The Business Times, 20 July 2015

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Microfilm: NL33560
Total Pages: 42
1 14 The Business Times
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  • Title Section
    Lock icon Masthead
    32 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 Monday, July 20,2015
    32 words
  • DAILY DIGEST
    • Article
      Lock icon Some of the nine major life insurers here
      35 1 have grown stronger financially. Those that previously reported lower capital adequacy ratios have turned their fortunes around, while others continue on their downward trend. TOP STORIES 4
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    • Article
      Lock icon With no sense of irony,
      37 1 China’s online finance platforms are marketing themselves as a haven from gyrating stocks just as ratings companies warn that the industry is brittle and failures could cause investors losses. BANKING FINANCE 15
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    • Article, Illustration
      Lock icon Deutsche Bank has disputed allegations
      38 1 by Germany’s financial watchdog, sources close to the lender said, in its official response to a preliminary report into interest rate manipulation which threatens sanctions against the bank and individuals. BANKING FINANCE /15
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    • Article
      Lock icon A former US special operations soldier-turned math wonk
      47 1 is shaking up the world of commodity trading. Since leading a management takeover at Castleton Commodities International almost three years ago, CEO William Reed has been on a buying spree backed by hedge funds and billionaires. ENERGY COMMODITIES 18
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    • Article
      Lock icon Japanese storage major Hitachi Data Systems
      33 1 feels the technologies required to fulfil Singapore’s ambition to become a smart nation will provide more opportunities for growth this year and in the coming years. TECHNOLOGY/20
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    • Article
      Lock icon World Trade Organization trade negotiators
      27 1 have tentatively agreed to eliminate tariffs on an array of technology products valued at US$1 trillion worth of global commerce.GOVERNMENT ECONOMY 22
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  • Article
    Lock icon MARKETS
    25 1 weekly Change STI 3,353.45 +73.57 KL COMP 1,726.73 +11.15 NIKKEI 225 20,650.92 +871.09 HANG SENG 25,415.27 +513.99 SHENZHEN B 1,306.38 +40.08 DOW 18,086.45 +326.04
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  • Article, Illustration
    Lock icon Old rubber gets new sheen in S’pore
    1278 1  -  The sector is seeing a major shift, with family-run firms giving way to new corporatised outfits and the emergence of synthetic rubber By Andrea Soh sandrea@sph.com.sg @AndreaSohBT Singapore RUBBER production may have declined in Singapore, but the city-state continues to be at the
    PHOTO: ANDREA SOH  -  1,278 words
  • Article
    Lock icon Alleged discrimination at Boeing campus draws MOM probe
    714 1  -  Boeing says no truth to complaint of effort to protect and promote foreign pilot trainers By Nisha Ramchandani nishar@sph.com.sg @Nisha_BT Singapore A COMPLAINT over discrimination against local pilots at the Boeing Singapore Flight Services campus has led to an investigation by the
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  • Page 1 Advertisements
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      51 1 8 "*****1 *****4 MONDAY MULTIPLE Want a dollar a day forever? Invest S$8,000 YOUNG INVESTORS’ FORUM/ 14 OYSTER PERPETUAL SUBMARINER DATE IN IS CT WHITE GOLD ROLEX Cortinawatch CHINATOWN POINT, #01-08/09. TEL: 6702 0061 PARAGON, #01-13. TEL: 6235 0084 RAFFLES CITY, #OI-36A. TEL: 6339 9185 WATCH FEATURED SUBJECT TO STOCK
      51 words
    • Advertisement
      Lock icon Page 1 Advertisements Column 2
      23 1 NEW RESTAURANT From farm to table DINING OUT 27 FOCUS ON CHINA Singapore marks 25 years of diplomatic ties FUTURECHINA GLOBAL FORUM 16-17
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      Lock icon Page 1 Advertisements Column 3
      22 1 TOPLINE ix Biopharma takes a new path in pain management COMPANIES MARKETS 5 CEO CONVERSATIONS 2015 golden jubilee edition World-class finance hub
      22 words
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  • TOP STORIES
    • Article, Illustration
      Lock icon Tapping growth
      875 2  -  Often forgotten, the rubber sector in Singapore has been cast in the limelight after it was revealed that the Botanic Gardens’ role in plant research and rubber cultivation were major factors in the gardens becoming a Unesco World Heritage Site. BT looks at how the rubber plantation industry
      A National Heritage Board exhibition – More than a Garden – on how rubber contributed to our economy will be held from Jul 27 to Aug 2 at Changi City Point  -  875 words
    • Article
      Lock icon Singapore-listed rubber firms eye rebound in prices and fortunes
      1098 2  -  Situation where sluggish global demand has dragged prices near to cost of production unsustainable, they say By Andrea Soh sandrea@sph.com.sg @AndreaSohBT Singapore AS CHINA’S growth engine sputtered and the global economy slowed, prices for rubber used mainly for tyres have tanked,
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    • Article, Illustration
      Lock icon Life insurers’ capital adequacy ratios well above minimum requirement
      487 4  -  Strength reflected by lowest CAR of 208% vs required 120% By Claire Huang huangjy@sph.com.sg @ClaireHuangBT Singapore THE tables have turned for some of the nine major life insurers here in terms of their financial strength for 2014. Those that previously reported
      Source: Monetary Authority of Singapore, compiled by Wen Consulting  -  487 words
    • Article
      Lock icon Weak yen to keep output in Japan up
      826 4  -  By Anthony Rowley btworld@sph.com.sg Tokyo CHIEF executive Carlos Ghosn at Japan’s Nissan Motor Company has declared that his company will step up production in Japan provided the yen remains at around its current levels versus the dollar a pledge likely to have
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    • Article
      Lock icon US stocks may rise as focus turns to corporate earnings
      778 4  -  WALL STREET INSIGHT By Rob Curran btworld@sph.com.sg STOCKS rose last week as the market storms in Greece and China appeared to blow over, clearing the horizon for a relatively bright US economic and corporate outlook. This week, shares may rise
