The Business Times, 1 October 2014

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Total Pages: 32
1 32 The Business Times
  • 24 1 THE BUSINESS TIMES S$1.00 online at http://www.businesstimes.com.sg SfCl A SINGAPORE PRESS HOLDINGS PUBLICATION CO R GN NO *****2868E MCI (P) 051/08/2014 Wednesday, October 1,2014
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  • 418 1  -  LETTER FROM THE EDITOR ALVIN TAY BT EDITOR THE Business Times turns 38 today. To mark the occasion, from next Wednesday, Oct 8, BT will come to you with some key changes, and a fresh new look in both our print and digital editions.
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  • 898 1  -  But oil trading firms expect volatility to return, though not in the short term By ANDREA SOH By sandrea@sph.com.sg @AndreaSohBT [SINGAPORE] Crude oil prices are likely to stay low for a few more years as a result of an oversupplied market. But oil trading
    Source: US Energy Information Agency (US EIA); PHOTO: BLOOMBERG  -  898 words
  • MARKETS DIGEST
    • 65 1 HST INDEX 3,276.74 (-12.98) HST INDEX FUTURES 3,273.00 (-17.00) HSIMSCI 370.16 (-2.33) HSIMSCI FUTURES 369.30 (-3.10) US$ S$ US$ (S$ per US$) 1.273 (US$/S$ per 1.627 2.070 EURO (US$/S$/€ 1.268 1.614 Foreign currency per US$ S$ YEN 109.40 86.00 RM 3.271 2.570 HK$ 7.764 6.100 BAHT 32.35 25.42 RUPIAH
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    • 49 1 Tuesday Change KL COMP 1,846.31 -0.03 NIKKEI 225 16,173.52 -137.12 HANG SENG 22,932.98 -296.23 SET INDEX 1,585.67 -0.12 JAKARTA COMP 5,137.58 -4.43 MANILA COMP 7,283.07 +17.71 SEOUL COMP 2,020.09 -6.51 SHENZHEN B 979.63 +4.35 MUMBAI IND 26,630.51 +33.40 12 noon EDT Change DOW 17,116.01 +44.79 NASDAQ 4,513.11 +7.25
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    • 20 1 SINGAPORE 5.35 MALAYSIA 6.85 HONG KONG 5.00 JAPAN 15.117 TAIWAN 5.036 JAPAN 1.475 SWITZERLAND 9.33 BRITAIN Source: Bloomberg
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  • Page 1 Advertisements
    • 138 1 COMMENTARY Should SGX allow dual-class structures? COMPANIES SingTel refutes claim of A$713m tax avoidance PAGE 5 STRAIT TALK Charterers in a bullish mood ONLINE EBay to split off PayPal PAGE 2 PAGE 23 PAGE 19 r Deutsche Bank db.com Only a global universal bank can span all businesses and bordei
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  • TOP STORIES
    • 496 2 Oversupply likely to keep crude prices low OIL prices are likely to stay low for a few more years due to an oversupplied market. But trading firms are hopeful volatility will return in the near future given geopolitical uncertainties. FRONT PAGE August business loans reverse bank lending slide
      496 words
    • 474 2 Move could make online marketplace business attractive as an acquisition Bloomberg [NEW YORK] EBay Inc, the world’s biggest online marketplace, said it will split off its payments arm PayPal, finally bowing to pressure from activist shareholder Carl Icahn after nine months.
      Bloomberg; PHOTO: REUTERS  -  474 words
    • 594 2  -  By KELLY TAY kellytay@sph.com.sg @KellyTayBT [SINGAPORE] Thanks to a rebound in business loans, bank lending in Singapore returned to growth in August, according to preliminary figures released by the Monetary Authority of Singapore (MAS) on Tuesday. Over the month, total domestic banking
      594 words
    • 46 2 IN “IE: More opportunities than threats for S’pore as oil hub” (BT, Sept 30), we wrongly gave the value added from wholesale companies in the fuels and chemicals sector in 2012 as S$14.2 million. It should be S$14.2 billion. We are sorry for the error.
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    • 271 2 Pictet-Absl Rtn Fxd Inc-HP EUR 25/09/2014 EUR 103,50 Pictet-Absl Rtn Glo Div-P EUR 25/09/2014 EUR 116,80 Pictet-Asian Equities Ex Japan-P USD 26/09/2014 USD 194,89 Pictet-Asian Local Currency Debt-P USD 26/09/2014 USD 148,67 Pictet-Biotech-P USD 25/09/2014 USD 615,80 Pictet-Clean Energy-P USD 25/09/2014 USD 86,00 Pictet-Digital Communication-P USD 25/09/2014 USD 209,88
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    • 758 4 Defiant Beijing calls protests ‘illegal activity’, says it supports HK leaders AFP [HONG KONG] Demonstrators in Hong Kong on Tuesday rejected demands by the authorities to immediately end rallies that have paralysed the city’s downtown. The protesters’ numbers have swelled for a
      AFP; PHOTO: BLOOMBERG  -  758 words
    • 930 4  -  By SIOW LI SEN lisen@sph.com.sg @SiowLiSenBT [SINGAPORE] Even as Hong Kong’s pro-democra-cy protesters remain defiant, some bank branches that closed on Monday reopened on Tuesday, ahead of two public holidays on Wednesday and Thursday. The Hong Kong Monetary Authority (HKMA), in an update on
      930 words
    • 595 4  -  By ANDREA SOH sandrea@sph.com.sg @AndreaSohBT [SINGAPORE] There is a 20 per cent chance that the US would lift its export ban on crude oil next year, predicted the head of one of the most active shale operators in the US. Otherwise,
      595 words
    • 688 4  -  Its stature set to grow even more with region becoming increasingly popular choice By MICHELLE QUAH michquah@sph.com.sg @MichelleQuahBT [SINGAPORE] Singapore’s standing as a preferred seat of international arbitration is not only growing, but will be supported by the region becoming one
      688 words
  • Page 2 Advertisements
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    • 0 2 ].[/"=')$~/+;$~<{[|!-]}="%[\+`]
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  • Page 3 Advertisements
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  • COMPANY NEWS
    • 629 5  -  By CAI HAOXIANG haoxiang@sph.com.sg @HaoxiangCaiBT THE Eu Yan Sang herbal formula at the centre of a health scare is the 135-year-old traditional Chinese medicine retailer’s best-selling product, accounting for 14 per cent of the group’s revenues each year. The
      PHOTO: LIANHE ZAOBAO  -  629 words
