The Business Times, 9 August 2003

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Total Pages: 18
1 18 The Business Times
  • 9 1 THE BUSINESS TIMES weekend MITA (P) 024/03/2003 85< SINGAPORE
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  • 542 1  -  But figures for visitors, exports, FDI point to a brighter2oo4 By Anna Teo [SINGAPORE] The Sars outbreak has pared Singapore's official growth forecast for 2003 further to between zero and one per cent. The latest projection, announced by Prime Minister Goh Chok
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  • 1120 1  -  Saturday soapbox raymoad lim AS Singapore turns 38, I am optimistic about our future contrary to some pundits who have spouted "doom and gloom" warnings about Singapore's long-term prospects. I get a sense of deja vu when I hear such miserable prophecies. Eleven years ago, when
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  • 765 1  -  EXCLUSIVE Sources say rival ports trying to work together or merge From Eddie Toh in Kuala Lumpur IN a surprise development, the investment arm of the Singapore government and Malaysian tycoon Syed Mokhtar Al-Bukhary's flagship company have huddled in high-level meetings to find
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  • Page 1 Advertisements
    • 289 1 tfHEI^MNESSriMES^ SINGAPORE jpHpA Recovery: how real, how broad, and where do we go from here? The old economic order is giving Poised for pick up? way to the new. PAGE 3 PAGES ■1 1 jSMM SHIPPING/AVIATION ELECTRONICS 813 m mm Storm clouds are clearing Betting on chips. R PAGE 11
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    • 5 1 KM 8 "887 Br3OOOOZ 4 >
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  • news front
    • 436 2  -  Business Mt by Sars, stowing off single-premium investment sales By Genevieve Cua [SINGAPORE] The life insurance industry's new business continued to slump in the second quarter dampened by Sars and a drying up of single-premium investment sales. But the second half is expected
      436 words
    • 562 2  -  Aluminium market under probe; other metals look suspect From Neil Behrmann in London RAW material producers, consumers and international traders in Asia and elsewhere fear that price collusion and manipulation has been widespread in London Metal Exchange dealings. They believe that LME the
      562 words
    • 625 2  -  Issue is who'd move first as spike In long rates start hurting By Siow Li Sen [SINGAPORE] Housing loan rates are poised to rise and it could happen as early as next week as the pressure on short-term and medium-term interest rates has
      FILE PHOTO  -  625 words
    • 432 2  -  Tripartite tody making good headway: Eng Hen By I Chuang Peck Ming [SINGAPORE] The task force on wage reform seems to have made a good start. In its first month, the tripartite body has already produced some principles employers and unions can
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  • Page 2 Advertisements
    • 62 2 IDEAL LOCATION IN the heart of JOHOR BAHRU Land area 60,000 sq.fi with 6V2ft wall, 40 carpark lots. Double-storey built-up area 10,000 sq.ft. Owner looking for tenant. Proposal for joint venture welcome. Mon Fri Contact Susan Tel: 07-*****31/2 or Mrs. Belle Um H/p: 012-*****99 (Mon-Sun) TAAT DEVELOPMENT SDN. BHD I
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  • R for RECOVERY
    • 1336 3  -  The Singapore economy, which is at a crucial crossroads, has begun to restructure and groom new engines for growth. VIKRAM KHANNA looks at how the economy is reinventing itself VIKRAM KHANNA Recovery, it's the new r word in Singapore, and we see signs of it everywhere.
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    • 1226 5  -  Conditions may have improved superficially but equity investors must stay alert for signs of trouble, says RSWANFTHY R SIVANITHY WHEN anyone thinks recovery, the recent performance of the Straits Times Index can't be far from their minds. In fact, in no other area has there
      Source: Bloomberg  -  1,226 words
    • 1124 7  -  Connectivity, openness, reliability and enterprise are the factors that have kept foreign investment flowing into S'pore, EDB chief tells CHUANG PECK MING CHUANG PECK MING YOU'D think that a country buffeted by a relentless series of crises from a regional financial meltdown, a global recession, threat
      Source: ASEAN Sac FDI D  -  1,124 words
    • 1040 9  -  With encouraging home sales in the second quarter, the big question now is whether buying momentum can be sustained. KALPANA RASHIWALA finds out KALPANA RASHIWALA SINCE a spurt of home buying in the second quarter, there's been talk of a recovery in the housing market.
