The Business Times, 5 June 1999

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Total Pages: 20
1 20 The Business Times
  • 11 1 THE BUSINESS TIMES MIT 85c SINGAPORE Internet: http://business-times.asial.com.sg/ SATURDAY, JUNE 5,1999
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  • 983 1  -  Chairman s&ys next year's profit may fall as full impact of rate cuts sets in w Teh Hooi Ling [SINGAPORE] Top moneyspinner Singapore Telecom yesterday announced a 3.7 per cent rise in net earnings to $1.96 billion for the year ended
    983 words
  • 957 1  -  Golkar confident it'll return to power, Imt in a coalition govt From' Yang Razali Kassim in Jakarta INDONESIA on Monday goes to its first general election since the fall of president Suharto. But it is too soon to tell if
    957 words
  • 754 1  -  Analysts pat it down to a tussle for premium-paying passengers By< George Joseph [SINGAPORE] The world's top airline operators will fight tooth and nail to keep their premium-paying passengers as they are the ones who contribute to an airline's profits, analysts and
    754 words
  • 604 1 Separate tracks for talks but end-point must be same The Straits Times [BUENOS AIRES] Singapore and Malaysia will take two separate tracks of negotiations on the Clob problem and the package of bilateral issues to be resolved by the
    The Straits Times  -  604 words
  • Page 1 Advertisements
    • 163 1 Drama USjsWsssntsfcwa The US unemployment rate fell to 4.2% in May, tying a 29-year low, while the economy added fewer than expected Jobs, suggesting business may be having trouble filling job .vacancies, Pf7 Stable yuan The head of the Bank of China yesterday insisted the yuan would remain stable, despite
      163 words
    • 7 1 Anything bat Golkar? Look again, Pg 8
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    • 73 1 Sing Tel to seek nod on share buy back, Pg 11 la SingTel's share huyhack the best use for its cash hoard, asks Catherine Ong, Pg 11 On Monday, Microsoft launches its Office 2000 software suite, revamped to ride the Internet wave. BT spotlights the new software, looks back at
      73 words
    • 7 1 PM Goh to decide on by-election, Pg2
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  • SINGAPORE AT HOME & ABROAD
    • 432 2  -  Survey worries NCB; firms that are into e-trading optimistic about reaping gains By' Toh Han Shih SIX in every 10 Singapore companies are not interested in electronic commerce and that worries National Computer Board (NCB) chief executive Michael Yap. However, the
      Source: NCB  -  432 words
    • 595 2 PM OOH Df ARGENTINA He says talks with KL on non-Cbb issues have to be all-or-nothing package The Straits Times [BUENOS AIRES] Prime Minister Goh Chok Tong will assess whether a by-election to replace former MP Choo Wee Khiang will
      The Straits Times  -  595 words
    • 528 2 Survey: Top users are professionals, managers and execs SOME 28 per cent of people aged 15 and above in Singapore, or some 800,000 people, log on to the Internet each week, spending a median average of 46 minutes each day online. This
      528 words
    • 452 2  -  By Conrad Raj SINGAPORE Airlines' insurers have paid out a U5535.5 million (5561.3 million) claim for the Silk Air aircraft that crashed into the swamps off Palembang in north Sumatra in December 1997. "In fact, the money was paid by the insurers
      452 words
    • 318 2  -  By: Eugene Low A NEW electronic trading system called Swap Net looks set to change the way oil broking transactions are done when it is launched here in a few months' time. The Internet-based system, which provides onscreen trading for swaps
      318 words
    • 244 2 THE Economic Development Board (EDB) yesterday awarded business headquarters (BHQ) status to Chevron Chemical (Far East) (CCFE), Dun Bradstreet and UPS Worldwide Logistics. CCFE, a subsidiary of oil giant Chevron Corp, opened its US$2l5 million (***** million) fuel and lubricant additives plant on
      CHRIS LOH  -  244 words
    • 938 3  -  EYE ON THE ECONOMY By. Anna Teo HALFWAY through the year, forecasts of the Singapore economy's growth in 1999 now span a wide range of seven points from a bearish (and out-of-date) 2 per cent contraction to a bullish 5 per cent
      938 words
    • 316 3  -  Furnishing firm expects to return to '07 sales levels soon By] Rahita Elias HOMEGROWN furnishing company Barang Barang, which recently relaunched its new look Tanglin Mall store, has been enjoying a strong pick-up in sales in recent months after the doubledigit fall in
      316 words
    • 435 3  -  Consultancy sees cell phone subscribers trebling to 296 m by 2003 By• Teh Hooi Ling THERE are about US$45O billion (***** billion) In service and handset sales revenues to be made in the mobile phone market in the Asia-Pacific between now and
      435 words
    • 57 3 Michael Wong Yew Fai, a worker with Zephyrdom, an event organiser company, yesterday inflating balloons with a blower machine amid a sea of balloons. A total 0f25,000 balloons will be released in the Expo Gateway of the World Trade Centre at 7pm tomorrow for the
