Hi,

May I know how does one find out the queue info for buying & selling of a particular counter. For instance, if somebody is selling Singtel at $1, how do I find out who else intends to sell at $1.005, $1.01 and so on.. the same goes for buying.

By the way, I am using Poems securities.

Thanks

The Straits Times
Jan 25, 2012
One thing at a time - multi-tasking is a myth

(KOREA HERALD/ASIA NEWS NETWORK) - Every modern office worker knows the drill: the email queue is full, the telephone is ringing and the boss is bearing down on your desk from across the open-plan office. Multi-tasking is the order of the day.

Distractions prompt the thought to cut yourself off to work in peace for a while. There is little chance of that in the current working environment which demands the ability to keep several balls in the air at the same time.

Professor Dirk Windemuth, a health and safety at work expert working in accident insurance in Berlin, has little regard for this attitude. Rather do things one at a time and do them properly, is his view. Employees should not deceive themselves into thinking that they achieve more in the same time merely by carrying out several different tasks at the same time, he says. 'That's a fundamental mistake.'

People are simply not built for multi-tasking, by contrast with computers, which these days frequently have four processors to carryout several tasks in parallel. The human brain is designed for mono-tasking and has to jump backwards and forwards between different tasks - and that takes up time and energy.

For this reason, juggling tasks is ineffective. Workers trying to do several things at the same time take longer, make more mistakes and are more stressed at the end of the day, which results in a decline in performance.

'You perform worse and concentration declines,' Prof Windemuth says. The danger is that workers lose concentration when they have to carry on a phone conversation as well and this can lead to having to ask for the information all over again to clear up misunderstandings.

Someone working on a presentation, and trying to deal with their emails at the same time, takes more time than someone who carries out these tasks one at a time, Prof Windemuth says, citing his research.

The interruptions caused by emails can be fatal for a productive train of thought, in the view of Anja Baethge, a psychologist at the University of Leipzig. 'Where was I now?' is the question that arises, as the staff member is forced to backtrack to recover lost ground.

In addition, multi-tasking increases the stress level, as staff feel themselves under increasing time pressure if the number of tasks starts piling up in their in-tray, said Ms Baethge, who has drawn up a study on the issue for the German government.

Prof Windemuth sees the flood of information coming from mobile phones, emails, messenger and chat programs, as well as social networking sites like Facebook, as putting workers under increasing pressure to have their eye on a range of inputs.

Distractions have to be reduced, if the main work is not to suffer. One way of doing this is switching off the on-screen pop-ups that flag up that an email has arrived, Prof Windemuth advises. Instead of reading the new message immediately, office workers should discipline themselves to go through their inbox four or five times a day and deal with correspondence in batches.

Another trick is to have a 'quiet hour,' during which a colleague deals with any distractions. 'During this period, someone else picks up the phone, so that you can concentrate on tasks that take a bit longer,' he says.

Simply dropping everything is the wrong reaction, unless you're a doctor in the emergency unit, Ms Baethge says. It is essential to deal with interruptions in an appropriate way, 'for example by finishing the sentence you are writing before picking up the phone, otherwise the idea is gone.'

India dumping assets which no one wants into Singapore? Will there be takers?

Business Times - 19 Jan 2012

Reliance eyeing US$1.5b S'pore IPO for unit?

(NEW DELHI) Indian telecoms company Reliance Communications is looking to raise up to US$1.5 billion through an initial public offering in Singapore of its undersea cable unit, two sources with direct knowledge of the matter said yesterday.

The debt-laden mobile phone operator , controlled by billionaire Anil Ambani, plans to sell 75 per cent of the wholly-owned unit, one source said. The other source said a listing could happen between July and September.

Reliance Communications intends to list the unit as a business trust, said both the sources, who declined to be named as the plans are not yet public.

'It is still quite early for the deal ... (it) will be a fairly large deal,' one of the sources said, adding that Reliance Communications could raise at least US$1 billion from the planned listing.

Deutsche Bank is arranging the planned share sale, the sources said.

A Reliance Communications spokesman in Mumbai declined to comment on any IPO plans, but said in a statement that the company 'continually works on various options to unlock value from its unique combination of global telecom assets for the benefit of its shareholders'.

