The Business Times, 30 March 2016

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Microfilm: NL33803
Total Pages: 28
1 28 The Business Times
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  • Title Section
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    22 1 THE BUSINESS TIMES S$1.20 A SINGAPORE PRESS HOLDINGS PUBLICATION www.businesstimes.com.sg @BusinessTimes CO REGN NO *****2868E MCI (P) 039/08/2015 Wednesday, March 30, 2016
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  • Article, Illustration
    Lock icon DAILY DIGEST
    195 1 The shift in focus from productivity to innovation is clear in the latest Budget, but analysts wonder whether more could be done to ensure that the workforce is ready for the new economy. TOP STORIES 2 Talents of the workforce today may be completely irrelevant in the near
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  • Article, Illustration
    Lock icon For trade groups, a mounting test of relevance
    1151 1  -  Ineffective leadership, insufficient capacity, and infighting pose issues SINGAPORE’S FUTURE ECONOMY By Kelly Tay kellytay@sph.com.sg @KellyTayBT Singapore THERE are more than 350 trade associations and chambers (TACs) in Singapore an impressive figure on the surface, but numbers alone do not tell the
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  • Article
    Lock icon Motor premiums set to rise
    567 1  -  By Samuel Ee samuelee@sph.com.sg Singapore BAD news ahead for motorists. After two years of sliding premiums, they may soon have to start forking out more for car insurance as insurers feel the impact of higher costs and lower earnings from intense competition which forced rates
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  • Article
    Lock icon MARKETS
    27 1 Tuesday Change STI 2,819.08 -11.21 KL COMP 1,715.04 +12.63 NIKKEI 225 17,103.53 -30.84 HANG SENG 20,366.30 +20.69 SHENZHEN B 1,129.48 -6.29 DOW (11.45 EDT) 17,503.65 -31.74
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  • TOP STORIES
    • Article
      Lock icon Innovation goal clear, but forum raises question on how to get there
      619 2  -  Experts at post-Budget discussion suggest safety nets to spur innovation and push for ‘economies of scope’ SINGAPORE BUDGET 2016 By Soon weilun soonwl@sph.com.sg @SoonWeilunBT Singapore THE shift in focus from productivity to innovation was clear in the latest
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    • Article, Illustration
      Lock icon Al-Futtaim to close 10 or more stores in S’pore
      771 2  -  SINGAPORE RETAIL By Nisha Ramchandani nishar@sph.com.sg @Nisha_BT Singapore FACED with a challenging retail environment, the Al-Futtaim group will continue to close stores in Singapore, but expand its footprint elsewhere in promising Asian markets. The group, which owns Robinsons, will shutter at
      FILE PHOTO  -  771 words
    • Article
      Lock icon Uniqlo to open global flagship store in Orchard Central
      319 2  -  By Nisha Ramchandani nishar@sph.com.sg @Nisha_BT @Nisha_BT Singapore UNIQLO will open its first global flagship store in Singapore, which will also be the first in South-east Asia, in the second half of this year. While some other retailers are cutting back on
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    • Article
      Lock icon Malaysian SMEs gloomy, expect turnaround only in 2018: survey
      634 2  -  By Pauline Ng btworld@sph.com.sg Kuala Lumpur MALAYSIAN small and medium-sized enterprises (SMEs) are in a blue funk. A recent survey has found that a significant majority are pessimistic about the economic outlook for this year and the next, and expect an
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    • Article
      Lock icon BOE says EU vote uncertainty could push up borrowing costs
      649 2 REUTERS London BRITAIN’S European Union referendum could push up credit costs and weaken sterling more, the Bank of England warned on Tuesday, as it moved to bolster banks’ risk buffers and slow a boom in lending to landlords. The central
      REUTERS  -  649 words
    • Article
      Lock icon What talents will a future Singapore need?
      960 4  -  New research report examines four possible scenarios of life in Singapore in 2030, to help businesses think about their future strategy and the talents they will require SINGAPORE’S FUTURE ECONOMY By Michelle Quah michquah@sph.com.sg @MichelleQuahBT Singapore THE talents possessed by the Singapore workforce
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    • Article, Illustration
      Lock icon SMEs to get more support in deploying robotics solutions
      628 4  -  The leasing model can lower the upfront financial cost, a potential barrier to the adoption of technology: Iswaran By Jacquelyn Cheok jaccheok@sph.com.sg @JacCheokBT Singapore SMALL and medium-sized enterprises (SMEs) can expect more support in deploying robotics solutions in the drive for
      628 words
    • Article, Illustration
      Lock icon Expect ‘unicorn’ valuations to be lowered: Ratan Tata
      520 4  -  By Jacquelyn Cheok jaccheok@sph.com.sg @JacCheokBT Singapore EXPECT some “unicorn” valuations to be adjusted downward soon. Mr Ratan Tata, chairman emeritus of India’s Tata Sons and a fervent angel investor, referring to global private companies valued at US$1 billion or more, said it
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    • Article, Illustration
      Lock icon BT donates Xmas auction proceeds to Pertapis
      322 5 Singapore THE Islamic Theological Association of Singapore (Pertapis) will soon be able to expand its educational initiatives for children from low-income families, thanks to a S$20,500 donation from The Business Times. The sum was raised during BT’s annual Christmas party-cum-charity auction last December,
      PHOTO: YEN MENG JIIN  -  322 words
    • Article
      Lock icon Option of paying bus, train fares via cellphone takes off
      463 5  -  The payment method is also available at over 30,000 ez-link acceptance points across the island By Renald Yeo yrenald@sph.com.sg Singapore COMMUTERS will now be able to pay for their public transport fares with just a tap of their mobile phones,
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  • Page 4 Advertisements
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      Lock icon Page 4 Advertisements Column 1
      107 4 Szechuan Court’s Delightful Weekend Dim Sum Available Saturdays, Sundays and Public Holidays Be enthralled by delectable dim sum delights as Chef Mandy Yeo puts together a new menu of mouth-watering creations and an enhanced premium selection that will please any dim sum fan. A la carte buffet $52 per adult
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  • Page 5 Advertisements
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      Lock icon Page 5 Advertisements Column 1
      181 5 WAT E R SCAPE AT CAVENAGH dential Address ws L c n 3 Study Ground Floor Units 1733 sqft 3068 sqft Price from $1344 psf only 3 3 n. Dimng 3 ji 2-Bedroom 1 066 sqft $2.05m $2.10m 3-Bedroom 1 31 3 sqft $2.38m $2.50m 7 k 4 V. Tfr!
