The Business Times, 13 August 1977

Microfilm: NL9344
Total Pages: 12
1 12 The Business Times
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  • Title Section
    Masthead
    9 1 BUSINESS TIMES M.C.(P) 300/1/77 SATURDAY, AUGUST 13, 1977 50CENTS
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  • NEWS IN BRIEF
    • Article
      Lock icon Oil cutback
      86 1 AFP NEW YORK, Frl. OH producing countries are currently reducing output by some five million barrels a day or about 18 per cent of the output capacity of Opec, Business Week magazine said here. Some Western oil companies believe Saudi Arabia could shortly trim output by 25 per
      AFP  -  86 words
    • Article
      Lock icon Humming again
      49 1 Reuter TAIPEH, Fri. About 80 per cent of the 64 factories damaged by typhoon Thelma In southern Taiwan have resumed production, the Central News Agency reported today. Thypoon Thelma killed 31 people and caused millions of dollars of damage when it hit southern Taiwan last month. Reuter.
      Reuter  -  49 words
    • Article
      Lock icon Controllers go slow
      51 1 UPI LONDON, Frl. British air traffic controllers began a Job slowdown today, delaying or cancelling nights in and out of London's major airports. The controllers, taking their latest action In a five-year pay dispute, also threatened to call a full-scale strike before the end of the month.
      UPI  -  51 words
    • Article
      Lock icon Stock price warning
      64 1 Reuter TOKYO, Frl. Tokyo Stock Exchange president Hlroshl Tanlmura warned against what he called an abnormal price rise In some stocks and asked its 83 member securities firms to be careful In soliciting orders. Mr. Tanlmura said the Increase In prices does not necessarily reflect the conditions
      Reuter  -  64 words
    • Article
      Lock icon Import contracts rise
      89 1 AFP TOKYO, Frl. Japan's licensed Import contracts, an indicator of Import trends, In July totalled U556,054 million (5514,771 million), up 9.4 per cent from a year earlier, the Ministry of International Trade and Industry (MITI) announced today. Reflecting sluggish domestic business activity, Imports of raw materials and
      AFP  -  89 words
    • Article
      Lock icon Good harvest
      44 1 AP TOKYO, Fri. China reaped a good harvest of wheat and other summer crops this year despite a drought and a cold spell, which were "among the worst In decades and other natural adversities," the official Hslnhua news agency said today. AP.
      AP  -  44 words
    • Article
      Lock icon Dow Jones
      110 1 UPI NEW YORK, Fri. Stocks headed broadly lower early today In reaction to a rise in the nation's money supply that may force the Federal Reserve Board to take further restrictive actions to prevent inflation. The Fed tightened credit yesterday before reporting the nation's basic money supply rose
      UPI  -  110 words
  • Chief Price Changes
    • Article, Illustration
      In Singapore yesterday
      172 1 PROFIT-TAKING in generally light trading caused moet share prices to end lower on the Stock Exchange of Singapore yesterday. However, a few firm spots among the lower-priced shares helped the Business Times index to end 3.69 points higher at 406.04. The Straits Times Industrial index was fractionally
      172 words
    • Article
      In Kuala Lumpur
      111 1 Rises Most active Pac Dev. 2.85 .26 Pac. Dev. 748,000 O. Lumber 1.30 .21 Olympla 725,000 Malex 2.84 .20 Cen. Sec. 377,000 Rahman Hy 3 66 .16 Perak Carbide 368,000 Benta 2 50 .13 Total Turnover: 5.66 M SelC'cuts 1.97 .11 Total Value: M$ 10.6 M Lien
      111 words
  • Article, Illustration
    Pillay will head petrochem firm
    1107 1  -  PRESIDENT OF SUMITOMO IS No. 2 COLIN CHEE A PROMINENT Singapore civil servant has been appointed to head Petrochemical Corporation of Singapore (PCS), the Japanese-Singapore Joint venture company to be incorporated here to run the $1 billion upstream naptha cracker plant, which will form the
    1,107 words
  • Article
    Tokyo trade gesture will be timely
    1078 1 JAPANESE Investment here has Jumped nearly 20 times In the last decade and no less than 27,000 Singaporeans are working in Japanese companies. Indirect employment adds considerably to this figure. This means that Japanese firms account for 13 per cent of the manufacturing workforce
    1,078 words
  • Article
    Towards a prosperous Asia
    121 1 JAKARTA, Fri. Japanese Prime Minister Takeo Fukuda tonight expressed confidence that the growth of relations between Indonesia and Japan would contribute to peace and prosperity in Asia. Addressing a state dinner held In his honour by President Suharto, Mr. Fukuda said he had strong sympathy for
    121 words
  • Article
    HK group plans to set up bank in S'pore
    253 1 THE Hongkong-bated financial group, Sun Hung Kai Securities, is planning to set up a merchant banking operation in Singapore. Its chairman and managing director, Mr. Fung King Hey, is now here looking into the possibility of buying an existing merchant bank.
    253 words
  • Article
    UOB hikes prime
    56 1 UNITED Overseas Bank raises its prime rate by <4 point to 6* per cent from today, thus following the lead set by Development Bank of Singapore. It is understood that the decision to Increase the prime lending rate was due to the recent money market conditions and
    56 words
  • Article
    Britain turns the corner in war on inflation
    539 1 LONDON, Frl. Britain's Labour government declared todav that the worst of the Inflation which has caused alarm and gloom here for years Is at fast over. The government Issued figures showing that prices barely rose In July. This Is the best price
    539 words
  • Article
    EEC to monitor textile imports
    86 1 BRUSSELS, Fri. The European Economic Community has set up an import licensing system to monitor imports of certain textiles into various member states, EEC officials said here today. Licences will be granted automatically, but will enable EEC officials to see quickly whether quotas already set
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  • Page 1 Advertisements
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      Page 1 Advertisements Column 1
      3 1 Gi 8 ye ?*(%&:*%`-<%"=<}"&=$\)>$-?,'^')
      3 words
    • Advertisement
      Page 1 Advertisements Column 2
      61 1 We are the Rolex people in Singapore Come and see us! If you are thinking of investing in a Rolex, see our fabulous range of fine watches Eastern Watch Co. OFFICIALLY APPOINTED DEALER 285 South Bridge Road. Teh *****/***** Ground floor, Peninsula Shopping Centre. Coleman Street. Teh *****9 Ground floor,
      61 words
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      Page 1 Advertisements Column 3
      242 1 J M MELEaVTUWH The Opel Retard Berfina for 77 looks as beautiful as it drives. 0* "W J 'A L fl* A" When you have a car that's already famous for its quality, dependability, all round durability and with one of the most advanced and comprehensive car safety systems in-the
      242 words
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  • MARKET REVIEWS
    • Article
      Tins and rubbers bullish
      851 2 SINGAPORE MINING and rubber shares featured bullishly in selective trading on a generally quiet and barely steady Stock Exchange of Singapore this week. The overall volume was much reduced, reflecting the lack of follow-through buying. Interest In mining stocks was stimulated by expectation of a price
      851 words
    • Article
      Company news for the week ended Aug 12
      300 2  -  Compiled by Arthur Ng SCRIP AND RIGHTS ISSUES Central Sugar*: scrip Issue two-for-three capitalising $7.89 million. Yeo Hiap Seng (Malaysia) rights issue one-for-one at par raising S9 million. OTHERS Pahang Consolidated has sold off Its remaining 8.09 million shares In Plantation Holdings
      300 words
    • Article
      SYDNEY
      699 2 THE BATTLE for the control of the New South Wales Miner, Coal and Allied Industries, dominated activity on the Sydney stock market this week at a time when coal Issues are being eagerly sought by Investors who have come to realise the far-reaching Importance of this energy resource. With
      699 words
    • Article
      KUALA LUMPUR
      506 2 LOWER-PRICED Issues continued to dominate trading at the Kuala Lumpur Stock Exchange this week though towards the middle of the week tin and rubber stocks came In for very strong support. The market opened on a firm note but towards the close some profit-taking and stale bull liquidation
      506 words
    • Article
      Lock icon Deficit in toys, games jumps
      239 2 AFP WASHINGTON, Frl. The US foreign trade deficit In dolls, games and toys amounted to U5563.7 million (Sslss million) In the first quarter of 1977, the Department of Commerce reported yesterday. It represented an Increase of 61 per cent over the $39.5 million deficit recorded
      AFP  -  239 words
    • Article
      Equity prices climb to new highs for year
      781 2  -  LONDON By IVAN FALLON THE LONDON stock market gave another good performance this week. After its recent powerful showing, dealers had been anticipating a sizeable technical reaction. In the event, profit-taking did develop but the market's resistance to It was regarded by
      781 words
    • Article
      Swire's placing is sure of success
      221 2 A OREAT deal of interest has been created In the market by news that John Swire and Sons, are seeking a London quote. Merchant bankers Lazards is to place 8.15 million of Swire's 6.3. per cent preference shares at 64.5 p. Proceeds of the
      221 words
    • Article
      Lock icon Bank of Canada refinance terms