A Deutsche bank spokeswoman in Singapore declined to comment.

Reliance Communications, whose mobile phone unit is India's second-largest by subscribers, in 2003 acquired the FLAG undersea cable network for US$207 million. The business is now part of its Reliance Globalcom unit.

Reliance Globalcom owns the world's largest private undersea cable system spanning 65,000 km, according to its website.

In December 2009, sources had told Reuters that Reliance Communications hoped to raise around US$3 billion by selling the undersea cable business. It found no takers.

The company, which had net debt of about US$6.5 billion as of end-September, has also been trying to sell its telecoms tower business in India to raise funds.

On Tuesday, Reliance Communications said it had secured loans of US$1.18 billion from Chinese banks to repay overseas convertible bonds due for redemption on March 1\. \-- Reuters

And the party continues with more of the super-rich showing off their glittering vehicles.....

The Straits Times
Jan 19, 2012
Super-luxury car brands rev up record sales
10 marques sold over 1,500 units last year, trumping 2010's high

By Christopher Tan

It has been another superlative year for the super-luxury car market, with marques like Porsche, Ferrari, Bentley and Rolls-Royce chalking up record sales despite the overall market shrinking to an all-time low.

According to the latest figures released by the Land Transport Authority, the 10 top-end brands here garnered sales of 1,569 units last year - 29 per cent more than the figure in the previous record year of 2010.

Porsche emerged at the top, with 584 cars sold. The Cayenne sport utility vehicle and Panamera sedan made up the bulk of its sales.

Runner-up Jaguar sold 389 units, a rise from 339 in 2010.

Land Rover sales more than doubled to 233 to take third place, fuelled partly by the new Range Rover Evoque.

Ferrari had a sterling year with new models like the California convertible, 458 coupe and FF four-seater. Archrival Lamborghini's sales dipped by a mere 7.5 per cent despite having no new models.

Market watchers and industry players attributed the continued surge in the high-end segment to a growing super-rich class, more models offered by the brands and the fact that most consumers in this league are less sensitive to factors such as the economy and stock market.

Mr Zafar Momin, a Nanyang Business School lecturer and a former automotive expert with the Boston Consulting Group, pointed out that ultra-luxury cars are enjoying a boom worldwide.

Rolls-Royce, for example, posted its best year in its 107-year history, with 3,538 cars delivered to customers worldwide last year, a rise of 31 per cent from 2010's sales and 6 per cent better than the previous record of 3,347 cars sold in 1978.

Mr Momin said: 'The target consumer segment for such cars has been growing. Statistics indicate that the world's wealthy are growing in numbers and in their accumulated wealth.

'For the upper end of this segment, uncertainty about the world economy has not prevented them from splurging on cars of their choice.'

He added that buyers at the high end 'may view the typical luxury brands as having become way too common'.

This may explain the turbocharged sales of high-performance models from brands such as Mercedes-Benz, BMW and Audi. Last year, 381 such cars were snapped up in Singapore, a rise of 32 per cent from 2010. They include four Lexus LF-A supercars priced at $1.3 million each.

Observers said the trend is likely to continue not only in Singapore but also worldwide.

'In sum, what is driving ultra-luxury sales is a growing divide between not only the rich and poor, but also the rich and super-rich,' said Mr Momin.

Carmakers are preparing to cash in on the trend by introducing more models. Porsche, for instance, is aiming to double its global sales to 200,000 or more by 2018.

Meanwhile, newcomers are beckoning. The most notable is British supercar marque McLaren.

The first two McLaren MP4-12C coupes - each costing close to $1 million - have just arrived, delivered to tycoon Peter Lim, who also happens to be a shareholder of the manufacturer.

christan@sph.com.sg

Another guy who dresses well on the outside, but has no integrity whatsoever inside......sad case. Let's hope they catch him soon.

The Straits Times
Jan 19, 2012
Watch boutique's ex-manager missing
He allegedly took $109k from clients but failed to deliver goods; police reports lodged

By Leonard Lim

A FORMER boutique manager at a luxury watch shop has gone missing, after allegedly receiving at least $109,000 as payment for Panerai watches but failing to deliver them.