      778 words
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      61 4 S&a News of all flavours conveniently packaged into one V* Business v V Cl >1 Download on tha App Store Google play VISITTHE BRAND NEWASIAONE.COM AsiaOne is a free-access website that curates important and interesting news and lifestyle features from a wide range of content partners in a refreshing, convenient,
      61 words
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  • COMPANIES & MARKETS
    • Article, Illustration
      Lock icon Taking a new path in pain management
      982 5  -  iX Biopharma is first in the world to get ketamine registered in the US as an alternative to opioid the only pain management drug administered by doctors. BY CLAIRE HUANG TTTOPLINE only doctors.BY CLAIRE HUANG huangjy@sph.com.sg @ClaireHuangBT Singapore WITH one day to go
      PHOTO: SHAWN TEO  -  982 words
    • Article, Illustration
      Lock icon Boards need to pay heed to talent management too
      904 6  -  As talent is a critical element of corporate performance, boards should give managing talent the same level of priority as strategy and risk management. BY RAMLEE BUANG management.BY RAMLEE BUANG T The writer is a member of the governing council of
      PHOTO: REUTERS  -  904 words
    • Article
      Lock icon Brisk weekend sales at High Park Residences
      270 6  -  By Andrea Soh sandrea@sph.com.sg @AndreaSohBT Singapore ABOUT 78 per cent of units in High Park Residences, a massive condominium project in Seng Kang, have been sold in its first weekend of sales. Nearly 1,100 of the 1,399 units available were sold at an
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    • Article, Illustration
      Lock icon STI / Catalist
      64 8 STI Catalist WEEKLY Straits Times Index July 16,2015 3,353.45 73.57 (2.24%) Current streak 5 days Week high 3,353.45 Week low 3,311.22 52-week high 3,525.19 (Apr 17, 2015) 52-week low 3,167.73 (Oct 17, 2014) FTSE ST Catalist index July 16,2015 640.14 8.30 (1.31%) Current streak 1 day Week high 640.14 Week
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    • Article, Illustration
      Lock icon Shift of attention to China, US unlikely to disturb STI
      672 8  -  STOCKS By R Sivanithy sivan@sph.com.sg @RSivanithyBT NOW that Greece appears to be fading from the forefront, traders will most probably focus on China’s stock market volatility and US interest rates. Of course, very few people believe that any of Greece’s
      672 words
    • Article
      Lock icon STI STOCKS
      308 8 Stock name Close Change Wk high/low 52w high 52w low PE Div yield Mcap Ascendas Reit 243 unch 250/242 271 219 6 6148.8 CapitaLand 344 +8 345/332 379 293 12.6 2.6 *****.1 CapitaMall Trust 215 +2 219/212 228 188.5 5 7459.9 CityDev 986 +7 996/972 1095 915 11.9
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    • Article
      Lock icon GAINERS
      74 8 BY CENTS CLOSE UP 52w high/low IS S&P500 US$ ***** 419.7 1.5 *****/***** DBXT MSEurope US$ 6062 396.5 5.0 6300/5366 Lyxor AsiaCS US$ 6206 322.7 4.0 6360/5889 JMH USD 5582 266.6 3.6 6788/5242 JSH USD 3236 232.4 5.5 3784/2987 BY PERCENTAGE CLOSE UP 52w high/low FalconEne W*****8 0.5 400.0
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    • Article
      Lock icon LOSERS
      78 8 BY CENTS CLOSE DOWN 52w high/low DBXT iBoxxKR US$ ***** -687.7 -3.2 *****/***** GLD US$ ***** -244.7 -1.6 *****/***** Lyxor ThaiSET US$ ***** -127.1 -0.7 *****/***** DBXT S&P Short US$ 2120 -56.1 -1.9 2497/2107 Lyxor Mal US$ 843 -52.0 -4.3 1101/843 BY PERCENTAGE CLOSE DOWN 52w high/low CN*****MBeCW*****0 0.1
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    • Article
      Lock icon UNUSUAL ACTIVITY
      85 8 VOL CLOSE($) CHANGE Great Group 68.5 0.048 +0.018 +60.00 CEFC Intl 77,073.1 0.100 +0.016 +19.05 China Intl 229.0 0.027 +0.010 +58.82 Green Build 50.0 0.300 -0.085 -22.08 Oxley 1,612.7 0.460 +0.055 +13.58 Artivision Tech 39,226.2 0.073 +0.006 +8.96 Longcheer 792.4 0.097 +0.011 +12.79 Duty Free Intl 655.4 0.310
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    • Article, Illustration
      Lock icon STI / FTSE ST All-Share
      36 8 STI FTSE ST All-Share WEEKLY FTSE ST All-Share Index July 16,2015 801.81 15.89 (2.02%) Current streak 5 days Week high 801.81 Week low 792.72 52-week high 845.85 (Apr 17, 2015) 52-week low 766.44 (OCt 17, 2014)
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    • Article, Illustration
      Lock icon STI / MSCI EAFE
      34 8 STI MSCI EAFE WEEKLY MSCI EAFE index July 17,2015 1,889.53 37.59 (2.03%) Current streak 1 day Week high 1,893.99 Week low 1,862.96 52-week high 1,960.00 (July 25, 2014) 52-week low 1,729.52 (Jan 9, 2015)
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    • Article
      Lock icon SECURITIES TRADING SCOREBOARD
      186 8 MAIN CATL TOTAL Up Down Unch Up Down Unch Up Down Unch Multi Ind 9 7 1 0 0 0 9 7 1 Manufacturing 66 60 31 19 14 6 85 74 37 Commerce 32 24 12 7 5 4 39 29 16 Tpt/Stor/Comms 23 13 7
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    • Article
      Lock icon SECURITIES TRADING TURNOVER
      123 8 VOLUME (‘000) VALUE (‘000) MAIN CATL TOTAL MAIN CATL TOTAL Multi Ind 49,549 49,549 198,380 198,380 Manufacturing 412,017 276,039 688,056 292,470 8,797 301,267 Commerce 988,835 196,880 1,185,715 273,216 9,004 282,220 Tpt/Stor/Comms 630,666 67,745 698,411 614,339 6,446 620,785 Finance 65,436 445 65,881 737,171 103 737,274 Construction 109,477 33,913
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    • Article
      Lock icon Oil sinks on Iran’s nuclear deal; gold dives on rebounding dollar
      765 8 COMMODITIES London OIL sank last week after a landmark nuclear deal between Teheran and Western powers that would allow Iranian crude to flow back into the already saturated global market. Many other commodities took a heavy knock from the
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    • Article
      Lock icon MOST ACTIVE
      36 8 VOLUME New Silkroutes 440,694,700 CEFC Intl 319,516,300 IHC 187,824,900 Debao Property 177,216,100 Ezra 130,768,600 Market volume 5,896,922,000 VALUE DBS Grp 329,722,838 Singtel 287,688,365 Global Logistic 154,226,850 UOB 151,498,718 OCBC Bank 146,553,106 Market value 3,620,195,000
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    • Article
      Lock icon SGX ETFs Most Active
