The Business Times, 11 May 2005

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Total Pages: 30
1 30 The Business Times
  • 13 1 THE BUSINESS TIMES Wednesday, May 11,2005 at http://business-times.asia 1 .com.sg MICA (P) 089/03/2005
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  • 831 1  -  BT exclusive Affected are those with bonds in GM finance arm By GENEVIEVE CUA [SINGAPORE] The credit downgrade of US-based General Motors Corp (GM) and its finance arm General Motors Acceptance Corp (GMAC) has sent ripples through some fund houses here, whose capital-pro-tected funds
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  • 424 1  -  By VEN SREENIVASAN [SINGAPORE] A littleknown company based around a group of retired Singapore Airlines crew trainers has been quietly tapping demand in the burgeoning Indian aviation market. Singapore-based Little Red Dot Academy (LRD) has been training in-flight supervisors for Air
    LIANHE ZAOBAO  -  424 words
  • Page 1 Advertisements

  • TOP STORIES
    • 975 2  -  China gains clout as a major user with its huge raw material shipments By ANTHONY ROWLEY in Tokyo THE Panama Canal, an 80-kilometre-long waterway that has linked the Pacific and Atlantic oceans for one hundred years, is emerging as the
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    • 750 2 Telcos set to compete with banks, card issuers SINGAPORE'S telco's are eyeing the lucrative cash card market under a proposed liberalisation of multi-purpose stored value facilities. If the go-ahead is given, handsets could be x opportunities for telcos. J STORIES. PG 3 ;;S'pore Computer Systems' CEO, CFO in
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    • 519 2  -  MOU on terrorism, transnational crimes signed By DANIEL BUENAS [SINGAPORE] Singapore and Pakistan have agreed to start talking in June about a potential free trade agreement, Prime Minister Lee Hsien Loong said yesterday. He was speaking at an
      STEVEN LEE/ST  -  519 words
    • 463 3  -  By ROLAND LIM [SINGAPORE] In a move that caused surprise, main-board-listed Singapore Computer Systems (SCS) yesterday announced the simultaneous resignations of its president and chief executive officer Pek Yew Chai, and chief financial officer Chia Sin Cheng. The corporate IT solutions provider
      FILE PHOTO  -  463 words
    • 571 3  -  By RONNIE LIM [SINGAPORE] Singapore's over-the-counter (OTC) oil trading market could grow if a "clearing house" or ultimately, an energy futures exchange is set up here, oil traders said yesterday. They were responding to reports that the New York Mercantile Exchange
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    • 138 3 STI 2,165.85 (-0.44) ST INDEX FUTURES 2,161.00 (unch) SIMSCI 255.96 (+0.02) SIMSCI FUTURES ***** (-0.70) MARKETS Tuesday Change KLSECOMP 902.84 +1.55 NIKKEI 225 11.159.46 -11-86 HANG SENG 14,018.38 -66.71 SET INDEX 681.83 -638 JAKARTA COMP 1,071.157 -9.050 MANILA COMP 1,931.54 -15.23 SEOUL COMP 934.28 -0.92 SHENZHEN B 242.71
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    • 667 3  -  MAS working on rules that could open up market for phone companies By ANGELA TAN [SINGAPORE] Singapore's proposed liberalisation of multi-purpose stored value facilities (MPSVF) will open huge revenue opportunities for telcos and could chip away at what has typically been
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  • Page 2 Advertisements
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  • Page 3 Advertisements
    • 83 3 BfflllJ BT ONLINE XHtew.j. .testes. Access to BT Online is free after 6pm each day. But print subscribers can access our online news anytime. Call 6388-3838 to subscribe and activate your online account A www.tradershotels.com I By Shangri-La I The 3:00 AM flight I m tjou £>cat -toe- irrnigra-tfori *Kvsh
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  • Page 4 Advertisements
  • COMPANY NEWS
    • 528 4  -  BOTCHED DEALS DBSAM, Legg Mason act as problems mount at electronics recyder By GENEVIEVE CUA DBS Asset Management (DBSAM) has revalued its holding of Citiraya shares in its unit trusts to zero, a move it took just before news broke that the "white knight"
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    • 275 4  -  By JOYCE KOH SINGAPORE Post has added a fourth member to its audit committee. It said yesterday that independent non-executive director Tan Yam Pin has been appointed a member of the audit committee with effect from April 15. The other members on the audit
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    • 591 4  -  Short-term pain as group weans itself from discounting By KALPANA RASHIWALA ROBINSON'S Q3 net profit fell 38.5 per cent to $9 million, reflecting the retailer's efforts to wean itself from discounting and warehouse sales and to focus once again on more exclusive
      FILE PHOTO  -  591 words
    • 594 4  -  HOCK LOCK SIEW By R SIVANITHY Should analysts own shares in the companies they cover? And for that matter, should independent directors be barred from owning shares in the companies on whose boards they sit? Are the two issues even
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    • 346 6  -  Bourse reviewing case of tardy deal announcement; penalties possible By LIZA LIN FIRSTLINK Investment Corporation may have expressed regret over its late disclosure over an acquisition, but its troubles may not be over yet. The company on Monday announced the acquisition of cosmetic and toilet- ries
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    • 319 6  -  OIL BOOM By JOYCE KOH CHINA'S booming oil industry has attracted main-board-listed logistics company Freight Links Express Holdings to enter into a 135 million yuan (5526.8 million) deal to take a stake in a Chinese oil-related firm. The investment agreement will
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    • 331 6  -  By RONNIE LIM PEARL Energy s share price shot up 16.5 cents, or over 20 per cent, to close at 94 cents yesterday as the exploration and production (E&P) company reported positive findings from two evaluation wells. The company said
