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BIZ DAILY
Monday, 8 March 2010
A Daily Newsletter

Call 6377-1300 www.ieqglobal.com

Reaching out to 200,000 readers

Harold Toh, Managing Editor Email: harold@bizdaily.sg Denice Cabel, Associate Editor Email: denice@bizdaily.sg

Call 6377-1300 www.ieqglobal.com

Asian stocks, euro advance; bond risk falls as outlook improves

(Source: Bloomberg)

In this issue
S.Korean bond futures edge down on US jobs data Arrow Energy gets $3 billion takeover bid Julius Baer names Lim as SE Asia private bank head ListCo News Is this another sucker rally? Contributor: Roger Tan Biz Tech Vast potential for biometrics in Asia Pacifics banking sector Biz People
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Asian stocks rose to a six-week high, the euro strengthened and concerns about defaults receded as French President Nicolas Sarkozy pledged support for Greece and government reports showed economic growth accelerating. The MSCI Asia Pacific Index climbed 1.9 per cent to 122.56 as of 5 p.m. in Tokyo with eight stocks rising for every one that fell. The cost of protecting Asian bonds from default dropped to the lowest in seven weeks and the euro advanced to a two-week high against the yen. Standard & Poors 500 Index futures added 0.2 per cent. The Stoxx Euro 600 surged 1.6 per cent to 257.09. Markets rallied after Sarkozy said yesterday the euro region is ready to rescue Greece should the government struggle to fund its budget deficit, and a March 5 US report showed fewer job losses than economists forecast. New Zealand manufacturing sales increased the most in more than seven years during the fourth quarter and Japan posted a current-account surplus in January as exports climbed for a second month. Investors are starting to see what they really wanted to see and the negatives are in the process of being priced in as the Euro zone will promise support, said Chu Moon Sung, a fund manager at Shinhan BNP Paribas Asset Management Co. in Seoul, which manages US$26 billion. The better-than-expected US jobs report also boosted overall investors optimism. Hong Kongs Hang Seng Index and Japans Nikkei 225 Stock Average increased 2.1 per cent, South Koreas Kospi Index climbed 1.6 per cent. Sony Corp., which gets almost a quarter of its sales in the US, jumped 2.8 per cent. Nissan Motor Co., which gets more than a third of its revenue in North America, advanced 4.7 per cent.

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Market Report

ST Index
2,834.57
44.28

Mon, Mar 08, 2010, 17:46

Regional Indices
KLCI HSI NIKKEI SET JCI 1,324.22 21,196.87 10,585.92 721.20 2626.451 +24.44 +408.90 +216.96 -2.76 +1.85

US Indices
Dow Nasdaq S&P 10,566.20 2,326.35 1,138.70 +122.06 +34.04 +15.73
Friday Closing

