The Business Times, 26 February 2011

Lock icon This issue may only be viewed from the multimedia stations at NLB Libraries. See FAQ for more information.

Microfilm: NL31046
Total Pages: 49
1 20 The Business Times
Page thumbnail Page 1
  • Title Section
    Lock icon Masthead
    13 1 weekend THE BUSINESS TIMES www.businesstimes.com.sg FEBRUARY 26 27, 2011 2011 S$1.00 MICA(P) 139/08/2010
    13 words
  • Article
    Lock icon Listed firms' profit up 38%
    39 1 strong showing LISTED companies with financial years ending on Dec 31 have posted a 38 per cent jump in combined profits for FY2010 to more than $29 billion, cementing the year’s earnings recovery. 2
    39 words
  • Article
    Lock icon Portek tapped in Libyan evacuation
    34 1 helping hand ITS terminals in Malta have been asked to receive ships filled with thousands of foreigners fleeing the troubled country, who would then be airlifted to safety. 4
    34 words
  • Article
    Lock icon Western Digital back with a bang
    35 1 $500m comeback THE disk-drive maker is investing S$500 million over the next five years on various projects, including the expansion of the Hoya magnetic media factory in Tuas. 5
    35 words
  • Article
    Lock icon Opec ready to replace Libyan oil
    38 1 crude promise SAUDI Arabian oil official says that there is no reason for prices to rise because Opec will replace any lost Libyan oil as soon as companies ask for it. 7
    38 words
  • Article, Illustration
    Lock icon Departing tycoons won’t open up, can’t let go
    783 1  -  By Siow Li Sen lisen@sph.com.sg Singapore THE riveting tussle involving the wealth of Macau casino tycoon Stanley Ho is merely a stage-setter for other Asian family dramas to follow. More tycoons will confront their mortality over the next 15 years or so,
    AP  -  783 words
  • Article, Illustration
    Lock icon A high-water mark in banking
    668 1  -  UOB’s fourth-quarter financial results have turned out to be no run-of-the-mill affair By Siow Li Sen lisen@sph.com.sg Singapore UNITEDOverseasBank(UOB)yes-terday posted its best-ever earnings, net profit of $706 million for Q4 and $2.7 billion for the full year which is also the highest profit reported by
    ARTHUR LEE  -  668 words
  • Page 1 Advertisements
Page thumbnail Page 2
  • TOP STORIES
    • Article
      Lock icon Listed firms’ FY2010 profit up 38%
      968 2  -  But year ahead may prove to be much tougher, with rising costs threatening earnings growth By Teh Shi Ning tshining@sph.com.sg Singapore LISTED companies have posted a 38 per cent jump in combined profits in the current round of full-year results, cementing 2010’s earnings recovery.
      968 words
    • Article
      Lock icon MARKETS
      140 2 G STI 3,025.16 (+52.08) G STI FUTURES 3,025 (+52) G SIMSCI 357.84 (+6.53) G SIMSCI FUTURES 357.20 (+6.30) STOCKS Friday Change KL COMP 1,489.27 -0.60 NIKKEI 225 10,526.76 +74.05 HANG SENG 23,012.37 +411.33 SET 985.91 +8.69 JAKARTA 3,443.53 +4.40 MANILA 3,737.04 +6.20 KOSPI 1,963.43 +13.55 SHENZHEN B 815.08 -8.65
      140 words
    • Article
      Lock icon UOB plans new hires, technology investment
      267 2  -  By Siow Li Sen lisen@sph.com.sg Singapore BUOYED by its 2010 record earnings, United Overseas Bank (UOB), Singapore’s third largest bank, is going on a hiring and investment blitz. “As a group we are targeting to hire 1,500 to 2,000 this year,” said Wee Ee
      267 words
    • Article, Illustration
      Lock icon S’pore operator plays key role in Libya evacuation
      495 4  -  Portek’s terminals in Malta asked to receive ships of foreigners fleeing Libya By George Joseph georgej@sph.com.sg Singapore A SINGAPORE port-operating company, Portek International, is playing a crucial role in the evacuation of foreigners from Libya, with its terminals in Malta being asked
      AP  -  495 words
    • Article
      Lock icon Western Digital back with a bang in S’pore
      570 5  -  American disk-drive maker to invest S$500m over next five years By Amit Roy Choudhury amit@sph.com.sg Singapore DISK-DRIVE maker Western Digital (WD) is making a grand re-entry into Singapore by investing S$500 million over the next five years on various projects. Speaking to
      570 words
    • Article, Illustration
      Lock icon AIA’s full-year earnings surge 54% to US$2.7b
      501 6  -  S’pore’s contribution to net attributable profit stands at US$404m By Emilyn Yap emilyny@sph.com.sg Singapore AIA Group yesterday announced a 54 per cent surge in its full-year net profit, impressing the market with its first set of annual results since listing in Hong Kong
      AFP  -  501 words
    • Article, Illustration
      Lock icon Proton skids in bid to save Lotus, posts RM60m Q3 loss
      473 6  -  By Pauline Ng bt wo rl d @s p h .co m .sg Kuala Lumpur PROMOTIONAL and marketing expenses to boost the prospects of its loss-making English subsidiary Lotus Group International Ltd (LGIL) resulted in Malaysia’s Proton Holdings slipping
      BLOOMBERG  -  473 words
    • Article, Illustration
      Lock icon Opec ready to top up lost Libyan oil
      700 7 Global supply reduced by up to 750,000 bpd following the crisis in North Africa, says International Energy Agency Bloomberg AP Dubai SAUDI Arabia and other Opec nations, including those in West Africa, are willing and able to replace any lost Libyan oil
      Bloomberg; AP; REUTERS  -  700 words
    • Article
      Lock icon UN human rights chief urges global intervention in Libya
      405 7 AP AFP Bloomberg Reuters Geneva THE United Nations’ human rights chief said yesterday that reports of mass killings of thousands in Libya should spur the international community to “step in vigorously” to end the crackdown against an-ti-government protesters in the North
      AP; AFP; Bloomberg; Reuters  -  405 words
  • Page 2 Advertisements
    • Advertisement
      Lock icon Page 2 Advertisements Column 1
      63 2 CONTENTS NEWS Top Stories 2-7 Raffles Conversation 8-9 Week in Review 10 Companies 10-14 From The Desk Of 15 Singapore 16-17 World 18-20 Stocks Stats 21-25 Perspective 26-27 Wealth 28-32 Smart Money 30-31 Show Me The Money 33 Househunt 34 Real Estate 35 LIVING Shopping L2-3 Dining L4-8 Travel L9-10