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    • 237 6 A COURT hearing on the alleged non-disclosure of the late Khoo Teck Puat's stakes in several listed companies was adjourned yesterday until next week. Two of Mr Khoo's daughters, Jacqueline Khoo, 42, and Elizabeth Khoo, 45, were charged last month for their part in allegedly failing
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    • 485 7  -  New tie-up will bring on-demand content to local mobile devices By AMIT ROY CHOUDHURY SINGAPORE Telecommunications has teamed up with Microsoft to launch a live content service for Sing Tel mobile phone users who use Windows Mobile-based devices. This first-of-its-kind service in Singapore provides
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    • COMPANY BRIEFS
      • 168 7 ISETAN Singapore will be taking a 45 per cent stake in a department store to be set up in China's Shandong Province by its Japan parent Isetan Co, AFX reported, quotingNihon Keizai Shimbu. Nihon said Isetan Co plans to launch the
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      • 84 7 PROPERTY developer Wing Tai Holdings has mandated Citigroup for a Ssso million five-year unsecured bond, Reuters quoted debtmarket newsletter Basis Point as saying yesterday. The issue could be either a fixed-rate bond or a floating rate note. The indicative pricing has been set at
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      • 55 7 IN moves to reconstitute its board committees, CK Tang said Betty Au has been appointed a member of its nominating committee and remuneration committee, and John Lim Kok Min appointed chairman of its remuneration committee. Mr Lim is also chairman of its nominating committee. The appointments
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    • 347 7  -  IPO WATCH By MICHELLE QUAH STEEL company FerroChina is the latest Chinabased company to set its sights on the Singapore stock market. It has lodged its preliminary prospectus with the Monetary Authority of Singapore in a planned initial public offering that will raise a gross
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    • 361 9  -  EARNINGS RESULTS Mark-to-market gains on financial assets boost results By KALPANA RASHIWALA MALAYSIAN tycoon Quek Leng Chan's GuocoLand yesterday posted a 21 per cent increase in third-quar-ter group net profit to $16.2 million, despite a 19 per cent drop in revenue to
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    • 418 9  -  Tax-exempt yield of 5.32% remains highest of any SGX listed Reit, it says By ALEXANDRA HO UNITHOLDERS of Singa-pore-listed Fortune Reit, which invests in suburban Hong Kong malls, have some reason to smile. The real estate investment trust yesterday reported a 2.8 per
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    • OTHER RESULTS
      • 133 9 AUSTON International, which is under investigation by the Commercial Affairs Department, yesterday said its revised net loss after tax for FY 2004 is $2.9 million and revised net assets of the group is in deficit by $900,000. In February, Auston had said its FY 2004 net
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      • 88 9 HONG Leong Finance yesterday declared a special dividend of 10 cents for every share in its first quarter 2005 results which saw profit up 9.3 per cent to $21.6 million. The higher profit is due to accounting changes which led to lower provision charges. Provision was
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      • 95 9 MAINBOARD-listed food and beverage company Food Empire has Russia to thank: improved sales of its beverage product Mac Coffee 3-in-l there has boosted the company's top and bottomline. Food Empire saw its revenues grow 15 per cent in the quarter ended March 31, to $42.7
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      • 75 9 AMTEK Engineering saw its earnings shrink 25 per cent in the third quarter to March 31, as it struggled to cope with rising raw material costs. The company earned $4.3 million in the quarter, down from $5.8 million the year before. Amtek said it also incurred
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      • 86 9 ALUMINIUM alloy product manufacturer Midas Holdings posted a $4.1 million profit a 22.4 per cent rise, for the quarter ending March 31. Revenue for the company, which also produces polyethylene pipes for infrastructure and transport industries in China, also saw a 10.3 per cent increase.
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      • 75 9 MAINBOARD-listed Jishan Holdings reported reported a 32.6 per cent jump in revenue for the first three months ended 31 March. Its revenue grew from 79.4 million renminbi in the corresponding period last year to 105.3 million this year. The niche print and dye specialist's net profit also
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      • 92 9 HARTFORD Holdings, known for its quality management programmes, yesterday reported a 7 per cent increase in turnover from $1.2 million to $1.3 million in its financial third quarter, changing the previous quarter's losses of $376,530 into a net profit of $39,371. While reorganising to cut personnel costs,
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      • 140 9 MOBILE telecoms solutions and equipment provider Tele Choice International posted a 78 per cent jump in revenue to $5.7 million for one of its three business segments. Mobile Network and Engineering Services. Services from this segment include GPRS-powered wireless tracking and dispatch services for clients
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      • 48 9 JARDINE Cycle Carriage yesterday reported a 33 per cent rise in quarterly net profit to US$7B million, underpinned by strong demand for cars and motorcycles in Indonesia. Jardine C&C holds a 49.67 per cent stake in Indonesia's largest automotive distributor, Astra International Reuters.