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  • COMPANIES & MARKETS
    • Article, Illustration
      Lock icon CIMB marks Sunningdale Tech as takeover target
      463 6  -  Precision manufacturer had full-year sales of S$674m, gross margin of 13.5 per cent and net profit of S$42m By Kenneth Lim kenlim@sph.com.sg @KennethLimBT Singapore SUNNINGDALE Tech could be the next precision manufacturer to draw a buyout bid because of its global reach and
      Data: ShareInvestor.com  -  463 words
    • Article
      Lock icon Sembcorp Industries CEO’s 2015 bonus halved
      456 6  -  By Andrea Soh sandrea@sph.com.sg @AndreaSohBT THE oil price plunge has hit the remuneration package of Sembcorp Industries’ top executive. CEO Tang Kin Fei’s total remuneration fell by some 28 per cent to S$4.45 million last year, as losses in Sembcorp’s offshore and marine unit
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    • Article
      Lock icon Time for Singtel to sell SingPost stake
      1054 7  -  HOCK LOCK SIEW BY MELISSA TAN melissat@sph.com.sg @MelissaTanBT AS the end of the first quarter approaches, with annual general meeting season on the horizon, one question might be on investors’ minds: Could Singtel be thinking about selling its stake in Singapore Post? And
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    • Article
      Lock icon Low Keng Huat’s Q4 earnings fall 58%
      380 7  -  By Andrea Soh sandrea@sph.com.sg @AndreaSohBT Singapore CONSTRUCTION firm Low Keng Huat’s net profit for the fourth quarter more than halved as its revenue plunged. The group recorded a net profit of S$32.1 million for the three months ended Jan 31, 2016, down 58
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    • Article
      Lock icon Oil and gas deal volume likely to rebound in 2016: EY
      671 10  -  Sellers likely to “blink first” in an environment of “lower for longer” oil price outlook as per-barrel price sinks By Tan Hwee Hwee hweetan@sph.com.sg @HweetanBT Singapore EY has reported lower-than-expected global oil gas deal volume and value in 2015,
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    • Article
      Lock icon KKR mulling record US$9b target for third Asia fund
      283 10 BLOOMBERG New York KKR Co, the alternative asset manager co-founded by Henry Kravis and George Roberts, is considering a record US$9 billion target for its third Asia-dedicated buyout fund, said people familiar with the matter. The firm is in early talks
      BLOOMBERG  -  283 words
    • CORPORATE DIGEST
      • Article
        Lock icon Nam Cheong Limited
        51 10 NAM Cheong has received a notice of cancellation for the sale of an accommodation work barge from a unit of Malaysialisted Perdana Petroleum. But the firm says the termination is not valid, and could amount to a breach of contract, for which it is entitled to pursue
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      • Article
        Lock icon Parkway Life Reit
        60 10 parkway Life real estate investment trust has completed the maiden issuance of 3.3 billion yen (S$40.7 million) six-year senior unsecured fixed rate notes due 2022, its manager said. Proceeds will be used to pre-emptively refinance its Japanese yen loan due in Q1 2017 and to fund the
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      • Article
        Lock icon 3Cnergy
        68 10 PROPERTY solutions company 3Cnergy, formerly known as HSR Global, is proposing to acquire a Johor Baru property firm for S$64 million in shares.The Malaysian firm, Liberty Bridge, owns 10 parcels of undeveloped land, amounting to 15 hectares in total in Puteri Harbour, Johor Baru. The ultimate owner of the
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    • Article
      Lock icon DBS offers ‘peek’ at accounts on mobile with just a swipe
      536 11  -  Bank says no pre-login on the iphone or Apple Watch is required By Siow Li Sen lisen@sph.com.sg @SiowLiSenBT Singapore DBS Bank is playing catch-up with rival OCBC Bank to deliver more banking services via the ubiquitous mobile phone. In
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    • Article
      Lock icon NTU, China central bank launch joint yuan research centre
      416 11 STRAITS TIMES ONLINE Singapore NANYANG Technological University and China’s central bank, the People’s Bank of China (PBOC), have jointly launched a research centre to study the demand and use of the yuan or renminbi (RMB) in international markets. The Centre for
      STRAITS TIMES ONLINE  -  416 words
    • Article
      Lock icon Aviva Investors bullish about risk assets over next 6 months
      361 11 REUTERS Singapore GLOBAL asset manager Aviva Investors is buying high-yielding corporate bonds and stocks as the environment for risk-taking improves across financial markets, the group’s head of investment strategy said. The more aggressive investment strategy is based on the view
