The Business Times, 21 September 2011
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2011-09-21
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The Business Times
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Title Section23 2011-09-21 1 THE BUSINESS TIMES S$1.00 online at http://www.businesstimes.com.sg S|£l A SINGAPORE PRESS HOLDINGS PUBLICATION CO REGN NO *****2868E MICA (P) 120/08/2011 Wednesday, September 21,23 words
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643 2011-09-21 1 GRACE LEONG - Industry affected by Chinese triads, lax regulation: cables By GRACE LEONG [SINGAPORE] Recently released WikiLeaks memos criticise the Macau government for poor oversight of its gaming industry, which US government officials say is influenced by Chinese triads through Macau’s junket operators. While643 words
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Article, Illustration817 2011-09-21 1 JAMIE LEE - Largest shareholder of Swiss bank meets top management in S’pore in wake of rogue trader havoc By JAMIE LEE [SINGAPORE] Despite the politely crafted public statement, the annoyance still comes across. The largest shareholder of UBS, the Government ofBLOOMBERG - 817 words
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Article141 2011-09-21 1 GST INDEX 2,780.84 (+23.61) GST INDEX FUTURES 2,781 (+24) GSIMSCI 319.37 (+2.96) GSIMSCI FUTURES 319.50 (+3.30) FOREX US$ S$ US$ (S$ per US$) 1.263 (US$/S$ per 1.571 1.984 EURO (US$/S$/E) 1.369 1.728 Foreign currency per US$ S$ YEN 76.50 60.60 RM 3.125 2.474 HK$ 7.794 6.172 BAHT 30.56141 words
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Page 1 Advertisements
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Advertisement16 2011-09-21 1 AVIATION Airlines get surprise profit lift-off PAGE 2 Man U supporters slam IPO terms PAGE 616 words
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Advertisement13 2011-09-21 1 EUROZONE CRISIS Italy rating downgrade adds to woes PAGE 4 8 '*****1 *****413 words
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Advertisement84 2011-09-21 1 EXEC MONEY Alpha pays a price for its success PAGE 32 TRANSPORT HUB F1 raises regional interest in McLaren PAGE 21 P.a$sion" t 5? m. r*+M «v v ViSrf 1000 AIGLIA 2003: Jacky Ickx K.-F. Scheufele Ferrari 750 Monza 1955 v. CHORAR LiHRONOMET lOOO AIGLIA 4 m COLLECTION 1000 AIGLIA84 words
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TOP STORIES
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Article557 2011-09-21 2 GIC hits out at UBS lapses, calls for firm action DESPITE the politely crafted public statement, the annoyance still comes across. The largest shareholder of UBS, the Government of Singapore Investment Corp, has expressed “disappointment” to the board over the lapses relating to the US$2.3 billion loss from557 words
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Article, Illustration974 2011-09-21 2 NISHA RAMCHANDANI - 2011 profit may touch US$6.9b, with Asia-Pac carriers leading the charge By NISHA RAMCHANDANI [SINGAPORE] Robust passenger demand in the first half of 2011 is expected to lift the global aviation industry’s profit for the year US$2.9 billion to a higher-than-expectedAFP - 974 words
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459 2011-09-21 4 SIOW LI SEN - Bank had detailed the steps it took to rectify the problem By SIOW LI SEN [SINGAPORE] OCBC Bank yesterday said it has identified the cause of last week’s four-hour outage to a network device that did not function properly. The bank also detailed the459 words
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Article, Illustration727 2011-09-21 4 It also puts negative outlook on rating, warns of more cuts Reuters AP [ROME] Standard Poor’s cut Italy’s credit rating yesterday in a surprise move that increased strains on the debt-stressed eurozone and raised pressure on policymakers to take more decisiveReuters; AP; AFP - 727 words
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419 2011-09-21 4 AP [BRUSSELS] The European Union’s competition commissioner warned yesterday that more than the nine banks that failed the stress tests in July may need to be recapitalised because of the debt crisis. Because of the worsening crisis, the EU should extend looserAP - 419 words
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Article, Illustration390 2011-09-21 4 Chief secretary took flak recently over a protest rally AFP [HONG KONG] Beijing has picked as Hong Kong’s new leader a bureaucrat who is facing a storm of criticism over heavy-handed security imposed for a visit by China’s vice-premier, aAFP; BLOOMBERG FILE PHOTO - 390 words
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622 2011-09-21 4 GRACE LEONG - Cables reveal HoAdelson animosity, different approaches towards Chinese govt By GRACE LEONG [SINGAPORE] Revelations of strained relations between Macau casino tycoon Stanley Ho and Las Vegas Sands (LVS) chairman and CEO Sheldon Adelson, and the different approaches of US casino operators622 words
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Page 2 Advertisements
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Advertisement187 2011-09-21 2 Thank you for letting us be part of Singapore for the past 80 years Our commitment to help continues at full swing. T kw m f jW ,aich3fit| Golf Tournament W A A kV 1 r f 4 This year marks our 80th anniversary, a milestone which you've helped us187 words
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Page 3 Advertisements
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Advertisement131 2011-09-21 3 Europe s best airline. 18.8 million voted. One was named. Every year, Skytrax, the world's civil aviation audit and service benchmarking programme, announces the best in the airline business. They do this by simply asking frequent flyers. In 2010,18.8 million passengers were asked to choose their favorite airline in Europe.131 words
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Page 4 Advertisements
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Advertisement379 2011-09-21 4 MA NOTICES IN THE MATTER OF THE COMPANIES ACT, CAP. 50 AND IN THE MATTER OF HWA EE CONSTRUCTION PTE LTD (IN CREDITORS’ VOLUNTARY LIQUIDATION) (COMPANY NO: *****6392K) FINAL MEETING NOTICE IS HEREBY GIVEN, pursuant to Section 308 of the Companies Act, Cap. 50, that the FINAL MEETING of the379 words