      113 8 Fund Last sale +/-(‘000) Wk high/low 52w high/low Buy/Sell Mcap STI ETF 341 +8 1196 341/334 355/319 340/341 IS MS INDIA US$ US768 +29 1049 771/737 1000/696 767/768 96 UETF SSE50China 273 -12 811 286/260 340/142 271/273 85.3 Nikko AM STI ETF 340 +7 754 342/335
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    • Article
      Lock icon COMPANY MEETINGS
      147 8 COMPANY MEETING PLACE DATE TIME Brooke Asia Ltd E Raffles City Convention Ctr (Lvl 4) Enterprise Room 80 Bras Basah Road 20-Jul 2.00pm China Yuanbang Prop TCT Room 1 (Lvl 4) YMCA One Orchard Road 20-Jul 10:30am Singhaiyi Grp A Pan Pacific Singapore Ocean 4-5 Lvl 2) 7
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    • Article
      Lock icon OTHER SINGAPORE INDICES
      77 8 Jul 16 VALUE CLOSE BT OB/OS -368.00 +96.00 BT CADI -*****.00 +85.00 BT 10-day MA -*****.00 -37.00 FTSE ST Mid Cap 754.80 +3.02 FTSE ST Small Cap 470.69 +2.53 FTSE ST All Share 801.81 +3.49 FTSE ST China Top 195.17 +1.03 FTSE ST China 236.46 +0.77 FTSE
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    • Article
      Lock icon Asian currencies vulnerable to Fed rate hike
      352 9  -  CURRENCIES By Howie Lee T The writer is an investment analyst at Phillip Futures. NOT for the first time, US Federal Reserve Chair Janet Yellen in July opined that a US rate hike before the end of 2015 was well warranted. As such,
      352 words
    • FOREX RATES
      • Article
        Lock icon INTERBANK CROSS RATES
        471 9 Jul 16 A$ C$ Rmb Euro HK$ Ind Rs Rupiah Yen Won RM NZ$ Pak Rs Peso S$ Rand Sfr NT$ Baht Pound US$ Australia 0.955 4.582 0.677 5.719 46.846 98.462 0.914 8.478 2.809 1.130 75.098 33.393 1.009 9.153 0.705 22.969 25.249 0.472 0.738 Canada 1.048 4.799
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      • Article
        Lock icon INTERBANK CURRENCY RATES
        155 9 Jul 16 Against S$ Against US$ Currencies Bid Offer Bid Offer S$/US$ to one unit of foreign currency: Australian dollar 1.0084 1.0095 0.7376 0.7381 Canadian dollar 1.0566 1.0574 0.7731 0.7728 Euro 1.4909 1.4918 1.0905 1.0907 NZ dollar 0.8924 0.8931 0.6527 0.6530 Sterling pound 2.1358 2.1372 1.5622 1.5626
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      • Article, Illustration
        Lock icon HANG SENG
        3 9 WEEKLY
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      • Article, Illustration
        Lock icon SHANGHAI COMPOSITE
        3 9 COMPOSITEWEEKLY
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      • Article, Illustration
        Lock icon NIKKEI
        2 9 WEEKLY
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      • Article, Illustration
        Lock icon DOW JONES
        3 9 WEEKLY
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      • Article
        Lock icon US$/S$ FORWARD RATES
        22 9 Jul 16 S$ Bid Offer 1-month 1.3679 1.3687 2-months 1.3686 1.3694 3-months 1.3691 1.3700 6-months 1.3709 1.3720 Source: OCBC
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    • EQUITY BONDS WARRANTS FUTURES
      • Article
        Lock icon SGX DERIVATIVES TRADING
        380 9 Jul 17 OPEN HIGH LOW SETT VOL OP/INT FTSE CHINA A50 INDEX FUTURES SPOT *****.69 *****.54 *****.00 Jul15 *****.00 *****.00 *****.00 *****.00 *****2 *****7 Aug15 *****.50 *****.00 *****.00 *****.50 ***** ***** NIKKEI 225 INDEX FUTURES SPOT *****.63 *****.95 *****.22 Sep15 *****.00 *****.00 *****.00 *****.00 ***** *****1 Dec15
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      • Article
        Lock icon BONDS, WARRANTS, PREFERENCE SHARES Most active
        202 9 Jul 16 Prem Expiry Wk Vol Conv Exer Disc Gear-Mths Company Last Sale +or-('000) Ratio Price ing Left FTSEChinaA50 ***** MBeCW*****9 11.9 -4.2 ***** 0.0 --2 FTSEChinaA50 ***** MBeCW*****9 15.7 -5.3 ***** 0.0 --2 WE Holdings Ltd W*****5 0.1 unch ***** 1 0 1
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      • Article
        Lock icon MORGAN STANLEY CAPITAL INTERNATIONAL INDICES
        373 9 In local curr In S$ In US$ dy yr dy yr dy yr Jul 17 Index Change Change Change Change Change Change World Preliminary 1359.0 -0.1 6.5 -0.1 7.3 -0.2 4.1 EAFE Preliminary 1104.6 0.0 11.9 -0.2 9.8 -0.2 6.5 Europe Preliminary 1539.4 -0.2 11.4
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    • BANK RATES
      • Article
        Lock icon INTERBANK RATES
        154 9 Jul 16 $S Offer Bid 0vernight 0.10 0.05 1-month 0.6875 0.5625 2-months 0.75 0.625 3-months 0.8125 0.6875 Overnight mode: 0.15 US$ Offer Bid 7 days 0.22 0.12 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 0.80 0.60 12
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      • Article
        Lock icon SIBOR
        36 9 Jul 16 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
        67 9 GOVERNMENT BONDS Jul 16 Period Issue Coupon Maturity Close Day's code rate Bid High Low 2-Year N*****0Z 2.375 01-Apr-17 102.5 102.58 102.54 5-Year N*****0S 2.000 01-Jul-20 100.19 100.35 100.35 10-Year NX*****Z 2.375 01-Jun-25 97.72 98.10 97.85 15-Year NY*****E 2.875 01-Jul-29 99.88 100.10 100.10 20-Year NZ*****V 3.375 01-Sep-33 105.22
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    • AGRI METALS ENERGY
      • Article
        Lock icon COMMODITY FUTURES
        250 9 Jul-17 Price Net change change Last Trade Agricultural Jul-17 CBOT Soybeans (US cents/bu) 1014.75 -4.25 -0.42% 14/08/2015 CBOT Soybean Oil (US cents/lb) 31.78 0.32 1.02% 14/08/2015 CBOT Wheat (US cents/bu) 554.00 -8.25 -1.47% 14/09/2015 Jul-17 LIFFE Cocoa (£/tonne) 2217.00 -4.00 -0.18% 15/09/2015 LIFFE Coffee (US$/tonne) 1796.00 -40.00 -2.18%
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    • Article
      Lock icon Directors’ buying falls for first time in 3 weeks
      1186 10  -  INSIDE MARKETS By Robert Halili T The writer is managing director, Asia insider Limited THE buying fell for the first time in the past three weeks while there were no sales by directors based on filings on the Singapore Exchange during
      1,186 words
    • Article
      Lock icon DIVIDENDS ANNOUNCED
      956 10 Payment Ex Rec Pay Ann (cts) date date date date AIMS Prop df 0.093 26-Jun 30-Jun 18-Sep 24-Jun Azeus Systems bn 1.230 22-Jul 24-Jul 06-Aug 13-Jul Azeus Systems bn 123.000 22-Jul 24-Jul 06-Aug 09-Jul Ban Leong Tech ak 1.000 31-Jul 04-Aug 14-Aug 28-May Boustead S'pore Ltd ak 2.000
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    • Article
      Lock icon PRIME LENDING RATES
      252 10 JUl 16 BANKS Agricultural Bank Of China 5.50 Agricultural Bank Of China Bangkok Bank Public Co. Ltd ANZ Singapore ...5.50 Bank of Communications 5.50 6.00 Bank of China Limited Bank of Taiwan Bank of Communications Bank of Tokyo-Mitsubishi Bank of East Asia Banque Internationale a Bank of
