I recently wrote an article for CNBC about why I thought gold was going down. It was a pretty straightforward article, I thought, maybe even a bit dull with its echoes of Economics 101.
Well, I couldn't have imagined the response I got, which were mostly
negative and angry. The experience made me wonder: why were so many
people so upset with me for trying to explain why gold has been going
Gold peaked in September 2011 and the decline has
accelerated recently, with the price down over 20 percent since last
October. This is a fact. You would think that investors in gold would
want to understand why it's falling so that they can decide whether to
get out now or, if they think the reasons for the decline are wrong, buy
more. So why get so upset? The answer to that has a lot to do with what
makes someone a good investor. It's a lesson that everyone should learn
if they are going to invest in anything.
The reason is what behavioural finance calls cognitive dissonance.
Cognitive dissonance is what you experience when you find out something
that goes against your beliefs. The best example is the typical TV news
interview with a murderer's mother. She always says what a good boy her
son is, he would never do anything like that, he loves his mother, he
loves his dog, etc. etc. This is normal. When faced with some new
information that goes against our long-held beliefs, most people prefer
to ignore the new information or rationalize it away rather than change
The more time and effort people have invested in those beliefs, and
the more costly it would be for them to admit that the new information
is true, the greater the dissonance that they experience and the greater
the need that they feel to reduce it. Reduce it not by changing their
beliefs, but by ignoring or discrediting the new information.
So a mother, who's spent years and years raising her son and does love
him, would naturally just refuse to believe that he's a murderer. And an
investor who owns a lot of gold, subscribes to newsletters about gold,
talks about gold with his friends, and has made a lot of money in gold
in recent years, is likely to refute or reject any new information that
says now might not be the best time to buy gold.
This is especially so because most people
have a lot more confidence in themselves, their knowledge and their
decision-making abilities than they should. I could see that in the
responses to my article, some of which showed an imperfect understanding
of economics at best.
For example, one reader who execrated me for saying bank reserves aren't money, argued that they are money because the U.S. Federal Reserve pays
interest on them, which ignores the fact that the Fed didn't pay
interest on them before 2008, the European Central Bank currently
doesn't pay interest on them, and the National Bank of Denmark actually
charges a fee for holding them! Yet they were very confident in their
opinion. Overconfidence is a big problem in investing.
Unfortunately, if someone does begin to feel unsure about their beliefs,
then they usually won't try to learn more to see if their beliefs
really are true. On the contrary, they'll generally take action to
justify their existing beliefs. This is called confirmation bias. They
will sort through the article and pay greater attention to any facts
that support their position than the facts that don't. They'll try to
find some small part that they "know" is wrong, and will therefore feel
justified in ignoring the whole thing.
The important point to
learn from this is that investors have to realize their own biases and
tendencies and deal with them when investing. The market doesn't care
what you believe any more than the rain cares whether you get wet. You
can't let your emotions get in the way of your understanding the market,
otherwise you can get swept away.
Cognitive dissonance can be deadly when it comes to investing. When
you're investing, it doesn't matter whether you are right or wrong; what
matters is whether you make money. You shouldn't invest to prove
something about yourself, to prove to other people that you're smart or
that you're right, because at some point you're definitely going to be
proven wrong. Some losses are inevitable in investing. It's not a shame.
It's not a disgrace. It's normal. One of the keys to being a good
investor is therefore to minimize your losses.
bias can also be deadly. Naturally, it's more pleasant to read things
that you agree with than things that you don't agree with. But if you
don't try at least to understand why some people think differently from
you, you're going to lose money sometime. It doesn't matter how smart
you are; nobody can know everything. That's why stop-loss orders were
invented. As the famous investor Howard Marks said, "you can't predict.
You can prepare."
You have to have a plan before you go into a
trade. You have to understand why you are taking a position, you have
to have a target for how far you think it will go (since nothing goes up
forever) and you need to decide on the stop loss level: the point at
which you decide you were wrong and get out of the trade.
you want an emotional experience, go on a date! Get married! That's
where your emotions should come into play. In investing, our emotions
are our enemies. We have to understand them and conquer them or else
they can cause us to defeat ourselves.
The author is the
Head of Global FX Strategy at IronFX, an on-line trading firm
specializing in Forex, CFDs on U.S. and U.K. stocks, and commodities. He
was previously Head of the Forex Committee at Deutsche Bank Private
Biosensors: Reports Financial Results For Fiscal Year 2013
For Q4 FY13, Biosensors reported total revenue of US$88.8 million,
comparable to a year ago of US$88.2 million.