    • 497 5  -  Others also lambast report claiming over A$80b in foregone tax from ASX 200 By MICHELLE QUAH michquah@sph.com.sg @MichelleQuahBT SINGAPORE Telecommunications (SingTel) has hit back at a report claiming that the telco had dodged more than A$700 million in taxes due to the Australian
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    • 539 8  -  But market cap of S$948.9b is still higher than end-2013’s S$899.4b By CAI HAOXIANG haoxiang@sph.com.sg @HaoxiangCaiBT THE total value of Singa-pore-listed stocks fell 2.4 per cent over the month of September to S$948.9 billion. Compared to a quarter ago, total market
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    • 399 8  -  By LYNETTE KHOO lynkhoo@sph.com.sg @LynetteKhooBT CITY Developments Limited (CDL) has stepped up its overseas expansion with a maiden acquisition of a residential site in Japan. The group announced on Tuesday that it has tied up with a US-based investment firm
      FILE PHOTO  -  399 words
    • 266 8 CLOSING PRICES* (EXCLUDING ACCRUED INTEREST) GROSS REDEMPTION YIELD ($m) NUMBER OF DAYS OF ACCRUED INTEREST INTEREST PAYMENT DATES AMOUNT ($m) COUPON RATE GROSS YEAR RAISED ISIN CODE MATURITY DATE 01.02.2015 N*****0S 2013 1/4 2900.00 1/8 1/2 60 99.96 0.37 SG**********
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    • 411 8  -  Most of them are in Parklane; JLL has launched expression of interest exercise BY ANITA GABRIEL anitag@sph.com.sg @AnitaGabrie|BT MAINBOARD-LISTED Hiap Hoe plans to sell 39 shop units, most of which are strata-titled units in Parklane Shopping Mall, in line with its plan to
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    • COMPANY BRIEFS
      • 89 8 A WHOLLY owned subsidiary of Rotary Engineering Limited has proposed to acquire a 10 per cent stake in an Indonesian bulk storage terminal for petroleum products for US$1.15 million and a loan of US$18.2 million. ORO Storage Asset Management Pte Ltd is in
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      • 84 8 VALLIANZ Holdings, a provider of offshore support vessels and integrated marine solutions to the oil and gas industry, has announced that it is acquiring OER Holdings Pte Ltd for US$27.7 million. The deal will be satisfied by the issue of 250 million ordinary shares
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      • 133 8 GOLD mining firm LionGold Corp Ltd said the purchase of the Hargraves Gold Project and the Boiga Gold Project will be delayed. This comes after the parties agreed for the company’s Australian subsidiary, LionGold Australia Pty Ltd, to have more time to complete investigations on
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    • 535 9  -  CIC sold 300m shares at S$1.32 each; not known who buyer was By ANDREA SOH sandrea@sph.com.sg @AndreaSohBT THE stock of Noble Group dived 6.8 per cent to close at S$1.30 on Tuesday as major shareholder China Investment Corp (CIC) cut
      Source: Bloomberg  -  535 words
    • 370 9  -  E)’ NISHA RAMCHANDANI nishar@sph.com.sg @Nisha_BT @Nisha_BT SINGAPORE Airlines (SIA) has inked an agreement with the Women’s Tennis Association (WTA) to come onboard as an official sponsor for the 2014 WTA Finals (Oct 17-26), which takes place in Singapore this month. In addition to
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    • 450 9  -  BY ANITA GABRIEL anitag@sph.com.sg @AnitaGabrie|BT THE credit quality of Thai companies over the next 12 months could take a hit given their strong appetite for acquisitions and elevated capital spending particularly in the past two years, said Standard Poor’s Rating Services
      PHOTO: BLOOMBERG  -  450 words
  • Page 5 Advertisements
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    • 65 5 BNP PAR BAS WTA FINALS SINGAPORE presented by SCglobal BNP PARIBAS BRINGING YOU THE WORLD'S BEST IN WOMEN'S TENNIS *«r i ii mn Simona Halep Serena Pe Eog Maria ra me Kvitova Bouchard s is '•ac i SUPPORTING EVERY KIND OF TENNIS FOR OVER 40 YEARS Singapore Indoor Stadium at
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  • SINGAPORE MARKETS
    • 561 6  -  ST Index falls by almost 30 points before late bounce trims its loss to 13 points at the close STOCKS R SIVANITHY sivan@sph.com.sg @RSivanithyBT Senior Correspondent HAVING already enjoyed strong support during a tumultous past seven days for most other equity markets, the Straits
      Source: Bloomberg  -  561 words
    • 4 6 DAILY
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    • 77 6 Sep 30 VALUE CLOSE BT OB/OS -277.00 +197.00 BT CADI -*****.00 -95.00 BT 10-day MA -*****.00 -28.00 FTSE ST Mid Cap 758.91 -1.00 FTSE ST Small Cap 531.70 -1.69 FTSE ST All Share 794.37 -2.76 FTSE ST China Top 192.69 -0.61 FTSE ST China 224.35 -0.80 FTSE
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    • 186 6 MAIN CATL TOTAL Up Down Unch Up Down Unch Up Down Unch Multi Ind 5 7 2 0 0 0 5 7 2 Manufacturing 37 52 39 7 9 12 44 61 51 Commerce 17 24 19 2 11 4 19 35 23 Tpt/Stor/Comms 11 18 11
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    • BROKERS’ TAKE
      • 344 6 Sept 30 close: S$0.435 DBS Vickers Research, Sept 30 SELLS eight vessels worth US$126 million in September. Five of these eight offshore support vessels (OSVs) worth US$85 million were sold to Indonesian OSV player, PT Pelayaran Nasional Bina Buana Raya (BBR), for delivery in 2015. In addition, Nam
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      • Article, Illustration
        252 6 Sept 30 close: S$0.35 Maybank Kim Eng Research, Sept 30 THERE was interest from the investors who attended our NDR (non-deal roadshow) yesterday. Management expressed confidence in H2 FY2014 and expects to improve upon the strong performance the company has already delivered in H1 FY2014. In addition, 2015 is
        Source: Bloomberg  -  252 words
      • 345 6  -  Compiled by KENNETH LIM Corp Sept 30 close: S$2.40 OCBC Investment Research, Sept 30 SINGAPORE Transport Minister Lui Tuck Yew announced on Sept 29 that the Downtown Line 2 (DTL 2) mass rapid transit (MRT) line will be opened in Q1 2016, a few months ahead of schedule.
