The Business Times, 2 June 2015

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Microfilm: NL33512
Total Pages: 62
1 36 The Business Times
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  • Title Section
    Lock icon Masthead
    31 1 THE BUSINESS TIMES 2015 SOCIETY OF NEWS DESIGN EXCELLENCE AWARD■BEST IN OVERALL REDESIGN■ S$1.00 A SINGAPORE PRESS HOLDINGS PUBLICATION www.businesstimes.com.sg @BTBreakingnews CO REGN NO *****2868E MCI (P) 051/08/2014 Tuesday, June 2,2015
    31 words
  • DAILY DIGEST
    • Article
      Lock icon Messaging app LINE,
      35 1 whose rivals include whatsApp and Viber, is calling on Singapore companies SMEs, in particular to tap its line of affordable business offerings for marketing, advertising, e-commerce, sales and branding. TOP STORIES 3
      35 words
    • Article
      Lock icon China’s PMIs
      23 1 remained subdued in May, despite recent monetary support, prompting analysts to expect more policy easing in the coming weeks.TOP STORIES 3
      23 words
    • Article
      Lock icon Recent violent demonstrations
      28 1 at Golden Veroleum Liberia plantations follow criticism of GVL and its lead investor, Singapore-listed palm oil giant Golden Agri-Resources, over sustainability practices. COMPANIES MARKETS 5
      28 words
    • Article, Illustration
      Lock icon The Bank of Japan’s
      32 1 purchases of shares in real estate investment trusts (Reits) have buoyed this key market, helping to breathe life back into the nation’s moribund property industry. COMPANIES MARKETS 9
      32 words
    • Article
      Lock icon Sydney is in the grip
      27 1 of a housing bubble, Australia’s most-senior economic bureaucrat said in one of the strongest warnings yet by a government official. REAL ESTATE/12
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    • Article
      Lock icon Standard Chartered’s
      21 1 incoming CEO Bill winters is expected to raise capital and cut the bank’s dividend this year. BANKING FINANCE 13
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    • Article
      Lock icon Shanghai Tang’s
      31 1 CEO said his brand has suffered less than others since China’s economic slowdown but he is not considering opening any new stores on the mainland at present. CONSUMER 16
      31 words
    • Article
      Lock icon Despite misdeeds at banks
      28 1 estimated at US$235 billion over the past seven years, there has been a paucity of prosecutions, angering UK MPs and consumer associations. GOVT& ECONOMY/18
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  • Article
    Lock icon Biggest property agencies holding up in cheerless market
    1337 1  -  While several manage to report earnings for fiscal 2014, smaller firms sink into red By Lynette Khoo lynkhoo@sph.com.sg @LynetteKhooBT Singapore SINGAPORE’S largest real estate agencies appear to be weathering the dismal market better than their smaller counterparts. While the smaller firms sank
    1,337 words
  • Article
    Lock icon MARKETS
    25 1 Monday Change STI CLOSED KL COMP 1,743.41 +4.11 NIKKEI 225 20,569.87 +6.72 HANG SENG 27,597.16 +172.97 SHENZHEN B 1,590.18 +48.00 DOW (11:45am EDT)18,024.26 +13.58
    25 words
  • Article
    Lock icon Malaysia Airlines is technically bankrupt
    619 1  -  New German CEO Mueller wields the whip with a slew of painful short-term fix-its to save the carrier By Pauline Ng btworld@sph.com.sg Kuala Lumpur NOTWITHSTANDING a rebranding and hard re-set, Malaysia Airlines (MAS) must get out of fire-fighting mode and sit down to implement a
    619 words
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      69 1 8 "*****1 *****4 DIGITAL REVAMP UOB sees opportunities TOP STORIES 4 CHINA ECONOMY PESTBUSTERS Managing talent in a tough industry Runaway credit may be seismic faultline MIDDLE INCOME TRAP Reforms needed to go past the easy phase of growth OPINION 21 TOP STORIES 2 SME 24 THE CANNY INVESTOR How
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      129 1 Immediate Occupation Soon FREEHOLD m L m ft r jftr* Freehold modern luxury in Orchard precinct INESSENCE Foreigners eligible to purchase I Call *****8081 www.inessence.com.sg Visit our sales gallery along 334 River Valley Road (next to former AA Centre), from 10am to 7pm daily. Artist’s impression. Bespoke option may not
      129 words
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  • TOP STORIES
    • Article, Illustration
      Lock icon Fast credit may be seismic faultline for China’s economy
      1633 2  -  Morgan Stanley MD Ruchir Sharma believes next global recession will be made in China By Vikram Khanna Singapore IN his 2012 bestseller “Breakout Nations”, Ruchir Sharma punctured a lot of the euphoria surrounding emerging markets. Many of these countries’ apparently dazzling
      1,633 words
    • Article
      Lock icon Messaging app LINE lures Singapore firms
      510 3  -  in Japan, some 100,000 LINE@ accounts were opened within the first month after its debut By Jacquelyn Cheok jaccheok@sph.com.sg @JacCheokBT Singapore IF messaging app LINE had a creed, it would be to do everything but toe the line. The Japan-based, Korean-owned app whose rivals
      510 words
    • Article, Illustration
      Lock icon China PMIs remain subdued, suggest more easing to come
      660 3  -  Official PMI edges up to 50.2, while HSBC and Markit data show 49.2 By Virginie Mangin btworld@sph.com.sg Beijing CHINA’S PMIs remained subdued in May, despite recent monetary support, prompting analysts to expect more policy easing in the coming weeks. China’s official
      PHOTO: AFP  -  660 words
    • Article, Illustration
      Lock icon UOB: Now’s the right time for bank’s digital revamp
      1031 4  -  It wants to leapfrog rivals with July relaunch of online and mobile services; eyes contactless payment market By Jamie Lee leejamie@sph.com.sg @JamieLeeBT Singapore UOB has been biding its time for its digital revamp waiting for the scene to mature and become
      1,031 words