      252 words
    • Article
      Lock icon BROKERS’ RECOMMENDATIONS
      1311 10 Consensus No. of Forecast Mean Thur’s recommendation esti-EPS PE target price Company name This wk Last mth mates (times) Accordia Golf Trt 1.00 1.00 1 0.06 10.54 0.96 0.64 AIMS AMP Cap Industrial Reit 1.00 1.00 2 0.12 12.82 1.68 1.50 Ascendas Reit 1.83 1.83 15 0.15 16.25
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  • Page 5 Advertisements
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      167 5 Sometimes, reality is better than your dreams. The new Mercedes-AMG GT 8. Handcrafted by racers. The all-new Mercedes-AMG GT S is the dream car that you never knew you wanted. Until now. Its muscular lines and prominent hood draw you into its opulent interiors. You feel the power of the
      167 words
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      94 6 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 6390 5118 Losses can exceed your deposits. Ensure you understand the
      94 words
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  • Page 9 Advertisements
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      164 9 Trade NDFs Online with Phillip Futures An Asian Financial Flouse with a Global Reach WJ 6538 0500 futures@phillip.com.sg www.phillipfutures.com.sg 250 North Bridge Road #07-01 Raffles City Tower iHSPhiMipCapital Singapore *****1 Your Partner In Finance This advertisement is for general information only and does not constitute a recommendation, offer or solicitation
      164 words
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  • REAL ESTATE
    • Article, Illustration
      Lock icon Apartment developers going back to Washington
      1031 11 Glut of rentals is seen to be easing as employment improves BLOOMBERG Washington THE Washington, DC, apartment market after years of overbuilding that created a glut of rentals is getting a new round of development by some of the country’s biggest real estate companies
      BLOOMBERG; PHOTO: BLOOMBERG  -  1,031 words
    • Article
      Lock icon Philadelphians looking to cash in on Pope’s visit
      527 11 AFP New York FOR enterprising dwellers in Philadelphia, the Pope’s maiden visit to the US means one thing: mega bucks and listing their apartments on Airbnb for thousands of dollars a night. Pope Francis may be a legendary critic of unfettered capitalism
      AFP  -  527 words
  • Page 11 Advertisements
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      Lock icon Page 11 Advertisements Column 1
      366 11 r S-r I' ►1F<3 ASIA 20 1 printpack+sign www.PrintPackSign.com 29-31 July 2015 10.30am 6.30pm (Wed -Thu) 10.30am 5.30pm (Fri) Sands Expo Convention Centre, Marina Bay Sands, Singapore Redefining Ideas! hi! i WORKPLACE ERGONOMICS BUSINESS SOLUTIONS OPTIMISE YOUR WORK ENVIRONMENT INNOVATION TECHNOLOGY OFFICE ESSENTIALS //limciKi OSOSO ysv- EPSON JT W III
      366 words
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  • VIEWS FROM THE TOP
    • Article, Illustration
      Lock icon STAYING ON THE JOB
      3833 12 THIS WEEK’S TOPIC What are the pros and cons of the new Career Support Programme and other initiatives to enhance the employment of Singaporean professionals, managers and executives (PMEs)? Jessica Ang Director CareerBuilder Singapore THE Career Support Programme (CSP) is a welcome move to even out
      FILE PHOTO  -  3,833 words
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  • Page 13 Advertisements
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      Lock icon Page 13 Advertisements Column 1
      124 13 SINCE IS o^ e xuvsvhxunvwvs i L r C tr CELEBRATING 170 Years Of The Straits Times If it mattered, it was in The Straits Times. For 170 years, The Straits Times has been telling the Singapore story with understanding, insight and authority. LIVING HISTORY: 170 YEARS OF THE STRAITS
      124 words
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  • BT-CITIBANK YOUNG INVESTORS’ FORUM
    • Article, Illustration
      Lock icon China Q2 GDP suggests momentum to carry to Q3
      1416 14 The world’s second largest economy’s market turmoil presents risks, while the recovery in the US and Europe puts up a stronger case for a rate hike, say AXA Investment Managers THE Chinese economy grew by 1.7 per cent quarter on quarter
      PHOTO: REUTERS  -  1,416 words
    • Article, Illustration
      Lock icon Want a dollar a day forever? Invest S$8,000
      814 14  -  MONDAY MULTIPLE By Cai Haoxiang haoxiang@sph.com.sg @HaoxiangCaiBT IF you decide that your path to finacial freedom is through squirrelling money away and then investing a portion, the road can seem incredibly long. You cannot think in terms of days and months. Rather,
      FILE PHOTO  -  814 words
  • Page 14 Advertisements
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      Lock icon Page 14 Advertisements Column 1
      113 14 GET STARTED NOW Be a young investor Do you aspire to be a successful young investor? Are you keen on taking the first step towards achieving that? The BT-Citibank Young Investors’ Forum is no typical page extracted from a financial textbook. This forum will present step-by-step guides on how to
      113 words
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  • BANKING & FINANCE
    • Article
      Lock icon Online lenders risk being China’s next bubble
      849 15 Though online finance is smaller than the equity market, the industry is growing along with its exposure to risky investments WP Beijing WITH no sense of irony, China’s online finance platforms are marketing themselves as a haven from gyrating stocks just as ratings
      WP  -  849 words
    • Article, Illustration
      Lock icon Deutsche Bank disputes Libor report allegations
      631 15 REUTERS Frankfurt DEUTSCHE BANK has disputed allegations by Germany’s financial watchdog, sources close to the lender said, in its official response to a preliminary report into interest rate manipulation which threatens sanctions against the bank and individuals. The watchdog, Bafin, issued scathing criticism of
      REUTERS; PHOTO: REUTERS  -  631 words
    • Article
      Lock icon Marlette to keep some of debt it arranges on its own balance sheets
      339 15 BLOOMBERG Seattle LENDINGCLUB CORP and other companies fuelling the booming US online loan industry have drawn unwanted comparisons to the mortgage market before the 2008 financial crisis because they do not keep the debt that they originate.
