The Business Times, 13 February 2013
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2013-02-13
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The Business Times
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Title Section25 2013-02-13 1 THE BUSINESS TIMES S$1.00 online at http://www.businesstimes.com.sg SfCl A SINGAPORE PRESS HOLDINGS PUBLICATION CO R GN NO *****2868E MICA (P) 074/08/2012 Wednesday, February 13, 201325 words
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Article, Illustration757 2013-02-13 1 ROB CURRAN - By ROB CURRAN CONTRARY to a recent report, the US economic recovery is gradually accelerating and should continue to do so, barring a shock from the Federal Reserve or Congress. In its first take on the fourth quarter published on Jan 30, thePHOTO: AP - 757 words
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Article, Illustration843 2013-02-13 1 NISHA RAMCHANDANI - GDP growth for first quarter of this year forecast at 2.2 to 2.5 per cent By NISHA RAMCHANDANI [SINGAPORE] Business conditions improved in the fourth quarter of 2012, according to the latest BT-Uni-SIM Business Climate Survey, which forecasts GDP growth of 2.2 perSource: BT-UniSIM Business Climate Survey - 843 words
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MARKETS DIGEST
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Article48 2013-02-13 1 Tuesday Change ST INDEX Closed KL COMP Closed NIKKEI 225 11,369.12 +215.96 HANG SENG Closed SET INDEX 1,488.95 -0.16 JAKARTA COMP 4,548.24 +45 MANILA COMP 6,459.93 +1.92 SEOUL COMP 1,945.79 -5.11 SHENZHEN B Closed MUMBAI IND 19,561.04 +100.47 11am EST Change DOW 13,996.30 +25.09 NASDAQ 3,192.07 +0.0748 words
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Article21 2013-02-13 1 SINGAPORE MALAYSIA MALAYSIA HONG KONG HONG KONG INDONESIA INDONESIA 13.177 TAIWAN 5.036 JAPAN 1.475 KOREA 9.33 BRITAIN Source: Bloomberg21 words
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Article49 2013-02-13 1 US$ S$ US$ (S$ per US$) 1.239 (US$/S$ per 1.572 1.947 EURO (US$/S$/E) 1.340 1.660 Foreign currency per US$ S$ YEN 92.80 74.90 RM 3.100 2.502 HK$ 7.756 6.260 BAHT 29.79 24.04 RUPIAH 9,674 7,808 RENMINBI 6.233 5.031 INDIAN RUPEE 53.61 43.27 A$ 0.970 0.783 NZ$ 1.197 0.96649 words
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Page 1 Advertisements
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Advertisement234 2013-02-13 1 BT ROUNDTABLE Will investors be bitten in 2013? PAGE 19 EXEC MONEY Complex investments hold traps for savers PAGE 28 HOCK LOCK SIEW Challenges posed by penny stock boom PAGE 5 STRAIT TALK ICS tackles key issues PAGE 20 Combining 212 years of experience, 50 locations worldwide and 2 leading234 words
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TOP STORIES
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Article518 2013-02-13 2 Better business conditions in Q4 BUSINESS conditions in Singapore improved in the fourth quarter of 2012, according to the latest BT-UniSIM Business Climate Survey which forecasts GDP growth of 2.2 per cent to 2.5 per cent in the first quarter of this year. FRONT PAGE US recovery picks518 words
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Article, Illustration777 2013-02-13 2 SIOW LI SEN - 2/3 of 1,000 SMEs in bank survey have ops abroad while keeping S’pore home base By SIOW LI SEN [SINGAPORE] There’s a lot of talk about companies leaving Singapore because of the tight labour policies. But the reality is that mostFILE PHOTO - 777 words
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334 2013-02-13 2 NISHA RAMCHANDANI - Survey director: Country is growing rapidly and welcoming investments By NISHA RAMCHANDANI [SINGAPORE] Move over, China. Indonesia is growing in popularity. It is the single most preferred destination for Singapore-based companies planning to venture overseas in the next six months, according to the BT-UniSIM334 words
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Article, Illustration772 2013-02-13 3 Group’s assurance comes amid mounting concerns of a currency war Bloomb erg [LONDON] The world’s major industrial nations sought to soothe mounting fears of a currency war with a pledge to avoid devaluing their exchange rates in the pursuit of stronger economicBloomberg; PHOTO: AFP - 772 words
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653 2013-02-13 3 AP [VATICAN CITY] Pope Benedict XVI’s resignation opens the door to an array of possible successors, from the conservative cardinal of Milan to a contender from Ghana and several Latin Americans. But don’t count on a radical change of course for the Catholic Church: BenedictAP - 653 words
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Advertisement174 2013-02-13 2 S9H n li ss Vi m m S.'is 2*»‘ A T. 5s ft MS Cl *K H4 w as® «s SK 5*ViK.4iSSSBMK»s&®»'48 »!>. iSKS i!i: CTi sasaaB kS iSSM K« ai mm. »vv. <« K SBS i t ft. V;. jggHB ?lfTk V* TA mm m H92SSH ■*> 5%;_ E5174 words
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COMPANY NEWS
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Article, Illustration658 2013-02-13 4 NISHA RAMCHANDANI - 37 of the 39 firms that released results emerge in the black; 22 land higher profits By NISHA RAMCHANDANI COMPANIES are holding their own so far, with 37 of the 39 Singapore Exchange (SGX)-listed firms that released their fourth-quarter results by last FridayCompiled by BT - 658 words
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Article1364 2013-02-13 4 Payment Ex Rec Pay Ann (cts) date date date date AIMS AMP Capital Ind REIT ag 2.580 07-Feb 13-Feb 19-Mar 31-Jan Amtek Engineering aw 1.300 15-Feb 19-Feb 27-Feb 08-Feb Ascendas REIT ao 3.620 21-Jan 23-Jan 27-Feb 15-Jan Ascendas REIT ES (Jan 2013) ao 3.620 21-Jan 23-Jan 27-Feb 15-Jan1,364 words
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Article286 2013-02-13 4 52-wks Last Vol Week Last Quote Div Gr Yld Net M Cap High Low Company Sale +/-(‘000) High Low Buyer Seller C’vr P/E $mil Last 4.6 1.3 t Advanced System 1.7 -0.1 ***** 1.8 1.6 1.7 1.8 25.3 Week Last Quote Div Gr Yld Net M Cap High286 words
