The Business Times, 7 September 2011
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2011-09-07
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The Business Times
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Title Section23 2011-09-07 1 THE BUSINESS TIMES S$1.00 online at http://www.businesstimes.com.sg S|£l A SINGAPORE PRESS HOLDINGS PUBLICATION CO REGN NO *****2868E MICA (P) 120/08/2011 Wednesday, September 7,23 words
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788 2011-09-07 1 LYNN KAN - Temasek buys back CCB shares at a discount 8 weeks after selling them By LYNN KAN [SINGAPORE] Although murmurs of another recession in the US and Europe have made for choppy trading in equities of late, fund managers are turning bullish788 words
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Article142 2011-09-07 1 GST INDEX 2,774.33 (+1.16) GST INDEX FUTURES 2,775.00 (+1.00) GSIMSCI 318.76 (+1.09) GSIMSCI FUTURES 319.10 (+2.20) FOREX US$ S$ US$ (S$ per US$) 1.206 (US$/S$ per 1.616 1.949 EURO (US$/S$/E) 1.424 1.717 Foreign currency per US$ S$ YEN 76.70 63.60 RM 2.978 2.469 HK$ 7.793 6.463 BAHT 29.90142 words
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Article, Illustration567 2011-09-07 1 CONRAD TAN - Zoellick says recession may still be averted; Tharman feels Asia not immune to global slowdown By CONRAD TAN [SINGAPORE] The world’s biggest economies have slowed to a crawl and any new shocks could tip them into a recession thatBLOOMBERG - 567 words
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Advertisement48 2011-09-07 1 TRANSPORT HUB Pomp and pageantry in delivery of high-end cars PAGE 20 OPINION Eurobonds without fear PAGE 17 EXECUTIVE MONEY Emerging markets are down but not out PAGE 27 The rising costs of living it up PAGE 28 Beauty contest that’s shaking Wall St PAGE 26 *****1 *****448 words
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Advertisement204 2011-09-07 1 GOLD Big rush far from over, say analysts PAGE 2 ECONOMY Paying the price for democracy PAGE 10 ‘Nuclear option’ unleashed to tame Swiss franc Page 15 Deutsche Bank db.com WomeninAsianBusinessConference BeyondBoundaries Thursday, 15 September 2011 Marina Bay Sands Keynote Speaker Anshu Jain Head of the Corporate Investment Bank and204 words
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TOP STORIES
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Article599 2011-09-07 2 Asia in line of fire as the West takes a hit THE world’s biggest economies have slowed to a crawl and any new shocks could tip them into a recession that would hurt Asia, Deputy Prime Minister Tharman Shanmugaratnam said yesterday. World Bank president Robert Zoellick said that599 words
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679 2011-09-07 2 MINDY TAN - Even as prices hit new highs, outlook remains bright for the precious metal By MINDY TAN [SINGAPORE] Even as gold for immediate delivery hit an all time high of US$1,921.15 an ounce yesterday, posting a 1.1 per cent gain, analysts say the679 words
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Article, Illustration481 2011-09-07 2 LEE U-WEN - By LEE U-WEN [SINGAPORE] When the new term of Parliament begins next month, the new Speaker at the helm is likely to be 43-year-old Eurasian lawmaker Michael Palmer. The Member of Parliament for the Punggol East single seat has been nominated by Prime MinisterFILE PHOTO - 481 words
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Article, Illustration402 2011-09-07 2 TEH SHI NING - By TEH SHI NING [SINGAPORE] The World Bank Group will make Singapore a hub for knowledge and financial activities, and grow its staff strength here from 10 to 70 within three years. Expanding two existing tie-ups with Singapore, the group yesterday inked anAFP - 402 words
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Article57 2011-09-07 2 IN BT’s watch supplement on Aug 26, the price for the Oris Artelier Skeleton, Diamond at the top of the ring, should be $5,221.60 for the leather strap version and $5,489.10 for the metal bracelet version. Oris has clarified that the price printed in the BT supplement was for57 words
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Article, Illustration643 2011-09-07 4 SIOW LI SEN - Recent tax treaties overseas seen raising the risk of illicit fund flows By SIOW LI SEN [SINGAPORE] The Monetary Authority of Singapore (MAS) issued a stiff reminder to private banks yesterday to watch out for illegal money as Singapore increasingly becomes the financialBLOOMBERG - 643 words
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Article, Illustration444 2011-09-07 4 S JAYASANKARAN - By S JAYASANKARAN in Kuala Lumpur IN another display of public anger over the rising cost of living, the National Union of Bank Employees (NUBE) threatened to embark on a roadshow to highlight the widening income gap between clerical workers and managementBLOOMBERG - 444 words
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Advertisement204 2011-09-07 2 What makes an MBA program "Executive"? We believe it's about experience. Behind the Rutgers Executive MBA program stands the experience and global reputation of Rutgers University, the 8th oldest university in the United States. Our professors are both highly regarded academics and global industry experts who bring their real-world business204 words
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Advertisement42 2011-09-07 3 Asset Management Wealth Management Asset Services Fact: families grow, Assertion: so should their investments r ill f. A Pictet Cie, Geneva-Private Bankers since 1805 Hong Kong: +852 3191 1805 Singapore: +65 6536 1805 askasia@pictet.com www.pictet.com 4? PICTET 18 0 5 Independent minds42 words
