The Business Times, 12 June 1999

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Total Pages: 20
1 20 The Business Times
  • 14 1 THE BUSINESS TIMES MITA (P) 046/12/087*- 85c SINGAPORE Internet: http://business-times.asial.com.sg/ SATURDAY, JUNE 12, 1999
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  • 697 1  -  But Local shares gain by bigger margin than falls of Foreign shares ByC Clarissa Tan, Ven Sreenivasan [SlNGAPOßE] The Foreign premiums of bank shares narrowed sharply yesterday, a day after DBS Bank announced that it would accord its Foreign shareholders a much
    697 words
  • 284 1  -  By i Conrad Raj FUGITIVE Indonesian banker Hendra Rahardja who once dreamt of being the "hotel king" of Singapore has reportedly been arrested in Australia. Hendra, the owner of two closed Indonesian banks Bank Harapan Sentosa and Bank Guna International was apprehended by
    284 words
  • 576 1  -  Bat property business sees good improvement By. Eugene Low [SINGAPORE] Fraser and Neave (F&N) announced yesterday that it is selling its 75 per cent stake in loss-making F&N Coca-Cola (F&NCC), at the same time releasing its interim results which showed that
    Source: Bloomberg  -  576 words
  • 757 1 Tie-nps with locals will cover field of financial transactions [SINGAPORE] The government yesterday announced it would allow up to five foreign law firms to form joint ventures with local firms to practise Singapore law for financial transactions. Foreign law firms
    757 words
  • 573 1  -  iiAW.mii Azim Zabidi Head of Umno Youth's International Affairs Bureau Malaysia TO use an analogy, Clob International (Singapore's over-the-counter market) is like the second wife of a Malaysian who marries overseas, for example, in Singapore. If the marriage runs into difficulties and
    573 words
  • Page 1 Advertisements
    • 135 1 ill SIDE Let execs jrii mint The private sector should take the civil service's lead and allow manage-ment-level employees to join trade unions, says NTUC deputy gen-secre-tary Matthias Yao, Pg2 DBS Land has proposed a l-fbr-4 rights issue to raise 1806 million for expansion, mainly in its core housing development
      135 words
    • 14 1 DBS Bank's compensation formula, Pg 11 Should foreign holders get a premium? Pg 11
      14 words
    • 55 1 Litigation is out, Pg 3 Big stop M| TUSU fr 6 Imagine you're In your bathroom In a sareng and there's a gold rah on. Ylm don't watt to put on your shorts. You Just Join In the rash In your sarong 9 -An investor on the hectic trading on
      55 words

  • SINGAPORE AT HOME & ABROAD
    • 292 2  -  Follow civil service way of widening union membership: Matthias Yao liy* Audrey Tan PRIVATE sector employers should follow the lead of the civil service in allowing man-agement-level employees to join the trade unions, National Trades Union Congress (NTUC) deputy secretarygeneral Matthias Yao
      292 words
    • 257 2 Reuters BRITISH Airways (BA) will hold another meeting with Singapore Airlines (SIA) to try to settle a dispute over their first-class beds, BA chief executive Robert Ayling says. He said the two firms met in Singapore and would hold another meeting. Mr
      Reuters; SIEW YAW HOONG  -  257 words
    • 286 2  -  !ty David Boey IF you're still thinking about buying one of the freehold apartments at the Claremont which were put on sale on Thursday at an average price of $838 per square foot, you're too late. All 67 Claremont apartments
      286 words
    • 839 2  -  EYE ON THE ECONOMY By Anna Teo THESE may well just be early days, and it may be that the job market typically lags the economy. But joining the stream of recovery or rather recovering indicators is now job advertising volume, after almost one and
      Source: SPH  -  839 words
    • 381 2  -  By) Eugene Low REGUS, one of Europe's largest operators of business centres, is boosting its presence in Asia with a US$6OO million (551.03 billion) investment over the next five years to set up 300 centres in the region. The company, which currently has
      381 words
    • 434 2  -  Lena Chia Yue Joo, Company secretary, Sembawang Resources Ltd, and Linda Hoon Siew Kin, Group company secretary, SembCorp Industries Ltd WE refer to the letter from Yee Soo Chai in The Business Times on June 10, 1999, in relation to the proposed
      434 words
    • 220 2  -  Lim Ee Guan Assistant director (public relations) Ministry of Communications Information Technology WU Pei Tong asked in his letter ("Better to merge SMRT with SBS?" BT, June 10) if it would not be more logical to have Singapore Bus Service (SBS) and the Singapore Mass
      220 words
    • 219 2  -  Amrith Jairam via Internet THANK you for an excellent article by Rajan Ramanathan ("Say Sorry, Akram", BT, June 10). My only quibble would be the rather backhanded compliment given to Rahul Dravid. Dravid and Saurav Ganguly have shown that style (purist or whatever) and
      219 words
    • 98 2  -  Charles Zenzie US via Internet PLEASE extend this message to your reporter, Yang Razali Kassim. I just wanted to tell him and certainly his editors what an excellent job of reporting I think he is doing on Indonesia. In this cyber age, I track dozens of
      98 words
    • 439 3  -  Upswing expected in the cyclical sector despite Asian crisis By. Annette Pau SINGAPORE'S petrochemical companies are poised to benefit from the pickup in regional demand in the next few years, the Monetary Authority of Singapore yesterday said in a paper on
      FILE PHOTO  -  439 words
    • 411 3  -  Reports by Soh Tiang Keng THE current state of Singapore's general insurance industry is sluggish, with depressed premium volumes, reduced earnings and weakened balance sheets. This bleak scenario of the industry, hit by Singapore's economic slowdown last year, was painted yesterday by Albert Koh, president
      411 words