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      188 2 ppp LASER CLINIC A CLINIC OF DR GOH SENG HENG Everyone can have clear, glowing and healthy skin What are PPP Medical Laser Facials? PPP medical laser facials are safe and non-invasive methods of deep cleaning the skin, helping to clean and control* pimples, pores and pigmentation. •Results however, can
      188 words
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      170 3 Spark off the perfect USA journey with ANA NEW HOUSTON LOS ANGELES NEW YORK SAN FRANCISCO SAN JOSE+>**.. SEATTLE t* •*> Is ir; V-;" v^ r S*-.: LV ,,v- t i? w; :l. i. ,T;i I jr ’’X S r> i A I.-' r irJ Jt j tV /i fi
      170 words
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      30 4 7 >L' f y rm ■4m WHt*. i m «r?f v <: R i. m. ->■ W4>’.& > aiO ■im i r k xiioo OBqoFz X^jodojdz siuoij pdjjdd jnoX o; XbavspS sqx ilJ9doxi-7|
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  • COMPANIES & MARKETS
    • Article
      Lock icon Golden Agri’s Liberia unit under sustainability fire
      511 5  -  GVL says armed protests started by local group seeking more jobs for community By Chan Yi Wen yiwenc@sph.com.sg @ChanYiWenBT Singapore LAST week’s violent demonstrations at Golden Veroleum Liberia’s (GVL) plantations in south-east Liberia came after recent criticisms levelled at GVL, and its lead
      511 words
    • Article
      Lock icon Quotation of taxable book-entry Singapore Government Bonds
      270 5 As at May 29, 2015 GROSS REDEMPTION YIELD YEAR RAISED INTEREST PAYMENT DATES AMOUNT (S$m) COUPON RATE DATES YEAR RAISED ISIN CODE MATURITY DATE NUMBER OF DAYS OF ACCRUED INTEREST CLOSING PRICES* (EXCLUDING ACCRUED INTEREST) 01.07.2015 N*****0S 2008 2 7/8 6300.00 1/1 1/7
      270 words
    • Article
      Lock icon PRIME LENDING RATES
      268 5 May 29 BANKS Agricultural Bank Of China 5.50 Agricultural Bank Of China Bangkok Bank Public Co. Ltd 6.00 ANZ Singapore Bank of Communications Bangkok Bank Public Co. Ltd Bank of East Asia Bank of China Limited ...5.50 Bank of Communications Bank of Tokyo-Mitsubishi Bank of East Asia
      268 words
    • Article, Illustration
      Lock icon STI / Catalist
      64 6 STI Catalist WEEKLY Straits Times Index May 29,2015 3,392.11 -58.07 (-1.68%) Current streak 4 days Week high 3,460.85 Week low 3,392.11 52-week high 3,525.19 (Apr 17, 2015) 52-week low 3,167.73 (Oct 17, 2014) FTSE ST Catalist index May 29,2015 701.07 -18.31 (-2.55%) Current streak 3 days Week high 714.71 Week
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    • Article, Illustration
      Lock icon Mixed views about direction of market in June
      669 6  -  STOCKS By R Sivanithy sivan@sph.com.sg @RSivanithyBT MAY was a largely forgettable month for the local stock market, with the Straits Times Index (STI) labouring to a 95 points or 2.7 per cent loss at 3,392 over the four weeks. A bursting equity
      669 words
    • Article
      Lock icon STI STOCKS
      307 6 Stock name Close Change Wk high/low 52w high 52w low PE Div yield Mcap Ascendas Reit 240 -13 255/240 271 219 6.1 6069.1 CapitaLand 349 -16 367/346 379 293 12.8 2.6 *****.4 CapitaMall Trust 217 -3 224/215 228 188.5 5 7529.3 CityDev 1052 +12 1053/1025 1095 915 12.6
      307 words
    • Article
      Lock icon MOST ACTIVE
      37 6 VOLUME StratechGroup 329,457,200 Yuuzoo 281,247,400 Digiland Intl 241,774,700 OLS Enterprise 240,167,800 China New Town 229,926,100 Market volume 9,460,682,000 VALUE Singtel 549,720,076 DBS Grp 380,813,947 UOB 329,917,125 OCBC Bank 287,262,159 Keppel Corp 199,188,539 Market value 6,073,108,000
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    • Article
      Lock icon SGX ETFS
      113 6 Most Active Fund Last sale +/-(‘000) Wk high/low 52w high/low Buy/Sell Mcap UETF SSE50China 302 -11 1336 325/293 325/140 302/308 94.4 STI ETF 343 -6 1143 351/342 355/319 342/344 IS MS INDIA US$ US763 +3 1040 764/731 1000/696 752/763 95.4 Lyxor ChinaH US$ US1920 -47 183 2055/1912 2055/1280
      113 words
    • Article
      Lock icon COMPANY MEETINGS
      119 6 COMPANY MEETING PLACE DATE TIME Blue Sky Power A Hong Kong, via video conf S'pore Land Tower (Lvl 30) 50 Raffles Place 03-Jun 11.00am Edition Ltd E 78, Gilstead Road 04-Jun 10.00am Achieva Ltd E Constellation 1 #01-01 One 15 Marina Club Cove Drive Sentosa Cove 05-Jun 2.30pm
      119 words
    • Article
      Lock icon OTHER SINGAPORE INDICES
      77 6 May 29 VALUE CLOSE BT OB/OS -254.00 -99.00 BT CADI -*****.00 -58.00 BT 10-day MA -*****.00 -26.00 FTSE ST Mid Cap 783.50 +0.18 FTSE ST Small Cap 498.28 -0.74 FTSE ST All Share 816.60 -4.86 FTSE ST China Top 214.21 -1.70 FTSE ST China 254.39 -1.07 FTSE
      77 words
    • Article, Illustration
      Lock icon STI / FTSE ST All-Share
      36 6 STI FTSE ST All-Share WEEKLY FTSE ST All-Share Index May 29,2015 816.60 -12.30 (-1.48%) Current streak 4 days Week high 830.71 Week low 816.60 52-week high 845.85 (Apr 17, 2015) 52-week low 766.44 (OCt 17, 2014)
      36 words
    • Article, Illustration
      Lock icon STI / MSCI EAFE
      34 6 STI MSCI EAFE WEEKLY MSCI EAFE index May 29,2015 1,898.98 -36.27 (-1.87%) Current streak 2 days Week high 1,936.32 Week low 1,898.98 52-week high 1,993.20 (July 4, 2014) 52-week low 1,729.52 (Jan 9, 2015)
      34 words
    • Article
      Lock icon SECURITIES TRADING SCOREBOARD
      186 6 MAIN CATL TOTAL Up Down Unch Up Down Unch Up Down Unch Multi Ind 7 9 0 0 0 0 7 9 0 Manufacturing 70 75 29 10 21 12 80 96 41 Commerce 25 36 14 4 11 5 29 47 19 Tpt/Stor/Comms 11 24 7
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    • Article
      Lock icon SECURITIES TRADING TURNOVER
      123 6 VOLUME (‘000) VALUE (‘000) MAIN CATL TOTAL MAIN CATL TOTAL Multi Ind 89,261 89,261 367,459 367,459 Manufacturing 1,370,004 410,563 1,780,567 605,712 27,740 633,452 Commerce 853,375 219,078 1,072,453 408,679 11,052 419,731 Tpt/Stor/Comms 721,570 5,147 726,717 1,105,951 369 1,106,320 Finance 198,829 1,018 199,847 1,144,074 185 1,144,259 Construction 294,947 84,606
      123 words
    • Article