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Advertisement307 2011-09-07 4 Exhibition Conference www.FranchiseLicenseAsia.com 8-10 September 2011 10.30am 6.30pm (Thu Fri) 10.30am 5.30pm (Sat) Hall C, Level 1, Marina Bay Sands, Singapore Come identify business opportunities from leading brands and successful franchises plus gain insights to starting your own businesses! Meet Face-to-Face with over hundreds <\© sS of leading franchisors, brand307 words
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COMPANY NEWS
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528 2011-09-07 5 VEN SREENIVASAN - Financial gloom saw share prices falling 25% so far this year Reports by VEN SREENIVASAN AIRLINE share prices have lost one-quarter of their value so far this year amid the financial market gloom, with much of the decline happening last month. According to data monitored528 words
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249 2011-09-07 5 SINGAPORE Airlines (SIA) has joined the Sustainable Aviation Fuel Users Group (SAFUG), a working group that aims to accelerate the development and commercialisation of lower-carbon renewable aviation fuels. Ng Chin Hwee, SIA’s executive vice-president for human resources and operations, said the move was in249 words
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363 2011-09-07 7 EMILYN YAP - Market conditions conducive; both also seen as good operational fit By EMILYN YAP ARE slipping valuations and weak economic conditions raising the likelihood of mergers and acquisitions in the banking industry? Nomura has found it timely to explore this issue, painting a scenario363 words
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Article, Illustration431 2011-09-07 7 EMILYN YAP - By EMILYN YAP UNITED Overseas Bank (UOB) has seen the number of clients with at least $2 million in assets under management rise by 28 per cent since it launched a new Privilege Reserve category for them in May. New customers make up431 words
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394 2011-09-07 7 LYNN KAN - By LYNN KAN ANALYSTS from DBS Vickers and OCBC have placed their calls for Ezra Holdings under review as the subsea services company plans to issue a tranche of Singapore dollar-denomi-nated perpetual capital securities. Ezra has yet to reveal more details about the394 words
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373 2011-09-07 8 JAMIE LEE - Escrow account set up; approval arrangement in place for payments By JAMIE LEE SINO Techfibre which had been suspended from trading after accounting irregularities were found in April has put measures in place to safeguard its assets. KPMG, which has been appointed to373 words
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349 2011-09-07 8 NISHA RAMCHANDANI - By NISHA RAMCHANDANI THE Singapore Exchange (SGX) is proposing modifications to the error trade policy for the securities market to promote greater trade certainty and reduce the occurrence of trade cancellation. SGX is inviting feedback on the proposed changes which have been put349 words
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Article, Illustration331 2011-09-07 8 UMA SHANKARI - By UMA SHANKARI CAPITALAND yesterday bought back 1.5 million shares representing 0.035 per cent of its issued share capital in its first ever share buyback exercise. The developer, which is Singapore’s largest property group by market capitalisation, paid between $2.42 and $2.45BLOOMBERG - 331 words
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COMPANY BRIEFS
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92 2011-09-07 8 PTERIS Global has secured a US$5 million project to supply and install baggage handling systems for China’s Hangzhou Xiaoshan International Airport (Terminal 3). The integrated airport logistics system provider will design and install three check-in islands with a total of 84 check-in counters, six92 words
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105 2011-09-07 8 FOUNDATION specialist CSC Holdings has secured more than $60 million worth of foundation and geotechnical engineering contracts in the past two months. These include some $20 million worth of infrastructure projects, $30 million worth of residential and other public sector projects, as well105 words
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53 2011-09-07 8 STORHUB Holding Pte Ltd, in which CapitaLand has a 62 per cent stake and Hersing Corporation an indirect 38 per cent interest, has set up a wholly owned subsidiary, Storhub (GZ Jingxi) Co Ltd, in China. The propertyholding unit has a registered capital53 words
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65 2011-09-07 8 KEPPEL Land’s real estate fund management arm, Alpha Investment Partners (AIP), is setting up a new office in Shanghai. The new office follows two deals AIP closed in Shanghai earlier in the year for a fund under its management. Eric Goh Lai Soon,65 words
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Article310 2011-09-07 8 LYNETTE KHOO - By LYNETTE KHOO THE scheme of arrangement proposed by embattled Sino-Environment received its final stamp of approval from the High Court yesterday. It will be effective on the day the Order of Court is lodged with the Accounting and Corporate Regulatory Authority of Singapore (ACRA),310 words
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SINGAPORE MARKETS
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Article, Illustration591 2011-09-07 6 R SIVANITHY - Index marginally up after intraday loss, with help coming also from Dow futures reversal STOCKS R SIVANITHY Senior Correspondent TRADERS yesterday bet on Wall Street rising on Tuesday, most likely a “buy in anticipation” play ahead of President Barack Obama’s speech tomorrow atSource: Bloomberg - 591 words
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Article66 2011-09-07 6 Sep 6 VALUE CLOSE BT OB/OS 315.00 +129.0 BT CADI -*****.00 -1.0 BT 10-day MA -*****.00 +31.00 FTSE ST Mid Cap 648.65 +0.76 FTSE ST Small Cap 438.08 +0.15 FTSE ST All Share 673.43 +0.35 FTSE ST China Top 202.53 +0.80 FTSE ST China 239.09 +0.70 FTSE66 words
