http://business-times.asiaone.com/alltheheadlines/0,4985,,00.html? The Business Times Online Edition - Singapore en-us Copyright 2007 Business Times Online. 16 May 2008 16:00 GMT 16 May 2008 16:00 GMT 60 http://business-times.asiaone.com/mnt/static/image/images/topmastheadsmall.gif http://business-times.asiaone.com http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279681,00.html? (SINGAPORE) The Federal Reserve is likely to cut interest rates by another 25 basis points, before pausing to monitor the key economic data in US, according to the National Australia Bank. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279676,00.html? THAILAND'S Department of Foreign Trade (DFT) yesterday provided assurances that the kingdom will maintain its policy of not restricting rice exports, despite rising rice prices and a shortage of domestic supply. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279668,00.html? JAPAN'S gross domestic product (GDP) grew by 0.8 per cent or an annualised 3.3 per cent in the first quarter of this year, a rate ahead of expectations and which appeared to defy predictions that the economy could suffer a sharp slowdown or recession in the wake of the sub-prime mortgage crisis. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279647,00.html? (KUALA LUMPUR) Telekom Malaysia, Malaysia's largest fixed-line phone operator, will spend RM8.9 billion (S$3.8 billion) on a government-backed network, a larger proportion of the Internet project than the company estimated, it said on Thursday. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279696,00.html? (WASHINGTON) The United States on Thursday accused China of keeping its yuan currency 'substantially undervalued', but stopped short of branding Beijing a currency manipulator. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279674,00.html? (HONG KONG) Hong Kong's economic growth unexpectedly accelerated in the first quarter as exports to China and Europe climbed. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279675,00.html? (TAIPEI) Anthony Liao is hiring speakers of minor Chinese dialects at his Taipei travel agency, studying new destinations and ensuring a supply of buses as he gears for a surge of tourists from China, a relative rarity until now. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279653,00.html? (BEIJING) CNN, the American television news network, has formally apologised to the Chinese people for remarks by its commentator Jack Cafferty in April, Foreign Ministry spokesman Qin Gang said on Thursday. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279669,00.html? (SYDNEY/MELBOURNE) Shares in BHP Billiton, the world's largest miner, rose to a record level yesterday amid fresh speculation that Chinese interests were looking to build a stake in the group. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279673,00.html? (HONG KONG) The chairman of one of the world's largest property firms has begun legal action against his two brothers, Hong Kong court documents show, the latest twist in a long-running feud at the family-run firm. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279683,00.html? (BEICHUAN, China) China struggled to bury the dead and help tens of thousands of injured, homeless and hungry yesterday, four days after a massive earthquake which is thought to have killed more than 50,000. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279672,00.html? (VENICE) China's deadliest earthquake in decades could cut by up to 5 per cent the country's supply of carbon offsets under the Kyoto Protocol over the next 12 months, a market that China dominates, Lehman analysts estimated on Thursday. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/companies/story/0,4574,279645,00.html? SINGAPORE Telecommunications (SingTel) is investing $220 million in an islandwide cellular network upgrade to set the stage for delivering higher-speed mobile broadband services. Companies & Markets 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/companies/story/0,4574,279637,00.html? ENERGY and resources specialist AusGroup Ltd has announced a net loss of A$3.4 million (S$4.4 million) for the quarter ended March 31, compared with a net profit of A$4.8 million a year ago. Companies & Markets 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/companies/story/0,4574,279646,00.html? LOW Shiong Jin, the director at the centre of the controversy over missing funds at Oculus, has quit another listed company. Companies & Markets 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/companies/story/0,4574,279639,00.html? THE rebalancing of the MSCI All Country Asia ex-Japan index at the end of this month could benefit commodity stocks at the expense of real estate and transport plays, according to UBS. Companies & Markets 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/companies/story/0,4574,279641,00.html? (SINGAPORE) Olam International Ltd, a Singapore-listed supplier of commodities, plans to increase its rice-milling capacity at least five times to tap rising domestic demand in