      SIEW YAW HOONG  -  57 words
    • 534 3  -  MAir-nm Hiroshi Hashimoto Ambassador of Japan to Singapore I READ with great interest the editorial dated June 1, 1999, in The Business Times about the Japan-US Defence Guidelines. While I find that several issues raised in the editorial were interesting, they were not reflective
      534 words
  • Page 2 Advertisements
    • 53 2 Make mountains out of molehills. With so many fine educational and upgrading opportunities in The Straits Times Classified daily, it's no wonder our readers are inspired to scale the heights of knowledge. Advertise in the Education/ Training section (Classifications 703 to 794). Call C.A.T.S. at 1800-737-1166. Buy h. Sdi It
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  • Page 3 Advertisements
    • 57 3 An exquisite gift when you subscribe to The Business Times or Lianhe Zaobao... M X C lal I $10,000 cash and hotel stay packages at Mandarin Hotel awatt all currant tfftafi. Just produce any a newspaper vendor raceipts between .m Hurry down to the Singapore Press Holdings Booth No: 4BflO
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  • ASIA ON THE MEND
    • 548 4 He points to strong fundamentals, govt steps to maintain forex rate stability AFP, Reuters [TOKYO] The head of the Bank of China yesterday insisted the yuan would remain stable, despite the bank's decision to restrict overseas transactions with the
      AFP,; Reuters  -  548 words
    • 391 4  -  Measure's part of reforms to ease bnild-np of bad loans From Macabe Keliher in Taipei ACTING on the finance ministry's proposed economic stimulus measure, Taiwan's executive cabinet recently passed a bill to cut the tax on financial institution revenue from 5 per cent
      391 words
    • 209 4 Reuters [BANGKOK] Thailand's sovereign rating is unlikely to be raised this year because the country still faces massive problems with bank non-per-forming loans (NPLs) and corporate debt, Salomon Smith Barney said yesterday. Stephen Taran, managing director and global head of Salomon's sovereign
      Reuters  -  209 words
    • 394 4 But only state enterprise bonds will be considered AFP [BANGKOK] Thailand intends to seek Japanese guarantees for its state enterprise bonds under a US$l7 billion (5529.3 billion) plan unveiled by Tokyo last month, Finance Minister Tarrin Nimmanahaeminda said yesterday. Mr Tarrin however
      AFP  -  394 words
    • 284 4 Tokyo willing to partially guarantee new tame, says DrM Bernama [SEPANG, Malaysia] Prime Minister Mahathir Mohamad said yesterday Malaysia has not decided yet on a second bond issue, after having successfully launched a US$l billion (551.73 billion) 10-year global bond in New
      Bernama  -  284 words
    • 282 4 Central bank task force to clean np bad debt: report AFP [JAKARTA) Indonesia's central bank has set up a task force to slash the crippling level of bad bank debt from about 60 per cent of total loans to around 5
      AFP  -  282 words
    • 226 4 Bernama [KUALA LUMPUR] Economist Paul Krugman has proposed that countries facing massive capital outflow should consider the strategy adopted by Malaysia in September last year. "When money is fleeing a country, it is crazy for the government to blindly follow Hooverite prescriptions,
      Bernama; FILE PHOTO  -  226 words
    • 480 4 Official underlines need to continue moves to strengthen global architecture AFP [BANGKOK] A senior UN official has warned that the international community should not use the apparent easing of the Asian crisis as an excuse to forget promises to overhaul
      AFP  -  480 words
  • Page 4 Advertisements

  • REGION
    • ASIA Notes
      • 79 5 AFP [TOKYO] Long-Term Credit Bank of Japan (LTCB), nationalised after its collapse, brought criminal charges against former managers yesterday for covering up bad loans and paying illegal dividends. Current president Takashi Anzai said it had filed the criminal complaint with the Tokyo Public Prosecutor's Office.
        AFP  -  79 words
      • 95 5 AFP [WASHINGTON] Japan must still do more to open its auto market to foreign competition, a joint statement from US Trade Representative Charlene Barshefsky and Commerce Secretary William Daley said on Thursday. Ms Barshefsky and Mr Daley were responding to the release of
        AFP  -  95 words
      • 70 5 AFP [TOKYO] Japan's official financial watchdog yesterday ordered Toho Mutual Life Insurance Co to suspend part of its operations because of its excessive bad loans. Toho transferred its life insurance business to the US financial giant GE Capital Corp last year in a virtual
        AFP  -  70 words
    • 225 5 SEOUL AFP SOUTH Korea's opposition Grand National Party (GNP) humiliated the ruling party with a landslide victory in two parliamentary by-elec-tions, dealing a major blow to a ruling coalition reeling from a corruption scandal. The ruling National Congress for New Politics (NCNP) yesterday said
      AFP  -  225 words
    • 291 5 NEW DELHI Domestic selling rights contingent on group's investment Reuters INDIA has told a consortium of Royal Dutch/Shell and Saudi Aramco to invest in a new refinery if it wants the rights to sell oil products in the domestic market, a