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    • 1406 11  -  Two of Singapore's most closely watched recoveries are taking place in the transport sector, as the fortunes of the key container shipping and aviation industries dramatically reverse course for the better. BETH JINKS reports on shipping and DONALD URQUHART writes on aviation BETH JINKS DONALD URQUHART SHIPPING
      AFP PHOTO  -  1,406 words
    • 989 13  -  An expected recovery in chip demand and PC sales spells good news for Singapore's electronics sector this year and next RAJU CHELLAM reports Another bellwether business is PC sales. Global PC sales rose a surprising 7.6 per cent in Q2 2003, much higher than the 4.1 per
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    • 1098 15  -  That's saying a lot for a beleaguered industry which has had little to cheer about for a very long time, observes CORINNE KERK CORINNE KERK SINGAPORE'S retailers are keeping their fingers crossed for a gradual recovery by year end, with cautious optimism the prevailing sentiment. That's
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    • 1091 15  -  JAIME EE finds out how Singapore restaurants managed to survive the recent crisis JAIME EE RESTAURANTS in Singapore learned some major lessons from the recent Sars epidemic and the Iraq war keep operations lean and mean; stay ahead with creative menus and services; get out
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    • 743 15  -  By CHEAH UI-HOON WITH flight bookings doubling since July, and hotel occupancy rebounding back to 70 per cent levels, the travel and leisure industry appears to have picked up steam and is chugging ahead for the rest of the year, hotel
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    • 441 15  -  Bv PARVATHI NAYAR GOOD cheer is what bars are about; people are tired of the gloom/doom scenario and are flocking back to bars. So says Simon Lim, chairman of the Pub and Club Industry Panel and director of the Wong San's group of
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    • 495 17  -  Arts performers and presenters are getting back up and at 'em, finds PARVATHINAYAR PARVATHI NAYAR SARS held the city in curfew, seven international groups cancelled, ticket sales hovered at a mere 20 to 30 per cent, and there were murmurs the show wouldn't go on however,
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    • 632 17  -  Health and wellness are the new 'survival tools' needed in these changing times, reports CHEAH UI-HOON CHEAH UI-HOON F|l HE health adage prevention is I better than cure has never been I underscored more clearly, now that J.. we've been through Sars. It's not surprising that
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    • 1463 18 'Over the past decades, we have been able to overcome crisis after crisis to make Singapore what it is today. The Sars outbreak was a life-threatening crisis which we were totally unfamiliar with. Despite this, we overcame it. This experience has touched us deeply, making this National Day
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  • news companies
    • 674 4  -  Sea View surges 20% on deal to sell property for $255 m By Kalpana Rashiwala SHARES in Sea View Hotel continued to surge on the stock market yesterday, rising $1.50, or 20 per cent, to close at $9.10 each after the
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    • 1183 4  -  covporate analysis The lacklustre HI earnings reported by companies were pretty much expected, says KaooclliUir Kenneth Lim JUST over half of the 52 companies that have reported interim results so far saw profits shrinking or wiped out or losses widening and hardly anyone is batting an
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    • 690 4 M'sla a key market for UOB UNITED Overseas Bank has identified Malaysia as a key market in its ambition to become a premier regional bank in the Asia-Pacific region, its deputy chairman and president Wee Ee Cheong said in a Bernama report. Mr Wee was speaking at the relocation
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    • 130 4 MILLIONAIRE hotelier Ong Beng Seng is scaling new heights, literally. And the Himalayas no less. Leisure Ventures (LV) which is half-owned by Mr Ong's Hotel Properties Ltd (HPL) has gone into the business of owning and developing resorts in the Kingdom of Bhutan. LV will
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    • 601 4  -  martlet review r sivanithy TRADING this week had an ail-too-familiar ring about it, giving observers an uncomfortable sense of deja vu. This is the pattern: Several days of weakness culminating in a large fall are followed by a big bounce as short-sellers cover themselves.
