The Business Times, 14 May 2014

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Microfilm: NL33138
Total Pages: 28
1 28 The Business Times
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  • Title Section
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    25 1 THE BUSINESS TIMES S$1.00 online at http://www.businesstimes.com.sg SfCl A SINGAPORE PRESS HOLDINGS PUBLICATION CO R GN NO *****2868E MCI (P) 085/08/2013 Wednesday, May 14, 2014
    25 words
  • Article, Illustration
    Lock icon Firms more pessimistic despite global recovery
    923 1  -  Tight job market, higher costs seen limiting their ability to cash in on foreign demand By KELLY TAY kellytay@sph.com.sg @KellyTayBT [SINGAPORE] What good is a global economic recovery if companies can’t take advantage of the opportunities that arise from it? Findings from the latest
    Source: BT-UniSIM Business Climate Survey  -  923 words
  • MARKETS DIGEST
    • Article
      Lock icon FOREX
      65 1 HST INDEX(Monday’s) 3222.43 (-29.70) HST INDEX FUTURES 3,221.00 (-23.00) HSIMSCI 366.24 (-3.08) HSIMSCI FUTURES 366.70 (-2.00) US$ S$ US$ (S$ per US$) 1.250 (US$/S$ per 1.687 2.109 EURO (US$/S$/€ 1.377 1.721 Foreign currency per US$ S$ YEN 101.90 81.50 RM 3.236 2.589 HK$ 7.752 6.202 BAHT 32.65 26.12 RUPIAH
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    • Article
      Lock icon MARKETS
      46 1 Tuesday Change KL COMP Closed NIKKEI 225 14,425.44 +275.92 HANG SENG 22,352.38 +90.77 SET INDEX Closed JAKARTA COMP 4,921.40 +8.40 MANILA COMP 6,852.81 +41.47 SEOUL COMP 1,982.93 +17.99 SHENZHEN B 814.48 -0.24 MUMBAI IND 23,871.23 +320.23 12noon EDT Change DOW 16,709.08 +13.61 NASDAQ 4,134.79 -9.07
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    • Article
      Lock icon PRIME RATES
      19 1 SINGAPORE 5.35 MALAYSIA INDONESIA HONG KONG 5.00 INDONESIA 15.156 TAIWAN US JAPAN 1.475 KOREA 9.33 Source: Bloomberg
      19 words
  • Article, Illustration
    Lock icon No quick fix to revive India’s economy: experts
    868 1  -  New govt may have limited scope for positive policy action, they say NEWS ANALYSIS By VIKRAM KHANNA vikram@sph.com.sg [SINGAPORE] Despite euphoric hopes, as reflected in a frothy stock market, it will be difficult for a new government to revive India’s economy in
    Source: Bloomberg  -  868 words
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      102 1 DUVVURI SUBBARAO Financial gatekeeper of India PAGE 19 COMMENTARY What is SGX’s Unique Selling Point? PAGE 5 VIRTUAL CURRENCY Does S’pore need to be more stringent on bitcoin? PAGE 18 EXECUTIVE MONEY No more taper tantrums page 26 *****4 Deutsche Bank db.com Global strength and expertise. At the centre of
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  • TOP STORIES
    • Article
      Lock icon THREE-MINUTE DIGEST
      472 2 Firms more pessimistic despite global recovery FINDINGS from the latest Business Times-UniSIM Business Climate Survey show that firms here are more pessimistic about their business prospects over the next six months compared to a quarter ago. FRONT PAGE No quick fix to revive India’s economy: experts DESPITE euphoric
      472 words
    • Article, Illustration
      Lock icon Indian market optimism soars following exit poll projections
      636 2 Shares post fresh record highs, rupee gains on forecasts of decisive Modi win Reuters [MUMBAI] Investors added to bets that Indian opposition leader Narendra Modi would score a decisive election win, sending markets to fresh highs yesterday at the same time as
      Reuters; PHOTO: AFP  -  636 words
    • Article
      Lock icon China still has the most impact on S’pore companies’ sales: poll
      239 2  -  By KELLY TAY kellytay@sph.com.sg @KellyTayBT [SINGAPORE] China’s economic performance continues to affect Singapore companies’ sales the most, according to the latest Business Times-UniSIM Business Climate Survey. In line with a trend that has existed over the past two years,
      239 words
    • Article
      Lock icon China’s April data show economic slack
      808 4 Missed forecasts spark calls to ease policies to shore up country’s growth Reu ters [BEIJING] China’s economic activity showed across-the-board weakness in April, with data from output to investment and consumption all missing market expectations, sparking new calls for Beijing to ease policies to
      Reuters  -  808 words
    • Article, Illustration
      Lock icon Modern Montessori aims to expand into Asian emerging markets
      703 4  -  Pre-school education provider earmarks Indonesia, Vietnam for expansion plans By KARA QUEK karaquek@sph.com.sg [SINGAPORE] Pre-school education provider Modern Montessori International (MMI) is looking to expand into emerging markets in the region, specifically Vietnam and Indonesia. Its first school in Vietnam, which
      PHOTO: YEN MENG JIIN  -  703 words
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      199 2 50 Anniversary Lead with one of the top MBAs in the world. It’s possible. y Top 1 of all universities worldwide (QS World University Rankings, 2013/2014) y Number 1 choice amongst the UK’s top graduate employers (The Graduate Market in 2014, High Fliers Research) y AMBA and EQUIS accredited Whether
      199 words
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      421 2 1 mm CleanEnviro Summit Singapore Innovative Clean Enviro-Solutions for Asia’s Growing Cities 1 4 June 2014 Sands Expo and Convention Center Marina Bay Sands, Singapore www.cleanenvirosummit.sg CleanEnviro Summit Singapore (CESS) An Event Not To Be Missed Organised by the National Environment Agency (NEA), Singapore, CleanEnviro Summit Singapore (CESS) is the
      421 words
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      73 3 o OMEGA Gnr^bslLoiticm VWM' -mssaaer. m wm A Wm/ fjff C« AV WB& m W M hit. TV---** J m m. M W/> V/ft V s& 3ST V! a117;' I l i. V 'M r/ /-sw Ty /M4 -sA'r P r V, A I i J riA? >c 5 T
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      141 4 We need 5 more CEOs to play Twenty-seven CEOs have signed up for The BT-Coca-Cola World Cup Charity Drive. We need five more to make it 32, so that each CEO can be assigned to a team when the Fifa World Cup kicks off in Brazil from June 12 to
      141 words
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  • COMPANY NEWS
    • Article, Illustration
      Lock icon What is the Singapore market’s USP?