      Lock icon Oil hit by strong dollar, jitters over supply glut
      731 6 COMMODITIES AFP London OIL prices sank last week to one-month lows on the back of the strong dollar and global supply glut fears, ahead of the Organization of the Petroleum Exporting Countries (Opec) cartel output meeting this week. The rising greenback
      AFP  -  731 words
    • Article
      Lock icon GAINERS
      75 6 BY CENTS CLOSE UP 52w high/low Lyxor Indonesia US$ 8804 292.5 2.5 9636/8507 DBXT iBoxxSing SG$ ***** 69.0 0.5 *****/***** JMH USD 6147 63.4 0.8 6788/5700 IS MS INDIA S$D 1013 63.0 6.6 1116/874 AIM 64.5 30.5 89.7 70/25.5 BY PERCENTAGE CLOSE UP 52w high/low OLS W*****5 0.3 200.0
      75 words
    • Article
      Lock icon LOSERS
      80 6 BY CENTS CLOSE DOWN 52w high/low DBXT iBoxxUSTr US$ ***** -339.7 -1.2 *****/***** GLD US$ ***** -310.0 -2.0 *****/***** DBXT MSKorea US$ 5821 -281.7 -3.5 6735/5484 SPDR DJIA US$ ***** -280.4 -1.1 *****/***** DBXT E50 US$ 5080 -213.0 -3.0 5630/4562 BY PERCENTAGE CLOSE DOWN 52w high/low Heeton W*****3 0.1
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    • Article
      Lock icon UNUSUAL ACTIVITY
      83 6 VOL CLOSE($) CHANGE Debao Property 33,998.6 0.050 +0.013 +35.14 Joyas Intl 54,422.4 0.035 +0.005 +16.67 Longcheer 2,207.1 0.105 +0.019 +22.09 Allied Tech 573.0 0.021 +0.003 +16.67 Tung Lok Rest 85.0 0.119 +0.009 +8.18 Lafe Corp 1 0.42 1.240 -0.560 -31.11 Serrano 103.0 0.139 -0.041 -22.78 Fuji Offset 20.0
      83 words
    • Article
      Lock icon Greenback steady despite weak US GDP data
      409 8 CURRENCIES AFP Tokyo THE US dollar was steady on Monday despite a first-quarter contraction in the US economy as investors look for clues to a pick-up that would justify an interest rate rise this year. In Tokyo afternoon trading, the greenback bought 124.08
      AFP  -  409 words
    • FOREX RATES
      • Article
        Lock icon INTERBANK CROSS RATES
        471 8 May 29 A$ C$ Rmb Euro HK$ Ind Rs Rupiah Yen Won RM NZ$ Pak Rs Peso S$ Rand Sfr NT$ Baht Pound US$ Australia 0.952 4.744 0.699 5.933 48.773 101.185 0.947 8.490 2.803 1.074 77.990 34.122 1.032 9.293 0.723 23.498 25.789 0.500 0.765 Canada 1.050 4.983
        471 words
      • Article, Illustration
        Lock icon HANG SENG
        2 8
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      • Article, Illustration
        Lock icon NIKKEI
        1 8
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      • Article, Illustration
        Lock icon SHANGHAI COMPOSITE
        2 8
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      • Article, Illustration
        Lock icon DOW JONES
        2 8
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      • Article
        Lock icon INTERBANK CURRENCY RATES
        155 8 May 29 Against S$ Against US$ Currencies Bid Offer Bid Offer S$/US$ to one unit of foreign currency: Australian dollar 1.0312 1.0327 0.7650 0.7655 Canadian dollar 1.0833 1.0846 0.8040 0.8037 Euro 1.4759 1.4773 1.0949 1.0951 NZ dollar 0.9606 0.9620 0.7126 0.7131 Sterling pound 2.0615 2.0636 1.5293 1.5297
        155 words
      • Article
        Lock icon US$/S$ FORWARD RATES
        22 8 May 29 S$ Bid Offer 1-month 1.3486 1.3497 2-months 1.3498 1.3511 3-months 1.3505 1.3520 6-months 1.3514 1.3525 Source: OCBC
        22 words
    • EQUITY BONDS WARRANTS FUTURES
      • Article
        Lock icon BONDS, WARRANTS, PREFERENCE SHARES
        206 8 May 29 Most active Prem Expiry Wk Vol Conv Exer Disc Gear-Mths Company Last Sale +or-('000) Ratio Price ing Left OLS Enterprise W*****5 0.3 0.2 ***** 1 1 18 3.67 27 Rowsley Ltd W*****3 3.3 -0.1 ***** 1 18 17 WE Holdings Ltd W*****5 0.2 -0.1
        206 words
      • Article
        Lock icon MORGAN STANLEY CAPITAL INTERNATIONAL INDICES
        373 8 In local curr In S$ In US$ dy yr dy yr dy yr May 29 Index Change Change Change Change Change Change World Preliminary 1357.0 -0.6 6.4 -0.8 6.0 -0.6 4.2 EAFE Preliminary 1107.0 -0.9 12.2 -1.0 8.9 -0.8 7.0 Europe Preliminary 1533.3 -1.5 11.0
        373 words
      • Article
        Lock icon SGX DERIVATIVES TRADING
        380 8 Jun 1 OPEN HIGH LOW SETT VOL OP/INT FTSE CHINA A50 INDEX FUTURES SPOT *****.67 *****.13 *****.36 Jun15 *****.00 *****.00 *****.00 *****.50 *****0 *****5 Jul15 *****.50 *****.00 *****.00 *****.50 575 863 NIKKEI 225 INDEX FUTURES SPOT *****.54 *****.41 *****.27 Jun15 *****.00 *****.00 *****.00 *****.00 ***** *****9 Sep15
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    • BANK RATES
      • Article
        Lock icon INTERBANK RATES
        154 8 May 29 $S Offer Bid 0vernight 0.12 0.07 1-month 0.6875 0.5625 2-months 0.75 0.625 3-months 0.8125 0.6875 Overnight mode: 0.48 US$ Offer Bid 7 days 0.17 0.07 1 month 0.23 0.13 2 months 0.28 0.18 3 months 0.40 0.20 6 months 0.60 0.40 9 months 0.70 0.50 12
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      • Article
        Lock icon SIBOR
        36 8 May 29 1 mth 1 mth 0.***** 2 mths 3 mths 0.***** 6 mths 0.***** 9 mths 12 mths 1.***** SWAP Offer rates 1 mth 0.***** 3 mths 0.***** 6 mths 0.***** Source: Thomson Reuters
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      • Article
        Lock icon GOVERNMENT SECURITIES
        63 8 May 29 May 29 GOVERNMENT BONDS Period Issue Coupon Maturity Close Day's code rate Bid High Low 2-Year N*****0Z 2.375 01-Apr-17 102.46 5-Year N*****0H 1.625 01-Oct-19 99.7 99.85 99.85 10-Year NX*****Z 2.375 01-Jun-25 99.62 99.65 99.65 15-Year NY*****E 2.875 01-Jul-29 102.44 20-Year NZ*****V 3.375 01-Sep-33 107.99 30-Year NA*****N
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    • AGRI METALS ENERGY
      • Article
        Lock icon COMMODITY FUTURES
        250 8 May-29 Price Net change change Last Trade Agricultural May-29 CBOT Soybeans (US cents/bu) 934.00 8.00 0.86% 14/07/2015 CBOT Soybean Oil (US cents/lb) 33.33 1.27 3.96% 14/07/2015 CBOT Wheat (US cents/bu) 477.00 -11.75 -2.40% 14/07/2014 May-29 LIFFE Cocoa (£/tonne) 2107.00 -18.00 -0.85% 16/07/2015 LIFFE Coffee (US$/tonne) 1584.00 unch 0.00%
        250 words