Dubai World to seek loan delay in talks

(Source: Bloomberg) Dubai World, the state-owned holding company in talks to renegotiate about US$26 billion of debt, will ask banks for permission to delay loan repayments when it presents a plan to creditors this month, said three bankers familiar with the negotiations. Banks may be able to avoid a so-called haircut, where they receive less money than what theyre owed, if they wait to be repaid, said two of the bankers, who declined to be identified because the talks are private. The banks may also receive a guarantee from Dubais government, one of the bankers said. Dubai World and its Nakheel PJSC and Limitless LLC property units used loans to finance real estate projects such as palm tree-shaped islands off the emirates coast, which they struggled to refinance amid the credit crisis. Dubai World said in November it would seek to delay repaying all loans until May, sparking the biggest plunge in developing-nation stocks. The proposal will be a meaningful one, said Saud Masud, Dubaibased head of Middle Eastern research at UBS AG. I would highly doubt that what they come out with will be accepted and everyone moves on. Deloitte LLP and Moelis & Co., Dubai Worlds advisers, are asking the Dubai Financial Support Fund for more money to fund interest payments on the loans in the meantime, the bankers said. Dubai World will primarily rely on asset sales to finance the payments, bankers said. Spokesmen for Dubai World and the Dubai Financial Support Fund declined to comment. Dubai World will approach lenders for the first time this week with a plan to restructure its debt, the Financial Times reported today. The company has asked creditors to meetings in London from today, the FT said. Dubai World will present a restructuring proposal to its creditors after its advisers complete valuing the companys assets, a person close to the Dubai government said February 17. The final proposal will be made after consultations with the Abu Dhabi government and the United Arab Emirates central bank, which along with two Abu Dhabi-owned banks lent US$20 billion last year to Dubais financial support fund to help state-owned companies during the credit crisis, he said. Nakheels US$1.73 billion of bonds may be swapped for new securities, the person said. Under another option, banks seeking early repayment would get less than those that wait, he said. More than 90 banks are owed money by Dubai World. Seven of its biggest creditors, HSBC Holdings Plc, Royal Bank of Scotland Group Plc, Lloyds Banking Group Plc, Standard Chartered Plc, Bank of Tokyo-Mitsubishi UFJ Ltd., Emirates NBD PJSC and Abu Dhabi Commercial Bank PJSC, are negotiating with Dubai World on behalf of the lenders, according to bankers.

Biz Daily Pte Ltd 52-C Club Street Singapore 069429 Tel: 6325-5560/61 /62 /63 /64 Fax: 6222 5378 Visit us at www.bizdaily.sg For advertising sales, please contact: advertising@bizdaily.sg For editorial enquiries, please contact: editor@bizdaily.sg

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BIZ DAILY
Monday, 8 March 2010
A Daily Newsletter

S.Korean bond futures edge down on US jobs data

(Source: Reuters)

Arrow Energy gets $3 billion takeover bid

(Source: AP) Arrow Energy Ltd has received a takeover bid worth AU$3.3 billion (US$3 billion) from a company jointly owned by Royal Dutch Shell and PetroChina. Brisbane-based Arrow today said in a statement to the stock exchange it had received a non-binding indicative proposal of AU$4.45 per share plus a share in a new entity comprising Arrow's international business. Arrow was advising shareholders to take no action at the moment, and said the company had appointed financial and legal advisers to look at the proposal. Shares in Arrow Energy surged more than 40 per cent to AU$4.98. Arrow Energy is an integrated energy company focused supplying coal seam gas to eastern Australia and Asia. It claims to have the largest coal seam gas reserves in Queensland state. The company had been planning to list 20 per cent of its Arrow International arm, retaining 70 per cent, with the remainder already held by Royal Dutch Shell.

South Korean treasury bond futures edged down early today as better-than-expected US jobs data boosted investors' appetite for risky assets and sapped the bonds' safe-haven appeal. The March contract on 3-year treasury bonds fell 4 ticks to 110.70 by 0116 GMT, while the Seoul stock market's benchmark KOSPI jumped more than 1 per cent. Bond traders were already taking a cautious stance ahead of the South Korean central bank's interest rate review on Thursday, while awaiting clues on the longer-term policy direction from the governor's news conference at that time.

Julius Baer names Lim as SE Asia private bank head

(Source: Reuters)

Shell, PetroChina in joint bid for Australian energy company

(Source: AFP)

