The Business Times, 12 October 2016

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Microfilm: NL34118
Total Pages: 34
1 34 The Business Times
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  • Title Section
    Lock icon Masthead
    22 1 THE BUSINESS TIMES A SINGAPORE PRESS HOLDINGS PUBLICATION www.businesstimes.com.sg @BusinessTimes MCI (P) 052/08/2016 S$1.20 CO REGN NO *****2868E Wednesday, October 12, 2016
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  • Article
    Lock icon DAILY DIGEST
    139 1 A suite of fresh training programmes and toolkits to help accountants and finance professionals deal with challenges in the digital age including the threat to their own survival is unveiled at the CPA Congress 2016. TOP STORIES 4 Singapore Medical Group proposes to buy a group of obstetrics
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  • Article
    Lock icon Falcon Bank loses S’pore licence; DBS, UBS fined over 1MDB-linked fund flows
    1192 1  -  MAS slaps monetary penalties on all three for breaching Republic’s anti-money laundering rules 1MDB FALLOUT By Siow Li Sen lisen@sph.com.sg @SiowLiSenBT Singapore THE Monetary Authority of Singapore (MAS) has stripped Falcon Private Bank of its licence for 1MDB-related
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  • Article, Illustration
    Lock icon Samsung sends its Galaxy Note7 to the graveyard
    743 1  -  By Sherwin Loh sherwinl@sph.com.sg @SherwinLohBT Singapore BARELY two months after its release, Samsung has decided to discontinue production and sales of its embattled Galaxy Note7 Android smartphone. The South Korean tech company has also told owners of the device, including those who
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  • Article
    Lock icon MARKETS
    27 1 Tuesday Change STI 2,856.13 -14.11 KL COMP 1,668.72 +3.40 NIKKEI 225 17,024.76 +164.67 HANG SENG 23,549.52 -302.30 SHENZHEN B 1,188.73 -3.73 DOW (11.45 EDT) 18,159.85 -169.19
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  • Page 1 Advertisements
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  • TOP STORIES
    • Article, Illustration
      Lock icon Spotlight on KL’s next move in 1MDB saga
      561 2  -  COMMENTARY BY ANITA GABRIEL anitag@sph.com.sg @AnitaGabrielBT Senior Correspondent anitag@sph.com.sg @AnitaGabrielBT Singapore’s action against its financial institutions including get-out-of-here notices to two Swiss private banks relating to the suspicious flows of 1 Malaysia Development Berhad (1MDB) monies is only the supporting act. The
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    • Article, Illustration
      Lock icon 1MDB’s ‘casualty’ banks
      204 2  -  The circuitous flow of up to billions of dollars belonging to 1 Malaysia Development Berhad through two boutique Swiss private banks Falcon and BSI was funnelled through their head offices in Switzerland and their respective Singapore branch. BY ANITA GABRIEL 1MDB FALLOUT BT Explains BY ANITA GABRIEL
      Photos: Reuters and File Photo; Source: US Justice Department filings; BT Graphics: Hyrie Rahmat  -  204 words
    • Article
      Lock icon Time for Asean to forge regional position on cyber norms: Yaacob
      665 2  -  By Jacquelyn Cheok jaccheok@sph.com.sg @JacCheokBT Singapore IT is timely for Asean to start a dialogue and arrive at a regional position on cyber norms, Minister for Communications and Information Yaacob Ibrahim said on Tuesday. In his opening speech at
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    • Article, Illustration
      Lock icon New courses, toolkit to ‘future-proof’ accountants
      578 4  -  New business models and technologies are making training and keeping abreast a necessity, says CPA Australia official By Michelle Quah michquah@sph.com.sg @MichelleQuahBT Singapore A SUITE of fresh training programmes and toolkits to help accountants and finance professionals deal with challenges in the digital age
      578 words
    • Article
      Lock icon LNG a key to cutting ship emissions: industry players
      1088 4  -  But the MPA says the clean-burning fossil fuel is not the only refuelling option for ships here By Tan Hwee Hwee hweetan@sph.com.sg @HweetanBT Singapore IN nudging the maritime industry towards using greener marine fuels, Singapore has always preferred the carrot to
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    • Article, Illustration
      Lock icon Trump bounces back but Republican Party still in tatters
      830 5 Party’s top players fleeing from him, with House Speaker Paul Ryan all but conceding the race to Clinton US ELECTIONS AFP Washington AFTER nearly 18 months of vitriolic campaigning and two incendiary presidential debates, it is clear that the 2016 race
      AFP  -  830 words
    • Article
      Lock icon Buffett discloses 2015 tax returns, challenges Trump to do the same
      691 5 WP Washington WARREN Buffett just fact-checked Donald Trump. In a debate on Sunday, Mr Trump acknowledged using a nine-figure loss in 1995 to reduce tax obligations and sought to liken the move to strategies used by some of Democratic
      WP  -  691 words
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      Lock icon Page 2 Advertisements Column 1
      258 2 THE BUSINESS TIMES A MATTER OF TASTE PRESENT Thelatinstars winedinner Friday, October 21, 2016 7:00PM 10:30PM Alma by Juan Amador Goodwood Park Hotel The Business Times turned 40 on October 1, 2016. To celebrate this special anniversary, BT and Robert Parker Wine Advocate are pleased to present the Latin Stars
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      32 3 Thank you for supporting us as we strive to become a global leader in ICT services. Keep your business safe at singtelcybersecurity.com Copyright 2016 Singapore Telecommunications Ltd. (CRN: *****1624D). All rights reserved.