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      • 65 9 NAM Lee Pressed Metal Industries improved its performance significantly this year. It reported a 51 per cent rise in net income for the quarter ended March 31, to $4.4 million, from $2.9 million a year ago. Its turnover increased 42 per cent to $47.9
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    • 272 9  -  By JOSEPHINE TAY HELPED by a 25 per cent growth in turnover, FJ Benjamin Holdings posted a net profit of $1.2 million for its financial third quarter, up from just $87,000 for the year-ago period. The retailer and distributor of fashion and lifestyle
      FILE PHOTO  -  272 words
    • 268 9  -  By CHLOE CHOY ECS Holdings yesterday announced a 35.4 per cent surge in its first-quarter net profit. At its results briefing yesterday, ECS an information technology products and services provider registered a 17.2 per cent increase in revenue to $456
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  • Page 5 Advertisements
    • 470 5 IMS \t IB& i Jjr ff HOW DO YOU BUILD H® 1J W m NEW TECHNOLOGY? START BY BUILDING A NEW TECHNOLOGY COM RAN Y. On April 30, two leading PC companies became a single global technology powerhouse. IBM's former Personal Computing Division, maker of ThinkPad" notebooks and the leader
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  • Page 6 Advertisements
    • 366 6 hBMHEK v* *3S^rf» ;t -HHf ■■^Bi M I s if!* MM '•"■'p :*K'jftfe?^^^^£ o 4!'' ;y v< I Bfl if f If fl FerroChina manufactures heavy gauge galvanized steel coifs which form Wit of the basic raw materials for diversified industries including bifraiirawir J automobile and agriculture. To capitalize on
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  • Page 7 Advertisements
    • 270 7 'tT- V *y- r a WBm&mmSM yj phr i I engineering MhMlNfe Multi-Con Systems Limited Incorporated in the Republic of Singapore on 26 August 2000 Company Registration Number *****7432K) Invitation in respect of 25,000,000 New Shares of $0.05 each comprising: (a) 2,500,000 Offer Shares at $0.21 each by way of
      270 words

  • SINGAPORE MARKETS
    • 926 8  -  CURRENCIES Yuan disappointment, strong jobs figures may kick-start foray to the upside LARRY WEE Senior Correspondent THE US dollar was looking quite a bit perkier yesterday than it has over the past fortnight, thanks to the combination of another no-show in terms of
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    • 299 8 SUBSTANTIAL SHAREHOLDER/DIRECTOR TRANSACTIONS (Disclosures made on May 10 and earlier) Subsantial Hoof Price SHAREHOLDING Shareholder Buy/ Shares Per Before After Stock Trans Date Director Sefi '000 Shrj 000) fOOO) Vita Hldgs 10-May-05 Chong Thim Pheng Buy 19 na ***** 7.58 ***** 7.58 Koh Brothers 10-May-05 Quek Chee
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    • 204 8  -  By JOYCE KOH JARDINE Cycle Carriage further raised its stake in PT Astra International, Indonesia's biggest car distributor, edging closer to the 50 per cent mark. In a filing to the Singapore Exchange yesterday, Jardine C&C said it bought 5.8 million shares
      204 words
    • Article, Illustration
      440 8 OTHER SINGAPORE INDICES May 10 VALUE CLOSE BT OB/OS -120.00 +8.00 BTCAPI -*****.00 -55.00 BT 10-day MA -*****.00 -12.00 All-SG Equities 555.26 -0.12 SG Equities Elect 135.11 +1.87 SG Equities Fin 1609.01 -5.03 SG Equities Prop 554.88 -0.53 SIMSCI 255.96 -1-0.02 SiMSCI Futures 255.40 -0.70 MOST ACTIVE STOCKS VOLUME ElectroTech
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    • 253 8  -  Compiled by JOYCE KOH Beauty China May 10 dose: 98 cents MERRILL LYNCH, May 9 GROSS margin stabilised quarter-on-quarter due to the company's pricing power. Higher marketing expense also led to stronger sales momentum. No significant increase in capital expenditure. We expect capex growth to be moderate. Top-line
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    • 422 8  -  STOCKS R SIVANITHY Senior Correspondent BROAD-BASED weakness but with support for the Straits Times Index (STI) it's a divergence that has become a familiar sight in the local stock market, certainly one that is instantly recognisable to most market watchers over the past few months. In
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    • 273 8  -  CHART POINT By LIM SAY BOON, KEN TAI OCBC Investment Research DON'T get too carried away with the past week's gains. The Straits Times Index (STI), having broken through the 2,156 barrier, will face some difficulty sustaining the rally. Indeed, the
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  • Page 9 Advertisements
    • 8 9 Booster Capital Guaranteed Fund SGDRID 28/04/05 9.65 SGD
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    • 163 9 Jkm Y V n"* Global Corporate Services Company Formation Foreign Direct Investment Virtual Offices Since 1975 OCRA Worldwide has been providing offshore incorporation and administration solutions for Asian and International businesses. We have been at the forefront of corporate and financial trends in China and lead the field in foreign
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  • SINGAPORE NEWS
    • 466 10  -  America working with Vietnam, M'sia on trade deals, says trade official By JEAN CHUA THE US is keen to push for closer ties with Asean and will work with regional governments to beef up cooperation in security, trade, and reform and reconstruction
      REUTERS  -  466 words
    • 452 10  -  By ALEXANDRA HO SINGAPOREANS don't mind rushing to the start of the queue for the best seats on low-cost carriers (LCCs), especially if they have a four or five-star hotel waiting for them at their holiday destination. And forget about destinations like Bangkok and Phuket
      ST  -  452 words
    • 301 10 THE Hungry Ghost Festival is not quite the Hungarian Ghost Festival. Well, in 2002, the Singapore Tourism Board discovered that the festival was, indeed, translated as Xiong Ya Li (Hungarian) Ghost Festival in 20,000 of its tourist guidebooks. To ensure that translation does capture
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    • 300 10 NANYANG Technological University (NTU) and the University of California Berkeley are tying up to offer Singapore's first-ever residential public executive programme. Touted as an offering of the best of East and West in business education, the Berkeley-Nanyang Advanced Management Programme is also the first of
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    • 536 10  -  Analysts say dismal response is due to coming IRs By ARTHUR SIM PLANS for Singapore's own entertainment hub similar to London's Soho and New York's Broadway may finally see the light of day if the Urban Redevelopment Authority (URA) decides to award
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    • 148 10 THE Housing and Development Board (HDB) has made available a plot of land bordered by Jurong West Central 3 and Jurong West Street 64. The 33,523.8 sq m site, available on a 99-year lease, has an allowable gross floor area of 117,333.3 sq m. It can