Swiss wealth manager Julius Baer named David Lim as its private banking head for Southeast Asia, replacing Wilfried Kofmehl who was the public face for the Swiss bank in the region since 2006. The appointment shows Switzerland's biggest dedicated wealth manager is opting for local leadership in to grow its business in a region where it competes against market leaders UBS and Citigroup. Julius Baer has said it hopes to grow assets by 10-20 per cent this year in Asia, where inflows last year compensated for a slowdown in its core Swiss business as a global tax crackdown forced many offshore clients to repatriate funds. Lim was deputy chief executive officer Singapore and head of investment finance before this promotion, the bank said. Kofmehl, who is a managing director, has decided to focus purely on key client relationships which the bank said was part of a drive to assign senior managers to their top clients. "Asia is set to become the second home market for Julius Baer," the company said in a statement. "The bank continues to expand in order to capitalise on the opportunities that exist in the Asian private banking market." Last year, Julius Baer moved Thomas Meier, an executive board member, from Zurich to Singapore to strengthen its focus on emerging markets. Royal Dutch Shell and PetroChina have joined forces for a US$2.96 billion bid for Arrow Energy, hoping for a bigger slice of Australia's liquefied natural gas boom, the company said today. The two energy giants are offering A$4.45 (US$4.04) per share, or about A$3.26 billion, plus one share in a new company comprising Arrow's international business. "At this stage the Arrow Board recommends shareholders take no action in relation to their Arrow shares," Arrow said in a statement, adding that it had appointed financial and legal advisers. Arrow claims to have the largest reserves of coal seam gas in Australia's northeastern state of Queensland, in its holdings at the Bowen and Surat Basins. The company's shares rocketed some 45 per cent to A$5.05 on news of the bid, which could herald a shake-up in the sector as companies work towards exporting coal seam gas in liquefied form. Australia has already signed contracts worth tens of billions of dollars with Asian countries for the clean-burning LNG created from natural gas, which is chilled into liquid form for shipping.

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BIZ DAILY
Monday, 8 March 2010
A Daily Newsletter

ListCo News
Mainboard-Listed Companies
Profit down for Lee Kim Tah
Compared to FY2008, Lee Kim Tahs revenue for FY2009 decreased by 17.7 per cent from RMB1.39 billion to RMB1.143 billion. This was due mainly to lower demand for PET bottles arising from lower local consumer spending. There was also increased competition in the corrugated paper packaging product business and revenue contribution from this product segment declined significantly. FY2009 net profit decreased by 27.1 per cent to RMB37.9 million from RMB52.0 million a year ago.

China Sky Chemical Fibre posts loss for 2009

The Group recorded an overall loss of RMB198.9 million in FY2009, compared to a net profit of RMB392.82 million recorded in FY2008. This was largely a result of the total impairment losses of RMB111.2 million recognised in respect of goodwill and intangible assets and the total expense of RMB72.3 million incurred on the extensive maintenance and recalibration works carried out. Total revenue fell 43.4 per cent from RMB2.11 billion for FY2008 to RMB1.19 billion for FY2009.

www.leekimtah.com

China Sky Chemical Fibre Co. Ltd closed today at $0.170. www.chsky.hk

China Auto suffers net loss of $18.7M

The Group incurred a net loss of $18.7 million for FY2009 compared to a loss of $17.3 million for FY2008. FY2009 revenue amounted to $63.9 million, a decrease of 47.1 per cent compared to $120.8 million recorded for FY2008. The reduction in revenue was mainly attributable to the de-consolidation of the results of Creative Master Bermuda Ltd, the reduction in tooling and plastic injection moulding revenue, and the reduction in revenue from communications, electronics and equipment distribution.

Sinobest Technology posts net loss of RMB2 million

The Group incurred a loss of RMB2 million in FY2009, a 48 per cent improvement from a loss of RMB3.88 million in FY2008. Revenue were RMB380 million for FY2009 from RMB320 million for FY2008, representing an increase of RMB60 million or 18.8 per cent. The increase in sales was mainly due to an increase of 24 per cent in the business segment of system integration for computer information systems and intelligent building systems.

www.china-auto-corporation.com

Sinobest Technology Holdings Ltd closed today at $0.095. http://sinobest.listedcompany.com

Cacola Furnitures full-year net profit plunged 140%

The Company incurred a net loss of RMB43.2 million in FY2009 from a profit of RMB104.8 million in FY2008. This 140 per cent decrease was mainly due to the significant decrease in turnover and minor reduction of gross profit margin of Cacolas products during the year. Revenue dropped by 70.3 per cent to RMB195.2 million for FY2009 from RMB656.9 million for FY2009.

