The Business Times, 28 November 2015

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Microfilm: NL33684
Total Pages: 48
1 12 The Business Times
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  • Title Section
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    20 1 weekend THE BUSINESS TIMES www.businesstimes.com.sg NOVEMBER 28-29, 2015 S$1 .00 I MCI (P) 040/O8/2015 $11 A SINGAPORE PRESS HOLDINGS PUBLICATION
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      614 1 MOTORING 1, 3; Thevolkswagen my Sportsvan\L10 LIVING Chinoiserie redux L2 4 Have you got your Swing Fixed yet? Look out for Swing every last week of the month in the Business Times Weekend, The New Paper on Saturday and The Sunday Times 28-29 NOVEMBER 2015 THE BUSINESS TIMES WEEKEND SIR
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      8 1 THE RAFFLES CONVERSATION N b 5 8/9 I
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      24 1 WEALTH A rational look at the risk of threats 28-29 45Highly-leveraged households more at risk, Page 2 45Paying ransom may do harm, Page 3
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  • Article, Illustration
    Lock icon Forex movements could hit almost one in three firms: MAS
    879 1  -  But central bank finds corporate sector has shown enough resilience to weather financial shocks By Soon Weilun soonwl@sph.com.sg @SoonWeilunBT Singapore NEARLY one in three listed firms here could be adversely affected by exchange-rate movements, Singapore’s central bank said on Friday.
    Source: MAS estimates, Bloomberg, Thomson Financial  -  879 words
  • Article
    Lock icon PM Lee on importance of political, social unity
    658 1  -  By Kelly Tay kellytay@sph.com.sg @KellyTayBT Singapore SINGAPORE’S success whether externally or domestically depends on its people’s ability to stay united politically and socially, said Prime Minister Lee Hsien Loong on Friday. This is because a failed state cannot have an effective foreign
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      49 2 CONTENTS NEWS Top Stories 2-7 Raffles Conversation 8-9 Companies Markets 10-14 Real Estate 15-16 Banking Finance 17 Energy Commodities 18 Technology 19 Consumer 20 Transport 21 Govt Economy 22-25 Opinion 26-27 Wealth 28-30 LIVING Dining L2-4 Travel L5-8 Wellness L9 Motoring L10-11 BT Corporate Golf L12 Life Culture 31
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  • TOP STORIES
    • Article, Illustration
      Lock icon Households earning less than S$7k most burdened by mortgage rate hikes: MAS
      737 2  -  But its stress tests find most households can still service their housing loans in new rate-income scenario By Soon Weilun soonwl@sph.com.sg @SoonWeilunBT Singapore WHILE households have exercised financial prudence as growth in wealth slowed, those with private housing
      Source: MAS estimates, Housing Loans Survey  -  737 words
    • MARKETS
      • Article
        Lock icon STOCKS
        59 2 HSTI 2,859.12 (-25.57) HSTI FUTURES 2,859.00 (-26.00) HSIMSCI 319.28 (-2.86) HSIMSCI FUTURES 319.15 (-2.90) STOCKS Friday Change KL COMP 1,682.59 -0.50 NIKKEI 225 19,883.94 -60.47 HANG SENG 22,068.32 -420.62 SET 1,363.13 -2.68 JAKARTA 4,560.56 -36.50 MANILA 6,927.07 -136.18 KOSPI 2,028.99 -1.69 SHENZHEN B 1,187.98 -21.66 MUMBAI IND 26,128.20 +169.57
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      • Article
        Lock icon PRIME RATES
        29 2 SINGAPORE 5.35 MALAYSIA 6.85 HONG KONG 5.00 INDONESIA 14.213 TAIWAN 4.966 JAPAN 1.475 KOREA 9.33 BRITAIN 0.50 US 3.25 CANADA 2.70 SWITZERLAND 0.50 INDIA 14.05 Source: Bloomberg
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      • Article
        Lock icon FOREX
        49 2 US$ S$ US$ (S$ per US$) 1.409 (US$/S$ per 1.510 2.128 EURO (US$/S$/€ 1.063 1.498 Foreign currency per US$ S$ YEN 122.40 86.80 RM 4.247 3.014 HK$ 7.750 5.500 BAHT 35.80 25.40 RUPIAH 13,768 9,771 RENMINBI 6.395 4.538 INDIAN RUPEE 66.68 47.32 A$ 1.386 0.984 NZ$ 1.526 1.083
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    • Article, Illustration
      Lock icon Paying terror ransom will do more harm than good
      551 3  -  PM says acting on humanitarian instinct will endanger more people By Kelly Tay kellytay@sph.com.sg @KellyTayBT Singapore IF governments pay ransom when a citizen is taken as a hostage by a terrorist group, they are in fact endangering their own people hence
      PHOTO: ALPHONSUS CHERN / THE STRAITS TIMES  -  551 words
    • Article, Illustration
      Lock icon Gloomier economy? Not for high-end car dealers
      746 4  -  Super sports car and ultra luxury car dealers keep investing millions in showrooms By Samuel Ee samuelee@sph.com.sg Singapore THE super sports car segment here may be facing challenging times but that has not deterred dealers from investing millions in new showrooms. Lamborghini opened
      PHOTO: ARTHUR LEE  -  746 words
    • Article
      Lock icon Investigation uncovers causes of two Oct rail breakdowns
      466 4  -  LTA working with SBS Transit to minimise recurrence By Samuel Ee samuelee@sph.com.sg Singapore SWITCHGEAR malfunction and damage from sustained arcing were behind the two disruptions on the North-east Line (NEL) last month, investigations have revealed. The Land Transport Authority (LTA) and SBS
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    • Article
      Lock icon Prosecution, Kong Hee to file appeal in High Court
      409 5  -  AGC finds the sentences inadequate; Kong says he’ll appeal against conviction and sentence By Claire Huang huangjy@sph.com.sg @ClaireHuangBT Singapore THE closely-followed case involving City Harvest Church (CHC) founder Kong Hee and five others will now proceed in the High Court, with
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    • Article
      Lock icon MND, AHTC to engage on withheld grants after order
      320 5  -  By Jamie Lee leejamie@sph.com.sg @JamieleeBT Singapore FOLLOWING the order on Friday by the apex court to have AHTC appoint accountants to fix its breaches of the Town Councils Act, the Ministry of National Development (MND) and Alju-nied-Hougang Town Council (AHTC) said
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    • Article