      63 words
Page thumbnail Page 3
  • Page 3 Advertisements
    • Advertisement
      Lock icon Page 3 Advertisements Column 1
      48 3 m ilJ* s:.:-s u A 7/' 1/ f /,'r' y s p ■;P t <1 R. 7/ «s W" I 1 a m m 4f <{>. y^m <!> u. SHAMBALLA NOW OPEN Argyle DIAMONDS AUTHORISED Exclusively available at Malmasion by The Hour Glass. Knightsbridge Orchard Road, Singapore. Tel: 6884 8484
      48 words
Page thumbnail Page 4
Page thumbnail Page 5
  • Page 5 Advertisements
    • Advertisement
      Lock icon Page 5 Advertisements Column 1
      162 5 Singapore Medical Specialists Centre www.sgmsc.com Feeling Dizzy? Snoring? Having problems sleeping? Suffering from frequent blocked or runny nose? Consult us for these ENT problems and we will provide you with the best possible solution! Ear, Nose Throat (ENT) Range of Services including: Ear Conditions: External and middle ear infections, hearing
      162 words
Page thumbnail Page 6
Page thumbnail Page 7
  • Page 7 Advertisements
    • Advertisement
      Lock icon Page 7 Advertisements Column 1
      34 7 h'h'] GROUP 1 PRIZE 7 i ffi CO f\ Q$P> ■i THIS MONDAY f X8 Do not bet illegally. RCB Reg No: *****0202G For details, visit www.singaporepools.com.sg Towards Community Purpose and Benefit SINGAPORE m
      34 words
Page thumbnail Page 8/9
  • THE RAFFLES CONVERSATION
    • Article, Illustration
      Lock icon The mogul of gaming
      2011 8/9  -  Las Vegas Sands chairman and CEO, Sheldon Adelson talks to Vikram Khanna about his comeback from the global financial crisis and the future of Marina Bay Sands Vikram Khanna vikram@sph.com.sg WHEN the global financial crisis was gathering pace in the second half of 2008, the world’s
      ARTHUR LEE  -  2,011 words
Page thumbnail Page 10
  • WEEK IN REVIEW/WEEK AHEAD
    • THIS WEEK Feb 21-25, 2010
      • Article
        Lock icon First the pain, then the gain for companies
        74 10 A PERIOD of painful adjustments may lie ahead for many Singapore companies being pushed to boost productivity and rely less on foreign workers, even as the restructuring promises to put them on a sounder footing for the longer term. Companies, business chambers
        74 words
      • Article
        Lock icon Debt turns from foe to friend for many Reits
        49 10 DEBT has turned from foe to friend for many real estate investment trusts as they pursue acquisitions again at a time of low interest rates. This can be seen in the rising levels of borrowings among Reits against their assets.
        49 words
      • Article
        Lock icon Bullets and blood in wake of Libyan desert storm
        61 10 MARKETS across the globe shuddered, while oil and gold prices spiked, as violence escalated in the clashes between anti-government protesters and Muammar Gaddafi’s forces in Libya. The demonstrations have spread to the capital, Tripoli, where a fire has been reported as
        61 words
      • Article
        Lock icon No country for unskilled foreign labour
        70 10 THE hikes in the foreign worker levy announced last Friday are part of a strategic shift in Singapore’s economic landscape, and should not be misconstrued as a response to better conditions, said the Ministry of Manpower. That means, during economic downturns in future, companies
        70 words
      • Article, Illustration
        Lock icon Libya-linked stocks swoon as friends desert Gaddafi
        38 10 FROM their stations in capitals across the world, Libyan diplomats spoke out against Libyan leader Muammar Gaddafi on Tuesday. Observers said that the development could signal the end of his regime.
        38 words
      • Article, Illustration
        Lock icon PEOPLE POWER
        30 10 Libyans crowding on a tank after it fell to protesters in Benghazi. Observers say that the end of the Col Gaddafi (inset) regime is nigh PHOTOS: AP, REUTERS
        PHOTOS: AP, REUTERS  -  30 words
      • Article
        Lock icon CapitaLand looks to invest $5-6b this year
        51 10 CAPITALAND is looking at $5-6 billion of new investments this year, after committing more than $6 billion in new investments last year, group president and CEO Liew Mun Leong said on Tuesday. This could include mergers and acquisitions as well as purchases of
        51 words
      • Article
        Lock icon HK eyes investors, keeps its reserve powder dry
        61 10 SITTING on fat reserves, a comfortable job situation and a growing economy, Hong Kong on Wednesday unveiled a Budget to address two pressing issues: looming inflation and the need to attract more investment. And yet, what caught the most attention in Financial
        61 words
      • Article
        Lock icon Landed homes closing the psf price gap
        58 10 THE price gap between non-land-ed property and landed property has narrowed in per square foot terms over the last two years. At the end of March 2009, terrace, semi-detached and detached houses transacted at discounts of 23 per cent, 36 per cent and
        58 words
      • Article
        Lock icon Fear drives oil prices, but pain may be real
        66 10 OIL prices soared to their highest level in more than two years on Thursday, as the unrest in Libya the first oil-producing country to be hit by the wave of revolts in the region showed few signs of abating. Fears are
        66 words
      • Article
        Lock icon Home prices may fall this year: Leng Beng
        51 10 CITY Developments expects private home prices to fall 3-5 per cent this year on account of the chill from recent government cool- ing measures. Home prices may decline after hitting a new record in 2010, executive chairman Kwek Leng Beng said on
        51 words
      • Article
        Lock icon US still prime investment spot for GIC: Tony Tan
        47 10 DESPITE its economic and political problems of late, the US still remains a “prime destination” for the Government of Singapore Investment Corp’s investments in the future, said the sovereign wealth fund’s deputy chairman and executive director, Tony Tan.