Abterra returns to profitability with $13.3M earnings

Abterra, an emerging supply chain manager of resources and minerals in Asia Pacific, returns to profitability with a net profit of $13.3 million for FY2009. This is largely due to a gain from the revaluation of a mining asset. Turnover of the year fell 61 per cent YoY from $392.0 million to $151.9 million. Revenue from the trading of iron ore declined 92 per cent while revenue from the trading of coke and coal decreased 53 per cent, mainly due to the tightening of credit facilities in the market amid the financial turbulence.

Cacola Furniture International Limited closed today at $0.055. Abterra Ltd. closed today at $0.050. www.abterra.com.sg

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BIZ DAILY
Monday, 8 March 2010
A Daily Newsletter

ListCo News
Catalist-Listed Companies
SBI Offshore forms JV with US-based Sea Reef
In a move to accelerate the growth of its contract engineering business, Singapore-based marine and offshore equipment integrated provider SBI Offshore Limited has invested an initial US$1 million in a joint venture with Sea Reef, a Houston-based design & engineering company. Sea Reef is principally engaged in providing equipment design and engineering services to oil companies and drilling contractors. The new JV will be incorporated in Singapore with an initial paid up capital of $10.00. SBI Offshore will take a 60 per cent stake, with Sea Reef taking 20 per cent stake and the management team of the JV Company taking the remaining 20 per cent.

Ntegrators net profit jumps 46.5%

The IT and telecommunication solutions providers net profit for FY2009 was $930,000, an increase of 46.5 per cent over the previous corresponding year. Revenue increased by 16.7 per cent from $47.9 million in FY2008 to $55.9 million in FY2009. The timely completion of several major projects in Vietnam contributed to the majority of the increase. Revenue was also boosted by project completion in Singapore.

SBI Offshore Limited closed today at $0.200. www.sbioffshore.com

www.ntegrator.com

MCEs posts $687K loss in FY2009

The Group recorded revenue of $65.7 million in FY2009. This represented a 22.7 per cent decline from revenue of $85 million recorded in FY2008. The YoY decline was mainly attributable to weakness in 1H2009 due to the adverse impact of the economic crisis which affected MCEs customer orders. Net loss amounted to $687,000 in FY2009, as compared to a profit of $3.41 million in FY2008.

JLJ Holdings posts net loss of $321K

JLJ Holdings, which was listed on the SGX-ST on July 10, 2010, incurred a net loss of $321,000 in FY2009 compared to a profit of $5.99 million in FY2008. Revenue increased by $9.2 million or 18.1 per cent from $50.8 million in FY2008 to $60 million in FY2009. Revenue from the precision injection moulding segment increased by 44.3 per cent from $29.8 million in FY2008 to $43.0 million in FY2009. On the other hand, revenue from the design, fabrication and sale of precision injection moulds segment decreased by 18.6 per cent from $21.0 million in FY2008 to $17.1 million in FY2009.

www.mce.com.sg

www.jlj-holdings.com

Junma Tyre Cord returns to profitability in FY2009

The Group recorded a profit of RMB78 million in FY2009, as compared to a loss of RMB12 million in FY2008. Revenue decreased by RMB86 million or 4 per cent from RMB2.47 billion in FY2008 to RMB2.38 billion in FY2009 due to a decrease in average selling prices of the Groups two main products, namely nylon tyre cords and steel tyre cords.

K Plas posts net loss of $1.18M

K Plas incurred a net loss of $1.18 million for FY2009, compared to a net loss of $577,000 for the previous corresponding year. It recorded a revenue of $2.4 million for FY2009, compared to a revenue of $4.9 million for FY2008. Both its plastic injection moulding and mould design and fabrication businesses were significantly lower as compared to FY2008 due to weak demand from customers.

K Plas Holdings Limited closed today at $0.070. www.kplas.com.sg

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BIZ DAILY
Monday, 8 March 2010
A Daily Newsletter

Is this another sucker rally?

