The Business Times, 19 October 2016
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2016-10-19
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The Business Times
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Title Section22 2016-10-19 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 19, 201622 words
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Article, Illustration203 2016-10-19 1 Private investors remain averse to infrastructure projects, given the political and commercial risks, so much so that multilateral development banks have to cajole them to join. TOP STORIES 2 Olam is consolidating in the US, saying that there will be no more “big bold moves” after its acquisition203 words
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Article26 2016-10-19 1 Tuesday Change STI 2,830.63 +13.56 KL Comp 1,667.57 +13.86 Nikkei 225 16,963.61 +63.49 Hang Seng 23,394.39 +356.85 Shenzhen B 1,170.92 +14.37 Dow(11.45am EDT) 18,183.75 +97.3526 words
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795 2016-10-19 1 Cai Haoxiang - Some companies appear confused over the role of the lead ID; they appoint one even when they already have a non-exec independent chairman By Cai Haoxiang haoxiang@sph.com.sg @HaoxiangCaiBT Singapore MORE independent directors (IDs) are showing up on the795 words
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809 2016-10-19 1 Nisha Ramchandani - WTTC: investments are not even across Asean; some states aren’t ready for the impending tourism boom By Nisha Ramchandani nishar@sph.com.sg @Nisha_BT Singapore INVESTMENT in travel and tourism (T&T) infrastructure within Asean over the next decade will grow faster than the809 words
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Advertisement53 2016-10-19 1 *****1 *****1 THE BUSINESS TIMES Tradition Chronographe Independant 7077 ss -•> 9s 0 0 V Sr i O 0 Depuis 1775 SINCERE ESTD 1954 SINCERE FINE WATCHES Takashimaya S.C. Ngee Ann City +65 6733 061 8 Suntec City Mall +65 6337 5150 SINCERE HAUTE HORLOGERIE The Shopping Gallery at the53 words
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Advertisement32 2016-10-19 1 HOCK LOCK SIEW Baltic purchase wise, but long haul ahead for SGX COMPANIES MARKETS 6 ST ENGINEERING Company to book S$61m charge as China unit runs down on cash COMPANIES MARKETS 632 words
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Advertisement10 2016-10-19 1 EMERGING MARKETS It’s ‘how’ not ‘when’ to invest EXECUTIVE MONEY/2610 words
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TOP STORIES
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Article, Illustration728 2016-10-19 2 Lee Meixian - Senior ADB official tells BT that project bonds are the ‘big missing piece’ in infrastructure financing in Asia By Lee Meixian leemx@sph.com.sg @LeeMeixianBT Singapore PRIVATE investors remain averse to taking commercial and political risks in infrastructure projects, so multilateral development728 words
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Article, Illustration550 2016-10-19 2 BT Explains Sulphur dioxide is a major air pollutant that adversely affects human health. Marine fuel oil (MFO), which contains higher sulphur content than other alternatives, makes up the bulk of bunker fuel used to power ships. This October, the International Maritime Organization (IMO) is due to reachSources: MPA, Lloyd’s Register, DNV; BT Graphics: Tan Hwee Hwee, Renald Yeo, Hyrie Rahmat - 550 words
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Article, Illustration449 2016-10-19 2 Nisha Ramchandani - By Nisha Ramchandani nishar@sph.com.sg @Nisha_BT Singapore DHL Express has launched a S$140 million facility at Changi Airport which will boost its efficiency and put it in a better position to capitalise on future growth in regional air cargo. Located within Changi Airfreight Centre (CAC),449 words
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Article, Illustration1492 2016-10-19 4 Andrea Soh - This includes cross-selling products to existing customers, as well as gaining new customers among the large number of medium-sized companies By Andrea Soh sandrea@sph.com.sg @AndreaSohBT Singapore IN Wilcox County, four hours by road from the airport in the southern state of Georgia inSource: Olam International; PHOTOS: ANDREA SOH - 1,492 words
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589 2016-10-19 5 Samuel Ee - Honda Vezel again the top model among PI cars and overall as well, with 3 months to go By Samuel Ee samuelee@sph.com.sg Singapore THE Vezel compact SUV continues to power the Honda brand after three quarters and could help the parallel import589 words
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365 2016-10-19 5 ST ONLINE Singapore Construction site productivity has increased by an average of 1.3 per cent each year since 2009, but there is still room for improvement as manpower will remain a “key constraint”, National Development Minister Lawrence Wong said on Tuesday. The government plansST ONLINE - 365 words
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Advertisement183 2016-10-19 3 iit f M--St V .'I 4 'V \i'' w\ x v* V £1 OMEGA Gmslellab *2* 4*. rj o >' fj ihi M** L r N A, Jaatk* t a 'X i/ A 4^ r <4 WL M* aW i hKdih. AT K '*i vjw ~*2r 8f^ II 1 lMt,183 words
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Advertisement216 2016-10-19 4 The US Presidential Election and the Financial Markets The upcoming US Election is making news headlines every day. But what exactly does it mean for the economy and the financial markets? More importantly, how will the Election developments and result affect your investment decisions? Pre and Post Election, Phillip Futures216 words