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    • 355 10  -  By LISA TAN SOME people have the misconception that Scotland is just the land of men clad in kilts, drinking whisky and blowing bagpipes. One local enterprise now knows otherwise. Digital Publishing Solutions (DPS), a subsidiary of Ist Software Corporation, recently set up its
      ST  -  355 words
    • 213 10 BRIGADIER-GENERAL (NS) Yam Ah Mee will take over from Ho Meng Kit as chief executive officer of the Land Transport Authority (LTA) from today. Mr Ho has been posted to the Ministry of Information. Communications and the Arts as
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  • ECONOMY WATCH
    • 1304 11 Analysts warn of higher rates, leaner portfolios, more costly shopping, weaker hiring prospects Bloomberg [WASHINGTON] RESTIVE members of Congress are demanding China revalue its currency or face trade sanctions. Bush administration officials are joining the chorus, led by Treasury Secretary John
      Bloomberg; AFP  -  1,304 words
    • 550 11 Real problem is China's 'monetary protectionism' Reuters [NEW YORK] The market's intense focus on a Chinese yuan revaluation to help narrow the burgeoning US current account deficit may be clouding what some economists believe to be the more pressing economic issue
      Reuters  -  550 words
    • 828 11 Bloomberg [SEATTLE] The cloud over corporate earnings created by oil prices may be starting to break. In the first quarter, record oil prices delivered two blows to profits worldwide, punishing manufacturers by delivering higher costs and crimping consumer demand vital to
      Bloomberg  -  828 words

  • MALAYSIA/INDONESIA
    • 509 12 BOND ISSUES Bloomberg [KUALA LUMPUR] Bond sales from Malaysian companies such as Tenaga Nasional Bhd may increase by as much as 25 per cent this year on speculation borrowing costs will rise, according to Malaysian Rating Corp. Sales may climb to between
      Bloomberg  -  509 words
    • 344 12 [JAKARTA] Following its successful issuance of rupiah- and dollar-denomi-nated global bonds, the government is looking into the possibility of issuing bonds based on the Islamic principles of sharia, the Jakarta Post reported. Minister of Finance Jusuf Anwar told reporters on Monday that
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    • 201 12 [JAKARTA] CIMB Bhd is seeking to merge its Indonesian unit, PT CIMB Niaga Securities, with PT GK Goh Indonesia, as part of plans to acquire the brokerage business of Singapore-based GK Goh Holdings Ltd for US$l44 million by June, says
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    • 271 12 Bloomberg [KUALA LUMPUR] Cahya Mata Sarawak Bhd, a Malaysian construction and financial services group, is studying the possibility of building an aluminum smelter in Malaysia with China's Luneng Group Co and Sinohydro Corp. The companies plan to submit a plan to the
      Bloomberg  -  271 words
    • 487 12 Reuters [KUALA LUMPUR] Malaysia's largest bank, Malayan Banking Bhd (Maybank), reported a meagre rise in third-quarter profit yesterday, reinforcing concerns that domestic bank earnings may be shifting down a gear. Maybank, whose dividend yield near 6 per cent helps its shares
      Reuters; FILE PHOTO  -  487 words
    • 4 12
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  • Page 12 Advertisements
    • 311 12 Call toll-free 1800 289 8822 |Miotke»@Bphxoißus^^ IN THE MATTER OF THE COMPANIES ACT, CAP. 50 BRAHMANA (S) PTE. LTD. (In Members' Voluntary Liquidation) At an Extraordinary General Meeting of the company duly convened and held on 7 th May 2005 at 9.30 a.m. at 18. Jalan Masjid. *02-08. Kembangan Plaza,
      311 words
    • 147 12 IIN IMt MAI lUK ur HUNG SANG JEWELLERY PTE LTD Company Registration Number: *****5586 D (In Voluntary Liquidation) NOTICE IS HEREBY GIVEN pursuant to Section 308 of the Companies Act, Cap. 50, that a Final General Meeting of the members of the above mentioned Company will be held at the
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  • GREATER CHINA
    • 452 13 Early seller offers bonus shares, cash to shareholders from public Reuters [SHANGHAI] China will compensate investors for a flood of government holdings onto the stock market, and might suspend IPOs for two months in a bid to protect its sickly bourse from the
      Reuters  -  452 words
    • 393 13 Reuters [BEIJING] China said yesterday it will cap total short-term overseas borrowings by foreign banks at US$34.B billion in 2005 as it tries to curb capital inflows fanned by speculation about a revaluation of the yuan. Beijing has tightened scrutiny of foreign currency
      Reuters  -  393 words
    • 463 13  -  CHINA INSIGHT The huge consumer market has attracted big foreign chains but domestic retailers are putting up a stiff fight JEAN CHUA Reporter ISETAN, the Japanese retailer, has not responded to reports yesterday that it is to start a new subsidiary
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  • Page 13 Advertisements
    • 99 13 j| fW t i M 4 w M wtm m. f Ilil wr fl V 1 W M I? v m p jiji ftd^Jis ~"ji I n L-** jl A If Hi M 11 ilfll mtl liH m 11 KMHH i 1 i > 11 WBll icr)BM^Pya ffßl jfK, /V/
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  • INDIA
    • 413 14 Bids are likely to be between 8.4b and 11.2b rupees [MUMBAI] Back office and IT services firm MphasiS BFL Software has attracted a clutch of bidders, including Singapore investment agency Temasek Holdings, for the equity stake held by private equity investor
      413 words
    • 408 14 Business group says SEZs alone cannot boost foreign investment [NEW DELHI] A leading business group in India has questioned key parts of the government's trade policy, on the same day as the parliament introduced a new law to create Chinese-style special economic zones (SEZ) to
      AFP FILE PHOTO  -  408 words
    • 209 14 [New Delhi] ONGC Videsh, the international arm of Indian state-owned Oil and Natural Gas Corp, has made a preliminary bid for Canadian exploration company First Calgary Petroleum (FCP), the Financial Express reported on Monday. The Canadian company, listed on the
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    • 350 14 Bloomberg [NEW DELHI] Indian Oil Corp, which controls half of the nation's 2.4 million barrels-a-day fuel market, lost 20 billion rupees (Ss7sB million) in revenue since April because the government barred refiners from raising prices since November. State-run refiners haven't
      Bloomberg  -  350 words
  • Page 14 Advertisements
    • 1094 14 F ia^ HVB GrouD/ Head Office: Kardinal-Faulhaber-Sfrasse 1, ***** Munich, Germany. Telephone (0 89) 3 78 0 Singapore Branch: 30 Cecil Street #25-01 Prudential Tower, Singapore *****2 Tel: 6413 3688 Balance Sheet at December 31, 2004 Income Statement and Appropriation ot 2004 2003 Net lncome for the y o ended
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    • 99 14 EAT ALL YOU CAN A LA CARTE BUFFET For just one price, indulge V*) yourself in as many dishes as you like from a spectacular menu of 60 delectable dishes. A For Reservations, please call haixiang 6428 3170. Lunch: Adult $21.80 Child $13 Dinner: Adult $26.80 Child $16 (Mon Fri)
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    • 21 14 Ifsoffkial. We're in Announcing a merger? Call 1800 289 8822 or email notices@sph.com.sg to book your advertisement in our newspapers now.