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Advertisement225 2011-09-21 5 THE STRAITS TIMES. _s TUM t All I Ah LM Print. THE STRAITS TIMES. ($24.65 per month) A B I fee k m Online. ST Online ($26.65 per month) I J r iPad/iPhone. App (US$27.99 per month**) (est. $35 per month) We're fetching you an All-in-One news experience for just225 words
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COMPANY NEWS
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Article, Illustration682 2011-09-21 6 KELLY TAY - They are against listing terms that appear unfair to minority owners MAN U LISTING By KELLY TAY THE official supporters’ trust of Manchester United has hit out again at the club’s proposed initial public offering, criticising the Singapore Exchange for reportedly allowingAFP - 682 words
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Article, Illustration360 2011-09-21 6 JOHN FOLEY - By JOHN FOLEY SHARES without votes raise hackles. Consider the disquiet around Manchester United’s upcoming listing in Singapore, where new shareholders may be offered a package of vote-lite instruments that will entrench the Glazer family’s control. But while unorthodox, that’s360 words
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448 2011-09-21 6 LYNETTE KHOO - By LYNETTE KHOO IT is the market that decides on the commercial merits and attractiveness of an offer, and not the regulators. The Singapore Exchange (SGX) drove home this point yesterday in a regulatory column aimed at explaining the differences448 words
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Article, Illustration565 2011-09-21 7 SIOW LI SEN - Move comes at right time as investors look for peace of mind, says exec By SIOW LI SEN DBS Bank will spend $250 million over the next five years to ramp up its private banking business. The investment comes at an opportune565 words
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880 2011-09-21 7 Banks scramble to ensure same thing doesn’t happen here Reuters [SINGAPORE] The rogue trades that cost UBS US$2.3 billion have turned attention to certain trading instruments that may carry risks unique to Asia. Banks across the region, which have been busy peddlingReuters - 880 words
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470 2011-09-21 9 LYNN KAN - But bearish analysts slash its target price due to disappointing order flow in Q3 By LYNN KAN THE quarter has played out like a tale of Waiting for Godot for STX OSV, as the expected robust order stream for the470 words
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504 2011-09-21 9 Many consumers are seeking faster download speeds Bloomberg [BANGKOK] Total Access Communication pcl, Thailand’s second-largest mo-bile-phone carrier, said the regulator may sell licences for third-generation wireless services by as early as the second quarter amid pressure from consumers seeking fasterBloomberg - 504 words
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Article, Illustration405 2011-09-21 9 CONRAD TAN - By CONRAD TAN OCBC Bank yesterday launched its first branch offering basic banking services within a supermarket. The branch, which spans just 220 square feet inside the FairPrice Xtra hypermart at the Jurong Point shopping mall in the west, is the latest move405 words
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COMPANY BRIEFS
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Article70 2011-09-21 9 SERIAL System plans to issue 28 million Taiwan Depositary Receipts (TDRs) at an indicative price range of NT$10.98 (46 Singapore cents) to NT$12.75. It has entered into a book building agreement with Fubon Securities for the proposed TDR programme, under which each TDR will represent70 words
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57 2011-09-21 9 FITCH Ratings has affirmed Mapletree Industrial Trust’s (MIT) issuer default rating at “BBB+” with a “stable” outlook. This reflects MIT’s granular portfolio with stable operating performance and adequate debt service coverage levels. Favourable economic conditions and positive rental reversion in the Singapore industrial57 words
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363 2011-09-21 9 WINSTON CHAI - By WINSTON CHAI GREEN will be the new colour of choice for Vodafone as StarHub will become the British telecommunications giant’s new exclusive local ally from January 2012. The partnership with Singapore’s second-largest operator will kick in once Vodafone’s long-standing tie-up with363 words
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210 2011-09-21 9 ADVANCED Holdings has secured oil gas and petrochemical projects worth $16.8 million. The global supplier of proprietary process equipment and technologies, clean energy solutions and environmental technologies expects to complete these projects in China, Thailand, Saudi Arabia and Singapore by next year. The deals210 words
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Page 6 Advertisements
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Advertisement199 2011-09-21 6 JEREMY MONTEIRO (ORGAN) W n 'Susti WtugsSSsSSSi HONG CHANUTR TECHATANA-NAN (DRUMS) TOTSTOLENTINO (SAXOPHONE) 1 SHOWTIME PRODUCTIONS PRESENTS IASIAN JAZZ 'ALL-STARS! POWER QUARTET) ALSO FEATURING GUEST VOCALIST RANI SINGAM IN COLLABORATION WITH ESPLANADE THEATRES ON THE BAY Expect nothing less than an extraordinary performance when you put four of Asia's top199 words
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Advertisement130 2011-09-21 6 THE SME MAGAZINE PRESENTS STAYINGONCOURSE Making the best of uncertain market conditions With an uncertain world economy and dwindling consumers’ confidence, businesses face huge challenges ahead. Join us for this session as Michael Ma, GroupCEOandFounderofIndoChineGroupshareshisexperienceonhow he turned adversity into advantage by starting up during the Asian financial crisis and weathering130 words
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Advertisement36 2011-09-21 7 GNC LIVE WELL. Itizhi Energy all day long! Stefanie Sun International Artiste Cordyceps Lingzhi power cocktail For Energy Immunity Promotion Now On 6281 5688 or 6757 4403 o www.gnc.com.sg Driving Singapore’s External Economy A publication of36 words
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SINGAPORE MARKETS