Product revenue of US$76.4
million, a 17% increase over US$65.3 million in Q4 FY12.
Correspondingly, IVP sales rose to US$73.3 million, up 18% from US$61.9
million in Q4 FY12, driven by increased DES sales. CCP sales revenue was
US$3.1 million, compared to US$3.5 million in Q4 FY12.
royalties revenue was US$12.4 million, down US$10.4 million or 46% from
US$22.8 million in Q4 FY12.
The Company has recommended a final dividend
of US$0.02 per share for the financial year ended 31 March 2013
amounting to US$34.5 million, subject to shareholders' approval...
SINGAPORE (Reuters) - Chinese banks have sharply
increased loans to global shipowners as European lenders retreat from
the market but some are driving a hard bargain: the finance often comes
with the condition that vessels be built in China.
The financing has given China's shipyards a lifeline
after new orders dropped to a seven-year low in 2012. The government
wants Chinese yards to move up the value chain by building
higher-quality vessels and to become a player in the offshore energy
equipment industry, a lucrative sector in the generally depressed
The role played by Chinese lenders has drawn the ire of
some industry critics, who say an already oversupplied global fleet
will only get bigger because shipowners are taking advantage of cheaper
quotes from Chinese yards compared to other builders.
Chinese shipyards won new orders of 11.57 million
deadweight tonnes in the first four months of the year, up 57 percent
from the same period in 2012, data from the China Association of the
National Shipbuilding Industry showed.
A key supporter has been the Export-Import Bank of
China, a policy bank that provides financing to advance government
"China Ex-Im is open to all clients who build vessels
in China," said Chen Bin, deputy general manager of the bank's transport
"In this tough time we want to do as much as we can to
help (Chinese) shipyards get orders from shipping companies," Chen told a
Sea Asia shipping conference in Singapore in April.
BIG GREEK ORDER
Last month, Greek shipowners ordered 142 vessels, more
than 60 percent of their global orderbook, from Chinese yards. Good
pricing and Chinese financing were among the reasons, Greek Shipping
Minister Kostis Moussouroulis was quoted by China's official Xinhua News
Agency as saying at the time.
Among them, Diana Shipping Inc (DSX.N), Angelicoussis
Shipping Group Limited and Dynagas Ltd. got loans from the Export-Import
Bank of China, the bank said on its website.
The Ex-Im Bank as well as commercial banks such as the
International and Commercial Bank of China (1398.HK) and the Bank of
China (3988.HK) are some of the most active lenders.
Together they doubled their share of the loan book of
the top 40 lenders to the shipping industry in the last two years to 11
percent, or about $46.5 billion in loans, data from Norway's DNB, the
world's largest shipping loan provider, shows.
Ex-Im Bank had about $13 billion in outstanding
shipping loans in May, up 30 percent from the end of 2011, and planned
to offer more, Chen told Reuters. He declined to give a target.
"The enticement to order at particular yards on the
basis that you will get financed certainly attracted a lot of non-listed
European companies," said Timothy Ross, head of Asia-Pacific transport
research at Credit Suisse.
Seadrill Co. Ltd (SDRL.OL), Sevan Drilling ASA
(SEVDR.OL) and Singapore-based Frigstad Offshore Ltd, all of which have
made orders at Chinese yards within the past two years, did not respond
to requests for comment.
But Larry Pupkin, director of Singapore-based Littoral
Management, which helps shipowners find yards for construction and
arrange financing, said Chinese quotes and financing terms were
Chinese banks are not alone in helping their shipyards.
Bankers and lawyers said policy banks in South Korea were also giving
finance to shipowners to place orders at Korean yards, which topped
China in the value of orders last year.
In 2012, South Korea won contracts worth nearly $30
billion, while Chinese yards received $18.2 billion in orders, according
to the World Shipyard Monitor published by Clarkson Research Services.
Global new orders totalled $85.5 billion.
So far this year, Chinese yards have won orders worth
$5.4 billion for 184 vessels, compared to $11.5 billion in contracts for
125 new ships at Korean yards. In tonnage terms, China and South Korea
were neck-and-neck, the Clarkson data showed.
"The view in the industry right now is, if you need
money to buy ships, Chinese and Korean lenders will fund you," said Jon
Windham, head of industrial research at Barclays for Asia ex-Japan.
PUSH INTO OFFSHORE EQUIPMENT
The oversupply of vessels, low shipping rates and sluggish demand has drawn concern from some industry officials in China.
