South Korea's new tank can swim, sit, stand and kneel

SEOUL - SOUTH Korea unveiled yesterday what it calls the world's best tank - capable of fording shallow rivers, defending itself against missiles and firing 'smart' projectiles.

The XK2 Black Panther is a main battle tank of 'the highest technical level all over the world', said its developer, the state-run Agency for Defence Development.

Key features include an active defence system against incoming missiles and aircraft, automatic tracking and ammunition-loading systems, an active suspension unit and high underwater manoeuvrability.

'We have stolen a march over other developed countries in developing ground weaponry. The Black Panther proves it,' agency president Ahn Dong Mahn told journalists.

Mr Kim Eui Hwan, the official in charge of the project, said the Black Panther has 'more superb capabilities than any other existing tank'.

Its armament includes a 120mm smooth-bore main gun which is automatically loaded and capable of firing up to 15 rounds per minute.

A unique system enables it to fire on the move and compensates for errors caused by bumpy terrain.

A special suspension unit enables the tank to 'sit', 'stand' and 'kneel', allowing it to fire its main gun downhill.

Another key feature is Korean Smart Top-attack Munition rounds, which have their own guidance and obstacle-avoidance systems to hit hidden targets.

In another claimed world's first, the agency said the tank - using a special snorkel - can manoeuvre quickly in up to 4.1m of water and is ready for combat immediately after it surfaces.

With three crew members on board, the 55-tonne tank with a 1,500hp engine has a road speed of more than 70kmh and cross-country speed of more than 50kmh.

The Black Panther will enter mass production in three years and the army will take delivery of an unknown number in 2011.

The price tag is estimated at US$8.8 million (S$13.4 million) each and developers will seek export orders.

The tank has been developed by researchers at ADD and Rotem, a unit of Hyundai Motor, along with defence industry firms.

AGENCE FRANCE-PRESSE

Jardine C&C profit declines for 2nd year in a row

DIVERSIFIED Jardine Cycle & Carriage (Jardine C&C) posted a 21 per cent drop in net earnings to US$223.8 million (S$342.3 million) for the year ended Dec 31.

It was its second straight annual drop in earnings since 2004, when it reaped a record profit of US$349.4 million.

Revenue almost doubled to US$7.19 billion, following the full consolidation of Indonesia-based Astra International, which has become a subsidiary.

Cost of sales rose 87 per cent to US$5.73 billion. Tax expenses more than doubled to US$174.2 million.

As a result, earnings per share sank to 66.02 US cents from 84.06 US cents previously. Net asset value per share however stood at US$5.56 from US$4.59 on a healthier balance sheet with net assets at US$4.06 billion, from US$3.53 billion previously.

Cash and equivalents at the beginning of the year was US$491 million, compared with US$177 million previously. At Dec 31, they were US$551.9 million, against US$491 million.

Group net debt shrank by 19 per cent to US$2.1 billion, on lower demand for consumer loans in Indonesia. Excluding consumer finance, debt dipped 1 per cent to US$600 million.

While its Singapore motoring business fared well on better Mercedes and Mitsubishi sales, it was not enough to offset the far larger Indonesian operation.

Consumer confidence there has yet to recover from the increase in interest rates and removal of fuel subsidies two years ago.

With the damaging floods in recent months, Astra's first-quarter performance in the current financial year will suffer. For the year ended Dec 31, Astra posted a 32 per cent drop in net profit to 3.71 trillion rupiah (S$619.6 million).

Jardine C&C group managing director (MD) Adam Keswick said that while motoring will remain a major business, the group will endeavour to be 'less reliant' on it by growing Astra's other operations. These include plantations and infrastructure.

He remains as hopeful as last year that Indonesia will turn around. He added that the group has no intention of lifting its stake in Astra of just above 50 per cent.

Mr Keswick will take up a new position at Jardine Pacific. His cousin Benjamin Keswick will take over as Jardine C&C group MD in April. Meanwhile, group finance director Neville Venter has retired. His post is being filled by the former finance director of Jardine Schindler, Mr SC Chiew.

Despite the profit shrinkage, Jardine C&C is paying a final dividend of 17 US cents per share.

The group is bracing itself for keener competition. Yamaha, for instance, is giving Astra's Honda a run for its money in the motorbike market. And Nissan, which recently launched a domestic model, could erode Astra's dominant position with Toyota.

In Singapore, the car market could shrink this year on a small supply of certificates of entitlement.

christan@sph.com.sg

Hefty rise in development charges for business areas

THE rush to buy homes in the Marina Bay area late last year has contributed to hefty increases in a charge payable to the Government by developers when they want to enhance a property site.

The downtown area also recorded hefty jumps in the charge for the commercial and hotel sectors.

The Government yesterday raised the development charge, as it is known, for non-landed residential use in the downtown areas of Marina Bay, Shenton Way and Robinson Road by up to 55 per cent.

