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euroPa leaGue lateSt: tottenHaM, Stoke and birMinGHaM viCtoriouS; fulHaM falter PaGe 60
reuterS
PARLIAMENT
PARLIAMENT
Jobs put off surgery which may have saved him, biographer says
i didnt want my body to be opened, said apple co-founder
SAN FRANCISCO Apple chief executive officer Steve Jobs had secret treatments for pancreatic cancer while telling people he was cured, his biographer told CBS News. Mr Jobs, who died on Oct 5, regretted the decision to initially refuse surgery for pancreatic cancer, Mr Walter Isaacson, who wrote an authorised biography, told CBS Newss 60 Minutes programme, according to excerpts released last night. He said: I didnt want my body to be opened ... I didnt want to be violated in that way. Hes regretful about it, said Mr Isaacson. I think that he kind of felt that if you ignore something, if you dont want something to exist, you can have magical thinking. We talked about this a lot. Mr Jobs had a slow-growing form of pancreatic cancer and put off surgery for nine months while he sought out spiritual and dietary therapies, against the advice of his wife, the biographer said. Once he had the surgery he told his employees about it while playing down the seriousness of his condition, CBS said. I will not require any chemotherapy or radiation treatments, Mr Jobs wrote in an Aug 1, 2004, email from his hospital bed to Apple employees. He said then that he had been cured after having successful surgery to remove a cancerous tumour. Mr Isaacson also revealed that Mr Jobs, who was adopted, had met the man who turned out to be his biological father without knowing who he was. A spokesman for Apple declined to comment. The interview, conducted by correspondent Steve Kroft, will be broadcast on Oct 23. bLoomberg
France is among euro-region sovereigns likely to be downgraded in a stressed economic scenario, according to Standard & Poors. The sovereign ratings of Spain, Italy, Ireland and Portugal would also be reduced by another one or two levels in either of S&Ps two stress scenarios, the ratings firm said in a report. These assume low economic growth and a double-dip recession in the first set of circumstances, and add an interest-rate shock to the recession in the second. Ballooning budget deficits and bank recapitalisation costs would likely send government borrowings significantly higher under both scenarios, wrote the S&P analysts. Credit metrics would deteriorate sharply as a result. France would follow the so-called peripheral euro-region nations that have already been downgraded, with Moodys Investors Service saying earlier this week that its top rating was under threat. bLoomberg
Without that payment Greece faces default, possibly dragging the larger economies of Spain and Italy into the mire and sending shockwaves through the European banking system. A German government spokesman said the second meeting would allow the budgetary committee of the German parliament to consider plans for the euro zone rescue fund. The committee has to consider such plans, according to German regulations. The President and the Chancellor affirmed their complete agreement to provide a global, ambitious response to the crisis currently facing the euro zone, the Franco-German statement said. reUterS
Singapore has been named the worlds easiest place in which to do business for the sixth straight year, the World Bank said yesterday. Its annual Doing Business report tracks regulatory changes in 183 countries for businesses throughout their life cycle from ease of business startups and getting credit to protecting investors and dealing with insolvency. From January to June 2011, the report found that 125 economies implemented 245 reforms to make it easier to do business an increase of 13 per cent over the previous year. The top five places were unchanged from last year, with Singapore followed by Hong Kong, New Zealand, the United States and Denmark. But South Korea and Iceland broke into the top 10, edging out Sweden and Saudi Arabia. The report noted that the highestranked countries all have efficient regulatory processes, efficient court systems that protect property and investor rights and credit bureaus and collateral registries that facilitate lending. With the survey now in its ninth year, more countries are using it as a benchmark for improvements that can help attract investment, said Ms Dahlia Khalifa, World Bank global indicators and analysis adviser. agencieS
develop a vibrant economy that improved all lives through job creation and wage growth. Because if the economy is slow, if nothing is happening, its very hard to be optimistic, to find new opportunities, and to have a zest for tomorrow, he said. Without growth, its the poor who are going to be worst-hit. So when members say, weve overemphasised growth, I would say ... focus on social issues, focus on intangibles, focus on emotional connection, but dont forget, we need to feed our people and we need to grow our economy. Facing hyper-competition from China and India, and the likelihood of slower growth, it was more important than ever to aim for high-quality and inclusive growth, Mr Lee said. Other than retuning our economy towards new industries and know-how, Singapore had to raise workers productivity and skills so as to rise above the competition, even as Singapore retained its top spot as the worlds easiest place to do business for the sixth straight year. Special effort would go towards helping older workers and professionals, managers, executives and technicians, Mr Lee noted, as Singapore was expected to see more problems with them in the next 10 years. One thing that had set Singapore apart, Mr Lee said, was that the country could make its entire system not just individual components work well together. Many business leaders also recognised this special Singapore premium which Singapore must never lose and that, Mr Lee said, depended very much on getting the countrys politics right.
Parliament
Government can do better in communicating with Singaporeans, says WPs Pritam Singh
ong dai Lin
dailin@mediacorp.com.sg
TOdAyONlINE
FACEbOOk.COm/
SINGAPORE Rather than fearing a cowboy town, the Government should consider how far the explosive popularity of the new media is partly a function of the Peoples Action Party (PAP) Governments politics of indirect control over the mainstream media, said Workers Party Member of Parliament Pritam Singh yesterday. Making his maiden speech in Parliament, Mr Singh, the MP for Aljunied GRC, made several proposals, including the creation of a Freedom of Information Act, which sparked vigorous rebuttals from PAP MPs, including a 13-minute exchange with Law Minister K Shanmugam. The Government needs to improve communications with Singaporeans in the digital age, said Mr Singh, noting that many Singaporeans have well-founded doubts, perceptions that the mainstream media operates with the long shadow of Government firmly cast upon it. He added: Little wonder why some Singaporeans, particularly those in the post-65 generation, have more faith and confidence in the new media and why some may even tolerate misinformation or get taken in by disinformation to varying degrees online.
With a Freedom of Information Act where anyone can go to a public body for statistics and information, no Singaporean will be able to accuse the Government of selectively putting out information it wants to, since ordinary Singaporeans will be empowered to seek the information they require, said Mr Singh. He also suggested the Government order the automatic release and disclosure of official information at fixed intervals of 30 years or so to, which would provide Singaporeans with valuable insights. Another suggestion was for an office of the Ombudsman which is an agency that independently receives and investigates allegations of maladministration. Establishing such an office today is likely to go some way to opening new channels of communication between citizen and State, regardless which government is in charge of Singapore, he said. He also called for a whistle-blowing law to protect corporate whistle-blowers, with Singapore being a prime target for economic crimes as so much commerce passes through our shores. Responding to his speech, MP Indranee Rajah (Tanjong Pagar GRC) asked Mr Singh if he thought there was indirect control of the mainstream media by the Government to which Mr Singh said his speech was about suggestions for the Government to improve its communication.
This prompted Mr Shanmugam to press Mr Singh to answer Ms Indranees question. As an elected Member of Parliament, you come here and express your views, youve got to put your hand on your heart and say this is what I believe in. In response, Mr Singh stressed: If (Mr Shanmugam) thinks that answer is so important that it will have some effect on real Singapore society, then I think hes mistaken Im essentially saying the Government can do better. Im saying that with my hand on my heart. Mr Singh also asked Minister for Information, Communications and the Arts Yaacob Ibrahim, if his ministry would consider looking at the suitability of a Freedom of Information Act for Singapore. Dr Yaacob replied that the Government will consider all necessary legislation. He said that while the act will allow individuals more access to government information in theory, there are exceptions to the access in practice. He cited how the government in the United Kingdom may refuse disclosure of classified information that may endanger certain public interest or if it is too costly to retrieve the information. In Singapore where information is released on various platforms this incremental value of the Freedom of Information Act may be limited.
With the population more educated and vocal, and younger Singaporeans more adept at using social media and receptive to all kinds of news and views, minister for information, Communications and the arts Yaacob ibrahim said the Government must evolve its communications approach and style. addressing Parliament yesterday, he added: Openness, empathy, responsiveness, authenticity and transparency are key pillars in good public communications. Guided by these principles, we can go a long way to expand public spaces to deliberate issues objectively and constructively, and more importantly address the challenges facing Singapore. He said the ministry of information, Communications and the arts (miCa) will work closely with other ministries to ensure that the voices of Singaporeans are heard and considered in policy formulation. Dr Yaacob added that social media is a valuable platform that agencies can use to do this, and miCa is spearheading efforts to better equip public officers in social media engagement. the levelling up of online engagement will serve to complement existing efforts and broaden the Governments communication outreach, Dr Yaacob said.
He also felt more can be done to boost the level of cyber literacy and etiquette among Singaporeans. Several members of Parliament (mP), such as ministers of State amy Khor and mr lawrence Wong, had shared their concerns on the internet becoming a conduit for undesirable behaviour. While many netizens were respectful of other internet-users, Dr Yaacob noted some, hiding behind the cloak of anonymity, have been less than considerate, posting comments that incite racial or religious animosity, spreading misinformation, and even cyberstalking. He cited the case of the two Singapore youths who had traded racially insensitive remarks on Facebook, making vulgar comments about each others religions. Dr Yaacob agreed with mP lam Pin min (Sengkang West) who earlier this week highlighted the need to enhance the digital quotient among Singaporeans, and said the community can play an important role in defining socially-acceptable norms. We hope to engage the community for their views and together build a culture of civility and responsible behaviour on the internet, where a diversity of views can thrive for the benefit of all, he added. esther ng
Parliament
Pulau Bukom blaze to have no impact on economy, gas tariffs, electricity supply
typically longer as a pre-mediindicates that both Shell Bukom tanya Fong oil and diesel which are not stored tanyafong@mediacorp.com.sg cal degree was required. and SCDF responded expedion Pulau Bukom. Dr Ng said that Dr Patrick Tan, tiously and in an organised and Fuel prices, Mr Iswaran said, SINGAPORE Last months fire at who disrupted his NS for 12 years, well-coordinated manner, said continue to be driven by global Shells Pulau Bukom refinery had spent four years to obtain his preMr Teo, who is also Home Affairs demand and supply trends. a minimal impact on the overall med degree in Harvard and five Minister. He said that based on cureconomy and would not affect years for his combined medical This was largely due to the rently available data, the GovernSingapores electricity supply and degree and doctorate at Stanford. close relationship established ment does not expect the Pulau fuel prices, Second Minister for MINDEF had written to between Shell and SCDF through Bukom fire to have an impact on Trade and Industry S Iswaran said Stanford University to find out if their regular joint exercises. electricity and gas tariffs. yesterday. Dr Tans course could be shortHe added that Shell reFire fighters took 32 hours to Responding to Workers Party ened but was told that it was not sponded according to estabput out the blaze which engulfed chairman Sylvia Lim (Aljunied possible. lished protocols, while the SCDF the oil refinery on Sept 28. GRC) who had asked for an inDr Ng added that Dr Tans dedeployed resources quickly and To Ms Lims question on the terim assessment on the impact ployment to the Defence Medical appropriately. emergency preparedness of the of the Shell oil refinery fire and and Environmental Research InShell staff and responses from facilities shut down, Mr Iswaran >> more hdb rental stitute was not unique 32 men the Singapore Civil Defence Force said the impact on downstream FlatS by 2015 28 have been deployed there since (SCDF), Deputy Prime Minister Teo chemicals plants is small as there its opening in 1995, before Dr Tan. Chee Hean detailed the mandatory are alternative sources of feedmore Said Dr Ng: I want to assure safety and emergency response restock though there was a loss Parliament all Singaporeans that equity of quirements for all oil companies in of petroleum output in the short StorieS treatment for National Service has Singapore, as well as how the fire term. on www. been, and must remain, a cardinal was handled by the SCDF, police He added that while the retodayonline.com/ principle. and Ministry of Health. finery accounts for a significant SingaPore Because without strict adOur preliminary assessment portion of the chemicals cluster, herence to this fundamental tenet the cluster as a whole accounts of fair and transparent treatment, for less than 3 per cent of Singacommitment to NS will be sepores Gross Domestic Product. verely eroded. As for local electricity supply, In response to Workers Party he said that Singapores primary MP Pritam Singhs (Aljunied GRC) fuel for generation of electricity question about the white horse is natural gas and while fuel oil is programme where sons of civil used for some power generation, servants allegedly receive prefthe generation companies here do erential treatment in NS and not have any existing supply conwhether medical dockets continue tracts with Shell for fuel oil. Instead, to be stamped today with the white these power companies maintain horse stamp, Dr Ng said no. their own reserve stockpiles of fuel Citing MP Cedric Foos (Pioneer) reply in a previous Parliament session where Mr Foo said the white horse policy was meant to ensure no preferential treatment was given, Dr Ng said:If members of this House know of specific cases of preferential treatment, I open access to you to bring it right to me and we will Smoke and flames at the royal dutch Shells Pulau bukom offshore petroleum complex during last months fire. reUterS deal with it, he said.
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Libyans celebrating at Martyrs square in tripoli yesterday. Far right, an image of the dead man purported to be former Libyan leader Muammar gaddafi. reUters
hot nEWS
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SINGAPORE Singaporeans who have always wanted to make a living by broadcasting their own content on YouTube now have a chance to do so. YouTube is making its official debut in Singapore, which means that artistes or other content creators here can finally earn revenue through the worlds largest video sharing platform. The YouTube Partner Programme, which is now open to Singaporeans, will allow all video creators here to earn revenue through advertising. More than 50 per cent of the ad revenue will go to the creator, with the rest going to YouTube. At the launch of its localised site for Singapore yesterday the second in South-east Asia after Philippines last week YouTube also announced its licensing agreement with the Composers and Authors Society of Singapore (COMPASS). This allows
music artistes to earn revenue via advertising on YouTube. However, these earnings will have to be shared between the composer, lyricist and COMPASS. The localised site for Singapore means that videos that are most relevant to Singaporeans will be brought to the attention of users. This would increase exposure for Singapore creators. Elsewhere, singing sensations such as Canadian superstar Justin Bieber and Charice of the Philippines have shot to fame after their videos were spotted on YouTube. Dr Edmund Lam, chief executive and director of COMPASS, said this new site allows the local music industry to be more focused. Within the YouTube community, there are many artistes competing around the world. (This site) will give Singaporeans very focused exposure, and we can discuss with the industry how best to leverage on YouTube to promote local songwriters.
