The Business Times, 10 August 2011

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Microfilm: NL31591
Total Pages: 28
1 28 The Business Times
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  • Title Section
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    23 1 THE BUSINESS TIMES S$1.00 online at http://www.businesstimes.com.sg S|£l A SINGAPORE PRESS HOLDINGS PUBLICATION CO REGN NO *****2868E MICA (P) 138/08/2010 Wednesday, August 10,2011
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  • Article, Illustration
    Lock icon RINGING IN THE 46TH
    41 1 LIKE other locations, Singapore’s financial district was also decked out for National Day 2011. Celebrations took place at the Marina Bay Floating Platform, culminating in a spectacular fireworks display Happy 46th birthday, Singapore! Page 4 ARTHUR LEE
    ARTHUR LEE  -  41 words
  • Article
    Lock icon Markets look anxiously to Fed, Asian declines persist
    590 1  -  By NEIL BEHRMANN in London AFTER what appeared to be a selling climax on Monday, some stock markets nervously recovered from their lows, hoping against hope that the US Federal Reserve Board would soothe panic-stricken investors. Fed officials met yesterday afternoon and
    590 words
  • Article
    Lock icon New survey paints even grimmer GDP picture
    788 1  -  S’pore growth could slow to 2.5% in Q3, leading indicators of biz climate survey show By TEH TEH SHI NING [SINGAPORE] The Republic’s economic growth could slow to 2.5 per cent this quarter and dampen the economy’s performance for the full year, leading
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  • Article
    Lock icon MARKETS DIGEST
    156 1 BT ONLINE BT print subscribers get free access to BT Online at www.businesstimes.com.sg. For more information, e-mail btocs@sph.com.sg or call 6388-3838. MARKETS Aug 9 Change STI Closed KL COMP 1,472.14 -24.85 NIKKEI 225 8,944.48 -153.08 HANG SENG 19,330.70 -1,159.87 SET INDEX 1,042.54 -35.65 JAKARTA COMP 3,735.12 -115.15 MANILA
    156 words
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  • TOP STORIES
    • Article
      Lock icon THREE-MINUTE DIGEST
      563 2 New survey paints even grimmer GDP picture SINGAPORE’S economic growth could slow to 2.5 per cent this quarter and dampen the economy’s performance for the full year, leading indicators of the latest BT-UniSIM Business Climate Survey show. All business indicators tracked by the survey sales, orders and profit
      563 words
    • Article, Illustration
      Lock icon Cameron recalls parliament to debate London riots
      688 2 Retailers in London, other cities count cost of the rioting, looting, arson AFP, Reuters [LONDON] Prime Minister David Cameron recalled parliament and ordered thousands of extra police onto the streets after Britain’s worst rioting in decades left parts of London and other cities
      AFP,; Reuters; REUTERS  -  688 words
    • Article, Illustration
      Lock icon Happy 46th birthday, Singapore!
      384 4  -  The annual National Day parade yesterday took place at the Marina Bay Floating Platform By NISHA RAMCHANDANI [SINGAPORE] The Republic celebrated its 46th year of independence yesterday with the annual National Day parade which took place at the Marina Bay Floating Platform. It was a far
      AP PHOTOS; PHOTOS BY LIM WUI LIANG/THE STRAITS TIMES  -  384 words
    • Article
      Lock icon CSR consultants getting more enquiries
      760 4  -  SGX encouragement deemed a step in the right direction By NISHA RAMCHANDANI [SINGAPORE] The Singapore Exchange’s (SGX) efforts to encourage sustainability reporting is drawing attention from companies, although consultants here say it will take some time before sustainability takes root in the local corporate culture.
      760 words
    • Article
      Lock icon Finance, biz services firms see revenue fall
      298 4  -  By TEH SHI NING [SINGAPORE] Companies here see weaker revenue growth this year, with finance and business services firms expecting revenues to shrink from last year, the latest BT-UniSIM Business Climate Survey shows. About half the 155 firms responding to an extra question
      298 words
    • Article, Illustration
      Lock icon MAS, AirAsia, AirAsia X to remain as separate carriers
      637 4  -  By in PAULINE NG in Kuala Lumpur MALAYSIA Airlines, AirAsia and AirAsia X will remain separate companies and carriers despite their main shareholders entering into a share swap. This, they maintain, will not lead to a rationalisation of the sector but
      637 words
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      493 2 KPMG Seminar Series Financial Reporting Standards 2011 Update Let KPMG help you cut through the complex web of accounting developments. Join our upcoming seminar to gain a comprehensive update on the changes in accounting requirements. Date Time: Wed, 19 Oct 2011 (0830 –1730) Venue: M Hotel Singapore Module 1 This
      493 words
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      371 2 Do you have the insight necessary to lead? "The possibility remains that the recent economic weakness may prove more persistent than expected." Ben Bernanke Chairman of the US Federal Reserve July 2011 "We are in uncharted territory here. What does it mean for the jobs? How can workers keep themselves
      371 words
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  • COMPANY NEWS
    • Article
      Lock icon Sheng Siong IPO: Wrong timing, but the right stock?