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    • 119 6 TURNOVER (‘000) VALUE (‘000) MAIN CATL TOTAL MAIN CATL TOTAL Multi Ind 18,876 18,876 74,613 74,613 Manufacturing 213,651 134,921 348,572 150,979 6,105 157,084 Commerce 453,846 23,484 477,330 588,192 3,105 591,297 Tpt/Stor/Comms 112,830 112,830 189,600 189,600 Finance 20,447 16 20,463 215,766 4 215,770 Construction 26,529 50,700 77,229 5,688
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    • 120 6 Stock name Close Change Ascendas Reit 2.250 -0.020 CapitaLand 3.200 -0.030 CapitaMall Trust 1.910 CityDev 9.620 -0.080 ComfortDelGro 2.400 -0.100 DBS Grp 18.42 -0.100 Genting Sing 1.140 Global Logistic 2.710 -0.060 Golden Agri-Res 0.515 +0.005 HPH Trust USD 0.700 +0.015 HongkongLand USD 6.800 +0.020 JMH USD
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    • 558 6 CURRENCIES Reuters [LONDON] The US dollar surged to a four-year high against a basket of currencies and a two-year high against the euro on Tuesday after eurozone inflation fell in September, putting the greenback on track for its best quarter in six years. The
      Reuters; PHOTO: AFP  -  558 words
    • 59 6 VOLUME Noble 412,814,000 KLW Hldgs 97,117,000 IHC 96,284,000 ThaiBev 55,611,000 APAC Strategic 54,789,000 Mirach Energy 46,023,000 Golden Agri-Res 35,846,000 Charisma Energy 32,231,000 HPH Trust USD 27,539,000 Genting Sing 24,592,000 VALUE($) Noble 541,984,665 SingTel 83,031,840 DBS Grp 80,525,350 UOB 63,037,410 OCBC Bank 51,693,330 Keppel Corp 42,902,710 ThaiBev 41,042,275
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    • 113 6 BY CENTS CLOSE UP JMH USD 5960 58.5 0.8 DBXT AUDCS US$ ***** 50.9 0.2 SPDR DJIA US$ ***** 48.4 0.2 Great Eastern 2389 47.0 2.0 DBXT DBCDJUBS US$ 2703 31.8 0.9 DBXT DBLCI-OY US$ 3121 29.3 0.7 DBXT ASX200 US$ 3851 25.5 0.5 DBXT USDIGInfl US$ ***** 22.9
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    • 127 6 BY CENTS CLOSE DOWN Lyxor ThaiSET US$ ***** -210.0 -1.1 DBXT Nifty US$ ***** -103.1 -0.6 DBXT China25 US$ 3030 -62.4 -1.6 Jardine C&C 4291 -46.0 -1.1 DBXT E50 US$ 5062 -40.7 -0.6 DBXT MSBrazil US$ 465 -35.6 -5.7 DBXT CSI300 US$ 719 -34.4 -3.6 DBXT MSKorea US$ 6058
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    • 4 6 DAILY
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  • Page 7 Advertisements
    • 693 7 ADVERTORIAL MARINA ONE RESIDENCES YOUR SPACE IN THE CITY AWAITS i M •!t mm m t*. SR •■■1 f* !J 4+ a. AS'T-*. > is Msm r Sr* figs iiiifi 4 are •V\> 4#» ■=*L m vf9 > Vi sn rfc n SI ft+t r i j Following the success
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  • Page 8 Advertisements
    • 26 8 Everything, plus the kitchen sink Select furniture for your home or showcase your merchandise in CLASS 114 To advertise, call the Print Classified Hotline: 1800-289 9988
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    • 556 8 MORE SEATS MADE AVAILABLE! 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
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  • Page 9 Advertisements
    • 122 9 Md. Nazaimoddin,58 Assistant Front Office Manager eourgu s r suites, c din wou za e them e m feeMik sidepts. Jennifer Tan Director of Human Resources, Raffles Singapore Tap into a wealth of experience With years of experience and know-how, older workers are assets to any employer. They have the
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  • SINGAPORE NEWS
    • 752 10  -  Restrictions kick in in January for food and drinks high in fat, sugar and salt By CLAIRE HUANG huangjy@sph.com.sg @ClaireHuangBT FROM January next year, advertisers and the media industry will have to comply with a new framework that restricts the promotion
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    • 609 10  -  Qingjian’s S$353 psf ppr close to January bid for adjacent site By KALPANA RASHIWALA kalpana@sph.com.sg @KalpanaBT A TENDER for an executive condominium (EC) site along Sembawang Road/ Canberra Link drew just two bids one of the poorest participation
      Source: HDB  -  609 words
    • 377 10  -  By SAMUEL EE samuelee@sph.com.sg “RANGE anxiety” among drivers of electric vehicles (EVs) may soon be a thing of the past, with the invention of a two-in-one electric motor that frees up space to accommodate bigger batteries so EVs can travel further on
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    • 339 10  -  BY MINDY TAN tanmindy@sph.com.sg @MindyTanBT LOCAL sports and fashion footwear distributor and retailer Star 360 has secured new distribution rights for two global brands, Birkenstock and Cole Haan. The rights, which cover Singapore, Malaysia, Thailand, the Philippines, and Indonesia, is expected
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    • 366 10  -  By MINDY TAN tanmindy@sph.com.sg @MindyTanBT THE government will adapt a radio-frequency identification (RFID)-based garment counting system into a ready-to-go package under the Technology Adoption Programme, as part of its efforts to leverage technology to increase productivity among local businesses. This was
