The Business Times, 19 May 2016

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Microfilm: NL33856
Total Pages: 32
1 32 The Business Times
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  • Title Section
    Lock icon Masthead
    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 Thursday, May 19, 2016
    22 words
  • Article, Illustration
    Lock icon DAILY DIGEST
    216 1 SGX’s Tan Boon Gin embraces communications as a regulatory tool in a field that has traditionally been notoriously tight-lipped. TOP STORIES 2 StarHub plans to work with industry partners and institutes of higher learning to set up a cyber-security centre of excellence. TOP STORIES 4 A Papua New
    216 words
  • Article, Illustration
    Lock icon Mapletree bets more than £500m on UK business park
    707 1  -  The property in Reading is the group’s largest buy outside Asia; acquisition is in line with Mapletree’s plan to seize new growth opportunities By Lynette Khoo lynkhoo@sph.com.sg @LynettekhooBT Singapore IN what is one of the biggest offshore property deals by a
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  • Article, Illustration
    Lock icon Push to sharpen long-term edge of S’pore petrochemical sector
    968 1  -  By sandrea@sph.com.sg Andrea Soh sandrea@sph.com.sg @AndreaSohBT Singapore EVEN as profitability in Singapore’s petrochemical sector soared to a new high last year, the government is working to enhance the competitiveness and resilience of the sector, to prepare for tougher times ahead. This
    Source: Economic Survey of Singapore, compiled by BT  -  968 words
  • Article
    Lock icon MARKETS
    26 1 Wednesday Change STI 2,777.11 -4.00 KL Comp 1,635.72 +2.33 Nikkei 225 16,644.69 -8.11 Hang Seng 19,826.41 -292.39 Shenzhen B 1,022.75 -24.73 Dow(10.30am EDT) 17,571.69 +41.71
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  • Page 1 Advertisements
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      Lock icon Page 1 Advertisements Column 1
      88 1 *****1 *****1 US ELECTIONS Bye, bye TPP? Not so fast OPINION 28 M THE BUSINESS TIMES 40TH ANNIVERSARY PRIVATE HOMES More time needed to study short-term stay: URA real estate 16 HOCK LOCK SIEW Insurers’ par fund management case for more clarity and certainty companies markets 8 Jaeger-leCoultre Boutique 2
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  • TOP STORIES
    • Article, Illustration
      Lock icon SGX chief regulator on its new openness
      792 2  -  Tan Boon Gin aims to have “the entire industry as the primary gatekeeper” By Kenneth Lim kenlim@sph.com.sg @KennethLimBT Singapore ALMOST a year into his appointment as the Singapore Exchange’s (SGX) chief regulatory officer, Tan Boon Gin has embraced communications as a regulatory tool
      PHOTO: YEN MENG JIIN  -  792 words
    • Article, Illustration
      Lock icon A new tack on iron ore as competition hots up
      1362 2  -  By Andrea Soh sandrea@sph.com.sg @AndreaSohBT Singapore INTEREST and liquidity in iron ore derivatives is accelerating with the dramatic rise and fall in the price of the steel-making ingredient this year. But for the Singapore Exchange (SGX) the hitherto leader in
      PHOTO: AIDAN LOO  -  1,362 words
    • Article
      Lock icon Passenger car COE premiums soften
      427 2  -  By Samuel Ee samuelee@sph.com.sg Singapore THE certificate of entitlement (COE) premiums for passenger cars slipped, but those for the other three categories rose in the second bidding exercise for May. Category A, for cars below 1,600cc or 130 hp, fell S$869 to S$47,020; Cat B,
      427 words
    • Article, Illustration
      Lock icon Star Hub and partners set up cyber-security centre
      953 4  -  It will focus on building talent, innovation and industry tie-ups as Singapore transforms into a Smart Nation By Amit Roy Choudhury amit@sph.com.sg @AmitRoyCBT Singapore STARHUB on Wednesday announced plans to grow Singapore’s cyber-secu-rity ecosystem by working with industry partners and institutes of
      953 words
    • Article, Illustration
      Lock icon Putting the Panama Papers in perspective
      614 4  -  COMMENTARY By Anita Gabriel anitag@sph.com.sg @AnitaGabrielBT THESE days, it seems no two words can conjure up perceptions of malfeasance, tax dodging, money laundering or fraud better than “offshore companies”. Suitably piqued, many in Singapore combed the online searchable database released last week from the
      614 words
    • Article
      Lock icon UBS shedding wealth management staff in Singapore, Hong Kong
      490 4  -  PRIVATE BANKING By Siow Li Sen lisen@sph.com.sg @SiowLiSenBT Singapore UBS is seeing some departures from its wealth management units in Singapore and Hong Kong as the Swiss bank steps up its cost cutting programme. The most high profile of the departures
      490 words
    • Article
      Lock icon Credit Suisse forms Thai wealth management team
      458 4  -  By Siow Li Sen lisen@sph.com.sg @SiowLiSenBT Singapore CREDIT Suisse has set up a wealth management team in Thailand as part of its Asian expansion strategy. The team will sit within its securities entity, Credit Suisse Securities (Thailand) Limited, operating out of Bangkok and
      458 words
    • Article, Illustration
      Lock icon Singapore inks pact with Eurasian Economic Commission
      629 6  -  Deal will result in stronger partnerships in customs administration, trade and IT By Lee u-Wen leeuwen@sph.com.sg @LeeUwenBT Singapore SINGAPORE has signed a new deal with the Eurasian Economic Commission (EEC) that will pave the way for stronger partnerships in areas such as customs
      PHOTO: SEAH KWANG PENG/THE STRAITS TIMES  -  629 words
    • Article
      Lock icon DuPont launches first thermal protection test facility in Asia
      374 6  -  By Aqil Luqman Nurhakim nluqman@sph.com.sg Singapore AMERICAN chemicals firm DuPont launched its first thermal protection testing facility in Asia in Tuas on Wednesday, increasing its capacity to test and analyse the performance of protective apparel when exposed to sudden fire. The
      374 words
    • Article
      Lock icon S$66 million boost for age-friendly moves
      669 6  -  Enhanced workPro schemes will be spread over 3 years starting from July as re-employment age rises to 67 By Chuang Peck Ming peckming@sph.com.sg @PeckmingBT Singapore EMPLOYERS will be given more money to help put in place age-friendly practices to make work easier, safer and
      669 words
    • Article, Illustration
      Lock icon Startups, investors and govt urged to help make TechSG a ‘smart’ platform
      568 6  -  B y Jacquelyn Cheok jaccheok@sph.com.sg @JacCheokBT Singapore THE dynamic database that captures the profiles of the members of Singapore’s tech startup eco-system needs some souping up and a call has gone out to startups, founders, investors, incubators and
      568 words
  • Page 2 Advertisements
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  • Page 3 Advertisements
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      Lock icon Page 3 Advertisements Column 1
      372 3 Our foundation to make life better Heritage meets the future at the Philips APAC Center our new ASEAN Pacific regional headquarters in Toa Payoh. Coinciding with the brand’s 125-year milestone, it signifies our commitment to meaningful innovation. The Philips APAC Center is a step forward in our company’s transformation from