    • Article, Illustration
      Lock icon BOJ faces decision over property trusts
      667 9 Central bank needs to decide whether to dive deeper into J-Reits; its purchases of shares has helped to revive this key market BLOOMBERG Tokyo THE Bank of Japan’s (BOJ) purchases of shares in real estate investment trusts (Reits) has buoyed this key market, helping
      BLOOMBERG; PHOTO: BLOOMBERG  -  667 words
    • Article
      Lock icon DIVIDENDS ANNOUNCED
      1576 9 Payment Ex Rec Pay Ann (cts) date date date date Accordia Golf Tr aj 5.710 02-Jun 04-Jun 15-Jun 19-May AIMS AMP Cap Ind Reit dk 2.920 06-May 08-May 24-Jun 29-Apr AIMS AMP Cap Ind Reit aj 0.030 06-May 08-May 24-Jun 29-Apr AIMS AMP Cap Ind Reit (1 Jan-31
      1,576 words
    • Article
      Lock icon M1 offers free services over National Day weekend
      251 9  -  By Chan Yi Wen yiwenc@sph.com.sg @ChanYiWenBT Singapore M1 adds to a growing list of companies that have jumped onto the SG50 bandwagon. The local telco will be offering free voice calls, SMS and MMS messages, as well as local mobile data usage,
      251 words
    • Article
      Lock icon BROKERS’ RECOMMENDATIONS
      1442 9 Consensus No. of Forecast Mean Fri’s recommendation esti-EPS PE target price Company name This wk Last mth mates (cents) (ratio) price Accordia Golf Trt 1.00 1.00 1 0.06 12.88 1.02 0.79 AIMS AMP Cap Industrial Reit 1.00 1.00 2 0.12 12.86 1.69 1.50 Amtek Engineering 0 0.73 ARA
      1,442 words
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      162 words
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      212 words
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  • REAL ESTATE
    • Article, Illustration
      Lock icon Developers look to top-floor attractions to maximize revenues
      1476 10 The Empire State Building’s deck, which raked in US$82.5 million, or 40 per cent of the building’s total revenue, has other properties eager to monetise their topmost floors NYT New York IN a city crowded with venerable towers and gleaming new skyscrapers,
      NYT; PHOTOS: NYT  -  1,476 words
    • Article, Illustration
      Lock icon China new home prices up in May: survey
      480 11 Rise comes as Beijing’s loosening policies to boost the market start to kick in AFP Beijing CHINA’S new home prices increased in May for the first time in four months, a survey showed on Monday, as effects of Beijing’s loosening policies to
      AFP; PHOTO: REUTERS  -  480 words
    • Article, Illustration
      Lock icon Sydney in grip of housing bubble, says Treasury
      503 12 But house price gains are not seen as a major risk to the financial sector BLOOMBERG Canberra SYDNEY is in the grip of a housing bubble, Australia’s most-senior economic bureaucrat said in one of the strongest warnings yet by a government official.
      BLOOMBERG; PHOTO: REUTERS  -  503 words
    • Article, Illustration
      Lock icon In a changing Brooklyn, shop owners decide to call it quits
      1215 12 NYT New York TO hear some mourners of New York’s late, great nostalgia-filled haunts tell it, the soul of the city is crumbling. With every upward tick in the city’s property values, the eternal lament goes, another rapacious landlord
      NYT; FILE PHOTO  -  1,215 words
  • Page 10 Advertisements
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      200 10 For Sale By Expressions of Interest Childcare Eldercare Space with Prominent Road Frontage Jurong Rd Bukit Timah Nature Reserve Old Bukit Regency Springdale Southaven I Jalan Anak Bukit German European School Cheong Chin Nam Rd Yuk TongAve Charisma View Grand Chateau Royal Court Grand Regency Ground floor space at The
      200 words
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      Lock icon Page 10 Advertisements Column 2
      78 10 Hong Fok Group Cl (ARMING BUNGALOW OFF MOUNTBATTEN ROAD Knight Frank KnightFrank.com.sg 2-storey bungalow with lush greenery manicured garden; 7+1 rooms Land: 11,500 sq ft; GFA; 6,500 sq ft approx Freehold title; possible for subdivision Express Interest by 12t h June, 3 pm For details, please contact: MARY SAI (CEA
      78 words
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      176 11 HOTEL NEAR CHINATOWN IN KUALA LUMPUR, MALAYSIA 99-key hotel Newly refurbished Coveted freehold tenure Located at Jalan Pudu, a popular tourist location Opposite Pudu Sental Bus Terminal Short walk to Plaza Rakyat LRT station For Sale By EOI, Closing 9 June 2015 (Tuesday) 3pm INVESTMENT ADVISORY SERVICES: CLEMENCE LEE 9724
      176 words
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      Lock icon Page 11 Advertisements Column 2
      97 11 THE EVENT NOT TO BE MISSED! Compete in the 6th BT League and see your team scores soar. Network with some of Singapore’s top business executives and decision makers, all while experiencing six of Singapore’s best courses. PARTICIPATION FEE$12,000 PER TEAM FOR 6 ROUNDS OF GOLF Tournament runs from July
      97 words
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      274 12 and Interest rates rises have historically caused volatility in capital, investment and asset markets. How will equities, bonds, commodities and currencies react to this upcoming interest rate rise? Will HK H shares and China A shares continue to soar? How will higher interest rates affect the AH premium equilibrium? byGabriel
      274 words
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      Lock icon Page 12 Advertisements Column 2
      76 12 The first real estate and urban build conference in Myanmar m nvjanmar Incorporating: Myanmar retail ic Urban and City Planning Conference 2015 Real Estate Show Myanmar 2015 3 5 August 2015 Yangon, Myanmar I a Your gateway to trends and investment opportunities in Myanmar's real estate For sponsorship opportunities, contact
      76 words
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      21 12 THE AUTHORITY ON ALL THINGS AUTOMOTIVE IT’S OUR 25THBIRTHDAY, BUTYOU GET THE PRESENTS! NEW LOOK! OVER$25,000 WORTHOFGIVEAWAYS!I Details in this issue.