      223 2 Reuter TORONTO, Frl. The Bank of Canada Is expected to announce terms today for Its Sept 1, refinancing operation, according to credit market sources. The consensus opinion among market sources Is that the bank will announce Its intentions to raise about US$95O million (552.318 million)
      Reuter  -  223 words
    • Article
      Harper's cheer
      122 2 LONDON Sumatra Plantations' annual report is published this week, and it has cheered London market men. For 1976 the company chalked up profits before tax of £1,001,582, against £949,835 previously. Chairman Frank Harper says that, as far as 1977 is concerned, all major crops are on target and
      122 words
    • Article
      Far East loss makes a dent in Sandelson
      206 2 DIFFICULTIES surrounding a Far East investment appear to have prompted the London Stock Exchange Council to begin talks with stockbrokers Sandelson and Company. The Far East loss involving a company called Gulf Arabian is believed to have made a sizeable dent in
      206 words
    • Article
      Merger talks progress
      51 2 A FURTHER stage In the merger talks between Hutchison International and Hongkong and Whampoa Dock Company was reached this week. Both companies have requested that their quotes should be suspended while they continue to exchange financial Information. The suspensions are unlikely to run for more than two
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  • Page 2 Advertisements
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      Page 2 Advertisements Column 1
      387 2 from Penguin 1976 Nobel Prizewinner IN PENGUIN 1976 Nobel Prize Winner is at his best again in his latest book 'To Jerusalem and Back'. As with his recent best-seller 'Humboldt's Gift', Bellow's brilliant images emerge at frequent intervals like sunshine through fog, witty, clever, radiantly imaginative and without doubt. Bellow
      387 words
  • Page 2 Miscellaneous
    • Miscellaneous
      Page 2 Miscellaneous Column 1
      50 2 WEATHER report for 24 hours prior to 7.30 p.m. on Aug 12 at Singapore airport. Maximum Temperature 31.2° C Associated Humidity 60 Minimum Temperature 23.5° C Associated Humidity 97 Hours of Sunshine 8.90 Rainfall in Millimetres Trace Total Rainfall for the Month 68.2 Total Rainy Days for the Month 6
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    • Miscellaneous
      Page 2 Miscellaneous Column 2
      275 2 I I 0& SINGAPORE 5 12.55 PM Opening followed by Sesame Street 1.55 Saturday Matinee The Incredible Mr. Limpet 3.30 Soccer Malaysia Cup '77 (2nd Leg Preliminary Round: Singapore vs Trengganu (repeat) 4.35 Sandiwara Kehilangan (repeat) 5.10 Juara 77 (Final) 6.30 News in Brief 6.35 Barenboim on Beethoven The Working
      275 words
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  • OVERSEAS
    • Article
      Lock icon Sweden extends off-shore fishing limits
      172 3 Reuter STOCKHOLM, Frl. The Swedish government yesterday formally endorsed a parliamentary proposal to extend the country's off-shore fishing limits from Jan. 1, but stopped short of defining the exact line through the heavlly-flshed Baltic. "We don't want to make a unilateral decision; and negotiations are
      Reuter  -  172 words
    • Article
      Manila firms' stake in US bank
      124 3 WASHINGTON, Frl. The board of governors of the Federal Reserve System yesterday announced Its approval of the acquisition of 35 per cent of the voting shares of the International Bank of California by three financial corporations in the Philippines. The board approved the applications
      124 words
    • Article
      Lock icon Inflation in Holland may be held at 7pc
      120 3 Reuter THE HAGUE, Fri. Dutch Prime Minister Joop Den Uyl said a good chance exists of holding down Dutch Inflation this year to 6.5 or seven per cent. In July the Consumer Price Index showed a year-over-year rate of inflation of seven
      Reuter  -  120 words
    • Article
      Lock icon Jamaica to draw SDR
      45 3 Reuter WASHINGTON, Frl. The International Monetary Fund said it approved a standby arrangement for Jamaica to withdraw the equivalent of 64 million Special Drawing Rights (SDRs) over the 24 months in support of a comprehensive programme to stabilise Its economy. Reuter.
      Reuter  -  45 words
    • Article
      Aussie gold reserves
      27 3 THE Australian Reserve Bank holds 7.5 million fine ounces of gold and not 750,000 ounces as reported In a Reuter's bulletin from Sydney yesterday.
      27 words
    • Article
      Lock icon Money supply rises $1.7b in the week
      501 3 Reuter NEW YORK, Frl. US narrowly defined money supply (Ml) rose US$7OO million (SSI.7 billion) In the week ended Aug 3 to $328.6 billion, the New York federal reserve banks said. The previous week's Ml figure was revised upwards by $400 million to
      Reuter  -  501 words
    • Article, Illustration
      Lock icon Carter 'neutral'after receiving report on Lance probe
      972 3 NYT WASHINGTON, Fri. President Carter has been given a report on the progress of an investigation into the banking and loan activities of Mr. Bert Lance, the Director of the Office of Management and Budget, but a spokesman for the President carefully avoided
      NYT  -  972 words
    • Article
      Lock icon Taipeh trade surplus rises
      69 3 Reuter TAIPEH, Frl. Taiwan's trade surplus rose to US$264 million (***** million) In the first seven months of 1977 from $201 million in the same 1976 period, customs statistics show. Exports rose to $5.06 billion ($4.44 billion) and Imports to $4.80 billion ($4.24 billion). In July,
      Reuter  -  69 words
    • Article
      Lock icon Flourishing business in 'Western' articles
      409 3 AFP MOSCOW, Frl. It is getting harder these days to tell genuine Western consumer goods from "Western" articles made In the Soviet Union. Visitors to this country from the West have at one stage or another been approached In the street and offered money for
      AFP  -  409 words
    • Article
      Lock icon LABOUR EXCO URGES BANKS' TAKEOVER
      220 3 AFP LONDON, Frl. Nationalisation of the main banks and Insurance companies Is the "key to success" In building up the British economy, the Labour Party executive committee said yesterday. In a submission to an official Inquiry on the workings of the City of London, set
      AFP  -  220 words
    • Article, Illustration
      Lock icon Trade barriers: Bonn's warning letter to Paris
      287 3 AP BONN, Fri. West Germany has warned France that ito growing support for import barriers could cause a global escalation of "super-protectionism," officials said yesterday. A spokesman for Economics Minister Hans Friderichs confirmed that he personally wrote French Premier Raymond Barre and Foreign
      AP  -  287 words
    • Article
      Lock icon Upsurge in major sectors of Lagos economy
      571 3 AFP LAGOS, Frl. Major sectors of the Nigerian economy recorded increased output in 1976 with the industrial production index up 14.5 per cent compared with a 5.9 per cent decline the year before, the Central Bank said in its annual report published here.
      AFP  -  571 words
    • Article
      Lock icon Pressure group fails to sway bank
      158 3 AFP LONDON Frl. The "end loans to South Africa pressure group" seized the opportunity of the Standard Chartered Bank's annual shareholders meeting here yesterday to renew its appeal that the bank should sell its holdings of South African defence bonds. The bank chairman, Lord
      AFP  -  158 words
    • Article
      Lock icon Swiss jobless rate
      138 3 UPI BERNE, Fri. Switzerland's unemployment rate dropped to Just 0.3 per cent of the working population in July, the government said today. The number of people out of work declined 14.1 per cent in July against June to a total of 8,746 persons. This was also 43.3
      UPI  -  138 words
  • Page 3 Advertisements
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      Page 3 Advertisements Column 1
      318 3 The first new idea in encyclopaedias in over 200years-Britannka 3, Britannica 3 does what no other encyclopaedia has ever done before: It serves the three basic needs of users in three distinct ways. (see below) That's what makes it the most useable reference work ever developed. That's why Britannica 3
      318 words
  • Page 3 Miscellaneous
    • Miscellaneous
      Page 3 Miscellaneous Column 1
      189 3 YESTERDAY'S CROSSWORD SOLUTIONS Easy Solution ACROSS. 3, Spite. 8, Warms. 10, Rated. 11, Cup. 12, Visas. 13. General. 15, Cells. 18. Ram. 19, Redeem. 21. Ripples. 22. Idol. 23. Evil. 24. Trestle. 26. Soothe. 29, Kid. 31, Enter. 32, Nlnepln. 34. Lupin. 35, Rag. 36, Bolls. 37, Altar. 38, Sheet.
      189 words
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  • COMPANY NEWS
    • Article
      MBS profit unlikely to see growth
      422 4 UNLESS Malaysia Building Society is able to Improve on its margins, it is almost certain that the current year ending Dec 31, 1977 will see It stagnating or at best moving a little ahead. At the half-way mark, pre-tax profit rose marginally by only
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    • LATEST RESULTS
      • Article
        UNITED PLANTATIONS:
        42 4 Unaudited group pre-tax profit M 514.95 million $5.21 million for six months ended June 1977, on a turnover $37.51 million ($23.14 million.) The parent company's pre-tax profit is $14.41 million ($5.19 million) on a turnover of 33.84 million (17.17 million).
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      • Article
        Pacific Development Credit:
        33 4 After tax loss of M 52.04 million (loss $1.47 million) for year ended Sept 30, 1976. Extraordinary Item profit $4.30 million (profit $790,000) leaving net profit $2.26 million (loss $680,000).