While high, this was not a total surprise, given that new projects like Marina Bay Residences, One Shenton and Lumiere were sold at $1,600 per sq ft (psf) to $3,450 psf, late last year, well above the previous launch price of $1,200 psf for tower two of The Sail @ Marina Bay in late 2005, consultants said.

Development charges, which are revised twice a year on March 1 and Sept 1, closely mirror property values. They vary according to land use and 118 locations.

The charges can range from hundreds of thousands of dollars to tens of million of dollars for large projects.

The National Development Ministry, in consultation with the chief valuer, yesterday raised the charge for non-landed residential use by 14 per cent on average, compared to a 9 per cent rise six months ago.

The charge for landed residential use rose by 6 per cent on average, from 1 per cent previously, while the charge for commercial use increased by an average of 12 per cent, from 2 per cent.

However, the biggest jump was in the hotel and hospital segment, where rates rose by 27 per cent on average, compared with no change six months ago.

The rates for other uses such as industrial use remain unchanged.

In the residential sector, Sentosa posted significant increases in the charge for landed use (28 per cent) and non-landed use (nearly 28 per cent) as the values of Sentosa Cove properties have risen considerably.

In the Orchard Road area, collective sales have led to a 16 to 21 per cent rise, though the hike is lower than the 32 to 38 per cent rise previously, said Mr Li Hiaw Ho, executive director of CBRE Research.

The hikes for non-landed residential use would affect the collective sale market to a certain extent as developers would have to price in higher charges, consultants said.

'But the increases would not derail the collective sale trend because the major shocks in development charge increases already happened in the past few revisions,' said Mr Lui Seng Fatt of property consultancy Jones Lang LaSalle.

However, some developers may raise the selling prices of existing and future developments as the increase in development charges have jacked up their replacement costs, said a property expert.

In the commercial sector, the charge for the Battery Road/Chulia Road/Collyer Quay area showed the biggest rise of 44.4 per cent, probably boosted by the keen competition and bullish bids seen for the Collyer Quay site, said Mr Li.

The Marina Bay area locked in a 31.6 per cent rise in the charge, giving the area an implied land value of $465 psf per plot ratio (ppr), he said.

However, the consortium developing the Marina Bay Financial Centre secured savings for phase two of the project by locking in its rate at $423 psf ppr in the middle of last month, said Mr Li.

In the hotel segment, the increases in the charges were dramatic - at up to 90.5 per cent in the downtown areas, reflecting the record bid for the Collyer Quay site, he said. Interest in hotel sites has been strong in the past six months, with four hotel sites awarded, up from one in 2005 and none in 2004, he added.

The Government had released several hotel sites for sale to cater to an expected rise in tourism.

Mr Lui said the hefty increases in the hotel charge had been expected. 'It has been almost 20 years since we have seen so many hotel sites made available.'

joyceteo@sph.com.sg

Business revenue up 4.4% in last quarter

THE cash tills for most industries were ringing merrily in the fourth quarter of last year, going by the latest business receipts figures from the Department of Statistics (DOS).

The insurance, real estate, IT consultancy, post and telecommunications industries all saw double-digit growth in business receipts, driving the overall business receipts index up 4.4 per cent from the same period a year ago.

Compared with the third quarter, business receipts were up 9.9 per cent.

The few industries which saw a drop in business were financial services (down 11.8 per cent), water transport (down 5.1 per cent) and advertising (down 8.1 per cent).

Excluding the financial and insurance services cluster, total business receipts rose 5.8 per cent, DOS said yesterday.

Turnover in the financial services industry was down due to poorer business for the Asian Currency Units of banks, DOS said. But other financial services such as stockbroking, investment advisory and fund management continued to do well.

And it was boom time for the insurance industry, which enjoyed a 51.1 per cent surge in receipts, as life and general insurance services prospered.

Compiled quarterly, the business receipts index measures short-term changes in the operating receipts of firms. It includes commissions and fees earned, but excludes the goods and services tax.

Chelsea, Arsenal may be charged

LONDON - ARSENAL and Chelsea are awaiting Football Association charges, after Sunday's League Cup final was marred by a brawl.

The Gunners' stand-in skipper Kolo Toure, teammate Emmanuel Adebayor and Chelsea's Mikel Jon Obi were dismissed in the dying stages of the Blues' 2-1 win.

Francesc Fabregas and Frank Lampard were also cautioned after the incident.

Managers Arsene Wenger and Jose Mourinho had to run on to the pitch to try to calm their players.

Up till then, the match had been an entertaining and intriguing contest between Arsenal's young Gunners and Chelsea's star-studded team.

Toure has apologised for his part in the melee, and hopes the FA will show leniency once it has reviewed video evidence.

He told 4thegame.com: 'I apologise for this moment, and I regret my actions.