      Reuters  -  291 words
    • 157 5 SYDNEY AFP THE political threat from Pauline Hanson's far-right One Nation party is now manageable but it took Australia to the brink at last year's national election, Deputy Prime Minister Tim Fischer said. While One Nation will not go away, it is largely
      AFP  -  157 words
    • 65 5 [HONGKONG] The paint-splattered "Pillar of Shame", a symbol at Hongkong's Victoria Park commemorating those who were killed by China's army 10years ago around Beijing's Tiananmen Square. An unnamed performance artist splashed the paint prior to yesterday's candlelight vigil at the park. Hundreds, perhaps thousands, of people died when
      REUTERS  -  65 words
    • 527 5 HONGKONG Reliance on foreign capital diminished bat management still anuyorissne Reuters NEW World Development Ltd, 10 years after a bold move into China, is reaping big rewards from its support for Beijing after the Tiananmen crackdown, but finds the investment environment is
      Reuters  -  527 words
    • 336 5 SEOUL Bloomberg SHIPBUILDERS in South Korea, the world's second-larg-est shipbuilding nation after Japan, saw their new orders drop 44 per cent in May from a year earlier, dragged down by falling demand and the slow pace of their own restructuring. Hyundai Heavy
      Bloomberg  -  336 words
    • 366 5 NEW DELHI Judicious use of architecture by ISPs crucial, lie says Reuters THE Internet could face an address crunch in Asia, unless service providers use their infrastructure judiciously, a senior official from the regional agency that allocates address space warned. Though most users
      Reuters  -  366 words
    • 216 5 NEW DELHI AFP INDIA favours leasing its five main airports to upgrade and modernise the facilities instead of privatising them, a senior economic planner said in remarks published yesterday. Planning Commission deputy chairman KC Pant was quoted by the Business Standard daily as saying that
      AFP  -  216 words
    • 574 6 MANILA Big challenge now for indebted airline is to cnt 3,ooojobs by year-end Reuters PHILIPPINE Airlines (PAL) escaped liquidation yesterday with a last-minute infusion of US$2OO million (***** million) in new equity but faced the explosive task of firing thousands of workers to stay in
      Reuters; AFP  -  574 words
    • 314 6 JAKARTA AFP INDONESIANS will start getting the first results of Monday's elections within hours of the vote closing, thanks to a US$2 million (553.4 million) operation which will allow unprecedented transparency, officials said yesterday. In past elections swept by the ruling Golkar party,
      AFP  -  314 words
    • 457 6 CATHAT PHOTS' PAT ROW Move suggests airline is easing its hard-line stance Bloomberg [HONGKONG] Cathay Pacific Airways said it will resume talks with pilots, easing its stance in a contract dispute that forced it to cancel dozens of flights during the past 10
      Bloomberg  -  457 words
    • 150 6 KUALA LUMPUR RHB Equities also seeking interest at 16.25% a year Bernama RHB Equities Sdn Bhd, a unit of Rashid Hussain Bhd, is suing Renong Bhd executive chairman Halim Saad for 225 million Malaysian ringgit (SSIO2 million) for alleged non-payment of debt. The
      Bernama  -  150 words
    • 70 6 SHANGHAI Reuters SHANGHAI has punished 278 unregistered Internet cafes in a crackdown on uncontrolled forays into cyberspace, the official Liberation Daily reported yesterday. The move was aimed at "standardising the city's public Internet cafes" where customers can sip coffee and surf the Net, the newspaper said.
      Reuters  -  70 words
  • Page 5 Advertisements
    • 883 5 COSCO INVESTMENT (SINGAPORE) LIMITED (IncotpofHd In N nspubic ol Singapore) NOTICE OF EXTRAORDINARY GENERAL MEETING NOTICE IS HEREBY GIVEN that an Extraordinary General Meeting of the Shareholders of the Company wi bo held at Function Room, Laval 2, Sheraton Towers Singapore', 39 Scotts Road Singapore *****0 on 28 June 1999
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  • Page 6 Advertisements
    • 7 6 Anything bat Golkar? Look again, Pg 6
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    • 1598 6 WHM COSCO INVESTMENT (SINGAPORE) LIMITED (Incorporated in the Republic of Singapore) NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN thai the Annual General Meeting of the Company will be held at Function Room, Level 2, Sheraton Towers Singapore. 39 Scotts Road. Singapore *****0. on Monday. 28 June 1999, at
      1,598 words

  • THE WORLD
    • 607 7 WASHINGTON Analysts fear Fed might raise rates this month to forestall inflation Bloomberg THE US unemployment rate fell to 4.2 per cent in May tying a 29-year low while the economy added fewer than expected jobs, suggesting businesses
      Bloomberg  -  607 words
    • 397 7  -  From Shada Islam in Cologne EUROPEAN Union leaders yesterday promised to secure market confidence in the euro by following a "consistent economic and financial policy geared to stability and reform". But even as the single European currency dipped to 1.029 to the
      AFP  -  397 words
