At the moment, the seawater is being diverted from the ocean to cool an aging natural-gas power plant. But in three years, if all goes as planned, the saltwater pulled in at that entryway will emerge as part of the regional water supply after treatment in what the project’s developers call the newest and largest seawater desalination plant in the Western Hemisphere.
Large-scale ocean desalination, a technology that was part of President John F. Kennedy’s vision of the future half a century ago, has stubbornly remained futuristic in North America, even as sizable plants have been installed in water-poor regions like the Middle East and Singapore.
The industry’s hope is that the $1 billion Carlsbad plant, whose builders broke ground at the end of the year, will show that desalination is not an energy-sucking, environmentally damaging, expensive white elephant, as its critics contend, but a reliable, affordable technology, a basic item on the menu of water sources the country will need.
Proposals for more than a dozen other seawater desalination plants, including at least two as big as Carlsbad — one at Huntington Beach, 60 miles north of here, and one at Camp Pendleton, the Marine Corps base — are pending along shorelines from the San Francisco Bay Area southward. Several of these are clustered on the midcoast around Monterey and Carmel.
The San Diego County Water Authority has agreed to buy at least 48,000 acre-feet of water from the plant each year for about $2,000 an acre-foot. An acre-foot equals about 326,000 gallons, roughly enough for two families of four for a year. The authority has made a long-term bet that those costs — now double those of the most readily available alternative — will eventually be competitive. But it still means the authority will pay more than $3 billion over 30 years for only about 7 percent of the county’s water needs.
As Sandra Kerl, the deputy general manager of the authority, said in a recent interview, “There’s a lot of eyes on this.”
The technology used in the Carlsbad plant, known as reverse osmosis, was developed decades ago. It involves pushing the water through a series of microscopic sieves rolled up into larger cylindrical filters. The energy-intensive process separates pure water from both salt molecules and impurities. The filters, some of which are made locally, are cheaper and more durable than they were a decade ago, industry accounts say, bringing down the overall price of the plant and its operations.
In the Western United States, where the complexities of water law and heavily subsidized federal and state water projects have complicated the economics of water delivery and hamstrung any widespread development of water markets, the Carlsbad plant offers a peek into a future when water prices reflect the actual cost of procurement and delivery. David Moore, a managing director of Clean Energy Capital, financial advisers to the San Diego County authority, said the water authority had “made the call that over time this water is going to be more affordable than other sources. That was the fundamental risk of the transaction.” The price of water the authority now gets from the Metropolitan Water District of Southern California is about $1,000 an acre-foot.
The bet on this technology was not an obvious one; the recent history of desalination in the United States and Australia has been mixed, at best. Some recently constructed Australian plants are flourishing while others stand idle some of the time. In this country, technological missteps, delays and bankruptcies dogged the first big plant, which finally opened in Tampa in 2007.
“Tampa was a buzz kill for the sector,” Mr. Moore said.
So the Carlsbad plant is being watched not just for its performance or its effect on the local marine environment, but for its financial architecture.
Mr. Moore and other financial advisers are trying to make investors and bondholders comfortable with the technology by mimicking the financial approach of a merchant power plant — for instance, substituting a “water purchase agreement” for a “power purchase agreement,” to show that Carlsbad’s water has a guaranteed market.
Documents on his computer hard drive included a plan to share with a Chinese company high-powered equipment that could boost military radar signals and jamming devices. Singapore’s probe is ongoing.
Shane Todd worried that his employers in Singapore were using him to help China get its hands on sensitive technologies that could harm U.S. national security.
He said so to many folks, and was elated to have found another job back home, said his mother, Mary Todd. But two days after his final day of work in June and a going-away party with colleagues, his girlfriend found him dead, hanging from his bathroom door.
“We believe he was murdered,” said Todd’s father, Rick, an airline pilot who once flew for the U.S. military.
The Todd family has been pressing the U.S. government to look into what they say is a case of espionage and faked suicide to cover up their son’s discovery that he may have been used to help China spy on his country. The circumstances of the death make no sense, they say, and the Singapore authorities have not been cooperative enough.
They have made little headway with U.S. authorities but on Friday the Todd family will meet Montana Democrat Sen. Max Baucus in Washington to make their case.
“We want a congressional investigation. We want to know how bad the damage is if” the technology his son was working with reached China, Rick Todd said.
Baucus said the U.S. government has not done enough to answer the Todds’ questions, and that he doesn’t know yet whether enough pressure has been put on authorities in Singapore to allow the FBI to assist in the investigation.
“I’m going make sure they do,” Baucus told USA TODAY. “I’m going to find out what happened.”
Shane Todd’s family lived in California and Florida before moving to Montana. His dad had been a Navy pilot before becoming a commercial airline pilot.
Shane Todd was a wrestling standout and adept in his science classes. He graduated in 2005 with a degree in electrical engineering from the University of Florida, where he had many friends, his family said. He received his doctorate at the University of California-Santa Barbara. In 2010, he chose a job in Singapore because he was looking for adventure, he told his parents.
He went to work at the Institute of Microelectronics, a Singaporean government research institution, to work on cutting-edge technology involving powerful semiconductors. But an investigation by the Financial Times magazine found the technology has other applications desired by China, applications that can be used to disrupt enemy radar and communications.
Documents on a hard drive his parents found in his Singapore apartment included a draft agreement for IME to share what Todd was working on with Chinese telecommunications company Huawei, says Colin Humphreys, a pioneer in the emerging field of gallium nitride semiconductors. Huawei is known to U.S. intelligence agencies. Rep. Mike Rogers, chairman of the House Intelligence Committee, told CBS’ 60 Minutes in October that the company has ties to China’s military and intelligence services and is “a serious threat” to U.S. national security.
Humphreys, director of the University of Cambridge Center for Gallium Nitride, analyzed documents retrieved from Todd’s hard drive at the request of the Financial Times. Speaking to USA TODAY, Humphreys said the documents show that Todd traveled for IME to the United States to be trained on equipment used to produce a powerful new class of semiconductors that outperform silicon and can be used to greatly boost the transmissions of cellphone towers, military radars and radar jamming devices.
Gallium nitride is most commonly used in LED lighting, to produce high-intensity light without much heat or energy use. The material is also used on wafers, similar to silicon chips in a computer, to power various electronic devices but with much greater efficiency and intensity. Todd was involved in cutting-edge research on using GaN wafers that were 8 inches in diameter and can be loaded with electronic devices. They are of the type used in the most advanced commercial and military land-based and airborne transmission equipment, Humphreys said.
The technology is “state of the art and developing and not many places in the world are at this point,” he said.
The New Jersey-based company, Veeco, also gave Todd recipes for creating gallium nitride wafers to certain specifications, and planned to ship equipment to IME so it could produce gallium nitride wafers in Singapore, Humphreys said. Singapore is not restricted from receiving such “dual-use” technology, but China is, according to the Financial Times.
Huawei has denied “any cooperation” with IME on gallium nitride, and IME issued a statement denying that Todd was involved in classified work or anything connected to Huawei.
Mary Todd, however, told USA TODAY that the company’s statement is at odds with what her son said to her in the months before his death. After returning to Singapore from his training with Veeco in early 2012, a new development caused him to become extremely anxious, she said.
“He told us he was meeting with a Chinese company that spoke in English to him and Madarin (Chinese) to the group,” Mary Todd said. “He said ‘I think I’m being asked to do things that compromise U.S. security and I’m very uncomfortable.’”
Mary Todd said from then on she and her son spoke every week. In conversations that lasted an hour or more, Shane’s unease seemed to increase, she said.
“He said he’d been threatened, but he was very nebulous about it,” Mary Todd said.
Todd was afraid he wouldn’t find another job if he left before his contract was up. When he gave 60 days’ notice, IME asked him to stay another 60 days to complete what he was working on. Todd agreed, his mother said.
“He said coming to Singapore was the worst mistake of his life,” Mary Todd said. “He said he was extremely naïve. This was every conversation we had with him preceding his death.”
Mary Todd asked her church to pray for her son, even though she thought it “sounded so far-fetched” that he was in real danger. “He was getting ready to come home. He had a ticket to come home.”
On his last day of work, Shane Todd went out with friends to celebrate. It was June 22. Two days later, Mary Todd got a phone call that shattered her life. Shane’s girlfriend called, hysterical, to say she found Shane dead. Police said it appeared Shane had killed himself.
Todd’s parents were stunned, but their shock turned to confusion and anger after they traveled to Singapore.
The scene of his death didn’t match the description police provided. Todd’s body bore marks that an independent medical examiner later said looked as if he’d been in a fight and died by a garroting, or strangling. And evidence on a computer hard drive found in his apartment shows the work he was doing may indeed have been an illegal transfer of military-grade technology to a Chinese company that is known to have ties to China’s military and intelligence services, the family said.
Despite the allegations, most U.S. government officials won’t talk about the case.
The State Department declined to comment. Staffers for Sen. Jon Tester, D-Mont., helped arrange a meeting between the Todds and the U.S. ambassador to Singapore, according to Tester’s spokesman, Dan Malessa.
