News Today

S'pore-based firm plans shipping trust
FIRST Ship Lease, a Singapore- based ship leasing and financing company, is planning to launch an initial public offering of a new trust.According to a preliminary prospectus lodged on Friday, the company is offering 220 million units in First Ship Lease... [Read more]

Buyer beware
The world of beauty97 No. of complaints (January to December 2006)Most common type of complaints1. Unsatisfactory services2. Pressure sales tactics CASE STUDYA consumer received a call from a vendor, offering a free makeover and photography session. However, during the free session,... [Read more]

Recall Beckham? Experts can't agree
BY LEONARD LIM - DAVID Beckham's sizzling form in Spain has caused ripples in England. The big question: Should England coach Steve McClaren, who dropped the player said to be the world's best crosser last year, welcome him back to the... [Read more]

Thais burn effigy of S'pore minister
BANGKOK - SOME 200 Thais yesterday burned an effigy of a Singapore leader outside the Republic's Embassy here in yet another protest following a diplomatic spat between the two countries. The protesters said they belonged to several groups, including Ramkhamhaeng University... [Read more]

Students celebrate New Year by giving to the needy
Evergreen Secondary 5 students Edmund Fong, Francis Poo, Nur Fathiyah, Haziqah Farhah, all 17, spent yesterday morning wrapping hampers for the needy. They were among 1,500 students who pooled their resources to buy noodles, canned food and other basic necessities to... [Read more]

Duo jailed, caned for fatal bashing at Marina South bar
TWO men who attacked another - who later died - at a Marina South bar last April have been handed jail terms and six strokes of the cane each. The victim, Mr Mohamed Salleh Tukiman, 38, was brutally beaten up at... [Read more]

Saprang on threats and issues facing Thailand
On the security threats facing Thailand: 'Terrorism is our biggest worry. Beyond that, we are most concerned about drugs and transnational crime, the influx of illegal foreign workers, the environment and destruction of natural resources, and social disorder. Also, if political... [Read more]

Shake-out looms in India's airline sector
BANGALORE - INDIAN air travel may be booming but the country's airlines are deep in the red, suggesting closures, mergers and acquisitions are inevitable, says a report. India's air carriers are expected to post a combined loss of about US$500 million... [Read more]

Ascott nets $22.2m gain from sale of Hotel Asia
SERVICE apartment operator The Ascott Group has sold its Hotel Asia property in Scotts Road for $147 million, from which it will reap a net profit of $22.2 million.The sale price represents a 41 per cent increase over the price of... [Read more]

Myriad of problems signing up for the mio plan
Being a SingTel subscriber for more than 10 years, I was happy to learn about the new mio plan last month. But my joy soon turned into a miserable experience even though I took the trouble to read everything about the... [Read more]

Qantas raises full-year earnings forecast again
SYDNEY - QANTAS Airways, target of an agreed A$11 billion (S$13.1 billion) buyout, increased its profit forecast a second time in three months on rising ticket sales and lower fuel prices.It expects earnings to rise as much as 40 per cent... [Read more]

Gold for S'pore in artistic singles

Singapore's Muhammad Iqbal Abdul Rahman (right) shows poise and control on the way to winning the male artistic singles final in the inaugural Pre-Junior International Pencak Silat Championship at the Bedok Sports Hall yesterday.

Brunei's Adi Fakhri Mahfuz and Malaysia's Abdul Bals Ramli finished second and third.

The competition, for athletes aged 12-14, is being staged alongside the 2nd World Junior Championship and the Singapore Open. It ends tomorrow.

Singapore athletes have collected nine golds and eight silvers, including three medals from the junior events and five from the pre-juniors of the Open.

Chief coach Mohammad Hidayat Hosni said: 'I'm especially happy with the pre-junior squad's contribution. It shows our development programme is bearing fruit.'