      372 words
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  • Page 5 Advertisements
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      Lock icon Page 5 Advertisements Column 1
      718 5 BANGKOK S$1,108 Ho Chi Minh City S$1,028 Taipei S$2,548 All-in-return fares* from: SYDNEY S$4,228 Denpasar (Bali) S$1,208 Colombo S$2,418 OSAKA S$3,448 Seoul S$2,918 SANFRANCISCO S$6,548 Melbourne S$4,218 Amsterdam S$6,148 Perth S$3,108 Shanghai S$3,288 Zurich S$5,668 Male (Maldives) S$2,608 Delhi S$2,798 Beijing S$3,488 Brisbane S$3,988 Munich S$6,298 Nagoya S$3,278 London S$6,738
      718 words
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  • Page 6 Advertisements
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      Lock icon Page 6 Advertisements Column 1
      79 6 33 AUCTION 2016 SINGAPORE SPRING SALE MODERN AND CONTEMPORARY ASIAN ART Saturday 21 May 2016 7:30pm Onwards Grand Hyatt Singapore Mi Yayoi Kusama Cheong Soo Pieng Ng Eng Teng ll Tay Bak Koi Chua Mia Tee tt a nm j Arie Smit Walasse Ting US iffl IS Affandi Basoeki Ye
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  • COMPANIES & MARKETS
    • Article, Illustration
      Lock icon PNG finance firm eyes listing in RTO deal with Jaya
      890 8  -  Proposal for Jaya to acquire Heduru Moni for up to S$232m through issue of new shares By Jamie Lee leejamie@sph.com.sg @JamieLeeBT Melissa Tan melissat@sph.com.sg @MelissaTanBT Singapore A FINANCE firm from Papua New Guinea (PNG) that mainly makes education loans to
      PHOTO: HEDURU MONI  -  890 words
    • Article
      Lock icon GLP’s HK unit plans to sell panda bonds worth 10b yuan
      251 8 IFR Hong Kong GLOBAL Logistic Properties subsidiary Iowa China Offshore Holdings (Hong Kong) plans to sell panda bonds of 10 billion yuan (S$2.1 billion) as the company strengthens its market position on the mainland. The size of the first
      IFR  -  251 words
    • Article
      Lock icon Insurers’ par fund management – case for more clarity and certainty
      988 8  - Insurers’ par fund management case for more clarity and certainty HOCK LOCK SIEW BY CLAIRE HUANG huangjy@sph.com.sg @ClaireHuangBT THE case for more clarity and certainty in how life insurers in Singapore manage their participating (par) funds is straightforward, particularly as local regulator Monetary Authority of Singapore (MAS) has for a
      988 words
    • Article
      Lock icon Tung Lok posts 6.4% rise in full-year earnings to S$611,000
      429 8  -  By Jacquelyn Cheok jaccheok@sph.com.sg @JacCheokBT Singapore TUNG Lok Restaurants posted a 6.4 per cent rise in net profit for the full year ended March 31 (FY2016), as both revenue and gross profit margins inched up. Profit attributable to shareholders was
      429 words
    • Article
      Lock icon SGX eyes higher-risk products to meet demand for yield
      347 9  -  Its chief regulatory officer says that the exchange will make sure that the risk taken is a pure commercial one By Kenneth Lim kenlim@sph.com.sg @KennethLimBT Singapore THE Singapore Exchange (SGX) is considering new, high-yielding products as part of a number of
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    • Article
      Lock icon BOC Aviation boasts ‘truly global’ portfolio: CEO
      450 9  -  By Nisha Ramchandani nishar@sph.com.sg @Nisha_BT Singapore AIRCRAFT leasing firm BOC Aviation, which is seeking a US$1.1 billion listing on the Hong Kong Stock Exchange, expects that its diversified portfolio will help ride out any turbulence in individual markets. In recent years, new airlines
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    • Article
      Lock icon Move to streamline Tigerair, Scoot ops reverses SIA share fall
      745 11  -  Analysts say operating the budget carriers under one company is a move in the right direction By Nisha Ramchandani nishar@sph.com.sg @Nisha_BT Singapore SHARES in Singapore Airlines (SIA) closed 13 cents higher at S$10.76 on Wednesday, after the group announced that
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    • Article
      Lock icon Think Big panel to discuss ‘uberisation’ of services
      429 11  -  By Grace So graceso@sph.com.sg Singapore THE upcoming Think Big Leadership Business Series 2016 will feature a panel discussion on whether the professional services sector is ready for “uberisation”. The event, which is organised by The Business Times (BT), is supported by the
      429 words
    • Article
      Lock icon Frankfurt, London bourses to merge in July
      275 11 AFP Frankfurt DEUTSCHE Boerse and LSE, the operators of the Frankfurt and London stock exchanges, said on Wednesday that they intend to seal their planned merger to create a new global player in July. In a brief joint statement, the companies outlined the
      AFP  -  275 words
    • CORPORATE DIGEST
      • Article
        Lock icon Singapore Land
        174 11 SINGAPORE Land on Wednesday announced a proposed selected capital reduction of about S$12 million to cancel shares held by minority shareholders that is, shareholders other than Singapore-listed UIC at S$9.20 apiece. This would apply to about 0.3 per cent of the total share capital. UIC currently owns 99.7
        174 words
      • Article
        Lock icon Raffles Education Corp
        124 11 ONE loss-making education group has proposed to acquire another. Raffles Education, which last week posted a net loss for the nine months ended March 31, said that it has inked a deal to buy a company that owns and operates the Sante Fe University of Art and
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      • Article
        Lock icon GS Holdings
        74 11 COMMERCIAL dishwasher GS Holdings has taken its first step into the MICE (meetings, incentive travel, conventions exhibitions) sector with a contract award from Suntec Singapore Convention Exhibition Centre. The two-year contract, which carries an additional one-year option, has a total annualised revenue of up to S$1.2 million, the
        74 words
    • Article
      Lock icon Unitholder queries Rickmers Trust vessel management fee hike
      542 11  -  By Tan Hwee Hwee hweetan@sph.com.sg @HweetanBT Singapore THE terms of Rickmers Trust’s vessel management contract have come under scrutiny. An activist unitholder is challenging the basis of an annual increment that drains cash amid a protracted industry downcycle. The business trust posted
      542 words
    • Article, Illustration
      Lock icon STI / Catalist
      63 12 STI Catalist Straits Times Index May 18,2016 2,777.11 -4.00 (-0.14%) Current streak 1 day Day high 2,791.18 Day low 2,759.50 52-week high 3,460.85 (May 25, 2015) 52-week low 2,532.70 (Jan 21, 2016) FTSE ST Catalist index May 18,2016 438.27 +2.87 (+0.66%) Current streak 3 days Day high 438.42 Day low
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    • Article, Illustration
      Lock icon Plunge in HK, weak Dow send STI down
      669 12  -  Penny stocks continue languishing, led by recent hot stock ISR Capital, which dives 20.7% STOCKS By R Sivanithy sivan@sph.com.sg @RSivanithyBT TUESDAY’S short-covering bounce proved short-lived as the downtrend resumed on Wednesday, with the Straits Times Index (STI) dropping four points to 2,777.11.
