The Business Times, 22 May 2002

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Total Pages: 64
1 64 The Business Times
  • 17 1 THE BUSINESS TIMES MITA CP\ 01 MCMOCfO 85C SINGAPORE internet: http://business-times.asia 1 .com.sg WEDNESDAY, MAY 22, 2002
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  • 71 1 SR 1,73M8 (+5.91) PiIfODBFOniB U 1,728u0Q (+5.00) PlnraFimiiEß U 2ICJ9 (+0.60) 3T0C1HA1KET INDICES Tuesday Change KLSE CX)MP 78L72 -184 NIKKEI 225 _1U01.1« -6*18 HANO SENG—11,***** -***** SET INDEX ***** +4.62 JAKARTA COMP JtiiM -1.66 MANILA OOMP .U28.7# -1612 TAIPEI WPl 5,***** -1IL6I SEOULCOMP ***** -2812 SHENZHEN B 224.02
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  • 68 1 FOBEX BATES ust ss US$ (SS per USS) L793 £{US$/S$ per 1469 1616 EUROfUSS/SS/E). 0521 1.660 DM 1216 1.236 YEN 126.6 70.10 RM 3.800 HI® HK$ 7.799 4.360 BAHT 4167 2180 RUPIAH 9,038 5,040 PUKE KATES SINGAPORE* 6.26 KUALA LUMPUR #.40 HONO KONO 6.126 JAKARTA 39.00 TAIPEI 1726 TOKYO
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  • 666 1  -  -idexclusive Possibility of more Qualifying Full Banks, faster banking liberalisation Byl Catherine Ong [SINGAPORE] The Monetary Authority of Singapore has hinted that a five-year plan to liberalise the banking sector could be accelerated and more Qualifying Full Banks (QFBs) admitted. In
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  • 626 1  -  Nat Steel, Ockham Holdings give undertaking to accept offer By David Boey [SlNGAPOßE] Flextronics International Ltd, the world's second largest maker of electronic components for brand-name companies, yesterday launched an offer to take over Nat Steel Broadway Ltd at $3.23 cash per share
    Source: Bloomberg  -  626 words
  • 478 1 Firm apologises bnt is not forced to admit wrongdoing AFP Bloomberg Reuters [NEW YORK] Merrill Lynch yesterday agreed to pay a total of US$lOO million in fines to help settle charges that it was telling clients to buy stocks it
    AFP; Bloomberg; Reuters  -  478 words
  • Page 1 Advertisements
    • 72 1 mauiH Top Storiu Credit card payments for property being studied: MAS. Maxt Paga Dr Richard Hu tipped to head Temasek's Mapietree Investments. Maxt Paga Decision on mobile charges by 04. Pg7 Telekom seeks friendly merger with TRI mobile. Pg 13 China stocks surge on new IPO rule. Pg 16 Dr
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    • 50 1 Don t miss BTs 28-page Banking Supplement Free with today's BT. And, for the online edition of the supplement go to http://business-times.astal.com.sg Whither Nat Steel without electronics?, Pg 3 Hyundai distributor IBfoftjMi under tax probe tow Motoring. Page 8 J LA MediShield: time NpM for a check-up Genevif.'ve Cua. 24
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    • 370 1 A financial report card, Banking Supplement Page Two Care to give your overseas property loan a check-up? Interested in saving money on your overseas property loan? Since the start of 2001, the US dollar Federal Funds rate has been reduced an astonishing 11 times and has reached its lowest level
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  • NEXT page
    • 362 2  -  MAS concerned multiple cards, credit lines may reduce cash needed Quak Hiang Whai [SINGAPORE] The Monetary Authority of Singapore (MAS) is concerned that home buyers who have several credit cards or personal credit lines may make use of these for downpayment and substantially reduce
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    • ON THE grapevine
      • 105 2 TANGLIN Club members seem to be a forgiving lot. Recently, they elected to office a member who was found by an inquiry committee to have tendered two votes in breach of the club's by-laws. The incident took place at a special meeting of the club to decide
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      • 72 2 ADDRESSING a conference on cash and treasury management, David Eldon, chairman of Hongkong and Shanghai Banking Corp, had this advice for would-be speakers: "There are four rules to making any speech, economic or otherwise. The Number One rule: have something to say. Rule Two: say
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      • 144 2 and its resounding practice TO drive home his message, Mr Eldon, the keynote speaker for the conference, made sure he stuck to his title, "The Sounds of Asia". His pronouncement of the title for his economic outlook speech was accompanied by background audio effects of tigers roaring, ships' foghorns blasting,
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    • 776 2  -  Risks housing bust, corporate cash crunch, capital flows drying op By Ven Sreenivasan [SINGAPOREJ The US econ omy is headed for a strong demand-driven cyclical recovery which will be accompanied by a 100 basis point rate hike this year, according to a leading Wall
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    • 421 2 Reuters Bloomberg [NEW YORK] The leading contenders to buy US telecoms provider Global Crossing Ltd are expected to seek an extension to yesterday's merger agreement deadline after their US$75O million bid was rejected, the Wall Street Journal reported. Citing people
      Reuters; Bloomberg  -  421 words
    • 38 2 TOSHIBA Corp has clarified that its global revenue for the year ended March 2001 was US$4B billion, not US$4B trillion as stated in Monday's BizlT report, "Toshiba aiming for 30% share of S pore's Pocket PC market".
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    • 294 2  -  Unit owns $3b of property hived off from PSA Corp By\ Kalpana Rashiwala [SINGAPORE] Former Finance Minister Richard Hu is tipped to join the board, probably as chairman, of Mapletree Investments, a Temasek Holdings unit that owns some $3 billion worth of real
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    • 398 2  -  Rebost consumer demand may prove hard to sustain Byl Quak Hiang Whai [SINGAPORE] A sustained global economic recovery is far from certain, the chairman of Hongkong and Shanghai Banking Corporation (HSBC) warned yesterday. Giving the keynote address at the Euro Finance
      398 words
  • Page 2 Advertisements

  • SINGAPORE companies
    • 548 3  -  Revenue forecast to grow 40%, but it'll still end second quarter in the red By David Boey CHARTERED Semiconductor Manufacturing, the world's third-largest maker of customised computer chips, said yesterday in an update that it expects to "significantly improve its sec-ond-quarter revenue and earnings outlook".
      Source: Bloomberg  -  548 words
    • 418 3  -  HATSTEEL BROADWAY TAKEOVER Synergies between their business models also a pins By David Boey TAKEOVER talks between Flextronics International and Nat Steel, parent of electronics contract manufacturer Nat Steel Broadway Ltd (NBL), started three months ago and were kept secret. But the market appeared
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    • 635 3  -  Z r A lock siew angela tan LESS than two years after it sold NatSteel Electronics to Nasdaq-listed Solectron, Nat Steel is on the verge of divesting its last crown jewel, 52 per cent-owned Nat Steel Broadway Ltd (NBL) to another US giant, Flextronics. Like Keppel
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    • 305 4  -  It signs agreement to sell np to 30m new shares at 9&3 C per share By] Kalpana Rashiwala rv wEiA. L«ng oeng s lisiea Hong Leong Asia (HLA), which has interests in home appliances, diesel engine, and packaging manufacturing and distribution
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    • 515 4 Dow Jones Newswires SINCE January this year, systems integrator Datacraft Asia Ltd has been witnessing some growth in customer orders, a top company official said. This is a trend which could be the start of improving fortunes for the company.
