The Business Times, 2 May 1992
1992-05-02
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The Business Times
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Title Section17 1992-05-02 1 Business Times THE BUSINESS PAPER EOR S-E ASIA MITA (P) 35/12/91 Weekend Edition, May 2-3 1992 75*17 words
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NEWS & MARKETS SUMMARY
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78 1992-05-02 1 TAIPEI Taiwan's EVA Airways yesterday said it would triple its flights to Singapore and Malaysia this year to cater for a huge rise in the number of Taiwanese tourists visiting South-east Asia. EVA will increase its weekly flights to Singapore to 14 from78 words
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41 1992-05-02 1 HONGKONG Beijing yesterday urged Hongkong to maintain more efficient control over the cost of its new multi-billion dollar airport project, warning c6st overruns could mean heavy burdens for its future government under China.41 words
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Article31 1992-05-02 1 PRICES on Wall Street dipped yesterday with the Dow Jones index of leading industrials down 2.23 points (0.07 per cent) to 3,356.89 in the first five minutes of trading.31 words
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Article36 1992-05-02 1 LONDON shares were higher at midday yesterday, helped by expectations of a cut in Britain's 10.5 per cent base lending rate. At 1100 GMT, the FTSE 100 index was up 17.4 points at 2,671.5.36 words
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Article25 1992-05-02 1 MARKETS in the following countries were closed yesterday for holiday: Singapore, France, Germany, Italy, Malaysia, the Phillippines, South Africa, Switzerland. Taiwan and Thailand.25 words
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Article39 1992-05-02 1 INDOCEMENT, the largest company listed on the Jakarta Stock Exchange, has reported net profits of 308 billion rupiah (***** million) for last year, a rise of 23 per cent over 1990's 250 billion rupiah Page 239 words
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Article32 1992-05-02 1 A MAJOR revaluation exercise of Straits Steamship Land's (SSL) investment properties has resulted in a surplus of SSI46 million last year which was taken into capital reserves Page 232 words
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Article29 1992-05-02 1 THE Australian government yesterday dismissed as irrelevant and dated the latest OECD forecast of modest growth in the Australian economy and persisting high unemployment Page 429 words
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Article40 1992-05-02 1 RUSSIAN President Boris Yeltsin is considering a new decree or legislation that will resolve the wrangling that has so far prevented any one of the eleven Russian Free Trade Zones from being implemented properly Page 540 words
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Article23 1992-05-02 1 Friday Change Tokyo 17.303.39 -87.32 Hongkong 5.484.21 114.64 Sydney 1,665.9 +10 Thursday Change New York 3.359.12 25.94 London 2,654 I -10.823 words
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Article30 1992-05-02 1 London Gold AM fix USS337.10 USS0.85 Exchange rates USS ss 1.6540 100 Yen SS 1.2380 MS SS 0.6540 Money market rates Overnight 3 3/8 unch 3-month 3 1/4% unch30 words
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602 1992-05-02 1 Florence Chong - Capital Centre office complex placed under receivership From Florence Chong in SYDNEY A SYDNEY office complex, including the Sydney Hilton, partly owned by Singaporean tycoon Ong Beng Seng, was placed in receivership in March. Mr Ong was reported to have purchased the602 words
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233 1992-05-02 1 Reuter JAKARTA The newly-pri-vatised Jakarta Stock Exchange (JSE) has reversed its position on listing requirements for public companies in response to investors' concern that they would suffer losses from the delisting of shares. "We won't impose (new) listing requirements to already listed companies.Reuter - 233 words
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455 1992-05-02 1 Chuang Peck Ming - May Day rally Reports by Chuang Peck Ming SINGAPORE The labour movement may speed up its recruitment drive by making the NTUC Club a popular workers' haunt a one-stop clearing house for union membership, says labour leader Ong Teng Cheong. Speaking455 words
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160 1992-05-02 1 SINGAPORE Workers will not ask for the moon when it comes to this year's pay rise, National Trades Union Congress chief Ong Teng Cheong said yesterday. But any raise has to be fair, he told reporters at a May Day rally. And160 words
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206 1992-05-02 1 Reuter HONGKONG The Hongkong and Shanghai Banking Corp and Standard Chartered Bank said yesterday that they would cut their prime lending rates to 8 per cent from 8.5 per cent, effective Monday. The Hongkong Association of Banks also said it agreedReuter - 206 words
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118 1992-05-02 1 HONGKONG Shares on the Hongkong stock exchange closed at a record high in heavy trading yesterday. The Hang Seng Index surged 114.64 points, closing at 5,484.12, up from the previous high of 5,423.30 set on Tuesday. Turnover was HK53.56118 words
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Article, Illustration128 1992-05-02 1 ASIA's banking industry, which has been likened to a tiger, is destined to go through a period of consolidation this year. Across the region, banks, financial institutions, insurance companies and stockbroking firms are digesting five years of heady growth. And the consolidation process gives breathing space to128 words
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Page 1 Advertisements
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Advertisement94 1992-05-02 1 Nikon TlwWbfM'sFlnMt Photographic System. COVER Calorie kings of Wall Street EL 1 i wall""!) I V r: i n o Aircraft Schedule EL 7 Commodities 9 Company News 2 Cryptic Crossword EL Financial News 3 Futures Options 9 Hongkong/ Tokyo Stocks 6 Interbank Fore* Rates 9 Money Changer Rates EL94 words
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Advertisement16 1992-05-02 1 LIFESTYLE Review of To the End of Time, a book on the Time-Warner merger. EL 216 words
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Advertisement22 1992-05-02 1 LIFESTYLE Wine: the problem with Chablis. EL 3 Health: dieting has never fooled any body. EL 3 May Day demonstrations. Back Pr22 words
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Advertisement187 1992-05-02 1 PURSUITS Lft London update: ra f•■ Jr great theatre, jjjMH mfyj good food. c a<ij JgjS There Are Those Who Recognise The raft Of Gerald Genla. And There Are Those ho Can Al so AfforJ H. The watchmaking genius of Gerald Genta is encased in every timepiece he designs. Each187 words
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Advertisement27 1992-05-02 1 Nikon Tht WbfkTtFinMt Wmoypim t»—»■ FINANCE Wake-up call at the Jakarta bourse? EL 5 European bonds. ELS Chen Yun comes out In favour of reform, Back Page27 words