      Lock icon Japan govt acts as prices fall further in Oct
      640 6  -  Abe confirms supplementary budget to be tabled next month By Anthony Rowley btworld@sph.com.sg Tokyo JAPANESE Prime Minister Shinzo Abe confirmed on Friday his government will introduce a supplementary budget next month expected to be worth over 3 trillion yen (S$34.4 billion)
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    • Article
      Lock icon Business receipts for services industry up 2.3%
      292 6 Singapore BUSINESS receipts for Singapore’s services industry, excluding wholesale retail trade and accommodation food services, rose 2.3 per cent on a year-on-year basis in the third quarter. This was slower than the 3.1 per cent and 2.8 per cent increases in Q1 and
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    • Article
      Lock icon Hilton Worldwide banking on Asia-Pac growth
      916 7  -  Hotel group is hoping to ride on rising wave of Chinese travellers in region By Nisha Ramchandani nishar@sph.com.sg @Nisha_BT Singapore HOTEL group Hilton Worldwide is expanding its footprint in the Asia-Pacific, as it seeks to ride on the rising wave of Chinese travellers. Last
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    • Article, Illustration
      Lock icon Pioneer cohort completes Fita @SMU training
      785 7  -  By Amit Roy Choudhury amit@sph.com.sg @AmitRoyCBT Singapore WITH the banking industry increasingly looking for IT-savvy professionals, Financial IT Academy @SMU (Fita) at Singapore Management University (SMU) on Wednesday saw its pioneer cohort of 16 students graduating from three programmes accredited by the Institute of
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      65 3 SPACE SALE aaaaaaaaaaaa rft aaaaaaaaaaaa rn NOW ON! x*V- y*\^ Space Furniture 77 Bencoolen Street Singapore *****3 Open 10.30am 8pm daily +65 6415 0000 spacefurniture.asia Earn 10 Membership Rewards points for every $1.60 spent on your American Express® Cards. Visit americaexpress.com.sg/extrarewards. rnrinrinrnrn rjn Tn nn nn r[n TTTTvv MAKE SPACE
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      125 5 TURNING PASSION INTO OPPORTUNITY As a franchise owner you will enjoy Simple, effective systems for educating, marketing, sales and operations Extensive, proprietary curriculum, customised to the educational requirements of each student A time tested business model proven to attract and retain students A low overhead model with tremendous growth potential
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  • THE RAFFLES CONVERSATION
    • Article, Illustration
      Lock icon Leading with head, heart and guts
      1981 8 / 9  -  From experimenting in a science lab to building a global culture, Deutsche Post DHL’s Frank Appel takes change by the horns. By Anita Gabriel anitag@sph.com.sg @AnitaGabrielBT FRANK Appel, chief executive of the world’s leading mail and logistics firm Deutsche Post DHL Group, may have
      PHOTO: SHAWN TEO  -  1,981 words
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  • COMPANIES & MARKETS
    • Article, Illustration
      Lock icon SPH Reit eyeing retail assets in Asia-Pacific
      766 10  -  In Singapore, the Reit is closely watching assets in terms of yield-accretion, location and sustainability By Lynette Khoo lynkhoo@sph.com.sg @LynetteKhooBT Singapore IN A bid to expand its portfolio from the current two shopping malls, SPH Reit is looking to acquiring retail assets both
      ST FILE PHOTO  -  766 words
    • Article
      Lock icon China Everbright wins Beijing water project deal
      400 10  -  By Lee Meixian leemx@sph.com.sg @LeeMeixianBT Singapore CHINA Everbright Water previously HanKore Environment before a reverse takeover by China Everbright International on Friday announced a deal with the government of Daxing District, Beijing, to upgrade and expand the Beijing Daxing Tiantanghe Waste Water Treatment
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    • Article, Illustration
      Lock icon STI sheds 25.57 points, raising week’s loss to 2%
      537 11 STOCKS sivan@sph.com.sg @RSivanithyBT Senior Correspondent R Sivanithy THE Straits Times Index dropped 25.57 points to 2,859.12 on Friday, bringing its loss for the week to 58 points or 2 per cent; for the year, the fall has been 15 per cent.
      537 words
    • Article
      Lock icon GAINERS
      75 11 BY CENTS CLOSE UP 52w high/low DBXT ASX200 US$ 3295 131.0 2.9 3908/3112 SPDR S&P500 US$ ***** 31.0 0.1 *****/***** JMH USD 4945 25.4 0.4 6788/4502 JSH USD 2691 19.7 0.5 3703/2611 PSL Hldg 82 17.0 26.2 130/36 BY PERCENTAGE CLOSE UP 52w high/low China Env Res 5.9 84.4
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    • Article
      Lock icon LOSERS
      76 11 BY CENTS CLOSE DOWN 52w high/low Lyxor Indonesia US$ 7209 -193.0 -1.9 9182/6250 DBXT China50 US$ 2997 -108.5 -2.5 4258/2750 DBXT MSCHINA US$ 1262 -76.1 -4.1 1750/1151 DBXT CSI300 US$ 935 -66.2 -4.8 1471/785 GLD US$ ***** -52.1 -0.4 *****/***** BY PERCENTAGE CLOSE DOWN 52w high/low LifeBrandz 0.3 -40.0
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    • Article
      Lock icon MOST ACTIVE
      36 11 VOLUME QT Vascular 151,629,500 Genting Sing 51,238,300 Spackman 50,997,100 Alliance Mineral 40,398,400 NOL 26,027,600 Market volume 1,210,054,000 VALUE OCBC Bank 96,743,827 Singtel 86,298,964 UOB 83,853,869 DBS Grp 61,924,731 Global Logistic 50,382,903 Market value 1,030,754,000
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    • Corporate digest
      • Article
        Lock icon OCBC Bank
        64 11 OCBC Bank said it has priced its A$100 million (S$101.6 million) senior floating rate notes due 2018. The notes will pay interest equivalent to the threemonth bank bill swap reference rate plus 0.86 per cent, per annum. The notes are expected to be rated Aa1 by Moody’s Investors
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      • Article
        Lock icon Asiatravel.com Holdings
        29 11 ASIATRAVEL.COM Holdings on Friday said a proposed offer for its shares by a buyer, Zhonghong Holding, has fallen through, a day after it proposed a share-and-warrant placement.
