The Business Times, 14 December 2010
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2010-12-14
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The Business Times
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Title Section23 2010-12-14 1 THE BUSINESS TIMES S$1.00 online at http://www.businesstimes.com.sg Sj5l A SINGAPORE PRESS HOLDINGS PUBLICATION CO REGN NO *****2868E MICA (P) 138/08/2010 Tuesday, December 14,201023 words
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Article, Illustration873 2010-12-14 1 KALPANA RASHIWALA - Outcome of URA review could impact office-block owners seeking to convert property By KALPANA RASHIWALA [SINGAPORE] The Urban Redevelopment Authority (URA) is understood to be reviewing whether a critical mass of office space should be safeguarded in the Central Business District to accommodateFILE PHOTO - 873 words
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Article141 2010-12-14 1 GST INDEX 3,182.32 (-3.10) GST INDEX FUTURES 3,176.0 (-4.00) GSIMSCI 375.85 (-0.11) GSIMSCI FUTURES 374.30 (-0.20) FOREX US$ S$ US$ (S$ per US$) 1.309 (US$/S$ per 1.578 2.066 EURO (US$/S$/E) 1.319 1.727 Foreign currency per US$ S$ YEN 84.20 64.30 RM 3.138 2.398 HK$ 7.779 5.944 BAHT 30.08141 words
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632 2010-12-14 1 MICHELLE QUAH - They fail to recoup losses or get the notes declared void By MICHELLE QUAH [SINGAPORE] The fallout from the global financial crisis that began two years ago in the United States continues to be felt here, as 213 investors failed in their632 words
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Advertisement116 2010-12-14 1 LEADER’S PERSPECTIVE The accidental private banker PAGE HOCK LOCK SIEW Market’s verdict on GLP’s stand THE BOTTOM LINE Commodity price cycle about ready to peak PAGE 22 COMMENTARY Japan farming reform, the Kan way PAGE 23 PAGE 5 Inc Egged on to specialise I PAGE 11 Revenue booster for Japan116 words
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TOP STORIES
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Article557 2010-12-14 2 Mass may figure in CBD’s office equation URBAN Redevelopment Authority is understood to be reviewing whether a critical mass of office space should be safeguarded in the Central Business District to accommodate Singapore’s growth as a financial and business hub. Market watchers say the outcome may have implications557 words
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Article, Illustration797 2010-12-14 2 LYNETTE KHOO - The 50 basis points rise, the sixth this year, is effective from Dec 20 By LYNETTE KHOO [SINGAPORE] Asian stock markets and companies shrugged off news of the Chinese government again hiking banks’ reserve ratios in its continued fight against high inflation.AP - 797 words
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479 2010-12-14 2 PAULINE NG - By PAULINE NG QATAR may have bucked the odds to scoop up the 2022 World Cup, but some Malaysian companies are leading the celebrations. Gamuda Berhad is especially happy to go with Fifa’s unexpected choice. Having recently completed the 43km Dukhan Highway,479 words
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484 2010-12-14 2 The five largest US banks are rebounding after the government bailout Bloomberg [NEW YORK] Wall Street’s biggest banks, rebounding after a government bailout, are set to complete their best two years in investment banking and trading, buoyed by 2010 results likely to be theBloomberg - 484 words
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596 2010-12-14 4 CHUANG PECK MING - S’pore scored well in political culture (7.5 out of 10) and functioning of govt (7.5 out of 10). But it is weak in political participation (2.78 out of 10). Worldwide decline in democracy since 2008, after several decades of progress By CHUANG596 words
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855 2010-12-14 4 NEIL BEHRMANN - Tighter immigration controls could curb non-uni applicants By NEIL BEHRMANN FOREIGN students, already paying substantially higher fees at British universities, are unlikely to be forced to pay more. Moreover, there should be more than sufficient places for applicants. Tighter immigration controls, however,855 words
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378 2010-12-14 4 LEE U-WEN - By LEE U-WEN [SINGAPORE] The Singapore government has said that it is likely that the country could find itself the subject of future WikiLeaks-re-lated reports, given the vast number of leaked diplomatic cables in circulation today. “There are many thousands of leaked cables from US378 words
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Article, Illustration643 2010-12-14 4 LYNN KAN - By LYNN KAN [SINGAPORE] Although Asia’s central banks have tightened monetary policy 21 times this year, they are still “behind the curve” in helping normalise inflation, DBS Bank’s head of economic and currency research David Carbon said at a 2011FILE PHOTO - 643 words
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518 2010-12-14 4 AFP [MADRID] Credit rating agency Moody’s issued a negative outlook on Spain’s banks yesterday and warned that total economic losses could reach 176 billion euros (S$306 billion). New York-based Moody’s Investors Service said it was maintaining a negative view for the next 12-18AFP - 518 words
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COMPANY NEWS
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Article595 2010-12-14 5 FELDA CHAY - HOCK LOCK SIEW By FELDA CHAY ABOUT a week ago, The Business Times reported that Global Logistic Properties (GLP) had a non-compete agreement with ProLogis one of the world’s largest owners, managers and developers of distribution facilities that will expire in February next year. This595 words
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323 2010-12-14 5 EMILYN YAP - Move follows July’s purchase of 14.7% stake for 1.34b By EMILYN YAP ONE of Kirin Holdings’ top executives has joined the board of Fraser Neave (F&N), boosting the possibility of greater cooperation between the two beverage groups. In a regulatory filing yesterday, F&N announced323 words
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298 2010-12-14 5 WINSTON CHAI - By WINSTON CHAI SINGAPORE Telecommunications’ (SingTel) search for pay-TV enhancements has led it to Europe, with the company striking up a partnership with Portugal Telecom to share Internet television and fibre-optic know-how. Under the pact signed yesterday, the two companies will collaborate in298 words
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282 2010-12-14 5 Reuters [BANGKOK] State-owned TOT Plc said yesterday it was in talks with top Thai mobile firm Advanced Info Service Pcl (AIS) that may result in AIS using its network to offer 3G services. AIS, an associate of Singapore Telecommunications, would beReuters - 282 words
