News Today

Tie-up gives new hope in fight against TB
SULAWESI - FORTY people are admitted with tuberculosis (TB) every day at Indonesia's Hassanuddin Hospital on the island of Sulawesi. One in five leaves before getting well. Treatment can take up to six months, but many of the patients go home... [Read more]

Results
BASKETBALLNBA: Miami 104 Portland 85, San Antonio 107 New Jersey 82, Dallas 99 Milwaukee 93, Memphis 108 Oklahoma City 104, Houston 109 Sacramento 104 (OT), Toronto 112 Chicago 111, NY Knicks 107 LA Lakers 106.CRICKETThird one-day international in Goa, India: Sri... [Read more]

Ilonen proves too hot for the pack
JAKARTA - Miko Ilonen stayed cool in the heat and humidity to bag the Enjoy Jakarta Astro Indonesian Open title.His win last Sunday meant he was the first Finn to win on the European Tour.While the rest were crumbling, Ilonen displayed... [Read more]

Reforming JI detainees remains a 'long struggle'
THEY were average heartlanders: managers, businessmen, printers, drivers, technicians and engineers.But they were also members of regional terror network Jemaah Islamiah.It has been five years since most of them were nabbed for plotting to carry out terror attacks against foreign embassies,... [Read more]

NKF witness questioned
EXAMPLES of the cut-and-thrust exchanges between Mr Bobby Nair and defence lawyers: When Mr Nair was asked about the mistake former NKF chairman Richard Yong made about the charity having more medical than non-medical staff. Mr Chia Boon Teck: Why not... [Read more]

Singapore remembers victims of Japanese Occupation
THE long wail of an air raid siren yesterday morning, distinctly heard over the War Memorial at Beach Road, sounded the 'All Clear' signal. It marked the start of a 30-minute ceremony to remember victims of the Japanese Occupation 65 years... [Read more]

Dressing-down for scantily clad actress
A STUDENT-ACTRESS has caused a stir in Thailand and made university officials see red after she wore a slinky black gown to the country's top film awards ceremony.Chotiros 'Amy' Suriyawong, a third-year liberal arts student at leading Thammasat University, set tongues... [Read more]

Singapore's growth drivers looking good
NOT even the electronics slowdown will be able to take the spark out of Singapore's economy.The Ministry of Trade and Industry (MTI), in predicting economic growth of between 4.5 and 6.5 per cent this year, said both domestic indicators and external... [Read more]

Open verdict on teen's death fall
THERE was no firm conclusion on how a 17-year-old youth fell to his death from a block of flats in Bedok South Road in September last year, a coroner said yesterday. A 34-year-old eye-witness had told the police that he did... [Read more]

Cheap but chilling terror message
LONDON - TERRORISM on the cheap but chilling nonetheless. An alleged militant plot to kidnap and behead 'Baghdad-style' a British Muslim soldier would have sent a cheap yet forceful message to British Muslims that they should not 'collaborate' with defence and... [Read more]

No proof N. Korea helping Iran: Rice
US SECRETARY of State Condoleezza Rice has sought to play down a news report that says North Korea is helping Iran to prepare for an eventual nuclear test explosion. The Daily Telegraph of London, citing an unnamed senior European defence official,... [Read more]

Steady rise for DBS this week after selldown

A WEEK is a long time in terms of stock market corrections, as DBS Group Holdings shows.

The blue-chip bank took a pounding in the market mayhem last week when its shares plunged from $22.50 on Shanghai Tuesday to $20.10 on Manic Monday, a fall of 10.7 per cent. This was its lowest point since last November.

Things were a bit calmer for the remainder of this week, as the shares rose steadily to close at $21 yesterday, 90 cents up on Monday's close.

One difference this week was that the shares traded within a narrow band of between $20.10 and $21, while last week, the counter had gone into freefall, diving from $23 to $20.90.

Earlier this week, it was announced that chief executive Jackson Tai had received a 30 per cent pay increase, bringing his remuneration to between $7.5 million and $7.75 million for last year.