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      • Article
        Lock icon Tat Hong Holdings
        40 11 CRANE distributor Tat Hong Holdings on Friday said its earlier agreement to sell its property at 11 Gul Crescent for S$25 million has fallen through, and it is in talks with another potential buyer for the site.
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      • Article
        Lock icon Cache Logistics Trust
        22 11 CACHE Logistics Trust on Friday said it would buy a property in Queensland, Australia for A$9.575 million (S$9.6 million).
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      • Article
        Lock icon Roxy-Pacific Holdings
        22 11 ROXY-PACIFIC Holdings on Friday said it would, through its subsidiary, acquire a freehold residential site in Singapore for S$4.08 million.
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    • Article
      Lock icon China’s bond stresses mount as two more companies flag concerns
      380 11 Bloomberg Shanghai A CHINESE fertiliser maker and a pig iron producer have flagged bond payment difficulties, adding to signs of stress in the country’s corporate note market after at least six defaults this year. Jiangsu Lvling Runfa Chemical Co, based
      Bloomberg  -  380 words
    • Article
      Lock icon STI STOCKS
      305 12 Stock name Close Change Day high/low 52w high 52w low PE Div yield Mcap Ascendas Reit 236 -1 238/232 271 213 6.2 5976.1 CapitaLand 304 -7 310/303 379 267 11.1 3 *****.5 CapitaMall Trust 187.5 -2.5 190/186.5 228 184.5 5.8 6516.1 CityDev 735 -10 744/730 1095 730 8.8
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    • Article
      Lock icon SGX ETFs Most Active
      114 12 Fund Last sale +/-(‘000) Day high/low 52w high/low Buy/Sell Mcap STI ETF 292 -3 840 295/290 355/280 291/292 IS Asia BND US US1042 cd -7 480 1053/1042 1096/1019 1034/1053 UETF SSE50China 231 -12 164 243/231 340/176 230/233 72.2 ABF SG Bond ETF 114.8 -0.7 100 116.5/114.8
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    • Article
      Lock icon BT SHARE INFORMATION SERVICE
      797 12 SUBSTANTIAL SHAREHOLDER/DIRECTOR TRANSACTIONS For week beginning Nov 23 Substantial Buy No of Price ———SHAREHOLDING Trans Shareholder/ Sell Shares Per Before After Stock Date Director Conv '000 Shr ('000) ('000) Zagro Asia 26-Nov-15 Poh Beng Swee Buy 375 0.30 *****2 48.22 *****7 48.37 Zagro Asia 26-Nov-15 Poh
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    • Article
      Lock icon SECURITIES TRADING SCOREBOARD
      186 12 MAIN CATL TOTAL Up Down Unch Up Down Unch Up Down Unch Multi Ind 3 8 4 1 0 0 4 8 4 Manufacturing 28 51 32 7 5 8 35 56 40 Commerce 13 22 9 4 1 6 17 23 15 Tpt/Stor/Comms 8 17 8
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    • Article
      Lock icon SECURITIES TRADING TURNOVER
      125 12 VOLUME (‘000) VALUE (‘000) MAIN CATL TOTAL MAIN CATL TOTAL Multi Ind 14,470 9,084 23,554 58,526 2,785 61,312 Manufacturing 78,685 177,975 256,660 66,375 18,489 84,864 Commerce 52,726 30,085 82,811 44,876 1,711 46,587 Tpt/Stor/Comms 107,608 620 108,228 181,018 52 181,070 Finance 27,770 22 27,792 272,755 3 272,757 Construction
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    • Article
      Lock icon OTHER SINGAPORE INDICES
      77 12 Nov 27 VALUE CLOSE BT OB/OS -423.00 +89.00 BT CADI -*****.00 -64.00 BT 10-day MA -*****.00 -42.00 FTSE ST Mid Cap 671.32 -3.23 FTSE ST Small Cap 405.67 +0.12 FTSE ST All Share 691.45 -4.47 FTSE ST China Top 171.42 -1.08 FTSE ST China 208.06 -2.17 FTSE
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    • Article
      Lock icon UNUSUAL ACTIVITY
      82 12 VOL CLOSE($) CHANGE Pavillon 200.1 0.075 +0.011 +17.19 China Env Res 0.4 0.059 +0.027 +84.38 QT Vascular 151,629.5 0.113 +0.020 +21.51 CPH 1,055.2 0.006 +0.002 +50.00 PSL Hldg 590.2 0.820 +0.170 +26.15 Wilton Resources 637.0 0.060 -0.005 -7.69 Versalink 373.8 0.143 -0.011 -7.14 Lorenzo Intl 1,400.4 0.048 +0.003
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    • Article
      Lock icon COMMODITY FUTURES
      193 13 Nov-26 Price Net change change Last Trade Agricultural Nov-25 CBOT Soybeans (US cents/bu) 875.25 11.50 1.33% 14/01/2016 CBOT Soybean Oil (US cents/lb) 28.89 0.58 2.05% 14/12/2015 CBOT Wheat (US cents/bu) 479.25 -5.00 -1.03% 14/12/2015 Nov-26 LIFFE Cocoa (£/tonne) 2248.00 -5.00 -0.22% 14/12/2015 LIFFE Coffee (US$/tonne) 1485.00 -14.00 -0.93%
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    • Article
      Lock icon PALM OIL
      57 13 Nov 27 KLCE PALM FUTURES (RM/MT) Delivery Opening Sett Av Vol Open Month Range Price Price High Low Done Position Dec 15 2105.0 2159.0 2160.0 2105.0 145 3250 Jan 16 2280.0 2292.0 2300.0 2270.0 2117 ***** Feb 16 2343.0 2362.0 2374.0 2339.0 ***** ***** Mar 16 2377.0 2396.0
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    • Article
      Lock icon GOVERNMENT SECURITIES
      67 13 Nov 27 GOVERNMENT BONDS Period Issue Coupon Maturity Close Day's code rate Bid High Low 2-Year N*****0F 1.375 01-Oct-17 100.36 5-Year N*****0S 2.000 01-Jul-20 100.49 100.60 100.60 10-Year NX*****Z 2.375 01-Jun-25 99.22 99.55 99.53 15-Year NZ*****F 2.875 01-Sep-30 101.58 101.65 101.62 20-Year NZ*****V 3.375 01-Sep-33 108.03 108.30 108.15
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    • Article
      Lock icon INTERBANK CURRENCY RATES
      155 13 Nov 27 Against S$ Against US$ Currencies Bid Offer Bid Offer S$/US$ to one unit of foreign currency: Australian dollar 1.0160 1.0169 0.7211 0.7216 Canadian dollar 1.0579 1.0584 0.7511 0.7509 Euro 1.4971 1.4980 1.0626 1.0630 NZ dollar 0.9228 0.9236 0.6550 0.6554 Sterling pound 2.1274 2.1283 1.5100 1.5103
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    • Article