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Article186 2011-09-07 6 MAIN CATL TOTAL Up Down Unch Up Down Unch Up Down Unch Multi Ind 6 4 2 0 0 0 6 4 2 Manufacturing 59 46 30 4 5 2 63 51 32 Commerce 14 26 15 3 3 2 17 29 17 Tpt/Stor/Comms 18 14 6186 words
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Article119 2011-09-07 6 TURNOVER (‘000) VALUE (‘000) MAIN CATL TOTAL MAIN CATL TOTAL Multi Ind 28,919 28,919 107,049 107,049 Manufacturing 150,315 5,577 155,892 156,958 70 157,028 Commerce 201,442 2,255 203,697 178,421 341 178,762 Tpt/Stor/Comms 104,248 865 105,113 157,429 83 157,512 Finance 15,503 88 15,591 166,807 19 166,826 Construction 34,877 12,994119 words
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Article111 2011-09-07 6 Stock name Close Change CapMallsAsia 1.305 +0.015 CapitaLand 2.460 +0.010 CapitaMall 1.880 +0.010 CityDev 10.190 +0.040 ComfortDelGro 1.330 -0.015 DBS Grp 12.700 -0.040 F&N 5.680 +0.070 GLP 1.770 +0.070 Genting SP 1.590 +0.030 Golden Agri 0.640 HK Land 5.640 -0.060 JMH 50.710 -1.050 JSH 28.560 -0.610111 words
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Article, Illustration476 2011-09-07 6 CURRENCIES AFP [TOKYO] The euro lost further ground in Asia yesterday, as Asian equity markets followed plunges in Europe due to worries about the fragile global economy and renewed fears over Greek sovereign debt. The single currency fell to US$1.4057 in TokyoAFP; REUTERS - 476 words
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Article60 2011-09-07 6 VOLUME Sheng Siong 123,195,000 Genting SP 112,539,000 Noble Grp 54,253,000 MDR R 53,383,000 Yangzijiang 35,429,000 Golden Agri 34,523,000 Artivision 31,216,000 Cosco Corp 22,971,000 SingTel 19,247,000 PSL Hldgs 17,536,000 VALUE($) Genting SP 175,982,780 Noble Grp 79,886,330 Keppel Corp 74,195,283 GLD 10US$ 70,068,179 SingTel 59,343,270 DBS Grp 55,356,360 Sheng60 words
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Article114 2011-09-07 6 BY CENTS CLOSE UP DBXT Nifty 10US$ ***** 75.9 0.6 DBXT FTChina25 10US$ 2726 49.4 1.5 DBXT S&P Short 10US$ 4706 48.2 0.9 CapitalaMBLePW*****5 94 42.5 82.5 OCBC Bk 4.5%NCPS 100 ***** 42.0 0.4 DBS Bk 4.7% NCPS 100 ***** 40.0 0.4 Lyxor China H 10US$ 1319 10.9 0.7114 words
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Article117 2011-09-07 6 BY CENTS CLOSE DOWN DBXT MSEurope 10US$ 3986-261.6 -5.2 DBXT SPASX200 10US$ 3200-257.9 -6.3 IS S&P500 *****-198.9 -1.4 DBXT S&P500 10US$ 1812-167.5 -7.1 JMH 5071-126.6 -2.0 DBXT MSKorea 10US$ 5164-107.3 -1.7 DBXT E50 10US$ 3364 -92.8 -2.2 Lyxor EmergingMkts 1 975 -90.4 -7.1 JSH 2856 -73.5 -2.1 OCBC Bk117 words
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Advertisement1421 2011-09-07 8 MATS NOTICES Toll free: 1800-289-8822 Email: notices@sph.com.sg m TEE INTERNATIONAL LIMITED (Incorporated in Singapore with limited liability) TEE International Limited (Co. Reg. No.! *****7107D) nOTICE OF ELEVEnTH ARnUAL GEnERAL mEETinG NOTICE IS HEREBY GIVEN that the Eleventh Annual General Meeting of TEE International Limited ("the Company") will be held at1,421 words
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Advertisement370 2011-09-07 8 WATS NOTICES IN THE MATTER OF THE COMPANIES ACT (CHAPTER 50) AND IN THE MATTER OF DOLPHIN LINES PTE. LTD. (In Members' Voluntary Liquidation) Reg NO.*****7486M NOTICE OF FINAL MEETING NOTICE IS HEREBY GIVEN that pursuant to Section 308 of the Companies Act, Cap. 50, the Final Meeting of the370 words
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SINGAPORE NEWS
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Article, Illustration641 2011-09-07 9 LEE U-WEN - He cites growing dominance of American media and economy By LEE U-WEN THERE might soon come a day when schools in Singapore will teach students American English, rather than British English which has been the norm for decades now. Making this point yesterdayJOSEPH NAIR/THE STRAITS TIMES - 641 words
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513 2011-09-07 9 TEH SHI NING - They ‘will do everything’ to stabilise the EMU By TEH SHI NING LEADING economic indicators in the eurozone have fallen sharply in recent months, but Commerzbank’s chief economist believes that the European Union’s officials will be able to ward off an escalation513 words
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Article, Illustration256 2011-09-07 9 SINGAPORE has advanced its scientific cooperation with Australia with the latest memorandum of understanding (MOU) between Singapore’s Agency for Science, Technology and Research (A*Star) and Australia’s National Health and Medical Research Council (NHMRC). Under this MOU, A*Star and NHMRC will commit a total ofFILE PHOTO - 256 words
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375 2011-09-07 9 AMIT ROY CHOUDHURY - By AMIT ROY CHOUDHURY WITH the Next Generation Nationwide Broadband Network already covering 75 per cent of the island, latest figures show there were 40,200 optical fibre broadband subscriptions as at June. According to the Infocomm Development Authority of Singapore (IDA) as at end375 words
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378 2011-09-07 9 Fixing Britain’s economy is now national security imperative: new British High Commissioner A PARTNERSHIP with Singapore will add to, rather than detract from, the United Kingdom’s efforts to keep its security presence in Asia, and enable it to tap the region’s growth opportunities,378 words
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392 2011-09-07 9 MINDY TAN - By MINDY TAN PARK WEST, a 99-year leasehold prime residential site located at Jalan Lempeng in Clementi has been put up for en bloc sale, with an indicative price of $803 million. The site, which has 70 years left on its392 words
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ECONOMY WATCH