The percentage rise almost matched DBS's core net profits last year, which had risen 32 per cent to $2.18 billion.

DBS directors are also set to do better with fee increases of between 40 per cent and 75 per cent.

Since the start of the year, when the shares opened at $22.70, DBS has been on a roller-coaster ride - shooting up by as much as 3.5 per cent to a record high of $23.50 but also falling by 11 per cent to $20.10.

A report this week on Singapore banks said that the market correction has brought valuations more in line with fundamentals.

Analysts added that DBS could be prone to pressure in Hong Kong during the first quarter with a squeeze in the spread between the prime rate and the Hong Kong interbank offered rate, which affects the residential mortgage business.

However, with the growth in loans for use in China and higher wealth management fees, DBS Hong Kong's operations could prove positive overall.

sushyan@sph.com.sg

News Today

The big clean-up
Some Jakarta residents returned home yesterday as the waters receded after the rain. Besides salvaging what possessions they could find, most were busy cleaning the mess left behind: Tanah Abang resident Novianti, 27, sweeps away water trapped in her kitchen, while... [Read more]

Lefty weathers conditions to share lead
PEBBLE BEACH (CALIFORNIA) - THE conditions were the toughest 'Lefty' Phil Mickelson had faced in eight months. It was a day of survival, when it was important to keep the ball in play and keep the big numbers off the scorecard.... [Read more]

De La Hoya is prodded and provoked by brash challenger Mayweather
NEW YORK - FLOYD Mayweather pushed, prodded and provoked Oscar De La Hoya on Tuesday.It set the tone for what promises to be a bad-tempered world junior middleweight title showdown in Las Vegas on May 5. The match between De La... [Read more]

Nobel winner to form political party
NEW DELHI - THE only version of democracy known to Bangladesh has been a violence-prone contest between its two begums, or ladies as they are also known.The two, Sheikh Hasina Wajed, of the Awami League, and Begum Khaleda Zia, of the... [Read more]

From 3-room HDB flats to high-tech student hostels
TWO blocks of flats in Boon Lay, formerly home to foreign workers, are being turned into a hostel for students. The 200 three-room flats, located in the middle of a Housing Board estate in Boon Lay Drive built in the 1970s,... [Read more]

SMU law course: A case for higher fees?
STUDENTS who sign up for the new law course at Singapore Management University (SMU), with its corporate and commercial law emphasis, will have to pay $9,000 a year.SMU will enrol a pioneer batch of 90 law students.Their fee is $1,500 more... [Read more]

People on the move
SG PRIVATE BANKING NAMES EXEC DIRECTOR PHILIPPE THEYTAZ: Appointed as executive director and head of business development for Societe Generale (SG) Private Banking, a new position created for the wealth management arm of the SG Group in Asia, effective last Thursday.... [Read more]

School proves disabled can fit in
AT EVERGREEN Primary, Loh Jiawei is just one of the girls, the muscle-wasting disease that confines her to a wheelchair no barrier to learning. With help from an understanding and caring principal, teachers and schoolmates, the determined 11-year-old topped her Primary... [Read more]

Model sisters die within months of each other
TWO sisters in Uruguay, both models, have died of apparent heart attacks within months of each other - a family tragedy that came as the fashion world debates how to protect the health of painfully thin runway models. Eliana Ramos, 18,... [Read more]

Japan rips into author of book on Masako
TOKYO - THE Japanese government has demanded an apology from the Australian author of a new book accused of defaming the imperial family through its depiction of Crown Princess Masako, officials said yesterday. Written by Ben Hills, the book Princess Masako:... [Read more]

Flurry of good news on KL economy
IN KUALA LUMPUR - THE Malaysian government has brought out a range of positive data on the economy in recent days - strong growth, higher exports and surging investments - in an unusual flurry of good news. As Malaysian stocks rose... [Read more]

SGX buys 5% of Bombay Stock Exchange for $65m

THE Singapore Exchange (SGX) has acted on its long-flagged interest in Bombay Stock Exchange (BSE) with an announcement yesterday that it will take a 5 per cent stake in BSE for US$42.7 million (S$65.3 million).