      741 5  -  HOCK LOCK SIEW By MINDY TAN CERTAINLY, the IPO timing is bad but is Sheng Siong the right stock for a recession? While demand will be steady, the supermarket and hypermarket industry in Singapore is clearly engaged in steep competition, with
      741 words
    • Article, Illustration
      Lock icon QUICKCHART
      431 5  -  by Kim Eng Research Negative crossover The stock is experiencing negative momentum and may find the next support at around $1.50. A break of this level will indicate that the stock is heading for a deeper correction. The price is under the 100- and 200-day EMA and has staged
      431 words
    • Article, Illustration
      Lock icon Warthog keeping Taliban at bay
      561 6 Vehicle’s success has led to a rethink on British tactics in Afghanistan EVEN as hardware made by Singapore Technologies Engineering (STE) were put through their paces by the Singapore Armed Forces (SAF) at the National Day Parade yesterday, a tracked fighting carrier made by the
      STE  -  561 words
    • Article
      Lock icon GLP to acquire 49% of Shanghai Yupei
      324 6  -  By NISHA RAMCHANDANI GLOBAL Logistic Properties (GLP) is paying Equity International (EI) US$53.6 million for a 49 per cent stake in Chi-na-based industrial property developer Shanghai Yupei Group Company. GLP which owns, manages and leases out logistics facilities in China and Japan is
      324 words
    • Article
      Lock icon Second quarter score
      97 6 In the black In the red 20 121 As of Monday, 141 SGX-listed companies had released their financial results for the second quarter ended June 2011. They recorded a combined S$5,021.8m in group profits. The breakdown is as follows No with profits 121 No with losses 20
      97 words
    • Article
      Lock icon Half-time score
      96 6 In the black In the red 27 152 As of Monday, 179 SGX-listed companies had released their financial results for the six months ended June 2011. They recorded a combined S$22,286.3m in group profits. The breakdown is as follows No with profits 152 No with losses 27 I
      96 words
    • Article
      Lock icon Most companies post profits so far
      739 7  -  121 of 141 firms that released Q2 results earn a total of $5.02b By NISHA RAMCHANDANI COMPANIES have put on a fairly decent showing for the second-quarter earnings season thus far, with 121 of the 141 Singapore Exchange-listed companies that had released their results
      739 words
    • Article
      Lock icon At a glance
      768 7 At a glance 3 months ended June 2011 6 months ended June 2011 NET PROFIT (S$m) CURRENT PREVIOUS CHNG CURRENT PREVIOUS CHNG TURNOVER (S$m) NET PROFIT (S$m) TURNOVER (S$m) CURRENT PREVIOUS CHNG CURRENT PREVIOUS CHNG 1 HK Land 4675.73 1932.36 142.0 927.53 940.31 -1.4 2 Jardine Strategic
      768 words
    • 2011 MARKET PERFORMERS
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      1142 6 MATS NOTICES NOTICE OF COURT MEETING OF CREDITORS IN THE HIGH COURT OF THE REPUBLIC OF SINGAPORE Originating Summons No. 453 of 2010/P In the Matter of SINO-ENVIRONMENT TECHNOLOGY GROUP LIMITED (Under Judicial Management) (RC No. *****6480Z) And In the Matter of Section 210 (read with Section 227X) of the
      1,142 words
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  • SINGAPORE NEWS
    • Article
      Lock icon EMA eyes opening market for LNG purchases
      503 8  -  Designated buyer BG Group close to selling all of its franchised volume By RONNIE LIM ducers SINGAPORE’s LNG purchases currently restricted to just designated buyer BG Group is set to be liberalised come 2013, some 10 years earlier than expected. This will help
      ducers  -  503 words
    • Article, Illustration
      Lock icon SMEs need to realise potential and benefits of strategic CSR
      779 9  -  It adds economic and social value, gives competitive edge to businesses By MICHELLE YEO DESPITE the growing numbers of small and medium enterprises (SMEs) which are aware of the concept of corporate social responsibility (CSR), experts believe that there is
      779 words
    • Article
      Lock icon In-house CSR divisions being set up in firms
      415 9  -  More big companies putting their money where their mouth is By NISHA RAMCHANDANI CORPORATE social responsibility (CSR) may still be a fairly novel concept for many in the corporate sector, but some local companies are ahead of the curve in championing the
      415 words
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      3113 8 BUY IT-SELL IT-FIND IT :*ATci Toll free: 1800-289-8822 Email: notices@sph.com.sg NOTICES XMH HOLDINGS LTD. Company No.: *****0562M (Incorporated in Singapore) NOTICE OF FIRST ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN that the First Annual General Meeting of XMH HOLDINGS LTD. (the “Company”) will be held at Warren Golf Country Club,
      3,113 words
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      39 words
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  • ECONOMY WATCH
    • Article
      Lock icon Caution rules in US board rooms and living rooms
      675 10 Economy hurts as firms put hiring on hold and consumers delay purchases NYT [NEW YORK] Employers putting hiring on hold. Home buyers getting cold feet. Shoppers pulling back on spending. Hesitation is weakening the US economy, as Monday’s disastrous day on
      NYT  -  675 words
    • Article, Illustration
      Lock icon Rising yen causes policymakers to worry
      597 10 Reuters [TOKYO] Japanese policymakers voiced growing alarm yesterday as the yen inched back to highs scaled prior to last week’s intervention and global stock markets crumbled under mounting fears of a new financial crisis. Finance Minister Yoshihiko Noda said he would watch markets with
      Reuters; REUTERS  -  597 words
    • Article
      Lock icon ADB underlines need to control volatile capital flows
      361 10 Bloomberg [NEW DELHI] Emerging Asian economies should consider steps to control swings in capital flows, including minimising speculative investment from overseas, the Asian Development Bank said. “Where necessary, measures to harness volatile capital flows need to be considered as part of a
      Bloomberg  -  361 words
    • Article, Illustration