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    • 69 4 □sn 1,534.54 (+0.93) ST MDEX RJTUMS 1,981.00 (+9.00) MSMSCI FUTURES UIS7.tO(+OJO) Friday Change KLSECOMP ***** +142 NIKKEI 225 9,327.53 +6L97 HANG SENG *****2 1183 SET INDEX 5«310 +4i8 JAKARTA COMP -***** 191 MANILA CX)MP .*****8 +2563 TAIPEI WP1 5132.55 26.52 SEOllCOMP 704.14 567 SHENZHEN B ***** -102 AI STALLORD
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    • 80 4 FOMX RATES US$ S$ L'SS (SS per USS) 1.755 £(l SS/SS per 1613 1882 El RO(l'SS/S$/E). 1.134 1591 YEN 118.9 17.79 RM 1800 11«5 HKS 7.799 4.443 BAHT 41.89 2186 RIPJAH HA68 4.881 RENMINBI 8.299 4728 INDIAN Rl PEE 46 03 26.22 At 1585 0.874 MS 1.717 OJ78 PHME
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  • news at home
    • 364 6  -  Tan Tock Seng CEO among individuals be honoured By Chuang Peck Ming SOME 238 individuals and 68 organisations will receive National Day awards this year for helping in the battle against Sars. Among the individuals are Tan Chorh Chuan, director of medical services, Ministry
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    • 387 6  -  By\ Daniel Buenas THE deadly bombing of the JW Marriott Hotel in Jakarta is unlikely to put the skids under Indonesia's economy, according to officials of the country's Central Board of Statistics yesterday. "The bombing (will not affect) the agricultural sector or the manufacturing
      REUTERS  -  387 words
    • 293 6 7am not a fortune teller, but based on what I know, what I read, what the experts tell me, the next six to 12 months will be tough The weather forecast is for more rain, maybe even thunderstorms. But after that the sky should clear up, and we will
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    • 530 6  -  By Joyce Koh HOW do you manage business risk in an uncertain environment? With terrorism, deflationary threats, business and economic restructuring taking place, is trying to predict uncertainty akin to grasping straws in a hurricane? Is it simply futile because everything changes so fast?
      FILE PHOTO  -  530 words
  • Page 6 Advertisements
    • 798 6 Call taft-free 1800 99 8822 IN THE MATTER OF THE COMPANIES ACT (CAP. 50, 1994 ED) AND IN THE MATTER OF jMNsamh (In Creditors' Voluntary Liquidation) NOTICE OF RESOLUTION Pursuant to Article 42 of the company's Articles of Association, the Resolutions set out below were duly passed on the 31"
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    • 243 6 Marriott plana to reopen next month, Pg 10 THE ASIA BUSINESS FORECAST A FORUM THAT EXAMINES THE ECONOMIC FUTURE OF THE REGION ?9 AUGUST ?M). THE RITZ CARLTON HOTEL SINGAPORE 5 Easy Ways Tb Enquire Or Register Facsimile: (65)63?4 5941 Pest: 11 Stanley Street Mill *****1 Email: semceOitraieg icintelligence.cam Website:
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  • money personal finance
    • 683 8 large y |$8$( CpjttaS* meat oommitfitof Yale dowment ftUHlgrevtf from US$2.l ftillidn td US$lO billion in 10 years, with a whopping annual return of 16.9 per cent Since returns are hart to anticipate, consultants who advise institutional investorsahd wealthyclients typHbtiy start the
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    • 1004 8  -  Region's socio-economic and other challenges highlight the importance of proper succession planning, reports VEN SREENIVASAN VEN SREENIVASAN YOU'RE lounging away on the deck of a yacht with a friend. You decide to plunge into the sea for a quick swim with the fishes. But
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  • Article, Illustration
    622 8 Transaction date:Aug 8 MTERBAMMCURREWCT RATES Against S$ Against US$ Against Against US$ Currencies Bid Offer BM Offer Currencies Bid Offer BM Offer StfSS to too St I'SS to one unit of foreign currency: units of foreign Australia dollar 1.1431 ***** 0.6513 0.6518 rrrnf yCanadian dollar 1.2560 ***** 0.7161 0.7173
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  • 1042 8 for week beginning Aug 4 C—if—y Hw OaBi W— louKMd A 63 Ubi Avenue 1. #06-01 29 Aug 10 OOarr Boustead Hoiae G Wireless A Sir Henry Keppel 1 28-Aug 2.00pm Tech MezzanineLid. Grand 'i sToralGad* AS Auto A 54 Se»«"goon North 28-Aug 10 30arr Avenue
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  • Page 8 Advertisements


  • news region