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      24 4 Everyonedeserves a great Weekend. The all-new Business Times Weekend. Out Every Sat. For advertising opportunities, call 1800 822 6382 or email us at mkgsales@sph.com.sg
      24 words
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  • Page 5 Advertisements
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      Lock icon Page 5 Advertisements Column 1
      468 5 All-in-return fares* from: Bangkok S$1,048 WELLINGTON S$5,278 DÜSSELDORF S$5,798 Canberra S$3,698 LONDON S$5,828 LOSANGELES S$5,948† Male (Maldives) S$2,198 Denpasar (Bali) S$1,088 Perth S$2,618 Seoul S$2,898 Melbourne S$4,068 Zurich S$5,248 Paris S$5,738 Amsterdam S$5,828 Hong Kong S$1,688 Tokyo S$2,758 Dubai S$2,958 Sydney S$4,078 Milan S$5,538 Manchester S$5,878 Munich S$5,948 Shanghai S$3,178
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  • COMPANIES & MARKETS
    • Article
      Lock icon Big, bad bankers are the true disruptive force
      1191 6  -  HOCK LOCK SIEW BY JAMIE LEE leejamie@sph.com.sg @JamieLeeBT THE swell of job cuts at global banks has prompted fears of technology causing a large disruption in employment in the banking industry. But the extent is exaggerated, at least for now, and rubs
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    • Article
      Lock icon Mermaid reduces rates for two Middle East contracts
      281 6  -  B y Jacquelyn Cheok jaccheok@sph.com.sg @JacCheokBT Singapore MERMAID Maritime Public Company has reduced rates for two subsea and offshore services contracts in the Middle East, in a move to retain one deal and extend another amid the challenging environment. In the first,
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    • Article
      Lock icon SMG snags women’s health clinic group for S$60m
      633 7  -  Deal to acquire Astra Women’s Specialist group to expand SMG’s obstetrics and gynaecology segment By Melissa Tan melissat@sph.com.sg @MelissaTanBT Singapore PERHAPS eyeing its own version of a baby bonus, Catalist-listed specialist healthcare services group Singapore Medical Group (SMG) has proposed to buy
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    • Article
      Lock icon Manhattan Resources unit to sell two-thirds of vessel fleet for 170.6b rupiah
      318 7  -  By Kenneth Lim kenlim@sph.com.sg @KennethLimBT Singapore A WHOLLY owned subsidiary of Manhattan Resources is selling two-thirds of its vessel fleet to PT Karunia Samudera Lines of Indonesia for 170.6 billion rupiah (S$18 million) in cash, according to an
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    • Article
      Lock icon Iskandar Waterfront may revive IPO as early as next year
      583 7 BLOOMBERG Kuala Lumpur MALAYSIAN developer Iskandar Waterfront Holdings Sdn is considering reviving an initial public offering as early as 2017 as it steps up the construction of projects including one linked to embattled state fund 1Malaysia Development Bhd (1MDB). The
      BLOOMBERG  -  583 words
    • Article
      Lock icon Metro fends off activist investor eyeing its cash holdings
      478 9  -  It says it expects net cash to decline due to capital-intensive property unit, in response to hedge fund Quarz’s call for special dividend By Jamie Lee leejamie@sph.com.sg @JamieLeeBT Singapore PROPERTY and retail group Metro Holdings said cash in its coffers targeted
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    • Article, Illustration
      Lock icon Foreign investors cut back on emerging Asia govt bonds in anticipation of US rate hike
      574 9 REUTERS Singapore FOREIGN investors have cut holdings in most emerging Asian government bonds so far this month on expectations that US interest rates will rise in December and that other major central banks will not
      REUTERS; PHOTO: BLOOMBERG  -  574 words
    • CORPORATE DIGEST
      • Article
        Lock icon GLP
        48 9 GLP has leased 32,000 square metres or 344,000 square feet of space to retailer walmart in southern China. GLP said Walmart has leased about 210,000 sq m or 2.3 million sq ft of space in total from GLP across nine cities in China, Japan and the US.
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      • Article
        Lock icon Jason Marine
        45 9 marine electronics systems integrator Jason Marine Group said on Tuesday it is expected to record a net loss for its half year ended Sept 30. This is based on a preliminary review of the unaudited management accounts of the company and its subsidiaries.
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      • Article
        Lock icon Frasers Hospitality Trust
        129 9 FRASERS Hospitality Trust’s 32-for-100 underwritten and renounceable rights issue has been oversubscribed at 141.3 per cent with valid acceptances and excess applications coming in for a total of 624.04 million rights stapled securities as at Oct 7. The gross proceeds of some S$266.3 million from the exercise
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    • Article, Illustration
      Lock icon STI / Catalist
      63 10 STI Catalist Straits Times Index Oct 11,2016 2,856.13 -14.11 (-0.49%) Current streak 3 days Day high 2,876.88 Day low 2,849.12 52-week high 3,083.07 (Oct 26, 2015) 52-week low 2,532.70 (Jan 21, 2016) FTSE ST Catalist Index Oct 11,2016 460.37 -3.13 (-0.68%) Current streak 1 day Day high 468.10 Day low
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    • Article
      Lock icon GAINERS
      77 10 BY CENTS CLOSE UP 52w high/low SPDR S&P500 US$ ***** 67.6 0.2 *****/***** DBXT MSJAP US$ 5039 20.7 0.3 5110/4031 DBXT E50 US$ 4523 16.5 0.3 5000/3918 DBXT China50 US$ 3226 9.7 0.2 3268/2355 IS ASIA HYG US$ 1106 9.7 0.6 1116/977 BY PERCENTAGE CLOSE UP 52w high/low Ramba
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    • Article
      Lock icon LOSERS
      74 10 BY CENTS CLOSE DOWN 52w high/low DBXT MSKorea US$ 5768 -210.9 -2.6 6041/4629 JMH USD 6142 -95.1 -1.1 6371/4500 GLD US$ ***** -73.1 -0.4 *****/***** JSH USD 3350 -55.1 -1.2 3425/2524 DBXT MSTaiwan US$ 2285 -44.1 -1.4 2332/1667 BY PERCENTAGE CLOSE DOWN 52w high/low CompactMetal W*****0 0.3 -57.1 -0.4
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    • Article
      Lock icon UNUSUAL ACTIVITY