Baucus has alerted top officials at the White House to the case and instructed staffers from the Senate Finance Committee, which he chairs, to raise the issue in face-to-face meetings with U.S. Embassy staffers and Singaporean officials, according to his office.
The family needs answers and there are national security concerns, Baucus told USA TODAY. “I will do everything in my power to help them get the answers they deserve,” Baucus said.
Mary Todd said the FBI met with her and her husband once, in Singapore, “and we never heard from them again.”
The FBI said it is talking to Singaporean authorities about assisting in the case.
The allegations of espionage and murder come as new developments arise over international spying. U.S. cybersecurity firm Mandiant issued a report in early February alleging widespread industrial espionage by the Chinese military against commercial entities across the United States. The Mandiant report is relevant to Shane Todd’s case because it shows that “there is no clear line in China between commercial entities and China’s military and government,” said China expert Dean Cheng of the Heritage Foundation, a Washington think tank.
When Mary and Rick Todd arrived in Singapore on June 26, a police detective said their son hung himself with a wide strap from a computer bag, which he’d attached to a rope tied to the toilet and strung through a pulley he had bolted to the wall, Mary Todd said. The detective also read them an apologetic suicide note he said was found on Shane Todd’s computer. The note started out thanking IME for the opportunity it offered and continued with apologies to the company and his family. She recalled thinking of the distinct tone of the letter that “it was so Asian.”
“Then he gave this pathetic list of memories he had with our family that made no sense whatsoever,” Mary Todd said. She handed the letter back to the detective and said her son “may have killed himself, but he didn’t write this note.”
The Todds’ suspicions grew when they went to their son’s apartment. There was no pulley and no bolts and no bolt holes, as the police report claimed. The toilet was not where the detective said it would be. There were clothes in the washing machine and piled on the couch in preparation to be packed. Furniture was tagged as if for sale. The apartment looked like someone was getting ready for a move to a new life, not end it all.
Edward Adelstein, chief pathologist at the Harry S. Truman Veterans Hospital in Columbia, Mich., and deputy medical examiner for Michigan’s Boone and Callaway counties, disagreed with the preliminary official report that Shane Todd’s death was a suicide. Adelstein noted thin marks on Shane Todd’s throat, bruises on his forehead, neck and hands, and the normal weight of his lungs. Shane Todd died quickly and not without a struggle, Adelstein said.
Bruising on Todd’s hands, neck and forehead were signs of a struggle, he said.
“Perhaps the most important information is that the deceased did not have a history indicating that he was considering taking his life, while there is significant history that he felt his life was being threatened,” Adelstein wrote.
Rick Todd says he’s not surprised his son tried to fight back.
“Shane was a very tough individual,” he said. “He wrestled two years. He was extremely strong. He had a bruise on his forehead. He obviously was able to head-butt somebody.”
Singapore shares were little changed, but Southeast Asia’s largest telco operator Singapore Telecommunications Ltd (SingTel) fell to a one-month low.
The Straits Times Index was up 0.1 percent at 3,263.51 points, underperforming MSCI’s broadest index of Asia-Pacific shares outside Japan which was 1.1 percent higher.
SingTel shares dipped as much as 2 percent to S$3.40, the lowest since Jan. 24. Nearly 23 million shares were traded, 1.1 times the average full-day volume over the past 30 days.
This month, SingTel reported a weaker-than-expected third-quarter net profit and reiterated its forecast for a fall in revenues this year. There have also been some negative media reports about the company’s business in India, although traders said it is unclear if the news has had any significant impact on the stock.
Shares of Global Logistic Properties extended their fall after Singapore sovereign wealth fund GIC cut its stake in the warehouse operator.
GLP shares fell as much as 2.7 percent on Thursday. The stock has declined more than 9 percent since reports of the stake sale emerged.
Wanderlust describes itself as “a left-field and totally experimental boutique hotel set to draw madcap voyagers” and on arrival I am forced to admire the hotel’s candour. A different Singaporean creative team has designed each of Wanderlust’s four floors and the guiding principle for each would seem to have been a total lack of aesthetic inhibition. The ground floor, which houses the lobby, kitchen and a breakfast-cum-dining room, is a relatively demur exercise in industrial chic and recycled furniture that provides guests with a welcome respite from the street outside and the delirium of the interior design above. I am greeted by similarly industrial-looking staff – with razor-sharp haircuts, dog tags and monochrome outfits – but their no-nonsense welcome is friendly and efficient and I am handed a beautifully designed notebook full of maps and local facts that proves an invaluable source of information.
The neighbourhood
Wanderlust may sit at the very edge of Singapore’s “Little India” district, but taxis have to make a detour through the neighbourhood’s teeming heart before they can drop you outside. It’s a warren of traditional “shop houses” – colourful, century-old terraces that combine Tamil vegetarian restaurants, second-hand electronics shops and the occasional Hindu temple on the ground floor with chic offices, design studios and residential accommodation above.
The room
A “Creature Comfort”-themed room on the fourth floor is straight from the William S Burroughs school, with an interior design unsuited to the intrusion of daylight. At one end, a sofa with upholstery in the shape of typewriter keys sprouts a claw of oversized type bars that reach up and across the double height ceiling like some enormous metal spider. Mounted on a platform that sits above the built-in wardrobe, toilet and shower, my (very comfortable) bed is accessible only by stepladder, while an exposed bathtub sits in the middle of the room. Once I actually made it to bed, I slept soundly.
The service
Polite and courteous throughout my stay.
The food
Wanderlust’s French bistro Cocotte aims, through shared dishes and communal seating, to make eating here a social event. A three-course prix fixe menu costs 65 Singaporean dollars (Dh193) per person. At breakfast, nothing is unexpected, but the combination of the very best fresh produce and a lightness of touch make even a humble fresh fruit salad a delight, yet ultimately it pales into insignificance when compared with the delights of Singapore’s famous street food.
The scene
An international mixture of young couples, business people travelling alone and culture vultures of all ages. Cocotte’s reach extends beyond paying guests to a wider audience of local residents, families and tourists alike.
Loved
At the start of every taxi journey to the hotel, I am greeted with a look of barely suppressed scandal when my Singaporean drivers register the word “lust” in its name.
Hated
The metal staircase to my bed was mercilessly steep with uncomfortable treads, shallow enough to challenge an ibex.
The verdict
Wanderlust is not for the faint-hearted or those in search of luxury. What it offers is an unforgettable experience for the jaded, the solo traveller, or couples who want something different from the accommodation on their city break.
The bottom Line
A double room costs from 257 Singaporean dollars (Dh762) per night, including taxes. Wanderlust, 2 Dickson Road, Singapore (www.wanderlusthotel.com; 00 65 6396 3322).
SINGAPORE–(Marketwire – Feb 28, 2013) – The Singapore Marriott Hotel on Orchard Road underwent a significant overhaul, a SGD 35 million refurbishment, transforming the lobby into a warm, welcoming and open area as well as converting each guest room suited toward modern travellers’ needs. While this hotel is deemed a popular event venue in Singapore and home to numerous events and business meetings, each guest room has been redesigned with relaxation in mind, and well-equipped with luxury amenities such as the signature Marriott® Revive bedding, ergonomic furniture, enhanced entertainment facilities and refreshing rain shower.
The Singapore business hotel may have undergone a big transformation, but the superb location in the heart of Orchard Road and dedicated staff remains unchanged. The devoted event management team will ensure extraordinary and attentive service to carry out your next event. The hotel’s special offers and privileges will easily give your next meeting or event the upgrade you are looking for. This Singapore hotel deal includes:
10% attrition, valid for 10 to 30 guestrooms, 14 days prior to your event date.
Complimentary usage of LCD projector
Also, book 10 to 20 guestrooms and enjoy two rewards, or receive three rewards for meetings with more than 20 guestrooms.
One complimentary upgrade to Junior Suite
One complimentary guestroom with every 30 confirmed guestrooms, maximum two guestrooms only.
Internet usage for up to 10 delegates
Double Marriott Rewards points
One-time two-way limousine transfer
Upgrade to Marriott Rewards Platinum status for one delegate
Dining credit worth SGD 200 for your welcome dinner or cocktail event in any of the hotel’s restaurants or function rooms, valid with a minimum spend of SGD 1,000 on food bill.
This promotion is valid for meetings from now until 30 June 2013, applicable for new bookings with a minimum of 10 Singapore hotel rooms guaranteed only. For enquiries, please call 6831 4778 or email mhrs.sindt.sales@marriotthotels.com.
About Singapore Marriott Hotel
Singapore Marriott Hotel, best known for its iconic green pagoda roof at the corner of Scotts Road and Orchard Road has completed a SGD 35 million refurbishment, bringing a new level of luxury to one of the city’s best loved properties.
As the most extensive project of its kind in the Hotel’s 18-year history, all guest rooms have been overhauled to offer guests more efficient use of space with newly installed bathrooms and ergonomically optimized furniture. Most notably two new room categories have been introduced for the discerning business and leisure traveller: Premier Deluxe Rooms and Studio Rooms.