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383 2010-12-14 6 FELDA CHAY - China Green to buy all of Sinomem subsidiary Suntar’s equity interest in Rosin Chemical By FELDA CHAY WATER-treatment group Sinomem Technology Ltd is seeking a listing for its subsidiary, China Green Innovation Holding, on the Catalist board. China Green was incorporated in October as an383 words
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Article363 2010-12-14 6 LYNN KAN - By LYNN LYNN KAN FREIGHT Links Express Holdings has reported a net profit of $952,000 for its second quarter ended Oct 31, an increase of 25.1 per cent from $761,000 a year ago. Revenue for the logistics group grew 17.9 per cent to $36.1363 words
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Article, Illustration567 2010-12-14 6 Bloomberg HEDGE funds and large speculators increased their bets on a commodity rally to the highest level since at least 2006 as copper and gold gained to records. An index tracking speculative positions in 20 commodity futures in the United States advancedBloomberg; BLOOMBERG FILE PHOTO - 567 words
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349 2010-12-14 9 FELDA CHAY - Revenue drops 70% to $61.5m, largely due to completion of projects By FELDA CHAY LOW Keng Huat has posted a 9 per cent fall in thirdquarter net profit as construction revenue took a dive. The construction group said that earnings349 words
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220 2010-12-14 9 WINSTON CHAI - By WINSTON CHAI HIGHER raw material and component costs weighed down the start of Datapulse Technology’s new financial year with the media storage products maker reporting a 23 per cent drop in first-quarter net profit to $3.04 million, from $3.94 million last220 words
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211 2010-12-14 9 DANG VAN TRANG - Vietnam contract involves converting crane vessel By DANG VAN TRANG EMS Energy, a provider of engineered solutions for the marine and oil gas industry, has won a pipelay system contract worth about US$12 million. The deal, secured through its subsidiary, Engineering Marine Services Pte211 words
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COMPANY BRIEFS
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Article46 2010-12-14 9 CHINA Yongsheng said that its subsidiary, Suzhou Yongsheng Concrete Co Ltd, has agreed to sell all its 51 per cent interest in Suzhou Bochen Development to Gong Xiaowei for 15.3 million yuan. The gain from the sale is 0.75 million yuan.46 words
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79 2010-12-14 9 SOILBUILD Group Holdings said that the Singapore Exchange has confirmed that the company will be delisted on Dec 20. Soilbuild applied for a voluntary delisting from SGX after Dolphin Acquisitions Pte Ltd, a company controlled by Lim Chap Huat, its managing director and co-founder,79 words
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64 2010-12-14 9 RAMBA Energy Ltd warned that its financial result for the year ending Dec 31, 2010 has been affected by “share based payments and write-offs of acquisition-related costs incurred due to change in FRS103 Business Combinations”. The oil and gas related company said it will64 words
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83 2010-12-14 9 STX OSV Holdings announced that it has secured a new contract for the design and construction of a platform supply vessel for an undisclosed international customer. The vessel is scheduled for delivery from STX OSV in Norway in 2012. The hull will83 words
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48 2010-12-14 9 THE exit offer period relating to Eastern Asia Technology has been extended to 5.30 pm on Dec 21. As at 5 pm yesterday, DJR International and parties acting in concert have garnered about 87.91 per cent of Eastern Asia shares.48 words
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Advertisement2234 2010-12-14 6 MATS BUY IT• SELL IT• FIND IT NOTICES Toll free: 1800-289-8822 Email: notices@sph.com.sg MIYOSHI PRECISION LIMITED Company Registration No. *****3979K (Incorporated In The Republic of Singapore) NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN that the Annual General Meeting of Miyoshi Precision Limited (“the Company”) will be held at2,234 words
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SINGAPORE MARKETS
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Article, Illustration578 2010-12-14 8 R SIVANITHY - STI hovers within narrow band before ending 3.1 points weaker at 3,182.32, despite firm opening Europe-wide STOCKS R SIVANITHY Senior Correspondent NOT unexpectedly, given that the Christmas holidays are almost upon us, the local stock market underwent a lethargic trading session yesterday that was largelySource: Bloomberg - 578 words
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Article186 2010-12-14 8 MAIN CATL TOTAL Up Down Unch Up Down Unch Up Down Unch Multi Ind 10 3 5 0 0 0 10 3 5 Manufacturing 82 36 66 6 6 12 88 42 78 Commerce 29 16 19 1 5 5 30 21 24 Tpt/Stor/Comms 19 9 12186 words
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Article121 2010-12-14 8 TURNOVER (‘000) VALUE (‘000) MAIN CATL TOTAL MAIN CATL TOTAL Multi Ind 66,601 66,601 65,024 65,024 Manufacturing 412,233 201,289 613,522 227,972 6,265 234,237 Commerce 45,646 28,016 73,662 63,991 1,831 65,823 Tpt/Stor/Comms 76,317 829 77,146 126,134 120 126,254 Finance 16,033 21 16,054 113,419 3 113,422 Construction 26,871 17,715121 words
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Article108 2010-12-14 8 Stock name Close Change CapMallsAsia 1.990 +0.020 CapitaLand 3.660 -0.010 CapitaMall 1.950 +0.010 CityDev 12.820 +0.020 ComfortDelGro 1.530 -0.010 DBS Grp 14.000 -0.020 F&N 6.280 +0.020 Genting SP 2.170 Golden Agri 0.775 +0.005 HK Land 6.970 -0.080 JMH 44.500 JSH 26.420 -0.240 Jardine C&C 37.020 -0.120108 words
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Article66 2010-12-14 8 Dec 13 VALUE CLOSE BT OB/OS 224.00 +148.0 BT CADI -*****.00 +99.0 BT 10-day MA -*****.00 +23.00 FTSE ST Mid Cap 798.67 +2.74 FTSE ST Small Cap 588.48 +4.62 FTSE ST All Share 788.84 +0.20 FTSE ST China Top 294.60 +0.60 FTSE ST China 329.47 +0.08 FTSE66 words
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Article53 2010-12-14 8 VOLUME Jade Tech 147,362,000 ChinaGaoxian 80,962,000 Genting SP 63,114,000 Gallant 54,462,000 Healthway 43,855,000 GMG Global 38,443,000 Contel 33,983,000 Auswin 29,025,000 Golden Agri 25,055,000 Amtek 24,750,000 VALUE($) Genting SP 137,939,160 CapitaLand 60,886,865 DBS Grp 44,596,620 SingTel 37,947,790 Amtek 25,071,035 UOB 24,965,240 ChinaGaoxian 24,433,420 Mewah 23,067,995 HK Land 22,638,59753 words
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BROKERS’ TAKE
