The Business Times, 25 September 2014

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Microfilm: NL33243
Total Pages: 28
1 28 The Business Times
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  • Title Section
    Lock icon Masthead
    25 1 THE BUSINESS TIMES S$1.00 online at http://www.businesstimes.com.sg SfCl A SINGAPORE PRESS HOLDINGS PUBLICATION CO R GN NO *****2868E MCI (P) 051/08/2014 Thursday, eptember 25, 2014
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  • Article, Illustration
    Lock icon Temasek unit in tie-up to create LNG benchmark
    754 1  -  The S’pore LNG Price Marker would delink pricing from oil market By CHAN YI WEN yiwenc@sph.com.sg @ChanYiWenBT [SINGAPORE] Asia is today the biggest consumer of liquefied natural gas (LNG) in the world but it is burdened with a pricing mismatch. With demand
    754 words
  • MARKETS DIGEST
    • Article
      Lock icon FOREX
      65 1 HST INDEX 3,292.81 (-5.28) HST INDEX FUTURES 3,293.00 (-5.00) GSIMSCI 372.19 (+0.03) GSIMSCI FUTURES 372.40 (+1.30) US$ S$ US$ (S$ per US$) 1.265 (US$/S$ per 1.638 2.071 EURO (US$/S$/€ 1.286 1.626 Foreign currency per US$ S$ YEN 108.50 85.80 RM 3.240 2.562 HK$ 7.752 6.130 BAHT 32.21 25.47 RUPIAH
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    • Article
      Lock icon MARKETS
      49 1 Wednesday Change KL COMP 1,840.08 -0.11 NIKKEI 225 16,167.45 -38.45 HANG SENG 23,921.61 +84.54 SET INDEX 1,591.89 +1.76 JAKARTA COMP 5,174.01 -14.11 MANILA COMP 7,355.29 +83.67 SEOUL COMP 2,035.64 +6.73 SHENZHEN B 968.67 +8.02 MUMBAI IND 26,744.69 -31.00 12 noon EDT Change DOW 17,146.34 +90.47 NASDAQ 4,539.92 +31.23
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    • Article
      Lock icon PRIME RATES
      18 1 SINGAPORE 5.35 MALAYSIA 6.55 TAIWAN 5.00 INDONESIA 14.867 TAIWAN 5.036 CANADA 1.475 KOREA 9.33 Source: Bloomberg
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  • Article, Illustration
    Lock icon All that glitters is gold, and silver, at this ATM
    695 1  -  By CHAN YI WEN yiwenc@sph.com.sg @ChanYiWenBT [SINGAPORE] Automated teller machines (ATMs) that dispense gold have landed at Marina Bay Sands and Resorts World Sentosa. You can’t miss them, cloaked as they are in “gold” paint. The two machines, launched on
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      147 1 OPINION Too many cooks spoil the broth PAGE 18 INVESTMENT SALES Q3 property deals up 13.6% at S$5.4b COMPANIES Restaurant chain Jumbo Group may go public next year PAGE 6 PROPERTY Fed rate rise unlikely to hit office investments PAGE 28 PAGE 2 8''S ***** 11 *****4 Official! let ONE
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  • TOP STORIES
    • Article
      Lock icon Financial crisis still weighs on Asia-Pac trade
      742 2  -  UN says FDI growth in region also behind fast-growing regions like Latin America By ANGELA TAN angelat@sph.com.sg [SINGAPORE] While Asia-Pacific may be home to some of the world’s most dynamic economies, growth in trade and investment flows has yet to return to levels
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    • Article
      Lock icon Big deals
      217 2 Top 5 private sector originated transactions in Q3 ‘14* PROPERTY TRANSACTED PRICE ESTIMATED PRICE PSF SECTOR BUYER SELLER Marina Bay Financial Centre Tower 3 (33.3% stake) Aperia Complex Straits Trading Building Singapore Flyer Jackson Square S$1,248,000,000 S$458,000,000 S$450,000,000 S$140,000,000 S$80,000,000 S$2,790 on NLA S$491 on GFA S$2,832 on
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    • Article, Illustration
      Lock icon Investment sales of property up in Q3
      762 2  -  Nearly S$5.4b worth sewn up 13.6% higher than in Q2 BY KALPANA RASHIWALA kalpana@sph.com.sg @KalpanaBT [SINGAPORE] Investment sales of property big-tick-et transactions of at least S$10 million have risen this quarter, on the back of a more than tripling in the value of
      Source: Savills Research & Consultancy  -  762 words
    • Article
      Lock icon THREE-MINUTE DIGEST
      550 2 Temasek unit in tie-up to create LNG benchmark THE price of gas in Asia is not right. And Temasek unit Pavilion Energy has tied up with local and regional partners to fix it. FRONT PAGE All that glitters is gold, and silver, at this ATM AUTOMATED teller machines
      550 words
    • Article, Illustration
      Lock icon Bottoms up from the top – one per cent
      449 2  - Bottoms up from the top one per cent By JAMIE LEE leejamie@sph.com.sg @JamieLeeBT [SINGAPORE] The latest published measure of consumer confidence has underscored the emotive issue of Singapore’s income gap with the top one per cent bubbling with optimism. The ANZ-Roy Morgan Singapore Consumer Confidence Index, released on Wednesday, rose
      Source: ANZ Research  -  449 words
    • Article
      Lock icon Correction
      39 2 IN “Mirzan Mahathir to emerge as SBI Offshore’s major shareholder” (BT, Sept 24), we erred in the size of the company’s private share placement. It should be S$16.15 million, not S$61.15 million. We are sorry for the error.
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    • Article
      Lock icon Japan PMI up, but economists seek more data before moving
      551 4 Reuters [TOKYO] Japan’s manufacturing activity picked up in the third quarter, a survey showed, but economists say that they need more information on wages and consumer spending to determine whether the government should raise the sales tax again next year.
      Reuters  -  551 words
    • Article, Illustration
      Lock icon HSBC seeks senior hires as corporate client base gets a lift
      669 4  -  This comes as Asian, US corporates look to tap trade zones in Europe and China By JAMIE LEE leejamie@sph.com.sg @JamieLeeBT [SINGAPORE] HSBC has signed up 200 new corporate clients in Singapore this year alone. And the bank is now
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    • Article, Illustration
      Lock icon Global deal must include emerging economies: Obama
      471 4 UN CLIMATE SUMMIT Reuters [NEW YORK] US President Barack Obama said on Tuesday that a new global agreement on climate change must include strong commitments from emerging economies and move past the rich-poor country divide that has hampered progress in United Nations negotiations.