      REUTERS  -  361 words
    • Article, Illustration
      Lock icon STI / Catalist
      63 12 STI Catalist Straits Times Index March 29,2016 2,819.08 -11.21 (-0.40%) Current streak 3 days Day high 2,836.85 Day low 2,816.52 52-week high 3,539.95 (Apr 15, 2015) 52-week low 2,532.70 (Jan 21, 2016) FTSE ST Catalist index March 29,2016 454.12 -0.38 (-0.08%) Current streak 1 day Day high 456.62 Day low
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    • Article, Illustration
      Lock icon STI drifts lower in thin volume
      587 12  -  Turnover subdued at 1.5 billion units worth S$970 million STOCKS By R Sivanithy sivan@sph.com.sg @RSivanithyBT DESPITE Hong Kong re-open-ing after the Easter Monday holiday, trading in the local stock market on Tuesday remained listless, with the Straits Times Index drifting 11.21 points lower to
      Source: Bloomberg  -  587 words
    • Article
      Lock icon STI STOCKS
      316 12 Stock name Close Change Day high/low 52w high 52w low PE Div yield Mcap Ascendas Reit 242 +1 242/240 271 209 6 6356.7 CapitaCom Trust 148.5 +2 148.5/146.5 179 122.5 5.8 4388.7 CapitaLand 307 cd unch 308/303 379 267 12.3 2.9 *****.9 CapitaMall Trust 212 unch 214/212 228
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    • Article
      Lock icon MOST ACTIVE
      36 12 VOLUME Yuuzoo 83,217,900 OKH Global 81,413,300 Magnus Energy 77,628,300 Ezra 72,279,000 Rex Intl 63,892,400 Market volume 1,836,308,000 VALUE OCBC Bank 69,608,755 DBS Grp 60,810,290 Singtel 58,069,958 UOB 56,838,839 JMH USD 36,882,091 Market value 1,002,821,000
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    • Article
      Lock icon SGX ETFS Most Active
      109 12 Fund Last sale +/-(‘000) Day high/low 52w high/low Buy/Sell Mcap STI ETF 283 107 284/283 355/254 283/284 DBXT MSRussia US$ US181 -4 81 181/181 235/129 180/181 IS MS INDIA US$ US658 +1 59 658/650 819/575 657/658 82.3 IS Asia BND US US1047 +1 47 1058/1047 1096/1010
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    • Article
      Lock icon OTHER SINGAPORE INDICES
      77 12 Mar 29 VALUE CLOSE BT OB/OS -121.00 -33.00 BT CADI -*****.00 -17.00 BT 10-day MA -*****.00 -12.00 FTSE ST Mid Cap 684.91 -1.62 FTSE ST Small Cap 396.97 -1.42 FTSE ST All Share 690.37 -2.36 FTSE ST China Top 164.10 +0.24 FTSE ST China 193.60 -0.32 FTSE
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    • Article, Illustration
      Lock icon STI / FTSE ST All-Share
      35 12 STI FTSE ST All-Share ftse ST All-Share index March 29,2016 690.37 -2.36 (-0.34%) Current streak 3 days Day high 694.18 Day low 690.36 52-week high 847.98 (Apr 15, 2015) 52-week low 625.37 (Jan 21, 2016)
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    • Article, Illustration
      Lock icon STI / MSCI EAFE
      33 12 STI MSCI EAFE MSCI EAFE index March 28,2016 1,631.50 +8.07 (+0.50%) Current streak 2 days Day high 1,631.95 Day low 1,619.61 52-week high 1,949.49 (May 15, 2015) 52-week low 1,492.43 (Feb 12, 2016)
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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 2 10 3 1 0 0 3 10 3 Manufacturing 35 42 25 9 5 11 44 47 36 Commerce 16 16 13 2 5 4 18 21 17 Tpt/Stor/Comms 10 16 6
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    • Article
      Lock icon SECURITIES TRADING TURNOVER
      123 12 VOLUME (‘000) VALUE (‘000) MAIN CATL TOTAL MAIN CATL TOTAL Multi Ind 22,624 1,407 24,031 73,673 316 73,989 Manufacturing 179,521 40,726 220,247 96,106 1,466 97,572 Commerce 107,913 29,662 137,575 87,672 1,265 88,936 Tpt/Stor/Comms 151,128 1,499 152,627 159,351 128 159,479 Finance 24,930 104 25,034 202,786 14 202,800 Construction
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    • Article
      Lock icon UNUSUAL ACTIVITY
      81 12 VOL CLOSE($) CHANGE TA 4.2 0.215 -0.070 -24.56 Sitra 5,300.0 0.009 -0.001 -10.00 Europtronic 6,749.1 0.003 +0.001 +50.00 Serrano 208.1 0.040 -0.008 -16.67 Ocean Sky Intl 371.0 0.061 -0.008 -11.59 Regal Intl 12.1 0.165 +0.075 +83.33 Hosen 136.0 0.049 +0.004 +8.89 Parkson Retail 34,112.7 0.189 -0.021 -10.00 Huationg
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    • Article
      Lock icon GAINERS
      76 12 BY CENTS CLOSE UP 52w high/low SPDR DJIA US$ ***** 191.6 0.8 *****/***** DBXT MSUSA US$ 5224 64.3 0.9 5573/4705 GLD US$ ***** 35.6 0.2 *****/***** JSH USD 2930 21.9 0.5 3578/2524 DBS Bk 4.7% NCPS ***** 20.0 0.2 *****/***** BY PERCENTAGE CLOSE UP 52w high/low Regal Intl 16.5
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    • Article
      Lock icon LOSERS
      73 12 BY CENTS CLOSE DOWN 52w high/low DBXT EONIA US$ ***** -722.5 -3.3 *****/***** DBXT E50 US$ 4369 -39.7 -0.7 5300/3968 DBXT MSTHAI US$ 1779 -38.3 -1.5 2300/1419 JMH USD 5612 -38.3 -0.5 6386/4500 Jardine C&C 3952 -38.0 -1.0 4258/2636 BY PERCENTAGE CLOSE DOWN 52w high/low Eindec 13 -29.7 -5.5