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Advertisement8 1992-05-02 1 TRAVEL Mexico's San Miguel de Allende. EL 78 words
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COMPANY NEWS
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COMPANY BRIEFS
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110 1992-05-02 2 LONDON Imperial Chemical Industries (1CI) pre-tax profits for the 1992 first quarter rose 7 per cent to £212 million (*****.6 million), from £198 million over the same period last year, the company announced on Thursday. The result was in line with analysts' forecasts. Turnover110 words
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Article75 1992-05-02 2 CHICAGO UAL Corp, parent of United Airlines, reported a first-quarter loss of U5592.3 million (*****.2 million) on Thursday, saying that although the results were a big improvement over the previous year, they were still "woefully unsatisfactory". The loss, equal to US$3.B6 a share, compared with a75 words
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Article70 1992-05-02 2 TOKYO Japan's Toshiba Corp, and US computer giants International Business Machines and Apple computer Inc are discussing the development of a multimedia computer, an economic daily said yesterday. The Nihon Keizai Shimbun said the three firms were expected to reach a basic partnership agreement by the end70 words
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Article48 1992-05-02 2 HONGKONG Harbour Centre Development Ltd, Wharf (Holdings) Ltd's hotel arm, announced a HKSS93 million (S$ 126.4 million), one-for-two rights issue at HKSS.6S a share, partly to finance a hotel acquisition in Dallas, Texas. The issue price compared with the Wednesday close of HKSB.7O.48 words
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Article69 1992-05-02 2 FRANKFURT Raymond Levy, chairman of France's Regie Nationale des Usines Renault, said he could not exclude the possibility of a merger with Sweden's AB Volvo. He told a presentation for bankers and analysts here that he was constantly discussing with Volvo chairman Pehr Gyllenhammar ways of improving69 words
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Article57 1992-05-02 2 New York Time Warner Inc said on Thursday it arranged for US$l.l billion (Ssl.B billion) in long-term senior debt financing and sold USSBSO million of the debt through four investment banking firms. Merrill Lynch and Co, Goldman, Sachs and Co, Lehman Brothers and Salomon brothers Inc57 words
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381 1992-05-02 2 Maggie Ford - Result boosted by strong domestic demand, improved margins From Maggie Ford in JAKARTA INDOCEMENT, the largest company listed on the Jakarta Stock Exchange, has reported net profits of 308 billion rupiah (***** million) for last year, a rise of 23 per cent over 1990's381 words
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Article, Illustration453 1992-05-02 2 AFP SEOUL South Korea s finance ministry is seeking new ways to revive Seoul's stagnant stock market following the failure of moves to enliven the ailing bourse by opening it to direct foreign investment at the start of the year.AFP - 453 words
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448 1992-05-02 2 Lilian Ang - By Lilian Ang SINGAPORE A major revaluation exercise of Straits Steamship Land's (SSL) investment properties has resulted in a surplus of $146 million last year which was taken into capital reserves. As a result of the exercise, which valued the group's investment448 words
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328 1992-05-02 2 Bernama KUALA LUMPUR Edaran Otomobil Nasional Bhd is confident its move into other business activities will contribute positively to the group's pre-tax earnings for the current financial year ending Dec 31, 1992. Since its diversification, EON the sole marketer of the national car. ProtonBernama - 328 words
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383 1992-05-02 2 GM, Ford turn around, Chrysler's loss shrinks in first quarter Reuter DETROIT Detroit's Big Three carmakers, which last year reported the largest loss in the industry's history, sputtered into the black in the first quarter, but analysts warned that the road to recoveryReuter - 383 words
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Advertisement217 1992-05-02 2 BANKING, FINANCE AND INSURANCE SUPPLEMENT 1998 A special Business Times Survey May 4,1992 The theme for year's supplement Is "Managing the Tiger" which focuses on the tremendous growth achieved in recent years by Asia's banking and finance Industry and the constraints faced by the region's regulators to encourage growth and217 words
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FINANCIAL NEWS
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388 1992-05-02 3 Riady family to absorb shares not taken up Reuter HONGKONG Lippo Ltd says it will issue 419 million new shares worth HKS63O million (S$ 134 million) to finance its acquisition of The Hongkong Chinese Bank Ltd (HKCB) from the Riady family,Reuter - 388 words
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424 1992-05-02 3 Philip Moore - MARKET By Philip Moore BANGKOK Thailand is no longer the flavour of the month and tough times could be in store, not just on the local bourse, but across most of the financial spectrum, say analysts. Signals are at best mixed424 words
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Article513 1992-05-02 3 Island gears up for role as offshore banking centre Reuter AGANA, Guam The US Pacific island of Guam hopes to become a major offshore banking centre by dropping out of the American tax system, while retaining the protection of the US flag. "We wantReuter - 513 words
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320 1992-05-02 3 Number Indicative Gross Maturity Yssr Coupon Amount ln, rw1 ot days of mlddls pries rsdsmptlon .IM ($m> W™" »ecru«<l t*U P*) dstss Intsrsst sccrusd ps) Intsrsst) 15.5.92 N*****0H1987 5 3/8# 500.00 15/5 15/11 167 100.10 2.87 1.9.92 N*****1T1987 5 300.00320 words
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561 1992-05-02 3 Reuter NEW YORK American banks' lacklustre foreign exchange earnings in the first quarter portend anaemic levels in that area for the full year, analysts say. They said a key factor behind the projections is a steady erosion in trading volume due toReuter - 561 words
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SMALL CHANGE
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116 1992-05-02 3 HONGKONG Britain's Barclays Bank pic yesterday said it has sold 50 per cent of its shareholding in Hongkong's United Merchants Finance Ltd (UMF) to General Electric Capital Corp for an undisclosed amount. The disposal is in line with Barclays' global strategy of divesting116 words
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Article86 1992-05-02 3 TOKYO Moody's Investors Service said on Thursday it was reviewing the long-term ratings of the Industrial Bank of Japan (IBJ) for possible downgrade, focusing on its business related to real estate. "Moody's is concerned that weakness in IBJ's internal controls could have a further impact on86 words