"Banks ... shipowners and cargo owners should take an
extremely cautious attitude towards shipping investment under this
catastrophically oversupplied market," said Zhang Shouguo, executive
vice president of China's Shipowners' Association.
In a letter posted on the organisation's website, Zhang estimated that global ship supply exceeded demand by 30 percent.
Beijing has promised to help its vast shipbuilding
sector develop as part of a broader effort to upgrade the country's
massive manufacturing industry.
In a 2011 document on the strategy to develop the
offshore energy equipment industry, China's National Development and
Reform Commission urged banks to increase financing to manufacturers.
Industry leaders in that sector are yards in Singapore and South Korea.
But a number of Chinese yards, including Dalian
Shipbuilding Industry Co. Ltd, Yantai CIMC Raffles Offshore Ltd and
yards under state conglomerates China State Shipbuilding Corporation
(CSSC) and China Ocean Shipping (Group) Company (COSCO), have started to
challenge in the market for jackup rigs, which drill in water up to a
depth of 150 metres (500 feet).
Chinese yards had 35 of the 95 orders for jackups by
the end of the first quarter, from fewer than 20 at the start of 2012,
Norway-based Pareto Securities said. Singapore had 45.
Seadrill, chaired by shipping tycoon John Frederiksen,
placed an order last year for two barges and two jackup rigs at Dalian
Shipbuilding, with a syndicated loan of $440 million in which the Ex-Im
Bank of China took a sizable chunk, according to the bank.
Even in the offshore equipment field, which has a good
outlook thanks to rising expenditure on oil and gas exploration and
production, some Chinese bank executives called for prudence.
"Offshore (equipment) is a huge market, but we are
concerned about a rush into the market en masse," said Yang Changkun,
managing director of shipping at ICBC Financial Leasing Co. Ltd, an arm
of ICBC bank.
Nevertheless, Yang told Reuters that ICBC Financial
Leasing hoped to bring in 10 billion yuan worth of ship finance deals
this year, equivalent to what the company did in the five years since
its establishment in 2007.
HEYDAY OVER FOR EUROPEAN BANKS
European banks still dominate lending to the global
industry, although their share fell to 75 percent in 2012 from 83
percent in 2010, the DNB data showed.
One major difference in strategy is that Chinese banks
are happy to work with new shipowners, while European lenders appear to
be working more with existing clients.
"There are European banks that are able to do new
business, however, some of the same banks are also spending a lot of
time managing their existing book," said Gregg Johnston, partner at law
firm Stephenson Harwood LLP in Singapore.
Commerzbank (CBKGk.DE) last year said it would wind up its ship finance
unit. France's Societe Generale (SOGN.PA) sold part of its shipping loan
portfolio to Citigroup (C.N).
"I don't think European banks will go back to the
strength they had before the crisis. Asian banks will very nicely fill
the gap," said Mario Behe, co-head of ship finance for Credit Suisse in
Stocks shaved their gains but still ended
in positive territory across the board Tuesday following a long holiday
weekend, buoyed by supportive comments from central banks around the
world and a pair of upbeat economic data.
The blue-chip index finished higher for the 20th-straight Tuesday.
The last time the index even got this far was in 1927 when the Dow
closed up 15 consecutive Tuesdays between June 1927 and September 1927.
"If you believe in calendar folklore, the day after a three-day
weekend has a bias to the upside and the final week of the month has a
bias to the upside and it's terrific Tuesday again," noted Art Cashin,
director of floor operations at UBS Financial Services. Cashin also
noted that trading volume has been on the lighter side.
The Dow Jones Industrial Average shaved its gains but still logged a triple-digit gain of 106.29 points to end at 15,409.39, led by Microsoft and United Health. The Dow was up 218 points at its session high.
The S&P 500 rose 10.46 points, to close at 1,660.06. And the Nasdaq advanced 29.74 points, to finish at 3,488.89. Both indexes closed higher for the 10th-consecutive Tuesday. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, finished above 14.
rig will be built to Statoil’s Category J specifications and based on
the Gusto MSC CJ70 design. It will be capable of operating in harsh
environments, in water depths of up to 150 metres and can drill down to
The rig is scheduled for delivery in the first quarter of 2016.
Jurong Shipyard is also currently constructing six F&G JU3000N class jack-ups for Noble at a combined value of $1.3 billion.
The iconic development wins the Gold award under the Residential (High Rise) category
Reflections at Keppel Bay, one of the world's most architecturally
daring icon, has been conferred the highest Gold award in the highly
acclaimed FIABCI Prix d'Excellence Awards 2013.