      Reuters; PHOTO: REUTERS  -  471 words
    • Article
      Lock icon Singapore ratifies global agreement on climate change
      307 4 Xinhua [SINGAPORE] Singapore has ratified the Doha Amendment to the Kyoto Protocol on climate change action, said Minister for the Environment and Water Resources Vivian Balakrishnan during his speech at the United Nations Climate Summit. Rolled out in 2012, the Doha Amendment extends
      Xinhua  -  307 words
    • Article
      Lock icon Marriage, family not behind erosion in women’s career aspirations: Bain
      614 4  -  By ANGELA TAN By angelat@sph.com.sg [SINGAPORE] Women embark on careers with high expectations and aspirations for advancement but this confidence evaporates as they enter mid-career. A new Bain Company study of 1,000 men and women in the US spread across
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      48 2 Exclusive Designer fans ACQUA Ceiling fan thoughtfully designed to resemble the molecular structure of water, the Earth s most precious resource CINNI 12” Desk fan the uber-cool American Retro fan, offers the lasting look. KATONG FAN SHOP, SMSraiquiry 8511 0056. KatongFanShop.com.sg 295 Tg Katong Rd, S *****8. KatongFan@gmail.com
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      464 4 Course Objective In the present confusing economic and financial scenario characterized by volatilestock markets and even more volatilestock price movements, you need to have an advantage in stock trading. Technical Analysis will give you that winning advantage in stock transaction timing! Amidst the market uncertainties, it is now an ideal
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      133 5 INSTRUMENT COLLECTION TIME PYRAMID Hand-crafted in Switzerland Caliber A&S1615: manufacture movement skeletonised rhodium treated nickelsilver with Haute Horlogeriefinishing: manually chamfered bridges with polished edges,Côtes de Genève, circular satin-finished wheels, blued screws hand-wound power reserve over 90 h. Functions: watch indications on three levels resulting in a powerful 3D effect seconds
      133 words
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  • COMPANY NEWS
    • Article, Illustration
      Lock icon A spicy IPO next on the menu?
      543 6  -  Jumbo Group, known for its chilli crab, could list next year to raise S$30m By CAI HAOXIANG haoxiang@sph.com.sg @HaoxiangCaiBT THE Jumbo Group of restaurants, known for its signature chilli crab dish, could go public next year. The company is planning to raise about
      ST FILE PHOTO  -  543 words
    • Article
      Lock icon Pavilion diversifies LNG supplies further with BP deal
      532 6  -  By CHAN YI WEN yiwenc@sph.com.sg @ChanYiWenBT TEMASEK’S liquefied natural gas (LNG) investment arm Pavilion Energy has made further progress in diversifying and strengthening overall supply of its LNG portfolio. Announced by Pavilion Energy’s chief executive officer Seah Moon Ming, under its wholly-owned
      532 words
    • Article
      Lock icon Local investors want income, harbour home bias: survey
      395 9  -  Mutual fund investors here put a third of their allocation to S’pore By CAI HAOXIANG haoxiang@sph.com.sg @HaoxiangCaiBT AN ONLINE survey of 300 investors has yielded two takeaways: One is that Singapore mutual-fund investors want a stream of income from their investments, and
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    • Article, Illustration
      Lock icon SIA, VA launch new loyalty benefits
      549 9  -  This gives better access to reward seats, merchandise By NISHA RAMCHANDANI nishar@sph.com.sg @Nisha_BT IN ANOTHER step towards strengthening their alliance, Singapore Airlines (SIA) and Virgin Australia (VA) are rolling out a new initiative that will allow KrisFlyer and Velocity Frequent Flyer members to convert
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    • Article
      Lock icon MISC Cap’s US$1.55b loan facility rated 'BBB'
      168 9  -  By JOYCE HOOI joyceh@sph.com.sg @JoyceHooiBT A US$1.55 billion syndicated loan facility by special purpose vehicle MISC Capital (L) Ltd has been given a “BBB” long-term issue rating by Standard Poor’s Ratings Services. This loan is guaranteed irrevocably and unconditionally by MISC Bhd. “The
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    • Article, Illustration
      Lock icon Credit Agricole unit sees size as advantage
      422 10  -  Private bank wields flexibility in product and service offerings By SIOW LI SEN lisen@sph.com.sg @SiowLiSenBT CREDIT Agricole Private Banking may be a relatively small player in the private banking industry but its size is actually an advantage, said Sen Sui, the bank’s Singapore
      422 words
    • Article, Illustration
      Lock icon Starbucks to take full control of Japanese unit
      382 10 It will buy the remaining 60.5% share in a two-step deal worth US$913.5m Reuters [LOS ANGELES] Starbucks Corp on Tuesday said it plans to buy the remaining 60.5 per cent share of Starbucks Coffee Japan Ltd that it does not already own
      Reuters  -  382 words
    • Article
      Lock icon PlayStation TV to hit US in October
      411 10 AFP [SAN FRANCISCO] PlayStation TV home entertainment system is set to hit North America on Oct 14 as Sony seeks to improve its financial footing with games, films and music. The small, standalone PS TV box will be priced at US$99 in the
      AFP  -  411 words
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      49 words
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      360 7 LONDON BALTIMORE WHARF Central location next to Canary Wharf, iconic architecture and extensive luxury leisure facilities make Baltimore the prime residential investment opportunity in London today. k\J- KUUgftSQ 1 rt: I IV 'fe]! .'‘rtiHilWJi v mu '-‘iitrtiit, 1 I Ij Ml na.i7r] M U I hi 1 ii, 1 L
      360 words
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  • SINGAPORE MARKETS