      Dow Jones Newswires; FILE PHOTO  -  515 words
    • 592 4 Higher costs and lower investment income cited Reuters SINGAPORE rail operator SMRT Corp is expected to see its 2001/02 earnings nearly halved from the previous year due to higher operating costs and lower investment income. Five analysts polled by Reuters expect SMRT to
      Reuters  -  592 words
    • COMPANY Briefs
      • 104 4 MULTI-CHEM Ltd announced that M Tech Products Pte Ltd, a wholly owned subsidiary, has entered into an authorised distributor agreement with Nokia Inc. Under the agreement, M Tech has been appointed an authorised distributor for Nokia for its Internet security products and products for
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      • 90 4 JADE Technologies Singapore said for the half-year ended March 31, net profit fell 98 per cent to $0.1 million from $4.1 million. Turnover was $29.5 million, down 46 per cent. The drop was attributed to the adverse impact of the sudden global downturn in the
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      • 62 4 Mr a Technology announced that its subsidiary, MFS Singapore, has received orders amounting to $15 million from Philips Mobile Display Systems for the design and manufacture of flexible printed circuits and related assemblies for use in small-to-mid range colour LCD display modules. Barring any
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      • 125 4 Reuters TMC International Holdings yesterday said it would place 10 million new shares to raise net proceeds of about $2 million to fund overseas investments, especially in China. TMC International said in a statement the placement would be made through UOB Kay
        Reuters  -  125 words
      • 109 4 Bloomberg MILLENNIUM Copthorne Hotels, the UK company that owns half of the Plaza in New York, said 2002 earnings will beat last year's even as revenue per room in Europe declined 3 per cent in the first 18 weeks of the year. The average
        Bloomberg  -  109 words
    • 163 4 TELEDATA (Singapore) Ltd yesterday said it has finalist a debt restructuring agreement with its creditor banks and bondholders. Under the deal, each of the creditors shall from the date of the agreement to Sept 30,2002, refrain from demanding payment or taking any action to recover
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    • 301 4 Reuters AUSTRALIAN biopharmaceutical firm Rockeby Biomed Ltd aims to be among the first to list in Singapore as the city state moves to become a life sciences hub. The two-year old fungal research and diagnostic firm, founded with Australian technology and
      Reuters  -  301 words
  • Page 3 Advertisements
    • 45 3 Club World. With the world's first fully flat beds in Business Class. nn mfll --.."T^T^T^J^ Ctut) W°r |d flat heds have been serving business travellers since February 2000. They are available on all our flights from Singapore to London, Melbourne and Sydney. Dlvl Al IXIV/VYS
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  • Page 4 Advertisements
    • 126 4 The complete retail suite you once imagined. mmmmrsr t Retailigence is designed as end to end system. Point of Sale, Back Office and Accounting are seamlessly linked No integration required. Of Software from different to We understand Retailing. Singapore, Malaysia. UK Europe tndonesa Hong Kong T«1 *44 (0) 20 8901
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    • 73 4 I Outstanding New Zealand Commercial Property Selection www.portfolio2oo2.co.nz 23 different New Zealand Commercial Properties Property prices ranging from NZSIm NZs6om each Includes significant bulk retail centre, a retail shopping centre and commercial office buildings in Auckland, Wellington and Christchurch John Goddard (Sales Director, Now Zealand) will bo in Singapore from
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    • 90 4 Ford Motor Credit Company Floating Rate Notes Dm Fafcrary 13,2083 CMMMI My bar *****03 ISW No.: U*****97 RY79 CUSIP No.: *****7 RV7 In accordance with the terras of the documents governing the above-refer-enced Notes, notice is hereby given that the Interest Rate per annura for the Interest Period commencing May
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  • Page 5 Advertisements
    • 552 5 IH I I TURN THE THE RIGHT PEOPLE FOR I H RECESSION THE RIGHT JOB I TdV/lllD Their Wisdom. Their Experience. Pll(lP£<£* IU TUUn Your Business Advantage. People for Jobs Traineeship Programme (PJTP) When 4q yoars Turn challenges into we II pay half their salaries for six months. You can
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  • SINGAPORE markets
    • Article, Illustration
      285 6 OTHER SINGAPORE INDICES May 21 VALUE CLOSE BTOMDS 162.00 -64.00 BTCMN -*****.00 -17.00 w 10-day MA -***** 00 -17.00 wm»*il 457.20 +1.62 SB rpJIn Pill 155.96 -0.40 WBpBwHi 1542.12 +9.61 M ft M 439.42 +0.30 ItlTIWappora 217.47 +087 SMTOWbw* 216.80 +0.60 Hwl» V+mm Nataert 50c 35.616.000 FCO 20c 24.579,000 Th*V.llflge5c
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    • 835 6  -  l-iicomment CURRENCIES Mantra is to sell it again on any decent corrective rally, but watch the key levels larry wee A MEASURE of how much sentiment towards the US dollar has deteriorated during the past week can be seen from the way that both
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    • 722 6  -  l i comment STOCKS r. sivanithy A FEW months ago, news of a major electronics takeover would have ignited trading throughout the broad market, setting imaginations ablaze and bringing together all sorts of players traders, investors, speculators and hedge funds in a
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  • 2851 6 UNIT TRUSTS FUNDS CibSelect ASH Tilt Balanced 129/ CitiSetect Asia Tilt Growth 1 24/ CitiSelect Asia Titt Enh Grth 1.17/ AM Amro Asset Mgt (S'pore) CitiSelect Global Growth 109/ Star Europe Eqty!" 0 78W CitiSelect Global Income 1.11/ Star Europe Bo 0 97* ®°'>al Healthcare Fund 0 94/ Star Europe
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  • SINGAPORE news
    • 391 7  -  on the economy wholesale trade By\ Siow Li Sen THE domestic wholesale trade index fell for the fourth consecutive quarter, down 21.7 per cent in Q1 2002 from the corresponding period last year. But the decline moderated compared with the previous quarter. The index,
      Source: DOS  -  391 words
    • 418 7  -  7ESTERDA7 IN PARLIAMENT System where only calling-p&rty-p&ys still being studied By Tang Weng Fai THE Ministry of Information. Communications and the Arts said yesterday it will study the impact of alternative charging schemes for mobile phone calls and make a decision by the fourth
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    • 377 7  -  Japanese firm still working oat compensation deals Byi Vince Chong HARD disk drive (HDD) maker Matsushita Kotobuki Electronics Industries Singapore (MKS) will retrench just under half of its permanent work force following its parent firm's decision to focus on the production
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    • 322 7  -  By Kalpana Rashiwala CAPITALAND has priced its Shelford condo at $738 psf on average, net of discounts and absorption of mortgage interest cost until the project is completed. This is significantly lower than Tuan Sing's Adam Park project a stone's throw away, released late last
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    • 164 7 Bloomberg TUAS Power Ltd, Singapore's third largest electricity producer, said it will increase the size of its bond sale to $400 million from $300 million to meet investor demand. "Demand for the bond issue has been very positive as investors are
      Bloomberg  -  164 words
  • Page 7 Advertisements
    • 77 7 ROLEX Rolex presents Diana Krall June 26th 2002 8.30pm Suntec Level 6 Live In Concert Reputed as the world's finest jazz singer pianist. Her latest world's best selling album "The Look Of Love" is out now Hotline: (65) 64 16 3652 E-mail: concerts@M2us.com www.M2us.com Ticket Outlets: Sembawang Music Centre Cineleisure
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  • BT motoring
    • 604 8  -  psli exclusive! Komoco files seized in drawn-out probe but no one called in for questioning yet AM reports by CHRISTOPHER TAN THE Customs Excise Department (CED) is investigating Hyundai distributor Komoco for suspicion of underdeclaration of vehicle values a tax-evasion offence punishable by jail,
      ARTHUR LEE  -  604 words
    • 311 8 KOMOCO'S vehicle inventory has ballooned to about 2,500 units or more than seven months' stock, going by this year's sales. Most car companies hold about three months' stock. The bulk of the Hyundai cars are said to be stored at ports
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    • BUMPER to BUMPER
      • 102 8 v* 11 n reuucea iramc expected in the coming school holidays, the Land Transport Authority will cut electronic road-pricing (ERP) charges for June. From May 28, ERP rates will be 50 cents lower at several points. These are: Central Expressway (7.30-8 am); East Coast Parkway
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      • 122 8 WHEN Mitsubishi Motors shareholders gather next month for their annual meeting, they will approve the r 1 viiiviiun ui §/i C3IUCIU Ul Rolf Eckrodt (right), the executive sent by DaimlerChrysler to revive the ailing Japanese carmaker. The Financial Times said he will replace Takashi Sonobe,
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      • 100 8 GENERAL Motors plans to set up a joint venture with China's seventh largest vehicle maker by June, gaining a foothold in what it says is a potentially lucrative market for mini-vans and mini-trucks. Reuters reported that the US giant is in the final
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      • 129 8 ruKiJ Motor announced a shuffling of its management on Monday, which included bringing back a retired executive to be chief financial officer— his former job, reported AP. In his first news conference as financial officer, Allan Gilmour, 67, broke with Ford's criticism of the increase in
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      • 95 8 HONDA Motor and NEC Corp have reached an agreement to integrate NEC's vehicle electronic control unit with that of the Honda group. Through this agreement, Honda aims to strengthen its vehicle control electronics operations in response to the increasingly advanced nature of vehicle electronic technologies.
