The Business Times, 20 December 2014

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Microfilm: NL33313
Total Pages: 40
1 16 The Business Times
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  • Title Section
    Lock icon Masthead
    14 1 weekend THE BUSINESS TIMES www. usinesstimes.com. g DECEMBER 20-21, 2014 S$1.00 MCI (P) 052/08/2014
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  • Article
    Lock icon SBS, SMRT apply for fare hikes
    33 1 PAYING PUBLIC BOTH SBS Transit and SMRT have submitted their application to the Public Transport Council (PTC) for fare adjustments, in the face of higher costs. 5
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  • Article
    Lock icon Firms may miss deadlines
    30 1 TIME TUSSLE JUDGING from the current rate of progress, Singapore’s listed companies may miss critical timelines in adhering to the country's Code of Corporate Governance.| 10
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  • Article
    Lock icon Blackstone ready for 5-year wait
    35 1 PATIENT PLAYER BLACKSTONE Group, which is taking part in the refinancing of luxury Singapore properties, is prepared to wait as long as five years for a turnaround in prices. 16
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  • Article
    Lock icon SNB to adopt negative interest rate
    41 1 STUNNING STEP SWITZERLAND is introducing a negative interest rate on deposits held by lenders at its central bank, moving to hold down the value of the Swiss franc amid turmoil in global currency markets. 18
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  • Article, Illustration
    Lock icon A straighter road ahead
    642 1  -  OUTLOOK 2015: MOTORING By Samuel Ee samuelee@sph.com.sg Singapore AFTER the turbulence of the last two years, motor industry players are hoping for more stability in 2015. They are looking forward as well to more Certificate of Entitlements (COEs), lower COE premiums, new models, and perhaps, the
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  • Article
    Lock icon Smart money sidesteps volatile markets
    810 1  -  Private bank clients cut equity-overweight positions before this week’s rouble collapse By Siow Li Sen lisen@sph.com.sg @SiowLiSenBT Singapore THERE’S a reason why the rich are called the smart money some of them managed to avoid the most recent market wobbles by heeding their private bankers’
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      44 1 the business times www. usinesstimes.com. g DECEMBER 20-21, 2014 S$1.00 MCI (P) 052/08/2014 WEALTH Pimco’s ‘ill-timed’ wager on emerging markets 28-29 the raffles conversation NASSIM NICHOLAS TALEB 8-9 MOTORING The Jaguar XJ 2.0 L14 LIVING Grand entrance L2-4 45More COEs in pipeline, Page 6
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      1 1 8"*****1"*****4
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  • TOP STORIES
    • Article, Illustration
      Lock icon Russia economic woes set to be felt from Europe to East Asia
      735 2  -  Banks that have loaned money to Russia risk losses; exports to the country seen sliding By Neil Behrmann btworld@sph.com.sg London A LOOMING Russian recession and the rouble slump will take a toll on a host of countries, stretching
      REUTERS  -  735 words
    • MARKETS
      • Article
        Lock icon STOCKS
        58 2 GSTI 3,279.53(+35.88) GSTI FUTURES 3,280.00 (+42.00) GSIMSCI 370.76 (+4.14) GSIMSCI FUTURES 370.90 (+4.70) STOCKS Friday Change KL COMP 1,715.99 +16.04 NIKKEI 225 17,621.40 +411.35 HANG SENG 23,116.63 +284.42 SET 1,514.35 -2.44 JAKARTA 5,144.62 +31.28 MANILA 7,125.63 +96.35 KOSPI 1,929.98 +32.48 SHENZHEN B 1,011.59 -2.92 MUMBAI IND 27,371.84 +245.27 11am
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      • Article
        Lock icon PRIME RATES
        29 2 SINGAPORE 5.35 MALAYSIA 6.85 HONG KONG 5.00 INDONESIA 14.573 TAIWAN 5.036 JAPAN 1.475 KOREA 9.33 BRITAIN 0.50 US 3.25 CANADA 3.00 SWITZERLAND 0.51 INDIA 14.75 Source: Bloomberg
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      • Article
        Lock icon FOREX
        49 2 US$ S$ US$ (S$ per US$) 1.316 (US$/S$ per 1.566 2.060 EURO (US$/S$/€ 1.229 1.617 Foreign currency per US$ S$ YEN 119.20 90.60 RM 3.477 2.642 HK$ 7.754 5.892 BAHT 32.84 24.95 RUPIAH 12,515 9,510 RENMINBI 6.219 4.726 INDIAN RUPEE 63.06 47.92 A$ 1.225 0.931 NZ$ 1.286 0.977
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    • Article, Illustration
      Lock icon PSA to jointly build, run Jakarta terminal
      431 4  -  Its partners for its first project in Indonesia are IPC, Mitsui and NYK Line By Malminderjit Singh msingh@sph.com.sg @MalminderjitBT Singapore PSA International has partnered three other corporates to construct and operate a new container terminal at the Tanjung Priok Port in Jakarta, marking
      PHOTO: BLOOMBERG  -  431 words
    • Article, Illustration
      Lock icon North Pole – the next hot real estate buy?