    • 251 3 BIG Corporations like Sony and Secom are entering the non-life Japanese insurance market as a result of the Big Bang now sweeping Japan. This was stated yesterday by Satoshi Kumakura, general manager (international department) of the Mitsui Marine and and Fire Insurance
      251 words
    • 705 3  -  But they can advise and draft documents in S'pore laws panel Byi Catherine Ong, Conrad Raj FOREIGN law firms in joint ventures with local firms can give advice and draft documents in Singapore law but not litigate, says the Legal Services
      705 words
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  • Page 3 Advertisements
    • 9 3 Strait 11 iSSSC9MMfc l &ffrJLw 11 ZOBBtt&SSmi* f "*SsSro
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  • FOCUS: MARKETS
    • 633 4  -  lm new jobs to be created, banks urged to write off debt, scrap overcapacity From. Anthony Rowley in Tokyo TOKYO financial markets remained euphoric after Thursday's announcement that Japan's real GDP rose a dramatic 1.9 per cent in the first quarter
      AFP  -  633 words
    • 517 4  -  From Harish Mehta in Bangkok AFTER 10 days of solid gains, Thai stocks took a half-step back, declining less than one per cent as investors took profit, but analysts wagered the market would rebound next week on a slew of positive economic news, and
      Source: Bloomberg  -  517 words
    • 516 4  -  From Meera Tharmaratnam in Hongkong HONGKONG'S benchmark Hang Seng Index rose 1.19 per cent to 12,992.76 points yesterday, encouraged by positive economic data from Japan and rate cuts in China. The Hang Seng Index, which earlier breached the 13,000 level, climbed on buying
      Source: Bloomberg  -  516 words
    • 497 4  -  From Diana Oon Abdullah in Kuala Lumpur VOLUMES on the Kuala Lumpur Stock Exchange (KLSE) hit a high for the week yesterday with 700 million shares traded as retail investors jumped into the market, pinning their hopes on a pre-election rally. Price
      FILE PHOTO  -  497 words
    • 345 4 ECONOMIES ON TBE MEND Funds to be used to recapitalise banks, boost spending Bloomberg [LABUAN] Malaysia is negotiating with 30 foreign banks to borrow up to US$l billion (551.71 billion), money that the nation is expected to use to help restore its ailing
      Bloomberg  -  345 words
    • 234 4 Bloomberg [VIENNA] The economies of Japan and Germany may be rebounding, and the International Monetary Fund may revise its growth outlook for this year, an IMF official said. "The most recent data that have appeared over the past week for Germany and Japan
      Bloomberg  -  234 words
    • 357 4 Recovery helped by tourism, retail, stocks &nd property Reuters [HONGKONG] The Hongkong economy appears to have bottomed in the third quarter of 1996, the territory's financial secretary noted in remarks to the Legislative Council (Legco) yesterday. "Taking in the entire period when
      Reuters  -  357 words

  • THE REGION
    • 495 5  -  Capital main source of productivity growth, TFP low Froml Diana Oon Abdullah in Kuala Lumpur MALAYSIA'S productivity dipped by 1.8 per cent last year but should grow by 3.3 per cent this year on the back of projected one per cent
      495 words
    • 46 5 [TAIPEI] Dozens of National Assembly members, belonging to the opposition New Party, protesting outside the assembly in Taipei yesterday against the ruling Kuomintang's constitutional reform proposal to expand power for the body. The yellow banner reads "anti-power expansion' AFP
      AFP  -  46 words
    • 240 5 BANGKOK Bloomberg THAILAND will soon tap another US$5OO million (*****.5 million) from its US$l7.2 billion credit programme arranged two years ago by the International Monetary Fund, ending speculation it might abstain because its economy is on the mend. Thailand expects the IMF board
      Bloomberg  -  240 words
    • 227 5 JAKARTA Reuters INDONESIA'S attorney-gen-eral, heading a much criticised probe into former President Suharto's wealth, will himself be investigated following allegations of graft, the justice minister said. Andi Ghalib has been accused by the non-government Indonesian Corruption Watch (ICW) of taking bribes from senior businessmen
      Reuters  -  227 words
    • 300 5 WASHINGTON Bloomberg THE US Export-Import Bank approved US$346 million (*****.7 million) in financing for PT Garuda Indonesia, the country's government-run flagship airline, to lease 11 Boeing Co 737 jetliners. Garuda will use the aircraft to serve the outlying areas of the country of
      Bloomberg  -  300 words
    • 491 5 KUALALUMPUR Audio recording of prosecutors trying to fabricate evidence Reuters A DEFENCE lawyer said yesterday he has an audio recording which showed public prosecutors tried to fabricate evidence of sexual misconduct against jailed former Malaysian finance minister Anwar Ibrahim. Karpal Singh told the
      Reuters; REUTERS  -  491 words
    • 252 5 KUALA LUMPUR M'sian minister may discuss matter in coming visit to S'pore AFX-Asia FOREIGN Minister Syed Hamid Albar said the outstanding water supply issue between Singapore and Malaysia can be resolved if both sides exercised a friendly relationship, Bernama news agency
      AFX-Asia  -  252 words
    • 181 5 BANGKOK Reuters THAI Finance Minister Tarrin Nimmanahaeminda said yesterday that the government appointed Singh Tangtatswas, president of the Stock Exchange of Thailand, as chief executive of stateowned Krung Thai Bank. Mr Singh's appointment came after a long search for a man to take
      Reuters  -  181 words
    • 341 5 AFP [TOKYO] Japan's troubled Tokyo Sowa Bank Ltd collapsed yesterday with a huge capital deficit, the latest failure in the nation's debt-rid-den financial sector. The Tokyo-based regional bank filed a bankruptcy application with the government's Financial Reconstruction Commission for public protection, a bank official said. "We
      AFP  -  341 words
    • 274 6 BEIJING Reuters CHINA'S trade surplus in the first five months of 1999 plunged 62 per cent year-on-year to US$7 billion (Ssl2 billion), a senior trade official was quoted as saying yesterday. The semi-official China News Service also quoted Assistant Minister of Foreign Trade Ma