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Article192 2010-12-14 8 Corporation Dec 13 close: $0.52 DBS Vickers, Dec 13 PAN-UNITED announced that it has entered into a JV agreement with Building Materials Corporation No 1 Company Limited (FICO) to establish a JV company in Ho Chi Minh City in Vietnam (JVC). FICO, a state-owned company is a manufacturer192 words
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Article329 2010-12-14 8 Dec 13 close: $2.89 Phillip Capital, Dec 13 SATS announced on Nov 29 that it will pay 7.8 billion yen (approximately $122 million) for a 50.7 per cent stake in TFK Corporation (TFK) from Japan Airlines (JAL). As the company is in the process of finalising the deal, minimal329 words
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Article454 2010-12-14 8 LYNETTE KHOO - Dec 13 close: $0.415 Kim Eng, Dec 13 Compiled by LYNETTE KHOO GALLANT Venture’s share price has recovered 41 per cent to $0.36 since our initiation report last month. We maintain our view that the company is undervalued but given its exposure to China’s property market, we are454 words
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Article, Illustration521 2010-12-14 8 CURRENCIES Reuters [LONDON] The euro trimmed losses against the US dollar yesterday, helped by East-European and La-tin-American demand but hampered by uncertainty about how the eurozone would deal with its debt problems. Trading volumes were reduced by the approach of the year-end, whileReuters; BLOOMBERG - 521 words
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Article111 2010-12-14 8 BY CENTS CLOSE UP DBXT FTVietnam 10US$ 3677 179.2 3.9 Lyxor Europe 10 US$ 1271 92.9 5.9 DBXT CSI300 10US$ 1083 40.6 2.9 Lyxor China H 10US$ 1645 36.6 1.7 DBXT MSINDIA 10US$ 1083 28.8 2.1 DBXT MSWorld 10US$ 308 19.6 5.1 SIA 1588 18.0 1.1 DBXT MSEmer 10US$111 words
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Article122 2010-12-14 8 BY CENTS CLOSE DOWN DBXT Nifty 10US$ ***** -57.6 -0.3 JSH 2642 -31.4 -0.9 DBXT MSCHINA 10US$ 1264 -26.2 -1.6 DBXT FTChina25 10US$ 3146 -23.6 -0.6 DBXT MSINDO 10us$ 1387 -22.2 -1.2 ShangriLa Asia 1938 -19.7 -5.7 GLD 10US$ ***** -19.6 -0.1 DBXT S&P Short 10US$ 4582 -17.0 -0.3122 words
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Advertisement12 2010-12-14 9 www.omy.sg Da a b\o9 .o mV s 9 X I r r-12 words
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Advertisement293 2010-12-14 9 Voted #1 Best Platform*. WEBTRADER LIVE WINNER BEST ONLINE TRADING PLATFORM priim DIGITAL MARKETS AWARDS 2010 WORLD FINANCE FOREIGN EXCHANGE AWARDS 2010 It's one thing to claim you're the best. It's quite another to be voted the best by three of the biggest names in the business. Most recently the293 words
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SINGAPORE NEWS
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470 2010-12-14 10 CHUANG PECK MING - Suggestions to make life easier for the elderly may be adopted nationwide By CHUANG PECK MING OFFERING details of a pilot study on the needs of the elderly in Marine Parade, Minister in the Prime Minister’s Office Lim Boon470 words
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Article, Illustration339 2010-12-14 10 TWO more properties Eu-ro-Asia Apartments along Serangoon Road and Bartley Grove Apartments along Bartley Road have been put up for collective sale. Both properties are freehold. The owners of the 84-unit Euro-Asia Apartments are asking for $142 million. Including an estimated development charge339 words
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405 2010-12-14 10 NISHA RAMCHANDANI - By NISHA RAMCHANDANI WITH regional economies going full steam ahead and middle class affluence on the rise, Asia’s cruise passenger throughput could swell to 6-7 million annually, according to chairman of the Singapore Cruise Centre (SCC) Soo Kok Leng. Speaking at the inaugural405 words
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Singapore Roundup
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Article58 2010-12-14 10 KAER Pte Ltd, a leading energy-efficiency solutions provider in South-east Asia, has opened its new headquarters at Solaris in the One North research and development hub. With a Green Mark Platinum rating for sustainability and energy efficiency, the 15-storey Solaris building is slated to house over58 words
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59 2010-12-14 10 THE Land Transport Authority has invited the public to contribute suggestions for the official names of 13 out of the 16 MRT stations on Downtown Line 3. The remaining three are the MacPherson, Tampines and Expo stations. The public may send in their suggestions59 words
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67 2010-12-14 10 THE Ministry of Manpower’s contact centre has won seven awards from two of the most prestigious industry honours events: the World Contact Centre Top Ranking Performers Award and the Contact Centre Association of Singapore International Contact Centre Awards. Both are international-level peer-assessed awards. The67 words
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321 2010-12-14 10 LINETTE LIM - 31 firms honoured for B2B branding by Superbrands By LINETTE LIM WHAT do heavy equipment maker PowerPlus and logistics firm DHL have in common? They were among the 31 business-to-busi-ness companies honoured at the inaugural Business Superbrands awards last night. Organised by Superbrands Singapore, the321 words
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235 2010-12-14 10 LTA will also roll out public education programme FROM Jan 1, the Land Transport Authority (LTA) will impose heavier penalties on cyclists and retailers of motorised bicycles that do not meet LTA’s technical requirements. Most of the fines will be doubled235 words
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Advertisement38 2010-12-14 10 All aboutfinancing and profit and everything in between November/December issue out now! Available at all petrol stations (except Caltex) and all major bookstores To subscribe ($30 for six issues delivered to your office or home), please call 6388-383838 words
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SME Inc
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Article, Illustration1008 2010-12-14 11 LINETTE LIM - Chew’s Agriculture had to switch from chicken farming to egg production and then to specialty eggs to differentiate itself from the competition, reports LINETTE LIM LINETTE LIM MURAI Farmway is, at first glance, a large swathe of land with nary a soul in sight. But lookPHOTOS BY YEN MENG JIIN - 1,008 words
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773 2010-12-14 11 ASK THE PROF Q: A number of my younger employees have resigned, citing the lack of career progression as the reason. This is after I have spent time and resources training them. How can I better manage this outflow of staff, which773 words