    • WORLD Watch
      • 85 7 AFP [COLOGNE] Britain, France, Germany and Ireland yesterday reluctantly conceded defeat in their battle to prevent the abolition of duty-free sales within the European Union at the end of this month. At a summit of EU leaders here, the four failed in
        AFP  -  85 words
      • 69 7 AFP [WASHINGTON] US First Lady Hillary Clinton said yesterday she was setting up an "exploratory committee" for a run for the US Senate, moving a step closer to officially declaring herself a candidate. "I'm going to open an exploratory committee in July," Mrs Clinton
        AFP  -  69 words
      • 55 7 Reuters [COLOGNE] Nato could stop bombing Yugoslavia as soon as tomorrow if Belgrade agrees with alliance military planners on how to implement an international peace deal for Kosovo, a French diplomatic source said yesterday. Alliance officials wanted to fly to Belgrade today to discuss the
        Reuters  -  55 words
      • 72 7 Reuters [LONDON] Europe could see more than half a dozen billion dollar plus acquisitions by private equity groups each year, according to Richard Warner of Investcorp. "We see tremendous opportunities in Europe," Mr Warner told Reuters. Mr Warner, who sits on Investcorp's management committee,
        Reuters  -  72 words
    • 302 7 WASHINGTON AFP ALICE Rivlin on Thursday announced her resignation as vice-chairwoman of the Federal Reserve board, a move that surprised some analysts who suggested it may reflect dissatisfaction with the current drift of Fed policy. Ms Rivlin, 68, will stay on in her
      AFP  -  302 words
    • 540 7  -  From Leon Hadar in Washington WHILE most observers expect the Republican-con-trolled US Congress to approve President Bill Clinton's decision to renew normal trade relations (NTR) with China, there is a concern in the White House and on Capitol Hill that this
      540 words
    • 432 7  -  SINGAPORE Embattled unit hits U551.0275 in Agjftn trading By Larry Wee THE euro plunged to yet another new low yesterday, for the third time in as many days, despite overnight news that Yugoslav President Slobodan Milosevic was likely to agree to
      Source: Bridge  -  432 words
    • 109 7 BRUSSELS Reuters EUROPEAN Union moves to contain the deepening food safety scare in Belgium failed to convince its world trading partners yesterday as more countries including the United States imposed unilateral bans on EU farm goods. Even some of the EU's own
      Reuters  -  109 words
    • 236 7 HONGKONG Reuters CHINA has told US President Bill Clinton the time is not right to resume talks on Beijing's entry into the World Trade Organization because "the atmosphere is not good", Premier Zhu Rongji told reporters yesterday. He said President Jiang
      Reuters  -  236 words
  • Page 7 Advertisements
    • 508 7 BAG THE BEST BUYS OF THE CENTURY GRAND LUCKY DRAW WIN 3 MITSUBISHI CARS PLUS UP TO $60,000 WITH VISA* RULES ft REGULATIONS A minimum purchase of $30 m one receipt from any CSS grand draw participant entitles you to one chance at the lucky draw J. Only original lucky
      508 words

  • INDONESIA'S ELECTIONS
    • 2388 8  -  PDI-P will be the main challenger to the status quo, but there are signs and statistics that suggest hounded Golkar could still come out on toD By Yang Razali Kassim in Jakarta IN a country where people poke fun at politics and politicians by whispering
      REUTERS  -  2,388 words
    • 546 8  -  By Yang Razali Kassim in Jakarta WHOEVER controls Java, controls Indonesia for the simple reason that it is the archipelago's most populous island. Not surprisingly, Java has always been a key battleground. In the Suharto years, Golkar dominated the island, though two other forces
      546 words

  • SPORTS
    • 934 9  -  A fascinating contest is in store today between Cronje's all-rounders and Akram's pacemen, writes STEVE JACOBS STEVE JACOBS The writer, a sub-editor at Singapore Press' Sydney office, is from South Africa. He supports South Africa and Australia, although he is not admitting
      934 words
    • 649 9 FRENCH OPEN First Grand Slam final for Graf since 1996 US Open, when she beat Seles LAT-WP PARIS Once again, Steffi Graf got some place in a hurry, slightly ahead of schedule. For the first time since 1996, she is back in a
      LAT-WP  -  649 words
  • Page 9 Advertisements
    • 393 9 AIK/lt/Vl*/! iiriMA JJ M A Alfl J Presented Diners Club Offers Personalised Cash Access to apply, cat lO WlllCj OlllC dUCI CntßlTHin*** lmemaiionaT atover3o,o(XlkH»tioiisworklwide. .ijy, INj CITY THAI SHARKSfIN RESTAURANT Bniised Superior Braised Superior Shark's Fin (1 Otypot per person) Braised Whole Abator* w/Supreme Mushroom Kai-Lan Sambal Pomfret Prepared m
      393 words
    • 46 9 Fresh oysters, delectable lobsters, savoury- honey-glazed ham, Ui Prime Rib of Beef and many more mouth|K> watering dishes to leave you spoilt for choice J||c x Lunch: 12 noon 2.30pm Dinner. 6.30pm 10.00pm Reservations: 831-6271/88 311 Orchard Road. Singapore 2 J8867 737 4411 732 1 361
      46 words

  • EXECUTIVE LIFESTYLE