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      • 57 8 NEED a cashcard for ERP (electronic road-pricing)? Now you can get one at any of 7-Eleven's 160 stores. This brings the number of cashcard distribution points in Singapore from 106 to 266. Users can also top up their card value at the stores or pay for
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      • 104 8  -  Compiled by Christopher Tan OF the 170 Michelin employees in Singapore who were offered Michelin shares, 146 have accepted. The 85 per cent subscription rate ranked second highest, behind only Brazil. Singapore, Japan and Thailand were the three Asian countries which were involved in this
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    • 469 8 TWO years ago. automotiverelated sales accounted for only 7 per cent of precision engineering group Armstrong Industrial's business. But now the figure is close to 12 per cent of turnover a whopping 70 per cent increase. The company sees this growing to 15 per
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  • Page 8 Advertisements
    • 93 8 New Beginnings Nominations for the 2002 eso.startup awards are now open. To be eligible, a company must: j t I be a privately-held enterprise be under 5 years old W £t (from date of incorporation) have a strong nexus f t° Singapore* have at least 1 year of yjß audited
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    • 13 8 For the latest open market value rates of passenger care, go to http://app.interneLgov.sg/scripts/lta/3_2_OMV.asp
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  • FORMULA ONE
    • 823 9  -  In just two years, BMW has emerged as sole challenger to Ferrari's stranglehold on the F1 cup. bebe HuarrzscH looks at how it's progressed from storming upstart to seasoned champ HEIKE HIENTZSCH The writer is a freelance journalist specialising in motorsports. She also prepares motorsports press releases for
      823 words
    • 289 9 I have been a Ferrari fan for 47 years and usually a onetwo result would have me out in the streets dancing but frankly we all feel sick at this result Ferrari has betrayed us and all
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    • 777 9 His Monaco moment came when he kept Coolthard behind him for 41 laps Reuters [LONDON] Enrique Bernoldi remains unrepentant a year on from the race that got him noticed in Formula One. The young Brazilian stood out in Monaco last year when he
      Reuters; AFP  -  777 words
    • PIT Stop
      • 119 9 FIVE British-based Formula One teams have joined forces in a company to represent their interests in the future running of the sport. Neil Johnson, head of Grand Prix Teams (GPT), said Williams, McLaren, Jordan, British American Racing and Arrows are involved. The company was
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      • 133 9 D KA/.ILJ aiN uristiano da Matta, currently third in the US CART championship, had his first Formula One test with Toyota last Friday. "I am very impressed with this experience," da Matta said after 97 laps in the TFIO2 at the southern French
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      • 98 9 MiLnAfiL acnumacher will keep his family home in Switzerland despite failing in an attempt to build his dream ranch in the hamlet ofWolfhalden. Environmentalists put up stiff resistance to re-zoning some of the property on a wooded hilltop where the Schumacher family wanted to build
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      • 157 9 JAPAN'S Takuma Sato (above) was released from hospital after tests showed he suffered no injuries in a major crash at the Austrian Grand Prix. "Really I am totally okay," Sato was quoted as saying. "My legs and knees are a little sore but that's
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      • 159 9 FERRARI was wrong to deprive Rubens BarricheUo of victory in the Austrian Formula One Grand Prix but Michael Schumacher should not be blamed, according to the world champion's former team mate Eddie Irvine. "Ferrari missed the big picture when it ordered Rubens BarricheUo to move
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      • 107 9 SNAI, Italy's largest sports betting agency, has said it will pay punters who bet that Rubens BarricheUo would win the Austrian Grand Prix. Brazilian BarricheUo led the race from the start but slowed under team orders aUowing Michael Schumacher, the world champion and leader
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      • 60 9 NICK Heidfeld of the Swiss Sauber Team fulfilled a childhood dream a few days before his 25th birthday on May 10. He collected his first Porsche—a 463-horsepower 911GT2. "When I read the first test reports about the GT2, it became clear that the GT2 was the
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      • 96 9  -  Compiled by Christopher Tan JUAN Pablo Montoya (left) does not think he can win the Formula One championship with his current car but believes that with new parts his Williams model can perform more like champion Ferrari. "At the moment with what we've got it will
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  • EDITORIAL & opinion
    • 822 10  -  ■BTTTq 1 bottom line OPINION david mason The writer was a partner in an international accounting firm in Singapore for 14 years. He is now a business consultant in the United Kingdom. He contributed this article to BT. THE accepted definition of an auditor
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    • 50 10 'Men are supposed to embody power. What could embody passivity more than modelling?' StoeDwnan advertising executive, on the use of male models The Taliban even banned kite-flying. What were they worried about? Someone might discover electricity?' jerry TV comedian, on the killjoy policies of the ex-Afghan rulers.
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    • 647 10 EDITORIAL TENSE at the best of times, the situation on the border between India and Pakistan has now assumed dangerous, even alarming, proportions. This calls for urgent diplomacy to simmer things down not only on the part of the two nuclear-armed rival* themselves, but
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    • 1201 10  -  The US corporate debacle shows integration of credit derivatives into risk management systems and backroom support is key By Tan Chin Hwee The writer is an ex-fund manager currently on sabbatical in Yale EVEN before Shakespeare penned the admonishment "neither a borrower nor a
      AP  -  1,201 words
    • 704 10  -  COMMENTARY Washington should follow the advice it likes giving Asia By Paul Kingman The writer is a professor of economics at Princeton University NYT "I WOULD suggest to you that the single most important innovation shaping (America's) capital market was the idea of generally accepted
      NYT  -  704 words
  • Page 10 Advertisements
    • 122 10 A New Dining, Experience For A Maharaja V at the refuibished MADRAS NEW VJOODLANDS 12 14 Upper Dickson Road With the opening of our newly upgraded premises, you can enjoy the fine art of Indian vegetarian dining in a royally exotic ambience Topping this exquisite experience is the touch of
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  • MAIL bag
    • 206 11  -  Vasuki Shastry Director (Corporate Communications) Planning, Policy and Communications Department Monetary Authority of Singapore I REFER to your article "MAS okays Amex card downpayment for homes plan" (BT, May 17). The article suggested that the Monetary Authority of Singapore had approved Amex's scheme to
      206 words
    • 645 11  -  Narayana Narayana I REFER to your article "Sing Post may be floated soon in one of Singapore's biggest IPOs" by Conrad Rstf (BT, May 14) and to the letter "Cautionary tale for Sing Post" by Paul Thompson (Mailbag, May 15). Mr Raj's article said:
      645 words
    • 452 11  -  Mary Ann Mendis (Ms) Ang Hwee Suan (Ms) WE REFER to the article "Why land sales won't be the same" by Lee Han Shih (BT, May 7). The article implied that the government was undermining the property market and the established system of
      452 words
  • Page 11 Advertisements
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    • 228 11 www.mi.com.sg Everywhere under the sun. itffl Ml introduces Sunrisers, an exclusive programme dedicated to bringing the royal treatment to a select few. Meeting your individual needs with a host of privileges and benefits. Just for you, savings of up to $500* on your next handset upgrade, so you'll Free 16K
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  • FOCUS enterprise
    • 1114 12  -  A promise to his mother spurs medical hall owner Cheng Pei Fong to not only continue the business, but also expand it locally and regionally, says adeldie chia ADELINE CHIA CHENG Pei Fong isn't your usual shopkeeper. Of course, he haggles expertly in Mandarin over the price
      PHOTOS BY ARTHUR LEE  -  1,114 words