      679 4  - North Pole the next hot real estate buy? SATURDAY SOAPBOX Lee Meixian leemx@sph.com.sg @LeeMeixianBT Reporter I RECEIVED an e-mail yesterday telling me why I should invest in a property in the North Pole. Reason No 1: because it has a historically robust manufacturing industry, set for growth as the global
      Illustration: Ludwig Ilio  -  679 words
    • Article, Illustration
      Lock icon SBS, SMRT apply for fare hikes – citing rising costs, lower profits
      334 5  - SBS, SMRT apply for fare hikes citing rising costs, lower profits Lui Tuck Yew has said fares would not be raised by more than 2.8% By Kelly Tay kellytay@sph.com.sg @KellyTayBT Singapore BOTH SBS Transit and SMRT have submitted their application to the Public Transport Council (PTC) for fare adjustments, in
      FILE PHOTOS  -  334 words
    • Article, Illustration
      Lock icon More COEs in pipeline, final quota unclear
      1713 6 / 7 Industry players hope for easing of some loan restrictions, expect update on Carbon Emissions-Based Vehicle Scheme OUTLOOK 2015: MOTORING Steffen Schwarz, managing director of Volkswagen Group Singapore Will there be a COE boom in 2015? If so, what are the challenges for distributors?
      FILE PHOTO  -  1,713 words
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      48 2 CONTENTS LIVING Dining L2-9 Shopping L10-11 NEWS Top Stories 2-7 Raffles Conversation 8-9 Companies Markets 10-14 Real Estate 15-17 Banking Finance 18 Energy Commodities 20 Technology 21 Consumer 22 Transport 23 Govt Economy 24-25 Opinion 26-27 Wealth 28-30 Life Culture 31 Home Garden L12-13 Motoring L14-15 Sports L16
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      33 3 Credit Suisse i L 0) 0) Q£) Can she inherit your ambition as well as your wealth? Discover how Credit Suisse can help you plan your wealth for the next generation at credit-suisse.com/successionplanning
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      Lock icon Page 5 Advertisements Column 1
      29 5 2Owncars? If you're looking for a landed home with a large enough driveway, turn to the Print Classified Properties section. To advertise, call the Print Classified Hotline: 1800-289 9988.
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      203 5 V f r sb ns Hwa Chong INTERNATIONAL SCHOOL We are a local international school offering the Cambridge International General Certificate of Secondary Education (IGCSE) and International Baccalaureate (IB) Diploma Programme. Founded in 1968, the International Baccalaureate Organisation (IBO) is a recognised leader in the field of international education while
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      65 6 / 7 H O T PR O PERTY 3-STY CORNER TERR 5-rm, 2656/3000sf, reno $300K View anytime. Paya Lebar Walk. $3.5M. KOVAN 1STY INTER Terr. FH 1920sf. Original cond. Wide frontage. Serious seller! $2.xM. DEVELOPER'S SALE! RARE New 2½ sty Semi-D S'goon Garden, Worthing Rd. 5rms Land 2792 sqft. $4.3M neg LANDED
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  • THE RAFFLES CONVERSATION
    • Article, Illustration
      Lock icon Failure is not an option, it’s a must
      1847 8 / 9  -  Don’t over-educate Singapore’s younger generation, says author Nassim Taleb, as education is the enemy of entrepreneurship. By Genevieve Cua By Genevieve Cua gen@sph.com.sg AN interview with author and thinker Nassim Nicholas Taleb is a somewhat nerve wracking affair. He famously reserves his
      PHOTO: YEN MENG JIIN  -  1,847 words
    • Article
      Lock icon A reluctant best-selling author
      700 8 / 9 NASSIM Nicholas Taleb winces when described as a best-selling author. His third book, The Black Swan: The Impact of the Highly Improbable is arguably the best known among his five books so far. It reportedly spent 36 weeks on The New York Times best-sell-er list; the
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  • COMPANIES & MARKETS
    • Article
      Lock icon S’pore-listed firms may miss governance deadlines
      616 10  -  Rate of progress suggests they may take until 2020 to comply fully with board independence guidelines By Malminderjit Singh msingh@sph.com.sg @MalminderjitBT Singapore JUDGING from the current rate of progress, Singapore’s listed companies may miss critical timelines in adhering to the country's Code of Corporate
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    • Article, Illustration
      Lock icon Tata is a linchpin as SIA-linked Vistara prepares for take-off