      Source: Bloomberg  -  669 words
    • Article
      Lock icon STI STOCKS
      303 12 Stock name Close Change Day high/low 52w high 52w low PE Div yield Mcap Ascendas Reit 232 -3 234/230 255 209 6.6 6113.9 CapitaCom Trust 141 +1 141.5/138.5 166.5 122.5 6.1 4168.4 CapitaLand 299 -3 302/298 367 267 12 3 ***** CapitaMall Trust 208 +1 208/204 224 184.5
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    • Article
      Lock icon MOST ACTIVE
      35 12 VOLUME Magnus Energy 531,759,500 Cedar Strategic 167,307,100 WE 92,203,000 Noble 79,811,100 LionGold 77,687,600 Market volume 2,444,822,000 VALUE Global Logistic 110,829,183 Singtel 65,054,485 DBS Grp 59,921,395 HongkongLand USD 48,069,633 SIA 44,799,267 Market value 1,082,909,000
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    • Article
      Lock icon SGX ETFS Most Active
      110 12 Fund Last sale +/-(‘000) Day high/low 52w high/low Buy/Sell Mcap STI ETF 281 -2 378 283/281 351/254 282/283 IS ASIA HYG US$ US1068 -6 148 1075/1068 1130/977 1041/--IS MS INDIA US$ US664 -10 47 668/664 780/575 664/668 83 DBXT MSTaiwan US$ US1837 -18 20 1852/1837 2354/1667
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    • Article
      Lock icon OTHER SINGAPORE INDICES
      77 12 May 18 VALUE CLOSE BT OB/OS -305.00 +137.00 BT CADI -*****.00 -15.00 BT 10-day MA -*****.00 -31.00 FTSE ST Mid Cap 674.02 -1.74 FTSE ST Small Cap 392.20 -0.94 FTSE ST All Share 680.25 +0.29 FTSE ST China Top 161.59 +1.67 FTSE ST China 191.04 +2.81 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 May 18,2016 680.25 +0.29 (+0.04%) Current streak 2 days Day high 681.71 Day low 675.86 52-week high 830.71 (May 25, 2015) 52-week low 625.37 (Jan 21, 2016)
      35 words
    • Article, Illustration
      Lock icon STI / MSCI EAFE
      33 12 STI MSCI EAFE MSCI EAFE index May 17,2016 1,644.07 +6.23 (+0.38%) Current streak 2 days Day high 1,655.47 Day low 1,638.78 52-week high 1,948.41 (May 21, 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 4 7 4 0 1 0 4 8 4 Manufacturing 33 35 23 11 5 10 44 40 33 Commerce 16 21 8 3 4 7 19 25 15 Tpt/Stor/Comms 8 14 8
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    • Article
      Lock icon SECURITIES TRADING TURNOVER
      123 12 VOLUME (‘000) VALUE (‘000) MAIN CATL TOTAL MAIN CATL TOTAL Multi Ind 21,082 390 21,472 70,752 70 70,823 Manufacturing 99,589 270,270 369,859 110,106 2,113 112,219 Commerce 106,071 137,349 243,420 69,053 1,959 71,011 Tpt/Stor/Comms 166,034 78 166,112 190,689 6 190,695 Finance 38,589 20 38,609 151,455 3 151,458 Construction
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    • Article
      Lock icon GAINERS
      73 12 BY CENTS CLOSE UP 52w high/low DBXT USDIGInfl US$ ***** 428.8 1.1 *****/***** DBXT DBLCI-OY US$ 2225 129.2 4.4 2600/1946 JMH USD 5465 89.3 1.2 6272/4500 DBXT S&PShort US$ 2090 31.6 1.1 2393/2036 GLD US$ ***** 20.6 0.1 *****/***** BY PERCENTAGE CLOSE UP 52w high/low CPH 0.9 125.0 0.5
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    • Article
      Lock icon LOSERS
      76 12 BY CENTS CLOSE DOWN 52w high/low DBXT E50 US$ 4378 -89.3 -1.5 5300/3968 DBXT MSKorea US$ 5042 -77.0 -1.1 6030/4478 Hyflux 6% CPS ***** -71.0 -0.7 *****/***** Jardine C&C 3314 -57.0 -1.7 4520/2636 CityDev 818 -28.0 -3.3 1053/661 BY PERCENTAGE CLOSE DOWN 52w high/low DBS MB eCW*****4 0.6 -50.0
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    • Article
      Lock icon UNUSUAL ACTIVITY
      81 12 VOL CLOSE($) CHANGE Heatec Jietong 818.1 0.023 -0.009 -28.13 Magnus Energy 531,759.5 0.003 +0.001 +50.00 WE 92,203.0 0.004 -0.001 -20.00 Cedar Strategic 167,307.1 0.003 +0.001 +50.00 China Aviation 5,387.8 1.005 +0.085 +9.24 Samko Timber 20.0 0.092 +0.012 +15.00 Blumont 3,724.0 0.002 +0.001 +100.00 AusGroup 25,116.8 0.087 -0.019 -17.93
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    • BROKERS’ TAKE
      • Article
        Lock icon Ascendas Reit Buy
        169 12 Target price: S$2.50 May 18 close: S$2.32 DBS Group Research, May 18 WE continue to believe Ascendas Reit (A-Reit) will deliver stable returns, supported by a prospective yield of 6.1 per cent. Gearing of 37 per cent will give the Reit headroom to acquire. A-Reit reported a
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      • Article
        Lock icon Singapore hospitality Neutral
        67 12 OCBC Investment Research, May 18 NOTWITHSTANDING encouraging January-February tourist arrival figures, we continue to see macroeconomic uncertainties posing a key risk for what looks to be already a tough operating environment. Nonetheless, we find current yields reasonable given the outlook and put a “neutral” rating on the
        67 words
      • Article
        Lock icon Singapore strategy
        226 12  -  Compiled by Jamie Lee CIMB Research, May 17 BANKS’ asset quality deteriorated slightly, but provisions were less of a challenge than market concerns suggested. Instead, it was the effect of weaker revenue drivers as loan growth disappeared and market-related fees proved difficult. DBS is the pick of the
        226 words
    • Article
      Lock icon CALENDAR
      12 12 DATA IMay 19 US FOMC meeting minutes US initial jobless claims