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Article, Illustration608 2011-09-21 8 LYNETTE KHOO - Index inspired by HK, Shanghai market showing; program trades, eurozone concerns stoke volatility STOCKS LYNETTE KHOO Correspondent FOR a market lacking in local catalysts, recent volatility has been stoked by high-frequency trading and the fluid situation unfolding in the eurozone. Yesterday was no different forSource: Bloomberg - 608 words
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Article66 2011-09-21 8 Sep 20 VALUE CLOSE BT OB/OS -93.00 +61.00 BT CADI -*****.00 +60.00 BT 10-day MA -*****.00 -10.00 FTSE ST Mid Cap 637.93 +1.91 FTSE ST Small Cap 436.88 +1.12 FTSE ST All Share 672.78 +4.87 FTSE ST China Top 198.49 +0.61 FTSE ST China 233.94 +1.18 FTSE66 words
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Article58 2011-09-21 8 VOLUME Golden Agri 114,222,000 AusGroup 44,016,000 Genting SP 42,897,000 DMX Tech 42,461,000 ChinaNTown 18,421,000 Sheng Siong 17,938,000 Noble Grp 16,520,000 STXOSV 16,288,000 Artivision 14,718,000 Thai Beverage 12,829,000 VALUE($) Golden Agri 77,658,960 Genting SP 71,336,040 DBS Grp 48,384,700 SingTel 38,848,600 UOB 32,146,940 OCBC Bk 31,394,010 CapitaLand 29,636,005 GLD58 words
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Article113 2011-09-21 8 Stock name Close Change CapMallsAsia 1.295 +0.015 CapitaLand 2.600 +0.080 CapitaMall 1.920 +0.010 CityDev 10.100 +0.290 ComfortDelGro 1.320 DBS Grp 12.330 +0.050 F&N 5.850 +0.130 GLP 1.770 +0.045 Genting SP 1.680 +0.035 Golden Agri 0.695 +0.025 HK Land 5.000 +0.020 JMH 49.760 -0.640 JSH 27.880 +0.080113 words
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Article186 2011-09-21 8 MAIN CATL TOTAL Up Down Unch Up Down Unch Up Down Unch Multi Ind 8 2 3 0 0 0 8 2 3 Manufacturing 47 41 31 2 4 4 49 45 35 Commerce 25 17 16 3 4 2 28 21 18 Tpt/Stor/Comms 19 9 8186 words
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BROKERS’ TAKE
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Article416 2011-09-21 8 Sept 20 close: $0.39 OCBC Investment Research, Sept 20 AT THE current market cap of $248 million, Roxy Pacific Holdings is trading less than the independent valuation of its hotel asset alone (Grand Mercure Roxy Hotel GMRH), which is $329 million or $590,000 per room a fair416 words
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Article430 2011-09-21 8 LYNETTE KHOO - DMG Partners Securities, Sept 20 Compiled by LYNETTE KHOO SINGAPORE banks, after recent falls, currently trade at about one standard deviation below historical P/B, and are unlikely to perform well in the short term. Since we downgraded the Singapore banking sector in mid-August 2011, the three banks have430 words
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Article135 2011-09-21 8 Ebit earnings before interest and tax Ebitda earnings before interest, tax, depreciation and amortisation EPS earnings per share FY fiscal/financial year H1, H2 first or second half m-o-m month on month NAV net asset value 9M nine months P/B price/book value (ratio) PE price/earnings (ratio) Q1, Q2, Q3 first,135 words
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Article120 2011-09-21 8 TURNOVER (‘000) VALUE (‘000) MAIN CATL TOTAL MAIN CATL TOTAL Multi Ind 13,594 13,594 42,861 42,861 Manufacturing 107,508 8,263 115,771 99,442 103 99,545 Commerce 52,737 1,496 54,233 63,782 269 64,051 Tpt/Stor/Comms 85,959 314 86,273 124,459 35 124,494 Finance 12,242 51 12,293 121,924 11 121,935 Construction 15,470 3,958120 words
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Article, Illustration447 2011-09-21 8 CURRENCIES Reuters [LONDON] The euro pared losses yesterday as investors who sold the shared currency after a cut in Italy’s credit rating bought it back, although it looked vulnerable to renewed selling on any further signs that the bloc’s debt crisis is worsening. ReliefReuters; REUTERS - 447 words
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Article115 2011-09-21 8 BY CENTS CLOSE UP IS DJ US Tech 6020 368.7 5.1 DBXT STGLDv100 10US$ 2641 140.2 4.4 DBXT MSJAP 10US$ 3602 109.9 2.5 DBXT S&P500 10US$ 1918 101.0 4.4 IS S&P500 ***** 68.2 0.4 OCBC Bk 4.5%NCPS 100 ***** 60.0 0.6 DBXT AUDMM 5AU$ ***** 56.9 0.2 DBXT MSKorea115 words
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Article120 2011-09-21 8 BY CENTS CLOSE DOWN GLD 10US$ *****-244.9 -1.1 DBXT Nifty 10US$ *****-161.6 -1.2 Lyxor AsiaMT 10US$ 5584-112.4 -1.6 Lyxor AsiaCS 10US$ 5191 -97.2 -1.5 JMH 4976 -80.8 -1.3 DBXT MSEurope 10US$ 3830 -79.5 -1.6 DBXT DBCBDJUBS 10US$ 3661 -75.8 -1.6 DBXT E50 10US$ 3196 -68.2 -1.7 CIMBAsean40 100US$ 938120 words
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Page 9 Advertisements
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Advertisement384 2011-09-21 9 Speak with a Powerful, Clear, Confluent Engaging Voice! Secrets Powerful Presidents, Motivational Speakers and Inspiring Leaders never told you! Learn the 5 secrets to Voice Power Speech Confidence! Learn the 7 steps on the path to Clear Speech! •f Learn the Elements of Inflection that make you Dynamic Engaging! "The384 words
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SINGAPORE NEWS
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Article, Illustration555 2011-09-21 10 CHEN HUIFEN - Singapore’s retail and F&B firms tend to focus on quick solutions to drive revenues: survey By CHEN HUIFEN SINGAPORE’S retail and F&B industries are on a par with other major international cities in terms of sales per employee and sales per square foot, but555 words
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332 2011-09-21 10 SAMUEL EE - Organiser to feature more Grammy winners this year By SAMUEL SAMUEL EE HIGHER artiste management fees and bigger headlining acts have pushed this year’s entertainment budget for the Singapore Grand Prix up by about 20 per cent to nearly $6 million. Race332 words
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489 2011-09-21 10 KALPANA RASHIWALA - By KALPANA RASHIWALA THE cautious land bidding mood among developers has spread to the office segment. An office plot at Robinson Road/Cecil Street next to Capital Tower yesterday drew a top bid from Far East Organization of $311.777 million or $882.03489 words
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254 2011-09-21 10 DOLLY CHIA - By DOLLY CHIA THE new Enabling Masterplan (EM), which is expected to be ready by early 2012, will focus on building progress and development in the disability sector from FY 2012, which starts from April 1, 2012, to FY 2016. A 31-member steering254 words