      Lock icon Dow Jones fall creates buying opportunities
      693 10 Investors are getting stock at steal prices, bonds, blue chips Bloomberg [NEW YORK] Not since the financial crisis in 2008 has the Dow Jones industrial average fallen so far, so quickly. Yet for professional investors on Wall Street, the fears that have buckled financial
      Bloomberg  -  693 words
    • Article
      Lock icon ‘Dynamic’ Asia remains fundamentally strong: Swan
      398 10 AFP [SYDNEY] Growth in Asia may suffer because of events in Europe and the United States but the “dynamic” region, led by China, remains fundamentally strong, Australian Treasurer Wayne Swan said yesterday. Fear has gripped investors in the Asia-Pacific since the unprecedented downgrade of
      AFP  -  398 words
    • Article
      Lock icon Demand for Aussie commodities ‘strong’ despite global slowdown
      460 10 Australia’s economic fundamentals are still sound: minister Reuters [PERTH] There is still growing demand for Australia’s commodities, particularly from Asia, despite turmoil in global markets, Australian Resources Minister Martin Ferguson said yesterday. Australia’s central bank yesterday said it was watching markets carefully,
      Reuters  -  460 words
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      589 11 Forbes TrnTr Tint" FORBES GLOBAL CEO CONFERENCE S Safe LsS Ua 1», 2* D T- r i iiiipi Sa! n! =***** I i'tir.: iiif ij HIS®. nil uiiilisrtes liiiiSsi-iiti iillllliii&H^ Se 1 «H mi m r^: p. si AT THE CROSSROADS September 12 14,2011 Kuala Lumpur, Malaysia Confirmed speakers as
      589 words
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  • MALAYSIA/INDONESIA
    • Article
      Lock icon Malaysian sukuks getting a boost from equities turmoil
      692 12 Yields gap widens against Indonesian, UAE investment grade Islamic bonds Bloomberg [KUALA LUMPUR] The plunge in global equities is proving to be a boon for Malaysia as investors seek out the nation’s investmentgrade Islamic bonds over sukuk from Indonesia and the United
      Bloomberg  -  692 words
    • Article
      Lock icon SapuraCrest to acquire Clough’s ops for A$127m
      361 12 Bernama [KUALA LUMPUR] SapuraCrest Petroleum Bhd has signed a conditional agreement to acquire Clough Ltd’s marine construction and offshore engineering operations in Australia, the UK and the United States for A$127 million (S$157 million) SapuraCrest said on Monday that besides providing a global
      Bernama  -  361 words
    • Article, Illustration
      Lock icon Indonesia leaves rates unchanged to aid growth
      564 12 Bloomberg [JAKARTA] Indonesia’s central bank has left interest rates unchanged for a sixth month, opting to protect growth after a US credit-rat-ing cut and a global stock market rout fuelled concern that the world economy will slow. Bank Indonesia maintained its reference rate
      Bloomberg; AFP  -  564 words
    • Article, Illustration
      Lock icon Investing in China: The Place for Great Returns
      734 12 Investment Education Series BROUGHTTO YOU BY SHAREINVESTOR ASIAN economies have been on the rise for the last few years, and as far as sheer speed of growth goes, China is leading the pack. Notwithstanding the bad reputation that some Chinese companies have
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      302 12 EVENT HIGHLIGHTS Panel Discussion on Market Outlook (In English) Geoff Howie (Moderator) Director, Product Marketing, Sales Clients Singapore Exchange PRESENTATIONS BY POPULAR SPEAKERS Mark Cranfield FX Strategist, Dow Jones David Cohen Director of Asian Economic Forecasting, Action Economics Lorraine Tan Director of Research, Asia Standard Poor’s Equity Research Terence Wong
      302 words
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  • GREATER CHINA/INDIA
    • Article
      Lock icon China unlikely to reprise 2008 role as global saviour
      642 13 Fresh spending spree could worsen inflation, stoke social and political unrest Reuters [BEIJING] China is still nursing a hangover from its 2008 stimulus spending spree and may be reluctant to kick off another big round, leaving less potent options on the
      Reuters  -  642 words
    • Article
      Lock icon July inflation hits 3-year high of 6.5%
      543 13  -  But cooling world economy could keep China prices in check By SHU-CHING JEAN CHEN in Hong Kong CHINA reported high-er-than-expected inflation figures, just as rapidly deteriorating growth prospects in the US spooked the rest of the world. The juxtaposition of cold and hot
      543 words
    • Article, Illustration
      Lock icon RBI chief gets another 2-year term
      295 13 Reuters [NEW DELHI] Prime Minister Manmohan Singh has approved a two-year extension for India’s central bank chief Duvvuri Subbarao, a move seen by analysts as favouring continuity at a time of global economic uncertainty. The Reserve Bank of India governor was appointed for a
      Reuters  -  295 words
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      12 13 Conditions apply > ali-o r^n,r? t 6281 5688 or 6757 4403 y www.gnc.com.sg
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  • WORLD
    • Article
      Lock icon Productivity down for second consecutive quarter in Q2
      589 14 Labour costs rise; Wall St shrugs off data, starts rebound after Aug 8 plunge LATEST US DATA AP [WASHINGTON] US workers were less productive in the spring for the second quarter in a row, a trend that may not bode well for
      AP  -  589 words
    • Article
      Lock icon Commitment of ECB called into question
      603 14 Market seen testing its resolve in buying troubled debt Bloomberg [LONDON] The European Central Bank (ECB) will need to commit more to its Italian and Spanish bond purchases than it did trying to cap the yields of Greece, Ireland and Portugal. Last week’s decision
      Bloomberg  -  603 words
    • Article
      Lock icon Short-selling in Greece now banned
      540 14 Starting yesterday, the ban will last 2 months in order to stem a stock slump Reuters [ATHENS] Short-selling will be banned on the Athens bourse for two months starting on Aug 9 in an effort to stem a stock market slump. It was the third
      Reuters  -  540 words
    • Article, Illustration