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Article, Illustration1231 2010-12-14 12 JASLENE PANG - F&B group sees sharp rise in profit and sales since the opening of its new project, Tokyo Walker, at Plaza Singapura, reports JASLENE PANG SMALL CAPS JASLENE PANG WITH Singaporeans crazy over Japanese stuff sinking their teeth into Japan Foods Holding’s Tokyo Walker ever sinceFILE PHOTO - 1,231 words
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1141 2010-12-14 12 PAUL HENG - Life coaching is about helping people achieve a heightened sense of self-awareness and using this awareness to achieve their goals COMMENTARY By PAUL HENG The writer is a certified executive/life coach. More information can be found at www. nextcareer. net “Now1,141 words
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Article, Illustration809 2010-12-14 13 KAREN NG - The third-generation leaders of Polar Puffs knew that the confection chain set up in 1926 has to undergo changes to improve its viability, reports KAREN NG KAREN NG BUSINESS successions are often plagued by challenges and in the case of Polar Puffs the confection chain famedARTHUR LEE - 809 words
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538 2010-12-14 13 TEH HOOI LING - By TEH HOOI LING OUR small cap portfolio edged up 1.12 per cent, outpacing the FTSE Straits Times Small Cap Index and the FTSE Straits Time Index. It however, trailed the 2.5 per cent chalked up by the FTSE Straits Times Mid Cap Index.538 words
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Article, Illustration2503 2010-12-14 14 THIS WEEK’S TOPIC The government has launched a $500 million fund, to be managed by Temasek Holdings, to invest in growth-oriented SMEs in Singapore. Will your SME be open to such funding which will see co-investments from Temasek and private equity fund managers? Can you shareBLOOMBERG - 2,503 words
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Advertisement90 2010-12-14 11 ‘Ask the Prof’ is a fortnightly column in collaboration with NUS Business School. Once every two weeks, a panel of professors from the school will address business-related questions relevant to SMEs. If you manage a business and have a question to ask of the panel, please e-mail it to btnews@sph.com.sg90 words
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Advertisement167 2010-12-14 13 Questions make us both better. U .1 iShares Keep evolving Our dedicated team of ETF professionals in Asia are waiting to help you understand how easily iShares ETFs can fit within your portfolio. We keep evolving so that you keep evolving too. iShares.com.sg BLACKROCK Issued by BlackRock (Singapore) Limited (co.167 words
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Advertisement135 2010-12-14 14 Voices Next week’s topic: “According to a recent DP Credit Bureau report, the average time taken by companies here to pay their debts has risen to a five-year high of 66 days in Q3 this year, up from 63 days last year and 57 in 2008. Is the report finding135 words
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ECONOMY WATCH
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Article, Illustration647 2010-12-14 15 Treasurer Swan’s 13-point plan a major win for top banks, says analyst Bloomberg [SYDNEY] Australia’s four largest lenders, led by Commonwealth Bank of Australia and Westpac Banking Corp, may emerge as victors from Treasurer Wayne Swan’s package to promote banking competition, analysts andBloomberg - 647 words
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331 2010-12-14 15 Reuters [LONDON] Pakistan is nearly ready to launch a privatisation programme which aims to bring in foreign management expertise and tap international markets to turn around its flagging state-owned industries, its privatisation minister said in an interview. “You will see in the nextReuters - 331 words
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664 2010-12-14 15 Reuters [BUDAPEST] Hungarian lawmakers will roll back a 1997 pension reform on Monday, allowing the government to effectively seize up to US$14 billion in private pension assets to reduce the budget gap while avoiding painful austerity measures. With markets on edge across Europe over debtReuters - 664 words
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Advertisement266 2010-12-14 16 CELEBRATING EXCELLENCE N BRANDING We congratulate all the deserving Winners of Singapore Prestige Brand Award 2010. Clearly, you have displayed outstanding brand-building endeavours to take your success to a new level! Let your brand aspirations take flight! OVERALL WINNER j SPBA- PROMISING BRANDS l w V cy t GpiCentre OVERALL266 words
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MALAYSIA/INDONESIA
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Article, Illustration652 2010-12-14 17 MALMINDERJIT SINGH - Collaboration with S’pore firms in specific areas likely, says M’sian minister By MALMINDERJIT SINGH [SINGAPORE] Foreign investors can expect more opportunities to invest in Malaysia’s services sector in the coming years, which could open up specific areas for collaboration with companies652 words
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302 2010-12-14 17 AFP [JAKARTA] Indonesian Christians yesterday appealed to President Susilo Bambang Yudhoyono for protection after Muslim vigilante groups, backed by police, surrounded their homes and forced them to leave. More than 100 members of the Batak Christian Protestant Church (HKBP) were forced to evacuate seven housesAFP - 302 words
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470 2010-12-14 17 Reuters [NUSA DUA, Indonesia] Indonesia’s mining sector has attracted 53 trillion rupiah (S$7.67 billion), or US$6 billion, in bank financing up to September this year, surpassing the 43 trillion rupiah for all of 2009. The figure is set to rise further in theReuters - 470 words
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193 2010-12-14 17 AP [KUALA LUMPUR] Malaysia will halve the maximum prison sentences and fines for first-time offenders who plead guilty as a way to reduce a court backlog, the country’s top judge said yesterday. The government estimates that nearly 16,000 criminal cases in early 2010 wereAP - 193 words
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Advertisement88 2010-12-14 17 Here's an idea: No more waiting ,.ll 10:08 AM C77 m, y o y King Street r s r 0 Shelton Street Shorts Gardens mEnu > JJ EBBS] 9 M 1 B rai- Isn't it annoying when you miss a turn because your map hasn't fully loaded? With HTC Sense88 words
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GREATER CHINA/INDIA
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Article, Illustration665 2010-12-14 18 But Delhi looks reluctant on fears that it may end up as dumping ground AFP Reuters [NEW DELHI] China hopes to have free trade discussions with India during premier Wen Jia Bao’s visit to New Delhi this week, a signal of how the twoAFP; Reuters - 665 words