      881 10  -  NEWS ANALYSIS By Nisha Ramchandani nishar@sph.com.sg @Nisha_BT Singapore AFTER receiving its air operator permit (AOP) earlier this week, Singapore Airlines-backed Vistara will take to the skies on Jan 9 with Mumbai and Ahmedabad as its first routes. After turning in
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    • Article, Illustration
      Lock icon Fed’s soothing patience fuels further rebound
      519 11  -  STOCKS Kenneth Lim kenlim@sph.com.sg @KennethLimBT Correspondent BOY, is patience ever a virtue. The US Federal Reserve announced this week that it could be “patient” about raising interest rates, and look what it has done for the markets. The Straits Times Index (STI) rose 1.11
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    • Article
      Lock icon Mermaid wins US$50m two-year subsea contract
      259 11  -  ORDERBOOKS By Malminderjit Singh msingh@sph.com.sg @MalminderjitBT Singapore MAINBOARD-listed Mermaid Maritime has secured a two-year contract for its dive support vessel, Mermaid Commander, to provide subsea construction support in the Gulf of Thailand. The subsea and drilling services provider for the offshore oil and gas
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    • Article
      Lock icon GAINERS
      76 11 BY CENTS CLOSE UP 52w high/low SPDR S&P500 US$ ***** 502.5 1.9 *****/***** DBXT MSEurope US$ 5712 189.4 2.6 6492/5366 Jardine C&C 4164 155.0 3.9 4901/3330 DBXT E50 US$ 4909 113.1 1.8 5630/4637 JMH USD 5900 92.1 1.2 6460/4934 BY PERCENTAGE CLOSE UP 52w high/low Ntegrator W*****3 1.2 71.4
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    • Article
      Lock icon LOSERS
      78 11 BY CENTS CLOSE DOWN 52w high/low DBXT S&P Short US$ 2218 -132.9 -4.4 2752/2215 DBXT Vietam US$ 2538 -32.9 -1.0 3100/2384 GLD US$ ***** -31.6 -0.2 *****/***** IS Asia BND US 1042 -11.8 -0.9 1073/990 DBS Bk 4.7% NCPS ***** -10.0 -0.1 *****/***** BY PERCENTAGE CLOSE DOWN 52w high/low
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    • Article
      Lock icon MOST ACTIVE
      36 11 VOLUME Golden Agri-Res 81,396,000 OLS Enterprise 63,391,000 SIIC Environment 58,521,000 IHC 43,241,000 Blumont 41,985,000 Market volume 1,438,300,000 VALUE SingTel 120,614,627 DBS Grp 83,099,690 Keppel Corp 56,007,610 OCBC Bank 51,008,460 UOB 47,592,220 Market value 1,234,210,000
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    • Article
      Lock icon Hyflux consortium awarded US$250m desalination project in Oman
      265 11  -  By Andrea Soh sandrea@sph.com.sg @AndreaSohBT Singapore SHARES in Hyflux rose 7.4 per cent, or 5.5 cents, to S$0.795 on Friday after the firm said it won the bid to build a US$250 million water desalination project in Oman, together with local partner
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    • Article
      Lock icon STI STOCKS
      306 12 Stock name Close Change Day high/low 52w high 52w low PE Div yield Mcap Ascendas Reit 234 -1 237/234 250 206 6.1 5916.3 CapitaLand 317 +9 320/310 348 268 15.9 2.5 *****.4 CapitaMall Trust 200 -1 202/199.5 209 180 5.1 6936.6 CityDev 1009 +21 1010/985 1118 860 13.7
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    • Article
      Lock icon SGX ETFs Most Active
      110 12 Fund Last sale +/-(‘000) Day high/low 52w high/low Buy/Sell Mcap Nikko AM STI ETF 337 cd +3 202 338/334 422/300 337/338 8.1 UETF SSE50China 207 +5 147 208/203 217/140 207/208 64.7 DBXT MSRussia US$ US166 +2 118 171/166 302/140 167/168 DBXT MSPHILS US$ US204 +5.7 80
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    • Article
      Lock icon SIBOR
      31 12 Dec 19 (S$) 1 mth 0.***** 2 mths 3 mths 0.***** 6 mths 0.***** 9 mths 12 mths 0.***** SWAP Offer rates (S$) (SS) 1 mth 0.***** Source: Thomson Reuters
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    • Article
      Lock icon BT SHARE INFORMATION SERVICE
      819 12 SUBSTANTIAL SHAREHOLDER/DIRECTOR TRANSACTIONS For week beginning Dec 15 Substantial Buy No of Price ———SHAREHOLDING Trans Shareholder/ Sell Shares Per Before After Stock Date Director Conv '000 Shr ('000) ('000) HG Metal Mfng 18-Dec-14 Ng Weng Sui Harry Buy 100 0.07 0 0.00 100 0.01 Sino Construction
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    • Article
      Lock icon SECURITIES TRADING SCOREBOARD
      186 12 MAIN CATL TOTAL Up Down Unch Up Down Unch Up Down Unch Multi Ind 7 6 2 0 0 0 7 6 2 Manufacturing 53 44 25 10 6 8 63 50 33 Commerce 21 16 15 3 5 4 24 21 19 Tpt/Stor/Comms 17 16 12
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    • Article
      Lock icon SECURITIES TRADING TURNOVER