This latest renovation, undertaken by world renowned design team, Hirsch Bedner Associates (HBA) gives the Hotel a new lease of life with décor that is classic yet contemporary using neutral colours and bold accent fabrics. Rooms have been fitted with state-of-the-art furnishings including two signature 1956 leather Eames Desk Chairs. Bathrooms now come with large walk-in rain showers as well as extended vanity areas and technology upgrades include a 46-inch Samsung Full-HD Smart TV in every room.
The once traditional hotel lobby has been converted into a warm and welcoming open plan zone while Marriott Cafe boasts a sophisticated new ambience, extended seating and open kitchen block. A brand new FB concept, Java+ completes the refurbishment.
SINGAPORE, Feb. 28 — The first United States littoral combat ship USS Freedom is expected to arrive in Singapore in mid- April for its inaugural ten-month deployment, local media reported on Thursday.
The U.S. Navy also said on Thursday that the ship will depart San Diego, the United States on Friday.
The warship will be in and off Singapore for about eight months, local daily Lianhe Zaobao reported.
The 378-foot-long USS Freedom is the first in its class and was commissioned in 2008.
The ship will have a crew of 91 people, including mission package personnel and an aviation detachment to operate the MH-60 helicopter. Mid-way through the deployment, a crew swap will be conducted, the U.S. Navy said.
Cecil Haney, commander of the U.S. Pacific Fleet, said the maiden deployment of the ship is a clear signal of the Navy’s ” enduring commitment to maintain security and stability in the vital Asia-Pacific region.”
“Rotationally deploying our new littoral combat ships improves our warfighting capability and directly supports the Navy’s rebalance strategy to the Asia-Pacific,” he said.
The littoral combat ship, with a displacement of 3,000 tons, is seen by the U.S. Navy as the answer to multi-mission capable ships that are faster, can operate in shallow water and require a crew of less than 50 to operate.
Fast, agile and mission-focused, the littoral combat ships are designed to employ modular mission packages that can be configured for separate purposes such as surface warfare, mine countermeasures, or anti-submarine warfare.
The Ministry of Defense of Singapore said that the sailors will be living on board the USS Freedom during her deployment in Singapore.
Former U.S. Defense Secretary Robert Gates first revealed the U. S. plan at the Shangri-La Dialogue in Singapore in 2011 that it planned to deploy littoral combat ships in Singapore.
David Adelman, the United States Ambassador to Singapore, said in an interview later that the United States may eventually deploy four littoral combat ships in Singapore. He added that the words ” station” or “base” would be inaccurate. There will no sailors permanently stationed in Singapore but there will be facilities for the combat ships.
The buzz surrounding the Academy Awards was undeniably far-reaching and contagious. But unknown to many, across the globe and away from the Hollywood hype, Asia was brimming with excitement over an event about to take place for the first time ever. Just a few hours after the Academy Awards show was broadcast live from California, the inaugural presentation of Asia’s 50 Best Restaurants took place at The Sands Grand Ballroom of Marina Bay Sands in Singapore. At least for culinary enthusiasts, this event felt like the Oscars.
The list of Asia’s top 50 restaurants is supposedly an unbiased reflection of the region’s culinary gems. It serves as recognition for restaurants that have, in some way, had a positive impact on the region’s dining scene over the years.
Besides ranking the 50 select restaurants, the program also presented special accolades, such as the Asia’s Best Pastry Chef Award and the One to Watch Award. The event was attended by Chris Salans, owner and executive chef of Mozaic restaurant in Bali. Since he was the only restaurant owner from Indonesia that evening, it became quite clear that Mozaic would win Best Restaurant in Indonesia. But the restaurant’s overall ranking remained to be seen.
The ceremony kicked off with a speech from Sue Woodward, director of the event and William Drew, editor of Restaurant Magazine.
A convivial and witty personality who is regularly seen on television, Oli Pettigrew hosted the night and announced the winning restaurants and chefs. Unfortunately for Indonesia, the suspense did not last longer than five minutes, as Mozaic ranked number 50 on the list.
Among the winners were Narisawa in Tokyo, awarded best restaurant in Asia, Hong Kong’s Amber as best restaurant in China, Nahm in Bangkok as Thailand’s best restaurant and Andre as Singapore’s best.
Other highlights of the award ceremony included the One to Watch Award, which went to Singapore’s Jaan, an intimate 40-seat setting with executive chef Julien Royer at the helm. The Best Pastry Chef award went to Janice Wong, owner and founder of 2am:dessertbar, Singapore.
China was the overall star of the evening, with 16 restaurants on the list, most of which are concentrated in Hong Kong, while Singapore came in next with 10 restaurants, narrowly surpassing Japan’s total of nine restaurants.
Indonesians might wonder why Mozaic, located in Ubud, Bali, was picked as the best restaurant in Indonesia.
The restaurant is accustomed to receiving awards of this stature.
Just a few months ago, Mozaic was awarded a commendable fifth place on the Miele Guide 2013’s Asia’s Top 20 list. Like the Michelin Star, Miele Guide is another much-coveted award in the fine dining world.
More interesting, however, is Chris Salan’s take on the overall dining scene in Indonesia, which gives insight into why his establishment is a standout.
Only occasionally does the chef visit Jakarta for special events or stints outside Mozaic. When asked why he still has not relocated to Jakarta, he bemoans the capital’s crowds, which simply make it impossible to be creative with locally sourced, fresh ingredients — his passion and forte.
There is truth in the notion that many diners in Jakarta still find it mind-blowing to pay more than Rp 1 million ($103) per person per meal, despite their growing purchasing power.
Jakarta’s dining scene, as rapidly developing and evolving as it is, unfortunately still tends to focus on superficial qualities. The capital dwellers’ mind-set is still “to see and be seen,” and few people dine and pay a fortune to indulge in divine gastronomic treasures.
The attitude is different in Singapore, Hong Kong and Japan, all of which have become world-renowned culinary hubs, for anything from creaky street food push carts to ethereal fine dining niches.
This event will hopefully be a wake-up call for Indonesians to reflect on the way they perceive and enjoy food.
Currency strategists are abandoning their forecasts for a record-setting rally in the Singapore dollar as government measures to rein in property prices reduce pressure on the central bank to cool inflation.
The local dollar will likely rise 2.2 percent to S$1.21 versus its U.S. counterpart by Dec. 31, based on the median estimate of 26 analysts surveyed by Bloomberg. The forecast eased from an all-time high of S$1.19 at the end of last year, in the biggest outlook downgrade among Southeast Asian currencies. Singapore’s dollar won’t strengthen beyond the record of S$1.1992 until 2014, based on the polls.
Prime Minister Lee Hsien Loong is trying to curb property- market speculation with inflation almost double the 20-year average. A 1,636-square-foot (152-square-meter) condominium in the Marina Bay financial district sold for S$4.4 million ($3.6 million) in November, government figures show. A unit about the same size in London’s Canary Wharf was priced at 2.3 million pounds ($3.4 million), real-estate broker Foxtons Ltd. said.
“The latest measures should help contain property prices,” Charlie Lay, a Singapore-based foreign-exchange strategist at Commerzbank AG, said in a Feb. 25 interview. “As inflation pressures stabilize, the central bank may favor boosting the lackluster growth outlook, providing scope for the Singapore dollar to weaken.”
Asia Outlook
Commerzbank sees the currency at S$1.25 versus the U.S. dollar at year-end, from S$1.2362 as of 12:47 p.m. local time. The 1.7 percent downgrade in the median estimate for the Singapore dollar is larger than those for Indonesia’s rupiah and Malaysia’s ringgit. The outlook for the Philippine peso was unchanged, while the Thai baht’s was raised 1 percent.
For all of Asia, the pullback in estimates is second only to the drop in the Indian rupee forecast, according to data compiled by Bloomberg.
Singapore’s central bank sets monetary policy via the nation’s dollar, guiding the exchange rate against a basket of currencies within an undisclosed band. The Monetary Authority of Singapore adjusts the pace of appreciation or depreciation by changing the slope, width or center of the band.
‘Modest’ Appreciation
The central bank said Oct. 12 it will maintain “a modest and gradual appreciation” of the local dollar. The city-state’s monetary policy stance remains unchanged as announced in its bi- annual review in October, Edward Robinson, assistant managing director of the economic policy department at the MAS, said last week. Officials are due to make their next decision in April.
Singapore’s dollar has depreciated 1.2 percent this year, after reaching its all-time high on July 27, 2011, and climbing 6.1 percent in 2012.
“Given the subdued conditions in the global economy, imported inflation will be broadly benign,” the central bank and Trade Ministry said Feb. 25. “However, the persistent tightness in the domestic labor market will support wage increases in 2013, some of which will continue to pass through to consumer prices.”
Consumer prices climbed 3.6 percent in January from a year earlier, after a 4.3 percent advance in the previous period, government data showed Feb. 25. That’s still almost twice the 20-year average of 1.9 percent.