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Advertisement766 2016-10-19 5 'Q'Smnr temasek THANK YOU SMRT and Temasek would like to thank SMRT's shareholders for supporting the proposal to take the Company private. We realise this was not an easy decision for many shareholders as some of you may have been shareholders of the Company since it was listed on the766 words
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COMPANIES & MARKETS
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498 2016-10-19 6 Jamie Lee - It says China business has been hurt by severe oversupply, cash ‘will soon run out’ By Jamie Lee leejamie@sph.com.sg @JamieLeeBT Singapore ST Engineering is to make a significant S$61 million writedown in the third quarter on an investment in China, as498 words
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257 2016-10-19 6 Kelly Tay - By kellytay@sph.com.sg Kelly Tay kellytay@sph.com.sg @KellyTayBT Singapore SIIC Environment Holdings is looking to acquire a further 32.6562 per cent stake in Longjiang Environmental Protection Group, for a total sum of 836 million yuan (S$ 172.5 million). The sum, to be satisfied fully257 words
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807 2016-10-19 6 KENNETH LIM - HOCK LOCK SIEW BY KENNETH LIM kenlim@sph.com.sg @KennethLimBT THE purchase of Baltic Exchange by the Singapore Exchange (SGX) creates unique strategic opportunities on the derivatives front for the local bourse operator, but the benefits could take time to be realised. SGX807 words
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951 2016-10-19 7 Tan Hwee Hwee - Market watchers applaud timelier action but also caution noteholders against hoping for full redemption By Tan Hwee Hwee hweetan@sph.com.sg @HweetanBT Singapore TWO Singapore-listed offshore-and-marine (O&M) players Ezra Holdings and Swissco Holdings on Tuesday called for noteholders’ meetings in late October, just951 words
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633 2016-10-19 7 Singapore KEPPEL Reit’s sale of a Sydney commercial building earlier this year affected its third-quarter results. On a brighter note, the real estate investment trust (Reit) which has a sizeable Singapore office portfolio reported that rent reversion for new, renewal, forward renewal633 words
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CORPORATE DIGEST
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Article53 2016-10-19 7 ASCENDAS Hospitality Trust has appointed Orion Hospitality Management Services as the operator of the serviced apartments at Aurora Melbourne Central. The serviced apartments will be named “Shama Luxe Aurora Melbourne Central”. They will operate under the premier Shama Luxe brand of ONYX Hospitality Group, which owns Orion53 words
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Article58 2016-10-19 7 LUBRICATING-OIL manufacturer AP Oil International is venturing into financial leasing in Chongqing, China through a partnership with Singapore-listed MoneyMax Financial Services and two Chinese companies. The firm will invest some 25 million yuan (S$5.15 million) for a 12.5 per cent stake in the joint-venture company. This will58 words
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396 2016-10-19 7 Kenneth Lim - By Kenneth Lim kenlim@sph.com.sg @KennethLimBT Singapore CHINA New Town Development Co is seeking a voluntary delisting from the Singapore Exchange (SGX) to trade only on the Stock Exchange of Hong Kong to save on costs and improve liquidity. The China-based township developer396 words
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293 2016-10-19 7 Singapore THE International Chamber of Commerce (ICC) Academy on Oct 26 will be holding a conference titled Regulation and Compliance in Trade Finance, an event that will gather some of the trade finance industry’s leading professionals to discuss regulatory trends293 words
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Article, Illustration64 2016-10-19 8 STI Catalist Straits Times index Oct 18,2016 2,830.63 +13.56 (+0.48%) Current streak 3 days Day high 2,830.71 Day low 2,814.91 52-week high 3,083.07 (Oct 26, 2015) 52-week low 2,532.70 (Jan 21, 2016) FTSE ST Catalist index Oct 18, 2016 459.84 +0.20 (+0.04%) Current streak 1 day Day high 462.76 Day64 words
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Article, Illustration621 2016-10-19 8 Anita Gabriel - ST Index drifts on Tuesday as Wall Street’s sombre showing the day before gives no inspiration STOCKS Anita Gabriel anitag@sph.com.sg @AnitaGabrielBT THE local bourse has seen creepily quiet trading in the first two days of this week not of the creepy-clown kind inSource: Bloomberg - 621 words
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Article303 2016-10-19 8 Stock name Close Change Day high/low 52w high 52w low PE Div yield Mcap Ascendas Reit 244 +2 244/241 257 209 6.3 6781.3 CapitaCom Trust 155.5 unch 156.5/154.5 164 127 5.5 4606.8 CapitaLand 313 +1 314/310 340 280 12.5 2.9 *****.4 CapitaMall Trust 210 -1 212/208 225 185303 words
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Article34 2016-10-19 8 VOLUME Noble 116,652,300 WE 109,009,000 Equation W*****2 63,063,000 Equation 57,790,700 SunMoon Food 55,933,200 Market volume 2,104,892,000 VALUE OCBC Bank 55,147,518 UOB 50,151,758 Singtel 49,659,355 DBS Grp 47,278,771 CapitaLand 42,908,956 Market value 927,240,00034 words