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  • ASIA-PACIFIC
    • 414 15 Partnering Las Vegas Sands Corp, it's applying for licence to build one Reuters, Bloomberg [LONDON] English soccer club Manchester United Pic is applying to build a new casino complex near its Old Trafford stadium. The world's richest soccer club is making its bid to
      Reuters,; Bloomberg; REUTERS  -  414 words
    • 472 15 Biggest profit fall in 7 quarters due to costs, weaker US$ Bloomberg [TOKYO] Toyota Motor Corp, the world's secondlargest automaker by sales, has had its biggest profit decline in seven quarters as higher steel and oil prices boosted costs and a weaker dollar reduced
      Bloomberg  -  472 words
    • 345 15 Bloomberg [SEOUL] South Korea's government needs to revise regulations that restrict domestic companies from buying stakes in stateowned banks, the central bank's think-tank said. South Korea, which plans to sell its 78 per cent stake in Woori Finance Holdings Co within two
      Bloomberg  -  345 words
    • 221 15 [DAMMAM] A senior Saudi government official has urged Saudi companies to forge alliances with foreign companies to carry out new oil projects worth 487.5 billion riyals (*****.7 billion) as the country generates record oil revenue. Abdul Rahman Abdul Kareem, Deputy Minister of Petroleum
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  • Page 15 Advertisements
    • 76 15 Introducing new "Royal Silk Class" journey with a difference. i eadmg a revolution in ooirVrt. THAI brings vou now Auhus .£jg» a vou oan eniov a variety of entertainment. You'll also be treated to world-class international and Ihai cuisine and our award-winning Rest assured that while we bring a revolution
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  • WORLD
    • 619 16 Sudden exit comes amid scrutiny of role of hedge funds, private investors [FRANKFURT] Foreign hedge funds brought down two of Germany's most visible business figures on Monday. The chief executive and the supervisory board chairman of Deutsche Boerse resigned in the
      BLOOMBERG  -  619 words
    • 600 16 AFP [WASHINGTON] With an all-singing extravaganza fronted by Lord of the Rings star Elijah Wood, Microsoft plans to steal a march on rival Sony by unveiling its next-generation games console tomorrow. The public's first look at the new-look Xbox machine, on the
      AFP; REUTERS  -  600 words
    • 382 16 Reuters [NEW YORK] Hedge funds, which have pulled in billions of dollars in previous years with promises to make money in all markets, are in the red this year, new data released on Monday show. Since January, the average hedge
      Reuters  -  382 words
    • 209 16 Reuters [NEW YORK] The New York Mercantile Exchange (Nymex) expects to sign a partnership agreement with the Dubai government in "a couple of weeks" to run a commodity-futures exchange in the United Arab Emirates (UAE), Nymex president James Newsome said on Monday. "We
      Reuters  -  209 words
    • 521 16 It pledges US$1.5b annually to seek eco-friendly technologies LAT-WP [NEW YORK] General Electric Co (GE) on Monday announced a new companywide environmental initiative, pledging to decrease pollution from its products and to double research and development spending on cleaner technologies. GE is the biggest addition to
      LAT-WP  -  521 words
    • 365 16 AP, Bloomberg [RIYADH] State-owned oil giant Saudi Arabian Oil Co on Monday said it will seek to list a US$5 billion export refinery on the domestic stock market. It would be the first time private Saudi investors would be allowed to own a
      AP,; Bloomberg  -  365 words

  • AVIATION
    • 612 17 Federal appeals court reverses earlier ruling by bankruptcy judge Bloomberg [CHICAGO] United Airlines aircraft creditors can repossess 14 planes from the carrier because it's their right to do so under US bankruptcy law, a federal appeals court ruled, reversing a November decision by a
      Bloomberg  -  612 words
    • 178 17 AP [HONG KONG] Hong Kong's flagship carrier, Cathay Pacific Airways, yesterday reported a 10.7 per cent jump in passenger traffic in April over the same period a year ago, but warned that rising fuel prices were hurting revenues. The airline said it carried 1.22 million
      AP; BLOOMBERG  -  178 words
    • 393 17 Bloomberg [TOULOUSE, France] European Aeronautic, Defense Space Co (EADS), the region's largest aerospace company, said it hasn't yet decided on a successor for Noel Forgeard as Airbus SAS' chief executive officer and that the decision is tied to other EADS appointments. EADS, which owns