Banker ‘Dilemma’
Figures released Feb. 22 showed gross domestic product rose 1.5 percent in the three months ended Dec. 31 from a year earlier. That compares with no growth in the third quarter and a 3.6 percent advance in the fourth quarter of 2011.
The country faces “this dilemma that central banks always hate, which is lower growth and higher inflation,” Rajeev De Mello, who manages more than $8 billion as the Singapore-based head of Asian fixed-income assets at Schroder Investment Management Ltd., said in a Feb. 25 interview. “I still think they will keep the currency’s appreciation.”
Thousands gathered for a protest on Feb. 16 after the government unveiled a white paper outlining proposals to boost the population by allowing more immigration. Residents on the island that’s smaller than New York City jumped by more than 1.1 million since mid-2004 to 5.3 million, increasing demands on the nation’s infrastructure and contributing to higher housing and transport costs.
The median price per square meter for condominiums jumped to S$11,056 in the fourth quarter, the highest in Urban Redevelopment Authority data dating back to 1998.
Luxury Taxes
The 2013 budget released Feb. 25 outlined requirements for companies to pay higher levies for lower-skilled foreign employees over the next two years and cut the proportion of overseas workers in some industries. The government also unveiled plans to raise property taxes for luxury homeowners and increase duties on investment properties that are vacant or being rented out.
Those steps came after officials introduced a seventh round of real-estate cooling measures last month, which included limits on how much buyers seeking a second mortgage can borrow relative to the value of their properties. People applying for a second or subsequent home loan will also have to pay a 25 percent cash down payment, from 10 percent previously.
Gains in housing costs moderated to 4.4 percent last month after rising 6.7 percent in December, according to a Feb. 25 report by the statistics department.
Sentiment Turn
“The property-curbing measures that have been put in place mean that we’re not going to see foreign capital inflows coming into Singapore to the same extent as previously,” Khoon Goh, a Singapore-based foreign-exchange strategist at Australia New Zealand Banking Group Ltd. (ANZ), said in a Feb. 25 interview. “Sentiment has definitely turned against the Singapore dollar.”
Singapore is one of fewer than 10 nations in the world to have both a AAA score and a “stable” outlook from all three major ratings companies. Investors seeking the country’s assets last year helped drive the benchmark 10-year bond yield to a record-low 1.29 percent on Dec. 11, prices compiled by the MAS show. The yield fell to 1.5 percent yesterday, the lowest close since Feb. 1.
There may not be much demand as the world economy improves, according to Hideo Shimomura, who helps oversee the equivalent of $64.3 billion in Tokyo as chief fund investor at Mitsubishi UFJ Asset Management Co., a unit of Japan’s largest bank.
Rising Volatility
“I don’t have an appetite for taking a risk on this currency,” Shimomura said in a Feb. 26 interview. “There might be more fluctuation in other Asian currencies.”
The implied three-month volatility in Singapore’s currency, a measure of expected price swings over the time period, surged to a four-month high of 5.4 percent on Feb. 4. It was at 4.7 percent today.
Volatility in the South Korean won, whose projected 4.1 percent gain this year is set to be the biggest among Asian currencies, dropped to 7.5 percent from a five-month high reached on Jan. 28. Increased volatility in an asset heightens the potential for investor gains and losses.
Within Southeast Asia, the Singapore dollar’s estimated 2.2 percent advance in 2013 is forecast to be beaten by a 3 percent rise in the Malaysian ringgit and a 2.9 percent increase in the Philippine peso. Benchmark borrowing costs in both countries are expected to climb this year, according to the weighted average estimates in Bloomberg News surveys.
“The pace of Singapore dollar’s appreciation this year is going to be muted,” Dominic Bunning, a Hong Kong-based associate foreign exchange strategist at HSBC Holdings Plc said in a Feb. 25 interview. “Compared to other Asian currencies, it will probably underperform.”
To contact the reporters on this story: Kristine Aquino in Singapore at kaquino1@bloomberg.net; Wes Goodman in Singapore at wgoodman@bloomberg.net
To contact the editor responsible for this story: Rocky Swift at rswift5@bloomberg.net
Singapore’s Canary Wharf-Topping Condos Damp Dollar
Munshi Ahmed/Bloomberg
A woman on the waterfront boardwalk of the Marina Bay Sands shopping mall takes in the view of the central business district skyline in Singapore. Singapore is one of fewer than 10 nations in the world to have both a AAA score and a “stable” outlook from all three major ratings companies.
A woman on the waterfront boardwalk of the Marina Bay Sands shopping mall takes in the view of the central business district skyline in Singapore. Singapore is one of fewer than 10 nations in the world to have both a AAA score and a “stable” outlook from all three major ratings companies. Photographer: Munshi Ahmed/Bloomberg
Singapore’s Canary Wharf-Topping Condos Damp Dollar
Munshi Ahmed/Bloomberg
Traffic flows in front of the skyline in Singapore. The central bank said Oct. 12 it will maintain “a modest and gradual appreciation” of the local dollar.
Traffic flows in front of the skyline in Singapore. The central bank said Oct. 12 it will maintain “a modest and gradual appreciation” of the local dollar. Photographer: Munshi Ahmed/Bloomberg
Ai Miyazato of Japan pulled out of the HSBC Women’s Champions after being injured in a five-car pile-up in Bangkok. — AFP
SINGAPORE: Former winner Ai Miyazato pulled out of the HSBC Women’s Champions in Singapore yesterday as she battles whiplash injuries from a car crash which also left American star Paula Creamer struggling to recover.
The Japanese world No. 9 said she had stiffness in her neck, back and shoulders after Sunday’s five-car pile-up in Bangkok as the players were en route to the airport following the Honda LPGA Thailand.
“I still have some stiffness in my neck, shoulder, and back area but it is also a precautionary measure so as not to risk further injury this early in the season,” the 2010 champion said in a statement, adding that she was “very disappointed”.
“I now plan to return to Japan to see my trainer for a few days.”
Creamer also cut short her appearance in Wednesday’s pro-am to seek extra treatment for similar injuries. But the American, who earlier said it was “pretty amazing how we walked away”, tweeted that she hoped to tee-off on Thursday (today).
World No. 1 Tseng Yani heads a field featuring most of the globe’s best players at the US$1.4mil event, considered the most prestigious women’s golf tournament in Asia.
The “Pride of Taiwan”, winless for nearly a year, has started the season with back-to-back top-three finishes, and she insisted staying at number one was not her main concern.
“World No. 1 is not as important as before now,” said the 24-year-old.
“I’ve already reached there and I’ve been there before. I’m still here, but I just want to enjoy myself more. Because I know if I’m not looking at the result, I just want to play the golf and enjoy every swing and enjoy every tournament.”
Yani admitted she had burdened herself with “too much expectation” last season when a run of missed cuts, which contrasted with her seven titles in 2011, left her struggling emotionally.
“I think I put too much expectation on myself. I think people, the fans and the media, they give lots of pressure. You know, if I don’t finish top 10, I’m in trouble, like ‘What’s wrong with Yani?’.”
Yani now has a slim 1.35 average points lead over South Korea’s Choi Na-yeon, who will also tee it up today on Sentosa, a wealthy resort island in tropical Singapore.
Missing from the field is 25th-ranked New Zealand amateur Lydia Ko, 15, who has become the most talked-about player on tour after winning last year’s Canadian Women’s Open and coming close at the season-opener in Australia.
Thailand’s Ariya Jutanugarn, 17, will hope to make up for her heart-breaking triple bogey on the final hole which cost her victory and left her in tears at last week’s event in Pattaya.
Former teen prodigy Michelle Wie, currently ranked 73rd and playing on a sponsor’s invite, and defending champion Angela Stanford will also contest a tournament whose other previous winners include Lorena Ochoa and Karrie Webb. — AFP
Yangon, 27 February 2013 - Under the patronage of the Ministry of Hotels and Tourism, Sphere Conferences and Myanmar Tourism Federation today launched the country’s first hospitality and tourism conference – the Myanmar Hospitality and Tourism Conference 2013. This two-day conference is held at the Traders Hotel in Yangon from 27 to 28 February 2013.
Sphere Conferences is the conference arm of Singapore Press Holdings, the country’s leading multimedia group which publishes newspapers such as The Straits Times, its flagship English-language newspaper and one of the region’s oldest and most established newspapers.
The Myanmar Hospitality and Tourism Conference 2013 is positioned as the gateway for property developers, operators and owners of hospitality properties, financiers and investors to explore, evaluate and expand Myanmar’s potential as a travel destination. The Myanmar government shared its tourism master plan, detailing a suite of proposals to boost the tourism sector and showcase the country’s potential projects and investment opportunities to position itself as a major tourist destination in Asia.