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Article116 2013-02-13 4 Stock name Close Change CapMallsAsia 2.100 +0.020 CapitaLand 3.860 CapitaMall 2.130 +0.010 CityDev 11.46 -0.060 ComfortDelGro 1.905 +0.005 DBS Grp 14.98 +0.030 F&N 9.440 +0.010 GLP 2.640 -0.060 Genting SP 1.600 +0.045 Golden Agri 0.635 Stock name Close Change HK Land 7.790 -0.160 IHH Healthcare 1.315116 words
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Article406 2013-02-13 4 Q4 ended Dec 2012 Full year ended Dec 2012 NET PROFIT CURRENT PREVIOUS CHNG CURRENT PREVIOUS CHNG (S$m) (S$m) NET PROFIT TURNOVER CURRENT PREVIOUS CHNG CURRENT PREVIOUS CHNG (S$m) (S$m) TURNOVER DBS Grp 3,809.00 3,035.00 25.5 8,514.00 7,631.00 11.6 1,210.00 731.00 65.5 2,409.00 1,916.00 25.7 Keppel Corp406 words
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Article276 2013-02-13 4 52-Wk Last Vol Week Last Quote Div GrYld Net MCap High Low Company Sale +/-(’000) High Low Buyer Seller C’vr P/E $mil 50 25.5 AVJennings A39 +2 21 39 38 37 44.5 3.6 9 3.1 101.6 45 30 Genting HK US$ US43 -1 ***** 44 42 43 43.5 2831.3276 words
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Article186 2013-02-13 4 MAIN CATL TOTAL Up Down Unch Up Down Unch Up Down Unch Multi Ind 4 10 3 0 0 0 4 10 3 Manufacturing 77 90 32 14 15 8 91 105 40 Commerce 26 39 12 6 10 1 32 49 13 Tpt/Stor/Comms 11 30 4186 words
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Article1088 2013-02-13 4 52-Wk Last Vol Week Last Quote Div GrYld Net MCap High Low Company Sale +/-(’000) High Low Buyer Seller C’vr P/E $mil 126 107.1 ABF SG Bond ETF 117.6 -0.4 130 118.2 117.6 117.5 117.9 536.8 135.9 120.4 CIMB APAC Div 100S$D 135.8 134.2 135.2 111.7 95.8 CIMB1,088 words
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Article123 2013-02-13 4 TURNOVER (‘000) VALUE (‘000) MAIN CATL TOTAL MAIN CATL TOTAL Multi Ind 361,744 361,744 297,432 297,432 Manufacturing 3,061,923 1,544,565 4,606,488 1,367,579 72,717 1,440,296 Commerce 1,295,359 1,665,088 2,960,447 640,750 112,813 753,563 Tpt/Stor/Comms 655,727 94,107 749,834 938,802 33,562 972,364 Finance 458,990 903 459,893 955,667 370 956,037 Construction 1,383,947 755,577123 words
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709 2013-02-13 5 R SIVANITHY - HOCK LOCK SIEW By R SIVANITHY EVERY time there is a penny stock boom in the local stock market, it’s a fair bet that (a) many companies will try to capitalise on the run-up in their share prices to quickly raise funds via rights709 words
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Article70 2013-02-13 5 COMPANY MEETING PLACE DATE TIME FDS Networks S 25 International Business Park 5th Floor Seminar Room German Centre 18-Feb 3.30pm Chasen Holdings E Stamford 1 Raffles Country Club 450 Jalan Ahmad Ibrahim 21-Feb 10.30am Ecowise Holdings A 17 Kallang Junction #04-03 28-Feb 2.30pm United Envirotech E Amara Hotel70 words
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Article273 2013-02-13 5 Feb 8 BANKS Agricultural Bank Of China 5.50 Agricultural Bank Of China Bangkok Bank Public Co. Ltd 6.00 Bank of China Limited 5.50 Bank of Communications 5.50 Bangkok Bank Public Co. Ltd ...6.00 Bank of China Limited Bank of Tokyo-Mitsubishi UFJ, Ltd ...5.50 Banque Internationale a ...5.75273 words
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Advertisement115 2013-02-13 5 Confidence to build That’s what developers and their investors and lenders can achieve when they’re smart about managing risk. And smart managers work with CME Group, the world’s leading derivatives marketplace. Businesses and financial institutions around the world partner with us to help them manage every kind of risk. Interest115 words
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SINGAPORE MARKETS
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Article, Illustration689 2013-02-13 6 R SIVANITHY - STOCKS R SIVANITHY Senior Correspondent IN THIS holiday-shortened week it’s difficult to forecast trading to be vastly different from last week or the one before so it’s best to say upfront that it should be business as usual in the days ahead.689 words
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571 2013-02-13 6 CURRENCIES Reuters [LONDON] The yen recovered against the euro and the US dollar yesterday as speculators took profit after it slid on comments from a US Treasury official which implied more tolerance of a weaker yen. Strategists said the Japanese currency’s recovery wouldReuters - 571 words
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Article1483 2013-02-13 6 Consensus No. of Forecast Mean Fri’s recommendation esti-EPS PE target price Company name This wk Last mth mates (cents) (ratio) price AIMS AMP Capital Ind REIT 2.50 2.50 2 8.85 17.46 1.64 1.55 Amtek Engineering Ltd 3.25 3.00 4 0.05 9.16 0.61 0.59 ARA Asset Management 1.57 1.571,483 words
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Article73 2013-02-13 6 Feb 8 VALUE CLOSE BT OB/OS 179.00 -45.00 BT CADI -*****.00 +84.00 BT 10-day MA -*****.00 +18.00 FTSE ST Mid Cap 809.67 +0.45 FTSE ST Small Cap 570.66 +2.48 FTSE ST All Share 805.85 +1.88 FTSE ST China Top 228.35 -0.32 FTSE ST China 261.18 -0.81 FTSE73 words
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Article54 2013-02-13 6 VOLUME MDR 1,214,927,000 Ntegrator 1,068,551,000 WE Hldgs 1,046,188,000 IPCO Intl 797,709,000 YHM 737,950,000 ChinaNTown 414,781,000 ElektromotiW*****0 412,524,000 Annica 406,504,000 CCFH 388,678,000 MDR W*****5 386,854,000 VALUE($) SingTel 400,016,241 DBS Grp 387,169,052 Genting SP 365,294,140 UOB 242,190,813 Wilmar 230,616,973 CapitaLand 176,843,659 JMH 168,017,981 Keppel Corp 164,012,897 GLP 157,351,519 HPH54 words
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572 2013-02-13 6 COM MO DITIES Reuters [NEW YORK] Most crop prices tumbled on Monday on worries about surplus supply, while petrol sank after a blizzard in the US northeast did not produce fuel outages in one of the world’s biggest energy markets, as many investors hadReuters - 572 words