      12 words
    • Article
      Lock icon US dollar at 3-week high; euro, yen weaken
      444 13 CURRENCIES REUTERS London THE US dollar rallied to a three-week high against the euro and a basket of currencies on Wednesday on renewed expectations that the Federal Reserve could raise interest rates soon. US consumer prices recorded their biggest increase in more
      REUTERS  -  444 words
    • FOREX RATES
      • Article
        Lock icon INTERBANK CROSS RATES
        471 13 May 18 A$ C$ Rmb Euro HK$ Ind Rs Rupiah Yen Won RM NZ$ Pak Rs Peso S$ Rand Sfr NT$ Baht Pound US$ Australia 0.943 4.752 0.646 5.647 48.666 97.169 0.796 8.608 2.938 1.074 76.179 33.943 1.000 11.498 0.715 23.780 25.875 0.504 0.727 Canada 1.061 5.041
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      • Article
        Lock icon INTERBANK CURRENCY RATES
        155 13 May 18 Against S$ Against US$ Currencies Bid Offer Bid Offer S$/US$ to one unit of foreign currency: Australian dollar 0.9996 1.0001 0.7274 0.7275 Canadian dollar 1.0604 1.0609 0.7717 0.7717 Euro 1.5479 1.5486 1.1264 1.1265 NZ dollar 0.9307 0.9316 0.6773 0.6777 Sterling pound 1.9832 1.9841 1.4432 1.4433
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      • Article
        Lock icon US$/S$ FORWARD RATES
        22 13 May 18 S$ Bid Offer 1-month 1.3748 1.3756 2-months 1.3754 1.3761 3-months 1.3759 1.3769 6-months 1.3778 1.3788 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
        390 13 May 18 OPEN HIGH LOW SETT VOL OP/INT FTSE CHINA A50 INDEX FUTURES May16 9322.50 9325.00 9125.00 9285.00 *****8 *****6 Jun16 9060.00 9060.00 8867.50 9015.00 ***** ***** NIKKEI 225 INDEX FUTURES Jun16 *****.00 *****.00 *****.00 *****.00 ***** *****9 Sep16 *****.00 *****.00 *****.00 *****.00 580 2592 MSCI TAIWAN
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      • Article
        Lock icon BONDS, WARRANTS, PREFERENCE SHARES Most active
        209 13 May 18 Prem Expiry Vol Conv Exer Disc Gear-Mths Company Last Sale +or-('000) Ratio Price ing Left Rowsley Ltd W*****3 0.3 -0.1 8756 1 18 5 DBS MB eCW*****1 8.3 -0.5 4349 0.1 1480 2 UOB MB eCW*****5 3.7 -0.3 3740 0.1 1890 2
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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 May 17 Index Change Change Change Change Change Change World Preliminary 1245.9 0.0 -2.5 -0.1 -4.4 0.0 -0.9 EAFE Preliminary 935.2 0.3 -7.7 0.3 -7.7 0.4 -4.2 Europe Preliminary 1321.4 -0.1 -6.5
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    • BANK RATES
      • Article
        Lock icon INTERBANK RATES
        154 13 May 18 $S Offer Bid 0vernight 0.05 0.02 1-month 0.7500 0.6250 2-months 0.9375 0.8125 3-months 1.0000 0.8750 Overnight mode: 0.03 US$ 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
        67 13 May 18 GOVERNMENT BONDS Period Issue Coupon Maturity Close Day's code rate Bid High Low 2-Year N*****0T 0.500 01-Apr-18 99.03 5-Year NX*****X 2.250 01-Jun-21 103.22 103.40 103.40 10-Year NX*****Z 2.375 01-Jun-25 102.94 103.25 103.10 15-Year NZ*****F 2.875 01-Sep-30 106.45 106.65 106.60 20-Year NZ*****V 3.375 01-Sep-33 113.61 114.10 114.00
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    • AGRI METALS ENERGY
      • Article
        Lock icon COMMODITY FUTURES
        249 13 May-17 Price Net change change Last Trade Agricultural May-17 CBOT Soybeans (US cents/bu) 1080.25 15.75 1.48% 14/07/2016 CBOT Soybean Oil (US cents/lb) 32.78 -0.01 -0.03% 14/07/2016 CBOT Wheat (US cents/bu) 481.75 7.00 1.47% 14/07/2016 May-17 LIFFE Cocoa (£/tonne) 2133.00 -24.00 -1.11% 14/07/2016 LIFFE Coffee (US$/tonne) 1670.00 12.00 0.72%
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    • Article
      Lock icon SGX MAINBOARD
      1787 14 52-Wk Last Vol Day Div GrYld Net MCap High Low Company Sale +/-(’000) High Low C’vr P/Ep $mil Company Last Sale vol ('000) High Day 151.5 127 AIMSAMP Cap Reit 141.5 +1.5 165 141.5 139 0.9 8 899 Div 172.7 101 ARA Asset Mgmt 134.5 +0.5 429 135
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    • Article
      Lock icon SGX CATALIST
      319 14 52-Wk Last Vol Day Div GrYld Net MCap High Low Company Sale +/-(’000) High Low C’vr P/E Last Vol Day Div C'vr 0.9 0.2 t Advanced Systems 0.3 unch 50 0.3 0.2 7.9 Net MCap High 19.9 8.3 t Anchor Resources 10.8 -0.7 5491 11.7 10.8 30.2 Company
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    • Article
      Lock icon SGX ETF
      112 14 52-Wk Last Vol Day Div GrYld Net MCap High Low Counter Sale +/-(’000) High Low C’vr P/E Counter Last 105.8 69.1 CIMB APAC Div US$ US76 -0.6 0 76 76 8 vol ('000) High Day Low 6030 4478 DBXT MSKorea US$ US5042 -56 0 5042 5042 7.3 C'vr
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  • Page 8 Advertisements
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      Lock icon Page 8 Advertisements Column 1
      201 8 NOTICE OF RESULTS OF THE MEETING G8 EDUCATION LIMITED (Incorporated in the Commonwealth of Australia) (the “Issuer”) NOTICE TO HOLDERS (THE “NOTEHOLDERS OF THE OUTSTANDING S$260,000,000 4.75 PER CENT. NOTES DUE 2017 (ISIN: SG6QC*****08) (THE “NOTES”) in respect of the meeting (the “Meeting”) of the Noteholders Convened for 10.00 a.m.