      958 5  -  HOCK LOCK SIEW B y R SIVANITHY sivan@sph.com.sg @RSivanithyBT IT’S no secret that conditions in the local stock market are poor and have been that way for many months. Liquidity is low, retail brokers are disillusioned with their dwindling income and deteriorating working conditions
      PHOTO: AFP  -  958 words
    • Article
      Lock icon TPV’s Q1 loss widens to US$50.4m
      445 5  -  Bottom line also hit by weakening of EM currencies By KALPANA RASHIWALA kalpana@sph.com.sg @KalpanaBT TPV Technology’s net loss widened to US$50.4 million for the first quarter ended March this year, from US$4.8 million in the same year-ago period. Last month, the maker of display
      445 words
    • Article, Illustration
      Lock icon POSH shares stagnating since its mainboard listing
      785 6  -  Macquarie Warrants, which has listed call warrants on POSH, ‘disappointed’ By MALMINDERJIT SINGH msingh@sph.com.sg @MalminderjitBT DESPITE being the year’s biggest IPO offering in Singapore to date, PACC Offshore Services Holdings (POSH) has failed to excite investors and the stock has stagnated since its
      FILE PHOTO  -  785 words
    • Article
      Lock icon A-Sonic, units likely to post losses for Q1
      349 6  -  By KALPANA RASHIWALA kalpana@sph.com.sg @KalpanaBT MAINBOARD-LISTED logistics and aerospace player A-Sonic Aerospace said in an early-morning announcement yesterday that the company and its subsidiaries are expected to post losses for the first quarter ended March 31, 2014. It did not elaborate. For
      349 words
    • Article, Illustration
      Lock icon Not much hope in Albedo’s Iskandar deal going through
      615 7  -  Current abysmal share price seen as pointing to the deal lapsing in Sept By ANITA GABRIEL anitag@sph.com.sg @AnitaGabrielBT PRETTY much no one seems to think that Catal-ist-listed Albedo’s mammoth $1.86-billion Iskandar land deal involving a reverse takeover by Malaysian tycoon Danny
      Source: Bloomberg; PHOTO: THE STAR PUBLICATION  -  615 words
    • Article
      Lock icon PICTET
      271 7 Pictet-Absl Rtn Fxd Inc-HP EUR 08/05/2014 EUR 102,65 Pictet-Absl Rtn Glo Div-P EUR 08/05/2014 EUR 114,90 Pictet-Asian Equities Ex Japan-P USD 09/05/2014 USD 179,39 Pictet-Asian Local Currency Debt-P USD 09/05/2014 USD 147,59 Pictet-Biotech-P USD 08/05/2014 USD 518,78 Pictet-Clean Energy-P USD 08/05/2014 USD 86,04 Pictet-Digital Communication-P USD 08/05/2014 USD 190,05
      271 words
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      115 5 For freshness, every second counts. Ship direct from Okinawa, 6 times weekly. ANA's new freighter service from Okinawa to Singapore lets you move a wide range of cargo more regularly, including temperature-sensitive perishables. As a leading global airline, ANA also connects you to Haneda and Narita. With Singapore as its
      115 words
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      162 6 Unmask deeper global business truths by going beyond the facades of understanding 32 years of partnership between East and West STANFORD–NUS EXECUTIVE PROGRAM IN INTERNATIONAL MANAGEMENT 16 30 Aug 2014 Immerse in the vibrant cultures of two of the world’s most respected academic institutions. The Stanford–NUS Executive Program, held in
      162 words
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      221 6 ChiKT «dK ALL-STARS EDITION ALL This year, we are celebrating 10 years of ChildAid with you as our stars! Come join the show to raise funds for two worthy children's charities and with a star-studded alumni of ChildAid, many of whom have gone on to become stars of their own.