Under this agreement, COMPASS also reserves the right to ask YouTube to take down videos under the Singapore domain. Of the companys decision to establish a presence in Singapore only now six years after its founding Mr Adam Smith, director of product management at YouTube, said that the Singapore community has grown more active in recent years. One factor is the very high rate of smartphone penetration here. He said that Singaporeans watch hundreds of thousands of videos every day, hitting millions of views, with a significant number coming from mobile gadgets. Singaporeans are generally very tech savvy, we see ... adoption of a lot of gadgets which enable them access to YouTube. For a small country, the penetration is quite significant in terms of impact and volume,added Mr Julian Persaud, South-east Asia managing director of Google, which owns YouTube.
Following the brouhaha over an Abercrombie & Fitch advertisement featuring a shirtless mans torso, the Advertising Standards Authority of Singapore (ASAS) plans to work more closely with other authorities to ensure that non-traditional mediums have the same high standard of advertisement as other mediums. ASAS chairperson tan Sze Wee said yesterday: the recent inter-
est relating to an advertisement in orchard Road highlights the trend of more vibrant and eye-catching advertisements in non-traditional mediums, which include bus-stop shelters, lamp posts, bus facades, building billboards and facades. this segment of advertisement may, from time to time, pose a challenge to the industry norms ... noting that the Singapore Code of Advertising Practices basic ten-
ets call for all advertisements to be legal, decent, honest and truthful, Dr tan added: Moving forward, it (ASAS) will work even more closely with various agencies, such as the Land transport Authority and Building and Construction Authority to ensure the same high standard of advertisement in these non-traditional mediums of advertisement as in any other medium.
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hot nEWS
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a woman walking past a wall of sandbags used to protect a building from possible floods in bangkok yesterday. reuters
outskirts of the city, snarling traffic as trucks piled high with people apparently fleeing flood-hit zones moved through the streets. Much of downtown looked totally normal, if eerily calm, and a quiet panic was palpable. Water now covers a third of Thailands provinces, some 1.6 million hectares in the north, north-east and centre of the country. Huge industrial estates to the north of Bangkok have been swamped and the central bank yesterday put the damage to industry at more than 100 billion baht (S$4.1 billion). Ms Yingluck, under fire for her man-
agement of the flooding, called for national unity in the face of the crisis. I have to admit the government cant keep a close eye on every spot. Now is a time of national crisis. Everybody should work together. Blaming each other wont help, she said. Meanwhile, Japans Sony Corp said it would delay the launch of several new cameras due in November after floods forced a halt in production at some of its Thai plants. Japanese car makers said their output has also fallen by about 6,000 units a day because of the flooding. agencies
the Ministry of Foreign Affairs has advised Singaporeans to continue to defer non-essential travel to Bangkok until the flood situation improves. thai Prime Minister Yingluck Shinawatra has declared the flood situation in Bangkok a national crisis and has directed the citys floodgates to be opened so that water can be drained into the sea. there is a possibility that parts of Bangkok may be affected, including disruptions to fresh water and electricity supplies. If Singaporeans in Bangkok have any concerns about their personal safety, they should consider moving to higher ground or areas unaffected by the flooding, said an MFA spokesperson in a statement yesterday. the Singapore Embassy in Bangkok has been advising Singaporeans in Bangkok to take all necessary precautions and will render the necessary consular assistance. Singaporeans who are travelling to or in thailand and have yet to eRegister with MFA should do so at http://eregister.mfa.gov.sg. Singaporeans who require consular assistance can contact the Singapore Embassy in Bangkok or the MFA Duty office (24-hours) at +65 6379 8800 or +65 6379 8855, or email mfa_duty_ officer@mfa.gov.sg.
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Comment&analysis
Khaled hroub
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heres a joke making the rounds in the Middle East these days: Three of Egypts former presidents, Gamal Abdel Nasser, Anwar El Sadat and Hosni Mubarak, meet in hell and ask each other how they fell. Nasser replies poison, Sadat says assassination and Mubarak answers Al Jazeera. During the 15 years that it has broadcasted from Qatar, Al Jazeera has served as far more than a traditional television station. With its fearless involvement in Arab politics, it has created a new venue for political freedom, which has culminated in its unreserved support for Arab revolutions. Al Jazeera has pushed the boundaries of information by providing live coverage of major developments in the Arab world and elsewhere. It is a platform for political and religious opposition groups in the Arab countries. It hosts Israeli spokespersons and embraces state-of-the-art broadcasting techniques. In short, it has become a global brand and a role model for other Arab media. Success breeds confidence, but it also attracts envy. Al Jazeera has no shortage of enemies, from the most radical Islamic fundamentalists to American and Israeli intelligence gatherers. And, between these two extremes, there is fierce debate over whether Al Jazeera is friend or foe. Liberals who welcome it as a beacon of freedom and progress in the Arab world confront those who accuse it of Islamism
bankrolled by Qatars Sheikh hamad al thani (inset), the news station was instrumental in giving a voice to the revolutionaries during the arab Spring and it acts as Qatars covert foreign policy tool.
blooMberg
Banned from local media and mostly on the run, revolutionaries used Al Jazeera to reach and mobilise their own people. The channel cancelled its regular programmes, and was transformed into a round-the-clock workshop of live news and interviews, switching from one
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comment&analysis
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comment&analysis
ter Benjamin Netanyahu and the country. My head told me that by giving in to Hamas demand for a thousand prisoners in exchange for Sergeant Shalit, Israel would encourage more abductions and free terrorists who would almost surely murder many more Israelis. But my heart told me that these bereft parents deserved all the support they could get. In the end, my heart won and I walked up to the tent, signed the petition and gave a donation. I knew Id done wrong. Last week, Israel agreed to exchange Sgt Shalit for 1,027 Palestinian prisoners. When Sgt Shalit arrived in Israel, the first 477 of the prisoners were released. I dont blame Mr Netanyahu, his Cabinet or his security services for giving in to their hearts, too. It couldnt have been easy. The prisoners released include those who orchestrated suicide attacks on a Jerusalem pizzeria (15 killed), a Passover seder in Netanya (30 killed), a bus in Jerusalem (11 killed) and a bus in Haifa (17 killed). The remaining 550 prisoners, not yet named, are set to be released in two months. Clearly, the Israeli leaders and officials who approved the exchange were willing to pay a high price to maintain Israels sense of solidarity. They want Israeli parents to feel reassured that the government will do all it can to save their captured sons and daughters. And Israeli soldiers are presumably more ready to go into battle if they know that. Yet, Israels leaders should have listened to their heads, painful though it would have been. The consequences of past prisoner releases should have convinced them that the exchange would almost surely prove, in the long run, the more costly choice. In the past three decades, according to one estimate, Israel has released about 7,000 Arab prisoners in exchange for about 16 Israelis and the bodies of 10 more. Another estimate has put the number of Arab prisoners exchanged since 1985 at about 10,000. According to a 2007 report by an Israeli terrorism victims group, 177 Israelis were murdered in the five years before the study by recidivist terrorists who had been freed. Abbas ibn Muhammad Alsayd, released in 1996, was subsequently involved in three terrorist attacks, including the 2002 bombing of a Netanya Passover Seder. In 1998, Iyad Sawalha was released as a good-will gesture; in 2002 he detonated a bomb that killed 17.
Sergeant Gilad Shalit arriving at his home in northern israel on tuesday. reUterS Uri dromi
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lmost every day, during a recent stay in Jerusalem, I walked past the tent that the parents of Sergeant First Class Gilad
Shalit, the Israeli soldier who was captured in 2006 by Hamas, had pitched near the residence of Israels Prime Minister. Theirs was a long vigil. Distraught but dignified, and most of the time not knowing whether their son was dead or alive, the Shalits have haunted the conscience of Prime Minis-
Uri Dromi was the spokesman of the Yitzhak Rabin and Shimon Peres governments from 1992 to 1996.
And in 2003, Ramez Sali Abu Salmin was released; seven months later he blew himself up in a Jerusalem cafe, killing seven people. Israeli leaders should realise that releasing 1,027 prisoners for one abducted Israeli soldier will result in more abductions, and that such extortionist and hugely disproportionate mass releases must, finally, stop. The spokesman for the military wing of Hamas has stated publicly that Sgt Shalit will not be the last soldier kidnapped by Hamas as long as Israel keeps Palestinian prisoners detained. Another group, the Popular Resistance Committees in Gaza, which was involved with Sgt Shalits abduction, announced, The abduction of soldiers is our strategy. And Wafa Al Bass, who was imprisoned in 2005 when she was caught smuggling a suicide bomb through a Gaza checkpoint while pretending to seek medical treatment, said after being freed that Palestinians should take another Shalit each year until all remaining Palestinian prisoners were free. You dont have to read the work of the psychologist B F Skinner to understand the danger of positive reinforcement as it applies to the exchange of prisoners for abducted Israelis. You need only read Mr. Netanyahu himself, who in his 1995 book, Fighting Terrorism, wrote that prisoner releases only embolden terrorists by giving them the feeling that even if they are caught, their punishment will be brief. Worse, by leading terrorists to think such demands are likely to be met, they encourage precisely the terrorist blackmail they are supposed to defuse. Nor is the return to terrorist attacks on Israelis the only consequence of freeing such prisoners.
The case of Samir Kuntar, who was set free in 2008 in exchange for the remains of two Israeli soldiers, should serve as a lesson. Kuntar had killed an Israeli man in front of his four-year-old daughter and then killed the daughter by bashing her head with his rifle while the mans wife, hiding nearby, accidentally smothered their two-year-old trying to keep her quiet. Kuntar is now a hero among Palestinians and across the Muslim world. He and other prisoners released by Israel were honoured by Irans President, Mahmoud Ahmadinejad, who has called for the elimination of Israel. Mr Ahmadinejad gave Kuntar a medal for supporting the Palestinian and Lebanese resistance. Given this history, it is absurd to see Israels exchanging a soldier, or even dead bodies, for hundreds of prisoners as a policy that strengthens the countrys sense of solidarity or morale. Continuing to take existential risks for peace, even ones unlikely to bear fruit, may be necessary for Israeli leaders. What is not necessary is taking suicidal risks that will save one sergeant but guarantee the abductions of many more soldiers and the murders of many more Israelis.
the NeW yorK timeS
Walter Reich, a psychiatrist and a professor of international affairs at George Washington University, was director of the United States Holocaust Memorial Museum from 1995 to 1998. He is the editor of Origins of Terrorism.
comment&analysis
roSabetH MoSS KaNter
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Rosabeth Moss Kanter holds Harvard Business Schools Arbuckle Professorship and specialises in strategy, innovation and leadership. Her latest book is Supercorp.
coMMeNtary oNliNe
there is too much double-talk about whether financial institutions exist to make money solely for themselves and their shareholders, or to make decisions based on the best interests of their clients. Firms that pursue the personal profit objective above all others will ultimately alienate themselves from customers, regulators, and sound ethical practice. John rogers, in How The Finance Industry Can Repair Its Image
comment&analysis
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imagined in america
tHoMaS L FriedMaN
fter spending last week talking with Hong Kong entrepreneurs about a Bill, just passed by the United States Senate, to clear the way for tariffs on Chinese exports to America if China does not revalue its currency, there are three things I have to say. One, I really hope the people pushing this Bill do not give up. Two, I really hope the people pushing this Bill do not succeed. And, three, I really hope no one thinks this legislation will make any sustainable dent in our unemployment problem, which requires much more radical rethinking. I support this legislation in theory because China needs a wake-up call. I know, China never responds to in-your-face pressure not immediately. But it began revaluing its currency upward in 2005, the last time the Senate brandished a big stick. The fact is, Chinas strategy of using low wages and a cheap currency to build up an enormous export-led growth engine while using its huge market to lure and compel companies to transfer their nextgeneration technology to China as well is now hurting both sides. China is spending tons of money manipulating its currency downward and, in the process, creating domestic inflation and a real estate bubble, which is weakening its competitiveness. Meanwhile, it is hairraising to hear stories in Hong Kong about the number of American companies feeling the need to transfer advanced technology to China under pressure from Beijing officials and being afraid to complain to Washington about unfair trade practices. Yes, Chinas leaders, fearing unemployment, will revalue their currency at their own pace. But if pushing this Bill even marginally slows the pace of American firms shifting operations here, and gives others more time to adapt, it will be worth it. But, Lord in heaven, do not let the House pass this Bill. That would trigger a trade war in the middle of our Great Recession. We tried that in 1930. It did not end well. Worse, today it would distract us from thinking about the real issue: How do we adjust our labour market to the simultaneous intensification of globalisation and the IT revolution, the biggest thing happening in the world today? The intensification of globalisation means more parts of any product or service can be produced anywhere, and the intensification of the IT revolution means more parts of any product or service can be created by machines and software. I am typing this column on a Dell laptop that says Made in China on the bottom. In fact, it was assembled in China
but the design, memory board, screen, casing and dozens of other parts were all made in other countries. And while the machine says Made in China, the lions share of its value and profit goes to the firm that conceived the idea and orchestrated that supply chain Dell in Texas. We are never going to get those labourintensive assembly jobs back from China the wage differentials are far too great, no matter how much China revalues its currency. We need to focus on multiplying more people at the high-value ideation and orchestration end of the supply chain, and in the manufacturing processes where one person can be highly productive, and well paid, by operating multiple machines. We need to focus on Imagined in America and Orchestrated From America and Made in America by a smart worker using a phalanx of smarter robots. In total value terms, America still manufactures almost as much as China. We just do it with far fewer people, which is why we need more start-ups. But we also need to stop thinking that a middle class can be sustained only by factory jobs. Thirty years ago, Hong Kong was a manufacturing centre. Now its economy is 97 per cent services. It has adjusted so well that this year the Hong Kong government is giving a bonus of US$775 (S$986) to each of its residents. One reason is that Hong Kong has transformed itself into a huge tourist centre that last year received 36 million visitors 23 million from China. Their hotel stays, dining and jewellery purchases are driving prosperity here. The US Commerce Department says 801,000 mainland Chinese visited the US last year, adding US$5 billion to the US economy. More Chinese want to come but, for security reasons, visas are hard to obtain. If we let in as many Chinese tourists as Hong Kong it would inject more than US$115 billion into what is a highly unionised US hotel, restaurant, gaming and tourism industry. Another idea officials here offer is that the US invites Chinese firms to invest in toll bridges, toll roads and rail systems across the US, in partnership with American companies. They could build them, and operate them for a set number of years, until their investment pays out, and then transfer them to full US ownership. It may be the only way we can rebuild our infrastructure. Yes, China manipulates its currency and market access. But the reason we are so vulnerable is that we have no leverage. We do not save; we overconsume; we do not plan; and we have not invested enough in infrastructure and education. Dealing with a superpower like China without leverage? Let me know how that works out for you.