      201 words
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      198 9 AccountServe A Stone Forest Company Globally Connected '"rsm Stressed Over Annual with ACRA and IRAS I Get quick and reliable help today! One stop convenience with customised solutions Team of professionals with over 25 years of experience www.AccountServe.com.sg lnfo(3AccountServe.com.sg I T +65 6222 6868 C% (rJc^Cci Sentosa Singapore a Genting
      198 words
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  • Page 10 Advertisements
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      1675 10 A Jfyflux 6% p.a. 1 Retail Perpetual Capital Securities ABOUT HYFLUX LTD A global leader in sustainable solutions, focusing on the areas of water and energy Committed to providing innovative and cost-effective solutions that contribute to resource optimisation and sustainable growth for communities and industries B! 1,300 membrane products and
      1,675 words
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  • Page 11 Advertisements
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      221 11 SMU Master of Science in CFO Leadership From Business Partner to Finance Leader Make Your Mark in Every Role The SMU Master of Science in CFO Leadership (MCFO) is a distinctive postgraduate degree programme to train managers in specialist knowledge on Accounting and Finance, as well as to develop their
      221 words
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      71 14 ON THIS OPPORTUNITY Reach out to investors and affluent readers in this Investor Information Page. Advertise at less than $5,800 per full colour ad (a special package for 4 leading newspaper titles The Straits Times, The Business Times, Lianhe Zaobao and The New Paper Sunday). Contact our Sales Team now!
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  • REAL ESTATE
    • Article, Illustration
      Lock icon More time needed to study short-term stay: URA
      872 16  -  But one key piece of feedback is that any rule change should ensure a level playing field By Lynette Khoo lynkhoo@sph.com.sg @LynetteKhooBT Singapore RESULTS of a public consultation on short-term stays in private residential properties were split, with no clear consensus, said
      PHOTO: AFP  -  872 words
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      Lock icon More Chinese cities report home price gains in April
      642 16 March. BLOOMBERG Shanghai HOME prices rose in the most Chinese cities in more than two years in April, with gains in second-tier cities surpassing advances in larger hubs. New-home prices excluding gov-ernment-subsidised housing climbed in 65 cities, compared with 62 in
      March. BLOOMBERG; PHOTO: REUTERS  -  642 words
    • Article
      Lock icon Britain’s largest listed property developer expects London office rents to rise more slowly
      340 16 REUTERS Bengaluru LAND Securities Group Plc, Britain’s largest listed property developer, expects London office rents to rise, albeit at a slower rate than the last two years, its chief executive said, as the amount of empty space
      REUTERS  -  340 words
    • Article
      Lock icon S Korea’s Hotel Lotte plans 5.7t won IPO: sources
      298 16 REUTERS Seoul SOUTH Korea’s Hotel Lotte Co Ltd plans to raise up to 5.7 trillion won (S$6.6 billion) next month, sources with direct knowledge of the matter said on Wednesday, in what would be the world’s biggest initial public offering since
      REUTERS  -  298 words
    • Article, Illustration
      Lock icon Freehold site in Novena up for sale for S$26m
      357 17 CBRE has launched an expression of interest (EOI) for the sale of a freehold site at 2 Derbyshire Road. Nestled in Novena within an established residential enclave, the 6,768 sq ft site comes with an existing four-storey building and its current
      357 words
    • Article
      Lock icon CDL sets new targets for sustainability
      447 17  -  Using 2007 as baseline year, it aims for 22% lower energy and water intensity by 2020 By Vrinda Kudaisya kvrinda@sph.com.sg Singapore HAVING enjoyed more than S$31 million in power savings between 2008 and 2015, City Developments Ltd (CDL) now wants to up its game
      447 words
    • Article
      Lock icon CBRE to buy 49% of Malaysian real estate services provider WTW
      283 17 NEW York listed CBRE Group on Wednesday said that it has entered into an agreement to acquire 49 per cent interest in Malaysian real estate services provider WTW, which includes C H Williams Talhar Wong, WTW Real Estate and
      283 words
    • Article
      Lock icon Househunt
      1487 17 Property transactions for districts 1 to 20 with contract dates between April 6 and April 12,2016 PROJECT NAME/ STREET NAME PROP TYPE CONTRACT DATE TENURE BUILT-IN/LAND AREA*(SQ FT) PRICE (S$’000) PSF (S$) District 1 NON-LANDED Fook Hai Bldg Apt 06/04/2016 99 1744 1240 711 Marina One Residences Apt 07/04/2016
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      260 16 ONLY HOSPITAL-LINKED RETIREMENT WELLNESS VILLAGE IN S'PORE? <futu *%%h lnt Q'C l uh E| 5? e Buona Vista Commonwealth ■t National University Singapore Fusionopolis AYE jlij||The Metropolis National University Hospital Kent Ridge (Exit B) V. Subjects Site The Mediapolisjj ports? 0 P Q?o W c 'dy NORMANTON PARK Land area:
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      88 16 *> Contact: Investment Properties Sammi Lim (CEARegNo.: R*****9J) Tel: 9368 9803/6224 8181 6 Battery Road #32-01 Singapore *****9 2 DERBYSHIRE ROAD Freehold 4-Storey Building Zoned Civic Community Institution Site Area: Approx. 6,768 sq ft GFA: Approx. 8,742 sq ft Current Approved Use: Child Care Centre Kindergarten Potential to explore a
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      17 16 Choose from Prime Stock Call 1800 289 8822 or e-mail notices@sph.com.sg to place your Tenders Auctions Notices
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  • BANKING & FINANCE
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      331 18 NOTICES TOLL FREE 1800-289-8822 I Email notices@sph.com.sg I www.sphclass.com.sg/notices SALE OF LAND, BUILDING AND ASSETS BY RECEIVERS AND MANAGERS Offers are invited for the purchase of the following land, building and assets (collectively, “Property”) belonging to a company located at Jalan Lapangan Terbang Baru, Kuching, Sarawak on an “en-bloc” basis
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      42 18 2 3 J U N E 1 6 SPH News Centre 9.00am to 5.00pm SME 101 MARKETING BOOTCAMP Trainer: Pamela Wigglesworth EARLY BIRD ENDS 16 MAY 2016 $788 To register or find out more about the bootcamp, visit http://learning.stjobs.sg/ bootcamp STJOBS LEARNING
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      53 18 M AY 1 6 23M O N D A Y SPH News Centre 9.30am to 6.00pm CREATE LIKE LEONARDO DA VINCI Trainer Michael Lum Early Bird by 18 May$489 Price From 19 May$589 Productivity and Innovation Credit (PIC) Claimable To register or find out more about our workshops, visit http://learning.stjobs.sg/
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      46 18 MAD OVER MANGOES It is that time of the year when Indians head to Little India for their favourite fruit Top thinker Subir Chowdhury on his IIT days, human quality and his next book GET YOUR COPY TOMORROW TO ADVERTISE: CALL KALWANT (*****327) OR NISHAL (*****438)
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      1189 19 NOTICES TOLL FREE 18 0 0-289-8822 I Email notices@sph.com.sg I www.sphclass.com.sg/notices *4 KDB Bank THE KOREA DEVELOPMENT BANK Head Office: 14 Eunhaeng-ro, Yeongdeungpo-gu, Seoul *****, Korea Tel: 822-787-5000 (General) Fax: 822-787-6495 (International Banking Department) SWIFT: KODBKRSE Website: http://www.kdb.co.kr Singapore Branch: 8 Shenton Way #07-01 AXA Tower, Singapore *****1 Tel: 6224
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      2268 19 OTTO MARINE LIMITED (Incorporated in the Republic of Singapore) (Company Registration No.: *****2647M) NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN that the Thirty-Sixth Annual General Meeting of Otto Marine Limited (the “Company”) will be held at the Capricorn Room, Level 1, Marina Mandarin Singapore, 6 Raffles Boulevard, Marina
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  • ENERGY & COMMODITIES
    • Article, Illustration
      Lock icon Oil stocks outrun fundamentals with 300% gains in 3 months
      535 20 Short-seller James Chanos says he’s considering wagering against explorers because they’ve got ahead of themselves BLOOMBERG Chicago AS OIL flirts with US$50 a barrel, investors are trading drilling stocks as if crude were selling for US$80, and that’s the kind
      BLOOMBERG; PHOTO: BLOOMBERG  -  535 words
    • Article
      Lock icon Labor plans to restrict Aussie LNG exports if elected
      249 20 BLOOMBERG Sydney NEW liquefied natural gas projects in Australia, which is forecast to become the world’s largest exporter of the fuel, may need to set aside supplies for domestic use under a policy proposed by the opposition Labor Party. Rising gas
      BLOOMBERG  -  249 words
    • Article
      Lock icon Petrobras raises US$6.75 billion in return to global bond markets
      712 20 REUTERS Sao Paulo STATE-CONTROLLED Petróleo Brasileiro SA raised US$6.75 billion on Tuesday from a sale of five and 10-year dollar-denominated bonds, in a closely watched return to global debt markets after the suspension of Brazilian president Dilma Rousseff. The sale
      REUTERS  -  712 words
    • Article
      Lock icon The commodity no one knows about but everyone wants to buy
      725 20 BLOOMBERG London THE world’s mines and steel plants got so devalued during the commodity slump that some were just given away by owners struggling to cut losses or debt. But at least one metal has been attracting a lot
      BLOOMBERG  -  725 words
    • Article
      Lock icon US imposes steep import duties on Chinese cold-rolled flat steel
      247 20 REUTERS Washington THE United States slapped Chinese steelmakers with final import duties of 522 per cent on cold-rolled flat steel on Tuesday after finding that their products were being sold in the US market below cost and with unfair subsidies.
      REUTERS  -  247 words
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      101 20 INVEST EXPO 2016 Co-organised with ShareInvestor* A SUBSIDIARY OF Sph SUNTEC SINGAPORE CONVENTION EXHIBITION CENTRE LEVEL 4, EXHIBITION HALL 404 11 JUNE 2016 10AM -7PM FREE ADMISSION n a a a Fundsupermart.com is the online distribution arm of iFAST Financial Pte Ltd, a subsidiary of iFAST Corporation Ltd. iFAST Financial
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      49 20 HOT PROPERTY ROBIN RES 2RM+PES 775 sqft New! 4.2M ceiling. P/furn. F/ facilities. 3 mins to Stevens Mrt. $4.5K TESSARINA, HIGH FLOOR. Pool view. Partial furn. 3+1 rms, 1313 sqft. F/facilities. LOOKING FOR AN APARTMENT TO RENT? Check out these properties and more in The Straits Times Classified now!