        47 words
      • Article
        Lock icon 12 single-member constituencies in next GE
        61 10 THE Electoral Boundaries Review Committee report was released on Thursday, signalling that the next general election may not be far away. The government has accepted the report, which means the next election will see more constituencies up for grabs with the number rising from
        61 words
    • Article
      Lock icon NEXT WEEK
      79 10 Feb 28-March 4 US DATA Feb 28 Jan consumer spending March 1 Jan ISM index March 2 Fed Beige Book March 4 Feb unemployment rate Jan factory orders SINGAPORE DATA Feb 28 Q1 producer and international trade price indices Q1 central government operations EVENTS Feb 28 India’s finance
      79 words
  • Page 10 Miscellaneous
    • Miscellaneous
      Lock icon Page 10 Miscellaneous Column 1
      323 10 CRYPTIC CROSSWORD Across 1 Ardent, he may be following a cause (8) 9 Indoor transport (8) 10 In retreat a holy man leads king and emperor (4) 11 Yet three sevens turn out to be around fifty (12) 13 Enthusiast on trip to see erotic performance (3,5) 15 Speak at
      323 words
    • Miscellaneous
      Lock icon Page 10 Miscellaneous Column 2
      16 10 SATURDAY with Ludwig ‘You may display the Egypt ads just keep the Libya posters for now...’
      16 words
Page thumbnail Page 11
  • COMPANIES
    • Article
      Lock icon Sembcorp’s Q4 net profit down 11.7%
      511 11  -  Earnings at $228.7m, with reduced contributions from marine business and a writedown of UK assets By Felda Chay feldac@sph.com.sg Singapore SEMBCORP Industries reported an 11.7 per cent fall in fourth-quarter net profit on lower contributions from its marine business, and a one-off writedown of
      511 words
    • Article
      Lock icon Indofood Agri’s Q4 earnings more than double
      352 11  -  By Felda Chay feldac@sph.com.sg Singapore A SHARP rise in fair-value gains of biological assets, and higher selling volumes and prices for its products, led Indofood Agri Resources to more than double its net profit in the fourth quarter from a year ago. The
      352 words
    • Article
      Lock icon Midas posts record net profit
      286 11  -  By Jermaine Ng jnshjer@sph.com.sg Singapore MIDAS Holdings, a maker of aluminium alloy profiles used in passenger train carriages, posted a record net profit of $48.5 million for FY10. This is 29.2 per cent higher than the $37.5 million of the previous financial year. The company,
      286 words
    • Article, Illustration
      Lock icon Banks face pressure on interest margins
      766 12  -  But they gain from higher non-interest income in the fourth quarter on the back of regional growth bank earnings| By Conrad Tan conradt@sph.com.sg Singapore BANKS here continued to struggle with low interest rates in the fourth quarter, though their earnings were supported by buoyant
      FILE PHOTO  -  766 words
    • Article
      Lock icon Transcu gets first order for Nanomizer Emulsion Fuel System
      359 12  -  By Ven Sreenivasan ven@sph.com.sg Singapore IN A development which could pave the way for the company to finally realise positive cashflow and grow its earnings, main-board-listed Transcu Group Ltd has received its first order for its Nanomizer Emulsion Fuel System (NEFS).
      359 words
    • Article
      Lock icon Perennial trust units at $1 each
      624 13  -  Business trust expected to raise $1.1b in gross proceeds By Lynette Khoo lynkhoo@sph.com.sg Singapore PERENNIAl Real Estate, led by former CapitaLand Retail chief PuaSeckGuan,hassetanindicative price of $1 per unit for the listing of its business trust that is estimated to raise $1.1 billion in
      624 words
    • Article
      Lock icon UE E&C down 13.5% from offer price
      243 13  -  By Sean Tan seantan@sph.com.sg Singapore WITH demand less enthusiastic than expected, the share price of UE E&C Ltd (UECL) closed yesterday at 41.5 cents, 13.5 per cent lower than its offer price of 48 cents. The share price hit an intra-day high of
      243 words
    • Article, Illustration
      Lock icon M-East tensions provide backdrop to eventful week
      607 14  -  stocks| R Sivanithy sivan@sph.com.sg Senior correspondent AFTER four days of selling triggered by rising oil prices caused by the Middle East turmoil, short-covering yesterday helped the Straits Times Index recover 52.08 points at 3,025.16. For the week though, the political upheaval caused by
      607 words
    • Article
      Lock icon CMT’s first retail bonds 1.9 times subscribed
      278 14  -  By Linette Lim llinette@sph.com.sg Singapore CAPITAMALL Trust (CMT) announced yesterday that its two-year retail bonds were 1.9 times subscribed. In particular, the bonds under the public offer were four times subscribed, receiving valid applications of $206.47 million when the offer closed at noon
      278 words
    • Article
      Lock icon TOP GAINERS
      61 14 BY CENTS CLOSE UP DBXT FTVietnam 10US$ 3365 131.2 3.2 IS S&P500 ***** 115.9 0.7 Jardine C&C 3372 100.0 3.1 DBXT MSJAP 10US$ 4217 77.7 1.5 DBXT SPASX200 10US$ 3526 52.2 1.2 DBXT Nifty 10US$ ***** 49.7 0.3 DBXT MSAsExJp 10US$ 3170 44.6 1.1 Lyxor China H 10US$
      61 words
    • Article
      Lock icon TOP LOSERS
      57 14 BY CENTS CLOSEDOWN GLD 10US$ ***** -103.2 -0.6 JSH 2690 -79.0 -2.3 Lyxor India Nifty 10 1479 -60.0 -3.9 DBXT MSKorea 10US$ 5659 -49.7 -0.7 SIA.ES.1102 1370 -44.0 -3.1 Lyxor Nasdaq100 10US 933 -36.9 -3.0 DBXT S&P Short 10US$ 4334 -28.0 -0.5 HsuFuChi 360 -10.0 -2.7 OSIM W*****3
      57 words
    • Article
      Lock icon Boustead evacuates non-Libyan staff
      386 14  -  By Ven Sreenivasan ven@sph.com.sg Singapore BOUSTEAD Singapore has evacuated all its 31 non-Libyan employees from the North African country. “As previously announced, nine Boustead staff arrived safely back in Singapore, Malaysia and the Philippines on Feb 21,” the company said yesterday. “Following that, the company made
      386 words
    • Article
      Lock icon TOP 20 ACTIVES
      111 14 VOL CLOSE GoldenAgri 110,623 64.5 2.0 3.2 GentingSP 70,137 195 3.0 1.6 Yangzijiang 28,393 180 0.0 0.0 SingTel 27,472 298 12.0 4.2 NobleGrp 27,244 207 8.0 4.0 CoscoCorp 25,215 197 4.0 2.1 TopGlobal 24,530 1.5 0.0 0.0 Armarda 21,206 7.5 0.5 7.1 Sapphire 20,330 31.5 4.0 14.5