      Bloomberg; AP  -  393 words
    • 603 17 NYT [WASHINGTON] Two Georgia lawmakers are running into head winds as they push legislation to help Delta Air Lines and other carriers cope with their crushing pension obligations. Senator Johnny Isakson and Representative Tom Price, both Republicans, recently introduced the Employee Pension Preservation
      NYT  -  603 words
    • 400 17 AIRLINE CODES: AA: American Airlines (AAL), AF: Air France (AFR), AI: Air India (AK), AY: Finnair Oy (FIN), AZ: Alitalia Airlines (AZA), BA: British Airways Public Ltd Co (BAW), BG: Biman Bangladesh Airlines (BBC), BI: Royal Brunei Airlines Sdn Bhd (RBA), BO: Bouraq Airlines (BOU), BR:
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    • 421 17 Bloomberg [FRANKFURT] Fraport, the owner of Frankfurt Airport, increased first-quarter profit by 45 per cent after cutting costs and handling more passengers and air freight. Net income surged to 27.6 million euros (5558.4 million), or 30 cents a share, from 19 million
      Bloomberg  -  421 words

  • SHIPPING
    • 658 18 Talks seen as Moeller's bid to boost market share before fall in freight rates Bloomberg [OSLO] AP Moeller-Maersk, the world's biggest contain-er-shipping company, may buy Royal P&O Nedlloyd NV, which has a market value of US$2.3 billion, to boost market share before a potential
      Bloomberg  -  658 words
    • PORT SHOTS
      • 63 18 Reuters [SAN FRANCISCO] Container shipping company CP Ships said on Monday its quarterly profit rose as higher freight rates offset lower volume due mainly to schedule delays and service restructuring. First quarter net income available to common shareholders rose to US$l5 million from US$3
        Reuters  -  63 words
      • 60 18 Bloomberg [ZURICH] Kuehne Nagel International, the world's biggest sea-freight shipper, will buy Gebrueder Moenkemoeller to expand its road-based transport business. Moenkemoeller employs 360 people and specialises in transporting goods by truck and warehouse management in the region around the German city of Bielefeld, the Switzerland-based company
        Bloomberg  -  60 words
    • 497 18 Bloomberg [TEHERAN] South Korean shipbuilders are about to get contracts worth almost US$l billion to build oil tankers, an Iranian official said. The National Iranian Oil Tanker Co (NITC) will award the contracts to Daewoo Shipbuilding Marine Engineering and Hyundai Heavy Industries
      Bloomberg; REUTERS  -  497 words
    • 856 18  -  STRAIT TALK By DAVID HUGHES THE vision NOL Group president and CEO David Lim outlined during his presentation at the Center for Maritime Economics and Logistics at Holland's Erasmus University last week was a familiar one to those who have followed the development of containerisation over
      856 words
    • 300 18 SGX '000 May 10 SS W- Vol CH Offshore 0.37 unch 1506 Chuan Hup .0.74 unch 533 Cosco Corporation. 1.82 -0.03 4569 CWT Distribution 0.64 -0.01 28 Ezra Hldgs 1.30 0.01 918 Freight Links 0.08 unch 175 Grand Banks Yacht 0.94 -0.03 2 Java Holdings 1.06 0.01 825
      300 words

  • EDITORIAL & OPINION
    • 526 19 EDITORIAL EVERY now and then since the Asian crisis of 1997/98, the idea of an Asian Monetary Fund (AMF) has been mooted, in what looks like a repeated kite-flying exercise. However, the kite has never flown very far, and for good reason.
      526 words
    • 866 19  -  A recent deal to adopt ad-valorem farm tariffs is the first step towards effective talks ANDY MUKHERJEE Bloomberg FARMERS in poor nations should rejoice as trade ministers in rich countries get ready to apply a lesson they must have learned as nine-year-olds: working
      Bloomberg; AFP  -  866 words
    • 723 19  - Softer China real or just windowdressing? THE BOTTOM LINE FRANK CHING LAST month, China published a white paper that purported to show progress on the human rights front that it had made in 2004. It was immediately dismissed by human rights organisations as little more than propaganda. But there are
      723 words
    • 1349 20  -  Asean members reluctant to accept India as a member will miss the chance to forge a strong, inclusive Asian community By RAMKISHEN S RAJAN, SUNIL RONGALA ASEAN has outlined three criteria as necessary conditions for attaining membership of the newly created East Asian Summit (EAS).