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Article109 2013-02-13 6 BY CENTS CLOSE UP DBXT AUDCS 5SG$ ***** 812.0 3.1 DBXT FTVietnam 10US$ 2765 188.3 5.8 Lyxor Indonesia10US$ 9894 178.4 1.5 DairyFarm 1365 152.4 9.9 DBXT MSJAP 10US$ 3916 146.2 3.1 Jardine C&C 5218 138.0 2.7 DBXT S&P500 10US$ 2470 91.7 3.1 Pru 500US$ 1370 74.3 4.6 IS S&P500109 words
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Article131 2013-02-13 6 BY CENTS CLOSE DOWN JMH 6130 -385.2 -4.8 DBXT Nifty 10US$ ***** -216.8 -1.5 DBXT E50 10US$ 4137 -189.5 -3.6 DBXT FTChina25 10US$ 3016 -172.2 -4.4 DBXT MSKorea 10US$ 5848 -96.6 -1.3 STXPO 100 546 -87.0 -13.7 Lyxor China H 10US$ 1521 -83.0 -4.2 DBXT iBoxxSing 5SG$ ***** -82.0131 words
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SINGAPORE NEWS
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Article, Illustration677 2013-02-13 7 ZEINAB YUSUF SAIWALLA - Entrepreneurs who hold courses to help businesses grow their online presence By ZEINAB YUSUF SAIWALLA THE Internet boom might have long been over, but many plucky entrepreneurs are still finding new ways to tap the limitless potential of the World Wide Web, beTHE STRAITS TIMES FILE PHOTO - 677 words
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331 2013-02-13 7 MALMINDERJIT SINGH - By MALMINDERJIT SINGH YET another group of businesses in Singapore has come out strongly to urge the government to reconsider its moves to tighten the inflow of foreign labour here. The Restaurant Association of Singapore (RAS), which represents more than 1,300331 words
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Advertisement101 2013-02-13 7 B. f I r UUHERE MIRRORS ND POLISHED SURFACES REFLECT GOOD TASTE Ojjr marble halls play host to the world's finest luxury brands and carefully curated m favourites. We put the latest up on display; you pull the sublime off in style. Gucci Salvatore Ferragamo Prada Tod's Miu Miu Ermenegildo101 words
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MALAYSIA/INDONESIA
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Article, Illustration526 2013-02-13 8 MSM sees domestic growth to be in tandem with the rise in population [KUALA LUMPUR] Malaysia’s biggest sugar refiner MSM Malaysia Holdings Bhd is poised to see its earnings grow this year, helped by rising consumption of the commodity in the country andTHE STRAITS TIMES FILE PHOTO - 526 words
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323 2013-02-13 8 Rising price pressures reduce easing scope Bloomberg [JAKARTA] Indonesia kept its benchmark interest rate unchanged for a 12th meeting as a depreciating currency and inflationary pressures reduce scope for an addition of monetary stimulus to spur a slowing economy. Bank Indonesia (BI) governor Darmin NasutionBloomberg - 323 words
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390 2013-02-13 8 [PETALING JAYA] The development for the most crucial portion of the Mass Rapid Transit (MRT) Sungai Buloh-Kajang Line (SBK) has gained traction with the signing of the RM8.28 billion (S$3.3 billion) underground works agreement. Mass Rapid Transit Corp Sdn Bhd (MRT Corp) and the390 words
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244 2013-02-13 8 Reuters [LONDON] Bumi Plc, the London-listed Indonesian coal mining group riven by a shareholder dispute, said that it met its 2012 production targets and cut quarterly production costs, an area which it said it would continue to focus on. The companyReuters - 244 words
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Page 8 Advertisements
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Advertisement217 2013-02-13 8 H oro£*° ECO HOmE&DECOFVfc m turns35! Visit the party-themed Ikea room decorated by the Home Decor team and stand to win over $5,000 worth of prizes in the photo contest! JAN 25 TO MARCH 10 10AM-11PM IKEA ALEXANDRA, LEVEL 2 Singapore w^hwanddMorcotnig HOmEDEC@R mi SPRING SEASON I EASY-TO-DO FENGSHUI j217 words
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GREATER CHINA
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677 2013-02-13 9 Surge seen helping to boost monthly casino revenue 15% from year earlier Bloomberg [HONG KONG] Gamblers booked into Macau resorts over the Chinese New Year can already count themselves lucky as accommodations are sold out, boosting revenue for operators includingBloomberg - 677 words
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530 2013-02-13 9 WINNIE LIU - By WINNIE LIU EJ Insight [HONG KONG] China’s trial programme that enables companies registered in Shenzhen’s Qianhai area to avail of yuan loans from across the border is expected to boost the renminbi loans business of Hong Kong banks and shore upEJ Insight - 530 words
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Article, Illustration476 2013-02-13 9 Move could end monopoly of mutual fund companies Reuters [HONG KONG] China is expected to allow brokerage firms and banks to enter the mainland stock market via exchange-traded funds (ETFs) denominated in yuan a move that would terminateReuters; PHOTO: BLOOMBERG - 476 words
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Advertisement217 2013-02-13 9 V. r; u\\ r *yJ 4 ‘W& "-'Yl ->3J-k r, a °9? LOVE FEASTS Head over to Triple Three for a romantic Valentine's Day dinner at Triple Three and lap up the romance with gastronomic bliss. Or, spread the love this Valentine's Day with Executive Pastry Chef Babu's themed cakes217 words
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INDIA
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Article, Illustration565 2013-02-13 10 Hopes of economic recovery fade as output falls in Dec for a second month Reuters [NEW DELHI] India’s industrial production unexpectedly shrank for a second straight month in December, weighed down by weak investment and consumer demand, casting doubt on Finance Minister PReuters; PHOTO: REUTERS - 565 words