      80 10 VOL CLOSE($) CHANGE Matex Intl 486.2 0.027 +0.011 +68.75 Transcorp 55.1 0.062 +0.018 +40.91 Interra Resource 68,147.8 0.088 +0.014 +18.92 Enviro-Hub 25.3 0.085 +0.014 +19.72 Heatec Jietong 700.0 0.039 +0.009 +30.00 KrisEnergy 77,600.8 0.179 +0.036 +25.18 Zhongxin Fruit 100.0 0.010 -0.002 -16.67 SunMoonFood 240,728.5 0.115 +0.010 +9.52 Saizen
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    • Article, Illustration
      Lock icon Pennies continue to reign as STI sags
      643 10  -  Top volume list includes stocks such as Noble Group, SunMoon Food, Ezion, Ezra and Nam Cheong STOCKS By R Sivanithy sivan@sph.com.sg @RSivanithyBT A SLIDE in the Dow futures and 1.3 per cent loss in Hong Kong resulted in a weak session here in
      Source: Bloomberg  -  643 words
    • Article
      Lock icon STI STOCKS
      302 10 Stock name Close Change Day high/low 52w high 52w low PE Div yield Mcap Ascendas Reit 249 unch 249/246 257 209 6.2 6920.3 CapitaCom Trust 158 -0.5 159/157 164 127 5.5 4680.8 CapitaLand 312 -4 318/310 340 280 12.5 2.9 *****.7 CapitaMall Trust 212 -1 213/211 225 185
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    • Article
      Lock icon MOST ACTIVE
      34 10 VOLUME Noble 345,335,200 SunMoon Food 240,728,500 KrisEnergy 77,600,800 Ezion 71,239,900 Interra Resource 68,147,800 Market volume 2,952,622,000 VALUE Singtel 114,965,709 Noble 65,610,750 UOB 42,622,265 DBS Grp 32,587,706 Global Logistic 31,823,756 Market value 1,027,007,000
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    • Article
      Lock icon SGX ETFS
      110 10 Most Active Fund Last sale +/-(‘000) Day high/low 52w high/low Buy/Sell Mcap IS MS INDIA US$ US735 -5 316 741/735 772/575 735/738 91.9 STI ETF 290 -2 282 292/290 314/254 289/290 DBXT MSRussia US$ US219 +5 86 219/217 219/129 217/218 DBXT MSPHILS US$ US199.2 -3.8 78 201.4/199.2 222.5/158.5
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    • Article
      Lock icon OTHER SINGAPORE INDICES
      77 10 Oct 11 VALUE CLOSE BT OB/OS 181.00 -135.00 BT CADI -*****.00 -81.00 BT 10-day MA -*****.00 +18.00 FTSE ST Mid Cap 698.38 -3.65 FTSE ST Small Cap 388.96 -1.51 FTSE ST All Share 704.66 -3.61 FTSE ST China Top 160.08 -1.25 FTSE ST China 194.35 -0.97 FTSE
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    • Article, Illustration
      Lock icon STI / FTSE ST All-Share
      35 10 STI FTSE ST All-Share FTSE ST All-Share index Oct 11,2016 704.66 -3.61 (-0.51%) Current streak 3 days Day high 709.59 Day low 703.54 52-week high 743.17 (Oct 26, 2015) 52-week low 625.37 (Jan 21, 2016)
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    • Article, Illustration
      Lock icon STI / MSCI EAFE
      33 10 STI MSCI EAFE MSCI EAFE Index Oct 10,2016 1,693.31 +4.91 (+0.29%) Current streak 1 day Day high 1,694.64 Day low 1,682.50 52-week high 1,779.25 (Oct 26, 2015) 52-week low 1,492.43 (Feb 12, 2016)
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    • Article
      Lock icon SECURITIES TRADING SCOREBOARD
      186 10 MAIN CATL TOTAL Up Down Unch Up Down Unch Up Down Unch Multi Ind 4 7 5 0 1 0 4 8 5 Manufacturing 29 48 22 9 12 11 38 60 33 Commerce 16 21 11 6 4 5 22 25 16 Tpt/Stor/Comms 8 12 12
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    • Article
      Lock icon SECURITIES TRADING TURNOVER
      125 10 VOLUME (‘000) VALUE (‘000) MAIN CATL TOTAL MAIN CATL TOTAL Multi Ind 18,027 10 18,037 57,484 2 57,485 Manufacturing 194,799 121,206 316,005 88,195 5,706 93,901 Commerce 620,697 25,918 646,615 142,187 374 142,561 Tpt/Stor/Comms 150,653 1,060 151,713 181,780 100 181,880 Finance 17,014 100 17,114 115,665 15 115,680 Construction
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    • BROKERS’ TAKE
      • Article
        Lock icon Manulife US Reit Buy
        100 10 Oct 11 close: US$0.835 Target price: US$0.93 DBS Group Research, Oct 10 Play on exposure to the US property market which is in the early stages of recovery. We maintain our “buy” call and target price of US$0.93. We continue to like Manulife US Reit’s strong
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      • Article
        Lock icon UOL Group Buy
        121 10 Oct 11 close: S$5.85 Target price: S$7.30 OCBC Investment Research, Oct 10 Right off the bat from its £229.6 million (S$388 million) acquisition of 120 Holborn in London UK, UOL announced that it has, through a joint venture with United Industrial Corporation Ltd (UIC), acquired the Raintree
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      • Article
        Lock icon Jumbo Group Hold
        174 10  -  Compiled by Cai Haoxiang Oct 11 close: S$0.62 Target price: S$0.60 UOB KayHian, Oct 10 Jumbo opened a new bak kut teh outlet at Resorts World Sentosa and completed the expansion of its Riverside outlet. We see potential joint venture and franchise opportunities down the road which
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    • Article
      Lock icon CALENDAR
      9 10 DATA I Oct 12 US MBA Mortgage Applications
      9 words
    • Article
      Lock icon US$ hits 11-week high on rising bets of rate hike
      447 11 CURRENCIES REUTERS London THE US dollar hit an 11-week high on Tuesday as investors upped their bets on the Federal Reserve raising US interest rates before the end of the year, and as doubts grew over Donald Trump’s ability to
      REUTERS  -  447 words
    • FOREX RATES
      • Article
        Lock icon INTERBANK CROSS RATES
        471 11 Oct 11 A$ C$ Rmb Euro HK$ Ind Rs Rupiah Yen Won RM NZ$ Pak Rs Peso S$ Rand Sfr NT$ Baht Pound US$ Australia 0.998 5.074 0.680 5.864 50.321 98.266 0.786 8.468 3.153 1.067 79.033 36.722 1.042 10.525 0.744 23.926 26.640 0.614 0.756 Canada 1.002 5.086
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      • Article
        Lock icon INTERBANK CURRENCY RATES
        155 11 Oct 11 Against S$ Against US$ Currencies Bid Offer Bid Offer S$/US$ to one unit of foreign currency: Australian dollar 1.0415 1.0428 0.7555 0.7560 Canadian dollar 1.0440 1.0450 0.7576 0.7573 Euro 1.5319 1.5329 1.1112 1.1113 NZ dollar 0.9759 0.9772 0.7079 0.7084 Sterling pound 1.6951 1.6969 1.2296 1.2302
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      • Article
        Lock icon US$/S$ FORWARD RATES
        22 11 Oct 11 S$ Bid Offer 1-month 1.3782 1.3792 2-months 1.3783 1.3791 3-months 1.3782 1.3791 6-months 1.3775 1.3790 Source: OCBC
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      • Article, Illustration