News Today

Operation Secure Baghdad
US SOLDIERS from the Bravo Company engaging in a sustained gunfight with insurgents in Baghdad at the start of the week, days before the US and Iraqi authorities launched Operation Law and Order on Wednesday. The latest security offensive in Baghdad,... [Read more]

Young volunteers keep the 'Y' hip
MOST things over 100 years old can hardly be thought of as hip and happening. The Young Men's Christian Association (YMCA) is 105 - and make that '105 years young', even though the Singapore chapter has been here since 1902.The association's... [Read more]

Envoys told to rebut Thaksin
BANGKOK - THE Thai government has asked its diplomats to counter the comments made by deposed prime minister Thaksin Shinawatra in interviews with international news organisations.In a number of interviews with newspapers, magazines and TV channels - the latest being an... [Read more]

World Quickly
TURKISH POLICE NAB 46 SUSPECTED MILITANTSISTANBUL: Turkish police arrested 46 suspected Islamic militants in operations in five provinces across the country.Anatolia news agency reported that the suspects had ties to Al-Qaeda, but police in Istanbul would not confirm that information, saying... [Read more]

BA cabin crew call off strike after last-minute deal
LONDON - BRITISH Airways said yesterday it had reached agreement with a union representing cabin crew to call off a strike, but the deal came too late to avoid travel disruptions today and tomorrow.The Transport & General Workers (T&G) Union had... [Read more]

Ex-CEO 'did not wield absolute power'
THE old NKF board directors and executive committee had given its former chief executive T.T. Durai the power to run day-to-day affairs, but 'not at any time delegated absolute power' to him.In his defence yesterday, its former board chairman Richard Yong... [Read more]

Polys to tie up with top overseas schools
SINGAPOREANS aiming to specialise in fields such as the culinary arts, hotel management or digital animation will soon have no need to head overseas to fulfil their career ambitions.Within the next three years, the Ministry of Education (MOE) will bring in... [Read more]

Bouquets
FREE TICKETS TO A GREAT MATCHMY BOYFRIEND and I would like to thank a middle-aged couple who offered us their extra set of grandstand tickets to the Singapore-Malaysia football match at the National Stadium on Saturday.The kind couple gave us the... [Read more]

Footballers are not paid millions for their minds
IS THE English footballer brain dead? This is a serious question, after a week of lavatory-wall humour concerning the criminal stupidity of Glen Johnson. He is gifted in a football sense, beyond doubt. At 17, he was a West Ham first-team... [Read more]

Al-Qaeda claims responsibility for deadly Algeria blasts
ALGIERS - AN AL-QAEDA cell has claimed responsibility for a series of car bomb attacks which killed six people and left 13 injured in Algeria's Kabylie region on Tuesday.The bombs were planted near police stations in two districts and exploded almost... [Read more]

Hyundai chairman gets three years' jail
SEOUL - HYUNDAI Motor chairman Chung Mong Koo was sentenced to three years' jail yesterday for embezzling company funds that were used to buy political favours. Chung, South Korea's richest man, was found guilty of siphoning off around 103 billion won... [Read more]

Focus turns to La Liga title defence

LONDON - BARCELONA believe that elimination from the Champions League gives them the opportunity to concentrate on retaining the Spanish league title.

'This is a let-down but not a failure,' said midfielder Deco, whose side clash with Real Madrid on Saturday after having dropped to second spot in the Spanish table.

'What are we going to do, shoot ourselves in the head?

'Winning the Champions League last year didn't mean we would win it this time. We tried, but now our obligation is to win the league.'

Since the Champions League was renamed in 1992, no club have won the title twice in a row.

The last back-to-back winners of the European Cup were AC Milan in 1989-90.

Barca admitted they had few answers to Liverpool's tactics. The Spanish team had been expected to go for broke after losing the first leg 1-2, but it was Liverpool who bombarded the visitors in the first half.

Ronaldinho said: 'They came out very focused, with a strong tactical plan and didn't give us any space, so it made it very difficult for us.'

Barcelona have been unable to recreate the formula that served them so well last season. Then, they pressed opponents all over the pitch, winning the ball back quickly and dominating with quick and incisive passing.

Two of the players so vital to making that system work are Samuel Eto'o and Lionel Messi.

Coach Frank Rijkaard gambled by fielding them on the flanks, but both were coming back from debilitating injuries.