      111 words
    • Article
      Lock icon STI STOCKS
      112 14 Stock name Close Change CapMallsAsia 1.770 +0.010 CapitaLand 3.320 +0.050 CapitaMall 1.780 +0.010 CityDev 11.300 +0.380 ComfortDelGro 1.540 +0.020 DBS Grp 14.320 +0.120 F&N 5.840 +0.170 Genting SP 1.950 +0.030 Golden Agri 0.645 +0.020 HK Land 6.600 +0.220 JMH 45.040 +0.020 JSH 26.900 -0.620 Jardine C&C 33.720 +1.000
      112 words
  • Page 11 Advertisements
    • Advertisement
      Lock icon Page 11 Advertisements Column 1
      13 11 Call 1800 289 8822 or e-mail notices@sph.com.sg to MATS place your Apology Notices
      13 words
    • Advertisement
      Lock icon Page 11 Advertisements Column 2
      82 11 SINGAPORE —SWEEP— 1 ST PRIZE $2,200,000 $500,000 $250,000 $550,000 2 nd PRIZE 3 rd PRIZE SUPER SWEEP SNOWBALLED TO SINGAPORE 03/201, I--SWEEP KM*** Draw No. 03/2011 «OST $3 1st Prize $2.2 Million 2nd Prize S5°0,000 3rd Priw S2f0,000 of 11* 4,927 19» 1W ,975 1*7 Ifil 3350.940 A DRAW ON
      82 words
Page thumbnail Page 12
Page thumbnail Page 13
  • Page 13 Advertisements
    • Advertisement
      Lock icon Page 13 Advertisements Column 1
      17 13 Grow Your Stock Call 1800 289 8822 or e-mail notices@sph.com.sg to place f your Mergers Acquisitions Notices
      17 words
    • Advertisement
      Lock icon Page 13 Advertisements Column 2
      267 13 MATS RECRUIT Toll free: 1800-289-8822 Email: recruit@sph.com.sg www.st701 .com The Competition Commission of Singapore (CCS) champions competition for growth and choice. We enforce the Competition Act by taking action against anti-competitive behaviour. We also promote pro-competition practices among businesses and government agencies. We take pride in our intellectual rigour, objectivity
      267 words
Page thumbnail Page 14
Page thumbnail Page 15
  • FROM THE DESK OF
    • Article, Illustration
      Lock icon Deal or no deal
      884 15  -  Savvy shoppers are jumping on board with the latest trend exclusive online shopping clubs from the desk of Jamie Jackson Chief Executive Officer Singsale.com.sg WITH more brands than ever to choose from and more avenues to buy, shoppers the world over are growing even more savvy.
      884 words
Page thumbnail Page 16
  • SINGAPORE
    • Article
      Lock icon Manufacturing surges more than expected
      459 16  -  10.5% jump driven by strong orders for electronic products and not volatile pharmaceuticals output Reports by Teh Shi Ning tshining@sph.com.sg MANUFACTURING growth accelerated to 10.5 per cent in January, leaving market forecasts in the dust. Last month’s growth spurt was also rare in that it
      459 words
    • Article
      Lock icon Q4 business receipts of services sector up 9.8%
      334 16 COMPANIES in Singapore’s services sector raked in 9.8 per cent more in business receipts in 2010’s final quarter than they had in the same period a year earlier. Key drivers were the real estate, rental and leasing sector, which saw a 14.8
      334 words
    • Article, Illustration
      Lock icon Natas Travel fair kicks off at Expo with high expectations
      438 16  -  By Nisha Ramchandani nishar@sph.com.sg THE three-day Natas Travel fair (Feb 25-27) at the Singapore Expo kicked off yesterday, with the organiser expecting to see dou-ble-digit growth in light of robust travel demand so far this year. “With the rise in
      FILE PHOTO  -  438 words
    • Article
      Lock icon Downtown Line Stage 3 contracts awarded
      182 17  -  By Tan Shihao Sean seantan@sph.com.sg THE Land Transport Authority has awarded the first two civil contracts worth a combined $480.38 million for the Downtown Line Stage 3 (DTL3) projects. One contract was awarded to Sato Kogyo Pte Ltd, a major civil engineering contractor from
      182 words
    • Article
      Lock icon Asean pips US for S’pore services
      523 17  -  Top services export market remains EU; America back as Republic’s top import market By Chuang Peck Ming peckming@sph.com.sg ASEAN overtook the United States as Singapore’s second biggest export market for services in 2009, when Singapore’s international trade in services was sunk by a global
      523 words
    • Article
      Lock icon Voters’ names in new divisions released
      192 17 WITH the electoral boundaries redrawn and accepted by the government voters can now check their names under the new electoral divisions which are open for inspection at the Elections Department and any of the 105 community centres and clubs. The Elections Department yesterday said
      192 words
    • Article, Illustration
      Lock icon Guitar prodigy raises $180,000 for the needy
      274 17  -  By Arthur Lee arthurl@sph.com.sg SINGAPOREAN classical guitar prodigy Kevin Loh held his debut concert at the Esplanade last evening to raise funds for needy children. Some 1,200 people came. A total of $180,000 was raised from corporate donations and ticket sales after dollar-matching
      ARTHUR LEE  -  274 words
  • Page 16 Advertisements
    • Advertisement
      Lock icon Page 16 Advertisements Column 1
      317 16 IN THE MATTER OF THE COMPANIES ACT CHAPTER 50 AND IN THE MATTER OF LYDALE PTE LTD (IN MEMBER’S VOLUNTARY LIQUIDATION) Co. Reg. No. *****2502H NOTICE OF FINAL MEETING NOTICE IS HEREBY GIVEN that pursuant to Section 308 of the Companies Act, Chapter 50, the Final Meeting of member of
      317 words
Page thumbnail Page 17
  • Page 17 Advertisements
    • Advertisement
      Lock icon Page 17 Advertisements Column 1
      342 17 MAT3 NOTICES IN THE MATTER OF THE COMPANIES ACT, CAP. 50 AND IN THE MATTER OF SONY SYSTEMS DESIGN INTERNATIONAL PTE LTD Co. Reg. No. *****1274H (IN MEMBERS’ VOLUNTARY LIQUIDATION) FINAL GENERAL MEETING NOTICEISHEREBYGIVENpursuantto Section 308 (1) of the Companies Act, Cap. 50, that a Final General Meeting of the
      342 words
Page thumbnail Page 18
  • WORLD
    • Article
      Lock icon Spending cuts weigh down economic growth
      373 18 Govt’s revised estimate for the Oct-Dec quarter shows how growing state budget crises could hold back recovery latest us data AP Bloomberg Washington DEEPER spending cuts by state and local governments weighed down US economic growth in the final three months of last year.