      221 words
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      110 7 If you're looking fora landed home with a large enough driveway, turn to the Print Classified Properties section. To advertise, call the Print Classified Hotline: 1800-289 9988. Myanmar Banking Business Development Conference 2014 15- I 7 July 2014 Sule Shangri-La Hotel,Yangon, Myanmar The only strategic conference dedicated to the banking
      110 words
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      103 7 I ation gapore I I 0 0 V'v'* r\ 3/ < 25 vS ■m: U:S-’7 From transport to property to commodities, J.P. Morgan has been at the forefront of many pioneering deals that have helped build today’s Singapore. For 50 years, we’ve enabled clients to realize their ambitions using our
      103 words
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  • SINGAPORE NEWS
    • Article, Illustration
      Lock icon Theyvendran set to use his MDIS formula at SICCI
      604 8  -  New head aims to turn Indian business body into dynamic, profitable enterprise BY MALMINDERJIT SINGH msingh@sph.com.sg @Ma|minderjitBT THE man who helped transform the Management Development Institute of Singapore (MDIS) into a profitable enterprise will use the same formula to turn the
      604 words
    • Article, Illustration
      Lock icon Singapore, US reaffirm close bilateral relations
      398 8 They also reiterate their commitment to further strengthen cooperation MINISTER for Foreign Affairs and Law K Shanmugam met US Secretary of State John Kerry on Monday, during which the two men reaffirmed the close and long-stand-ing bilateral relations between Singapore and the United States
      PHOTO: MINISTRY OF FOREIGN AFFAIRS, SINGAPORE  -  398 words
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      219 8 f NANYANG TECHNOLOGICAL UNIVERSITY Nanyang Business School Wharton University of Pennsylvania Aresty Institute of Executive Education I r VS THE NANYANG-WHARTON SENIOR LEADERS PROGRAMME A COLLABORATION BETWEEN NANYANG BUSINESS SCHOOL AND THE WHARTON SCHOOL AEINVENTJNG THE IRN Nanyang Technological University (NTU) is ranked 41st in the world and also placed
      219 words
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      143 8 Attention Local Business Owners! REACH OUT TO 1.3MILLI0N POTENTIAL CUSTOMERS FOR FREE! •Average monthly visitors on STDirectory STDirectory.sg is offering a two-month free trial for an enhanced online directory business listing package to local businesses. This package includes: COMPANY LOGO COMPANY PROFILE Display your business logo to represent your company's
      143 words
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      215 9 Artist’s Impression Overseas Family School Moving In August 2015 \l I I 1/ 'I I I l x LED lights throughout school for better learning j 10 11-storey middle high 11-storey kindergarten i elementary school tower Generous classroom sizes, class size of y maximum 25 students j 2000-seat y function
      215 words
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  • MALAYSIA/INDONESIA
    • Article
      Lock icon Global standards on structuring sukuk planned
      580 10 Move aims to cut delays caused by disagreements between scholars Bloomberg [JAKARTA] The International Islamic Financial Market is working on common templates for structuring sukuk to reduce delays caused by disagreements between syariah scholars. The standards-setting body is drafting frameworks starting with leasing contracts
      Bloomberg  -  580 words
    • Article, Illustration
      Lock icon M’sia may buy Thai rice at below-market prices
      435 10 Reuters [BANGKOK] Thailand said it is negotiating to sell bet w een 6 00 800,000 tonnes of 5 per 000 an d 800,000 tonnes of 5 per cent broken white rice to Malaysia, a deal that traders forecast will have to be
      Reuters; PHOTO: BLOOMBERG  -  435 words
    • Article
      Lock icon Kah Motor allocates RM150m to upgrade outlets
      412 10 It also plans to expand Honda network in Johor Baru, Sabah and Sarawak [KUALA LUMPUR] Oriental Holdings Bhd’s wholly-owned subsidiary, Kah Motor Sdn Bhd, has allocated RM150 million (S$58 million) for the next two years to upgrade some of its existing outlets and
      412 words
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      69 10 :2.=/+=*9< )!#DC=#6!,=!#6B+#68D( <#6!1C BC# 86B#DB B#1C 0#68D *3?%& #718@DA># $!%5%BA%3D "!%5 4!630D 630 !#B6A8#!D Download :2.=/+=*9< for now on iPads or Android tablets and stand to ;A3 a Samsung Galaxy Tab Pro (8.4”) worth $698 (3 sets to be won)! PLUS FREEtablet screen protector and installation from Love Mobile for
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      44 10 f 1 KISS 92 m All the great songs in one place_ T fj W S\00 e t-:-r\ y"]K> :aRrw k V” I V I n facebook.com/kiss92fm 0kiss92fm www.kiss92.sg Download the KISS92 mobile app now! tWmH&t# i KISS92 is part of SPH Radio Network
      44 words
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  • CHINA/INDIA
    • Article, Illustration
      Lock icon Renminbi is now fairly valued: report
      729 11 This is a big change from 2005, when it was undervalued by nearly 30% Reuters [BEIJING] US Treasury Secretary Jack Lew is pressing his counterparts in Beijing this week to ease their grip on the yuan after a sharp drop this year, but the
      Reuters; PHOTO: AFP  -  729 words
    • Article
      Lock icon Facebook may open sales office in China: sources