        Lock icon HANG SENG
        2 11
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      • Article, Illustration
        Lock icon SHANGHAI COMPOSITE
        2 11
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      • Article, Illustration
        Lock icon DOW JONES
        2 11
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      • Article, Illustration
        Lock icon NIKKEI
        1 11
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    • EQUITY BONDS WARRANTS FUTURES
      • Article
        Lock icon BONDS, WARRANTS, PREFERENCE SHARES
        212 11 Most active Oct 11 Prem Expiry Vol Conv Exer Disc Gear-Mths Company Last Sale +or-('000) Ratio Price ing Left Charisma EnergyServicesW*****3 0.3 0.1 ***** 1 3 1 Equation Summit LimitedW*****2 0.1 unch ***** 1 1 83 6.00 10 Ntegrator Intl Ltd W*****3 0.4 -0.1 7590 1
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      • Article
        Lock icon MORGAN STANLEY CAPITAL INTERNATIONAL INDICES
        377 11 In local curr In S$ In US$ dy yr dy yr dy yr Oct 10 Index Change Change Change Change Change Change World Preliminary 1312.3 0.6 2.7 0.6 0.3 0.5 3.5 EAFE Preliminary 985.3 0.6 -2.8 0.4 -4.4 0.3 -1.3 Europe Preliminary 1415.2 0.9 0.2
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      • Article
        Lock icon SGX DERIVATIVES TRADING
        387 11 Oct 11 OPEN HIGH LOW SETT VOL OP/INT FTSE CHINA A50 INDEX FUTURES Oct16 9740.00 9755.00 9692.50 9712.50 *****4 *****3 Nov16 9755.00 9770.00 9715.00 9735.00 1777 1501 NIKKEI 225 INDEX FUTURES Dec16 *****.00 *****.00 *****.00 *****.00 ***** *****4 Mar17 *****.00 *****.00 *****.00 *****.00 205 2503 MSCI TAIWAN
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    • BANK RATES
      • Article, Illustration
        Lock icon INTERBANK RATES
        175 11 Rates fmamd by teen (5) Pro Ltd M u 55 otter mu Overmgm 010 0 05 I-month 0 625 0 375 zrrnomhs 0.3125 0.6875 3-momhs 0.875 0.75 overnight nwfl-3: 0,20 095 (mu am 7 days 0 55 0.45 1 month I163 0.53 2 m0nt|1s 0.80 0,60 3 months
        Rates fmamd by teen (5) Pro Ltd  -  175 words
      • Article
        Lock icon GOVERNMENT SECURITIES
        69 11 Oct 11 GOVERNMENT BONDS Period Issue Coupon Maturity Close Day's code rate Bid High Low 2-Year NY*****A 4.000 01-Sep-18 105.73 105.81 105.74 5-Year N*****0Z 1.250 01-Oct-21 99.14 99.36 99.35 10-Year NX*****F 2.125 01-Jun-26 101.6 102.00 101.75 15-Year NZ*****F 2.875 01-Sep-30 107.46 107.65 107.55 20-Year NZ*****X 2.250 01-Aug-36 98.4
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    • AGRI METALS ENERGY
      • Article
        Lock icon COMMODITY FUTURES
        250 11 Oct-10 Price Net change change Last Trade Agricultural Oct-10 CBOT Soybeans (US cents/bu) 954.50 -2.25 -0.24% 14/11/2016 CBOT Soybean Oil (US cents/lb) 33.62 0.51 1.54% 14/10/2016 CBOT Wheat (US cents/bu) 403.75 9.00 2.28% 14/12/2016 Oct-10 LIFFE Cocoa (£/tonne) 2230.00 -89.00 -3.84% 13/12/2016 LIFFE Coffee (US$/tonne) 2017.00 16.00 0.80%
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    • Article
      Lock icon SGX MAINBOARD
      1769 12 52-Wk Last Vol Day Div GrYld Net MCap High Low Company Sale +/-(’000) High Low C’vr P/Ep $mil Last Vol Day Div GrYld Net 149 127 AIMSAMP Cap Reit 140 -1 472 142 139.5 0.9 8.1 892.2 High 144 101 ARA Asset Mgmt 135.5 unch 213 135.5 135
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    • Article
      Lock icon SGX CATALIST
      344 12 52-Wk Last Vol Day Div GrYld Net MCap High Low Company Sale +/-(’000) High Low C’vr P/E Company Last Sale vol ('000) High Day 0.6 0.1 t Advanced Systems 0.2 unch 0 0.4 0.2 5.3 46.5 29.5 t Advancer Global 40.5 -1 248 41.5 40.5 16.1 70.1 C'vr
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    • Article
      Lock icon SGX ETF
      149 12 ON THIS 52-Wk Last Vol Day Div GrYld Net MCap High Low Counter Sale +/-(’000) High Low C’vr P/E Counter Last Sale vol 3268 2355 DBXT China50 US$ US3226 +7 13 3264 3226 8.9 395 190 DBXT MSBrazil US$ US392 +1 43 395 392 1388 995 DBXT MSCHINA
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  • Page 6 Advertisements
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      Lock icon Page 6 Advertisements Column 1
      1808 6 Voluntary Unconditional General Offer for GMG Global Ltd GMG GLOBAL LTD You will receive 0.9333 Halcyon Agri Shares for each GMG Share NEED HELP? Please call Deutsche Bank at +65 6423 5755 during office hours if you have any enquiries about the Offer, or if you need assistance to complete
      1,808 words
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      Lock icon Page 7 Advertisements Column 1
      245 7 a O f m T? s I sJ 0 c IV Q> FROM OUR FIRST OUTLET AT KILLINEY ROAD IN 1966, JACK'S PLACE HAS EVOLVED INTO A CHAIN OF 17 OUTLETS SERVING A WIDE RANGE OF FOOD AT GREAT VALUE PROUD TO CELEBRATE 50 YEARS OF SIZZLE WITH YOU! <
      245 words
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  • Page 9 Advertisements
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  • Page 12 Advertisements
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      Lock icon Page 12 Advertisements Column 1
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      83 13 V-; -V •>;.-• <•/. > v 1 i? 5p v »'.•,> /> >• V.L Vy&J r-j*. ‘j: r f ss>. K/w /r' r; 3T’ ®7.' 7 fji ./v '.y./ V XXX yv. .-vv/v ii 0B Sir H If feW ir vi |h r*»v* 9k. m V t\ VM '.v ij-S
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  • REAL ESTATE
    • Article, Illustration
      Lock icon Raffles Hotel to undergo 16-month restoration in stages from Jan 2017
      535 14  -  Move will rejuvenate facilities and interior design; hotel to be fully closed only in final stretch of 3-phase project By Kelly Tay kellytay@sph.com.sg @KellyTayBT Singapore THE iconic Raffles Hotel Singapore will undergo a 16-month restoration project starting January 2017
      PHOTO: AFP  -  535 words
    • Article
      Lock icon Google said to be reviving plan to build London HQ
      204 14 BLOOMBERG London ALPHABET Inc, the parent company of Google, is seeking a construction firm to build its new London headquarters in the King’s Cross district after reviving plans for the project, according to two people familiar with the matter. The
      BLOOMBERG  -  204 words
    • Article
      Lock icon Condo resale prices fall to lowest since 2012