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Article, Illustration531 2011-09-21 10 DOLLY CHIA - By DOLLY CHIA THE fourth edition of “Children for Children” has reached a record participation rate with 1,400 children from low-income families signing up for a day out at Resorts World Sentosa (RWS). This is the largest gathering for the annual event, since itsYEN MENG JIIN - 531 words
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302 2011-09-21 10 KELLY TAY - By KELLY TAY WITH an increasingly affluent population, rising space constraints, and higher home prices and office space occupancy costs, more people are keeping their paraphernalia in self-storage facilities. Assuming the trend continues, companies in the business of leasing storage space can expect demand for302 words
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Page 10 Advertisements
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Advertisement284 2011-09-21 10 BSAF3 NOTICES IN THE MATTER OF THE COMPANIES ACT, CAP. 50 AND IN THE MATTER OF NUIDEASBANK PTE. LTD. (CO. REG. NO. *****4604N) (IN MEMBERS’ VOLUNTARY LIQUIDATION) NOTICE OF FINAL MEETING NOTICE IS HEREBY GIVEN pursuant to Section 308 of the Companies Act, Cap. 50 that the Final Meeting of284 words
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ECONOMY WATCH
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758 2011-09-21 11 ANTHONY ROWLEY - Advanced economies face weak expansion while outlook for emerging regions becoming uncertain By ANTHONY ROWLEY in Washington THE global economy has entered a “dangerous new phase”, with advanced economies facing “weak and bumpy” expansion at best and prospects even for those emerging economies758 words
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400 2011-09-21 11 AFP [TOKYO] The Japanese government yesterday unveiled an interim report on a series of measures aimed at preventing the persistently high yen from squeezing the nation’s economy and industry. “The package is aimed at not only cushioning the (yen’s) impact butAFP - 400 words
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Article, Illustration637 2011-09-21 11 Bloomberg [BEIJING] US Ambassador to China Gary Locke said the Asian country’s business climate is leading to “growing frustrations” among business and government leaders abroad, planting “seeds of doubt” in the minds of investors. “There is a gap between the goals China identifiedBloomberg; AP - 637 words
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Article468 2011-09-21 11 IHT [FRANKFURT] Declining beer consumption may be contributing to the European debt crisis at least according to a study commissioned by brewers. The conclusion is not as preposterous as it might sound. European drinkers are saving money by quaffing at home rather than in pubs, whichIHT - 468 words
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404 2011-09-21 11 It also calls on BOJ to take appropriate, bold policy steps Reuters [TOKYO] Japan’s government maintained its assessment of the economy in September saying a sustained upturn in production and exports continued while flagging risks posed by slackening global growth, the yen’s strength and volatileReuters - 404 words
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Page 11 Advertisements
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Advertisement86 2011-09-21 11 Cole Isolation Technique (CIT) Dr John Cole (pioneer in FUE surgery, from the USA), personally trained our hair transplant team of doctors and nurses on the latest FUE-CIT.Therearenow3techniques available to suit your unique needs. 1. CIT Fully shaving Technique 2. CIT Partially Shaving Technique 3. C2G Non Shaving Technique Dr86 words
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MALAYSIA/INDONESIA
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601 2011-09-21 12 S JAYASANKARAN - Contractors sell off govt tender awards to non-bumis, cable cites ministry study By S JAYASANKARAN By in Kuala Lumpur A LEAKED US diplomatic cable has cited a 2007 internal Works Ministry report that conceded that many bumiputra contractors had misused their601 words
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Article, Illustration512 2011-09-21 12 PAULINE NG - M’sian carrier denies media reports IPO has been postponed By PAULINE NG in Kuala Lumpur MALAYSIAN budget carrier AirAsia yesterday said the listing of its Thai unit this year would proceed as planned, denying media reports of its postponement. Its confirmation that Thai AirAsiaBLOOMBERG FILE PHOTO - 512 words
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Article390 2011-09-21 12 Reuters [SINGAPORE] Malaysia’s national power utility Tenaga Nasional bought 105,000 tonnes of Octo-ber-delivery fuel oil and is expected to continue purchasing steady volumes until next year, industry sources said yesterday. This is the firm’s largest import in a single month since it started buying largeReuters - 390 words
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474 2011-09-21 12 Reuters [BANGKOK] Thailand’s Siam Cement Pcl agreed to buy 30 per cent of Indonesia’s Chandra Asri Petrochemical Tbk (CAP) for US$442 million in a deal mainly with Singapore investment company Temasek that signals growing competition for South-east Asian petrochemical assets. The acquisitive ThaiReuters - 474 words
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412 2011-09-21 12 Bloomberg [KUALA LUMPUR] The world’s first sale of yuan Islamic bonds by Khazanah Nasional Bhd may withstand global market turmoil as investors bet on gains in China’s currency and state support for the issuer. Malaysia’s sovereign wealth fund plans to sell 500 millionBloomberg - 412 words
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Page 12 Advertisements
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Advertisement22 2011-09-21 12 [SfTgEETiTEAMl Catch the m^Fm_ Jjparni > win TUNE IN TO LISTEN FOR STREET TEAM LOCATIONS AND TRACK THEM DOWN TO GRAB THE CODEWORD!22 words
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GREATER CHINA/INDIA
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792 2011-09-21 13 SHU-CHING JEAN CHEN - With average ages of 36 to 48 years, they show distinct investment preferences and like to invest overseas By in SHU-CHING JEAN CHEN in Hong Kong ASIA’S wealthy ranks, despite their trademark entrepreneurship, are definitively conservative in personal wealth management, with a particular fondness792 words