      303 11 Bloom berg [SAN FRANCISCO] Facebook Inc is taking steps to open a sales office in China to work with local advertisers, according to people with knowledge of the matter, in a move that would put the social network’s employees in the country
      Bloomberg  -  303 words
    • Article
      Lock icon Indian power firm plans IPO for solar unit
      463 11 Hindustan Power to double investment to US$2b by 2016 Bloomberg [NEW DELHI] Hindustan Powerprojects, an Indian generator backed by Blackstone Group, plans to sell shares in its solar unit as it prepares to double investment in photovoltaic projects to US$2 billion by
      Bloomberg  -  463 words
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      921 11 Grooming top talents ESSEC Executive MBA offers new perspectives for a deeper understanding of a rising Asia BY NARENDRA AGGARWAL POWERING growth in Asia, one of the fastest growing regions in the world, is often met with a catch: the diffi culty in fi nding and retaining enough talented people
      921 words
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  • WORLD
    • Article
      Lock icon Australia slashes welfare spending to rein in budget deficit
      477 12 New healthcare fee, lifting college fee cap, raising pension age among steps Reuters [CANBERRA] Australia’s conservative government yesterday released a politically contentious federal budget packed with deregulation and tough spending cuts that it offers as a roadmap for returning to surplus
      Reuters  -  477 words
    • Article
      Lock icon South Korea plans roadshows in West for offshore bonds
      565 12 Bloomberg [HONG KONG] South Korea is considering a sale of dollar- and euro-denominated bonds amid the best start to a year for sovereign debt since 2009. Asia’s fourth-largest economy plans to meet investors in the US and Europe from May 21
      Bloomberg  -  565 words
    • Article, Illustration
      Lock icon Top Sony execs lose bonus as company heads to big loss
      617 12 This is the third year CEO Hirai won’t be receiving any bonus AFP [TOKYO] Struggling electronics giant Sony will not pay bonuses to senior executives for the third straight year, the Japanese company said yesterday, as it braces for
      AFP; PHOTO: AFP  -  617 words
    • Article, Illustration
      Lock icon Thai election should come before reforms: acting premier
      718 12 Bloomberg [BANGKOK] Thailand’s acting prime minister Niwattumrong Boonsongpaisan says holding an election scheduled for July 20 is the only way to resolve the nation’s political deadlock, and reforms should be implemented by a new government. “Political reforms are a good thing, and
      Bloomberg  -  718 words
    • Article, Illustration
      Lock icon Google must delete personal data: EU court
      575 13 It may have to erase search engine data as ‘right to be forgotten’ is upheld Bloomberg [BRUSSLES] Google Inc may be ordered to remove personal information from its search engine after the European Union’s top court paved the way for citizens to have
      Bloomberg; PHOTO: BLOOMBERG  -  575 words
    • Article, Illustration
      Lock icon Asian buyers boost Christie’s ‘funky’ US$134.6m auction
      790 13 Bloomberg [NEW YORK] Christie’s sold US$134.6 million of contemporary art in New York on Monday in an hour as international buyers from 26 countries chased after trophy pieces by emerging and established artists. Titled “If I Live I’ll See You Tuesday”, the auction
      Bloomberg; PHOTO: REUTERS  -  790 words
    • Article
      Lock icon BOJ sees slowdown in summer spending
      336 13 Cold weather caused by El Nino likely to weigh on growth Bloomberg [TOKYO] Bank of Japan (BOJ) officials are concerned that cooler-than-normal weather triggered by El Nino this summer will curb spending and weigh on an economic rebound after a sales-tax increase, according to
      Bloomberg  -  336 words
    • Article, Illustration
      Lock icon New stress test of EU banks draws criticism
      787 15 ECB keen to prove banks are robust before taking over supervision in Nov Bloomberg [VIENNA] European banks are being urged to boost their ability to withstand losses before the conclusion of a stress test that has drawn criticism for its design. Axel
      Bloomberg; FILE PHOTO  -  787 words
    • Article
      Lock icon High interest rates hinder SMB recovery in EU
      639 16 Full-fledged economic upturn unlikely to take hold as long as bank lending stays tight NYT [PARIS] Lúcio Machado’s small business in northern Portugal is finally starting to bustle again after his country’s recession. He hoped to expand his 12-employee business which repairs
      NYT  -  639 words
    • Article
      Lock icon US, EU play down sector-wide sanctions against Russia
      487 16 Bloomberg [WASHINGTON] Officials in the US and European Union are playing down the prospect of punishing Russia with sanctions targeting entire industries, opting instead to focus on tightening pressure by targeting more individuals and companies. Policymakers say they are concerned that broadbrush
      Bloomberg  -  487 words
    • Article, Illustration
      Lock icon Japan’s pachinko operators face tax squeeze
      567 16 The game too may be regulated if casinos are legalised Re uters [TOKYO] Moves towards legalising casinos in Japan have reignited a debate over the legal status of pachinko, with a potential new tax mooted for a US$200 billion gaming industry that has existed