      AP; Bloomberg  -  373 words
    • Article
      Lock icon Shanmugam to head delegation to Geneva
      442 18  -  By Lee U-Wen leeuwen@sph.com.sg Singapore LAW and Home Affairs Minister K Shanmugam will lead a high-level inter-government agency delegation to Geneva in May when Singapore’s human rights record is due for review at the United Nations. This will be the first time that the
      442 words
    • Article, Illustration
      Lock icon Euro still desirable, says French minister
      686 18  -  By Lee U-Wen leeuwen@sph.com.sg Singapore THE euro is a currency that has remained strong despite the recent global financial crisis and is still “desirable” around the world”, said visiting French Minister for Economy, Finance and Industry Christine Lagarde. Contrary to what others may imagine,
      BLOOMBERG  -  686 words
    • Article, Illustration
      Lock icon India sees growth to revert to pre-crisis levels next year
      570 19 Officials need to tighten monetary and fiscal policies to curb inflation: Finance Ministry Bloomberg New Delhi INDIA’S economy may grow as much as 9.25 per cent in the next financial year and officials need to tighten monetary and fiscal policies
      Bloomberg; REUTERS  -  570 words
    • Article
      Lock icon Deutsche Bank broking unit fined record 1b won
      373 19 Bloomberg Seoul KOREA Exchange Inc has fined Deutsche Bank AG’s local unit a record one billion won (S$1.13 million) for violating exchange rules on Nov 11 when a stockmarket rout wiped out US$26 billion of market value. Deutsche Securities Korea Co breached
      Bloomberg  -  373 words
    • Article
      Lock icon Toyota recalls nearly 2.2m more vehicles
      347 19 Reuters Detroit/Washington TOYOTA Motor Corp recalled nearly 2.2 million vehicles, citing a defect that could cause gas pedals to stick, in an extension of the safety crisis that has hounded the world’s top automaker for more than a year. The surprise action on Thursday
      Reuters  -  347 words
    • Article, Illustration
      Lock icon Boeing beats Airbus to US$35b USAF job
      633 20 Winner, its Congress backers, and analysts stunned by USAF decision NYT New York IN a surprise twist to a long-run-ning saga, the Air Force said on Thursday that it would award a US$35 billion contract for aerial fuelling tankers to Boeing rather than
      NYT; AP  -  633 words
    • Article
      Lock icon Volvo to invest US$10-11b globally over next five years
      322 20 AP Beijing VOLVO Cars said yesterday it will invest US$10 billion to US$11 billion worldwide over the next five years in an ambitious expansion following its acquisition by a Chinese owner. CEO Stefan Jacoby’s announcement came as Volvo unveiled plans to
      AP  -  322 words
    • Article
      Lock icon Malaysia sukuk rally on M-E unrest
      532 20 Bloomberg Singapore YIELDS on Malaysia’s dollar-de-nominated Islamic bonds are trading near the lowest level in a month as investors favour the nation’s assets over those in the Middle East amid escalating political violence in that region. The yield on the government’s 3.928 per cent
      Bloomberg  -  532 words
Page thumbnail Page 19
Page thumbnail Page 20
Page thumbnail Page 21
Page thumbnail Page 22
Page thumbnail Page 23
Page thumbnail Page 24
  • SGX
    • Article
      Lock icon SGX CATALIST
      10911 24 Transaction date: Feb 25 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 21 14.5 3148 8Telecom 17 +0.5 327 17 17 16.5 17.5 7.8 3.6 3.6 81.4 12 4.5 5834 A-Sonic
      10,911 words
    • Article
      Lock icon SECURITIES TRADING SCOREBOARD
      186 24 MAIN CATL TOTAL Up Down Unch Up Down Unch Up Down Unch Multi Ind 16 0 2 0 0 0 16 0 2 Manufacturing 94 20 63 7 4 9 101 24 72 Commerce 31 9 20 6 1 2 37 10 22 Tpt/Stor/Comms 31 8 2
      186 words
    • Article
      Lock icon BT SHARE INFORMATION SERVICE
      836 24 For week beginning Feb 21 SUBSTANTIAL SHAREHOLDER/DIRECTOR TRANSACTIONS Substantial Buy No of Price ———SHAREHOLDING Trans Shareholder/ Sell Shares Per Before After Stock Date Director Conv '000 Shr ('000) ('000) Osim Intl Ltd 24-Feb-11 Ron Sim Chye Hock Sell 550 1.40 *****7 30.82 *****7 31.02 Chuan Hup
      836 words
    • Article
      Lock icon SECURITIES TRADING TURNOVER
      123 24 TURNOVER (‘000) VALUE (‘000) MAIN CATL TOTAL MAIN CATL TOTAL Multi Ind 24,382 24,382 79,019 79,019 Manufacturing 277,567 12,221 289,788 300,931 937 301,868 Commerce 95,371 5,445 100,816 128,842 726 129,568 Tpt/Stor/Comms 118,740 4,957 123,697 247,617 1,142 248,759 Finance 24,526 56 24,582 201,571 8 201,579 Construction 48,246 24,557
      123 words
Page thumbnail Page 25
  • MARKETS
    • Article
      Lock icon FOREIGN CURRENCY NOTE RATES
      118 25 Feb 25 Singapore dollars to one unit of foreign currency: Currencies Sell Buy Aust dollar 1.333 1.258 Can dollar 1.323 1.273 Euro 1.797 1.728 Sterling pound 2.097 2.017 NZ dollar 0.983 0.937 US dollar 1.295 1.246 Local dollars to 100 units of foreign currency: Currencies Sell
      118 words
    • Article, Illustration
      Lock icon STOCK MARKETS
      91 25 YTD change:-5.17% 52-week high: 3,313.61 on Nov 9,2010 52-week low: 2,648.15 on May 25,2010 Source: Bloomberg YTD change:-0.10% 52-week high: 24,988.50 on Nov 8,2010 52-week low: 18,971.50 on May 27,2010 Source: Bloomberg Bloomberg YTD change: +4.24% 52-week high: 12,391.20 on Feb 18, 2011 52-week low: 9,614.32 on July
      Source: Bloomberg  -  91 words
    • Article
      Lock icon MORGAN STANLEY CAPITAL INT`L INDICES
      374 25 In local curr In S$ In US$ dy yr dy yr dy yr Feb 24 Index Change Change Change Change Change Change World Index Preliminary 924.0 -0.4 2.9 -0.3 3.3 -0.2 3.6 ‡EAFE Preliminary 817.0 -0.6 2.0 -0.5 3.0 -0.4 3.4 Europe Preliminary 1191.9 -0.3