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T oday
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refer to Ms Coral Angs letter The nosmoking path (Oct 17) and Mr Muhammad Haziq Janis letter No-smoking path is Utopian (Oct 18). One of the measures described by Ms Ang was to ban the sale of tobacco products to those born in or after the year 2000, which Mr Muhammad Haziq felt would make Singapore seem more authoritarian than it already is. I am not a smoker, although I concur with him that smoking may have a certain meaning to current smokers. But this tobacco control method, proposed last year by a team from the National Cancer Centre Singapore and the National University of Singapore, does not target current smokers and would be effective yet far less antagonistic. Children now aged 11 and below
like a badge of adulthood, and youths cannot wait to be old enough to smoke. So let us remove the shine from the perception that it is an adults right to smoke. Picking up smoking is largely due to peer pressure. So, if we can send the message of a tobacco-free generation to our youth with this proposal, we can clamp down on this significant contributing factor. It is simple: My peers do not smoke, so I will not smoke because there is no fun in it. This is the demonstration effect we should aim for, not that of intolerance and antagonism towards current smokers when it comes to tobacco control. The Towards Tobacco-free Singapore facebook group, which is pushing for the legislation of the proposal, has garnered 13,000 supporters. We need the support of society at large, smokers and non-smokers alike, schools and government, and from youth as well. It is time we stop segregating society into smokers and non-smokers but instead stand together to protect our children and their children. The writer is 23 years old.
Currently, smoking is not banned at overhead bridges in Singapore. I suggest that the National environment Agency consider such a ban. At the bridge linked to Jurong Point, for instance, shoppers or staff often have to brave a cloud of second-hand smoke when they enter or leave the shopping centre.
Joanne Lim
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Voices
Give 25 dolphins at Marine Life Park the choice
Letter from christina Lee Jiawei
Campaigns Officer, Animal Concerns Research & Education Society
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I REFER to the letter We should support RWS Marine Life Park (Oct 18), whose main theme was about choice and which suggested that, if given a choice, Singaporeans would choose a small but safe flat instead of a large country estate. The reality for the Resorts World Sentosa dolphins is that they had no choice. They were removed from their natural habitat and will be confined against their will. They have lost control over their lives, from what and when they eat to whom they socialise with and where. The Animal Concerns Research & Education Society doubts that any Singaporean would want the lives these dolphins are now living. Captive dolphins, in general, are not choosing to interact with humans during contact sessions or to perform certain behaviours on demand but instead are often doing so to get fed. Yes, they could choose to go hungry, but most animals will avoid hunger at all costs, and a hungry
dURING the Oct 17 episode of Get Rea!, a presenter helped a migrant worker, Mr Huang, to fill up and mail his casino self-exclusion form to the National Council on Problem Gambling. We wish to highlight that the Migrant Workers Centre, which was mentioned in the programme,
offers similar services to migrant workers. Located conveniently at 62, Rangoon Road, near Farrer Park MRT Station, MWC has staff who can explain and assist workers in completing the process. Compared to the usual twoweek waiting period that applies to manual applications, online selfexclusion which we provide in partnership with NCPG takes
effect within a day. Our opening hours 11am to 3pm on weekends and 9am to 7pm from Tuesday to Friday cater to the tight work schedules of workers like Mr Huang. In our efforts to tackle the gambling scourge among migrant workers here, we reiterate that workers with problem gambling may also approach MWC for assistance.
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Voices
Letter from caitlin Fua
Assistant Vice President, Corporate Communications, StarHub
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starHub assisting customer on other services HDB has studied local parking needs carefully
WE REFER to Ms Kee Puay Kiangs letter Contractual fine print unfair to consumers (Oct 17). StarHub contacted Ms Kee early this month pertaining to her StarHub television subscription and is now assisting her on other StarHub services. We thank Ms Kee for her understanding and look forward to her continued support.
MS Kee Puay KiangS rePLy I thank StarHub for its reply to my letter. Following my feedback to the company, it has offered me a
one-time credit to cover the subscription fee increase till the end of my contractual period.
I REFER to Mr Yuen Mun Leongs letter The wrong direction for multi-storey car parks (Oct 8), Mr Yan Chung Hoongs letter More value with more car parks? and Mr Tan Kok Tims letter 10-storey car parks in Spore? (Oct 11). The car park mentioned by Mr Yuen is Multi-Storey Car Park (MSCP) Q75M, which serves residents from Blocks 10 to 13, Holland Drive. Parking demand is high and season parking tickets are fully sold each month. The Housing & Development Board has studied the local parking needs carefully. As part of ongoing redevelopment plans, the nearby surface car park in front of Block 12 will be removed soon, which means there will not be sufficient lots to meet local parking needs. Hence, the HDB is planning ahead to expand and add more lots to Q75M, to ensure that residents parking needs will continue to be met at all times. We are mindful to keep a balance between meeting parking demand and the need for sufficient recreational spaces within the precinct.
By extending the existing car park instead of building a new one, we have reduced the amount of land required. The HDB has also put in place measures to minimise inconvenience to residents. Firstly, we will site the extension as far away as possible from the existing residential blocks. The site identified is lower than the residential blocks by three floors in view of the difference in ground level, so as to minimise the impact on residents. Secondly, there will be vertical screens to prevent vehicle headlights from shining directly into nearby flats. Thirdly, the HDB is looking into having a landscaped garden with communal facilities atop the MSCP for residents. There will be planter boxes on the parapet to beautify the surroundings. Fourthly, there will be a new covered walkway and drop-off point. HDB car parks are designed with natural ventilation to keep costs low. To have windowless, high-rise car park buildings, as suggested by Mr Tan, would be costly due to the need for mechanical ventilation systems. We thank the writers for their feedback and suggestions.
WE THANK Mr Charlton Wee for his letter Why tax items bought abroad for personal use? (Oct 17) and for the opportunity to explain the policy on Goods and Services Tax and GST relief granted for travellers. GST is a local consumption tax. As such, it is levied on all goods brought into Singapore, regardless of whether they are imported through commercial shipments or hand-carried by travellers for personal use. Levying GST on imported goods also ensures a level playing field for local GSTregistered businesses selling to local consumers. To minimise inconveniences, GST relief is provided to people who bring in small amounts of goods for personal use, with the
amount of relief granted tiered according to specific conditions. Visitors can refer to the Singapore Customs website at www.customs.gov.sg for more information on the GST relief limit. Travellers carrying taxable products exceeding their GST relief or duty-free allowance have to declare the goods at the Red Channel, for tax payment. If they do not have receipts, they may be asked to estimate the value of the goods. Singapore Customs officers will compare the estimate with the values of similar products when computing the GST payable. Prominent signboards highlighting information on GST relief are located before the customs clearance points in the arrival halls of Singapores checkpoints. Brochures to inform travellers are available in different languages at the airport arrival halls.
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Singapore
neW integrated care PrograMMe For elderly launched
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The Singapore programme for integrated Care for the elderly (SpiCe), which provides integrated centre and home-based care services, was rolled out at the newly-renovated Tembusu rehabilitation and Day Care Centre yesterday. The programme allows the elderly to be cared for at home or in a nursing home setting, and also gives caregivers greater flexibility and respite from patient care. The SpiCe pilot programme was first introduced at The Salvation armys Bedok Multi-Service Centre last year. Launching SpiCe@Tembusu yesterday, Minister of State for Health amy Khor stressed the importance of industry collaborations in such ventures. among Tembusus partners are the national University Hospital, private medical group Frontier Healthcare, and the agency of integrated Care (aiC). The aiC has been working with voluntary welfare organisations
(VWos) to implement SpiCe in Singapore. Speaking at the launch, Dr Khor said: as our healthcare providers continue to take steps towards integrating care across different settings, the government will support you in your efforts. With a shared belief in a patient-centric system of care, i believe that aiC will also continue to identify and facilitate even more win-win partnerships between VWos, hospitals and gps in rolling out SpiCe around the island. channel neWsasia
SINGAPORE The number of foreigners purchasing private homes here grew from 12 per cent to 16 per cent in the first half of this year, said National Development Minister Khaw Boon Wan yesterday. Locals, nonetheless, still account for more than four-fifths of all private home purchases, said Mr Khaw, in response to a question by Mr Christopher de Souza (Holland-Bukit Timah GRC) on whether the minister would consider measures to restrict the number of private property units a foreigner can purchase. We are monitoring market conditions closely and if need be will take further measures. For landed property, we have longstanding rules restricting foreign purchases which we recently tightened, said Mr Khaw. However, we have to be very careful not to precipitate a loss of confidence, especially with the international backdrop of continuing uncertainty in financial markets and weak growth in the US and Europe. Mr Khaw also noted that the rising property prices cannot be attributed solely to foreign purchases. There are many factors at play such as low interest rates and Singapores strong economic fundamentals. He said Singaporeans are also understandably anxious when they see property prices rising, especially those who are
We are monitoring market conditions closely and if need be will take further measures. For landed property, we have longstanding rules restricting foreign purchases which we recently tightened.
national development Minister khaw boon Wan
first-time buyers of private property. Mr Khaw added that in the first nine months of this year, developers sold 12,000 units of private housing, about the same as the corresponding period last year. Demand for private housing has remained firm, despite growing uncertainties in the global economy, and the supply of land has been ramped up through the Government Land Sales programme. Land for over 14,500 units has been released this year, compared to 10,000 units last year, Mr Khaw added. A series of measures to cool the property market and cut speculative demand have also been taken and are having a clear impact. While the private housing market is still rising, the rates of price increase have been trending down since the third quarter of 2009, he said.
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Estate Agents and Salespersons, and reported him to the council. Sim, who faces a total of eight charges under the Estate Agents Act 2010, will be back in court on Nov 17. For each of his offences, he could be fined up to S$25,000 or jailed for a year, or both. The CEA said the public can now search for the particulars of property agents on its website, in addition to searches using the agents name or registration number.
Since Jan 1 this year, all property agents must register with the CEA and possess written agreements with their companies before they are allowed to perform their jobs. Failure to comply with these rules is an offence. The council said the public should not respond to any real estate agency flyer or advertisement that does not provide an agents details or registration number, and should report any unregistered agents to the CEA.
channel newsasia
In support of the emergency arbitrator procedure that was introduced in the SIAC rules in July last year, MinLaw is also proposing that orders made by emergency arbitrators be enforceable.
And to keep Singapores legislative framework progressive, MinLaw is proposing that the IAA also recognise arbitration agreements concluded by any means, such as orally or by conduct, as long as its content is recorded in any form. Currently, the IAA only recognises such agreements made in writing. Said a MinLaw spokesman: MinLaw has received feedback that this requirement does not accord squarely with commercial reality, as arbitration agreements are often concluded orally ... Another proposal is the enactment of the Foreign Limitation Periods Act (FLPA), to clarify the question of which countrys time limitation the time allowed for claimants to make a claim laws will apply when the dispute is brought for arbitration here. For example, if the dispute happens in the United Kingdom and it is brought for arbitration in Singapore, the FLPA will allow arbitration tribunals here to follow the time limit set in the UK. Those interested in the consultation papers and Draft Bill can view them at www.minlaw.gov.sg and www.reach.gov. sg/YourSay/EConsultationPaper. aspx. Feedback to MLAW_Consultation@mlaw.gov.sg can be submitted by Nov 21.
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World
approval of bill will not sit well with thousands of protesters lining athens streets
aFternoon latest
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ATHENS After a day of violent demonstrations against government cutbacks, Greek Socialist lawmakers yesterday gave their final approval to a raft of tough new austerity measures, taking a critical step toward securing crucial foreign aid and averting a default. The measures including additional wage cuts, pension cuts, layoffs for public sector workers and changes to collective bargaining rules to make it easier to hire and fire were passed last night with the support of all but one of the governing Socialist partys 154 legislators. Earlier in the day, a demonstration that started out peacefully devolved into violent skirmishes. For the first time in recent memory, demonstrators hurled firebombs not at the police but at one another, as anarchists apparently battled a pro-Communist group. Ahead of the vote, Prime Minister George Papandreou and Finance Minister Evangelos Venizelos appealed to lawmakers to approve the entire package. Greeces foreign lenders say the changes are needed to liberalise Greeces economy, but they have met with intense popular anger. They are cutting our wages and diminishing our way of life for the sake of the banks, said Mr Nick Zolotariof, 40, who works in the public administration in Dionysos, a suburb of Athens. He said his salary had been cut to US$1,235 (S$1,570) a month, from US$1,650. The Athens police said that about 50,000 demonstrators poured into the
central Syntagma Square outside Parliament yesterday. It soon became a war zone, as anarchists began throwing stones and firebombs at members of the Communistbacked labour union, PAME, who fought back while the police stood by. One man, a 53-year-old member of a construction workers union, died of a heart attack shortly after being admitted unconscious but apparently uninjured to a hospital, according to a doctor at the hospital. The Greek news media reported that 16 people were injured, three seriously, but there was no official confirmation. In recent years, with the proliferation of cellphone videos and YouTube, the idea that there is vague cooperation between the police and violent demonstrators has grown beyond conspiracy theory and entered more mainstream discourse. Every time we have these manifestations, we have these videos that show some kind of protection from the police to these groups, said Professor Giannis Panousis
of the department criminology at the University of Athens. Perhaps in these groups there are some ex-policemen or some exmilitary people who play some role inside the group, as agents provocateurs. Yesterdays vote came as European Union leaders prepare to meet Sunday for a final decision on the release of the next US$11-billion instalment of aid to Greece, part of a US$150-billion bailout engineered last year. They will also be looking at a much broader European rescue designed to protect the bloc should Greece default. A draft report prepared by the commission, in liaison with the European Central Bank, recommended that the next instalment of financial support to Athens be released as soon as possible after the latest austerity measures are enacted. Yesterdayy, Reuters quoted unidentified European officials as saying that the IMF believes European assessments are too optimistic and wants to await a clearer outlook before signing off on the next instalment. tHe new yorK times
A United States grand jury yesterday formally indicted two men suspected of being part of an Iranian plot to kill the Saudi Ambassador to Washington. The US authorities said last week they had foiled a plot by two men linked to Irans security agencies to assassinate Saudi Ambassador Adel Al Jubeir. The two men are charged with one count of conspiracy to murder a foreign official, two counts of use of interstate and foreign commerce facilities in the commission of murder for hire and one count each of conspiracy to use a weapon of mass
destruction and conspiracy to commit an act of terrorism. one suspect, 56-year-old Manssor Arbabsiar, was arrested in the US last month and the other is believed to be in Iran. US officials say the other man, Gholam Shakuri, is a member of Irans shadowy Quds Force, the covert operations arm of Irans powerful Islamic revolutionary Guard Corps. Arbabsiar will have a chance to enter a plea to the charges on Monday, when he is scheduled to be arraigned. His attorney has previously stated her client would plead not guilty. reUters
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World
BEIJING The Chinese toddler who was ignored by 18 passers-by after she became a victim of a hit-and-run is now on the verge of death, her doctors said yesterday. Two-year-old Wang Yue known by her family pet name Yueyue was run over by two cars last Thursday in a market in the southern province of Guangdong. Closed-circuit television footage showed 18 people had walked past her body without helping her. Dr Su Lei, the director of the Guangzhou Military Hospitals Intensive Care Unit, said yesterday the toddler could die at any moment. He said: I cannot tell how long she has left. We are still trying to save her, but the scenario is getting worse and worse. In a statement to the media, the hospital said her other key organs were deteriorating and there was no sign of her brain functions recovering. The girls parents have been keeping vigil at a hotel next to the hospital, refusing to give up hope. The hit-and-run incident has ignited outrage both inside China and worldwide. Many blame the 18 passers-by
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China yesterday defended its right to censor the Internet, saying it was necessary to safeguard the public, after the United States pressed it to explain online curbs. The US wants to know why the so-called Great Firewall of China blocks so many US companies from providing services via the Internet, according to a letter obtained on Wednesday, another sign of growing trade tension between the worlds two largest economies. Foreign Ministry spokeswoman Jiang Yu said China had actively encouraged the development of the Internet and protected freedom of
speech online. At the same time, in terms of Chinas lawful Internet management, its purpose is to maintain a good Internet environment and to safeguard public interest, she told reporters. These are in line with internationally accepted practices. She added: We are willing to work with countries and communicate with them on the development of the Internet... But we do not accept using the excuse of Internet freedom to interfere in other countries internal practices.