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84 1992-05-02 3 TOKYO Yamaichi Finance Co Ltd, a 5-pcr-cent owned affiliate of Yamaichi Securities Co Ltd. is planning to get financial support from its group companies through a third party share allotment, a Yamaichi Finance official said. The financial firm plans to raise about 11 billion yen84 words
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Article93 1992-05-02 3 PERTH The Western Australian state government-owned R&I Bank of Western Australia said it returned to profitability in the six months to March 31 with an A 514.8 million (5518.5 million) profit. Chairman Ross Garnaut said the bank was on track for the solid profit required93 words
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Article70 1992-05-02 3 COPENHAGEN The board of Danish insurer Hafnia Holding A/S has reversed its earlier stand and rejected the 2.7 billion crown (***** million) takeover bid by Sweden's Forsakrings AB Skandia, Danish Television News reported on Thursday. Hafnia now wants to adopt an idea put forward by70 words
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371 1992-05-02 3 Reuter JAKARTA Indonesia opened its first Islamic bank yesterday, hoping the existence of the bank would boost the country's struggling small businesses. Bank Muamalat Indonesia (BMI) started with a working capital of 500 billion rupiah. with President Suharto, several cabinct ministers and businessmen among itsReuter - 371 words
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Page 3 Advertisements
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Advertisement8 1992-05-02 3 l ourism fuels boom in Guam, Pg 58 words
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Advertisement217 1992-05-02 3 I Moments of magic... go for it. Runaway 100% to Langkauti! 3 days and 2 nights stay special package can now be enjoyed at Langkawi Holiday Villa At a value packed Ms39B 00 nett for two persons, this special pockoge offers Deluxe Room accommodation and a host of attractive discounts217 words
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THE REGION
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NOTE BOOK
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Article73 1992-05-02 4 MANILA A moderate earthquake struek the area around Mount Pinatubo volcano yesterday, shaking buildings and sending panicked residents into the street but apparently causing no damage or injuries, officials said. The tremor, which registered 4.8 on the open-ended richter scale, was centred nearly directly73 words
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Article90 1992-05-02 4 SEOUL Germany should pay more attention to the AsiaPacific region and not concentrate excessively on Eastern Europe, German businessmen said on Thursday. "A fixation of the German economy on East Europe would fail to see the economic realities," said the statement issued at the90 words
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Article97 1992-05-02 4 HANOI Vietnam and Russia signed here on Thursday an agreement on the construction of the final section of the Hoa Binh hydro-electric plant, the Vietnam News Agency said yesterday. Under the terms of the accord, Vietnam will buy the two remaining turbines from Russia, which will for97 words
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59 1992-05-02 4 BANGKOK Thailand has recognised the independence of the former Yugoslav republics of Croatia and Slovenia, a Foreign Ministry official said yesterday. The Thai government recognised the independence of the two republics as of yesterday and "looks forward to developing cordial and mutually beneficial relations with the59 words
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Article81 1992-05-02 4 SYDNEY Preliminary census figures suggest that a growing number of Australians are willing to call themselves aborigines, government statisticians said yesterday. During last year's census, 257,333 people identified themselves as indigenous Australians compared to 227,645 in the census carried out in 1986. The total includes81 words
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Article, Illustration493 1992-05-02 4 Government says report is irrelevant and dated AFP SYDNEY The government yesterday dismissed as "irrelevant" and "dated" the latest OECD forecast of modest growth in the Australian economy and persisting high unemployment. A survey by the Organisation for Economic Cooperation and Development (OECD)AFP - 493 words
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416 1992-05-02 4 Reuter MANILA President Corazon Aquino took another step to stimulate the sagging Philippine economy yesterday by cutting the price of industrial fuel after scrapping a controversial import levy. Business welcomed the twin moves but her political opponents said the measures,Reuter - 416 words
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219 1992-05-02 4 AFP TAIPEI Taiwan's booming foreign trade and expanded investment activity will propel the island's economic growth to 7 per cent this year, economic officials said yesterday. Increased demand for Taiwan's exports had in turn stimulated industrial production at home, officialsAFP - 219 words
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SHIPS IN PORT
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Article426 1992-05-02 4 Vessel Voy Hp 0gh Unwal Deparfcre Vessel Voy Wo Berth Vn»al Departs Marina Terminal 1 Talabot 2208 P08A 0205/2330 0505/0500 Batamndo 1 192S M02 atot*side 0105/1900 Tenre. 1/92 P07 0205/1500 02 05/1800 Befiasa 06/92 M03 alongside 0105/1800 Far Trader 92 UN M02 alongside 01.05/1800 ScmbaWMIg Terminal Lampung426 words
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Article1689 1992-05-02 4 RECEIVING OF EXPORT FCL CONTAINERS AND LCL CARGO Record Bookinf/Baiance Rdts Ship Voy No Etb/Btr Period From To From Ace Concord 26E 02/1700 i 01/1500 01/1659 01/1900 AJia Mum 70A 03/0500 2 01/1700 02/0659 02/0900 3 02/0700 02/1159 02/1*00 Al Muharraq 7W 04/0100 2 01/1700 02/0659 02/0900 31,689 words
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THE WORLD
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Article, Illustration434 1992-05-02 5 John Helmer - From John Helmer in MOSCOW AFTER more than two years of plans and ballyhoo, the Russian free trade zones are failing. Officials in Moscow have told BT that Russian President Boris Yeltsin is considering a new decree, or legislation, that will resolve the434 words
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501 1992-05-02 5 European Economic Area accord AFP PORTO, Portugal An agreement to create the world's biggest single market will be signed by European Community and Efta countries here today, after a nailbiting end to nearly three years of tough negotiations. The accord provides forAFP - 501 words
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436 1992-05-02 5 What the EEA is and what it is not AFP PORTO, Portugal The EEA's stated aim is "to promote a continuous and balanced strengthening of trade and economic relations with equal conditions of competition and the respect of the same rules, with a view to creating a homogenous European EconomicAFP - 436 words