Contributor: Roger Tan
The market last week started to buck the downward trend it set in the first two months of the year. The STI was up 1.4 per cent to 2790.3 with most of the gains seen on the first and last day of trade. While the STIs movement was similar to the S&P500, its 1.4 per cent gain was only half of S&Ps 3.1 per cent gain. Investors seem to be emerging from their despondence and have shifted into bargain hunting mode after more positive economic news were announced. However, the market is still dominated mainly by investors with traders mentality and therefore we should expect to see a good level of profit taking after every strong gain. Such activities will add volatility to the market. In the last Weekly Market Thoughts, I mentioned that March 10 could repeat the market bottom patterns we saw in March 09. The signs appear to be in place. More positive economic and market data are coming into the market and speculators may now be increasing their equities position to prepare for a potential rally in April and May - when companies start announcing their first quarter results. Although the current STI PE ratio is relatively high, it may improve if 1Q2010 EPS numbers improve. With PB numbers still relatively attractive, I continue to hold my views that investors should not avoid the market. Keep some level of equity exposure through the STI ETF and pick some good stocks to enhance your returns. Our eyes are on China Environment, OKP, Q&M and China Grandness.

Top Stocks as at March 8, 2010

STOCK COUNTER Genting SP GoldenAgr Healthway NOL Eastgate^ StraitsAsia UPP SingTel Noble Grp Z-Obee VOLUME 92,918 81,519 63,686 40,912 34,790 33,357 25,063 22,877 21,932 21,164 PRICE 0.920 0.560 0.175 1.970 0.005 2.070 0.105 3.120 3.330 0.330

STOCK COUNTER DBS.ES.1003 JMH 400US$ JSH 500US$ Jardine C&C DBXT FTVietnam 10US$ DBXT MSAsExJp 10US$ DBXT FTChina25 10US$ STXPO 100 Lyxor India Nifty 10 Shang Asia 2kHK$ STOCK COUNTER Genting SP NOL UOB Capitaland Noble Grp SingTel DBS StraitsAsia Kep Corp SIA

GAINER Last Price 14.180 30.200 18.220 26.300 44.950 27.790 29.470 15.800 15.940 13.480 VALUE 85,562,340 79,988,042 76,683,675 74,526,641 73,301,560 71,124,350 70,463,548 68,808,760 55,331,110 54,341,700 % change +4.137 +6.674 +3.056 +1.604 +2.580 +2.113 +3.260 +2.640 +2.900

STI vs S&P500 STI 23-Feb-10 22-Feb-10 19-Feb-10 18-Feb-10 17-Feb-10 Week's Change
(Source: Yahoo Finance)

S&P 0.9% 0.0% -0.4% -0.9% 1.3% 3.1%

0.8% -0.5% 0.4% -0.1% 0.8% 1.4%

DISCLAIMER
This research material is for information only. It does not have regards to the specific investment objectives, financial situation and the particular needs of any specific person who may receive or access this research material. It is not to be construed as an offer or solicitation of an offer to sell or buy securities referred herein. The use of this material does not absolve you of your responsibility for your own investment decisions. We accept no liability for any direct or indirect loss arising from the use of this research material. We, our associates, directors and/or employees may have an interest in the securities and/or companies mentioned herein. This research report is based on information that we believe to be reliable. Any opinions expressed reflect our judgment at report date and are subject to change without notice. As of the date of the report, the analyst and his immediate family do not hold positions in the securities recommended in this report. This research material may not be reproduced, distributed or published for any purpose by anyone without our specific prior consent.