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648 2013-02-13 10 France eyes US$12b fighter jet deal and nuclear, metro jobs AFP [PARIS] French President Francois Hollande’s visit to India this week is dominated by trade issues, including a US$12-billion deal for Rafale fighter jets, nuclear energy and potential tie-ups for new metroAFP - 648 words
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445 2013-02-13 10 AFP [NEW DELHI] India’s once-booming passenger car sector looked set to post its worst annual performance in a decade, an industry group said on Monday, after reporting a 12 per cent plunge in auto sales in January. Car salesAFP - 445 words
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Advertisement51 2013-02-13 10 INSIGHTS TO TACKLE STOCK MARKET VOLATILITY A i Is it going to be a bear or bull market? When to enter, when to stay put. Get all the insights you need from the market experts to better manage your investment. BTINVEST.COM.SG PROPERTY I MARKET I WEALTH I INSURANCE I PERSONAL51 words
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Advertisement352 2013-02-13 11 Amazing Gifts When you Subscribe to THE STRAITS TIMES Q cSKk THE STRAITS TIMES The big push for more babies BABY BOOSTERS ii. o «> ta -2 ‘-V. RA] III DUES i DEWED “3 I .a B a PRINT IPAD SMARTPHONES ONLINE SUBSCRIBE NOW AND BRING HOME ONE OF THESE352 words
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ECONOMY WATCH
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Article, Illustration1052 2013-02-13 12 Amount added in past decade is three times weight of Statue of Liberty Bloomberg [MOSCOW] When Vladimir Putin says the United States is endangering the global economy by abusing its dollar monopoly, he’s not just talking. He’s betting on it. Not only hasBloomberg; PHOTOS: REUTERS, AFP - 1,052 words
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600 2013-02-13 12 Aim is to reduce debt-to-GDP 8.5% per year until 2020 AP [KINGSTON, Jamaica] Jamaica’s leader has announced that the struggling Caribbean island is launching a debt-swap programme to try and halt a “serious economic crisis” and satisfy conditions to forge a new pact with theAP - 600 words
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849 2013-02-13 12 Structural changes in medical system playing a role: CBO NYT [WASHINGTON] A sharp and surprisingly persistent slowdown in the growth of healthcare costs in the United States is helping to narrow the federal deficit, leaving budget experts trying toNYT - 849 words
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510 2013-02-13 12 Global lender says Colombo has made good progress in stabilising its finances Reuters [COLOMBO] Sri Lanka has decided not to pursue a new loan from the International Monetary Fund (IMF) after the global lender indicated the government had made considerable progressReuters - 510 words
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WORLD
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Article, Illustration792 2013-02-13 13 Move angers US, Japan, and is likely to infuriate its only major ally, China Reuters [SEOUL] North Korea conducted its third nuclear test yesterday in defiance of UN resolutions, angering the United States and Japan, and likely to infuriate its only major ally, China,Reuters; PHOTO: BLOOMBERG - 792 words
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383 2013-02-13 13 AP [NEW YORK] Dell is trying to reassure shareholders about its proposed US$24.4 billion acquisition by a group led by its founder, saying it considered a number of strategic options before agreeing to the deal. Dell Inc laid out the advantages ofAP - 383 words
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598 2013-02-13 13 Policy makers argue lower rates, needed to create jobs, may fan credit growth Bloomberg [STOCKHOLM] Economists watching Sweden’s Riksbank are more split on whether policy makers will cut rates this week than at any time since the end of 2011, underscoring the dilemma facing theBloomberg - 598 words
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Article, Illustration657 2013-02-13 14 Bank reports higher than expected loss of £1 b; plans to cut £1.7b in costs a year Bloomberg [LONDON] Barclays plc, the first UK lender to report results for 2012, will eliminate 3,700 jobs as part of efforts to reduce annualBloomberg; PHOTO: AFP - 657 words
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564 2013-02-13 14 AFP [VALLADOLID, Spain] Two years after being laid off from her job as a health and safety consultant, Ana Luis has found a new, quite different occupation. The 46-year-old stands busy in the window of her very own dress shop in Valladolid, north-eastern Spain, deftlyAFP - 564 words
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298 2013-02-13 14 Reuters [NEW YORK] A New York fund manager was arrested on Monday on charges of orchestrating a Ponzi scheme and stealing around US$2 million from three hedge fund investors, US authorities said. Federal prosecutors charged Jason Konior, 39, with defrauding investorsReuters - 298 words
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590 2013-02-13 15 Move is to stop big firms from escaping payment of billions of euros to govts Reuters [PARIS] A sweeping overhaul of international corporate tax rules is urgently needed to stop savvy big companies from escaping the payment of billions of euros to cash-strappedReuters - 590 words
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Article287 2013-02-13 15 Bank failed customers in dealings on AIG investment fund: FSA Reuters [LONDON] UBS has been fined £9.45 million (S$18.43 million) by Britain’s financial regulator for exposing customers to unacceptable risk when it sold an AIG investment fund, in the latest blow to the Swiss bank’sReuters - 287 words
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Article, Illustration114 2013-02-13 15 [PATHUMTHANI, Thailand] Thais celebrating after setting a new world record yesterday for the most people dancing with hula hoops simultaneously in one place. Guinness World Records adjudicator Seyda Subasi-Gemici said 4,483 people had swung hula hoops to dance music for seven minutes without interruption. The eventAP - 114 words