There were 300 delegates present at the conference to learn about the opportunities available in Asia’s last frontier, providing the stage for domestic and international hotels and tourism investors to convene and map the future of the Myanmar’s tourism industry. Companies represented include Air Kanbawza, Hotel Ace, CB Bank, Centara International Management, Hilton Worldwide, Keppel Land, Meritus Hotels Resorts, MasterCard Worldwide, Myanmar Hotels International, Orient Express, Small Luxury Hotels of the World, and Starwood Asia Pacific.
His Excellency U Htay Aung, Union Minister for Hotels and Tourism, Ministry of Hotels and Tourism, was the event’s Guest-of-Honour.
Following the official opening ceremony, the conference started with Dr Paul Rogers, Team Leader of the Myanmar Tourism Master Plan Project, giving a keynote presentation on the country’s developments of its tourism masterplan.
Delegates at this two-day conference also gained first-hand information from the Myanmar Tourism Federation on the hotel investment zones in Myanmar. Ms Daw Cho Cho Win, Deputy Director General of the Myanmar Investment Commission, explained the key laws and regulations governing the hospitality and tourism investments. There was also a destination-focused discussion group to identify different issues and challenges as well as solutions and opportunities that will aid keen investors in entering into Myanmar.
His Excellency U Htay Aung, Union Minister for Hotels and Tourism, Ministry of Hotels and Tourism, said: “With diverse cultures and history, Myanmar definitely has a lot to offer to the international visitors. We have reached a milestone of 1 million visitors in 2012 and expected to attract a further 30% more in the coming year. As of 2012, of the 787 hotels in Myanmar, 23 of them are of five and four stars status. . To meet the demand of increasing tourist arrivals, we are developing and upgrading our infrastructure and tourism facilities.”
U Yan Win, Chairman of the Myanmar Tourism Federation, said: “Myanmar has become one of the “must-go” travel destinations of choice. As such, there is a crucial need for the country to welcome foreign investment to help fill the gap in tourism products and hospitality resources. At this year event, we will unveil appropriate investment and partnership models to foreign investors who can add more financial and technological resources to boost Myanmar’s hospitality and tourism landscape.”
Mr Chua Wee Phong, Chairman of Sphere Conferences, said: “Myanmar is becoming one of the world’s fastest growing destinations and attracted its one millionth visitor in 2012. Comparing with 2011, tourist arrivals have jumped 30% in 2012. From 2009 to 2012, tourism income has almost tripled from US$196 million to US$539 million. With such favourable numbers, it is only natural that Sphere Conferences engages this sector to support Myanmar in fulfilling its potential. We are proud that the Myanmar Hospitality and Tourism Conference has drawn tremendous interest from international participants.”
For more information on the Myanmar Hospitality and Tourism Conference 2013, please contact Ms Nann Thi Thi Tun at telephone: (65) 6848-5371 or email thithi@sphereconferences.com.
Photo 1 – Myanmar Hospitality and Tourism Conference 2013 officiated by (from left) – Mr Alan Chan, Chief Executive Officer, Singapore Press Holdings; H.E. Robert Chua, Republic of Singapore Ambassador to Myanmar; H.E. U Htay Aung, Union Minister of Hotels and Tourism, Ministry of Hotels and Tourism; U Myint Swe, Chief Minister, Yangon, Myanmar; U Yan Win, Chairman, Myanmar Tourism Federation; and Mr Chua Wee Phong, Chairman, Sphere Conferences.
Photo 2 – Mr Alan Chan, Chief Executive Officer, Singapore Press Holdings (left) presents The Straits Times “Asian of the Year” Award to H.E. U Htay Aung, Union Minister of Hotels and Tourism, Ministry of Hotels and Tourism (right), who receives the award on behalf of the winner – President of Myanmar, Thein Sein.
Issued by Singapore Press Holdings Ltd Co. Regn. No. 198402868E
Sphere Conferences, a conference arm of Singapore Press Holdings, produces conferences that are of the highest quality bringing inspiration, innovation and value to customers. Sphere’s purpose is to empower customers with big and fresh ideas and lasting relationships that will enable them to excel in their chosen markets, by providing unique networking and learning platforms whereby they can learn, network and do business.
Incorporated in 1984, main board-listed Singapore Press Holdings Ltd (SPH) is Southeast Asia’s leading media organisation, engaging minds and enriching lives across multiple languages and platforms.
Newspapers, Magazines and Book Publishing In Singapore, SPH publishes 18 newspaper titles in four languages. On an average day, 3.05 million individuals or 76 per cent of people above 15 years old, read one of SPH’s news publications. SPH also publishes and produces more than 100 magazine titles in Singapore and the region, covering a broad range of interests from lifestyle to information technology. SPH’s subsidiaries, Straits Times Press and Focus Publishing, produce quality books and periodicals in English and Chinese.
Internet and Mobile Beyond print, the Internet editions of SPH newspapers enjoy over 270 million page views with 18 million unique visitors every month. Apart from AsiaOne, SPH’s online and new media initiatives include ST701, the leading online marketplace for jobs (STJobs), property (STProperty), cars (STCars) and general classifieds (STClassifieds); Stomp, omy.sgand The Straits Times RazorTV. SPH also launched The Straits Times’ iPad and enhanced iPhone applications, an Android smartphone application and The Business Times’ iPad and smartphone applications. SPH’s Chinese flagship newspaper Lianhe Zaobao has also launched its digital editions which include a web application, as well as online and PDF versions.
Broadcasting In the radio business, SPH has an 80 per cent stake in SPH UnionWorks Pte Ltd, which operates entertainment stations UFM 100.3 in Mandarin, as well as Kiss92 and HOT FM91.3 in English. SPH has a 20 per cent stake in MediaCorp TV Holdings Pte Ltd, which operates free-to-air channels 5, 8 and U, and a 40 per cent stake in MediaCorp Press Limited, which publishes the free newspaper, Today.
Events and Out-of-Home Advertising SPH’s events arm Sphere Exhibits organises innovative consumer and trade events and exhibitions as well as large scale conferences in Singapore and the region. In addition, SPH has ventured into out-of-home (OOH) advertising through its digital out-of-home platform SPH MediaBoxOffice.
Properties SPH owns and manages Paragon, the prime retail and office complex in the heart of Orchard Road, Singapore’s main shopping belt. Its second retail development, The Clementi Mall, started business operations in 2011. SPH’s wholly-owned subsidiary, Times Development Pte Ltd, has also developed a 43-storey upmarket residential condominium, Sky@eleven, at Thomson Road. SPH’s latest retail development project, The Seletar Mall, is slated for completion by end 2014.
UBS AG was sued for wrongful dismissal by two former traders in Singapore who claimed they were fired in a bid by the bank to cover up its role in allegedly manipulating key reference rates.
Mukesh Kumar Chhaganlal, the bank’s former co-head of macro-trading for emerging markets in Asia, and Prashant Mirpuri, a former executive director, said in separate lawsuits filed at Singapore’s High Court yesterday that they were given no opportunity to defend themselves against the bank’s claims of gross misconduct on their part.
“There was a clear lack of particulars of what they did wrong,” their lawyer Daniel Chia said today. The Straits Times earlier reported the lawsuits.
UBS was fined about $1.5 billion in December by the U.S., U.K. and Swiss regulators for trying to rig global interest rates. The Zurich-based bank today declined to comment on the Singapore lawsuits, saying in an e-mailed statement that the reviews are ongoing and it is fully cooperating with the authorities.
The firings were “effected in order to cover up the defendant’s role in the growing scandal related to allegedly fixing of rates of non-deliverable forwards,” according to the lawsuits.
The cases are Prashant Parmeshwar Sunny Mirpuri v UBS AG (UBSN) S163/2013 and Mukesh Kumar Chhaganlal v UBS AG S164/2013. Singapore High Court.
To contact the reporters on this story: Andrea Tan in Singapore at atan17@bloomberg.net; Sanat Vallikappen in Singapore at vallikappen@bloomberg.net
To contact the editors responsible for this story: Douglas Wong at dwong19@bloomberg.net; Chitra Somayaji at csomayaji@bloomberg.net
UBS Sued by Two Singapore Traders Fired After Rate-Rigging Probe
Charles Pertwee/Bloomberg
The UBS Wealth Management Campus is seen in Singapore. The campus is used to train UBS private bankers and wealth management advisers.
The UBS Wealth Management Campus is seen in Singapore. The campus is used to train UBS private bankers and wealth management advisers. Photographer: Charles Pertwee/Bloomberg
UBS Sued by Two Singapore Traders Fired After Rate-Rigging Probe
Valentin Flauraud/Bloomberg
A UBS AG logo is seen beyond a security fence during construction work outside the company’s offices in Geneva.
A UBS AG logo is seen beyond a security fence during construction work outside the company’s offices in Geneva. Photographer: Valentin Flauraud/Bloomberg
Singapore to launch its largest REIT IPO By Toni Waterman | Posted: 28 February 2013 0049 hrs
SINGAPORE: The stage has been set for Singapore’s largest initial public offering of a real estate investment trust (REIT).
Mapletree Greater China Commercial Trust has locked in a top price of 93 cents a share for its IPO, and it will raise up to S$1.7 billion from the listing.
