The Business Times, 24 December 2013
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2013-12-24
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The Business Times
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Title Section25 2013-12-24 1 THE BUSINESS TIMES S$1.00 online at http://www.businesstimes.com.sg SfCl A SINGAPORE PRESS HOLDINGS PUBLICATION CO R GN NO *****2868E MCI (P) 085/08/2013 Tuesday, December 24, 201325 words
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Article, Illustration843 2013-12-24 1 NISHA RAMCHANDANI - Economists point to higher inflation for next year with pressure from wages, business costs, COEs By NISHA RAMCHANDANI nishar@sph.com.sg [SINGAPORE] Inflation rose to 2.6 per cent year-on-year in November, from 2 per cent the previous month, with pri-vate-sector economists forecasting higher inflation for nextSource: Department of Statistics - 843 words
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1009 2013-12-24 1 MICHELLE QUAH - Firms in Singapore to contend with a host of new standards next year YEAR IN REVIEW By MICHELLE QUAH michquah@sph.com.sg [SINGAPORE] It has been an eventful year for financial reporting; the fading light of 2013 saw the release of1,009 words
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MARKETS DIGEST
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Article65 2013-12-24 1 GST INDEX 3,116.22 (+21.74) GST INDEX FUTURES 3,116.00 (+21.00) GSIMSCI 358.60 (+2.47) GSIMSCI FUTURES 358.80 (+3.20) US$ S$ US$ (S$ per US$) 1.266 (US$/S$ per 1.636 2.071 EURO (US$/S$/€ 1.368 1.732 Foreign currency per US$ S$ YEN 104.00 82.20 RM 3.288 2.598 HK$ 7.754 6.127 BAHT 32.70 25.84 RUPIAH65 words
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Article47 2013-12-24 1 Monday Change KL COMP 1,832.86 -5.17 NIKKEI 225 Closed HANG SENG 22,921.56 +109.38 SET INDEX 1,326.14 -16.58 JAKARTA COMP 4,189.61 -5.95 MANILA COMP 5,854.88 +19.75 SEOUL COMP 1,996.89 +13.54 SHENZHEN B 855.67 +6.20 MUMBAI IND 21,101.03 +21.31 11am EST Change DOW 16,293.79 +72.65 NASDAQ 4,138.47 +33.7347 words
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Article19 2013-12-24 1 SINGAPORE 5.38 MALAYSIA INDONESIA HONG KONG 5.00 INDONESIA 14.689 TAIWAN US JAPAN 1.475 KOREA 9.33 Source: Bloomberg19 words
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Page 1 Advertisements
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Advertisement69 2013-12-24 1 THAILAND Thai baht plummets to lowest level in almost 4 years page 2 RESEARCH AND DEVELOPMENT S’pore firms’ R&D spending up by $180m in 2012 PAGE 8 COMPANIES Way paved for F&N’s listing of Frasers Centrepoint page 4 SYNDICATED LOANS DBS ranks top in Singapore syndicated loans PAGE 5 Peter69 words
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TOP STORIES
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Article, Illustration544 2013-12-24 2 More pressure expected with elections unlikely to end street protests Reu ters Bloomberg [BANGKOK] The Thai baht plumbed its lowest level in almost four years yesterday as a political crisis grew more intractable, with an-ti-government protesters attempting to stopReuters; Bloomberg; PHOTO: AP - 544 words
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466 2013-12-24 2 Largest increase in five months, boosting economic confidence LATEST US DATA Reuters [WASHINGTON] US consumer spending posted its largest increase in five months in November, the latest suggestion of sustained strength in the economy as the year winds down. Adding to this good newsReuters - 466 words
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Article377 2013-12-24 2 Core inflation higher, forecasts up INFLATION rose to 2.6 per cent in November, with economists forecasting higher inflation next year. FRONT PAGE Big steps taken in financial reporting IT has been an eventful year for financial reporting with a new model for hedge accounting and the launch of377 words
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Article, Illustration672 2013-12-24 2 Bloomberg [WASHINGTON] The International Monetary Fund is raising its outlook for the US economy, as a budget deal in Washington and the Federal Reserve’s plan to taper its bond buying ease doubts about the future, IMF managing director Christine Lagarde said.Bloomberg; PHOTO: AFP - 672 words
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Article, Illustration919 2013-12-24 3 ANGELA TAN - Tycoon agrees to invest 400m euros and clear debt; sets Jan 15 deadline By ANGELA TAN By angelat@sph.com.sg [SINGAPORE] Singapore tycoon Peter Lim has a huge budget for his Christmas presents. By Jan 15, 2014, he would know if Santa hasPHOTOS: AP, SPH FILE - 919 words
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Article, Illustration809 2013-12-24 3 Agreement with China Mobile would boost global sales NYT [NEW YORK] Just about any way you slice it, 763 million customers is a huge potential pie. On Sunday, Apple and China Mobile announced a deal to bring the iPhone to the ChineseNYT; PHOTO: REUTERS - 809 words
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502 2013-12-24 3 RONNIE LIM - Partner Chevron seems to have okayed the project By RONNIE LIM ronnie@sph.com.sg [SINGAPORE] It’s flashing a hopeful amber though not green yet for a planned US$500 million-plus upgrading of the Singapore Refining Company (SRC) refinery on Jurong Island. This is because while US oil502 words
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Advertisement43 2013-12-24 2 ASIA'S LEADING LUXURY YACHTING MAGAZINE L 4 vt NOV/ a vwuable OH iPAD ahdro' 0 B©ATING_ A SUBSIDIARY OF SPH MAGAZINES PTE LTD Blu Inc Media (HK) Ltd. Tel: 852 2165 2800 Fax: 852 2868 1799 www.bluincmedia.com Enquiry: queries@bluincmedia.com Subscribe at sub@bluincmedia.com www.asia-pacificboating.com43 words
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Page 3 Advertisements