reuters
Japans government will issue guidelines on testing for radiation and open call centres for the public after more hot spots were found in Tokyo and other areas far from the stricken Fukushima nuclear plant. The guidelines will provide advice on using dosimeters to improve the consistency of surveys, said Mr Hirotaka oku, an official handling the response to the Fukushima disaster at
the Science Ministry. The guidelines will be issued as early as tomorrow, he said. Two more locations with radiation levels exceeding safety limits were found this week in Tokyo, which is about 220km from the daiichi nuclear plant that was damaged in the March 11 earthquake and tsunami.
bloomberg
wafa al bass being greeted by dozens of friends and relatives at a celebration in her home the day after she was released. the new york times
was discovered with explosives at a checkpoint on Gazas border. Speaking from her home in northern Gaza, she said: I had wanted to be a martyr since I was a kid... I would be a suicide bomber three times over if I could. Meanwhile, Palestinian Prime Minister Salam Fayyad said there is
little chance for the prompt renewal of peace negotiations between Palestinians and Israelis that the United States seeks. My own assessment is that conditions are not ripe at this juncture for a meaningful resumption of talks, Mr Fayyad said on Wednesday.
agencies
Taiwan President Ma Yingjeou said yesterday that voters on the island may need to weigh in on any future peace treaty with China, a statement that appears to signal a retreat from an earlier declaration. on Monday, he said any peace treaty with China would only require parliamentary approval and a consensus on the island. Mr Ma placed a treaty among the goals to be
achieved over the next decade, suggesting for the first time a timetable for discussion of the sensitive issue with Beijing. We will consider a referendum for the peace treaty, he said, insisting that it would not compromise Taiwans sovereignty but rather strengthen the current status of no unification, no independence and no war, a status that now has the support of 80 per cent of the public. ap
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World
French First lady gives birth to girl
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French First lady Carla BruniSarkozy gave birth to a baby girl on Wednesday night the first infant born to a sitting President of modern-day France. The baby is rumoured to be named dahlia, according to speculation on Twitter. President Nicolas Sarkozy, finishing up a meeting in Frankfurt on the euro debt crisis, was absent
when the couples first child was born, but arrived at the private clinic in Paris three hours later. reports said the birth went well for the 43-year-old mother. The President has three sons from two previous marriages, while his wife has a son from a previous relationship.
agencies
A British man who ordered a special size 14.5 slipper to fit his oversized left foot was sent a size 1,450 after the Chinese manufacturers failed to spot a decimal point in his order. Mr Tom Boddingham, 27, has a size 13 right foot, while his left measures size 14 and a half. He said he now plans to sell the giant slipper on eBay. It was sent directly from Hong Kong and measures 210 x 130 x 65cms the same length
as a grizzly bear or a family car. I reckon I must be the owner of the biggest slipper in the world. Im going to sell it online and if I can make a few quid out of it then all the better. A spokesman for Monster Slippers apologised to Mr Boddingham and said the mistake occurred because of a translation error. But a spokesman for the factory said they thought the slipper was for a shop window display.
the daily telegraph
a new planet (right) forming around a star is shown, in this undated artists rendering provided by the university of hawaii. the planet, lkca 15 b, is 450 light years away from earth and is being built by dust and gas. ap
The launch of the first two satellites of the European Unions Galileo navigation system was postponed yesterday because of technical problems at the base in French Guiana, according to officials. officials hope to delay the launch of the russian Soyuz rocket by only 24 hours, although a new date will be announced once the investigation is complete, said Mr JeanYves le Gall, chairman and CEo
of Arianespace, the commercial arm of the European Space Agency. Authorities postponed the launch after they discovered a leak inside a valve, he said. The European Galileo system is being launched to challenge the American GPS system. The EU has said the new system will provide more coverage and more accurate locations. ap
It is not only women who have a ticking biological clock, according to a Brazilian study that has found the chances of men fathering children fall with every passing year once they reach middle age. Analysis of patients at an infertility clinic found that the chances of a man getting his wife pregnant dropped by 7 per cent each year between the ages of 41 and 45, reducing even more sharply among older men. The quality of the husbands sperm was also found to deteriorate with time. Until now the pressure has been on women to start a family before they turn 40, when their reserves of eggs run low and their quality declines. But experts from Brazils Huntingdon reproductive Medicine Centre say that men should not leave it too late either if they want to be sure of having children.
the daily telegraph
Colombian environmental authorities have reported a huge shark massacre in the Malpelo wildlife sanctuary in the countrys Pacific waters, where as many as 2,000 hammerhead, Galapagos and silky sharks may have been slaughtered for their fins. Ms Sandra Bessudo, the Colombian Presidents top adviser on environmental issues, said a team of divers who were studying sharks in the region reported the mass killing in waters about 500km from the mainland. They counted a total of 10 fishing boats, all flying the Costa rican flag. When the divers dove, they started finding a large number of animals without their fins. They didnt see any alive, Ms Bessudo said. Calculating an average of 200 sharks per boat, our estimates are that as many as 2,000 sharks may have been killed, she added. The sanctuary covers 8,570 sq km of marine environment that provides a habitat for threatened marine species. In 2006, Unesco included the park on its list of World Heritage sites. the guardian
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BUSINESS
Keppels Q3 profit up 33%
SINGAPORE Keppel Corp, the worlds largest oil-rig maker, posted a 33 per cent jump in third-quarter profit as higher crude prices stoked demand for drilling equipment. Net i n c o m e i n t h e p e riod ended Sept 30 climbed to S$406.1 million from a restated S$304.6 million a year earlier, the company said yesterday. Sales gained 18 per cent to S$2.7 billion. The offshore and marine business sees good prospects for its deepwater solutions with the projected increase in deepwater capital expenditure for the next few years, said the company, which has a market value of about S$15.9 billion, Drilling in the North Sea has been revitalised by new major oil finds and the Gulf of Mexico is returning gradually to normalcy with the issue of permits. aster in Japan and Germanys turning away from nuclear energy, global demand for oil and gas is expected to continue growing, Keppel chief executive Choo Chiau Beng said. Keppel, about 20 per cent owned by Singapore investment firm Temasek Holdings, has won a record S$8.7 billion of new orders so far this year as energy companies boosted spending on offshore and deepwater drilling equipment to benefit from an increase in oil prices. Keppel also announced yesterday the appointment of Mr Loh Chin Hua as its chief financial officer from Jan 1, succeeding Mr Teo Soon Hoe. Keppel shares fell 0.8 per cent to close at S$8.78 before the earnings announcement. The shares have dropped 15 per cent this year, compared with the Straits Times Indexs 16 per cent decline. agencieS
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keppel anticipates increased demand for oil rigs in the future. today File photo
Keppel said it was hoping to get a fair share of an order from Brazilian state oil firm Petroleo Brasileiro, which recently announced a tender for 21 drilling rigs. With sharpened concerns over nuclear safety arising from the dis-
SINGAPORE Small and mediumsized enterprises (SMEs) in Singapore are shifting their focus on the local market for growth in a dramatic about-turn. While only 16 per cent of companies sought to expand their revenue from domestic sources last year, concerns over global uncertainties and foreign currency exchange losses have now prompted 45 per cent to seek expansion locally. According to a SME Development Survey by DP Information Group, a
domestic credit information provider, 43 per cent of SMEs experienced foreign currency exchange losses this year, compared with 12 per cent last year. Exacerbated by global economic uncertainty, the number of SMEs generating overseas revenue also fell to 44 per cent from 66 per cent. Ms Chen Yew Nah, managing director of DP Information Group, noted that while SMEs have become more cautious about the prospects of the global economy, 29 per cent still believe that overseas expansion is a key strategy they need to pursue.
More SMEs are also using debt financing 76 per cent compared with 52 per cent last year to fund additional staffing and operation costs as they pursue expansion to meet demand, the report shows. According to the DP Credit Rating system, about 38 per cent of SMEs are at risk of defaulting on loans up from 30 per cent last year. A quarter may also have difficulty meeting their short-term debt financing, the report said. A total of 2,504 SMEs participated in the DP Information Group survey, its ninth of the series.
The tender for a 30-year leasehold industrial site along Kaki Bukit Road 4 attracted nine bids at the close yesterday, with the highest bid of S$66 million from NSS Properties. The site measures 25,960.4 sq m and has a maximum permissible gross plot ratio of 2.0. The bid, which works out to S$118 per square foot per plot ratio (psf ppr), is 20.4 per cent higher than the second-highest bid of $55 million from Vantage Properties, according to CBRE executive director Li Hiaw Ho. However, it is also 24.8 per cent lower than the winning bid of S$157 psf ppr for a 30-year leasehold neighbouring site that was awarded to Soon Hock Realty in March. Mr Li said strata-titled leasehold factory and warehouse units in the Kaki Bukit area have been selling well this year. Five units at the 30-year leasehold Eastpoint Terrace, located along Kaki Bukit Road 3, transacted for an average price of S$274 psf.
Singapore Airlines has received approval from the countrys competition watchdog for its proposed alliance with Virgin Australia, the carrier said yesterday. The approval by the Competition Commission of Singapore comes one week after its Australian counterpart announced preliminary approval of the proposed tie-up.
Under the agreement announced in June, both carriers will codeshare each others flights, offer reciprocal lounge access to customers, frequent flier miles and coordinate flight schedules. The Australian Competition and Consumer Commission is now seeking further submissions before making its final decision.
Swiss-listed Lonza Group is scheduled to make its trading debut on the main board of the Singapore Stock Exchange (SGX) today. Lonza, a supplier to the pharmaceutical, healthcare and life sciences industries, will be the first Swiss-listed company to
be secondary listed by way of an introduction on the SGX. Based on the closing market price of the companys shares quoted on the SIX Swiss Exchange on Oct 19, Lonza has a market capitalisation of about 2.98 billion francs (S$4.2 billion).
Thai Airways is planning to launch an ultra low-cost carrier in addition to Thai Smile, the budget unit which will begin services from July next year. Thai Airways president Piyasvasti Amranand said the ultra low-cost airline would be necessary to capture market share in the fast-growing budget sector. He did not provide a timetable for the launch. In the meantime, Thai Airways is concentrating on its Thai Smile unit, which will serve mainly regional markets and some domestic routes. Thai Smile is considering routes such as Bangkok-Macau and Bangkok-Shenzhen. The first of the 11 Airbus A-320 aircraft ordered for Thai Smile is scheduled to be delivered in June next year. The new airline will likely need additional aircraft as it expands, Mr Amranand said. rachel kelly
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Business
aFTERNOON LaTEST
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since it launched Bing in mid-2009, as it invests heavily to catch up with Google. Microsoft reported fiscal first-quarter net profit of US$5.74 billion, or 68 US cents per share, up from US$5.41 billion, or 62 US cents per share, a year ago meetingt Wall Streets average estimate, according to Thomson Reuters. Overall sales rose 7 per cent to US$17.37 billion, helped by Offices 8-per-cent gain in sales to US$5.6 billion.
THE NEW YORK TIMES
dOW
THURSdaY cLOSE
NaME
11,541.80 (+0.32%) US
NaSdaq 2,598.62 (-0.21%) S&P500 1,215.39 (+0.46%)
$6.47 p 1.09% $6.50 p 6.21% $5.39 q 4.43% $11.70 p 1.21% $16.63 p 0.67%
US$1 US$1 US$1 US$1 US$1
OvERNIgHT
US MaRKETS Traders tentative
Stocks ended with modest gains, shifting back and forth on incremental developments in Europe where leaders sought to reassure investors that a solution to the debt crisis would come soon. The S&P has alternated gains and losses for seven days at the close and has kept to a tight range as markets watch for the latest news out of Europe and as earnings season unfolds.
EUROPE
FTSE100 5,384.68 (-1.21%) daX 5,766.48 (-2.49%) cac40 3,084.07 (-2.32%)
FOREX
s$1.273 0.633 0.725 76.813 a$0.977
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marketbuzz
A SUPERSTARS WATCH Casio has collaborated with singer/songwriter Ke$ha to design Casio Baby-G watches. Known for her fashion bravado and smashing hit songs such as Tic Tok, Ke$ha has used her iconic style to develop two exclusive models. The Casio BGA-200KS-1E (S$147) design harkens to Ke$has wild side with leopard print patterns on the watchs face and its black strap. The patriotic all-American BG-5600KS-7 (S$137) timepiece features the colours and shapes of the American flag, complete with stars. Available at all Casio G-Factory stores and authorised dealers. SNACK ON PASTA SHRIMPS KFCs new Pasta Shrimp Snackers (S$3.90) features a unique fusion of shrimp and pasta with a tomato-based sauce all wrapped in a crispy, golden-brown batter. Best of all, for every Snackers purchased, KFC will donate 20 cents to the World Hunger Relief Programme. Available at selected KFC restaurants for a limited period.
SAVE MONEY WITH MIDEA AIR CONS Designed with DC Inverter technology, the Midea range of multi-split air conditioners are energy-efficient and helps cut down on utility bills. The air conditioner has a Follow Me function on the remote control so the indoor unit can sense the temperature of the remote controls location and stop cooling once the air around the unit has reached its preset temperature. Available at authorised dealers. For details, visit www.midea.com/sg.