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416 2010-12-14 18 Bloomberg [BEIJING] China is likely to allow yuan options trading to help banks and companies protect their earnings from foreign-exchange risk, according to three people with knowledge of the plan. The State Administration of Foreign Exchange, the nation’s currency regulator, has asked for someBloomberg - 416 words
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356 2010-12-14 18 Reuters [NEW DELHI] India’s foreign ministry has protested to Washington after reports two of New Delhi’s diplomats were frisked at US airports, describing the searches as serious breaches of protocol. Hardeep Puri, India’s ambassador to the United Nations, was subjected to a pat-downReuters - 356 words
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Article, Illustration513 2010-12-14 18 Move will absorb liquidity that drove Nov inflation to 5.1% Reuters [BEIJING] China’s central bank has told six of the country’s biggest lenders that a special increase in required reserves will be extended the latest step to try to quell inflation in aReuters; BLOOMBERG FILE PHOTO - 513 words
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530 2010-12-14 18 Bloomberg [OSAKA] Glory Ltd, Japan’s biggest maker of money-handling machines, plans to expand in India and increase its sales offices in China as demand for the equipment shifts from the United States and Europe to Asia. “The momentum in Asia is completely different,”Bloomberg - 530 words
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Advertisement16 2010-12-14 18 IT'S HERE! 913FM SI^Lrnx i GET THE FREE 9I.3FM APP NOW! Available on the App Store16 words
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WORLD
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Article, Illustration695 2010-12-14 19 This will take over from the 440b euro European Financial Stability Facility Bloomberg [PARIS] European Union leaders will this week discuss the creation of a permanent mechanism to shore up over-indebted countries as the European Central Bank tries to hammer out plans to aidBloomberg; BLOOMBERG - 695 words
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Article, Illustration824 2010-12-14 19 AFP [OLONGAPO, Philippines] Girls and women acting out the sexual fantasies of online voyeurs around the world are part of a worrying offshoot to the Philippines’ booming outsourcing industry, authorities say. Cybersex dens are a growing problem in the impoverished South-east Asian nationAFP - 824 words
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566 2010-12-14 19 Warning received of hitting back at war against Islam Bloomberg [STOCKHOLM] The man who killed himself in bomb blasts that Swedish police are treating as the country’s first brush with terror left recordings that warned of strikes to defend Islam against the “warBloomberg - 566 words
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458 2010-12-14 20 Two bidders warn of pulling out from auction unless govt relaxes sales criteria [SEOUL] Two consortia vying for South Korean government’s 57 per cent stake worth US$6 billion plus of Woori Finance Holdings warned yesterday they would drop out of bidding unless the458 words
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372 2010-12-14 20 Bloomberg [HANOI] Vietnam Shipbuilding Industry Group’s potential failure to make debt payments is likely to undermine the credit quality and profitability of Vietnam’s banks, according to Standard Poor’s. The state-run company, known as Vinashin, may default on foreign-currency debt due inBloomberg - 372 words
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Article, Illustration590 2010-12-14 20 AFP [NEW YORK] Facebook is challenging Google’s supremacy on the Internet with a radically different approach to how people live, work, play and search online. While Google delivers search results selected by algorithms that take into account a user’s Web history, Facebook boasts a richerAFP - 590 words
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Article, Illustration682 2010-12-14 20 They vow to charge much more for their content licensing NYT [NEW YORK] For the past year, executives at big media companies have watched Netflix with growing resentment for its success in delivering movies and television shows via the Internet, for its stock priceNYT; REUTERS - 682 words
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419 2010-12-14 20 More business engagement key to real progress Reuters [CANCUN, Mexico] Evidence of green business profits and more direct industry engagement may be needed to push UN climate talks out of stale rich-poor rivalries to a global agreement. Negotiations like the just-finished 190-nationReuters - 419 words
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Article, Illustration627 2010-12-14 21 Finance minister describes restoring Deutschemark as unrealistic nostalgia NYT [FRANKFURT] In a shift of tone that may signal more commitment to keep the eurozone in one piece, Germany’s finance minister ruled out the possibility that any country would ever be ejected from the EuropeanNYT; AFP - 627 words
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510 2010-12-14 21 Reuters [TOKYO] The No 2 leader of Japan’s ruling Democratic Party (DPJ) urged powerbroker Ichiro Ozawa to appear before a parliamentary ethics panel over a funding scandal and said that the party would have to decide the matter if Mr Ozawa refused.Reuters - 510 words
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88 2010-12-14 21 Reuters [LONDON] Britain’s Royal Mail has agreed to invest a further £20 million (S$41.2 million) to help to deal with a spell of severely cold weather affecting the country. The Royal Mail said yesterday that the extra investment would help financeReuters - 88 words
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Article, Illustration81 2010-12-14 21 [COURCHEVEL, France] ‘The Thinker’ statue by French sculptor Auguste Rodin arriving by helicopter last Friday to be placed on the summit of La Vizelle mountain, at a cool 2,659 metre altitude in this ski resort village in the French Alps. As part of a permanent winter exhibition titledAFP - 81 words
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310 2010-12-14 21 Reuters [LONDON] Banks may need to raise up to US$1 trillion contingent capital in the next decade to replace existing debt and bolster balance sheets to meet tougher regulatory rules. Ratings agency S&P said that there was still significant uncertainty about investorReuters - 310 words