      REUTERS  -  1,349 words
    • 806 20  -  By DAVID BURTON THE recently concluded spring meetings of the International Monetary Fund focused on several key questions of concern to the international community the prospects for sustaining global economic growth; reducing vulnerabilities in the international financial system; achieving poverty reduction in the world's poorest
      AFP  -  806 words
    • 229 20  -  LETTERS TO THE EDITOR James Wong Wulf Gaertner Autoparts (S) Pte Ltd IN your report ("NTUC Income cuts costs", BT Apr 29) regarding car insurance, Tan Kim Lian of NTUC Income was quoted as saying that the cost of parts had gone up,
      229 words
    • 73 20  -  Lu, Kee Hong Shanghai, China I REFER to the letter "It's a distorted property picture" by Ng Chee Leng (BT, April 28). I salute you for publishing this reader's letter. Let different voices be heard through your newspaper. I am sure someone will try
      73 words

  • Page 20 Miscellaneous
    • 208 20 CRYPTIC CROSSWORD DOWN 1 Easy to talk to? A fine story! (5) YESTERDAY'S SOLUTION (7) 14 Flashy redhead gatecrashes Across: 1 Bakers dozen, 8 Sea Ele--2 Tradesman had our creosote party (5) phant, 11 User, 12 Ewer, 13 Darreplaced (5,9) 17 Just one more and it would be |jng 5
      208 words

  • 2443 21 SCX XTRANET 52-Wk Tal Last Vol Day Last Quote GrOiv Dtv GrYtd Nat MCap High Low Code Company Sate COOP) High low »uyor Salter S Cw Wt Smil ********** 6065 Diamonds US*****cd 6095 (5 OJ US Tech US3740 6097 IS MSCI Spore US555 6101 ISS&PS00 US8270 6170 SPDRS
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  • Page 21 Advertisements
    • 58 21 AUDEMARS PIGUET 1 Le maitre de I'horlogerie depuis 1875 /immmm M Available D I I Sole Distributor Service Centre: AUDEMARS PIGUET (SINGAPORE) PRIVATE LIMITED. \J 541 Orchard Road #17-00 Liat Towers Singapore *****1. Tel: 6238 6678 Fax: 6238 6676. Ngee Ann Ciiy Tel: 6733 0618' Lucky Plaza Tel: 6737 4648
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  • 3350 22 FINANCE COMMODITIES MORGAN STANLEY CAPITAL INTERNATIONAL INDICES In local curr In S$ In USS dy yr dy yr dy %yr May 9 Index Change Change Change Change Change Chang* World Index Preliminary 846.3 0.1 -0.7 0.2 -1.8 -0.1 -2.5 EAFE Preliminary 784.0 -0.1 13 -0.3 -1.7 -0.5 -2.4 Europe Preliminary
    3,350 words

  • Page 23 Advertisements
    • 1624 23 I TO USA/CANADA 1 I EXPORT I I OTHER DESTINATIONS I VESSEL 1 VOT I PUG iITA SIN lIOHG KAQtIPJUIAS IhOUSTOM I WEIIIWS IOMOMSOI WEW YOKK |l TO AUSTRALIA (AUSTRALIA ASIA EXPRESS) 00CLTIANJIN 02E19 10/05 11/05 I 27/05 02/04 03/04 01/04 01/04 04/04 VKSfI VOT~ TuSwT PKO I f»l I
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    • 333 23 ||jQ DONGNAMA LINE CQWTiIMIHItID lIRVICE vwniwwwiww wmriww vbsekevbywed)voy [sgTH MKG MC PUS BUXCROWN SOSN 11/05 22/ OS 27/05 30/05 MIXHUL SOSN 15/05 N/05 03/06 M/M JQUY 04SN 01/06 05/06 10/06 13/06 VESSEL (EVERY SAT) VOT [~SGP HKG (RIVER TRAM TERMINAL) TS OSAKA SO6N 14/05 10/05 TSPUSAN 507N 21/ OS IS/05
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    • 853 23 IHfUttU HOtO WUNK* VggL/VOT IMKWI HBBHTWO HO KH U» SN *T SIWITSEXWSS3* 30 4.15 23/04 25/04 27/04 STUfTC VEHTUK W/05 IS 3.2 22/04 04/05 06/05 08/05 1 STtAITS VOmJKE 10/05 15 3J 10/05 12/05 I I I AUSTRALIAN RORO SERVICE 1 VBSO/VOT I MMP|KD I tBGHTWQ lUI TsS pCT M
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  • Page 24 Advertisements
    • 1096 24 MOi Combinw a range of shipping modes to ensure timely, reliable services coveting major ports in North America, Europe, Japan, Asia, Africa t Oceania. Abt acctfrt feta-Asta OvfMS Ik For Schedules, BL Searches, and Container Tracking, visit on our Home Page: www.molsin.coni.sa wy>w.hamburgsud.com Hambur<^^6ud AUSE SERVICE (EXPORT) FT* JB SINGAPORi
      1,096 words
    • 1195 24 VESSEL VOY SIN Jiff HttTKHHTM KYH PUS KSSR VOY SIN JKT SUB HKG DSN PUS HY PROGRESS 09SS 12/5 14/5 1»/S 21/5 23/5 25/5 25/5 KMT( SINGAPORE 507S 15/5 18/5 19/5 24/5 ?»/5 29/5 HYHIDGE 094S 19/5 21/5 26/5 28/5 30/5 1/4 1/t KMTC SHANGHAI SQ7S 22/5 25/5 26/5 31/5
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    • 723 24 WEEKLY EXPRESS SAILING SCHEDULE ALSO ACCEPTING TO ALL NORTHERN AND WESTERN ICO POINTS I VtSStt I VOY I SIN pjoangl COLOMBO MJggl Colombo I r.is 1111 1 I I ALSO ACCPTMG FQ 10 COCHW, TUTKORM (VU COUMMO) MB MNDU 1 GO* I (VU N SHIVA) CONKING MOTWt VSLS TO EUROPE
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  • Page 25 Advertisements
    • 762 25 IMAf WALLENIUS WILHELMSEN website: http://www.2wglobal.com VtSSil "VOY RAMP HEIGHT SIN UC ~WAO~ HOW ~MIA S*V »AL 0«F NYC ~NEW~ M 0» TARAGO AFSI2 3201 MS MM 16/05 10/06 19/06 23/06 27/06 25/06 07/07' TAMERLANE AFSIS 3201 ms 6.4 M 12/06 03/07 12/07 16/07 20/07 11/07 30/07* TAMO AFSI6 420T0« 6.4
      762 words
    • 1395 25 VKSII VOT SIN PGU JBSSB, m SH MI w yn. iLS on 1942 11ZJ5 PACIANDA 1466N 10/05 10/05_ kr I2ZBS 15/85 CSf 2301 01W 10/05 11/05 _BUJUU ilA* 15/05 11/05 PAC lANDA 1467N U/05 12/05 CSF 2301 0119f 12/05 14/05 PAC BAND A 14MN 13/05 13/05 PAC lANDA 14WN 14/05