      120 12 VOLUME (‘000) VALUE (‘000) MAIN CATL TOTAL MAIN CATL TOTAL Multi Ind 17,057 17,057 86,923 86,923 Manufacturing 138,219 45,880 184,099 111,833 3,249 115,081 Commerce 59,875 32,518 92,393 85,772 2,152 87,924 Tpt/Stor/Comms 131,567 2,914 134,481 237,764 1,177 238,941 Finance 23,011 20 23,031 226,456 5 226,461 Construction 32,174 14,871
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    • Article
      Lock icon OTHER SINGAPORE INDICES
      77 12 Dec 19 VALUE CLOSE BT OB/OS -532.00 +42.00 BT CADI -*****.00 +42.00 BT 10-day MA -*****.00 -53.00 FTSE ST Mid Cap 732.72 +0.54 FTSE ST Small Cap 484.85 -0.45 FTSE ST All Share 785.71 +6.74 FTSE ST China Top 182.80 -0.15 FTSE ST China 217.81 +0.79 FTSE
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    • Article
      Lock icon UNUSUAL ACTIVITY
      79 12 VOL CLOSE($) CHANGE Star Pharm 3,216.0 0.072 +0.005 +7.46 IHH 25,032.0 1.815 +0.045 +2.54 Goodland 862.0 0.275 -0.015 -5.17 Changjiang Fert 20.0 0.025 -0.006 -19.36 Captii 436.0 0.045 +0.004 +9.76 Magnus Energy 12,476.0 0.006 +0.001 +20.00 Achieva 260.0 0.048 +0.005 +11.63 Foreland FabriT 1,271.0 0.014 +0.001 +7.69 Europtronic
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    • Article
      Lock icon COMMODITY FUTURES
      209 13 Dec-18 Price Net change change Last Trade Agricultural Dec-18 CBOT Soybeans (US cents/bu) 1035.00 8.00 0.78% 14/01/2015 CBOT Soybean Oil (US cents/lb) 31.89 0.12 0.38% 14/01/2015 CBOT Wheat (US cents/bu) 655.25 6.75 1.04% 13/03/2014 Dec-18 LIFFE Cocoa (£/tonne) 1969.00 30.00 1.55% 16/03/2015 LIFFE Coffee (US$/tonne) 1912.00 -3.00 -0.16%
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    • Article
      Lock icon PALM OIL
      57 13 Dec 19 KLCE PALM FUTURES (RM/MT) Delivery Opening Sett Av Vol Open Month Range Price Price High Low Done Position Dec 14 2134.0 2160.0 2160.0 2124.0 217 ***** Jan 15 2144.0 2153.0 2154.0 2128.0 5740 ***** Feb 15 2136.0 2153.0 2154.0 2127.0 ***** ***** Mar 15 2145.0 2156.0
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      Lock icon GOVERNMENT SECURITIES
      67 13 Dec 19 GOVERNMENT BONDS Period Issue Coupon Maturity Close Day's code rate Bid High Low 2-Year NY*****F 3.75 01-Sep-16 105.08 5-Year N*****0H 1.625 01-Oct-19 99.45 100.00 99.55 10-Year NY*****H 3.000 01-Sep-24 105.42 106.60 105.40 15-Year NY*****E 2.875 01-Jul-29 102.19 103.58 102.10 20-Year NZ*****V 3.375 01-Sep-33 107.68 109.25 107.70
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    • Article
      Lock icon INTERBANK CURRENCY RATES
      155 13 Dec 19 Against S$ Against US$ Currencies Bid Offer Bid Offer S$/US$ to one unit of foreign currency: Australian dollar 1.0737 1.0749 0.8162 0.8165 Canadian dollar 1.1362 1.1372 0.8638 0.8637 Euro 1.6162 1.6177 1.2286 1.2288 NZ dollar 1.0229 1.0244 0.7776 0.7781 Sterling pound 2.0594 2.0615 1.5655 1.5659
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    • Article, Illustration
      Lock icon STOCK MARKETS
      2 13
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    • Article
      Lock icon BONDS, WARRANTS, PREFERENCE SHARES
      208 13 Most active Dec 19 Prem Expiry Last Vol Conv Exer Disc Gear-Mths Company Sale +or-('000) Ratio Price ing Left Rowsley Ltd W*****3 3.9 unch 8549 1 18 22 SHS Holdings W*****6 3.5 5169 1 20 4 6.43 60 DBS MB eCW*****2 11.5 1.8 4782 0.1 0
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    • Article
      Lock icon MORGAN STANLEY CAPITAL INT'L INDICES
      373 13 In local curr In S$ In US$ dy yr dy yr dy yr Dec 18 Index Change Change Change Change Change Change World Preliminary 1260.7 1.6 6.4 1.9 6.2 1.3 2.0 EAFE Preliminary 974.1 2.2 1.9 2.1 -4.0 1.5 -7.7 Europe Preliminary 1372.9 2.7 1.3
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    • Article
      Lock icon Albedo sells stake in Thai unit for nominal S$1
      304 14  -  Move follows full and final settlement of the company’s obligations as a guarantor By Mindy Tan tanmindy@sph.com.sg @MindyTanBT Singapore ALBEDO Limited is selling its entire 70 per cent stake in Thai Tech Steel (2003) to Thoroughbred Holdings for a nominal consideration
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    • Business briefing
      • Article
        Lock icon HPL selling entire Pinedale stake to General Mills Asia
        91 14 HOTEL Properties Ltd (HPL) is divesting its entire 49 per cent interest in Pinedale Holdings, comprising 245,000 ordinary shares, to General Mills Asia. HPL will also be selling the shareholder’s loan made by it to Pinedale Holdings to General Mills Asia.