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      23 20 SRX PROPERTY MAGAZINE SRX.com.sg Find the Right Home at the Right Price Buying Opportunities Property Outlook 2016 mmjil i* 1 Download at srx.com.sg/property-magazine
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      28 21 NOTICES TOLL FREE 18 0 0-289-8822 I Email notices@sph.com.sg I www.sphclass.com.sg/notices Discover Greener Pastures Call 1800 289 8822 or e-mail notices@sph.com.sg to place your Change of Address Notices
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  • TECHNOLOGY
    • Article, Illustration
      Lock icon Amazon’s Fire TV will obey more commands
      457 22 New features of its voice-activated app, Alexa, available in the “coming weeks” WP San Francisco LOTS of people yell things at their televisions. Nowadays, however, it’s a lot more likely that your television is going to talk right back. Amazon on Tuesday announced
      WP; PHOTO: BLOOMBERG  -  457 words
    • Article
      Lock icon Google to introduce virtual agent device
      392 22 NYT San Francisco GOOGLE was expected to introduce its much-anticipated entry into the voice-activated home device market on Wednesday, according to people who spoke on the condition of anonymity. Named Google Home, the device is a virtual agent that answers simple questions and carries
      NYT  -  392 words
    • Article
      Lock icon HPE makes a US$100m bet on startups
      356 22 BLOOMBERG San Francisco MEG Whitman, chief executive officer of Hewlett Packard Enterprise, sat down with her top lieutenants last month at the Palo Alto headquarters to evaluate a technology storage company and a data centre tools startup. The businesses, though, aren’t the billion-dollar
      BLOOMBERG  -  356 words
    • Article, Illustration
      Lock icon Apple forays into India by borrowing from its China playbook
      614 22 BLOOMBERG New York APPLE CEO Tim Cook is on a goodwill tour through India, a country that he looks at and sees dollar signs. And no wonder, given the enormous promise in India for a smartphone industry with disappearing growth.
      BLOOMBERG; PHOTO: REUTERS  -  614 words
    • Article
      Lock icon Superjet technology nearing reality after Australia test
      226 22 AFP Sydney A TWO-hour flight from Sydney to London is a step closer to reality after the latest successful test on Wednesday of hypersonic technology in the Australian desert. A joint US-Australian military research team is running a series of 10 trials at
      AFP  -  226 words
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      56 22 Have a question? Let ST's correspondents provide the answers Send your questions to askst@sph.com.sg THE STRAITS TIMES 9 O/ /o 8 m m < 6 ask S' A X straitstimes.com/askst ABc «s Where should I eat today? How do I score the best travel deals? Tan Hsueh Yun, Food Editor
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      883 23 NOTICES IN THE MATTER OF THE COMPANIES ACT, CAP. 50 AND IN THE MATTER OF SIMEFIELD PTE. LTD. Company registration no. *****5481R (In Members’ Voluntary Liquidation) NOTICE OF FINAL MEETING NOTICE IS HEREBY GIVEN pursuant to Section 308 of the Companies Act, Cap. 50 that the Final Meeting of the
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      1605 23 jt«L« HANG SENG BANK CONSOLIDATED INCOME STATEMENT CAPITAL MANAGEMENT Figures in HK$m Year ended 31 December 2015 2014 Interest income Interest expense Net interest income Fee income Fee expense Net fee income Net trading income Net income/(loss) from financial instruments designated at fair value Dividend income Net insurance premium income
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  • CONSUMER
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      28 24 “A book that embodies all the sensitivity and gracefulness and playfulness I associate with my adopted home, Kyoto.” Pico Iyer, author of The Art Of Stillness Nowonsaleatallmajorbookstoresand www.stpressbooks.com.sg
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      79 24 www.mbfc.sphereconference5.com Myanmar O Banking Finance Conference 28-29 June 2016 Sule Shangri-La Hotel, Yangon, Myanmar \L± Program Highlights Regulatory and industry landscape: 2016 and beyond Foreign banks increased privatisation in Myanmar Product development in Myanmar: SME banking trade financing Utilising technologies in transforming Myanmar’s banking sector Basel II in Myanmar: Are
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  • GOVERNMENT & ECONOMY
    • Article, Illustration
      Lock icon Unexpected Q1 rebound saves Japan’s economy from renewed recession
      747 26  -  Annualised expansion of 1.7% in gross domestic product due mainly to exceptional factors By Anthony Rowley btworld@sph.com.sg Tokyo JAPAN’S economy appeared to perform far better than expected during the first quarter of this year, with real or inflation-adjusted gross domestic product
      PHOTO: BLOOMBERG  -  747 words
    • Article, Illustration
      Lock icon China threats, popular hopes pile pressure on Taiwan’s Tsai
      573 26 AFP Taipei WHEN Tsai Ing-wen takes office as Taiwan’s president on Friday, she steps onto a tightrope between voter dreams of national pride and a Beijing that wants the island on a short leash. Ms Tsai’s election victory reflected public desire
      AFP; PHOTO: REUTERS  -  573 words
    • Article
      Lock icon UK labour market cools as growth slows, Brexit vote looms
      454 26 BLOOMBERG London THE UK jobs market showed signs of cooling in the first quarter as Britain prepares for an increasingly bitter referendum on its European Union membership. The number of people in work rose by 44,000, less than a quarter
      BLOOMBERG  -  454 words
    • Article
      Lock icon Myanmar welcomes US move to ease more sanctions
      481 26 Washington lifts a host of financial, trade embargoes on country’s transfer to a civilian-led government AFP Yangon A US decision to pare back economic sanctions on Myanmar could unclog investment as the country claws its way out of poverty, Aung San Suu
      AFP  -  481 words
    • Article
      Lock icon Malaysia may bar overseas travel for citizens who insult govt: report
      444 26 BLOOMBERG Kuala Lumpur MALAYSIA has begun enforcing a law that allows the authorities to bar citizens who insult the government from travelling overseas, The Star newspaper reported. Under the law, Malaysians may be banned from going abroad for three
      BLOOMBERG  -  444 words
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  • TRANSPORT
    • Article
      Lock icon Group sells US$2.4b bonds to fund New York airport expansion
      708 27 BLOOMBERG New York NEW York is about to find out whether it’s possible to build a 35-gate terminal at the LaGuardia Airport around the existing one without disrupting operations or becoming plagued by cost overruns and delays. To finance construction
      BLOOMBERG  -  708 words
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      Lock icon South Korea’s once mighty shipbuilding industry in danger of collapse
      903 27 Orders drying up for Hyundai, Daewoo and Samsung, which suffered a total loss of 8.5 trillion won last year AFP Seoul AFTER more than a decade of global dominance, South Korea’s shipbuilders face an unprecedented crisis that threatens the very
      AFP; PHOTO: REUTERS  -  903 words
    • Article, Illustration
      Lock icon Suzuki denies cheating on fuel, emissions testing
      626 27 AFP Tokyo SUZUKI on Wednesday admitted to finding “discrepancies” in its fu-el-economy and emissions testing, but the firm denied deliberately manipulating data to make cars seem more efficient. The remarks from the Japanese small-car maker came in the wake of rival Mitsubishi Motors’
      AFP  -  626 words
    • Article
      Lock icon Qatar Airways raises stake in British Airways-owner IAG
      368 27 REUTERS London QATAR Airways has raised its stake in British Airways-owner International Consolidated Airlines Group (IAG) to 15.01 per cent and may consider acquiring more of the company over time, the airline said on Tuesday. The move comes as the Do-ha-based airline
      REUTERS  -  368 words
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      31 27 4Want access to BBQ pits? If you're looking for your dream condo complete with facilities, turn to the Print Classified Properties section. To advertise, call the Print Classified Hotline: 1800-289 9988.