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Article, Illustration405 2013-02-13 15 Reuters [SAN FRANCISCO] Neighbourhood social network start-up Nextdoor has raised another US$21.3 million, even as many investors shy away from the sector in the wake of the troubled Facebook initial public offering last year. The new funding includes US$15 million from Greylock Partners, whoseReuters; PHOTO: BLOOMBERG - 405 words
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184 2013-02-13 15 AP [LONDON] She commands obedience only from her staff and her corgis, but Queen Elizabeth II has been named Britain’s most powerful woman by a BBC radio programme. The monarch topped the list of 100 female figures announced yesterday on Woman’s Hour, though sheAP - 184 words
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Article, Illustration833 2013-02-13 16 The bank, which had paid a US$612m fine, blames errant behaviour of staff NYT [LONDON] British politicians took aim on Monday at the Royal Bank of Scotland (RBS) for its role in a rate-rig-ging scheme, accusing management of fostering a prof-it-drivenNYT; PHOTO: REUTERS - 833 words
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Article, Illustration613 2013-02-13 16 Reuters [AMSTERDAM] The Philips name has been synonymous with TV sets and reliable video players; but in the overhaul of this lumbering Dutch behemoth over the past two years, both have been ditched. Nothing, it seems, is sacred in chief executive Frans van Houten’sReuters; PHOTO: AP - 613 words
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Article, Illustration367 2013-02-13 16 Reuters [MILAN] Italian police arrested the head of defence group Finmeccanica SpA yesterday over bribery allegations, adding to a series of corporate scandals shaking Italy less than two weeks before a general election. Finmeccanica chief executive and chairman Giuseppe Orsi was arrested overReuters - 367 words
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507 2013-02-13 16 Sham transaction with no economic substance: judge Bloomberg [WASHINGTON] Bank of New York Mellon Corp has been prohibited by the US Tax Court from claiming US$199 million of foreign tax credits generated in a transaction arranged by Barclays BankBloomberg - 507 words
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647 2013-02-13 16 Bloomberg [LONDON] Billionaire John Malone’s takeover of Virgin Media Inc is triggering a surge in the cost of default protection for European publishers on concern they could soon be targets for credit-damaging leveraged buyouts. Credit-default swaps on the bonds of Pearson plcBloomberg - 647 words
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Article, Illustration838 2013-02-13 17 France renews calls for remedial steps as EU exports become more expensive NYT [BRUSSELS] Concern about the euro moved to the forefront on Monday as finance ministers of the countries that use the currency held their monthly meeting. But this time, with the EuropeanNYT - 838 words
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379 2013-02-13 17 NYT [NEW YORK] One of the tax-fairness controversies in the presidential campaign last year grew out of the news that 33 of the wealthiest Americans paid little or no income tax in 2009, in part because they probably applied stockNYT - 379 words
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Article, Illustration747 2013-02-13 17 Bloomberg [WASHINGTON] Monsanto Co squares off next week against a 76-year-old Indiana farmer in a US Supreme Court hearing with implications spanning industries from engineered fish to biotechnology medicines. The court will consider whether patent owners can control the use of products that canBloomberg; PHOTO: AP - 747 words
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Article, Illustration589 2013-02-13 17 AFP [LONDON] Far from London’s beaten tourist track, a group of visitors is staring keenly at the graffiti-co-vered gates to an abandoned construction site. Their guide, Karim Samuels, points out the black-and-white images of two young faces, and behind them, a piece ofAFP; PHOTO: AFP - 589 words
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507 2013-02-13 17 It failed to supply enough security guards for Games Reuters [LONDON] G4S settled a months-long dispute with the organisers of the London Olympics, having failed to supply enough security guards for the 2012 Games, and said yesterday it will take a £70Reuters - 507 words
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Page 13 Advertisements
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Advertisement2164 2013-02-13 13 8* WATS NOTICES Toll free 1800-289-8822 Email notices@sph.com.sg www.cats.com.sg/notices CHINA FLEXIBLE PACKAGING HOLDINGS LIMITED (Incorporated in Bermuda with limited liability) NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN that the Annual General Meeting (“AGM”) of China Flexible Packaging Holdings Limited (“the Company”) will be held at Conference Room, Level2,164 words
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Advertisement564 2013-02-13 13 SINWA SINWA LIMITED (Incorporated in the Republic of Singapore) (Company Registration Number: *****6542H) NOTICE OF EXTRAORDINARY GENERAL MEETING NOTICE IS HEREBY GIVEN that an Extraordinary General Meeting of the Company will be held at 28 Joo Koon Circle Singapore *****7 on 28 February 2013 at 10.30 a.m for the purpose564 words
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Advertisement550 2013-02-13 14 Moving Your Business Communication One Step Closer to Success Who should attend: Marketing PR Consultants, Senior and Middle Management, General Management, Sales Business Development Managers and Customer Service Personnel Supervisors. 2013 FEBRUARY SERIES igassafti FJ'y ST OBS No.1 Awarded Best in Cross Media Advertising (Silver) for Asian Digital Media Awards550 words