    • 519 12 LUCK favours those who try, says Cheng Pei Fong, as he recounts how he clinched the deal with Sanjiu, better known by its trademark 999. On a trip to Beijing to re-estab-lish contact with suppliers, he chanced on a television programme one morning
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  • Page 12 Advertisements

  • REGIONAL news
    • 338 13  -  It asks for four seats on TRI board, says a hostile takeover is nnlikely From] Eddie Toh in Kuala Lumpur TELEKOM Malaysia has requested four seats on the board of Technology Resources Industries in its bid to seek a friendly merger of the
      338 words
    • 336 13  -  From Diana Oon Abdullah in Kuala Lumpur TIME dot Com, viewed by many as the underdog in the race for one of three thirdgeneration spectrum licences up for grabs in Malaysia, stands a "very fair chance" in the government tender which closes
      336 words
    • 227 13 [SINGAPORE] The world has an obligation to assist East Timor as it tackles its immense economic and social problems, Professor S Jayakumar told the United Nations Security Council on Monday. Addressing the Public Meeting on East Timor at the Security Council, the Singapore
      227 words
    • 421 14 HONGKONG It cites weakening of their financial*, property glut's impact on earnings recovery Bloomberg CHEUNG Kong (Holdings) Ltd may face a ratings-cut and six other Hong Kong property developers had their credit ratings or outlooks cut by Standard Poor's on concern a real-estate glut
      Bloomberg  -  421 words
    • 63 14 AP [HONG KONG] Unemployment in Hong Kong has risen to a record 7.1 percent, officials said yesterday in a report that warned the number of jobless could stay high in the near term. The unemployment rate for Feb-April compared with the previous record of
      AP; AFP  -  63 words
    • 253 14 MANILA Mo threat of sanctions against former president AFP FORMER Philippine president Fidel Ramos has been asked to testify at a Senate inquiry into whether power contracts signed during his term caused overly high electricity rates, officials said yesterday. A letter from
      AFP  -  253 words
    • 135 14 MANILA Reuters THE Philippine capital and wide areas of the main island of Luzon were blacked out by a power cut yesterday, forcing the stock exchange to close early and leaving thousands of rail commuters stranded. Employees of the Supreme
      Reuters  -  135 words
    • NOTE Book
      • 78 14 Bloomberg [KUALA LUMPUR] Malayan Banking Bhd said Ismail Shahudin quit as director of Malaysia's biggest lender. Separately, Malaysia Mining Corp, which is controlled by Pennodalan Nasional, said Mr Ismail will assume the position of group chief executive from Aug 1. In March, Malaysia Mining said it
        Bloomberg  -  78 words
      • 93 14 Bloomberg u ajvaktaj Indonesia raised its forecasts for economic growth and the currency, saying that a more stable political environment would encourage investment A draft Budget for 2008 predicted economic growth of 6 per cent, compared with a previous forecast of up to 5 per cent
        Bloomberg  -  93 words
      • 110 14 Reuters [KUALA LUMPUR] Malaysian banking group Commerce Asset Holding yesterday said it was "reasonably optimistic" about winning its bid for Indonesia's Bank Niaga. "We think we can bid fair price few the bank and I think we can bring great opportunity to improve the
        Reuters  -  110 words
      • 56 14 Bloomberg [KUALA LUMPUR] Kumpulan Guthrie Bhd, Malaysia's second biggest plantations group, said in a statement that four directors resigned, <iwi«wMng its head of finance and corporate services. No reasons were given for their resignations. The four are Mohd Abu Bakar Mohd Nor, Ghazali Awang, Siti
        Bloomberg  -  56 words
    • 115 14 BANGKOK Reuters THE Thai Parliament yesterday dropped a proposal to set a maximum five percentage point spread for commercial bank interest rates, in a move likely to be welcomed by financial markets. A committee rejected the proposal by eight votes to six
      Reuters  -  115 words
    • 426 16 SHANGHAI Bet is that speculation curbs will fuel baying of existing shares Bloomberg CHINESE stocks had their biggest rally in 16 weeks yesterday as domestic investors bet a new rule cracking down on speculation in initial public offerings would channel money into existing
      Bloomberg  -  426 words
    • 294 16 Bloomberg [BEIJING] China said it's hard to be excited about enforcing market opening measures following its entry into the World Trade Organization after the US raised agricultural subsidies and levied tariffs on imported steel. "Psychologically, I feel the kind of protectionist measures taken
      Bloomberg  -  294 words
    • 288 16 CHDTA FORAYS But they'd still have to nod from Bering Dow Jones Newswires Bloomberg [TAIPEI] The Ministry of Finance will consider allowing more local banks to open representative offices in China, said Finance Minister Lee Yung-san yesterday. However, just two out of the
      Dow Jones Newswires; Bloomberg  -  288 words
    • 168 16 Dow Jones Newswires [BEIJING] The China operations of telecommunications equipment makers Motorola and Nokia were among the country's 10 largest exporters last year, according to a list published yesterday in state-run media. Based on Customs statistics, Motorola (China) Electronics was China's fifthlargest exporter in
      Dow Jones Newswires  -  168 words
    • ASIA Notes
      • 84 16 Bloomberg [BEIJING] China's central bank is requiring domestic banks and foreign lenders operating on the mainland for the first time to disclose earnings to the public once a year. The Peoples Bank of China, in a statement on its website, said local banks, Sino-foreign
        Bloomberg  -  84 words
      • 65 16 AFP [HONG KONG] Hong Kong's love affair with mobile phones shows no signs of abating, with official figures showing 86 per cent of the territory's 6.7 million population owning a handset. Figures from the Office of the Telecommunications Authority showed yesterday that the number
        AFP  -  65 words
      • 63 16 Bloomberg [MANILA] The Philippine Stock Exchange completed a probe of Filinvest Land Inc, the nation's largest builder of affordable homes, for possible trading irregularities and will ask regulators to investigate ftirther. The exchange as early as this week will send results of its investigation to
        Bloomberg  -  63 words
      • 58 16 Bloomberg [HONG KONG] Citic Ka Wah Bank Ltd, Hong Kong's fourth-largest publicly traded bank, said it will complete its merger with the operations of HKCB Bank Holding Ltd by July. The lender, controlled by China's biggest investment company, bought the banking business of HKCB
        Bloomberg  -  58 words
      • 53 16 AFP [TAIPEI] Taiwan's petrochemical giant Formosa Plastics Group plans to invest NT$l5O billion (517.8 billion) in China to build a petrochemical zone, a report said yesterday. The 1,100 hectare zone in Ningbo, Jiangsu province would include a PVC venture worth US$43 million, the Economic
        AFP  -  53 words
      • 62 16 Bloomberg IttbiJLNtrj Lnina Putian Corp, the nation's biggest telecommunications equipment maker, plana to raise about US$l billion from an initial share sale later thin year, bankers involved in the sale said. The company hasn't decided how many shares to sell or if its shares will
        Bloomberg  -  62 words
  • Page 13 Advertisements
    • 181 13 decision-mateii daftr"" 11-gl- 1 x iislf s j Com© on board w/f/7 ual Roach out to the new technology economy. For more detaita, pioato fax I this to ua at 6351 1283 or call 6361 1068 to apeak to our aalea repreeentattvea. I Name Designation jjj jj Company Nature of
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  • Page 14 Advertisements
    • 144 14 fr i v rfii ri iairiiUiA i --^B fTiii WP^^B Take on our winning stance for your next game and feel the difference. Look out for this Pan-West label of authenticity on your next purchase and tee off with confidence on the golf course. Just one more way Pan-West reaches
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    • 192 15 |MjgjQ>Gigt. .a. vS4I. •j mid-year exhibition and sale 6 Days of Exceptional Opportunity The Grand Hyatt, Mezzanine Floor, Sir Henry Keppel 11, 22 to 27 May 2002 only, 11am Bpm Mondial proudly presents a spectacular collection of the latest European-designed jewellery. This successful acquisition boasts a wide array of stunning
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  • Page 16 Advertisements
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  • REGION world
    • 522 17  -  China an economic threat, bat S-E Asia most find niche From l Anthony Rowley in Tokyo CHINA will eventually come to dominate regional and even global markets for many manufactured goods, Malaysian Prime Minister Mahathir Mohamad suggested yesterday. He argued before a
      REUTERS  -  522 words
    • 358 17  -  The two sign MOU and launch study on potential benefits From Harish Mehta in Bangkok THAILAND and Australia have agreed to sign a Free Trade Agreement (FTA) within three years to take their "natural partnership" to new heights, trade officials said.