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    • Article
      Kulim's share listing gets green light
      232 4 KUALA LUMPUR, Frl. An additional 10.878 million shares in Kullm have been granted listing on the Kuala Lumpur Stock Exchange as from Tuesday this week. These form part of the 23.158 million shares In Kullm issued to the Johore State Economic Development Corporation in
      232 words
    • Article
      DIVIDENDS ANNOUNCED
      287 4 Current Ex Date Total for Total for payment Date payable the year previous year B. Sembawang 20% July 28 Aug 15 20% 20% Riverview Rubber 6%I July 27 Aug 15 11%I 16%* Sanyo Industrie* 12%TE July 20 Aug 16 12% TE 12% TE Singapore Glass 10% July 29
      287 words
    • Article
      M. Credit bid for loan to pay taxes rejected
      536 4 BANKERS are believed to have turned down a request from Malayan Credit for additional standby credit to help It pay $14.38 million in back taxes due to the government. The company's bankers are understood to have refused on the ground that
      536 words
    • Article
      Sime files suit over Orchard Towers
      439 4 SIME DARBY Holdings yesterday said that It has filed three suits in the High Court totalling more than $33 million in the latest round of a series. of legal battles for settlement of claims arising from its 1973 acquisition of Orchard Towers. The bulk
      439 words
    • Article
      KLSE asks Pahang Cons to clarify share sale
      288 4 THE KUALA Lumpur Stock Exchange has asked Pahang Consolidated for more Information on Its recent sale of 8.09 million shares In Plantation Holdings to Malaysian Multl-Purpose Co-Operatlve Society. The exchange would like to know how the cash consideration of M 51.95 per
      288 words
    • Article
      PEOPLE IN BUSINESS
      44 4 MR. ANG HONG CHOON, general manager of the Industrial and Commercial Bank Limited has left for Seattle, United States, to attend the Pacific Rim Bankers' Programme at the Pacific Coast Banking School, University of Washington from Aug. 12 to Sept. 8.
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    • COMPANY MEETINGS
    • Article
      Lock icon The right approach to long-term investment
      735 4 NYT NEW YORK, Frl. An Investing approach that has proved rewarding for some astute investors Is to buy shares In companies whose CrosDects, however limited i trie immediate future, seem extraordinary for the long term. With that philosophy in mind, thousands of Investors have
      NYT  -  735 words
    • Article
      Lock icon TESTING GROUND FOR NEW U.S. LABOUR LAW
      791 4 NYT KOANOKE RAPIDS, N.C., Fri. This quiet, green, southern textile town of 14,000 people Is the test locale for the value of a labour law reform bill that organised labour regards as the key to sewing the union label on the booming and
      NYT  -  791 words
    • Article
      CHICAGO BOARD OPTIONS
      1422 4 On August 11 TRADING on the Chicago Board Options Exchange came to 85,243 contracts on Thursday compared with 70,475 contracts on Wednesday. OPTION OCT JAN APL STOCK Alcoa 50 1 9/6 21/2 3 5/8 48 9/8 Alcoa 60 UNTRD 9/16 UNTRD 48 9/8 Am Exp 35 61/4
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    • Article
      Lock icon Falconbridge stops work
      107 4 AFP SUDBURY, ONTARIO, Frl. The Falconbridge Nickel mines are to stop work for four weeks in Canada from Sept. 11 because of selling difficulties on the world market for the metal, It was learned officially yesterday. Mr. G.A. Allen, vicepresident of the company's Canadian subsidiary, said that
      AFP  -  107 words
  • Page 4 Advertisements
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      Page 4 Advertisements Column 1
      35 4 Peter Benchley 'Better than JAWS, ever escalating shocks' -time 'Cracking entertainment' -DAILY TELEGRAPH v m Tor the second time -the book you can't put down' 'DAILY MAIL 4*^ Now on Sale at your regular bookshop
      35 words
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  • Article
    Lock icon Corporate profit rises 12pc
    184 5 NORTH AMERICAN COMPANIES Reuter US corporate profit rose 12 per cent In the second quarter from the same 1970 period against an eight per cent first quarter rise, Citibank N.A. said in its monthly eqpnomlc letter. A survey of 1,678 companies shows those with profit up
    Reuter  -  184 words
  • Article
    Lock icon Chrysler imposes shifts
    84 5 Reuter CHRYSLER CORP said it worked short shifts on Thursday and yesterday at its Hamtramck car plant and its Warren truck assembly plant because of a wildcat strike at Its Trenton, engine producing facility which has been out on strike since Monday. a company spunesman said the
    Reuter  -  84 words
  • Article
    Lock icon Inmont to team up with Carrier Corp
    168 5 Reuter INMONT CORP said It has signed an agreement to merge with Carrier Corp. Inmont said boards of both companies have approved the merger. The company said tne merger must still be approved by shareholders of both companies and is subject to a
    Reuter  -  168 words
  • Article
    Lock icon KELLOGG, TROPICANA TERMINATE TALKS
    93 5 Reuter KELLOGG CO said it and Tropicana Products Inc have terminated merger negotiations. Last July, the companies said their boards had approved an agreement in principle whereby Tropicana holders would receive 1.55 shares of Kellogg common for each share of Tropicana common in a tax-free transaction
    Reuter  -  93 words
  • Article
    Showa Denko
    51 5 TOKYO, Frl. Showa Denko KK reported an after-tax profit of 2.48 billion yen on sales of 189.39 billion yen in the first halfyear ended June 30, 1977. This represents a sharp turnround from a loss of 1.96 billion yen on sales of 180.37 billion yen in the previous
    51 words
  • Article
    Lock icon Nippon Mining
    56 5 Reuter TOKYO. Frl. Nippon Mining said it cut Its domestic selling price of electrolytic copper to 340,000 yen per tonne from 350,000 yen, effective immediately. In Melbourne, Electrolytic Refining and Smelting Co of Australia said it is cutting Its ex-works Port Kembala refinery copper price to US$l,OBO a
    Reuter  -  56 words
  • Article
    HSH
    49 5 HONGKONG, Frl. Hongkong and Shanghai Hotels proposed an interim dividend of HKI3 cents for the six months ended June 30, 1977 compared with 12 cents previously. The company said it made an unaudited consolidated net profit of $14.81 million in the half-year, up from $14.39 million last time.
    49 words
  • Article
    Lock icon CRA, Howard Smith raise bid for CAI
    324 5 ASIAN COMPANIES Reuter MELBOURNE, Frl. Conzinc Rlotlnto of Australia (CRA) and Howard Smith Ltd jointly said they intend to lift the cash element of their bid for Coal and Allied Industries Ltd (CAI) to A 53.90 a share from $3.30. Meanwhile In Sydney.
    Reuter  -  324 words
  • Article
    Lock icon Exchange suspends Bond Worth
    84 5 UK COMPANIES AFP QUOTATION of the ailing British carpet company, Bond Worth was suspended on the stock exchange on Wednesday. Equitv Capital for Industry lent the firm £1.75 million in March, but this "transfusion of capital" apparently proved to be Insufficient. Bond Worth has debts of
    AFP  -  84 words
  • Article
    Lock icon BP Chemicals plans £33m expansion
    82 5 Reuter BP CHEMICALS, a subsidiary of British Petroleum, said It plans a £33 million expansion and modernisation programme at Its polyvinyl chloride (PVC) plant at Barry, South Wales. After allowing for closure of old units, the new facilities will false the present 150,000 tonne annual
    Reuter  -  82 words
  • Article
    Lock icon Jobbers to merge?
    56 5 Reuter JOBBERS SMITH Brothers and Blsgood Bishop said they are examining the possibility of a merger. Smith Brothers chairman Tony Lewis told Reuter the merger, probably by means of a share exchange, will create a third major Jobbing firm In the London market in addition to Wedd
    Reuter  -  56 words
  • Article
    Lock icon Reyrolle, Clarke announce merger terms
    137 5 Reuter REYROLLE PARSONS LTD and Clarke Chapman Ltd said transfer of their ordinary capital to a new company will be made on the basis of one ordinary share in the new company for every Clarke Chapman ordinary share and 24 ordinary shares and 3.83 per
    Reuter  -  137 words
  • Article
    Lock icon Barclays buys stake
    59 5 Reuter BARCLAYS BANK International said It agreed to 6 urchase 500,000 shares in iorea Merchant Banking Corp (KMBC) from Lazard Brothers and Co. Following the transaction, Barclays will hold 20 per cent of KMBC and Lazards 30 per cent. No financial details of the sale were available.