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    • BROKERS’ TAKE
      • Article
        Lock icon Hutchison Port Holdings Trust Hold
        166 12 Target price: S$0.46 March 29 close: S$0.68 OCBC Investment Research, March 29 with the merger of the Cosco and China Shipping, as well as CMA CGM’s acquisition of NOL and its container carrier APL, the CKYHE Alliance, the Ocean Three Alliance and the G6 Alliance
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      • Article
        Lock icon Innovalues Buy
        116 12 Target price: S$1.06 March 29 close: S$0.83 UOB Kay Hian Research, March 29 innovalues enjoyed positive feedback during its recent marketing trip to Taiwan. Maintain “buy” and discounted cash flow-based target price of S$1.06... We estimate its 2016 and 2017 free cash flow yield at 8.7 per cent
        116 words
      • Article
        Lock icon Singapore telcos
        193 12  -  Compiled by Kenneth Lim Nomura Research, March 28 Discussion on Singapore’s fourth mobile entrant has so far centred around MyRepublic. Its management team is more visible and accessible to investors and its retail presence is stronger, but last Friday, the other contender Consistel: 1) reaffirmed its plan to
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    • Article
      Lock icon CALENDAR
      8 12 DATA IMarch 30 US MBA Mortgage Applications
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    • Article
      Lock icon Eyes on Yellen speech as US$ rises against yen
      428 13 CURRENCIES REUTERS London THE US dollar rose against the yen on Tuesday, with the focus on a speech by Federal Reserve chairwoman Janet Yellen who could give clues on when interest rates could be hiked later this year. The dollar index
      REUTERS  -  428 words
    • FOREX RATES
      • Article
        Lock icon INTERBANK CROSS RATES
        471 13 Mar 29 A$ C$ Rmb Euro HK$ Ind Rs Rupiah Yen Won RM NZ$ Pak Rs Peso S$ Rand Sfr NT$ Baht Pound US$ Australia 0.995 4.903 0.674 5.843 50.122 101.079 0.856 8.775 3.012 1.118 78.864 34.933 1.031 11.676 0.735 24.615 26.671 0.529 0.753 Canada 1.005 4.930
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      • Article
        Lock icon INTERBANK CURRENCY RATES
        155 13 Mar 29 Against S$ Against US$ Currencies Bid Offer Bid Offer S$/US$ to one unit of foreign currency: Australian dollar 1.0305 1.0315 0.7531 0.7533 Canadian dollar 1.0360 1.0371 0.7574 0.7572 Euro 1.5293 1.5309 1.1177 1.1180 NZ dollar 0.9218 0.9230 0.6737 0.6741 Sterling pound 1.9470 1.9491 1.4229 1.4234
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      • Article
        Lock icon US$/S$ FORWARD RATES
        22 13 Mar 29 S$ Bid Offer 1-month 1.3685 1.3698 2-months 1.3689 1.3704 3-months 1.3695 1.3710 6-months 1.3713 1.3729 Source: OCBC
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      • Article, Illustration
        Lock icon HANG SENG
        2 13
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      • Article, Illustration
        Lock icon NIKKEI
        1 13
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        Lock icon SHANGHAI COMPOSITE
        2 13
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      • Article, Illustration
        Lock icon DOW JONES
        2 13
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    • EQUITY BONDS WARRANTS FUTURES
      • Article
        Lock icon SGX DERIVATIVES TRADING
        393 13 Mar 29 OPEN HIGH LOW SETT VOL OP/INT FTSE CHINA A50 INDEX FUTURES Mar16 9482.50 9557.50 9397.50 9435.00 *****3 *****0 Apr16 9452.50 9532.50 9377.50 9407.50 *****0 *****9 NIKKEI 225 INDEX FUTURES Jun16 *****.00 *****.00 *****.00 *****.00 ***** *****3 Sep16 *****.00 *****.00 *****.00 *****.00 179 662 MSCI TAIWAN
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      • Article
        Lock icon BONDS, WARRANTS, PREFERENCE SHARES Most active
        210 13 Mar 29 Prem Expiry Vol Conv Exer Disc Gear-Mths Company Last Sale +or-('000) Ratio Price ing Left KepCorp MB eCW*****2 10.6 -0.8 7271 0.2 680 9 DBS MB eCW*****1 11.7 0.1 6852 0.1 1480 4 DBS VT eCW*****2 10.7 0.1 3039 0.1 1488 4
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      • Article
        Lock icon MORGAN STANLEY CAPITAL INTERNATIONAL INDICES
        377 13 In local curr In S$ In US$ dy yr dy yr dy yr Mar 28 Index Change Change Change Change Change Change World Preliminary 1236.1 0.1 -3.3 0.0 -5.6 0.2 -2.2 EAFE Preliminary 940.0 0.2 -7.2 0.3 -8.3 0.5 -4.9 Europe Preliminary 1322.8 0.0 -6.4
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    • BANK RATES
      • Article
        Lock icon INTERBANK RATES
        154 13 Mar 29 $S Offer Bid 0vernight 0.02 Par 1-month 0.9375 0.8125 2-months 1.125 1.000 3-months 1.1875 1.0625 Overnight mode: 0.03 US$ Offer Bid 7 days 0.45 0.35 1 month 0.48 0.38 2 months 0.65 0.45 3 months 0.75 0.55 6 months 1.05 0.85 9 months 1.25 1.05 12
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      • Article