And neither had the stamina nor sharpness for the remorseless tempo dictated by Liverpool.

Despite some acrimonious pre-match sniping over the English club's physical style, Rijkaard believes Liverpool are capable of beating any team left in the tournament.

'We won this leg, but maybe we were lucky considering the amount of chances they created in the first half,' he said.

'Liverpool produced a great performance. They are very direct while being mentally strong and motivated.

'Other teams will not like playing them. With luck, they can beat anyone in the competition.'

ASSOCIATED PRESS, REUTERS

News Today

Traffic lights needed at this junction in Bukit Batok to ease traffic flow
It takes a long time to turn right into Bukit Batok West Ave 5 heading towards PIE/KJE/BKE as there are no traffic lights at the multi-storey carpark Blk 395A. This leads to vehicle build-up during peak hours and several vehicles turning... [Read more]

Second report links military to murders in Philippines
MANILA - PHILIPPINE President Gloria Arroyo came under intense pressure yesterday to rein in the military after a second damning report implicated top commanders in a wave of political assassinations.The government inquiry, made public only after pressure from the United Nations,... [Read more]

Rest comes first, family can wait
ONE would have thought that Noh Alam Shah would rather have spent yesterday's day off in the comfort of his own home. The 26-year-old Lion, instead, chose to remain at the Amara hotel - the team hotel where a few other... [Read more]

Deal to end N. Korean nuclear crisis may be at hand
BEIJING - A CAUTIOUSLY optimistic US chief negotiator Christopher Hill said last night that a deal could be close that will see North Korea begin to end its nuclear weapons programme. Negotiators yesterday started going through a draft proposal outlining possible... [Read more]

Phones of the future
THESE phones may just make current 3G models obsolete. The phones of the future - showcased at the 3GSM World Congress trade show in Barcelona - are here in today's Digital Life.From Nokia's E90 communicator PDA phone to Motorola's Krzr K3, they... [Read more]

Malaysia backs Musharraf's Mid-East plan
KUALA LUMPUR - MALAYSIA, the chair of the Organisation of Islamic Conference (OIC), denied yesterday that a new Middle East peace initiative driven by Pakistani President Pervez Musharraf would undermine the grouping. General Musharraf has proposed bringing together leaders of influential... [Read more]

Woman sues club that suspended her over marital status
A WOMAN is suing her country club for suspending her membership because of a dispute over her marital status.Singapore Island Country Club (SICC) insisted its former vice-captain of the ladies' golfing sub-committee, Madam Kay Swee Pin, 53, was not legally married... [Read more]

Records broken at twin events for charity
RECORDS were broken yesterday in the name of Singapore's two main transport operators, with the proceeds going to charity. In the morning, SMRT made a bid to enter the Singapore Book Of Records by cramming as many people as possible into... [Read more]

India gives Bhutan free rein in foreign policy
NEW DELHI - AFTER 57 years of overseeing Bhutan's foreign policy, India and the tiny Himalayan kingdom have signed an updated treaty that gives Bhutan more elbow room in military purchases and external affairs. With Indian Prime Minister Manmohan Singh as... [Read more]

Top execs won over by services at luxury terminal
CHANGI Airport's luxury VVIP terminal has attracted a steady stream of mainly top-level executives and businessmen since opening last September. So far, more than 100 travellers and companies have signed up for membership in JetQuay, paying up to $1,000 a pop... [Read more]

Limit GST zero rating to 8 essential food items
I REFER to the letter,'Zero-rate GST on essential food items' by Mr Manmohan Singh (ST, Feb 17). Mr Singh pointed out one important impediment to administrative efficiency for both the Internal Revenue Authority of Singapore and businesses that no longer exists... [Read more]

News Today

Good chance for Barca to increase league lead
MADRID - BARCELONA'S coach Frank Rijkaard refuses to see his team as the Primera Liga title favourites.He is adamant, despite history showing that the leaders at the half-way point have gone on to win the Spanish championship in 10 of the... [Read more]