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Advertisement297 2013-12-24 3 F&N TREASURY PTE. LTD. (UEN/Company Registration No. *****7668D) (Incorporated in the Republic of Singapore) Notice to holders of the outstanding S$108,250,000 5.50 per cent. Notes due 2016 comprised in Series 009 (ISIN: SG7S*****461) (the “Series 009 Notes”) S$200,000,000 6.00 per cent. Notes due 2019 comprised in Series 010 (ISIN: SG7S*****098)297 words
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COMPANY NEWS
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Article, Illustration554 2013-12-24 4 KENNETH LIM - It can now proceed with planned split as bondholders accept sweetened terms KENNETH LIM CHRISTMAS came just in time for Fraser and Neave (F&N), which yesterday won over enough bondholders to split itself without triggering a technical default. During meetings early yesterday,PHOTO: BLOOMBERG - 554 words
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376 2013-12-24 4 Reuters [HONG KONG] Asia had a record year this year for dollar, euro and yen bond issuance with borrowers scrambling to raise debt and anticipating a rise in global interest rates. The record volumes came despite volatility in US Treasuries, which serve as benchmarksReuters - 376 words
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307 2013-12-24 4 JACQUELYN CHEOK - MREK manages 2 Reits with assets worth 588b won By JACQUELYN CHEOK jaccheok@sph.com.sg ARA Asset Management will be acquiring South Korea’s real estate company Macquarie Real Estate Korea (MREK) for an undisclosed sum. MREK, based in Seoul, is a manager of307 words
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Article, Illustration909 2013-12-24 4 US$190b raised globally in 2013; up to US$225b to come Bloomberg [NEW YORK] Twitter Inc and Hilton Worldwide Holdings Inc helped lead the best year for US initial public offerings since the financial crisis, with strong tradingBloomberg; PHOTOS: REUTERS - 909 words
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351 2013-12-24 5 JACQUELYN CHEOK - Trust acquiring industrial asset for $32m By JACQUELYN CHEOK jaccheok@sph.com.sg CAMBRIDGE Industrial Trust (CIT) will be acquiring a property in the Bukit Merah industrial precinct from Shriro Property (Singapore) for $32 million. Located at 11 Chang Charn Road, the property is a six-storey warehouse cum351 words
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Article, Illustration726 2013-12-24 5 SIOW LI SEN - UOB, OCBC take 2nd-3rd spots for Jan-Sept 2013 By SIOW LI SEN lisen@sph.com.sg AS South-east Asia’s largest bank, DBS Bank usually leads in the equity and bond spaces. This year has been especially sweet for the lender as it also clinched the topPHOTO: BLOOMBERG - 726 words
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215 2013-12-24 5 CARINE LEE - By CARINE LEE carinel@sph.com.sg OLAM International is selling up to 14.99 per cent of its 24.99 per cent stake in New Zealand’s Open Country Dairy Limited (OCD). The sale to Talley’s Group Limited will be for up to NZ$46.5 million (S$48.1 million).215 words
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444 2013-12-24 7 VIVIEN SHIAO - Its shares will be traded only on SGX after June 27, 2014 delisting date By VIVIEN SHIAO vshiao@sph.com.sg GUOCOLEISURE Limited (GLL) will be delisting from the main board of the New Zealand Exchange (NZX) on June 27 next year. The decision to delist GLL444 words
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241 2013-12-24 7 CAI HAOXIANG - By CAI HAOXIANG haoxiang@sph.com.sg MAINBOARD-listed GP Batteries International is undertaking a rights issue to raise up to $26.1 million to repay bank borrowings and bolster its working capital. It announced yesterday that the proposed issue of 54.9 million new shares will241 words
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Article, Illustration973 2013-12-24 7 Gold set for the worst annual loss in 32 years Bloomberg [NEW YORK] Hedge funds got less bullish on gold before prices dropped to the lowest level since 2010, leaving the metal poised for the worst annual loss in 32 yearsBloomberg; PHOTO: BLOOMBERG - 973 words
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618 2013-12-24 7 Reuters [LONDON] For hedge funds that made money this year there was only one strategy that really mattered latching onto the stockmarket rally. For everyone else, 2013 proved another tough year as big-name funds as varied as global macro, commodity and computer-driv-enReuters - 618 words
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Page 4 Advertisements
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Advertisement16 2013-12-24 4 V MOOC^ m*mm mv showbiz.omy.sg O omy News iOS App Store Google Play o omy Showbiz16 words
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Advertisement59 2013-12-24 4 Looking to showcase and sell your Food Products, Cooking Solutions, Kitchen Appliances Accessories? NOW! *****620 or Email: sales@exhibitsinc.com.sg Organised By: Our Food Shows: (Organiser of IT Show, Food Beverage Fair, COMEX, World Food Fair, Consumer Electronics Exhibition and Food Kitchen Show) BLOCK 8, LORONG BAKAR BATU #07-07, S (*****3) TEL:59 words
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Page 5 Advertisements
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Advertisement54 2013-12-24 5 The World’s Strongest Bank. We believed it, we made it happen. Start believing. If you're looking for a successful and trustworthy financial relationship, you'll find it with the strongest bank in the world. After all, your trust in us is the secret to our success. Africa Asia Europe Middle East54 words
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SINGAPORE MARKETS
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Article, Illustration570 2013-12-24 6 R SIVANITHY - Weak turnover of 2.3b units worth $710m with year-end holidays approaching STOCKS R SIVANITHY sivan@sph.com.sg Senior Correspondent THE Straits Times Index rose for the third consecutive session yesterday, this time gaining 21.74 points to close at 3,116.22. The index’s three-day rise amounts to 54.4Source: Bloomberg - 570 words