      Reuters  -  274 words
    • 551 6  -  Cathay, Swire and Citic make good gains as investors bargain-hunt From l Quak Hiang Whai in Hongkong INVESTORS reacted positively to the last-minute agreement reached between Cathay Pacific Airways and its pilots even as the airline was forced to cancel another 69
      Source: Bloomberg  -  551 words
    • 350 6 HONGKONG New bill seeks to create tribunal to deal with such cases Reuters HONGKONG'S securities watchdog agency said yesterday it plans to replace some criminal offences for market manipulation and replace them with more enforceable and effective civil offences. Securities and Futures Commission
      Reuters  -  350 words
    • 202 6 TOKYO AFP TOKYO'S nationalised Long-Term Credit Bank of Japan Ltd said yesterday it wrote off a huge 3,224.2 billion yen (5546.5 billion) in bad loans in the past year to March as it stripped down its operations. LTCB's capital to asset ratio
      AFP  -  202 words
    • ASIA Notes
      • 90 6 Reuters [GUANGZHOUI China's Guangzhou city government said yesterday it will inject "superior assets" into its debt-strapped Guangzhou International Trust and Investment Corp (GZITIC). The city's executive vice-mayor, Wu Liang, confirmed that GZITIC, which is in default on a US$3O million (Sssl million) syndicated loan, would
        Reuters  -  90 words
      • 64 6 AFP [TOKYO] Visitors viewing a 1902 Silver Rose Bowl designed by Archibald Knox from the private collection of US actor Brad Pitt during the opening of the Liberty Style exhibition at the Tokyo Metropolitan Teien Art Museum, yesterday. Pitt has contributed 16 pieces of silverware
        AFP  -  64 words
      • 78 6 Reuters [SEOUL] South Korea acknowledged yesterday for the first time the central bank has recently been intervening in the local foreign exchange market to buy dollars and slow the won's appreciation. The International Monetary Fund, which consults with Korea on major economic policy moves, reaffirmed it
        Reuters  -  78 words
      • 88 6 AFP [SEOUL] Thousands of South Korean workers staged a walkout yesterday for the second day to protest prosecutors' alleged incitement of strikes so they could crack down on unions. Union leaders said that about 10,000 workers downed tools at 10 workplaces including Korea Heavy Industries Co.
        AFP  -  88 words
      • 93 6 Reuters [BEIJING] China plans to shut down thousands of cement plants and glass mills this year to curb overproduction and improve quality, the China Daily said yesterday. "We plan to eliminate 2,000 illegal cement plants, shut down another 676 firms whose licences have been revoked
        Reuters  -  93 words
    • 485 6 NEW DELHI Bumper harvests boosting incomes in rural areas, raising demand for manufactured goods Bloomberg INDIA'S April industrial production rose at the fastest pace in 14 months, as increased manufacturing production offset a drop in mining. April's output rose 6.8 per cent
      Bloomberg  -  485 words
    • 895 6  -  UTTEBFBOM SEKDAI Foreign investors in Japan should stop looking only at places like Tokyo, Osaka or H&goya By Anthony Rowley THIS correspondent was invited recently to give a talk in Sendai on how foreign investors view the prospect of setting up business ventures in the Tohoku
      COURTESY OF JAPAN EMBASSY  -  895 words
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  • THE WORLD
    • 643 7 NEW YORK Investors, turned off by poor returns and secretive ways, are pulling ont money Reuters FREEWHEELING global hedge funds that were blamed by governments worldwide for the Asian financial crisis are now suffering the wrath of their shareholders, who are pulling back investments,
      Reuters  -  643 words
    • 60 7 [LONDON] The Prince of Wales (right) joking with film director Alan Parker at yesterday's opening of the British Film Institute's Imax cinema in Waterloo, London. They are wearing 3D glasses. The cinema will show 2D and 3D films on a screen which is
      AFP  -  60 words
    • 634 7 NEW YORK Reuters PROFIT ABILITY of US corporations is bouncing back from last year's depressed levels and the second-quarter reports due out in about a month should make pleasant reading for investors. "It's going to be a terrific quarter as will the
      Reuters  -  634 words
    • WORLD Watch
      • 65 7 Bloomberg {WASHINGTON] The US International Trade Commission found that Japanese hot-rolled steel imports hurt US companies, clearing the way for the Commerce Department to collect duties that could price them out of the market. The 6-0 vote handed the US steel industry another victory
        Bloomberg  -  65 words
      • 64 7 Reuters [GLASGOW, Scotland] Britain yesterday called on nations from around the world to approve a new round of comprehensive global trade talks later this year or risk a return to protectionism. Trade Minister Brian Wilson also urged the US and Europe to quickly resolve
        Reuters  -  64 words
      • 54 7 Bloomberg [BONN] Deutsche Boerse AG, manager of Frankfurt's stock exchanges, won a recommendation from the government to set up a planned energy and electricity exchange in Frankfurt, beating bids from Hanover, Leipzig and Dusseldorf. Deutsche Boerse aims to start the exchange at the beginning
        Bloomberg  -  54 words
      • 56 7 AFP [MANNHEIM, Germany] The euro-zone economy is showing signs of "slight improvement" and the world economy is seeing a "gradual but continuous" improvement, the chief economist at the ECB said yesterday. The economist at the European Central Bank, Otmar Issing, said this followed a period
        AFP  -  56 words
    • 365 7 NEW YORK It's 2nd time a jury has been unable to reach a verdict NYT PATRICK R Bennett, the businessman accused of orchestrating one of the largest financial swindles in US history, was convicted on Thursday of fraud and money laundering by
      NYT  -  365 words