      Lock icon An ‘Arab Spring’ in London – with a difference
      846 14 An ‘Arab Spring’ in London with a difference Unlike in Mideast, UK violence focused on looting, publicity NEWS ANALYSIS Reuters [LONDON] Young, lacking opportunity, angry at the system and organising phenomenally fast over social media, London’s rioters show some of the same characteristics as the pro-democracy demonstrators of the “Arab
      Reuters; AP  -  846 words
    • Article, Illustration
      Lock icon NY hotel maid sues Strauss-Kahn over ‘sadistic attack’
      422 14 AP [NEW YORK] A hotel maid who accuses ex-Internation-al Monetary Fund boss Dominique Strauss-Kahn of sexual assault sued him on Monday over what she calls a “violent and sadistic” attack in an upscale suite that left her life “in shambles”. Lawyers for
      AP  -  422 words
    • Article
      Lock icon Moody’s retains top AAA rating for US
      681 15 It cites role of US dollar as reserve currency, the size of the American economy, stable govt Bloomberg [NEW YORK] Moody’s Investors Service affirmed the US’s top rating for the second time in a week, rebutting Standard Poor’s after it stripped the world’s
      Bloomberg  -  681 words
    • Article, Illustration
      Lock icon More S&P downgrades for insurers, institutions
      623 15 But ratings seem to have limited impact on firms so far NYT [NEW YORK] Even after Standard Poor’s stripped the United States of its top credit rating on Friday evening, the downgrades were not over. On Monday, S&P lowered its ratings of some of
      NYT; AP  -  623 words
    • Article, Illustration
      Lock icon Senate panel examining S&P’s downgrading of US credit rating
      474 15 Reuters [WASHINGTON] The US Senate Banking Committee has begun looking into last week’s decision by Standard and Poor’s (S&P) to downgrade the US credit rating, a committee aide told Reuters on Monday. The aide said the panel was gathering information about
      Reuters  -  474 words
    • Article
      Lock icon Will the men who downgraded US please stand up
      711 15 S&P won’t publish names or panel’s deliberations NYT [NEW YORK] A committee of about a half dozen largely unknown people made a decision last Friday that has roiled Washington and Wall Street. That committee operates deep inside Standard Poor’s, the credit
      NYT  -  711 words
    • Article
      Lock icon Geithner soldiers on with another looming US crisis
      485 15 Republicans are calling for him to resign but Obama stands by him AFP [WASHINGTON] Timothy Geithner, who decided this week to stay on as US Treasury secretary, faces yet another looming crisis in a volatile tenure where he has often been a
      AFP  -  485 words
    • Article, Illustration
      Lock icon MGM Resorts beats estimates in Q2
      634 16 It posts net income of US$3.44b on Macau boom, Las Vegas recovery Bloomberg [NEW YORK] MGM Resorts International, the biggest casino operator on the Las Vegas Strip, reported sec-ond-quarter earnings that beat analyst estimates as it took control of a Macau joint venture and
      Bloomberg; REUTERS  -  634 words
    • Article
      Lock icon Tepco reports Q1 loss of 571b yen on Fukushima provisions
      479 16 Reuters [TOKYO] Tokyo Electric Power Co, the operator of Japan’s stricken nuclear plant, reported a 571.8 billion yen (S$8.9 billion) quarterly loss due to a massive provision to compensate victims of the nuclear disaster, soaring fuel costs and a dive
      Reuters  -  479 words
    • Article, Illustration
      Lock icon Freddie Mac reports US$2.1b Q2 loss
      480 16 It plans to seek US$1.5b in US Treasury aid Bloomberg [WASHINGTON] Freddie Mac, one of two mortgage-finance companies under government conservatorship, reported a US$2.1 billion loss for the second quarter and said it will seek US$1.5 billion in US Treasury aid. Freddie Mac said
      Bloomberg; BLOOMBERG  -  480 words
    • Article, Illustration
      Lock icon US employers have trouble finding skilled workers
      830 16 Problem is acute in areas North Dakota, Washington DC Bloomberg [NEW YORK] Bill Begal says he has spent almost US$2,000 since March on help-wanted ads in newspapers, websites, and state employment services up and down the East Coast to find sales and administrative
      Bloomberg; AFP  -  830 words
    • Article
      Lock icon Macarthur owners ‘may accept A$15.50 a share offer’
      325 16 Bloomberg [SYDNEY] Macarthur Coal Ltd shareholders may accept Peabody Energy Corp and ArcelorMittal’s A$15.50 a share cash offer for the Australian mining company as global stock prices tumble, Wilson HTM Investment Group said. Macarthur, based in Brisbane, fell as much as 6.7
      Bloomberg  -  325 words
    • Article, Illustration
      Lock icon Concern grows BOA may need to raise capital
      587 17 Analysts speculate about parts that it could sell, including Merrill Lynch units Bloomberg [NEW YORK] Bank of America Corp’s (BOA) US$33 billion plunge in market value over the past week has stoked concern that chief executive officer Brian Moynihan needs to raise
      Bloomberg; REUTERS  -  587 words
    • Article
      Lock icon Family wealth management in US going strong
      580 17 Bloomberg [PORTLAND, Oregon] Seth Abraham, former president of New York’s Madison Square Garden, has used the same barber for 37 years. Mr Abraham is equally loyal to his money managers, Sam Katzman and Paul Tramontano, who have looked after his assets for more
      Bloomberg  -  580 words
    • Article, Illustration
      Lock icon Italian, Spanish banks in a spot as funding costs rise
      561 17 Reuters [LONDON] Italian and Spanish mid-sized banks are under increasing strain from the eurozone debt crisis, with funding costs rising, short-selling of their shares more prevalent and commercial banks parking more money with the European Central Bank. With banks at
      Reuters; AFP  -  561 words
    • Article, Illustration
      Lock icon HSBC close to sale of US$30b US credit card business
      490 17 Reuters [HONG KONG] HSBC Holdings has moved a step closer to the sale of its US$30 billion US credit card business, the bank said yesterday, confirming talks with an unnamed buyer that reports said was cards specialist bank Capital One.