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Article186 2013-12-24 6 MAIN CATL TOTAL Up Down Unch Up Down Unch Up Down Unch Multi Ind 7 5 1 0 0 0 7 5 1 Manufacturing 47 53 26 4 8 10 51 61 36 Commerce 20 13 17 4 3 5 24 16 22 Tpt/Stor/Comms 16 13 5186 words
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Article121 2013-12-24 6 TURNOVER (‘000) VALUE (‘000) MAIN CATL TOTAL MAIN CATL TOTAL Multi Ind 7,498 7,498 30,790 30,790 Manufacturing 327,106 66,991 394,097 71,776 1,980 73,756 Commerce 142,344 435,577 577,921 34,696 45,814 80,510 Tpt/Stor/Comms 81,679 1,653 83,332 103,359 195 103,554 Finance 29,993 153 30,146 108,046 50 108,096 Construction 27,390 597,036121 words
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Article115 2013-12-24 6 Stock name Close Change CapMallsAsia 1.925 +0.020 CapitaLand 2.980 +0.020 CapitaMall 1.880 +0.020 CityDev 9.510 -0.010 ComfortDelGro 1.980 +0.005 DBS Grp 16.850 +0.090 GLP 2.850 -0.010 Genting SP 1.470 +0.005 Golden Agri 0.535 +0.005 HK Land 5.870 +0.070 HPH Trust US$ 0.655 +0.010 JMH 52.120 +0.620115 words
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Article76 2013-12-24 6 Dec 23 VALUE CLOSE BT OB/OS -115.00 -22.00 BT CADI -*****.00 BT 10-day MA -*****.00 -11.00 FTSE ST Mid Cap 710.97 +3.23 FTSE ST Small Cap 530.92 -0.02 FTSE ST All Share 755.88 +4.57 FTSE ST China Top 195.83 +0.28 FTSE ST China 221.46 +0.76 FTSE ST76 words
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BROKERS’ TAKE
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Article, Illustration1004 2013-12-24 6 CAI HAOXIANG - Compiled by CAI HAOXIANG DBS Group Research, Dec 18 STOCKS within our consumer sector coverage began the year well up until end-H1 2013, when concerns of the Fed’s tapering affected performance. That resulted in concerns on the current account deficits of emerging economies, which caused a weakeningSource: Bloomberg - 1,004 words
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Article, Illustration553 2013-12-24 6 CURRENCIES Reuters [SINGAPORE] The Thai baht slumped to its lowest level in almost four years against the US dollar yesterday, hurt by deepening political turmoil after Thailand’s main opposition party said it would boycott an election in February. It fell to asReuters; PHOTO: BLOOMBERG - 553 words
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Article57 2013-12-24 6 VOLUME Charisma Energy 393,098,000 CCM Grp 202,900,000 Albedo 159,819,000 Viking 105,432,000 HanKore 94,616,000 OEL 87,031,000 Rowsley W*****3 77,824,000 SIIC Env 72,249,000 Mirach Energy 68,990,000 ChinaGaoxian 68,312,000 VALUE($) SingTel 48,017,457 DBS Grp 46,863,626 Charisma Energy 28,112,564 OCBC Bk 26,404,459 UOB 24,273,412 HPH Trust US$ 20,883,802 GLP 18,935,706 Keppel57 words
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Article109 2013-12-24 6 BY CENTS CLOSE UP DBXT MSUSA 10US$ 4544 202.5 3.6 DBXT S&P500 10US$ 3012 129.1 3.5 DBXT MSEurope 10US$ 5835 115.2 1.6 JMH 5212 78.5 1.2 GLD 10US$ ***** 73.4 0.5 Jardine C&C 3531 71.0 2.1 DBXT MSJAP 10US$ 4659 65.8 1.1 DBXT MSKorea 10US$ 6283 54.4 0.7 Lyxor109 words
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Article127 2013-12-24 6 BY CENTS CLOSE DOWN Hyflux 6% CPS 10 ***** -90.0 -0.8 Lyxor Indonesia10US$ 6958 -57.0 -0.6 DBXT S&P Short 10US$ 2629 -35.4 -1.1 DBXT MSPacExJp 10US$ 503 -30.4 -4.6 B Sembawang 602 -15.0 -2.4 CCM Grp 5.7 -10.6 -65.0 DBS Bk 4.7% NCPS 100 ***** -10.0 -0.1 GDS Global127 words
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Page 7 Advertisements
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Advertisement157 2013-12-24 7 DivPlays3.30Tracker a ShareInvestor initiative featuring listed companies that deliver (i) at least 3% dividend yield and (ii) at least 30% dividend payout. Price[a] Total Returns (Current)[c] Sabana $1.265 6.8% 79.588% $718,406,000 1.100 $1.040 -12.1% Sing Investments $1.420 3.5% 40.917% $209,642,580 2.000 $1.330 -2.8% TEHO $0.173 5.8% 48.780% $20,092,470 0.243 $0.170157 words
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Advertisement913 2013-12-24 7 Vt WATS NOTICES WESTMINSTER TRAVEL LIMITED (Incorporated in the Republic of Singapore) (Company Registration Number: *****4792H) NOTICE OF EXTRAORDINARY GENERAL MEETING NOTICE IS HEREBY GIVEN that an Extraordinary General Meeting (the "EGM") of Westminster Travel Limited (“Company”) will be held at 120 Robinson Road, #08-01, Singapore *****3, on 16 January913 words
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SINGAPORE NEWS
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377 2013-12-24 8 CHAN YI WEN - 16% rise reflects greater use of tech to improve business, says A*Star By CHAN YI WEN By yiwenc@sph.com.sg LOCAL companies spent nearly $180 million more on research and development (R&D) activities last year, according to the latest National R&D Survey conducted377 words
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Article, Illustration354 2013-12-24 8 RACHEL LOI - By RACHEL LOI rachloi@sph.com.sg IF you are a frequent visitor to the Rail Corridor, whether for a bike ride or a morning jog, you might have noticed an empty sheltered space underneath a viaduct structure on Commonwealth Avenue. In January, those empty354 words
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402 2013-12-24 8 MALMINDERJIT SINGH - Remaining 25 Indian nationals granted bail of up to $20,000 RIOTING IN LITTLE INDIA By MALMINDERJIT SINGH msingh@sph.com.sg ANOTHER three Indian nationals, alleged to have participated in the Little India riot on Dec 8, had their charges withdrawn yesterday, bringing the total number of alleged402 words
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521 2013-12-24 8 VIVIEN SHIAO - By VIVIEN SHIAO vshiao@sph.com.sg SINGAPORE is establishing itself as a regional hub in the global interactive digital media (IDM) space due to its unique brand, according to a study. Deloitte’s report, Interactive Digital Media: Shaping the Digital Future, said that investors521 words
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Article, Illustration776 2013-12-24 8 Reuters [SINGAPORE] Singapore’s mid-tier property developers are laying the first stones of their overseas business as domestic sales plunge, land prices climb, and foreign rivals bet high stakes on the city-state’s long-term prosperity. Hiap Hoe Ltd and Oxley Holdings Ltd followed sector leaderReuters; FILE PHOTO - 776 words