        Lock icon GOVERNMENT SECURITIES
        63 13 Mar 29 GOVERNMENT BONDS Period Issue Coupon Maturity Close Day's code rate Bid High Low 2-Year N*****0T 0.5 01-Apr-18 99.07 5-Year NX*****X 2.250 01-Jun-21 103.18 103.32 103.05 10-Year NX*****Z 2.375 01-Jun-25 103.5 103.67 103.60 15-Year NZ*****F 2.875 01-Sep-30 106.66 106.86 106.75 20-Year NZ*****V 3.375 01-Sep-33 113.22 30-Year NA*****H
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    • AGRI METALS ENERGY
      • Article
        Lock icon COMMODITY FUTURES
        250 13 Mar-28 Price Net change change Last Trade Agricultural Mar-28 CBOT Soybeans (US cents/bu) 909.00 -1.50 -0.16% 13/05/2016 CBOT Soybean Oil (US cents/lb) 33.63 0.45 1.36% 13/05/2016 CBOT Wheat (US cents/bu) 471.00 8.00 1.73% 13/05/2016 Mar-24 LIFFE Cocoa (£/tonne) 2202.00 -9.00 -0.41% 13/05/2016 LIFFE Coffee (US$/tonne) 1458.00 -22.00 -1.49%
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    • Article
      Lock icon SGX MAINBOARD
      1858 14 52-Wk Last Vol Day Div GrYld Net MCap High Low Company Sale +/-(’000) High Low C’vr P/Ep $mil Last Vol Day Div GrYld 153 127 AIMSAMP Cap Reit 135 +0.5 4 135 134 1 8.2 857.7 MCap 175.5 101 ARA Asset Mgmt 118cd +1.5 694 119 116.5 1.7
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    • Article
      Lock icon SGX CATALIST
      293 14 52-Wk Last Vol Day Div GrYld Net MCap High Low Company Sale +/-(’000) High Low C’vr P/E Company Last Sale vol ('000) High Day Low Div C'vr 19.9 12.3 t Anchor Resources 12.9 -0.5 ***** 13.6 12.6 36.1 Net P/E MCap 35 8.8 t 3Cnergy 8.8 29.5 16.7
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    • Article
      Lock icon SGX ETF
      113 14 52-Wk Last Vol Day Div GrYld Net MCap High Low Counter Sale +/-(’000) High Low C’vr P/E Counter Last Sale vol 4258 2355 DBXT China50 US$ US2715 -15 4 2715 2703 7.5 399 190 DBXT MSBrazil US$ US290 +11 290 290 1750 995 DBXT MSCHINA US$ US1151 -1
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      Lock icon Page 6 Advertisements Column 1
      536 6 S’ [AlENRICH i. x Jf-f I rteitil f J n t a x 'i A 1 U W i A r SINGAPORE EXCELLENCE AWARD 20 IS A CUT ABOVE THE REST SINGAPORE EXCELLENCE AWARD IS TO PROMOTE AND HONOR OUR LOCAL SELF-DETERMINED ENTREPRENEURS WHO OPERATE SMALL AND MEDIUM-SIZED BUSINESSES IN
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      9 7 iVn In III 5fll¥ □H SCAN&READ NOW more @lifestyle.omy.sg
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      Lock icon Page 7 Advertisements Column 2
      314 7 LAST DAY to pre-register your visit for FREE admission! For trade visitors only 12-15 April 2016 Singapore Expo, Hall 10 International Trade Fair for Wines and Spirits ProWine VISIT THE INAUGURAL PROWINE ASIA 2016 IN SINGAPORE! Newest addition to ProWein World world's leading wines spirits trade fairs More than 300
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      Lock icon Page 7 Advertisements Column 3
      372 7 AccountServe A Stone Forest Company Globally Connected RSM Need Help with XBRL Reporting? 24 Hrs 8,000 turnaround time* reports since Nov 2007 *Terms conditions apply www.AccountServe.com.sg XBRL@AccountServe.com.sg T+65 6222 6868 BNP PARIBAS The bank for a changing world MOORE STEPHENS LLP CHARTERED ACCOUNTANTS OF SINGAPORE Moore Stephens BNP Paribas Singapore
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      Lock icon Page 8 Advertisements Column 1
      1191 8 United Overseas Bank Limited (Incorporated in the Republic of Singapore) and its Subsidiaries Company Registration No. *****0026Z FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015 IMPORTANT The following financial information contains only a summary of the information in the financial statements of the Bank and the Group for
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      2305 9 INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF UNITED OVERSEAS BANK LIMITED (CONT’D) United Overseas Bank Limited (Incorporated in the Republic of Singapore) and its Subsidiaries Company Registration No. *****0026Z Key Audit Matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit
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      777 10 United Overseas Bank Limited (Incorporated in the Republic of Singapore) and its Subsidiaries Company Registration No. *****0026Z SUMMARY OF THE NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015 Corporate information United Overseas Bank Limited (the Bank) is a limited liability company incorporated and domiciled in
      777 words
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      222 11 RafflesMedicalGroup Your Trusted Partner for Health £L f' 9 9 Serving You A n In 13 Cities in Asia p u jf n A: Raffles Medical Group has evolved since 1976 from a two clinic practice in Singapore to an integrated healthcare provider with a wide presence in Asia. Si.