      Reuters; BLOOMBERG  -  490 words
    • Article
      Lock icon NYSE seeks to tighten rules for reverse mergers
      374 17 Move is to combat recent rash of accounting scandals Reuters [WASHINGTON] NYSE Euronext is seeking to tighten its listing standards for reverse merger companies, in a move designed to combat the recent rash of accounting scandals with US-listed Chinese companies. NYSE’s proposal,
      Reuters  -  374 words
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  • EDITORIAL & OPINION
    • Article
      Lock icon Another economic crisis on the horizon
      491 18 EDITORIAL AS Singaporeans celebrated their 46th National Day yesterday, they would have been reassured by Prime Minister Lee Hsien Loong’s message that despite some risks on the horizon, Singapore can still expect steady growth of 5-6 per cent for 2011. In the first half
      491 words
    • Article, Illustration
      Lock icon Develop South China Sea areas jointly to avoid war
      778 18  -  THE BOTTOM LINE FRANK CHING The writer is a Hong Kong-based journalist and commentator. Follow him on Twitter: @FrankChing1 UNLIKE last year, when sparks flew at the Asean Regional Forum meeting after US Secretary of State Hillary Clinton said Washington had
      778 words
    • Article, Illustration
      Lock icon A deepening crisis in the global economy
      1112 18  -  The US economic recovery should have been sharper than the downturn By SHAHID JAVED BURKI The writer, a former Pakistani finance minister and World Bank vice-president, is visiting senior research fellow at the Institute of South Asian Studies, an autonomous research institute of
      AFP  -  1,112 words
    • Article, Illustration
      Lock icon US fiscal, money policy at a dead-end
      1300 19  -  Political paralysis in Washington may put pressure on the Fed to help re-energise the economy and cut the jobless rate LEON HADAR Washington Correspondent AFTER a week dominated by a series of bad economic reports ranging from the political deadlock on cutting national
      AFP  -  1,300 words
    • Article, Illustration
      Lock icon A financial crisis will dry up stocks
      664 19  -  By ALLAUDEEN HAMEED and KANG WENJIN The writers are professors at the Department of Finance, NUS Business School. They specialise in trading strategies and liquidity in financial markets. S Viswanathan, from Duke University, collaborated in this research which was first published in The
      BLOOMBERG  -  664 words
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  • TransportHUB
    • Article
      Lock icon Financial turmoil takes toll on Baltic index
      572 20 Worries over global economy may signal bankruptcies among dry bulk ship owners Reuters [LONDON] The Baltic Exchange’s main sea freight index, which tracks rates to ship dry commodities, softened on Monday as light business and the wider financial turmoil took their toll on
      Reuters  -  572 words
    • Article, Illustration
      Lock icon Recession will speed up ship demolition
      637 20 Bloomberg [LONDON] A global recession would mean 10 per cent of the world’s shipping fleet used to carry coal and iron ore would be demolished sooner, as Chinese demand for raw materials would be cut, Arctic Securities ASA said. The demolitions will happen faster
      Bloomberg; BLOOMBERG  -  637 words
    • Article
      Lock icon Braemar upbeat about medium to long term
      934 20  -  It’s the short term that may take heavy toll STRAIT TALK By DAVID HUGHES ONCE more, we are in worrying times for the global economy. As this column is being written, stock markets have been hit heavily, following the turmoil of the previous
      934 words
    • Article
      Lock icon Benin added to list of high-risk marine areas
      562 20 Reuters [LONDON] London’s marine insurance market has added Benin to a list of areas deemed high risk due to an escalation of pirate attacks in the area, a senior official said on Monday. Pirates attacked two Pan-amanian-flagged tankers carrying oil off the
      Reuters  -  562 words
    • TRANSPORT HUB: AVIATION
      • Article, Illustration
        Lock icon US politics holds aviation hostage
        627 21 Impasse over $16m cut in govt subsidies seen to be more about escalating partisan rancour Reuters [WASHINGTON] A deal in Congress to end a two-week standoff over US aviation funding presaged a larger and more acrimonious fight over labour unions, financing air traffic modernisation and
        Reuters; REUTERS  -  627 words
      • Article
        Lock icon Emirates may incur US$1b in costs from EU carbon limits
        436 21 Bloomberg [DUBAI] Emirates, the biggest international airline by traffic, expects a European Union (EU) plan limiting the amount of carbon emissions allowed for flights to and from the continent to cost it as much as US$1 billion this decade. Almost
        Bloomberg  -  436 words
      • Article
        Lock icon German flights hit even though strike called off