      425 14  -  By Lee Meixian leemx@sph.com.sg @LeeMeixianBT Singapore NON-LANDED private residential resale prices fell 0.9 per cent in September to the lowest level in four years since July 2012, while volume slumped 17.7 per cent. According to data compiled by SRX Property, an estimated
      425 words
    • Article
      Lock icon Dubai begins building ‘world’s tallest’ tower
      224 14 AFP Dubai DUBAI began construction work on Monday on a tower that will stand higher than its Burj Khalifa, which is currently the world’s tallest skyscraper. The Gulf emirate’s ruler, Sheikh Mohammed bin Rashid alMaktoum, marked the groundbreaking of The Tower at Dubai Creek
      AFP  -  224 words
    • Article
      Lock icon China plans tighter control of funds flow into property
      383 14 BLOOMBERG Beijing CHINA’S financial regulators plan to further tighten control of funds flowing into the property market in violation of current rules, according to people familiar with the matter. Authorities including the central bank, the China Banking Regulatory Commission and the
      BLOOMBERG  -  383 words
  • Page 14 Advertisements
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      Lock icon Page 14 Advertisements Column 1
      39 14 33 AUCTION 2016 Autumn Auction: Singaporean Art Modern Contemporary Asian Art AUCtiOn: 15 Oct 16,7.30pm GRAND HYATT SINGAPORE Preview: 12-1 4 Oct 1 6, 1 0am 8pm, MoCA@ 27A LOEWEN ROAD (DEMPSEY AREA) Tel: +65 6747 4555 info@33auction.com www.33auction.com
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      158 14 PICTET Pictet-Absl Rtn Fxd Inc-HP EUR Pictet-Asian Equities Ex Japan-P USD Pictet-Asian Local Currency Debt-P USD Pictet-Biotech-P USD Pictet-Clean Energy-P USD Pictet-Digital Communication-P USD Pictet-Em Lcl Ccy Dbt-P USD Pictet-Emerging Europe-P EUR Pictet-Emerging Markets-P USD Pictet-EUR Bonds-P Pictet-EUR Corporate Bonds-P Pictet-EUR Government Bonds-P Pictet-EUR High Yield-P Pictet-EUR Short Mid-Term Bonds-P
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      15 14 International Residential Property Services Vanessa Chan CEA REG NO. R*****31 +65 8125 7636 Vanessa.Chan@ap.jll.com JonesLangLaSallePropertyConsultantsPteLtdlCEALicenceNo.L*****26E
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  • BANKING & FINANCE
    • Article
      Lock icon China’s outflows may be worse than they look
      745 15 Goldman Sachs also warns that a rising amount of capital is exiting country in yuan rather than in US dollars; official data shows that US$27.7b in yuan payments left China in Aug BLOOMBERG Beijing CHINA’S currency outflows may be bigger than they
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      Lock icon Analysts say BOJ’s policy framework makes helicopter money highly likely
      788 15 BLOOMBERG Tokyo NO MATTER what he says or does, helicopter money speculation follows Japan’s central bank chief Haruhiko Kuroda. From Tokyo to Stockholm, some analysts see the groundwork for a central bank-funded fiscal stimulus in last month’s decision by the
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      132 15 V l'x 1 smu SINGAPORE MANAGEMENT UNIVERSITY I Centre for Cross-Border Commercial Law in Asia HERBERT S SMITH FREEHILLS n r 6 WJ 5- 1 Herbert Smith Freehills-SMU Asian Arbitration Lecture 2016 Adjudicator, Advocate, or Something in Between? Coming to terms with the role of the party-appointed arbitrator Speaker: The
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      178 15 Your address could be here: Level 39, Marina Bay Financial Centre Tower 2 V World’s finest Serviced Offices Fully furnished prestigious offices Dedicated receptionist answering your calls the way you would like Meeting rooms, bilingual secretaries Global IT infrastructure 5 days free office usage at any worldwide location per month
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  • ENERGY & COMMODITIES
    • Article, Illustration
      Lock icon Steel imports: risk of trade barriers in Japan
      532 16 Domestic mills reel under surging cost of a key raw material and a jump in imports BLOOMBERG Tokyo A DIFFICULT year just keeps getting tougher for Japan’s steelmakers, raising the possibility that the world’s second-biggest producer could join the ranks of nations
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    • Article
      Lock icon BP abandons Great Australian Bight plans
      326 16 AFP Sydney BRITISH oil giant BP on Tuesday abandoned plans to drill in the Great Australian Bight after reviewing its global upstream strategy, a decision that environmentalists hailed as a victory. The company had wanted to drill four deep exploration wells off the South
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      1646 16 NOTICES Te l 6 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 a s s c o m s g ft
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      2891 16 SILVERLAKE AXIS LTD (incorporated in Bermuda with limited liability) NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN THAT in Annual General Meeting of SILVERLAKE AXIS LTD will be he d at East India Rooms, Level 1, Raffles Hose Singapore, 1 Beach Road, Singapore *****3 on Thursday, 27 October 2016
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  • TECHNOLOGY
    • Article
      Lock icon WEF sets up San Francisco office to catch tech wave
      819 17 New centre’s 60 staff will solicit policy recommendations on technologies with the goal of developing regulations that do not hamper these innovations BLOOMBERG San Francisco THE World Economic Forum (WEF), the host of the annual gathering of political and economic
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      244 17 EIROK/1RS GROUP zoom-zoom An exclusive invite to test-drive the best car in the world. 4Bf winner WINNER 2016 WORLD CAR AWARDS WORLD CAR DESIGN OF THE YEAR 2016 WORLD CAR AWARDS WORLD CAR OF THE YEAR Test-drive the award winning Mazda MX-5 at our reservation-only Ubi showroom event. 15-16 22-23
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      183 17 Business Advisory Clinic for SMEs FREE One-to-One Business Advisory Clinic Government Pavilion Discover the new incentive schemes and grants from the various government agencies. Additive Manufacturing Robotics Showcase Walk through the advanced technologies alley and learn from the solution providers on how you can adopt such automation at your workplace.
