News Today

Sirens to be sounded today
SIRENS will sound islandwide today at 12.05pm, as part of Total Defence Day.The exercise also serves to familiarise people with the Public Warning System (PWS) and the three emergency signals.When the sound is heard, people can tune in immediately to any... [Read more]

People on the move
SIMON CHEONG IS NEW REDAS CHIEF SIMON CHEONG: Elected president of the Real Estate Developers' Association of Singapore (Redas). He is also the chairman of SC Global Developments. Mr Chia Ngiang Hong, group general manager of City Developments, was named Redas'... [Read more]

Robust sales for Microsoft despite Vista delays
NEW YORK - MICROSOFT reported robust sales for its latest quarter and a profit that slightly surpassed Wall Street estimates, but its financial results were muddled by the late arrival of important new products.Sales rose 6 per cent in the quarter... [Read more]

Fabregas apologises to Hughes
FRANCESC Fabregas has apologised for infuriating Mark Hughes about Blackburn's style of play. Manager Hughes was stunned when Fabregas, 19, took a verbal swipe at him after Arsenal's 0-0 FA Cup draw at Emirates Stadium on Saturday, reported The Sun. Hughes... [Read more]

'Doomsday seed vault' to be built in North Pole
OSLO - PLANS for an Arctic 'doomsday repository' aimed at providing mankind with food in case of a global catastrophe have been unveiled. The top-security vault, to be carved into the permafrost of a mountain near the North Pole, will preserve... [Read more]

Sports World
ENGLAND TRIUMPHSYDNEY: England ended a run of nine straight losses to Australia with a 92-run win in a tri-series one-day cricket international yesterday.That kept alive their chances of leap-frogging New Zealand into the best-of-three finals.Ed Joyce belted 107 to help England... [Read more]

Pick leaders on merit, not cultural affiliation
IN HIS letter, 'Flip side of foreign students topping exams' (ST, Feb 13), Mr Quek York Tong lists his fears about an influx of foreigners into Singapore.I disagree with the xenophobic tenor and support the effort of integrating and assimilating foreigners... [Read more]

Disappointment after disappointment over CPF money
I called the Central Provident Fund on Jan 26 to enquire on my father's withdrawal of the balance from his retirement account. The operator checked his account and confirmed that he qualified for the withdrawal. She also informed us that if... [Read more]

Fund managers selling more Sing$ offshore unit trusts
THE next time you buy a unit trust in Singapore, don't be surprised to find that it is registered in an offshore location such as Luxembourg or Dublin, instead of Singapore. In the months ahead, most new unit trusts are likely... [Read more]

Putin ally promoted to first DPM post
MOSCOW - MR SERGEI IVANOV has long been a right-hand man to Russian President Vladimir Putin, and now the defence chief takes a step closer to replacing him with his appointment as first deputy prime minister. Mr Putin said on Thursday... [Read more]

Horse bites man at children's zoo
ON SUNDAY, a father carrying his year-old son in his arms was bitten by a horse in the Children's World Animal Land section at the Singapore Zoo.Mr Karl Verhulst, 39, said: 'It stretched over the 1.3m-tall barrier and in a flash... [Read more]

Two funds aim to stand out with talents and finance

IN THE highly competitive funds management industry, financial institutions go all out to come up with funds with a difference that are likely to catch the eye of investors.

Two funds that fit that bill were being touted recently - one has been around for a couple of years while the other is fresh on the market.

One, the AXA Talents Fund, focuses on companies managed by exceptionally talented leaders who have caught the attention of the fund manager. The other, the DBS Asian Financials Fund, is a two-year, fixed-tenure fund that gives investors exposure to the financial sector.

Fund manager for the AXA Talents Fund, Mr Charles Firmin-Didot, visited Singapore last week and told The Straits Times how he sniffed out outstandingly talented business leaders - typically founders of firms.

'We look only at people with 10 years of track record and analyse what they have done in their lives - their execution capacity and how they handled difficult crises... It's about leadership characteristics rather than technical skills,' he said.

To cut risks, he steers clear of single product technology and biotechnology firms.

Mr Firmin-Didot admitted that he has invested a handsome eight-digit sum in the AXA Talents' mother fund which was launched in August 2001.

In fact, part of his pay is tied to the performance of the fund and he takes a yearly bonus only if the fund is in positive territory and is above the MSCI World Index.

Currently, it covers more than 100 firms worldwide including home-grown Raffles Education - founded by Mr Chew Hua Seng - and Japan's Softbank Corp.

The Singapore-registered AXA Talents Fund was launched in April 2005 and had $12.3 million assets under management as at Jan 31.

Last year, it posted returns of 11.7 per cent. The fund aims to deliver returns that are 10 per cent above the MSCI World Index.