    Reuter  -  59 words
  • Article
    Lock icon Phillips Petroleum ends testing
    111 5 Reuter PHILLIPS PETROLEUM said It completed testing Its 16/17-4 "Toni" well In the UK North Sea, some 265 km north-east of Aberdeen. The well, five kilometres north of discovery well 16/17-1 "Thelma" test flowed some 10,000 barrels per day of 35 degree apl oil through a
    Reuter  -  111 words
  • Article
    Lock icon Exchequer allotment
    84 5 Reuter THE Bank of England said allotments for the oversubscribed £1 billion 12 1/2 per cent 1994 exchequer stock of which 800 minion was for sale to the public, were allotted as follows. Applications of up to £750,000 were allotted In full, applications above £750,000 and up to
    Reuter  -  84 words
  • Article
    Lock icon Phelps reduces copper output
    159 5 Reuter PHELPB DODGE CORP «ald It is cutting production at its western copper mines at Morencl and Metcalf, Arizona The company said after local unions have ratified labour agreements reached last Sunday to end a strike that began on July 1, the mines will operate a
    Reuter  -  159 words
  • Bonds
    • Article
      Lock icon More to be floated
      134 5 Reuter TOKYO, Frl. Eight more foreign yen bonds worth some 75 billion yen are to be floated in the Japanese capital market In the next three months, finance ministry officials said. The Inter-American Development Bank and the Canadian provlclal government of New Brunswick will be making
      Reuter  -  134 words
    • Article
      Lock icon Austrian Motorway
      83 5 Reuter FRANKFURT, Frl. The 50 million mark Eurobond for the Austrian Motorway Authority Pyrhn Autombwhn Ag of Oraz will have a 12-year maturity, Including six years of grace, primary market sources said. But the coupon remains open until borrower and managar assess the impact on the foreign mark
      Reuter  -  83 words
    • Article
      Lock icon Mafina raising US$40m
      82 5 Reuter BRUSSELS, Frl. Mafina Nv, wholly-owned subsidiary of the Petroflna Sa group, Is raising US$4O million with a private placement of seven-year notes with a 7 7/8 per cent coupon, Ste Generate De Banque Sa said as lead manager. The notes, which have been fully underwritten, have
      Reuter  -  82 words
    • Article
      Lock icon Dealers expect 7pc
      69 5 Reuter FRANKFURT, Fri. Firmness in the foreign mark loan market means there Is a good possibility the 60 million mark fiveyear private placement for Comislon Federal de Electrlcldad of Mexico will carry a 7.25 per cent coupon, bond dealers said. Final details are due next week but
      Reuter  -  69 words
    • Article
      Lock icon Pemex
      42 5 Renter FRANKFURT, Frl. Primary bond market sources said the 150 million mark Eurobond for Petroleos Mexlcanos, managed by the Westdeutsche Landesbank Olrozentrale and due on Aug 19, Is expected to have a fixed seven-year maturity Coupon details were not Immediately available.
      Renter  -  42 words
    • Article
      Lock icon Coupon set at 6pc
      66 5 Reuter TOKYO, Fri. Tokyu Department Store said the coupon rate of its USSIS million 15-year convertible bond to be Issued on the Eurobond market at par has been set at six per cent. Its conversion price has also been set at 423 yen a share. It
      Reuter  -  66 words
    • Article
      Lock icon Ardal
      53 5 Reuter FRANKFURT, Frl. The Norwegian aluminium processing company A/S Ardal Og Sunndal Verk last month made a 20 million mark 6.75 per cent 12-year private placement at par. primary bond market sources said. They said the first four years of the placement, which Deutsche Bank Ag managed, are free
      Reuter  -  53 words
    • Article
      Seoul gets US loan
      59 5 HONGKONG. Frl. The Government <.f South Korea Is to receive a US$l5 million, 10 year loan at 1% per cent above the London Interbank Offered Rate, a Western International Capital spokeswoman said. The loan, from commercial banks and the US Export-Import Bank, is comanaged by Western
      59 words
    • Article
      Lock icon Iscor
      43 5 Reuter FRANKFURT, Frl. South Africa's Iron and Steel Industrial Corp (Iscor) Is planning a private placement of 15 to 20 million marks, probably for five years with an 8.25 per cent coupon, bond market sources said. They named Bayerlsche Verelnsbank as manager.
      Reuter  -  43 words
    • Article
      Mortgage Bank
      43 5 TOKYO, Frl. The Mortga«e Bank and Financial Administration Agency of Denmark Is negotiating with Japanese underwriters to make a private bond placement of about 10 billion yen In Japan around November. The Mitsubishi Trust and Banking Is the Issuing syndicate leader.
      43 words
  • Article
    Lock icon Ontario 'yes' to Options Corp
    66 5 Reuter THE Ontario Securities Commission approved the application by the Options Clearing Corp to allow put option trading in Ontario from Sept 19, the Toronto Stock Exchange said. The exchange said the new commission rate schedule, which has been approved by the OSC will become
    Reuter  -  66 words
  • Article
    Lock icon Trust managers switch to foreign borrowings
    1273 5 Economist LONDON: British Investment trust managers are drifting back to foreign currency borrowings as a way of financing at least part of their existing overseas portfolios. There are widely differing views about the future level (some even say the future) of the dollar premium.
    Economist  -  1,273 words
  • Article
    Lock icon Pacific Gas
    57 5 Reuter NEW YORK. Frl. Pacific Gas and Electric management expects to recommend further increases In the quarterly dividend as earnings improve, senior vicepresident Stanley Skinner told analysts. The company currently pays a regular quarterly dividend of USSO cents per share. He said Pacific Gas alms to maintain its
    Reuter  -  57 words
  • Article
    Ford
    40 5 TALBOTVILLE, Frl. Ford Motor Co of Canada said it began production of its two new 1978 model cars at Its plant here. The two new cars are the Fairmont, which will be In the Ford line and the Zephyr.
    40 words
  • Page 5 Advertisements
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      Page 5 Advertisements Column 1
      85 5 Copies Sold 24,000 23,000 22,000 21,000 20,000 19,000 18,000 17,000 16,000 15,000 14,000 CLIMB WITH US No, this is not a graphic study of the Himalayan mountains. It is a twelvemonth study graph of Fanfare's almost-meteoric rise in circulation in Singapore alone. A 6,820 increase in the last three months
      85 words
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  • Article
    Share Information Service
    2343 6 1*77 Gr't Gr's Net Low Cooipaay Last div Div y'M P/E Vat Day i High Sale +ar- C'tt (•••0) High Low SECTION ONE INDUSTRIALS 154 136 Acma 145 unch 12.0N 1.8 8.2 6.8 8 148 148 204 172 Alcom 172 10.0 0.8 8.8 17.7 M 58 Allied
    2,343 words
  • Article
    Transactions in Singapore
    1480 6 BID and offer prices officially listed and business in and reported to the Stock Exchange of Singapore yesterday with the number of shares traded shown in brackets In lots of 1000 units unless otherwise specified All Time Settlement Contracts are quoted after the word "Sett." Big Board
    1,480 words
  • Article
    In Kuala Lumpur
    1818 6 BID and offer prices officially listed and business In and reported to the Kuala Lumpur Stock Exchange yesterday with the number of shares traded shown in brackets in lot* of 1.000 unit* unless otherwise specified INDUSTRIALS Ajmental* (2.048) (I) 2.08. A team (1.938). A. Clwc (0.938). AMD.
    1,818 words
  • Article
    Stock options
    59 6 STRIKING prices of the suck Mtioa* officially listed m the Stack ExcLuaft of Siacspon. tW periods. Md and oflr prices aad bnolnoos done j day. with the number at option* traded •howa in brackets. lnchcape (Dec $2.40) (0.268 0.325) St Steamship (Dec $2 60) (0.10B) U O B
    59 words
  • Article
    Unit trusts
    146 6 SINGAPORE UNIT TRUST INCOME BOND UNIT prin 1st Aug M> (Curmt 0 rim) The Commerce 1.73 1.83 INCOME BOND 1.07 1.13 The Saving Fund 1.00 106 S pore Prog Fund 0.M 0.81 MARA BUMIPUTRA FUND S'pore Security (Maaagws' prieM far Am 18) Fund 1.48 l.Stad First Bumlputra 2
    146 words
  • Article
    CORPORATE BONDS
    171 6 B O T 8 1/2% 1981 (100.000) (103 V«B 103 J <«S) B O T 7 5/8% 1984 (100,000) og^Bgg^s) LTCB J 1982 (100,000) (98SB 99><iS) Credit Lyonnais Floating 1983 (100,000) (98'48 98%»5) DBS Converts 6 1/2% 1991 (100,000) (98'48 98SS) D B S 8 1/2% 1982 (100.000)
    171 words
  • Article
    GOVERNMENT BONDS
    121 6 Rep Spore D Mark 7% 1982 (100.000) (1018 101 ViS) Rep Spore 6 1/2% 1983 (100.000) 100V«S) Rep Spore 7 3/4% 1987 (100.000) 101KS) 5 1/4% 15/7/78 (250,000) (101.SOB 101 455) 4 3/4% 1/5/79 (250,000) (100 90S) 5 1/4% 15/10/79 (250,000) (101.88S) (2) 101.85 6 3/4% 15/C/80 (250.000)
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      Page 6 Advertisements Column 1
      176 6 Confront Singapore's decision makers in Business Times For only $3.50 per single column centimetre Business Times, Singapore's new financial daily, offers you the most costeffective medium to reach Singapore's top businessmen. The decision makers of industry and commerce. Politicians, civil servants, the media and more. It's people like these who
      176 words
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  • Article, Illustration
    SES ENDS LOWER
    709 7 PRICES finished generally lower in light trading on the Stock Exchange of Singapore yesterday. By and large, the market was still rather hesitant far want of fresh inducements. It would appear that, with the exception of a few speculative firm spots, speculators and investors had their liquidity
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  • Article
    MODERATE TRADING
    348 7 THE Kuala Lumpur Stock Exchange closed the week on a barely steady note In moderate trading yesterday. Business done yesterday was moderate. Turnover recorded was 5.66 million units valued at $10.60 million compared with Thursday's turnover of 6.01 million units worth $11.19 million. As in the past few
    348 words
  • INTERNATIONAL STOCK MARKETS
    • Article
      Hongkong
      349 7 HONOKONO: The market closed slightly easier in moderately active trading on Friday, but above the day'* lows due to buying interest In blue chips after a lower opening, dealers said. The Hang Seng Index closed 1.82 points down at 419.26. Hoagkoag Laad rose five cents to $6.75, while Jardiae
      349 words
    • Article
      Tokyo
      427 7 TOKYO: Share prices rose to a year's high In active trading, dealers said on Friday. The Dow Jones Average rose 28.27 to close at 5,160.25 with volume 580 million shares. The New Index closed at 379.55, up 0.70. Institutional Investors shifted Interest from bonds to stocks, with steels, heavy
      427 words
    • Article
      Sydney
      446 7 SYDNEY: The market was generally firmer, with Interest In coal stocks fading following resolution of the Cm! aad Allied bid situation, dealers said on Friday. The Byd ney All-Ordinaries Index rose 2.01 points to 439.66. Coal aad Allied lost 19 cents to $3.66 and Howard Sarith lost five cents
      446 words
    • Article
      Manila
      166 7 MANILA: The market was easier with oils and commercials declining while minings generally held steady, dealers said on Friday. Turnover was virtually unchanged at 3.64 million pesos, against Thursday's 3.65 million. Atlas lost three points and Oriental and Phil Overseas lost one point each while other minings were steady.