      21 words
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      Lock icon Page 12 Advertisements Column 4
      66 12 HOT PROPERTY HOT BIZ SPACE! 3sty Conservation Shophouse. Tourist belt. Built in 2620 sf with tenancy upside S$7.8m. F'HOLD YIO CHU Kang 2 sty corner shophse. 3320 sf. Tenanted. Zone under residential. ABSD applied. Val $3.5M neg. TERESA VILLE CONDO Retail Shop space. FH. 452 sf, asking $1.08M. Good investment.
      66 words
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  • BANKING & FINANCE
    • Article, Illustration
      Lock icon New StanChart boss faces cash call, dividend squeeze
      811 13 Bill Winters may be forced to act by a tough stress test of its Asian loans, say investors and analysts REUTERS London STANDARD Chartered’s incoming chief executive Bill Winters is expected to raise capital and cut the bank’s dividend later this year,
      REUTERS  -  811 words
    • Article
      Lock icon Chinese banks cut back on asset-backed bonds
      721 13 Their wariness contrasts with mounting support for ABS among regulators BLOOMBERG Hong Kong JUST as Premier Li Keqiang steps up efforts to revive China’s loan-backed bond market to spur the economy, banks are baulking. Chinese lenders have cut offerings of asset-backed securities (ABS)
      BLOOMBERG  -  721 words
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      73 13 Channel The World Through Italian Broadcast Equipments ITALIAN PAVILION BROADCAST ASIA 2015 MARINA BAY SANDS EXPO CONVENTION CENTRE LEVEL 5, BLOCKS 5F2, 5F3 5F4 2 5 JUNE 2015 PARTICIPATING ITALIAN COMPANIES: ITALIAN TRADE AGENCY■ AEV BROADCAST■ALDENA TELECOMUNICAZIONI (I.B.A.S. PARTNER)■ ANT GROUP■ ARET VIDEO AUDIO ENGINEERING■BELCO■CONTENTWISE■ DELTA MECCANICA■ELENOS■ETERE■EUROTEK (I.B.A.S. PARTNER)■ GESTITEL
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      3 13 LEADING FROM ASIA
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  • ENERGY & COMMODITIES
    • Article, Illustration
      Lock icon Saudi Arabia keeps oil output up despite lower prices
      1111 14 It is less concerned about prices and more concerned about delivering fuel to its growing economy NYT Houston THE international cartel of oil producers has long followed the same basic strategy. When the market was soft, the group slashed production to
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      Lock icon State-owned traders take on established houses
      929 14 They procure and market commodities directly, bypassing traditional oil and grain traders BLOOMBERG London WHEN Azerbaijan’s Socar Trading SA took over the storied commodity trader Phibro LLC this year, it put a stamp on a new trend: the emergence of giant state enterprises to
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      466 14 THE BUSINESS TIMES Ik 1 f 1 Toll free 1800-289-8822 I fl I I Email notices@sph.com.sg B i j L J www.sphclass.com.sg/notices IN THE MATTER OF THE COMPANIES ACT, CAP.50 ST-ERICSSON ASIA PACIFIC PTE. LTD. (Company Registration No: *****9061C) (In Members’ Voluntary Liquidation) At an Extraordinary General Meeting of the
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      71 14 VIVANTE INTERNATIONAL CAPITAL LTD. Company No. *****97 (in voluntary liquidation) NOTICE is hereby given, in accordance with the BVI Business Companies Act, 2004 that the above named company, is in voluntary liquidation. The voluntary liquidation commenced on 27th May 2015 and Orán Patrick Williams of Palm Grove House, P.O. Box
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      823 14 IN THE MATTER OF HANG SENG ASSET MANAGEMENT PTE LTD (IN MEMBERS' VOLUNTARY LIQUIDATION) COMPANY REGISTRATION NO. *****0051R NOTICE IS HEREBY GIVEN pursuant to Section 308 of the Companies Act, Cap. 50, that a Final General Meeting of the members of the abovementioned Company will be held at One Raffles
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  • TECHNOLOGY
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      Lock icon The world’s coming broadband divide
      918 15 Some places won’t see the sort of online activities that increasingly matter in the global economy NYT New York SEVERAL events last week pointed out how much business success, economic development and even international competition is starting to depend on once unimaginably fast Internet speeds.