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522 2010-12-14 21 Bloomberg [LONDON] Opec is breaching its production limits the most in six years, signalling the world’s biggest suppliers are ready to pump more crude next year as oil rallies towards US$100 a barrel. The Organization of Petroleum Exporting Countries, excluding Iraq, pumpedBloomberg - 522 words
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Article477 2010-12-14 21 It says week-long US-Seoul drills escalating tension AP [SEOUL] North Korea warned yesterday that US-South Korean cooperation could bring a nuclear war to the region, as the South began artillery drills amid lingering tension nearly three weeks after the North’s deadly shelling of a SouthAP - 477 words
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Page 19 Advertisements
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Advertisement1469 2010-12-14 19 MATS NOTICES Toll free: 1800-289-8822 Email: notices@sph.com.sg IN THE MATTER OF THE COMPANIES ACT, CAP. 50 AND IN THE MATTER OF UOB EQUITY HOLDINGS (PTE) LTD (In Members’ Voluntary Liquidation) At an Extraordinary General Meeting of the Company duly convened and held at 80 Raffles Place #04-20 UOB Plaza 21,469 words
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Page 20 Advertisements
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Advertisement28 2010-12-14 20 Lianhe Zaobao Via demonstration experimental areas China to step up cooperation withHK, Macau Taiwan m :m —J rEiZS n n To subscribe, call 6388-3838 or go to sphsubscription.com.sg28 words
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EDITORIAL & OPINION
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508 2010-12-14 22 EDITORIAL MALAYSIA’S industrial output growth slowed to 3 per cent in October from 5.6 per cent in September and the figure implies that 2010 real GDP growth may be lower than the 7-8 per cent that many economists had predicted previously. More importantly, it508 words
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Article, Illustration1151 2010-12-14 22 JOHN COCHRANE - Given exceptionally low long-term rates, the US should issue long-term debt, not buy it back By JOHN COCHRANE The writer is professor of finance in the Booth School of Business at the University of Chicago. This commentary was sourced from VoxEU.org, aREUTERS - 1,151 words
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Article, Illustration763 2010-12-14 22 NEIL BEHRMANN - THE BOTTOM LINE NEIL BEHRMANN London Correspondent London correspondent Neil Behrmann is author of financial thriller “Trader Jack The Story of Jack Miner” (HandE Publishers) THE big global market surprise in the coming year could well be a commodity price crash. Investors and763 words
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Article, Illustration1579 2010-12-14 23 ANTHONY ROWLEY - Main idea is to pay farmers the difference between domestic and international prices for produce ANTHONY ROWLEY Tokyo Correspondent WHEN Japanese Prime Minister Naoto Kan promised fellow political leaders from Apec at their summit meeting in Yokohama last month that he would “open up”AFP - 1,579 words
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Article, Illustration872 2010-12-14 23 WILLIAM PESEK JR - WILLIAM PESEK JR The writer is a Bloomberg News columnist. The opinions expressed are his own IN an era where forecasts by permabears have gotten ample attention and vindication, few are as disturbing as this: a world recession until 2018. It comes872 words
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AVIATION
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Article, Illustration428 2010-12-14 24 AP [CHICAGO] A powerful winter storm roared across the upper Midwest on Sunday with high winds and mounds of snow closing roads in several states and cancelling more than 1,400 flights in Chicago. At least four weather-re-lated deaths were reported on SundayAP - 428 words
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207 2010-12-14 24 Bloomberg [SYDNEY] Qantas Airways Ltd, Australia’s biggest carrier, agreed to buy Western Australian charter operator Network Aviation as a mining expansion in the country’s Pilbara region boosts demand for flights. The airline plans to expand the charter carrier, which operates eight aircraft with betweenBloomberg - 207 words
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Article3220 2010-12-14 24 CITY FLIGHT ETA FLIGHT ETD Abu Dhabi SQ455 1230 KU6458 1425 SQ458 1425 Adelaide LH9771 1745 LH9770 2350 SQ278 1745 SQ279 2350 VS7278 1745 VS7279 2350 9W4081 1830 AF8087 1830 BA7381 1830 JL5084 1830 MU8213 1830 QF81 1830 Ahmedabad NH6292 1850 SQ530 1850 Amsterdam LO4031 06053,220 words
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415 2010-12-14 24 Failure of Trent 900 turbine seen hurting sales Bloomberg [PARIS] Rolls-Royce plc may lose market share to General Electric Co (GE) and Pratt Whitney following last month’s Airbus engine blowout, according to Agency Partners analyst Nick Cunningham, who says the UK company’s costs from theBloomberg - 415 words
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688 2010-12-14 24 VEN SREENIVASAN - This is partly due to the rising need for newer, larger eco-efficient aircraft By VEN SREENIVASAN [SINGAPORE] European planemaker Airbus foresees demand for nearly 26,000 aircraft worth some US$3.2 trillion in the next 20 years as the aviation industry recovery gathers momentum688 words
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3411 2010-12-14 25 BALISA SHIPPING TRADING PTE LTD 8 Shenton Way, #40-03A, Singapore *****1 Tel: 6345 5700 Fax: 6345 5227 Email: singapore@balisagp.com CR NO. **********0W UK CONTINENT SERVICE U.S.A. SERVICE Destination STXPO TBN Antwerp/UK *Loads Singapore, E./W. Malaysia, Indonesia MIDDLE-EAST SERVICE Destination DING XIANG HAI Camden/New Orleans/Tampico *Loads3,411 words
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Page 24 Miscellaneous
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Miscellaneous309 2010-12-14 24 CRYPTIC CROSSWORD Across 1 Stern head of state deceived in speech (6) 9 Characteristic of a man to slip very quietly into a horse auction (5,5) 10 Brass cutter is a handy utensil (5,5) 11 Horse managed to eat nothing (4) 12 Level match before ref started (4) 14 Western309 words
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Page 25 Advertisements
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Advertisement27 2010-12-14 25 Shippers looking for Warehouse Can they find your services here in the Shipping Times? TO ADVERTISE, CALL JOE WONG AT 9620 1327 THE BUSINESS TIMES SHIPPING TIMES27 words
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Article, Illustration588 2010-12-14 26 About 60 VLCCs are estimated to hit the water in 2011 Reuters [LONDON] The crude oil tanker market will stay turbulent next year as fleet growth is expected to overshadow growing oil demand, Maersk Tankers chief operating officer said on Friday. Average earningsReuters; AP - 588 words