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      • Article
        Lock icon Chiwayland unit wins site tender in Australia
        70 14 CHIWAYLAND Australia a wholly owned subsidiary of Chiwayland International has been awarded the tender for a land site in New South Wales, Australia at a purchase price of A$27 million (S$28.8 million). The site comprises an area of approximately 2,878 square metres and
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      • Article
        Lock icon Ascott Reit issues fixed rate notes
        65 14 ASCOTT Reit MTN (Euro), in its capacity as trustee of Ascott Reit, on Friday issued 80 million euros (S$ 129.3 million) in principal amount of 2.75 per cent fixed rate notes due Dec 19, 2024. This is under its US$2 billion Euro-Medium Term Note
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    • Article
      Lock icon SGX FTSE China A50 Futures rides on Chinese stock boom
      295 14  -  By Kelly Tay kellytay@sph.com.sg @KellyTayBT Singapore CHINA benchmark indices including the FTSE China A50 Index have continued to outperform global indices since the launch of the Shanghai-Hong Kong Stock Connect, said a Singapore Exchange (SGX) My Gateway report released on
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    • Article
      Lock icon Record year for pharma deals but firms fail to sell mature-drug portfolios
      621 14 Bloomberg London IN A record year for healthcare acquisitions, some of the largest pharmaceutical companies tried to sell their portfolios of older drugs and failed. Drug companies have agreed to about US$260 billion of deals so far in
      Bloomberg  -  621 words
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  • REAL ESTATE
    • Article, Illustration
      Lock icon US rental-home shortage benefits Wall St
      1440 15 Corporate landlords enjoying higher rents amid 7.4% fall in rental vacancy rate in Q3 Bloomberg Los Angeles CORPORATE landlords are benefiting from the worst US rentalhousing shortage in more than a decade as construction trails demand and more Americans opt to lease rather than
      Bloomberg; PHOTO: BLOOMBERG  -  1,440 words
    • Article, Illustration
      Lock icon Sentosa deal: Blackstone ready for 5-year wait
      589 16 It can wait that long to see higher returns on its investment in City Dev’s Sentosa project Bloomberg Singapore BLACKSTONE Group, which is taking part in the refinancing of luxury Singapore properties, is prepared to wait as long as five years for a
      Bloomberg; ST FILE PHOTO  -  589 words
    • Article
      Lock icon InterContinental rolls out Chinese-focused Hualuxe hotels
      310 16 Reuters London INTERCONTINENTAL Hotels Group (IHG) will open up to three of its new Hualuxe hotels in China in 2015, the first of a Chinese-specific brand it hopes to eventually roll out globally. IHG, one of the world’s largest hoteliers with brands such as
      Reuters  -  310 words
    • Article
      Lock icon Househunt
      1278 17 PROPERTY TRANSACTIONS FOR SELECTED DISTRICTS WITH CONTRACT DATES BETWEEN NOV 5 AND NOV 11, 2014 PROJECT NAME/ STREET NAME PROP TYPE CONTRACT DATE TENURE BUILT -IN/LAND AREA*(SQ FT) PRICE (S$'000) PSF (S$) District 1 NON-LANDED Marina Bay Residences Apt 07/11/2014 99 743 1728 2327 Marina One Residences Apt 07/11/2014
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      230 16 There are more ways to read The Straits Times r Read it on Print, Online, Tablet or Smartphone wherever you are at any angle. Subscribe* now to The Straits Times All-in-One PLUS package for 36 months and receive the Lenovo Yoga Tablet 2 (8") WiFi (U P. $449). »a4!s|sSS C3E
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  • BANKING & FINANCE
    • Article, Illustration
      Lock icon Swiss National Bank to adopt negative interest rate
      727 18 Move is to hold down value of Swiss franc amid turmoil in global currency markets NYT Paris SWITZERLAND is introducing a negative interest rate on deposits held by lenders at its central bank, moving to hold down the value of the Swiss
      NYT; PHOTO: REUTERS  -  727 words
    • Article
      Lock icon Wall St firms trailing US stockmarket boom
      402 18 Bloomberg New York WALL Street firms have failed to keep up with a stock market that has boomed for more than five years, losing ground to industries including technology and healthcare. There were just 32 US financial firms among the world’s largest 500
      Bloomberg  -  402 words
    • Article
      Lock icon US banks likely to move cautiously into Cuba: trade groups
      345 18 Reuters Washington US BANKS will be able to do more business in Cuba after the United States and the island nation agreed to restore diplomatic ties, but trade groups said their members will be slow to ramp up operations, fearing
      Reuters  -  345 words
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      Lock icon Page 19 Advertisements Column 1
      115 19 2-night suite stay package at The Fullerton Bay Hotel worth $3,376 Samsung Galaxy Note 4 4G+ worth $1,088 DOWNLOAD NOW, IT’S CHOOSE YOUR CHRISTMAS GIFT FREE! An 8-course meal for 2 at Corner House worth $496 Prizes sponsored by P A R I S Roche Bobois armchair in Paul Smith
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  • ENERGY & COMMODITIES
    • Article
      Lock icon Gulf nations gritting teeth for tough times
      505 20 Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and UAE forecast to lose US$350b a year OIL ROUT AFP Kuwait City GULF countries are bracing themselves for tough times as vital oil revenues fall and after they missed a golden opportunity to diversify their economies
      AFP  -  505 words