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Article106 2016-10-19 8 Most Active Fund Last sale +/-(‘000) Day high/low 52w high/low Buy/Sell Mcap STI ETF 288 +2 430 288/286 314/254 287/288 DBXT MSRussia US$ US212 +1 76 212/211 219/129 212/213 DBXT MSBrazil US$ US406 +9 68 407/402 407/190 406/408 DBXT MSTHAI US$ US1943 +11 43 1943/1934 2107/1419 1935/1948 GLD106 words
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Article77 2016-10-19 8 Oct 18 VALUE CLOSE BT OB/OS -165.00 -62.00 BT CADI -*****.00 +22.00 BT 10-day MA -*****.00 -16.00 FTSE ST Mid Cap 692.89 +2.34 FTSE ST Small Cap 385.94 +0.74 FTSE ST All Share 698.99 +2.82 FTSE ST China Top 157.57 +0.46 FTSE ST China 194.88 +1.78 FTSE77 words
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Article, Illustration36 2016-10-19 8 STI FTSE ST All-Share FTSE ST All-Share index Oct 18, 2016 698.99 +2.82 (+0.41%) Current streak 3 days Day high 699.03 Day low 695.52 52-week high 743.17 (Oct 26, 2015) 52-week low 625.37 (Jan 21, 2016)36 words
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Article, Illustration34 2016-10-19 8 STI MSCI EAFE MSCI EAFE index Oct 17, 2016 1,656.98 -7.74 (-0.46%) Current streak 1 day Day high 1,664.87 Day low 1,655.97 52-week high 1,779.25 (Oct 26, 2015) 52-week low 1,492.43 (Feb 12, 2016)34 words
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Article186 2016-10-19 8 MAIN CATL TOTAL Up Down Unch Up Down Unch Up Down Unch Multi Ind 9 4 2 0 0 0 9 4 2 Manufacturing 35 30 28 7 8 14 42 38 42 Commerce 20 14 10 4 5 4 24 19 14 Tpt/Stor/Comms 13 10 8186 words
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Article121 2016-10-19 8 VOLUME (‘000) VALUE (‘000) MAIN CATL TOTAL MAIN CATL TOTAL Multi Ind 19,602 19,602 45,279 45,279 Manufacturing 112,901 188,301 301,202 82,062 2,394 84,456 Commerce 198,071 132,886 330,957 114,227 975 115,201 Tpt/Stor/Comms 127,940 891 128,831 128,607 79 128,687 Finance 60,729 60,729 179,202 179,202 Construction 142,649 2,562 145,211 2,393121 words
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Article75 2016-10-19 8 BY CENTS CLOSE UP 52w high/low DBXT MSKorea US$ 5771 181.5 2.3 6041/4629 GLD US$ ***** 137.2 0.8 *****/***** Jardine C&C 4279 104.0 2.5 4520/3082 DBXT MSTaiwan US$ 2304 72.1 2.3 2332/1667 SPDR S&P500 US$ ***** 49.9 0.2 *****/***** BY PERCENTAGE CLOSE UP 52w high/low Equation W*****2 0.2 100.075 words
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Article76 2016-10-19 8 BY CENTS CLOSE DOWN 52w high/low DBXT iBoxxSing SG$ ***** -79.0 -0.6 *****/***** DBXT Nifty US$ ***** -76.2 -0.4 *****/***** DBXT AUDBonds AU$ ***** -58.5 -0.2 *****/***** DBXT MSMSIA US$ 1112 -24.9 -1.6 1230/1006 DBS Bk 4.7% NCPS ***** -9.0 -0.1 *****/***** BY PERCENTAGE CLOSE DOWN 52w high/low CN*****MBeCW1676 words
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Article81 2016-10-19 8 VOL CLOSE($) CHANGE Advanced Systems 28,926.7 0.004 +0.001 +33.33 Equation 57,790.7 0.008 +0.002 +33.33 M Development 944.2 0.004 +0.002 +100.00 Star Pharm 50.0 0.180 +0.045 +33.33 WE 109,009.0 0.006 +0.001 +20.00 ASTI 7,904.2 0.033 +0.004 +13.79 Foreland FabriT 1,000.8 0.017 +0.005 +41.67 UPP 17,000.9 0.295 +0.035 +13.46 SBI81 words
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BROKERS’ TAKE
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Article169 2016-10-19 8 Target price: S$0.35 Oct 18 Close: S$0.335 OCBC Investment Research, Oct 18 WITH regard to the three drilling rigs under the Ezion-Swissco JV, Strategic Offshore, there have been concerns about the charterer’s ability (end-client is Pemex) to pay on time since the oil price plunge. Ezion had169 words
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Article127 2016-10-19 8 DBS Group Research, Oct 18 ACCORDING to the latest STR Global preliminary estimates, revenue per available room (RevPAR) in September 2016 fell 4 per cent year on year to S$244. This was driven by 1.9 per cent decrease in occupancy to 79.1 per cent with average daily room127 words
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Article168 2016-10-19 8 Andrea Soh - Compiled by Andrea Soh Target price: S$0.40 Oct 18 close: S$0.15 RHB Research, Oct 18 FURTHER to the qualified opinion by its auditors regarding its trade receivables, IPS has issued an announcement clarifying that its trade receivables have been reduced significantly by 40 per cent to168 words
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Article18 2016-10-19 8 DATA I Oct 19 Singapore COE bidding results US Federal Reserve Beige Book US MBA mortgage applications18 words
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394 2016-10-19 9 CURRENCIES REUTERS London THE dollar slipped from a sevenmonth high against a basket of currencies on Tuesday, following US Treasury yields lower as a selloff in global bond markets took a pause for breath. Sterling jumped one per cent in volatile trade afterREUTERS - 394 words
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FOREX RATES
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Article471 2016-10-19 9 Oct 18 A$ C$ Rmb Euro HK$ Ind Rs Rupiah Yen Won RM NZ$ Pak Rs Peso S$ Rand Sfr NT$ Baht Pound US$ Australia 1.004 5.178 0.697 5.962 51.252 100.175 0.799 8.651 3.226 1.068 80.491 37.039 1.065 10.754 0.759 24.308 26.950 0.628 0.768 Canada 0.996 5.158471 words
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Article155 2016-10-19 9 Oct 18 Against S$ Against US$ Currencies Bid Offer Bid Offer S$/US$ to one unit of foreign currency: Australian dollar 1.0644 1.0658 0.7682 0.7687 Canadian dollar 1.0605 1.0613 0.7655 0.7653 Euro 1.5265 1.5276 1.1017 1.1018 NZ dollar 0.9971 0.9984 0.7196 0.7201 Sterling pound 1.6960 1.6972 1.2240 1.2241155 words