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356 1992-05-02 5 AP WASHINGTON The US on Thursday hit out in its undeclared farm trade war with the European Community, declaring its intention to impose higher tariffs on US$l billion (551.65 billion) worth of EC imports. US farmers have complained for yearsAP - 356 words
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231 1992-05-02 5 AFP WASHINGTON The number of terrorist acts worldwide jumped 22 per cent in 1991, but there were fewer than half as many victims as in 1990, according to the State Department's annual report on terrorism. The greater number of terrorist acts in 1991AFP - 231 words
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440 1992-05-02 5 AP WASHINGTON A top Treasury Department official told Congress on Thursday that Japanese banks will probably cut lending here because of stock market troubles back home but that it shouldn't disrupt the US economy. Any retrenchment by the Japanese who ownAP - 440 words
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WORLD WATCH
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71 1992-05-02 5 MOSCOW The cash-strapped Russian government announced on Thursday that it is closing 10 embassies in Africa and the Pacific, and that Russia plans major staff reductions at other embassies. The Russian retrenchment contrasts sharply with Soviet efforts to establish a presence everywhere possible, but71 words
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Article82 1992-05-02 5 BEIJING The Netherlands has won US$l billion (551.65 billion) in key infrastructure contracts from China in what appeared to be a reward for not selling submarines to Taiwan. Netherlands Economics Minister J E Andriessen capped a six-day visit with the announcement that Beijing would be82 words
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Article77 1992-05-02 5 TAIPEI Most of the 170 video-centres in Taiwan have planned to suspend operations for a month to seek copyright negotiations with the US and other copyright holders, operators said here on Thursday. The action came after the US put Taiwan on a priority list under77 words
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Article64 1992-05-02 5 TOKYO Japan's housing starts fell 19.4 per cent in fiscal 1991 to 1.34 million units for the second straight annual decline, the Construction Ministry said on Thursday. It was the sharpest decline in 17 years since a 28.5 per cent drop was recorded in fiscal64 words
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57 1992-05-02 5 BEIJING China is giving 442 million yuan (S$ 135.3 million) in aid to prevent food shortages in rural areas after the "year of disasters" in 1991, the China Daily said yesterday. The aid is to tide farmers over during the crucial March to July57 words
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Article58 1992-05-02 5 ABIDJAN, Ivory Coast A dawn-to-dusk curfew was in effect in Sierra Leone after mutinous soldiers, who said they wanted to create a democracy, ousted President Joseph Momoh and declared a new government. Mr Momoh, who has been in power since 1985, was reported to58 words
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Article, Illustration672 1992-05-02 5 Reuter AGANA, Guam Scores of Japanese tourists roam the Tumon Bay tourist district on the resort island of Guam, lugging bags of designer clothes and shoes from the trendy shopping malls that line fashionable San Vitores Boulevard. "If theReuter - 672 words
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TOKYO STOCK EXCHANGE
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Article, Illustration2586 1992-05-02 6 Reuter STOCKS ended modestly lower in dull, very narrow trade yesterday. Futures-linked selling was balanced by dealer and investment trust buying, but most investors twiddled their thumbs ahead of the four-day weekend, brokers said. The market is closed for public holidays on Monday andReuter - 2,586 words
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STOCK EXCHANGE OF HONGKONG
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Article, Illustration2590 1992-05-02 6 Reuter SHARES soared over 2 per cent to yet another all-time high after a brief two-day pause yesterday, catapulted by rates cut talk and China's senior hardline leader Chen Yun's support for economic reforms. The blue-chip Hang Seng Index surged 114.64 points, orReuter - 2,590 words
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AUSTRALIAN STOCK EXCHANGE
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Article, Illustration2146 1992-05-02 7 UPI S r RONG offshore buying together with eonfidenee over the prospects of a cut in local interest rates propelled the market higher on the Sydney Stock Exchange yesterday, brokers said. Buyers extended the markets 111-point rally over the past two weeks anotherUPI; Source: Bridge Info - 2,146 words
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REGIONAL STOCK MARKETS
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Seoul stocks higher on positive sentiment
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Article928 1992-05-02 7 SHARES closed higher yesterday on buying of large-capitalisation shares on investors' belief that the market was coming out of its April doldrums. "The fundamentals seem to be improving and signs show the market is going to stabilise. Investors are also starting to gain some confidence," Choi Bum at Seoul928 words
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Article65 1992-05-02 7 JAKARTA stocks rose marginally in fairly active trading in the single session allowed on Fridays, brokers said. The index edged up 0.63 points to 277.91, while turnover was 4.51 million shares compared to 5.50 million in two sessions of trading on Thursday. Indocement strengthened by 250 rupiah to 10,65065 words
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Article55 1992-05-02 7 INDICES TURNOVER Close Pretiow May 1 NEW ZEALAND NZSK-40 Capital 1.460 60 1.464 04 -3.44 MANILA Composite Index Closed 1.***** Turnover (million pesos) Closed 301.0 TAIPEI Weighted Price Index 4.545 18 4.4%. 19 f 48.99 Turnover (NTS billion) 19.3 15.9 3.4 SEOUL Composite Stock Index 620.37 615.97 +4.40 Turnover (billion55 words
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Article407 1992-05-02 7 Manila Apr 30 Peso +/-Vol ((>00) A.SonanoCorp 1.640 .020 2120 Abra Mining Corp 005 002 1000 Alcorn Pet 028 f 001 ***** Alcorn Pet -B 028 001 3000 Anglo Phil-()il 006 Ape* Mining A 004 Ape* Mining B 004 Atlas Cons A 13.500 unch I Atlas Cons B 15.000 unch407 words
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Article177 1992-05-02 7 The NZSE-40 Capital Index was down 3.44 points at 1,460.60. The Philippine market was closed yesterday Prices for some markets were not available due to a technical problem at Telerate New Zealand May 1 NZ Cents VotfOO) ANZ Banking 620 unch 148 Bank Of NZ 68 2 7656177 words
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Article513 1992-05-02 7 TAIWAN stocks closed higher yesterday across the board on bargain-hunt- ing after recent falls, with paper and textile stocks attracting interest But turnover remained very thin and brokers, noting that many discouraged investors stayed on the sidelines, said it was too early to say the market was ready to513 words