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760 2011-09-07 10 Policy-making in gridlock because of ideological differences and politicking Bloomberg [WASHINGTON] The world economy is paying a price for democracy. As recoveries from the US to Europe lose momentum, policy makers are running into gridlock formed by the politicking and ideological preferences of governmentsBloomberg - 760 words
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Article, Illustration481 2011-09-07 10 NYT [DETROIT] Labor Day must seem like the movie Groundhog Day to US President Barack Obama. On Monday, for a third year, he celebrated the holiday that honours workers with union members and their families in a political swing state, promising job creationNYT; AP - 481 words
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481 2011-09-07 10 Reuters AFP [SYDNEY] Australia’s trade performance was more of a drag on the economy than thought last quarter, even though surging prices for key exports lifted the country’s terms of trade to record highs and delivered a huge windfall in cash earnings.Reuters; AFP - 481 words
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Article305 2011-09-07 10 Reuters [SEOUL] South Korea’s economy grew at a slightly faster pace than earlier estimated during the April-June quarter although weak August exports and slowing output have prompted economists to start downgrading their growth forecasts. Although exports grew by 27 per cent on theReuters - 305 words
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Advertisement1790 2011-09-07 10 MATS NOTICES Toll free: 1800-289-8822 Email: notices@sph.com.sg Courage Marine Group Limited 勇 (Incorporated in Bermuda) (Company Registration No. *****) NOTICE OF SPECIAL GENERAL MEETING NOTICE IS HEREBY GIVEN that a SPECIAL GENERAL MEETING of Courage Marine Group Limited (the “Company”) will be held at 2.30 pm on 30 September 20111,790 words
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MALAYSIA/INDONESIA
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436 2011-09-07 11 PAULINE NG - But it stops short of revealing offer price; seller confident of getting deal done By PAULINE NG in Kuala Lumpur CONGLOMERATE Boustead Group has finally broken its silence over its failed bid for Esso Malaysia but in so doing brought little by way of436 words
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313 2011-09-07 11 Prices for importers India and China may ‘shoot up’ as a result Bloomberg [JAKARTA] Thermal coal supplies from Indonesia may shrink by as much as 38 per cent within three years as the world’s biggest seller of the power-station fuel introducesBloomberg - 313 words
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Article, Illustration259 2011-09-07 11 Reuters [JAKARTA] Indonesia is in talks with both the United States and Colombia over live cattle imports, as South-east Asia’s biggest economy looks to reduce its dependency on Australian cows, a newspaper reported last week. The Indonesian government is in early talks withReuters; AFP - 259 words
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Advertisement18 2011-09-07 11 @%^"-'{[_{\[/\=*^}&=[%%&]>_?<?= Discover Greener Pastures Call 1800 289 8822 or e-mail notices@sph.com.sg to place your Change of Address Notices NOTICES18 words
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Advertisement12 2011-09-07 11 ASIA MIDDLE EAST EUROPE NORTH AMERICA SOUTH AMERICA 2011 Hilton Worldwide conradhotels.com12 words
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GREATER CHINA/INDIA
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511 2011-09-07 12 His statement underlines the gloom in Beijing over state of global economy Reuters [BEIJING] China’s economic growth in 2012 may drop below 9 per cent for the first time in a decade, a senior Chinese foreign exchange official said yesterday, underliningReuters - 511 words
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630 2011-09-07 12 EJ Insight [HONG KONG] China’s inflation may have moderated in August after hitting a 3 7-month high in the previous month, as food costs saw milder growth due to Beijing’s price-control efforts and non-food items were kept in check amid slower economic expansion. AEJ Insight - 630 words
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Article, Illustration457 2011-09-07 12 Both countries to sign border pact, enhance trade AFP AP [DHAKA] Indian Prime Minister Manmohan Singh arrived in Bangladesh yesterday for a two-day state visit aimed at warming often prickly ties between the two South Asian neighbours. Mr Singh and Bangladesh PrimeAFP; AP - 457 words
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Advertisement176 2011-09-07 12 Hilltop Semi, Detached Lana '-/Hv 6?223iqftv IncredibTeWaluej J758psf on T buiir IFHnLandji !BuTltf7(l i c o V' V': A'S- v 5y 31 August 11 September 2011 TASTE OF jST SIAM IN KOPI TIAM JP V f-A *5 y y> v y Come experience the royal taste of Thailand with Chef176 words
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WORLD
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Article, Illustration642 2011-09-07 13 But slowing growth pushes valuations to lowest since 1985 Bloomberg [NEW YORK] The number of chief executive officers cutting profit forecasts fell 38 per cent below average last month, even as the slowing economy pushed valuations to the lowest level at the startBloomberg; AP - 642 words
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599 2011-09-07 13 As ETFs account for less than 2% of daily activity, room for growth is expected Reuters [HONG KONG] The growing use of exchange traded funds as a way to gain access to Asian markets, and heavier activity around index rebalancing is drivingReuters - 599 words
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240 2011-09-07 13 Bloomberg [FRANKFURT] Deutsche Telekom AG says it will evaluate options for T-Mobile USA to facilitate a US$39 billion sale of the business to AT&T Inc that is being contested by the US Justice Department. “If there are conditions to be attached to theBloomberg - 240 words