    • 726 10 THEATRE Spotlight likely to shift from musicals to dramas this season NYT [NEW YORK] Forget the stock market. Never mind the Belmont. If you have a farm, bet it. The surest wager in the world, say Broadway's pundits and politicos, is that come
      NYT; FILE PHOTO  -  726 words
    • 287 10 PEOPLE LAT-WP NEW YORK The gown that Marilyn Monroe wore like a second skin when she sang Happy Birthday to President John F Kennedy in 1962 can be yours if you have perhaps a million dollars. Christie's will auction that flesh-colored dress in its
      LAT-WP; REUTERS  -  287 words
  • Page 10 Miscellaneous
    • 1786 10 CRYPTIC CROSSWORD 1 Yellow pig consumes every--4 Proposal incorporates aim j 9 A dictum devoid of principles "~■■■■"""■J "■■J 10 New translation of "AntigoQuasimodo (5) 14 Small sprite has personality (4) 17 Going one better by undressing in the open (12) I j I i I j| M 20 Recall
      1,786 words

  • COMPANIES & MARKETS
    • 592 11  -  Move may cost company $&2b based on yesterday's closing share price Teh Hooi Ling [SINGAPORE] Singapore Telecom will seek shareholders' approval to buy back up to 5 per cent of its shares in September during its annual general meeting,
      CHRIS LOH  -  592 words
    • 221 11 [SINGAPORE] Shipping company Metalock (Singapore) Ltd saw net profit tumble 48 per cent to $1.8 million due to the restructuring of its businesses and the regional downturn. Operating profit before tax and minority interests fell a sharper 62 per cent to $4.8 million. The
      221 words
    • COMPANY Briefs
      • 82 11 [SINGAPORE] Falmac Ltd is restructuring all its existing facilities and debts totalling some $24.3 million. Its bankers have agreed not to enforce the focilitiee, wind up the company or revise the terms of any existing facilities unless a default occurs. The facilities will be repaid quarterly
        82 words
      • 52 11 [SINGAPORE] With effect from June 1, Howard Lo has been appointed chief operating officer of Nippecraft Ltd. Mr Lo joined the company from its major shareholder and parent Asia Pulp and Paper Company. Chief executive officer Bill Habergham will be leaving Nippecraft on June 29 when his
        52 words
      • 96 11 [SINGAPORE] New Toyo International Holdings is redeploying a portion of its IPO proceeds of $40.2 million. It earlier indicated that $3 million would be used to set up a corrugated carton box manufacturing plant and a lamination plant in Myanmar. The company yesterday said it
        96 words
      • 61 11 [SINGAPORE] Following her appointment as Senior Parliamentary Secretary in the Ministry of Community Development with effect from Thursday, Yu-Foo Yee Shoon has resigned as a director and member of the audit committee of Kian Ann Engineering Ltd. She has also resigned as a director
        61 words
      • 46 11 [SINGAPORE] ST Capital Ltd will now be known as Vickers Capital Ltd. Shares will be traded under the new name with effect from Monday. The short and abbreviated names of the company will be VicCapital and VICCAP respectively.
        46 words
    • 197 11 He buys 12.1 m shares, boosting his stake to 13.1% [SINGAPORE] Kwek Leng Beng, the Hong Leong property, hotel and finance boss, has boosted his stake in Hwa Hong Corp to 13.1 per cent from 5.6 per cent after a threemonth buying spree.
      197 words
    • 731 11  -  HOCK LOCK SIEW Catherine Ong WOULD you buy a stock trading at a price-earn-ings ratio of 22, has a dividend yield of 1.89 per cent and expected earnings growth of zero this year and possibly negative in the foreseeable
      731 words
    • 496 11  -  S6P puts Irish bank's ratings on credit watch By\ Conrad Raj [SINGAPORE] Rating agencies appear to view Allied Irish Banks' recent move to invest in Singapore's Keppel Tat Lee Bank with some apprehension, and in fact think that it is a better
      496 words
    • 441 11  -  The group also plans acquisitions and strategic alliances By Rahita Elias [SINGAPORE] SembCorp Industries has set cost-cutting targets for all its companies, which if met should realise savings totalling some $35 million this year. Chairman Philip Yeo and president Wong Kok Siew said
      441 words
    • COMPANIES
      • 425 12  -  Move may signal start of Japanese giant's bid to forge pan-Asian alliances From Anthony Rowley in Tokyo NIPPON Telegraph and Telephone Corp (NTT) is to take a 15 per cent stake in Philippine Long Distance Telephone Company (PLDT) for US$75B million (Ssl.3
        AFP  -  425 words
      • 291 12 [SINGAPORE] Local electronics contract manufacturers were given a boost yesterday from JIT Holdings' better-than-expected FY99 net earnings, with all the major counters gaining ground. JIT itself hit a year's high of $3 before closing the day 13 cents, or 4.7 per cent, higher at
        291 words
      • 394 12  -  By Siow Li Sen [SINGAPORE] First Capital Corp's divestment strategy is picking up steam nicely with the latest sale, its Century Square Mall, via an asset securitisation deal. Yesterday DBS Bank which is managing the asset securitisation for FCC and FCC both announced the
        394 words