Receiving the award at the 64th FIABCI World Congress in Taichung,
Taiwan, was Mr Tan Tai Chiew, General Manager of Keppel Bay, the joint
venture developer behind Reflections at Keppel Bay, comprising
Keppel Corporation and Keppel Land.
Mr Tan said, "The latest win reaffirms our commitment to develop
world-class properties that bear the Keppel quality hallmark. Beyond
architectural excellence, we strive to create desirable living
environments that will enrich the lives of our residents at Reflections
at Keppel Bay and across all our properties.
"As a global architectural icon, Reflections at Keppel Bay mirrors
Singapore's status as a modern and forward-thinking nation. Keppel is
proud to play our role in continually shaping our city skyline with
distinctive landmarks such as Reflections at Keppel Bay, that also
positions Singapore on the world map of prime real estates."
Strategically located on Singapore's southern coast, Reflections at
Keppel Bay features six glass towers and 11 villa apartment blocks along
a 750-metre shoreline. The 1,129 luxurious waterfront apartments enjoy
unrivalled views of the bay, golf course, lush parks and Mount Faber.
Designed by master architect Daniel Libeskind, Reflections at Keppel Bay
is his first residential showcase in Asia.
Mr Libeskind added, "I am delighted that Reflections at Keppel Bay
has been named the Gold winner by the FIABCI. Reflections at Keppel Bay
has been influential, not only on the community but on the city at
large. Singapore is known as a paradigm for innovative residential
developments and Keppel Land has been exemplary in its desire for
innovative, sustainable, and creative design. I am delighted that our
close collaboration with Keppel Land is continuing with the new project,
Corals at Keppel Bay."
The development achieved temporary occupation permit in December
2011. To-date, about 95% (901 units) of the 950 launched units at
Reflections at Keppel Bay have been sold. Tapping on strong leasing
demand for luxury waterfront residences in Singapore, more than 150
units have been set aside as corporate residences.
Riding on the strong demand for luxury waterfront properties, Keppel
has launched Corals at Keppel Bay, also designed by Libeskind. Located
along the historic King's Dock in the Keppel Bay precinct, Corals at
Keppel Bay will comprise 366 premium waterfront residences.
The FIABCI Prix d'Excellence recognises international real estate
projects that display distinction in various aspects of a development
such as concept, architecture and design, development and construction,
financial and marketing, environmental impact and community benefit.
Reflections at Keppel Bay has also won numerous international and local awards including:
Universal Design Mark Platinum Award 2013 by the Building and Construction Authority of Singapore (BCA);
.. It is added that Keppel may benefit from having a shipyard in Azerbaijan as it is reportedly close to signing a contract with Socar, an oil and natural gas firm owned by Azerbaijan, for a semi-submersible rig worth between US$700m - US$800m.
BAKU, May 22 (Reuters) - Azeri state energy firm SOCAR plans
to borrow more than $20 billion over the next five years to
finance energy projects to help boost gas exports to Europe, a
challenge to plans by neighbouring Russia.
SOCAR, one of the world's oldest oil companies, wants to
send gas to Europe, hoping to capitalise on a desire in European
capitals to diversify their supply from Russia after Moscow's
"gas wars" with Ukraine disrupted supplies in 2006 and 2009.
The plan to tap its Shah-Deniz II project for an expected 16
billion cubic metres per year (bcm/y) of gas to Europe is in
direct competition to the South Stream pipeline project, led by
Azerbaijan's former Soviet master, Russia.
Vice President Suleiman Gasymov said he would approach
foreign banks as well as turning to the state oil fund to pay
for a $5 billion refinery in Turkey, a $17 billion oil and gas
processing and petrochemical complex, the $8 billion
Trans-Anatolian natural gas pipeline project (TANAP) and new
drilling rigs on the Caspian Sea worth $4 billion.
"SOCAR starts implementation of four projects with a total
estimated cost of $33 billion-$35 billion from 2013," he said in
"Sixty-five percent of the cost will be provided by bank
credits, while the remaining 35 percent (will come) from
Azerbaijan's own resources, mainly the state oil fund."
SOCAR is a sole shareholder in three projects and controls
the TANAP project aimed at taking Azeri gas to Turkey and to
markets in Europe.
Construction of the TANAP pipeline, which will be built from
the Turkish-Georgian border to Turkey's border with Europe, is
expected to start at the end of 2013 and the project's first
phase is seen ready at the end of 2017 or early 2018.