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526 2011-09-07 14 Punitive tax pacts make country less attractive for rich foreign clients Bloomberg [ZURICH] Swiss private bankers are pursuing acquisitions to boost profits as punitive tax agreements make the nation less attractive for rich foreign clients. Union Bancaire Privee, the Ge-neva-based firmBloomberg - 526 words
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464 2011-09-07 14 Regulator plans to shift deadline two years earlier to 2013 Bloomberg [SYDNEY] Australia’s banking regulator plans to accelerate some parts of the Basel Committee on Banking Supervision’s timetable for capital reform, saying the nation’s lenders are well equipped to meetBloomberg - 464 words
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412 2011-09-07 14 Bloomberg [FRANKFURT] Factory orders in Germany, Europe’s largest economy, fell more than economists forecast in July, led by a drop in export demand as the global economy cooled. Orders, adjusted for seasonal swings and inflation, dropped 2.8 per cent from June,Bloomberg - 412 words
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Article, Illustration402 2011-09-07 14 Reuters [CANBERRA] Australian Prime Minister Julia Gillard’s sinking popularity hit new depths yesterday with an opinion poll showing her ruling Labor Party would be swept from office if elections were held. Ms Gillard, in the job for barely a year, has been under siegeReuters; REUTERS - 402 words
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Article222 2011-09-07 14 Reuters State prosecutors offer to limit legal liabilities from improper mortgage practices: report [LONDON] Big US banks in talks with state prosecutors to settle claims of improper mortgage practices have been offered a deal that may limit their legal liabilities in return for a multibillion-dollarReuters - 222 words
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271 2011-09-07 15 Non-manufacturing activity on the ISM index rose to 53.3% LATEST US DATA AFP [WASHINGTON] The massive US services sector, which accounts for the bulk of the economy, picked up steam in August, according to a survey by the Institute for Supply Management releasedAFP - 271 words
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323 2011-09-07 15 Reuters [CANBERRA] The European Union’s top official yesterday defended the political will of EU leaders to resolve the eurozone debt crisis, despite concerns that they seem unable to halt a slide back into recession and avoid a fresh banking crisis. EuropeanReuters - 323 words
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408 2011-09-07 15 NYT [NEW YORK] The German constitutional court could, but probably won’t, throw the euro into chaos when it issues a key ruling today on Germany’s participation in the rescue mechanism for fiscally troubled euro members. But, analysts say, the judges are likely to imposeNYT - 408 words
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512 2011-09-07 15 AP [MILAN] A nationwide strike in Italy against austerity measures brought the country to a halt yesterday, piling pressure on Silvio Berlusconi’s government as it tries to convince nervous markets that it can produce and enforce a credible defi-cit-cutting plan.AP - 512 words
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Article, Illustration665 2011-09-07 15 Central bank vows to spend whatever it takes to defend currency ceiling AP [GENEVA] In what analysts called a last-ditch “nuclear option”, the Swiss National Bank set a ceiling yesterday on the value of its currency, which has skyrocketed as traders worldwide franticallyAP; AFP - 665 words
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Advertisement243 2011-09-07 15 1EP NANYANG TECHNOLOGICAL UNIVERSITY NANYANG EXECUTIVE MBA Nanyang Business School NANYAIG EXECUTIVE MBA with Specialized Tracks in Energy Shipping '"*V NORWEGIAN BUSINESS SCHOOL Take your management expertise to the next critical level with a Nanyang EMBA with specializations in Energy or Shipping, Offshore and Finance. Whichever track you choose, a243 words
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EDITORIAL & OPINION
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519 2011-09-07 16 EDITORIAL AS President Barack Obama prepares his critically important address to the US Congress tomorrow against the backdrop of a US unemployment rate of 9.1 per cent, expectations will be high for him to behave uncharacteristically: that is, to be bold and explicit. With519 words
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Article, Illustration763 2011-09-07 16 FRANK CHING - THE BOTTOM LINE FRANK CHING The writer is a Hong Kong-based journalist and commentator. Follow him on Twitter: @FrankChing1 IN the 19th century, Japan, unlike China, responded to western pressure to open up to trade not by fighting back but by transforming itself so763 words
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Article, Illustration886 2011-09-07 16 ALEX HUNGATE - HSBC believes the internationalisation of the currency will occur in three accretive stages By ALEX HUNGATE The writer is HSBC group general manager and chief executive officer, Singapore WITH the United States facing possible rating downgrade, recurring concern about a eurozone default and JapanAP - 886 words
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Article, Illustration1117 2011-09-07 17 HEIZO TAKENAKA - With fixed capital and infrastructure destroyed by the earthquake, Japan’s productive capacity has fallen by 2% of GDP By HEIZO TAKENAKA The writer was Minister of Economics, Minister of Financial Reform, and Minister of Internal Affairs and Communications under Prime Minister Junichiro Koizumi. He isREUTERS - 1,117 words