    • Article, Illustration
      Lock icon Geopolitics, macro concerns hold sway
      590 8  -  ST Index slips 5.3 points amid lacklustre trading after the Dow slides again STOCKS ANITA GABRIEL anitag@sph.com.sg @AnitaGabrielBT Senior Correspondent Rising geopolitical risks, macro concerns in the eurozone and two straight sessions of falls in US stocks led the local bourse’s key index to a
      Source: Bloomberg  -  590 words
    • Article
      Lock icon OTHER SINGAPORE INDICES
      77 8 Sep 24 VALUE CLOSE BT OB/OS -640.00 +58.00 BT CADI -*****.00 -44.00 BT 10-day MA -*****.00 -64.00 FTSE ST Mid Cap 760.47 -3.02 FTSE ST Small Cap 535.20 -1.13 FTSE ST All Share 797.98 -1.62 FTSE ST China Top 194.45 -0.34 FTSE ST China 226.40 -0.22 FTSE
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    • Article
      Lock icon SECURITIES TRADING SCOREBOARD
      186 8 MAIN CATL TOTAL Up Down Unch Up Down Unch Up Down Unch Multi Ind 7 2 5 0 0 0 7 2 5 Manufacturing 46 52 35 5 8 13 51 60 48 Commerce 16 22 21 4 5 3 20 27 24 Tpt/Stor/Comms 15 12 15
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    • Article, Illustration
      Lock icon BROKERS’ TAKE
      816 8  -  Compiled by JAMIE LEE Yangzijiang Shipbuilding Sept 24 close: S$1.175 OCBC Investment Research, Sep 24 Earning from entrusted loans: Having weathered the recent shipbuilding slowdown well, Yangzijiang Shipbuilding (YZJ) has amassed a cash pile of 7.6 billion yuan (S$1.6 billion), in addition to its held-to-maturity (HTM) assets of
      Source: Bloomberg  -  816 words
    • Article
      Lock icon SECURITIES TRADING TURNOVER
      121 8 TURNOVER (‘000) VALUE (‘000) MAIN CATL TOTAL MAIN CATL TOTAL Multi Ind 11,678 11,678 35,289 35,289 Manufacturing 176,981 85,345 262,326 99,035 15,257 114,293 Commerce 65,505 19,524 85,029 72,012 2,554 74,565 Tpt/Stor/Comms 85,839 1,858 87,697 137,861 361 138,222 Finance 63,156 53 63,209 150,289 11 150,300 Construction 38,459 32,615
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    • Article
      Lock icon STRAITS TIMES INDEX STOCKS
      124 8 Stock name Close Change Ascendas Reit 2.250 -0.010 CapitaLand 3.230 -0.010 CapitaMall Trust 1.920 -0.005 CityDev 9.660 -0.030 ComfortDelGro 2.460 +0.010 DBS Grp 18.450 +0.070 Genting Sing 1.130 -0.020 Global Logistic 2.770 +0.020 Golden Agri-Res 0.505 -0.015 HPH Trust USD 0.690 HongkongLand USD 6.920 -0.020 JMH
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    • Article, Illustration
      Lock icon Yen up on Abe’s concerns; record-breaking US$ run stalls
      486 8 CURRENCIES Reuters [LONDON] The yen rose on Wednesday after Japanese Prime Minister Shinzo Abe voiced concern about the economic impact of its fall to a six-year low, adding to the sense of a halt this week in the US dollar’s record-breaking
      Reuters; PHOTO: BLOOMBERG  -  486 words
    • Article
      Lock icon MOST ACTIVE STOCKS
      62 8 VOLUME SIIC Environment 143,570,000 APAC Strategic 66,466,000 IHC 64,851,000 Pacific Century 50,404,000 Metal Component 36,571,000 Versalink 28,004,000 Golden Agri-Res 25,333,000 OLS Enterprise 22,366,000 Genting Sing 22,124,000 Advance SCT 20,900,000 VALUE($) DBS Grp 62,329,180 SingTel 53,663,500 OCBC Bank 39,462,278 UOB 27,910,210 Genting Sing 25,057,830 SIIC Environment 23,974,079 SingPost
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    • Article
      Lock icon RISES
      117 8 BY CENTS CLOSE UP DBXT iBoxxUSTr 5US$ ***** 180.8 0.7 Lyxor ThaiSET 10US$ ***** 78.4 0.4 Lyxor AsiaCS 10US$ 6196 48.0 0.6 DBXT MSKorea 10US$ 6195 46.8 0.6 IS ASIA HYG100US$ 1114 29.1 2.1 DBXT China50 10US$ 3161 26.6 0.7 DBXT iBoxxKR 5US$ ***** 26.6 0.1 Lyxor China H
      117 words
    • Article
      Lock icon FALLS
      129 8 BY CENTS CLOSE DOWN JMH 400 USD 6030 -145.4 -1.9 DBXT Nifty 10US$ ***** -144.1 -0.8 SPDRS S&P 500 10US$ ***** -106.2 -0.4 DBXT iBoxxSvEu 5US$ ***** -92.3 -0.3 SPDR DJIA 10US$ ***** -78.4 -0.4 DBXT EONIA 5US$ ***** -62.0 -0.3 DBXT AUDCS 5SG$ ***** -59.0 -0.2 DBXT E50
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      Lock icon FTSE CATALIST INDEX
      4 8 DAILY
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      3 9 AsiaOnePeople'sChoiceAwards isbackwith27categories! http://web.asiaone.com/a1/pca2015
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      260 9 Singapore INTERNATIONAL INDIAN SHOPPING FESTIVAL 2nd to 5th October 2014 Suntec City Convention Centre, Hall 401 402 INDIA SINGAPORE 50 YEARS Nearest MRT Stations Esplanade Station and Promenade Station 10.00am to 10.00pm \h i V ‘A. -v v' rv v* > i f m v ,-fiS «> m, y» HIGHLIGHTS:
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      905 10 A special feature brought to you by Are you fully engaging prospects with Digital Edutainment Marketing? As a business owner for the past 21 years, I’ve run the gauntlet of marketing practices from traditional marketing in the form of print advertisement to guerrilla marketing tactics. Traditional marketing was all about
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  • SINGAPORE NEWS
    • Article
      Lock icon Downpayment for new flats halved for some rightsizers
      526 11  -  New policy will benefit flat owners who have their funds tied up in their current flat: HDB By LEE MEIXIAN leemx@sph.com.sg @LeeMeixianBT THE Housing Development Board (HDB) on Wednesday launched 4,630 newbuild-to-or-der (BTO) flats in September’s exercise. These flats are spread across
      526 words
    • Article, Illustration
      Lock icon Using robotics can be a game-changer for SMEs
      414 11  -  By KELLY TAY kellytay@sph.com.sg @KellyTayBT A SMALL and homegrown food manufacturer has shown that investments in automation aren’t just for the big boys they can be a game-changer for smalland medium-sized players too. QB Food Trading on Wednesday unveiled a new cheese
      PHOTO: LAU FOOK KONG/THE STRAITS TIMES  -  414 words