    • 471 7 WASHINGTON NYT THE booming domestic Internet economy now rivals or exceeds the revenues of such veteran sectors as autos, energy utilities and telecommunications, a major academic study concluded Thursday. The study estimates that the Internet economy grew by 174 per cent a year
      NYT  -  471 words
    • 575 7 WASHINGTON This may presage price rise in the months ahead Bloomberg PRICES paid to US factories, farmers and other producers increased in May for the third month in a row, led by higher food prices, doing little to allay investor concerns about
      Bloomberg  -  575 words
    • 560 7 NEW YORK Reuters THE Federal Reserve just as it shielded the US expansion against a global financial crisis last fall now cannot let inflation derail an economy that has been running at full speed for years, monetary policy experts say. If the Fed
      Reuters  -  560 words

  • FOOTS
    • 1367 8 Latest virus, considered more powerful than the Melissa strain, infects computers at GE, Boeing, Microsoft, Credit Suisse First Boston and others Bloomberg, NYT A COMPUTER virus that spreads through e-mail has infected computers at General Electric Co, Boeing Co, Microsoft Corp, Credit Suisse First Boston
      Bloomberg,; NYT; FILE PHOTO  -  1,367 words
    • 317 8 NYT [NEW YORK] The first virus known to hit personal computers was called the Brain. Distributed via floppy disks in the mid-1980s, the Brain was relatively innocuous and easy to track. Today, there are an estimated 40,000 computer viruses, many far more harmful. Here
      NYT  -  317 words
    • 811 8 NYT [SANTA MONICA, California] Just outside the security door to the Symantec Antivirus Research Centre (SARC) here is a wall-length mural depicting engineers like those inside as superhumans and film noir detectives. SARC is part of the Symantec Corp, a computer utilities and antivirus protection company, which
      NYT; FILE PHOTO  -  811 words
    • 1727 10  -  uuftßY WEE talks to president Philippe Stern about the upmarket Swiss watchmaker's strategies for the next millennium LARRY WEE IN June 1998, a watch owned by famed jazz musician Duke Ellington was sold for U*****,500 (Ssl.l million) at a watch auction, some 50 years after
      1,727 words
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  • EXECUTIVE LIFESTYLE
    • 975 9 Mike Myers gives an intellectual spin to the origins of Anstin Powers LAT—WP [BEVERLY HILLS, California] Mike Myers is perched on the edge of his chair in counterattack mode. He has peeled off a cashmere crew-neck, rolled up shirt sleeves and removed highgloss leather loafers.
      LAT—WP; FILE PHOTO; AFP  -  975 words
  • Page 9 Miscellaneous
    • 1863 9 CRYPTIC CROSSWORD 101 hill ascents commandeered for exercises (13) 8 Trudges along, meeting only vagrants (6) 9 This instrument plays a vital 10 Goes with sweet chick (3) "TIBio"" Hi 11 Cherish an ambition to climb -JH 12 Inflationary cycle that goes back to the car (4,4) 14 Cosy note
      1,863 words

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  • COMPANIES & MARKETS
    • 435 11  -  Rights issue priced at $2.30 a share; company aiming to stock np landbank By David Boey [SINGAPORE] DBS Land has proposed a l-for-4 rights issue that will raise net proceeds of up to $606 million for expansion, mainly in its
      FILE PHOTO  -  435 words
    • 474 11  -  Average of two methods used to arrive at package for dual tranche merger By( Clarissa Tan [SINGAPORE] DBS Bank used the simple average of two results from two different formulas to arrive at its compensation package for the merger of its dual tranches. While the first
      474 words
    • 695 11  - Share mergers: should foreign holders get a premium HOCK LOCK SIEW Wong Wei Kong DBS Bank, the first among the local banks to announce details of plans to merge its foreign and local shares, has rightly chosen to compensate foreign shareholders in doing away with dual listing. This, of course,
      695 words
    • 479 11  -  SIA appears miffed at report of Mews Corp raising its price /fc/ 1 Conrad Raj [SINGAPORE] Singapore Airlines appears to be still miffed with media baron Rupert Murdoch's News Corp for scuttling its discussions on the sale of its 50
      479 words
    • 457 11  -  By < Conrad Raj [SINGAPORE] Well-known dealer Simon Cheong has been identified as the mystery buyer of the Chiarapurk family's 38.6 per cent stake in listed Jack Chia-MPH for some $73 million. Mr Cheong, who recently splurged nearly $100 million on an apartment
      457 words
    • 220 11 [SINGAPORE] Uraco Holdings and Enersave Holdings are raising funds via new share placements to expand their businesses. Uraco will raise net proceeds of $14.4 million from 26 million new shares to be issued at 57.1 cents each. This represents a 10 per cent discount to
      220 words
    • 262 11  -  Fimdstobeiisedfor expansion and as working capital By Jennifer Lien [SINGAPORE] Nat Steel Electronics (NEL) yesterday said it would issue US$275 million (Ss47l million) to US$3OO million worth of unsecured convertible bonds, with an option to issue a further US$5O million. The exercise would help
      262 words
    • COMPANIES
      • 377 12  -  By. David Boey [SINGAPORE] Listed brokerages saw their shares pushed to their highest levels since August 1997 in late trade yesterday as the benchmark Straits Times Index continued to power its way above the 2,000-point level. Market watchers said shares of
        377 words
      • 622 12  -  Group is eyeing stock exchanges in S'pore, US (Nasdaq) and Germany By Carol Eng SINGAPORE Internet software development firm SR Singapore is aiming for multiple listings in Singapore, Germany and America's Nasdaq. First stop will be Singapore's stock exchange, and V Suresh, the
        SIEW YAW HOONG  -  622 words
      • 355 12  -  Star Wars, Furby toy sales boost HI turnover 30% By: Marissa Chew [SINGAPORE] The Force was clearly with Wah Shing in the first half of this year the Hongkong toy-maker yesterday said sales of Star Wars and Furby toys helped boost its