REFRESHING FRUITY DROPS Perk yourself up with Lakerols new Refreshing Fruity Drops. The sugar-free hard candy comes with a fruity liquid centre that is bursting with flavour all contained in a stylish, modern package. Choose from two flavours lemon or cassis. Available at all leading supermarkets, personal care stores, convenience stores and petrol marts.
SPARKLE WITH AMETHYST For radiant sparkling skin, try the new Ginvera Amethystory range of products. Infused with Amethyst crystal granules, it helps cellrejuvenation, anti-oxidation and can promote micro-blood circulation for more luminous looking skin. The Amethystory Mineral Aqua Gel removes dead skin cells and helps improve skin clarity. Available at all major personal care stores.
SOUTH-WESTERN-INSPIRED DELIGHTS Chilis Grill & Bar has revamped its menu with new dishes and lower prices! Look out for 25 new items such as the Fire Grilled Corn Guacamole served with tostada chips, and sweet and tangy Shiner Bock BBQ Ribs. Theres even a vegetarian section added to its menu so everyone can enjoy the southwestern-inspired cuisine. Chilis Grill & Bar is at #02-23 Tanglin Mall and #01-072/073/074 Resorts World Sentosa. For details, visit www.chilis.sg.
EVERYDAY COFFEE FAVOURITES Enjoy your perfect cup of coffee with OWLs Everyday Favourite range of instant coffee. Combining time-tested recipes with more than 50 years of experience, OWL offers a familiar blend of classic coffee. OWL has introduced a fresh look featuring modern packaging and a stylish blue logo. It has also added new flavours such as the OWL 2-in1 Coffee with Creamer so that you can enjoy your cuppa just the way you like it. For details, visit www.owl.com.sg.
BREAST CANCER AWARENESS MONTH This month, Guardian Health & Beauty and Singapore Cancer Society will be promoting Breast Cancer Awareness Month. Do your part and buy a Chain of Care (S$3.90) keychain from Guardian. All proceeds will go to the Singapore Cancer Society. In addition, Guardian Health & Beauty will be distributing S$20 subsidy coupons from the Singapore Cancer Society to Singaporean Citizens and Permanent Residents (PRs) to encourage women to go for mammogram screening.
COLD STORAGE GOES GREEN To do its part towards caring for the environment, Cold Storage has revamped its store at Jelita (Holland Road) and made it a fully-integrated green supermarket. The 16,800 sq ft pilot green store features environmentally-friendly refrigerating equipment, lighting and storage features such as energy-saving freezers and chillers with glass doors. With this initiative, Cold Storage hopes to save up to 71 per cent per year on overall lighting energy. The store will also carry a wide selection of sustainable seafood as well as initiate a no-sharks-fins policy at all its Cold Storage and Market Place stores here.
NUTRITION FOR YOUR SKIN Revive your skin from within with Health Domain S-Skin. Formulated with 100-per-cent natural ingredients, the skin nutrition supplement helps firm skin, keep it hydrated and promote cell regeneration. Whats more, it contains silk peptide that helps block UV rays, enhance skin tone and minimise signs of ageing. The result is smooth, supple skin that looks youthful and refined. Plus, it promotes healthy nail and hair growth. Available at Watsons, Guardian and Unity.
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ProPerty
coMMeNtary
Adding to the momentum is the ongoing collective sales but with a big difference this time. The en bloc sale scene has clearly entered a new phase where the majority of owners for some projects are determined to sell.
coLiN taN
property@ mediacorp.com.sg
52
dragon Mansion was put on sale with the majority of owners lowering their price expectations. today FiLe pHoto
coMMeNtary
he macroeconomic headwinds blowing from the United States and Europe have raised concerns that Singapores office rental market could head for the kind of tough times it experienced during the last global financial crisis. Back then, Grade A office rentals fell from a high of S$18.80 per sq ft (psf) per month in the second quarter of 2008 to S$8.00 psf in the first quarter of last year, translating to a jaw-dropping peak-totrough decline of 57 per cent. Singapores prime office rentals are notoriously volatile as the market is highly sensitive to the economy, given that it counts the financial sector as one of its biggest tenants, including some the worlds largest commercial, investment
and private banks. This sector is now facing an overhang from the sovereign debt default risks in Europe and the threat of a double-dip recession in the US. Our base-case scenario is that only Greece would default and the US would avoid another recession. That said, Singapore office rentals could still decline from current levels should external conditions continue to deteriorate. Still, we do not expect to see the same magnitude of decline as in the previous crisis, for three reasons: Better affordability, tighter supply and financially stronger landlords. First, the current office rental rates are more affordable than before. Although the average Grade A rent has recovered by a robust 38 per cent from the S$8.00 psf bottom during the last crisis, the current rate of S$11.06 psf is still about 40 per cent below the S$18.80 psf peak in late 2007. In short, tenants are paying considerably less now for the same quality space than they did four years ago.
Second, we expect new office supply in the Central Business District to tighten from next year. From 2009 to the present, we have seen a large supply of new office space entering the market, with the addition of new prime office buildings in the CBD such as the Marina Bay Financial Centre, Ocean Financial Centre, OUE Bayfront and Asia Square. Fortunately, these offices were generally well absorbed by the market, as their launches coincided with the recovery from the global financial crisis. The supply of new office space is poised for a decline as most of the large new office developments are near completion. We expect new supply to ramp up again only in 2016 and 2017, when the joint venture between Temasek Holdings and Malaysias Khazanah is scheduled to complete its Marina View and Ophir/Rochor office development. The project is being undertaken in conjunction with the recent railway track land swap between the Singaporean and Malaysian governments.
Tighter new supply conditions until 2016 should help support Singapore office rentals. Finally, Singapores office landlords are generally in better financial shape. With their net gearing levels lower than in 2008, they should be able to withstand a new cyclical downturn. While office landlords may be willing to lower their asking rental prices given the potentially tougher economic times ahead, we do not expect many of them to be so desperate as to accept huge cuts in order to fill up their buildings. Thus, while Singapore office rentals could decline in the current market environment, todays lower rental levels, tighter supply outlook and financially stronger landlords mean we are less likely to see a repeat of the crash experienced in the previous crisis. Tan Chin Keong is an analyst at UBS Wealth Management Research.
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Digital
NEW YORK Changes in cameras and photography are often incremental: A faster autofocus, a smaller body, a better sensor. Which is why change real change is so surprising when you encounter it. Today, the start-up Lytro has unveiled a new kind of camera that makes a significant leap forward from where photography was yesterday. Whats the big deal? With Lytros camera, you can focus on any point in an image taken with a Lytro after you have shot the picture. The problem? It will not be available until after the holidays. When viewing a Lytro photograph on your computer, you can simply click your mouse on any point in the image and that area will come into focus. Change the focal point from the flower to the child holding the flower. Make the background blurry and the foreground clear. Do the opposite you can change the focal point as many times as you like. Lytro does this by capturing what is called lightfield data. The technology has existed in research facilities for more than a decade, but early lightfield cameras were the size of a wall unit in your den. Lytros camera fits in your hand. Where a traditional image sensor as in your point-and-shoot or DSLR can only record where light strikes the sensor surface, Lytros image sensor can also record the angle that beam of light had when it struck it. By capturing that information, the sensor can pull in far more data about an image, allowing you to move through the picture, clicking and refocusing along the way. There are additional advantages to a lightfield sensor. By capturing the angle of light beams, all pictures shot with a Lytro camera are natively 3-D (you still need a 3-D display and glasses, but the information is already there). More importantly, the camera no longer has to focus because it is capturing every focal point, which means there is no focus lag. The camera can respond almost instantly to a shutter-release button.
50
the 11.3cm-long Lytro camera has a lens on one side and a touch screen on the other. PHotoS coUrteSy Lytro
Images taken with a Lytro are saved in file sizes similar to regular photos, so you can email and post them easily. Furthermore, each file contains the viewer software, so friends who want to see your Lytro photos do not have to download a viewer or additional programs to see them. The shape of the camera itself is also something new and different. The aluminiumand-rubber rectangular case is about 11.4cm long and features a lens on one side and a touch screen on the other. On top is a shutterrelease button and a slider for the 8X optical zoom. On the bottom is a power button and a micro-USB port. Photos taken with a Lytro can be stored, viewed and shared on a private account on www.lytro. com, which will be free. One-touch links to social
networks and email are also featured. The camera is powered by a lithium-ion battery. The entire assembly weighs about 227g. Blue and grey models have 8GB of built-in storage (about 350 pictures) and cost US$399 (S$505). A red model has 16GB of storage (about 750 pictures) and costs US$499. The Lytro only works with Macs, but Windows software is in development. Orders in America can be placed on www. lytro.com, but delivery will not take place until March next year. tHe NeW yorK tiMeS
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51
SportS
tan yo-Hinn
yohinn@mediacorp.com.sg
@tdysports oN tWIttEr
sports sCorEs | ANALysIs | NEWs
today Friday october 21, 2011
58
Volkswagen 2011 Womens World cup contest today is giving away five pairs of season passes to the Volkswagen 2011 Womens World Cup. Visit our Facebook page at www.facebook.com/todaysports, provide a caption for our daily table tennis photo and the one with the most likes wins.
SINGAPORE Perhaps many of them had dreamed of such moments, when they would walk into the arrival hall at Changi Airport to be greeted by popping flashbulbs and a scrum of reporters and TV crew. But the 24 young footballers from the Sembawang Soccer Academy (SSA) were not returning as conquering heroes yesterday. Instead, controversy has dogged their training tour of Italy, after the SSA failed to pay the Genova International School of Soccer (GISS) for the boys attachment there. The group of aspiring footballers, aged between 17 and 21, have been in Italy since Aug 6 and they have occasionally been featured by the press here after GISS first complained about SSAs non-payment. Many of their parents and siblings were waiting for them at Terminal 1 yesterday afternoon, and when approached, they said they would only know their next step when there is movement in the dispute between GISS and SSA. The SSA has until Oct 27 to pay the 179,500 (S$314,179) owed since July 22, or GISS lawyers here will begin legal proceedings. Many parents Today spoke to remain upset that promises like an 800 monthly allowance and a three-day holiday trip in Italy for the players did not materialise. It is unfortunate this has happened, but we will wait and see what their (SSA) response is first. Hopefully there will be no more
empty promises, said one mother. The contract signed between SSA and GISS states that the football group will only return here for a week, before going back to Italy to continue training with GISS until December, although that now seems in jeopardy. The total cost of the training stint is 364,500, but the Italian football school has yet to ask for the second amount of 185,000, which was due on Sept 22. SSA general manager Alfred Loi claimed the boys chose to train instead of going on the three-day break, and he insisted the whole issue will be resolved. It depends on the negotiations between SSA and GISS, and we will come to a conclusion by the end of the month, said Loi, who met the group at the transit lounge in Rome on Wednesday. There was a party who wanted to sponsor SSA for this trip, but the funds were delayed ... We expect funds to come in soon. This is a football project, the people doing this are doing this for the sake of Singapore football development. The SSA was set up in July. It hired Singapore legend Fandi Ahmad, who is also a GISS project manager for Asia and scout for Italian side Vicenza Calcio, as technical director and the plan was to send talented youngsters to Italy for training stints. The SSA has also made a bid to form a club and join the S-League next season. Fandi, who selected the boys after he conducted trials here from
February to April, was at the airport yesterday but declined to comment. GISS lawyer, Gloria James-Civetta, who was at the airport with a representative from the Italian school, said: We gave them (SSA) time to make payments because we know its a huge project, but unfortunately they did not. There was information given to GISS that there was an anonymous donor, and with Fandi Ahmad on record, who would want to doubt that it wasnt a valid contract? Weve been assured by their lawyers that payment will be made by Oct 27, so well just have to wait and see, she added. Loi said the controversy may force the SSA to review its partnership and look elsewhere. But if that happens, GISS can take action against them for breaching their one-year deal, which is worth 740,000. Vice-captain Farhan Shamsudin, who helped the academy finish fourth in an under-19 tournament in Italy featuring eight Serie B sides, said: This was already a very good opportunity for us. Regardless of the money issues, were thankful.
Sembawang Soccer academy players on their return to Singapore yesterday had with them a trophy for a fourth-place finish at a youth tournament in italy. PHoto by erneSt cHua
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sports
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LONDON A sensational first-half freekick from Roman Pavlyuchenko put Tottenham top of Group A of the Europa League. A much-changed Spurs side found it hard to settle against Rubin, who consistently threatened on the break. However Russian Pavlyuchenko stunned his compatriots with an unstoppable 25-metre drive into the top corner. Spurs goalkeeper Heurelho Gomes, making only his third start of the season, made a string of fine saves to earn his side an important victory. With only two fit centre-backs available, Tottenham boss Harry Redknapp employed young midfielder Jake Livermore at the back alongside Sebastien Bassong. However, Spurs struggled against a seasoned Champions League outfit, who continually worked their way between the home defence to create some golden opportunities. Despite resting so many players, Spurs will have to assess the injured this morning, with both Sandro and Giovani dos Santos both withdrawn as precautions. More worryingly, Aaron Lennon once again failed to complete a match because of his hamstring problems. He doesnt seem to be able to get
tottenham have not lost a game since there were thrashed 5-1 by Manchester city in august . ap
through a game at the moment, Redknapp said. Its a problem for him. By the end Redknapp threw on three of his most experienced players to shore matters up but he husbanded his resources and gained the right result. It was a good result for us, Redknapp said. I didnt want to over-stretch too many senior players and one or two of the young kids like Livermore and Carroll did well. The win puts Spurs two points clear at the top of Group A, meaning Redknapp can rest his big names for their next European game in Kazan in two weeks time.