      Lock icon BONDS, WARRANTS, PREFERENCE SHARES
      206 13 Most active Nov 27 Prem Expiry Last Vol Conv Exer Disc Gear-Mths Company Sale +or-('000) Ratio Price ing Left Ntegrator Intl Ltd W*****3 0.5 ***** 1 1 -6 3.20 36 DBS MB eCW*****4 6.5 -0.5 5338 0.1 1880 5 UOB MB eCW*****4 7.7 -1 5089 0.1
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    • Article
      Lock icon MORGAN STANLEY CAPITAL INT’L INDICES
      365 13 In local curr In S$ In US$ dy yr dy yr dy yr Nov 26 Index Change Change Change Change Change Change World Preliminary 1312.5 0.3 2.9 0.3 5.9 0.4 -0.3 EAFE Preliminary 1047.1 0.7 6.1 0.9 5.1 0.9 -1.1 Europe Preliminary 1467.5 0.9 6.2
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    • STOCK MARKETS
      • Article, Illustration
        Lock icon Straits Times Index
        20 13 ytd change: -15.04% 52-week high: 3,539.95 on April 15,2015 52-week low: 2,787.94 on Sept 29,2015 Source: Bloomberg
        Source: Bloomberg  -  20 words
      • Article, Illustration
        Lock icon Hang Seng Index
        20 13 YTD change: -6.51% 52-week high: 28,442.75 on April 28,2015 52-week low: 20,556.60 on Sept 29,2015 Source: Bloomberg
        Source: Bloomberg  -  20 words
      • Article, Illustration
        Lock icon Shanghai Stock Exchange Composite
        21 13 YTD change: +6.23% 52-week high: 5,166.35 on June 12,2015 52-week low: 2,630.49 on Nov 27,2014 Source: Bloomberg
        Source: Bloomberg  -  21 words
      • Article, Illustration
        Lock icon Nikkei 225
        19 13 YTD change: +13.94% 52-week high: 20,868.03 on June 24,2015 52-week low: 16,755.32 on Dec 16,2014 Source: Bloomberg
        Source: Bloomberg  -  19 words
      • Article, Illustration
        Lock icon Dow Jones Industrial Average
        26 13 YTD change: -0.05% 52-week high: 18,312.39 on May 19,2015 52-week low: 15,666.44 on Aug 25,2015 (Chart shows Wednesday’s index closing) Source: Bloomberg
        Source: Bloomberg  -  26 words
    • Article, Illustration
      Lock icon PSL rebounds to 10-week high
      642 14  -  Share consolidation takes effect; firm completes acquisition of stake in marine logistics firm By Tan Hwee Hwee hweetan@sph.com.sg @HweetanBT Singapore SHARES in PSL Holdings rebounded to end near a more than 10-week high on Friday the day when its 10-into-one share consolidation became effective. The
      Source: Bloomberg  -  642 words
    • Article
      Lock icon Huan Hsin’s substantial shareholder flags concerns
      295 14  -  By Jamie Lee leejamie@sph.com.sg @JamieLeeBT Singapore A SUBSTANTIAL shareholder of Huan Hsin Holdings has flagged concerns over the Chinese electronics contract manufacturer’s restructuring, and its financial results. USP Group, which holds about 16.2 per cent in the company, said it wanted to express its
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    • Article
      Lock icon Jumbo Group’s FY15 profit falls 8% to S$10.6m
      246 14  -  By Jamie Lee leejamie@sph.com.sg @JamieLeeBT Singapore CHILLI crab restaurant Jumbo Group said on Friday it is on target to open a third restaurant in Shanghai in January, but warned that the food and beverage (F&B) industry remains challenging. The comments came as
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    • Article
      Lock icon Wealth Mgt Institute’s Masters programme now IBF accredited
      299 14 Singapore THE Wealth Management Institute’s Master’s degree programme has become the first and only Master’s programme to be accredited against the standards set by the Institute of Banking and Finance. With this enhancement, the WMI’s Master of Science in Wealth Management will
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  • REAL ESTATE
    • Article, Illustration
      Lock icon Increasing buzz in GCB market as prices ease
      709 15 Agents note that despite limited supply, prices have softened due to weak sentiment THE Good Class Bungalow (GCB) market has been active lately with some owners lowering their price expectations, resulting in deals being sealed, say bungalow agents. So far this year,
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    • Article
      Lock icon S’pore private home prices down 8.2% from Sept 2013 high
      323 15  -  By Lee Meixian leemx@sph.com.sg @LeeMeixianBT Singapore FITCH Ratings said in its latest Asia-Pacific Structured Finance Chart that Singapore’s private residential property prices have fallen 8.2 per cent from their peak in September 2013. The fall has been driven mainly by
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    • Article
      Lock icon Househunt
      1174 16 PROPERTY TRANSACTIONS FOR SELECTED DISTRICTS WITH CONTRACT DATES BETWEEN OCT 14 AND OCT 20, 2015 PROJECT NAME/ STREET NAME PROP TYPE CONTRACT DATE TENURE BUILT -IN/LAND AREA*(SQ FT) PRICE (S$’000) PSF (S$) District 2 NON-LANDED Icon Apt 20/10/2015 99 560 1068 1908 The Arris Apt 15/10/2015 FH 990 1700
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  • BANKING & FINANCE
    • Article
      Lock icon BOE stress tests crucial for StanChart
      672 17 Half of the bank’s market value has been eroded in 2 years Bloomberg London FOR Bill Winters, things could go from bad to worse. The Standard Chartered plc chief executive officer has tapped investors for US$5.1 billion, scrapped dividends and shed toxic assets since
      Bloomberg  -  672 words
    • Article
      Lock icon Spat on and taunted no more: It’s okay to be an Irish banker again
      594 17 Bloomberg Dublin REVILED during Ireland’s financial crisis, banking is back in vogue with the country’s young and ambitious. Allied Irish Banks plc said this month that it will restart its graduate recruitment programme while Bank of
      Bloomberg  -  594 words