        355 words
      • 297 12  -  By Ang Wan May [SINGAPORE] Informatics Holdings and EDB Investments have taken a 60 per cent stake in a Swedish IT training unit for about $8.4 million, a move which Informatics expects will boost its FY2OOO earnings. The Swedish training outfit Cornerstone Sweden Aktiebolag was
        297 words
      • 370 12  -  Machine developed jointly with Dutch giant Philips By, Jennifer Lien [SINGAPORE] Sesdaq-listed Serial System, which has seen its share price jump 156 per cent in the last three weeks, yesterday launched a CD audio recorder developed jointly with Dutch electronics giant Philips. Serial wants
        ARTHUR LEE  -  370 words
      • 404 12 Bloomberg (SINGAPORE] SNP Corp, a government-controlled printing and publishing company whose shares have almost doubled in the past four days, will focus on Internet-related business after cutting back on its printing operations. "We have tried to revamp our culture to be more market driven
        Bloomberg  -  404 words
      • 425 12  -  China distribution chain woes put brakes on recovery By] Louis Beckerling [SINGAPORE] Continuing problems with its China distribution network have put the brakes on a recovery by health-food maker Cerebos Pacific Ltd. The group yesterday reported net earnings of $6.62 million (up 7
        425 words
      • 230 12  -  Ven Sreenivasan [SINGAPORE] Clob investors should not feel pressurised to accept any unreasonable offer that may come their way, the recently formed Securities Investors Association (Singapore) (SIAS) said yesterday. Pro-tem president David Gerald said SIAS preferred to see the migration of the Malaysian Clob
        230 words
      • COMPANY Briefs
        • 53 12 AFX-Asia [KUALA LUMPUR] Arab-Malaysian Finance and Sime Bank have mutually agreed to call off plans for Arab-Malaysian Finance to acquire Sime Finance. Arab-Malaysian Finance yesterday said the management agreement appointing it as the sole and exclusive manager of Sime Finance's business will be terminated, with
          AFX-Asia  -  53 words
        • 76 12 [SINGAPORE] Elevator and escalator installer Chevalier Singapore yesterday said its net profit rose 6.7 per cent to $3.8 million for the year ended Mar 31, despite a 20.4 per cent slide in turnover to $58.6 million. Earnings per share came to 3.39 cents and
          76 words
        • 62 12 [SINGAPORE] Electronics company Giken Sakata yesterday reported that turnover dipped by 3.3 per cent to $129 million but net profit surged 37.4 per cent to $2.8 million. Earnings per share came to 4.64 cents while net tangible assets backing each share was 23.1 cents.
          62 words
        • 44 12 [SINGAPORE] SembCorp Industries president and chief executive Wong Kok Siew has been appointed Jurong Shipyard's chairman. Mr Wong was previously the shipyard's deputy chairman. He takes over from Lua Cheng Eng who retired from the board of directors.
          44 words
        • 56 12 [SINGAPORE] Penguin Boat International has formed a subsidiary. Penguin Ferry Services, to spearhead its penetration into ferry services and ferry terminal management. The new company is not expected to have a material impact on Penguin Boat's earnings per share or net tangible assets per
          56 words
        • 58 12 Bloomberg [SINGAPORE] Vickers Ballas Holdings has appointed Edmund Lee the managing director of its stock brokerage arm, Vickers Ballas Co. Mr Lee, who has been with Vickers Ballas for 13 years, will also manage the brokerage's sales offices in New York and London. He
          Bloomberg  -  58 words
    • INTERNATIONAL COMPANIES
      • COMPANY Briefs
        • 94 13 Bloomberg [BOSTON] Fidelity Investments' flagship Magellan Fund devoted a lower percentage of assets to technology stocks and a higher percentage to cash in April than any month since last August, according to a company report. The US$9l.4 billion (*****.6 billion) fund, the world's biggest mutual
          Bloomberg  -  94 words
        • 78 13 Reuters [NEW YORK] Lockheed Martin's financial troubles have created new problems for its struggle to acquire Comsat Corp, with Comsat executives mulling over the idea of setting new terms to the deal or killing it altogether, the Wall Street Journal reported yesterday. In the aftermath
          Reuters  -  78 words
        • 39 13 Reuters [SYDNEY] Australian investment bank Macquarie Bank Ltd is negotiating with Deutsche Bank AG on buying parts of Bankers Trust Australia Group's investment bank, a source at Deutsche's newly acquired subsidiary said yesterday.—Reuters
          Reuters  -  39 words
        • 98 13 Bloomberg [NEW YORK] NBC, the No 2 US television network, said it has reached an eight-year agreement with AT&T Corp, soon to be the largest cable-TV company, to air its broadcast and cable programmes, digital services and the Olympics. AT&T Broadband Interactive Services, the company's
          Bloomberg  -  98 words
      • 362 13 9 mobile phone giants to develop 3rd generation systems FT [LONDONI Nine global leaders in the mobile telephone industry have confirmed they will work together to develop technology required for the next generation of wireless communications. The group, 3G.IP, comprises British Telecommunications, AT&T, Rodgers Cantel,
        FT  -  362 words
      • 496 13 Banks, Wall Street firms race to be in on the changing way US stocks are traded Reuters [NEW YORK] Wall Street firms and other investors are showering money on electronic trading systems that compete with exchanges by matching stock orders, in a move to
        Reuters; REUTERS  -  496 words
      • 277 13 NYT [SAN FRANCISCO) National Semiconductor Corp reported its fifth consecutive quarterly loss on Thursday, but its results essentially met analysts' expectations. The company's executives said National Semiconductor was on track to return to profitability by its fiscal second quarter, which ends in November.