I will be taking a very, very young team out to Russia now for sure for the second game, Redknapp added. I find the competition difficult to be honest. There are so many games, so much travelling and the league is our priority. In Belgium, Chris Wood scored a stunning winner in the 10th minute of stoppage time to secure Birmingham City a thrilling Europa League Group H away win against Club Brugge. The Championship side had trailed to Joseph Akpalas third-minute opener but they equalised through David Murphys
slick finish in the 26th minute. Then, following more than six minutes of treatment for defender Pablo Ibanez after he was knocked unconscious in a challenge with Akpala, Wood stole in at the near post to score a dramatic winner. The win took City, who are 16th in the Championship, level with their hosts at the top of the group to fuel hopes of reaching the knockout stage. Birmingham manager Chris Hughton confirmed after the match that Ibanez had seemingly suffered no serious injury. Pablo was a real concern for us so were very happy it was just concussion and hes okay, Hughton said. Weve had two results today. One is the scoreline and the other is the fact he is okay. It showed great professionalism to do what we did after a stoppage of six minutes. aGeNcieS
Selected europa leaGue reSultS Group d Fc Zurich 1 lazio 1, Sporting lisbon 2 Vaslui 0 Group e dynamo Kiev 1 besiktas 0 Group F athletic bilbao 2 Salzburg 2, Slovan bratislava 0 paris St-Germain 0 Group i rennes 1 celtic 1, udinese 2 atletico Madrid 0 Group J aeK larnaca 0 Schalke 5
Of course we would never complain about the red card but it was a push on the shoulder. After being kicked. He made a meal of it. Elsewhere, Stoke Citys march towards the knockout stages of the competition continued with a 3-0 victory over Maccabi Tel Aviv. However, their win was overshadowed by two red cards, including what must go down as one of the most farcical dismissals in European football. With Cameron Jerome already off the field after picking up a second yellow card
for elbowing Yoav David Ziv, the Maccabi left-back decided to take out some retribution of his own. Infuriated that the assistant referee failed to raise his flag for a foul against Ryan Shotton on the touchline, Ziv kicked the boot that was hanging off his foot in the direction of the official, striking him on a leg. He attempted to persuade the Greek referee that it was accidental but the straight red card that followed was as predictable as the matchs outcome after Kenwyne Jones, Jerome and Ryan Shotton had scored in the opening 32 minutes. tHe GuardiaN
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Naturally exclusive
Jacquesson Champagnes decision to ride a different tide is paying off
Don Mendoza
donm@mediacorp.com.sg
Boutique grower-producer Jacquesson Champagne recently announced the releases of its singlevineyard range namely blanc de blancs Avize Champ Cain 2002 and Dizy Corne Bautray 2002, and the Ay Vauzelle terme 2002 made from 100 per cent pinot noir alongside the latest in the bold 7-series range, the Cuvee N 735 (picture). A rush to acquire a share of the limited amount will no doubt ensue, given the houses repute as one of the rising wine makers from Champagne that grow their grapes and handcraft small batches of stellar bubbly. to be sure, a limited yield alone in Jacquessons case, approximately 300,000 to 350,000 of any given 7-series release per annum doesnt guarantee the best adaptation of a given harvest and the regions iconic terroir. ensuring optimum grape ripeness and quality, in step with traditional wine making methods and careful control of yield, is critical. But Jacquesson Champagne is also one of only six houses in the region to be awarded the prestigious three stars in Le Classement by La Revue du Vin de France, the maximum a producer can receive. those looking for further affirmation of the
producers commitment to making only the best might applaud the houses decision to drop its line of vintage blended wines. At a lunch tasting of its latest offerings here last week, co-owner Jean-Herve Chiquet told today that the 2002 Millesime will be Jacquessons final blended vintage bottling. He and his brother, co-owner and cellar master Laurent, have decided that the non-vintage 7-series (dubbed the 700 cuvees) will consequently continue to represent the houses top blended wines, based on a vintage but blended with their best reserve wines. in short, rather than dumb down individual vintages in an effort to make a uniform non-vintage, Jacquessons non-vintage series which began with the Cuvee N 728 (vintage 2000 based) through to the latest, the Cuvee N 735 (which boasts two thirds of the 2007 harvest) will still emphasise the best qualities of a given year, dependent on the wines base vintage. the key distinction lies in the fact that unlike standard non-vintage bottling, each numbered release will also boast a different personality. this is a brave move, because it means the house will be without an industry calling card, a consistenttasting non-vintage flagship option that industry giants
have been investing in for decades to ensure brand loyalty. But JeanHerve assured that two things will remain: the limited global supply, and the taste of my brother and myself, who decide the blends. He asserted: Sure, there are variations (in the blend), but you are not going from black to white. to compare, the Cuvee N 734 comprises 54 per cent chardonnay, 20 per cent pinot noir and 26 per cent pinot meunier, while the 735 is 47 per cent chardonnay, 33 per cent pinot noir and 20 per cent pinot meunier. However, he did acknowledge the risk of losing a regular stream of imbibers: those who might avoid Jacquesson after experiencing a blend they didnt enjoy. the upside
though is the excitement of a new wine every year. While he did say he could not guarantee that you will like all of (the wines), the house isnt exactly pressured to move anywhere close to the millions of bottles per annum that the market giants do. Jean-Herve could, however, confirm that the best it has released was the super vintage 2002 based cuvee 730, with the next best being Jacquessons vintage 2008 based Cuvee N 736, slated for release next November. that may just be enough reason to hunt down a few cases. The Cuvee N 735 and the single-vineyard range will be available at the end of the month, sold exclusively at The Beam Cellar (229 Mountbatten Road, #01-0307, Mountbatten Square, Tel: 6559 1162).While stocks last.
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entertainment
Lamb saddle
Courgette trompette
FOOD REVIEW
There was a sweet nugget of langoustine tartare, which is part of the menu prestige, served on paper-thin slices of pink radish and covered with a shaving of pickled white radish. Though the portion of langoustine was the size of a small scallop, I found myself cutting it into yet smaller portions to savour it for longer. And knowing that no one would down this dainty starter in just one bite, Royer had hidden a tadpole radish within. It was as small as a flower bud but bursting with flavour almost like radish concentrate. A rectangular slice of salt march Welsh lamb saddle (S$85) was placed alongside a beautiful slice of lamb belly that melted in the mouth. The gentle flavours of the meat were accented by the smallest drizzle of bitter caramel and tiny pieces of preserved lemon and anchovies to give it that little, but important, nudge of acidity. The son of farmers from the Auvergne region of France, Royer is adept at working simple seasonal produce into top-notch creations, which is probably what earned him the coveted position at Jaan. Perhaps his heritage explains his respect for produce and, as a result, the ability to retain their essence while forming such modern fare. Naturally, a meal of this calibre doesnt come cheap. Eating a la carte will drain your expense account quickly, which means you may as well splurge on the tasting menus that start from S$195 for five courses, without wine pairings (the seven-course menu goes for S$238 without wine). A three-course set lunch is available for S$52, while a five-course lunch will set you back S$82. ANNETTE TAN Jaan Address: Level 70 Equinox Complex Swissotel The Stamford, 2 Stamford Road Telephone: 6837 3322 Opening hours: Noon to 2.30pm, 7pm to 10pm (Mon to Sat). Closed on Sundays and public holidays.
his current menu, but the inspiration behind the recipe is timely. Led by the fact that it is now autumn in France and its the season for onions and a variety of root vegetables, Koh adds that the dish is delicious comfort food, which can be served with warm crusty bread, or as a dish to accompany roasts. For a more complete one dish meal, chicken or beef can be added. Cevennes onions, he advises, are available all year from gourmet supermarkets, but Australian white onions would do just fine. DON MENDOZA
Gratin of Cevennes Onions ala Lyonaise Serves 4 Ingredients 4 Cevennes onions or any white onions 1 clove garlic Leaves from 4 sprigs of thyme 100g lardons (cured pork belly) or streaky bacon 200ml beef stock 200g butter 150g milk 200g plain flour 1 baguette cut into small chunks 100g Comte cheese, grated 20g flat leave parsley, chopped Olive oil Salt and pepper to taste Utensils 1 casserole (15cm by 10cm) 1 small 20cm pot 1 frying pan 1 small whisk Method 1. Peel and half onions and season heavily with salt, pepper and olive oil. Heat a tablespoon of oil in a pan over medium heat and place onion flat side down. 2. Next, slice garlic cloves into half and rub against the side of the casserole. Then take a dollop of butter and coat the casserole generously. Sprinkle thyme leaves around the casserole, and place all the lardon at the bottom of the casserole. 3. Season heavily onto the casserole. Next, place the charred onions into the casserole flat side up. Pour in the beef stock and add 100g butter into the casserole. Cook in oven for 2 hours at 140C. It should be almost dry when time is up. 4. Melt some butter in a small (20cm) pot and bring to a boil being careful not to let it burn. Remove from heat and add in the flour and whisk vigorously to form a paste. Add in the milk and bring it back to the stove over medium heat, whisking continuously. It should form a thick white sauce. Season with salt and pepper. 5. After onions are baked, pour the white sauce onto the onions and add the chunks of baguette. Top with grated cheese and bake for another 15 minutes at 160C. 6. Sprinkle with chopped parsley and a pinch of sea salt to serve.
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entertainment
BITE SIZED
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entertainment
This rounds on ...
The next draw could be wine dinners. wine and food go hand-in-hand so the wine pairing deals will be popular as Singaporeans have sophisticated palates and are open to trying new things, said wentink. DON MENDOZA Whats your favourite aperitif? i love champagne but the bubbles make me tipsy quickly, so i always have some San Pellegrino water in-between drinks. Dutch or Russian vodka? Dutch, of course! never alienate your roots, although i am not a big fan of vodka in general. Which drink would you take to a desert island? The best bottle of champagne, louis Roederer Cristal, and i would drink it with my wonderful hubby while talking about our amazing kids, Maas, liz and otis. Strangest drink youve come across? liquor bottles with dead insects (inside) which i have seen in some Asian countries. i dont understand how they are appealling. Fill in the blanks: i drink Cristal champagne when life is good, limoncello to forget the bad times and Heineken when contemplating windmills. Has the climate here affected your drinking habits? in Holland it is unheard of to chill your red wines. now, we cant drink a nice red wine without a bit of a chill. And i drink more summer cocktails here in the warm climate.
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entertainment
M83,The Drums confirmed for Laneway Singapore 2012
FANs in singapore can expect next years Laneway Festival to be bigger and better, promised Michael Chugg, who heads Chugg entertainment, the organiser for the festival. Despite a heavy downpour at the festival in January this year, thousands still turned up to watch their favourite indie bands such as Warpaint, Foals,Yeasayer and The Temper Trap. The reviews for the last one here were amazing, he said. everybody was just blown away (by the reaction). Weve had enquiries from other countries to go there but, right now, we just want to develop it here. Indie music is developing in this part of the world and Laneway singapore is a big part of that. And wed like it to continue. Next year, Chugg said more artistes would be added to the singapore roster than last year. The line-up will feature acts such as electronic shoegaze band M83 and indie pop outfit The Drums. The venue will still be at Fort Canning Park, but the layout will be tweaked. For one thing, to accommodate the turnaround time for the larger number of artistes, there will be two stages side-by-side instead of just the one, said Chugg. We learnt a lot from this year, especially with the rain, so were making changes, he explained. Were putting in more food outlets, were re-jigging the plan, but I think the two stages side-by-side will make it more of an event. And, of course, the quality of production keeps getting better. everybody loved the staging last time, so hopefully theyll be more excited this time. Unfortunately, there wont be any local talent, said Chugg. Its a tough one that, admitted Chugg. We really do need to look at that in the future a bit more than we have. But weve got a couple of acts coming in January and well be putting some local acts on that. I cant tell you who yet though. still, the Laneway momentum is moving steadily. Already, there are over 700 singapore subscribers on the website, and over 1,000 subscribers on their Facebook page. We want to do great events. And were happy to build it here, said Chugg. But were only in Year Two, so its still brewing. ChRiSTopheR Toh Laneway Festival Singapore is slated for Feb 12, 2012 at Fort Canning Park.Tickets at S$135 will be on sale on Nov 28.Visit Poparazzi (http://blogs.
entertainment
6311 9162
@ www.gv.com.sg
m.gv.com.sg
Photo by Jason Ho
todayonline.com/poparazzi)
to see the full line-up.
BISHAN JUNCTION 8
The Drums
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phin@mediacorp.com.sg
Phin WonG
The half-eaten pork knuckle on the table spoke to me. Pssst! it winked conspiratorially as I sat, slumped in my chair, dazed and rubbing my swollen belly. Wie geht es dir?
Terribly sorry, but I dont speak German, I whispered back, using my inside voice so as not to alarm my dining companions. Conversing with roasted meat tends to have that effect. eat me.You know you want to. Look how crispy my crackling is ... it cooed. Its just you, me and another pint of erdinger. Now, I dont usually take instructions from inappropriately forward cuts of swine, but I was jetlagged, boozed up and
SUNS CAFE
Restaurant & Bar
didyou knoW? Every drop of Erdinger lapped up around the world in 82 countries has come from this quaint town of only 34,500 people.
vulnerable. And I really like pig. Alrighty, I smiled, just a little bit more. And stabbed it with my fork. I had wolfed down roasted pork knuckle and potato dumplings, washed down with a pint of erdinger weissbeer. Steak, onion rings and fried potato, sent down the hatch with a pint of dark and spicy erdinger Dunkel. Schnitzel, assorted sausages, more potato and some sort of giant meatball, with a pint of extrastrong erdinger Pikantus. There were four desserts on the table all consisting of some form of complex carb drenched in cream. And it was only 2pm. I was now the size of the hindenburg. And from all the sauerkraut Id consumed, Im guessing just as flammable. Welcome to Erding The town of erding is located in the state of Bavaria, a short 40-minute drive from Munich. Crops like maize, wheat and cabbage are grown here. Its the sort of small country town where the birds chirp sweetly and the fresh air smells vaguely of cow not the sort of place youd associate with your nightlife in Singapore. But youd be horribly wrong. For 125 years, every drop of erdinger lapped up around the world in 82 countries including your lovely bottle in holland Village has come from this quaint town of only 34,500 people. erding isnt just the mothership of erdinger its the only ship. each day, about 1 million bottles of weissbeer, or
PACIFIC TUNCH
(Avail every Sat, Sun & Public Holiday)
Enjoy an extra-long meal this weekend and dawdle over desserts while catching up with friends and family. We have an extensive spread of local and continental favourites guaranteed to satisfy all tastes and appetites.