    • Article, Illustration
      Lock icon Japan bad-loan costs drop as bankruptcy at 25-year low
      367 17 Bloomberg Tokyo THE cost for Japan’s biggest banks to deal with soured loans all but disappeared in the first half as bankruptcies plunged. Mizuho Financial Group Inc’s lending arms had credit costs of just 400 million yen (S$4.6 million) in the
      Bloomberg; FILE PHOTO  -  367 words
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      Lock icon Page 18 Advertisements Column 1
      215 18 IMPACT, OPPORTUNITIES CHALLENGES The ASEAN Economic Community THE BUSINESS TIMES MAYBANK KIM ENG &INVESTASIA2016 51 The AEC encompassing 10 countries more than 600 million people, is targeted to come into effect this year. How will it change the region? What are its implications for politics and economics? What will it
      215 words
  • ENERGY & COMMODITIES
    • Article, Illustration
      Lock icon Big oil buyers rejoice as Opec grapples with glut
      640 18 Iran’s 500,000 barrels a day will mean a global overflow of oil Bloomberg Seoul OIL buyers in Asia are sure of one thing as the Organization of Petroleum Exporting Countries (Opec) prepares to meet: they’ll emerge as winners from the group’s
      Bloomberg; PHOTO: BLOOMBERG  -  640 words
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      Lock icon Page 19 Advertisements Column 1
      195 19 IN THE MATTER OF THE COMPANIES ACT, CAP. 50 AND IN THE MATTER OF SOLVAY SINGAPORE PTE. LTD. (IN MEMBER’S VOLUNTARY LIQUIDATION) (COMPANY REGISTRATION NO. *****1782W) NOTICE OF FINAL MEETING NOTICE IS HEREBY GIVEN that pursuant to Section 308(1) of the Companies Act, Cap. 50, the Final Meeting of the
      195 words
  • TECHNOLOGY
    • Article, Illustration
      Lock icon Xiaomi’s US$45b valuation in doubt as sales slip
      714 19 Domestic shipments fell 8% in Q3: research firm Bloomberg Taipei THINGS were going so well for Xiao mi Corp. Customers were lining up, investors were swooning and the Beijing-based startup closed funding at a US$45 billion valuation. That was last year. Now
      Bloomberg; PHOTO: BLOOMBERG  -  714 words
    • Article
      Lock icon Tech groups defend encryption following Paris attacks
      473 19 WP Washington TECHNOLOGY industry groups are pushing back against calls from law enforcement and intelligence officials to give the government more access to encrypted networks following the Paris terrorist attacks. Concrete evidence has yet to emerge that the perpetrators of the attacks used
      WP  -  473 words
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  • CONSUMER
    • Article, Illustration
      Lock icon US online sales surge ahead of Black Friday
      569 20 Shoppers expected to spend US$1.7b on Thanksgiving Day, a rise of 22% Bloomberg New York US e-commerce sales surged on Thanksgiving Day, raising questions about how many shoppers will show up for brick-and-mor-tar promotions on Black Friday, the traditional kick-off to the
      Bloomberg; PHOTO: AFF  -  569 words
    • Article
      Lock icon Valeant leads the way in steep price increase of skin drugs
      552 20 NYT New York TWO drugs sold by Valeant Pharmaceuticals International to treat cancer-related skin conditions increased in price by about 1,700 per cent over the last six years, according to a newly published survey that found big increases in
      NYT  -  552 words
    • Article
      Lock icon GSK cuts 40% of China sales reps after bribery scandal
      365 20 Reuters Shanghai GLAXOSMITHKLINE Plc has cut 40 per cent of its sales reps in China and axed some units as it eyes a return to growth in 2016, after sales plunged during a bribery scandal that landed it with a
      Reuters  -  365 words
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      585 21 NOTICES In The Matter Of The Companies Act, Cap. 50 And In The Matter Of SG TYRE MART PTE. LTD. Company Reg. No. *****4211D Notice of Creditors’ Meeting Pursuant To Section 296 Of The Companies Act, Cap. 50 NOTICE is hereby given that pursuant to Section 296 of the Companies
      585 words
  • TRANSPORT
    • Article
      Lock icon Botched UK rail revamp forces assets selloff to plug £2.5b funding gap
      343 21 Bloomberg London NETWORK Rail Ltd, the state-backed owner of Britain’s train tracks, plans to sell off assets spanning station shops to locomotive depots after a botched project to electrify key routes resulted in a £2.5 billion (S$5.3 billion)
      Bloomberg  -  343 words
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      Lock icon M&A deals rising in China plane leasing market
      461 21 Renting out aircraft to airlines is proving to be more lucrative than flying one Bloomberg Beijing CHINA is making the air-craft-leasing business a popular destination for mergers and acquisitions. Plane-leasing companies in China have been involved in more than US$16 billion worth
      Bloomberg  -  461 words
    • Article
      Lock icon AirAsia’s planned accounting change seen boosting transparency
      382 21 Reuters Kuala Lumpur AIRASIA’s plans to consolidate its group’s accounts will help dispel some criticism of its financials, though struggling affiliates are likely to drag down earnings at Asia’s biggest budget carrier. AirAsia Bhd shares have lost more than half their value this
      Reuters  -  382 words
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  • GOVERNMENT & ECONOMY
    • Article
      Lock icon ECB risks chasing own tail on bond buying with cut in deposit rate
      644 22 It probably makes more sense for the bank to abandon deposit rate floor, says analyst Bloomberg London THE European Central Bank risks staying one step behind the market, even if it lowers its deposit rate next week.