    • Article, Illustration
      Lock icon Deutsche Bank exec sees merits of quotas in helping women
      516 11  -  By JAMIE LEE leejamie@sph.com.sg @JamieLeeBT GROWING UP in the era of integration in the US has affirmed the merits of quotas in Lisa Robins’ mind, as she acknowledges there are natural blinders that obscure the capabilities of people who are
      516 words
    • Article
      Lock icon LTA clarifies reports about new tolls
      220 11 SINGAPORE’S Land Transport Authority (LTA) clarified on Wednesday that recent media reports suggesting that only motorists using the Eastern Dispersal Link (EDL) highway would pay the increased tolls when they enter the Malaysian Causeway’s Customs, Immigration and Quarantine (CIQ) complex were inaccurate. “The Malaysian
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    • Article
      Lock icon MedTech startups to get mentors and S$60m boost
      490 11  -  By JACQUELYN CHEOK jaccheok@sph.com.sg @JacCheokBT MEDICAL technology (MedTech) startups in Singapore are primed for a big leg-up. SPRING Singapore on Wednesday announced that it will team up with two accelerators to inject some S$60 million into growing such startups over the next
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      558 11 THE THINK BIG ENTREPRENEURS CONVENTION 2014 KNOW TODAY’S CUSTOMER Discerning. Connected. Has choices. Whether you are in retail or B2B, service or F&B, your customer today is an evolved entity. Understanding her profile is only the first step to closing a sale. The more important question is how to reach,
      558 words
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  • MALAYSIA/INDONESIA
    • Article
      Lock icon UEM Sunrise on the lookout for land deals amid sales slump
      519 12  -  M’sia developer sees property rebound in 18 months; wants diversified locations By PAULINE NG in Kuala Lumpur MALAYSIAN builder UEM Sunrise Bhd is banking on greater product and geographical diversification to tide over slumping property sales in the local
      519 words
    • Article, Illustration
      Lock icon Indonesian banks cut deposit rates from five-year high
      723 12 Bloomberg [JAKARTA] Indonesian banks are cutting deposit rates from a five-year high as demand for cash declines, allowing the world’s most profitable lenders to benefit from the slowing economy. The average interest rate paid on one-year deposits was 8.51 per cent in
      Bloomberg; PHOTO: BLOOMBERG  -  723 words
    • Article
      Lock icon Bakrie sued for breaching terms of bond
      465 12 Reuters [JAKARTA] Investors have filed a lawsuit in the United States against Indonesia’s PT Bakrie Telecom Tbk and associated companies for allegedly breaching the terms of a US$380 million bond by failing to make two interest payments and indicating that it will continue
      Reuters  -  465 words
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      108 12 i =4 DEADLINE CA WORK OVERLOAD J BILL TAX HOUSE DEBT U' ILcWW fiagrZrA tress is something that everyone can relate to. While too much stress can cause illness, too little of it may lead to a lack of motivation. What level of stress is healthy? Does stress encourage you
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      41 12 REDEFINING IDEAS printpack+sign Singapore’s printing, packaging signage business exhibition w>ga;.e |j m O 29-31 JULY 2015 Marina Bay Sands, Singapore www.PrintPackSign.com Interested to exhibit? Tel: (65) 6848 5938 Email: PrintPackSign@bizlink.coiri.sg Organised By: BIZLINK Exhibition Services Pte Ltd A SUBSIDIARY OF S|£l
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      20 12 Now on PC, iPad Android WELCOME ABOARD Ask your local bookshop or get your copy by subscribing today Visitwww.asia-pacificboating.comor emailsub@bluincmedia.com
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  • CHINA/INDIA
    • Article
      Lock icon China gives Sinosteel president the boot: report
      624 13 Steel trader is facing financial difficulties amid slow growth, tumbling prices Bloomberg [SHANGHAI] China is said to have removed Sinosteel Corp president Jia Baojun from his post, according to people familiar with the situa t i o n a f t er t
      Bloomberg  -  624 words
    • Article, Illustration
      Lock icon India wins Asia’s race to Mars on just a US$74m budget
      661 13 AFP [BANGALORE] India won Asia’s race to Mars on Wednesday when its unmanned Mangalyaan spacecraft entered the Red Planet’s orbit after a 10-month journey on a tiny budget. Scientists at mission control let out wild cheers and applause after
      AFP; PHOTO: REUTERS  -  661 words
    • Article
      Lock icon IMF predicts China’s growth next year to be above 7%
      414 13 Reuters [MANILA] China’s economy will likely grow faster than previously thought in 2015, the International Monetary Fund (IMF) said on Wednesday, downplaying the risks of the cooling property market in the world’s second-largest economy. Economic growth in China will likely
      Reuters  -  414 words
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      866 13 SOILBUILD CONSTRUCTION GROUP LTD. Company Registration No.: *****1440Z (Incorporated in the Republic of Singapore) NOTICE OF EXTRAORDINARY GENERAL MEETING NOTICE IS HEREBY GIVEN that an EXTRAORDINARY GENERAL MEETING of Soilbuild Construction Group Ltd. (the “Company”) will be held at SB Building, 25 Changi South Street 1, Singapore *****9 on 10
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  • WORLD
    • Article, Illustration
      Lock icon EU antitrust head unfazed by bullies, anti-Americanism
      725 14 Margrethe Vestager says overall goal is to ensure fair and strong competition Reuters [BRUSSELS] Margrethe Vestager says that neither “loud people” in business and government nor “an-ti-Americanism” will sway her rulings on antitrust cases when she becomes the European Union’s new competition commissioner.