      358 words
    • 272 17 MUMBAI Diplomat says two nuclear nations 'very close 9 to war Bloomberg AFP AP INDIAN shares tumbled as Indian and Pakistani troops traded heavy fire for a fifth day across the border, fuelling fears the nucleararmed neighbours are headed for war. India's
      Bloomberg; AFP; AP  -  272 words
  • Page 17 Advertisements
    • 17 17 ■kebdbbhii Lianhe Zaobao Itocreatei| I brand-new I I image Ailu I I forthevlly I I MifTiWll I
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    • 195 17 Mahathir's mnWfaoeted strategy, PglB £g.unch of I i j p ryr/|*, y .j i I tfeast I I Featuring exotic and original^*! I v Umbrian cuisines prepared by II eight talented chefs. I 0 For a taste of this creat I ponsore y. tradition, visit the following I Hi international
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  • FOCUS mahathir
    • 2019 18  -  His assertiveness over a broad front marks growing strength as well as vulnerability, says TAMO RAZALIKASSDK YANG RAZALI KASSIM The writer is BT's regional annlvsis prlitnr ON THE eve of a symbolically significant visit to the United States. Prime Minister Mahathir Mohamad did the unthinkable. He shook
      AFP  -  2,019 words
  • Page 18 Advertisements
    • 1678 18 Email recruits@sph.com.sB TYE SOON LIMITED (Incorporated in the Republic of Singapore) NOTICE IS HEREBY GIVEN that an EXTRAORDINARY GENERAL MEETING of the Company will be held at 20 Raffles Place #24-03 Ocean Towers Singapore *****0 on 17 June 2002 at 10 00 a m for the purpose of considering and,
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    • 475 18 •I THE MATTER OF THE COMPANIES ACT, CAP. SO (1) JEEVES AUTOMOTIVE SBMCES PTE LTD (2) AB LEASMG PTE LTD (In Mantes' Voluntary Uqudaton) At the respective Extraordinary General Meetng oI the above-named Companies deemed to be held on 17 May 2002 tt« totomng resolutions were cU > passed as
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    • 149 18 In the matter of M BOLD FRIENDS PTE LTD (In Creditors' Voluntary liquidation) At an Extraordinary General Meeting of the members of the abovenamed Company, duly convened and held at 336 Smith Street #06-308 New Bridge Centre Singapore *****6 on 18th May 2002 at 8.30 a.m., the following SPECIAL RESOLUTION
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  • WORLD news
    • 548 19 SEC sues Ernst Young for alleged ethics lapse NEW YORK Firm accused of having 7-yr business partnership with client People Soft AP CONCERNED about the erosion of auditor indepen dence, securities regulators sued Ernst Young on Monday, accusing the firm of violating ethics rules by having a seven-year business partnership
      AP  -  548 words
    • 335 19 HOUSTON Jurors watch video of him instructing audit managers AP JURORS in Arthur Andersen's obstruction trial watched a video on Monday in which audit team managers were told destroying documents before litigation is filed is "great" because "whatever
      AP  -  335 words
    • 349 20 BRUSSELS Central bank may boost interest rates to fight European inflation which reached 2.4% in April Bloomberg Reuters EUROPEAN Central Bank president Wim Duisenberg yesterday said inflation is surpassing the bank's expectations, suggesting that the ECB may boost interest rates for the first time
      Bloomberg; Reuters  -  349 words
    • 301 20 TOKYO Members also said Japan should end borrowing binge Bloomberg JAPAN should cut personal income taxes and offer companies tax credits to help pull the economy out of recession, members of Prime Minister Junichiro Koizumi's economic panel said yesterday. The government needs to lower tax
      Bloomberg; AP  -  301 words
    • 203 20 FRANKFURT Reuters THE global economy, led by the United States, bottomed out last winter but the US economy is also a source of key risks to the worldwide upswing, the Bundesbank said yesterday. The German central bank also said in its May monthly report
      Reuters  -  203 words
    • WORLD Watch
      • 76 20 Gold fires to 27 month fixing high Reuters [LONDON] Gold vaulted to its highest fix in more than two years yesterday, as investors continued to turn their backs on US dollar assets and searched for protection in case tension in the Middle East or Indian subcontinent escalates. Gold was set
        Reuters  -  76 words
      • 83 20 Bloomberg [PARIS] Vivendi Universal shares rose as much as 6 per cent in early European trading on speculation the world's second largest media company could be broken up and sold. The stock gained 1.9 euros to 33.85, valuing the company at 36.8
        Bloomberg  -  83 words
      • 90 20 Bloomberg [wej w YUKK.J Citigroup Inc has set up a foreign exchange trading system with Instinet Group Inc. The new venture, to be called Instinet FX Cross, will make anonymous trades of large amounts of currencies at a preset price twice a day, the companies
        Bloomberg  -  90 words
      • 53 20 Reuters lo u hNUb AIRES] Argentina's hopes of winning vital IMF aid faltered on Monday as its largest province of Buenos Aires back-tracked on vows to slash spending and the government takeover of three French-controlled banks fanned fears the financial system could be closer to
        Reuters  -  53 words
    • 543 22 FRANKFURT New Swiss CEO takes over; over half of new exco are non-Germans NYT TEN years ago, it never would have occurred to anyone that a Swiss citizen could end up running a German powerhouse like Deutsche Bank. Today, the
      NYT  -  543 words
  • Article, Illustration
    941 19 date: May 21 BMmHCIOmiTBg I. «S>, h N. iS lw £r m s; ss s s ssss; s 2 ssssr j »•—»•«<»» 0« 0.,* 0i9» oS Jg o~ iS oS i£ ?X iS^-' 7 M5 L662 1.42) 7.639 6J42 2.040 7.179 45.091 83.190 1156 ***** 34* WSSSSAS ?2 4
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  • 1705 19 SICO* FUTURES y ay2 RUBBER Futures (Closing prices) BSSKScwbAg) close Volume OpM Mowt<> H> Low Sett (tonnes) Interest Jun02 ***** Jul 02 126 oo Aug 02 126.00 02 127.00 RSS3(UScmts/kq) Volume Open Mowt Ht 9" Low Sett (towns) Interest JunM 7 7025 650 Ju» 02 69.50 69.00 70.00 1150
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  • 4722 20 Transaction date: May 21 for mare, go to ivwu 'jasimmen marketsjcom HONG KONG HysanDev 8 50 *35 1286 *•< mterchma Hldgs V06 unch ***** W- "888 Inrl Bank of Asia .2.05 -0 05 2028 Regent Group 0i5 -0.01 2467 AcrossAsiaMUtomedia. 020 unch 8653 KG Holdings .5.10 035 3392
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  • 2391 21 Transaction date: May 21 B KUALA LUMPUR Eraser Weave 3.70 002 14 Vq| FS8M 220 -001 1 DM COOO) FW Industries 0.33 unch 12 Gadanq 149 -010 9 A&MReatty US 001 11 Gamudb 6 SO unch 828 Abric 1.79 -0 04 184 GanadCorp 1.05 -003 9 ACP Industries 3.40
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  • 852 21 Transaction date: May 21 Q— an awl— i OM oiavt C*C 0 48 4.920 4.020 NatSted 50c 02S 1.610 *0260 Sy t Jnd ,J 03C 970 12.900 *0100 Chart SemCond 26c 161 4290 *0060 OUI 0 51 7150 C*y Da* SOt 241 6 650 Partway M 25c 034 0*75
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    • 251 21 Where to wine, dine and entertain... ""tgsm S IMB www^iinersxonLsg Buffet Buffet High Tea Lunch Dinner s*. sunaixi MontoFn Nightly PuMk Holiday 12 noon -2 pm eJOpm-lOpm 2 noon 4.30 pm Adult: $lU9*" Adult: $15JO" AJ tIJI u rtu Adult: $I4JM*** Child t4 -12 mi: Child i-» -12 yr.i: $10.10*"
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    • 152 21 >- Thai Flavours from the South 3 19 June 2002 Make a date with native chefs fnmi Knibi An exciting culinary journey to the southern province on Thailand's Andaman seaboard awaits you with their hometown specials' Buffet Lunch (Moo Fri) Buffet Dinner (Mod Sun) $24.H0 per adult $32.80 per adult
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  • Page 22 Miscellaneous
    • 168 22 CRYPTIC CROSSWORD 26 6 Ring one gent to cancel en- cast (5) ksseskl ,ES' m o6 24 Z£*%r amaa 28 Sober individual pu in oma- 8 negotiate /^^stZSIL mental fabric by window (7) again(7) DOWN 14 Nothing in Hercules" disposi- soons, 12 Rapids 13 Slug, 15 1 Owns snowmobile, yet
      168 words

  • PERSONAL investment
    • 798 23  -  Byi Genevieve Cua TO anticipate your need for healthcare coverage, surely a pillar in financial planning, you should step back and review the "pieces of cover" you already have, as Cornerstone Planners managing director Michael Lee says. You should also recognise, says i-Benefits director
      FILE PHOTO  -  798 words
    • 981 23  -  markets By] Robert Halili The writer is managing director of Asia Insider. He is assisted by Ngia Soon Chai AFTER reaching a mid-week high of 1,747.32 points on May 15, the Straits Times Index closed lower at 1,724.57 points on Monday. This is down slightly
      981 words
  • Page 23 Advertisements
    • 26 23 Bya|fl > Cannot missSfl waatujgmif^• car rentals. i^J STREET, #01-01 TAN CHONG TOWER. SINGAPORE *****7 FAX: 6334 4477. mob,u hna d9^7BB9B w,cEt^RsMwF i9AM6fM;sAT9AM 3pM —t? iy ,^^l
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    • 773 23 SINGAPORE ACADEMY TRAINING ARM OF THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF SINGAPORE J presents Taxation Workshop on Business Implications Arising from The Proposed Corporate I Tax Reforms (Budget 2002) Workshop Objective This workshop is designed to provide a broad analysis of the potential corporate tax costs or benefits to
      773 words

  • EXECUTIVE money
    • 1224 24  -  Misconceptions about insurance coverage could leave many saddled with large bills well beyond their ability to pay, reports oiamvmvn cua GENEVIEVE CUA HOW much medical insurance is enough? This is probably a question that comes up most frequently among those who seek advice on medical protection.