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      Lock icon Motorola Mobility’s antitrust suit could have broader implications
      933 15 NYT New York THE evidence is compelling. The cartel of Asian electronics makers worked for more than five years to set the prices of liquid-crystal display screens used in computers and cellphones. They gathered for monthly meetings in private conference rooms at
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      Lock icon NSA lends a hand in new privacy app
      657 15 AFP Washington BEFORE the National Security Agency (NSA) began complaining about being shut out of encrypted devices, it had helped develop software for secure communications that could be adapted by the private sector. That technology is hitting the public this month in
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      182 15 2015 TH E PEAK SELECTIONS GOURMET TRAVEL would like to congratulate the following winners of G Restaurant Awards 2015 RESTAURANT OF THE YEAR RESTAURANT ANDRE BEST NEW RESTAURANT A SIA N S Y U N B EST BUSINESS LUN CH ASIAN FAT CO W BEST DINNER EXPERIENCE ASIA N HA
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  • CONSUMER
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      Lock icon Shanghai Tang CEO prudent on China, looks to expand overseas
      761 16  -  Pointing out that China is slowing down, he says his company needs to wait and see what is happening in the country By Virginie Mangin btworld@sph.com.sg Beijing SHANGHAI Tang’s chief executive officer said his brand has suffered less than others
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      Lock icon Macau’s casino revenue falls for 12th straight month
      371 16 BLOOMBERG Hong Kong MACAU’s casino revenue fell for the 12th straight month in May, as China’s battle against graft and a slowing economy kept high rollers and vacationing gamblers away. Gross gaming revenue in the world’s largest gambling hub dropped 37.1 per
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      494 16 Keep Calm And Take Charge, Shun Failure, Network Effectively! Who should attend: Managers, Directors, Business Owners, Sales and Service Executives. FULL-DAY WORKSHOPS Positive Thinking: Bouncing Back From Failure Taking Initiative And Making Things Happen At The Workplace Taking initiative means handling duties and responsibilities without waiting to receive instructions from
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      33 19 SINGAPORE BL G AWARDS Iff ftP nP H 2 0 15 Double tap on their photos? Now vote for them! Now on till 8 Jun mj FAVOURITE m'M m sgblogawards.omy.sg Organiser: y www.omy.sg
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  • OPINION
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      Lock icon The US needs a coherent security strategy, especially in light of ISIS
      518 20 THE two recent major military victories by the Islamic State of Iraq and Syria (ISIS) taking over Ramadi, the capital of Iraq’s Anbar province, and Palmyra, a key strategic city in Syria have produced growing concerns in Washington
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      Lock icon The tentative American economy
      809 20  -  Now, companies view temporary workers as a way of improving financial performance by better navigating the business cycle. THE BOTTOM LINE By Robert J Samuelson THE WASHINGTON POST WRITERS GROUP THE American economy continues to stumble. It’s creating jobs at a goodly clip, but other aspects
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      Lock icon The China Circle and its implications for US
      1460 20  -  Beijing’s new Silk Road network could offer an opportunity for the US to engage with China in a constructive manner. BY SHUAIHUA WALLACE CHENG manner.BY SHUAIHUA WALLACE CHENG T The writer is managing director, ICTSD China, the international Centre for Trade and
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      Lock icon Euro area shocks less pronounced than in Japan’s case
      1031 21  -  Financial markets and commentators have either failed to understand or are choosing to ignore the broader negative implications of a potential exit of Greece from the monetary union. COMMENTARY By Jacques Cailloux T The writer is Nomura's chief European economist. He
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      Lock icon Sharing means profit but not without risk
      772 21  -  By Henry Sanderson T The writer is a specialist in the sharing economy at XL Catlin RESULTS of this disruptive innovation have been extraordinary. Total revenues for the five most prominent sharing economy sectors peer-to-peer (P2P) finance, online staffing, P2P accommodation, car sharing
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      Lock icon Making sense of the Middle Income Trap
      1346 21  -  The debate is about reforms needed to enable countries to grow past the ‘easy’ phase of economic growth.BY FRANCIS E HUTCHINSON growth.BY FRANCIS E HUTCHINSON T The writer is a senior fellow and coordinator of the Regional Economic Studies Programme at the Institute
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  • TRANSPORT
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      Lock icon US truck industry in for dramatic green push
      969 22 EPA may propose rules to cut greenhouse gas emissions from heavy-duty trucks, requiring that their fuel economy increase up to 40% by 2027 NYT Ann Arbor, Michigan INSIDE the National Vehicle and Fuel Emissions Laboratory here, a mammoth contraption, with steel rollers,
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      Lock icon Startup develops premium, Internet-connected e-scooter
      554 22 BLOOMBERG Beijing LI Yinan, a former chief technology officer at China’s largest Internet search engine, has started a company developing electric scooters with plans to export them to Europe. Mr Li says the scooter, often seen in China as a poor man’s ride, is ripe
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      Lock icon Volkswagen works at turning US business around
      975 22 Carmaker’s reliance on leasing is designed to lock in repeat customers for 2017 BLOOMBERG Southfield, Michigan THE US$89 a month it takes to lease a Jetta at some US dealerships is about as low as the price of using an iPhone on some
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    • Article
      Lock icon Google’s solar-fuelled cyber drone crashes at test site
      335 22 BLOOMBERG Washington A PROTOTYPE of the massive so-lar-powered drone Google Inc plans to build as a platform for delivering Internet service from the sky was destroyed in a crash at a New Mexico test site. The unmanned Solara 50 fell to the
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  • Article
    Lock icon THE BUSINESS TIMES SHIPPING TIMES
    971 23 Vessel Voy Sin Pusan Tarawa Honiara Santo Port Vila Noumea Lautoka Suva Nukualofa Apia Pago Pago Papeete Lae P. Moresby Townsville APL Columbus V010E 23 May 06 Jun 22 Jun 26 Jun 29 Jun 01 Jul 03 Jul 06 Jul 08 Jul 10 Jul 10
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      211 23 USE THIS SPACE TO SELL CALL JOE WONG AT *****327 TO ADVERTISE THE BUSINESS TIMES Shipping times Experienced ship maintenance services wanted. Can they find your services here in the Shipping Times? THE BUSINESS TIMES TO ADVERTISE, CALL JOE WONG AT 9620 1327 ii 4 m Announce Your Corporate Development
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  • SME
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      Lock icon Managing talent in a tough industry
      1376 24  -  Attributing Pestbusters’ success to its staff, the firm’s CEO says talent management is critical in attracting and retaining workers.BY workers.BY VIVIEN SHIAO vshiao@sph.com.sg @VivienShiaoBT STEP out of the lift that takes you to Pesbusters’ office, and you are greeted by a giant painting of
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      Lock icon Finding it hard to grow?