      374 words
    • Article
      Lock icon INTERBANK CURRENCY RATES
      154 25 Feb 25 Against S$ Against US$ Currencies Bid Offer Bid Offer S$/US$ to one unit of foreign currency: Australian dollar 1.2892 1.2905 1.0121 1.0123 Canadian dollar 1.2971 1.2988 1.0183 1.0188 Euro 1.7596 1.7614 1.3814 1.3817 NZ dollar 0.9554 0.9567 0.7500 0.7505 Sterling pound 2.0545 2.0565 1.6129 1.6132
      154 words
    • Article
      Lock icon LIFFE
      82 25 Feb 24 COCOA (£/tonne) Close Prev High/Low Mar 11 2361 2374 2387/2340 May 11 2350 2357 2368/2325 Jul 11 2274 unch 2284/2244 Sep 11 2222 2218 2230/2205 COFFEE (US$/tonne) Close Pev High/Low Mar 11 2285 2319 2310/2283 May 11 2329 2368 2354/2325 Jul 11 2345 2382 2372/2341 Sep 11
      82 words
    • Article
      Lock icon CHICAGO BOT
      93 25 Feb 24 SOYBEANS (5,000 bu min; USc/60 lb bushels) Close Previous High/Low Mar 11 1318.*****0.*****5.*****9.00 May 11 1329.*****1.*****6.*****0.25 Jul 11 1337.*****0.*****5.*****8.75 Aug 11 1325.*****8.*****8.*****8.50 SOYBEAN/OIL (60,000 lbs; USc/lb) Close Previous High/Low Mar 11 54.61 55.02 55.25 53.90 May 11 55.28 55.70 55.95 54.56 Jul 11 55.81 56.23 56.45
      93 words
    • Article
      Lock icon OIL
      75 25 Feb 24 CRUDE US$/barrel (FOB origin) Close Change Brent blend (1-Mth F) 114.04 3.76 WTI (Near Mth) 97.00 0.25 Dubai (1-Mth F) 108.24 6.08 Tapis blend 118.69 7.64 Minas 114.89 7.64 PRODUCT US$/barrel (FOB S'pore) Close Change Naphtha 108.00 7.83 Jet Kerosene 130.10 6.60 US$/barrel Opec Oil Basket Price
      75 words
    • Article
      Lock icon LONDON METALS
      73 25 Feb 24 Aluminium, 99.7% purity (US$/tonne) Close Previous Cash 2510.50 2498.25 3 months 2541.00 2530.00 Copper, Grade A (US$/tonne) Cash 9504.00 9421.00 3 months 9502.00 9425.00 Lead (US$/tonne) Cash 2501.25 2529.25 3 months 2500.00 2539.00 Nickel (US$/tonne) Close Previous Cash *****.00 *****.00 3 months *****.00 *****.00 Tin (US$/tonne)
      73 words
    • Article
      Lock icon METALS
      68 25 Feb 25 GOLD (uss/oz) Feb 24 Feb 25 Hong Kong 1412.*****5.20 Feb 23 Feb 24 London 1411.*****2-99 1412.*****3.76 Sour ce: T homson Reuters SILVER Selling Buying Passbook 1 oz 41.85 41.63 Source: PLATINUM [.on (USS/02) Feb 24 Close Previous PM Fix 1772.*****4.00 AM Fix 1794.*****4.00 Source: Thomson Reuters PLATINUM
      68 words
    • Article
      Lock icon PALM OIL
      66 25 Feb 25 KLCE PALM FUTURES (RM/MT) Delivery Opening Sett Av Vol Open Month Range Price Price High Low Done Position Mar 11 3565 3565 3492 1006 3907 Apr 11 3459 3539 3560 3497 2870 ***** May 11 3448 3515 3541 3747 ***** ***** Jun 11 3404 3495 3513
      66 words
Page thumbnail Page 26 / 27
  • PERSPECTIVE
    • Article, Illustration
      Lock icon Concerns on various fronts
      1138 26 / 27  -  A sharp rise in food and oil prices, accompanied by geopolitical turmoil, evokes memories of the turbulent 1970s G Panicker btnews@sph.com.sg IT is not yet a rerun of the 1970s. But high oil and food prices hark back to that traumatic period, which was also noted
      REUTERS  -  1,138 words
    • Article, Illustration
      Lock icon Imagining a dollar break-up in the US
      778 26 / 27  -  By Martin Hutchinson REUTERS BREAKINGVIEWS SOME economists think weak EU economies could regain fiscal health by abandoning the euro and devaluing their way to competitiveness. Two US states South Carolina and Virginia–havelawmakerswantingto contemplate having their own currencies. A chapter from an imagined future
      REUTERS  -  778 words
Page thumbnail Page 28 / 29
  • Wealth
    • WEALTH INVESTING
      • Article, Illustration
        Lock icon Big caps beckon in yield search
        1170 28 / 29  -  Rich US investors find alternatives to volatile municipal bonds, at attractive prices. By Elizabeth Ody Bloomberg MICHEL Moreno, the 42-year-old chief executive officer of the Moreno Group, an oil-services company, has been investing the cash he set aside during the financial crisis in the
        Bloomberg; AFP  -  1,170 words
      • BROKERS' TAKE
        • Article
          Lock icon City Developments
          352 28 / 29 HOLD DBS Group Research Feb 25 Close: $11.30 CITY Developments delivered a set of strong earnings that beat market expectations. Net profit came in at $249.2 million (up 41.1 per cent y-o-y) for Q4 and $749 million (up 26.2 per cent y-o-y) for FY2010. The strong performance was
          352 words
        • Article
          Lock icon Sapphire Corporation
          400 28 / 29  -  Compiled by Conrad Tan INCREASE EXPOSURE SIAS Research Feb 24 Feb 25 close: $0.315 SAPPHIRE Corp announced a strong set of FY2010 results with operating profit, excluding one-time items, growing by 89.8 per cent from $5.9 million in FY2009 to $11.1 million in FY2010. We expect Sapphire to
          400 words
      • Article, Illustration
        Lock icon Massive bill to clean up Madoff’s mess
        1505 32  -  Probe reveals how Wall St operated and the extremely limited influence of those who were looking for signs of fraud By Floyd Norris NYT FINANCIAL frauds tend to follow predictable paths after they are uncovered. At first, there is outrage and a determination
        NYT; BLOOMBERG  -  1,505 words
      • Article, Illustration
        Lock icon Of growth, greed, and sustainability
        1138 33  -  Surely, in this finite world, growth is limited by the amount of resources we can lay our hands on show me the money Teh Hooi Ling hooiling@sph.com.sg Senior correspondent ~The writer is a CFA charterholder GROWTH makes us happy. We are happy when we see
        BLOOMBERG  -  1,138 words