        NYT  -  277 words
      • 245 13 Reuters, FT [TOKYO] Britain's Cable and Wireless Pic (C&W) is in talks with Japanese regional phone service provider Tokyo Telecommunication Network Co Inc on a possible hook-up of their networks, a TTNet spokesman said yesterday. "It is hard to say at the
        Reuters,; FT  -  245 words
    • 4768 13 Net Mm CPS Network Food! M« 31 P 13.6061 15.1331 23L 341 Date TY LY TV IV New Toyo Mar 24 P 1.948 7.821 0.91 3.68 Company ann <$m> <$m> (ctt) (ctO Noel Gifts Mar 31 I 1799L 1.262L 2.11 1.9L NobelOesign Mar 30 P 1.334L
      4,768 words
    • FINANCE & COMMODITIES
      • 822 14  -  Margins intact with prices linked to US dollar, costs in local currency By Eugene Low [SINGAPORE] Despite the economic crisis, the region's palm oil industry still enjoys healthy operating margins and offers good potential for growth.. Analysts say Indonesia's palm oil industry, which
        822 words
      • 385 14 Euro/USS: The unit dipped to a new historical low of 1.0260 on Monday before embarking on a northbound journey to reach a high of 1.0525 by Thursday. Notwithstanding, strong resistance is seen at 1.0540. Ability to breach this level convincingly despite the overbrought daily stochastics is perceived
        Source: DBS Bank  -  385 words
      • 269 14 Reuters [NEW YORK] Bank of America Corp, the No 2 US banking company, is expected to unveil plans shortly to buy back as much as US$lO billion (Ssl7 billion) in stock, according to analysts who have met bank executives. The move would be the
        Reuters  -  269 words
      • 293 14 Fees charged for people who pall out money within a certain time frame Bloomberg [BOSTON] An increasing number of US mutual funds are looking to penalise investors who try to time changes in market direction by fast trading in and out of
        Bloomberg  -  293 words
      • 444 14 US House panel passes bill which restricts sharing of client information Bloomberg, Reuters [WASHINGTON] The US House Commerce Committee, in a surprise move, approved a bank modernisation bill on Thursday that gives consumers new rights to prevent banks from sharing personal information
        Bloomberg,; Reuters  -  444 words
      • SMALL Change
        • 110 14 Bloomberg [MANILA] Citigroup Inc was the biggest lender to Asian companies and governments during the first five months of the year, as the value of loans extended during the first quarter more than doubled. Citigroup arranged US$B.7 billion (5114.9 billion) of syndicated credit in Asia,
          Bloomberg  -  110 words
        • 58 14 Reuters [TAIPEIJ A Taiwan monetary official yesterday demonstrating the water-repelling qualities of a commemorative NTOSO (552.63) banknote which will go into circulation on Tuesday to mark the 50th anniversary of the New Taiwan dollar. Officials said the Bank of Taiwan would issue NT$l.5 billion worth of the
          Reuters  -  58 words
        • 82 14 Bloomberg [TOKYO] Dai-Ichi Kangyo Bank Ltd (DKB), Japan's second-largest lender, said it will raise its stake in mid-sized Kankaku Securities Co to 52.8 per cent by buying stock worth 60 billion yen (*****.8 million). A controlling stake in Kankaku would strengthen DKB's position
          Bloomberg  -  82 words
      • 119 15  -  Reports MSG! Singapore Index Christopher A Podbury, Jardine Fleming INSTITUTIONAL selling interest in early trading yesterday drove the June Simsci futures contract to an intraday low of 280.6. Thereafter, limited foreign institutional buying emerged, resulting in the June contract regaining its composure to settle the day
        119 words
      • 158 15  -  MSCI Taiwan futures Cecilia Loh Refco Singapore THE Simex MSCI Taiwan Stock Index futures contract was unable to uphold its upward momentum yesterday, shedding 0.3 point for the first time in 10 days. The benchmark TWSE index feU 17.36 points to 7,979.40 points
        158 words
      • 369 15 ENERGY REPORT Reuters [LONDON] Oil prices traded sideways yesterday but drew support from a bullish report of tight Opec production discipline and recovering world demand growth. North Sea marker crude Brent blend for July was trading unchanged at U5516.07 at
        Reuters  -  369 words