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Advertisement1514 2013-02-13 15 WATS NOTICES Toll free 1800-289-8822 Email notices@sph.com.sg www.cats.com.sg/notices IN THE MATTER OF THE COMPANIES ACT, CHAPTER 50 AND IN THE MATTER OF WE DO TECHNOLOGIES SINGAPORE PTE. LTD. (IN MEMBER'S VOLUNTARY LIQUIDATION) (Company Registration No. *****2346R) NOTICE TO SUBMIT PARTICULARS OF DEBTS OR CLAIMS Notice is hereby given that the1,514 words
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EDITORIAL & OPINION
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483 2013-02-13 18 EDITORIAL US President Barack Obama has selected the members of the new national security and foreign policy team that would help him draw the outlines of American global strategy during his second term in office. And there are clearly some encouraging signs that Mr483 words
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Article, Illustration767 2013-02-13 18 ROBERT SAMUELSON - THE BOTTOM LINE ROBERT SAMUELSON The Washington Post Writers Group THE Obama administration’s suit against the rating agency Standard Poor’s makes for riveting headlines and lousy history. We want to blame the financial crisis and Great Recession on greed andThe Washington Post Writers Group - 767 words
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Article, Illustration956 2013-02-13 18 LIM GEK KHIM - Governments are embracing tax reforms to simplify their tax systems By LIM GEK KHIM The writer is partner, tax services at Ernst Young Solutions LLP. The views in this article are the views of the author WE OFTEN express how desirable it is toFILE PHOTO - 956 words
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Article, Illustration2752 2013-02-13 19 BT’s roundtable group of international financial and economic experts look into 2013 and told us they foresee challenge and opportunity THE Year of the Snake will bring “unexpected change and instability” say those who believe it is possible to divine such things and wePHOTO: BLOOMBERG - 2,752 words
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Transport HUB
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Article855 2013-02-13 20 DAVID HUGHES - Chamber speaks out against sloppy casualty reporting and protectionist ship recycling measures STRAIT TALK By DAVID HUGHES LAST week, global shipowners body International Chamber of Shipping (ICS) held a board meeting in London and issued a statement on what transpired during the meeting. A good thing855 words
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Article, Illustration527 2013-02-13 20 Reuters [ANCHORAGE, Alaska] Royal Dutch Shell plc’s two offshore rigs in Alaska will head to Asia for repairs and upgrades, the An-glo-Dutch oil company said on Monday, casting doubts on its plan to do any drilling off the state’s coast thisReuters; PHOTO: AP - 527 words
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563 2013-02-13 20 Continental demand subsides, not many new cargo deals Reu ters [LONDON] Clean tanker rates for refined petroleum products on top export routes were lower on Monday with the closing of a petrol arbitrage window taking the steam out of a trans-Atlantic rate rally. Rates forReuters - 563 words
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365 2013-02-13 20 Bloomberg [LONDON] The price of marine fuel, which makes up 70 per cent of tanker transportation costs, will be the second-highest on record this year as export cuts crimp supplies, said McQuilling Services. Fuel will cost US$655 a tonne on average, 2.5 perBloomberg - 365 words
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274 2013-02-13 20 Reuters [LONDON] The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry commodities, lost two points on Monday as rates for capesizes fell for a second day, while those for panamaxes rose for the fourth day. The main index,Reuters - 274 words
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Page 20 Advertisements
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Advertisement19 2013-02-13 20 LIANHE ZAO BAG Opportunities from the ang pow money economy tenuis*** To subscribe, call 6388-3838 or go to sphsubscription.com.sg19 words
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TRANSPORT HUB: AVIATION
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Article, Illustration1201 2013-02-13 21 It has been four years since the most recent fatal crash in the US NYT [NEW YORK] Flying on a commercial jetliner has never been safer. Yesterday marked the fourth year since the most recent fatal crash in the United States,NYT; PHOTO: REUTERS - 1,201 words
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352 2013-02-13 21 Reuters [SEATTLE] The US National Transportation Safety Board (NTSB) is investigating whether tiny fibre-like formations, known as dendrites, inside lithium-ion batteries could have played a role in battery failures on two Boeing Co 787 Dreamliners last month. Dendrites just one of severalReuters - 352 words
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542 2013-02-13 21 The jets will use fuel-efficient Pratt Whitney engines Bloomberg [TOKYO] Bombardier Inc, an aircraft maker with more planes in Japan than Airbus SAS, wants to add a salesperson dedicated to the country to win orders from All Nippon Airways Co (ANA) and JapanBloomberg - 542 words
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258 2013-02-13 21 Bloomberg [LONDON] London Mayor Boris Johnson said he will make recommendations this year on a future airport bypassing the existing Heathrow hub to help shape a government review on capacity that he reckons is progressing too slowly. Feasibility studies will start next monthBloomberg - 258 words
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Page 21 Advertisements
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Advertisement62 2013-02-13 21 u CAR* RfcOtStf B*O0 I***" stoR 3®S N affilS FRtVfOH •Kg pG 3 6 mousing m RTE1S rrROpo QUA NEW OFF 1-YEAR DIGITAL SUBSCRIPTION TORQUE DIGITAL EDITION IS AVAILABLE ON IPAD ANDROID! VISIT WWW.TORQUE.COM.SG FOR MORE INFO r Wj. Join us at the MINI John Cooper Works track day, March62 words