    • SMART MONEY
      • Article, Illustration
        Lock icon A haven in times of volatility
        1121 30  -  Bonds and preference shares belong to a class of fixed income securities that has seen a marked increase in popularity. By Genevieve Cua IN times of crisis, bonds can seem to be a haven of sorts compared to the volatility of equities. Perhaps that
        FILE PHOTO  -  1,121 words
      • Article
        Lock icon Why the preference for preference shares
        768 31 PREFERENCE shares are a type of equity security with fixed income characteristics. In today’s low interest rate environment when deposits earn a meagre 0.1 per cent, they have gained popular appeal. DBS was the first bank to issue preference shares in 2001. In recent
        768 words
      • Article
        Lock icon A building block in a balanced portfolio
        895 31 This risk also arises with regard to a bond’s coupons. Typically, bonds are quoted with a yield to maturity. The latter isbasedonacalculation ofabond’s internal rate of return which assumes that the principal and coupons are paid, and that the coupons can be reinvested
        895 words
      • Article
        Lock icon Glossary of terms
        106 31 45Coupon: The interest payment made on a bond, usually semi-annu-ally. 45Yield: The return on a fixed income security. This is obtained from the coupon rate divided by price, and expressed as an anual percentage rate. 45Maturity: When the principal amount of a security becomes due or payable
        106 words
    • WEALTH REAL ESTATE
Page thumbnail Page 30
Page thumbnail Page 31
  • Page 31 Advertisements
    • Advertisement
      Lock icon Page 31 Advertisements Column 1
      27 31 This monthly column on financial products is sponsored by MoneySENSE, a national financial education programme in Singapore. Find out more about other common financial products at www.moneysense.gov.sg
      27 words
Page thumbnail Page 32
Page thumbnail Page 33
Page thumbnail Page 34
Page thumbnail Page 35
Page thumbnail Page 36
  • Page 36 Advertisements
    • Advertisement
      Lock icon Page 36 Advertisements Column 1
      34 36 M AUDEMARS PIGUET le maitre de I'horlogerie depuis 1875 1 m v w < v >0 i f; >• s. 3 tCs/u > mm T' r i JULES AUDEMARS EXTRA-THIN For enquiries, Tel (65) 6238 6678 www.audemarspiguet.com
      34 words
Page thumbnail Page 1
  • Page 1 Advertisements
    • Advertisement
      Lock icon Page 1 Advertisements Column 1
      54 1 LivingTHEBUSINESSTIMESWEEKEND|FEBRUARY26-*****1BTTHE BUSINESS TIMES WEEKEND FEBRUARY 26-27 2011 DINING Food takes flight L4-5 A WARM WELCOME New furniture stores make an entrance PERSONAL SPACE In sync with nature L12-13 HEALTH The lovely bones L15 GADGETS More byte for your buck L14 DESTINATION DINING Treat for the senses L6-7 PHOTO: RESTORE LIVING
      54 words
Page thumbnail Page 2 / 3
  • BT Living
    • SHOPPING
      • Article, Illustration
        Lock icon A warm welcome
        1731 2 / 3  -  New furniture stores with a twist take the tedium out of furnishing a home.By home.By Melissa Lwee mellwee@sph.com.sg Vaughan Designs 99B Killiney Road Z9177-0957 millieheath@me.com THERE is something charming about shopping in an old Peranakan shophouse, even more so when the shophouse in question is actually somebody’s
        VAUGHAN DESIGNS PHOTOS BY YEN MENG JIIN  -  1,731 words
    • DINING
      • Article, Illustration
        Lock icon Food takes flight
        584 4 / 5  -  From home cooks who dream of plating like a pro to chefs who want to up their game, three new projects are helping boost local dining talent and promoting them overseas By Audrey Phoon Private Affairs 45 Joo Chiat Place Z6440-0601 www. privateaff ai rs.co m.sg UNTILawhile
        584 words
      • Article, Illustration
        Lock icon Reach for the Michelin stars
        493 4 / 5  -  By Audrey Phoon aphoon@sph.com.sg At-Sunrice GlobalChef Academy Level 5, Sakae Sushi Building, 28 Tai Seng Street Z6416-6688 www.at-sunrice.com PREVIOUSLY, to get a stint in the kitchen of a top restaurant overseas, you had to at least be the best friend of the second cousin of
        493 words
      • Article, Illustration
        Lock icon Voila! A pop-up restaurant
        688 4 / 5  -  By Geoffrey Eu btnews@sph.com.sg THE term “food container” will take on a newdimensionwhenSingaporeTakeout– a customised 6m shipping container complete with demonstration kitchen goes on tour from June to nine major cities around the world. With some of Singapore’s best-known culinary talents on board, its primary mission
        SINGAPORE TOURISM BOARD  -  688 words
    • DESTINATION DINING
      • Article, Illustration
        Lock icon Treat for the senses
        1841 6 / 7  -  The food in Osaka appeals to the heart rather than the head you’re talking about less uptight chefs, and a relaxed vibe. By Jaime Ee jaime@sph.com.sg WAY before Twitter, Singaporeans had a tendency to literally tweet “cheap cheap” when picking up bargainpriced milk powder and the
        1,841 words
      • Article, Illustration
        Lock icon At your service
        622 6 / 7  -  The St Regis Osaka is the first St Regis to offer its famed butler services in all of Japan. By Jaime Ee jaime@sph.com.sg IF TOKYO is a full-speed-ahead Shinkansen bullet train, then Osaka must be the multi-stop express train that chugs along steadily but in no manic
        622 words
      • Article, Illustration
        Lock icon A place to unwind
        651 8  -  Chef Ryuta Iizuka wants people to come in and enjoy his food and not worry about the time. By Jaime Ee jaime@sph.com.sg WHEN Joel Robuchon hired Ryuta Iizuka to helm his L’Atelier Joel Robuchon restaurant in Tokyo’s Roppongi district, he lucked out. Under chef Iizuka’s guidance