South Stream, which will stretch more than 2,000 km to
northeast Italy, is expected to be built by the end of 2015, its
chief executive of the offshore section said earlier this month.
New drilling rigs on the Caspian Sea will be built for SOCAR
by Singapore's Keppel.
But credit ratings agency Fitch said in April that further
investment or acquisitions by SOCAR would result in "a
significant and sustained deterioration of credit metrics
(which) would be negative for the ratings". Fitch's rating in
April was BBB-.
In March 2013, SOCAR placed a $1 billion 10-year Eurobond
with 4.75 percent coupon to refinance part of its existing debt
and for its capital investment programme. The company's debut
Eurobond issue was in February 2012.
Gasymov dismissed concerns over increasing SOCAR's debt.
"There are no risks for Azerbaijan over financing of these
projects, because the state is behind them and we have a high
international rating," he said, adding that SOCAR planned to
borrow funds mainly in export-import banks abroad.
Fitch cut Azerbaijan's sovereign-credit grade outlook to
BBB- earlier this month because the Caspian Sea nation raised
spending as oil output declined.
Gasymov said the European Bank for Reconstruction and
Development, the World Bank and some foreign commercial banks
had already expressed interest in funding one of the projects --
construction of a new refinery at Aliaga in western Turkey,
which is expected to be completed by 2016.
Azerbaijan's $34 billion state oil fund holds proceeds from
oil contracts, oil and gas sales, transit fees and other
revenues and uses investment proceeds to help finance social
spending and infrastructure projects.
Apart from transfers to the Azeri state budget, it invests
in real estate abroad and plans to spend about $1 billion on
buying commercial property this year, mainly in Asia and
(Writing by Margarita Antidze; editing by Elizabeth Piper and
May 23 (Reuters) – The Osaka Securities Exchange on Thursday briefly
suspended trade in Nikkei futures due to a steep drop as investors took
profits following a recent sharp rally, after weak Chinese factory
activity rattled investors.
The Nikkei share average slid as much as 6 percent to 14,682.05. The benchmark was last down 5.6 percent at 14,757.12, on track for it biggest one-day percentage drop in two years.
The broader Topix index was down 5.8 percent at 1,202.30, with volume
already at record high with another 17 minutes before the closing bell
In Singapore, we are see some bloggers posting headlines like these ...
Singapore shares closed 1.77 per cent lower, in
line with regional bourses which dived following weak China
manufacturing data. The STI fell 61.20 points to 3,393.17.
SINGAPORE: Stocks in Singapore closed 1.77 per cent
lower on Thursday, in line with regional bourses which dived following
weak China manufacturing data.
The Straits Times Index fell 61.20 points to end at 3,393.17.
Volume was 4.6 billion shares.
Losers led gainers 482 to 73.
ended 11.7 per cent lower at S$1.925 on news that the Singapore Labour
Foundation was selling part of its stake in the company.
Trust was down 5.65 per cent at S$2.17, CapitaLand lost 2.66 per cent
to S$3.66, while Golden Agri-Resources was steady at S$0.570.
DBS dropped 0.75 per cent to S$17.15 while Jardine Cycle and Carriage fell 2.5 per cent to S$46.86.
around the world were roiled Thursday after Japanese stocks suffered
their biggest slide since the country was hit by a devastating tsunami
more than two years ago.
Several reasons have been blamed for
the 7.3 percent fall in the Nikkei index to 14,483.98, including a spike
in Japanese government bond yields and unexpectedly weak Chinese manufacturing figures.
Mixed messages from the U.S. Federal Reserve about when it may start withdrawing some of its monetary stimulus have also contributed to Thursday's retreat.
While Wednesday's written testimony to lawmakers in Congress from Fed Chairman Ben Bernankeappeared to signal
that the central bank was not yet ready to change its super-easy
monetary policy, subsequent comments—and the minutes of the last
rate-setting meeting—triggered speculation that the pace of asset
purchases could slow down.
Global Markets Slump
Fed tapering fears sparked
today's global market selloff. Richard Hoey, BNY Mellon; Michelle
Girard, RBS; and Ed Keon, Quantitative Management Associates, discuss.
Much of the recovery in global stock
markets over the past few years has had its roots on the extra liquidity
that's flown through financial markets as a number of central banks,
particularly the Fed, have pursued stimulus programs.
"The mood has switched from greedy to fearful," said Chris Beauchamp, market analyst at IG.