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  • Page 11 Advertisements
    • 972 11 OFFERING OF 48,585,000 SHARES (subject to the Over-Allotment Option {as defined in the Prospectus}) OFFERING PRICE: S$1.21 PER SHARE I^EMAS EMAS Offshore Limited SUBSCRIBE f NOW! PUBLIC OFFERING CLOSES ON 2 OCT 2014 AT 12 NOON > v, Y*- PS nramy UT -<• <- 'f|jj 'i- f c‘i'' w v
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  • MALAYSIA/INDONESIA
    • 705 12  -  Industry official says Sime unhappy with lack of guarantees from PNG govt By S JAYASANKARAN in Kuala Lumpur MALAYSIAN multinational Sime Darby on Tuesday pulled out of a deal to acquire 49 per cent of Papua New
      705 words
    • 471 12 He talks of plan B to stall legislation passed in parliament Reu ters [JAKARTA] Indonesia’s outgoing president returned home early on Tuesday, cutting short an overseas farewell tour to try and overturn legislation ending direct elections for local leaders. Widely praised for fostering
      Reuters  -  471 words
    • 436 12 It also wants to slow sales as prices continue to drop Reuters [JAKARTA] Indonesia’s main rubber grouping is seeking to put a floor under prices at US$1.50/kg as the world’s No 2 producer looks to support global prices that have plunged more
      Reuters  -  436 words
  • Page 12 Advertisements
    • 913 12 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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  • CHINA/INDIA
    • 642 13 Data eases fears of a hard landing but points to sluggish economy facing risks Reuters [BEIJING] China’s vast factory sector showed signs of steadying in September as export orders climbed, a private survey showed on Tuesday, easing fears of a hard landing but
      Reuters  -  642 words
    • 488 13 Reuters [NEW YORK] Indian Prime Minister Narendra Modi told nearly a dozen US company chiefs that he is committed to liberalising his country’s economy, which has underperformed other emerging markets recently after years of breakneck growth. Mr Modi spoke on Monday at a
      Reuters  -  488 words
    • 413 13 Reuters [MUMBAI] India’s central bank kept its key policy repo rate unchanged at 8 per cent on Tuesday, as widely expected, while warning of risks to its target to bring consumer inflation down to 6 per cent by January 2016. “This
      Reuters  -  413 words
  • Page 13 Advertisements
    • 93 13 Win a trip for 2 to Sydneydne Fly ScootBiz and enjoy a 3-night stay and A$200 voucher for Chiswick Restaurantstaurant Five other readers will each get $100 in shopping vouchers from The Straits Times. Contest closes on Oct 19, 2014 For a chance to win Go to the Apple App
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  • WORLD
    • 550 14  -  IMF says improved infrastructure partly pays for itself in higher productivity By ANTHONY ROWLEY in Tokyo GROWTH in Asian and other emerging economies appears stymied by inadequate infrastructure, and may not recover to former levels until this problem is tackled, the International Monetary
      550 words
    • 745 14 Bloomberg [TOKYO] A Japanese lawmaker backing a bill to legalise casinos said he expects it to win low-er-house approval this month and that the gambling resorts would be in major cities and charge locals an entry fee. “We want to finish
      Bloomberg  -  745 words
    • 730 14 AFP [TOKYO] Japan’s factory output saw a surprise drop and household spending kept falling in August, data showed on Tuesday, fanning fears about the impact of April’s sales tax rise on the economy. The figures will add to worries that the country’s
      AFP; PHOTO: REUTERS  -  730 words
    • 601 15 Europe funds stay bullish on stocks; US, Japan houses pare equity holdings Reuters [LONDON] Global investor sentiment is diverging, with Europe, including the UK, remaining bullish on stocks and keeping allocations in place while the US and Japan fret over rising r i s k s
      Reuters  -  601 words
    • 216 15 AFP [BRUSSELS] Inflation in the eurozone fell to 0.3 per cent in September, the lowest for nearly five years, official figures showed on Tuesday, signalling that the European Central Bank may have to go even further to avert the threat of deflation. Eurozone
      AFP  -  216 words
    • 260 16 Bloom berg [NEW YORK] Citigroup Inc, the third-biggest US bank, said the finance industry could spend as much as US$10 billion annually in coming years to combat money laundering. About 30,000 employees at Citigroup are working on control functions, and the firm has made
      Bloomberg  -  260 words
    • 553 16 Downgrade due to potential capital outflows after Gross exit: Morningstar Bloomberg [HONG KONG] Morningstar Inc cut the rating of Pacific Investment Management Co’s Total Return Fund, the world’s largest bond fund, to bronze from gold after co-founder Bill Gross’s exit.