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376 2011-09-21 13 Reuters [BEIJING] Beijing’s plan to provide financial aid to the European Union is not contingent on Europe supporting a proposal that could protect China from trade sanctions, a Commerce Ministry spokesman said yesterday. “Recognising China’s market economy status andReuters - 376 words
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Article, Illustration690 2011-09-21 13 High inflation, more convertible yuan will hasten move Bloomberg [HONG KONG] Expectations for Hong Kong dollar moves against the US currency more than tripled in the past year as investors bet faster inflation and a more convertible yuan will hasten anBloomberg; REUTERS - 690 words
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Article, Illustration470 2011-09-21 13 Reuters [LONDON] India faces inflation of close to 10 per cent in the September-Novem-ber period but price pressure should moderate from December, meaning an 18-month rate rise cycle is near its peak, a deputy governor of the Reserve Bank of India (RBI) saidReuters - 470 words
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443 2011-09-21 13 Reuters [BEIJING] Bank of China, a big market-maker in China’s onshore foreign exchange market, has stopped foreign exchange forwards and swaps trading with several European banks due to the unfolding debt crisis in Europe, three sources with direct knowledge of the matterReuters - 443 words
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266 2011-09-21 13 AFP [SYDNEY] Energy-hungry India and China have snapped up almost all of Australia’s next big coal field, the northern Galilee basin, three years before production even begins, a report said yesterday. Just 1.2 billion of the more than 20 billion tonnes on offerAFP - 266 words
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WORLD
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706 2011-09-21 14 They have pledged an additional US$150b this year on their citizens Bloomberg [ABU DHABI] The Organization of the Petroleum Exporting Countries (Opec) members, are poised to earn an unprecedented US$1 trillion this year, according to the US Energy Department, as the group’sBloomberg - 706 words
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481 2011-09-21 14 They are suspected of helping US citizens evade taxes Bloomberg [NEWARK] Eight offshore banks are under federal grand jury investigation for facilitating tax evasion by US citizens as part of a probe by the Justice Department. It disclosed the probes onBloomberg - 481 words
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Article, Illustration677 2011-09-21 14 AFP Reuters [WASHINGTON] The United States said yesterday it had launched a case against Chinese duties on imports of US chicken in the World Trade Organization (WTO). In the latest round of trade disputes between the world’s two largest economies,AFP; Reuters; REUTERS - 677 words
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Article434 2011-09-21 14 Renting has become a preferred option for many Americans LATEST US DATA AP [WASHINGTON] Builders broke ground on fewer homes in August, a reminder that the housing market remains depressed. The Commerce Department said yesterday that builders began work on a seasonally adjusted 571,000 homesAP - 434 words
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Article, Illustration579 2011-09-21 14 Bloomberg [NEW YORK] Billionaire Ted Turner said News Corp chairman and chief executive officer Rupert Murdoch will probably have to leave the helm of his media company after a phone-hacking scandal that began at one of its newspapers. “I think he’sBloomberg; AP - 579 words
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Advertisement408 2011-09-21 16 / 17 DBS TREASURES X' PRIVATE CLIENT DBS PRIVATE DBS takes wealth management in Asia to a whole new level. Introducing DBS Treasures Private Client and DBS Private Bank. r U7 ft u rn —i rf ■J8- S i f IS 1 V I T?" ■V' S M n. «-in W/ w408 words
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Page 15/18 Advertisements
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Advertisement258 2011-09-21 15/18 Safest Bank in Asia Global Finance in 2009, 2010 and 2011 Best Bank in Singapore Euromoney, FinanceAsia and Global Finance in 2010 Best Local Private Bank in Singapore for 5 consecutive years Euromoney Private Banking Poll (2007 2011) Best Wealth Management House in Singapore The Asset Triple A Investment Awards258 words
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TransportHUB
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1066 2011-09-21 19 DAVID HUGHES - Idea about having armed UN peacekeepers on ships runs into host of hurdles STRAIT TALK By DAVID HUGHES THERE has been a lot of talk about piracy in the past couple of weeks, much of it expressing, yet again, the anger of the shipping1,066 words
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507 2011-09-21 19 Index had risen to its highest level in 9 mths last week Reuters Bloomberg [LONDON] The Baltic Exchange’s main sea freight index, which tracks rates to ship dry commodities, fell for a third session on Monday as slower cargo business and a buildReuters; Bloomberg - 507 words
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352 2011-09-21 19 Bloomberg Reuters [LONDON] Rental income from shipping Middle East crude oil to Asia, the world’s busiest route for supertankers, fell to this year’s low as Goldman Sachs Group Inc on Sunday said vessel owners are failing to adjust ship supply. DailyBloomberg; Reuters - 352 words
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Article, Illustration330 2011-09-21 19 Bloomberg Reuters [LONDON] South Korean shipbuilders’ skill in constructing higher-value vessels helped them to win contracts worth almost four times those awarded to Chinese yards, Clarkson Research Services Ltd said. South Korea won US$37.8 billion of orders in the first eight months of 2011,Bloomberg; Reuters; BLOOMBERG - 330 words