      Reuters  -  725 words
    • Article
      Lock icon Walmart finally moves into banking, offers checking accounts
      529 14 Retailer partners Green Dot to supply low-cost alternative NYT [NEW YORK] Here comes Wal-Bank. After years of thwarted efforts to break into banking, Walmart is making its biggest foray yet into everyday financial services. Walmart, the nation’s largest retailer, is teaming up
      NYT  -  529 words
    • Article, Illustration
      Lock icon Fonterra cuts milk payout; full-year profit dives
      705 14 Reuters [WELLINGTON] New Zealand dairy exporter Fonterra slashed its milk payout forecast to a six-year low on Wednesday as global dairy prices tumble, and said a Russian ban on dairy imports would keep global prices volatile in the coming months. The cooperative cut
      Reuters; PHOTO: BLOOMBERG  -  705 words
    • Article
      Lock icon Boomers still driving US stockmarket bus
      529 14 Bloomberg [NEW YORK] This new flock of young adults known as the millennial generation acts in ways that are very mysterious to the rest of us who came of age in the last millennium. For example, why on earth do they refuse to play
      Bloomberg  -  529 words
    • Article, Illustration
      Lock icon Philips NV to focus on healthcare products
      630 15 It said lighting no longer fits strategy and will become a standalone firm Bloomberg [AMSTERDAM] Royal Philips NV’s plan to sever ties with the lighting business on which it was founded and focus instead on health care pushes the Dutch company into a
      Bloomberg; PHOTO: BLOOMBERG  -  630 words
    • Article, Illustration
      Lock icon Tesco-style accounting risks well known in UK retail industry
      814 15 Big supermarkets warned of risks on supplier rebates TESCO’S TROUBLES Reuters [LONDON] Tesco plc’s disclosure of huge accounting mistakes over contracts with its suppliers shocked industry analysts and executives, but not because they didn’t realise the potential for disaster. On the
      Reuters; PHOTO: BLOOMBERG  -  814 words
    • Article
      Lock icon One-third of ASX-listed firms at financial risk
      435 15 CPA audit shows underlying weakness in Aussie economy AFP [SYDNEY] More companies listed on Australia’s stock exchange faced “serious financial uncertainty” last year than during the global downturn, an audit by a leading accountancy body showed on Wednesday, highlighting underlying weaknesses in the
      AFP  -  435 words
    • Article
      Lock icon Rise and fall of the UK grocer that ‘owned the world’
      831 15 Bloomberg [LONDON] Berkshire Hathaway vice-chairman Charles Munger recently summed up the past seven years of Tesco Plc, Britain’s biggest grocer, in a beat. “Tesco owned the world,” said Mr Munger, whose firm last disclosed a 3.7 per cent stake
      Bloomberg  -  831 words
    • Article, Illustration
      Lock icon Yellen cautions against market calm on rates
      666 16 They may be hiked sooner; it depends on how the US economy evolves Bloomberg [WASHINGTON] US Federal Reserve chairwoman Janet Yellen says she wants investors to be prepared for the possibility that the Fed will raise interest rates sooner than they currently project.
      Bloomberg  -  666 words
    • Article
      Lock icon US Aug new home sales race to 6-year high
      284 16 LATEST US DATA Reuters [WASHINGTON] Sales of new US single-family homes surged in August and hit their highest level in more than six years, offering confirmation that the housing recovery remains on course. The Commerce Department said on Wednesday that sales
      Reuters  -  284 words
    • Article, Illustration
      Lock icon Job prospects may boost US holiday retail sales
      550 16 Bloomberg [NEW YORK] US retail sales may increase as much as 4.5 per cent this holiday season, exceeding last year’s gain, as improving incomes and job prospects encourage consumers to open their wallets, according to Deloitte LLP. Sales, excluding purchases of motor
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    • Article
      Lock icon German business confidence falls more than forecast
      474 16 Bloomberg [FRANKFURT] German business confidence fell more than analysts forecast in September as economic and political risks in the euro area increase. The Ifo Institute’s business climate index, based on a survey of 7,000 executives, dropped to 104.7 from 106.3 in August. Economists
      Bloomberg  -  474 words
    • Article
      Lock icon Economists not sold on ECB’s lending plans
      549 16 Reuters [FRANKFURT] Bank lending to private eurozone businesses needs to grow at a 3 per cent annual rate on a sustained basis in order to stir inflation, according a Reuters poll of economists who said that this is not likely to happen. In
      Reuters  -  549 words
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      10 14 klSS 92* All the great songs in one place v
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      55 14 HOT PROPERTY D.11 CITY EDGE 2-bdrm 829 sf. High flr. F/furn. Near Novena MRT. Full facilities. LUCIDA 2RM P/FURN. Facilities. Nice environment. Mrt Novena area. Agts welcome. GILSTEAD TWO. 904 sf 2 bdrms. High flr, unblocked view. F/furn. Call owner APARTMENTS FOR RENT Check this and many other properties in
      55 words
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      634 15 IN THE MATTER OF THE COMPANIES ACT (CHAPTER 50) AND IN THE MATTER OF (1) GAY HIN ENTERPRISE (PTE.) LTD. Co. Reg. No. *****0638G (2) POLIGO DEVELOPMENT (S) PTE LTD Co. Reg. No. *****0857E (IN CREDITORS’ VOLUNTARY LIQUIDATION) Extract of the minutes at the Extraordinary General Meeting of members of
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  • AVIATION/SHIPPING
    • Article, Illustration
      Lock icon Traditional carriers facing turbulence
      938 17 Budget airlines are expanding their market share, flying newer aircraft, going into business travel AFP [PARIS] With low-cost airlines on the cusp of dominating Europe’s skies, turbulent times are in store for traditional carriers that are finding it hard to adapt, as the ongoing strike at