Police reports have been lodged against Mr Terence Quek by both the distributor for the Italian brand here - Richemont Luxury (Singapore) - and at least three fine watch enthusiasts, who claim to have been cheated.

Mr Quek, believed to be in his 30s, is understood to have been sacked from Richemont last month, and has been uncontactable since last Saturday.

One customer, Indonesian vintage and fine watch dealer Amin Ko, said he gave Mr Quek $60,000 for three Panerai timepieces on Jan 2, while they were having lunch at Lucky Plaza.

'He promised to return in half an hour, but never did. He sent me an SMS to say there were some changes,' said Mr Ko, 42, adding that he was told he would get the watches a few days later.

'But I've not heard from him since.'

Based in Jakarta, Mr Ko has had business dealings with Mr Quek for eight years, and flew here on Tuesday to lodge a police report.

'I had no reason not to trust him. Just last month, I paid $100,000 for more than 10 Panerai watches, which were delivered promptly,' he said.

Another customer, introduced to Mr Quek by a friend in the middle of last October, ordered two of the Italian brand's watches, and paid $29,000.

Mr Quek gave him letters with Panerai's letterhead and official seal as proof of his purchase. Mr Quek also apparently said the name on the cheque should be made out to him as the Officine Panerai boutique was not functioning yet.

The boutique, at Ion Orchard, opened a few weeks ago.

The watches were to be delivered on Dec 1, but this was delayed several times. The 48-year-old customer, who had been collecting watches for five years, said his last contact with Mr Quek was on last Saturday morning.

'He said he would refund me my money at my office, but since then, he has become uncontactable,' said the customer, who declined to be named.

The friend who introduced him to Mr Quek had paid $20,000 for one Panerai watch, which was also not delivered.

Panerai South-east Asia general manager Antonius Kerssenbrock said it intended to honour its commitments to customers.

He added in an e-mail response: 'Our key priority now is to take care of our affected customers to ensure that our clients' rights and benefits are well preserved and protected at all times.'

He said the company was conducting a full investigation into Mr Quek's dealings, and had referred the case to the police.

'Given this, we are not in a position to further comment on the details of this incident.'

A police spokesman confirmed that reports had been lodged, and investigations were ongoing.

It was business as usual yesterday at the 120 sq m Panerai boutique - the brand's flagship in the Asia-Pacific and its largest in the world.

But staff clammed up when Mr Quek's name was mentioned, and said all queries should be directed to the management.

Still, those who worked with him painted a picture of a man who dressed well, wearing leather shoes that cost a few thousand dollars, and who regularly snapped up luxury goods from brands such as Gucci.

The episode follows the high-profile case of a former Cortina Holdings employee who stole watches worth $7.6 million during a 2008 Christmas Day theft at the company's Raffles City store. He was given a nine-year jail sentence.

Industry observers said Singapore's growth as a watch hub over the past few years - coupled with top names like Hublot and Panerai opening boutiques to meet rising demand - could tempt some staff to enrich themselves.

Mr Gilbert Cheah, 48, managing director of the Singapore Tatler, which has organised an annual luxury watch exhibition for the past four years, said: 'The CEO of Hublot put it well. In Europe, if you have 10 millionaires, you have one watch sold. In Asia, if you have 10 millionaires, you have each buying 10 watches.

'When there's a demand, there will always be people looking to fill it.'

Prominent local watch collector Bernard Cheong said he has heard stories of staff in the industry disappearing after making large sales.

The 53-year-old said: 'They can easily sell the goods off, along with the authenticity card, to shoppers who just want a nice watch and don't know better.'

limze@sph.com.sg

Exempt Fund Managers would face tougher rules and higher expenses.

Business Times - 16 Jan 2012

Small funds gear up for tighter rules

Implementing a risk management framework deemed main concern

By EMILYN YAP

(SINGAPORE) Boutique fund managers are bracing themselves for higher costs and other challenges as regulators look set to bring in new rules tightening supervision of the industry.

Some have hired experienced help to meet competency requirements; others are mulling over the risk controls to set up. 'I spend about 65 per cent of my time worrying about these rules,' said Boswell Capital Management director Tom Boswell.