    • Article, Illustration
      Lock icon Jewellers sourcing direct from miners
      284 20 Bloomberg London JEWELLERS who fill up Christmas stockings with diamonds are increasingly doing so by investing in or securing supply deals directly from individual mines, avoiding the industry’s middlemen. With most of the diamonds near the Earth’s surface having already been dug up, and few
      Bloomberg; PHOTO: REUTERS  -  284 words
    • Article
      Lock icon BASF, Gazprom cancel gas sector asset swap
      214 20 Reuters Frankfurt GERMANY’S BASF SE and Russia’s Gazprom agreed to cancel a swap of gas sector assets planned for this year, citing a “currently difficult political environment”. The unwinding of the deal weakened BASF’s outlook for earnings before interest and tax (Ebit) this
      Reuters  -  214 words
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  • TECHNOLOGY
    • Article, Illustration
      Lock icon N Korea hackers aiming for telecoms, power grids
      670 21 Attack on Sony could be just a dry run for Pyongyang’s cyber-army Reuters Seoul THE hacking attack on Sony Pictures may have been a practice run for North Korea’s elite cy-ber-army in a long-term goal of being able to cripple telecoms and
      Reuters; PHOTO: BLOOMBERG  -  670 words
    • Article
      Lock icon TV programme accuses Apple supplier of treating workers badly
      311 21 AFP London WORKERS in Chinese factories making Apple products are poorly treated, with exhausted employees falling asleep on their 12-hour shifts, British broadcaster BBC found in an investigation broadcast on Thursday. Reporters who took jobs undercover at the Pegatron factories found
      AFP  -  311 words
    • Article
      Lock icon Facebook use among US teens dips further
      359 21 Bloomberg San Francisco FACEBOOK Inc is getting less and less cool, at least among teens. A report on Thursday by Frank N Magid Associates Inc found that the proportion of 13 to 17-year-old social media users in the US on Facebook slipped to
      Bloomberg  -  359 words
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  • CONSUMER
    • Article
      Lock icon Kraft CEO retires, chairman takes over
      357 22 Shuffle raises question of whether firm will change brand portfolio Reuters London KRAFT Foods Group Inc on Thursday said that Tony Vernon would retire as chief executive officer later this month, with chairman John Cahill succeeding him as the company battles sluggish demand for
      Reuters  -  357 words
    • Article, Illustration
      Lock icon German candy-maker thrives on 200-year-old secret recipe
      765 22 Bloomberg Luebeck, Germany JG Niederegger GmbH owner Holger Strait has a 200-year-old secret and he’s not sharing. He’s one of only five people who know the recipe for the marzipan that shoppers buy this time of the year in high-end stores around the
      Bloomberg; PHOTOS: BLOOMBERG  -  765 words
    • Article
      Lock icon Nike flags slowing demand in emerging markets and western Europe
      246 22 Reuters London NIKE Inc’s futures orders rose at its slowest pace in four quarters, indicating weakening demand for the sportswear maker’s products in emerging markets and western Europe. Shares of the company, which reported better-than-expected second-quarter results, fell 3.17 per
      Reuters  -  246 words
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  • TRANSPORT
    • Article, Illustration
      Lock icon Spicejet co-founder plans investment: source
      585 23 Ajay Singh may inject as much as 13b rupees in distressed carrier with some partners Bloomberg New Delhi AJAY Singh, a co-founder of Spicejet Ltd, plans to invest as much as 13 billion rupees (S$270.3 million) in the distressed carrier with some partners, a person
      Bloomberg; PHOTO: AFP  -  585 words
    • Article
      Lock icon Profit-hit Air France-KLM to postpone delivery of new jets
      486 23 Bloomberg Toulouse, France AIR France-KLM Group will push back delivery of some aircraft in the next two years to contain costs following its third profit revision this year. Europe’s biggest airline will not take some Boeing Co 777 wide-body jets after
      Bloomberg  -  486 words
    • Article
      Lock icon Ford widens airbag-linked recalls to all of America
      333 23 NYT Washington UNDER pressure from regulators, Ford Motor is expanding nationwide the recall of vehicles with airbags manufactured by Japanese supplier Takata, the carmaker said on Thursday. Ford had previously recalled about 55,000 Mustang and GT models to replace driver’s side Takata
      NYT  -  333 words
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  • GOVERNMENT & ECONOMY
    • Article, Illustration
      Lock icon HK ex-official, property tycoon guilty in graft case
      536 24 Rafael Hui had accepted HK$8.5m in bribes from executives of Sun Hung Kai Properties Reuters Hong Kong A FORMER top Hong Kong civil servant was found guilty on Friday of accepting HK$8.5 million (S$1.4 million) in bribes from executives of property developer
      Reuters  -  536 words
    • Article, Illustration
      Lock icon Macau to diversify casino-dependent economy
      665 24 Reuters Bloomberg Macau MACAU leader Fernando Chui told Chinese President Xi Jinping on Friday that he would try to diversify Macau’s casino-depend-ent economy, which has been hit by the most aggressive anti-graft campaign in China in decades. Mr Xi, in Macau to celebrate the 15th
      Reuters; Bloomberg; PHOTO: REUTERS  -  665 words
    • Article, Illustration
      Lock icon BOJ: Economy now needs structural reform