      166 words
    • Article
      Amsterdam
      261 7 AMSTERDAM: The market again closed very steady In dull trading on Thursday with Dutch Internationals slightly lower, except for Rejral Dutch which was 0.40 guilders higher. Elsewhere nLM, Robeco. Roliace and Pakheed were higher with gains of between 0.70 and 1.00 guilders. Lower shares Included Middeaataadebaak, Dott. Clmw and
      261 words
    • Article
      Brussels
      158 7 BRUSSELS: The market was generally higher in quiet holiday trading, dealers said on Thursday. Local issues to rise Included Societe Generate, Soflna, Unerg. Aaturidine, FN, Bruaolleo- Lambert, Wagons-Liu, UCB and Solvay. Union Miniere, CBR, Hoboken and Cometra fell against the trend. Oold mines eased, and UK stocks were little
      158 words
    • Article
      Frankfurt
      338 7 FRANKFURT: Shares closed higher, partly following firmer Wall Street, bourse sources said on Thursday. In higher engineerings Man Ord» gained five marks. In electrlcals Brawn Boveri was up 4.10 marks and In banks, Deutsche Bank up 3.20 marks In stores. Kaufhof rose 2 80 and In motors VW was
      338 words
    • Article
      Milan
      161 7 MILAN: Stocks closed mixed In thin summer holiday trading, bourse sources said on Thursday. Fiat was among Industrial leaders to rise. The firm is negotiating in competition with other foreign car manufacturers for a major car plant contract with Algeria. Anic and both Pirellis also moved slightly higher, but
      161 words
    • Article
      Paris
      390 7 PARIS: The market was higher, helped by the agreement of government parties to prepare a joint manifesto for next year's parliamentary elections, dealers said on Thursday. The upturn In Wall Street was another positive factor, they added. Several companies reported first half figures, including Peugeot-Citroen whose holding company turnover
      390 words
    • Article
      Zurich
      315 7 ZURICH: The bourse was firmer In more acUve trading on increased buying Interest, dealers said on Thursday. Swiaeair bearer rose In active trading. Banks were steady and Kreditanatalt bearer gained ground. Among flnanclals Bally registered and Buakrle bearer rose while Buehrie registered declined slightly. Interfood and Villar also rose.
      315 words
    • Article
      Jo'burg
      376 7 JOHANNESBURG: Gold shares generally declined on lower bullion prices and some proflttaking. dealers said on Thursday. Ergo was the most active Issue on the gold board, losing ground over the day to trade 14 cents off at 427. Mining flnanclals were softer In some issues. Coppers tended easier, while
      376 words
    • Article
      Toronto
      312 7 TORONTO: The market closed moderately higher In active trading on Thursday. The composite Index was up more than three points and advances outpaced declines 232 to 145. Falcon bridge Nickel A fell two to 27 after calling for a fourweek shutdown of Its Sudbury operations Richard Coetain rose one
      312 words
    • Article
      New York
      1204 7 NEW YORK: The stock market on Thursday advanced in the morning on a better Inflation report but then faltered In the face of credit tightening hints by the Federal Reserve, pushing prices broadly lower In active trading. The earlier advance was attributed to the 0.1 per cent decline
      1,204 words
    • Article
      Indices
      64 7 FINANCIAL TIMES INDUSTRIALS Thursday 478.2 Wednesday 480.8 Week Ago 464. V DOW JONES AVERAGE INDUSTRIALS Thursday 877.43 Wednesday 887.04 Week Ago 888 17 LONDON DOLLAR PREMIUM Thursday 95 to 95W Wednesday 99 to 99 V, H.K. HANG SENG Thursday 421.08 Wednesday 424.45 Week Ago 414.12 ALL ORDINARIES Thursday 437.65
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    • Article
      Lock icon Delta agrees to export plan
      82 7 Reuter. MANILA, Fri. Delta Motor has agreed in principle with Toyota Motor Sales Co to Export four-cylinder 12-R engines as part of the Asean Industrial complementation programme, Philippine Board of Investment sources said. Delta will export 3.594 units to Singapore, Malaysia, Indonesia and Thailand In
      Reuter.  -  82 words
  • Page 7 Advertisements
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      Page 7 Advertisements Column 1
      490 7 BUSINESS TIMES Airline Directory AwoNot Soviet Airlines 110-112 Show Centre, Orchard Rood, (Tel: 377.111) Air Ceylon 302-B, 3rd Floor, Marino Houaa Shonton Way, Singapore (1) (Tal: *****88) Ground. Floor, ICS Building, Shonton Way Sinfaporo 1 (Tel: *****11) 16th Floor, UIC Building, (Tel: 2205.277) Shonton Way, Sinfaporo 1 Air Now Zealand
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  • COMMODITY REPORTS AND PRICES
    • Article
      LOCAL AND FOREIGN RUBBER MARTS
      446 8 THE Singapore rubber market opened unchanged, then rose half a cent on light weekend covering and forward Inquiries up to October/ December 1978. Towards the morning close, prices slipped fractionally on lack of followthrough. Turnover was small. The morning session closed quiet and September One
      446 words
    • Article
      R.A.S. PRICES
      349 8 Prices in rents per kilo yesterday: Noon Close (per kilo) (per kilo) Int 1 R.S.S. prompt f o b. Buyers Sellers Buyers Sellers 191.50 192.SON 191.00 192 OON Int. 1 R.8.S September 195 00 195 25 194.50 194.75 Int. 1 R.S.S. October 197.00 197.50 196.50 197 00 Int.