The investment is SGX's first equity investment in another stock exchange and comes after months of talks to buy a stake in the Indian bourse operator.

Besides the initial investment, SGX has also agreed to invest up to US$17.3 million more to maintain its 5 per cent stake in the event of dilution. If that happens, it would take its total investment to US$60 million.

Both exchanges have agreed to actively explore collaboration in areas such as listings and product development, they said in a joint statement yesterday.

The collaboration will tap SGX's leading position as a regional hub for derivatives and international listings, as well as BSE's strong presence in India.

The oldest stock exchange in Asia, BSE was set up in 1875 as 'The Native Share and Stock Brokers Association'. There are now 4,800 companies listed on BSE, with a total market capitalisation of US$850 billion. Besides handling trading of shares and derivatives, BSE also offers trading of corporate and government securities.

SGX is the second foreign bourse to take a BSE stake, after Germany's Deutsche Boerse said last month it will buy a 5 per cent stake. It is paying a similar price of 5,200 rupees (S$178) for each BSE share.

Other exchanges said to be interested in BSE include the London Stock Exchange, Nasdaq and the New York Stock Exchange (NYSE).

SGX chief executive Hsieh Fu Hua said SGX will support BSE's goal to strengthen its international position. 'Together, we aim to identify new business development opportunities and to foster an enduring partnership that is beneficial to both exchanges and our customers,' he said.

SGX's investment is in line with its strategy of building an Asian gateway for securities and derivatives products, he added.

SGX took into account comparative values for listed exchanges and precedent transactions to arrive at the agreed investment cost for the BSE stake, it said.

BSE's move to attract global allies comes after rival bourse National Stock Exchange sold a 20 per cent stake to investors led by NYSE and Goldman Sachs.

The investments come in the wake of alliances between global bourses, such as NYSE's US$10 billion merger with Euronext.

Tying up with SGX will give BSE the 'Asian advantage', said BSE managing director and chief executive Rajnikant Patel.

SGX brings a 'huge amount of learning' to the partnership, he said.

'This partnership will not only be mutually beneficial to both the exchanges, but also complement our association with Deutsche Boerse.

'This alliance will position BSE to be an important player in the increasingly globalised marketplace,' he said.

The deal is subject to regulatory and shareholder approvals.

Yesterday, SGX shares rose five cents to $6.35.

audrey@sph.com.sg

News Today

Minister doubts eavesdropping claims
THAI Minister of Information and Communication Technology Sittichai Pokai-udom has cast doubts on the junta's claims that Singapore was eavesdropping on Thai military conversations.In an interview on a Thai-language TV talk show, Siam This Morning, on Tuesday, Mr Sittichai said eavesdropping... [Read more]

Tough measures to curb violence sought
ROME - THE Italian Olympic Committee (Coni) held an emergency meeting yesterday, as soccer stadiums fell silent for the second day after a policeman died following fan violence.All soccer matches, from children's leagues to the national team's friendly against Romania on... [Read more]

French presidential candidates defend magazine in Prophet lawsuit
PARIS - TWO French presidential candidates have come out in support of a satirical weekly for reprinting Danish cartoons of the Prophet Muhammad, in a court case increasingly overshadowed by election politics.Centrist candidate Francois Bayrou joined a dozen other politicians and... [Read more]

Hu heads to Africa again
WHAT IT IS CHINESE President Hu Jintao begins a 12-day trip to Africa tomorrow, his third trip there in three years.He will visit eight African countries, including major trading partner South Africa and geopolitical flashpoint Sudan. His trip comes two months... [Read more]

Nintendo's Wii outsells rival consoles
TOKYO - THE Nintendo Wii video game console has soared past Microsoft's Xbox 360 in sales and opened a huge lead over Sony's premium-priced rival, the PlayStation 3 (PS3). Sales momentum for the Wii, launched in November, is so strong that... [Read more]