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BIZ DAILY
Monday, 8 March 2010
A Daily Newsletter

Sovereign debt necessary but dangerous

Rising sovereign debt levels in the Western world and Japan are the price to pay for averting another depression last year. Governments around the world have borne the cost of the financial market crisis. They took large stakes in the banking, mortgage and housing sectors. Many governments also provide substantial support to household income and wealth, thereby stimulating weak aggregate demand. A year ago, the public sector was stronger than private households and firms. The former was insolvent in many countries; the latter had to protect their cashflows by reducing investments and workforces. Furthermore, governments were best suited to stretch payment for the excesses of the past over a long time. Countries live longer than individuals and they can raise taxes. Hence, creditors have more patience and a high debt tolerance vis--vis sovereigns. Yet, most countries will have to scale down their new borrowing over the coming years to prevent their debt-to-GDP ratios going through the roof. A high debt ratio jeopardizes growth and stability: the risk of default becomes real, the spread between long- and short-term interest rates therefore widens, investment becomes expensive and growth potential withers. Unfortunately, economics tells us little about the appropriate level of public debt. Clearly, Greece is beyond this point with the second-highest debt ratio in the Eurozone and the highest fiscal deficit in 2009. But other countries may have a larger debt tolerance. For example, Japan with its strong economic fundamentals and credible political institutions has easy access to the bond markets with a debt ratio twice as high as Greeces. Sovereign risks will therefore remain subject to judgment by the financial markets. The likelihood of a Greek default is low. The importance of the Greek debt crisis for the Eurozone is out of all proportion to the small financial cost of a rescue package. Greeces problems have become a test case for the whole euro project. If the beleaguered

member country were left in the lurch, a fundamental structural weakness of the Eurozone would be exposed. The loss of credibility would be substantial, and interest rates in the weaker countries could no longer be kept at their present level. The Eurozone would face repeated speculative attacks, with a resultant buffeting of the exchange rate. This should not be acceptable to the European policymakers. But sovereign default risks are rising und investors should be on alert. Scaling down the mountain of debt in an orderly fashion over the coming years will be necessary. Countries that communicate credible exit strategies early together with flanking measures to stimulate growth will benefit most in terms of low risk premiums. Other sovereign bonds will suffer from higher interest rates and default risks. A careful selection of creditors will therefore be key to avoiding losses on sovereign bond portfolios. Dr Jrg Zeuner is the Chief Economist of VP Bank Group in Vaduz, Liechtenstein. VP Bank was founded in 1956 and is one of the largest banks in Liechtenstein. Its Singapore subsidiary was established in 2008 to provide creative and personalized private banking services for its Asian clients. As the Chief Economist of VP Bank Group, Dr Zeuner has more than 10 years of experience, and was previously senior economist with the International Monetary Fund (IMF) in Washington DC, where he still serves as Technical Advisor. His other past experiences also include being an economist with the World Bank Resident Mission in Ethiopia, Addis Ababa and the Korean-German Chamber of Commerce and Industry respectively. Throughout his career, Dr Zeuner has also published numerous working papers and country reports on various topics ranging from financial to commodities. Dr Zeuner is also currently teaching Economics and Finance in Switzerland and Germany.

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BIZ DAILY
Monday, 8 March 2010
A Daily Newsletter