      • 499 12  -  Notes backed by 21 rental properties, carpark space From Quak Hiang Whai in Hongkong NG Teng Fong's Sino Land Co has raised about US$3OO million (*****.7 million) through a notes issue backed by a portfolio of the group's 21 investment properties and carparking
        499 words
      • 564 12 New CEO's priority: turning group aronnd and cutting debt Bloomberg [SINGAPORE] Flemming R Jacobs, who this week took over as chief executive of Neptune Orient Lines Ltd, Asia's largest shipping company, faces a titanic task. The 55-year-old Dane, who spent 39 years
        Bloomberg; FILE PHOTO  -  564 words
      • 463 12  -  SecnreTrade offered to brokers on trial before August launch From Diana Oon Abdullah in Kuala Lumpur MALAYSIA'S national news agency Bernama yesterday introduced an Internet trading service which could be a precursor to full electronic trading of Malaysian shares by next year. In its
        463 words
      • 312 12  -  By] David Boey [SINGAPORE] The judicial managers for debt-laden plastics components maker Showpla Asia said yesterday that a Japanese buyer has agreed to pay 335 million yen (Ss4.B million) for some of the troubled company's assets. For this price,
        312 words
    • INTERNATIONAL COMPANIES
      • 628 13 Proceeds to fond expansion abroad to rednce domestic dependence Bloomberg (BONN) Deutsche Telekom AG, Europe's biggest phone company, will sell shares later this month at a maximum price of 45 euros (5580.55) each, raising as much as US$l3 billion (5522.4
        Bloomberg  -  628 words
      • 486 13 NYT [NEW YORK] After hearing concerns from big investment firms, the New York Stock Exchange said Thursday it would delay extension of its trading hours until at least the second half of 2000. The decision comes a week after the Nasdaq
        NYT; REUTERS  -  486 words
      • 251 13 Sept 1 move will make market more transparent, liquid Bloomberg [HONGKONG] The Hong Kong Futures Exchange will become fully electronic from Sept 1, ending an era of derivatives floor trading. The HKFE board of directors has approved electronic trading of the exchange's two
        Bloomberg; FILE PHOTO  -  251 words
      • 266 13 Reuters [TOKYO] NEC Corp, Japan's biggest semiconductor maker, hinted yesterday at a retreat from its aggressive investment stance on computer memory chips, after limping to its worst-ever earnings in the last business year. NEC president Koji Nishigaki, who took the helm in
        Reuters  -  266 words
    • 4079 13 •W"* W NlttliK Mv2< P 34.933 56.815 Ut IM LV TY LY Matwortfood* Mar 31 P 13.6061 19.1331 2X 341 Ciwm«i ann «D (ctal (ct«) Naw Toyo Mar 24 P 1.948 7.821 0.91 Me Naal Gifts Mar 31 I L399L L262L 2JL 1.9L 2 199TL 44L
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    • FINANCE & COMMODITIES
      • 335 14 Banks can use their own credit assessments to fix capital they hold FT [LONDON] The most farreaching reforms to international banking standards for a decade were announced on Thursday by regulators, opening the way for banks to use their own credit assessments to fix the
        FT  -  335 words
      • 298 14  -  Visiting group highlights diffar^nCft between UK, Asia By Soh Tiang Keng (SINGAPORE] In London, the insurance market drives the regulators. But in Asia, regulators set the pace and the market follows. This salient difference between the London and Asian insurance markets was highlighted by
        298 words
      • 192 14 [SINGAPORE] Two international insurance conventions will be held in Singapore over the next few months to discuss trends, changes and challenges in the industry in the 21st century. They are the 19th Pacific Insurance Conference (PIC) to be held from Aug
        192 words
      • 303 14 Bloomberg [TORONTO] Canadian Imperial Bank of Commerce, the country's leading bank by assets, said its fiscal secondquarter profit dropped 26 per cent as trading revenue fell and it spent more on salaries and electronic banking. Net income of the bank,
        Bloomberg  -  303 words
      • 352 14 Earo/UBs: Euro/US$ traded sideways for the first two days of the week before heading south into more uncharted territories. A new historical low of 1.0270 was seen by yesterday morning. Thus, unquestionably, the technical picture remains bleak for the European single currency with support seen at
        352 words
      • 141 15  -  rti m rex Reports MSfgg Mngapnrfl TnAwr Larry Tee, Jardine Fleming THE MSCI Singapore Index fell on profit-taking yesterday, ahead of the US pon-farm payroll, as well as the general election in Indonesia on Monday. The June Simsci contract opened at 274.0 points and traded to
        141 words
      • 163 15  -  MSCI Taiwan fixtures Charlie Kuo Refco Singapore SIMEX MSCI Taiwan Stock Index futures rose slightly amid optimism that Taiwan Semi-Conductor Manufacturing Company, a bellwether of Taiwan electronics stocks, would post record sales in May. The June '99 contract opened lower but rebounded gradually
        163 words
      • 334 15 ENERGY REPORT Reuters, Bloomberg [LONDON] Oil prices headed higher yesterday as bargainhunters dipped back into the market following recent reversals. London's benchmark Brent blend futures were up 28 US cents in late afternoon business at U5515.20 a barrel. Brent is up