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246 2010-12-14 26 Reuters [CHICAGO] A blast of frigid weather descending on the US Midwest early this week will increase ice on the Illinois River and may shut the waterway completely to grain barge traffic north of Peoria by late this week, industry sources saidReuters - 246 words
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498 2010-12-14 26 But pace of decline slows as China steps up charters to import iron ore Reuters [LONDON] The Baltic Exchange’s main sea freight index, which tracks rates to ship dry commodities, fell for a fourth session on Friday although there were signs of firmer cargoReuters - 498 words
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Page 26 Advertisements
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Advertisement323 2010-12-14 26 INFORMAL RATE AGREEMENT (IRA) FAR EAST MIDDLE EAST TRADE RATE RESTORATION BUSINESS PLAN FOR 2011 In order to maintain a high standard of service to their customers, the member lines of the Informal Rate Agreement (IRA) covering trade from the Far East to destinations in the Middle East wish to323 words
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Advertisement15 2010-12-14 26 Experienced sh/p maintenance services wanted. Can they find your services here in the Shipping Times?15 words
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SINGAPORE STOCKS
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Article9066 2010-12-14 27 Transaction date: Dec 13 52-wks Tel Last Vol Day Last Quote Div Gr Yld Net M Cap High Low Code Company Sale +/-(‘000) High Low Buyer Seller C’vr P/E $mil 21 14.5 3148 8Telecom 17.5 -0.5 330 18 17.5 17.5 18 1.7 10.3 5.6 83.8 12 4.5 58349,066 words
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Article1871 2010-12-14 28 52-wks Tel Last Vol Day Last Quote Div Gr Yld Net M Cap High Low Code Company Sale +/-(‘000) High Low Buyer Seller C’vr P/E $mil 7 4 1181 t AA Grp 5 4 5 27.8 4.8 225 130 6222 t APStrategic 165 +1 3 165 165 1591,871 words
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Article9431 2010-12-14 28 UNIT TRUSTS FUNDS UNIT TRUSTS APS Asset Mgt Pte Ltd APS Alpha Fund Cl A!** 1.32/ APS Alpha Fund (USD)!** 1.01/ APS Alpha Fund Cl B SGD!** 1.2/ APS Alpha Fund Cl B USD!** 0.89/ AXA Life Secure Ascent 2020 Fund 0.*****/0.***** AXA Wealth Mgt S'pore Pte Ltd AXA WM9,431 words
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Article828 2010-12-14 28 52-Wk Tel Last Vol Day Last Quote Div GrYld Net MCap High Low Code Company Sale +/-(’000) High Low Buyer Seller C’vr P/E $mil 124 107 6389 ABF SG Bond ETF 111 109 123 506.7 1056 761 CIMBAsean40 100US$ US1015 1007 1009 40.6 335 270 DBS STI ETF828 words
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Article73 2010-12-14 28 52-Wk Tel Last Vol Day Last Quote Div GrYld Net MCap High Low Code Company Sale +/-(’000) High Low Buyer Seller C’vr P/E $mil 56 38 6000 AVJennings A46.5 49 51 3.6 7.5 3.7 121.1 55 16 6017 Genting HK US$ US45 unch ***** 45.5 44.5 44.5 45 296373 words
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FINANCE & COMMODITIES
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Article, Illustration374 2010-12-14 29 Copyright© 1991 Morgan Stanley Capital International In local curr In S$ In US$ dy yr dy yr dy yr Dec 10 Index Change Change Change Change Change Change World Index Preliminary 887.4 0.0 6.6 -0.2 0.0 0.2 7.3 EAFE Preliminary 799.2 -0.1 1.8 -0.1 -4.3Copyright© 1991 Morgan Stanley Capital International - 374 words
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Article184 2010-12-14 29 Dec 13 $S Offer Bid 0vernight 0.03 PAR 1-month 5/16 1/16 2-months 3/8 1/8 3-months 7/16 3/16 Overnight mode: 0.08 US$ Offer Bid 7 days 0.35 0.25 1 month 0.40 0.30 2 months 0.43 0.33 3 months 0.46 0.36 6 months 0.56 0.46 9 months 0.80 0.60 12184 words
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Article22 2010-12-14 29 Dec 13 S$ Bid Offer 1-month 1.3082 1.3092 2-months 1.3082 1.3092 3-months 1.3082 1.3092 6-months 1.3082 1.3093 Source: OCBC22 words
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Article121 2010-12-14 29 Dec 13 As at 9am Singapore dollars to one unit of foreign currency: Currencies Sell Buy Aust dollar 1.331 1.256 Can dollar 1.319 1.269 Euro 1.759 1.692 Sterling pound 2.107 2.026 NZ dollar 1.006 0.959 US dollar 1.33 1.279 Local dollars to 100 units of foreign121 words
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Article27 2010-12-14 29 Dec 13 Open High Sett STI Dec 3176 SIMSCI Dec 374.9 376.3 374.3 Taiwan Dec 311.4 311.8 310.8 Source: MF Global (S) Pte. Ltd27 words
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Article65 2010-12-14 29 Dec 13 KLCE PALM FUTURES (RM/MT) Delivery Opening Sett Av Vol Open Month Range Price Price High Low Done Position Dec 10 3660 3700 3720 3660 251 930 Jan 11 3687 3770 3774 3680 843 9840 Feb 11 3656 3722 3736 3640 ***** ***** Mar 11 3604 366065 words
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Article418 2010-12-14 29 Dec 13 OPEN HIGH LOW SETT VOL OP/INT EURODOLLAR FUTURES Dec10 99.6984 0 6885 Mar11 99.5700 0 5421 Jun11 99.4150 0 2079 Sep11 99.2750 0 715 EUROYEN TIBOR FUTURES Dec10 99.6650 378 4785 Mar11 99.6425 99.6425 99.6425 99.6450 250 1854 Jun11 99.6150 0 1363 Sep11 99.6000 0418 words
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Article137 2010-12-14 29 Dec 13 RUBBER Futures (Closing prices) RSS 3 (US cents/kg) Close Volume O/I Month High Low Sett (lots) (lots) Jan 11 470.0 461.0 470.0 30 Feb 11 469.0 Mar 11 469.0 Apr 11 469.0 May 11 469.5 Jun 11 469.5 Jul 11 468.0 Aug 11 468.0 Sep 11137 words
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Article90 2010-12-14 29 Dec 13 TREASURY BILLS Period Issue Maturity Yesterday's Day's code Bid High Low 3-Month BQ*****F 17.03.2011 0.37 0.40 0.32 1-Year BY*****N 01.11.2011 0.40 GOVERNMENT BONDS Period Issue Coupon Maturity Close Day's code rate Bid High Low 2-Year N*****1E 2.500 01.10.2012 103.68 103.81 103.72 5-Year N*****0S 2.875 01.07.2015 106.5890 words
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Article107 2010-12-14 29 Dec 10 SOYBEANS (5,000 bu min; US cents/60 lb bushels) Close Previous High/Low Jan 11 1273.00 1281.50 1288.50 1267.75 Mar 11 1282.50 1290.50 1297.75 1276.75 May 11 1287.00 1294.00 1301.00 1281.00 Jul 11 1288.50 1294.75 1301.25 1282.75 SOYBEAN/OIL (60,000 lbs; US cent/lb) Close Previous High/Low Dec 10 53.79107 words
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Article77 2010-12-14 29 CRUDE OIL PRODUCTS Dec 10 CRUDE (FOB origin) US$/barrel Close Change Brent blend (1-Mth F) 90.44 -0.40 WTI (Near Mth) 87.70 -0.69 Dubai (1-Mth F) 88.46 0.37 Tapis blend 95.40 0.50 Minas 91.25 0.50 PRODUCT US$/barrel (FOB S'pore) Close Change Naphtha 92.72 0.16 Jet Kerosene 103.50 0.05 US$/barrel Opec Oil77 words