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Article22 2016-10-19 9 Oct 18 S$ Bid Offer 1-month 1.3852 1.3862 2-months 1.3850 1.3860 3-months 1.3847 1.3858 6-months 1.3843 1.3856 Source: OCBC22 words
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EQUITY BONDS WARRANTS FUTURES
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211 2016-10-19 9 Most active Oct 18 Prem Expiry Vol Conv Exer Disc Gear-Mths Company Last Sale +or-('000) Ratio Price ing Left Equation Summit LimitedW*****2 0.2 0.1 ***** 1 1 50 4.00 10 DBS MB eCW*****1 8.5 0.4 5076 0.1 1550 4 SingTel MB eCW*****2 3.9 unch 3680 0.2211 words
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377 2016-10-19 9 In local curr In S$ In US$ dy yr dy yr dy yr Oct 17 Index Change Change Change Change Change Change World Preliminary 1293.7 -0.2 1.2 -0.1 -0.4 -0.2 1.6 EAFE Preliminary 974.4 -0.4 -3.8 -0.4 -5.4 -0.5 -3.5 Europe Preliminary 1395.9 -0.7 -1.2377 words
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Article384 2016-10-19 9 Oct 18 OPEN HIGH LOW SETT VOL OP/INT FTSE CHINA A50 INDEX FUTURES Oct16 9620.00 9807.50 9567.50 9792.50 *****4 *****2 Nov16 9622.50 9827.50 9587.50 9815.00 ***** ***** NIKKEI 225 INDEX FUTURES Dec16 *****.00 *****.00 *****.00 *****.00 ***** *****3 Mar17 *****.00 *****.00 *****.00 *****.00 450 2602 MSCI TAIWAN384 words
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BANK RATES
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Article154 2016-10-19 9 Oct 18 $S Offer Bid 0vernight 0.04 0.02 1-month 0.625 0.375 2-months 0.8125 0.6875 3-months 0.875 0.75 Overnight mode: 0.02 US$ Offer Bid 7 days 0.55 0.45 1 month 0.63 0.53 2 months 0.80 0.60 3 months 1.00 0.80 6 months 1.30 1.10 9 months 1.50 1.30 12154 words
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Article67 2016-10-19 9 Oct 18 GOVERNMENT BONDS Period Issue Coupon Maturity Close Day's code rate Bid High Low 2-Year NY*****A 4.000 01-Sep-18 105.78 5-Year N*****0Z 1.250 01-Oct-21 99.44 99.55 99.45 10-Year NX*****F 2.125 01-Jun-26 102.13 102.20 102.04 15-Year NZ*****F 2.875 01-Sep-30 108.19 108.32 108.10 20-Year NZ*****X 2.250 01-Aug-36 99.33 99.35 99.3067 words
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AGRI METALS ENERGY
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Article250 2016-10-19 9 Oct-17 Price Net change change Last Trade Agricultural Oct-17 CBOT Soybeans (US cents/bu) 978.25 15.75 1.64% 14/11/2016 CBOT Soybean Oil (US cents/lb) 35.44 1.06 3.08% 14/12/2016 CBOT Wheat (US cents/bu) 423.75 2.75 0.65% 14/12/2016 Oct-17 LIFFE Cocoa (£/tonne) 2246.00 -22.00 -0.97% 13/12/2016 LIFFE Coffee (US$/tonne) 2086.00 42.00 2.05%250 words
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590 2016-10-19 10 Amit Roy Choudhury - It says telecom services such as international calls and roaming continue to be impacted by OTT services By Amit Roy Choudhury amit@sph.com.sg @AmitRoyCBT Singapore A DECLINE in telecoms revenue, among other factors, contributed to a 23.4 per cent fall in M1’s net profit590 words
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Article, Illustration1001 2016-10-19 10 MELVIN YONG - Family businesses want to professionalise but face the challenges of loss of control and talent attraction. BY MELVIN YONG BY MELVIN YONG T This series is brought to you by CPA Australia to share knowledge on topical issues relevant to business, finance and accounting1,001 words
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Article1748 2016-10-19 11 52-Wk Last Vol Day Div GrYld Net MCap High Low Company Sale +/-(’000) High Low C’vr P/Ep $mil Last Vol Day Div GrYld Net 149 127 AIMSAMP Cap Reit 138 +1.5 491 139.5 137.5 0.9 8.2 879.5 High 144 101 ARA Asset Mgmt 132.5 +1 124 133.5 1321,748 words
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Article348 2016-10-19 11 52-Wk Last Vol Day Div GrYld Net MCap High Low Company Sale +/-(’000) High Low C’vr P/E Company Last Sale vol ('000) High Day 0.6 0.1 t Advanced Systems 0.4 +0.1 ***** 0.5 0.3 10.5 46.5 29.5 t Advancer Global 39.5 +0.5 138 39.5 39 15.7 68.4 C'vr348 words
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Article117 2016-10-19 11 52-Wk Last Vol Day Div GrYld Net MCap High Low Counter Sale +/-(’000) High Low C’vr P/E Counter Last Sale vol ('000) 407 190 DBXT MSBrazil US$ US406 +9 68 407 402 1388 995 DBXT MSCHINA US$ US1334 +7 14 1334 1331 6041 4629 DBXT MSKorea US$ US5771117 words
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Advertisement241 2016-10-19 6 BuildTech Asia 2016 International Building Technology Expo l SINGAPORE CONSTRUCTION PRODUCTIVITY WEEK 2016 I CONSTRUCTION A part of 18-20 October ***** Singapore EXPO Hall 3 and MAX Atria 10am-6pm (18-19 Oct) 110am-5pm (20 Oct) A 'a 6 A a A A e a sc o c V ST syj r.241 words
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Advertisement283 2016-10-19 7 AccountServe A Stone Forest Company Need Help With Tax Forms and Filing Deadlines?^ lit We Help Small Businesses, Individuals and Expats With Their Tax Matters: Corporate iricome tax Computation and filing yyjth IRAS, including ECI 37 for Withholding tax compliance Income tax returns anc: tax c.onp.r.a: o is for individual's283 words
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Advertisement9 2016-10-19 8 For full listings of SGX prices, go to http://btd.sg/BTmkts9 words
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Advertisement1152 2016-10-19 10 (Constituted in the Republic of Singapore pursuant to a trust deed dated 17 March 2011 (as amended)) Notice Of Extraordinary General Meeting NOTICE IS HEREBY GIVEN that an EXTRAORDINARY GENERAL MEETING (“EGM”) of Keppel DC REIT will be held on Monday, 7 November 2016 at 3.00 p.m. at Four Seasons1,152 words