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Page 21 Miscellaneous
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Miscellaneous282 2013-02-13 21 CRYPTIC CROSSWORD Across 1 Talk about bosom, redhead’s put together! (11) 9 Scraps lacking resistance in bars (7) 10 Attachment of woman welcoming former husband (6) 12 It’s stir following bust for twister (7) 13 Dodgy pal with nice bird (7) 14 Frost reportedly wrote in this (5) 15 Album282 words
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TRANSPORT HUB: LAND
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Article, Illustration766 2013-02-13 22 Country expanding national grid of charging stations in cities, on highways NYT [AMSTERDAM] When Patrick Langevoort’s company issued him an electric vehicle (EV) two years ago, the first months were filled with misadventure. He found himself far from Amsterdam, with only aNYT; FILE PHOTO: AP - 766 words
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244 2013-02-13 22 Reu ters [AMSTERDAM] Dutch navigation devices and digital map company TomTom said that it expects a sharp drop in earnings this year, reflecting the weak state of the European car market and competition from providers of free maps. TomTom forecast earnings per shareReuters - 244 words
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425 2013-02-13 22 Reuters [PARIS] Michelin, the world’s second-largest tyremaker, raised its dividend after price increases boosted 2012 profit, pledging to hold onto gains this year even as sales volumes remain flat. Net income rose 7.5 per cent to 1.57 billion euros (S$2.62 billion) last yearReuters - 425 words
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Advertisement72 2013-02-13 22 i ,y-asGn'ft--'t a M r M S8P I ST FM SfeHSK w/-4U y c as <■*/ ftfl 'at,, f' ss ii Escape the hustle and bustle for an unforgettable Valentine's night out. Tune in to Kiss92 for your Girls' Night Out! Partner: g a de enasia DOWNLOAD THE KISS92 MOBILE72 words
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Article2712 2013-02-13 23 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 n GLOBAL SERVICE Destination STXPO TBN Antwerp/UK *Loads Singapore, E./W. Malaysia, Indonesia MIDDLE-EAST SERVICE CONVENTIONAL, BREAKBULK PROJECT Destination STXPO TBN Camden/New2,712 words
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Advertisement52 2013-02-13 23 Sll/p maintenance Can they find your services Here in the Shipping Times? TO ADVERTISE. CALI IOE WONG AT 9620 1327 THE BUSINESS TIMES Shipping Times Shippers looking for Warehouse Can they find your services here in the Shipping Times? TO ADVERTISE, CALL JOE WONG AT 9620 1327 The Business Times52 words
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Advertisement18 2013-02-13 23 USE THIS SPACE TO SELL CALL JOE WONG AT 9620 1327 TO ADVERTISE The Business Times Shipping Times18 words
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Advertisement176 2013-02-13 24 Importers looking for Warehouse Can they find your services here in the Shipping Times? TO ADVERTISE, CALL JOE WONG AT 9620 1327 M the business times Shipping Times FREIGHT FORWARDER urgently needed by shippers Can they find your services here in the Shipping Times? The Business Times TO ADVERTISE, CALL176 words
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Advertisement15 2013-02-13 24 TO ADVERTISE IN _The Business Times int uujii'jtjj i iivicj Shipping Times CALL JOE WONG15 words
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SINGAPORE STOCKS
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Article3428 2013-02-13 25 Week ended: Feb 8 52-wks Last Vol Week Last Quote Div GrYld Net M Cap High Low Company Sale +/-(‘000) High Low Buyer Seller C’vr P/E $mil Last Vol Week Last Quote Div GrYld 159.5 99.5 AIMSAMPIReit --AAT High Low Company Sale 75 55 ASL Marine 74.5 +13,428 words
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FINANCE & COMMODITIES
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Article546 2013-02-13 26 Feb 12 OPEN HIGH LOW SETT VOL OP/INT NIKKEI 225 INDEX FUTURES SPOT *****.72 *****.64 *****.44 Mar13 *****.00 *****.00 *****.00 *****.00 ***** *****9 Jun13 *****.00 *****.00 *****.00 *****.00 14 4604 MSCI TAIWAN INDEX FUTURES SPOT 283.30 285.82 283.30 Feb13 0 *****9 Mar13 0 1526 S&P CNX NIFTY546 words
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373 2013-02-13 26 In local curr In S$ In US$ dy yr dy yr dy yr Feb 11 Index Change Change Change Change Change Change World Preliminary 994.3 -0.1 6.0 0.0 6.7 -0.3 5.0 EAFE Preliminary 819.0 -0.1 5.7 -0.3 5.3 -0.6 3.6 Europe Preliminary 1193.8 -0.2 4.1373 words
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Article470 2013-02-13 26 Feb 8 A$ C$ Rmb Euro HK$ Ind Rs Rupiah Yen Won RM NZ$ Pak Rs Peso S$ Rand Sfr NT$ Baht Pound US$ Australia 1.028 6.422 0.769 7.992 55.240 99.676 0.956 11.292 3.194 1.233 100.897 41.912 1.277 9.214 0.946 30.642 30.696 0.656 1.030 Canada 0.973 6.246470 words
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Article67 2013-02-13 26 Feb 8 (US$) (S$) 1 mth 0.***** 0.***** 2 mths 0.***** 0.***** 3 mths 0.***** 0.***** 6 mths 0.***** 0.***** 9 mths 0.***** 0.***** 12 mths 0.***** 0.***** SWAP Offer rates (S$) 3 mths 0.***** 3 mths 6 mths 6 mths 0.***** 9 mths 0.***** 12 mths 0.***** SWAP67 words
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Article134 2013-02-13 26 Feb 8 GOLD(US$/oz) Feb 07 Feb 06 Hong Kong 1684.00 1680.30 Feb 11 Feb 08 London 1649.54 1667.43 1650.32 1668.27 Source: Thomson Reuters CAST BAR Feb 08 (S$) Selling Buying Kilobar ***** ***** PAMP GOLD BARS (S$) Selling Buying 1gm 150 67 5gm 425 333 10gm 759 667134 words
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Article91 2013-02-13 26 Feb 8 TREASURY BILLS Period Issue Maturity Yesterday's Day's code Bid High Low 3-Month BQ*****E 09-May-13 0.26 6-Month BS*****Z 12-Aug-13 0.27 1-Year BY*****X 01-Nov-13 0.27 GOVERNMENT BONDS Period Issue Coupon Maturity Close Day's code rate Bid High Low 2-Year N*****0S 0.25 01-Feb-13 99.95 100.00 100.00 5-Year N*****0Z 2.37591 words