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Article, Illustration772 2011-09-07 17 ANDRÉS VELASCO - By ANDRÉS VELASCO The writer is a former minister of finance of Chile in Santiago THE day of the eurobond may be near. What was once a quack’s idea for resolving Europe’s financial crisis is now the only reliable way to save the euro. Having their bondsREUTERS - 772 words
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TransportHUB
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542 2011-09-07 18 Single-voyage rents surge to year’s high for fourth day Bloomberg [LONDON] Costs to hire capesize ships for a year almost doubled in three weeks and rents for single voyages climbed on Monday as Brazil exported the most iron ore, one of the vessels’ mainBloomberg - 542 words
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755 2011-09-07 18 Reuters [LONDON] Brazilian mining giant Vale is in talks with Chinese and other shipowners to sell or lease its planned fleet of giant bulk carriers, a Vale official told Reuters on Monday. The move comes less than three monthsReuters - 755 words
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Article279 2011-09-07 18 SGX '000 Sep 6 S$ +/-Vol CH Offshore 0.38 0.01 16 Chuan Hup Hldg unch unch 0 Cosco Corp 1.04 0.01 ***** CWT Ltd 1.06 -0.01 978 Ezra Hldgs 0.94 0.02 3875 First Ship Lea 0.29 0.01 595 Freight Links 0.06 unch 289 Grand Banks unch unch 0279 words
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Article, Illustration874 2011-09-07 18 DAVID HUGHES - Massive containerships, like ULCCs, risk losing competitive edge long before they are technically obsolete STRAIT TALK By DAVID HUGHES IN shipping, history does seem to repeat itself. Of course, that is partly because it is, perhaps more than most, a highly cyclical industry. Also, it is874 words
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391 2011-09-07 18 Bloomberg [LONDON] Prices of supertankers aged more than 15 years have dropped to levels that make scrapping the vessels more attractive than selling them to new owners, a unit of HSBC Holdings plc said. Twenty-year-old vessels are worth around US$16 million based on recentBloomberg - 391 words
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TRANSPORT HUB: AVIATION
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599 2011-09-07 19 Other Asian firms also interested in sale; first-round bids due this week Reuters [SYDNEY] Macquarie Group is eyeing a bid for the aircraft-leasing business being sold by the Royal Bank of Scotland (RBS), a unit said to be worth more than US$6 billion, as Australia’sReuters - 599 words
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Article, Illustration913 2011-09-07 19 NYT [NEW YORK] A lot of frequent flier miles have been piling up in the 10 years since the terrorist attacks brought the domestic airline industry to its knees in autumn 2001. Airlines in the United States lost US$55 billion and shedNYT; AP - 913 words
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Article, Illustration488 2011-09-07 19 Airline is also discussing a hiring freeze with unions Bloomberg [PARIS] Air France-KLM Group, Europe’s largest airline will deepen capacity cuts and is discussing a hiring freeze with unions to defend earnings goals. Chief executive officer Pierre-Henri Gourgeon will “seek a consensus to reduceBloomberg; AFP - 488 words
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416 2011-09-07 19 Reuters [LONDON] easyJet’s largest shareholder and founder Stelios Haji-Ioannou has called for a shareholders’ meeting to vote on the removal of Rigas Doganis as an independent non-execu-tive director, part of a longrunning dispute with the company. Mr Haji-Ioannou, who controls around 38 per cent ofReuters - 416 words
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TRANSPORT HUB: LAND
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Article, Illustration866 2011-09-07 20 SAMUEL EE - Dealers outdo one another to make event memorable for their customers Reports by SAMUEL EE MORE and more high-end auto distributors are planning elaborate new car deliveries in a competitive market to raise customer service levels as well as thank buyers for866 words
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240 2011-09-07 20 LAMBORGHINI Singapore is arguably one of the pioneers when it comes to ensuring that the handover of a new car is an event to be remembered. Managing director Melvin Goh says that he is confident he was the first in the industry240 words
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Article, Illustration579 2011-09-07 20 SAMUEL EE - By SAMUEL EE MOTOR magnate Karsono Kwee is expanding his auto empire in the prime Leng Kee motor belt with the purchase of a new property for what could be his next acquisition: Mazda. Mr Kwee, executive chairman of the Eurokars Group579 words
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618 2011-09-07 20 Bloomberg [TOKYO] A tiff that started over Volkswagen AG’s description of Suzuki Motor Corp in its annual report has escalated into a spat threatening to unravel the two carmakers’ planned alliance before the partnership ever gets going. “Volkswagen is not talking to us,” saidBloomberg - 618 words
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Page 18 Advertisements
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Advertisement22 2011-09-07 18 Lianhe Zaobao Smaller en bloc sites become more popular amid heightened property risks '.hBattiii&j&rrDSS To subscribe, call 6388-3838 or go to sphsubscription.com.sg22 words
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Page 19 Miscellaneous
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Miscellaneous352 2011-09-07 19 CRYPTIC CROSSWORD Across 1 Jaunt in the direction of old city (4) 3 Book shifted by a clerk around back of computer and electronic device (10) 9 British island shortly joined by a state abroad (4) 10 Aunt’s doing exercises incredible! (10) 11 Start of incident with plenty going wrong352 words
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Advertisement13 2011-09-07 20 www.omy.sg yzone.omy.sg ,f K V £r i TKi ft 5* i lifesty/e.omy.sg WQ«»?13 words