The offering is Singapore’s largest IPO in two years, since Hutchison Port Holdings Trust raised US$5.5 billion in March 2011. It is also the first-ever REIT with commercial properties in both China and Hong Kong.
The Temasek-linked trust will offer about 776.6 million shares, of which nearly 265.4 million will be available to the public.
The REIT will use the proceeds to help buy two buildings — the Festival Walk retail and office development in Hong Kong and the Gateway Plaza office building with a retail atrium in Beijing.
It will also draw HK$12.15 billion from its unsecured term loan facility to fund the cost.
The IPO portfolio has a total valuation of S$4.3 billion and covers an aggregate gross floor area of about 2.4 million square feet. As of 30 November 2012, there was about 99 per cent committed occupancy.
Mapletree expects the China-focused trust to yield 5.6 per cent in its first year and 6.1 per cent in FY2014-2015.
The offering price had been floating between 88 and 93 cents a share, but strong demand and a strong returns in its other REITs helped lock it at the high end of the range.
This is Mapletree’s fourth REIT IPO, and tops its two closest offerings. Mapletree Commercial Trust which raised S$949.5 million in April 2011 and Mapletree Industrial Trust which raised S$1.19 billion in October 2010.
Eleven cornerstone investors have already committed about S$887 million to the trust.
Mapletree, a real estate unit of Temasek Holdings, will own 32 per cent of the REIT after the sale.
Cindy Chow Pei Pei, the CEO of Mapletree Greater China Commercial Trust, said: “I think if you look at the market now, it’s really an environment where it’s really low interest rates and also there is a lot of liquidity in the markets still.
“So we do see a lot of investors looking for very strong yield plus growth vehicles and there is still a lot of demand for good quality assets that generate very good yields. So I think in terms of the Mapletree Greater China Commercial Trust offering, we do meet that demand from investors.”
The IPO is open from Thursday and the REIT will start trading on the Singapore Exchange on March 7.
SINGAPORE (AP) — Ai Miyazato has withdrawn from the HSBC Women’s Champions in Singapore as a precaution after she was hurt in a weekend auto accident.
Miyazato, the 2010 champion, withdrew on Wednesday after hitting balls for about 15 minutes.
The former No. 1-ranked Miyazato issued a statement saying she still had stiffness in her neck, shoulder and back “but it is also a precautionary measure so as not to risk further injury.”
The U.S. LPGA Tour said Paula Creamer, Suzann Pettersen and Miyazato were involved in a five-vehicle crash in Thailand on Sunday.
Creamer told a pre-tournament news conference she had “pretty bad whiplash from hitting the headrest but I took it easy and I hope that I can tee it up” when the tournament starts on Thursday.
Children can now reach out for more local reads. Singapore publishers are rolling out at least 25 titles for readers aged three to 14 this year, along with e-books and online games.
This is unusual since the market here is traditionally dominated by overseas imprints such as Scholastic’s bestselling Geronimo Stilton series, or Abrams, which publishes Jeff Kinney’s Diary Of A Wimpy Kid novels.
The closest Singaporean success would be Flame Of The Forest’s ongoing Mr Midnight mysteries – now 77 volumes long, with 2 million copies sold since the first instalment came out in 1998.
Epigram Books’ The Diary Of Amos Lee quartet, by Singaporean writer Adeline Foo, has also done well, selling over 120,000 copies since the first novel about a primary school boy’s diary was released in 2009.
The Grand Copthorne Waterfront Hotel is launching a multi-tasking programme to ensure that employees are adequately trained and prepared before they are being deployed to other sister properties and / or other departments within the Hotel.
(TRAVPR.COM)SINGAPORE – February 27th, 2013 – SINGAPORE, 4 February 2013: The Grand Copthorne Waterfront Hotel Singapore is participating in the Job Flexibility for Productive (JFP) initiative in line with the Ministry of Manpower (MOM) and Singapore Tourism Board (STB)’s efforts to optimise workforce deployment, reduce reliance on foreign workers and improve productivity and wages.
The Grand Copthorne Waterfront Hotel Singapore is also the first hotel in Asia within the Millennium Copthorne group to receive the official endorsement from MOM and STB to participate in the JFP initiative.
From 31 January 2013 to 30 January 2015, Grand Copthorne Waterfront Hotel Singapore will be encouraging local and foreign (work permit holders) employees to attend cross training so that they can be deployed to other departments within the Hotel to assist with the manpower needs.
The Grand Copthorne Waterfront Hotel is delighted to receive the endorsement from MOM and STB to participate in this pilot initiative. We are confident that the JFP initiative will help to equip our employees with more skills and to improve productivity and morale at the workplace. This will also help us to manage our resources more effectively. Our employees are excited about the opportunities arising from this initiative and have already approached our Human Resource Department to express their interest in attending the relevant multi-task training.”
In addition, we have also obtained a separate MOM’s approval to deploy our foreign workers across our five fully-owned hotels. This will further promote greater efficiency, synergy and productivity.” he added.
The Grand Copthorne Waterfront Hotel is launching a multi-tasking programme to ensure that employees are adequately trained and prepared before they are being deployed to other sister properties and / or other departments within the Hotel.
Director of Human Resource, Grand Copthorne Waterfront Hotel, Ms Grace Nah says, “We are in the midst of working on training sessions to help equip our employees with the right skills before their deployment to other properties and/ or other departments within the Hotel. Our employees are important to us and we will ensure that our employees are remunerated fairly for taking on these additional job functions.”
For more information, please contact
Jennifer Yeo
Marketing Communications Manager
Tel: (65) 6233 1004/ 9850 4305
Email: jennifer.yeo@millenniumhotels.com
About Grand Copthorne Waterfront Hotel Singapore
With 574 guest rooms and suites, including the exclusive La Residenza for long-staying guests, each guestroom is equipped with business-enabling conveniences such as data port for dial-up modems, broadband internet access, a selection of cable channels and pay-movies, in-room personal safe, IDD service, hair-dryer, and coffee and tea making facilities. Room categories include Superior, Deluxe, Club, Club Deluxe as well as Suites and a Presidential Suite. With the growing demand for non-smoking rooms, a total of 21 floors of rooms are appointed for non-smoking guests.
Guest facilities include the gymnasium, tennis courts, outdoor swimming pool and Jacuzzi, a business centre and hair, beauty and wellness services. This city hotel in Singapore (http://www.millenniumhotels.com.sg/grandcopthornewaterfront/hotel-location/) hotel also offers much to satisfy all palates with Italian cuisine at the award-winning Pontini, Shanghainese cuisine at Grand Shanghai, international and Asian cuisine at Café Brio’s and music at The Piano Bar.
Combined with 34 meeting rooms across more than 6,200 square metres of meeting space at the Waterfront Conference Centre, the hotel provides meeting planners a one-stop solution for all events. From meetings to themed breaks, meals and accommodation arrangements, our dedicated Events Services Team will take care of them all. Accommodating up to 900 delegates in the column-free, 820 square-metre Grand Ballroom, with its towering six-metre high ceiling, the Waterfront Conference Centre is equipped with a full complement of meeting aids including wireless, audio-visual, intelligent light and sound facilities.
MILLENNIUM COPTHORNE INTERNATIONAL LIMITED
Millennium Copthorne International Limited is part of Millennium Copthorne Hotels plc, which operates and manages a worldwide portfolio of over 100 properties across five distinct global brands – Grand Millennium, Millennium, Copthorne, Kingsgate and Studio M – across the Asia-Pacific, Europe, Middle East and North America.
Millennium Copthorne International Limited operates and manages 20 properties across China, Indonesia, Malaysia, Philippines, Singapore and Thailand. Founded on the philosophy of genuine hospitality, the dynamic hospitality group has an outstanding reputation for excellence, taking pride in exceeding the needs of its business and leisure travellers. The strategic locality of its properties in gateway cities such as Beijing, Shanghai, Jakarta, Kuala Lumpur, Singapore and Bangkok makes Millennium Hotels and Resorts the perfect address to conduct your business or indulge yourself while on holiday.
For more information, please visit www.millenniumhotels.com
Singapore. Ikea’s famous meatballs were off the menu Tuesday night as a “precautionary measure” by the furniture giant following a global horse meat scandal.
The company said in a statement on Tuesday that it is testing the Swedish dish for traces of horse meat, but added that it was unlikely to contain the meat because the meatballs sold at its two branches here are made only of beef and pork sourced from and produced in Australia.
Its halal meatballs are made of chicken from Brazil and beef from Australia, a spokesman added.
So far, Australia has not been identified as one of the countries which produce horse meat-tainted “beef”. But Ikea Singapore has temporarily stopped selling meatballs pending the DNA test results.
By 5 p.m. Tuesday, meatballs were off the menu and the frozen ones removed from shelves at the branches in Tampines and Alexandra, after the staff were briefed.
When The Straits Times visited the Tampines outlet at 7:30 p.m., signs were put up near the store entrance, at the restaurant and at the Swedish food market to inform customers. The restaurant was still quite crowded.