      803 25  -  Central bank, govt upgrade assessments of short to medium-term economic outlook By Anthony Rowley btworld@sph.com.sg Tokyo BOTH the Bank of Japan (BOJ) and the Japanese government on Friday upgraded their assessments of Japan’s short to medi-um-term economic prospects, saying that the outlook for domestic
      PHOTO: REUTERS  -  803 words
    • Article
      Lock icon Russia rushes through bank recapitalisation bill
      540 25 Central bank is focused on avoiding a rouble liquidity crisis Bloomberg Moscow A BILL authorising a one trillion rouble (S$22.1 billion) recapitalisation of banks was rushed through Russia’s Lower House of Parliament. Legislators in the State Duma approved the bill in all three readings
      Bloomberg  -  540 words
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  • OPINION
    • Article, Illustration
      Lock icon Last-mile delivery a hurdle for drones
      1090 26 / 27  -  It remains a crucial issue for logistics providers in e-commerce today. By Steffen Wagner, Satyanarayan R Steffen Wagner is the global chair of transport and leisure at KPMG in Germany and Satyanarayan R is a partner at KPMG Singapore WE MAY never see a
      PHOTOS: BLOOMBERG  -  1,090 words
  • Page 26 / 27 Miscellaneous
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  • Wealth
    • WEALTH INVESTING
      • Article, Illustration
        Lock icon Pimco’s ‘ill-timed’ wager on EMs
        1395 28 / 29  -  Many hedge funds betting against its emerging market investments after its securities tumble with falling oil prices, strong dollar. By Landon Thomas By Landon Thomas NYT EARLIER this autumn, William Gross, in one of his last moves as portfolio manager of Pimco’s US$200 billion flagship
        NYT; PHOTO: BLOOMBERG  -  1,395 words
      • BROKERS' TAKE
        • Article
          Lock icon Singapore Reits
          107 28 / 29 NEUTRAL OCBC Investment Research Dec 19 2014 has been a relatively solid year for the S-Reits sector in terms of both share price and financial performance. Looking ahead, market expectations point towards a hike in the Fed Funds target rate in Q2 2015. This could result in volatility
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        • Article
          Lock icon Wilmar International
          125 28 / 29 BUY Maybank Kim Eng Research Dec 19 Dec 19 close: S$3.17 WE feel soya bean crushing margins will remain Wilmar’s biggest earnings swing factor. December margins could be weak or even turn negative again owing to higher-than-usual US soya bean shipments to China; an 8 per cent drop
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        • Article
          Lock icon M1 Ltd
          173 28 / 29  -  Compiled by Jamie Lee BUY DBS Group Research Dec 19 December 19 close: S$3.53 FOLLOWING SingTel’s initiative in September 2013, M1 and StarHub doubled their excess data charges in January 2014. With about 50 per cent of Singapore households still not using fibre broadband, M1 may continue to
          173 words
      • Article, Illustration
        Lock icon Energy bonds of emerging markets now shaky bets
        1151 30 Bond yields of government-linked Petrobras, Pemex and Gazprom spike as oil prices dive NYT THEY were the darlings of global investors. Petrobras in Brazil. Pemex in Mexico. Gazprom in Russia. The biggest energy companies in some of the biggest emerging markets sold
        NYT; PHOTOS: BLOOMBERG, REUTERS  -  1,151 words
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  • LIFE & CULTURE
    • Article, Illustration
      Lock icon New US college rating system proposed
      765 31 Plan to track income and job outcomes over two time periods would spark the most interest from consumers Bloomberg New York FAMILIES could steer their children towards colleges churning out graduates who make a good living 10 years after graduation, according to an Obama
      Bloomberg; PHOTO: BLOOMBERG  -  765 words
    • Article
      Lock icon Royal trophies may get the chop
      362 31 AFP London BRITAIN’S royal family could remove some hunting trophies that include elephant tusks and stuffed rhinos from Queen Elizabeth II’s Sandringham residence to avoid a possible debate with the European Union over their legality. Buckingham Palace said that it will remove any items
      AFP  -  362 words
  • Page 31 Miscellaneous
    • Miscellaneous
      Lock icon Page 31 Miscellaneous Column 1
      309 31 CRYPTIC CROSSWORD Across 1 Vicissitudes rarely encountered in Holland (3,3,5) 9 Relation seen in public performance (9) 10 Partygoer in right state (5) 11 Resident at home, needing companion (6) 12 Force acquiring thousands by way of business (8) 13 Fool that’s popular, backing another fool (6) 15 Nothing lost
      309 words
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      44 32 THERE ARE EXCEPTIONS TO EVERY RULE. ROYAL OAK OFFSHORE DIAMOND SET IN PINK GOLD. SINGAPORE AUDEMARS PIGUET BOUTIQUE 541 ORCHARD ROAD LIAT TOWERS #01-03 TEL (65) 6836 4918 AL ROY THE SHOPPES AT MARINA BAY SANDS CANAL LEVEL B2-207 TEL (65) 6688 7595 AUDEMARSPIGUET.COM
      44 words
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      Lock icon Page 1 Advertisements Column 1
      73 1 THE BUSINESS TIMES WEEKEND DECEMBER 20 21 2014 BT Living GRAND ENTRANCE Singapore restaurants cast their net far and wide, with Crystal Jade making its debut in San Francisco L2-4 DESTINATION DINING Stars for Saison L5-6 PHOTO: CRYSTAL JADE SHOPPING Gifts for hipsters L10-11 MOTORING The Merc S63 AMG: Twice
      73 words
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  • DINING
    • Article, Illustration
      Lock icon A grand entrance