      1,224 words
    • 782 24  -  -J I comment YOUR MONEY HMediShield is to be groomed as a nationwide portable medical scheme, its shortcomings have to be addressed first genevieve cua HEALTH Minister Lim Hng Kiang's announcement in Parliament on Monday that major changes are afoot for Medisave and MediShield bears
      782 words
  • Page 24 Advertisements
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  • BANKING & FINANCE
    • 631 25  -  -By Catherine Ong THAT'S the challenge for Singapore's financial industry today as the worst recession since Independence conspired with sluggish regional economies to drive down business. The outlook has not been so murky for years. Layoffs, rising loan defaults, a moribund capital market and foreign bank
      631 words
    • 2546 26  -  John Palmer, the former superintendent of financial institutions at Canada's Office of the Superintendent of Financial Institutions, joined the Monetary Authority of Singapore as deputy managing director on Feb 1. In his first media interview here, he and Teo Swee Lian, MAS head for planning, policy
      2,546 words
    • 1414 28  -  Do you have the guts and gumption to come up with products that will grab new customers? Can you give what it takes to keep your customer? Are you prepared for guerilla tactics? Slow Li sen rounds up retail bankers playing the hottest
      1,414 words
    • 825 29  -  The integration of UOB and OUB is a closely-watched exercise in how to merge two banks. Catherine ong checks on the progress CATHERINE ONG UNITED Overseas Bank's $10-billion takeover of Overseas Union Bank last year was the largest in-market merger in Singapore's banking industry. Clinching the
      825 words
    • 832 29  -  Catherine ong takes a class in merger strategies CATHERINE ONG BE warned. Mergers are frightening things. According to surveys in the US, a full 83 per cent of them fail to boost shareholder wealth. More than half, 53 per cent, actually reduce iti And the headache
      832 words
    • Article, Illustration
      1220 30  -  With loan products becoming more like commodities, how does a bank distinguish itself from its competition? For OCBC's corporate banking head, the answer is to build the product around the customer not sell it to him. CATHERINE ONC finds out more CATHERINE ONG AS head of corporate
      1,220 words
    • Article, Illustration
      1100 31  -  With loan margins thin and borrowers holding back, the customer has never been more important in corporate banking, as Catherine ong discovers CATHERINE ONG MONEY is cheap and the bread-and-butter of corporate banking has gone stale. Since the Asian currency crisis, loan default rates have caused banks
      1,100 words
    • 664 31  -  Corporate bankers arid investment bankers: never the twain shall meet? CATHERINE ONG looks at the Citibank experience CATHERINE ONG SUNIL Sreenivasan, Citibank's country corporate chief, said they not only dress differently, they "act differently, get paid differently, think differently". The culture clash between corporate bankers and
      664 words
    • Article, Illustration
      1228 32  -  Downsizing by big-name institutions seems to have shrunk Singapore's investment banking community, while tne pool of jumbo deals has dried up following last year's bumper M&A crop. Catherine ong finds out what lies ahead CATHERINE ONG CONSIDERING that Wall Street investment bank Goldman Sachs did not even have
      Source: UBS Warborg a-stirmales  -  1,228 words
    • 976 34  -  The Citi that never sleeps is about to get even bigger, as the bank prepares to expand its transaction processing operation. Catherine ong reports CATHERINE ONG IN A spanking new office block in suburban Tampines, the seed of an idea that could transform Citigroup from
      976 words
    • 1024 35  -  In an age of consolidation, banks are going all out to distinguish themselves in a market that has to date been dictated by pricing.QUAK hianc whai looks at how they're playing the name game QUAK HIANG WHAI REBRANDING is the name of the game right now,
      1,024 words
    • 1551 36  -  Brian Pitman, who drove Lloyds TSB from a bloated clearing bank to a highly profitable retail bank, talks to Catherine onc about the philosophy that led to his as well as the bank's success CATHERINE ONG IN 17 years as chief executive and
      1,551 words
    • Article, Illustration
      1549 37  -  In a rapidly-evolving financial universe, the Singapore Exchange faces the twin challenges of competition and accountability. Catherine ong catches up with CEO Thomas Kloet CATHERINE ONG FROM his 29th floor office in Shenton Way, Thomas Kloet keeps his finger on the pulse on one of Singapore's largest industries.
      1,549 words
    • 1017 38  -  Singapore's rigorous banking secrecy laws make it an ideal haven for those with deep pockets. Catherine ***** reports on an industry that has grown quickly and quietly in recent years CATHERINE ONG WALK into the lobby of 2 Raffles Link and you will find yourself
      1,017 words
    • 363 38 THE super rich have never been more pampered. Private bankers are offering them a cornucopia of stocks and bonds, commodities and futures contacts, options and derivatives, from scores of different countries and markets around the world. But that doesn't mean they are pushing products down
      363 words
    • 1137 40  -  Under threat from technological advances and liberalisation, banks need to make strategic changes to the way they conduct their payments business to remain viable. GERRIT Q ANDERSON has some suggestions GERRIT Q ANDERSON The writer is is the industry leader of Deloitte Consulting's Financial Services Practice in South-east
      REUTERS  -  1,137 words
    • 1326 41  -  More hedge funds are likely to be set uf in the region, thanks to heightened investor interest and greater market access, tan wee khim highlights some issues H for new entrants TAN WEE KHIM The writer is is a partner with Ernst Young Singapore HEDGE
      1,326 words
    • 709 42  -  Banks are getting bigger and smaller at the same time, and the mid-size, all-purpose Asian bank must evolve to fit, says yuwahedrick-womc YUWA HEDRICK-WONG The writer is Asia Pacific economic adviser, MasterCard International AT the dawn of the 21st century, the banking industry is undergoing cataclysmic change.