Hu ends Africa tour with more grants
VICTORIA - CHINESE President Hu Jintao has returned home after completing a 12-day, eight-nation tour of Africa where he spread China's largesse with gifts and grants and a series of trade deals.But the pitch has failed to silence some Western critics,... [Read more]

Prince Harry to serve tour of duty in Iraq
LONDON - BRITAIN'S Prince Harry, an army officer and third in line to the British throne, is being deployed to Iraq, the Ministry of Defence said yesterday.A ministry spokesman said that the prince would be sent to Iraq with his 'A'... [Read more]

Citibank's reputation best among banks here
CITIBANK has leapfrogged its local rivals to become the bank with the best corporate reputation among Singaporeans, according to a new survey. The American giant scored 2.97 out of a possible 5 to edge out last year's chart-topper, DBS Bank, at... [Read more]

Abdullah meets Thai Premier
BANGKOK - MALAYSIA'S Prime Minister held informal talks with his Thai counterpart yesterday to discuss the violence that has plagued Thailand's southern provinces and left more than 2,000 dead.Prime Minister Abdullah Ahmad Badawi met Thai Premier Surayud Chulanont during a round... [Read more]

The New Paper is available today at the usual outlets from 7am.
The New Paper is available today at the usual outlets from 7am.... [Read more]

S'porean helping Chia
DANNY Chia, the 'forgotten man' of Malaysian golf, is seeing a Singapore sports psychologist as he tries to get back into international reckoning.He was the first Malaysian pro to win a title - the Taiwan Open in 2002 - on the... [Read more]

News Today

Shoplifter gets six weeks' jail
A FATHER of two, arrested for shoplifting on Valentine's Day, told the judge the infant milk powder he stole was for his younger child. But it cut no ice with District Judge Jasvender Kaur who reminded Kamsani Ani, 48, an odd-job... [Read more]

Don't Horse around, get act together
THE impeding curtain fall on the Crazy Horse nude revue here only goes to show that Singapore has not got its act together.Singapore's half-hearted attempt at liberalisation is glaring. If not, why allow a class act like the Crazy Horse in... [Read more]

Charity listings
FAMILY FLAG DAY Charity group Focus On The Family Singapore, dedicated to strengthening families through family life education, is holding a flag day to raise funds.When: Today Where: Somerset, Woodlands, Outram, Pasir Ris and Jurong East MRT stations. VEGAS CHARITY GALAA... [Read more]

GST offsets seen as more to help elderly and poor
POWER station manager Eveline How was surprised by the generosity of the goods and services tax (GST) offset package, announced on Thursday. 'It seemed to be all give, give, give,' she said of the measures to cushion the impact of the... [Read more]

Bryant shines brightest in NBA All-stars show
LAS VEGAS - NOT surprisingly, the first National Basketball Association All-Star Game in Las Vegas featured plenty of flash, but little substance. There were slam dunks galore and no defence to be found, as the Western All-Stars beat their Eastern counterparts... [Read more]

Rescue at hand
PHOTO: REUTERS A helicopter arriving at the Pakistan National Shipping Corporation building to evacuate five people trapped by the flames on the 11th floor. Nobody was hurt as few were working on Sunday morning, but officials say the fire may have... [Read more]

Sand ban, spam Bill to get an airing in Parliament
THE earthy topic of sand and the virtual issue of spam are high on Parliament's agenda when it sits on Monday.Four MPs will ask questions on the implications of Indonesia's decision to ban sand exports last month.The ban, which Indonesia said... [Read more]

London police calm fears after third teen shot dead
LONDON - POLICE chiefs sought to reassure Londoners yesterday after a third fatal shooting in less than two weeks in the south of the city, fuelling fears of an escalating gun culture. Metropolitan Police Commissioner Ian Blair and senior detectives held... [Read more]