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Article123 1992-05-02 7 SCATTERED buying by state-owned investment houses halted a two-day slide in the Bombay Stock Exchange (BSE) on Thursday and helped leading shares rebound, brokers said. The BSE index recovered 213.31 points, or 5.81 per cent, to 3,887.72, after falling 792.91 in the past two days. The National Index, representing123 words
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WORLD STOCK MARKETS
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US stocks rally for second day running
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Article, Illustration1303 1992-05-02 8 STOCKS rallied for the second straight day on Thursday in heavy trading on buying encouraged by further evidence of a slow but steady economic recovery. The Dow Jones Industrial Average, which jumped 25.26 points on Wednesday, surged another 25.94 points to 3,359.12. Alfred Goldman, market strategist with AG1,303 words
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Article, Illustration948 1992-05-02 8 SHARES closed weaker on Thursday as investors took profits to cash in on recent gains. Gloomy trading statements and a batch of profit downgrades also weighed on sentiment, dealers said. The FTSE 100 Index closed 10.8 points lower at 2,654.1 after a stronger performance on Wall Street helped lift948 words
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Article82 1992-05-02 8 INDICES TURNOVER Apr V) (W Pre»ious NEW YORK [Xm Jones 3.359.12 3.333 IK t 25 94 S P 500 414.95 41 2 02 •-2 93 Turnover (million) 223.5»» 206.78 16 81 LONDON f inancial Times V) 2.073.3 2.076.5 -3.2 FTSE 100 2.654.1 2.6649 •108 Turnover (million) 7198 864 9 -145.182 words
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Article372 1992-05-02 8 SHARES ended a quiet session mostly lower ahead of the long holiday weekend on Thursday. Markets were closed yesterday for the May Day holiday. Dealers said early worries about tension within Germany's coalition government and about the growing wave of strikes in the country had subsided in the course372 words
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Article203 1992-05-02 8 SHARE prices were lower on Thursday as the market consolidated the previous day's gains which rocketed the blue chip index to 22-month highs, dealers said. The CAC-40 index stood 5.58 points lower at 2,031.14. The index opened at 2,040.12 after previous night's new closing high, and briefly touched 2,041.52203 words
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Article291 1992-05-02 8 SWISS shares closed firmer on Thursday but ofT the day's high after profittaking and position-squaring ahead of the May Day holiday erased early gains, dealers said. "Volume was light and some profittaking had to be expected ahead of the weekend." one dealer said. The all-share SPI index closed 3.6291 words
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Article114 1992-05-02 8 SWEDISH shares closed broadly unchanged on Thursday despite continuing political uncertainty caused by the defeat in parliament of a key budget proposal. The Stockholm Bourse general index closed a holiday-curtailed session 0.02 per cent higher at 967.88 and the top--16 index 0.14 per cent higher at 950.41 on brisk114 words
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Article238 1992-05-02 8 SHARES closed down sharply after an afternoon of heavy selling by a big foreign institutional investor on Thursday. Most blue chips except oil major Petrofina saw hefty losses as the Bd-20 index of leading shares fell 1>.79 points, or 1.14 per cent, to 1,192.79.0n exceptionally high volume of more238 words
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Article349 1992-05-02 8 A LATE rally in New York pushed the Dow Jones Industrial Average past "the Toronto stocks for the first time ever, as Toronto stocks closed mixed in s&Jw trade on Thursday, dealers said. The TSE-300 had previously been ahead of the Dow since its inception in 1977. The jump349 words
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Article375 1992-05-02 8 Other markets in Europe, South Africa and Canada Johannesburg Apr 29 Rand INDUSTRIALS A Alpha 4160 AECI 925 f 25 AMIC 7775 25 Abercom 125 I Amaprop 700 unch BAZ 1300 Barlows 5575 75 Basil Strk 10 Blyvoor 500 unch j CG Smith ***** 50 Cnagalo 2550 Curfin 685 unch375 words
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Page 8 Advertisements
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Advertisement15 1992-05-02 8 Advertising Marketing in Business Times every Thursday wr Enterprise Management in£ Business Tinted every Monday::15 words
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CURRENCY/COMMODITIES
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491 1992-05-02 9 Asahi TOKYO Long-term credit banks abandoned plans to raise the coupon rate on bank debentures because of opposition from the Ministry of Finance (MOF), bank officials said on Thursday. MOF opposed the move because the ministry believed it would weaken theAsahi - 491 words
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268 1992-05-02 9 REPORTS TOKYO rubber futures yesterday closed mixed with spot and nearbys down and distants up in very limited trade ahead of a four-day weekend here. The market was led by pre-holiday position adjustments. Yesterday's market closures in Malaysia and Singapore also reduced268 words
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708 1992-05-02 9 REPORTS TOKYO: The dollar ended softer both against the mark and the yen in sluggish Tokyo trade yesterday. Activity was minimal and confined to minor position adjustments ahead of a long weekend in Tokyo. Tokyo markets will reopen on Wednesday. "The market is708 words
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Article990 1992-05-02 9 Palm Oil WU Apr 29 MS/tonne Month North South Central E Coast Average Apr 92 886.00 910.00 899.00 899.00 May 92 892.00 898.00 896.00 892.50 895.00 Jun 92 886.00 872.50 878.50 ftfru Iwnw1 tx-wHI MS/tonne Month North South Central E Coast Average Apr 92 690.00 685.00 688.00 May 92990 words
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Advertisement9 1992-05-02 9 A MONTHLY MAGAZINE OF BUSINESS TRENDS AVAILABLE AT NEWSSTANDS9 words
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Article, Illustration488 1992-05-02 10 Shanghai leadership urged to accelerate pace of reform Reuter BEIJING Ageing leader Chen Yun, a veteran hardliner whose power challenges that of Deng Xiaoping, has broken a long silence to support faster economic reform, an official report said yesterday. MrReuter - 488 words
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Article, Illustration596 1992-05-02 10 May Day rallies AFP, AP, Reuter, Bernama MOSCOW Some 10,000 communists calling for a return of the old Soviet Union protested in Red Square yesterday but their numbers were eclipsed by tens of thousands of Muscovites taking advantage of spring weatherAFP,; AP,; Reuter,; Bernama - 596 words
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298 1992-05-02 10 Reuter LONDON Canadian property giant Olympia and York Developments Ltd yesterday won a short breathing space as its creditors agreed to lend it enough money to keep London's huge Canary Wharf development afloat for one week. "The banks have agreed to provide £S millionReuter - 298 words