      AFP  -  709 words
    • 212 42 Shift from loans 1996-1996 BANK CORPORATE EQUITY VENTURE 199&-1989 LOANS DEBT tSSUtS CAPITA ,1 I I Japan -18JO -6JO |*23.0 *10 Korea -16.0 -3.0 +18.0 +1.0 Singapore -7.0 *03 KJ Australia -10 -0.6 +2.0 +1.6 Samx im i— awmndm— athwo Saurce: Respectne central banks and ministries of
      212 words
    • 750 42  -  As QFBs here start to challenge the status quo, local banks will neea to think out of the box, says PATRICK KAY PATRICK KAY The writer is a principal consultant, financial services. East Asia, PwC Consulting. THE traditional disadvantages of being a foreign retail bank in
      750 words
    • 1114 44  -  As the story goes, healthy growth and low interest rates make for limited gains in mature markets, writes johm calverley JOHN CALVERLEY The writer is chief economist, American Express Bank DESPITE the global upswing, inflation is likely to remain relatively low in coming years. Deflation
      AFP PHOTOS  -  1,114 words
    • Article, Illustration
      1165 45  -  Despite post-merger pains, Malaysian banks are expected to post stronger earnings growth in the next two years, eddie toh has the health report EDDIE TOH The writer isBT'sKL Correspondent MALAYSIAN banks have become much bigger as a result of industrywide consolidation in the last two years but some
      FILE PHOTO; THE STAR  -  1,165 words
    • 1159 46  -  Indonesia's smaller banks are enjoying a revival as their larger counterparts languish under financial and regulatory woes. And they have the SMEs to thank for their new lease of life. shoeb k acda elaborates SHOEB KAGDA The writer isßT's Jakarta correspondent INDONESIA'S recent economic revival, supported
      FILE PHOTO  -  1,159 words
    • Article, Illustration
      1203 48  -  While analysts have their reservations about the outlook of HK banks, impending listings of Standard Chartered and Bank of China in H2 are expected to spice things up. Audreytam finds out more AUDREY TAN The writer is BT's Hong Kong correspondent HONG Kong banks will continue to grapple
      FILE PHOTO  -  1,203 words
    • 1346 48  -  Byi ANTHONY ROWLEY The writer is BT's Tokyo correspondent DETERMINING the size of the bad debts in Japan's banking system has been little more than a guessing game for many years with financial regulators insisting that the amount is manageable while private analysts argued
      1,346 words
    • 670 49  -  Thai banks are set for a turnaround after four years of troubles. But excess liquidity and NPLs are seen dogging the sector, harish mehta reports HARISH MEHTA The writer is BT's Bangkok correspondent CALL it Banking 101. If there was one painful lesson that Thailand's banks have
      AP  -  670 words
    • 524 50  -  By Heinz Werner Frings, Cathryn J Carlson HOW important is project finance likely to be in the Asian context over the coming years? We have learned that, while project finance is appropriate for many types of investment projects in terms of structure, due to its
      Source: Project Finance International, Issue 223, Jan 23, 2002  -  524 words
    • 943 50  -  How does a project finance loan differ from a normal corporate loan and what do bankers look at before financing a project? heimz wermer frimcs and cathryn j carlsom have the checklist HEINZ WERNER FRINGS and CATHRYN J CARLSON POWER plants, gas pipelines, toll
      FILE PHOTO  -  943 words
    • 997 51  -  Wea i h H m L n age i ment is the h ot new buzzword here but those in the game must sharpen service, products and technology, suggests dominic nixon, who draws on the experience of the US and Europe DOMINIC NIXON The writer
      997 words
  • Page 25 Advertisements
    • 280 25 Il VWmym CMift't control: l How you invest your CPF money I BL^ II Make the most of your CPF investment with iPlan from HSBC. I At HSBC, we understand people like to make their own decisions. From understanding of local culture, consumer behaviour and market environment. I how much
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    • 33 25 MAS report card Pg2 Merger pain and gain Pg 5 Woes of corporate bankers Eg 7 What keeps SGX chief up nights Pg 13 Hush-hush and thriving Pgl4 Snapshot of region pg 21-25
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  • Page 26 Advertisements
    • 233 26 RISK MANAGEMENT "...a new and emerging force in the effective management of a successful business..." One way of looking to the future is to look to the past for lessons. In the 60s an effective management tool emerged called project management'. It was narrowly focused implemented mainly by engineers in
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    • 199 36 yourbusiness growth... withthe nghtfjnandng. In today's competitive important to stay acumen a you also need financing can your E. Sjf we can provide your company with cash advances of up to 90% Ql m against your accounts receivable under a credit facility called factoring. As part of the service, we
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    • 148 42 We Create Impact With Our Rates Why not take advantage of Favourable interest rates? Switch to the National Australia Bank Multi-Currency Deposit Account and enjoy our competitive interest rates. And that is not all; you can also enjoy our attractive Property Loan Rates. So hurry and call our Client Relationship
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    • 983 43 Your Personal Fund Manager Here are some stark realities facing the individual inves- g33B|9y" j tor in Singapore. The average return on the Singapore >*||9 gcM9|HH stockmarket over the last ten years was about 9 per v cent. There is some $145 billion sitting idly in fixed deposits and savings
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    • 125 45 F" ■BBBB&s isfHim >P I HIB «Kv Njp 9«HMMiRP9KttMI Kr rMM, V '<■ ■■1® iji WPmP r -sspaj lk\ lllfo* i /JR t t*>« v i EsV^B i Bn v, V *H» W<* U {A) WTOri>o (A) V '^^RHRj^^^mil A copt,voting look tKot worms the heort. Coupled with logically illustrotes
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  • Page 46 Advertisements
    • 283 46 When it comes to a career in financial planning, some basically go for what the company represents it's size, clientele and even popularity. Others are swayed by the mere promise of opportunities, growth, training and so on. Most simply look for the products and services they can sell. Because lefs
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  • Page 47 Advertisements
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    • 75 51 Turn your back on time Ij I jF IlV\ 1 A iW Reverso has unique identity. Especially when we add the final touch. By engraving your initials on its pivoting case, we invite you to turn your Pack on time as elegantly as you face it. Enjoy the gesture. «Jaeger-leCoultre>
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  • Page 52 Advertisements
    • 1452 52 Advertisement For example, if you prefer a higher return on your I j I I savings and at the same time have a higher I "V* 1 V tolerance for risk, you may want to choose Profile JL 1 J B 5 Dynamic Growth, which is 100% invested into the
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  • SHIPPING TIMES
    • 260 53 Reuters THE Baltic Dry Index (BDI) fell two points to 1,031, the Baltic Panamax Index (BPI) lost two points to 1,061, the Baltic Handymax Index (BHI) finned seven points to 7,786 and the Baltic Capesize Index (BCI) was down two points to 1,146. Medi Rotterdam (new build) 75,500
      Reuters  -  260 words
    • 261 53 MX IN w CWT Distribution—0.60 -0.03 2 ChuanHup 0.44 0.01 3156 Cosco Invastmant —0.23 -0.01 292 Frataht Unks 0.06 unch 25 GB Holdings 0.81 unch 0 IMC Holdtngs-HK —5.60 unch 0 Jaya Holdings 0_24 -0.01 727 KappalCorp 430 0.02 511 Kappai Marina 0.19 unch 762 KappalTaia 0.96 unch
      261 words
    • 515 53  -  Conferences are weakened, lines face over-tonnage, security problems: MOL executive Reports by Beth Jinks [SINGAPORE] Globalisation has a "dark side" for container shipping, contributing to the weakening of conference agreements, over-tonnage and security problems, according to Mitsui OSK Lines (MOL) senior managing
      515 words
    • 48 53 [KEY LARGO, Florida] The sun sets over the upside-down hull of the Spiegel Grove. On Sunday, Key Largo Chamber of Commerce officials inked a contract with a South Florida-based salvage company in an effort to roll the ship upright or on its side. AP
      AP  -  48 words
    • 335 53 [SINGAPORE] The Victorian State Government has shelved plans to build a third container terminal at Australia's busiest port, saying Melbourne "is not yet ready to accommodate a third stevedore operator". However, the port is set to gain a deeper draft