'Chelsea were winning and were starting to waste time. I was not happy with that, which is why I went to Mikel and had some words with him.

'Then Lampard came in and maybe made the thing bigger than it was. But that is part of football.'

His regret was in direct contrast to Mikel's attitude.

The Mirror quoted the Chelsea forward as saying: 'I didn't deserve the card. I think Toure attacked me but the ref showed me the red card.

'The referee had already given them a free kick, so why did he attack me? I don't know - I don't have a clue about it.

'I didn't touch him, I kept my hands down. But he didn't punch me. We didn't fight.'

Wenger later acknowledged that his players, whose average age was 21, had lost their cool.

He said: 'It suddenly exploded. It was strange as it didn't reflect the quality of the game.

'Suddenly, we lost it and they lost it as well. It became a brawl. I'm not sure the referee picked the right ones out but he made a decision.

'I don't think you should ever lose your calm. You should always keep in control. Frankly, I felt a few punches were exchanged, not only from our side.

'I went on the field to ensure nothing major happened. I wanted to calm things down.

'I am not strong enough to do that. Maybe I overestimated my power a little bit. I am sure that the players will be punished. Will it be once or twice, who knows?

'With the FA, you always have a good chance to worry. It is better to worry with them.'

Keith Hackett, the referees' chief, praised the way his colleague, Howard Webb, dealt with the incident. He also called on the FA to take action.

'Howard and his assistants had a good game on that incident, which was out of character from the rest of the match,' he said.

'They dealt calmly and firmly with it. After consultation, Howard took appropriate action.

'His report will go to the FA today and they will look at those unseemly situations that arose. It was a pity because it was a fantastic game.'

The brawl began when Toure was dragged back by Mikel, prompting an angry reaction from the Arsenal defender.

In the ensuing melee, Emmanuel Eboue clashed with Wayne Bridge, leaving the Chelsea left-back on the ground.

The game was further delayed when Adebayor refused to leave the pitch after being red-carded, and had to be dragged off by Arsenal physiotherapist Gary Lewin.

'My reaction after the card did not mean I wanted to hit the referee. I just wanted to know why he gave me the red card. I do not think I did anything wrong,' said the striker.

There were claims of a case of mistaken identity. Many believe the red card was meant for Eboue.

Even Bridge said: 'Adebayor wasn't the guy who did it.'

Mourinho added: 'My players said it was Eboue who was more responsible than the others.'

The Portuguese said the incidents were disappointing but understandable.

He told the BBC: 'It's a pity that happened. I do understand that it's emotional and I understand how the players are feeling.

'Arsenal were losing the final, so I think their emotions took over. Sometimes, mature people lose control of their emotions.

'You cannot kill a player because something happened. If Mikel did something wrong, it is not my job to kill him, it is my job to educate him.'

Arsenal took an early lead through Theo Walcott's first goal for the club, before the Blues turned things around with Didier Drogba's brace.

News Today

Yeo meets S'poreans in Brunei
Foreign Minister George Yeo met Singaporeans living in Brunei at a reception yesterday hosted by the Singapore High Commission. Mr Yeo, who is visiting Brunei, will call on Sultan Hassanal Bolkiah and Crown Prince Haji Al-Muhtmadee Billah today. A Singapore Foreign... [Read more]

Just 9 months on, Marina Bay Sands is in overdrive
NINE months after it won the right to build and operate Singapore's first casino resort, Marina Bay Sands has finished most of its on-site piling work and is already promoting its convention venue to 15 organisations. It is also looking at... [Read more]

TV Mobile spoils what would be a pleasant bus ride
I refer to the letter, 'Don't get distracted by glamour, just focus on public transport' (Online forum, Feb 15), I can't help but totally agree with the second point the writer raised, the one about TV Mobile.I am an avid reader... [Read more]

S'pore takes up 29% stake in Nanjing airport
IN NANJING - CHANGI Airports International (CAI) yesterday landed its first airport investment deal in China, acquiring a multimillion-dollar stake in the largest airport in eastern Jiangsu province. CAI is investing 1.1 billion yuan (S$220 million) for a 29 per cent... [Read more]

Nations offer $3.5m in flood aid to Indonesia
JAKARTA - INDONESIA has received offers of foreign aid totalling more than S$3.5 million to help it cope with floods that hit Jakarta and its surrounding areas in the past week. But, despite widespread complaints from flood victims about the lack... [Read more]

Beijing needs to crank up pressure on counterfeiters
BEIJING - IN CHINA, you do not need to spend a fortune to build up an enviable collection of Oscar-winning films, the hottest music CDs or the hippest 'designer' togs. Shops and vendors offer an expansive range of the latest -... [Read more]

Students risking their lives with their nonchalant attitude
It is appalling that some pupils from primary, secondary schools and tertiary institutions in my neighbourhood are nonchalant when it comes to road safety. In one instance, students were walking across a road oblivious to traffic even though they did not... [Read more]