      Bloomberg  -  553 words
    • 1016 16 Energy leads growth while broad regional problems persist Bloomb erg [ATLANTA] Kevin Yearout has added about 80 jobs to his Albuquerque, New Mexico, contracting company since July of last year. That still leaves him with less than half the number
      Bloomberg; PHOTO: REUTERS  -  1,016 words
    • 795 17 Privacy features will harm investigation and aid criminals, say FBI and police Bloomberg [WASHINGTON] US law enforcement officials are urging Apple Inc and Google Inc to give authorities access to smartphone data that the companies have decided to block, and are weighing
      Bloomberg; PHOTO: REUTERS  -  795 words
    • 554 17 But fewer trades to set benchmark could undermine reform Bloomberg [NEW YORK] Global regulators are considering rules for overhauling allegedly rigged currency benchmarks, which will probably spur some banks to stop participating in a key foreign exchange business, says State Street Corp.
      Bloomberg  -  554 words
    • 438 17 Study also finds under 3% of firms receiving venture cash had female CEOs Reuters [SAN FRANCISCO] Women ven-ture-capital partners are becoming scarcer even as more women entrepreneurs are winning venture cash, according to a report from Babson College. The report, “Women Entrepreneurs 2014: Bridging the
      Reuters  -  438 words
    • 487 18 Industry report identifies job market and economic growth as concerns LATEST US DATA Reuters [NEW YORK] US consumer confidence fell in September to its lowest level since May, on concerns over the job market and economic growth, said a private-sec-tor report released
      Reuters  -  487 words
    • 648 18 just 4.3 per cent. Bloomberg, Reuters [LONDON] The UK economy grew faster than estimated in the second quarter, extending a recovery from a recession that’s been more robust than previously thought. Additionally, house prices in Britain fell for the first time since
      just 4.3 per cent. – Bloomberg, Reuters  -  648 words
    • 721 18 US tech giant denies claim; Dublin says it followed EU rules Reuters [BRUSSELS] The European Union (EU) has accused Ireland of giving Apple Inc state aid by letting the iPhone maker shelter profits worth tens of billions of dollars from tax,
      Reuters; PHOTO: AFP  -  721 words
    • 452 18 Reuters [PARIS] France’s national debt rose to a record 95.1 per cent of annualised economic output in the second quarter, data showed on Tuesday, underlining the country’s struggle to rein in its public finances a day before the 2015 budget is presented.
      Reuters  -  452 words
  • Page 14 Advertisements
    • 4 14 The Business Times NOTICES
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    • 41 14 MM $3 MILLION Estimated Draw on Thu, 2 Oct 2014 at 6.30pm For details, visit www.singaporepools.com.sg P L AYi Always play with care. responsibly] Do not bet illegally. RGB Reg No: *****0202G SINGAPORE m POOLS B1LOG AWARDS ii wm blog.omy.sg/sgblogawards BPS
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    • 469 14 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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  • Page 15 Advertisements
    • 1355 15 The Business Times Ik 1 ✓"’1 I 1 Toll free 1800-289-8822 I Email noticesasph.com. sg J V I www.sphclass.com.sg/notices (Incorporated in the Republic of Singapore) (Co. Reg. No. *****0666D) Notice Of Annual General Meeting NOTICE IS HEREBY GIVEN that the Thirty-Eighth ANNUAL GENERAL MEETING of the Company will be held
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    • 1440 15 ""EOBfTY SECURE BRITISH AND MALAYAN TRUSTEES LIMITED (Incorporated in the Republic of Singapore) Company Registration No.: *****0010M NOTICE OF ANNUAL GENERAL MEETING notice IS hereby given that the Annual General Meeting of the Company will lie held at the Board Room of British And Malayan Trustees Limited at 1 Coleman
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  • Page 16 Advertisements
    • 2118 16 SKY ONE HOLDINGS LIMITED (Incorporated in the Republic of Singapore) (Company Registration No.: *****2949M) NOTICE OF EXTRAORDINARY GENERAL MEETING Capitalised terms used in this Notice shall bear the meanings ascribed to them in the circular to shareholders of the Company dated 30 September 2014 (“Circular”) unless otherwise defined herein or
      2,118 words

  • Page 17 Advertisements
    • 3054 17 The Business Times Ik I 1 I Toll free 1800-289-8822 I I I Email notices@sph.com.sg I J I I i www.sphclass.com.sg/notices GREEN EAGLE PLANTATIONS PTE. LTD. (Company Registration Number *****5530M) (the “Company”) NEWSPAPER NOTICE Notice is hereby given pursuant to sections 76(10)(h) of the Companies Act, Chapter 50 of Singapore
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  • Page 18 Advertisements
    • 1227 18 The Business Times NOTICES GREEN EAGLE HOLDINGS PTE. LTD. (Company Registration Number *****7531R) (the “Company”) NEWSPAPER NOTICE Notice is hereby given pursuant to sections 76(10)(h) of the Companies Act, Chapter 50 of Singapore (the “Companies Act”), that the following resolutions were duly passed as Special Resolutions at an extraordinary general
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    • 454 18 IN THE MATTER OF THE COMPANIES ACT, CHAPTER 50 AND IN THE MATTER OF PACIFIC EUROPEAN PTE. LTD. Registration No. *****4740M (IN MEMBERS’ VOLUNTARY WINDING UP) At an Extraordinary General Meeting of the abovenamed Company held on 22nd September 2014, the following resolutions were duly passed:1. SPECIAL RESOLUTION WINDING UP
      454 words

  • Transport HUB
    • 807 19  -  Their confidence in the shipping market hits a 6-year high STRAIT TALK By DAVID HUGHES S the old saying goes, you can’t please all the people all the time. At the moment, it appears the shipping market is pleasing charterers but making much of the
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    • 800 19 Bloomberg [PARIS] Selling Cakewalk hasn’t been quite as easy as its name would suggest. The 86-metre luxury superyacht with six sundecks, a baby grand Steinway Sons piano and vast Italian marble his-and-hers’ bathrooms has been on the market for three years.