      BLOOMBERG  -  339 words
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      40 15 BT Wine, Dine Hospitality Pages save more than for10x3colfull-colourad For advertisement bookings and sales enquiries, please contact: Lawrence Chang 9229 4919 Alisa Tan 9154 8381 Ellen Lee 9368 3533 LiuJiehan 9068 5087 Rachel Khoo 9298 9465 Francis Yeo 9620 1356
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  • FUTURECHINA GLOBAL FORUM
    • Article, Illustration
      Lock icon Singapore, China mark 25 years of diplomatic ties
      1144 16  -  Despite differences in geography and governance structures, Singapore has constantly kept pace with China’s development priorities.BY priorities.BY CHUA THIAN POH T The writer is chairman of Business China ON May 20, representatives from the 57 prospective founding members of the Chi-na-led Asian
      PHOTO: THE STRAITS TIMES  -  1,144 words
    • Article
      Lock icon Coming out tops in China’s digital economy
      1048 16  -  By Yew Sung Pei T The writer is Assistant Chief Executive Officer, International Enterprise (IE) Singapore. Based in Beijing, he oversees the agency’s strategy and operations for China and Middle East Africa. IN the face of intensifying competition, Singapore companies now need to
      1,048 words
    • Article
      Lock icon Tough road ahead for reform in China
      1055 16  -  By Mark Duval T The writer is president of the American chamber of Commerce in China, People’s Republic of China THROUGH the many years that American businesses have been in China, we have supported, contributed to, and witnessed firsthand the incredible transformation that
      1,055 words
    • Article
      Lock icon The next Chinese renaissance
      1787 17  -  Exciting times ahead as Chinese firms start to look internationally for additional growth.BY growth.BY ALVIN WANG GRAYLIN T The writer is founder chief executive officer, mInfo Inc, People’s Republic of China AS A tech entrepreneur who has worked and lived in China for over twenty years,
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      124 17 i.;-. if B W if: E Future Chica Global Forum 2 0 15 OPPORTUNITIES AMIDST CHINA'S REBALANCING 20 21 JULY SHANGRI-LA HOTEL, SINGAPORE Business China would like to extend a warm welcome to all delegates of FutureChina Global Forum 2015. We would also like to express our deepest gratitude to
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  • ENERGY & COMMODITIES
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      Lock icon China ends gold hoard mystery to top Russia’s holdings
      521 18 BLOOMBERG Singapore CHINA has ended six years of mystery over how much gold it’s hoarding, revealing a 57 per cent jump in reserves and overtaking Russia to become the country with the fifth-larg-est stash of the metal. “The market has been
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      Lock icon Police watch over vision of golden riches in Northern Ireland
      751 18 Investment has been limited by three decades of political violence that culminated in a 1998 bombing, killing 29 WP Curraghinalt, Northern Ireland THE explosives for the mine arrived with a police escort. An hour after more than 30 blasts shook
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      Lock icon Ex-soldier shakes up world of commodity trading
      940 18 WP Washington A former US special-operations soldier turned math wonk is shaking up the world of commodity trading. Since leading a management takeover at Castleton Commodities International almost three years ago, chief executive officer William Reed has been on a buying spree backed
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      25 18 Lifestyle An independent voice BTLifestyle offers a candid view of the food, arts, travel, design and entertainment scene in Singapore and beyond. businesstimes.com.sg/lifestyle btlifestyle thebusinesstimes
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      25 18 Get your 5th ‘C’ here Choose from various club memberships or sell yours in CLASS 66 To advertise, call the Print Classified Hotline: 1800-289 9988
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      4859 19 NOTICES TOLL FREE 18 0 0-289-8822 I Email notices@sph.com.sg I www.sphclass.com.sg/notices jubilee^ JUBILEE INDUSTRIES HOLDINGS LTD. (Company Registration No. *****4797H) (Incorporated in the Republic of Singapore) NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN that the annual general meeting of JUBILEE INDUSTRIES HOLDINGS LTD. (the “Company") will be held
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      172 19 CARTE-AND-BENCH PTE. LTD. (In Members’ Voluntary Liquidation) (Co. Reg. No. *****5131H) NOTICE OF FINAL MEETING NOTICE is hereby given pursuant to Section 308(2) of the Companies Act, Cap. 50 that the Final Meeting of Members of the abovenamed Company will be held at 35 Selegie Road, #04-06 Parklane Shopping Mall,
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  • TECHNOLOGY
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      Lock icon HDS set to gain from Singapore’s Smart Nation push
      1007 20  -  Need for big data and analytics, and cloud computing, as well as proliferation of IoT-enabled devices, will offer growth opportunities to Hitachi unit By Amit Roy Choudhury amit@sph.com.sg @AmitRoyCBT Singapore JAPANESE storage major Hitachi Data Systems (HDS), part of the Hitachi
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      Lock icon Reddit retracts reins from users, at a risk
      262 20 AFP San Francisco REDDIT has became one of the most visited websites thanks to users devoted to the online bulletin board where people could post just about anything. Reddit benefits from a free workforce of volunteers who moderate discussion forums known as
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      1008 20 NOTICES T O L L F R E E 1 8 0 0 -2 8 9 8 8 2 2 I E m a i l n o t i c e s s p h c o m s g I w w w s p h c l
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      405 20 ACE INSURANCE LIMITED OFFICE RELOCATION^B With effect from 20 July 2015, ACE Insurance Limited will relocate to a new office in CapitaGreen. Our new address is: 138 Market Street #11-01 CapitaGreen Singapore *****6 Our telephone and fax numbers remain unchanged: Main Tel: (55) 6398 8000 Customer Service Tel: (65) 6299