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      79 14 SGX== Effective asset allocation Achieve a diversified portfolio with ETFs that offer you access to stocks, bonds and commodities. Find out more at sgx.com/etf Singapore Exchange This advertisement has been published for general circulation only. It is not an offer or solicitation to buy or sell, nor financial advice or
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  • REAL ESTATE
    • Article, Illustration
      Lock icon Famous hotpot chain founder buys GCB
      560 15  -  Dubbed “The Winged House”, the Gallop Road bungalow sold for S$27m By Kalpana Rashiwala kalpana@sph.com.sg @KalpanaBT Singapore THE founder of a popular Si-chuan-style hotpot (steamboat) chain that originated in China and which is well-known for its dedicated customer service is understood to have bought
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    • Article
      Lock icon Anbang’s US$14 billion offer could kill Marriott’s bid for Starwood
      903 15 BLOOMBERG New York MARRIOTT International Inc is facing the prospect that four months of work towards completing a purchase of Starwood Hotels Resorts Worldwide Inc coming undone. Starwood received a takeover offer of US$82.75 a share, or US$14 billion, from
      BLOOMBERG  -  903 words
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      Lock icon Ex-wife of Wynn Resorts founder sues for control of her stake
      449 15 REUTERS Las Vegas ELAINE Wynn, former wife of Wynn Resorts Ltd founder Steve Wynn, sued him on Monday to get control over her nearly 10 per cent stake, worth close to US$900 million, in the casino company. Escalating a
      REUTERS; PHOTOS: REUTERS  -  449 words
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      313 15 BEST OVERSEAS PROPERTY INVESTMENT DESTINATIONS REGISTER ONLINE This Weekend Australia UK Malaysia Thailand Sri Lanka Philippines More EXHIBIT HIGHLIGHTS i U IPOH SOUTH GATE MALAYSIA From SGD 182,000 TAMBA VILLAS THALPE SRI LANKA From SGD 970,000 CBD IN METRO MANILA PHILIPPINES SGD 244,000 SB ISS a SHERIDAN TOWERS LUMIERE RESIDENCES
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  • BANKING & FINANCE
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      1146 16 NOTICES TOLL FREE 1800-289-8822 I Email notices@sph.com.sg I www.sphclass.com.sg/notices COMFORTDELGRO CORPORATION LIMITED (Incorporated in the Republic of Singapore) (Co. Reg. No.: *****0002K) NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN that the Thirteenth Annual General Meeting of the Company will be held on Thursday, 28 April 2016 at 10.00
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      3995 17 NOTICES Grow Your Stock Call 1800 289 8822 or e-mail notices@sph.com.sg to place your Mergers Acquisitions Notices Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this document, make no representation as to its accuracy or completeness and
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  • ENERGY & COMMODITIES
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      897 18 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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      807 18 IN THE MATTER OF THE COMPANIES ACT, (CHAPTER 50) PURSUANT TO SECTION 290(1)(b) At an Extraordinary General Meeting of FORTUNE INFORMATION SYSTEMS (S) PTE LTD (Company Registration No. *****1753Z) duly convened on 22 March 2016, the following resolutions set out below were duly passed AS SPECIAL RESOLUTIONS “a) That the
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      26 18 APRIL ISSUE OUT NOW! NE E-CLASS EVEN CLASSIER 8-1 MERCEDES-BENZ SALOON VJ ft GETYOURCOPY FROM THE NEWS-STAND OR SUBSCRIBE TO ENJOY GREATER SAVINGS! WWW.TORQUE.COM.SC/ SUBSCRIPTION sPHmagazmes
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  • TECHNOLOGY
    • Article
      Lock icon FBI hacks attacker’s iPhone, drops Apple suit
      570 19 Third party found that could access data stored in phone of San Bernardino killer AFP Los Angeles THE FBI has unlocked the iPhone used by one of the San Bernardino attackers, officials said on Monday, ending a heated legal standoff with Apple that
      AFP  -  570 words
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  • CONSUMER
    • Article
      Lock icon China’s milk stockpile leaves NZ farmers struggling
      671 20 Their woes pose a risk to economic growth, as dairy sector represents about 25% of exports REUTERS Wellington CHINA once helped drive global dairy demand but its stockpiling of powdered milk sent prices plunging and has left farmers in the world’s top milk
      REUTERS  -  671 words
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      3883 21 NOTICES TOLL FREE 18 0 0-289-8822 I Email notices@sph.com.sg I www.sphclass.com.sg/notices oue COMMERCIAL REIT OUE Commercial Real Estate Investment Trust (A real estate investment trust constituted on 10 October 2013 under the laws of the Republic of Singapore) NOTICE OF ANNUAL GENERAL MEETING NOTICF IS HFRFRY GIVFN that the Annual