Watford resigned to relegation after loss to Bolton
LONDON - A CONVERSATION between two Watford supporters on the way to Saturday's Premiership match against Bolton said everything about the club's situation.'How do you reckon we'll do in the Championship next season?' one asked.The fact that the match ball was... [Read more]

Arroyo names ally and ex-top cop as defence chief
IN MANILA - PRESIDENT Gloria Arroyo yesterday appointed a former national police chief as the Philippines' new defence secretary, going against recommendations that a civilian be given the post. Mrs Arroyo took on the defence portfolio after the resignation two months... [Read more]

From tanks to work of art
ONCE feared machines of war, 16 SM1 light tanks are now going in very much the opposite direction - becoming a work of art. They have been melted down and cast into 7,000 tiles to fashion a special exhibit at the... [Read more]

UN agency to regain control of N. Korea work
NEW YORK - THE United Nations Development Programme (UNDP) has authorised its office in North Korea to take back control of its work from Pyongyang and cease hard currency payments to local staff and suppliers.The move followed fears that the North... [Read more]

Terry out again, as Chelsea jinx strikes

OPORTO - IT HAS been the story of Chelsea this season: Every budding hope tempered with more bad news.

Their 1-1 draw at Porto in the first leg of the Champions League last 16 on Wednesday was a perfect example.

Andriy Shevchenko elevated himself to a new high with a goal of pure class.

Manager Jose Mourinho showed off his brilliant tactical mind.

But not before captain John Terry pulled up after just nine minutes, and left the stadium in a plaster cast and on crutches.

Of course, the England defender will miss Sunday's League Cup final against Arsenal.

But the real fear is the early prognosis: He will be out for six weeks with ligament damage in his ankle, just three games since his return from a back injury.

Khalid Boulahrouz, in his first comeback match since knee-ligament damage, dislocated his shoulder in the 4-0 FA Cup victory over Norwich City on Saturday.

That leaves the champions with just one fit central defender, Ricardo Carvalho.

Mourinho was quick to reopen the war with owner Roman Abramovich, who had denied him the funds for a back-up in last month's transfer window.

He said: 'We are not in an easy situation. When will John be back? I don't know.

'But I'm so cool about it because, every day, I lose a player. It's absolutely unbelievable.

'We will have to play with Michael Essien, who is unstoppable in midfield, in defence now. We have no choice.'

It was no coincidence that Porto scored in Terry's absence with Chelsea a man down, with Mourinho looking to bring on John Obi Mikel and shore up the defence.

From a free kick, Essien headed clear but the ball fell to Raul Meireles.

His volley, taking a slight deflection off Jorge Fucile, sailed past Petr Cech for the first goal conceded by Chelsea in 6hr 24min.

Mourinho reacted by throwing on Arjen Robben instead, and changing formation - 4-4-2 became 4-3-3.

Immediately, the Dutch winger played a clever ball inside the backline. Shevchenko finished the move with a left-footed shot across goalkeeper Helton.

That took the £30.8million (S$92.5million) striker above Portugal's Eusebio and on to 58 goals in 104 European appearances - second only to German Gerd Muller's 62.

Equally significant was Mourinho's praise for the player who had been building a reputation as an overpriced dud from AC Milan.

'Shevchenko was brilliant,' he said. 'Even if he doesn't score, he has become almost untouchable because we are delighted with his efforts.'

Porto were far from daunted.

The precocious Ricardo Quaresma jinked towards goal and was stopped.

But the ball broke to Lisandro Lopez, whose shot was brilliantly pushed away by Cech.

Then, from an angle, the winger Quaresma struck Lopez's pass with the outside of his right foot. The ball drifted away from Cech, only to come back off the bar.

It was mere inches from being one of the great Champions League goals, reported The Guardian.

Mourinho had seen enough, and it was time to kill off the threat.

With Robben suffering a muscle injury, Mourinho replaced him with Mikel, whose job was to double up on Quaresma with right-back Lassana Diarra.

It worked. The hosts became frustrated and, after drawing the sting in a sterile second half, Chelsea hit back.

Didier Drogba hit the outside of the post, Shevchenko had an attempt blocked and Michael Ballack and Frank Lampard, playing despite stomach problems, also went close.

'I made the right decisions on the pitch,' the Portuguese manager said.

Said his opposite number Jesualdo Ferreira: 'One-one is clearly a negative result for Porto.'

Terry looks set to miss the return leg at Stamford Bridge and the FA Cup quarter-final against Tottenham, along with several Premiership games against lesser sides.

'We cannot cry,' said Mourinho. 'We are in four competitions.'

April 15 is the date that looms the largest: Chelsea host Manchester United in the Premiership.

Terry should be back by then, blue fingers crossed.