        651 words
    • TRAVEL
      • Article, Illustration
        Lock icon The good life The good life
        1580 9  -  Thailand’s Koh Samui offers a quick getaway to luxury resorts, spas and warm Asian hospitality.By hospitality.By Corinne Kerk btnews@sph.com.sg IF your checklist for a quick getaway to an island resort includes the ability to fly there directly, the availability of luxury resorts and spas,
        1,580 words
    • HOME & GARDEN
      • Article, Illustration
        Lock icon In sync with nature
        1125 12/13  -  For outdoor enthusiast Low Pei Lin, it’s only natural that a lush forest provides a backdrop to her home. personal space By Geoffrey Eu btnews@sph.com.sg IT was love at first site and sight. Low Pei Lin first laid eyes on her home one Saturday afternoon about
        YEN MENG JIIN  -  1,125 words
    • GADGETS
      • Article, Illustration
        Lock icon MORE BYTE FOR YOUR BUCK
        630 14  -  New models. Lower prices. Need we say more? By Christopher Lim limchris@sph.com.sg Apple MacBook, $1,348, and MacBook Air, $1,348 to $2,188 THE spotlight may be on Apple’s refreshed MacBook Pros, but the eagle-eyed shopper will find the fall in local prices of the MacBook and
        630 words
    • HEALTH
      • Article, Illustration
        Lock icon The lovely bones
        520 15  -  Osteoporosis could be a looming epidemic in Asia as calcium intake is very low. By Cheah Ui-Hoon uihoon@sph.com.sg SINGAPOREANS, along with Taiwanese, might have the strongest bones in the region, when their bone density results are compared with counterparts in Anlene’s Bone Health Check 2010. However, by
        STOCK.XCHNG  -  520 words
      • Article, Illustration
        Lock icon A better scanner to see you with
        622 15  -  This is the first hybrid PET and MRI machine that scans the whole body. By Cheah Ui-Hoon uihoon@sph.com.sg PEOPLE suffering from breast, prostate, head and neck cancers and other abnormalities in those areas will benefit from a new generation scanner which promises better
        PHILIPS HEALTHCARE  -  622 words
    • SPORT
      • Article, Illustration
        Lock icon Giving local soccer a much-needed boost
        698 16  -  no holds barred Lee U-Wen leeuwen@sph.com.sg Deputy Foreign Editor I HAVE been to more press conferences in my seven-plus years in journalism than I can remember, but the one I plan to attend this coming Thursday will surely rank up there as one of
        AP, AFP  -  698 words
      • Article, Illustration
        Lock icon The importance of being Michelle
        459 16  -  tee off with colette wong ONE cannot help but notice the statuesque lady as she walks into the room. You are first brought to her attention when you realise that everyone is looking her way. Her 1.85 metre frame and well-toned physique is a head-turner,
        459 words
    • GOLF
      • Article, Illustration
        Lock icon Pro-Ams are win-win for all
        1352 17  -  Before a tournament proper begins, pro golfers will partner sponsors for a few games. By Justine Moss btnews@sph.com.sg WHEN golfer DA Points was selected to partner the actor (and golf nut) Bill Murray at the AT&T Pebble Beach National Pro-Am earlier this month in which
        MISSION HILLS HAINAN  -  1,352 words
    • MOTORING
      • Article, Illustration
        Lock icon TOUCH OF CLASS
        757 18  -  Peugeot has created a more mainstream but also more upmarket model the 508. By Samuel Ee samuelee@sph.com.sg PEUGEOT has accelerated to a new level of sophistication. Where once the French carmaker offered quirkily different cars from its mid-range competitors, it has now created a more mainstream but
        757 words
      • Article, Illustration
        Lock icon THE PEOPLE’S CAR
        440 19  -  Peugeot channelled a lot of its efforts and expertise into creating a comfortable suspension that still retained the carmaker’s traditional handling qualities. By Samuel Ee samuelee@sph.com.sg THE styling of the Peugeot 508 expresses a new design direction for the French carmaker, one that it says is designed
        440 words
      • Article, Illustration
        Lock icon Mega Megane
        616 20  -  The new Renault Megane Coupé-Cabriolet has shed its former timorous styling for a much more distinctive appearance. By Samuel Ee samuelee@sph.com.sg WITH a bolder front end and more sculpted flanks, the new Renault Megane Coupé-Cabriolet has shed its former timorous styling for a much more distinctive appearance. The
        616 words
Page thumbnail Page 4 / 5
  • Page 4 / 5 Advertisements
    • Advertisement
      Lock icon Page 4 / 5 Advertisements Column 1
      759 4 / 5 wine&dine with BTWeekend Chatterbox Level 5 Mandarin Orchard Singapore 333 Orchard Road Z6831-6288 Home to the signature Mandarin Chicken Rice, Chatterbox is an iconic coffee house renowned for its Asian local delights and Western favourites. Chatterbox opened its new premises on Level 5 of the hotel with a refreshing yet
      759 words
Page thumbnail Page 6 / 7
Page thumbnail Page 8
Page thumbnail Page 9
Page thumbnail Page 10
Page thumbnail Page 11
  • Page 11 Advertisements
    • Advertisement
      Lock icon Page 11 Advertisements Column 1
      181 11 25! Emirates BRITAIN A TRADITION OF LUXURY CA) ,vt A t m The May Fair London Est 1927 ir.V A f: 1 7~* r r T A A L A Y V > > V J! V V s> w AN r r% 1 I \1 -x> iV d u
      181 words
Page thumbnail Page 12/13
Page thumbnail Page 14
Page thumbnail Page 15
Page thumbnail Page 16
Page thumbnail Page 17
Page thumbnail Page 18
Page thumbnail Page 19
Page thumbnail Page 20