • DINING
      • Article, Illustration
        Lock icon FUN FARE
        1845 4 / 5  -  You don’t have to play with your food to have a ball of a time at these entertaining new cafes. By Audrey Phoon cafes.By Audrey Phoon aphoon@sph.com.sg Old School Delights 215M Upper Thomson Road ?6458-4518 REMEMBER the good old days when a culinary treat meant a plate of
        ROOM WITH A VIEW PHOTOS BY ARTHUR LEE  -  1,845 words
    • ENTERTAINING
      • Article, Illustration
        Lock icon Balancing act
        969 6  -  The key to cooking good Vietnamese food, says Luke Nguyen of Sydney’s Red Lantern restaurant, lies in finding the correct marriage of flavours. By Audrey Phoon guest chef Nguyen By Audrey Phoon aphoon@sph.com.sg THERE are many people outside of Vietnam who are familiar with fish sauce being a
        969 words
    • GADGETS
      • Article, Illustration
        Lock icon Mixed bag of Apples
        767 7  -  The iPhone 4 arrives in the company of unusual siblings. By Christopher Lim By Christopher Lim limchris@sph.com.sg LAST week’s iPad frenzy may have driven the tablet out of stock, but this week has been more interesting in terms of the sheer volume of Apple announcements. The
        767 words
    • SHOPPING
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        Lock icon DISCOUNT HAVENS
        1591 8 / 9  -  If you’re travelling to a major European city, chances are there’s a big sale going on at a Chic Outlet village near you. By Goh Hwee Leng By Goh Hwee Leng btnews@sph.com.sg WITH the Singapore dollar muscling its way up against most major currencies, it’s possible to conclude
        PHOTOS BY GOH HWEE LENG  -  1,591 words
      • Article, Illustration
        Lock icon A fitting craft
        1909 10 / 11  -  Local fashion designers may be all about setting trends and upping the design stakes, but a growing number of designers are putting their money where their mouths are by emphasising both design and craftsmanship. MELISSA LWEE tracks down three bespoke labels who are breathing new life into
        TIME TAKEN TO MAKE A DRESS PHOTO BY ARTHUR LEE  -  1,909 words
    • BEAUTY
      • Article, Illustration
        Lock icon Something natural
        1092 12 / 13  -  For all the advances in technology, nothing beats nature’s goodness when it comes to skincare products. By Corinne Kerk products.By Corinne Kerk btnews@sph.com.sg Repechage at Renaza Wellness and Lifestyle Lab Orchard Central, #02-13 ?6884-4993 AMERICAN skincare brand Repechage is exactly 30 years old this year, but has only
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      • Article
        Lock icon wine & dine with BTWeekend
        830 12 / 13 wine dine with BTWeekend Pine Court Chinese Restaurant Level 35, Orchard Wing Mandarin Orchard Singapore 333 Orchard Road ?6831-6288 Ascend 35 stories of the Orchard Wing and arrive in style at Pine Court Chinese Restaurant, the home of authentic Cantonese cuisine. Delight in traditional signature dishes such as Classic Peking
        830 words
    • WEEKEND WITH
      • Article, Illustration
        Lock icon Plane truths
        1013 14  -  David Chuah doesn’t build model aircraft for the money, although he has sold them for practical reasons. Flying them, however, is an entirely different matter. weekend with david chuah radio control aircraft modeller By Audrey Phoon aphoon@sph.com.sg AS the son of a pilot and the nephew of a
        YEN MENG JIIN  -  1,013 words
    • HEALTH
      • Article, Illustration
        Lock icon Mind those aching joints
        930 15  -  It’s better to have them checked out before more serious damage occurs. By Cheah Ui-Hoon By Cheah Ui-Hoon uihoon@sph.com.sg FEELING achy and sore in your hands or knees? Don’t just chalk it up to ageing, especially if you’re still below 50 years old. You could have
        AP  -  930 words
    • BT CORPORATE GOLF LEAGUE 2010
      • Article, Illustration
        Lock icon Linked in
        430 16/17  -  The event will see corporate teams battle one another at Singapore’s top golf clubs. By Ven Sreenivasan By Ven Sreenivasan ven@sph.com.sg THE renowned American sports writer Grantland Rice once described golf as 20 per cent mechanics and technique. “The other 80 per cent is philosophy, humour, melodrama, companionship,
        430 words
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        Lock icon Come out swinging
        892 16/17  -  By Justine Moss btnews@sph.com.sg WHEN The Business Times Corporate Golf League 2010 tees off next week at the Tanah Merah Country Club’s Garden Course, not only will it feature 25 of Singapore’s most prominent local companies, it will also mark the inaugural staging of the event. “We
        892 words
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        Lock icon A lucky drive could land you an Audi
        357 16/17  -  By Samuel Ee samuelee@sph.com.sg HIT a hole-in-one in the final round of the Business Times Corporate Golf League and you will get to drive off in an Audi A5 Cabriolet 2.0 TFSI Quattro. This pretty four-seater convertible is priced at $238,600 and
        357 words
      • Article
        Lock icon The green network
        636 16/17  -  By Ju K Tan Ju K Tan is the editor at Golf Digest Singapore, a monthly publication from SPH Magazines Pte Ltd IT’S a jungle out there. No, I don’t mean the foliage variety out in Mandai, but in the corporate world of business. Places to go,
        636 words
    • MOTORING
      • Article, Illustration
        Lock icon THINK-TANK
        579 18  -  What impresses most about the latest Kia Sportage is the amount of thought that has gone into its design. By Samuel Ee By Samuel Ee samuelee@sph.com.sg ANYONE monitoring the progress of the major Korean carmakers can only be amazed by the advancements in design and quality. The latest Kia
        579 words
      • Article, Illustration
        Lock icon ROC AND ROLL
        477 19  -  The new Volkswagen Scirocco R has been imbued with a fluidity not there before. By Samuel Ee By Samuel Ee samuelee@sph.com.sg THE Volkswagen Scirocco finally has a power plant to match its styling and this new variant is simply denoted by an R badge. Like the Scirocco
        477 words
      • Article, Illustration
        Lock icon Order of the day
        577 20  -  Can Felipe Massa get his revenge during tomorrow’s Hungarian Grand Prix? By Samuel Ee f1 watch By Samuel Ee samuelee@sph.com.sg THERE was one last can of ice-cold Coke in the fridge on a blistering Sunday afternoon and I wanted it badly. Alas, my wife saw it
        AFP  -  577 words
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