New rules to regulate second-hand goods sale
INTERNET websites that sell second-hand goods - for instance jewellery or watches - are to be regulated under a new law passed in Parliament yesterday.The move to ensure stolen goods are not disposed of through such channels is a core pillar... [Read more]

Reclamation firm Koon ousts chairman 'over takeover bid'
THE executive chairman and founder of reclamation company Koon Holdings, Mr Oh Keng Lim, 69, was removed from his post as chairman last Friday. This was due to his opposition to a takeover deal from an Indian company, he claimed. In... [Read more]

Wall St expects rate cut in third quarter or later
NEW YORK - ANALYSTS on Wall Street expect the United States Federal Reserve to keep interest rates on hold for some time as growth rebounds and inflation moderates, with many holding out for a rate cut later in the year. A... [Read more]

News Today

Group pays $884m for rest of Marina plot
THE consortium that is developing the prime Marina Bay Financial Centre (MBFC) has disclosed the sum - $883.8 million - that it is paying for the second phase of the site, on nearby land. And for the first time, the consortium,... [Read more]

US seeks Pakistan's help against Taleban
RAWALPINDI (PAKISTAN) - US DEFENCE Secretary Robert Gates sought Pakistan's support yesterday to prevent an expected Taleban spring offensive in neighbouring Afghanistan.The allies had the chance to deal a 'strategic setback' to the militants, said Mr Gates on his first visit... [Read more]

Researchers create teeth in lab dish from single cells
PARIS - IN A world first, Japanese researchers have reported success in replacing natural teeth in mice with teeth created in a lab dish from single cells.Writing in the journal Nature Methods, a team led by Mr Takashi Tsuji of the... [Read more]

7 years, 10 strokes for man who raped girl, 12
A MAN who mediated in a dispute between two parties ended up raping one of the girls in the tiff, a district court heard yesterday.Former cargo worker Ler Kok Keong, 27, was sentenced to seven years' jail and 10 strokes of... [Read more]

NKF witness questioned
EXAMPLES of the cut-and-thrust exchanges between Mr Bobby Nair and defence lawyers: When Mr Nair was asked about the mistake former NKF chairman Richard Yong made about the charity having more medical than non-medical staff. Mr Chia Boon Teck: Why not... [Read more]

STI breaks 3, 200 mark with few signs of bull run ending
A POTENT mix of New Year fever and pre-Budget expectations propelled the share market on to a dizzying bull run yesterday that ended with another record high close.The Straits Times Index (STI) rocketed 49.58 points to 3,217.68, bringing the gains over... [Read more]

Materazzi head-butted again
ROME - MARCO Materazzi must have felt a sense of deja vu.The Inter Milan defender was embroiled in an argument with Sampdoria's Gennaro Delvecchio in their Italian Serie A match on Sunday.The next thing he knew, Delvecchio head-butted him in the... [Read more]

Carbon offsetting becoming good business
PARIS - HUNTING for a present for a pair of environmentally-sensitive newlyweds? Try this: a 'just married' voucher worth a few hundred dollars in carbon offsets. Smaller than a toaster but more meaningful, this piece of paper will compensate for about... [Read more]

Lack of play shows in Baihakki's performance
IT WAS a chance for him to distinguish himself, but it seemed Baihakki Khaizan found Aide Iskandar's boots too large to fill. The 22-year-old stood in for the suspended Singapore captain in the Asean Championship semi-final second-leg victory over Malaysia.But, instead... [Read more]

Chelsea oozing confidence again
LONDON - HAVE Chelsea regained their swagger? With a month of speculation over his future behind him, manager Jose Mourinho is again confident that his side are ready to overhaul Manchester United for the title. After revealing that captain John Terry... [Read more]

World Quickly
NEGROPONTE TO VISIT EAST ASIA WASHINGTON: US Deputy Secretary of State John Negroponte plans to visit Japan, China and South Korea soon, but will not go to North Korea, the US State Department said on Wednesday. State Department spokesman Tom Casey... [Read more]