      1383 2 / 3  -  Chinese restaurant behemoth Crystal Jade starts with San Francisco in its quest to become a global brand, with more concepts to follow in North America. By Jaime Ee By Jaime Ee IT’S been barely a month since Crystal Jade made its grand US$14 million debut in the
      1,383 words
    • Article
      Lock icon Going far and wide
      1266 2 / 3 WITH a saturated market like Singapore’s, a logical path for F&B operators wanting to grow their business has been to open outlets overseas. But as many have found out sometimes painfully the rewards are there but it’s not as straightforward as it seems. For the Les
      1,266 words
    • Article, Illustration
      Lock icon Chinese favourites at Man Fu Yuan BKK
      582 4  -  By Jaime Ee IT isn’t just in the US that finding decent Chinese food in nice clean surroundings is a tough task. When you think of Chinese food in Bangkok, it’s either super expensive Thai sharksfin restaurants or the dodgy ramshackle stalls in
      582 words
    • DESTINATION DINING
      • Article, Illustration
        Lock icon Stars for Saison
        974 5  -  San Francisco’s Joshua Skenes brings his creative genius and obsession with detail to a peak at Saison, winning three Michelin stars in the process. By Jaime Ee THIS year, two restaurants in San Francisco did something that should have been done a long time ago they broke
        PHOTOS: SAISON; PHOTOS: LES CLOS  -  974 words
    • Article, Illustration
      Lock icon Pastry fantasies
      772 7  -  Hotels pull out the stops to create majestic installations to showcase their Yuletide pastry shops. By Lisa Fratini By Lisa Fratini APART from the ubiquitous Christmas tree decorations and lights, there’s another thing to look forward to in hotels their Christmas pastry shops. While most are content to
      772 words
    • Article, Illustration
      Lock icon Asian-inspired festive fare
      1289 8 / 9  -  Turkey and ham are must-haves on the Christmas dinner table. Below are some places where you can get these items with a decidedly Asian flavour. By Rachel Loi and Jaime Ee By Rachel Loi, Jaime Ee rachloi@sph.com.sg @RachelLoiBT jaime@sph.com.sg @JaimeEeBT Shangri-La Hotel Char Siew Glazed Bone-In Ham
      1,289 words
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      Lock icon Page 6 Advertisements Column 1
      855 6 wine&dine with BTWeekend Peach Blossoms Marina Mandarin Singapore 6 Raffles Boulevard, Level 5 Z 6845-1118 Merrificent Christmas Dining Have the merriest of the season with numerous Festive sets on Christmas Eve and Christmas Day at Peach Blossoms or enhance your celebrative dining all month long with turkey specialties such as
      855 words
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  • SHOPPING
    • Article, Illustration
      Lock icon Merry shopping!
      780 10 / 11  -  Still looking for Christmas gifts? Here are some suggestions for the hipster crowd. By Tay Suan Chiang taysc@sph.com.sg @TaySuanChiangBT Suzugami plate From S$38 from atomi Mandarin Gallery, #04-27 THIS plate looks almost paper-thin, but don’t underestimate it. It is made of 100 per cent tin, which is believed
      PHOTO: ATOMI; PHOTO: NATIONAL HERITAGE BOARD; PHOTO: OLUCE; PHOTO: COAST CYCLES; PHOTO: PLANT VISIONZ; PHOTO: TREE-LABS; PHOTO: POMELO; PHOTO: MAKE YOUR OWN; PHOTO: SUPERMAMA; PHOTO: LUZERNE  -  780 words
  • Page 10 / 11 Advertisements
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      Lock icon Page 10 / 11 Advertisements Column 1
      86 10 / 11 IKf Preserving Health and Longevity HEART, STROKE CANCER CENTRE Worried about i\' i 9 t Heart Attack? CT Coronary Angiogram at $399* CALL (+65) 6881 8811 FOR YOUR APPOINTMENT TODAY The abovementioned price is not inclusive of CT IV contrast. Kindly present this during your visit. HEART, STROKE CANCER CENTRE
      86 words
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  • HOME & GARDEN
    • Article, Illustration
      Lock icon In the mood for X’mas
      955 12 / 13  -  X’masFor James Keasberry, decorating the home for Christmas is a task that gives him immense pleasure. By Tay Suan Chiang personal space By Tay Suan Chiang taysc@sph.com.sg @T aySuanChiangBT LIKE an excited child, James Keasberry looks forward to Christmas every year. But not because he
      PHOTOS OF APARTMENT BY JOSEPH NAIR. PHOTO OF FAMILY COURTESY OF JAMES KEASBERRY  -  955 words
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  • MOTORING
    • Article, Illustration
      Lock icon Big body good, small engine better
      524 14  -  The Jaguar XJ full-size sedan is the only car in its class with a 2.0-litre engine. By Samuel Ee samuelee@sph.com.sg THE downsizing trend has been so successful in replacing larger engines with smaller and more efficient turbocharged units that hardly anyone bats an eyelid
      524 words
    • Article, Illustration
      Lock icon TWICE AS COOL
      618 15  -  The Mercedes-Benz S63 AMG is an extremely refined high-performance limousine. By Samuel Ee samuelee@sph.com.sg FOR every Mercedes-Benz model (almost), there is a sportier and more aggressive AMG variant. But only the S-Class flagship limousine gets two versions with two engine options from its high-perform-ance division. In terms
      618 words
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  • SPORTS
    • Article, Illustration
      Lock icon What a memorable year!
      914 16  -  no holds barred Lee U-Wen leeuwen@sph.com.sg @LeeUwenBT Correspondent THERE are just 11 days to go before we bring the curtain down on a quite eventful 2014, and sports fans have more than their fair share of memorable moments to be thankful for. he World Cup in
      PHOTOS: REUTERS, AFP  -  914 words
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