In Europe, the FTSE 100 index of leading British shares, which was
only around 70 points off its highest-ever close on Wednesday, was down
2.1 percent at 6,700. Germany's DAX, which has hit a series of all-time
highs recently, tumbled 2.8 percent to 8,293 while the CAC-40 in France
was 2.4 percent lower at 3,955.
U.S. stocks, which fell sharply Wednesday, were poised for more
declines at the open. Dow futures were 1 percent lower while the broader
S&P 500 futures fell 1.2 percent.
Those declines though are dwarfed by the scale of the reverse in
Japan's Nikkei. Some sort of decline in global indexes had been
anticipated following a run that's seen many post historic highs.
The Nikkei has been the best-performing major index this year, having
risen around 45 percent—before Thursday's loss—to five-year highs. The
Nikkei has been buoyed by the announcement of an aggressive monetary
stimulus from the Bank of Japan, which has piled the pressure on the
yen. That development is a potential boon to the country's exporters and
therefore to growth.
Many in the markets blamed the Nikkei's
fall on the spike in the interest rate charged on country's benchmark
10-year bond to above 1 percent for the first time in a year. That
unnerved investors at a time when Japan's already overburdened
government finances are vulnerable to rises in interest rates.
interest rate, or yield, later slipped back to about 0.9 percent.
The sell-off is a reminder of Japan's vulnerability as Prime Minister
Shinzo Abe tries to end two decades of stagnation with unprecedented
monetary easing, increased government spending and reforms to make the
world's No. 3 economy more competitive.
The level of Japan's debt is higher, relative to its economy, than
even some of the crisis-stricken European countries. But because it is
mostly owned by domestic investors, especially huge banks and insurance
companies, the country's credit rating has remained steady. About a
quarter of the national budget is interest payments on government debt.
Markets elsewhere in Asia sank sharply after a survey showed China's
manufacturing contracted in May. HSBC said its preliminary Purchasing
Managers Index fell to a seven-month low of 49.6 in May from April's
50.4. Numbers below 50 indicate that activity is contracting. Analysts
had expected a more modest decline to 50.3.
Composite Index lost 1.2 percent to 2275.67, its biggest fall in a month
while the smaller Shenzhen Composite Index shed 0.7 percent to close at
Elsewhere, Hong Kong's Hang Seng slumped 2.5 percent
to 22,669.68. South Korea's Kospi lost 1.2 percent to 1,969.19.
Australia's S&P/ASX 200 dropped 2 percent to 5,062.40.
There were big moves across a range of financial assets. In the currency
markets, the yen was the main mover following the rise in Japanese
yields. The yen has bounced back strongly, after falling to near
five-year lows against the dollar on Wednesday. The dollar was trading
1.7 percent lower at 101.39 yen, having earlier fallen to a low of
Oil prices were under the kosh too amid concerns
over the global growth environment—the benchmark New York rate was down
$1.19 at $93.09 a barrel. Gold, however, was in demand as it benefited
from its status as a haven at a time of uncertainty. It was up 1.3
percent at $1,385 an ounce.
The main debate now in the markets
is whether Thursday's developments mark the end of the euphoria that has
gripped many investors this year.
"The fact that the equity
markets fell so hard on these headlines overnight indicates that perhaps
investors have been guilty of too much exuberance in recent months,"
said Jane Foley, an analyst at Rabobank International.
DBS Bank has been ranked the most valuable brand in Singapore
for the first time, coming ahead of Singapore Airlines, in Brand
Finance's annual "Top 100 Singapore Brands" league table - PHOTO : SPH
DBS Bank has been ranked the most valuable brand in Singapore
for the first time, coming ahead of Singapore Airlines, in Brand
Finance's annual "Top 100 Singapore Brands" league table.
The bank moved up two places from its No 3 position in 2012, DBS said yesterday.
According to Brand Finance, DBS had the highest brand value growth
over the last year of US$1.16 billion, which was a 50 per cent increase
over its 2012 value. The bank's overall brand value has more than
doubled in the past four years, rising from US$1.36 billion in 2009 to
its current value of US$3.47 billion.
Said Karen Ngui, managing director and head of group strategic
marketing and communications at DBS: "The significant growth in our
brand value is a testament to the strides the bank has made, both in
Singapore and around the region. In recent years, we have delivered
strong earnings growth and are today the largest bank in South-east Asia
and a leading Asian bank."