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Page 8 Advertisements
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Advertisement11 2013-12-24 8 CATS Recruit The first door to your world of opportunities CLA/AUG06/g11 words
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SME INC
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Article, Illustration973 2013-12-24 9 JASLENE PANG - Global network services and solutions provider Nevigate, just three years old, is thriving in an industry dominated by big players, reports JASLENE PANG JASLENE PANG IT may be hard for small and medi-um-sized enterprises (SMEs) to serve a network services973 words
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Article, Illustration1091 2013-12-24 9 ELISON LIM - Mere product knowledge isn’t enough what is more important is projecting a customer-friendly, patient and helpful image THE VIEW FROM NTU PROFESSORS By ELISON LIM The writer is an assistant professor at the Nanyang Business School, Nanyang Technological University. Her research interest isFILE PHOTO - 1,091 words
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Advertisement65 2013-12-24 9 HAVE an interesting story on an SME to share? Drop us a note on why you think the company should be featured in our weekly SME Inc pages, with details such as how the company has grown and its expansion plans. Send your e-mail to Felda Chay at feldac@sph.com.sg with65 words
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MALAYSIA
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580 2013-12-24 10 PAULINE NG - He calls on govt not to embark simultaneously on its massive projects By in PAULINE NG in Kuala Lumpur AS government strategic development agency 1MDB stepped up its investment pitch for the new Tun Razak Exchange (TRX) financial district to investors580 words
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Article, Illustration585 2013-12-24 10 S JAYASANKARAN - Interest buoyed by award of 2 contracts from Petronas By S JAYASANKARAN in Kuala Lumpur IN a down market, shares in Malaysian oil fields’ services provider SapuraKencana Petroleum jumped 1.5 per cent to RM4.75 apiece after the firm was awarded two new transportation and installationPHOTO: BLOOMBERG - 585 words
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Article388 2013-12-24 10 [KUALA LUMPUR] The World Bank has given a vote of confidence to Malaysia’s banking sector, saying it is poised for further growth next year, with strong prospects and profitability. Jose de Luna Martinez, the bank’s senior financial economist, said the World Bank considered Malaysia a388 words
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Page 10 Advertisements
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Advertisement2429 2013-12-24 10 *AT3 NOTICES Toll free 1800-289-8822 Email notices@sph.com.sg www.cats.com.sg/notices HISAKA HISAKA HOLDINGS LTD. (Company Registration No. *****8585R) (Incorporated in the Republic of Singapore) NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN that the annual general meeting ("Annual General Meeting") of the Company will be held at 63 Sungei Kadut Loop,2,429 words
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GREATER CHINA
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Article, Illustration994 2013-12-24 11 JEFF PAO - Five-year term for directors, dual-class share structure among suggestions By JEFF PAO EJ Insight HONG Kong should change its stock market listing rules to incorporate either a five-year-term requirement for company directors or a dual-class share structure with limitedEJ Insight; PHOTO: BLOOMBERG - 994 words
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Article, Illustration447 2013-12-24 11 Reuters [SHANGHAI] China will impose tiered power pricing on all aluminium smelters starting from next month in an attempt to weed out inefficient plants and tackle severe overcapacity in the sector. The aluminium industry has been suffering from overcapacity for years, depressingReuters; PHOTO: REUTERS - 447 words
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469 2013-12-24 11 This is despite the central bank’s bid to calm the market Reuters [SHANGHAI] China’s cash market squeeze showed little sign of easing yesterday, reinforcing the view the central bank has shifted to tighter monetary policy. The central bank appears to be trying to force banksReuters - 469 words
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Page 11 Advertisements
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Advertisement1545 2013-12-24 11 WATS NOTICES Toll free 1800-289-8822 Email notices@sph.com.sg www.cats.com.sg/notices IN THE MATTER OF THE COMPANIES ACT, CAP. 50 AND IN THE MATTER OF LUGANO LOGISTICS INVESTMENT PTE. LTD. (INCORPORATED IN SINGAPORE) COMPANY REGISTRATION NUMBER: *****4703D Notice of Resolution for Member’s Voluntary Winding Up (Pursuant to Section 290) At the Extraordinary General1,545 words
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WORLD
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924 2013-12-24 12 Lobbyists expect even split between military, domestic programmes Re uters [WASHINGTON] As Washington empties out for the holidays, a final budget fight will play out in the nearly empty Capitol building as congressional staffers parcel out more than US$1Reuters - 924 words
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Article, Illustration548 2013-12-24 12 Reuters [NEW YORK] US consumers shopped less on the final weekend before Christmas despite deeper discounts, the latest sign of how difficult a season this is turning out to be for retailers. Shoppers also showed signs they will do more of theirReuters; PHOTO: REUTERS - 548 words
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820 2013-12-24 12 Bloomberg [SEOUL] Standard Chartered plc and Citigroup Inc have seen their US$6 billion bet on South Korea turn sour in less than 10 years as the two banks struggle to sustain profits in an economy plagued by rising household debt. StandardBloomberg - 820 words