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2241 2010-12-14 29 BONDS, WARRANTS EXTENDED SETTLEMENT Prem Expiry Tel Last Vol Conv Exer Disc Gear-Mths Code Company Sale +or-('000) Ratio Price ing Left 4869 A-Sonic Aerospace W*****0 1.5 unch 271 1 3 -10 3.33 0 AFP Properties EW*****8 33 1.5 467 1 10 -4 1.36 59 6221 Asia-Pacific Strategic W*****6 37 1.52,241 words
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Article464 2010-12-14 29 Dec 13 A$ C$ Rmb Euro HK$ Ind Rs Rupiah Yen Won RM NZ$ Pak Rs Peso S$ Rand Sfr NT$ Baht Pound US$ Australia 0.995 6.568 0.747 7.667 44.549 88.876 0.830 11.289 3.093 1.316 84.560 43.288 1.290 6.752 0.971 29.606 29.642 0.624 0.986 Canada 1.005 6.599464 words
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Article85 2010-12-14 29 Dec 13 (US$) (S$) 1 mth 0.***** 0.***** 2 mths 0.***** 0.***** 3 mths 0.***** 0.***** 6 mths 0.***** 0.***** 9 mths 0.***** 0.***** 12 mths 0.***** 0.***** SWAP Offer rates (S$) 1 mth 0.***** 2 mths 0.***** 3 mths 0.***** 6 mths 0.***** 9 mths 0.***** 12 mths85 words
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Article154 2010-12-14 29 Dec 13 Against S$ Against US$ Currencies Bid Offer Bid Offer S$/US$ to one unit of foreign currency: Australian dollar 1.2886 1.2911 0.9850 0.9862 Canadian dollar 1.2951 1.2966 0.9900 0.9904 Euro 1.7258 1.7275 1.3192 1.3195 NZ dollar 0.9793 0.9806 0.7486 0.7490 Sterling pound 2.0647 2.0667 1.5783 1.5786154 words
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Article139 2010-12-14 29 GOLD (US$/oz) Dec 13 Dec 10 Hong Kong 1391.50 1392.00 Dec 10 Dec 09 London 1378.60 1385.05 1379.35 1385.80 Source: Thomson Reuters CAST BAR Dec 13 (S$) Selling Buying Kilobar 62,599.28 ***** PAMP GOLD BARS (S$) Selling Buying 1gm 140 58 5gm 398 292 10gm 711 584 20gm139 words
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Article71 2010-12-14 29 Dec 10 Dec 10 Aluminium, 99.7% purity (US$/tonne) Close Previous Cash 2292.05 2325.25 3 months 2308.00 2338.00 Copper, Grade A (US$/tonne) Cash 9033.00 8987.50 3 months 8990.00 8950.00 Lead (US$/tonne) Cash 2375.00 2389.50 3 months 2390.00 2405.00 Nickel (US$/tonne) Cash *****.00 *****.00 3 months *****.00 *****.00 Tin (US$/tonne)71 words
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Article82 2010-12-14 29 Dec 10 COCOA (£/tonne) Close Prev High/Low Dec 10 1899 1990 1987/1895 Mar 11 1899 1992 1990/1892 May 11 1915 2006 2002/1911 Jul 11 1932 2019 2011/1930 COFFEE (US$/tonne) Close Pev High/Low Jan 11 1921 1923 1932/1901 Mar 11 1908 1904 1918/1887 May 11 1922 1920 1932/1905 Jul 1182 words
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PROPERTY
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Article, Illustration524 2010-12-14 30 Market weak as economy is bracing for public-spending cuts: Rightmove Bloomberg [LONDON] UK home sellers cut asking prices for a second month in December to the lowest level in almost a year and may reduce them by a further 5 per cent inBloomberg; REUTERS - 524 words
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Article, Illustration594 2010-12-14 30 Financing plan for buying Manchester mall is not a genuine alternative: CSC [LONDON] Capital Shopping Centres Group Plc, the UK’s biggest shopping-mall owner, rejected a financing plan proposed by Simon Property Group Inc for the purchase of the Trafford Centre mall in Manchester, England.Bloomberg - 594 words
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Article, Illustration612 2010-12-14 31 Economic growth cannot catch up with asset price growth, it says in a report Bloomberg [SHANGHAI] Hong Kong’s home prices may be entering a “bubble” amid a battle between surging liquidity and government efforts to cool the property market, JPMorgan Chase Co said.Bloomberg; BLOOMBERG - 612 words
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381 2010-12-14 31 He replaces firm’s head with his close aide and uncle AP [DUBAI, United Arab Emirates] Dubai’s ruler has replaced the longtime head of Dubai World with his close aide and uncle as the debt-laden conglomerate works to retool its business. Sheik Ahmed binAP - 381 words
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Page 30 Advertisements
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Advertisement187 2010-12-14 30 Toa Payoh Central 4 Units of Exclusive Single Storey B1 Terrace for Lease M ft 'M'' 'jD» "ijai iilMJ' 1 IB «i ml Able to accommodate ancillary office, showroom, production and warehouse under one roof Car parks, container parking available Built in around 8500 sq ft per unit High ceiling187 words
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Advertisement178 2010-12-14 30 JONES LANG LASALLE Real value in a changing world STRATA I EN BLOC Rare Opportunity FH Strata Office in CBD One Finlayson Green M Freehold with Excellent Corporate Address Prominent Building Visible at Cross-junction of Raffles Place and New Downtown Connected to Raffles Place MRT and New Downtown via Underground178 words
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Page 31 Advertisements
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Advertisement325 2010-12-14 31 I JONES LANG LASALLE Real value in a changing world FOR SALE BY EXPRESSION OF INTEREST PoMo -1 Selegie Road, Singapore ■0 °Rc HARD oho BYGI Pe NA Nc KC7 it NATION FORT CANNING ROAD Retail I Commercial building Awarded BCA Green Mark Platinum Award Site Area: 43,027 sq ft325 words
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Advertisement123 2010-12-14 31 Enbloc Sale of Tulip Garden Rare Large Freehold Site in District 10 •Fronts Leedon Hts, Farrer Rd Holland Rd •Land area 316,708 sf; GPR 1.6 12-sty •Approx. 500m to Farrer Rd MRT Station •2 km to Nanyang Pri Raffles Girls’ Sch •Potential for 400 apts of ave 1,325 sf Tender123 words
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LEADERS' PERSPECTIVE
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Article, Illustration1476 2010-12-14 32 SIOW LI SEN - Credit Suisse’s private banking head believes education, training, experience and life-skills are vital to the job, reports SIOW LI SEN SIOW LI SEN TEE Fong Seng is used to handling hundreds of millions of dollars as private banker to the ultra rich. But he was notARTHUR LEE - 1,476 words
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Page 32 Advertisements
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Advertisement195 2010-12-14 32 'it a? I u BM 7888 2E^&ss "vr rf-I-rv-" THE THIRD PRINCIPLE OF LEADERSHIP DARE TO INNOVATE. Leaders recognise the necessity of changing with the times to stay in control. The BMW 7 Series is equipped with an innovative Dynamic Driving Control system to let you explore the roads less195 words
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Advertisement7 2010-12-14 32 This series is brought to you by7 words
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