The outlets normally sell 10 to 12 tones of meatballs a month.
Ikea’s signature dish is usually served with cream sauce, lingonberry jam and potatoes at its restaurants. It costs S$5.50 (US$4.4) for 10 pieces, $8 for 15 and $9.50 for 20.
Frozen meatballs are also typically sold at the store’s Swedish food markets in 1 kg packs.
On Monday, the Czech authorities said they found horse meat in Swedish-made meatballs which were to be sold at Ikea stores in the Czech Republic.
Ikea has since withdrawn frozen meatballs from its stores in more than 20 countries, mostly in Europe, as well as in Thailand and Hong Kong.
The food scandal started in Europe after tests by Ireland’s food safety watchdog revealed on Jan. 15 that horse meat was found in frozen beef burgers.
Sandra Keasberry, assistant advertising and public relations manager for Ikea Singapore, said: “None of our ingredients is produced by the affected suppliers.”
Ikea is testing the meatballs in a local independent laboratory. The results are expected to be released at the end of next week. Some customers approved of the decision to stop meatball sales.
Beautician May Chong, 36, said in Mandarin that Ikea carrying out such tests made her feel safer.
But others like Nathaniel Sim thought it unnecessary. The 32-year-old safety officer said: “Stopping sales seems to suggest that, internally, they have doubts about whether the meatballs have horse meat.”
Assistant manager William Tay, 49, agreed: “They could just put up signs to explain the situation and reassure customers that the beef is not from the countries affected, without stopping sales.”
The Agri-Food and Veterinary Authority of Singapore (AVA) said last Tuesday that horse meat is not mixed with any processed beef products here.
Since 1996, when mad cow disease swept through Europe, all European countries have been banned from exporting processed beef products to Singapore, said an AVA spokesman on Monday night.
But a few European countries can export boneless whole beef cuts to Singapore, only after meat establishments there are approved by the AVA.
Nevertheless, the AVA has stepped up checks on imports of other processed meat items.
About 40 percent of Singapore’s beef products are imported from Australia, 20 per cent from New Zealand, another 20 per cent from Brazil and less than 1 per cent from Europe.
With his grandpa building a tapioca processing plant from scratch, and his dad a spook Engineer, even Michael Tan’s formal title as General Legal counsel for his company (tech product distributor Convergent) can’t overcome his genetic predeposition for tech. Through the years, his mere presence would make tech work–Apple II copy programs would just manage to make the one and only workable copy, QEMM386.SYS would yield that final 3KB needed for Wing Commander and that sticky Fujifilm X100 shutter would affect everyone but him. Leading a technically charmed life, it’s no wonder he goes through life with rose tinted glasses when tech is concerned. It just works for him. He is a member of CNET Asia’s regional blogger network and is not an employee of CNET Asia.
Taking on a new role as director and strategic shareholder, Lee, through his wholly-owned company, JS Oil Pte. Ltd., has replaced IFA Hotels Resorts 3 Limited as Raimon Land’s largest shareholder, purchasing a 24.97% shareholding for THB 2,143,200,000 in a transaction completed in February.
(From left) Raimon Land Directors Johnson Tan and Lionel Lee pose with company Chairman, Pradit Phataraprasit, and Chief Executive Officer, Hubert R Viriot.
Lee is well known for the development of the Singaporean offshore oil and gas services company, Ezra Holdings Limited. Over the past decade, he has grown Ezra and other SMEs into world class, global players with listings in Singapore, Norway and Malaysia, and a total market capitalization of nearly US$2 billion, with over 5,000 staff worldwide. Under his visionary leadership, the Ezra Group has also launched two other listed entities, including the recently listed TRIYARDS Holdings Limited, a shipyard that has expanded significantly since it was taken over in 2005.
In recent years Lee has further diversified his interests into real estate and hotel management with the successful development of Tower 15, an impressive 30-storey, high-rise skyscraper in Singapore’s central business district that is now home to many well-known Oil Gas companies, boutique hotel klapsons, and popular sky-terrace bar Fabrika.
Klapsons The Boutique Hotel (‘klapsons’), the 2012 winner of Singapore’s Best Boutique Hotel award, opened in 2009 during the economic downturn, but quickly became an immediate hit with business travelers seeking a stylish alternative to mainstream hotels. Designed by William Sawaya of contemporary design forerunner Sawaya Moroni, the unique hotel has also won several prestigious design awards. klapsons is managed by Wisteria Hotel Management Pte Ltd, a subsidiary of Lee’s family-owned Jit Sun Investments.
Commenting on his latest investment, Lee said, “Raimon Land stands out clearly as Thailand’s leading luxury real estate developer and, like me, they are passionate about exceptional quality and innovation. The Group has bright prospects with its unique offering which resonates well with an emerging populace that demands affordable luxury and identifies with strong brands. I believe the company has great potential to expand regionally, and I look forward to working closely with Raimon Land and their management team in identifying opportunities for growth in Thailand and throughout the Asia Pacific region.”
Lee continued, “We are pleased to warmly welcome Pradit Phataraprasit as Raimon Land’s new Chairman of the Board. We believe that under his chairmanship, he will lead Raimon Land to new heights.
Hubert Viriot, Chief Executive Officer of Raimon Land said, “This is an exciting development for the company. Phataraprasit’s chairmanship and Jit Sun’s investment and strategic contributions are well-timed to extend the company’s business horizons geographically. Going forward we will work closely to develop new plans for Raimon Land’s expansion both in Thailand and in other countries.”
Raimon Land has achieved a major turnaround since 2009 with a solid platform of projects under development in Thailand. Having successfully established its leadership position in the Thai market, Raimon Land’s on-going projects and new growth opportunities look to continue to provide a secure stream of cash-flow and returns to shareholders.
The acquisition was advised by Johnson Tan of IB Partners.
Special promotions from Raimon Land
Raimon Land is now offering some great promotions on is developments in both Bangkok and Pattaya. From now until 31 March 2013, The River, in Bangkok, and Zire Wongamat, in Pattaya, come with bonus packages to make the transition to a new lifestyle relaxing and worry-free.
For the ultimate residence on the Chao Phraya, buyers of The River will get a chance to explore their creativity with the award-winning brand Mobella. The special ‘Stylish Living’ promotion offers vouchers valued up to 700,000 THB to buyers of The River Condominium. With The River now ready for occupancy, it is the perfect way start building a home along the banks o the Chao Praya.
For beachfront paradise buyers, investors in the Zire Wongamat can immediately experience the pinnacle of seclusion and tranquility of Pattaya’s most exclusive beach. The marvellous ‘Romantic Maldives’ offers a dream holiday package for two at Club Med Kani including airline tickets from Bangkok Airways. Scheduled for completion in 2014, Zire Wongamat will be Pattaya’s newest beachfront experience for the modern generation.
For more information on The River and Zire Wongamat, call 02 651 9600 or visit www.raimonland.com.
2013 is a year of celebration as company marks 40th anniversary with the upcoming opening of its first hotel in China and the signing of its 8th property in Thailand.
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Mövenpick Hotels Resorts has embarked on a journey to celebrate its 40th anniversary this year with the signing of two new hotels in China and Thailand. The upscale hotel company of Swiss heritage is to open a new beach resort in Hua Hin, Thailand, and a 250-room hotel in Enshi City, China.
“The Mövenpick Hotel Enshi will be our first opening in China, marking an important milestone for our company. Chinese consumers regard Swiss products and services as refreshingly different and we are looking forward to leveraging our Swiss roots and culinary legacy to carve a unique niche in this fascinating country,” said Andreas Mattmüller, chief operating officer for Mövenpick Hotels Resorts, Middle East and Asia.
The new 14-storey, five-star Mövenpick Hotel Enshi is set to open this summer and will be based in the heart of the business district of Enshi City, Hubei Province located in Central China. The property will be situated just 2.5 kilometres from the airport and a short drive from stunning countryside that includes the spectacular Enshi Grand Canyon.
The Mövenpick Hotel Enshi will be the first five-star hotel in the city and will feature a contemporary design, two restaurants, a bar, a club lounge, 515-square-metre ballroom, eight meeting rooms, a pool, spa and a fitness centre.
By 2015, Mövenpick Hotels Resorts will have four properties open in China: the upcoming hotel in Enshi; a 380-room resort on Phoenix Island, Sanya; a 350-room property in Chifeng City, Inner Mongolia, and a 300-room hotel in Jiading, Shanghai.
Within three years, the company will also be operating eight hotels in Thailand with two in Chiang Mai and one each in Koh Samui, Bangkok and Pattaya in addition to the new signing, the 190-room Mövenpick Resort Spa, Hua Hin. The upcoming properties will complement the two existing Mövenpick resorts in Phuket.
The newest management contract signing is in Hua Hin, on the West Coast of the Gulf of Thailand, a leisure destination famous for its pristine beaches, golf courses, hill hiking, water sports and cultural attractions.