        485 21 Bloomberg [FRANKFURT] Flights at Germany’s airports were disrupted yesterday morning after mediation that staved off a strike over pay by 3,400 air-traffic controllers came too late for some carriers to operate their usual timetable. As many as 40 flights from Frankfurt airport,
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        Lock icon ANA to add three European routes
        583 21 New Boeing 787 jets will allow it to start the services in Feb Bloomberg [TOKYO] All Nippon Airways Co, due to receive the first Boeing Co 787 next month, said the aircraft may allow it to add as many as three European routes that
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    • TRANSPORT HUB: LAND
      • Article
        Lock icon NTUC Income remains top motor insurer
        609 22  -  But Big 3’s market share slips further to 55.5% last year, from 57.7% in 2009 Reports by SAMUEL EE NTUC Income remains Singapore’s market leader when it comes to motor insurance, according to Monetary Authority of Singapore (MAS) statistics, although the combined market share
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      • Article
        Lock icon Chartis is No 1 in general insurance
        247 22 NTUC Income may be numero uno among motor insurers but when it comes to the entire general insurance business, Chartis is the market leader. Monetary Authority of Singapore (MAS) statistics show that among direct insurers in 2010, Chartis previously known as AIG had
        247 words
      • Article, Illustration
        Lock icon Citroen’s DS line takes on BMW and Audi
        748 22 It ramps up DS4 output, will launch DS5 by year-end Bloomberg [PARIS] PSA Peugeot Citroen is expanding the DS line of upscale cars to challenge Bayerische Motoren Werke (BMW) and Volkswagen’s Audi with lower-priced French alternatives. Peugeot Citroen, Europe’s second-biggest carmaker after
        Bloomberg; BLOOMBERG FILE PHOTO  -  748 words
      • Article
        Lock icon China’s Railways Ministry makes high-rate debt issue
        540 22 Bloomberg [HONG KONG] China’s Railways Ministry, the nation’s biggest corporate issuer, has sold its shortest maturity debt on record and paid the highest interest rate in almost four years after a high-speed train crash last month which left 40 people dead. The ministry
        Bloomberg  -  540 words
      • Article
        Lock icon Trucker YRC struggles to stay out of ditch
        581 22 Reuters [NEW YORK] YRC Worldwide Inc got a lifeline last month when the large US trucking company completed a restructuring that swapped debt for new equity, but it still has a long way to go. The company has been struggling to stay
        Reuters  -  581 words
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      48 20 SEA CONSORTIUM PTE LTD NOTICE TO TRADE CHENNAI TRADE RECOVERY (CTR) In view of the ongoing problems at Chennai Port, we reconfirm the imposition of CHENNAI TRADE RECOVERY (CTR) at US$75.00 per TEU on all vessels arriving at Chennai on/ after 15 August 2011. Date: 10 August 2011
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      52 20 RCL FEEDER PTE LTD NOTICE TO TRADE CHENNAI TRADE RECOVERY (CTR) In view of the ongoing problems at Chennai Port, we herewith confirm the imposition of CHENNAI TRADE RECOVERY (CTR) at US$72.00 per TEU. This shall take effect for all vessels arriving at Chennai on/after 15 August 2011. Date: 10
      52 words
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  • Page 21 Miscellaneous
    • Miscellaneous
      Lock icon Page 21 Miscellaneous Column 1
      296 21 CRYPTIC CROSSWORD Across 7 Prince possibly taking on core of ‘Time’ band (8) 9 Man controlling jumbo? (6) 10 Tart possessing large mansion (4) 11 Go in force for campaign (10) 12 Failure hitched to useless other half (6) 14 Police comeback after record is nothing irregular (8) 15 Steed
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  • Page 22 Advertisements
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      31 22 SINGAPORE'S PREMIER HOME-GROWN CAR MAGAZINE TORQUE ON THE MOVE IS HAPPENING ON AUGUST 20. SIGN UP FOR THIS EXCITING MOTORING TELEMATCH TODAY! MORE DETAILS AT WWW.TORQUE.COM.SG Join us on www.facebook.com/torque.singapore sPHmagazines
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      9 22 Useof -banking nowprevalent among e localand regional businesses Tosubscribe,call6388-3838orgotosphsubscription.com.sg
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  • SINGAPORE STOCKS
    • Article
      Lock icon UNIT TRUSTS & FUNDS
      9995 23 UNIT TRUSTS FUNDS UNIT TRUSTS APS Asset Mgt Pte Ltd APS Alpha Fund Cl A!** 1.31/ APS Alpha Fund (USD)!** 1.07/ AXA Life Secure Ascent 2020 Fund 0.*****/0.***** AXA Wealth Mgt S'pore Pte Ltd AXA WM -Talents Fund 0.64/ Aberdeen Asset Mgt Asia Limited American Opp 0.5826/ Asian Credit Fund
      9,995 words
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      23 23 Insiders' trades. Brokers' recommendations. Dividend table. The pages also cover transactions by directors and substantial shareholders. In other words, news you can use.