      Reuters; PHOTO: REUTERS  -  567 words
    • Article, Illustration
      Lock icon Hunt for working ATMs await World Cup tourists
      557 16 Bloomb erg [SAO PAULO] World Cup visitors in Brazil who need a little cash might find themselves visiting one ATM and then another, and then another. That’s because Brazil’s banking system, with more automated teller machines than any other country, bucks the
      Bloomberg; PHOTO: BLOOMBERG  -  557 words
    • Article
      Lock icon Shoppers take breather following retail sales surge
      291 16 LATEST US DATA Bloomberg [WASHINGTON] May 13 American consumers took a respite from going to malls and restaurants as retail sales climbed less than forecast in April after the strongest gain in four years. The 0.1 per cent increase followed a revised 1.5
      Bloomberg  -  291 words
    • Article, Illustration
      Lock icon Pfizer planning new offer for AstraZeneca
      612 17 New bid to increase value modestly while bumping cash portion: sources Bloomb erg [NEW YORK] Pfizer Inc is planning to sweeten its bid for UK rival AstraZeneca plc for a second time, people with knowledge of the matter said. Pfizer and its advisers are
      Bloomberg; PHOTO: BLOOMBERG  -  612 words
    • Article
      Lock icon US unit of RBS plans to raise US$100m from IPO
      263 17 Reuters [LONDON] Citizens Financial Group Inc, the US unit of Britain’s Royal Bank of Scotland, filed with US regulators for an initial public offering of common stock that would raise about US$100 million. RBS had said last year that it
      Reuters  -  263 words
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      939 12 IN THE MATTER OF THE COMPANIES ACT, CAP.50 AND IN THE MATTER OF SHIPOWNERS’ ASIA PTE. LIMITED (INCORPORATED IN SINGAPORE) COMPANY REGISTRATION NUMBER: *****3550K Notice of Resolution for Member’s Voluntary Winding Up (Pursuant to Section 290) At the Extraordinary General Meeting of the member of Shipowners’ Asia Pte. Limited duly
      939 words
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      110 13 EXXONMOBIL-SMU DIALOGUE THE NEXT PHASE OF THE WOMEN'S MOVEMENT MUST BE A MEN'S MOVEMENT Distinguished Speaker: Anne-Marie Slaughter President and CEO New America Foundation Bert G. Kerstetter '66 University Professor Emerita of Politics and International Affairs Princeton University Date Time Venue Dress Code 21 May 2014, Wednesday 4:30pm to 7:00pm
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      92 14 Y y *e < V C 3 h <v 7 Ktr 7 9 r -i 7 C” I r r r NS *x fV^ >v I 'C A 7* «r 4 A >f V I k I V i U THE Coil DREAMER li^-k Bi Phi The one who believes
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      415 15 W cnr Iham itai IS ad anas Supply Chain Training Centre Professional Qualification in Supply Chain Mi T EMPOWER YOUR LEARNING CILT (UK) Level 5, Professional Diploma In Logistics Transport Awarded by The Chartered Institute of Logistics and Transport, UK. A modular programme for middle managers with functional responsibilities in
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      256 15 Broadcasthsia2ni4 Cnmmunichsia2ll14 [ntErnriSBMT2D14 www.Broadcast-Asia.com Level 4 5 www.CommunicAsia.comwww.goto-enterpriselT.com Basement 2, Level 1 3 17-20 June 2014 Marina Bay Sands, Singapore Asia’s ONLY one-stop platform for infocomm, entertainment and broadcasting industries Largest gathering of principals and manufacturers showcasing the most comprehensive and innovative technologies. Experience different levels of Connectivity with 3
      256 words
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      499 16 M DEVELOPMENT LTD. (Incorporated in the Republic of Singapore) (Company Registration No. *****1764D) NOTICE OF EXTRAORDINARY GENERAL MEETING NOTICE IS HEREBY GIVEN that an Extraordinary General Meeting (“EGM”) of the members of M Development Ltd. (the “Company”) will be held at Tumasik Room, 4 Shenton Way #17-01 SGX Centre 2
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      2495 17 WATO NOTICES Toll free 1800-289-8822 Email notices@sph.com.sg www.cats.com.sg/notices ASIA FASHION HOLDINGS LIMITED (Company Registration No. *****) (Incorporated in Bermuda with limited liability) NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN that the Annual General Meeting of Asia Fashion Holdings Limited (“the Company”) will be held at Anson II Room,
      2,495 words
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  • EDITORIAL & OPINION
    • Article
      Lock icon EM recovery – stock selection is key
      518 18 EM recovery stock selection is key EDITORIAL IT has been almost 12 months since former US Federal Reserve chairman Ben Bernanke on May 22, 2013, spoke of “tapering” or reducing the Fed’s quantitative easing monetary stimulus programme, a shock statement that led to a flight of capital out of emerging
      518 words
    • Article, Illustration
      Lock icon Is America becoming a stay-put society?
      726 18  -  THE BOTTOM LINE ROBERT SAMUELSON The Washington Post Writers Group ONE disturbing trend of recent decades is the decline in Americans’ geographic mobility. We pride ourselves on being a get-up-and-go people. In particular, we see ourselves as willing to move for opportunity. If there
      The Washington Post Writers Group  -  726 words
    • Article, Illustration