The changes would increase regulation of an industry shaken by swindler Bernie Madoff's Ponzi scheme, and bring rules for fund managers in Singapore closer to those in other markets. But they would also create additional costs for the sector, with smaller funds bearing a proportionately larger strain.

The fund management industry got its first look at the potential changes when the Monetary Authority of Singapore (MAS) put them up for consultation in April 2010. More proposals followed last September.

The new regime would raise the bar for exempt fund managers (EFMs) which serve no more than 30 qualified investors, and have so far been excluded from many rules governing licensed funds.

For instance, EFMs would have to employ at least two full-time individuals living here who both have at least five years of relevant experience, and appoint a custodian for clients' monies.

An independent auditor would assess the fund management firms every year, checking among various things if they have a framework to identify, monitor and manage risks.

EFMs with assets under management (AUM) of $250 million or less would be renamed registered fund management companies, and MAS would maintain an online directory of them.

The regulations could kick in early this year. Though MAS has not released the final version, industry watchers expect few amendments to the drafts.

'The new requirements of MAS are probably just an annoyance for a hedge fund with an AUM of $250 million, but they will make the environment very unwelcoming for small hedge funds,' said a hedge fund manager with under $15 million in AUM.

A poll which Ernst & Young conducted last year among 44 fund managers - most of whom were EFMs - reflected some of the worries. For 54 per cent of the respondents, the implementation of a risk management framework emerged as the main concern.

Fund managers BT spoke to - most of whom asked not to be named - were unsure about what an effective framework should look like. The MAS consultation paper said it should take into account MAS guidelines on risk management practices and other industry best practices, but there were no details.

'As the risk management framework requirement is new to the industry, many players are seeking advice,' said Ernst & Young partner for financial services Brian Thung. There is no one-size-fits-all solution, and fund management firms will have to come up with a system matching their size, scale and risk profile, he said.

That the risk management framework would be one of the things under auditors' review is another source of uncertainty. Given the industry's diversity, it would be difficult to define what a model framework is, and an auditor with little experience may be unable to judge, said the hedge fund manager.

The annual audit itself would layer on extra expenses. There is no standard audit fee since it varies with the work's complexity, but market estimates go up to tens of thousands of dollars. 'MAS officers should do the audits, like how they inspect the banks,' said an investment manager. 'This would also give MAS a better insight into the workings of the industry.'

For one-man operations, the largest cost would come from hiring another skilled person. Industry players reckon that someone with five years of relevant experience could command an annual wage of around $100,000.

Some fund managers have hired ahead of schedule in anticipation of the rule. For Mr Boswell, the search continues. It is tough finding someone with the right personality to work closely with, who also has a similar approach to investing and taking risks, he said. 'It's like forcing someone to get married.'

The new rules could mean fewer start-ups, casting doubts over the vibrancy of the industry ahead. Small players have had a considerable presence. According to hedge fund tracker Eurekahedge, some 26 per cent of the 193 hedge funds in Singapore in 2010 had an AUM of under $20 million.

Market watchers believe that new entrants would need an AUM of $10-15 million to break even in future, compared with around $5 million now.

An investment firm founder suggested that MAS help start-ups by exempting them from the rules until they reach a certain size. They could be grouped into a new category, below the tier for registered fund management firms, he said.

Rising costs aside, some boutique fund managers recognise there are benefits to some of the proposals, such as the one requiring fund management firms to appoint a custodian.

They would also be able to market themselves better as registered firms under MAS's purview - not as exempt ones. 'This provides investors clarity and comfort as to the managers' regulatory status in the home regulator's perspective,' said Ho Han Ming, chairman of the Alternative Investment Management Association's Singapore branch.

He pointed out that investors' requirements have been similar to those that MAS has proposed. 'It won't be entirely accurate to say that fund managers will be unfamiliar with these regulatory requirements because these already constitute part of the due diligence process adopted in the market.'

Added Mr Ho: 'You cannot expect the absence of these requirements if you want to start a fund management business in the current environment.'

That's the title of an article published on Forbes. I think it's a pretty good read. Instructive for those of us who always wonder how to measure management's worth and their ability to deliver. (link here)

I'll try to get through the actual paper but the article gives a pretty good idea of the study and its findings.