Champions League
TodayCeltic v AC MilanLille v Manchester United Live, Ch23, tomorrow, 3.30amPSV Eindhoven v Arsenal Real Madrid v Bayern Munich Live, Ch24, tomorrow, 3.30amTomorrowBarcelona v Liverpool Live, Ch23, Thursday, 3.30amFC Porto v Chelsea Live, Ch24, Thursday, 3.30amInter Milan v Valencia Roma v... [Read more]

New Year blues for Jakarta's Chinese
JAKARTA - THE wildly wet weather has put a damper on Chinese New Year in the Indonesian capital. Most of the city's ethnic Chinese live in the west and north, the areas that were among the hardest hit by the worst... [Read more]

Sex-change patient just 14
VIENNA - A 14-YEAR-OLD boy in Germany is believed to have become the world's youngest sex-change patient.The boy - born Tim but now known as Kim - has started to receive hormone treatment to prepare for the operation that will complete... [Read more]

For lease: 6 state properties for office use
THE Singapore Land Authority (SLA) has put up six state properties for lease via public tender solely for office use. They are: 195 Pearl's Hill Terrace, the former police headquarters. 18 Pearl's Hill Terrace, which used to house a Criminal Investigation... [Read more]

Advice to S'poreans travelling to Bangkok: Stay in groups
SINGAPOREANS travelling to Bangkok this weekend for the Singapore-Thailand football match are advised to stay together in groups as far as possible and to keep alert and calm at all times, the Ministry of Foreign Affairs (MFA) said yesterday.There have been... [Read more]

Post-secondary fund a good move but more please, say parents
THANK you, it is a nice gesture but it is not enough. While Singaporeans appreciated the money the Government would be giving them for post-secondary education, they said the amount was too little and conditions on its use too restrictive. Second... [Read more]

Letter bomb explodes in central London
LONDON - A LETTER bomb exploded in central London yesterday, injuring one woman and causing panic. The blast occurred at the London headquarters of the company that administers the British capital's traffic congestion toll, Capita. It is less than 180m from... [Read more]

School tests near CNY hard on some students
CHINESE New Year is just around the corner. Foreigners, particularly those of Chinese origin, are naturally excited and many are anxious to return home. Students from China are in an exuberant mood - they can be with their parents and grandparents... [Read more]

Companies in brief
COURTS SOUNDS PROFIT WARNING DUE TO THAI LOSSESTHE furniture and electronics retailer Courts (Singapore) issued a profit warning yesterday, flagging losses incurred by its operations in Thailand.The group said it expects to be in the red for the third quarter ended... [Read more]

Crisis talks in Italy after PM Prodi resigns
ROME - ITALIAN President Giorgio Napolitano has started crisis talks with political leaders following the shock resignation of Prime Minister Romano Prodi after just 10 months in office.The Prime Minister, whose fragile centre-left coalition narrowly won elections last April, tendered his... [Read more]

News Today

3 charged over wave of violence in Thai south
PATTANI - THAI security forces have arrested three men in connection with a wave of violence that left eight dead and 69 injured across the Muslim-dominated far south at the weekend. Southern Army commander Viroach Buacharoon told a news conference yesterday... [Read more]

Investments in S'pore last year hit record $13b
SINGAPORE attracted investments last year that will eventually add $13.4 billion annually to the economy - a record for a single year - and generate almost 27,000 new jobs. The figure, up from 2005's $10.8 billion, was achieved against intense and... [Read more]

Schools to teach Net safety lessons
STUDENTS here, among the most wired in the world, will soon get lessons in school that will help them navigate cyberspace safely and watch out for dangers like cyber-predators. Counsellors are also being trained to help students who develop Internet-related problems... [Read more]

Speculation mounts over form of new Thai charter
BANGKOK - SPECULATION is intensifying in Thailand over the shape of the next Constitution, after the election of a controversial former intelligence chief to chair the 35-member drafting committee.Mr Prasong Soonsiri, 79, was among 10 members of the committee handpicked by... [Read more]

Bullying cases in Japan soar
TOKYO - THE number of Japanese youngsters officially punished for bullying last year rose 41 per cent over 2005 - a 20-year record high - amid heightened concern over school bullying.The National Police Agency said on Thursday there were 233 cases... [Read more]