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      409 20 FORM 69 (3) NOTICE OF INTENDED DIVIDEND Name of Company GREENEARTH EDUCATION LTD. (In Compulsory Liquidation) (Reg. No. *****4130C) Address of Registered Office 100 Beach Road, #30-00 Shaw Tower, Singapore *****2 Court High Court of Singapore Number of Matter CWU 34 of 2014 Last Day for Receiving Proofs 4 August
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  • CONSUMER
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      Lock icon 400-year-old Mitsui goes through identity crisis
      1373 21 Change has helped the sogo shosha to survive as a mercurial, shape-shifting enterprise WP Tokyo IT EARNS more than Coca-Cola, has operations in as many countries as Starbucks, boasts a payroll almost as long as Google and has been around longer than Philadelphia. Yet
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      Lock icon Now Wal-Mart wants to revive the US manufacturing base
      1237 21 WP Bentonville, Arkansas THE group cheer at Wal-Mart’s third annual US manufacturing summit convened to find more Ameri-can-made products was greeted with a voice from another era. “Almost anything can be made by Americans, in this country, and be done efficiently,”
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      Lock icon Prime Day sales beat Black Friday’s as Prime signups surged: Amazon
      487 21 NYT New York DESPITE a much-derided product lineup and clunky wait-lists, Amazon said that it sold more products during its Prime Day sale last week than Black Friday last year, and that more new members tried its Prime subscription
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  • GOVERNMENT & ECONOMY
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      Lock icon Breakthrough on tech tariff-cutting agreement
      539 22 Trade negotiators tentatively agree to eliminate tariffs on an array of technology products valued at US$1 trillion worth of global commerce BLOOMBERG Washington TRADE negotiators tentatively agreed on Saturday to eliminate tariffs on an array of technology products valued at US$1 trillion worth of global
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      Lock icon Iran deal a mixed economic win for Russia: analysts
      769 22 Prospective gains may be overshadowed by Iran’s return to global energy market, which could drive down oil prices AFP Moscow THE landmark deal on Iran’s nuclear programme that Russia helped steer through marathon talks is a diplomatic fillip for Moscow which
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      Lock icon Building a startup culture in a broken-down economy
      1344 22 NYT Athens IN A leafy back alley, two lifelong friends tap away at their keyboards, perfecting their eighth Internet startup company, a hotel recommendation service called Travelmyth.com, which began in November and is already turning a profit. It would be just another
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      Lock icon China’s corporate debt a greater threat to its slowing economy
      791 24 Corporate debt pile of US$16.1 trillion and rising is at 160 per cent of GDP, twice that of the United States REUTERS Hong Kong BEIJING may have averted a crisis in its stock markets with heavy-handed intervention, but the world’s
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      Lock icon Bureaucracy derails Jokowi’s infrastructure plans
      753 24 Nearly half the 10 projects to which he gave priority are languishing for lack of cooperation among ministries REUTERS Jakarta INVESTORS hoping for President Joko Widodo to speed work on Indonesia’s infrastructure projects have been disappointed, with a plan for a US$2 billion airport railway
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      Lock icon Fed, BOE outliers among central banks around the world
      653 24 REUTERS London The race is on between the US and British central banks to be the first major economy to raise interest rates after a long period of unprecedented monetary generosity. It won’t happen immediately but both Janet Yellen, who chairs
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      Lock icon Create a eurozone government: Hollande
      260 24 REUTERS Paris FRENCH President Francois Hollande on Sunday called for the creation of a eurozone government and for citizens to renew their faith in the European project, which has been weakened by the Greek crisis. Reviving an idea originally put forward by former European Commission
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      Lock icon Philippine central bank says it has room to bolster growth
      276 24 REUTERS Manila THE Philippine central bank has policy space to support growth and stem market volatility, its governor said on the weekend, underscoring the authorities’ readiness to act as uncertainties cloud the outlook for the global economy. Bangko Sentral ng
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      69 22 BuildTech Asia 2015 International Building Technology Expo A part of SINGAPORE CONSTRUCTION PRODUCTIVITY WEEK 2015 13-15 OCTOBER 2015 Singapore EXPO, Hall 3 MAX Atria, Singapore 10am-6pm (13-14 Oct) 110am-5pm (15 Oct) [i l|: Wm i TOWARDS SMART BUILDING CONSTRUCTION Featuring 4 Key Segments Building Technology Construction Machinery New Materials Eletrical
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      133 23 ORGANISED BY THE STRAITS TIMES AND ARTSCIENCE MUSEUM™ SINGAPORE ORIES THEN NOW TOMORROW 17 July 4 October 2015 FREE ADMISSION Independent Singapore’s fi rst National Day Parade held at the Padang in 1966. Photo by The Straits Times. The crowd celebrating Singapore’s 46thBirthday at the Marina Bay Floating platform in
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      80 24 JULY ISSUE OUT NOW! TECH IS CHANGING THE FACE OF FITNESS S I NGAPORE JULY 2015 S$6.90 WWW.HARDWAREMAG.COM F E A T U R E VISUAL AID: A VIRTUAL REALITY PRIMER T E S T MICROSOFT SURFACE 3 Mainstream 2-in-1 gets serious APPLE MACBOOK Taking on netbooks head-on ROOSBT RULETHE
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  • TRANSPORT
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      30 25 Paint the town red, or just your room Find painters to do the job or promote your services in CLASS 112 To advertise, call the Print Classified Hotline: 1800-289 9988