Also, when I was reading bits of this (on arrogant leaders), I thought of Saw Phaik Hwa.

Drive away with a car for $1 downpayment? Is that really such a good idea?

The Straits Times
Jan 13, 2012
German cars hog top 10

BMW was the best-selling car brand here last year, displacing Toyota, which had been in pole position since 2002.

The Bavarian marque also widened the gap between itself and runner-up Mercedes-Benz, leading its German archrival by nearly 800 cars.

Toyota came third, with sales shrinking by nearly half to 3,562.

Only two of the top 10 bestsellers managed to post growth in sales: BMW and Volvo.

Five out of 10 fared worse in a year when overall car sales slumped by a third to 28,270 units.

The reason: Fewer certificates of entitlement (COEs) were available.

The constricted supply triggered tougher competition, which in turn pushed COE premiums - and car prices - higher.

In this environment, the premium makes, largely the Germans, fared better than others, because buyers of such cars were less sensitive to the price increases, and sellers had fatter profit margins with which to outbid competitors for COEs.

BMW's stellar performance here reflected its global results. The brand delivered 1.38 million cars - up 12.8 per cent - to post its best year yet.

Mr Say Kwee Neng, the managing director of BMW agent Performance Motors, described getting to the No. 1 position as 'bitter-sweet'.

He said he and his team were happy with and proud of their achievement, but they had not forgotten what a 'terrible' year their peers at Toyota had experienced. He said it would have been different if 'the natural disasters in Japan and Thailand had not occurred'.

This year is likely to be just as competitive, if not more so.

Porsche - another German brand, which was outside the top 10 but posted a 30.4 per cent rise in sales to 584 cars - looks set to add to the heat.

At the launch of its 911 model at The Ritz-Carlton yesterday, it announced a tie-up between Porsche Financial Services, its financing arm, and Hong Leong Finance, that will let buyers drive away a new Porsche for a down payment as low as $1.

Before, Hong Leong Finance was financing 20 per cent of Porsches bought here.

The Straits Times understands that the joint venture will extend loans to buyers of other brands in the Volkswagen Group, including VW, Audi, Skoda, Bentley and Lamborghini.

This move will entrench Hong Leong's position as the leading finance company here, and give the Germans the additional firepower to stay ahead, observers said.

CHRISTOPHER TAN

2,500 Porsches on the road now, wow. The number of rich has increased nearly 5-fold! Or are they all paying huge loans?

The Straits Times
Jan 12, 2012
Porsche tying up with Hong Leong to offer car loans

By Christopher Tan

THE financing arm of German sports car maker Porsche is teaming up with Hong Leong Finance to capture a slice of the high-value car loan business.

The move is driven by Singapore's high-octane luxury car market, which has seen record-breaking sales of rarefied brands in recent years.

The Straits Times understands that the two parties will ink an agreement today at the launch of Porsche's latest 911 model at the Ritz-Carlton, Millenia Singapore.

It is Porsche Financial Services' first foray into the South-east Asian market, and the first such tie-up for Hong Leong Finance, Singapore's largest consumer loan player with shareholder funds of $1.55 billion and deposits in excess of $7.18 billion.

Observers said the move reflects the growing prominence of the luxury car market in Singapore. Although tiny by any measure, the market has witnessed premium brands garnering record sales.

For instance, 567 Porsches were sold last year as of end-November, compared with 448 in 2010 and 303 in 2009.

The marque's market share stood at 2.2 per cent - higher than those of mass-market brands such as Suzuki, Mazda and Subaru.

Conquest sales have largely been made on the backs of models like the Cayenne sport utility vehicle and Panamera saloon - new segments for the manufacturer which is best known for its speedy coupes and cabriolets.

The arrival of the new 911 - an iconic model that has an unwavering following - is likely to propel sales further, as would a new Boxster later this year.

The German marque is also planning to enter two new segments: a high-end product to go head to head with the likes of Ferrari and Lamborghini and an entry-level model positioned below the Cayman and Boxster.

The new business is seen as an opportunity for Hong Leong Finance to enter the high-end loan segment, deemed by industry players as both lucrative and safe given its extremely low default rate.