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Advertisement24 2011-09-07 20 The NEW 10B&" Android app BEST MUSIC rHE MARRED MEN weekdays from 6am sVSHS 101 Q j (™u) DOWNLOAD IT FREE AT RADI09I3.COM NOW!24 words
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SINGAPORE STOCKS
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Article8001 2011-09-07 21 Transaction date: Sep 6 52-wks Last Vol Day Last Quote Div Gr Yld Net M Cap High Low Company Sale +/-(‘000) High Low Buyer Seller C’vr P/E $mil 21 12 8Telecom 12.8 10.9 14.5 7.8 4.8 2.7 61.3 9.5 4.5 A-Sonic 4.7 -0.5 30 4.7 4.7 4.9 58,001 words
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Article1457 2011-09-07 22 52-wks Last Vol Day Last Quote Div Gr Yld Net M Cap High Low Company Sale +/-(‘000) High Low Buyer Seller C’vr P/E $mil 34 13.7 t 800 Super 15 -0.6 671 15.2 13.7 14.5 15 4.7 3.7 5.8 26.8 5.5 3.7 t AA Grp 4 2.7 3.81,457 words
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Article10031 2011-09-07 22 UNIT TRUSTS FUNDS UNIT TRUSTS APS Asset Mgt Pte Ltd APS Alpha Fund Cl A!** 1.22/ APS Alpha Fund (USD)!** 1.01/ AXA Life Secure Ascent 2020 Fund 0.*****/0.***** AXA Wealth Mgt S'pore Pte Ltd AXA WM -Talents Fund 0.6/ Aberdeen Asset Mgt Asia Limited American Opp 0.5572/ Asian Credit Fund10,031 words
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Article234 2011-09-07 22 52-Wk Last Vol Day Last Quote Div GrYld Net MCap High Low Company Sale +/-(’000) High Low Buyer Seller C’vr P/E $mil 56 34 AVJennings A39cd 38 43 3.6 9 3.1 101.6 55 29.5 Genting HK US$ US34.5 +0.5 7700 35 33 34.5 35 2271.7 20.5 10 OGL Resources234 words
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Article894 2011-09-07 22 52-Wk Last Vol Day Last Quote Div GrYld Net MCap High Low Company Sale +/-(’000) High Low Buyer Seller C’vr P/E $mil 127 108 ABF SG Bond ETF 125 117 124 570.6 1261 946 CIMBAsean40 100US$ US1011 -11 3 1011 1006 1011 1020 40.4 350 276 DBS STI894 words
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FINANCE & COMMODITIES
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374 2011-09-07 23 In local curr In S$ In US$ dy yr dy yr dy yr Sep 5 Index Change Change Change Change Change Change World Index Preliminary 789.7 -1.5 -12.0 -1.6 -15.0 -1.8 -9.9 EAFE Preliminary 654.2 -3.5 -18.3 -3.7 -18.8 -4.0 -13.9 Europe Preliminary 939.2 -4.2374 words
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Article81 2011-09-07 23 CRUDE OIL PRODUCTS Sep 5 CRUDE (FOB origin)8815 US$/barrel Close Change Brent blend (1-Mth F) 111.06. -2.57 WTI (Near Mth)177.4 83.51 -3.17 Dubai (1-Mth F)176.2 106.04 -2.62 Tapis blend 119.65 -2.51 Minas 114.40 -2.51 8815 85.17 177.4 176.2 PRODUCT US$/barrel (FOB S'pore) Close Change Naphtha 104.50 -1.89 Jet Kerosene 124.8381 words
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Article123 2011-09-07 23 1.6278 1.0416 Sep 2 Sep-11 Sep-11 9042.00 8842.00 8995.00 Oct-11 85.76 85.04 Aug-11 181.00 178.50 179.20 Sep-11 180.60 179.00 SOYBEANS (5,000 min; US cents/60 lb bushels)ep-.. Close Previous High/Low*****504 Sep 11 1436.00 1424.75 1441.75 1426.00 Nov 11Aug 1445.75 1434.50 1452.00 1435.*****.*****.50 Jan 12Se 1455.75 1445.25 1462.00 1445.*****.*****.0 Mar123 words
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Article83 2011-09-07 23 Sep 6 TREASURY BILLS Period Issue Maturity Yesterday's Day's code Bid High Low 3-Month BQ*****S 08.12.2011 0.19 0.13 0.13 1-Year BY*****X 02.05.2012 0.19 GOVERNMENT BONDS Period Issue Coupon Maturity Close Day's code rate Bid High Low 2-Year NX*****Z 2.250 01.07.2013 103.77 103.83 103.80 5-Year N*****0W 1.125 01.04.2016 102.8783 words
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Article469 2011-09-07 23 Sep 6 OPEN HIGH LOW SETT VOL OP/INT EURODOLLAR FUTURES Sep11 99.6175 0 2503 Dec11 99.4150 0 1276 Mar12 99.4250 0 1015 Jun12 99.4600 0 1189 EUROYEN TIBOR FUTURES Sep11 99.6750 99.6750 99.6750 99.6750 200 1611 Dec11 99.7000 150 2289 Mar12 99.6925 99.6925 99.6925 99.7000 0 2388469 words
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Article166 2011-09-07 23 Sep 6 SICOM RUBBER Futures (Closing prices) RSS 3 (US cents/kg) Close Volume O/I Month High Low Sett (lots) (lots) Oct 11 467.0 465.0 466.1 42 404 Nov 11 467.0 466.0 466.8 23 351 Dec 11 469.0 469.0 469.0 10 506 Jan 12 470.0 339 Feb 12 472.2166 words
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Article, Illustration104 2011-09-07 23 As on 5 September 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 OCT-11 1884.90 1881.50 1883.20 1874.7 Silver DEC-11 43.035 42.590 42.795 43.085 CURRENCY GBP-US Dollar SEP-11 1.6181 1.6177 1.6179 1.6206 Euro-US104 words
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Article121 2011-09-07 23 As at 9am Sep 06 Singapore dollars to one unit of foreign currency: Currencies Sell Buy Aust dollar 1.313 1.239 Can dollar 1.242 1.195 Euro 1.733 1.667 Sterling pound 1.982 1.906 NZ dollar 1.029 0.98 US dollar 1.226 1.179 Local dollars to 100 units of foreign121 words
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Article27 2011-09-07 23 Sep 6 Open High Sett STI Sep 2775 SIMSCI Sep 316.8 320.5 319.1 Taiwan Sep 264.6 265.2 258.4 Source: MF Global (S) Pte Ltd27 words
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2205 2011-09-07 23 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 10 1 150 25 12.80 32 ASJ Hldgs W*****1 0.5 1 4 12 8.00 5 AlliedTech W*****2 1.7 1 4 26 Aztech Grp W*****3 0.6 1 20 782,205 words
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Article154 2011-09-07 23 Sep 6 $S Offer Bid 0vernight 0.03 0.01 1-month 3/16 1/16 2-months 3/16 1/16 3-months 1/4 1/8 Overnight mode: 0.04 US$ Offer Bid 7 days 0.30 0.20 1 month 0.45 0.25 2 months 0.50 0.30 3 months 0.55 0.35 6 months 0.70 0.50 9 months 0.85 0.65 12154 words