$23.80++ $17.80++
(Child 3-11 years old) (Adult)
wheat beer, leave the erdinger brewery, all made in accordance to the Bavarian Purity Law of 1516 decreeing the only ingredients to be water, malt, hops and yeast additives and preservatives are banished from the land. Weissbeer is serious business here. Proof of which can be found in the almost ridiculous variety of merchandise that can be bought at the erdinger brewerys gift shop: Polo shirts, hoodies, cardigans, shirts, jackets, track pants, one-piece triathalon unitards, caps, towels, assorted sports gear, keychains, coasters, umbrellas, plush toys, beer-and-mug gift sets of every size, and the cutest little shot glass in the shape of a beer mug for those, Im assuming, watching their carb intake. Watching tourists raid the store with a crazed glint in their eyes, I couldnt help but think of our own missed merchandising opportunities. If wed only picked the kaya toast as a national icon instead of the Merlion. Today, erdinger Weissbier is the global market leader for wheat beer in over 70 nations, with about 150 million litres produced annually. And every year in early September, thousands of beer-swigging party people show up in an attempt to drink the town dry. My beer mugs bigger than yours The annual herbstfest, or Autumn Festival, is the third largest festival in Bavaria. The >> Continued on T4
101 Victoria Street Singapore 188018. Tel: (65) 6336-0811 Fax: (65) 6339-7019 Email: meetings@hotelgrandpacic.com.sg
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Pretzels and beer (yes, beer) for breakfast.
the kiddies and adults who act like kiddies. (I won a keychain at a shooting game! Whee!) Its an old-school fairground with candy apples, bumper cars and thrill rides that go up and down and round and round till you say hello again to the litre of beer you swallowed 15 minutes earlier. Herbstfest is what a constituency block party would be like if it served up this much beer and cleavage. It is strangely wholesome for something so hedonistic. And surprisingly warm and inviting.The average German, you see, isnt exactly known to be the most cuddly or effusively friendly of the species.They arent what one might readily describe as cuddly. In fact, it rather took me by surprise one night when my straight-faced taxi driver attempted to crack a joke. (Der fare vill be 36 euro, yah? That is a funny joke, no? Ha ha!) Do not take this information unkindly. I do not mean to suggest that the Germanoid is without myrrh only
that one should not expect it from the stranger next to you at the bar. I myself am a card-carrying member of the United Nations Of Bar Inhabitants and still had the experience every night in neighbouring Munich of being sized up as if I had burst through the doors asking if anyone at all was interested in purchasing the little red books I was carrying in my horse carriage parked outside. But stepping into Herbstfest, as alien as I appeared, almost every Bavarian followed their curious stares with the beginnings of a smile and a raising of their beer mugs. Seeing as its not often that they see an Asian slacker in a Care Bears T-shirt sitting at the next table struggling to lift a massive stein to his lips, it was a more than welcoming gesture. Warmer, I might hazard a guess, than the welcome a lederhosen-clad Bavarian would receive if he were to amble into an open-mic Chinese karaoke bar in Tanjong Pagar. And thats enough to warm the roasted pork knuckles of my heart. This trip was made possible by Asia Pacific Breweries. Party on with Erdinger in Singapore at the Roktoberfest at Timbre@The Substation, on till Oct 23. Enjoy the specially created Roktober! menu while local bands The Marilyns and The Cheating Sons perform. For details, visit www.timbregroup.asia/ timbremusic/event_roktober2011.html.
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Cars
CAR REVIEW
Cars
new 6 Series, BMWs luxury two-door offering. If it looks familiar, thats because the smooth-driving cabriolet version debuted earlier this year. Both are beautiful in the classic real coupe vein with a long snout and powerful haunches, while the visual movement is mostly horizontal, the better to imply cruise missile-like speed. And it does what it says on the packet the 640i here is the slowest model and has no trouble hitting 100kmh far shy of six seconds. Like the CLS, you wont register the speed since the vault-like cabin does a superb job of insulating you from the outside world. Adaptive suspension means you can tweak the ride to your liking, but the funny thing is that the 640i is really quite comfortable, almost languid in a very unBMW way. the steering is meaty and substantial, but whats key is the ability to hustle into turns at ease and a little lag. Most BMWs arent content to do that and instead egg you on to do silly things with your licence. Whether this a good or bad thing is up to the driver really, but the writing on the wall was clear when Munich let the droptop version out to meet the world first. Its also apparent in the equipment load out. the list features a huge list of cool things to make your life on the road easier, like full-LED adaptive lights, navigation, a full-colour head-up display and so on. In fact, what we found neatest is the new Eco Pro driving mode its the first local BMW to get it which optimises the start-stop system, air conditioning and other driving parameters to save you more fuel. It even shows you how much further youve gone to add to the smugness. DERRYN WONG
A class act
The Mercedes-Benz CLS 350 shows the world how a beautiful, fun-driving car can be practical
Derryn Wong
cars@mediacorp.com.sg
Some exciting 6
tune because of its complexity, is light, quick and communicative too. take this, the refinement and power together with the finely-finished cabin and the CLS is the rare sort of vehicle you can pilot all day without fatigue. Even if you do, being a modern Mercedes the cars packed to the gills with safety features a drowsiness detection system and a blind spot alerter in addition to essential systems like ABS and ESP. Its not perfect the car doesnt come with a generous equipment loadout for the money but considering the competence of the overall package its still well worth it. It drives very much like a coupe, looks like one too, has four doors, and seats four adults in comfort. Its even got a huge boot. So no matter what they say, its still a sedan. Just now its a really good one.
YOu may not know this, but categorising cars isnt easy. Really. Sure, the old lines are drawn well: Sedans, hatchbacks and coupes. But gone are the days when you could tell what a car does by counting the number of doors two for coupe, five for hatchback since sport utility vehicles and multipurpose vehicles have entered the fray. Experts even argue on typology and end up sounding like berserk lepidopterists. Which is just the way the marketing people at Mercedes-Benz wanted it when the CLS came out in 2004. It was simply an E-Class sedan in new clothes but kickstarted the four-door coupe segment, which operated on the principle of if anybody asks, just say its a coupe. But being a vehicle one had to take on faith and Mercedes buyers are
very faithful it was a big success and spawned a genre, which includes the likes of Audis A7 Sportback and BMWs X6. I still dont buy the four-door coupe thing, but the fact remains that the new CLS is a seriously classy vehicle. the old CLS didnt drive particularly well but the new one, designed by KoreanAmerican Hubert Lee, takes its cues from classic Mercedes machines and looks stunning, especially in red (though less so with the maroon you see here). Yet the thing that sets it apart is the drive. the engine and gearbox are the latest, significantly-improved units from Stuttgart and deliver power in a smooth, refined swell. It sounds serene, but its deceptively fast 304bhp puts you in illegal highway territory almost imperceptibly. Its still a big sedan at heart, so it rolls into corners, but the overall control is excellent and it flows through bends and over bumps in a way few other cars of its size can match. the steering, which is completely electric and took engineers months to
BMWs new 6 series is everything that you want a coupe to be and then some
SvELtE lines, the term coupe, a deep shade of red do we sense a rivalry brewing here? Actually escalating rivalry might be a more accurate term, since fiercer rivalries in the car world are often found inside, rather than across, international borders. BMW is known for its idiosyncratic designs, never afraid to rock the boat with vehicles like the BMW 5 Series Gt (a luxury-sedan sized hatchback) or X6 (a big Suv that looks like a coupe). And they have once again done something bizarre, but not in the way you think. this is the
BMW 640i
Engine: 2,979cc turbo i6, 320bhp & 450Nm Performance: 250kmh, 0-100kmh in 5.4 seconds, 7.8L/100km (quoted) Price: S$355,800 with COE
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things to do
Journeys of Love and More Love This is the personal tale of Ali Zaidi, artistic director of British independent theatre company motiroti. Indian by birth, Pakistani by immigration and British by chance, this interactive one-man show chronicles the milestones in his life and the key people that influenced his development across continents and in-between social and cultural divides. The performance combines projected media and a tasting menu created with local chef and food consultant Gabriel Cher. In English, Italian and Urdu with English subtitles.
Today, 8pm, and tomorrow, 3pm and 8pm, Gallery Theatre, National Museum of Singapore. Tickets at S$32 from Sistic. Note that non-halal plates will be used. www.nationalmusuem.sg
Halloween Horror Nights Universal Studios Singapore presents a large scale scare-fest that will be held at the transformed theme park. There will be a haunted house with an Asian twist alongside special scare zones and hundreds of trained actors bringing Halloween characters to life. Selected rides and attractions, including Revenge of the Mummy
and Battlestar Galactica will be in operation. This event promises to be intense and is not recommended for children below the age of 13. No costumes or masks allowed.
Today to Oct 23, Oct 27 to 30, 8pm to 12am, Universal Studios Singapore, Resorts Worlds Sentosa. Tickets at S$60, special packages and discounts available. Visit www.rwsentosa.com for details.
Until Nov 30, 11am to 9pm, The Arts House. Free admission. www.theartshouse.com.sg
Dinosaurs Live! Step into the world of dinosaurs at this interactive and educational exhibition which features close to 50 larger-than-life animatronic creatures. Learn about dinosaurs from different prehistoric periods and find out more about their anatomical characteristics, food patterns, habitats and evolution patterns. Documentaries will be screened and there are also activities such as dino-drawing and dino-riding.
Until Feb 26, 10am to 6pm, The Annexe, Science Centre Singapore. Tickets at S$18 to S$23 and S$75 for a family of four. www.science.edu.sg
UPCOMING Huayi Chinese Festival of the Arts Tickets for next years Huayi festival highlights are now available. This 10th edition has the theme of courage in particular, the courage that artists intrinsically possess to create art. Huayi takes the spirit of courage beyond its traditional interpretations to present its different faces as perceived in contemporary Chinese culture. Dont miss Crosstalk Travellers, a hilarious tale of two globetrotters that is the latest collaboration between acclaimed playwright Stan Lai and top Taiwanese television producer Wang Weizhong. More programmes to be announced next month.
Jan 27 to Feb 5, show times vary, Esplanade. www.huayifestival. com/2012/home.html
Singapore, A Giant Poem On Sept 3, more than 1,000 people gathered at the Empress Place River Promenade to pen the longest Giant Poem in Asia. Spanning a record 170m, Singapore, A Giant Poem consists of close to 150 poems written in more than 20 languages. Now a selection of these poems have been immortalised on The Arts House hoarding. The worldwide project, which started in Spain, has attracted thousands of participants, and collected as many poems written by various local communities. The poems will all contribute to a wider project, The World, A Giant Poem.
SIM Interest Group Convention 2011 Learn the latest industry trends, best practices and inspiring experiences from leading professionals at this annual gathering of the Singapore Institute of Managements 12 interest groups. The full-day programme includes a range of parallel sessions hosted by different interest groups on topics including communication and public speaking skills, entrepreneurship, information technology, human resource, innovation, organisation development, quality management and strategic management.
Tomorrow, 9am to 5pm, Marina Mandarin Singapore. Tickets at S$30 to S$150, register at sim.edu.sg/igc.
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Journey with Richard Cypher, a mysterious woman named Kahlan Amnell, wizard Zeddicus Zul Zorander and warrior Cara as they defend against tyranny and destruction.
Dont Worry, Be Happy Battle Of The Best III Good Morning Singapore Meng Li Jun Part 1 (Huang Mei Diao Opera) NOON Trivia Trove 2 12.30PM Destroyed In Seconds 1.00 News 8 At One 1.30 Simply Overseas 2 2.00 Smart Tips With 6.00AM 6.30 7.00 10.00 2.30 3.30 4.30 5.30 6.30 7.00 8.00 8.30 9.00 Shop N Save 2011 Love At Last Golden Age Talentime 2011 Pay It Forward The Score Singapore Today Love (Last Episode; PG) Buffet Buffet 2 HDB Tai Tai 3 Love Thy Neighbour (PG) News Tonight (With Highlights From Parliament) 10.45 Frontline 11.15 Golden Ferris Wheel (PG) 12.15AM The Ultimatum 1.15 Immortal Love 3.15 Invincible Warriors 4.15 Taiwan Tornado 10.00
The theme for this years Rapsodi Skrin, hosted by Singapores TG and Bruneis Norbaizura Andy, is An Evening At The Theatre.
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11.00AM 3.00PM 5.00 6.00 7.00 Home Shopping Daughters In Law 100% Entertainment D.I.E. The Great Queen Seon Deok 8.00 9.00 10.00 11.00 11.30 Diamond Club Ladies First Whos The Hero (PG13-Gambling Theme) News Tonight The Fugitive: Plan B 12.45AM 1.45 2.45 3.45 Paladins In Troubled Times Ladies First 100% Entertainment Close
After a three-year run, this drama is finally bidding viewers goodbye. How will the enmity between Zhou Ying Ming, Ah Xian, Xie Ming Ming and Guo Cong Min all end?
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Desmond Tan, Sora Ma, Andie Chen and Romeo Tan talk about their dream home PAGES 2 & 4
Whats the entrance fee for first-time buyers, asks Ku Swee Yong
PAGES 8 & 10
Plus interviews with top developers and details on the latest launches
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Dreaming of home
Caldecotts hot young artistes tell us what theyd like to see in their dream home
DESMOND TAN, 25 This fresh graduate from NUS will soon be seen in the year-end MediaCorp drama series A Song to Remember. Tell us about your dream home ... The thing about public housing is that I cannot apply for one unless I have a fiancee. So, I guess my dream home is one that comes with a wife? Jokes aside, assuming that Ive a hypothetical fiancee, I would want an Executive Condominium (EC) unit in Punggol. ECs provide condominium facilities at a fraction of the price of private condominiums, so theyre value for money. The aesthetic pleasure and healthy lifestyle that waterfront Punggol could offer appeals to me, and also its greater potential for capital gain as compared to mature estates. And what features should it have? My dream home should encompass two main qualities, namely privacy and space. Im quite a homebody and I prefer to host my friends over at my place instead of going out. A penthouse would be an ideal living space as I would have privacy even from adjacent neighbours and have an abundance of space. Whats the most important thing to you about your living space? My living space should be inspiring, a place where I can have my quiet time to read, prepare for my filming work and search for ideas. Because I spend most of my time at home other than at work, my living space should be an inspiring and relaxing space. Which is your favourite neighbourhood in Singapore? I fell in love with Punggol at first sight. As a teen, I took a powerboat course at Punggol Marina and I was just fascinated by the scenic view. I dreamt of owning my boat at the marina and loved the idea of going out to sea anytime. Ive been cycling in the area recently and it is one of the most relaxing places to cycle in Singapore. A perfect chillax spot is the food cluster at Punggol East, there are restaurants and bars with a calming view of the river-like reservoir. What cant you live without? If I live in a development without facilities, I would like to stay in a neighbourhood with great accessibility to sports facilities such as a lap pool and gym. In addition, it is essential to have a charming park for my daily runs. Due to my irregular and long working hours, I would like to have a mall near my place with 24-hour amenities, such as supermarkets and cafes, so I can eat and shop anytime in the night when I am done with filming.
>> CONTINUED ON PAGE 4
The thing about public housing is that I cannot apply for one unless I have a fiancee. So, I guess my dream home is one that comes with a wife?