      Lock icon Does S’pore need to be more stringent on bitcoin?
      1237 18  -  Governments around the world are starting to take a closer look at the virtual currency By ELAINE CHAN The writer is partner and joint head of the Financial Services Regulatory Practice Group at WongPartnership ITCOIN is only the latest in a
      PHOTO: AFP  -  1,237 words
    • Article, Illustration
      Lock icon Financial gatekeeper of India
      2043 19  -  Duvvuri Subbarao, governor of India’s central bank from Sept 2008 to Sept 2013, recounts his experience during those tumultous years By VIKRAM KHANNA QWhat were the highlights of your tenure as the governor of the Reserve Bank of India (RBI) A: The Chinese have a saying:
      PHOTO: BLOOMBERG  -  2,043 words
    • Article, Illustration
      Lock icon Fed tapering will help reduce inequality
      737 19  -  REUTERS BREAKINGVIEWS By ALEXANDER FRIEDMAN, KIRAN GANESH Alexander Friedman is the global chief investment officer and Kiran Ganesh is a cross-asset strategist at UBS Wealth Management JUST as quantitative easing (QE) by the US Federal Reserve has inadvertently increased the country’s wealth gap, so
      PHOTO: AFP  -  737 words
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  • Transport HUB
    • Article
      Lock icon Counting the cost when things go wrong
      707 20  -  Shipowners warned that a major ship casualty could plunge them into ‘negative equity’ trap STRAIT TALK By DAVID HUGHES THE good news is that there has been a consistent decrease in the number of total losses of vessels at sea over the past
      707 words
    • Article
      Lock icon TRANSPORT STOCKS
      242 20 SGX '000 May 12 S$ +/-Vol Ch Offshore '000 Chuan Hup Hldg 0.28 0.01 184 Cosco Corp 0.74 unch 3763 Cwt Limited 1.56 -0.01 466 Vol First Ship Lea 0.10 0.01 411 Grand Banks..............0.25 unch 423 Jaya Hold Ltd K1Ventures Cosco Corp Keppel Corp 10.62 -0.05 3099 Mercator
      242 words
    • Article, Illustration
      Lock icon Cargo boxes jam Manila docks amid truck ban
      808 20 Bloomberg [MANILA] Cargo containers filled with goods from toys to electronics are piling up on Manila’s docks as a rush-hour truck ban threatens to dent growth in the Philippines, South-east Asia’s fastest-expanding economy. Incoming cargo boxes have lingered at International Container Terminal
      Bloomberg; PHOTO: BLOOMBERG  -  808 words
    • Article
      Lock icon Italy cruise survivors testify for first time
      257 20 AFP [ROME] Survivors of Italy’s Costa Concordia cruise ship disaster began testifying for the first time on Monday at the trial of its captain Francesco Schettino as the liner’s owner said it could be towed away in July. “I suffer from panic attacks,”
      AFP  -  257 words
    • Article
      Lock icon Carnival deploys fourth ship to China
      365 20 Cruise firm will dispatch ‘Costa Serena’ to Shanghai from Europe, says COO Bloomberg [LOS ANGELES] Carnival Corp will dispatch a fourth ship to China next April, escalating the battle for passengers in the fastest-growing cruise market. The Miami-based cruise company, the world’s largest, is
      Bloomberg  -  365 words
    • TRANSPORT HUB: AVIATION
      • Article, Illustration
        Lock icon Computer memory shortage caused air traffic system failure
        775 21 April 30 incident in LA area resulted in many flights being delayed or cancelled Reuters [NEW YORK] A common design problem in the US air traffic control system made it possible for a U-2 spy plane to spark a computer glitch that
        Reuters; PHOTO: REUTERS  -  775 words
      • Article
        Lock icon Emirates not looking for stake in Qantas, says chairman
        410 21 AFP Bloomberg [SYDNEY] Emirates is not planning to buy a stake in Australian airline Qantas, a report said on Monday, despite the government moving to loosen foreign ownership restrictions on the struggling carrier. Canberra wants to alter ownership rules to allow
        AFP; Bloomberg  -  410 words
      • Article
        Lock icon Flight-tracking on top of UN group’s agenda
        472 21 Inmarsat offering free basic tracking service to airlines Reuters [MONTREAL] United Nations aviation officials gathered in Canada on Monday to discuss better tracking of aircraft in the highest-level response yet to safety concerns raised by the disappearance of Malaysia Airlines’ MH370 in March.
        Reuters  -  472 words
      • Article
        Lock icon MAS restructuring slated for May 28: report
        389 21 Airline will cancel some contracts, cut staff by over 10% [KUALA LUMPUR] Malaysia Airlines (MAS) will close several departments for a day under its restructuring plan, which will see it terminating some old contracts and reducing the workforce by more than 10 per
        389 words
    • TRANSPORT HUB: LAND
      • Article
        Lock icon Aston Martin expects return to profitability after 2016
        426 22 It says it would start to benefit from its five-year £500m investment plan Reuters [MILLBROOK, England] Lossmaking British luxury sports carmaker Aston Martin expects to make a significant return to profitability after 2016, its chief financial officer (CFO) said. The 101-year company
        Reuters  -  426 words
      • Article, Illustration
        Lock icon Venezuela auto industry collapses over currency shortfalls