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      Lock icon China October industrial profits fall for fifth straight month
      284 22 Slumping sales, rising costs among reasons cited for 4.6% decline Reuters Beijing PROFITS earned by Chinese industrial companies fell 4.6 per cent in October from a year earlier, data from the statistics bureau showed on Friday, declining for the fifth consecutive
      Reuters  -  284 words
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      Lock icon Turkey ‘crossed the line’ with downing of Russian plane: Lavrov
      415 22 AFP Moscow RUSSIAN Foreign Minister Sergei Lavrov said on Friday that Ankara had crossed the line by shooting down a Russian warplane this week and warned that the incident could severely undermine Turkey’s interests. “We believe that the Turkish leadership
      AFP; PHOTO: AFP  -  415 words
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      Lock icon Some nations want total reboot of global trade talks: WTO chief
      486 24 Roberto Azevedo says there are two camps in organisation on key issue for Doha round AFP Geneva THE World Trade Organization (WTO) remains deeply divided over its flagship global trade pact ahead of a key conference in Nairobi, with
      AFP; PHOTO: REUTERS  -  486 words
    • Article
      Lock icon China crackdown on security industry intensifies
      668 24 Bloomberg Hong Kong CHINA’S biggest clampdown on malpractices in its securities industry kicked into higher gear this week with news that three of the nation’s largest brokerages are being investigated for alleged rule violations. Citic Securities Co and Guosen Securities Co late on Thursday
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      Lock icon South-east Asia’s improved growth numbers not sustainable: economists
      608 25 Fall in imports rather than exports strength underpinning recovery Reuters Jakarta STRONGER-THAN-EXPECTED growth in some South-east Asian economies has sparked optimism the worst of a slowdown may be over, but high debt and weak exports make sustaining the momentum a challenge for
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      Lock icon Thailand says ‘highly likely’ it will seek TPP membership
      461 25 Reuters Tokyo THAILAND is “highly likely” to seek membership in the Trans-Pacific Partnership (TPP) but would first need to weigh up the impact of the free-trade accord on its export-led economy, a deputy prime minister said on Friday. The pact currently
      Reuters; PHOTO: AFP  -  461 words
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      159 23 WHEEL DEAL The smarter way to sell your car SELL YOUR CAR AT THEBEST PRICE sory Asian said s. ces atangs elp ota dothe Konam. niral Mr Ken Soo, pictured here with his wife Valerie Lim, sold his seven-year-old after failing to get a suitable quote from other avenues. PHOTO:
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  • Page 26 / 27 Miscellaneous
  • OPINION
    • Article, Illustration
      Lock icon Helmut Schmidt and the secrets of statesmanship
      772 26 / 27  -  As Kissinger said, the ex-chancellor saw politics as ‘pragmatic action for moral objectives’. By David Marsh ~The writer is managing director of the Official Monetary and Financial Institutions Forum, an independent platform for dialogue and research on financial issues. More information on the
      OMFIF; PHOTO: REUTERS  -  772 words
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      Lock icon Combating idleness and deprivation
      944 26 / 27  -  We need to look deeply into why we lose able bodied youths to negativity. By Frank-Jürgen Richter By Frank-Jürgen Richter ~The writer is founder and chairman of Horasis, a global visions community. THERE are many ways to finish a sentence that starts with “Idle hands..” and
      944 words
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  • Wealth
    • WEALTH INVESTING
      • Article, Illustration
        Lock icon Taking a rational look at the risk of threats
        1467 28 / 29  -  Terrorists thrive when they get more bang for their buck, and recent threats on high net worth individuals call for higher levels of security. By Paul Sullivan By Paul Sullivan NYT THE terrorist attacks in Paris last week that killed 130
        NYT  -  1,467 words
      • Article
        Lock icon BROKERS’ TAKE
        555 28 / 29  -  By Andrea Soh Singapore Strategy UOB KayHian December With FSSTI bouncing close to 5 per cent from its recent Sept 15 lows, the market appears to be range bound in 1H16. FSSTI looks inexpensive but the 18-29 per cent discounts to long-term mean valuations (PE and P/B) look
        555 words
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        Lock icon The yuan as SDR currency – what next?