Over at DBS Asset Management (DBSAM), the recently launched DBS Asian Financials Fund invests in a pool of 10 to 20 stocks with a two-year lifespan starting from March 19.

DBSAM's director of marketing & client services, Mr Tan Chin Kong, said the fund is 'targeting savvy investors who believe in the finance story' and desire exposure to a focused theme.

The fund will be fully invested in about 15 stocks such as South Korea-based Kookmin Bank, and some cash holdings. Bonds are excluded. About 68 per cent are invested in banks and finance firms and the balance in insurance firms, property and cash.

It is available for subscription only for a limited period ending next Friday. Although it has a buy-and-hold strategy with a two-year horizon, the fund will be actively monitored.

The fund manager can rebalance the existing stocks in the portfolio and switch to other stocks during the timeframe.

The objective is to get the highest return during the period. To do so, the mandate is that 30 per cent of the portfolio can be replaced.

Other financial funds, such as Fidelity Financial Services Fund, have an unlimited lifespan and are more actively managed.

A bullish Mr Tan expects loans growth at banks to continue to post percentage growth in the mid-teens over the next two years.

Last year, banks in the Asia-Pacific - excluding Japan - achieved loans growth of 15 per cent.

Before the fund matures, investors can sell their units, although specified charges apply.

The fund's sales charge is 2.5 per cent and annual management fee is 0.8 per cent. The latter is lower than conventional unit trusts which typically have an annual management fee of 1.5 per cent to 2 per cent.



Growth-oriented

The AXA Talents Fund focuses on companies managed by exceptionally talented leaders. The fund had $12.3 million assets under management as at Jan 31. Last year, it posted returns of 11.7 per cent.

The DBS Asian Financials Fund is a two-year, fixed-tenure fund that gives investors exposure to the financial sector.

It invests in a pool of 10 to 20 stocks with a two-year lifespan starting from March 19.

News Today

Festive death toll on roads hits 64
KUALA LUMPUR - MORE than 60 people have died on Malaysia's roads despite a safety blitz ahead of Chinese New Year this weekend. Malaysian police said 64 people have been killed in accidents in the four days since the launch of... [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]

Viet PM chats with public online
HANOI - VIETNAM'S Prime Minister offered a rare glimpse into his family life and wartime past yesterday when he took online questions from the public in what the government billed as a show of openness. In Mr Nguyen Tan Dung's two-hour... [Read more]

Serie A
Yesterday AC Milan 2 Livorno 1 Atalanta 0 Lazio 0 Cagliari 2 Siena 2 Chievo 0 Inter Milan 2 Fiorentina 2 Udinese 0 Messina v Catania Kick-off delayed Palermo 0 Empoli 1 Roma 3 Parma 0 Sampdoria 2 Ascoli 0 Torino... [Read more]

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

Slingers lose play-off
THE Singapore Slingers' first season in the Australian National Basketball League is over.They lost 93-106 to the Townsville Crocodiles in the play-off quarter-finals at the Townsville Entertainment Centre in North Queensland yesterday.Said Slingers coach Gordon McLeod: 'We let ourselves down in... [Read more]

UN raises bird flu alarm over cats
NEW YORK - THE cat that ate the canary could be in for a nasty surprise.The United Nations Food and Agriculture Organisation (FAO) this week warned pet owners in areas infected with bird flu to keep cats away from backyard poultry... [Read more]

SME clinic
I WOULD like to set up my own business selling takeaway food with light cooking. I have been looking for a shop but can't find any that is suitable. Either the rental is too high ($2,000 per month and above) or... [Read more]

Sorry, $100 notes not accepted
ON JAN 24 my family and I had dinner at Ramen Tan Restaurant located in the Ang Mo Kio Jubilee Complex.I was surprised to learn that the management had instructed the staff not to accept $100 notes. When asked for the... [Read more]

Man battles anaconda to rescue grandson
A 66-YEAR-OLD man saved his grandson from the grip of a 5m-long anaconda by beating the snake with rocks and a knife for half an hour. 'When I saw the snake wrapped around my grandson's neck, I thought it was going... [Read more]

Protests 'won't stop reforms in W. Bengal'
CALCUTTA - PROTESTS by angry farmers will not deter India's communists from razing farms to build factories in the country's east, West Bengal Chief Minister Buddhadeb Bhattacharjee has said. His comments came hours after a policeman was killed by demonstrators near... [Read more]

Redevelopment of Ocean Building to take place soon

PLANS are finally under way to tear down the ageing Ocean Building in Collyer Quay, more than a year after owner Keppel Land (KepLand) was first said to be considering a redevelopment.