      Bloomberg; PHOTO: AFP  -  800 words
    • 240 19 SGX '000 Sep 30 S$ +/-Vol Ch Offshore 0.48 -0.01 153 Chuan Hup Hldg 0.31 unch 260 Sep 30 Cwt Limited 1.68 -0.03 381 First Ship Lea Ch Offshore Grand Banks...............0.26 unch 52 Jaya Hold Ltd 0.48 K1Ventures 0.68 Keppel Corp 10.50 -0.03 4090 Mercator Lines..........unch unch 0
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    • 391 19 Bloomberg [SINGAPORE] Samsung Heavy Industries Co, the world’s third-largest shipbuilder, plans to set up its first overseas facility as it revamps manufacturing after the biggest merger within the Samsung Group. The company aims to spend about one trillion
      Bloomberg  -  391 words
    • TRANSPORT HUB: AVIATION
      • 868 20 Some airport officials say drivers of ride-sharing firm are not regulated NYT [NEW YORK] United Airlines has been reprising its old advertising slogan about the “friendly skies”. But some airports think the airline was a bit less than friendly when it formed a partnership with
        NYT; PHOTO: REUTERS  -  868 words
      • 294 20 Reuters [WASHINGTON] Boeing Co said it would move the majority of its defence services and support work out of Washington state to other US cities, affecting the jobs of about 2,000 of its 5,200 defence employees in the
        Reuters  -  294 words
      • 171 20 Bloomberg [DALLAS] Air traffic in Chicago, one of the busiest US travel markets, is starting to return to normal as controllers shift people and equipment to handle work once done at a sabotaged radar centre. Flight cancellations for Tuesday totalled 174
        Bloomberg  -  171 words
      • 555 20 NYT [PARIS] After a two-week pilots’ strike that inconvenienced nearly one million passengers and caused Air France to lose an estimated 280 million euros (S$450 million), the airline was slowly returning to the skies on Monday. It was unclear
        NYT  -  555 words
    • TRANSPORT HUB: LAND
      • 706 21 US company Local Motors began project in April, car was ready in Sept NYT [NEW YORK] The sign’s message was clear enough: Please Do Not Touch. For some visitors, however, the temptation was too great. Here at the recent Maker Faire, a
        NYT; PHOTO: NYT  -  706 words
      • 631 21 Bloomberg [MUNICH] Self-driving vehicles and smartphone integration will be among the top features at Europe’s biggest car show this year as executives focus on something that’s become increasingly hard to come by: buyers. The nascent recovery in the region’s car market is
        Bloomberg  -  631 words
  • Page 19 Advertisements
    • 24 19 ACHIEVESTAR STYLE WITHTHEOCTOBER ISSUEOFMEN’S HEALTH! Plus all the best products and advice for looking your best at the Men’s Health 2014 Grooming Awards! MENSHEALTH.COM.SG
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    • 89 19 /2nd An^al 10-12 November 2014 Suntec Singapore Convention Exhibition Centre www.patientcareasia.com PabienbCare Asia 2014 Event Highlights Network with 250+ healthcare leaders and practitioners Learn from 10 case studies from top hospitals across Asia Opening keynote by Randall Carter, Senior Vice President of Planetree, United States Special rates* for healthcare institutions!
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  • Page 20 Advertisements
  • Page 20 Miscellaneous
    • 344 20 Across 1 Long to be in court getting kudos (6) 5 Underwear worn by bearer for farce (8) 9 Doctor worried about son getting more dozy (8) 10 Nasty experience of French in exam (6) 11 What soup must be served for a left-hander? (8) 12 Most of money at
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  • Page 21 Advertisements
    • 26 21 OUT NOW IN BOOKSTORES* KINOKUNIYA TIMES MPH POPULAR ON APP STORE http://goo.gl/84yPpx ON GOOGLE PLAY http://goo.gl/qXrZMV THE PEAKSELECTIONS GOURMET TRAVEL DIGITAL IS AVAILABLE ON MOBILE DEVICES
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    • 108 21 2014 M AN U FACTU RING SOLUTIONS EXPO Empowering Manufacturing Sectors with Solutions 8 to 10 October 2014 Suntec Convention Exhibition Centre Halls 401 403 Opening Hours: 8 9 October; 10am to 6pm 10 October: 10am to 5pm Discover new technological trends and solutions for fully integrated capabilities! -A Pre-register
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  • EDITORIAL & OPINION
    • 463 22 EDITORIAL FOR a while, the sun seemed to shine on Asia’s emerging economies last week as the Asian Development Bank (ADB) published a report predicting plain sailing for them over the next year or so even suggesting that the region would be able to take “in
      463 words
    • 811 22  -  THE BOTTOM LINE SANJEEV NANAVATI The writer advises CEOs and company boards on delivering outperformance. He recently stepped down as the longest-serving CEO of Citibank in Malaysia. Currently, he is president of the American Malaysian Chamber of Commerce. He
      811 words
    • 1348 22  -  Rivals will undermine him but many Indonesians believe he’ll measure up to the job ahead By NANCY CHNG The writer, a former political analyst in Jakarta, is co-author with Richard Borsuk of the recently launched book ‘Liem Sioe Liong’s Salim Group: The
      PHOTO: AFP  -  1,348 words
    • 988 23  -  The question arises as Alibaba moved its listing to NYSE after delisting from HK bourse, which disallowed this practice By DAYNE HO STEFANIE YUEN THIO Dayne Ho is co-head of Equity Capital Markets and Stefanie Yuen Thio joint managing director, TSMP Law Corporation AS the
      PHOTO: AFP  -  988 words
    • 1072 23  -  By MARTÍN CAPARRÓS NYT [BUENOS AIRES, Argentina] WE DON’T know who they are. The people suffering from hunger are not our relatives, friends, co-workers; they probably don’t read this paper. We don’t know them, but at the very least we ought to know how
      NYT; PHOTO: AFP  -  1,072 words
    • 940 23  -  J BRADFORD DELONG The writer, a former deputy assistant secretary of the US Treasury, is professor of economics at the University of California at Berkeley and a research associate at the National Bureau of Economic Research Project Syndi cate [BERKELEY] FOR decades, people have
      Project Syndicate  -  940 words


  • 1813 24 Vessel Voy Sin Pusan Tarawa Honiara Santo Port Vila Noumea Lautoka Suva Nukualofa Apia Pago Pago Papeete Lae P. Moresby Townsville KMTC Mumbai 1402E 23 Sep 07 Oct 24 Oct 27 Oct 30 Oct 01 Nov 04 Nov 05 Nov 07 Nov 10 Nov 10 Nov 14 Nov
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  • Page 24 Advertisements
    • 267 24 C a il a n E n n o r e J e d d a h B r Shanghai■ Chittagong i s b a n e H o n g Ho Chi Minh J e b e lA K o n g NYK RORO (ASIA) PTE. LTD. REGULAR SERVICE
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  • Page 25 Advertisements
    • 87 25 Shipping lines seeking rename Can they find your services here in the Shipping Times? TO ADVERTISE, CALL JOE WONG AT *****327 W. \5 ft i r Celebrate Your Project Completion Come publicise your Project Completion, Ship Christenings Delivery of New Builds, Vessel Conversion Refurbishment, Award Quality Certifications and Company Anniversaries.