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      164 25 > printpack+sign Marina Bay Sands, Singapore Sands Expo Convention Centre 29-31 JULY 2015 Level 1, Hall B d)BUY:WIN Simply visit PrintPack+Sign from 29-31 July and make a purchase (no min. value) before 31 Dec 2015 r CM Pink Brilliante Eterno Worth $30 180 Stand a chance to win Pink Brilliante
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      215 25 In this seminar, we will share with you an integrated method which bridges the 2 investing analysis of FA& TA, enabling both investors and traders to find the undervalued stocks at a technically low price. This allows you to profit with the maximum upside. We will explain how greed and
      215 words
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  • Article
    Lock icon THE BUSINESS TIMES SHIPPING TIMES
    1903 26 MONTREAL 10 120 29/7 30/7 4/8 MONTREAL 10 120 29/7 30/7 4/8 EASTERN CAR LINER, LTD SPECIALIZE IN RORO HEAVY LIFT INTRA-ASIA SERVICE VOY Ramp(KT) Lifting(KT) SIN PG PKL KK JKT SUR SEA CORAL 71 60 25/7 26/7 28/7 31/7 2/8 POSITIVE STAR 108 100
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      107 26 Experienced shf p maintenance services wanted. Can they find your services here in the Shipping Times? TO ADVERTISE, CALL JOE WONG AT 9620 1327 THE BUSINESS TIMES SHIPPING TIMES Make A Splash In The Maritime World Via s|£i3^aritime.coM Ahoy there! If you are in a business pertaining to any sector
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  • DINING OUT
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      Lock icon From farm to table
      970 27  -  Open Farm Community is an eatery within a lush vegetable and herb garden in Minden Road with strong Aussie influences in the menu. BY JAIME EE menu.BY JAIME EE jaime@sph.com.sg @JaimeEeBT NEW RESTAURANT Open Farm Community (OFC) 130E Minden Road Tel: 6471-0306 Open for lunch and
      Minden Road. PHOTOS: JAIME EE, OPEN FARM COMMUNITY  -  970 words
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      582 27 Learn How To Be An Aspiring Leader, Not Just A Manager Who should attend: Managers, Senior Managers, General Managers, Assistant Directors and Directors FULL-DAY WORKSHOPS The Art and Science Of The Business Narrative Multi Generation Workforce Leadership Challenges And Opportunities The current workplace environment now houses up to four generations.
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  • LIFE & CULTURE
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      Lock icon Proposed new laws make a splash in Germany’s art world
      1319 28 Gallery owners, dealers, artists, collectors angry at proposal to monitor and limit art that is exported for sale NYT Paris ON Friday, the portraits of Elke and Franz Dahlem vanished from a room in the Albertinum modern art museum in
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      Lock icon US wins Math Olympiad for first time in 21 yrs
      962 28 WP Washington IN 1980, the United States ice hockey team pulled off one of the greatest upsets in Olympic history, beating a powerhouse Soviet squad 4-3 to win a gold medal. The game would go down in history as “The
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      Lock icon BT Wine Challenge pulls in best response
      466 28  -  Call for entries closes early amid flood of submissions for awards’ third edition. BY CHRISTOPHER LIM BY CHRISTOPHER LIM Singapore ENTHUSIASM remains strong for the third edition of The Business Times Wine Challenge CEOs’ Choice: the event, organised in partnership with UBS, stopped
      466 words
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      Lock icon Former Fifa official pleads not guilty to graft charges
      305 28 Reuters New York Jeffrey Webb, one of seven high-ranking officials of soccer’s world governing body, Fifa, who were arrested in Switzerland on corruption charges, pleaded not guilty in US federal court on Saturday. Extradited to the United States, the former Fifa
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  • Page 28 Miscellaneous
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      340 28 CRYPTIC CROSSWORD Across 1 Peer regularly involved in suspect marine business (7) 5 Has an urge to chase answer, getting letters (7) 9 Puts a block on would-be scouts crossing river (5) 10 Letter from personality (9) 11 Terrible gaffes some politically incorrect! (3-7) 12 Discharge half of them with
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  • THE BUSINESS TIMES CEO CONVERSATIONS 2015 GOLDEN JUBILEE EDITION
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      Lock icon World-class finance hub
      628 1  -  Singapore’s banking infrastructure provides strong support for a wide range of industries –BY LEE U-WEN IN JUST over four decades, Singapore has established an internationally renowned financial centre, catering to both its domestic economy and the wider Asia-Pacific region. With a total asset size of nearly US$2
      628 words
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      Lock icon Busy Bees buzzing as preschool sector blooms
      1103 2 Operator of brands such as Learning Vision and Pat’s Schoolhouse looks towards regional expansion IF JUNE Rusdon had her way, preschool teachers would get a lot more respect. Says the chief executive of Busy Bees Asia: “Not until recently, many societies still looked
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      Lock icon Building a winning team
      1106 3 Citi, the largest banking employer in Singapore, grew by developing people to their full potential and fostering client trust ASK Michael Zink, Citi’s top officer in Singapore, how the banking juggernaut can survive as an institution, and the answer is straightforward. “Our employees must be engaged,
      PHOTO: JOSEPH NAIR  -  1,106 words
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      Lock icon A pioneering investor in Singapore
      1224 4 Oil and gas major is here for the long run, as it sees growth in the region FROM its first days as a small trading company selling kerosene and lubricants in 1893, ExxonMobil has grown its presence in Singapore significantly in tandem with the nation.