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  • CONSUMER
    • Article, Illustration
      Lock icon Pos M’sia in delivery talks with Alibaba
      671 18 It is tapping a boom in online retailing as its plans to bypass the middlemen when shipping goods sold on Alibaba’s platforms BLOOMBERG Kuala Lumpur MALAYSIA’S biggest postal company is seeking a more direct role in providing logistics services to Chinese e-commerce giant
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      1805 18 NOTICES Te l 6 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 a s s c o m s g JIUTIAN
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      1967 18 0 AVI-TECH ELECTRONICS LIMITED (Company Registration Number *****5976H) (Incorporated in the Republic of Singapore) NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN that the Annual General Meeting of Avi-Tech Electronics Limited (the “Company”) will be held at 19A Serangoon North Avenue 5, 6th floor, Singapore *****9 on Thursday, 27
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  • TRANSPORT
    • Article
      Lock icon Bunkering conference reaffirms its reputation
      673 19  -  Focus at largest such conference is on developing cleaner fuel solutions STRAIT TALK BY DAVID HUGHES THOSE in the Singapore shipping community with a reasonably long memory will remember that in October 1997 the authorities here were battling to counter an oil spill caused by
      673 words
    • Article, Illustration
      Lock icon Cost of a three-door bus depends on manufacturer’s flexibility too
      458 19  -  By Samuel Ee samuelee@sph.com.sg Singapore A THREE-door bus made specifically for Singapore’s public transport system may not be much more expensive if built by a manufacturer which is willing and able to deliver a customised solution. “As the largest manufacturer
      458 words
    • Article
      Lock icon Seoul court mulls selling Hanjin’s Asia-US business
      234 19 BLOOMBERG Singapore THE Seoul Central District Court overseeing the receivership filing of Hanjin Shipping Co is considering a disposal of the sales and marketing network of the container line’s AsiaUS operations as part of efforts to raise funds at the indebted company. The
      BLOOMBERG  -  234 words
    • Article
      Lock icon Driverless cars hit British streets
      368 19 AFP London DRIVERLESS vehicles carrying passengers took to Britain’s streets for the first time on Tuesday in a landmark trial which could pave the way for their introduction across the country. The compact two-seater cars trundled along a pedestrianised zone in Milton Keynes, north of
      AFP  -  368 words
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      2763 19 NOTICES TOLL FREE 1800-289-8822 I Email notices@sph.com.sg I www.sphclass.com.sg/notices (Company Registration No. *****5693M) (Incorporated in the Republic of Singapore) NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN that the 2016 Annual General Meeting (“AGM”) of Loyz Energy Limited (the “Company”) will be held at 8 Wilkie Road #03-01 Wilkie
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  • GOVERNMENT & ECONOMY
    • Article, Illustration
      Lock icon Japan passes US$32b extra budget, focus shifts to TPP bills
      325 20 REUTERS Tokyo JAPAN’S Parliament approved on Tuesday a US$32 billion extra budget for this fiscal year that will help fund Prime Minister Shinzo Abe’s economic stimulus package. The 3.287 trillion yen (S$43.7 billion) budget, the second supplementary budget for the
      REUTERS; PHOTO: BLOOMBERG  -  325 words
    • Article
      Lock icon British MPs, lobby group pressure against ‘hard Brexit’
      832 20  -  Some MPs also say a debate and vote on Brexit negotiations are essential By Neil Behrmann btworld@sph.com.sg London PARLIAMENTARIANS and the Confederation of British Industry are pressurising the government not to leave the European Single Market. The moves have placed premier Theresa
      832 words
    • Article
      Lock icon China Q3 GDP better than expected, says premier
      499 21 Key indicators such as factory output, company profits and investment have rebounded, Li Keqiang says in speech ahead of official economic data release REUTERS Beijing CHINA’S economy performed better than expected in the third quarter, and the country’s debt risks are under
      REUTERS  -  499 words
    • Article
      Lock icon German investor cheer could hit growth buffers: analysts
      416 21 AFP Frankfurt SENTIMENT among investors in Germany sharply improved this month from its post-Brexit doldrums, data showed on Tuesday, but analysts warned against overconfidence. The ZEW economic institute’s headline investor confidence index hit 6.2 points in October, an increase of 5.7 points
      AFP  -  416 words
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      1330 20 NOTICES TOLL FREE 1800-289-8822 I Email notices@sph.com.sg I www.sphclass.com.sg/notices DUKANG DISTILLERS HOLDINGS LIMITED (Company Registration No. *****) (Incorporated in Bermuda) NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN that the Annual General Meeting (the “Meeting”) of Dukang Distillers Holdings Limited (“the Company”) will be held e’ ;)OJe)N 9--0^ RM%MF
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      517 20 NOTICE OF REDEMPTION OF NOTES AND PAYMENT OF CONSENT FEES OTTO MARINE SERVICES PTE. LTD. (UEN/Company Registration No.: *****5659N) (Incorporated in the Republic of Singapore) NOTICE TO HOLDERS (THE “NOTEHOLDERS”) OF THE OUTSTANDING S$70,000,000 7.00 PER CENT. FIXED RATE NOTES DUE 2016 COMPRISED IN SERIES 002 (ISIN: SG6SC*****01) (THE “NOTES”)
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      3399 22 ips jj sccumexc IPS SECUREX HOLDINGS LIMITED (Company Registration No. *****7639H) (Incorporated in the Republic of Singapore on 10 October 2013) NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN that the Annual General Meeting ("AGM") of IPS Securex Holdings Limited (the “Company” and, together with its subsidiaries, the “Group”)
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      1946 22 NOTICES TOLL FREE 1800-289-8822 I Email notices@sph.com.sg I www.sphclass.com.sg/notices ZHONGXIN FRUIT AND JUICE LIMITED (Incorporated in Singapore) (Company Registration Number *****8395H) NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN THAT the Annual General Meeting of Zhongxin Fruit and Juice Limited (the “Company”) will be held at 8 Wilkie Road