        Reuters,; Bloomberg  -  334 words
      • 327 15 Reuters London THE euro retained its soft tone against the dollar and sterling in late European trading yesterday, but managed to hold above fresh lifetime lows after US jobs data failed to excite the currency markets. Analysts said US May data had a muted impact on the euro/dollar
        Reuters  -  327 words
      • Article, Illustration
        1208 15 WTERBAMK CROSS IATBB Jun 4 C$ uro Pfr pa mk$ tadKsNpMi Von Won m M2$P«I» ftso S$ land Sir KT$ MINI WS$ AWt W< 0-958 4 ,7, 0,431 4,04 1233 1037 27J8152.370 0.7% 7.689 2.468 1233 33.708 ***** 1.C1 4.009 1.002 21.253 24.075 0.405 0541 1624 0656 4J17 12X1 5257
        1,208 words
      • 1758 15 SICOMrOTPRBS Jun 4 RUBBER (futures ctosinq as at SJOpm) RSSf CONTRACTS cMts/k« ChN VPtom Opon MOW** Hjgfe Low Sttt (tlMOl) fcrtOTWtt J* 99 105.50 700 A»9 99 107.50 375 Sop 99 110.50 275 Oct/Doc 99 115.00 1500 Jan/Mar 00 119.75 Apr/Jm 00 ***** -RSS 3 CONTRACT (US cwts/k*) VotoM OpM
        1,758 words
    • Article, Illustration
      1356 16 AFP PHingSeag -5M7 HONGKONG share prices fell 0.4 per cent yesterday on late selling due to worries over the direction of US interest rates, dealers said. "There is technical resistance at the 12,500-point level as investors await the release of US economic data which will shed light whether there
      AFP  -  1,356 words
    • Article, Illustration
      542 16 Reuters P Shenzhen B Index 4i38 SHENZHEN'S B share index soared another 8.27 per cent yesterday after putting on more than 4 per cent the previous day as investors piled in on the belief that more market-boosting policies are in the pipeline. The index leapt 6.38 points to 83.50,
      Reuters; Source: Credit Lyonnsis Securities(Asia) Ltd  -  542 words
    • 344 16 AFP □fP Index +17.53 TAIWAN share prices closed 0.2 per cent higher yesterday, posting a gain for the fourth consecutive day on strong buying of technology and electrical shares, dealers said. The Taiwan Stock Exchange Weighted Price Index rose 17.53 points to 7,590.44 on a turnover NTJ132.88 billion. "The
      AFP  -  344 words
    • 2159 16 Jm4 Hml 34 Group. 7.19 0.24 Attay National 13.42 -0.09 A B Foods 4.55 0.02 ABPortS 2 84 -0.01 AMonco t LKctltar 8.94 0.10 AIM Domocq 6-27 0.03 ABted2urich 8.06 0.12 Anglo Amorican Gold 43.70 unch ASOA Group 1.82 -0.02 Bonk of Scotland 8.50 -0.11 Barclays 18.54
      2,159 words
    • 1553 16 AFP □1Gkk0225 *7035 SHARE prices closed mixed in Tokyo yesterday as investors focused on small and lowpriced issues amid uncertainties over Wall Street and the course of economic recovery at home, brokers said. The Nikkei average of 225 leading issues gained 73.25 points or 0.5 per cent to end
      AFP  -  1,553 words
    • KUALA LUMPUR STOCK MARKET
      • 367 17 AFP, AFX-Asia P Composite Indai -4.7 MALAYSIAN share prices ended 0.6 per cent lower yesterday in generally lacklustre trade ahead of the weekend, dealers said. The Kuala Lumpur Stock Exchange Composite Index fell 4.7 points to finish at 739.80 and the Second Board Index
        AFP,; AFX-Asia  -  367 words
      • 6896 17 INDUSTRIALS Coitmiif predicts '"V CajnMilw Cap L»W Company Sate OOP Hlf> Uw P/K $m« 380 255 Ajinomoto 330 20 9 133 8 115 46 Arxjhan 84 2 60 84 81 tla'2 *PoMo food Hlg -268 -1 1 268 268 9J 107.2 5 Land 160 -2 476 163 159 3 2
        6,896 words
    • WARRANTS, OPTIONS & REGIONAL MARKETS
      • 189 18  -  WARRANT WATCH -By! R Sivanithy IT'S often been said that normal rules of warrant pricing cannot be applied to the local market, since prices can get swept up suddenly on purely speculative grounds. Nowhere is this more apparent than in the case
        189 words
      • 208 18 HONGKONG STOCKS i' J. e* Or S2 w <"•■* Omt LHtOMto Mr W IM DC* H> l—' »<"« Cwwmwv ig» COOP) MM» L— 1—f cir M t— 365 T73 5123 CDt(2000)MK 345 -20 20 350 345 3423 355 X7 2J 117 ***** 5124 Cltttiy Pk 20c HN—720 265
        208 words
      • 2151 18 BOMS, LOANS ft WARRANTS 2-w Urt Val Day Last Ouata A*g Hlg» U» «t— Cl—aay taM (OOO) M«M Lm Buyar Sa8ar Mm 37 5 3 3MO »A*f*OM>7iiii« *j 1 543 34 u 33 jTi S 5 ,i 5 1 25* Acma ******4 45.5 -2.5 >453 49 44 45 45 5
        2,151 words
      • 268 18 AFP □WeDmgtoo 4M NEW Zealand stocks closed barely lower yesterday after a three-day winning streak as investors maintained caution ahead of the release of US employment data, dealers said. The NZSE-40 Capital Index closed off just 0.03 of a point at 2,129.04 on turnover of NZ5101.53 million. —AFP i
        AFP  -  268 words
      • Article, Illustration
        874 18 AFP njSETlndei +0.42 THAI shares closed up less than a tenth of one per cent yesterday after profit-takers broke cover in late trade to wipe out earlier gains. Blue chips in the bank and communications sectors led advances earlier on as the market rose more than 12 points but
        AFP  -  874 words
      • 363 18 AFP POMpoßteMg ♦gjl SOUTH Korean share prices yesterday closed higher for the ninth consecutive trading day on heavy buying, dealers said. They said buying was fixed on blue chips and selected large capitalisation shares perceived as sector-leading stocks with good fundamentals. The Korea Stock Exchange main index closed up