      349 words
    • Article
      SSR AND SMR
      106 8 NOON SSR and SMR prices yesterday Seote mber October R.A.S. (Currant Mthi (Forward Mth) Buyers Sellers Buyers Sellers (cent* per kg) (cents wrk() SSR 20 (1—ton pallet) 193 00 195 00N 194.00 194.OON SSR 50 (1—ton pallet) 190 50 192 50N 191.50 193 50N M.R.E.L.B. 21?. 00
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    • Article
      Closing prices
      26 8 Rubber: August 12 Singapore: September 194.50 cents (unchanged) Malaysia: September 195.50 cents (unchanged) Tin: $1,681 (up $11) Official offering: 165 tonnes (down 10 tonnes)
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    • Article
      Rice
      128 8 HONGKONG, Frl. The market was easy with prices up to one dollar lower, dealers said. Turnover totalled 223 tons comprising Thais 79, Kwangtungs 112 and Australlas 32. The only arrival was 445 tons from Kwangtung. (Prices in HK dollars per plcul exgod own Thai White: 100 per cent old
      128 words
    • Article
      Produce exchange
      448 8 COMMODITIES tended lower In very thin trading on the Singapore produce market yesterday. Overseas acceptances were minimal. Lack of overseas Inquiries and proper price ideas made for a general disinclination to trade. For the better part of the day, buyers were withdrawn In the light of cheaper offers
      448 words
    • Article
      Coffee
      250 8 LONDON, Frl. Futures ended the opening call £60 to £35 per tonne up from yesterday. 358 lots were traded and the market tone was "steady." Dealers said the rise largely reflected the overnight performance of the New York's "C" contract, which prompted some early dealer short covering. They also
      250 words
    • Article
      Hongkong comex
      324 8 HONGKONG, Frl. The cotton futures market closed firmer but at the day's lows, as new selling interest throughout the session eroded the Initial gains following the USDA domestic cotton production estimate which was largely as expected, dealers said. October was untraded on lack of buying interest, while other
      324 words
    • Article
      Palm oil
      69 8 C.I.F Rotterdam. US dollars per ton LONDON Thursday Piwviou* Malaysia 5S (fa bulk 515 air Aug/Oct 515 air Sumatra b% Aug 542.50 sir 582 50 sir Sept 510 pd 505/510 pd Oct 477.50/485 pd 477 50/485 pd Nov 485/470 pd 485/470 pd December 487.50 pd 485 sir Nigerian
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    • Article
      Silver
      169 8 LONDON, Frl. Silver prices yesterday finished with losses of 2.7 to 2.9 pence per troy ounce, values declined under light liquidation induced by the downturn in US, futures and lower gold, dealers said. Three Months traded down to 264.0 pence per troy ounce, but the lower levels found some
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    • Article
      Cocoa
      209 8 LONDON, Frl. Cocoa futures opened £1.50 (May £2,213) to £7.50 per tonne up on yesterday. The market equated with New York levels, dealers said. 92 lots were traded at the short opening call but the market lacked feature, the sources added. On Thursday, prices finished Irregularly lower by mostly
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    • Article
      Sugar
      256 8 LONDON, Frl. Terminal opened t'0.40 down to £0.30 per tonne up from yesterday afternoon's closing levels. Sales totalled 319 lots. Dealers said prices recovered partially from last night's easier kerb aided by the USDA 1977 sugar crop report which shows lower harvests for both beet and cane in the
      256 words
    • Article
      Soybeans
      119 8 CHICAGO, Frl. Soybean futures closed lower yesterday. dropping 14Vfc cents a bushel In the August and eight to 5Vi cents In new crop months. Trading was light ahead of the USDA crop report. Selling in the August followed an easing In Gulf bids, while new crop selling reflected the
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    • Article
      Wheat
      60 8 CHICAGO, Frl. Wheat futures were down one to cents a bushel at the close yesterday, with final losses reflecting the day's trading range. Dealings were light and mixed as traders awaited the USDA crop report. Some selling refle<fted the weakness in soybean futures and easiness in corn. Commercials appeared
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    • Article
      Burst of activity in rubber short-lived
      313 8 AFTER a quiet and somewhat featureless start, fairly active trading was experienced during mid week, with September One RSB reaching a high point of 196.25 cents per kilo (Singapore). There was, however, no follow-through and quiet conditions returned with prices finishing the period 2V»
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    • Article
      Copper
      248 8 LONDON, Frl. Copper wire bars closed the morning with losses of mostly £6 per tonne. Sentiment was dampened by expectations of a further Increase In LME stocks this week, dealers said. The market was also subjected to chart selling around the £680 level for Three Months, weekend liquidation and
      248 words
    • Article
      Straits tin market
      261 8 THE Straits tin price in Penang yesterday was up MSll to $1,661 per plcul on an official offering down 10 tonnes to 165 tonnes. Dealers attributed the rise mainly to lower volume of tin concentrates as well as continued speculative and consumer Interest from all sources. In
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    • Article
      Gold
      362 8 ON the Singapore gold market yesterday, the kilobar opened at SSI 1,541 and drifted down to close at the low of 5i11,520. Trading was quiet. In the London market, the metal opened at U*****.80/ 14(f00 which was the high of the day and closed at U*****.50/75. The London morning
      362 words
    • Article
      Zinc
      75 8 LONDON. Fri. zinc had morning losses of £4.50 all round in modest trading of 925 tonnes with dealers reporting liquidation prompted by the trend in copper and lead. Offerings found the market none too receptive despite expectations of a further moderate fall In stocks this week. Three Months closed
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    • Article
      Lead
      37 8 LONDON. Fri. Lead prices yesterday closed with gains on the day of mostly £0.50 per tonne. Scattered profit-taking shaded the market with Three Months trading down to £320.50 per tonne on thin dealings of 600 tonnes.
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    • MONEY AND EXCHANGES
      • Article
        Singapore
        547 8 THE overnight rates In the local money market fell 3/4 point yesterday In routine trading. Opening at 4 1/4 per cent, the overnight rates hovered around that level for most of the morning before easing during the clearing hours to close at 3 1/2 per cent. The term counters
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      • Article
        Minimum lending rates
        38 8 ACBC 6S «*4 Bangkok Bank 7 HSBC (V, Bank of America S»4 Indoauez <V. 7 8 >4 Bank of Tokyo 6*« Bank Negara OCBC «>, Indonesia 7 Ol'B 6*4 L'CB 7 6'< L'MBC 7 DBS LOB
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      • Article
        Asian $ rates
        157 8 Asian rates ASIAN currency deposit interbank rates as at close on Au( 12: US MUri (Spot) Offer Bid 7 days 6* 0 1 mth 09/10 07/10 2 roths 6% 0* 3 mths 0 V, 0H 8 roths H «S 9 mths 013/10 011/16 12 mths 0'* 0%. Sw. Fr*. Dm.
        157 words
      • Article
        Discount
        48 8 RANGE of prices offered by discount houses on Aug 12 Overnight 2* 3* Call deposit 3% Closing Buy Selling 3-Month Treasury bills S 27/8 3-Month Banks bills 4 1/8 4 3-Month CD 4 3/4 4 5/8 8-Month CD 4 7/8 4 3/4 Source: National Discount Co. Ltd.
        48 words
      • Article
        Euro $ rates
        178 8 Euro rates LONDON, Frl. Eurodollar deposit rates opened generally higher, continuing the firmer tendency that developed in late trading yesterday, but rates eased from openings in early business, dealers said. The latest US money supply data and the Federal Reserve Bank's intervention to drain reserves and tighten Fed funds pushed
        178 words
      • Article
        Frankfurt
        45 8 FRANKFURT exchanges opening quotes on Aug 12: US 2 3270/80 Can 2 1800 20 UK 4 037/047 Neth 94 85 95 Bwlti 06 20/30 Italy 2 633/43 France 47.34/44 Norw 44 00/10 Belg (com) 6 521/31 Belg (Fin) 6 510/512 Japan 0 8730 '45
        45 words
      • Article
        New York
        157 8 NEW YORK, Fri. The dollar closed stronger yesterday after New York Federal Reserve Bank intervention in the government securities market triggered a flurry of buying, dealers said. The Fed made two rounds of reverse repurchase agreements, which temporarily drain banking system reserves, in a move read as Indicating
        157 words
      • Article
        London
        238 8 LONDON, Fri. Dealers said the latest US money supply data helped the dollar to open higher. But despite the higher US interest rate trend which market operators here see continuing, there is little expectation of a rise in US prime rates today, dealers said. Sterling was steady against the
        238 words
      • Article
        Hongkong
        147 8 HONGKONG, Fri. The US dollar closed slightly higher at 2.3255/65 marks from Its 2.3234 New York mid-point In fairly active and nervous trading, dealers said. The US unit rose In the morning to 2.3260/65 marks from its 2.3235/45 opening on buying by Singapore banks, but eased to 2.3235/40 when
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      • Article
        Tokyo
        75 8 TOKYO, Frl. The US dollar for overnight delivery closed steady at 266.30 yen, compared with 266.20 at the opening and at yesterday's close. The dollar for immediate delivery closed at 266.24 yen compared with 266.20 at the opening and at yesterday's close. Combined trading volume was US$l34 million. Forward
        75 words
      • Article
        Australia/NZ
        61 8 AUSTRALIA/NZ exchanges on Aug 12: Australia Sterling 0 6384/ 0 6315 US dollar 1 1060/1 1012 Ninety-day air mall buying rates: Sterling 0.6564 US dollar 1.1310 Ninety-day forward buying rates: Sterling 0 6358 US dollar 1 0070 New Zealand Sterling 0 5584/ 0 5553 US dollar 0 0751/ 0
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      • Article
        Zurich
        55 8 ZURICH exchanges closing quotes on Aug 11: US 2.4107-4115 UK 4 1925-1950 Can 2 2436-2455 W Oerm 104.09-17 Neth 98 63-72 France 49.22-27 Belg 6 78 3/4-79 3/4 Denm 40 19-22 Norw 45 92-96 Swed 54 86-89 Italy 0 2734-2737 Austria 14.65-67 Port 6.21-25 Bpaln 2.84 3/4-85 1/4 Arg
        55 words
      • Article
        Treasury bills
        48 8 Results of tender held on 12th August 1977 for 91-day Treasury bills to be Issued from Aug 15 to 19: Offered: *20.000.000 Applied for: 862.350.000 Allotted 520.000.000 Accepted Bids 800 26 approximately 4JH: higher bids In full Average rate of discount on allotment 2 045*. pa
        48 words
      • Article
        Eurobonds
        300 8 LONDON, Fri. Straight bonds were to easier, reflecting fears of a possible rise in US interest rates, dealers said. London Eurobond prices on Aug 12: Straight* Bid Offer Austria 8%. 90 101% 102S Bell Canada 8* 86 105 105% BFCE 8% 83 102 102% Brazil 9 V. 84 104
        300 words
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      Page 8 Advertisements Column 1
      153 8 Don't let the language barrier stop you from wider contacts rV i t I m 4k eW c\ o* Y e «\A e p*\- 1 .o s •Ml YOU SIMPLY CANNOT FAIL WITH VISAPHONE. Use it at home, while travelling in fact anywhere and any time that suits you. Possess
      153 words
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  • TRANSPORT AND COMMUNICATIONS
    • Article
      Lock icon China showsinterest in tweendeckers and liners