      830 24  -  Singapore entrepreneurs should look beyond the usual types of financing to thrive in today’s competitive world COMMENTARY By Lim Chu Chong The writer is head of SME Banking, DBS Bank FOR over a decade now, the government has made a concerted push to foster a
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  • EMERGING ENTERPRISE 2015
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      Lock icon OCBC takes big stake in micro-loan market
      1014 25  -  Companies as young as six months, and which meet the bank’s criteria, can get up to S$100,000 in loans. BY JAMIE LEE leejamie@sph.com.sg @JamieLeeBT OCBC has taken significant market share in a micro-loan scheme where the government covers most of the risk involved
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      91 25 With up to $1.6m worth of prizes, you'll have the support you need to realise your business plans. Submit your application by 9 June 2015. Apply now at www.EEaward.com STEP UP YOUR BUSINESS GROWTH WITH BUSINESS FIRST LOAN ejOCBCBank Benefits at a glance: Approval in 1 day* Collateral-free Simple loan*
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  • LIFE & CULTURE
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      Lock icon Nostalgic Russians spur demand for Stalinist art
      1208 26 Sales at the twice-yearly auctions of Russian art in London are at the highest since 2008 BLOOMBERG MOSCOW JOSEPH Stalin created Socialist Realism by decree in 1932 to glorify Communism through art. Now Vladimir Putin’s capitalists can’t get enough of it. Demand for
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      Lock icon New venture for the founder of Men’s Wearhouse
      817 26 NYT Oakland, California ALTHOUGH he was ousted from Men’s Wearhouse, George Zimmer still wants you to “like the way you look” only this time with an app. Once the gravelly voiced, greybeard face of the retail chain he founded, Zimmer has been
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  • Page 26 Miscellaneous
    • Miscellaneous
      Lock icon Page 26 Miscellaneous Column 1
      297 26 CRYPTIC CROSSWORD Across 1 Waif in magazine going backwards in funfair roundabout (10) 6 A reduced ticket price for long distance (4) 9 Best way to go? A1 (5-5) 10 Bachelor’s second fish (4) 12 Resist being corrupted by family member (6) 13 Industrial heater for citrus fruit needing link
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      23 1 JUNE 2015 SPOTLIGHT STEPHEN DIGGLE Focus on cash flow returns ROUNDTABLE Best picks for dividends PHILANTHROPY The venture capitalist approach LIFESTYLE Glamour camping
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      95 2 CONTENTSjune 2015 2 wealth SPOTLIGHT 10 The canny investor Investing in safe assets with cash flows enables fund manager Stephen Diggle to also take on higher risks elswhere PHILANTHROPY 16 The smart investor’s way Chen Yet-Sen Family Foundation’s founding patron and co-chair James Chen takes the venture capitalist approach to
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      30 3 CreditSuisse Is your Private Banker on speaking terms with your Investment Banker? Discover how you can benefit from having Private Banking and Investment Banking integrated under one roof at credit-suisse.com/onebank
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      123 4 CONTENTSjune 2015 ROUNDTABLE 20 Digging deep for dividends Our panellists give insight into capital preservation and good dividend-yielding stocks 24 ASIA BONDS 23Look East Asia bonds are still a good carry play for credit investors CHINA EQUITIES 24Three long-term investment themes Electric vehicles, online education and online-to-offline consumption are multi-year
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      205 5 TVs V. i—^ i n r aJ Si s 10 t I i Recognizing opportunities is my passion. Responding to them well is the challenge. With our ji'nancing expertise your wealth has a voice. Let it be heard. Discover more at asia-weaLthmanagement.bnpparibas.com A BNP PARIBAS WEALTH MANAGEMENT The bank for
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      66 6 CONTENTSjune 2015 32 REAL ESTATE 30 London’s future residential hotspots Identifying the pockets in the UK capital’s new-build market that look likely to outperform LIFESTYLE 32Onto the glamping bandwagon Mixing glamour and camping is the way to connect with nature in style 34 ULTRA WEALTH 34Thinking out of the white
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      48 7 Standard Chartered Private Bank You want to make a difference Your business decisions have a positive impact on your local economy and community. We share your commitment and actively drive community initiatives across Asia, Africa and the Middle East. 9 s U w f/ sc.com/privatebank Here for good
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  • Wealth
    • Article, Illustration
      Lock icon Editor’s note
      749 8  -  By Genevieve Cua T is almost a truism that great wealth can be a blessing or a curse. Yet the challenge of howto ensure that wealth is a blessing not just for the current generation but also for the future I remains a knotty one. remains a knotty
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    • SPOTLIGHT STEPHEN DIGGLE
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        Lock icon The canny investor
        1625 10  -  Investing in safe assets with cash flows enables fund manager Stephen Diggle to also take on higher risks elswhere By Genevieve Cua N the aftermath of the 2008 financial crisis, tales of canny fund managers who made a fortune out of the collapse of US sub-prime mortgages
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        Lock icon Changing as conditions shift
        900 12 RADING volatility made Artradis an astonishing amount of money; at its peak with nearly US$5 billion in assets in 2008, it was Singapore’s largest hedge fund. But that strategy ceased to work post-crisis, and remains unsustainable today, thanks to a number of structural conditions in the
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        Lock icon Wealth and the family office
        1210 14 ECOMING wealthy was never a goal in itself for veteran fund manager Stephen Diggle. So when he woke up to his millions in 2008, it prompted soul-searching questions about the changes that wealth might wreak on him and his family. Mr Diggle was co-founder of
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    • PHILANTHROPY
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        Lock icon The smart investor’s way
        1223 16  -  Chen Yet-Sen Family Foundation’s founding patron and co-chair James Chen takes the venture capitalist approach to doing good By Genevieve Cua J AMES Chen, founding patron and co-chair of the Hong Kong-based Chen Yet-Sen Family Foundation, can easily coast on the foundation’s laurels if he wished.