Sources said the joint venture will kick off with a flexible scheme to make the owning of a Porsche more affordable and hassle-free.

Buyers can take up a loan over a fixed tenure of three or four years. Porsche will buy back the car at an amount pegged to the outstanding loan value.

If the prevailing resale value of the car is higher at the time, the customer is free to sell it elsewhere.

The interest rate for instalment payments is at market rates - 1.88 per cent.

The plan - open to used Porsches as well - is technically a balloon scheme with a buyback clause, but it works like a leasing plan. It is targeted at consumers who are averse to the uncertainties of resale values.

Porsche 911 owner Trina Liang said the scheme is 'definitely a plus'.

'It would make people think about buying a Porsche instead of, say, a Maserati,' the 41-year-old who works in the financial industry added.

'It's a positive thing.'

The Porsche move follows earlier entries by the financial service arms of Daimler, Volkswagen and BMW.

There are about 2,500 Porsches on the road in Singapore now, compared with 540 in 2000.

The Straits Times
Jan 12, 2012
Local tablet maker winding up business
Fusion Garage goes into voluntary liquidation as it cannot pay creditors

By Lim Yan Liang

CONTROVERSIAL tech company Fusion Garage, once touted as an exciting local start-up, has bitten the dust.

The company that beat Apple to the market with a tablet device back in 2010 published notices in newspapers here on Tuesday, stating that it would be closing down as it could not pay its creditors.

A search with the Accounting and Corporate Regulatory Authority revealed that the business is in liquidation, under a creditors' voluntary winding-up.

This means that accountants have been appointed and, in the likely scenario that they find the company insolvent, its assets will be sold to pay off its debts.

The advertisements came on the back of reports three weeks ago that Fusion Garage's public relations (PR) firm and its legal representative - both based in the United States - had quit.

The PR firm, McGrath Power, had said earlier that Fusion Garage had been uncommunicative for weeks, while the law firm, Quinn Emanuel, said its fees had not been paid for several months.

Fusion Garage had earlier stopped selling its flagship product, the Grid10 tablet, on its website.

The company has been embroiled in a lawsuit with its former partner, US-based tech blogger Michael Arrington, since December 2009.

Repeated attempts to reach its chief executive officer and co-founder Chandrasekar Rathakrishnan for comment were unsuccessful.

While it is unclear how much its creditors are owed, prominent shareholders in the firm include Ernst & Young partner Choo Eng Chuan and The Hour Glass executive chairman Henry Tay Yun Chwan.

Last month, Mr Rathakrishnan told The Business Times that the firm had put itself and its intellectual property on sale in an effort to stay afloat, as investors were reluctant to inject more capital.

Analysts The Straits Times spoke to said cut-throat competition and razor-thin margins meant Fusion Garage's demise was not unexpected.

In the initial days following the iPad's successful launch in April 2010, a long list of players tried entering the market because everyone thought tablets were going to be the next big thing, said Ms Melissa Chau, research manager for client devices at IDC Asia Pacific, a research and analysis firm.

'They threw everything at the wall in the hopes that something would stick, but it's not that easy,' she said. 'Other than Apple, few companies could gain traction in the market.'

Privately held Fusion Garage, which has $12 million in paid-up capital and an investment of tens of millions of dollars from Malaysian mobile device maker CSL and other private investors, tried to carve out a niche for its second-generation Grid10 tablet by heavily modifying Google's Android operating system into a tile-based system, besides creating its own hardware.

But like its JooJoo tablet - which was launched in March 2010, a week before the first iPad - the Grid10 faced multiple delays and negative reviews in the tech press.

Unlike the JooJoo, which survived in the market for nearly eight months before it was pulled, the Grid10 was never launched here.

It was launched solely in the US.

'For such a new technology, you need to prove to consumers that you have a very compelling case, as tablets lack the portability and immediacy of the smartphone and the smooth experience and large screen of the PC,' said Ms Chau. 'I haven't really seen any of these other guys prove themselves.'

Fusion Garage is not the first start-up Mr Rathakrishnan has co-founded: He had earlier launched mobile software developer Radix, which folded in 2007.

yanliang@sph.com.sg