      • 314 15 Reuters lipmlnp THE dollar fell by one yen from its highs to test chart support at 118 yen in Europe yesterday as fears gradually evaporated that the Bank of Japan would step in again to curb yen strength. Traders said that although yen bulls were still feeling the
        Reuters  -  314 words
      • Article, Illustration
        1242 15 mTERBAKK CROSS RATES Junii AS CS H* Earo Ffr Dw HK$ Iwd 8s BupUh Von Wow HI MgPHib Nio S$ land Sft WT$ 8afct Hmt Australia 0.971 4.178 0.632 4.151 1.238 5.162 28.652 51.306 0.790 7.768 2.529 1.231 34.497 25.224 L140 4.074 LOtl 21.604 24.572 0.413 0.665 CaMd* 1030 5.688
        1,242 words
      • 1761 15 SIC011 FUTURES Jun 11 RUBBER (futures dosing m it S JOpm) RSS1 CONTRACTUS cmtsAq) CtoM Vote* Opon Month Hlgfa Low Sott (to«MS) Interest M 99 106.25 700 Aug 99 108.25 300 Sop 99 m.25 275 Oct/Dec 99 115.75 1200 Jan/Mar 00 120.50 300 Apr/Jim 00 124.00 RSS 3 CONTRACT (US
        1,761 words
    • Article, Illustration
      1424 16 Reuters Hang Seng -*-***** HONGKONG stocks closed higher yesterday as China's interest rate cut continued to buoy a market that was also helped by data showing economic growth in Japan. The Hang Seng Index closed up 153.55 points or 1.2 per cent at 12,992.76. Turnover was HK$B.l7 billion, down
      Reuters  -  1,424 words
    • Article, Illustration
      593 16 Reuters HShenzhenßlndex +4.65 SHENZHEN'S hard currency B shares ended up 4.71 per cent yesterday as a hefty interest rate cut lured fresh money into the market, analysts said. The B share index closed up 4.65 points at 103.19 on turnover of HKS2BO million compared to Thursday's HKS3IO million. The
      Reuters; Source: Credit Lyonnsis Securities(Asia) Ltd  -  593 words
    • 337 16 AFP □WPlato -17.36 TAIWAN share prices closed 0.2 per cent lower yesterday as profit-taking in technology stocks snapped a nine-day rising streak, dealers said. "Investors are cashing in on recent gains as the index approaches the psychological 8,000 points," said Yu Yin-kai. manager of Grand Cathay Securities. The Taiwan
      AFP  -  337 words
    • 2243 16 LONDON liiislvUs J—11 Paaad 31 Croup 7.40 0.18 Abbey national 13.15 0.13 A B Foods 4.52 0.01 A B Ports 2.81 0.01 Alliance t Leicester 8.75 0.01 AMedDomecq 6.01 -0.01 Anqio American Gold 43.70 unch ASOA Group 1.85 -0.02 Ban* of Scotland 8.52 0.10 Barclays 18.44 0.04
      2,243 words
    • 1601 16 AFP PHikkei22S +96J3 SHARE prices in Tokyo gained 0.6 per cent yesterday after Japan's gross domestic product data (GDP) stunned pessimists with a 1.9 per cent quarter-on-quarter surge in JanuaryMarch, brokers said. The Nikkei index of 225 selected issues rose 95.93 points to 17,198.55, the highest closing level since
      AFP  -  1,601 words
    • KUALA LUMPUR STOCK MARKET
      • 445 17 AFP H Composite Index *5.07 MALAYSIAN share prices closed 0.7 per cent higher yesterday but off their highs due to profit-taking amid caution over a possible US rate hike. "The sentiment is still good although some caution emerged in the afternoon session,"
        AFP  -  445 words
      • 8719 17 INDUSTRIALS Cohsmmt prefects 19*9 Last Vol Day Nat Cap Law Cmmm* M« 'OOP High Lew Ftt SmU 380 255 Ajinomoto 358 unch 2 340 358 22.7 145.1 115 46 Angkasa 91.5 5.5 156 92 87 134.9 293 220 Apollo Food Hlg 280 16 4 280 280 9.7 112.0 204 1t5
        8,719 words
    • WARRANTS, OPTIONS & REGIONAL MARKETS
      • 2050 18 BONDS, LOANS t VARIANTS m Last Vo4 Day L«*t Ouot. Avg M*h L« Stno Carney *«r- COOP) High La* Buyar Sallar Prtca 985 3 1 3160 -Acar ******1 USS uSch~ 608 84.5 78.5 82.5 57.5 4.5 3)64 Acma ******4 53 ♦l.S 1350 54 51 52.5 53 48 30 16 S
        2,050 words
      • 183 18  -  W&BBAMT WATCH By Ven Sreenivasan THE GK Goh warrant made a prominent appearance on the actives list yesterday as it leapt 13.5 cents or 29 per cent to close at 59.5 cents on a volume of 21 million units. This is the highest
        183 words
      • 224 18 HONGKONG STOCKS Or Or 52 wk mt v«| Day LaatOuata Ot» M» Y* NH M Cap MKh f» Stna Cmtary SH. COOP) Hl» L— Buyar Sa«ar C'w ?/t Sn* 365 173 5123 COL (2000) Hft 350 ♦*> 14 350 330 330 350 8 17 2J 11.9 6776.6 5124
        224 words
      • 291 18 AFP Q Wellington 434 NEW Zealand shares fell 0.4 per cent yesterday with Air New Zealand softer after Australian media giant News Ltd put the sale of its half of Ansett Australia on hold. The NZSE-40 Capital Index was down 8.34 points at 2,120.11 on turnover of NZ$B4.9 million.