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  • SINGAPORE STOCKS
    • 4016 26 Transaction date: Sep 30 52-wks Last Vol Day Last Quote Div Gr Yld Net M Cap High Low Company Sale +/-(‘000) High Low Buyer Seller C’vr P/E $mil Company Last Sale 97.5 72 ABR 13.7 7.5 A-Sonic Aero 15 11.2 AEI Div Gr Yld C'vr Net 14.2 6.7
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    • 349 27 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 Last Vol Day 43.5 28 t Alliance Mineral 34 unch 933 34.5 34 34 34.5 133.9 Div Gr Yld Net M Cap High Low
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    • 11136 27 UNIT TRUST FUNDS UNIT TRUSTS APS Asset Mgt Pte Ltd APS Alpha Fund Cl A!** APS Aloha uncTCI A! Aberdeen Asset Mgt Asia Limited 1.59/ APS Alpha Fund (USD)!* 1.25/ Aberdeen Asset Mat Asia Limited 1.0147/ China Opportunities USD!** Global Emerging Markets USD China Opportunities! Global Opportunities USD India Opportunities
      11,136 words
    • 251 27 52-Wk Last Vol Day Last Quote Div GrYld Net MCap High Low Company Sale +/-(’000) High Low Buyer Seller C’vr P/E $mil 66 50 AVJennings A61 +2 6 61 61 61 62 3.6 5.7 5 225.8 Company 343 276 h TCIL HK$ HK298 +5 93 298 291 291 298
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    • 1050 27 52-Wk Last Vol Day Last Quote Div GrYld Net MCap High Low Company Sale +/-(’000) High Low Buyer Seller C’vr P/E $mil 118 108.3 ABF SG Bond ETF Company 139.4 119 CIMB APAC Div S$D 126.8 +0.3 3 126.8 126.8 124.6 127.1 110.5 94 CIMB APAC Div US$
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  • FINANCE & COMMODITIES
    • 693 28 Sep 30 OPEN HIGH LOW SETT VOL OP/INT NIKKEI 225 INDEX FUTURES SPOT *****.72 *****.72 *****.72 Dec14 *****.00 *****.00 *****.00 *****.00 ***** *****7 Mar15 *****.00 *****.00 *****.00 *****.00 0 207 MSCI TAIWAN INDEX FUTURES SPOT 324.67 326.35 321.41 Oct14 324.40 325.90 320.80 323.90 ***** *****8 Nov14 322.30
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    • 373 28 In local curr In S$ In US$ dy yr dy yr dy yr Sep 29 Index Change Change Change Change Change Change World Preliminary 1241.2 -0.3 4.8 -0.2 3.4 -0.3 2.5 EAFE Preliminary 971.4 -0.3 1.6 -0.3 -2.6 -0.4 -3.5 Europe Preliminary 1379.3 -0.4 1.8
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    • 471 28 Sep 30 A$ C$ Rmb Euro HK$ Ind Rs Rupiah Yen Won RM NZ$ Pak Rs Peso S$ Rand Sfr NT$ Baht Pound US$ Australia 0.975 5.373 0.690 6.792 53.860 106.474 0.957 9.227 2.861 1.123 89.733 39.261 1.114 9.829 0.832 26.626 28.301 0.538 0.875 Canada 1.025 5.509
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    • 39 28 Sep 30 (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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    • 82 28 Sep 30 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-16 106.03 5-Year N*****0H 1.625 01-Oct-19 99.8 99.85 99.85 GOVERNMENT BONDS 10-Year NY*****H 3.000 01-Sep-24
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    • 122 28 Sep 30 GOLD(US$/oz) Sep 30 Sep 29 Hong Kong 1217.00 1224.00 Sep 29 Sep 26 London 1216.96 1215.40 1217.55 1215.95 Source: Thomson Reuters CAST BAR Sep 30 (S$) Selling Buying Kilobar ***** ***** PAMP GOLD BARS (S$) Selling Buying 1gm 76 47 5gm 301 245 10gm 558 493
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    • 57 28 Sep 30 KLCE PALM FUTURES (RM/MT) Delivery Opening Sett Av Vol Open Month Range Price Price High Low Done Position Oct 14 2223.0 2232.0 2237.0 2223.0 119 1083 Nov 14 2215.0 2227.0 2232.0 2207.0 5010 ***** Dec 14 2211.0 2217.0 2222.0 2204.0 ***** ***** Jan 15 2222.0 2233.0
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    • 155 28 Sep 30 Against S$ Against US$ Currencies Bid Offer Bid Offer S$/US$ to one unit of foreign currency: Australian dollar 1.1131 1.1139 0.8746 0.8751 Canadian dollar 1.1414 1.1418 0.8970 0.8969 Euro 1.6142 1.6147 1.2683 1.2685 NZ dollar 0.9911 0.9915 0.7787 0.7789 Sterling pound 2.0700 2.0708 1.6265 1.6268
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    • 109 28 Sep 29 SOYBEANS (5,000 bu min; US cents/60 lb bushels) Close Previous High/Low Nov 14 923.50 910.25 924.50 905.50 Jan 15 932.25 918.75 933.00 914.00 Mar 15 940.50 927.00 941.25 922.25 May 15 948.75 935.25 949.75 930.75 SOYBEAN OIL (60,000 lbs; US cent/lb) Close Previous High/Low Oct 14