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  • TRANSPORT
    • Article
      Lock icon SIA and SilkAir sign codeshare agreement with Air China
      372 22  -  Deal to translate into more flight options for passengers travelling from Singapore to Beijing and Chengdu By Nisha Ramchandani nishar@sph.com.sg @Nisha_BT Singapore SINGAPORE Airlines (SIA) and SilkAir have inked a codeshare agreement with Air China, which means more flight options for
      372 words
    • Article
      Lock icon Shipping industry’s future looks tough and messy
      988 22  -  Survey shows confidence levels at record low; S’pore Shipping Association sees better future for the sector STRAIT TALK BY DAVID HUGHES PAPERS presenting two contrasting perspectives of the shipping industry popped up on my screen last week. One was a summary of the
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    • Article
      Lock icon Virgin America receives takeover offers
      422 22 REUTERS New York VIRGIN America Inc has received takeover bids from JetBlue Airways Corp and Alaska Air Group Inc as the US budget airline backed by British billionaire Richard Branson explores a sale, a person familiar with the matter said on Monday. Asian airlines have
      REUTERS  -  422 words
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      2561 22 NOTICES TOLL FREE 1800-289-8822 I Email notices@sph.com.sg I www.sphclass.com.sg/notices ARA ASSET MANAGEMENT LIMITED (Incorporated in Bermuda) (Co. Reg. No: *****) NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN that the Annual General Meeting of ARA ASSET MANAGEMENT LIMITED (the “Company”) will be held at Level 3, Meeting Room 331-332,
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      16 22 Grow Your Stock Call 1800 289 8822 or e-mail notices@sph.com.sg to place your Mergers Acquisitions Notices
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  • GOVERNMENT & ECONOMY
    • Article
      Lock icon Consumers more upbeat about economy and jobs
      456 23 March consumer confidence rose to 96.2 from a revised 94 reading in February LATEST US DATA BLOOMBERG Washington CONSUMER confidence rebounded more than forecast in March as American households grew more upbeat about prospects for the labour market and economy. The Conference Board’s
      BLOOMBERG  -  456 words
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      Lock icon Abe says govt will front-load budget spending, talks down sales tax delay
      523 23 He also rules out a snap lower house election to coincide with a poll for the upper chamber BLOOMBERG Tokyo THE best way to boost the economy is to quickly implement the existing budget for the next fiscal
      BLOOMBERG; PHOTO: AFP  -  523 words
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      Lock icon EgyptAir plane hijacking ends with passengers freed, suspect arrested
      434 23 REUTERS Cairo AN EgyptAir plane flying from Alexandria to Cairo was hijacked and forced to land in Cyprus on Tuesday but the passengers and crew were freed unharmed and the hijacker, whose motives remained a mystery, was arrested after giving himself
      REUTERS; PHOTO: AFP  -  434 words
    • Article
      Lock icon Najib got funds from Saudi finance ministry: ABC
      378 23 BLOOMBERG Kuala Lumpur MALAYSIAN Prime Minister Najib Razak allegedly received millions of dollars in his personal bank accounts between 2011 and 2013 from the Saudi Arabian finance ministry and two men identifying themselves as princes from the Middle Eastern nation, according to
      BLOOMBERG  -  378 words
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      46 23 Will Singapore see 2065? Will there be a new world order? Will driverless cars finally become a reality? Leading thinkers Peter Schwartz, Saskia Sassen and Bilahari Kausikan ruminate these questions in a new book. GET A COPY NOW! Now available at all major bookstores and www.stpressbooks.com.sg
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      254 23 With the interest rates increasing and cost of goods getting higher, we are not earning fast and enough to keep up with the footsteps of the market. What happens when one (or two, or three!) jobs do not suffice? How are we going to make sure we have enough for
      254 words
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      42 23 Vocational Training Consultancy Services Food Beverages Culinary Arts Retail Management Academic Programme Digital Technology Hotel Management Hospitality Travel Management Language Point of Sales System Software Solutions for MSEs (Micro Small Enterprises) Enterprise Resource Planning) TO EXHIBIT: S* +65 6319 4021 or mtde@sph.com.sg
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  • OPINION
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      Lock icon Premature to conclude that the worst is over for equity markets