        932 30  - The yuan as SDR currency what next? The short-term impact on the global economy and financial markets is likely to be limited. WEALTH INSIGHTS By Chi Lo The writer is senior economist, BNP Paribas Investment Partners THE International Monetary Fund (IMF) issued a new staff report on Nov 13 supporting
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  • Page 31 Miscellaneous
    • Miscellaneous
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      366 31 CRYPTIC CROSSWORD Across 1 Blonde toupé that’s very sweet (6,5) 9 Placid about extremes of emotion put out (9) 10 Fear to depose leader? That’s a mistake (5) 11 Simple being, a snake from the East slithering over bits of me (6) 12 With business no longer on the decline,
      366 words
  • LIFE & CULTURE
    • Article, Illustration
      Lock icon Karting scene in Singapore accelerates
      531 31  -  KF1 Karting Circuit in Kranji hosts largest karting race ever held here: the X30 Challenge Singapore By Avanti Nim avantin@sph.com.sg Singapore GO karting is to motor racing what mini-golf is to golf. It may have started out as fun, but has evolved into a competitive
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      136 32 TO BREAK THE RULES, YOU MUST FIRST MASTER THEM. THE VALLÉE DE JOUX. FOR MILLENNIA A HARSH, UNYIELDING ENVIRONMENT; AND SINCE 1875 THE HOME OF AUDEMARS PIGUET, IN THE VILLAGE OF LE B R A S S U S T H E E A R LY W AT C H
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      62 1 LivingBTTHE BUSINESS TIMES WEEKEND NOVEMBER 28-29, 2015 2015 THE EEKEND CHINOISERIE REDUX The Chinese restaurant concept gets a mod makeover L2-4 PHOTO: EMPRESS BY JOHN HENG MOTORING A sportier van L10 TRAVEL In a league of its own L8-9 TRAVEL An eye for good deals L5 GOLF The BT Corporate
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  • BT Living
    • DINING
      • Article, Illustration
        Lock icon CHINOISERIE REDUX
        2507 2 / 3  -  The Chinese restaurant concept gets a mod makeover, with chic interiors and a revival of traditional cuisine. By Rachel Loi and Tay Suan Chiang taysc@sph.com.sg @TaySuanChiangBT rachloi@sph.com.sg @RachelLoiBT DRAGON and phoenix motifs on the wall, heavy rosewood furniture, and abundant use of gold and red all around it
        PHOTOS OF EMPRESS: JOHN HENG  -  2,507 words
    • TRAVEL
      • Article, Illustration
        Lock icon An eye for good deals
        1101 5  -  Not your ordinary shopper, Frasers Hospitality CEO Choe Peng Sum is always on the lookout for the next hotel property. By Jaime Ee By Jaime Ee jaime@sph.com.sg @JaimeEeBT THERE are some rabid shoppers who can’t leave a store without buying something. Then you have Choe
        1,101 words
      • Article, Illustration
        Lock icon A modern izakaya
        556 7  -  Still can’t get a table at Aronia de Takazawa? Yoshiaki Takazawa’s brand new bar will keep you happy in the meantime. By Jaime Ee By Jaime Ee IT looks like a scene from The Wolf of Wall Street: loud American investment banker types chugging down expensive wine
        556 words
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        Lock icon IN A LEAGUE OF ITS OWN
        1115 8 / 9  -  The Imperial Hotel Tokyo epitomises the uniquely Japanese way of turning hospitality into an art form. By Jaime Ee By Jaime Ee IF you’re familiar with Tokyo’s Friendly airport buses, you probably know this drill. You drop off at some fancy five star hotel
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        Lock icon DINING WITH JIRO-SAN
        949 8 / 9  -  Sushi Jiro seems more about exploring a legend than having a good meal. By Jaime Ee By Jaime Ee jaime@sph.com.sg WHY are grown men so afraid of a little old sushi chef? Why are we almost having kittens as we stand outside his dingy little Ginza restaurant
        PHOTOS: SAMUEL EE  -  949 words
    • HEALTH
      • Article, Illustration
        Lock icon Preventing sudden death
        1658 6  -  Besides a healthy lifestyle, early recognition and detection of the underlying blockage of the heart arteries are vital to avoiding a fatal heart attack. Here are some essential tips to achieve that Michael Lim ‘IT is impossible to die of a heart attack!” Can this statement be
        PHOTO: FREEIMAGES  -  1,658 words
    • MOTORING
      • Article, Illustration
        Lock icon A sportier van
        532 10  -  The Volkswagen Sportsvan is a taller and more spacious version of the Golf. By Samuel Ee samuelee@sph.com.sg IT’S bigger than a hatchback but it’s not quite an estate. It’s somewhere in the middle and it’s called the Volkswagen Golf Sportsvan, or what VW refers to as a
        532 words
      • Article, Illustration
        Lock icon SEVEN HEAVEN
        758 11  -  The new BMW 7 Series delivers an uncharacteristically high level of ride comfort. By Samuel Ee By Samuel Ee samuelee@sph.com.sg SOME cars debut with some new technology; the new BMW 7 Series is bursting with it. The sixth edition of the flagship BMW sedan has so many novel
        758 words
    • BT CORPORATE GOLF LEAGUE 2015
      • Article, Illustration
        Lock icon Surpassing all expectations
        585 12  -  Team Boustead captain Adrian Chu is both relieved and jubilant after winning this year’s event. By Justine Moss By Justine Moss FOR Team Boustead captain Adrian Chu, winning this year’s BT Corporate Golf League, presented by Audi Singapore, was a feeling of both relief and jubilation. “Relief,
        585 words
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      668 7 wine&dine with BTWeekend Café Mocha Marina Mandarin Singapore 6 Raffles Boulevard, Level 1 Z6845-1066 Ginger and Spice with Everything Nice Treat yourself and loved ones to the best of Santa’s festive gems in our goodie hampers and Christmas gift packs, carefully curated by Santa’s elves. Check out the selection at
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      83 1 28-29 NOVEMBER 2015 THE BUSINESS TIMES WEEKEND ickSIR NickFALDOEXCLUSIVE R TELLS SIX-TIME MAJOR WINNE ELLS IGHT YOU HOW TO PRACTISE R GHT BT CORPORATE RATE OLF 2015 FINALS G F 2015 FINAS TEAM BOUSTEAD CLINCH AM BOUSTAD CLINCH THEIR FIRST CROWN PUTT IT LIKE JORDAN LEARN FROM THE WORLD’S BEST
      83 words
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  • 28-29 NOVEMBER 2015 | THE BUSINESS TIMES WEEKEND Swing
    • editor’s letter
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        Lock icon SWING IT RIGHT, WITH FALDO
        585 2  -  BY S. MURALI By the end of the hour, he was sweating, panting and out of breath. But you could see that Sir Nick Faldo was not keen to stop imparting his knowledge onto the group of kids and parents in front of him. What
        585 words
    • singapore scene
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        Lock icon ‘FF’ THE INSPIRATION BEHIND BOUSTEAD’S SUCCESS
        701 4 / 5  -  He shies away from the glare of publicity. He maintains a low profile, preferring to work from the background. But his unseen hand works wonders for many projects, even in an enjoyable pursuit like the game of golf. And at Tuesday’s Business Times Corporate
        photos by Tharm Sook Wai  -  701 words
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      Lock icon Q & A WITH SIR NICK FALDO
      1182 6 / 7 Q A WITH SIR NICK FALDO Goll‘ legend Sir Nick Faldo was at the Laguna Phulget Goll‘ Club recently to conduct a golf clinic for youngsters. Swing editor 8 Murali caught up with the six—ti1ne Major winner at the picturesque course to talk about his golf design company, latest projects
      photo courtesy of Laguna Phuket Golf Club  -  1,182 words
    • Article, Illustration
      Lock icon THE CORE TENDER MERCY RELIEVE ELBOW PAIN WITH THESE SIMPLE STEPS
      643 6 / 7  -  THE CORE RELIEVE ELBOW endons connect m to bones, and whe: things like put a dx a golf club and hit pyramid of range i muscles around yc often be< endons connect muscles to bones, and when you do
      illustrations by Brown Bird Design  -  643 words
    • Article, Illustration
      Lock icon WHY I LOOK AT THE HOLE WHEN I PUTT
      742 8 / 9  -  IT WORKS FOR JORDAN SPIETH, TOO /L\ I I I: \J IT n the Golf Channel last spring, longtime Tour pro John Cook demonstrated Jordan Spieth’s cross—handed putting technique, and narrowly missed a se\‘en—looter on a practice green on the set.