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934 2013-12-24 12 Reuters [WASHINGTON] In June 2009, a small group of academics sent an envoy to a Washington, DC, think tank to pitch their vision for a research office to help the nation avoid the next financial crisis. The idea was to createReuters - 934 words
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Article, Illustration1137 2013-12-24 13 FIA is forced to acknowledge and act on the damaging divide between the haves and also-rans Reuters [LONDON] Glamorous, high-tech and hugely profitable: with the lure of races from Monaco to Singapore, Formula One just keeps on giving so far as the moneyReuters; FILE PHOTO - 1,137 words
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675 2013-12-24 13 Reuters [SYDNEY] International hedge funds are increasingly targeting troubled firms in Australia, from cotton or macadamia farms to cattle stations and vineyards, expecting a nascent distressed debt market to generate double-digit returns. Agriculture and mining, which combined account for around 12 perReuters - 675 words
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393 2013-12-24 13 Bloomberg [SYDNEY] Australia’s four largest banks will need to carry an extra one per cent of core tier 1 capital from Jan 1, 2016, due to their systemically important status, according to the country’s banking regulator. Australia New Zealand Banking Group,Bloomberg - 393 words
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Article, Illustration576 2013-12-24 13 AFP [NICOSIA] “I would never have thought we’d come to this,” sighed Chris, collecting a bag of free food from a Nicosia church as the economic crisis in Cyprus bites. “I was a carpenter, my wife was in the catering industry. WeAFP - 576 words
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1222 2013-12-24 14 They object to NSA surveillance but they use same tactics themselves Bloomberg [WASHINGTON] Google Inc, Facebook Inc and other Internet companies expressing outrage over the US National Security Agency intercepting their users’ data pioneered mining information about customers, sometimes without their knowledge. Whether it’sBloomberg - 1,222 words
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Article, Illustration1053 2013-12-24 14 Reuters [NEW YORK] Even as a domestic energy boom shrinks US dependence on imported crude to the lowest in decades, few question the need to maintain a government-controlled reserve of oil, a vital tool to guard against damaging global price spikes. BeyondReuters; PHOTO: AP - 1,053 words
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685 2013-12-24 14 Bloomberg [DOHA] Oil ministers from the Organization of the Petroleum Exporting Countries’s (Opec) three biggest members have rejected the possibility of a glut in global crude supply next year amid an increase in US output and efforts by Iran and Libya toBloomberg - 685 words
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394 2013-12-24 14 Bloomberg [HO CHI MINH CITY] Vietnam’s economy grew more than analysts estimated as exports climbed, even as banks struggled to meet the government’s lending target. Gross domestic product rose 6.04 per cent in the fourth quarter from a year earlier, according toBloomberg - 394 words
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178 2013-12-24 14 Bloomberg [LONDON] Reports of suspected market manipulation soared by 43 per cent this year as the Financial Conduct Authority (FCA) investigated the rigging of multiple benchmark rates. The FCA received 117 reports of suspected “distortion and manipulation” of markets in the year toBloomberg - 178 words
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Article, Illustration1347 2013-12-24 15 One miner shows how faith in the virtual currency can run in the millions NYT [NEW YORK] On the flat lava plain of Reykjanesbaer, Iceland, near the Arctic Circle, you can find the mines of Bitcoin. To get there, you pass through aNYT; PHOTO: NYT - 1,347 words
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Article, Illustration943 2013-12-24 15 They are a small but lucrative part of the timber industry NYT [NEW YORK] Chris Botek, a tree grower in Leighton, Pennsylvania, is used to people being shocked by how much his Christmas trees cost. “People come from the city and they’re usedNYT; PHOTO: NYT - 943 words
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424 2013-12-24 15 2 biggest producers are confident sales will hold up this year Reuters [MILAN] Cash-strapped Italians are refusing to let recession stop them from enjoying their iconic panettone Christmas cake, and are even embracing variations on the tightly regulated recipe. Italians ate about 3Reuters - 424 words
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668 2013-12-24 16 Prices have risen 21% in first four weeks as 48 states see snow pile up Bloomberg [NEW YORK] Hedge funds got more bullish on natural gas as a blast of cold air swept across the US, pushing prices to the highest level inBloomberg - 668 words
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Article, Illustration511 2013-12-24 16 Arbitration award is more than the US jeweller’s net income last year Bloomberg [AMSTERDAM] Swatch Group AG won an arbitration award of about 402 million Swiss francs (S$569.4 million)from Tiffany Co, after the timepiece maker claimed a breach of contract atBloomberg; PHOTO: REUTERS - 511 words
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Article, Illustration397 2013-12-24 16 They say early release a stunt tied to Feb Olympics Reuters [KRASNOYARSK] Two members of Russian punk protest band Pussy Riot were freed from prison yesterday, deriding President Vladimir Putin’s amnesty that led to their early release as a propaganda stuntReuters; PHOTO: AP - 397 words