    • 680 10 The thinking is: Why pay London salaries for number-crunching when it can be done elsewhere more cheaply? Bloomberg [HONG KONG] Citigroup Inc, the world's largest financial institution, and HSBC Holdings Pic, the No 2 bank by market value, have turned to India
      Bloomberg  -  680 words
    • 239 10 Bloomberg [MANILA] Philippine Finance Secretary Jose Camacho said he hasn't submitted his resignation, in response to newspaper reports he may leave office and be replaced by Economic Planning Secretary Romulo Neri. "I have not tendered my resignation," Mr Camacho said in a phone interview. He
      Bloomberg; EPA  -  239 words
    • 312 10  -  From 1 Diana Oon Abdullah in Kuala Lumpur MALAYSIA has turned in better-than-expected sec-ond-quarter industrial production growth of 8.7 per cent, after a 7.6 per cent expansion in the first three months of this year despite the negative impact of the Iraq
      312 words
    • 295 10 JAKARTA BLAST Culprit in hotel attack recruited by 11, say police AFP AP Reuters [WASHINGTON] The US-run hotel targeted in a truck bomb blast in Jakarta which killed at least 10 people expects to reopen next month, the JW Marriott chain said on Thursday.
      AFP; AP; Reuters  -  295 words
    • 438 10 Banks can currently use bureau data only for new customers Reuters [HONG KONG] With the launch of an all-important credit bureau earlier this month, banks in Hong Kong are gearing up to fight for creditworthy borrowers to grow their flagging consumer
      Reuters  -  438 words
    • 559 10 Rising from the nibble, they've made their maiden profits Reuters [BEIJING] Daniel Chiang, a survivor of China's Internet bust, is no longer embarrassed to go out. In fact, the 45-year-old chairman of China's biggest listed Internet media company, Sina.com Corp, says he quite
      Reuters; REUTERS  -  559 words
    • inbrief
      • 96 10 Bloomberg [KUALA LUMPUR] Telekom Malaysia Bhd and Maxis Communications Bhd will begin operating high-speed wireless phone services in Malaysia as early as the first quarter of next year, meeting their deadlines, the government said. Telekom, Malaysia's biggest phone company, aims to start commercial services
        Bloomberg  -  96 words
      • 66 10 AFP [BEIJING] China's second largest mobile phone operator China Unicom posted a 46 per cent rise in net profit to 3.32 billion yuan (*****.3 million) year-on-year in the first half, a report said yesterday. Sales soared 51.54 per cent to 32.8 billion
        AFP  -  66 words
      • 92 10 AFP [SHANGHAI] The chairman of China's largest T-shirt maker has been sentenced to 15 years in jail for embezzling millions of yuan, state press reported yesterday. Tong Shijian was found guilty of embezzling 15.8 million yuan (553.3 million) and offering 375,000 yuan in
        AFP  -  92 words
      • 91 10 AFP [SHANGHAI] Three major US film studios have won a landmark copyright infringement suit against two Chinese companies in Shanghai accused of selling pirated movie discs, state press reported. In the first case of its kind, a Shanghai court found Shanghai Hezhong Enterprise
        AFP  -  91 words
      • 80 10 Bloomberg [MANILA] The Philippine central bank will set for the first time rules for credit card companies, including requiring them to keep buffer funds for losses from unpaid loans. The regulator will also ask the companies to include interest and other charges in bills
        Bloomberg  -  80 words
  • Page 10 Miscellaneous
    • 308 10 CBTPTIC CROSSWORD 5 Ribald drunk at a wedding (6) ||H Hi 9 Ringing soldier-boy and so-cial-worker (8) 9 I I 10 Those wanting a look-in need such protection (6) 1 much appreciated (9) a good man to carry on 16 Upset and quite possibly en19 An excellent little savoury 21
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  • 50 11 UNIT TRUSTS FUNDS LEGEND: Al pnces art indacativa nnpt for Ex Hinggrt Anets. »foac*y DivariMad I Narrowfy Focuaad; S Lowar Ksk. Low to Madiuin Knk. t Mtdwni to High** Mighar Rnk. opan-andad: B«4or* subdmuon of units. Aftar subdivision of units: V aftar stock split NA- Won Dialing Day Boor PncarS»»ls
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  • news world
    • 584 12 Officials sending signals that strong growth will not trigger rate increases for a long time: Washington Post Reuters Bloomberg [WASHINGTON] Federal Reserve officials are expected to leave interest rates alone when they meet next week because US economic growth
      Reuters; Bloomberg  -  584 words