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        Lock icon Visionary in social causes
        707 17 J AMES Chen was already bitten by the philanthropy bug when he stumbled upon the idea of self-adjustable spectacles more than a decade ago. He e-mailed the inventor, now-retired physics professor Joshua Silver at Oxford University, and a partnership was born. Today, technology behind the spectacles
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    • TRUST MATTERS
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        Lock icon Generational transitions
        1274 18  -  Passing wealth and wisdom successfully from one generation to the next Mark Haynes Daniell Founder and Chairman Raffles Family Wealth Trust Mark Haynes Daniell is the founder and chairman of the Raffles Family Wealth Trust. He also chairs the Cuscaden Group, his family’s own private office. He has
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    • currencies
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        Lock icon Key themes at play
        1066 19  -  Policy divergence, volatility, super taper tantrums and moves in commodities are likely to shape FX markets in the short-to-medium term By Bernard Aw Bernard Aw is Market Strategist, IG T HE dominance of the US dollar (USD) continues to sweep through the global financial markets. The
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    • RAOUNDTABLE
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        Lock icon Digging deep for dividends
        3467 20 Our panellists give insight into capital preservation and good dividend-yielding stocks 18|wealth Dividends and income continue to be very big themes among investors, particularly for those with long-term portfolios. Our panel of experts share their best picks and tips for a sustainable long-term portfolio. Genevieve Cua:
        PHOTO: ISTOCK  -  3,467 words
    • ASIA BONDS
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        Lock icon Look East
        910 23  -  Asia bonds are still a good carry play for credit investors By Henry Wong Henry Wong is Head of Asian Fixed Income, APAC, Deutsche Asset Wealth Management N the Emerging Market (EM) space, the collapse in commodity prices since the middle of last year has continued to disturb
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    • CHINA EQUITIES
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        Lock icon Three long-term investment themes
        1015 24  -  Electric vehicles, online education and online-to-offline consumption are multi-year trends in China which are expected to deliver above average returns By Clive McDonnell Clive McDonnell is Head of Equity Strategy, Standard Chartered Bank RADING on 700 times trailing earnings, Chinext-listed Qtone Education is symbolic of the
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    • EU EQUITIES
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        Lock icon Tide is turning
        1193 25  -  Market should see the start of a multi-year trend of European equity outperformance By JASON TANNEN, COLIN GRAHAM Jason Tannen is Portfolio Manager, Multi Asset Solutions; and Colin Graham is CIO and Head of Tactical Asset Allocation Research, Multi Asset Solutions, BNP Paribas Investment Partners UROPEAN equities
        Source: MSCI, Bloomberg; Source: ECB, Datastream  -  1,193 words
    • VIEWPOINT
      • Article, Illustration
        Lock icon Think positive
        1017 26  -  It’s timeto start figuring out how the negative-rate environment will unwind and find the best opportunities to profit Leonardo Drago Co-founder AL Wealth Partners A GUARANTEED loss over five years. Why would anyone decide to make such an investment? Historically economists have debated negative interest rates, but only
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    • ASSET MANAGER
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        Lock icon The all-rounder
        1034 28 JP Morgan Asset Management’s Talib Sheikh shares insights on multi-asset funds and the income challenge MULTI-ASSET funds are very much in demand as investors continue to clamour for income. But not all multi-asset funds are created alike. We speak to Talib Sheikh, Portfolio Manager (Multi-Asset Solutions), JP Morgan
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    • REAL ESTATE
      • Article, Illustration
        Lock icon London’s future residential hotspots
        594 30  -  Identifying the pockets in the UK capital’s new-build market that look likely to outperform Nicholas Holt Asia Pacific Head of Research Knight Frank Asia Pacific Pte Ltd O VER the past five to six years, the London residential market has been a key destination for Singaporean
        PHOTO: ISTOCK  -  594 words
      • Article, Illustration
        Lock icon A few choice picks
        556 31 IN OUR FULL LONDON HOTSPOTS REPORT, WE HIGHLIGHT 17 HOTSPOTS. HERE ARE FOUR OF OUR TOP TIPS FOR THE MARKET, LOOKING AT CURRENTAND FUTURE VALUES FOR PRIME NEW-BUILD PRODUCT AND ALSO ANY POTENTIAL ISSUES. Old Oak Common CURRENT VALUE: £600 £650 PS F 2018 FORECAST: £950
        556 words
    • LIFESTYLE
      • Article, Illustration
        Lock icon Onto the glamping bandwagon
        1141 32  -  Mixing glamour and camping is the way to connect with nature in style By RAHITA ELIAS IF your idea of communing with the great outdoors includes indoor plumbing, thousand thread-count Egyptian cotton bed linen, a bottle of Cristal and butler service, glamping is for you. Kate
        PHOTO: COUNTRY HOLIDAYS TRAVEL; PHOTOS: SANDAT GLAMPING TENTS  -  1,141 words
    • ULTRA WEALTH
      • Article, Illustration
        Lock icon Thinking out of the white box
        1389 34  -  Young art collectors in China are finding exciting ways to share their passion for art Tara Loader Wilkinson Editor-in-Chief, Wealth-X Editor-at-Large, Billionaire UCKED away in an alley off Shanghai’s Huaihai Road in the shade of a Magnolia tree, is a small restaurant called Le
        PHOTO: DAVID CHAU; PHOTO: MISCHMASCH  -  1,389 words
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      34 8 JUNE 201 5 SPOTLIGHT STEPHEN DIGGLE Focus on cash flow returns ROUNDTABLE Best picks for dividends PHILANTHROPY The venture capitalist approach LIFESTYLE Glamour camping Cover artwork: JENNIFER CHUA Photo: ARTHUR LEE Spotlight: STEPHEN DIGGLE
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      60 9 Asset Management Wealth Management Asset Services 20 years in Singapore 210 years of independence stability and a proven track record in wealth management Pictet would like to thank clients and colleagues for a successful 20 years in Singapore. II a Bank Pictet Cie (Asia) Ltd. Marina Bay Financial Centre Tower
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      169 13 The business of managing the family. As a successful entrepreneur, you invest significant resources in managing your business. At HSBC Private Bank, we invest in helping you manage the business of your family. With over 60 years' experience working with successful family businesses, we understand that planning for your family's
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      134 15 TOP TRADERS DIDN’T MISS CHINA A50’s MOVE UP 132%*, DID YOU? IG offers a wide range of products to complement your trading sentiment exposure to China 300, China A50, China H-shares, Hong Kong HS50, USD/CNH and more. Take the next step in trading at IG.com.sg or call us at +65
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      125 27 Stability. Reputation. Relevance. Some things should never change. ASiAMONEY #1 Most Reputable and Financially Stable Private Bank in Asia 2014 ABN AMRO Private Banking is honoured to be voted by our clients as the #1 Most Reputable and Financially Stable Private Bank in Asia. Asiamoney Polls 2014 At ABN AMRO
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      453 29 Premier Financial Institutions ORGANISATION CONTACT DETAILS Tel +65 6597 8866 www.abnamroprivatebanking.com DESCRIPTION Tel +65 6559 8000 www.bankofsingapore.com ABN AMRO Private Banking has a mature local presence in more than 10 countries worldwide. Within Asia and Middle East, ABN AMRO currently has three private banking centres in Singapore, Hong Kong and
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      119 36 BANKOFSINGAPORE Asia's global private bank Like you, we believe opportunities can arise even when the sun has set. ill Hi V l |.r H lie mm Entrepreneur and staff Reviewing a multi-million dollar contract, 9:36pm L When it comes to your wealth, we manage it as you would. Strongly rooted
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