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525 2013-12-24 16 AFP [SEOUL] The shock purge and execution of the North Korean leader’s uncle stemmed from his attempts to take control of the country’s lucrative coal export business, South Korea’s spy chief told lawmakers yesterday. Jang Song-Thaek, the once-powerful uncle and political regent toAFP - 525 words
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280 2013-12-24 16 Reuters [LONDON] A pledge by Britain’s government to slow immigration could make the economy 11 per cent smaller by 2060 and taxpayers would have to fund higher public spending, a study by a leading research institute showed yesterday. Immigration has become aReuters - 280 words
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Page 13 Advertisements
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Advertisement854 2013-12-24 13 IN THE MATTER OF THE COMPANIES ACT, CAP. 50 AND IN THE MATTER OF KNOA SOFTWARE ASIA-PACIFIC PTE. LTD. (INCORPORATED IN SINGAPORE) COMPANY REGISTRATION NUMBER: *****0033N Notice of Resolution for Member’s Voluntary Winding Up (Pursuant to Section 290) At the Extraordinary General Meeting of Knoa Software Asia-Pacific Pte. Ltd. duly854 words
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AVIATION/SHIPPING
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1057 2013-12-24 17 Airlines use thinner seats and squeeze in more rows to keep fares low NYT [NEW YORK] Flying coach can be a bruising experience these days. Rory Rowland said he was rudely rebuffed after he asked the person in front of him not toNYT - 1,057 words
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Article, Illustration727 2013-12-24 17 [PARIS] AirAsia X Bhd hopes to be the Emirates of South-East Asia, return to Europe in 2016 and possibly spread its wings to the United States, according to co-founder and director Tony Fernandes. He envisioned the carrier would become the equivalent of Emirates inPHOTO: BLOOMBERG - 727 words
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Article, Illustration439 2013-12-24 17 Late arrivals by regional carriers not included in the data Bloomberg [WASHINGTON] Flight delays are significantly undercounted at some of the biggest US hub airports, skewing airlines’ on-time performance statistics disclosed to travellers, according to an inspector general’s report. Statistics for carriersBloomberg; PHOTO: AFP - 439 words
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406 2013-12-24 17 Bloomberg [SEOUL] Hyundai Merchant Marine Co, South Korea’s second-largest sea cargo carrier, led gains among shares of Hyundai Group companies after the conglomerate said that it plans to sell assets to raise 3.3 trillion won (S$3.9 billion). Hyundai Group, with businessesBloomberg - 406 words
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Page 17 Advertisements
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Advertisement26 2013-12-24 17 m tt LIANHE ZAOBAO 18.2% average rate of return in 2013 for Malaysian I concept stocks listed here To subscribe, call 6388-3838 or go to sphsubscription.com.sg26 words
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Page 17 Miscellaneous
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Miscellaneous323 2013-12-24 17 CRYPTIC CROSSWORD Across 1 Area for recycling hops came top after review (7,4) 9 Tolerant eastern province in time of fasting (7) 10 Dash for second hot meal (6) 12 A religious organisation’s Oedipus complex (4,3) 13 Order maintained initially in sound offensive (7) 14 Way of calling head of323 words
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EDITORIAL & OPINION
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498 2013-12-24 18 EDITORIAL CHRISTMAS came several days early for Apple, which said on Sunday that it had clinched a deal with China Mobile, the largest wireless network in the world. Now, Apple will gain access to the pockets of China Mobile’s 763 million subscribers who will buy498 words
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Article, Illustration808 2013-12-24 18 ROBERT SAMUELSON - THE BOTTOM LINE ROBERT SAMUELSON The Washington Post Writers Group THE Fed has turned 100. A century ago on Dec 23, 1913 president Woodrow Wilson signed legislation establishing the Federal Reserve. Broadly speaking, it was charged with preventing financial crises and preserving prosperity.The Washington Post Writers Group - 808 words
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Article, Illustration1195 2013-12-24 18 FOONG SEW BUN - A new era of cognitive systems where machines learn, reason and engage with us is near By FOONG SEW BUN The writer is chief technology officer, IBM Asean PEOPLE in Singapore and all over the world today face an interesting dilemma. Never beforePHOTO: STOCK.XCHNG - 1,195 words
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800 2013-12-24 19 WILL OSWALD - The longer-term strategy of investors like central banks and sovereign funds reflects the global shift in economic power By WILL OSWALD The writer is head of Fixed Income, Currencies and Commodities Research at Standard Chartered Bank FOR four years until May this year, global800 words
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Article, Illustration667 2013-12-24 19 LEON HADAR - LEON HADAR Washington Correspondent LAST Wednesday’s announcement by the US Federal Reserve that it would reduce or “taper” its bond-buying programme by US$10 billion or 12 per cent starting January didn’t come as a total surprise to anyone who has been following daily667 words
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Article, Illustration893 2013-12-24 19 ARTHUR HANNA - By ARTHUR HANNA The writer is a senior managing director leading Accen ture ’s global energy business IS OUR current energy system on the brink of collapse? Despite the billions of dollars invested in the industry, energy today is less affordable, lessPHOTO: AFP - 893 words
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Article316 2013-12-24 20 Papua New Guinea Australia New Zealand New Caledonia Fiji all other Pacific Islands Dili (East Timor) Guam (Mariana Islands) Honolulu (Hawaii) SOUTH PACIFIC SERVICE W W W. N G P L J S P. C O M THE CHINA NAVIGATION CO. PTE. LTD. 300 BEACH ROAD #02-02 THE316 words