      575 24 EDITORIAL EQUITY markets have undergone a rocky first quarter, first coming under pressure for most of January and February because of a collapse in oil prices and worries over a possible hard landing in China, before recovering all their
      575 words
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      Lock icon Trade, labour and politics
      842 24  -  THE BOTTOM LINE By Paul Krugman NYT THERE are a lot of things about the 2016 US presidential election that nobody saw coming, and one of them is that international trade policy is likely to be a major issue in the poll campaign. What’s more, the
      NYT  -  842 words
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      Lock icon Room for less alarmist outlook on China
      1586 24  -  The key to investing in China is to understand that its markets are still developing and still in flux. Those who ride out the current volatility will reap the upside. BY MARIE OWENS THOMSEN upside.BY MARIE OWENS THOMSEN T The writer is chief
      PHOTO: REUTERS  -  1,586 words
    • Article
      Lock icon Trump’s view of Japan, S Korea defence treaties is wrong, dangerous
      1037 25  -  COMMENTARY By Harish Mehta TThe writer is a historian who has taught at Canadian universities. This article is part of a series on US foreign relations. US presidential candidate Donald Trump is threatening to renegotiate America’s defence treaties with
      1,037 words
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      Lock icon A truly extraordinary meeting that raises many issues
      2038 25  -  Bundling and inter-conditionality of resolutions in Brooke Asia’s case sets a bad precedent. precedent.BY MAK YUEN TEEN, CHEW YI HONG TMak Yuen Teen is an associate professor at the NUS Business School, where he teaches corporate governance and ethics. Chew Yi Hong
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      1144 26 THE BUSINESS TIMES V’-a-'V Shipping times 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 PKL KUC MUA KK JKT PRECIOUS CORAL 005 60 1/4 2/4 5/4 MALAYSIA STAR 57 50 9/4
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      354 26 C a i l a n E n n o r e J e d d a h B r i s b a n e Shanghai Chittagong Ho Chi Minh H o J e b e l A l i n g NYK RORO (ASIA) PTE. LTD. K o
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      639 26 WALLENIUS WILHELMSEN LOGISTICS Tel: (65) 6379 5066 Fax: (65) 6379 5106 Email: 2wsinenq@2wglobal.com website: http://www.2wglobal.com AUSTRALIA NEW ZEALAND TO ASIA VESSEL VOY AKL BNE PKL MEL FRE SIN TAMESIS FF614 19/03 23/03 25/03 27/03 01/04 07/04 FIDELIO FF616 08/04 18/04 15/04 13/04 28/04 TARAGO FF617 16/04 20/04 22/04 24/04 29/04
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  • LIFE & CULTURE
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      82 27 5 .0 r ASIA 2016 1 29 JUNE-1 JULY Level 1, Hall A, Sands Expo Convention Centre Marina Bay Sands, Singapore TOTAL SOLUTIONS FOR ALL YOUR OFFICE NEEDS J i r s WORKSPACE DESIGN ERGONOMICS THE GREEN OFFICE Free’admission, register now! www.OfficExpoAsia.com/reg2 OFFICE ESSENTIALS INTERESTED TO EXHIBIT? Tel: (65) 6848
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  • Page 27 Miscellaneous
    • Miscellaneous
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      299 27 CRYPTIC CROSSWORD Across 1 Can it broadcast a frolic? (5) 4 Mother has to think deeply about perfume holder (8) 8 Using exactly the same words in Latin (8) 9 Write quotation on military HQ (8) 11 in auditions, this vote will decide the issue (7) 13 Performed in a
      299 words
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  • EXECUTIVE MONEY
    • Article, Illustration
      Lock icon Upbeat fund manager bucks the trend, staying bullish on the yuan
      859 28 Taipei FOR an investor whose fortunes are tied to a currency that most forecasters warn is destined to decline, Andy Seaman is surprisingly upbeat. The manager of Stratton Street Capital’s Renminbi Bond Fund says the shock devaluation of China’s
      PHOTO: REUTERS  -  859 words
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      Lock icon Investors bank on good grasp of local politics
      1210 28 On-the-ground due diligence is helping investors understand the nature of risk in tricky EM markets BLOOMBERG New York DURING the boom years, when China’s demand seemed insatiable and commodity prices dependable, the emergingmarkets team at Stone Harbor Investment Partners in New York
      BLOOMBERG; PHOTO: REUTERS  -  1,210 words
    • Article
      Lock icon Funds sell Singapore stocks on thin volume
      449 28 ON THE RADAR GLOBAL funds continued to sell more Singapore stocks than they bought in the three months to March 23. Based on the top five transactions, there were net sells of S$ 1.18 billion, compared to net buys of S$787 million. This
      449 words