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      1042 23 NOTICES UNITED OVERSEAS BANK LIMITED Company Registration No. *****0026Z (Incorporated in the Republic of Singapore) LOST SHARE CERTIFICATE Notice is hereby given that the following share certificate has been reported lost, destroyed or mislaid:Name Certificate No. No. of Shares Chen Wu Min Chin *****17-5 1,000 Notice is also hereby given
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      876 23 IN THE MATTER OF THE COMPANIES ACT, CAP. 50 AND IN THE MATTER OF HARMONY INDONESIA INVESTMENT PTE. LIMITED (IN MEMBER’S VOLUNTARY LIQUIDATION) (Company Registration No.: *****8639W) Extract of minutes of the Extraordinary General Meeting of members of Harmony Indonesia Investment Pte. Limited convened and held on 7 October 2016
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      3024 23 CIVMEC LIMITED Company Registration No. *****1837H (Incorporated in the Republic of Singapore) NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN that the Annual General Meeting of the Company will be held at Amara Hotel Singapore, Level 3, Connection Room 1,165 Tanjong Pagar Road, Singapore *****9 on Thursday, 27 October
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      2465 24 NOTICES Te l 6 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 a s s c o m s g CHINA
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      2166 24 METech INTERNATIONAL METECH INTERNATIONAL LIMITED (Company Registration No. *****6445M) (Incorporated in Singapore) NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN that the Annual General Meeting of Metech International Limited (the “Company”) will be held at 65 Tech Park Crescent, Singapore *****7 on Thursday, 27 October 2016 at 9.30 a.m.
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      2544 25 Incorporated in the Republic of Singapore (Company Registration No. *****5612G) NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN that the Annual General Meeting of OXLEY HOLDINGS LIMITED (the “Company”) will be held at the Albatross Room (Level 2) of Raffles Country Club at 450 Jalan Ahmad Ibrahim, Singapore *****2
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      2384 25 YAMADA GREEN RESOURCES LIMITED (Company Registration No. *****2962E) (Incorporated In the Republic of Singapore) NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN that the Annual General Meeting of Yamada Green Resources Limited (the “Company”) will be held at Six Battery Road #10-01 Singapore *****9 on Thursday, 27 October 2016
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      2061 26 CREATIVE TECHNOLOGY LTD (Incorporated in the Republic of Singapore) Company Registration No. *****3359D NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN that the 34th Annual General Meeting of Creative Technology Ltd. (the “Company”) will be held at 31 International Business Park, #03-01 Creative Resource, Singapore *****1 on Thursday, 27
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      262 26 IN THE MATTER OF THE COMPANIES ACT CAP. 50 AND IN THE MATTER OF PING! CONNECT PTE. LTD. (UEN: *****9592N) NOTICE OF RESOLUTION FOR MEMBERS’ VOLUNTARY WINDING-UP (Pursuant to Section 290) At the Extraordinary General Meeting of the members of the abovenamed Company, duly convened and held at 20 Malacca
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      1915 26 NOTICES Tel 6289-8822 I Email notices@sph.com.sg I www.sphclass.com.sg WILTON RESOURCES CORPORATION LIMITED (Company Registration No. *****0950D) (Incorporated in Singapore) NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN that the annual general meeting (“AGM”) of Wilton Resources Corporation Limited (the “Company”) will be held at Kensington Ballroom II, Serangoon Gardens
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      2365 27 epicentre Mac S More EPICENTRE HOLDINGS LIMITED (Company Registration No. *****2930G) (Incorporated in the Republic of Singapore) NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN that the Annual General Meeting of Epicentre Holdings Limited (the “Company”) will be held at 39 Ubi Road 1, World Publications Building, #08-01, Singapore
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      2894 27 LION ASIAPAC LIMITED /ill (Co. Reg. No. *****0586R) fill (Incorporated in the Republic of Singapore) NOTICE OF 46TH ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN THAT the 46-" Annual General Meeting of Lion Asiapac Limited (the “Company”) will be held at TKP Conference Center Raffles Place, Conference Room 2, 55
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  • OPINION
    • Article
      Lock icon Can’t ease cooling measures with China property bubble, low rates
      554 28 EDITORIAL THE local unemployment rate might be ticking higher as the economy slows, and private home prices might continue to drop. But with a potential deflation in China’s property market bubble that could lead to money flowing out of China,
      554 words
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      Lock icon Globalisation in remission
      1261 28  -  Growing sense of wealth and income inequality is fuelling nationalist fears and populist politics. Former trends of deregulation are in danger of being reversed. BY NEIL DWANE reversed.BY NEIL DWANE T The writer is global strategist at Allianz Global investors POLITICS has always been part of the
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      Lock icon Taiwan’s Tsai wise not to dance to Beijing’s tune
      830 28  -  THE BOTTOM LINE By Frank Ching TThe writer is a Hong Kong-based journalist and commentator. Follow him on Twitter: @FrankChing1 TAIWAN’S President Tsai Ing-wen, in delivering her first National Day speech on Monday, refused to bow to Beijing’s pressure, although she
      830 words
    • Article
      Lock icon The importance of nation branding and public diplomacy
      1087 29  -  COMMENTARY By Harish Mehta T The writer, a former BT Indochina correspondent, has taught the history of American foreign relations at Canadian universities, and regularly conducts research at the US National Archives. AMERICA’S “nation branding” and “public diplomacy” strategies to build its