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810 2011-09-21 19 Bloomberg [LONDON] In a year when commodity carriers, oil tankers and container ships have lost money on the biggest trade routes, owners of vessels hauling liquefied natural gas (LNG) are poised for the best rates ever. The cost of hiring tankers to carryBloomberg - 810 words
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TRANSPORT HUB: AVIATION
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Article, Illustration544 2011-09-21 20 The US planemaker and Cargolux both blame ‘contract issues’ for the delay Reuters [BARCELONA] Boeing Co scrambled to iron out contract problems that forced it to postpone the first delivery of a stretched model of its iconic 747 jumbo jet, driving downReuters; AFP - 544 words
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Article, Illustration554 2011-09-21 20 Bloomberg [LONDON] British Airways (BA) will begin a tender later this year to evaluate replacements for its 55 ageing Boeing Co 747 jumbo jets, of which it’s the world’s biggest operator, fleet manager Alexander Grant said on Monday in Barcelona. BA willBloomberg; BLOOMBERG - 554 words
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501 2011-09-21 20 The UK airline faces a bill of up to 55m euros for permits Reuters [LONDON] British Airways (BA) will pay more than any other carrier to comply with CO2 limits under the EU emissions trading scheme (ETS) next year, consultants at Thomson ReutersReuters - 501 words
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Article, Illustration509 2011-09-21 20 AFP [SYDNEY] Unions yesterday accused Qantas of “sending out thugs” to intimidate staff as thousands of passengers faced disruptions from strike action by the airline’s ground workers. A nationwide walkout by about 4,000 baggage handlers, caterers, and freight staff in a dispute over payAFP - 509 words
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TRANSPORT HUB: LAND
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Article, Illustration436 2011-09-21 21 SAMUEL EE - Demand for the car has been so strong here that it is sold out until Q1 2013 By SAMUEL EE THIS weekend’s Formula One (F1) race in Singapore has heightened interest in McLaren’s new road car, with local dealer Wearnes Automotive receiving436 words
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339 2011-09-21 21 Reuters [TURIN] Fiat SpA has enough liquidity to weather the financial crisis, chief executive Sergio Marchionne said on Monday, confirming its planned investments. “What happens industrially and what happens on the stock market are separate issues. They are totally dissociated,” Mr MarchionneReuters - 339 words
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506 2011-09-21 21 Suzuki’s CEO has offered to buy VW’s 19.9% stake Reuters Bloomberg [FRANKFURT] A full takeover of Suzuki Motor by Volkswagen (VW) is seen as unlikely after the Japanese company sought a divorce from a two-year partnership with Europe’s biggest carmaker that was marred by disagreements.Reuters; Bloomberg - 506 words
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Article, Illustration380 2011-09-21 21 Reuters [WASHINGTON] Carmakers, including Hyundai Motor Co and Subaru, recalled more than 800,000 cars and trucks last week for defects including faulty airbags, according to federal regulators. Separately, the National Highway Traffic Safety Administration (NHTSA) opened a preliminary defect investigation into 205,661Reuters; AP - 380 words
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354 2011-09-21 21 The company’s focus is getting cars to individual buyers Bloomberg [LOS ANGELES] Toyota Motor Corp, Asia’s largest carmaker, expects to start reversing a US sales slide that began in May after Japan’s earthquake as vehicle production rebounds and deliveriesBloomberg - 354 words
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Article, Illustration521 2011-09-21 21 SAMUEL EE - By SAMUEL EE THE Pirelli P Zero Silver tyre is the first commercial product resulting from Pirelli’s supply of Formula One (F1) and the Italian manufacturer is likely to follow it up with more “colours”. Earlier this month, Pirelli announced that the P521 words
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Advertisement122 2011-09-21 19 Asian Feeder Discussion Group (AFDG) NOTICE TO TRADE PALEMBANG TO SINGAPORE AND VICE VERSA EMERGENCY RECOVERY CHARGE We refer to our press notice dated 10 June 2011 wherein we have notified the trade of the implementation of the following Emergency Recovery Charge (ERC) for all SOC shipments from Palembang to122 words
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Page 20 Miscellaneous
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Miscellaneous300 2011-09-21 20 CRYPTIC CROSSWORD Across 1 Cops, elite crew endlessly trained for special force (6,6) 8 A French bit’s flipped? Take off! (7) 9 Stand for breadbasket (7) 11 It generates energy in relation to star perhaps (7) 12 Roll around front of inn and make merry (7) 13 Sound of bird300 words
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Advertisement7 2011-09-21 21 Five-day luxurytravel packages forF1 startat $30,000 Tosubscribe,call6388-3838orgotosphsubscription.com.sg7 words
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EDITORIAL & OPINION
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Article472 2011-09-21 22 EDITORIAL US President Barack Obama’s proposal to shrink the nation’s debt, with roughly half of the money coming from tax increases on the rich and on corporations, together with his new jobs bill to Congress last week, sets the agenda for the rest of472 words
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Article, Illustration741 2011-09-21 22 XAVIER VIVES - THE BOTTOM LINE XAVIER VIVES The writer is professor of economics and finance at IESE Business School Project Syndicate CENTRAL bankers and regulators tend to worry that too much competition in the financial sector increases instability and the risk of systemicProject Syndicate - 741 words
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Article, Illustration1121 2011-09-21 22 LEON HADAR - With his debt-reduction plan, he hopes to change the terms of the debate over fiscal policy LEON HADAR Washington Correspondent AFTER months of urging Congress again and again to start doing something about America’s ballooning federal deficit, US President Barack Obama decided thatAFP - 1,121 words