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Page 20 Advertisements
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Advertisement50 2013-12-24 20 PLACE YOUR AD HERE The Business Times Shipping Times CALL JOE WONG AT 9620 1327 USE THIS SPACE TO SELL CALL JOE WONG AT 9620 1327 TO ADVERTISE the business times Shipping Times FREIGHT FORWARDER urgently needed by shippers Can they find your services here in the Shipping Times? II50 words
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Page 21 Advertisements
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Advertisement121 2013-12-24 21 THE ESSENCE OF BRITAIN MaHp in Switzerland bv BREITLING M i ST w V. BREITLING BOUTIQUE 390 ORCHARD ROAD SINGAPORE BREITLING for BENTLEY British chic, Swiss excellence: Breitling for Bentley combines the best of both worlds. Style and performance. Luxury and accomplishment. Class and audacity. Power and refinement. Perfectly epitomising121 words
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SINGAPORE STOCKS
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Article2320 2013-12-24 21 Transaction date: Dec 23 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 Company Last Sale Vol Da ('000) High Last G 188 106 AIMSAMPIReit...............................142 +1 1254 142.5 141.5 141.5 142 7.5 13.22,320 words
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Article294 2013-12-24 22 52-wks Last Vol Day Last Quote Div Gr Yld Net M Cap High Low Company Sale +/-(‘000) High Low Buyer Seller C’vr P/E $mil 37 17.3 t 3Cnergy 500 Vol Day 2.4 1.1 t Advanced System 1.2 unch 1000 1.2 1.2 1.2 1.3 19.1 Div Gr Yld Net294 words
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Article11258 2013-12-24 22 UNIT TRUST FUNDS UNIT TRUSTS APS Asset Mgt Pte Ltd APS Alpha Fund Cl A!** 1.49/ Aberdeen Asset Mgt Asia Limited Aberdeen Asset Mgt Asia Limited EM Local Ccy Bond China Opportunities 1 2 7986/ EM Local Ccy Bond *****/ European Opportunities 1 1 2867/ Global Emerging Markets 1 111,258 words
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Article261 2013-12-24 22 52-Wk Last Vol Day Last Quote Div GrYld Net MCap High Low Company Sale +/-(’000) High Low Buyer Seller C’vr P/E $mil Company 52 33 Genting HK US$ US41.5 +1 ***** 42.5 40.5 41 41.5 2732.6 6.6 2 OGL Resources A$ A3.1 +0.8 125 3.1 2.4 3.1 3.5 0.5261 words
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Article888 2013-12-24 22 52-Wk Last Vol Day Last Quote Div GrYld Net MCap High Low Company Sale +/-(’000) High Low Buyer Seller C’vr P/E $mil 123 107.1 ABF SG Bond ETF 112.5 -0.2 13 112.5 112.5 112.5 113 513.5 143 125 CIMB APAC Div 100S$D 125 125.1 126 114.4 99.2 CIMB888 words
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FINANCE & COMMODITIES
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Article707 2013-12-24 23 Dec 23 OPEN HIGH LOW SETT VOL OP/INT NIKKEI 225 INDEX FUTURES SPOT *****.69 *****.42 *****.36 Mar14 *****.00 *****.00 *****.00 *****.00 ***** *****1 Jun14 *****.00 *****.00 *****.00 *****.00 6 1758 MSCI TAIWAN INDEX FUTURES SPOT 296.59 298.23 296.59 Dec13 295.40 298.60 295.20 297.50 *****5 *****6 Jan14 295.10707 words
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373 2013-12-24 23 In local curr In S$ In US$ dy yr dy yr dy yr Dec 20 Index Change Change Change Change Change Change World Preliminary 1163.7 0.6 24.0 0.5 26.1 0.6 21.6 EAFE Preliminary 935.8 0.4 20.8 0.5 20.6 0.5 16.3 Europe Preliminary 1328.3 0.5 15.8373 words
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Article471 2013-12-24 23 Dec 23 A$ C$ Rmb Euro HK$ Ind Rs Rupiah Yen Won RM NZ$ Pak Rs Peso S$ Rand Sfr NT$ Baht Pound US$ Australia 0.950 5.421 0.653 6.924 55.334 109.342 0.928 9.473 2.936 1.089 94.809 39.571 1.130 9.250 0.800 26.771 29.199 0.546 0.893 Canada 1.052 5.705471 words
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Article38 2013-12-24 23 Dec 23 (US$) (S$) 1 mth 0.***** 0.***** 2 mths 0.***** 3 mths 0.***** 0.***** 6 mths 0.***** 0.***** 9 mths 0.***** 12 mths 0.***** 0.***** SWAP Offer rates (S$) (S$) 3 mths ..0.***** Source: Thomson Reuters38 words
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Article86 2013-12-24 23 Dec 23 TREASURY BILLS Period Issue Maturity Yesterday's Day's code Bid High Low 6-Month BS*****Z 27-Jun-14 0.29 1-Year BY*****T 31-Oct-14 0.3 GOVERNMENT BONDS Period Issue Coupon Maturity Close Day's code rate Bid High Low 2-Year N*****0W 1.13 01-Apr-16 101.48 101.55 101.50 5-Year N*****0T 0.5 01-Apr-18 97.75 97.95 97.8086 words
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Article136 2013-12-24 23 Dec 23 GOLD(US$/oz) Dec 23 Dec 20 Hong Kong 1211.00 1201.00 Dec 20 Dec 19 London 1205.10 1195.30 1205.85 1195.85 Source: Thomson Reuters CAST BAR Dec 23 (S$) Selling Buying Kilobar ***** ***** PAMP GOLD BARS (S$) Selling Buying 1gm 110 49 5gm 313 245 10gm 559 489136 words
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Article59 2013-12-24 23 Dec 23 KLCE PALM FUTURES (RM/MT) Delivery Opening Sett Av Vol Open Month Range Price Price High Low Done Position Jan 14 2534.0 2593.0 2595.0 2534.0 338 3140 Feb 14 2565.0 2607.0 2610.0 2565.0 4457 ***** Mar 14 2573.0 2617.0 2622.0 2573.0 ***** ***** Apr 14 2580.0 2623.059 words
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Article155 2013-12-24 23 Dec 23 Against S$ Against US$ Currencies Bid Offer Bid Offer S$/US$ to one unit of foreign currency: Australian dollar 1.1300 1.1302 0.8929 0.8930 Canadian dollar 1.1892 1.1894 0.9398 0.9397 Euro 1.7315 1.7317 1.3682 1.3683 NZ dollar 1.0378 1.0380 0.8201 0.8202 Sterling pound 2.0705 2.0708 1.6361 1.6362155 words
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Article109 2013-12-24 23 Dec 20 SOYBEANS (5,000 bu min; US cents/60 lb bushels) Close Previous High/Low Jan 14 1339.00 1327.00 1345.00 1321.50 Mar 14 1331.00 1319.00 1336.50 1313.00 May 14 1316.00 1305.50 1320.00 1300.00 Jul 14 1301.25 1293.00 1304.75 1288.25 SOYBEAN OIL (60,000 lbs; US cent/lb) Close Previous High/Low Jan 14109 words