    • 435 12 Maijorie Magner in Fortune list of the 50 most powerful women in US business Reuters NYT Bloomberg [NEW YORK] Marjorie Magner is one of a handful of top female executives at the world's largest financial services company. She was named chairman and chief executive
      Reuters; NYT; Bloomberg; BLOOMBERG  -  435 words
    • 265 12 NYT [NEW YORK] The New York Stock Exchange is dropping a rule that had made it difficult for companies whose shares are listed on the exchange to leave it and move to another market. The rule, known as Rule 500, has long drawn bitter
      NYT  -  265 words
    • 239 12 Reuters [BOSTON] The National Association of Securities Dealers (NASD) on Thursday proposed new rules that may eventually force securities firms to tell'investors more about how they pay brokers to sell their mutual funds. The proposals would force firms to spell out two types
      Reuters  -  239 words
    • inbrief
      • 73 12 Reuters [LONDON] World oil prices yesterday surged to their highest levels since the Iraq war, driven by concerns about low US inventories and supply shortfalls from Iraq. US benchmark crude oil futures jumped 46 cents to U5532.85 per barrel, its highest since mid-March when
        Reuters  -  73 words
      • 99 12 AP [TOKYO] Record pay cuts are being proposed for Japanese civil servants as government coffers feel the squeeze from ongoing economic troubles. The recommendations by the National Personnel Authority, if implemented, would slash about 231 billion yen (553.4 billion) in state costs from
        AP  -  99 words
      • 89 12 Bloomberg [TOKYO] Japanese machinery orders unexpectedly rose in June for a second month as companies invested profits in anticipation of higher sales, adding to signs of a rebound in the world's second largest economy. Private machinery orders rose 2.4 per cent to 954 billion
        Bloomberg  -  89 words
      • 98 12 Reuters [TOKYO] Japan's four biggest online stock brokers yesterday said they had asked the Tokyo Stock Exchange to start after-hours trading of Japanese stocks as a way to lure individual investors into the market. Softbank Investment Corp's E*Trade Securities, Matsui Securities, DLJdirect SFG Securities
        Reuters  -  98 words
      • 141 12 Bloomberg [NEW YORK] US President George Bush's approval rating has dropped to 53 per cent, a five-point slide in a month, as an increasing number of Americans say the US economy is more important than the war on terror, a new poll shows.
        Bloomberg  -  141 words
    • 184 12 AFP [LISBON] Three-time men's Wimbledon champion John McEnroe, famed for his temper tantrums and rows with umpires, says he is considering becoming a politician. "I may decide to dedicate myself to politics, to get involved in the real problems people face," the 44-year old told Portuguese daily
      AFP  -  184 words
  • 4 12 Transaction date:Aug 8
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  • style motoring
    • 686 14  -  Renault cranks up the safety factor in the new Megane and shows that safe cars can be pretty eyecatching too. SAMUEL EE tests the theory SAMUEL EE IN A world of safe cars and even safer styling, Renault decided to develop the former and dump the latter
      686 words
    • 702 14  -  Samuel Ee Dear Beng, THERE was the usual Saturday night traffic jam on Jalan Bukit Bintang. But it was a breeze in the Lexus RX3OO literally. I hit a button and the three-panelled moon-roof slid open for some fresh air and lots of
      SAMUEL EE  -  702 words
  • 745 14 Transaction date:Aug 8 TWNOVBI (V* VAUK Cm I— m*m m 144H MWUM K974 HfT4 17.401 17.461 M*nuf«Xi«g 331.433 770 mjOS tO5.157 10J44 215.001 Comni J»Or 1.313 40.374 17.7* J04 HOW IpOTtartOom 4*029 1J2.050 179,m 00.201 04*70 12&V7D Riano 1MH <MH **>* 7*700 ComtrucHcn t.K' 0.406 1.013 553 0.5U IW
    745 words
  • 1806 14 SM M Urt Wot On UrtQw*. GrOh, D* GrYld MM MCao SWKk W L«t ttrf Da, Grt>* 0* Or*W MCa. <M» Kw. Code Campmy Sato rOQO) W» Uw» »»>« 5««« CV HI Hljli I—» C«<« M» WOI I— »■>» *_£w HI —M 24 7 5 5000 ABRHtdgsSc 19.5
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  • 47 14 BONDS WARRANTS legend 8 lndU stocks; Currancy type Mtc«4*4 ituKcl warrant nama tar thaaa traM In UraHn currancy. Cmrdaa prtcaa ara qwataa In aama carrancy aa t radtn* prtcaa at raapaettva main afcaras. c CanvartWe lean stadiß. beeai and a UncanvartlWa laaa atacks. kaata an* natas. nata*.