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Advertisement51 2016-10-19 10 Stroke by stroke, faster than his fear, he took the lead, leaving everyone else in the rear. During competitions, at “On your marks”, he dived in, imagining his rivals as sharks. COMING SOON Dip into Joseph Schooling’s story for big and little kids. On sale at all major bookstores and51 words
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Advertisement22 2016-10-19 10 zaobacf m Sr *Chinese Language Content fTasuuA mmmm Special operation forces unfazed by late night cinema "terrorist attack" 0sM0 m 0 bit.ly/zb_AntiTerrorEx22 words
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Advertisement71 2016-10-19 11 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!71 words
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REAL ESTATE
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Article, Illustration363 2016-10-19 12 Kenneth Lim - Total gross development value of Park Court Aoyama The Tower is around S$668 million By Kenneth Lim kenlim@sph.com.sg @KennethLimBT Singapore CITY Developments Limited (CDL) plans to buy a 20 per cent stake in a 163-apartment development in the Aoyama area ofPHOTO: CDL - 363 words
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212 2016-10-19 12 CHINA PROPERTY REUTERS Hong Kong STATE-OWNED property developer China Overseas Land Investment Ltd said on Tuesday its operating profit in the third quarter jumped 110 per cent from a year ago, benefitting from the acquisition of the residential propertyREUTERS - 212 words
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Article, Illustration473 2016-10-19 12 BLOOMBERG Beijing CHINA’S housing market is starting to resemble a Bermuda triangle for economists: time and again the smartest forecasters wade in only to get it wrong. That’s the view of Larry Hu, head of China economics at Macquarie SecuritiesBLOOMBERG; FILE PHOTO - 473 words
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Article, Illustration331 2016-10-19 12 BLOOMBERG Beijing A TOP-PERFORMING fund is cautious on Chinese property stocks after rallies drove up valuations and local governments took measures to curb gains in the real estate market. Robert Lloyd, whose US$364 million JPMorgan Pacific Securities Fund hasBLOOMBERG; PHOTO: REUTERS - 331 words
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Advertisement80 2016-10-19 12 NOTICES THE BVI BUSINESS COMPANIES ACT, 2004 CORNWALLIS INVESTMENTS LIMITED (Company Number: *****96) (the "Company") (IN VOLUNTARY LIQUIDATION) Notice is hereby given pursuant to Section 204(1)(b) of the BVI Business Companies Act 2004, as amended, that the Company is in voluntary liquidation. The date of commencement of the liquidation is80 words
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Advertisement222 2016-10-19 12 International Residential Property Services Vanessa Chan CEA REG NO. R*****31 +65 8125 7636 Vanessa.Chan@ap.jll.com JonesLangLaSallePropertyConsultantsPteLtdlCEALicenceNo.L*****26E Invest Prosper 2017 5th November 2016, 9:30AM 5:00PM SPH News Centre Auditorium How will the US election affect your investment strategy S$10ADMISSION E lections never fail to give markets the jitters and investment climate often222 words
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Advertisement19 2016-10-19 12 Show Off Your Prize Bull Call 1800 289 8822 or e-mail notices@sph.com.sg to place your New CEO Announcement Notices19 words
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Article, Illustration1337 2016-10-19 13 Singapore Management University economics professor thinks Singapore’s road systems are too much dominated by the cul-de-sac form. A better balance between cul-de-sac and grid forms should be considered A Special Feature Brought to You By Singapore Management University WEN-Tai Hsu’s latest brainwave was born from a1,337 words
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Advertisement114 2016-10-19 13 SMU Master of Science in Financial Economics The SMU Master of Science in Financial Economics (MSFE) meets the demands of the financial sector by providing a holistic and multidisciplinary approach to financial economics. It delivers foundational knowledge in economics and econometrics and their applications in the finance industry. The course114 words
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BANKING & FINANCE
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615 2016-10-19 14 Money supply growth edges up, indicating PBOC is keeping policy loose to support economic growth REUTERS Beijing CHINESE banks extended 1.22 trillion yuan (S$251.1 billion) in new loans in September, a three-month high and well above expectations, whileREUTERS - 615 words
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309 2016-10-19 14 REUTERS New York DEUTSCHE Bank AG has agreed to pay US$38 million to settle US litigation over allegations it illegally conspired with other banks to fix silver prices at the expense of investors, according to court papers filed onREUTERS - 309 words
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Article, Illustration339 2016-10-19 14 REUTERS Sydney COMMONWEALTH Bank of Australia’s (CBA) chief executive Ian Narev said Australia’s biggest lender would make significant compensation payments after it “let customers down” in a series of scandals over financial advice and insurance payouts. Mr Narev said on Tuesday CBAREUTERS - 339 words