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Article57 2013-02-13 26 Feb 8 KLCE PALM FUTURES (RM/MT) Delivery Opening Sett Av Vol Open Month Range Price Price High Low Done Position Feb 13 2468.0 2470.0 2468.0 2468.0 47 1675 Mar 13 2530.0 2524.0 2537.0 2509.0 1013 ***** Apr 13 2558.0 2551.0 2562.0 2532.0 9452 ***** May 13 2571.0 2568.057 words
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Article154 2013-02-13 26 Feb 8 Against S$ Against US$ Currencies Bid Offer Bid Offer S$/US$ to one unit of foreign currency: Australian dollar 1.2760 1.2773 1.0302 1.0306 Canadian dollar 1.2408 1.2424 1.0024 1.0018 Euro 1.6591 1.6605 1.3395 1.3398 NZ dollar 1.0347 1.0360 0.8354 0.8359 Sterling pound 1.9466 1.9482 1.5716 1.5719154 words
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Article106 2013-02-13 26 Feb 11 SOYBEANS (5,000 bu min; US cents/60 lb bushels) Previous High/Low Mar 13 1431.50 1452.50 1450.75 1429.25 May 13 1417.25 1436.75 1434.25 1412.00 Jul 13 1407.00 1425.50 1423.50 1401.00 Aug 13 1369.25 1388.75 1382.00 1366.25 SOYBEAN/OIL (60,000 lbs; US cent/lb) Close Previous High/Low Mar 13 51.24 51.43106 words
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Article79 2013-02-13 26 Feb 11 COCOA (£/tonne) Close Prev High/Low Mar 13 1415 1442 1448/1412 May 13 1423 1447 1452/1421 Jul 13 1435 1457 1461/1432 Sep 13 1443 1465 1470/1442 COFFEE(US$/tonne) Close Prev High/Low Mar 13 2078 2123 2133/2070 May 13 2098 2119 2129/2088 Jul 13 2106 2124 2133/2095 Sep 13 211079 words
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1025 2013-02-13 26 BONDS, WARRANTS EXTENDED SETTLEMENT Prem Expiry Vol Conv Exer Disc Gear-Mths Company Last Sale +or-('000) Ratio Price ing Left Asia-Pacific Strategic W*****6 4 1 146 724 4.55 15 AlliedTech W*****2 Ratio Asiatravel.com HoldingsW*****7 5 -0.4 3 1 25 17 Asiatravel.com HoldingsW*****5 5 -0.5 3 1 27 41 BakerTech W*****5 Disc1,025 words
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Article70 2013-02-13 26 CRUDE OIL PRODUCTS Feb 11 CRUDE (FOB origin) US$/barrel Close Change Brent blend (1-Mth F) 117.51 -0.72 WTI (Near Mth) 96.99 1.20 Dubai (1-Mth F) 113.17 0.59 Tapis blend 123.96 0.53 Minas 120.46 0.53 PRODUCT US$/barrel (FOB S'pore) Close Change Naphtha 114.42 unch Jet Kerosene 136.54 unch US$/barrel OpecOil Basket70 words
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Article22 2013-02-13 26 Feb 8 S$ Bid Offer 1-month 1.2387 1.2395 2-months 1.2387 1.2395 3-months 1.2387 1.2395 6-months 1.2386 1.2394 Source: OCBC22 words
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Article67 2013-02-13 26 Feb 11 Feb 11 Aluminium, 99.7% purity(US$/tonne) Close Previous Cash 2063.00 2080.25 3 months 2103.00 2119.00 Copper, Grade A(US$/tonne) Cash 8165.00 8259.50 3 months 8199.00 8294.00 Lead(US$/tonne) Cash 2375.50 2408.25 3 months 2388.50 2421.00 Nickel (US$/tonne) Cash *****.00 *****.00 3 months *****.00 *****.00 Tin (US$/tonne) Cash *****.00 *****.0067 words
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Article121 2013-02-13 26 As at 9am Feb 08 Singapore dollars to one unit of foreign currency: Currencies Sell Buy Aust dollar 1.304 1.242 Can dollar 1.271 1.211 Euro 1.698 1.618 Sterling pound 1.984 1.908 NZ dollar 1.067 1.007 US dollar 1.264 1.204 Local dollars to 100 units of foreign121 words
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Article157 2013-02-13 26 Feb 8 $S Offer Bid 0vernight 0.05 0.03 1-month 3/8 1/4 2-months 3/8 1/4 3-months 3/8 1/4 Overnight mode: 0.12 US$ Offer Bid 7 days 0.22 0.12 1 month 0.28 0.18 2 months 0.40 0.20 3 months 0.45 0.25 6 months 0.65 0.45 9 months 0.80 0.60 12157 words
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executive Money
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Article, Illustration1297 2013-02-13 28 Victims are those whose mutual funds, stock portfolios plunged after financial crisis NYT [NEW YORK] EGULATORS across the United States are confronting a wave of investor fraud that is saddling retirement savers with steep losses on complex products that until a few years agoNYT; PHOTO: AP - 1,297 words
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Article, Illustration371 2013-02-13 28 Reuters [SAN FRANCISCO] A US judge approved Apple Inc’s request to speed up the schedule in a lawsuit filed by star hedge fund manager David Einhorn’s Greenlight Capital, part of an effort to get the company to share its huge cash reservesReuters; PHOTO: BLOOMBERG - 371 words
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Article, Illustration1059 2013-02-13 28 Western securities firms’ share of investment-banking fees are being diluted by local lenders Bloomberg [LONDON] Global investment banks based in Europe and the United States, facing regulatory and cost-cutting pressures at home, are losing market share in emerging economies toBloomberg; PHOTO: AFP - 1,059 words
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Article, Illustration1130 2013-02-13 27 But bears say dividends don’t matter when stocks are near the most expensive level compared with estimated earnings in over two years Bloomberg [LONDON] COMPANIES around the world are rewarding shareholders with the highest dividends in more than two decades compared with bond interest payments,Bloomberg; PHOTO: BLOOMBERG - 1,130 words
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351 2013-02-13 27 Reu ters [NEW YORK] After a year of cost-cut-ting and missed revenue targets, Charles Schwab Corp plans to spend more on marketing, technology and compensation in 2013 on expectations of modest income growth. Chief executive Walter Bettinger said Schwab, the largestReuters - 351 words
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Article, Illustration653 2013-02-13 27 Pimco Total Return Fund also increases exposure to US govt and Treasury-related securities Reuters [NEW YORK] The Pimco Total Return Fund, the world’s largest bond fund run by Bill Gross, decreased its mortgage holdings to its lowest level since mid-2011, ahead ofReuters; FILE PHOTO - 653 words
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