In June it forged a partnership with Singapore Technologies Kinetics to make defense equipment.

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The Chinese themselves are having second thoughts and in February a third partner, Singapore Technologies, threatened to pull out.

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Singapore Technologies will get board representation, and will accept a standstill agreement imposing limitations on buying or selling Level 3 shares.

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In January, it evaded a court-mandated auction of its telecommuncations subsidiary when in became clear that Singapore Technologies group would be the highest bidder.

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It was the standing of one of Singapore's most seasoned corporate players, Mr. Ong, who controls about 20% of the Vickers Ballas shares, and one of the island-republic's most powerful woman, Madam Ho, whose Singapore Technologies owns 40% of the firm.

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In addition to Singapore Technologies (run by the wife of Singapore's Deputy Prime Minister Lee Hsien Long), Time had been talking to Hutchison Whampoa (controlled by Hong Kong's Li Ka-shing), which has one of most enviable records in the world telecom business.

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Enter DoubleHelix Tracking Technologies, a Singapore-based firm that uses DNA testing to pinpoint where a piece of wood is from.

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Chua Sock Koong (No. 71) is chief of Singapore Telecommunications, and Sun Yafang (No. 90) is chair of Huawei Technologies in China.

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