In keeping with the philosophy of Mövenpick Hotels Resorts to offer guests upscale properties that reflect local ambience and culture, the design of the new hotel will take its inspiration from the Thai beach resort atmosphere and offer lush landscaped gardens, two restaurants, a lobby lounge, ballroom, pool, spa and function rooms.
The two new signings are in line with the global strategy of Mövenpick Hotels Resorts to open 100 hotels across Africa, Europe, the Middle East and Asia by 2015, evenly allocating around 25 properties to each region.
“These are exciting times for Mövenpick Hotels Resorts in Asia and we look forward to building on our reputation for quality, reliability and care with a personal touch throughout the region,” added Mattmüller.
At present the company operates seven properties in Asia, including two hotels in Vietnam, one each in Singapore and The Philippines, another in India and two in Thailand – the Mövenpick Resort Spa Karon Beach Phuket and the Mövenpick Resort Bangtao Beach Phuket.
SINGAPORE—China Fishery Group Ltd., in which U.S. private-equity firm Carlyle Group LP has a stake, is offering US$556 million for Copeinca ASA to capitalize on the Oslo-listed company’s access to Peru’s rich fishing resources.
China Fishery, which is listed in Singapore, sells most of its fish in China. Its push to expand its reach across the Pacific Ocean reflects a growing hunger for seafood in the world’s second-largest economy at a time when territorial skirmishes with neighboring countries are crimping Chinese fishing vessels’ haul in regional waters.
While unveiling the new budget for 2013, Finance Minister Tharman Shanmugaratnam has also called on local business to improve the skills of their own workers in order to preclude the need of hiring from overseas.
However, Shanmugaratnam, who is also deputy prime minister, warned that the number of foreign workers cannot be reduced drastically.
“We cannot cut off the flow of foreign workers abruptly, but we have to slow the growth,” he said in a speech announcing the budget.
“We are therefore making these further adjustments, and we have to do so in full knowledge of the difficulties they will pose for many of our companies.”
Immigration has become an increasingly prominent issue in Singapore, with local residents vocally complaining of the high number of migrants entering the tiny city-state in recent years and allegedly pushing up the cost of living and the price of real estate.
The finance minister stated that foreign workers and immigrants now account for more than one-third (33.6 percent) of the total workforce.
On a broader level, Singapore’s population has more than quadrupled since 2004 – from 1.1 million to 5.3 million – as the government of Prime Minister Lee Hsien Loong encouraged immigration to compensate for a modest birth rate.
Moreover, the last month, the government released a “white paper” predicting that the state’s population could soar by almost one-third to nearly 7 million by 2030, due largely to increased immigration. By that point, nearly half (45 percent) of the population will be comprised of foreigners.
Singapore businessmen have criticized the government’s plans to penalize the hiring of foreign workers through higher levies and tighter quotas.
“This is really killing a lot of businesses; many companies are dying,” Max Lee, managing director of Plasma Precision Technology Pte., told Bloomberg.
“We are losing competitiveness and productivity.”
Similarly, Adrian Ball, head of tax services at Ernst Young Solutions LLP, warned that such cuts in foreign labor will hurt the country’s economic growth.
“This is a Darwinian budget for businesses in Singapore,” he said. “Survival of the fittest!”
The finance minister warned that Singaporean businesses will have to improve productivity, amidst a tighter labor market.
“Businesses have to respond in new ways to the tight labor market,” Shanmugaratnam said.
“We cannot carry on in the same way. If we pause now and postpone the restructuring of these industries, we will face the same problems of low productivity, low wages and low profitability in the future.”
Labor productivity in Singapore slipped by 2.6 percent last year, following growth of 1.3 percent in 2011, Reuters reported.
Shanmugaratnam added: “We need to intensify this economic restructuring and skills upgrading so as to achieve quality growth… If we do not do better in raising productivity, we will be caught in a situation where businesses lose competitiveness and wages eventually stagnate.”
The Straits Times newspaper reported that the quotas on foreign workers will most impact the services and marine sectors, including restaurants, retail shops and marine engineering firms.
Irvin Seah, an economist at Singapore’s largest bank, DBS, warned that the new budget may force some multinational firms, long entrenched in the city-state, to depart due to higher costs.
“The restructuring has resulted in the deterioration in Singapore’s overall competitiveness from many perspectives, be it from cost competitiveness or attractiveness to foreign direct investments,” he said, according to Reuters.
However, jobs remain in abundance in Singapore (unemployment is below 2 percent), although wages are quite low, particularly for low-skill workers who must compete with migrants.
Last week, just after the release if the government’s white paper on population growth, but before the 2013 budget, Singaporeans staged a rare protest over rising immigration.
More than 4,000 people attended rally blaming immigrants for various ills affecting the small nation.
“The large crowd here shows the [ruling People’s Action Party] PAP government that they are not afraid any more, they don’t want to hide behind a moniker on Facebook to show their displeasure,” Gilbert Goh, a former opposition candidate for parliament, told Agence France-Presse.
“They are showing their deep displeasure with the white paper.”
The government itself expressed ambivalence about rising population. In its white paper, the government declared: “If we do too little to address the demographic challenge, we risk becoming a steadily graying society, losing vitality and verve, with our young people leaving for opportunities elsewhere.”
But then it added: “But if we take in too many immigrants and foreign workers, we will weaken our national identity and sense of belonging, and feel crowded out of our own home.”
However, in a multicultural state like Singapore, terms like “natives” and ”immigrants” are rather fluid. In fact, the most populous ethnic group in the country, accounting for almost three-quarters of the population, are Chinese (i.e., themselves the descendants of immigrants from China). The “native” Malay people, who account for 13.4 percent of Singapore’s population, are vastly outnumbered by the Chinese. Finally, Indians (which include the finance minister), represent about 9.2 percent of the population.
Trump International Hotel Tower Chicago won coveted five-star ratings for the hotel and its restaurant, Sixteen, from Forbes Travel Guide. Trump’s spa earned four stars. Forbes said 76 hotels, 28 restaurants and 35 spas in the United States, China and Singapore won the highest ratings. Few win in more than one category. Forbes said.
“Ah Boys to Men 2″ makes Singapore Top 10 highest-grossing films list By Han Wei Chou | Posted: 26 February 2013 2025 hrs
SINGAPORE: Singapore director Jack Neo’s “Ah Boys to Men 2″ made its way into the list of Top 10 highest grossing films of all time in Singapore on Monday.
The film, about the adventures of a group of young men as they undergo Basic Military Training (BMT) in the army, raked in some S$7.08 million at the box office, in just 26 days since its release.
“Ah Boys to Men 2″ managed to secure the tenth spot on the list, behind “Spiderman 3″ (S$7.83 million) in ninth spot and “Harry Potter the Deadly Hallows Part II” (S$7.86 million) in eighth spot.
The three highest-grossing films of all time in Singapore are “The Avengers” (S$13.73 million), “Avatar” (S$11.65 million) and “Transformers: Dark of the Moon” (S$11.04 million).
“Ah Boys to Men 2″ had previously surpassed “Ah Boys to Men” in box office takings on Wednesday last week to become the highest-grossing locally-produced film of all time in Singapore.
Neo, who spent eight years serving in the army before going into showbiz, attributed the film’s success to a combination of factors.
“People are curious about the army and want to find out more. While there have been films about the army before, ‘Ah Boys to Men 2′ is like the ‘latest update’.
“The film captures the military, BMT ‘mood’ and atmosphere. The cast also managed to portray their characters really well,” said Neo, describing the film’s success as “a gift from heaven”.
Jack Neo’s big comeback
Back in 2010, few believed that Neo could recover from his dramatic fall from grace.
At the time, Neo was struggling with the fallout from his tryst with a starlet, and there was talk that he’ll never have a hit film again.
Today, Neo is riding high, with “Ah Boys to Men” and “Ah Boys to Men 2″ pulling in a combined total of over S$13.2 million at the box office so far.
“I really want to thank the audience for giving me a chance,” Neo told channelnewsasia.com on Tuesday, adding that he would “continue to create good films to repay them”.
While both “Ah Boys to Men” and “Ah Boys to Men 2″ have done exceptionally well at the box office, Neo says he is not sure how much he’ll actually earn from them.
“I spent my entire director’s fee for both films to make sure everything looked professional, as we were already over the budget (the two films had a total budget of S$3 million).
“I knew we went over budget, but didn’t know we went over by that much!” said Neo with a laugh.
“Luckily, I’ll still get a little bit of the profits.”
The director said he hopes that the films’ investors can give the cast of mainly newcomers a “bonus red packet” as well, in light of the films’ success.
So what’s next?
Neo revealed that he plans to shoot “Ah Boys to Men 3″, but ruled out shooting it this year.
“I have been really reluctant to tell people that I’ll be working on a third film, because I know people’s expectations will only get higher after the first two,” said Neo with a chuckle.
Neo added that he intends to retain the core cast members of the first two films, but is still thinking about what kind of story he wants to tell.
“We need to have a brand new story angle. We need a bit of time to do research,” said Neo.