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    • 95 28 Sep 29 COCOA (£/tonne) Close Prev High Low Dec 14 2121 2124 2136 2110 Mar 15 2075 2076 2088 2065 May 15 2051 2053 2064 2040 Jul 15 2037 2041 2050 2028 COFFEE(US$/tonne) Close Prev High Low Sep 14 1968 1959 1977 1952 Nov 14 1963 1955 1978 1940
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    • 958 28 BONDS, WARRANTS EXTENDED SETTLEMENT Prem Expiry Vol Conv Exer Disc Gear-Mths Company Last Sale +or-('000) Ratio Price ing Left Asia-Pacific Strategic W*****6 4.7 0.3 1 -56 3.80 46 Asia-Pacific Strategic W*****6 3.6 unch 1703 1 2 56 Ratio Exer Ascendas REIT MB eCW*****3 2.4 0.2 230 2 Asiatic Grp(Hldgs) Ltd
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    • 70 28 CRUDE OIL PRODUCTS Sep 29 CRUDE (FOB origin) US$/barrel Close Change Brent blend (1-Mth F) 96.57 0.11 WTI (Near Mth) 94.51 1.05 Dubai (1-Mth F) 95.17 -0.19 Tapis blend 98.08 -0.20 Minas 93.58 -0.20 PRODUCT US$/barrel (FOB S'pore) Close Change Naphtha 91.00 unch Jet Kerosene 110.14 -0.27 US$/barrel OpecOil Basket
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    • 22 28 Sep 30 S$ Bid Offer 1-month 1.2727 1.2729 2-months 1.2727 1.2729 3-months 1.2727 1.2730 6-months 1.2726 1.2729 Source: OCBC
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    • 65 28 Sep-29 Aluminium, 99.7% purity(US$/tonne) Close Previous Cash 1930.00 1913.50 3 months 1963.00 1948.00 Copper, Grade A(US$/tonne) Cash 6787.50 6766.50 3 months 6742.00 6718.00 Lead(US$/tonne) Cash 2087.00 2060.50 3 months 2098.00 2072.00 Nickel (US$/tonne) Cash *****.00 *****.00 3 months *****.00 *****.00 Tin (US$/tonne) Cash *****.00 *****.00 3 months *****.00
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    • 121 28 As at 9am Sep 30 Singapore dollars to one unit of foreign currency: Currencies Sell Buy Aust dollar 1.136 1.082 Can dollar 1.163 1.119 Euro 1.654 1.576 Sterling pound 2.107 2.026 NZ dollar 1.010 0.972 US dollar 1.300 1.239 Local dollars to 100 units of foreign
      121 words
    • 161 28 Sep 30 $S Offer Bid 0vernight 0.07 0.05 1-month 0.3125 0.1875 2-months 0.3750 0.2500 3-months 0.4375 0.3125 Overnight mode: 0.05 US$ 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
      161 words

  • executive Money
    • 1159 29  -  Big banks expect losses for many raw materials to continue By LUZI ANN JAVIER Bloomberg INVESTORS are betting that the worst isn’t over for commodity prices that already are the lowest in five years. About US$873 billion was pulled from US exchange-traded
      Bloomberg; PHOTO: REUTERS  -  1,159 words
    • 917 31 Linkage opens up new channel for foreigners to invest in China Bloomberg [HONG KONG] Northwest Investment Management (HK) Ltd, a Hong Kong hedge fund manager, is seeing more pension investor interest as the link of the Shanghai and Hong
      Bloomberg; PHOTO: BLOOMBERG  -  917 words
  • Page 29 Advertisements
    • 454 29 UNWRAP ASIA'S LONG-TERM GROWTH POTENTIAL WITH THE REGION'S LARGEST FIXED INCOME ETF. fii South Korea ..i S=V The ABF Pan Asia Bond Index J^ I Fund (PAIF), Asia's first and largest fixed income ETF t is a strategic investment that provides both diversification and precise exposure to an emergent asset
      454 words

  • Page 30 Advertisements
    • 146 30 ibSZS -T JMnfe Ai 2» -JU*^ 1 Tti f** 3/ f*.^')^ U *s. r*,, w -y w it il/dJ&J jLf f f *mjrf m. .^>*£€65^HQ a.. m M jf 7 *JiF y r a. ->w a >' -5 2/ r r_ jf.£S?.*¥*SsJr *3=-'- r y I fi «r y *rjr
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  • Page 31 Advertisements
    • 28 31 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
    • 115 31 TOP TRADERS CHOOSE THE ONLY PROVIDER WITH 40 YEARS' EXPERIENCE a t not only offer decades of experience, but also resources of almost 300 in-house developers who continually deliver innovation and enhancements our CFD trading platforms. Losses can exceed your initial investment. Find out more today at IG.com.sg call +65
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  • Page 32 Advertisements
    • 152 32 for a greener tomorrow REFRIGERATOR Touch Control Panel Surround Multi Air-Flow System LED Compartment Light Moisturizing Cooling Sliding Chilled Case Large Bottle Storage MADE IN JAPAN ICE ROOM Built-in Water Tank UV Automatic Ice Maker Clean Ice Complete Washability Lead-Reduction Filter VEGETABLE ROOM Indirect Cooling Vitamin Factory LED Sunlight FREEZER
      152 words