Sources said that KepLand intends to construct a brand-new office building on the site to help meet soaring demand for prime office space here.

A KepLand spokesman stopped short of confirming this, telling The Straits Times yesterday that the developer expects to clear the Ocean Building site by early next year to make way for an as-yet-unspecified new building.

It said the plans are still at a preliminary stage with details being worked out.

About 40 per cent of the building's tenants have already moved out, with the rest expected to follow by the middle of the year.

They had been informed of the redevelopment plans in the second half of last year, KepLand said yesterday. Many are relocating to other nearby KepLand buildings, with the developer's assistance.

Major tenants Ernst & Young and the Bank of Nova Scotia have moved across the road to One Raffles Quay, newly developed by KepLand in conjunction with Hongkong Land and Cheung Kong Holdings.

Others such as Lim & Tan Securities will move to Equity Plaza by June, while HSBC is closing its safe deposit box operations in basement one of the building altogether.

These four key tenants together occupy about 170,000 sq ft of Ocean Building's total 401,931 sq ft of net floor area.

The current 29-storey building is KepLand's flagship office block. It was completed in 1974 after a few redevelopments previously.

KepLand has also recently received written approval for its plans to revamp Ocean Towers, just next door to Ocean Building.

It intends to improve on the existing basements and build a new office block as an extension to Ocean Towers, according to the latest Urban Redevelopment Authority data.

After these changes, Ocean Towers is expected to have 626,000 sq ft of gross floor area dedicated to office space and 1,800 sq ft of gross floor area for shops.

Both Ocean Building and Ocean Towers sit on 999-year leasehold sites, although the current Ocean Towers is newer, having been completed in 1992.

Consultants believe that Keppel could inject the two buildings into its office trust after the redevelopments are completed.

In fact, they were already widely expected to be included in the initial portfolio of K-Reit when it was launched in April.

Experts said the redevelopment of Ocean Building is 'timely', given the acute shortage of prime office space, which has sent rents shooting to new highs.

fiochan@sph.com.sg

Bayern counting on away goals to progress

MUNICH - BAYERN Munich are in a confident mood. They are ready to make home advantage count when they host Real Madrid today.

At stake is a place in the Champions League quarter-finals. Having scored important away goals in their 2-3 first-leg loss at the Bernabeu Stadium a fortnight ago, Bayern can go through with a low-scoring win.

Injury doubts linger over defender Lucio and midfielder Hasan Salihamidzic. The pair pulled up in training on Monday.

Salihamidzic got Bayern's first goal in their 3-2 Bundesliga win at Hertha Berlin last weekend.

It was a result which defender Wally Sagnol believes puts the German club in good spirits ahead of the showdown at the Allianz Arena.

'Real Madrid's individual quality speaks for itself, but our team spirit is stronger,' he said.

The Spanish team are struggling for form, and have injury concerns following Sunday's disappointing 1-1 home draw with Getafe.

Gonzalo Higuain and Ruud van Nistelrooy are suffering from the same type of injury: a bruised right quadricep.

Ex-England captain David Beckham, Real's chief playmaker from the first leg in Spain, has been ruled out, along with Jose Antonio Reyes. They picked up knee injuries on Sunday.

'Neither of them will be fit to travel to Germany,' said Real coach Fabio Capello.

'Reyes' injury is serious. Beckham's could be just as significant.'

But Raul Gonzalez, who scored twice in the first-leg win, is back after missing Sunday's draw with a sore groin.

Capello is feeling the pressure to progress to the last eight, after he reportedly offered to resign ahead of the first-leg match.

He said: 'With spirit and quality, we can play a good game in Munich. We are thinking only about going through to the quarter-finals.'

The loss of Beckham is a major blow.

The midfielder has earned plaudits since fighting his way back into the team.

This was despite being told by Capello that he would not pull on a Real shirt again following his decision to move to LA Galaxy at the end of the season.

Bayern will have to tread carefully against the Spanish team.

Three players - Martin Demichelis, Mark van Bommel and Andreas Ottl - are on two yellow cards. A third would earn them a one-match suspension if their team progress.

To add extra spice to the tie, Dutch midfielder van Bommel will have his behaviour scrutinised.

He has been fined US$8,200 (S$12,500) by Uefa for making obscene gestures at Real fans, after scoring a late goal in the first match.

'I must apologise to the supporters. I have nothing against them, but I have something against some of the Real players,' he said.

He had an injury-marred year with Real's bitter rivals Barcelona, before joining Bayern.