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    • 662 25 BSA X MYANMA ■H FIVE STAR UNE (Myamnar National Line) Loading for Ymgon VESSEL VOY SIN PKL PEN PGU PAGAN 346w 11/05 HPA-AN 337W SU) IN MALAYSIA: lOUSTEAD SHIPPING AGENCIES KUL/PKL 03-300St3U PIN: 04-*****15 ACCEPTING CONVENTIONAL C6O VESSEL VOY HKG SM PGIi PKL KIK LION HEART 131 SU) SID SU)
      662 words

  • Page 26 Advertisements
    • 747 26 1 Guaranteed Sailing! I Service from Singapore to: I Los Angeles Keelunq I 14 days transit. Mon Thurs cut-off I MUR SHIPPING INDIAN OCEAN ISLANDS/SOUTH AFRICA VESSEL twu kk mm tgm sm fx mis reunion dm b k ct VOYAGER V 032 SdW SaM SdUd SaM SaM 10/0S 11/05 M/OJ
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    • 789 26 FREIGHT LINKS EXPRESS PTE LTD 51 Penjuru Road, 3 Level, Freight Links Express Logisticentre, Singapore *****3. Tel: *****511 Fax: *****577 E-mail: flesin@singnet.com.sg Website:http://www.freightlinks.net LCL SERVICE TO CHINA ASIA CEBU DALIAN HONG KONG JAKARTA QINGDAO [WTSPT'Ii SHANGHAI SURABAYA XINGANG XIAMEN IpiJ^ij BEST LCL RATES TO AARHAUS ASHDOD BEIRUT BUENOS AIRES lif'jMMgl
      789 words
    • 318 26 Liner br»okbulk f rvite S.t. A«io/USA vite vrto SPECIALISE IN HEAVY UFTS A PROJECT CARGO YOKOMAIHA PmHmHM MV HBUSTtUI CBHUIT M/ 05 Im, Vara*, otter ports oo hfccMMrt MNGAfOtI Postittoß MV INDUSTIUU CHARGER 25/05 ikm+d. Hmm. taktlw iMf iMtk/StodlM. VWMU. HmMa. Olkar ptm m tihumil. Othun pom in USA, Mudco,
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    • 630 26 BPPIMI TIGER PEARL 283N 17-18/05 24-26/05 31-01/06 HLiUilil TIGER SEA 284N 20-21/05 27 29/05 03-04/06 ■TimTH TIGER SKY 285N 24-25/05 31-02/06 07-08/06 ■■■■■TIGERWAVE 286N 27 28/05 03-05/06 10-11/06 TIGER PEARL 287N 31-01/06 07-09/06 14-15/06 2?25/0S 02-03/06 1 HMRPMW TIGER SPIRIT 103 18-19/05 24-26/05 03-04/06 ■UjUlfß DONG FORTUNE 040 18-19/05 26-28/05
      630 words


  • MOTORING
    • 585 28  -  Recent reforms will also keep premiums down, new president tells SAMUEL EE SAMUEL EE THE motor insurance industry is unlikely to return to the massive losses of the last few years if insurers maintain good busim ness sense and conIB tinue enforcing recent
      Source: MAS  -  585 words
    • 283 28  -  By SAMUEL EE AVERAGE motor insurance premiums fell to $942 last year, after peaking at $982 in 2003 (see chart), according to the Monetary Authority of Singapore. But motorists still complain that premiums have remained relatively high for older cars despite lower new
      283 words
    • 41 28 UNIT TRUSTS FUNDS Legend: All prices are indicative: Broadly Diversified: I Narrowly Focused: Lower Risk:^ Low to Medium Risk: Medium to High Risk: Higher Risk open-ended: Before subdivision of units: After subdivision of unit: SP after stock split: N.A.-Non Dealing Day
      41 words
  • Page 28 Advertisements

  • EXECUTIVE MONEY
    • 1229 29  -  Asian countries need to develop their bond markets as a way of diversifying their reserves out of the dollar, says MICHAEL PREISS MICHAEL PREISS THERE has been a lot of speculation about when China will change its currency peg to the US dollar, and if
      AFP  -  1,229 words
    • Article, Illustration
      370 29  -  By Chua Boon Lee Standard Poor's Associate, Fund Services Economic sector funds Interest in sector funds has waned In recent years* owing in large part to the bursting of the technology bubble in 2001. Drawing on the lessons from ftat eta, investore became acutely aware of the dangers
      370 words
    • 1099 29  -  YOU AND THE TAXMAN CHOO ENG CHUAN and RUSSELL AUBREY give some tips on how to turn them into tax savings By ERNST YOUNG BUILDING a property soaks up a lot of capital. But making the most out of capital allowances on the building could translate into
      1,099 words
    • 1411 30  - ILPs good deal or bad choice? It depends on your objectives, says GENEVIEVE CUA, as she stacks up various plans in the market in as comparable a manner as possible GENEVIEVE CUA OVER the last few months, articles on regular premium investment-linked insurance plans (ILPs) have alternately portrayed the plans
      1,411 words
    • 1040 30  -  Investors, in their desire for yield, are buying into funds that are hard to understand GENEVIEVE CUA Personal Finance Editor DO you ever entertain the niggling doubt that when you buy a protected fund, the fund may not be protected at all? If capital protection
      1,040 words
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  • Page 30 Advertisements
    • 95 30 One-Stop Shipping Services Registrations Ship Classifications Radio Accounting Tuvalu, Mongolia, Panama, Quality, Safety, Security SSfVICSS Belize and many other flags Surveys and Consultants Accounting Authority RSO6 competitive fees low taxes 24-hour efficient service, 365 days a year Worldwide network of surveyors N restri F tion on "tonality of WM Staffed
      95 words
    • 15 30 Fresh jobs everyday Read our newspapers for a fresh set of jobs everyday! Yield Enhancement
      15 words
    • 8 30 Asian bond funds Why they matter PG 29
      8 words