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266 1992-05-02 10 AFP JAKARTA Producers of Indonesia's clove-flavoured kretek cigarettes have called on the government to cut clove prices by about 23 per cent to avoid an industrywide downturn, press reports said yesterday. If the government maintains the current selling price, many smaller kretekAFP - 266 words
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275 1992-05-02 10 Reuter HONGKONG HSBC Holdings pic has no plans to inject capital into Midland Bank pic, if its bid for the UK clearing bank succeeds, deputy chairman John Gray said. He also said that HSBC had confidence in Midland chief executive BrianReuter - 275 words
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286 1992-05-02 10 HONGKONG Some 1,400 government officials and international bankers from 52 countries will converge in Hongkong on Monday to attend the 25th annual general meeting of the Asian Development Bank (ADB). To be opened by outgoing Governor Sir David Wilson, the286 words
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Article, Illustration453 1992-05-02 10 UPI, Reuter, AP LOS ANGELES National Guardsmen riding armoured vehicles and carrying assault rifles assisted police early yesterday in quelling two days of rioting that killed at least 31 people and paralysed America's second largest city. Hundreds of looters rampaged throughout Los Angeles on Thursday, cleaning outUPI,; Reuter,; AP - 453 words
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382 1992-05-02 10 Reuter SYDNEY North Korea could start a war with scant warning, possibly in as little as 24 hours, US Defence Secretary Dick Cheney said yesterday. "As I look around the world at places where US forces are deployed, where weReuter - 382 words
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Page 10 Advertisements
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Advertisement6 1992-05-02 10 CHARTPOINT Every Saturday in Business Times6 words
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Advertisement6 1992-05-02 10 CHARTPOINT Every Saturday in Business Times6 words
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Executive Lifestyle
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Article, Illustration1444 1992-05-02 11 Harish Mehta - What makes some Wall Street brokers eat 15 hamburgers for lunch and consume 7,000 calories a day? Harish Mehta, in New York recently, checked out the dietary habits of the successful and stressed Harish Mehta, THE SUN, and then the Dow, rises on a coldPhotos by Harish Mehta - 1,444 words
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STRAWS IN THE WIND
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Article69 1992-05-02 11 IF YOU're going on a jungle trek, don't bring your pet goldfish. At least, that's what a brand of insect repellant gel seems to imply. In its mandatory list of instructions, the box said: "Important. Do not apply to broken or sensitive skin. Keep away from eyes69 words
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Article29 1992-05-02 11 NOTICE in a Copenhagen airline ticket office: "We take your bags and send them in all directions." Now that's what we call a vote of confidence.29 words
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Article48 1992-05-02 11 AN AD for a new facial salon not only assures you of a better complexion, it also promises to help you "leave your best memories behind". Either they mean to give you a face worse than your present one, or their treatments lead to severe amnesia.48 words
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Article32 1992-05-02 11 A VISITING Frenchman offers this insight on European behaviour when confronting traffic lights: in Scandinavian countries, the signals are meant to be "imperative", in France "indicative", and in Italy "decorative".32 words
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Article40 1992-05-02 11 RECEIVED an invitation to a classical music concert but don't know what to wear? Try the dress code listed on one invitation: "Casually Elegant". We've heard of casual chic, but this would be a tough trick to perform.40 words
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LIFESTYLE 1
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Article712 1992-05-02 12 To The End of l ime By Richard M Clurman Simon and Schuster 368 pages, $30.95 Reviewed by Chuang Peck Ming FIRST, his oil portrait was torn down from the walls of the company building. Then, the ex-chief executive officer was thrown out of his office. Nothing712 words
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856 1992-05-02 13 N K Yong - WINE By N K Yong THE problem with Chablis is that you can't get your hands on mature Chablis. Most Chablis are drunk up in the first four years of their existence. Unlike Champagnes, Chablis is released a year or two after the856 words
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777 1992-05-02 13 Dr Michael B McGannon - This first of a two-part series on exercise considers the myth surrounding the role of dieting in weight control B* Dr Michael B McGannon The writer is a Stanford University-trained doctor w ho is the medical direc tor of the Business-Health course at Insead777 words
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Article, Illustration330 1992-05-02 13 Sybil Holloway - BRIDGE By Sybil Holloway JUNIOR bridge worldwide has improved considerably since the introduction of the biennial World Junior Team Championships in 1987, due mainly to the initiative of the European Bridge League and the World Bridge Federation. At the 1992 Summer Festival of Bridge330 words
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191 1992-05-02 13 Letters to the Editor UNITED Industrial Corporation (UIC) will issue 100 million of its shares to the United Overseas Bank (UOB) Group. By injecting substantial funds into UIC, UOB itself may be in a better position to provide banking191 words
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123 1992-05-02 13 THE 1991 results of Insurance Corporation of Singapore (ICS) show that its 51 per cent owned subsidiary, ICS Re, continued to suffer great losses despite hefty provisions in 1990. It is very likely that ICS Re will not be able to meet123 words
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PEOPLE
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Article, Illustration134 1992-05-02 13 AFTER years of dedicated work towards community development and social services, 79-year-old Mr Ee Peng Liang bows gracefully out of his official duties as Community Chest president and leader of the Singapore Council of Social Service. A farewell dinner was held for himPhotos by Arthur Lee - 134 words
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PURSUITS
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Article, Illustration1009 1992-05-02 14 Julie Chatterjee - One is spoilt for choice in London, where there are plays to suit all temperaments and restaurants to satisfy all tastes. Julie Chatterjee picks out some stage and culinary productions that should not be missed Julie Chatterjee IF A MAN is tired of London, he1,009 words