      AFP; PHOTO: AFP  -  938 words
    • Article, Illustration
      Lock icon Upgrade for Panama Canal likely in 25 years
      323 17 AFP [COLON, Panama] The Panama Canal, which is in the midst of a massive expansion, will likely get a new upgrade within 25 years to meet increasing capacity demands, its administrator said on Tuesday. The canal, one of the greatest feats of
      AFP; PHOTO: AFP  -  323 words
    • Article
      Lock icon Aircraft lessors wary as rivals crowd in
      762 17 Low interest rates have attracted a lot of other investors Reuters [ISTANBUL] Aircraft leasing companies voiced confidence in steady jetliner demand, but warned new aviation investors that they may take a painful hit when central banks start unwinding their efforts to stimulate the
      Reuters  -  762 words
    • Article
      Lock icon Carnival Q3 profit beats estimates, raises outlook
      258 17 Bloomberg [LOS ANGELES] Carnival Corp, the world’s largest cruise line operator, raised its full-year earnings forecast after reporting third-quarter profit that beat analysts’ estimates as more passengers took trips. Earnings excluding one-time items are forecast to be US$1.84 to US$1.88 a share, more
      Bloomberg  -  258 words
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      Lock icon TRANSPORT STOCKS
      242 17 SGX '000 Sep 24 S$ +/-Vol Ch Offshore 0.49 0.01 166 Chuan Hup Hldg 0.30 -0.01 444 Cosco Corp 0.69 unch 932 Cwt Limited 1.71 0.01 405 s$ First Ship Lea 0.11 0.01 4564 Grand Banks..............0.26 unch 72 Jaya Hold Ltd 0.49 K1Ventures 0.19 unch 387 Keppel Corp
      242 words
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  • Page 17 Miscellaneous
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      319 17 CRYPTIC CROSSWORD Across 1 Clinical test I panic about (10) 6 Genuine regret following Tory leader (4) 9 Not a fairy-tale maiden in kingdom (5) 10 Shocking former sweetheart, guy embraces redhead (9) 12 Good man with a bird showing vigour (7) 13 Thick fog around daybreak (5) 15 Degradation
      319 words
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  • EDITORIAL & OPINION
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      Lock icon Too many cooks spoil the broth
      1594 18  -  To play its role in guiding company operations effectively, the board must strike the right balance with management on strategy BY MAK YUEN TEEN The writer is an associate professor at the NUS Business School, where he teaches corporate governance and ethics THE role
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      Lock icon Startups need international exposure
      458 18 EDITORIAL AT a Cisco event in the US earlier this year, the chief information officer of Shell said that his company was a technology company first and an oil company after that. What he meant is that technology was central to Shell’s operations. Indeed, it has
      458 words
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      Lock icon Will shock sans awe and boots on the ground work?
      782 18  -  THE BOTTOM LINE LEON HADAR Washington Correspondent BAGHDAD was ablaze with thick clouds of smoke rising high over the city at noon on March 20, 2003 as the US and Britain unleashed their so-called war of “shock and awe” against
      782 words
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      Lock icon Tax rules for a changed global economy
      1154 19  -  The first seven deliverables in the OECD’s BEPS Action Plan provide a preview of the new-look tax world coming soon The OECD’s Action Plan on Base Erosion and Profit Shifting signals a new tax world. How will it impact Singapore businesses expanding overseas
      PHOTO: AFP  -  1,154 words
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      Lock icon The govt Europe deserves?
      883 19  -  DANIEL GROS The writer is director of the Centre for European Policy Studies Project Syndicate WITH the final allocation of portfolios within its executive branch, the European Commission, the European Union has completed its change of guard. The process took almost four months, following the European
      Project Syndicate  -  883 words
    • Article
      Lock icon Running a business is like driving in F1
      891 19  -  By ROLAND B SMITH, OLIVER GROHMANN The writers are, respectively, vice-president and managing director of the Centre for Creative Leadership (CCL) and human resources director, Daimler South-East Asia Pte Ltd JUST as F1 cars decelerate in the curves and accelerate in the
      891 words
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  • Article
    Lock icon SHIPPING TIMES
    1209 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 THE
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      78 20 Experienced sh/p maintenance findyou y r services services wanted, heremthe Shipping Times? TO ADVERTISE, CALL JOE WONG AT 9620 1327 The Business Times mt uujihljj i iiviLj SHIPPING TIMES Legal services required by shippers owners TO ADVERTISE, CALL JOE WONG AT 9620 Can they find your services here in the
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  • SINGAPORE STOCKS
    • Article
      Lock icon SGX MAINBOARD
      3879 21 Transaction date: Sep 24 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 13.2 10.4 8Telecom Last Sale Vol Day Last Quote ('000) High Low Buyer Seller --AAT C'vr Net 153.1 131 AIMSAMP
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      Lock icon SGX CATALIST
      379 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 33 25 t 3Cnergy 500 Last Vol Day Last Quote Div Gr Yld Net M Cap 43.5 28 t Alliance Mineral................................35 unch ***** 36
      379 words
    • Article
      Lock icon UNIT TRUST & FUNDS
      10488 22 UNIT TRUST FUNDS UNIT TRUSTS APS Asset Mgt Pte Ltd APS Alpha Fund Cl A!** APS Alpha Fund (USD)!** 1.27/ Aberdeen Asset Mgt Asia Limited China Opportunities' 2 9763/ turopean opportunities' China Opportunities USD!** Global Emerging Markets USD Global Opportunities USD Global Technology India Opportunities USD!** .0.5804/ Indonesia Equity USD!**