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Article462 2011-09-07 23 Sep 6 A$ C$ Rmb Euro HK$ Ind Rs Rupiah Yen Won RM NZ$ Pak Rs Peso S$ Rand Sfr NT$ Baht Pound US$ Australia 1.047 6.776 0.745 8.265 48.764 90.863 0.814 11.394 3.158 1.267 92.740 44.840 1.279 7.504 0.884 30.868 31.716 0.656 1.061 Canada 0.955 6.471462 words
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Article85 2011-09-07 23 Sep 6 (US$) (S$) 1 mth 0.***** 0.***** 2 mths 0.***** 0.***** 3 mths 0.***** 0.***** 6 mths 0.***** 0.***** 9 mths 0.***** 0.***** 12 mths 0.***** 0.***** SWAP Offer rates (S$) 1 mth 0.***** 2 mths -0.***** 3 mths -0.***** 6 mths -0.***** 9 mths -0.***** 12 mths85 words
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Article138 2011-09-07 23 Sep 6 GOLD (US$/oz) Sep 05 Sep 06 Hong Kong 1894.00 1904.00 Sep 02 Sep 05 London 1874.19 1897.65 1875.26 1898.85 Source: Thomson Reuters CAST BAR Sep 06 (S$) Selling Buying Kilobar 78,932.83 ***** PAMP GOLD BARS (S$) Selling Buying 1gm 177 74 5gm 502 368 10gm 897138 words
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Article71 2011-09-07 23 Sep 5 Sep 5 Aluminium, 99.7% purity (US$/tonne) Close Previous Cash 2350.50 2399.50 3 months 2387.50 2436.00 Copper, Grade A (US$/tonne) Cash 8940.00 9056.75 3 months 8959.50 9076.00 Lead (US$/tonne) Cash 2453.00 2479.50 3 months 2435.00 2460.00 Nickel (US$/tonne) Cash *****.00 *****.00 3 months *****.00 *****.00 Tin (US$/tonne)71 words
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Article154 2011-09-07 23 Sep 6 Against S$ Against US$ Currencies Bid Offer Bid Offer S$/US$ to one unit of foreign currency: Australian dollar 1.2780 1.2797 1.0603 1.0608 Canadian dollar 1.2204 1.2222 1.0126 1.0131 Euro 1.7159 1.7179 1.4236 1.4240 NZ dollar 1.0086 1.0102 0.8368 0.8374 Sterling pound 1.9476 1.9498 1.6159 1.6162154 words
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Article22 2011-09-07 23 Sep 6 S$ Bid Offer 1-month 1.2050 1.2062 2-months 1.2045 1.2058 3-months 1.2036 1.2050 6-months 1.2001 1.2017 Source: OCBC22 words
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Article67 2011-09-07 23 Sep 6 KLCE PALM FUTURES (RM/MT) Delivery Opening Sett Av Vol Open Month Range Price Price High Low Done Position Sep 11 3096 3100 3114 3090 755 1983 Oct 11 3057 3038 3060 3038 1738 ***** Nov 11 2998 2985 3014 2978 ***** ***** Dec 11 2981 297567 words
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Article82 2011-09-07 23 Sep 5 COCOA (£/tonne) Close Prev High/Low Sep 11 1916 1930 1935/1914 Dec 11 1943 1951 1957/1940 Mar 12 1961 1969 1975/1959 May 12 1967 1975 1971/1965 COFFEE (US$/tonne) Close Pev High/Low Sep 11 2154 2241 2220/2143 Nov 11 2194 2275 2259/2181 Jan 12 2217 2296 2284/2205 Mar 1282 words
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Article5100 2011-09-07 24 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 BIOGRAD Jebel Ali/Dammam5,100 words
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Advertisement41 2011-09-07 24 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 132741 words
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Advertisement28 2011-09-07 25 FREIGHT FORWARDER urgently needed by shippers TO ADVERTISE, CALL JOE WONG AT 9620 Can they find your services here in the Shipping Times? THE BUSINESS TIMES SHIPPING TIMES28 words
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Advertisement18 2011-09-07 25 USE THIS SPACE TO SELL CALL JOE WONG AT 9620 1327 TO ADVERTISE THE BUSINESS TIMES SHIPPING TIMES18 words
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Advertisement116 2011-09-07 26 mm ■If wm"> mi mi: "B m 8^ ft Tomorrow needs commitment wmmmm v, L, %3/J\ y >ffJ: •>. -4^WJyfij -*Ater"Tu>i v£2 -2&rri& j ||gV 't, TTW We help you to protect, grow and pass on your wealth. Our commitment has always been rooted in transparency and long-term vision. Relying116 words
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executive Money
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Article, Illustration993 2011-09-07 26 ROBERT J SHILLER - Stock market volatility may have its roots in the dynamics of a beauty contest COMMENTARY By ROBERT J SHILLER The writer is professor of economics and finance at Yale THE extraordinary surge of US stock market volatility during the last month can’t be explainedAFP - 993 words
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Article, Illustration781 2011-09-07 27 Between January and July, investors ploughed more than US$12b in net new money into mutual funds that focus on developing-market stocks NYT [NEW YORK] In a global slowdown, it’s only natural for investors to focus on parts of the world where economic growthNYT; AFP - 781 words
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Article, Illustration1181 2011-09-07 28 GENEVIEVE CUA - The inflation rate for luxury living is far higher than traditional inflation based on a consumer price index, reports GENEVIEVE CUA reports GENEVIEVE CUA WEALTHY clients would hardly need to know the pace at which the basic cost of living rises. But the1,181 words
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Advertisement11 2011-09-07 27 CATS Recruit The first step on your ladder to success CLA/AUG06/g11 words
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Advertisement217 2011-09-07 27 Until Francis Jehl had helped realise the vision of Thomas Edison, he would not rest. (Michigan, 1929.) <■ i What can your bank learn about determination from Francis Jehl? Thomas Edison had no shortage of visionary ideas. Including the light bulb. Fortunately for him, Francis Jehl was committed to bringing217 words
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Advertisement370 2011-09-07 28 SINGAPORE r\ Singapore Mercantile Exchange (SMX), completed successful 1st year Successfully completed 259 Clearing Settlement cycles Single-day benchmarked peak performance achieved of ***** contracts traded in July '11 and ***** in August '11* More than 400,000 contracts traded with US$ 16 Billion value a 1 Year, 50 Members, 12 Products370 words
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