      394 9 Reuter HONGKONG, Fri. China continues to show active Interest in the second hand tonnage market and is directing its attention towards tweendeckers and liner-type vessels, shipbrokers here said. Purchases of this type variously reported by the brokers range from 5,500 dwt to over 15,000
      Reuter  -  394 words
    • Article
      Lock icon Clelands secures $30m order
      126 9 AFP LONDON, Fri. The British shipyard Clelands at Wallsend has secured a £7 million (Ss3o million) order for two bulk carriers despite a lower Japanese tender, it was learned here yesterday. The order was first placed by the London company Stephenson Clarke with Greece's United Shipyards
      AFP  -  126 words
    • Article
      Bristow Helicopters wins contract
      95 9 A Malaysian-based firm, Bristow Helicopters Malaysia. has been awarded a contract to provide three helicopters to service Exxon's projected offshore oil and gas field in West Malaysia. The firm said that the contract for the hellcopters also Include an option for a fourth. It said the
      95 words
    • Article
      Lock icon BA profit soar
      99 9 Reuter LONDON, Frl. Stateowned British Airways reported net profit of £4 million 1 million) In the first quarter ended June 30, on revenue of £309 million (£287 mlllloq). The load factor was 56.7 per cent (56.4 per cent) on cargo services and 58.3 per cent (59 per
      Reuter  -  99 words
    • Article
      Threemore wharves for Johore
      220 9 THE Johore Port Authority is to build three more wharves under the Third Malaysia Plan by the middle of next year. Initial constructional work on the wharves is scheduled to start next month. Revealing this at a briefing for the Kedah Mentrl Besar, Datuk Serl Syed
      220 words
    • Article
      LONDON FREIGHT MARKET
      182 9 LONDON, Fri. Chartering tended to slow down but did provide a wide variety of business liberally spread throughout the market. Chinese interests again figured prominently in both voyage and time-charter markets. They worked about 36,000 tonnes of Canadian wheat from British Columbia aboard the August-September loader Aktea
      182 words
    • Article
      Lock icon Panama will get a boost from new treaty
      679 9 NYT PANAMA CITY, Fri. The new Panama Canal treaty will probably result In Increased tolls for ships using the waterway, but It should also help revive Panama's depressed economy, American officials said yesterday. Under the new treaty, agreement on which was announced
      NYT  -  679 words
    • Article
      Lock icon W. Castle's last voyage
      708 9 AP LONDON: RMS Windsor Castle pointed her bow south for the last time yesterday a dinosaur of the seas whose origins sprang from a colony founded on cabbages in -an age when captains sailed for kings. The royal mail steamer, flagship of the Union Castle Line,
      AP  -  708 words
    • Article, Illustration
      IN PORT
      338 9 EXPECTED ARRIVALS TODAY KEPPEL WHARVES Bowoon No. 3 (Tanker) (1200) (Subject gas free) 35/36 Hodakasan Maru (J--QHM) (1100 after Ka Yun) 44 Kao Sah (3ETM) (0600) (Subject free board) 22 Kim Ann (0600 after Priam) 33/34 SBS I (1500 after Car Liner No. 2) 48 Shoko Maru (JPLX)
      338 words
    • Article
      Overseas Container Limited
      166 9 Overseas Container Limited (OCL), Incorporated In the UK, has been operating contalnershlp services to and from Singapore since August 1972, as a member of the Trio Group. Trade: Europe/Far East. Type of service: fully containerised express service. Frequency: weekly, eastbound and westbound. Porta served: Southampton, Hamburg, Bremerhaven,
      166 words
    • Article
      Lock icon PL 480 ruling
      68 9 Reuter WASHINGTON, Fri. The US Agriculture Department said that beginning yesterday, a new requirement on ocean transportation will be incorporated In all PL 480 (food for peace) purchase authorisations. Bid Invitations for ocean transportation of PL 480 commodities must now provide that offers submitted have a cancelling
      Reuter  -  68 words
    • Article
      DAILY AIRCRAFT MOVEMENTS
      591 9 ARRIVALS MPTiOf Operator Number UMl TfaM From CAL CI333 0400 TPE/HKO/KUL CPA CX003 0145 HKO MAS MH682 0610 KCH CPA CX710 1000 HLP CAL CI814 1000 HLP OIA OA0OO 1000 HLP OIA GA980 1030 HLP THAI T0423 1035 BKK SIA 8Q211 1045 HLP OIA OA944 1055 PKU
      591 words
    • Article
      Lock icon Suez Canal gets $244m loan
      149 9 Reuter WASHINGTON, Frl. The World Bank said It approved a US$lOO million (***** million) loan toward a $1,003 billion Egyptian project to deepen and widen Suez Canal to accommodate more and larger ships. The loan, to the Suez Canal authority, will finance some of the
      Reuter  -  149 words
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      417 9 J w w jii.i W- *7 -S- wt: I if i^E-= "1 *1 «1 s is! "'"Mi •M* »#S»f ('it i L.J ~JZvn- nr -M -~£FF r ii 4 4 it,* lr It THE GREAT BOOKS OF WESTERN CIVILIZATION J B4 ■SS Si *i ."B ()l Mh; These are the
      417 words
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  • Article, Illustration
    Lock icon East-West industrial cooperation call
    1572 10 COMECON DEFICIT MOUNTING The Economist LONDON: East-west trade Is In trouble. Comecon (Russia plus Its satelltes), which accounts for over 70 per cent of all east-west trade, has a large trade deficit with the West (about US$7 billion in 1970 am chart). Comecon members want to
    The Economist; Source: OECD Foreign Trads Statistics A and C  -  1,572 words
  • Article, Illustration
    New Zealand to attract more S.E. Asian buyers
    1248 10  -  By ANTHONY HAAS MEW ZEALAND businessmen and officiate have been discussing how to improve New Iceland's experts to South-east Asia and a small group of business leaders wtß be presenting their findings to New Zealand Overseas Trade and Foreign Affairs Minister, Mr.
    1,248 words
  • Article
    Lock icon Loopholes in US plan
    841 10  -  By CLYDE H. FARNSWORTH NYT WASHINGTON: Though some improvements are sighted In President Carter's welfare-reform programme, tough questions are being asked about its costs, work Incentives, the earned wage supplement and up to 1.4 minion public service Jobs It would create. Business community representatives think it
    NYT  -  841 words
  • Article, Illustration
    Lock icon Gondolas in danger of extinction
    653 10  -  By BRIAN MOONEY Reuter VENICE: Gondoliers who have plied the waterways and canals of Venice for centuries say their profession Is In danger of extinction. "Look at the wash from that motor boat those boats are destroying us," said Gondolier Franco Taglllapetra. He pointed to
    Reuter  -  653 words
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      154 10 HANDBOOK ftp J7 P\ Hof^ 5 tfi Sport* W \fi 4 7 K ?n V 161 by E. Lenox Figgis F.C.A. A practical handbook explaining how betting takes place on the world's most popular betting pastimes, including horses, dogs, football pools, sporting events, casino games, such as craps, roulette, etc.,
      154 words
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  • Article
    Lock icon Russia nabs Tokyo trawlers
    129 11 Reuter TOTTORI (Japan), Frl. The Soviet Union has detained two Japanese fishing boats inside its 320-km fishing zone in the Sea of Japan, and two Japanese Journalist were on board one of the vessels, the Fishery Cooperative Association said here today. The 99-tonne Yoshl Maru with
    Reuter  -  129 words
  • Article
    Dinner and dance
    53 11 THE Singapore Institute of Management, In conjunction with the Diploma-in Management Studies Alumni, will be holding its annual dinner and dance at the Troplcana Restaurant on Sept. 24. Highlights will Include the presentation of diplomas and awards to the fifth graduating class of the DMS course conducted
    53 words
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    Lock icon Malaysia is in form with an 11pc growth
    606 11 UPI KUALA LUMPUR, Frl. By Third World standards and among developing countries, Malaysia never had it so good. It has scored an 11 per cent growth, it enjoys a favourable balance of payments position, its exports are in demand and at higher
    UPI  -  606 words
  • Article
    Common dinar plan faces problems
    359 11 THE plan to launch the Gulf dinar a common currency for Kuwait, Bahrain, Qatar and United Arab Emirates has run smack into difficulties. The Kuwait Times has reported that the scheme Is "facing too many complexities", the main stumbling block being lack of a uniform
    359 words
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    Lock icon Canada renews Asean pledge
    115 11 AFP JAKARTA, Frl. Canada today reiterated Its firm commitment to support the five countries of Aseaii. The pledge was made by Mr. Glen Shortllffe, the new Canadian ambassador to Indonesia when he presented his credentials to President Suharto at the Merdeka (Freedom) Palace. Mr. Shortllffe Is
    AFP  -  115 words
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    Lock icon Soviet credit grant for Iran complex
    85 11 Reuter TEHERAN, Fri. The Soviet Union will grant Iran a credit of US$l.6 billion (553.9 billion) to expand the Sovlet-bullt Aryamehr steel complex In Isfahan, according to an unconfirmed report In the newspaper Ayandegan. Annual production will Increase to 1.9 million cu. metres from
    Reuter  -  85 words
  • Article
    Anti-pollution vessel
    67 11 A SINGAPORE firm has been awarded a $4.5 million contract to build an anti-oil pollution and safety vessel by the French firm, Comex Services (Asia Pacific) whose regional base Is In Singapore. The vessel will be used In South-east Asian waters, near offshore exploration areas. It is expected
    67 words
  • Article
    New firm for East European cars
    98 11 A NEW company has been formed in Singapore to sell cars made in Eastern Europe. The company called Eurocars Pte Ltd was formed in June with a paid up capital of $1 million. Subscribers were listed as Messrs. Henry Ang Thiam Hwat and Kok
    98 words
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    Lock icon Japanese eye undersea pipeline job in the Med
    342 11 AFP TOKYO, Frl. A group of Japanese companies will bid for a project to lay an undersea pipeline from Algeria to Italy across the Mediterranean sea for transport of liquefied natural gas (LNG), industrial clr cles reported today. The world's first submarine
    AFP  -  342 words
  • Article
    SIM to conduct seven courses
    162 11 THE Singapore Institute of Management Is to conduct a number of courses during the latter half of this month and In September at its conference room on the third floor of Thong Teck Building in Scotts Road. On Aug 22, the institute will commence a
    162 words
  • Article
    Lock icon Fukuda: Jakarta, Tokyo fated to work together
    433 11 AP JAKARTA, Frl. JaEanese Prime Minister Taeo Fukuda said upon arrival here today that Indonesia and Japan were fated to work together "because of our geographical conditions." Mr. Fukuda, In a brown suit, and his wife, In a blue dress and white cap,
    AP  -  433 words
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    Lock icon Whitlam's dare to Fraser
    613 11 AFP CANBERRA, Frl. Former Labour Prime Minister Go ugh Whitlam and former Labour Treasurer Bill Hayden have challenged the Fraser government to change their budget before It is introduced next Tuesday, when the Australian national Parliament resumes after the winter recess. Appearing Jointly on a series
    AFP  -  613 words
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    Prices rise
    50 11 NEW DELHI. Fri. The wholesale price Index In India was 3.5 per cent higher at the end of July this year than at the beginning of the current financial year on April 1, days after Prime Minister Morarji Desai's government assumed office. Samachar news agency said on Wednesday.