More Chinese delay pregnancy by freezing eggs
BEIJING - AN INCREASING number of Chinese women are asking fertility institutes to freeze their eggs so that they can postpone pregnancy to enjoy their careers and youth, Chinese media reported yesterday.More than 260 couples in Shanghai had frozen eggs, the... [Read more]

Factory output grows 5.1% despite slide in electronics
FACTORIES ended last year with a well-worn story - slumping output in the electronics sector dragged down Singapore's overall manufacturing output last month. Industrial production managed growth of 5.1 per cent in December despite the third consecutive month of decline in... [Read more]

Sailors give $477,500 back to association
IT WAS a night to celebrate the success of Singapore's sailors at the Doha Asian Games in December.But the drive to sustain a new wave of talent was not forgotten at SingaporeSailing's Appreciation and Celebration Dinner at the Republic of Singapore... [Read more]

Clarification needed over new scheme by property agents
I refer to the report, 'Two agencies launch property sale 'guarantee' scheme' (ST, Feb 9).I have a few queries. Is the scheme lawful, that is, does it break any HDB regulation, MAS guidelines or CPF rules?Isn't it true that HDB does... [Read more]

New tests to pick VIPs' bodyguards
POLICE officers who want to join the Police Security Command (Seccom) - the crack unit of bodyguards assigned to protect the President, ministers and other VIPs - will be handpicked for the job with a new series of gruelling tests.The new... [Read more]

More major operations done without 'knockout' anaesthesia
SOME major operations can now be done without the patient being completely knocked out under general anaesthesia. In regional anaesthesia, doctors paralyse just that part of the body undergoing surgery. Epidurals, administered to control pain in the lower bodies of women... [Read more]

Market meltdown hits thousands of new investors

THOUSANDS of new investors who jumped on the bull- run bandwagon over the past few months were badly burnt this week but many seem determined to stay on for the ride.

One reason for the refusal to cut and run, say experts, is that the bulk of the 'newbies' are well-educated, Internet-savvy types who see value in sticking it out for the long haul.

Others, according to a dealer, want to take 'revenge' on the market and battle on.

'Sophisticated investors are less likely to (sell) in the event of a correction,' said Mr Andrew Liew, head of retail business at the Singapore Exchange (SGX).

'They are able to understand the directions of the market better and look at their options more objectively.'

The new investor surge began three months ago and hit a peak last month when there were about 221,800 active Central Depository (CDP) Accounts - well up on the monthly average of about 161,500 last year.

Brokerage firms told The Straits Times that they had experienced similar increases.

'We've seen a 64 per cent surge in new CDP accounts in the last three months compared to the usual three- month average,' said a DBS Vickers Securities spokesman.

These market novices are a diverse bunch.

Mr Liew said they fall into three groups - foreigners, young graduates and lower-income earners with few academic qualifications.

'Foreigners are increasingly attracted because of the globalisation of SGX,' he said.

Mr Jimmy Chin, a dealer at DMG & Partners Securities, added: 'There are more university students now who trade using the Internet. They are more Internet-savvy and have easy access to information.'

Many of them have also been hurt by the plunging market this week - the Straits Times Index is down 7 per cent over the week - but remisiers say they are still hanging in.

Some will have been sitting on such big profits that the losses this week may have not made much of a dent in their long-term investment outlook.

Mr Desmond Yue, a dealer from OCBC Securities, said: 'There have been so many investors who have made so much money.

'Let's say you've made $10; you definitely would be able to lose $2. I believe that these people will stay in the market.'

Housewife Christina Tan from Tampines is one of the fighters: 'I profited about $100,000 from shares I bought late last year but lost over $20,000 in the last few days.'

She said she will stay in the market and look at the long-term prospects.

OCBC's Mr Yue expects the string of good corporate results will improve investor confidence.

One explanation for the increased resilience during this plunge, compared with similar downturns in the 1990s, is that investors now have a greater understanding of the workings of the market because of the wealth of easily obtained information.

The SGX, for example, has conducted several investor seminars over recent years and teamed up with the National Library Board last month to explain the securities market to novices.