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Article94 2013-12-24 23 Dec 20 COCOA (£/tonne) Close Prev High Low Mar 14 1798 1780 1800 1781 May 14 1785 1766 1788 1767 Jul 14 1774 1756 1775 1757 Sep 14 1764 1752 1767 1749 COFFEE(US$/tonne) Close Prev High Low Jan 14 1704 1690 1715 1672 Mar 14 1706 1684 1729 166894 words
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1139 2013-12-24 23 BONDS, WARRANTS EXTENDED SETTLEMENT Prem Expiry Vol Conv Exer Disc Gear-Mths Company Last Sale +or-('000) Ratio Price ing Left Asia-Pacific Strategic W*****6 24 0.0 5 -83 55 Asia-Pacific Strategic W*****6 Ratio Exer Albedo Limited W*****9 Prem Ascendas Reit MB ECW*****3 2.9 0.2 240 3 Asiatic Grp(Hldgs) Ltd W*****5 Expiry Asiatravel.com1,139 words
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Article70 2013-12-24 23 CRUDE OIL PRODUCTS Dec 20 CRUDE (FOB origin) US$/barrel Close Change Brent blend (1-Mth F) 111.49 0.92 WTI (Near Mth) 98.82 0.36 Dubai (1-Mth F) 106.98 0.68 Tapis blend 116.38 1.02 Minas 109.88 1.02 PRODUCT US$/barrel (FOB S'pore) Close Change Naphtha 108.33 0.72 Jet Kerosene 126.59 0.65 US$/barrel OpecOil Basket70 words
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Article22 2013-12-24 23 Dec 23 S$ Bid Offer 1-month 1.2655 1.2656 2-months 1.2654 1.2655 3-months 1.2654 1.2655 6-months 1.2650 1.2652 Source: OCBC22 words
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Article65 2013-12-24 23 Dec-20 Aluminium, 99.7% purity(US$/tonne) Close Previous Cash 1740.10 1728.25 3 months 1785.00 1773.00 Copper, Grade A(US$/tonne) Cash 7248.50 7207.00 3 months 7238.00 7200.50 Lead(US$/tonne) Cash 2194.50 2148.25 3 months 2216.00 2174.00 Nickel (US$/tonne) Cash *****.00 *****.00 3 months *****.00 *****.00 Tin (US$/tonne) Cash *****.00 *****.00 3 months *****.0065 words
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Article121 2013-12-24 23 As at 9am Dec 23 Singapore dollars to one unit of foreign currency: Currencies Sell Buy Aust dollar 1.157 1.102 Can dollar 1.212 1.166 Euro 1.774 1.690 Sterling pound 2.109 2.028 NZ dollar 1.066 1.025 US dollar 1.293 1.232 Local dollars to 100 units of foreign121 words
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Article161 2013-12-24 23 Dec 23 $S Offer Bid 0vernight 0.03 0.01 1-month 3/8 1/4 2-months 3/8 1/4 3-months 7/16 5/16 Overnight mode: 0.07 US$ Offer Bid 7 days 0.35 0.15 1 month 0.30 0.15 2 months 0.40 0.20 3 months 0.45 0.25 6 months 0.50 0.30 9 months 0.60 0.40 12161 words
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PROPERTY
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Article, Illustration467 2013-12-24 24 Buyers seen shunning areas such as Chelsea, Knightsbridge Bloomberg [LONDON] Price increases in London’s luxury-home market will almost halve in 2014 as buyers shun neighbourhoods such as Chelsea and Knightsbridge that fuelled a five-year boom, Knight Frank LLP said. A plan to taxBloomberg; PHOTO: BLOOMBERG - 467 words
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441 2013-12-24 24 He cites ‘raging housing boom’ in London and the surrounding region Bloomberg [LONDON] The UK government should review its Help to Buy mortgage-guarantee programme in light of soaring home prices in London and the surrounding region, Business Secretary Vince Cable said. “WeBloomberg - 441 words
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Article, Illustration1293 2013-12-24 24 NYT [ATHLONE] The demolition getting underway here recently was in a housing complex where a 2-year-old, probably chasing a dog, had climbed through a fence last year and drowned in a pool of water behind a dozen partly constructed homes. John Burke, hired toNYT; PHOTO: BLOOMBERG - 1,293 words
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Article, Illustration487 2013-12-24 25 Impact seen to be nominal; but rental index will be more of a reference point Bloomberg [DUBAI] Dubai, where property prices have surged more than 40 per cent this year, will allow landlords to increase rents at a faster pace as economicBloomberg; PHOTO: AFP - 487 words
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Article, Illustration1302 2013-12-24 25 Bloomb erg [DUBAI] The Index tower on Dubai’s answer to Wall Street has 23 floors of empty offices out of the 25 it opened in 2011. A few hundred feet away, buildings controlled by the Dubai International Financial Centre are almostBloomberg; PHOTO: BLOOMBERG - 1,302 words
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299 2013-12-24 25 It aims to take part in Dubai’s property market boom Reuters [DUBAI] United Arab Emirates builder Arabtec signalled on Sunday that it aimed to participate more directly in Dubai’s property market boom, announcing plans to establish real estate development arms. The firm, whose shares areReuters - 299 words
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Advertisement68 2013-12-24 24 H 0 T R 0 P E R T Y KENSINGTON SO fu i £!T c transSinSi "S? S GraT™ arket fr S'-SM tV^ ford a o e n a 1 J gal/. Various use'323 APPrt f MRT. Conventehn S t0 CRAIG RD 3-STY rpn CENTRAL SHOP FOR SALE Check68 words
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Advertisement17 2013-12-24 24 KISS92 FM place one songs great the All fi A ¥> KLflSS WEEKDAYS 4PM-8PM D facebook.com/kiss92fm i#-0kiss92fm www.kiss92.sg17 words
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Advertisement79 2013-12-24 25 Australian Property Finance Have you recently bought an Australian property and need a loan to complete the transaction? Already own and want to ensure you have the best loan? CONTACT SPECIALIST MORTGAGE HERE IN SINGAPORE FOR FREE IMPARTIAL ADVICE TO REVIEW ALL OF YOUR OPTIONS. Web www.smats.net Email smats@smats.net 1079 words
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Advertisement220 2013-12-24 26 ("him V aic m i* II l I m Three inspiring shows. Two worthy causes. One ChildAid family. This year, the organisers The Straits Times and The Business Times raised $2,035 million for The Straits Times School Pocket Money Fund and The Business Times Budding Artists Fund. Thank you for220 words
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