        515 22 AFP [CARACAS] Venezuelans, who enjoy free highways and dirt-cheap gas, are struggling to buy cars as production falters thanks to a lack of foreign currency to pay for imported parts. Vehicle assembly plants are facing their worst year in the oil-rich Opec nation,
        AFP; PHOTO: AFP  -  515 words
      • Article
        Lock icon Top US suppliers rank GM worst big automaker
        443 22 Toyota, Honda and Nissan take top 3 places in survey Reuters [DETROIT] General Motors Co already locked in a public relations crisis because of a deadly ignition defect that has triggered the recall of 2.6 million vehicles has a new perception problem
        Reuters  -  443 words
  • Page 20 Advertisements
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      46 20 FI'EE FACILITIES MANAGEMENT SOLUTIONS EXPO 2014 14 -16 October 2014 SINGAPORE EXPO HALLS 3 4 www.fmse.com.sg TOWARDS A SUSTAINABLE BUILT ENVIRONMENT > ■K9 To Exhibit: Tel:+65 6319 4021 Email; fmse@sph.com.sg To Visit: Pre-register at www.fmse.com.sg niiiiiiiiiii Organised by: Co-located with: sphere |i||FACIL1TIES MANAGEMENT CONFERENCE 2014 A SUBSIDIARYOF^I
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      8 20 IN THE MORNING -WEEKDAYS 6AM-10AM-D facebook.com/kiss92fm JW-@kiss92fm www.kiss92.sg
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  • Page 21 Miscellaneous
    • Miscellaneous
      Lock icon Page 21 Miscellaneous Column 1
      321 21 CRYPTIC CROSSWORD Across 1 Yet to be paid for trip across brook (11) 9 A wave from the Queen on holiday? (7) 10 Transfer allegiance, and turn aside, dismissing student (6) 12 Crazy comedienne not one from a certain region (7) 13 Duty to keep height of trees restricted? (4,3)
      321 words
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  • Page 22 Advertisements
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      155 22 Do You Aspire to Become a Best Employer? Join the Best Employers 2015 Program and Start Your Journey Today! 12 years of Best Employers research in Asia Pacific with insights from over 3,800 registered organizations, supports the striking evidence: high levels of Employee Engagement, a compelling Employer Brand, Effective Leadership
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  • Article
    Lock icon SHIPPING TIMES
    2221 23 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 THE
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  • Page 23 Advertisements
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      39 23 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? The Business Times Shpping Dues
      39 words
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  • Page 24 Advertisements
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      Lock icon Page 24 Advertisements Column 1
      197 24 mporters coking for Warehouse Can they find your services here in the Shipping Times? it TO ADVERTISE, CALL JOE WONG AT *****327 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
      197 words
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  • FINANCE & COMMODITIES
    • Article
      Lock icon SGX DERIVATIVES TRADING
      606 25 May 13 OPEN HIGH LOW SETT VOL OP/INT NIKKEI 225 INDEX FUTURES SPOT *****.94 *****.01 *****.74 Jun14 *****.00 *****.00 *****.00 *****.00 ***** *****1 Sep14 *****.00 *****.00 *****.00 *****.00 0 8664 MSCI TAIWAN INDEX FUTURES SPOT 314.80 317.41 314.80 May14 315.10 318.00 314.60 316.40 ***** *****6 Jun14 314.60
      606 words
    • Article
      Lock icon MORGAN STANLEY CAPITAL INTERNATIONAL INDICES
      373 25 In local curr In S$ In US$ dy yr dy yr dy yr May 12 Index Change Change Change Change Change Change World Preliminary 1202.1 0.6 1.5 0.7 1.0 0.6 1.9 EAFE Preliminary 954.6 0.3 -0.2 0.4 0.2 0.3 1.1 Europe Preliminary 1398.0 0.7 3.2
      373 words
    • Article
      Lock icon INTERBANK CROSS RATES
      471 25 May 12 A$ C$ Rmb Euro HK$ Ind Rs Rupiah Yen Won RM NZ$ Pak Rs Peso S$ Rand Sfr NT$ Baht Pound US$ Australia 1.021 5.846 0.681 7.268 56.005 108.053 0.955 9.607 3.033 1.087 92.560 40.999 1.172 9.699 0.831 28.287 30.611 0.556 0.938 Canada 0.979 5.723
      471 words
    • Article
      Lock icon SIBOR
      31 25 May 12 (S$) 1 mth 0.***** 2 mths 3 mths 0.***** 6 mths 0.***** 9 mths 12 mths 0.***** SWAP Offer rates (S$) (S$) 1 mth ..0.***** Source: Thomson Reuters
      31 words
    • Article
      Lock icon GOVERNMENT SECURITIES
      82 25 May 12 TREASURY BILLS Period Issue Maturity Yesterday's Day's code Bid High Low 1-Year BY*****S 02-May-15 0.35 GOVERNMENT BONDS Period Issue Coupon Maturity Close Day's code rate Bid High Low 2-Year N*****0W 1.13 01-Apr-16 101.36 5-Year NX*****W 2.5 01-Jun-19 105.53 105.63 105.60 10-Year NX*****H 2.750 01-Jul-23 103.27 103.32
      82 words
    • Article
      Lock icon PRECIOUS METALS
      138 25 May 12 GOLD(US$/oz) May 12 May 13 Hong Kong 1295.00 1296.00 May 09 May 12 London 1287.76 1298.31 1288.53 1299.08 Source: Thomson Reuters CAST BAR May 12 (S$) Selling Buying Kilobar ***** ***** PAMP GOLD BARS (S$) Selling Buying 1gm 78 49 5gm 312 257 10gm 581 517
      138 words
    • Article
      Lock icon PALM OIL
      57 25 May 12 KLCE PALM FUTURES (RM/MT) Delivery Opening Sett Av Vol Open Month Range Price Price High Low Done Position May 14 2655.0 2650.0 2655.0 2633.0 117 1556 Jun 14 2601.0 2622.0 2624.0 2600.0 1169 ***** Jul 14 2571.0 2590.0 2592.0 2568.0 ***** ***** Aug 14 2563.0 2575.0
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    • Article