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Article, Illustration2305 2011-09-21 23 PETER MANDELSON - If the single-currency union unravels, the costs in GDP to each member and for the global economy could be colossal By PETER MANDELSON The writer is a former UK secretary of state for business, first secretary of state and EU Trade Commissioner. This isREUTERS - 2,305 words
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Article, Illustration644 2011-09-21 23 FRANK RICHTER - By FRANK RICHTER The writer is chairman ofHorasis, an independent international organisation that provides thought leadership on ideas for a sustainable future IT was Henry Ford, a prominent American industrialist and the founder of Ford Motor Company, who was alleged to have644 words
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SINGAPORE STOCKS
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Article7907 2011-09-21 24 Transaction date: Sep 20 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 12.5 10.6 14.5 7.8 4.9 2.6 59.9 9.5 4.5 A-Sonic 4.8 4.6 5 2.7 1.8 34.4 62.57,907 words
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Article1503 2011-09-21 25 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 15.7 +0.3 120 15.7 15.7 15 15.6 4.7 3.5 6.1 28.1 5.5 3.7 t AA Grp 4 2.6 41,503 words
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Article10062 2011-09-21 25 UNIT TRUSTS FUNDS UNIT TRUSTS APS Asset Mgt Pte Ltd APS Alpha Fund Cl A!** 1.21/ APS Alpha Fund (USD)!** 0.96/ AXA Life Secure Ascent 2020 Fund 0.9964/0.9964 AXA Wealth Mgt S'pore Pte Ltd AXA WM -Talents Fund 0.61/ Aberdeen Asset Mgt Asia Limited American Opp 0.6033/ Asian Credit Fund10,062 words
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Article231 2011-09-21 25 52-Wk Last Vol Day Last Quote Div GrYld Net MCap High Low Company Sale +/-(’000) High Low Buyer Seller C’vr P/E $mil 56 34 AVJennings A46cd 39 46 3.6 7.6 3.7 119.8 54.5 29.5 Genting HK US$ US32.5 +0.5 8729 33 32 32.5 33 2140 20.5 10 OGL Resources231 words
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Article858 2011-09-21 25 52-Wk Last Vol Day Last Quote Div GrYld Net MCap High Low Company Sale +/-(’000) High Low Buyer Seller C’vr P/E $mil 130 108 ABF SG Bond ETF 130 unch 200 130 130 123 128 593.4 1261 938 CIMBAsean40 100US$ US938 -45 6 953 938 958 959 37.5858 words
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FINANCE & COMMODITIES
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374 2011-09-21 26 In local curr In S$ In US$ dy yr dy yr dy yr Sep 19 Index Change Change Change Change Change Change World Index Preliminary 800.0 -1.6 -10.9 -0.1 -11.1 -2.0 -10.0 EAFE Preliminary 661.8 -1.7 -17.4 -0.6 -16.6 -2.5 -15.5 Europe Preliminary 956.2 -2.3374 words
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Article87 2011-09-21 26 CRUDE OIL PRODUCTS Sep 19 CRUDE (FOB origin)*****66 US$/barrel Close Change Brent blend (1-Mth F) 109.90..86.5587.97 -2.40 WTI (Near Mth) 85.89 -2.03 Dubai (1-Mth F)179.8 107.12 -1.38 Tapis blend180.8 122.08 -2.06 Minas 116.13 -2.06 8380 8668.00 86.87 88.19 86.55 87.97 179.8 176.40 180.8 171.20 PRODUCT US$/barrel (FOB S'pore) Close Change87 words
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Article179 2011-09-21 26 Sep 20 SICOM RUBBER Futures (Closing prices) RSS 3 (US cents/kg) Close Volume O/I Month High Low Sett (lots) (lots) Oct 11 464.0 460.0 463.6 57 327 Nov 11 463.0 460.0 463.2 37 302 Dec 11 460.0 460.0 461.3 8 502 Jan 12 465.0 460.9 465.0 30 332179 words
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Article, Illustration98 2011-09-21 26 As on 19 September 2011 www.smx.com.sg PRODUCT CONTRACT HIGH LOW CLOSE PREV CLOSE PRECIOUS METALS Gold DEC-11 1829.10 1773.70 1781.8 1814.8 Silver DEC-11 40.635 39.055 39.18 40.835 CURRENCY US Dollar-Jap Yen DEC-11 76.85 76.32 76.37 76.81 Euro-US Dollar DEC-11 1.3696 1.3578 1.3674 1.3769 Aust-US Dollar DEC-11 1.015498 words
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Article128 2011-09-21 26 Sep 191.00 1.0057 1.5634 Dollar DEC-11 1.5702 1.5634 METALS DEC-11 8517.00 8329.00 NOV-11 87.44 86.48 OCT-11 86.56 86.54 SEP-11 182.30 179.80 OCT-11 183.50 180.50 SOYBEANS (5,000 bu min; US cents/60 lb bushels)DEC-*****7.00 Close Previous High/LowNov 11 1336.00 1355.50 1357.50 1326.00OCT-1186.5686. Jan 12 1346.75 1367.00 1368.00 1338.00 Mar 12128 words
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Article79 2011-09-21 26 Sep 20 TREASURY BILLS Period Issue Maturity Yesterday's Day's code Bid High Low 3-Month BQ*****T 22.12.2011 0.19 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 103.82 103.87 103.84 5-Year N*****0W 1.125 01.04.2016 102.76 10-Year NX*****X79 words
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Article451 2011-09-21 26 Sep 20 OPEN HIGH LOW SETT VOL OP/INT EURODOLLAR FUTURES Dec11 99.5300 0 2627 Mar12 99.4950 0 1355 Jun12 99.5150 0 1171 Sep12 99.5350 0 982 EUROYEN TIBOR FUTURES Dec11 99.6875 99.6900 99.6875 99.6900 0 2025 Mar12 99.6975 0 2338 Jun12 99.7025 0 1470 Sep12 99.7000 0451 words
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Article121 2011-09-21 26 As at 9am Sep 20 Singapore dollars to one unit of foreign currency: Currencies Sell Buy Aust dollar 1.315 1.253 Can dollar 1.297 1.248 Euro 1.753 1.686 Sterling pound 2.016 1.939 NZ dollar 1.065 1.015 US dollar 1.282 1.233 Local dollars to 100 units of foreign121 words
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Article27 2011-09-21 26 Sep 20 Open High Sett STI Sep 2781 SIMSCI Sep 316.0 319.7 319.5 Taiwan Sep 263.2 267.7 264.3 Source: MF Global (S) Pte Ltd27 words
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2181 2011-09-21 26 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 2.2 -1.1 510 1 150 43 48.41 32 ASJ Hldgs W*****1 0.5 1 4 32 6.80 5 AlliedTech W*****2 1.7 1 4 26 Aztech Grp W*****3 0.6 12,181 words
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Article160 2011-09-21 26 Sep 20 $S Offer Bid 0vernight 0.03 0.01 1-month 3/16 1/16 2-months 1/4 1/8 3-months 5/16 3/16 Overnight mode: 0.10 US$ 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 0.90 0.70 12160 words
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Article463 2011-09-21 26 Sep 20 A$ C$ Rmb Euro HK$ Ind Rs Rupiah Yen Won RM NZ$ Pak Rs Peso S$ Rand Sfr NT$ Baht Pound US$ Australia 1.015 6.548 0.749 7.993 49.280 92.577 0.785 11.766 3.204 1.248 89.998 44.578 1.295 7.825 0.903 30.661 31.334 0.653 1.026 Canada 0.985 6.451463 words