Biz Tech

Vast potential for biometrics in Asia Pacifics banking sector

The beginning of 2009 had many worried about how the biometrics industry was going to perform in the wake of the economic recession. As expected, there were a few cancellations and delays in biometric related projects, primarily due to budget cutbacks. According to Navin Rajendra, Frost & Sullivan Asia Pacifics Senior Research Analyst of Smart Cards and AutoID, many smaller vendors saw a drastic reduction in their revenues in 1H 2009. In spite of this, the biometrics industry still saw a healthy growth especially in the government vertical with numerous national ID card projects being thrown into the limelight. Voice biometrics, which has always been in the shadow of physiological biometrics, showed promise in 2009 with banks in Asia and Europe testing voice biometrics for banking verification. There is room for improvement in making the technology more accurate, but biometric participants have plenty of promise for the coming years. Fingerprint biometrics has always been the most widely used type of biometric recognition with more than 70 percent of the biometrics revenues in the Asia Pacific region attributed to fingerprint recognition. "We can see, however, that this share will reduce gradually in the coming years especially with other biometric technologies like palm vein and hand geometry becoming more feasible and prevalent. Contactless palm vein biometrics was primarily introduced in the Asia Pacific region as many people were not comfortable with touching a scanner that had been touched by a number of other individuals, says Rajendra. He continues, Through the introduction of contactless palm scanners, biometric technology was readily accepted in countries like Japan and South Korea. More than this, other regions started employing the technology because of its advantages for applications where a contactless medium was required. Hospitals in the US also began employing contactless palm vein scanner as it allowed individuals to have their palms scanned and verified without any physical contact whilst maintaining a sterile environment. In terms of industry trends, Rajendra notes that the integration of various biometrics into one single unit for more accurate authentication has become common in the last few years. Many vendors in Asia Pacific are focusing in providing multi-modal biometrics that would be able to provide an even higher level of security. More and above this, vendors have been able to penetrate more applications through the integration of biometrics with smart cards, he says. He continues, With the integration of biometrics and smart card, biometric verification can take place on the chip in the card in real time without the need for any online verification, cutting down costs. There are many smart cards integrated with biometrics being implemented for government IDs, border control, banking and rural banking. Rajendra identifies rural banking as an application that has been gaining traction over the last three years especially with financial institutions looking at expanding their market coverage. Biometrics has allowed many financial institutions to enter the rural market which would never have been possible since there was no proper means of authentication in the absence of communication lines. Looking at the immediate future, Rajendra finds that there will not be a significant decrease in the biometric systems, but rather there will be a better product offering for the same price. With improvement in scan rates and new analytical software being introduced in the market, biometrics is no longer being marketed for the sole purpose of security but rather as a tool to gather and assimilate information that would help in the management of an organisation. As different types of security are being employed in a single building, system integrators have also ensured that biometric systems are interoperable with other security systems to bring about a seamless operation, he says. Looking at the chip and PIN infrastructure for banking cards in the Asia Pacific market, the PIN functionality is under-utilised, with only 10 percent of chip-activated cards employed. This presents opportunities for biometric vendors to penetrate this market for user identification at the ATMs in the beginning stages. There were over 2,500 million smart cards shipped in the Asia Pacific region in 2009, of which only slightly over 11 percent were banking applications. This shows the potential for biometrics to be employed for banking smart cards. There are already certain banks that have their ATMs using fingerprint identification in Japan and South Korea. This is again a small percentage of the total number of ATMs in the region, which the biometric vendors will have to tap in the coming years. The region has the highest density of ATM installed base compared to North America and Europe. For every commercial bank in the Asia Pacific region, there were 340 ATMs installed. This again shows the huge untapped market and opportunity for biometric vendors in the banking vertical. The banking vertical is one of the highest users of PIN codes and passwords and records the highest number of transactions using the same. Each time a password or a PIN code needs to be reset, the bank needs to send the details via paper mail in order to ensure that the intended user receives the codes at the registered address. This results in a non-core activity rise in cost for the institution. Biometric ATMs are in place in small pockets and will expand - especially in countries like India and Singapore in the next couple of years. The Asia Pacific region presents itself with a favourable climate for the large scale deployment of biometrics as the region offers the highest population by density as well as by the sheer number. With issues such as rising cost, companies looking at proper management, security threats and so on, the biometrics industry has a vast potential in this region.

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BIZ DAILY
Monday, 8 March 2010
A Daily Newsletter

Biz People
China New Town Devt Co Limited
Ng Chun Pang has been appointed Financial
Controller wef March 1, 2010.

Pine Agritech Limited

Fortune Real Estate Investment Trust

Chiu Yu Justina has been appointed Deputy Chief Executive Officer wef March 1, 2010. Work experience: Chief Operating Officer, ARA Asset Management (Fortune) Limited; Trainee Solicitor, Baker & McKenzie Ang Meng Huat Anthony has been appointed Chief Executive Officer wef March 1, 2010. Work experience: CEO, ARA Managers (Asia Dragon) Pte. Ltd; Director (non-Board member), ARA Asset Management Limited; Executive Director, Majulah Connection Limited; Executive Vice President, GIC Real Estate Pte. Ltd; Senior Vice President, Vertex Management Pte. Ltd.