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  • 201 14 52 T4 Last Ml Day List Quote Gfttr On GrVM MM MCap lam Ca*« Cg—■«> M» w- COW) <*¥> t—' Mhr Cw F* 168 81 6000 AVJenrwigi A25c A160 -1 343 161 160 160 162 40 3.4 6.3 9 3 344* 6001 Cathay Pac 20c MK720 2« 2.1
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  • 191 14 »«k Hi 0+r iMOHk OOte tttw MM «Ca t— ca*» cmm** I* W» cw >■ •UO n ue Corona VHW mo r« «m sojiktmx iap« «t AMtOfea* UIH5 BTC «J» (101 4WW USBOT «yi CM w* (OH awt »tio us «n snrf»«oe mi <*** >» 'sss «Z> UU
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  • Page 16 Advertisements
    • 52 16 How to vote: SMS to: 9957 8730 (there's no extra charge other than the standard SMS network rates). To vote, SMS roar entry in the following format Por Exaifcple: if your choice candidate it B SMS your entry in the following manner: BT B *****45F 35 and send it to
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  • THE RAFFLES CONVERSATION
    • 1177 16  -  National Day Special What went through Sir Stamford Raffles' mind on the eve of the treaty that famously created Singapore? Could he have known that tiie tiny fishing village in the Malacca Straits would evolve into the modern state it is today? JAIME EE finds out
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    • 843 16 Vote for The Most Creative Entrepreneur of the Year with an SMS to 9367 8728 indicating the voting code of the person you have chosen. The person with the highest number of votes will be
      843 words

  • instore
    • Article, Illustration
      66 17 Celebrating National Day? One of the most iconic Singaporean accessories you can wear is a piece of Risis jewellery especially now that the homegrown brand has gone all chic and hip. From the new Vanda Collection comes Vanda Shower, featuring four stylised Vanda orchids cascading from a choker.
      66 words
    • Article, Illustration
      59 17 a speedy return to those glory days right? If not, well, sleep on a tiger. Made from the silkworm's natural secretion, the tiger pillow adheres to the natural form and shape of your neck to provide support as you sleep. A large version retails at $17, while the
      59 words
    • Article, Illustration
      2 17
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    • 224 17  -  Compiled by Corinne Kerk mi—l Day CalabraMens at MNlanla Walk Harvey Norman LG Home Entertainment and Electrical Fair, today and tomorrow from 10.30 am to 9.30pm at The Great Hall. It's a showcase of the best LG home products. Yoyo Fun: Today, 3pm to spm at the South
      224 words
  • 864 17 Going out or staying in this weekend? We round up some recommendations spotlight Putting a shine on a Singapore shoe stay Homerun is a homespun tale about a kampong kid's quest to secure a pair of canvas school shoes for his younger sister in pre-independence Singapore. Despite the title,
    864 words
  • 685 17  -  By Irfan Qureshi THE engine of economic recovery is slowly beginning to turn and for companies hit badly in the last few years, things are finally looking up. Tangible measures of financial health such as costs, profits and sales certainly affect corporate bottom lines. But there
    685 words