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Article82 2011-09-21 26 Sep 20 (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$) 1 mth 0.***** 2 mths 0.***** 3 mths 0.***** 6 mths 0.***** 9 mths 0.***** 12 mths82 words
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Article138 2011-09-21 26 Sep 20 GOLD (US$/oz) Sep 20 Sep 19 Hong Kong 1793.20 1818.00 Sep 19 Sep 16 London 1785.50 1795.10 1786.50 1796.10 Source: Thomson Reuters CAST BAR Sep 20 (S$) Selling Buying Kilobar 77,900.28 ***** PAMP GOLD BARS (S$) Selling Buying 1gm 174 73 5gm 495 363 10gm 885138 words
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Article71 2011-09-21 26 Sep 19 Sep 19 Aluminium, 99.7% purity (US$/tonne) Close Previous Cash 2306.00 2346.50 3 months 2340.50 2380.00 Copper, Grade A (US$/tonne) Cash 8339.00 8671.25 3 months 8364.00 8696.00 Lead (US$/tonne) Cash 2320.00 2384.25 3 months 2301.00 2365.00 Nickel (US$/tonne) Cash *****.00 *****.00 3 months *****.00 *****.00 Tin (US$/tonne)71 words
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Article57 2011-09-21 26 Sep 20 KLCE PALM FUTURES (RM/MT) Delivery Opening Sett Av Vol Open Month Range Price Price High Low Done Position Oct 11 3060 3084 3090 3059 1118 5521 Noc 11 3036 3073 3075 3030 3611 ***** Dec 11 3033 3067 3071 3023 8780 ***** Jan 12 3037 306857 words
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Article154 2011-09-21 26 Sep 20 Against S$ Against US$ Currencies Bid Offer Bid Offer S$/US$ to one unit of foreign currency: Australian dollar 1.2942 1.2956 1.0250 1.0260 Canadian dollar 1.2752 1.2761 1.0100 1.0105 Euro 1.7277 1.7286 1.3684 1.3689 NZ dollar 1.0374 1.0381 0.8216 0.8221 Sterling pound 1.9833 1.9840 1.5708 1.5711154 words
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Article22 2011-09-21 26 Sep 20 S$ Bid Offer 1-month 1.2626 1.2628 2-months 1.2625 1.2628 3-months 1.2621 1.2625 6-months 1.2596 1.2603 Source: OCBC22 words
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Article82 2011-09-21 26 Sep 19 COCOA (£/tonne) Close Prev High/Low Dec 11 1768 1807 1802/1758 Mar 12 1800 1839 1834/1791 May 12 1816 1856 1851/1808 Jul 12 1832 1870 1865/1824 COFFEE (US$/tonne) Close Pev High/Low Sep 11 2095 2073 2070/2065 Nov 11 2131 2109 2133/2041 Jan 12 2156 2135 2158/2069 Mar 1282 words
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5091 2011-09-21 27 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 Destination5,091 words
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Advertisement26 2011-09-21 27 Experienced ship maintenance services wanted. Can they find your services here in the Shipping Times? To All Shipping Advertisers: Please call Joe Wong at 9620 132726 words
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Advertisement28 2011-09-21 28 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 2011-09-21 28 USE THIS SPACE TO SELL CALL JOE WONG AT 9620 1327 TO ADVERTISE THE BUSINESS TIMES SHIPPING TIMES18 words
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Advertisement258 2011-09-21 29 <1 u I a FX Traders You'll be in good company \t \t, \t vr. Best Speed of Best Research and Best Effective Best Integrated Best Improved Best Improved Best White Label Best Forex Broker Best Liquidity Execution Analytics Risk Management Workflow and Overall Market Overall Market Solution Northern Europe258 words
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executive Money
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Article, Illustration1926 2011-09-21 29 TARA SIEGEL BERNARD - Long-term stocks investment planning is essential to maintain an even keel in volatile markets, writes TARA SIEGEL BERNARD NYT [NEW YORK] JmacomjustarehavareUST as you caught your breath after the stockmarket mayhem of 2008 and 2009, it has become increasingly clear that this ride isn’t over justNYT; STOCK.XCHNG - 1,926 words
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Article, Illustration715 2011-09-21 30 JOHN F WASIK - They strengthen income and provide a bulwark against global economic uncertainty, writes JOHN F WASIK NYT [NEW YORK] DESPITE the gyrations in the stock market this year, one sweet spot has been dividends. These cash payments from mature, profitable companies have been aNYT; BLOOMBERG FILE PHOTO - 715 words
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617 2011-09-21 30 Demand for food, fuel and metals seen declining Bloomberg [CHICAGO] Funds cut their bullish bets on raw materials for the first time in five weeks on speculation that demand for food, fuel and metals will decline as the European debt crisis deepens. InBloomberg - 617 words
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Article, Illustration1021 2011-09-21 32 GENEVIEVE CUA - APS may now seek re-inclusion of fund in CPFIS after resolving expense ratio issue, reports GENEVIEVE CUA A COUPLE of years of stellar performance has ironically resulted in a unit trust APS Asset Management’s Alpha fund being barred from taking in fresh CPFFILE PHOTO - 1,021 words
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347 2011-09-21 32 GENEVIEVE CUA - It expands S’pore headcount from just three to 30 this year GENEVIEVE CUA By ASSET manager Threadneedle is beefing up its offices in Singapore and the rest of Asia in anticipation of a “significant” growth in assets. Just this year, the firm expanded its347 words
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Advertisement116 2011-09-21 30 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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Advertisement173 2011-09-21 31 WORKING TOWARDS ONE GOAL: YOURS PRIVATE BANKING Your private banker works closely with a team of dedicated industry experts developing appropriate solutions to help you manage your wealth and meet your personal objectives. www.privatebanking .societegenerale.asia Societe Generale Private Banking is a part of Societe Generale, Société Anonyme registered in 29173 words
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Advertisement103 2011-09-21 32 Deutsche Bank db.com Complex challenges demand innovative solutions. Top rated with best industry scores from cross-border clients in Asia and for emerging markets globally Global Custodian Agent Bank Review 2010 Best eCommerce Bank, Asia The Asset Triple A Transaction Banking Awards 2011 Best Cash Management Bank, Asia Pacific Best EURO103 words
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