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295 2016-10-19 14 REUTERS Sydney AUSTRALIA’S banking sector regulator said on Tuesday it will review pay practices for some executives, risk and control and risk-taking staff at financial institutions as part of an increased focus on risk management culture. The regulator said that it wanted toREUTERS - 295 words
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Advertisement192 2016-10-19 14 SURVIVE VOLATILE TIMES WITH A DUAL SPEED BUSINESS MODEL DATE Tuesday Wednesday 1 2 November 2016 A High Performance Workshop by Paradigm Learning AsiaPac WHO SHOULD ATTEND? Entrepreneurs, Business owners, Business Development executives. Talent Pool and anyone interested to review, rejuvenate or develop new models. Early Bird VENUE SPH News192 words
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Advertisement635 2016-10-19 14 How do YOU plan to steer through one of the most volatile times ahead? Join us for two significant seminars that could help you shape your business for 2017: Economic Outlook; and Impact of the new US President on ASEAN Inc. Day 1 (Nov 15): Economic Outlook 2017 (9am to635 words
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ENERGY & COMMODITIES
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Article, Illustration550 2016-10-19 15 A 210b-rupee package is on the cards to lift installed photovoltaic capacity and to create an export industry BLOOMBERG New Delhi PRIME Minister Narendra Modi’s government is planning a 210 billion-ru-pee (S$4.4 billion) package of state aid for India’s solar panel manufacturingBLOOMBERG; PHOTO: BLOOMBERG - 550 words
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363 2016-10-19 15 REUTERS Washington US shale oil production was expected to fall for a 12th consecutive month in November, according to a US government forecast released on Monday, on the back of a two-year global rout in oil markets. NovemberREUTERS - 363 words
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333 2016-10-19 15 BLOOMBERG New York A MARKET watchdog is trying to determine if wind farms in the US Midwest intentionally inflated their production forecasts so they would get paid for supply cuts they didn’t make. “We’re investigating whether this behaviour is deliberate” and whetherBLOOMBERG - 333 words
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Advertisement70 2016-10-19 15 THE POWER OF SHARING SHARINGOPENSUPNEWPOSSIBILITIES “Sharingcreativeideaswithourlarge-scaleoutdoorplatforms inspirespeopletothinkoutofthebox.” –IreneSim,ProductDevelopmentExecutive,SPHMBO At SPH, we recognise the power of sharing in a world that’s more connected than ever, across multiple platforms. Sharing helps to bring about understanding of differences and change. From our newspapers to magazines, digital platforms to radio, out-of-home media to shopping70 words
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TECHNOLOGY
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Article, Illustration636 2016-10-19 16 Operating gross profit margin for Q3 misses average analysts’ estimate of 50.1% BLOOMBERG New York INTERNATIONAL Business Machines Corp said profit margins shrank for the fourth quarter in a row, underscoring the technology company’s challenge in shifting to more subscription-basedBLOOMBERG - 636 words
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276 2016-10-19 16 BLOOMBERG New York WALT Disney Co decided not to pursue a bid for Twitter Inc partly out of concern that bullying and other uncivil forms of communication on the social media site might soil the company’s wholesome family image, according to peopleBLOOMBERG - 276 words
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648 2016-10-19 16 BLOOMBERG HongKong THE premature death of the 44-year-old founder of a prominent mobile health app startup has spurred a bout of soul searching in the Chinese tech community, where working long hours in the hope of making a quick fortune hasBLOOMBERG - 648 words
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Advertisement70 2016-10-19 16 Learning Opportunities Anytime, Anywhere Finding difficulties devoting time for learning courses? Now, you can learn on the go with a wide variety of online courses by STJobs Learning. 1 J mA Software Business i Marketing Design w N A i I ■M l j Office Productivity Personal Development Embark on70 words
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CONSUMER
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Article, Illustration471 2016-10-19 17 Country’s two largest non-casino gambling firms are hoping to join forces to fend off popular online rivals REUTERS Sydney AUSTRALIA’S Tatts Group Ltd and Tabcorp Holdings Ltd on Tuesday said they are in talks to create a A$9.34 billion (S$9.9REUTERS - 471 words
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496 2016-10-19 17 Its original shows draw new international viewers; shares jump 20% REUTERS Los Angeles NETFLIX Inc added over 50 per cent more subscribers than expected in the third quarter as original shows such as Stranger Things drew new international viewers and kept US customers despiteREUTERS - 496 words
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Article, Illustration470 2016-10-19 17 BLOOMBERG Zurich DANONE, the world’s biggest yogurt maker, reported the slowest third-quarter sales growth in more than a decade, missing analysts’ estimates, amid a slowdown in baby food, traditionally one of the company’s fastest-growing businesses. Revenue increased 2.1BLOOMBERG; PHOTO: REUTERS - 470 words
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Page 17 Advertisements