Li Feng has been appointed Executive Director wef March 3, 2010. Work experience: Deputy Sales Director, Linyi Pine Agritech Limited; Section Chief, CPC Propaganda Department, Lanshan District Committee, Linyi.

Q & M Dental Group (S) Ltd

Sim Yu Xiong has been appointed Chief Financial Officer wef April 6, 2010. Work experience: Chief Financial Officer, W.Atelier Pte Ltd; Manager Pacific, Inke Pte Ltd; Group Financial Controller, General Healthcare Holding Ltd.

RH Energy Ltd
Xu You has been appointed President of China Oil Zhong Zhou Engineering Supervision Co. Ltd wef March 1, 2010.

Medtecs International Corporation Limited

Chia Wei Ho has been appointed Chief Operating Officer wef March 1, 2010. Work experience: General Manager, Chamberlain Computime Investment (HK) Ltd; COO and CFO, Tri-M Technologies (S) Ltd.

Sky China Petroleum Svcs Ltd.

Li Chak Fu has been appointed CEO wef March 3, 2010. Work experience: Financial Controller, Seven Seas Textiles Industries Limited, Hong Kong; Senior Manager, Ernst & Young, Beijing: Financial Controller, Asia-Pac Infrastructure Group, Hong Kong.

Sunpower Group Ltd

Guo Hongxin has been appointed Group General Manager wef March 1, 2010. Work experience: Executive Director, Jiangsu Sunpower Petrochemical Engineering Co. Ltd.

Ossia International Ltd

Jasmine Tan Seoh Lay has been appointed Chief Operating Officer wef March 1, 2010. Work experience: Chief Operating Officer, VGO Corporation Limited; Group Sales and Marketing Manager, Sportech; Assistant Membership Manager, Automobile Association of Singapore; Market Researcher, Rothman of Pall Mall.

Teledata (Singapore) Ltd

Kim, Howard Ho-Jin has been appointed Chairman and Chief Executive Officer wef March 1, 2010. Work experience: Chairman, JYC Holdings Pte. Ltd; Managing Director (APAC), Sycamore Networks.

Viking Offshore and Marine Ltd

Low Jooi Kok has been appointed Chief Financial Officer wef March 1, 2010. Work experience: Director of Business Partner Sales, ASEAN/SA, IBM.

United Food Holdings Limited

Hung Chung Wah, Geroge has been appointed Chief Financial Officer wef March 1, 2010.

Companies are invited to submit notices of senior corporate appointments and changes. Please email Harold@bizdaily.sg or Denice@bizdaily.sg.

Biz Sage
On Career

The true test of any scholars work is not what his contemporaries say, but what happens to his work in the next 25 or 50 years.
- Milton Friedman
The famous economist Milton Friedman was known for bringing forward new methodological innovations to his contemporaries. Although most of his theories were accepted by economists, some economists in the 1960s considered his policy prescriptions controversial. However, some of his laissez-faire ideas concerning monetary policy, taxation, privatization and deregulation were implemented by governments in the 1980s. Even Ben Bernanke and the Federal Reserve acknowledged Friedmans monetary theorys contribution to helping find a solution to the financial crisis.

Milton Friedman was an American economist and recipient of the Nobel Memorial Prize in Economics. He was an economic advisor to U.S. President Ronald Reagan. Sometimes the success of your work cannot be immediately measured. Friedman was the first to realise that a lasting legacy would be his true achievement. Learn all that you can about your area of business and make sure you are prepared to advance your ideas. Perhaps you will also build a legacy.

The Sage is the wise philosopher who provides thoughtprovoking and inspirational words for those on their business journey to success. Here is a perspective advice to all professionals, business executives, and entrepreneurs. The daily entries in this section are organized according to a specific aspect of business life like people management, leadership, or entrepreneurial skills. Each entry will be provided by famous business figures that can be applied to your life and business. These words of encouragement are also meant to be used as a guide.