      photo by Dom Furore  -  742 words
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      Lock icon GIVE IT ROOM TO ROAM
      336 8 / 9  -  TROUBLE RIGHT? STOP TRYING TO GO STRAIGHT BY BUTCH HARMON I see this mistake all the time: Slicers come to a hole with trouble on the right and tee up in the middle of the tee box. Thirty seconds later they’re watching the ball peel
      336 words
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      Lock icon TAKE IT EASY
      355 8 / 9  -  TAKE IT I OLFERS SHOULD NOT OVERSTRAIN THEMSELVES DURING WARM AND HUMID WEATHER BY ARUL JOHN Dr avin Ong (right), Specialist in Dermatology, The Skin Specialist, a Singapore Medical roup clinic, answers queries about physical problems golfers face. In this issue, he discusses olfer`s vasculitis, a condition
      photos by J. D. Cuban, courtesy of SMG Group  -  355 words
    • tried & tested
      • Article, Illustration
        Lock icon ROCKET SCIENCE
        223 10  -  BY TAN JU KUANG Cobra Puma Golf’s new King LTD drivers and fairway woods bring back a regal air to the brand. But this time, the clubs boast technology that emanates from collaboration with the Center for the Advancement of Science in Space (CASIS). Research conducted on the
        223 words
      • Article, Illustration
        Lock icon HAPPY FEET
        137 10 The Footjoy D.N.A. (Dryjoys Next Advancement) golf shoes, which were launched last year, quickly grew to be the best-selling shoe in golf. The new D.N.A. feature a new TourLock Cleat System for better traction while maintaining a low profile that is increasingly popular with golfers. The new SnugFit
        137 words
      • Article, Illustration
        Lock icon DIM SUM ON THE GO
        153 10 If you fancy a party and want to impress with a unique spread of dim sum, Yum Cha Restaurants has introduced a service that fits the bill. Yum Cha Express now offers a variety of dim sum favourites delivered to your doorstep. The items offered
        153 words
      • Article, Illustration
        Lock icon FUTURISTIC FLATSTICKS
        309 10 The new Scotty Cameron Futura X7 and X7M putters push the boundaries of multi-material construction. Combine this with the latest generation of its performance technology and you have putters that all but swing themselves to get the balls to the hole. Both the X7 and X7M have facesole
        309 words
    • playit
      • Article, Illustration
        Lock icon LEARNING ASPIRATIONS
        172 10 Young amateurs looking towards a future playing golf have a new avenue to pursue their dreams. Mizuno Singapore launched the Mizuno Golf School Asia Headquarters at the National Service Resort and Country Club, and is now open to taking in junior and competitive players, as well as the
        photos by Cobra Puma Golf, Acushnet Company, Yum Cha Restaurants, National Service Resort snd Country Club  -  172 words
      • Article
        Lock icon CROSS STRAIT FRIENDSHIP
        178 10 Golf has a canny way of getting people together, and keeping them together. And when it comes to getting to know your fellow professionals across the border, there are few better ways to solidify the camaraderie among journalists than over a game. For the last eight years,
        178 words
    • Article, Illustration
      Lock icon CHANGES IN LATITUDE
      570 11 GOLF’S RULES-MAKERS SOFTEN THEIR STANCE ON SOME THINGS FOR 2016 IF A WIND GUST MOVES YOUR BALL AFTER YOU ADDRESS IT, THERE’S NO PENALTY. 1Ball moves after address?There is no longer an automatic penalty(RULE 18-2). If your ball moves, all relevant information will be used to determine
      570 words
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      Lock icon BUNKER FUNDAMENTALS
      243 11  -  MAKE SURE YOU DON’T SKIMP ON THE SWING PLAY YOUR BEST FIXED ON TWITTER BY HANK HANEY Having to repeat a sand shot because of a failed attempt is the absolute enemy of good scores. To avoid that, you need a basic greenside bunker shot that will get
      Illustration by Aad Goudappel, photos by J.D. Cuban  -  243 words
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      163 3 r Va A (I YOUR BEST GAME. ZERO COMPROMISES. We redefined what’s possible to develop a driver that is literally from out of this world. Our first ever Zero CG driver means one thing: pure, unadulterated distance with forgiveness. The ultimate distance machine, Discover how space-inspired Zero CG will change
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      77 4 / 5 00 o (KOICIO I 0 e o "I Fat free Gluten free Cholesterol free mgs a hi 100% Natural Not from concentrate No added colors flavors 2 Golden Stars International Taste Quality Institute, Brussels, Belgium k I tXvi cr XW .5ES S Essential electrolytes Potassium Coconut Water 5 Essential Electrolytes
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      74 4 / 5 fc.N,A, frr/ f DRYJOYS NEXT ADVANCEMENT f f lo i, J Dv *HC£ D ,Hc^s E p ERF CF r. is i g> urs* m m c m FEATURING PERFORMANCE UPGRADES like a new TOURLOCK™ CLEAT SYSTEM for increased performance and traction and several other enhancements, the new D.N.A. shoes
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