        AFP  -  291 words
      • Article, Illustration
        872 18 AFP □set Infer -438 THAI stocks closed down 0.8 per cent yesterday as investors locked in profits before the weekend, dealers said. Analysts said building and property stocks prospered after several local banks eased lending rates but many players elected to collect profits amid concern over the direction of
        AFP  -  872 words
      • 413 18 AFP D Composite fate* -7.46 SOUTH Korean share prices closed slightly weaker yesterday on profit-taking as investors fretted about a possible US interest rate hike and a military confrontation at sea with North Korea, dealers said. The Korea Stock Exchange Composite Index closed down 7.45 points, or 0.9 per
        AFP  -  413 words
      • 663 18 AFP Qifl Ordinaries -28.4 AUSTRALIAN share prices closed down almost one per cent yesterday as a weaker Wall Street weighed on industrial shares and cancelled out the effects of a rally in resource stocks, brokers said. The All Ordinaries Index finished down 28.4 points at 2,950.20. The All Industrials
        AFP  -  663 words
      • Article, Illustration
        706 18 AFP Index +3.71 INDONESIAN share prices closed 0.5 per cent up yesterday amid speculative trade in second-line stocks, dealers said. An equities dealer with a local brokerage said besides the trading in second-line stocks, the index was propped up by a heavy buy order for Telkom shares, although it
        AFP  -  706 words
      • 302 18 AFP n—- -&n PHILIPPINE share prices closed 0.2 per cent lower yesterday as investors shifted towards second and third-liners amid continued fears of a US interest rate increase, analysts said. The Philippine Stock Exchange Composite Index fell 5.11 points to 2,367.79. Volume was 1.38 billion shares worth 3.24 billion
        AFP  -  302 words
    • 7189 19 Transaction date: Jiin 11 Of Or M Wl 52-Wk Last Va4 Day Last OiMtt OJ» <*» Y J*J "-J *!J High Law StNo Company Saia COOP) HUH Law Buyar Sa«ac Car P/I PTtc MUTHNMItTRY 147 17.5 mb 1000 AcmaSOe H3 cd unch 1316 146
      7,189 words
    • 1321 19 Or fir M art U-M Last Val Day Last Owtt Mv Otv YM Mat Ca» A v* La» 8tMa C —mm* Ml P000> Law Bwyar Mar Or W Ww 148 30 c 2049 AS Auto 10c 138 ***** 14* 130 137 136 IS M 7 1.1 13 157.6 127
      1,321 words
    • STOCK EXCHANGE OF SINGAPORE
      • 396 20 Stocks Votwm CM Telecom HK75C 42.594.000 Lian Beng 5c 35.024.000 Eastern Asia 34,963,000 Uraco HldgslOc 34,222,000 U Xin 10c 29,559,000 Labroy M 20c 26,062,000 Oatapulse 5c 25,753,000 Heshe Hldgs25c 25,211,000 Kim Eng 25c 24,319,000 Liang Huat Wt 22,437,000 Stocks DBS Foreign 63,274,627 OCBC Foreign 53,264,597 Labroy M 20c 51,235,730 OCBC
        396 words
      • 587 20  -  STOCK MABKET COMMENTARY Ponds returning to the market; interest in bine chips and frontline sectoral stocks on the rise By Ven Sreenivasan SINGAPORE stocks continued to climb higher yesterday, with local tranches of banks closing at record highs following DBS Bank's disclosure
        587 words
      • ON THE GRAPEVINE
        • 102 20 IF new telephone company Star Hub's invitation card "to the unveiling of a new face in info-communications" is anything to go by, Singapore Telecom had better get seriously worried. The invite from chief executive Terry Clontz comes in a metallic silver plate that oozes style and
          102 words
        • 94 20 HERE'S a new twist to the ln-flight seat fight between BA and SLA. Ever one for capturing the headlines, Richard Branson's Virgin Atlantic Airways has not only entered the fray with a promise of a double-bed seat it luu now also linked up with comic actor Austin Powers
          94 words
        • 118 20 MALAYSIAN stockmarket punters have taken the cue from the government's intention to revive the controversial Bakun dam in the state of Sarawak, and are on the lookout for possible beneficiaries of the project, brokers say. Although the dam project is being scaled down from the original
          118 words
        • 128 20 MALAYSIAN market watchers are again talking about the pending merger between two telecommunications operators— Binariang and Time Telekom—adding that conclusion of the deal is close at hand. According to market talk, Binariang will buy over Time Telekom, a unit under Renong'B Time Engineering, for a nominal sum,
          128 words
      • Article, Illustration
        61 20  -  -By Wong Wei Kong CM Telecom shares rose 5.5 US cents to U550,525 yesterday with 42.6 million shares traded, compared with its 10-day traded average of 11.9 million shares. The daily RSI, Stochastics and MACD charts suggest that the stock can still move higher, although the weekly indicators
        61 words
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    • 116 14 The fit survive... but only the best get chosen. 1999 Enterprise 50 nominations are now open Companies can nominate themselves by completing the official nomination form. Companies must be home-grown, privately-owned and incorporated under Singapore's Companies Act (1994 Revised Edition) with four years of audited statements. Nomination forms are available
      116 words


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    • 474 20 NOTICES To advertise call toll-free 1800-741 1883 Fax No: 741 1298 HWA TAT LEE HOLDINGS LIMITED (Incorporated in the Republic of Singapore) Notice of Annual General Meeting NOTICE IS HEREBY GIVEN that the Annual General Meeting of the Company will be held at 11 Gul Circle, Singapore *****7 on 28
      474 words
    • 525 20 Want to talk investments with your peers? Join our forum at "http://iol.dbs. com.sg/iol/bbs". QDBSBANK rBISEN PTE LTD 10 Anson Road #16-16 UrWt 3897 International Plata Singapore *****3 NOTICE IS HEREBY GIVEN that a meeting of tha creditors of the Company w* be held at 154 Tyrwhrtt Road. Singapore *****7 on
      525 words
    • 63 20 The grass is always greener on the other side. With so many choice properties for sale in The Straits Times Classified daily, it's no wonder our readers are tempted to seek greener pastures. Advertise in the Properties section (Classifications 402 to 568). Call C.A.T.S. at 1800-737-1166. I CATS. Buy It
      63 words