      PHOTO: JOSEPH NAIR  -  1,224 words
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      Lock icon Creating unique lifestyle environments
      828 5 Leading Malaysia developer Gamuda Land is starting to make a mark in Singapore and the rest of the region GAMUDA Land is the latest Malaysian developer to head to Singapore after it was invited by a local real estate company to add value to a joint-ven-ture
      828 words
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      Lock icon Smart technology for a smart nation
      959 6 Huawei International’s initiatives in Singapore are helping drive the nation’s digital evolution HUAWEI may not be a household name here, but the Chinese telecommunications giant’s networks serve many of the world’s mobile phone service providers. In Singapore, it works closely with all three of
      959 words
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      Lock icon King of the show
      1088 7 Kingsmen has made Singapore sparkle, from designing and building luxury boutiques, to supporting milestone events, and even the Universal Studios castle ALMOST 40 years ago, two young colleagues at the same display design firm decided to strike out on their own with just S$12,000 and one
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      Lock icon Quality products built with pride and care
      888 8 Mitsubishi Electric Asia has played a role in developing infrastructure in Singapore and the rest of the region for almost 40 years WHILE most Singaporeans probably know of Mitsubishi Electric because of their popular energy-saving air-con-ditioners, many may not realise that the Japanese
      PHOTO: JOSEPH NAIR  -  888 words
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      Lock icon Inspiring well-being through innovation
      1079 9 OSIM International founder Ron Sim has steered the company through numerous challenges, emerging each time with a brand more resilient than before IN JUST three-and-a-half decades, Ron Sim has succeeded in building one of Singapore’s most recognisable household names. As founder, chairman, and chief executive officer
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      Lock icon On the path of growth
      1216 10 Poh Tiong Choon Logistics expects steady growth amid a strong outlook for the now-mature logistics sector POH Tiong Choon Logistics Limited (PTC Logistics) was founded in 1950 as an owner/operator transport company. Over the years, the company grew together with Singapore and its clients to
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      Lock icon The world’s port of call
      1206 11 PSA has undergone a breathtaking expansion in the last two decades, with around 40 terminals in 16 countries across Asia, Europe, and the Americas IT’S HARD to think of a company more entwined with Singapore’s history than port operator PSA International. Even before the arrival
      PHOTO: JOSEPH NAIR  -  1,206 words
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      Lock icon Transforming for growth
      971 12 Sembcorp Marine is reorganising itself to face fresh challenges and capitalise on new opportunities SEMBCORP Marine is undergoing a process of change that will allow it to better service its partners and customers and reinforce its position as a leader in the global marine and offshore sector.
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      Lock icon Growing with Singapore
      1161 13 SingaporeUOB has built its business on the spirit of a handshake and will continue to do what is right for customers IN 1971, United Overseas Bank(UOB) was still a relatively small player in Singapore. That year, it acquired a stake in Chung Khiaw Bank and was soon
      1,161 words
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      278 1 inside Busy Bees buzzing as preschool sector blooms 2 Building a winning team 3 A pioneering investor in Singapore 4 Creating unique lifestyle environments 5 Smart technology for a smart nation 6 King of the show 7 Quality products built with pride and care 8 Inspiring well-being through innovation 9
      278 words
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      144 2 9c A i r '•n. Y2 SEETHE FUTURE Busy Bees is a highly-awarded education group with experience and presence at over 300 locations globally. With a keen focus on Asia, the group now has nine (9) distinctively differentiated brands, celebrated for their quality in preschool education, enrichment and higher education.
      144 words
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      332 3 i 4*1*1 s V V I jm mm jM J, I r 'i n VI V- I >1 I I Ilf If I n n ti iii i.'hin m I, II I it. T. a V I i :fy, •ii iii i't i-- t* v ft .1 ,/jmm r -7
      332 words
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      93 4 Energy for the world. E^onMobil Economic growth for Singapore and Asia. z? s in m oil R mi.” Wr: •s' vm. y 3 m tM M •m In ft 0 aa* m .as NfaiSawe «8S For more than 120 years, ExxonMobil has been in Singapore; providing energy, delivering innovative petroleum
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      123 5 An Exclusive Address A World oft Rewards horizon hills one with nature With the privileges of ownership come a world of rewards. Welcome to your very own world-class resort overlooking the beautifully manicured greens of the golf course. The sprawling award-winning clubhouse is a place where tranquility reigns supreme and
      123 words
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      39 6 HUAWGI P n > <S« L- iC With broadband that reaches the most remote island, Huawei is turning any chair into an inspired experience at your favorite game. To find out more, visit huawei.com/better-connected-world mm n «m comcm urn A
      39 words
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      213 7 Design-led, Quality and Service-driven A leading communication design production group with 18 offices across Asia Pacific and the Middle East, Kingsmen serves an international client base with seamless end-to-end communication solutions to realise their marketing objectives across the globe. Backed by a track record spanning over 39 years, Kingsmen's horizontally
      213 words
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      93 8 A MITSUBISHI ELECTRIC Changes for the Better "1% itsubishi The Experience Served with Pride Care Beyond products, providing quality solutions o cCrb :;=r f j f t > ism i V dLJ) ft M m inniiii Residential Commercial Industrial Infrastructure i Fans Refrigerators Air Conditioning Systems Printing Solutions Hand Dryers
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      170 9 A big thank you to the hands that built Singapore. Our country’s success today wouldn’t have been possible without the hands that toiled for our land. Like these hands, uMagic's Magic Hands Massage works hard in its little way, providing well-being for the people of Singapore. As we usher in
      170 words
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      284 10 wmsm MlSiiPr;.. ft aZ ih U-/ 1950-2015 Anniversary £oL SG HSP i 50 I IL J Poh Tiong Choon Logistics 165*F-l#Tc-i IkU il ir«i t.. 1 -> wfttisa 4. .•> 47 i m M. 3 I I r p U I 1 msm* ft Q> IT ra v aw 1
      284 words
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      206 11 &PSA The World's Port of Call "D o F| rJ 8^ PSA EVOLVING: PAST, PRESENT, PERFECT CELEBRATING 200 YEARS OF PORT HISTORY > 50 YEARS OF NATION BUILDING > AND BEYOND PAST From our humble beginnings as a single wharf in Singapore, the port developed rapidly, thanks to the tireless
      206 words
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      78 12 Sembcorp Marine has evolved into an integrated brand offering one-stop solutions for the marine and offshore industry. Our business units are now One Team, focusing on four key capabilities: Rigs Floaters, Repairs Upgrades, Offshore Platforms and Specialised Shipbuilding. As One Sembcorp Marine, we are well-positioned to take on challenges and
      78 words
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      180 13 UOB celebrates ,Sg|;S; y W ...M mmm 1M i_-u •M I Qu_ i in i i .1 •> i 4 I* 11 illll I I i 1.1 jj. -i B? .1: [I Ill a 9 <3 1 a I m of the growtn an success of our nation. Committed to
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