Desmond Tan
THINKSTOCK
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Dreaming of home
>> CONTINUED FROM PAGE 2
SORA MA, 27 (LEFT) This up-and-coming Malaysian actress recently moved to Singapore and was last seen in Love Thy Neighbour. Tell us about your dream home ... What I want is a totally integrated, intelligent home system. My priorities are safety, comfort and high-quality construction materials. I have seen builders skimp on construction costs by using cheap materials, which results in greater problems in the long run, such as leaking pipes and clogged drains. Its very frustrating. What cant you live without? If I were to live in an HDB flat, then what I really need is enough parking space. If I were to live in a private condo, what I really want is free WiFi! ANDIE CHEN, 26 (RIGHT) Last seen alongside Romeo Tan in C.L.I.F., this Star Search 2007 champion has also just finished filming Code Of Honour in Malaysia. The martial arts drama is set to air on Dec 5, 7pm on MediaCorp TV Channel 8. Tell us about your dream home ... Right now, Im looking for a place thats not too far from the city and big enough to fit my family of six. And what features should it have? Location and space would trump luxury for me.
Space, because I want the best of both worlds. I want to be able to live with my family and yet have my own space and that requires a really big house. Whats least important to you? Luxury. The difference between an S$8,000 sofa and an S$800 sofa is a man with too much money and too little life. Which is your favourite neighbourhood in Singapore? Serangoon Central is one of the best locations to live in Singapore. Its close to town, relatively cheap and all you have to do is just walk around the corner and you get all the privacy you need. What cant you live without? Whats important to me is that it should be a safe area. That said, there arent that many dangerous streets in Singapore. So, I guess having a supermarket and a gym nearby would be a big plus! ROMEO TAN, 26 (CENTRE) This Tampines lad was last seen in Bountiful Blessings and C.L.I.F. Tell us about your dream home ... Buying a home (especially in Singapore) is a serious commitment. I hope to buy one when the right time comes. And what features should it have? I am picky when it comes to audio and visual
effects. A good sound system and projector in a soundproof entertainment room would be perfect. Whats the most important thing to you about your living space? It has to be cosy. I wouldnt spare any expense to engage a good interior design company to help out. Which is your favourite neighbourhood in Singapore? I have a soft spot for homes with a view of the sea it has a calming effect on me. East Coast any time. What cant you live without? What I really need is a gym and swimming pool facilities plus lots of lush green space.
The difference between an S$8,000 sofa and an S$800 sofa is a man with too much money and too little life.
Andie Chen on why luxury just isnt important to him
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THINKSTOCK
city centre are the worst off. This is because, by the time the trains arrive, the carriages are so packed that it will take maybe two or three attempts to get on the train. Actually, residents of these households may be better off taking a
bus. And thats why my intern, who lives near the city, prefers taking the bus to taking the MRT, although both options are open to her. The evening peak hours are not that much better. The fight to get on the trains may not be
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KU SWEE YONG Chief executive officer, International Property Advisor THE Urban Redevelopment Authority released its Q3 2011 flash estimate of the private residential property index on Oct 3. The index
rose by 2.7 points from 203.0 in Q2 2011 to 205.7, representing a 1.3-per-cent gain. This is the ninth consecutive quarter of growth for the island-wide index since the previous low in Q1 2009. Many who did not believe in the recovery of the residential sector in 2009 waited for the correction last year and even
more waited for a correction this year. Those waiting include first-time private property buyers. The percentage growth in each quarter has slowed down, but mathematically, when the denominator becomes bigger, the percentage growth naturally has to moderate. In a mature economy and a mature real estate market like ours, a slowing rate of growth is to be expected. Otherwise, we would need to be seriously worried about the market overheating or about bubbles forming or even about the often-quoted too-many-foreign-investors-buying theory. Breaking down the price index into the constituent regions, we see that the Outside Central Region (OCR) led the pace of growth with a 2.1-per-cent increase. Mass market, entry level, non-landed private residences have seen a higher than average pace of price growth in the past few quarters. No doubt the steady increase in HDB resale prices has helped to support the price growth in the private residential sector. For younger families who are looking for their first private residence in the mass market, the membership fee has been rising. In Oversupply risks in Outside Central Region, published Sept 23 in Today, the average price of non-landed homes transacted in the OCR in the second quarter broke the S$1-million mark, probably for the first time in Singapores history.
No doubt the steady increase in HDB resale prices has helped to support the price growth in the private residential sector. For younger families who are looking for their first private residence in the mass market, the membership fee has been rising.
Looking at this number from another way, S$1 million now represents the average entry price for buyers of mass market private nonlanded homes. Which means that those who are aspiring to upgrade from HDB to private homes, or those plunging straight into the private residential market, need to have on hand at least (on average) S$200,000 in cash and CPF funds. For those who have built up sufficient equity in the HDB flats which they might have owned and lived in for several years, owning a private residential unit is relatively easier.
>> A CLOSER LOOK AT THE DETAILS: CONTINUED ON PAGE 10
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A closer look at the details Note that the headline S$1-million price tag merely represents the average price per unit (which is defined as the total value of transactions in OCR during the Q2 2011 period, divided by the number of transactions). When International Property Advisor and Singapore Condo looked deeper and considered details around new sale, subsale and resale prices, we saw the following (see Chart 1): Over the six quarters under review, the average price per unit for subsale and resale transactions edged upwards while prices in the new sale category fluctuated depending on the numbers and mix of small and large units launched and sold by developers. During Q2 2011, the last complete quarter of data, the average price of a new sale unit was lower than that for a subsale or a resale unit. However, that is partly due to the smaller average sizes of the new sale units. In dollar per sq ft terms, new sale units trade at a rate higher than subsale and resale units (see Tables 2 and 3). You can see from Table 4 that the numbers for subsale transactions are low, and as such, the price-related data for subsales may see wider fluctuations. And since the hefty seller stamp duty was introduced in January, we should expect the volume of subsales to shrink further. Table 4 clearly shows that the new sale and resale units remain popular with buyers in the OCR. First-time buyers then have to decide (with reference to Table 3) whether they prefer to buy a brand-new property at a higher average dollar per sq ft price or an older resale property at a 15- to 25-percent lower dollar per sq ft price. So, what should buyers do? For those who have recently started their careers and who are only beginning to build up their wealth, I would actually recommend that they consider the attractively-priced Built To Order (BTO) flats. First-time Singaporean buyers of BTOs are eligible for subsidies and recent launches have been priced much more attractively than they were just six months ago. Permanent Residents (PRs) and foreigners do not have the option of purchasing the attractively-priced BTOs. There are also young Singaporean families who may not be able to wait for BTOs to be completed and they need to turn to resale HDB flats. A small percentage will even make their maiden property purchase straight in the private residential market. With the mass market transactions broken down, young buyers can make better informed decisions as to whether they should look in the new sale, subsale or resale markets, depending on their budgets and the sizes of apartments they are looking for. Another option ... One interesting point to note: Singaporeans and PRs who would like to purchase a unit for immediate use do have one more option apart from private residential homes and resale HDB flats Executive Condominiums that are more than five years old and less than 10 years old. These projects, such as Bishan Loft, The Eden at Tampines, Lilydale, The Dew, Park Green, Nuovo, Whitewater, The Esparis and The Quintet, will be privatised, which means that there will be no restrictions on foreign ownership once they are more than 10 years from TOP. Whats more, the wider demand pool might unlock value when it is time to upgrade to a larger apartment or even to landed properties. Well leave that analysis to another story. Choices are aplenty. Do your homework. Choose wisely.
S$1,000,000
S$900,000
S$800,000
| Q1 2010
| Q2
| Q3
| Q4
| Q1 2011
| Q2
Q1 2010 Q2 2011
*Average size is derived by taking the total strata area transacted divided by total number of units transacted
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So whats next for FEO? So whats next for FEO? Mr Chia: We will be launching The Seawind Mr Chia: We will be launching The Seawind soon. This is a 222-unit freehold development soon. This is a 222-unit freehold development located in the exclusive enclave of Telok Kurau located in the exclusive enclave of Telok Kurau in cosmopolitan East Coast. An integrated in cosmopolitan East Coast. An integrated multi-component residential project, it will ofmulti-component residential project, it will offer condominium apartments, SOHO units and fer condominium apartments, SOHO units and townhouses. townhouses.
Waterfront Isle wide array of leisure facilities throughout the 444,000 square foot grounds. euHabitat is located near the Eunos MRT station as well as the upcoming Ubi and Kaki Bukit MRT stations on the future Downtown Line 3. euHabitats complimentary shuttle bus service to Eunos MRT and Paya Lebar MRT Interchange stations, Parkway Parade and 112 Katong (formerly Katong Mall), will whisk you closer to nearby amenities, while the PIE/CTE and main trunk roads offer speedy connection to the city and the airport. euHabitat is also close to a number of business centres such as Changi Business Park, Tampines Regional Centre, Kaki Bukit Industrial Estate and the Pasir Ris Fabrication Park. Waterfront Isle The final project within the Waterfront Collection fronting the scenic Bedok Reservoir, Waterfront Isle features lifestyle facilities suited to every member of the family, such as BBQ pavilions, library lounge, entertainment villas and hydrotherapy pools. Nature lovers can wakeboard or kayak on the reservoir, or explore the 3.8km green corridor connecting the six parks in the east. Waterfront Isle is near amenities such as the Tampines Regional Centre, Changi Business Park and the upcoming Singapore University of Technology and Design. For shopping, residents can head to Bedok Town Centre, Tampines 1 and megastores like Courts, Ikea and Giant.
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Hedges Park has three themes that encompass unique facilities like pedal-boat rides and a flying fox to delineate the new style of condo living.
Ms Betsy Chng, head of sales and marketing, HLH
financial and economic sectors, many buyers are taking a slightly longer time to decide. However, we still see some good projects with more than 70 per cent of the launched units taken up. How have your projects been received by buyers? Ms Chng: For the mid-market range, Hedges Park (launched in April 2011) has been very well received with more than 80 per cent of the launched units sold to date. For high-end luxury apartments, The Meyerise, which was recently launched, saw 70 per cent of 120 units released snapped up at the preview weekend. Looking ahead to 2012, how is HLH continuing to grow and develop? Ms Chng: HLH has several projects in the pipeline. These projects range from luxury developments that are located in the city area, to affordable ones near the Bartley MRT Station. All Hong Leong projects have well-designed homes for first-time home owners and young families.
considers very carefully for every project. We try to ensure that even our mid-tier properties are suitably priced and conveniently located with access to major transport links. Specifically, what is HLH doing to attract first-time buyers? Ms Chng: HLH is committed to delivering homes that meet buyers needs and expectations. Our properties are suitably priced and as a provider of quality homes, we also believe that buyers value quality furnishings and
finishes. In addition, for developments like Hedges Park, we pride ourselves in delivering functional layouts and include core household appliances such as washing machines and refrigerators so that first-time home owners can save the hassle of getting them on their own. Have recent euro zone worries dampened buying interest? Ms Chng: The interest level is still there, although buyers have become a little more cautious. Due to the uncertainties in the global
Girls Primary School within its vicinity, the Circle Line also connects the Bartley Road site to a host of shopping malls and schools. Sage Comprising 33 super luxurious apartments, Sage is located in the heart of Singapores most prestigious precinct Nassim Road. Each freehold apartment is outfitted with the finest materials, with kitchens boasting top-ofthe-line Alno cabinets and Miele appliances.
UPCOMING PROJECTS
1 Balmoral Road Conveniently located minutes from the shopping hub of Orchard Road, Balmoral Road is just a short walk to Balmoral Plaza, Newton MRT Station and Newton Food Centre. It is also close to schools such as Raffles Girls
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Main and below Setia Eco Gardens
SP SETIA
CURRENT PROJECT
Setia Eco Gardens Following hot on the heels of the awardwinning Setia Eco Park, SP Setia has launched the Setia Eco Gardens in Johor Bahru, an eco-friendly township set within a lush, tranquil 765-acre estate. The township is located in Nusajaya and is about a 20-minute drive from the Second Link (Exit 307C). The township has won two awards for Best Master Plan the FIABCI Malaysia Property Award 2008 and the FIABCI Prix dExcellence Award 2009. In addition, its sales office was awarded the BCA Green Mark Gold award 2010 by the Building and Construction Authority in Singapore. What sets Setia Eco Gardens apart is the priority given to open space and greenery, with 15 per cent of the township dedicated to landscaping, water bodies and open spaces. Plus, there are fewer homes per acre, resulting in a less dense living environment. Homes are located in double gated and guarded precincts (with CCTV monitoring) and are protected by 24-hour security patrols and Centrax secuity systems.
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Blossom Residences
four-bedroom units also offer double-volume space in the master bedroom. All units provide generous interior space and large windows, designed to encourage natural cross-ventilation and lighting. A wide range of shopping and entertainment spots including Bukit Panjang Plaza, Bukit Timah Plaza, Fajar Shopping Centre and the upcoming Junction 10 mall, are also nearby.
UPCOMING PROJECTS
Before the end of the year, CDL is planning to launch two more projects, depending on market conditions and subject to obtaining the necessary approvals from the relevant authorities. The first is a condominium at Pasir Ris, located beside NV Residences and the fully-sold Livia. This project, comprising about 890 units in
12- to 14-storey high towers, will be launched in phases. The second is an EC project at Choa Chu Kang. This joint-venture project is located close to Choa Chu Kang MRT/LRT Station and Bus Interchange and other convenient amenities such as Lot One shopping mall. The development will be up to 20 storeys high with about 460 units.
CEL DEVELOPMENT
CURRENT PROJECT
Belvia Located along Bedok Reservoir Road, this new Design, Build and Sell Scheme development features 488 residential units within six 14- and 15- storey blocks. Belvia is also within easy reach of the reservoir and surrounded by a number of quality schools. The upcoming Bedok Reservoir MRT Station will further enhance accessibility when it opens in 2017. Lush landscaping capitalises on the existing terrain, creating an idyllic estate where residents can really get away from it all.
CURRENT PROJECT
Lake Vista @ Yuan Ching With a total of 682 units, this new Design, Build and Sell Scheme development in the western region is just a stones throw away from the scenic Jurong Lake and surrounding attractions. IMM and Jurong Point are nearby, and residents can look forward to the opening of JCube in 2012 and JEM. Theres a plethora of entertainment options, as Lake Vista @ Yuan Ching is close to Fairway Country Club, Jurong Country Club, The Chevrons and SAFRA Jurong. Residents will enjoy smooth access to the central region and the rest of the island, as Lake Vista @ Yuan Ching is near Lakeside MRT Station and a short drive away from major expressways such as the AYE and PIE. Units are designed for maximum comfort, with the largest five-room units even boasting a walk-in closet in the master bedroom. Some units have balconies with views of Jurong Lake or the estates verdant landscaping. Amenities at Lake Vista @ Yuan Ching include an adventure playground, precinct pavilion, sculpture courtyard, BBQ corner, soft lawn court, reflexology path, function plaza, open green court and fitness corner.
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