India. Companies & Markets 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/companies/story/0,4574,279642,00.html? (BANGKOK) Thai Beverage PCL, the country's largest brewer and distiller, plans to take over Thai green tea and sushi maker Oishi Group PCL for 6.94 billion baht (S$296.3 million). Companies & Markets 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/companies/story/0,4574,279638,00.html? FEDERAL International (2000) Ltd, an integrated engineering and procurement specialist, has inked an agreement to commission the construction of a chartering vessel for about US$7 million. Companies & Markets 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/companies/story/0,4574,279657,00.html? EXTENSIVE advertising and promotion, network expansion and a shift in product mix have paid off for China Hongxing Sports, the owner of the 'Erke' brand and one of China's leading sports goods companies. Companies & Markets 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/companies/story/0,4574,279655,00.html? RAFFLES Medical Group has tied up with Bupa International, one of the world's largest international health insurers, to offer co-branded health plans for mobile executives. Companies & Markets 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/companies/story/0,4574,279649,00.html? CAPITALAND unveiled a green mascot called Capitafrog as it launched its Building a Greener Future programme at Raffles City on Thursday. The property group is looking at making the mascot into a soft toy and will unveil further green initiatives in the coming months. Companies & Markets 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279681,00.html? (SINGAPORE) The Federal Reserve is likely to cut interest rates by another 25 basis points, before pausing to monitor the key economic data in US, according to the National Australia Bank. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279676,00.html? THAILAND'S Department of Foreign Trade (DFT) yesterday provided assurances that the kingdom will maintain its policy of not restricting rice exports, despite rising rice prices and a shortage of domestic supply. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279668,00.html? JAPAN'S gross domestic product (GDP) grew by 0.8 per cent or an annualised 3.3 per cent in the first quarter of this year, a rate ahead of expectations and which appeared to defy predictions that the economy could suffer a sharp slowdown or recession in the wake of the sub-prime mortgage crisis. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279647,00.html? (KUALA LUMPUR) Telekom Malaysia, Malaysia's largest fixed-line phone operator, will spend RM8.9 billion (S$3.8 billion) on a government-backed network, a larger proportion of the Internet project than the company estimated, it said on Thursday. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279696,00.html? (WASHINGTON) The United States on Thursday accused China of keeping its yuan currency 'substantially undervalued', but stopped short of branding Beijing a currency manipulator. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279674,00.html? (HONG KONG) Hong Kong's economic growth unexpectedly accelerated in the first quarter as exports to China and Europe climbed. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279675,00.html? (TAIPEI) Anthony Liao is hiring speakers of minor Chinese dialects at his Taipei travel agency, studying new destinations and ensuring a supply of buses as he gears for a surge of tourists from China, a relative rarity until now. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279653,00.html? (BEIJING) CNN, the American television news network, has formally apologised to the Chinese people for remarks by its commentator Jack Cafferty in April, Foreign Ministry spokesman Qin Gang said on Thursday. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279669,00.html? (SYDNEY/MELBOURNE) Shares in BHP Billiton, the world's largest miner, rose to a record level yesterday amid fresh speculation that Chinese interests were looking to build a stake in the group. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279673,00.html? (HONG KONG) The chairman of one of the world's largest property firms has begun legal action against his two brothers, Hong Kong court documents show, the latest twist in a long-running feud at the family-run firm. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279683,00.html? (BEICHUAN, China) China struggled to bury the dead and help tens of thousands of injured, homeless and hungry yesterday, four days after a massive earthquake which is thought to have killed more than 50,000. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279672,00.html? (VENICE) China's deadliest earthquake in decades could cut by up to 5 per cent the country's supply of carbon offsets under the Kyoto Protocol over the next 12 months, a market that China dominates, Lehman analysts estimated on Thursday. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/companies/story/0,4574,279645,00.html? SINGAPORE Telecommunications (SingTel) is investing $220 million in an islandwide cellular network upgrade to set the stage for delivering higher-speed mobile broadband services. Companies & Markets 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/companies/story/0,4574,279637,00.html? ENERGY and resources specialist AusGroup Ltd has announced a net loss of A$3.4 million (S$4.4 million) for the quarter ended March 31, compared with a net profit of A$4.8 million a year ago. Companies & Markets 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/companies/story/0,4574,279646,00.html? LOW Shiong Jin, the director at the centre of the controversy over missing funds at Oculus, has quit another listed company. Companies & Markets 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/companies/story/0,4574,279639,00.html? THE rebalancing of the MSCI All Country Asia ex-Japan index at the end of this month could benefit commodity stocks at the expense of real estate and transport plays, according to UBS. Companies & Markets 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/companies/story/0,4574,279641,00.html? (SINGAPORE) Olam International Ltd, a Singapore-listed supplier of commodities, plans to increase its rice-milling capacity at least five times to tap rising domestic demand in India. Companies & Markets 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/companies/story/0,4574,279642,00.html? (BANGKOK) Thai Beverage PCL, the country's largest brewer and distiller, plans to take over Thai green tea and sushi maker Oishi Group PCL for 6.94 billion baht (S$296.3 million). Companies & Markets 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/companies/story/0,4574,279638,00.html? FEDERAL International (2000) Ltd, an integrated engineering and procurement specialist, has inked an agreement to commission the construction of a chartering vessel for about US$7 million. Companies & Markets 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/companies/story/0,4574,279657,00.html? EXTENSIVE advertising and promotion, network expansion and a shift in product mix have paid off for China Hongxing Sports, the owner of the 'Erke' brand and one of China's leading sports goods companies. Companies & Markets 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/companies/story/0,4574,279655,00.html? RAFFLES Medical Group has tied up with Bupa International, one of the world's largest international health insurers, to offer co-branded health plans for mobile executives. Companies & Markets 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/companies/story/0,4574,279649,00.html? CAPITALAND unveiled a green mascot called Capitafrog as it launched its Building a Greener Future programme at Raffles City on Thursday. The property group is looking at making the mascot into a soft toy and will unveil further green initiatives in the coming months. Companies & Markets 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279682,00.html? (MUMBAI) India's booming fund industry is about to get even hotter with the launch soon of real estate mutual funds, which will make pricey property investments affordable to millions. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279684,00.html? (NEW DEHLI) India's inflation rate unexpectedly rose to the highest in three and a half years, adding pressure on the central bank to raise borrowing costs further to tame prices. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279650,00.html? (JAKARTA) Indonesia's powerful military, pushed out of politics a decade ago when Indonesians embraced democracy, must soon relinquish another prize: a motley array of businesses including golf courses, offices, and taxi firms. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279664,00.html? MALAYSIA'S Law Minister Zaid Ibrahim said yesterday that a Royal Commission of Inquiry investigating the contents of a video clip of a prominent lawyer allegedly fixing judicial appointments has found evidence of a conspiracy to influence the appointments of top judges. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279658,00.html? (JOHOR BARU) Malaysia's Johor Corp, a state economic development and investment group, plans to sell Islamic bonds to fund the expansion of oil and gas storage facilities at its port bordering Singapore. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279665,00.html? (KUALA LUMPUR) YNH Property is seeking as much as RM1.2 billion (S$508.5 million) by selling in advance half of a tower being designed by Norman Foster for Kuala Lumpur in the Malaysian capital's biggest commercial property transaction. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/motor/story/0,4574,279703,00.html? FIFTEEN centimetres may only be half a foot but to the new Audi A4, it is a quantum leap. By moving the front axle 15 cm forward, the German premium carmaker has completely transformed its compact saloon model. Motoring 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/motor/story/0,4574,279704,00.html? THE new Audi A4 has taken on sportier overtones, both on the inside and the outside. Motoring 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/motor/story/0,4574,279699,00.html? HOW does one improve on a winning product? Carefully, it seems. On paper, the Audi TTS doesn't offer much more than its lesser brethren (higher power, quattro permanent all-wheel drive and magnetic ride are now standard equipment) - except that it is topped off with some minor restyling. Motoring 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/motor/story/0,4574,279705,00.html? NEXT month's Saab City Duathlon will allow participants onto part of the upcoming Formula 1 SingTel Singapore Grand Prix route for the first time. Motoring 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/premiumstory/0,4574,279644,00.html? WHEN the Stern Review of the Economics of Climate Change - one of the most comprehensive studies on the environment ever produced - was released on Oct 30, 2006, it was splashed all over the media. The response from economists, environmentalists and the general public was overwhelming. Raffles Conversation 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/premiumstory/0,4574,279643,00.html? AS a devoted student of the Indian economy, it is fitting for Lord Stern to be the first occupant of the newly created IG Patel chair at the London School of Economics (LSE), as well as the first head of LSE's 'India Observatory', which is dedicated to the study of India. Raffles Conversation 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279681,00.html? (SINGAPORE) The Federal Reserve is likely to cut interest rates by another 25 basis points, before pausing to monitor the key economic data in US, according to the National Australia Bank. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279676,00.html? THAILAND'S Department of Foreign Trade (DFT) yesterday provided assurances that the kingdom will maintain its policy of not restricting rice exports, despite rising rice prices and a shortage of domestic supply. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279668,00.html? JAPAN'S gross domestic product (GDP) grew by 0.8 per cent or an annualised 3.3 per cent in the first quarter of this year, a rate ahead of expectations and which appeared to defy predictions that the economy could suffer a sharp slowdown or recession in the wake of the sub-prime mortgage crisis. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279647,00.html? (KUALA LUMPUR) Telekom Malaysia, Malaysia's largest fixed-line phone operator, will spend RM8.9 billion (S$3.8 billion) on a government-backed network, a larger proportion of the Internet project than the company estimated, it said on Thursday. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279696,00.html? (WASHINGTON) The United States on Thursday accused China of keeping its yuan currency 'substantially undervalued', but stopped short of branding Beijing a currency manipulator. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279674,00.html? (HONG KONG) Hong Kong's economic growth unexpectedly accelerated in the first quarter as exports to China and Europe climbed. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279675,00.html? (TAIPEI) Anthony Liao is hiring speakers of minor Chinese dialects at his Taipei travel agency, studying new destinations and ensuring a supply of buses as he gears for a surge of tourists from China, a relative rarity until now. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279653,00.html? (BEIJING) CNN, the American television news network, has formally apologised to the Chinese people for remarks by its commentator Jack Cafferty in April, Foreign Ministry spokesman Qin Gang said on Thursday. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279669,00.html? (SYDNEY/MELBOURNE) Shares in BHP Billiton, the world's largest miner, rose to a record level yesterday amid fresh speculation that Chinese interests were looking to build a stake in the group. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279673,00.html? (HONG KONG) The chairman of one of the world's largest property firms has begun legal action against his two brothers, Hong Kong court documents show, the latest twist in a long-running feud at the family-run firm. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279683,00.html? (BEICHUAN, China) China struggled to bury the dead and help tens of thousands of injured, homeless and hungry yesterday, four days after a massive earthquake which is thought to have killed more than 50,000. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279672,00.html? (VENICE) China's deadliest earthquake in decades could cut by up to 5 per cent the country's supply of carbon offsets under the Kyoto Protocol over the next 12 months, a market that China dominates, Lehman analysts estimated on Thursday. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/companies/story/0,4574,279645,00.html? SINGAPORE Telecommunications (SingTel) is investing $220 million in an islandwide cellular network upgrade to set the stage for delivering higher-speed mobile broadband services. Companies & Markets 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/companies/story/0,4574,279637,00.html? ENERGY and resources specialist AusGroup Ltd has announced a net loss of A$3.4 million (S$4.4 million) for the quarter ended March 31, compared with a net profit of A$4.8 million a year ago. Companies & Markets 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/companies/story/0,4574,279646,00.html? LOW Shiong Jin, the director at the centre of the controversy over missing funds at Oculus, has quit another listed company. Companies & Markets 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/companies/story/0,4574,279639,00.html? THE rebalancing of the MSCI All Country Asia ex-Japan index at the end of this month could benefit commodity stocks at the expense of real estate and transport plays, according to UBS. Companies & Markets 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/companies/story/0,4574,279641,00.html? (SINGAPORE) Olam International Ltd, a Singapore-listed supplier of commodities, plans to increase its rice-milling capacity at least five times to tap rising domestic demand in India. Companies & Markets 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/companies/story/0,4574,279642,00.html? (BANGKOK) Thai Beverage PCL, the country's largest brewer and distiller, plans to take over Thai green tea and sushi maker Oishi Group PCL for 6.94 billion baht (S$296.3 million). Companies & Markets 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/companies/story/0,4574,279638,00.html? FEDERAL International (2000) Ltd, an integrated engineering and procurement specialist, has inked an agreement to commission the construction of a chartering vessel for about US$7 million. Companies & Markets 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/companies/story/0,4574,279657,00.html? EXTENSIVE advertising and promotion, network expansion and a shift in product mix have paid off for China Hongxing Sports, the owner of the 'Erke' brand and one of China's leading sports goods companies. Companies & Markets 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/companies/story/0,4574,279655,00.html? RAFFLES Medical Group has tied up with Bupa International, one of the world's largest international health insurers, to offer co-branded health plans for mobile executives. Companies & Markets 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/companies/story/0,4574,279649,00.html? CAPITALAND unveiled a green mascot called Capitafrog as it launched its Building a Greener Future programme at Raffles City on Thursday. The property group is looking at making the mascot into a soft toy and will unveil further green initiatives in the coming months. Companies & Markets 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279681,00.html? (SINGAPORE) The Federal Reserve is likely to cut interest rates by another 25 basis points, before pausing to monitor the key economic data in US, according to the National Australia Bank. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279676,00.html? THAILAND'S Department of Foreign Trade (DFT) yesterday provided assurances that the kingdom will maintain its policy of not restricting rice exports, despite rising rice prices and a shortage of domestic supply. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279668,00.html? JAPAN'S gross domestic product (GDP) grew by 0.8 per cent or an annualised 3.3 per cent in the first quarter of this year, a rate ahead of expectations and which appeared to defy predictions that the economy could suffer a sharp slowdown or recession in the wake of the sub-prime mortgage crisis. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279647,00.html? (KUALA LUMPUR) Telekom Malaysia, Malaysia's largest fixed-line phone operator, will spend RM8.9 billion (S$3.8 billion) on a government-backed network, a larger proportion of the Internet project than the company estimated, it said on Thursday. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279696,00.html? (WASHINGTON) The United States on Thursday accused China of keeping its yuan currency 'substantially undervalued', but stopped short of branding Beijing a currency manipulator. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279674,00.html? (HONG KONG) Hong Kong's economic growth unexpectedly accelerated in the first quarter as exports to China and Europe climbed. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279675,00.html? (TAIPEI) Anthony Liao is hiring speakers of minor Chinese dialects at his Taipei travel agency, studying new destinations and ensuring a supply of buses as he gears for a surge of tourists from China, a relative rarity until now. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279653,00.html? (BEIJING) CNN, the American television news network, has formally apologised to the Chinese people for remarks by its commentator Jack Cafferty in April, Foreign Ministry spokesman Qin Gang said on Thursday. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279669,00.html? (SYDNEY/MELBOURNE) Shares in BHP Billiton, the world's largest miner, rose to a record level yesterday amid fresh speculation that Chinese interests were looking to build a stake in the group. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279673,00.html? (HONG KONG) The chairman of one of the world's largest property firms has begun legal action against his two brothers, Hong Kong court documents show, the latest twist in a long-running feud at the family-run firm. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279683,00.html? (BEICHUAN, China) China struggled to bury the dead and help tens of thousands of injured, homeless and hungry yesterday, four days after a massive earthquake which is thought to have killed more than 50,000. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279672,00.html? (VENICE) China's deadliest earthquake in decades could cut by up to 5 per cent the country's supply of carbon offsets under the Kyoto Protocol over the next 12 months, a market that China dominates, Lehman analysts estimated on Thursday. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/companies/story/0,4574,279645,00.html? SINGAPORE Telecommunications (SingTel) is investing $220 million in an islandwide cellular network upgrade to set the stage for delivering higher-speed mobile broadband services. Companies & Markets 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/companies/story/0,4574,279637,00.html? ENERGY and resources specialist AusGroup Ltd has announced a net loss of A$3.4 million (S$4.4 million) for the quarter ended March 31, compared with a net profit of A$4.8 million a year ago. Companies & Markets 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/companies/story/0,4574,279646,00.html? LOW Shiong Jin, the director at the centre of the controversy over missing funds at Oculus, has quit another listed company. Companies & Markets 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/companies/story/0,4574,279639,00.html? THE rebalancing of the MSCI All Country Asia ex-Japan index at the end of this month could benefit commodity stocks at the expense of real estate and transport plays, according to UBS. Companies & Markets 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/companies/story/0,4574,279641,00.html? (SINGAPORE) Olam International Ltd, a Singapore-listed supplier of commodities, plans to increase its rice-milling capacity at least five times to tap rising domestic demand in India. Companies & Markets 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/companies/story/0,4574,279642,00.html? (BANGKOK) Thai Beverage PCL, the country's largest brewer and distiller, plans to take over Thai green tea and sushi maker Oishi Group PCL for 6.94 billion baht (S$296.3 million). Companies & Markets 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/companies/story/0,4574,279638,00.html? FEDERAL International (2000) Ltd, an integrated engineering and procurement specialist, has inked an agreement to commission the construction of a chartering vessel for about US$7 million. Companies & Markets 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/companies/story/0,4574,279657,00.html? EXTENSIVE advertising and promotion, network expansion and a shift in product mix have paid off for China Hongxing Sports, the owner of the 'Erke' brand and one of China's leading sports goods companies. Companies & Markets 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/companies/story/0,4574,279655,00.html? RAFFLES Medical Group has tied up with Bupa International, one of the world's largest international health insurers, to offer co-branded health plans for mobile executives. Companies & Markets 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/companies/story/0,4574,279649,00.html? CAPITALAND unveiled a green mascot called Capitafrog as it launched its Building a Greener Future programme at Raffles City on Thursday. The property group is looking at making the mascot into a soft toy and will unveil further green initiatives in the coming months. Companies & Markets 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279682,00.html? (MUMBAI) India's booming fund industry is about to get even hotter with the launch soon of real estate mutual funds, which will make pricey property investments affordable to millions. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279684,00.html? (NEW DEHLI) India's inflation rate unexpectedly rose to the highest in three and a half years, adding pressure on the central bank to raise borrowing costs further to tame prices. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279650,00.html? (JAKARTA) Indonesia's powerful military, pushed out of politics a decade ago when Indonesians embraced democracy, must soon relinquish another prize: a motley array of businesses including golf courses, offices, and taxi firms. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279664,00.html? MALAYSIA'S Law Minister Zaid Ibrahim said yesterday that a Royal Commission of Inquiry investigating the contents of a video clip of a prominent lawyer allegedly fixing judicial appointments has found evidence of a conspiracy to influence the appointments of top judges. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279658,00.html? (JOHOR BARU) Malaysia's Johor Corp, a state economic development and investment group, plans to sell Islamic bonds to fund the expansion of oil and gas storage facilities at its port bordering Singapore. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279665,00.html? (KUALA LUMPUR) YNH Property is seeking as much as RM1.2 billion (S$508.5 million) by selling in advance half of a tower being designed by Norman Foster for Kuala Lumpur in the Malaysian capital's biggest commercial property transaction. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/motor/story/0,4574,279703,00.html? FIFTEEN centimetres may only be half a foot but to the new Audi A4, it is a quantum leap. By moving the front axle 15 cm forward, the German premium carmaker has completely transformed its compact saloon model. Motoring 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/motor/story/0,4574,279704,00.html? THE new Audi A4 has taken on sportier overtones, both on the inside and the outside. Motoring 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/motor/story/0,4574,279699,00.html? HOW does one improve on a winning product? Carefully, it seems. On paper, the Audi TTS doesn't offer much more than its lesser brethren (higher power, quattro permanent all-wheel drive and magnetic ride are now standard equipment) - except that it is topped off with some minor restyling. Motoring 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/motor/story/0,4574,279705,00.html? NEXT month's Saab City Duathlon will allow participants onto part of the upcoming Formula 1 SingTel Singapore Grand Prix route for the first time. Motoring 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/premiumstory/0,4574,279644,00.html? WHEN the Stern Review of the Economics of Climate Change - one of the most comprehensive studies on the environment ever produced - was released on Oct 30, 2006, it was splashed all over the media. The response from economists, environmentalists and the general public was overwhelming. Raffles Conversation 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/premiumstory/0,4574,279643,00.html? AS a devoted student of the Indian economy, it is fitting for Lord Stern to be the first occupant of the newly created IG Patel chair at the London School of Economics (LSE), as well as the first head of LSE's 'India Observatory', which is dedicated to the study of India. Raffles Conversation 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/companies/story/0,4574,279640,00.html? THERE were no violent moves in stocks this week, only a gradual creeping upwards of blue chips, suggesting confidence is slowly returning. Companies & Markets 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279648,00.html? IN another example of Singapore continuing to remain a high technology manufacturing base, Nasdaq-listed KLA-Tencor, a world leader in process control solutions for semicon manufacturing, yesterday announced a more than US$50 million investment in a new facility in Serangoon industrial estate. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279654,00.html? PROPERTY developers in Asia face a 'double whammy' of rising credit spreads on loans and banks lending less against the value of new projects, a senior Asian property fund manager said yesterday. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279652,00.html? THE History Channel has partnered a Singapore production company for the first time. The Moving Visuals Co created and produced the one-hour documentary Ancient Chinese Sports, which will air tomorrow at 7pm. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279661,00.html? YOUNG working adults are the hottest demographic segment to be courted these days, going by how banks have been actively launching products to woo them. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279666,00.html? A TOTAL of eight awards and four certificates of merit have been given out under this year's Building and Construction Authority (BCA) Construction Excellence Awards, out of a total of 16 nominations. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279662,00.html? NON-electronic shipments came to the rescue, lifting non-oil domestic exports (NODX) to a surprising 5.4 per cent year-on-year gain in April, against market expectations of a 0.5 per cent dip. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279660,00.html? PRIVATE equity outfits have stepped up their activities in Singapore, targeting buyouts and private companies around the region. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279634,00.html? (SINGAPORE) Wary of a wage-inflation spiral that will blunt Singapore's competitive edge at a time of economic uncertainty, the National Wages Council (NWC) has urged wage hikes this year to be sustainable, in line with companies' performance and business prospects. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279629,00.html? (LONDON) British Airways has registered record profits and will pay a dividend for the first time in seven years - but its chief executive, Willie Walsh, has decided to forgo his own bonus. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279633,00.html? SHAREHOLDER activist David Webb has quit the board of Hong Kong's stock exchange, citing backdoor political interference and a lack of progress on major governance issues. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279631,00.html? (SINGAPORE) Former Informatics chief executive officer Ong Boon Kheng - convicted and fined $445,000 last year for his part in inflating the education company's profits - is pumping $1.08 million into beleaguered Jade Technologies. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279630,00.html? IN our May 15 Househunt table, we inadvertently transposed two columns: built-in/land area (sq ft) and psf ($). We are sorry for the error. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279632,00.html? SINGTEL is investing $220 million in an islandwide cellular network upgrade to set the stage for delivering higher-speed mobile broadband services. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/views/story/0,4574,279651,00.html? ABOVE expectations: Q1 2008 core earnings of $15.4 million (+37.6 per cent y-o-y) beat consensus and our estimates, forming 36 per cent of our full-year estimate (we were going for 33-34 per cent). Views & Opinions 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/views/story/0,4574,279636,00.html? THIS week saw one of the worst-kept secrets in mobile phone-mad Singapore finally become a reality with news that Apple's iPhone would be coming to these shores later this year. Views & Opinions 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/whatsin/story/0,4574,279702,00.html? WHEN Ms Fun's eight-year-old daughter was diagnosed in school with early myopia, she did what few mothers here would have done. Rather than take her child to an optical shop for a fitting, she enrolled her in a course of acupuncture treatment instead. Lifestyle 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/whatsin/story/0,4574,279701,00.html? IT'S time to step off the scale and get out the tape measure. Lifestyle 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/whatsin/story/0,4574,279711,00.html? 'WINE goes great with food; it's just that beer with food is even better,' declares Archipelago brewmaster Fal Allen with gusto. Lifestyle 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/whatsin/story/0,4574,279712,00.html? Tampopo 177 River Valley Road, #01-23/24, Liang Court Shopping Centre. Tel: 6338-3186. Tampopo Deli, #B1-16. Tel: 6338-7386 Lifestyle 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/whatsin/story/0,4574,279709,00.html? SHE loves shoes; he's a fashion photographer. When Ada Lee and Adrian Thoo decided to set up a business, what better than to capitalise on their respective strengths. Lifestyle 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/whatsin/story/0,4574,279707,00.html? THE battle of unisex colognes versus specialised scents for men and women continues, with contrasting approaches vying for your attention in the market. Lifestyle 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/whatsin/story/0,4574,279708,00.html? WHILE the Great Singapore Sale (GSS) is great news for most, it has always been seen as a sale for mid-price and high street labels rather than luxury. Lifestyle 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279678,00.html? (NEW YORK) It took only about 120 seconds last week for a Monet to exchange hands for a small fortune. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279680,00.html? (OSLO) How did Noah's Ark manage to stay afloat? Estimates of the number of species on earth are surging into apparently hull-busting millions as biologists find new life almost everywhere they look, from African swamps to Antarctica. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279695,00.html? (WASHINGTON) Construction starts on new US homes posted the biggest increase in more than two years in April, rising by a surprisingly strong 8.2 per cent and applications for new building permits turned up for the first time in five months, the Commerce Department reported in a rare spot of good news amid the worst downturn in housing in more than two decades. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279670,00.html? (UNITED NATIONS) The world economy is 'teetering on the brink' of a severe downturn and will grow by only 1.8 per cent this year, the United Nations has said. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279677,00.html? (GENEVA) A vivid blue 3.7-carat diamond ring sold for just under US$5 million at auction, becoming the priciest gemstone per carat ever, Sotheby's said yesterday. The News 16 May 2008 20:00 GMT http://business-times.asiaone.com/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,279671,00.html? People waiting under umbrellas outside the Festival Palace during the 61st Cannes International Film Festival yesterday. The News 16 May 2008 20:00 GMT