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  • FINANCE & COMMODITIES
    • Article
      Lock icon MORGAN STANLEY CAPITAL INTERNATIONAL INDICES
      374 24 In local curr In S$ In US$ dy yr dy yr dy yr Aug 8 Index Change Change Change Change Change Change World Index Preliminary 789.8 -3.2 -12.0 -3.3 -14.2 -3.3 -9.8 EAFE Preliminary 667.9 -3.4 -16.6 -3.4 -16.1 -3.4 -11.8 Europe Preliminary 958.2 -3.9
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    • Article
      Lock icon CRUDE OIL & PRODUCTS
      77 24 CRUDE OIL PRODUCTS Aug 8 CRUDE (FOB origin) US$/barrel Close Change Brent blend (1-Mth F) 106.01 -1.57 WTI (Near Mth) 81.85 -5.20 Dubai (1-Mth F) 101.47 -2.28 Tapis blend 110.70 -2.57 Minas 106.70 -2.57 PRODUCT US$/barrel (FOB S'pore) Close Change Naphtha 98.83 0.33 Jet Kerosene 121.55 -1.00 US$/barrel Opec Oil
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    • Article
      Lock icon SICOM FUTURES
      149 24 Aug 8 RUBBER Futures (Closing prices) RSS 3 (US cents/kg) Close Volume O/I Month High Low Sett (lots) (lots) Sep 11 468.0 468.0 468.0 4 290 Oct 11 405 Nov 11 469.0 469.0 469.0 4 395 Dec 11 501 Jan 12 476.0 471.1 471.1 58 295 Feb 12
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    • Article, Illustration
      Lock icon SMX MARKET UPDATE
      68 24 As on 8 Aug 2011 www.smx.com.sg For membership please contact: Ivan Han, DID +65 9098 8455 membership@smx.com.sg PRODUCT CONTRACT HIGH LOW CLOSE PREV CLOSE PRECIOUS METALS Gold Cash Oct-11 1719.3 1695.2 1715.3 1650.3 Gold Cash Dec-11 1720.3 1697.7 1716.4 1651.9 CURRENCY Euro-US Dollar Cash Sep-11 1.4392 1.4122
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    • Article
      Lock icon CHICAGO BOT
      107 24 Aug 8 SOYBEANS (5,000 bu min; US cents/60 lb bushels) Close Previous High/Low Aug 11 1309.25 1331.50 1323.00 1307.00 Sep 11 1304.50 1328.00 1321.75 1300.00 Nov 11 1311.50 1336.00 1330.00 1306.50 Jan 12 1322.75 1347.25 1340.50 1319.00 SOYBEAN/OIL (60,000 lbs; US cent/lb) Close Previous High/Low Aug 11 53.82
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    • Article
      Lock icon GOVERNMENT SECURITIES
      83 24 Aug 8 TREASURY BILLS Period Issue Maturity Yesterday's Day's code Bid High Low 3-Month BQ*****A 10.11.2011 0.20 0.16 0.16 1-Year BY*****X 02.05.2012 0.22 GOVERNMENT BONDS Period Issue Coupon Maturity Close Day's code rate Bid High Low 2-Year NX*****Z 2.250 01.07.2013 103.91 103.97 103.97 5-Year N*****0W 1.125 01.04.2016 102.61
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    • Article
      Lock icon SGX DERIVATIVES TRADING
      461 24 Aug 9 Aug OPEN HIGH LOW SETT VOL OP/INT EURODOLLAR FUTURES Sep11 99.6300 0 3674 Dec11 99.5500 0 4150 Mar12 99.5450 0 1553 Jun12 99.5300 0 2079 EUROYEN TIBOR FUTURES Sep11 99.6625 99.6625 99.6625 99.6625 1 1277 Dec11 99.6650 0 1478 Mar12 99.6900 99.6900 99.6900 99.6725 200
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    • Article
      Lock icon FOREIGN CURRENCY NOTE RATES
      121 24 As at 9am Aug 08 Singapore dollars to one unit of foreign currency: Currencies Sell Buy Aust dollar 1.306 1.233 Can dollar 1.259 1.211 Euro 1.77 1.702 Sterling pound 2.03 1.952 NZ dollar 1.043 0.994 US dollar 1.23 1.183 Local dollars to 100 units of foreign
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    • Article
      Lock icon STOCK INDEX FUTURES
      25 24 Aug 9 Open High Sett STI Aug SIMSCI Aug 331.5 333.9 Taiwan Aug 266.1 269.3 262.8 Source: MF Global (S) Pte Ltd
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    • Article
      Lock icon BONDS, WARRANTS & EXTENDED SETTLEMENT
      2357 24 BONDS, WARRANTS EXTENDED SETTLEMENT Prem Expiry Vol Conv Exer Disc Gear-Mths Company Last Sale +or-('000) Ratio Price ing Left Asia-Pacific Strategic W*****6 25 0.5 2 1 150 26 5.56 33 ASJ Hldgs W*****1 0.5 1 4 12 8.00 6 AlliedTech W*****2 1.7 1 4 27 Asia Water Tech Ltd W*****8
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    • Article
      Lock icon INTERBANK RATES
      181 24 Aug 8 $S Offer Bid 0vernight 0.01 par 1-month 5/16 1/16 2-months 3/8 1/8 3-months 7/16 3/16 Overnight mode: 0.07 US$ Offer Bid 7 days 0.30 0.20 1 month 0.50 0.30 2 months 0.55 0.35 3 months 0.60 0.40 6 months 0.75 0.55 9 months 0.85 0.65 12
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    • Article
      Lock icon INTERBANK CROSS RATES
      462 24 Aug 8 A$ C$ Rmb Euro HK$ Ind Rs Rupiah Yen Won RM NZ$ Pak Rs Peso S$ Rand Sfr NT$ Baht Pound US$ Australia 1.018 6.669 0.723 8.097 46.616 88.611 0.807 11.204 3.133 1.249 89.607 44.199 1.259 7.189 0.788 30.066 30.937 0.632 1.037 Canada 0.982 6.551
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    • Article
      Lock icon SIBOR
      85 24 Aug 8 (US$) (S$) 1 mth 0.***** 0.***** 2 mths 0.***** 0.***** 3 mths 0.***** 0.***** 6 mths 0.***** 0.***** 9 mths 0.***** 0.***** 12 mths 0.***** 0.***** SWAP Offer rates (S$) 1 mth 0.***** 2 mths 0.***** 3 mths 0.***** 6 mths 0.***** 9 mths 0.***** 12 mths
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    • Article
      Lock icon PRECIOUS METALS
      141 24 Aug 9 GOLD (US$/oz) Aug 08 Aug 09 Hong Kong 1707.00 1756.50 Aug 05 Aug 08 London 1662.59 1704.09 1663.40 1704.90 Source: Thomson Reuters Source: Reuters CAST BAR Aug 08 (S$) Selling Buying Kilobar "71,829.10" ***** PAMP GOLD BARS (S$) Selling Buying 1gm 161 67 5gm 457 335