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Advertisement316 2016-10-19 17 To celebrate the 40th anniversary of The Business Times, we are turning your Weekend inside out... Unwind in style with the all-new 2-in-i Business Times Weekend From Saturday 8 October, the weekend edition will feature a luxury lifestyle magazine called Weekend that will be your slick, up-to-the-minute guide to the316 words
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TRANSPORT
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Article706 2016-10-19 18 DAVID HUGHES - Developments in law and communication technology require the traditional role of the ship master to be revisited STRAIT TALK BY DAVID HUGHES THE position of the ship master, apparently enshrined in centuries of law, custom and practice, is showing evidence of strain in the light of706 words
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337 2016-10-19 18 BLOOMBERG Atlanta UNITED Continental Holdings Inc said expenses are rising more quickly than usual because of new employee contracts that have brought the airline to the brink of labour peace after years of acrimony. Costs for each seat flown a mile areBLOOMBERG - 337 words
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345 2016-10-19 18 REUTERS New York A NEW supplier of economy-class seats for Boeing Co’s top-selling 737 jetliners has signed its first two airline customers, allowing it to begin production, a person familiar with the matter said on Monday. The agreements with Huntington Beach,REUTERS - 345 words
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208 2016-10-19 18 AFP Singapore A CAR taking part in the world’s first public trial of driverless taxis was slightly damaged on Tuesday when it collided with a lorry in Singapore, its operator said. No one was hurt in the accident in one-north, a suburban researchAFP - 208 words
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Advertisement163 2016-10-19 18 Q 0. 4 Q c j aJi rewards Discover more exclusive perks and exciting deals at www.sphrewards.com.sg THE STRAITS TIMES LIANHE ZAOBAO THE BUSINESS TIMES BERITA HARIAN THE NEW PAPER LIANHE WANBAO TAMIL MURASU Not a direct SPH subscriber? Subscribe now at www.sphsubscription.com.sg Le Rida 30% off Food Hi' 4*163 words
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GOVERNMENT & ECONOMY
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Article, Illustration932 2016-10-19 19 The question is whether it is relying on the flow of purchases or the stock of securities to deliver its punch BLOOMBERG Frankfurt AS the European Central Bank (ECB) moves closer to picking a route out of quantitative easing (QE),BLOOMBERG; PHOTO: REUTERS - 932 words
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Article, Illustration625 2016-10-19 19 Its remarks open door to possible easing in policy; cut would surprise markets REUTERS Sydney AUSTRALIA’S central bank says coming data on inflation and employment will be critical for interest rates at its next meeting on Nov 1, opening theREUTERS; PHOTO: REUTERS - 625 words
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Article, Illustration469 2016-10-19 19 REUTERS London WITH a quip about British fog and French frogs, Paris began an advertising campaign on Monday aimed at poaching business from London after the “Brexit” vote raised questions about the future dominance of Europe’s top financial capital. Billboards showing aREUTERS - 469 words
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382 2016-10-19 19 Anthony Rowley - By Anthony Rowley btworld@sph.com.sg Tokyo TOKYO has overtaken Paris in its ranking among the world’s most “liveable” cities and now occupies third position behind London and New York, while Singapore retains fifth place in this regard, according to a382 words
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408 2016-10-19 19 REUTERS Hanoi VIETNAM supports US “intervention” in the Asia-Pacific if it helps keep peace and stability, the defence ministry said, in a timely endorsement of a continued US presence amid uncertainty over Washington’s faltering “pivot”. Vice defence minister, Senior Lieu-tenant-GeneralREUTERS - 408 words
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OPINION
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Article, Illustration806 2016-10-19 20 Frank Ching - THE BOTTOM LINE By Frank Ching T The writer is a Hong Kong-based journalist and commentator. Follow him on Twitter: @FrankChing1 LAST Tuesday, the British government issued its long-awaited six-monthly report on Hong Kong something it has done regularly since the handover806 words
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462 2016-10-19 20 EDITORIAL CONCERNS have been voiced including by Deputy Prime Minister Tharman Shanmugaratnam that enthusiasm among policymakers to build more physical infrastructure in advanced and emerging economies could lead to the construction of so-called “white elephant” projects that are financially non-viable and462 words
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Article, Illustration1603 2016-10-19 20 VINOD RAI - Arbitration procedures have been relaxed to ensure faster completion of projects. BY VINOD RAI T The writer is visiting senior research fellow at the Institute of South Asian Studies, National University of Singapore. He was formerly comptroller and auditor general of India (2008-2013). ThePHOTO: REUTERS - 1,603 words
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979 2016-10-19 21 Mukund Sridhar - COMMENTARY By Mukund Sridhar T The writer is a Singapore-based partner at McKinsey Company. DIGITAL technology is unlocking big productivity gains in many sectors, but one has lagged well behind: construction. Construction is the second least digitised industry, according to the McKinsey Global Institute,979 words