      Lock icon INTERBANK CURRENCY RATES
      156 25 May 12 US$ Against S$ Against US$ Currencies Bid Offer Bid Offer S$/US$ to one unit of foreign currency: Australian dollar 1.1710 1.1725 0.9373 0.9378 Canadian dollar 1.1465 1.1480 0.9182 0.9177 Euro 1.7203 1.7219 1.3770 1.3772 NZ dollar 1.0776 1.0790 0.8626 0.8630 Sterling pound 2.1078 2.1099 1.6872
      156 words
    • Article
      Lock icon FOREIGN CURRENCY NOTE RATES
      121 25 As at 9am May 12 Singapore dollars to one unit of foreign currency: Currencies Sell Buy Aust dollar 1.197 1.140 Can dollar 1.167 1.123 Euro 1.759 1.676 Sterling pound 2.147 2.065 NZ dollar 1.104 1.062 US dollar 1.275 1.215 Local dollars to 100 units of foreign
      121 words
    • Article
      Lock icon INTERBANK RATES
      157 25 May 12 $S Offer Bid 0vernight 0.02 par 1-month 3/8 1/4 2-months 3/8 1/4 3-months 7/16 5/16 Overnight mode: 0.10 US$ Offer Bid 7 days 0.20 0.10 1 month 0.25 0.15 2 months 0.30 0.20 3 months 0.40 0.20 6 months 0.50 0.30 9 months 0.60 0.40 12
      157 words
    • Article
      Lock icon BONDS, WARRANTS & EXTENDED SETTLEMENT
      1056 25 BONDS, WARRANTS EXTENDED SETTLEMENT Prem Expiry Vol Conv Exer Disc Gear-Mths Company Last Sale +or-('000) Ratio Price ing Left Asia-Pacific Strategic W*****6 2.2 0.3 1 -61 6.27 50 Asia-Pacific Strategic W*****6 2.3 0.2 ***** 1 2 60 Asia-Pacific Strategic W*****6 Ratio Exer Albedo Limited W*****9 Prem Asiatic Grp(Hldgs) Ltd W*****5
      1,056 words
    • Article
      Lock icon CHICAGO BOT
      109 25 May 12 SOYBEANS (5,000 bu min; US cents/60 lb bushels) Close Previous High/Low May 14 1483.75 1501.00 1504.50 1481.00 Jul 14 1465.25 1487.00 1496.00 1462.50 Aug 14 1404.75 1422.75 1430.00 1402.25 Sep 14 1270.00 1285.50 1288.75 1266.75 SOYBEAN OIL (60,000 lbs; US cent/lb) Close Previous High/Low May 14
      109 words
    • Article
      Lock icon LIFFE
      94 25 May 12 COCOA (£/tonne) Close Prev High Low May 14 1761 1771 1772 1753 Jul 14 1785 1791 1793 1778 Sep 14 1793 1798 1798 1785 Dec 14 1795 1800 1800 1787 COFFEE(US$/tonne) Close Prev High Low May 14 2135 2098 2102 2094 Jul14 2130 2093 2145 2078 Sep
      94 words
    • Article
      Lock icon CRUDE OIL & PRODUCTS
      70 25 CRUDE OIL PRODUCTS May 12 CRUDE (FOB origin) US$/barrel Close Change Brent blend (1-Mth F) 107.87 0.21 WTI (Near Mth) 100.62 0.57 Dubai (1-Mth F) 103.92 -0.44 Tapis blend 111.97 -0.75 Minas 108.67 -0.75 PRODUCT US$/barrel (FOB S'pore) Close Change Naphtha 104.78 -0.89 Jet Kerosene 119.42 -0.91 US$/barrel OpecOil Basket
      70 words
    • Article
      Lock icon US$/S$ FORWARD RATES
      22 25 May 12 S$ Bid Offer 1-month 1.2493 1.2503 2-months 1.2493 1.2503 3-months 1.2492 1.2503 6-months 1.2491 1.2501 Source: OCBC
      22 words
    • Article
      Lock icon LONDON METALS
      66 25 May-12 May-12 Aluminium, 99.7% purity(US$/tonne) Close Previous Cash 1742.25 1718.00 3 months 1787.00 1761.50 Copper, Grade A(US$/tonne) Cash 6923.00 6795.50 3 months 6879.00 6745.00 Lead(US$/tonne) Cash 2104.75 2066.25 3 months 2125.50 2085.00 Nickel (US$/tonne) Cash *****.00 *****.50 3 months *****.00 *****.00 Tin (US$/tonne) Cash *****.00 *****.00 3 months
      66 words
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  • executive Money
    • Article, Illustration
      Lock icon No more taper tantrums
      1012 26  -  Markets are reacting to a possible bottoming out of US inflation and that the tightening monetary cycle will end significantly lower than usual MONEY MATTERS JEAN-LOUIS NAKAMURA The writer is chief investment officer for Asia Pacific, Lombard Odier ARE we experiencing a new conundrum in financial,
      PHOTO: REUTERS  -  1,012 words
    • Article, Illustration
      Lock icon Stricter tax laws may cause more to give up US passports
      906 27  -  Asset-disclosure rules coming in July may prompt 6 million expatriate Americans to weigh giving up their passports By CATHERINE BOSLEY Bloomberg ALMOST 50 years after Oscar-winning actor Yul Brynner gave up his passport at the U.S. embassy in the
      Bloomberg; PHOTO: BLOOMBERG  -  906 words
  • Page 26 Advertisements
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      Lock icon Page 26 Advertisements Column 1
      83 26 CONGRATULATIONS KOP LIMITED on their successful listing on the Catalist of the Singapore Exchange i u BMS as Mate Er n <? «i mm SS 4 4 I I S'. f 1 V vc **rsy? it .?.w v> A t'f fir SR 3S 1 p ,Tif AV.4 'A The R/tz-Carlton
      83 words
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      28 27 Blow your own trumpet Buy new musical instruments or put up your old ones for sale in CLASS 72 To advertise, call the Print Classified Hotline: 1800-289 9988
      28 words
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      Lock icon Page 27 Advertisements Column 2
      157 27 ENJOY A NEW CLASS OF PREMIUM TRADING SERVICES" 1 l w-• 1 1 V .x 6 PREMIUM CLASS NAME JOHN LIM MR SEAT CLASS FLIGHT NO IG1 GATE IG AAA G74 GET ON BOARD WITH IG DATE 31 st JULY A WEALTH OF BENEFITS AWAITS Enjoy better rates, commissions and
      157 words
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      130 28 CONGRATULATIONS to KOP Limited on their successful listing on the Catalist of the Singapore Exchange The Ritz-Carlton Residences, Singapore, Cairnhill JM T 'U Id Id I n tir nit u 5J SS =55 5555' lili i: Cranley Hotel, London, UK Fort Canning Arts Centre, Singapore r. mnnsnj^ mmS ~nhu§. lUflUil
      130 words