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      Lock icon GLOBALQUOTE
      248 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 66 50 AVJennings A56 -10 8 56 56 56 65 3.6 6.3 4.5 207.3 343 274 TanChongInt HK297 unch 6 297 297 297 302 9.7 3.5 2.9
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      Lock icon SGX ETF
      1102 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 $mil 118 108.3 ABF SG Bond ETF 117 4 117.3 117 116 117.3 534.1 139.4 119 CIMB APAC Div 100S$D 127.8 +1.8 127.8 127.8 127 129 110.5
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  • FINANCE & COMMODITIES
    • Article
      Lock icon SGX DERIVATIVES TRADING
      670 23 Sep 24 OPEN HIGH LOW SETT VOL OP/INT NIKKEI 225 INDEX FUTURES SPOT *****.56 *****.94 *****.59 Dec14 *****.00 *****.00 *****.00 *****.00 ***** *****6 Mar15 *****.00 *****.00 *****.00 *****.00 0 105 MSCI TAIWAN INDEX FUTURES SPOT 329.82 331.42 329.73 Sep14 331.50 331.60 329.30 330.90 ***** *****4 Oct14 331.50
      670 words
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      Lock icon MORGAN STANLEY CAPITAL INTERNATIONAL INDICES
      373 23 In local curr In S$ In US$ dy yr dy yr dy yr Sep 23 Index Change Change Change Change Change Change World Preliminary 1249.6 -0.4 5.5 -0.4 4.1 -0.3 3.6 EAFE Preliminary 976.3 -0.8 2.1 -0.7 -1.6 -0.6 -2.1 Europe Preliminary 1385.9 -1.3 2.3
      373 words
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      Lock icon INTERBANK CROSS RATES
      471 23 Sep 24 A$ C$ Rmb Euro HK$ Ind Rs Rupiah Yen Won RM NZ$ Pak Rs Peso S$ Rand Sfr NT$ Baht Pound US$ Australia 0.984 5.449 0.691 6.886 54.128 106.101 0.964 9.236 2.878 1.100 91.250 39.487 1.123 9.888 0.835 26.832 28.611 0.542 0.888 Canada 1.016 5.539
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    • Article
      Lock icon SIBOR
      39 23 Sep 24 (S$) 1 mth 0.***** 2 mths 3 mths 0.***** 6 mths 0.***** 9 mths 12 mths 0.***** SWAP Offer rates (S$) 1 mth 1 mth 3 mths 3 mths 6 mths 6 mths Source: Thomson Reuters
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      Lock icon GOVERNMENT SECURITIES
      82 23 Sep 24 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 NY*****F 3.75 01-Sep-16 106.1 5-Year NX*****W 2.5 01-Jun-19 104.34 104.55 104.35 GOVERNMENT BONDS 10-Year NY*****H 3.000 01-Sep-24
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      Lock icon PRECIOUS METALS
      120 23 Sep 24 GOLD(US$/oz) Sep 24 Sep 23 Hong Kong 1226.00 1228.00 Sep 23 Sep 22 London 1222.10 1213.10 1222.20 1213.58 Source: Thomson Reuters CAST BAR Sep 24 (S$) Selling Buying Kilobar ***** ***** PAMP GOLD BARS (S$) Selling Buying 1gm 76 47 5gm 301 246 10gm 559 495
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    • Article
      Lock icon PALM OIL
      57 23 Sep 24 KLCE PALM FUTURES (RM/MT) Delivery Opening Sett Av Vol Open Month Range Price Price High Low Done Position Oct 14 2156.0 2178.0 2180.0 2149.0 596 3169 Nov 14 2135.0 2159.0 2161.0 2127.0 4722 ***** Dec 14 2134.0 2154.0 2157.0 2123.0 ***** ***** Jan 15 2149.0 2172.0
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    • Article
      Lock icon INTERBANK CURRENCY RATES
      155 23 Sep 24 Against S$ Against US$ Currencies Bid Offer Bid Offer S$/US$ to one unit of foreign currency: Australian dollar 1.1226 1.1240 0.8880 0.8885 Canadian dollar 1.1411 1.1424 0.9030 0.9026 Euro 1.6250 1.6265 1.2854 1.2857 NZ dollar 1.0211 1.0222 0.8077 0.8080 Sterling pound 2.0704 2.0724 1.6377 1.6381
      155 words
    • Article
      Lock icon CHICAGO BOT
      109 23 Sep 23 SOYBEANS (5,000 bu min; US cents/60 lb bushels) Close Previous High/Low Nov 14 936.25 938.25 944.50 931.00 Jan 15 943.75 945.75 951.50 938.25 Mar 15 951.00 952.25 958.00 944.50 May 15 958.00 958.75 964.75 951.50 SOYBEAN OIL (60,000 lbs; US cent/lb) Close Previous High/Low Oct 14
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    • Article
      Lock icon LIFFE
      95 23 Sep 23 COCOA (£/tonne) Close Prev High Low Dec 14 2110 2136 2155 2103 Mar 15 2067 2093 2105 2056 May 15 2048 2071 2080 2038 Jul 15 2030 2049 2058 2025 COFFEE(US$/tonne) Close Prev High Low Sep 14 1930 1930 1930 1930 Nov 14 1929 1936 1958 1925
      95 words
    • Article
      Lock icon BONDS, WARRANTS & EXTENDED SETTLEMENT
      933 23 BONDS, WARRANTS EXTENDED SETTLEMENT Prem Expiry Vol Conv Exer Disc Gear-Mths Company Last Sale +or-('000) Ratio Price ing Left Asia-Pacific Strategic W*****6 4.7 0.3 1 -55 3.67 46 Asia-Pacific Strategic W*****6 3.5 0.1 1400 1 2 56 Ratio Exer Ascendas REIT MB eCW*****3 2.4 0.2 230 2 Asiatic Grp(Hldgs) Ltd
      933 words
    • Article
      Lock icon CRUDE OIL & PRODUCTS
      70 23 CRUDE OIL PRODUCTS Sep 23 CRUDE (FOB origin) US$/barrel Close Change Brent blend (1-Mth F) 96.51 -0.18 WTI (Near Mth) 92.44 0.92 Dubai (1-Mth F) 95.90 -0.30 Tapis blend 98.90 -0.70 Minas 94.40 -0.70 PRODUCT US$/barrel (FOB S'pore) Close Change Naphtha 92.89 -0.80 Jet Kerosene 110.58 -0.21 US$/barrel OpecOil Basket
      70 words
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      Lock icon US$/S$ FORWARD RATES
      22 23 Sep 24 S$ Bid Offer 1-month 1.2642 1.2651 2-months 1.2642 1.2651 3-months 1.2642 1.2652 6-months 1.2641 1.2651 Source: OCBC
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      Lock icon LONDON METALS
      66 23 Sep-23 Sep-23 Aluminium, 99.7% purity(US$/tonne) Close Previous Cash 1932.00 1941.75 3 months 1966.00 1976.00 Copper, Grade A(US$/tonne) Cash 6770.50 6773.50 3 months 6720.00 6720.50 Lead(US$/tonne) Cash 2057.50 2050.75 3 months 2071.00 2064.50 Nickel (US$/tonne) Cash *****.00 *****.00 3 months *****.00 *****.00 Tin (US$/tonne) Cash *****.00 *****.00 3 months
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      Lock icon FOREIGN CURRENCY NOTE RATES
      121 23 As at 9am Sep 24 Singapore dollars to one unit of foreign currency: Currencies Sell Buy Aust dollar 1.147 1.093 Can dollar 1.165 1.121 Euro 1.667 1.588 Sterling pound 2.117 2.036 NZ dollar 1.047 1.007 US dollar 1.294 1.233 Local dollars to 100 units of foreign