      1,087 words
    • Article
      Lock icon Cause for optimism on RMB internationalisation
      931 29  -  COMMENTARY By Songzuo Xiang TThe writer is professor of economics and finance, deputy director of International Monetary Institute, Renmin University of China, and a member of the Official Monetary and Financial institutions Forum advisory board. THE renminbi’s inclusion in the International Monetary Fund’s (IMF)
      931 words
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      Lock icon Half full or half empty, the global economy cup is not running over
      1091 29  -  A minority at the recent IMF and World Bank meetings in Washington say the numbers aren’t all that bad, but the situation goes beyond the numbers and the picture isn’t pretty By Anthony Rowley Tokyo ON the
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  • Page 28 Miscellaneous
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      135 28 Singapore Press Holdings News Centre, 1000 Toa Payoh North, Podium Level 3, Singapore *****4 SPH 6319-6319 BT 6319-5360 FAX: 6319-8278 Customer service: 6388-3838 www.businesstimes.com.sg Press releases: btnews@sph.com.sg Letters: btletter@sph.com.sg chief executive officer singapore press holdings ALAN CHAN deputy chief executive officer singapore press holdings PATRICK DANIEL editor-in-chief (english/malay/tamil media group)
      135 words
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      2048 30 S-*- THE BUSINESS TIMES SHIPPING TIMES C a i l a n B r i s b a n e E n n o r e J e d d a h ~Ho Chi Minh Shanghai Chittagong H o n g J e b e l A i K o
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      245 30 ENG LEE SHIPPING CO PTE LTD Tel: *****222 (10 Lines) Fax: *****174/*****960 Website: www.englee.com.sg/Email: marketing@englee.com.sg CR No: **********0C REGULAR FEEDER SERVICES TO INDONESIAN (DE1) VESSEL VOY SIN ETA SIN ETD DESTINATION FREQUENCY Marco Polo 148 BST318 13/10/2016 14/10/2016 Buatan/Buatan DAILY Marco Polo 138 TTS003 13/10/2016 14/10/2016 Tebing Tinggi/Jambi DAILY Marco
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  • LIFE & CULTURE
    • Article, Illustration
      Lock icon Get up close with the world’s top tennis stars in Singapore
      724 31  -  A Racquet Club pass has many perks including player meet-and-greets at the WTA Finals in the city-state By Lee U-Wen leeuwen@sph.com.sg @LeeUwenBT Singapore THE biggest tennis tournament in Singapore is back for its third edition later this month, and
      724 words
    • Article, Illustration
      Lock icon It’s a dog’s life: Yangon neuters city’s many strays
      443 31 AFP Yangon THE dart hits a fleeing street dog in the thigh, the bright orange tip sagging against his brown and white fur as he slows to a halt, his limbs succumbing to the sedatives. The mutt is one of more
      AFP; PHOTO: AFP  -  443 words
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      Lock icon Russian cheesemakers celebrate sanctions, and hope they continue
      601 31 WP Dubrovskoye, Russia THE dream is Russian Parmesan. When Russian President Vladimir Putin banned most food imports from Europe in 2014, Russian dairy farmers rejoiced as deliveries of French and Italian cheeses ceased. Now, they believed, they could compete. Since then they
      WP; PHOTO: WP  -  601 words
    • Article
      Lock icon Australia’s same-sex marriage vote in doubt
      386 31 AFP Sydney AUSTRALIA’S plan to hold a national vote on same-sex marriage appeared doomed on Tuesday after the opposition Labor Party vowed to block the poll it said would spark divisive debate. Debate on gay marriage in Australia has gone on for more than
      AFP  -  386 words
  • Page 31 Advertisements
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      24 31 OCTOBER ISSUE OUT NOW! only!$6 Feel good fast! Find out 24 new ways to relax in Singapore! Connect with Shape www.shape.com.sg Shape Singapore @shape_sg
      24 words
  • Page 31 Miscellaneous
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      325 31 CRYPTIC CROSSWORD Across 1 Favourable weather forecast but fear it’s incorrect (3,4) 5 Female, off-colour with drink, buys petrol (5,2) 9 Song words used in Joely Richardson’s composition? (5) 10 Special care teams in production of a Devon speciality (5,4) 11 Organs where sensation and circulation may be closely linked
      325 words
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      741 32 A special feature brought to you by LEARNING DRIVE INNOVATION WITH THE RIGHT QUESTIONS Observe your customers to come up with something new By Moi Kok Wah 1 J O CQNce v ire v »rcVfl.*>c ror 15?.- V.eA' O'* A. ft. c VieTxiv c, nfl\ o 0 f\< '-a A.
      741 words
  • EXECUTIVE MONEY
    • Article, Illustration
      Lock icon Betting on a Life Cycle strategy
      1520 32  -  Such an investment approach rests on making some critical assumptions and avoiding some major risks. MONEY MATTERS BY LEONARDO DRAGO T The writer is co-founder of AL Wealth Partners, an independent company providing fund management and advisory services to accredited investors AS WE get
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    • Article
      Lock icon Direct, co-investment in the spotlight
      1049 34  -  They are becoming an appealing private equity proposition in South-east Asia due mainly to the low-yield environment. BY UDIT GAMBHIR T The writer is managing director of Cim Global Business Singapore, an award-winning fund administrator firm with offices in Singapore, Mauritius and South Africa IS
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      1307 33 SPECIAL FEATURE BY AMUNDI An all-weather wealth management solution The First Eagle Amundi Income Builder Fund addresses the needs and concerns of investors in a challenging environment. WHAT ARE INVESTORS WORRIED ABOUT? www.amundi.com.sg Faced with risks on multiple fronts, investors are concerned about being able to save enough for their
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      533 34 LOCK IN GOLD’S POTENTIAL BENEFITS in r.-.-i '•> ■*&**>*%&' Tv >k V I J KEY TO MITIGATING ns VOLATILITY i r m DIVERSIFY YOUR INVESTMENTS 087 SPDR® GOLD SHARES YOUR PORTFOLIO ALLY IN THE LONG RUN Gold has been one of the best investment stories in 2016. When markets are
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