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      11 27 Short-termprivate homerentals stillnotallowed To subscribe, call 6388-3838 or go to sphsubscription.com.sg
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  • OPINION
    • Article
      Lock icon The potential damage from ‘Brexit’ extends far beyond Britain
      616 28 EDITORIAL “BREXIT represents a significant downside risk and is an international issue that concerns the whole world.” So said a tweet on May 16 from the International Monetary Fund (IMF), quoting its managing director Christine Lagarde. There is now just over
      616 words
    • Article
      Lock icon Finding the ‘developed’ segment in ‘developing’ markets
      867 28  -  THE BOTTOM LINE By Bala Shankar T The writer is a Singapore-based consultant MULTINATIONAL companies have been echoing the cliché that developing markets are their primary focus for growth. Many report share of business in these markets and the progress made from year
      867 words
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      Lock icon Bye, bye TPP? Not so fast
      1426 28  -  The Donald, who has made opposition to free trade the centrepiece of his presidential campaign, may be more willing to moderate his positions on the issue if he comes into office By Leon Hadar Washington IF you like a touch of black humour, then
      PHOTO: REUTERS  -  1,426 words
    • Article
      Lock icon India-S’pore tax treaty: anomalies need to be dealt with
      871 29  -  COMMENTARY By Vivek Kathpalia T The writer heads the law firm Nishith Desai Associates in Singapore. THESE are taxing times indeed! The global shift on clamping down on base erosion/profit shifting has the recently amended India-Mauritius tax treaty to add to
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      Lock icon Shareholders should back only qualified directors
      2507 29  -  They need to exercise more informed voting, otherwise the quality of boards and corporate governance is likely to deteriorate.BY deteriorate.BY MAK YUEN TEEN T The writer is an associate professor at the NUS Business School where he teaches corporate governance and ethics. RECENTLY, I
      Copyright for the cartoon belongs to Mak Yuen Teen and Chris Bennett. Used with permission by BT  -  2,507 words
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      955 30 s-i. the Business times Shipping times Vessel Voy Sin Pusan Tarawa Honiara Santo Port Vila Noumea Lautoka Suva Nukualofa Apia Pago Pago Papeete Lae P. Moresby Townsville APL Columbus V010E 23 May 06 Jun 22 Jun 26 Jun 29 Jun 01 Jul 03 Jul 06 Jul 08 Jul 10 Jul
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  • LIFE & CULTURE
    • Article, Illustration
      Lock icon Thai fans mob EPL champs Leicester City
      429 31 Team in Bangkok for tour of their billionaire owner’s homeland AFP Bangkok SCORES of Thai fans mobbed newly crowned English Premier League (EPL) champions Leicester City as they landed in Bangkok on Wednesday morning for a tour to the homeland of their billionaire
      AFP; PHOTO: AFP  -  429 words
    • Article, Illustration
      Lock icon Raised for meat, dogs in South Korea get new lives as pets abroad
      820 31 NYT Wonju, South Korea ON A FARM nestled between hills of trees, the ageing Spitz has had an easy life. She follows her owner, Gong In Young, everywhere. And he dotes on the dog, whose name is
      NYT; PHOTO: NYT  -  820 words
    • Article
      Lock icon Companies should ramp up efforts to help poor and needy: Tan Chuan-Jin
      296 31  -  Minister launches microsite for the SHARE as One initiative By Renald Yeo yrenald@sph.com.sg Singapore COMPANIES here can do more to help the needy and underprivileged, Social and Family Development Minister Tan Chuan-Jin said on Wednesday. The help could
      296 words
    • Article, Illustration
      Lock icon Thailand to close popular island Koh Tachai to tourists
      524 31 NYT Bangkok KOH Tachai, one of Thailand’s most beautiful island destinations, will be closed to tourists indefinitely in an attempt to protect it from irreparable harm, the government has announced. The island, in the Andaman Sea off the coast of Phang
      NYT; PHOTOS: NYT  -  524 words
  • Page 31 Miscellaneous
    • Miscellaneous
      Lock icon Page 31 Miscellaneous Column 1
      340 31 CRYPTIC CROSSWORD Across 1 Desert bug (6) 4 Careless fielders who’d dropped opener (8) 10 Twist Irish county’s team (9) 11 Concept that could make one more relaxed, we hear (5) 12 Refuse to put a cross in a black spot (7) 13 Ace perhaps in one of the Armed
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      179 32 MITSUBISHI ELECTRIC Changes for the Better A •V.IISU-i SSi. ELECTRIC INVCRTCR L To Clean! teachable Inner Vent for Easy Clean III V! Excellent Energy Savings Qy^resT l9 dB ENERGY EFFICIENCY RATING Excellent A i X MITSUBISHI ELECTRIC Split type (inverter) Air-conditioner MXY-2G20VA Cooling Capacity: 4.83 kW Tested in accordance with
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