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      Lock icon INTERBANK RATES
      158 23 Sep 24 $S Offer Bid 0vernight 0.05 0.01 1-month 0.3125 0.1875 2-months 0.3750 0.2500 3-months 0.4375 0.3125 Overnight mode: 0.11 US$ Offer Bid 7 days 0.18 0.08 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
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  • PROPERTY
    • Article, Illustration
      Lock icon Brits get Disney fix as US banks lend to foreigners
      1129 24 Overseas buyers snap up US homes with foreignnational mortgages Bloomberg [WASHINGTON] Adele and Mark Lee, who live in England with their three children, said they got approved for a US mortgage without setting foot on American soil. The vacation home
      Bloomberg; PHOTO: BLOOMBERG  -  1,129 words
    • Article
      Lock icon Househunt
      1485 24 PROPERTY TRANSACTIONS FOR DISTRICTS 1 TO 28 WITH CONTRACT DATES BETWEEN AUG 13 AND AUG 19, 2014 PROJECT NAME/ STREET NAME PROP TYPE CONTRACT DATE TENURE BUILT -IN/LAND AREA*(SQ FT) PRICE (S$'000) PSF (S$) District 1 NON-LANDED The Sail Marina Bay Apt 19/08/2014 99 1884 5880 3122 District 3
      1,485 words
    • Article
      Lock icon Norway sovereign fund sops up US real estate
      1005 25 Second only to Canada in amount spent, it has blown US$3.2b this year Bloomberg [SEATTLE] Norway has vaulted to the top ranks of foreign buyers of US commercial real estate, with its US$870 billion sover-eign-wealth fund, the world’s largest, acquiring buildings from
      Bloomberg  -  1,005 words
    • Article
      Lock icon Foreigners buy Latvia property for right to stay
      347 25 Xinhua [RIGA] Foreign investors have paid about US$1 billion buying up properties in Latvia in order to obtain temporary residence permits in the Baltic country, according to a report drawn up by the Latvian Interior Ministry. The total value of property transactions
      Xinhua  -  347 words
    • Article, Illustration
      Lock icon Grade A office rents ‘to hit six-year high’
      441 26  -  At S$10.20 psf per month now, rents are 9.9% higher than a year ago By JAMIE LEE leejamie@sph.com.sg @JamieLeeBT [SINGAPORE] Singapore Grade A office rents are expected to rise to their highest levels since 2008 by year’s end, commercial re-al-estate services firm
      FILE PHOTO; Source: Cushman & Wakefield  -  441 words
    • Article
      Lock icon Priciest NYC apartment’s asking price: US$130m
      386 26 Bloomberg [NEW YORK] A triplex penthouse at Zeckendorf Development Co’s tower under construction on Manhattan’s Upper East Side will be offered for sale at US$130 million, making it New York’s most expensive apartment listing. The 12,394-square-foot (1,151-square-metre) property will span the top three floors
      Bloomberg  -  386 words
    • Article, Illustration
      Lock icon Prime city markets to be shielded from US rate hike: Knight Frank
      595 28  -  Capital values of offices expected to stay stable at least for the next year By LEE MEIXIAN leemx@sph.com.sg @LeeMeixianBT THE US Federal Reserve’s raising of interest rates in 2015 is likely to shake up capital and property markets,
      FILE PHOTO  -  595 words
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      Lock icon Orchard-area retail rents seen softening
      414 28  -  By CLAIRE HUANG huangjy@sph.com.sg @ClaireHuangBT THE average monthly gross rents for prime ground-floor retail space in Orchard Road will either stay flat or dip by one per cent for the rest of this year, following a mildly softer Q3 showing, according to a Colliers International
      Source: Colliers International Singapore Research  -  414 words
  • Page 24 Advertisements
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      479 25 North West Village at Wembley Park, London Canary Wharf The City BT Tower The Shard The London Eye EESRSi*-1 m hi j., |,h "vi,'U. H a „fr. ■s u ft-■ i%r;’ J*,-. 8W? North I West" Village Ir-f -v a A b0 1? Lti m. ■••sate u —If ttf* Ua
      479 words
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  • Page 26 Advertisements
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      658 26 PRUDENTIAL TOWER Prime CBD Office Floors For Sale! Landmark 30-storey office building Grade-A quality specification Covered access to Raffles Place and Telok Ayer MRT Spacious car drop off point Double-storey height modern lobby Regular layout and column-free floor plate for design efficiency and flexibility Ample car-parking provisions with 181 lots
      658 words
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      Lock icon Page 26 Advertisements Column 2
      258 26 FOR SALE Address Property Description Land Tenure: Site Area Total GFA Master Plan Zoning Remark No. 23 Chin Bee Ave, Singapore *****3 A single-storey JTC detached factory with mezzanine floor 30 years leasehold commencing from 16 October 2000 Approx. 7,229.60 sqm (77,818.77 sqft) Approx. 3,371.00 sqm (36,285.14 sqft) Business 2
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      Lock icon Page 26 Advertisements Column 3
      51 26 For Lease Robinson Point Flexible sizes Fitted /Bare 1,294 sqft/1,594 sqft/2,400 sqft/4,100 sqft/7,556 sqft Great sizes Fitted /Bare 8,288 sqft/16,576 sqft/24,132 sqft/31,688 sqft High floor with unblock view Beautifully fitted/bare units with regular layout Proximity to amenities and ample parking spaces Short distance to four MRT stations Call8338 2466/ 9236
      51 words
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      381 27 ROYAL WHARF LONDON n s i i i k S -ifi k n I I! Ll. ii ii'i witfc ■r •1j MMi *<* PHASE 1 SOLD OUT If as ii m i fr” 'V? t|> /Til *¥lf 1.*>. as ‘•.y Phase 2 Launch Vl -f*. Artist s impression Fn 3
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      158 28 Deutsche Bank By invitation db.com m 4th Annual Women in Asian Business Conference Leading with Incjysfon September 25, 2014 r 7 Jm i r r 7 Featured speakers In conversation with K&i US? Professor Mahzarin R. Banaji Richard Clarke Cabot Professor of Social Ethics, Harvard University Magnus Bdcker Chief Executive
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