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732 2016-10-19 21 David Marsh - By David Marsh T The writer is managing director of the Official Monetary and Financial institutions Forum THIS month’s much-heralded entry of the renminbi into the Special Drawing Right (SDR) could generate a littlenoticed boost to global liquidity, adding further732 words
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Article, Illustration1165 2016-10-19 21 HARISH MEHTA - The US global empire may have extended itself far beyond its ability to maintain its military or economic commitments. BY HARISH MEHTA beyond BY HARISH MEHTA T The writer, a former BT Indochina correspondent, has taught the history of American foreign relations at Canadian universities,PHOTO: AFP - 1,165 words
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Page 20 Miscellaneous
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Miscellaneous134 2016-10-19 20 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)134 words
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Page 22 Advertisements
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Advertisement2163 2016-10-19 22 C a i l a n E n n o r e J e d d a h B Shanghai Chittagong r Ho Chi Minh i s b a n e H o n g J e b e NYK RORO (ASIA) PTE. LTD. K o n g REGULAR SERVICE2,163 words
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Advertisement245 2016-10-19 22 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 188 PRW213 20/10/2016 21/10/2016 Pelindo/Perawang DAILY Marco Polo 128 BST031 20/10/2016 21/10/2016 Buatan/Buatan DAILY Marco Polo245 words
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LIFE & CULTURE
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Article, Illustration932 2016-10-19 23 Molka crimes are daily news, and perpetrators cover a broad social range AFP Seoul WALKING into an empty women’s bathroom stall, Park Kwang-Mi waves a hand-held detector around the toilet seat, paper roll holder, doorknob and even the ventilation grillAFP; PHOTOS: AFP - 932 words
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Article, Illustration889 2016-10-19 23 AFP Beijing HER eyes riveted to the canvas, Wulan meticulously applies colour to an image of the Buddha, using pigments made of crushed pearls, turquoise and agate. The 34-year-old is one of dozens of students at a school in Lhasa learningAFP; PHOTO: AFP - 889 words
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Page 23 Miscellaneous
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Miscellaneous326 2016-10-19 23 CRYPTIC CROSSWORD 7 Books with opposing points about love, in a way (6) 8 Flag Officer? (6) 11 Team for shooting game Wolves? (8,4) 15 I’d turned up with vehicle for piece of furniture (5) 16 A Caledonian race meeting (5) 18 Need little time? (8) 19 Ship in which326 words
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Page 24 Advertisements
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Advertisement500 2016-10-19 24 a i t m m .A INVESTMENT STRATEGY FRANKLIN TEMPLETON INVESTMENTS CUT LOOSE FROM CHAOS WITH A NEW ALTERNATIVE. In today’s unpredictable market environment, volatility can leave you feeling unravelled when it comes to returns. If you are looking to reduce the impact of instability, consider Franklin K2 Alternative Strategies500 words
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EXECUTIVE MONEY
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Article, Illustration967 2016-10-19 24 This approach may be a stabilising force when stock prices fall NYTIMES New York CALL it confidence, or an unwillingness to try to time the market, or even complacency. But whatever the reason, some mutual fund managers with the best performances overNYTIMES; PHOTO: BLOOMBERG - 967 words
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Article, Illustration1071 2016-10-19 25 Earnings growth rate among companies in S&P 500 declining for five consecutive quarters NYTIMES Fundamentally, di-vidend-paying stocks have had a terrific run for the past five years and have double-digit gains in the first three quarters of 2016. But as money has beenNYTIMES; PHOTO: BLOOMBERG - 1,071 words
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Article, Illustration816 2016-10-19 26 ASHUTOSH SINHA - Identifying stocks that can weather market cycles to generate consistent returns is more important than timing entry into EMs. BY ASHUTOSH SINHA BY ASHUTOSH SINHA The writer is managing director and lead portfolio manager of the Morgan Stanley investment Management Emerging Markets LeadersSources: FactSet, MSIM EM Research as of July 2016 - 816 words
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Advertisement544 2016-10-19 25 The Royal Bank of Canada is pleased to announce the following appointments: h J Peter Corry Managing Director, Head of Wealth Management, Asia Mr. Corry will assume the overall leadership of RBC Wealth Management, Asia. With deep expertise in finance, performance enablement and business management, Mr. Corry will be focused544 words
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Advertisement277 2016-10-19 26 T. Rowe Price INVEST WITH CONFIDENCE V CONFIDENCE IS KNOWING YOUR INVESTMENT MANAGER IS ADEPT IN ALL CONDITIONS Change is inevitable. So it’s reassuring to invest with a global asset manager whose long-term vision can help you thrive in any environment. T. Rowe Price is a name you can rely277 words
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