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    • Article
      Lock icon LONDON METALS
      70 24 Aug 8 Aug Aluminium, 99.7% purity (US$/tonne) Close Previous Cash 2353.75 2373.25 3 months 2385.50 2402.00 Copper, Grade A (US$/tonne) Cash 8759.75 9016.50 3 months 8781.00 9041.00 Lead (US$/tonne) Cash 2194.25 2356.00 3 months 2205.00 2361.00 Nickel (US$/tonne) Cash *****.00 *****.00 3 months *****.00 *****.00 Tin (US$/tonne) Cash
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    • Article
      Lock icon INTERBANK CURRENCY RATES
      154 24 Aug 8 Against S$ Against US$ Currencies Bid Offer Bid Offer S$/US$ to one unit of foreign currency: Australian dollar 1.2587 1.2600 1.0372 1.0374 Canadian dollar 1.2362 1.2381 1.0186 1.0194 Euro 1.7405 1.7425 1.4342 1.4346 NZ dollar 1.0074 1.0088 0.8301 0.8306 Sterling pound 1.9918 1.9938 1.6412 1.6415
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    • Article
      Lock icon US$/S$ FORWARD RATES
      23 24 Aug 8 Aug S$ Bid Offer 1-month 1.2135 1.2145 2-months 1.2133 1.2144 3-months 1.2130 1.2141 6-months 1.2119 1.2130 Source: OCBC
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    • Article
      Lock icon PALM OIL
      67 24 Aug 9 KLCE PALM FUTURES (RM/MT) Delivery Opening Sett Av Vol Open Month Range Price Price High Low Done Position Aug 11 3060 3095 3130 3060 185 2441 Sep 11 2960 2970 3029 2960 2256 ***** Oct 11 2935 2920 2994 2917 ***** ***** Nov 11 2925 2895
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    • Article
      Lock icon LIFFE
      82 24 Aug 8 COCOA (£/tonne) Close Prev High/Low Sep 11 1850 1852 1858/1823 Dec 11 1875 1881 1889/1857 Mar 12 1895 1900 1907/1877 May 12 1903 1909 1915/1890 COFFEE (US$/tonne) Close Pev High/Low Sep 11 2050 2062 2067/2023 Nov 11 2084 2095 2098/2055 Jan 12 2106 2117 2118/2078 Mar 12
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  • Article
    Lock icon THE BUSINESS TIMES SHIPPING TIMES
    5260 25 n BALISA SHIPPING TRADING PTE LTD 8 Shenton Way, #40-03A, Singapore *****1 Tel: 6345 5700 Fax: 6345 5227 Email: singapore@balisagp.com UEN NO. *****3249E UK CONTINENT SERVICE U.S.A. SERVICE Destination STXPO TBN Antwerp/UK *Loads Singapore, E./W. Malaysia, Indonesia MIDDLE-EAST SERVICE Destination STXPO TBN Camden/New Orleans/Tampico Destination
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      41 25 Experienced ship maintenance services wanted. Can they find your services here in the Shipping Times? PLACE YOUR AD HERE THE BUSINESS TIMES SHIPPING TIMES CALL JOE WONG AT 9620 1327 To All Shipping Advertisers: Please call Joe Wong at 9620 1327
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  • Page 27 Advertisements
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      88 27 Seoul ALMATY Beijing Bangkok Air Astana connects Far South East Asia to Kazakhstan 12 times a week (5 times a week from Beijing, 2 times a week from Seoul, 3 times a week from Bangkok, twice a week from Kuala Lumpur). Air Astana serves Kazakhstan from major gateways in South
      88 words
  • executive Money
    • Article, Illustration
      Lock icon S Korea pension fund sees stocks bottoming soon
      882 27 It says corporate earnings may buffer concerns over US, European debt Bloomberg [SEOUL] South Korea’s National Pension Service, the nation’s biggest investor, said corporate earnings may buffer concerns over US and European debt that dragged the Kospi Index to its biggest six-day
      Bloomberg; BLOOMBERG  -  882 words
    • Article, Illustration
      Lock icon US commercial property owners take a drubbing
      767 27 Reits are down 9% as investors flee to safety of Treasuries Reuters [NEW YORK] The US commercial real estate sector is taking a beating as investors find risk and values difficult to determine because of global economic worries. Friday night’s downgrade of US
      Reuters; BLOOMBERG FILE PHOTO  -  767 words
    • Article
      Lock icon Brace yourself for volatility in ETFs
      756 27  -  By JOHN F WASIK The writer is a columnist for Reuters.com and author of ‘The Audacity of Help: Obama’s Economic Plan and the Remaking of America’. The opinions expressed are his own. IS it time to take cover from ex-change-traded funds (ETFs) now that
      756 words
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      Lock icon Buying chance will open up, but not now
      850 28  -  Govt policy likely to eventually re-assert itself in stabilising economies and markets MONEY MATTERS LIM SAY BOON The writer is the chief investment officer for DBS Bank STANDARD Poor’s downgrade of US long-term ratings is historically significant but there is a bigger
      BLOOMBERG FILE PHOTO  -  850 words
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      128 28 Look no further for Singapore’s award-winning CFD trading platform. Trade forex, shares, indices, commodities and more, all from one account on Singapore’s easiest-to-use CFD trading platform.* Our web-based PureDeal platform is fast, secure and reliable, with a core uptime of 99.8% or above since January 2010. Includes Singapore’s best charting
      128 words