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Article, Illustration1066 1992-05-02 14 THE SMELL of bacon, sizzling in a snow-white Knightsbridge kitchen, jerks the pit of my stomach out of its jctlagged stupor. As the blackbeetle London cab drops me in front of the stylish patio of the Cranley Hotel with a "get yourself a cuppa tea then,1,066 words
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PERSONAL FINANCE & INVESTMENT
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Article, Illustration565 1992-05-02 15 S N Vasuki - New regulations and healthy economic figures could revive interest in the market. S N Vasuki reports S N Vasuki FOR close to two years, the Jakarta stock market has been Asia's sleeping beauty. Share prices on the market have plummetted and there has been565 words
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Article, Illustration496 1992-05-02 15 Ouak Hiang Whai - David Fuller explains why European bonds offer the safest bet. Quak Hiang Whai reports Ouak Hiang Whai EUROPEAN bonds, including British gilts, are the best bet for long-term growth, says British-based chartist David Fuller. Writing in his monthly investment newsletter, Fullermoney, Mr FullerCharts by TeleTrac - 496 words
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925 1992-05-02 15 Nigel Morgan - Nigel Morgan on the seasonal behaviour of share prices Nigel Morgan FT BUY early to get the year's profits. Share prices in the United Kingdom seem to follow a seasonal pattern which although not completely regular, has persisted as an averageFT - 925 words
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Article, Illustration380 1992-05-02 15 Chew Eng Han - CHAW By Chew Eng Han THE Straits Times Industrials Index ended the week on a strong note, jumping 28.99 points on Thursday to close at 1,465.95. But caution should still be exercised. As pointed out in this column a fortnight ago, the presentSource: Bridge Info - 380 words
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SPORTS
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SIDE LINES
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120 1992-05-02 16 TOKYO Japan's second largest carmaker Nissan Motor Co will pull out of the World Rally Championship series from next year, a Nissan spokesman said yesterday. He said Nissan had decided to withdraw "as the company has already achieved satisfactory results", adding it had120 words
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Article87 1992-05-02 16 SHEFFIELD, England Scot Stephen Hendry, seeking to regain the world snooker title he won for the first time in 1990, raced to a 7-0 semi-final lead against Welshman Terry Griffiths on Thursday. Beaten in all 12 previous meetings with world number one Hendry, Griffiths faces87 words
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Article118 1992-05-02 16 ROSWELL, Georgia Top-seeded Pete Sampras was pressed to a tiebreaker in the first set, but rallied to a 7-6 (7-5), 6-2 victory over Brazilian Luiz Mattar on Thursday to earn a berth in the quarter-finals of the ATT Challenge. Todd Witsken beat Todd Martin 3-6, 6-1,118 words
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Article73 1992-05-02 16 TALLAHASSEE, Florida American Colleen Walker fired a career-best eight-under-par 64 here on Thursday for the first round lead in the US$l.2 million (Ss2 million) Centel Classic, the richest tournament on the US women's golf tour. "Right now I am a little bit numb," Walker said.73 words
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Article98 1992-05-02 16 NEW YORK Reclusive world chess champion Bobby Fischer, not seen publicly since the early *****, has been found and apparently lost again. The syndicated television news programme Now It Can Be Told said it tracked down the 49-year-old Fischer last week and secretly photographed him getting into98 words
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310 1992-05-02 16 AFP THE WOODLANDS, Texas Mike Hulbert and Ronnie Black fired seven-under-par 65s here on Thursday to share the first-round lead in the Houston Open golf tournament, thanks to assistance from colleague Davis Love. Love, winner of the last two tournamentsAFP - 310 words
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Article, Illustration479 1992-05-02 16 America's Cup AFP SAN DIEGO II Moro di Venezia became the first Italian yacht to challenge for the America's Cup when it defeated New Zealand in the last race of the challenger trial finals here on Thursday. American-born skipper Paul CayardAFP - 479 words
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228 1992-05-02 16 AP LAS VEGAS Chi Chi Rodriguez is on a roll the bookmakers love. He entered yesterday's Las Vegas Senior Classic looking for a third straight title that would not only earn him the US$9O,OOO (S$148£00) firstplace purse but put him in theAP - 228 words
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395 1992-05-02 16 Reuter BARCELONA Briton Nigel Mansell will be boosted by a new Renault VlO power unit in his Williams car at the Spanish Grand Prix this weekend as he bids to equal Ayrton Senna's record of four wins in a row atReuter - 395 words
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Article, Illustration348 1992-05-02 16 AFP LONDON Lennox Lewis took less than three rounds to despatch Derek Williams in Thursday night's triple heavyweight title clash at the Royal Albert Hall. But the much-heralded clash with Commonwealth title-holder Williams was far from compelling viewing, and sections of a disappointed crowdAFP - 348 words
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Article, Illustration691 1992-05-02 16 Angelo Dundee, Muhammad Ali's mentor, recalls the events that sparked his career Reuter LONDON There are many reasons for embarking on a career in boxing but only Angelo Dundee can claim his impetus was provided by a jet engine. "I was an aircraftReuter - 691 words
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Article1204 1992-05-02 17 City Flight ETA Flight ETO City Flight ETA Flight ETP Aka Dkaki GA971 1035 GA976 0145 MH605 1020 SQ104 0830 GA890 0150 SQ105 1050 MH670 0950 MH642 1220 SQ' 06 1045 g£l 1955 QF82 2205 3Q107 1305 SQ108 1145 SQ228 202b SQ109 1405 MH641 1315 Owitwiw1,204 words
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THE TRAVEL PAGE
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Article, Illustration569 1992-05-02 17 Sarah Anderson - LETTER FROM MEXICO Sarah Anderson AFTER the Second World War, 800 American Gls were sent to San Miguel de Allende, four hours north of Mexico City. Many of them married Mexicans, establishing the core of what has become the most successful mix of Mexicans and Americans in the569 words
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Article78 1992-05-02 17 Duration Title Venue Organiser Tej Duration Title Venue Organiser Td May 26-31 International Istanbul, Afeks Orgamzav (90)1/*****20 June 1-7 International Buenos Aires Argentine 541-*****09 Construction Turkey yon Pazarlama Exhibition Federation of Machinery A Bldg Ve T tea ret AS of Rubber the Rubber Technology Industry Exhibition June78 words