Samir Dixit, managing director of Brand Finance Asia Pacific,
described DBS as "a great example" of a brand-focused business, where
the brand plays a significant role in helping build the business while
the organisation seeks to diversify its revenues away from its home
London-based Brand Finance is an independent brand strategy and
valuation consultancy. The ranking incorporates data from all listed
companies. Each brand is accorded a brand rating and a brand value.
Like it or not. One day, we must live on our retirement income for life. See the diagram below:
Uncle8888 passed this copy of retirement planning worksheet to somebody.
After simulating with the retirement planning Excel worksheet, he told me that his initial assumption for his number is wrong. To retire comfortably with fair level of certainty of retirement income for life; he has to rework his number again and rethink his investment strategy to include growth.
Keppel Corporation (KEP) announced that its wholly
owned subsidiary, Keppel Real Estate Investment Pte Ltd, has entered into a
sale and purchase agreement with Goldman Sachs (the placement agent) for the
sale of 180m units of Keppel REIT (6.7% of total issued units of KREIT) for
The aggregate cash consideration of S$279.9m took into account
KREIT’s last transacted price of S$1.605/unit as at 20 May 2013 and the 30-day
VWAP of S$1.5129.
This is at a premium to the book value and NTA/share of
S$1.31 and S$1.28, respectively, as at 31 Mar 2013. Upon completion of the sale
(expected 27 May), KEP’s interest in KREIT remains substantial (from 58.2% to
0 May 2013 10:24Biosensors International Group, Ltd. has announced CE Mark
approval for BioMatrix NeoFlex, the latest addition to the BioMatrix
family of drug-eluting stents. BioMatrix NeoFlex features a new advanced
stent delivery system, improving pushability, trackability and
It also has a lower lesion entry profile than its
predecessor. BioMatrix NeoFlex retains the same unique combination of
abluminal biodegradable polymer coating, proprietary limus drug Biolimus
A9 and flexible platform which has made the BioMatrix stent family an
increasingly popular choice of DES in the global markets where it is
- Project extends the reach of
Sembcorp's pioneering centralised utilities business and strengthens its
presence in the Middle East Muscat, OMAN, May 19, 2013 - Sembcorp Industries
(Sembcorp) is pleased to announce that its newly-incorporated
wholly-owned subsidiary, Sembcorp Utilities (Oman), has signed a joint
venture agreement with Takamul Investment Company (Takamul), a
subsidiary of Oman Oil Company, to develop centralised utilities
facilities for the Duqm Special Economic Zone (SEZ), a new major
industrial and commercial hub that is set to be one of the world’s
largest special economic zones.
Under the agreement, Takamul and Sembcorp’s 65-35
joint venture entity, Centralised Utilities Company (CUC), will serve as
a one-stop provider of a range of centralised utilities such as power,
steam, water, sewerage treatment and on-site logistics on a captive
basis to multiple industrial customers in the Duqm SEZ in southern Oman.
CUC’s customers will include anchor customer Oman Oil Company, which is
developing a 230,000 barrels per day refinery targeted to begin
operations in 2018 as well as a petrochemical complex on the site. CUC
will have an initial share capital of OMR1 million (approximately S$3.2
million), of which Sembcorp’s 35% stake will be funded through internal
Sembcorp and Takamul intend to invest in separate
special purpose companies which will develop and own facilities
supplying CUC with energy, water and other on-site logistics. Operations
and maintenance of the facilities will be undertaken by CUC. Sembcorp
and Takamul are currently working on the terms and details of the
special purpose companies.
This concept of a centralised utilities model will be the first in
Oman. This project builds on Sembcorp’s considerable expertise and
operating experience in this field. The company is a pioneer in
centralised utilities. Under this unique model, multiple customers are
offered an integrated supply of energy, water and on-site logistics
produced by centralised facilities. By outsourcing critical utilities to
Sembcorp, companies can focus on their core business and save on
investment and operating costs. They can also be assured of reliable
solutions which meet stringent environmental standards. From its
beginnings in Singapore’s petrochemical hub, Jurong Island, this model
has been successfully replicated in key industrial sites
internationally. Including Duqm, Sembcorp’s centralised utilities model
has now been implemented in 10 sites across Singapore, the UK, China and
the Middle East. The company also lends its expertise to develop local
resources in markets where it operates through skills and knowledge
The signing of the joint venture agreement took
place in Muscat today between His Excellency Nasser bin Khamis Al
Jashmi, Chairman of Oman Oil Company, and Tang Kin Fei, Sembcorp’s Group
President & CEO. The ceremony was witnessed by Singapore’s Minister
for Foreign Affairs and Minister for Law, K Shanmugam.