        AFP  -  363 words
      • 625 18 AFP QAllOFiiMriai -IX3 AUSTRALIAN share prices fell 0.4 per cent yesterday, driven by losses across some key industrial stocks as investors disregarded a healthy rise on Wall Street overnight The All Ordinaries Index dropped 12.3 points to 2,929.30. The All Industrials Index shed 27.8 points to 5,167.40 while the
        AFP  -  625 words
      • Article, Illustration
        659 18 AFP V% Composite Index +24ifl INDONESIAN share prices surged 4.2 per cent yesterday to reclaim the psychological 600-point level, with sentiment buoyed by a largely trouble-free election campaign, dealers said. "There is expectation of a good result next week and the market could go up like crazy on Tuesday
        AFP  -  659 words
      • 290 18 AFP El-* -27ifl PHILIPPINE share prices closed 1.2 per cent lower yesterday due to fears that the US Federal Reserve may raise interest rates, analysts said. The Philippine Stock Exchange Composite Index fell 27.81 points to close the day at 2,354.60 points. Volume rose to 2.13 billion shares worth
        AFP  -  290 words
    • 7090 19 Transaction date: Jim 4 Or Or Mm K m LMt V* Day Last Ouata Dtv Wv YH Nat Cm Avg MifH Law swta cinm w« rooo) Law 6«yr >«*»» c» p/k jmrn mw MULTHN0UST1Y 147 17.5 m b 1000 Acma 50c 133 Cd -3
      7,090 words
    • 1387 19 8r Cr M Wt S2-W* Loot Val On Last Owata 0* Mv YM Nat Cap Avg MHO Law »tNo Owf »ny Sata COOP) H*g» Law Buyor S—f Cyr P/I Prtca MANUFACTUUM M2 30 c 2049 AS Auto Kk H8 -I (N 121 Itt 118 119 15 N 7 U
      1,387 words
    • STOCK EXCHANGE OF SINGAPORE
      • 405 20 Stocks Vol— ComfortGrp 25c 23,962.000 Econ Intl 20c 17,160,000 GES Intl Ltd 20c 16,217,000 Poh lian 10c 13,321,000 S Chance 10c 11,781,000 IPCO $1.70 10,246,000 KepTatLee Bank 9,278,000 Frt Links 20c 8,793,000 Uraco HldqslOc 8,706.000 IPC Corpn 5c 7,972,000 Stocks DBS Foreign 41,965,845 KepTatLee Bank 35,770,590 GES Intl Ltd 20c
        405 words
      • 612 20  -  STOCK MARKET COMMENTARY Broad market chalks up only 59 rises against 334 falls, the third day that losers outnumber gainers By R Sivanithy THE local stock market weakened for the third consecutive session yesterday with the Straits Times Index dropping
        612 words
      • ON THE GRAPEVINE
        • 79 20 HIGH-FLYING fund manager Madeleine Lee, managing director and chief investment officer of Commerzbank Asset Management Asia, is moving on. After over two years with the German group, she's apparently finding the pace a bit too slow, and gave notice last month. Ms Lee, 36, who joined
          79 words
        • 138 20 NOW here's an innovative idea. An "In Harmony with Feng Shuf' tour to be run by Tradewinds Tour and Travel The tour will take participants around Singapore and educate them in the ways offeng shut —literally "wind water"—eft- the Chinese practice of geomancy which seeks to create
          138 words
        • 113 20 LEAVING trees in place and building on natural slopes rather than flattening the countryside with a bulldozer makes for expensive property development. But in the case of the Banyan Tree in Bintan— along with its sister-locations in Phuket and the Maldives—the gamble appears to be
          113 words
        • 65 20 AND talking of World Environment Day, the Sony Group of companies in Singapore has stumped up awards for Ideas on conservation and the environment Among the novel ideas attracted from tertiary students was dual-fUnction packaging far TV sets which could convert into shelving units for
          65 words
      • Article, Illustration
        59 20  -  By Wong Wei Kong COMFORT Group shares rose three cents yesterday to $0.96 on a volume of 24 million shares, compared wth its 10-day traded average of 11.2 million units. The RSI, Stochastics and MACO indicators are giving out sell signals. The stock is likely to experience a
        59 words



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    • 1704 14 »jo #£**»>* a DRACON/g/t^jk NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN that the Annual General Meeting of the Company will be held on Tuesday, 29 June 1999 at 10.00 a.m. at 120 Hillview Avenue #05-02 Kewalram Hillview Singapore *****4 for the following purposes As Ordinary Business 1. To
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    • 79 19 -:g-••'•--•.?* \\&g r pS|5E$5 we\ Let's use we can S I have outgrown xij The Straits Times afford some new y all this stuff J w are Classified. It's the fastest I V toys, thanks to J we should sell 1 I we going to 1 to make our garage
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    • 1246 20 Want to talk investments with your peers? Join our forum at "http://iol.dbs. com.sg/iol/bbs". SBOUSBANK NOTICES To advertise call toll-free 1800-741 1883 Fax No: 741 1298 IK THE MATTER Of THE COMPANIES ACT. CAP. M AMO IN THE MATTER OF YONG HENG KNITTING PTE LTO (Members' VolHßtiry Wlndlng-Up) At an Extraordinary
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