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Article153 1992-05-02 17 As at 3pm on Apr 30: Local dollars to one unit of foreign currency Currencies Bid Offer Australian dollar 1.2510 1.2680 Canadian dollar 1.3720 1.3995 NZ dollar 0.8810 0.8985 Sterling pound 2.9195 2.9590 US dollar 1.6525 1.6585 Local dollars to 100 anils of foreign currency Austrian153 words
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Article, Illustration562 1992-05-02 18 At Play In The Fields Of The lord. Hector Babenco directs this long-drawn out movie about an American Indian who assimilates himself into an Amazonian tribe. R(A). Midnight tonight at Jade 1 and C hinatown 2. Delta Force 3. The Gulf Crisis may be over but moviemakers still haven't562 words
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TIME OFF
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Article190 1992-05-02 18 SS0 Concert Conductor: Lim Yau. This Familiar Favourites concert given by the Singapore Symphony Orchestra explores a number of very different but equally delightful responses to some favourite fairy tales. Programme includes Rossini's Overture to Cinderella; Dukas' The Sorcerer's Apprentice; Ravel's Mother Goose Suite; and Tchaikovsky's Sleeping Beauty Suite.190 words
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Article, Illustration248 1992-05-02 18 Yasotha M - Compiled by Yasotha M A Sunken Cargo Rediscovered: The Swedish East Indiaman Gotheborg (1738-1745) Featuring Chinese porcelain and rattans salvaged from a sunken ship, the Swedish East Indianman Gotheborg. The exhibition also provides a glimpse of the 18th century Sino-Swedish trade, and economic, cultural and social exchanges. Venue: National248 words
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Page 11 Advertisements
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Advertisement279 1992-05-02 11 ri *****UT °L(Mn MMMMIISMVIM ft V Ift jyMMHMH c^A 11, i Can Employers i w^U Afford To 01 Her Workers A di,emma f r V/ivivi VY V/l L/ In a tight labour market, some 250,000 workers aged 40 and above get by on skills which are, frankly, outdated. But their279 words
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Page 12 Advertisements
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Advertisement785 1992-05-02 12 M Nothing Beats A Bud. BrMfl where to wine, dine RUNG OK i —or-J. ■*=^g M zr I, "HJWrrpM; Ift Iflfc nT ouime&jf SUNDAY TEMPTATIONS Every Sunday. Nutmeg's brings to you exquisite culinary surprises, fine wines and champagnes and the relaxing chords of our jazz musicians. Seafood delicacies, Sunday favourites,785 words
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Advertisement321 1992-05-02 12 TOTh? END OF TIME The Seduction and Conquest of a S Richard M. Clurman (fefqci)iiffzw J^french Fines de Claire Oysters, Salmon "Norvegienne", Escargots with Mushrooms and other French favourites at our sumptuous buffet. We know you I|\ can hardly wait... I Singapore /J P o Revolving r Restaurant l*th floor321 words
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Page 13 Advertisements
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Advertisement226 1992-05-02 13 AND ENTERTAIN In the month of May, a fashion extravaganza awaits you at the Fountain Lounge: May 2 Feline Collections Nay 9 Drama Shop Nay 16 Jivonte Boutique Nay 23 Kryss Nay 30 Kryss Enjoy a leisurely Saturday afternoon tucking into delicate French pastries, dianxin and sandwiches... and a freshly-brewed226 words
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Page 15 Advertisements
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Advertisement100 1992-05-02 15 Turn your instantly at Get cash on the spot for your shares for 1,2 or 3 months at 1% per month. Scripless counters are also acceptable. Flat(<*seountod) For more information, call our toll-free numbers. Hong Leong Finance 223 0936 Singapore Finance 226 3396 ONLY FROM: MM LfOM FMMCf 1TB: Hm4100 words
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Page 16 Advertisements
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Advertisement260 1992-05-02 16 Now, you can buy a copy of Business Times, Berita Harian, Berita Minggu, other major newspapers and magazines distributed by SPH, ANY TIME from the following gssM sdalttas BP 31 Adam Road BP 260 Dunean Road 1 BP 793 Ang Mo Kio Ave 1 BP 8 Pioneer Road I BP260 words
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Page 17 Advertisements
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Advertisement41 1992-05-02 17 Discover the lengths Finnair go for just one price. A superb twice-weekly service from Singapore direct to Helsinki and daily connections to over 35 European destinations- all for one price. Call *****77 for details. We know Europe from atart to Finnish.41 words
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Advertisement24 1992-05-02 17 For further information on which newsstands carry Her World. Go, Singapore Business, Home Decor, Young Parents, please call our Customer Services Section on 749-257724 words
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Advertisement50 1992-05-02 17 gg Adopting a baby is a process thatisfull of obstacles. Despite this, singles both men and women want to adopt babies. Some women even choose to become unwed mothers. That has sparked a controversy. Are single parents good parents? How far will Singaporeans go to have children? For answers.,. wed^hder50 words
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Page 17 Miscellaneous
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Miscellaneous166 1992-05-02 17 28 Sweetheart leaves other ~MB queries that are bordering I I I I I I I I I on indecency (6) 29 Does the toffee-maker 8 Saying no when it is going 24 Advance payment Ron eventually come to this? down (9) could receive for a bribe DOWN Dispersed pets166 words
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Miscellaneous163 1992-05-02 17 Singapore Outlook: Showers over several areas in the late morning and afternoon. Report Maximum temperature 33.2 Assoc humidity 65% Minimum temperature 25.5 Assoc humidity 92% Hours of sunshine 6.25 Rainfall in mm 3.0 Rainfall this month 3.0 Rainy days this month I World forecast Asia-Pacific Hi/Lo* Cond. Auckland 16/07 Cloudy163 words
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Miscellaneous25 1992-05-02 17 (in looionlG ffcf? A Joe:s jo*e. enfbß«un pt\ V seAsoNW- gjpt r* ps pw eASTeR vbuß iesG?-. i- 1 -JtfL C AMOCUTH) MPHWAWW LTD- HO-IW225 words
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Page 18 Miscellaneous
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Miscellaneous1656 1992-05-02 18 TODAY'S TV ■MffliHH ian Soccer. i 5.00 Ceiah Ma. 11.35 Close. 5.30 Spiderwoman. Sata Mawar Tiga Dari, Today's Gourmet Bistro Cook- J J Rdigkws Special. 4.00pm, SBC 5 ing Of New York, 12.30pm, SBC5 Ha Mustafa is Rini a girl SBC 5 7J0 Bill A Tod'* Excellent who gets brought1,656 words
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Miscellaneous614 1992-05-02 18 MOVIES ON TV Graduation Day, Man, stolen loot. Once she escapes, 10.30pm, SBC 12 she swears vengeance and Another slasher movie done comes up with her best with little talent and even less scheme yet. A 1991 producimagination. This 1986 effort *i°nhas high-school track stars 1fi T (all of them614 words
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