AGENCE FRANCE-PRESSE

Bayern Munich v Real Madrid
Live, Ch24, tomorrow, 3.30am

News Today

Threats can spring from 'rational' action
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Online scam artists luring many with 'highly paid jobs'
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US economy gaining ground: Bernanke
WASHINGTON - THE United States economy is gaining momentum after a soft patch induced by a housing slump, but inflation remains the predominant concern, Federal Reserve chairman Ben Bernanke told Congress yesterday. Mr Bernanke, presenting the central bank's semi-annual monetary policy... [Read more]

Bellamy goes ballistic again
LONDON - CRAIG Bellamy is fighting for his Liverpool future after yet another shameful episode in his career. The Liverpool striker has been fined £80,000 (S$240,000) and read the riot act by manager Rafael Benitez after trying to beat up teammate... [Read more]

Getting a warm reception
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Kreta Ayer Centre tops charity vote
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Rumours of US plot hurt Pakistan's polio vaccine drive
PESHAWAR - THE parents of 24,000 children in north-west Pakistan have refused to give them polio vaccinations, mostly due to rumours that the vaccinations are a US plot to sterilise them. Government and UN agencies have asked Muslim clerics in the... [Read more]

Selling Singapore: Stories from the EDB trenches
MR KO Kheng Hwa, the managing director of the Economic Development Board (EDB), shares stories from the frontline in the battle for multinational investments: Wooing Shell with tenacity IT TOOK 'generations' of EDB officers to persuade petrochemical giant Shell to invest... [Read more]

Grit in air harmful to older women's hearts
BOSTON - THE fine grit in polluted air raises the risk of heart disease in older women much more powerfully than scientists realised, a big US-funded study has found.The study results have, in turn, raised questions of whether US environmental standards... [Read more]

Comedian not joking about Senate race
COMEDIAN Al Franken, known for his lacerating satire of the American right, discarded his customary wisecracks as he announced soberly that he would run for the US Senate. In a video posted on his website on Wednesday, there were no gags... [Read more]

Lost Thai mother found, thanks to a simple song
DUSONGYO (THAILAND) - A THAI mother who was lost for 25 years after catching the wrong bus home has spoken of her ordeal after being reunited with her family, thanks to a simple song. The last time Ms Jaeyaena Beuraheng saw... [Read more]

News Today

Govt agency helps 22,000 find new jobs
ABOUT 22,000 people found jobs last year with help from the Workforce Development Agency (WDA), a government body that develops training programmes.Most were older and low-skilled workers. Some of them snagged better-paying jobs through the Job Re-creation Programme, which reinvents low-end... [Read more]

Thigh strain rules Vieira out of Valencia match
MILAN - INTER Milan midfielder Patrick Vieira will not play in today's Champions League first-leg match against Valencia after aggravating a thigh strain in training.The French international, who missed Inter's 1-0 win over Cagliari at the weekend because of the injury,... [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]

Harvard updates core curriculum
BOSTON - HARVARD University has announced its biggest curriculum overhaul in three decades, focusing on sensitive religious and cultural issues, the sciences and overcoming American 'parochialism'. The curriculum at the oldest US university has been criticised as focusing too narrowly on... [Read more]

Iraqi general takes charge of Baghdad crackdown
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Cold War foes meet as defence chiefs
WHEN US Defence Secretary Robert Gates shook hands in Seville with his Russian counterpart Sergei Ivanov, it was a Cold War reunion of sorts.As a Soviet analyst, Mr Gates rose to the top of the Central Intelligence Agency during the Cold... [Read more]

$89,000 village for the poor in wife's name
FILIPINO stock trader Rudy Abad's story has been one of tragedy and triumph, riches and rags, love lost and hope discovered. These are imbued in the Maria Rose Abad Village, a settlement on Manila's outskirts which the 60-year-old helped build in... [Read more]

Left high and wet
PHOTO: EDWIN KOO For the past week, home for the 22-member family of Mr Hassan Talib has been a big tent by the village road in Batu Pahat, Johor. About 40,300 flood victims were still at 93 relief centres in the... [Read more]

Maid levy cut by $30 a month for all
GOOD news on two fronts for those with foreign maids in yesterday's Budget.First, the monthly $295 levy payable to the Government will be cut for all households by $30, to $265, starting from July.And second, households which employ a maid to... [Read more]

Want a place with history? Lease Old Admiralty House
FOR the first time, a national monument has been put up for public tender by the Singapore Land Authority (SLA). The Old Admiralty House in Sembawang, built in 1939 by the famous British architect Edwin Lutyens, is available to tenants looking... [Read more]

Today's Briefs
Pakistan orders probe into suicide bombing near Shi'ite centrePESHAWAR (PAKISTAN) - PAKISTAN yesterday ordered a federal investigation into a suspected suicide bombing that killed 15 people, including a police chief and other officers, and beefed up security in this north-western city.... [Read more]