Mr Tang said, “We are very honoured to be selected
by Takamul as their centralised utilities partner for this important
new SEZ at Duqm. As the pioneer in one-stop outsourced energy, water and
on-site logistics for multiple companies in energy-intensive industrial
hubs, Sembcorp is in a good position to support the growth of the Duqm
SEZ. We look forward to working closely with Takamul in making CUC a
success. We also look forward to growing Sembcorp’s business in Oman as
well as the Middle East, a target region for future growth for our
His Excellency Nasser bin Khamis Al Jashmi said,
“This is a significant step in a very positive direction. The CUC will
contribute to His Majesty’s vision of developing Duqm as a major
national and international hub supporting the economic development of
Oman. We are happy that Takamul and Sembcorp have joined forces and
together we are confident of a very successful outcome.”
“Sembcorp was selected through a very extensive
evaluation process of a number of utilities providers, because of their
considerable expertise and operating experience in this field,” Nabil
Al-Ghassani, CEO of Takamul, added.
Strategically located along the Gulf of Oman with a
long coastline running along the Arabian Sea, Duqm has been targeted
for development as a major maritime gateway for trade in crude oil from
the Gulf, and as an important industrial and commercial hub. With a land
area of 1,777 square kilometres and an 80-kilometre coastline, the Duqm
SEZ will rank as the largest SEZ in the Middle East and North Africa
region and one of the largest in the world. It will be administered,
regulated and developed by the Duqm Special Economic Zone Authority, a
financially and administratively independent government entity.
Encompassing a sea port, city centre, industrial zone, tourism zone,
logistics centre and an education and training zone, all supported by a
multimodal transport system connecting the SEZ to nearby regions, the
development of the SEZ is expected to take place in three phases from
now until 2025.
Sembcorp’s presence in Duqm will mark its second
project in Oman. Earlier today, Sembcorp celebrated the official opening
of its first operation in Oman, the Salalah Independent Water and Power
Plant. The largest and most efficient plant of its kind in the Dhofar
governorate, the plant plays a major role in meeting the region’s
growing power and water needs. It supplies 445 megawatts of power and 15
million imperial gallons (69,000 cubic metres) per day of desalinated
water to the Government of Oman’s wholly-owned Oman Power and Water
Procurement Company under a 15-year power and water purchase agreement.
The signing of the joint venture agreement with
Takamul is not expected to have a material impact on the earnings per
share and net asset value per share of Sembcorp Industries for the
current financial year.
The day Uncle8888 finally stopped Believing Bullshit!
Some time we ourselves are to be blamed for our own lack of commonsense and stupidity in Believing Bullshit and committing deadly investment sins.
Deadly Investment Sin #2
The "Guru" belief: if I can't predict the market, there's someone somewhere who can - and all I need to do is find him.
Deadly Investment Sin #6
The "System" belief: somebody, somewhere has developed a system - some arcane refinement of technical analysis, fundamental analysis, computerised trading, Gann triangles, or even astrology - that will guarantee investment profits.
But, the moment we woke up from our own stupidity; we will realise it can't be like that.
He or she can make thousands and millions of dollars by clicking here and there in the stock market; but have to play dirty trick and spent hours talking and explaining just to convince 20 to 30 naive people to pay $X,XXX for their trading course.
The late Phil Fisher was one of the great investors of all time and the author
of the classic book Common Stocks and Uncommon Profits. Fisher started
his money management firm, Fisher & Co., in 1931 and over the next seven
decades made tremendous amounts of money for his clients. For example, he was
an early investor in semiconductor giant Texas Instruments TXN. Fisher also
purchased Motorola MOT in 1955, and in a testament to long-term investing,
held the stock until his death in 2004.
"Common Stocks and Uncommon Profits" - is a MUST
"Capital Appreciation through Capital Preservation" - Phil Fisher
Does Uncle8888's Pillow Stocks Strategy has the similar effect of capital appreciation through capital preservation?
I am 60+ yrs old uncle living in HDB heartland who has retired @ 60 on 30 Sep 2016.
I have been doing long-term investing and short-term trading in Singapore stock market only since Jan 2000 and now becoming full-time retail investor. So I am that Panda or Koala in the investment world; but I am still surviving well in the wild.
I have two sons and one daughter; two working adult children and the youngest son is currently in his 1st year SUTD.
I am currently executing my Three Taps solution model to maintain sustainable retirement income for life till 2038
Last updated: 16 Oct 2016
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