    50 words
  • Article
    Lock icon Seoul rejects EEC textile curbs
    264 11 AFP Reuter SEOUL, Fri. The South Korean government has refused to accept European Common Market plans to restrict unilaterally imports of Korean textile products from the beginning of next year, official sources said today. The sources said Mr Tran Van Thinh, visiting textile negotiator of
    AFP; Reuter  -  264 words
  • Article
    Haw Par petition deferred
    96 11 HAW Par Brothers International Ltd's petition before the High Court for a reduction in its share premium account was yesterday deferred by Mr. Justice A.P. Rajah on the grounds that certain details relating to the move have not been clearly set out in the firm's petition.
    96 words
  • Article
    Solid response to concrete seminar
    91 11 MORE than 150 delegates from Singapore. Malaysia, Thailand, Indonesia, Philippines, Hongksng and Australia have registered for the two-day conference to be held here on Sept 25 sponsored by the ReadyMixed Concrete Association of Singapore. Compa International, organisers of the con- ference on "Our World in
    91 words
  • Article
    Salesmen who double up as 'market researchers'
    517 11 SALESMEN are playing an Increasingly bigger role In companies today than just mere selling. They provide vital market Information, according to a leading agency house. In a survey of the current role of salesmen, most big agency houses are agreed that, with their
    517 words
  • Article
    'Ease the local content rule' call
    155 11 THE Amm Chamber* of Commerce end Industry (Asean-CCI) is studying i Philippine proposal to apply the rules of origin requirements more flexibly in order to promote intra-Asean trade. The Philippines has claimed that strict application of the 50 per cent local content rule (€0
    155 words
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    Lock icon Australia needs to revamp high-cost industries
    141 11 Reuter BRISBANE. Frl. The president of the Australian Chamber of Commerce. Mr. Charles Mortensen, said here today Australia needed to make changes In local high cost industries before sound trading relations could develop with Southeast Asia. Mr. Mortensen said Australian trading problems with Asia
    Reuter  -  141 words
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      372 11 APPOINTMENTS /Z A major international bank in Singapore is looking for a talented young man to join its organisation as: FX/ACU DEALER The selected candidate will be working in the Treasury Division of the bank reporting to the Chief Dealer. Qualifications: 1) At least two years experience in FX/ACU 2)
      372 words
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  • Article
    Lack of outlets for Thailand's textile industry
    461 12 DESPITE high exports this year, Thailand's textile Industry is still burdened with pressing problems. Bangkok Bank said in Its July monthly review that rough estimates of production and consumption showed that the Thai textile industry still suffers from excess capacity. It said: "Production
    461 words
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    Lock icon Tariff on tyre fabrics
    109 12 Reuter CANBERRA, Frl. The Australian Government imposed tariff quotas on imports of poiyamide and polyester tyre fabrics after the Temporary Assistance Authority reported the local Industry needed urgent protection. A government statement said the quotas will apply retroactively from July 1, 1977, to end-June 1978 or
    Reuter  -  109 words
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    Lock icon Talks on silk import curbs
    130 12 Reuter TOKYO, Fri. Japan and the US opened talks here on Japanese silk Import curbs after the US threatened retaliation, the Foreign Ministry said. The US said last month President Carter will decide by Monday whether to impose curbs, including import quotas and higher duties,
    Reuter  -  130 words
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    Radio probe
    27 12 WASHINGTON, Fri. The US International Trade Commission said It has initiated an investigation on whether Imports of Citizen's Band transceivers are injuring the domestic industry.
    27 words
  • Article
    Millie's shoes, bags cheaper in S'pore
    320 12 MILLIE'S shoes and handbags will be retailed here 20 per cent lower than those in Hongkong. Disclosing this yesterday, Mr. Alan Lau, owner of Millie's Holdings of Hongkong, said the move is a long-term investment towards promoting the products In Singapore. It is understood
    320 words
  • Article
    Lock icon 'Oil hunt can resume'
    195 12 Reuter AMERICAN oil companies that have asked Vietnam for permission to resume drilling they stopped two years ago in southern Vietnam can go ahead, according to the head of the Vietnamese trade mission in Singapore. Mr. Le Van Mau said the companies are awaiting approval from
    Reuter  -  195 words
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    Lock icon Investment $ premium at two-year low
    401 12 Investment premium at two-year low Reuter LONDON, Frl. The Investment dollar premium fell to a two-year low of 93.75 per cent in early trading today, continuing the downward trend from 115 per cent on Aug 1, market sources said. Dealers said operators are holding off on expectations of further falls
    Reuter  -  401 words
  • Article, Illustration
    The crown prince of Japanese politics
    727 12 PRIME Minister Takeo Fukuda comes to Singapore after Japan had Just extended $196 million In yen credits to Malaysia an act which will certainly allay some of the criticism of Japan's stand on Asean. This reflects the master diplomat and statesman at work. At
    727 words
  • Article
    Jewellers' prospects fair despite competition
    679 12 COMPETITION is keen In the goldsmith and Jewellery trade In Singapore, with more than 300 retail outlets, but there Is still room for expansion as the Industry looks more towards the growing tourist market and exports. Despite the competition, business is now described as fair
    679 words
  • Article
    Lock icon LDCs slow in tackling problems of environment
    123 12 Reuter GENEVA, Frl. The World Health Organisation (WHO) today criticised "the slow progress made by most developing countries In acting to safeguard the environment." In a statement issued at the end of a WHO symposium on environmental problems In developing lands, the WHO
    Reuter  -  123 words
  • Article
    LONDON STOCKS
    757 12 LONDON, Frl. The stock market closed lower In light trading today. Early losses were being extended In after hours following the UK trade figures for July which showed a larger than expected deficit, dealers said. At 3 pm the Financial Times Index was down two points at 476.2.
    757 words
  • Article
    Bethlehem bags $40m oil rig contract
    172 12 AFTER three year* in the doldrums, Bethlehem Singapore has won a 940 million oil rig contract from an American firm. Work has already started in Bethlehem's Sembawaag yard for the mat-type inchup oil rig for John H. Atwood and Associates Incorporated of Houston Texas.
    172 words
  • Article
    Duty on sugar substitutes cut to boost local output
    429 12 THE government has cut excise duties on high fructose syrup and liquid glucose to stimulate local production of these two sugar substitutes. In an announcement yesterday, the Customs and Excise Department said that effective immediately, the excise rate on these two
    429 words
  • Article
    S'pore may send team to congress
    177 12 SINGAPORE may send a delegation to attend the first Third World Insurance Congress to be held In Manila from Oct 20-25. The Monetary Authority of Singapore Is looking into this. It was learnt yesterday. If agreed to, the delegation will be led by Mr.
    177 words
  • Article
    Industrial courses
    57 12 REGISTRATION for the Industrial Training Board's industrial technician certificate courses will begin on Aug 17 at the Singapore Technical Institute. The courses, both full time and day-release, beginning on Sept 26, are on alrcondltioning and refrigeration, mechanical engineering and mechanical engineering drawing and design. Day-release courses In electrical
    57 words
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      205 12 «C YACHT FOR SALE Fully equipped W 48ft Yawl Cruising Yacht. Valued by Bertram, USA US$l5O,OOO Willing to sell for US$5O,OOO 0.n.0. Principals only Owners leaving for home on Wednesday. 17 August 1977. Must sell by Tuesday. 16 August 1977 Contact MR B JACKSON Tel: *****3 BUSINESS TIMES Singapore's Financial
      205 words
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      296 12 SEE PAGE 5 ycu ARE INVITED to the First International Exhibition of Business Equipment Services in Southeast Asia s4B£Xr XSMN BUSINESS EXPO September 7,8. 9, 10. 1977 Hyatt Singapore Hotel Convention Centre A Rewarding Event for Business Personnel in Industry, Retailing, Wholesaling, Commerce > 165 DISPLAYS... of equipment and systems
      296 words