'We see a trend of younger and better-educated people starting to trade stocks,' said Mr Liew.

However, Ms Irene Seng, a trading representative from Kim Eng Securities, has found that some clients were not ready for this week's harsh reality check.

'Many people follow what other people are buying and forget the downside as they try for a quick profit.

'Many have cut losses because the immediate reaction is to sell as everybody else is selling.'

Of course, there can be tangible benefits from going in while others are rushing out, as Mr Gabriel Yap, senior dealing director at DMG & Partners Securities, pointed out.

Mr Yap, citing the May meltdown last year, said: 'If you had bought stocks between May 3 and June 14 at the end of the two-day 'correction', you would have been up 80 to 90 per cent at today's price (levels).'

Ms June Ong, a dealer from OCBC Securities, cited a less tangible reason that might entice investors to stay in the market, as cruel as it can be: 'I think many people will want to take revenge and fight on.'

lanceang@sph.com.sg

Singapore Spit

Foreign investors wary despite asset growth
LONDON - FOREIGN investors are looking at Japan with a mixture of craving and consternation. Those with Japanese assets are seeing them forge ahead as the economy shows signs of real recovery, earning returns that had been promised for so long... [Read more]

KL denies rumours of early election
KUALA LUMPUR - TOP Malaysian government leaders have denied reports that the flurry of good news on the economy could mean that general elections will be called soon. Deputy Prime Minister Najib Tun Razak said economic conditions would not be the... [Read more]

Today in Summary
Supermart staff under probe for skiving on YouTubeLONDON - A BRITISH supermarket chain has launched a probe after video clips of people performing stunts while wearing the company uniform surfaced on the YouTube website.The videos allegedly featured Somerfield staff 'skiving' from... [Read more]

Only badminton, no song, says Yeh
RONALD Susilo found a new partner on the badminton court yesterday - Hong Kong diva Sally Yeh. They came up against tough opponents - world No 9 pair Li Yujia and Hendri Kurniawan Saputra - who eventually won 21-19 in a... [Read more]

Reyes blasts Capello's tactics and selection
MADRID - REAL Madrid's Jose Antonio Reyes has taken a swipe at coach Fabio Capello's defensive tactics, and the way he selects players out of position. The Spain winger, on loan from Arsenal, is frustrated at his lack of opportunities. Like... [Read more]

Quick-thinking pilot, passengers foil hijack
LAS PALMAS (SPAIN) - PLUCKY passengers of a Mauritanian plane overpowered a suspected armed hijacker with help from a quick-thinking pilot. The Air Mauritania Boeing 737 was on an internal flight in the north-western African country on Thursday when the hijacker,... [Read more]

Sengkang enter final after 4-2 win
SENGKANG Punggol, the S-League's wooden spoonists last season, are banking in some cash - even before the new season starts on March 4. Last night, they reached the final of the SingTel League Cup, thus assuring themselves of a minimum $10,000... [Read more]

S'poreans support proposed tighter rules on charities
THE public has given the Commissioner of Charities (COC) the green light to steam ahead with sweeping changes he has proposed, including rejecting unsuitable groups applying to register as charities. It received 16 written responses during its month-long public consultation exercise... [Read more]

I feared for my family, says Mikel
LONDON - CHELSEA midfielder John Obi Mikel has revealed why he defied manager Jose Mourinho and played for his country last Tuesday. It was because the Nigerian feared for his family's safety back home. Mourinho wanted Mikel to pull out of... [Read more]

Pioneer JC students rally peers to help boost blood bank
MOVED by a Straits Times report, a group of Pioneer Junior College (PJC) students have got more than 300 of their peers to sign up to donate blood. Students cheerfully trooped to the donation drive on Wednesday at the college. The... [Read more]

Frank Hsieh to join Taiwan presidential race
TAIPEI - FORMER premier Frank Hsieh yesterday announced that he will seek the ruling party's nomination for next year's presidential election.His announcement came just days after opposition leader Ma Ying-jeou declared his bid for the island's top office on Tuesday.Mr Hsieh,... [Read more]