      FILE PHOTO  -  335 words
    • 144 53 [SINGAPORE] Jurong Port will boost its annual container handling capacity to 660,000 TEUs by mid-year with the commissioning of three new post-panamax quay cranes and the introduction of an automated gate system. The growing port PSA Corporation's only Singapore competition for containerised
      144 words
    • 358 53 Globalisation will thrust rapid fthawg— npon shipping lines: MOL executive [SINGAPORE] The liner shipping industry "could face a major shake-up" over the next two years as globalisation continues to force unprecedented changes, says MOL senior managing director Hiroyuki Sato. These events may take the
      358 words
    • 808 54  -  STRAIT TALK -By] David Hughes THE good news on piracy is that the hijacked tanker Han Wei was recovered last week. It was boarded by the Royal Thai Navy after investigations by the shipping crime agency International Maritime Bureau (1MB) had located
      FILE PHOTO  -  808 words
    • 204 54 FACE GUi* 10 A»«it to 0k *y to B'tangMa* S "«*>'' BSA 6 HaMburg-Sud 5 < BSC 10 "0*0" 9 < BTL 10 Heung-A 3 < CMACCM 3 HubUne 10 C0SC0 3 NUAl 10 Central Ei 4 Hyundai 4 Ctiahaya 10 HCont 4 ChmaSApg S l"*o« 9
      204 words
    • 13818 58 THEBUSINESSTIMES THEBUSINESSTIMES EXPORT ETA ETA Advertiser Vessel Voyage Telephone ETA ETA Advertiser Vessel Voyaqe Telephone SIN Desfn Name Name Number Number SIN Dest'n None Nam fluKiii Maaber To ANTWERPEN (ANR) 2019 Bolgtum To ABIDJAN (ABJ) 2003 Cote O'lvolre n/OS R/06 MOL APL IRIS B7W 45******04 29/05 02/07 COSCO
      13,818 words
    • SHIPS IN PORT
      • 804 63 VoyMo Berth Arrival Dcparturt JM(M HQS HAMM 1* M 21/05/2:50 2WV1T40 i jo* wi>s/r«o 11 ***** joi ivnnx 21/ov*oo iowwwtuc «v«K jw mww 21/05/2040 TOITKA M7i JO7 21/0V115 23/05/140 1 3802 J03 2V0V9-I5 21/05/2240 IT TUBAS HAM ***** JOI 21/05/140 21/05/2340 ursmtruzn *****4 jm wovwo 21/05/1440 WIS PU1*A
        804 words
      • 1641 63 RECEIVING Of EXPORT Fa CONTAINERS AND LCI CARGO ■eothii/Mmc* KstH a# V07 Ho Ett/Btr PirM from Jo fnm uamuth im ivam u IVBM MM ivmo mot man mm a WOW 22MH OWN a JVWOO 2MW tHM J tMW SMI WM 4 UA» U/MM O/IM 4* cmu« t m*m
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      • 171 63 Mar2S Brunei: Prophet Muhammad'; Birthday Indonesia: Prophet Muhammad'; Birthday Malaysia: Prophet Muhammad'; Birthday May 26 Indonesia: Waisak Day Malaysia: Wesak Day Singapore: Vesak Day Thailand: Visakha Bucha Day May 27 UK: Spring Bank Holiday United States: Memorial Day May 31 Brunei: Anniversary of Royal Brunei Jul Malaysia: Birthday
        171 words
      • 794 63 THIS report, compiled by Cockett Ma rine Oil Ltd. shows price ranges in US dollars instead of single prices for a more comprehensive description of the market. Prices shown are based on averagesized stem. Market movements are indicated. The Cockett Bunker Price Index change and the
        794 words
      • 470 63 180 Ma 990.9 03 173 0.06 52 0.04 Mot* DmJtv Motor IiiMii AsJUUmbMm Sotkoost NoMowE25 0 0 4 0 0 0 380 Aw 9«7.4 02 MJ 0.05 S 0J2 torn 380 Ho 99L3 0.6 19.0 0.09 53 0.04 M/IT1 »9A »M» W Ho Mow 635 2
        470 words
    • AIR & LAND transport
      • 634 64 Carty moots mandatory arbitration if contract talks hit standstill Reuters [DALLAS] The head of the world's largest air carrier, American Airlines, said on Monday he wants a radical change in a decades-old labour law so that mandatory arbitration would take place
        Reuters; Bloomberg picture  -  634 words
      • 334 64 Talks could lead to Dragonair and Eva getting bigger market share Reuters [HONG KONG] Hong Kong will resume air talks with Taiwan this week and both are optimistic of striking a deal to expand flight services on Asia's most popular route by
        Reuters  -  334 words
      • 309 64 Finnish carrier expects demand to improve despite first quarter loss Reuters [HELSINKI] Finnish national carrier Finnair said yesterday it expected to make an operating profit in 2002 despite sliding to a first-quarter loss, due in part to weak business class demand as the sector slowdown continued.
        Reuters; FILE PHOTO  -  309 words
      • 200 64 AP [SEATTLE] A jury decided that aircraft builder Boeing Co and aerospace parts manufacturer Honeywell Inc are not liable for health problems suffered by 26 current and former Alaska Airlines flight attendants. The attendants alleged that faulty aircraft and parts designs allowed toxic fumes
        AP  -  200 words
      • 293 64 Reuters [HOUSTON] Continental Airlines, the country's fifthlargest air carrier, said on Monday it will improve its coach-class food on transAtlantic flights, but plans to start charging international travellers who order liquor to help pay for the better meals. Houston-based Continental said it will
        Reuters  -  293 words
      • 216 64 Bloomberg (SYDNEY] Qantas Airways filled more of its available seats with paying passengers in March as Australia's largest airline increased domestic capacity by more than two-filths. Sydney-based Qantas filled 82.7 per cent of its seats in March, up from 74.9 per cent in the
        Bloomberg; FILE PHOTO  -  216 words
      • 154 64 Bloomberg [SYDNEY] Qantas Airways, Australia's largest airline, said it entered into a 40-year lease agreement for a site at Brisbane airport to expand its maintenance operations there. The new heavy maintenance facility, which will be built on the 110,000 square-metre site, will initially employ 380
        Bloomberg  -  154 words
      • 1738 64 OTT fUBIT CI* FUQff CW HZ457J 1555 M***** 2305 MM W9771 *45 S***** 1555 S***** 2305 S0Z3Q nm MT3M WO UWTM 2350 Amt«r*a S023 0605 HUM 2225 U"™ 2350 6*975 1025 I MM 2B0 «U37 m r+mtm tmm m torn om mm S0348 QMS tmirtwi $0803
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  • Page 53 Advertisements
    • 19 53 Air Freight For more on the pick up in air cargo, read our Air Freight supplement on May 30
      19 words
    • 335 53 AMR chief wants labour law overhaul Back Page HK-Taipei deal to expand flights seen by June Back Page PRESS RELEASE ASIA WESTBOUND RATE AGREEMENT (AWRA) MEDITERRANEAN RATE AGREEMENT (MRA) Market Situation and Rate Restoration Following a long period of decline, overall cargo volumes in the Westbound trade have begun to
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  • Page 54 Advertisements
    • 578 54 I TO USA/CANADA I I EXPORT I I OTHER DESTINATIONS I I TOAUSTRALIA(AUSTRALIAAMA EXPRESS) I OOtLWIBUKK 3701 21/05 1 22/051 07/ M I I/O* 12/0* 12/0* 12/ M 15/0* 00a HUM 51E22 2|/t)5l 21/K1 14/0* 11/0* 19/ M 11/0* 22/0* m m m OOQMBBU tlffl 04/0* I 06/ M I
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    • 71 54 WORLDGATE EXPRESS LINES PTE LTD /Jr\ 180 Cmctt fIMaWM, ■■ngipli Bank BuMng, fpora *****6 x Tel: *****911 Fax: *****073******63 Email: wgsteO mtooxZskianetcom sa WEBSITE: htlpS/www.worldgate.comsg WEEKLY FCL LCL SERVICE TO FOLLOWING PORTS [SOOTHMTASU si \HkuM —■euTsw-com s» gg 188 Br- 1 H l& fffli fafflfiililSS (AICUTtt mAk EL.J rl br"'""
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    • 582 54 services represented by g aHa *J Members of ihe Registry of Members of the Accrßcitecl Shipping Agents. Singapore logistics Shyping Associolion Associrtion QIM.YUNi.MUU vbsh vor lEn eu Tiu *U*IG SPORE MALE Princess lily 0502 05/06 06/06 14/06 Empress lify 0402 17/06 18/06 26/06 Princess Uly 0602 02/07 03/07 11/07 ULY
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    • 1302 55 MMCT CALL TO LOMKOU »U. 1711 MM MM L__ WIMSOOI »#l2-M SAUS/H6S IE; M2OSIS7/43 FAX. A *****21/24 MUUTIU MM Mwaiuiie COSTAR SNIPPING PTi LTD ootwamo/u mnjni «23t5325/7$ y ra. 07-jsmim fax: 17 *****70 01 NO: 1171/ffOOOM TIL *224 IW (MAM) MWAftS (D 0) *****714 ******U/4» T/SMP KPT M2OSS2S ******1*/4* CONVSmONAL
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    • 934 56 WAN HAI ONES (S) PTE LTD WIWAN HAI LINES T jaimWHiwnwLWHwmtßfcTOiawojiutwDjmTivmijß www waakai (M.U ■EWiWMi«roflWini»nM V n« unun l>«^lll4l4gPMJtl|4^ !S" w» uo m. an m m m mi mo m miwib hi »jvb m ii« tw Dim (vm "Si »o nnm own x% «v« a« imi iiai ■■■a n ti«i«
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    • 676 62 —MM JHEBSUM IKaSNMI 179* K 25/05 31 -02/0* 07-01/ M I D6aiSUNO NOD 2129/05 04W0* 1111/04 I nttlKAll WIN 31 -01/0* 074)9/0* 14-15/0* I n»ino« n» 0405/0* 1113/0* im/ot I _Jj6asHAtt_ 913 M 07 01/0* 14 14/0* ?1 B VOT I* CAl^^sH^R timqjr Mi Wnm 1011/0* I Mtttura 4H* 25-25/05
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    • 725 62 VISSO. NAMf VOT SMGAFOtf PORT BUM OMSDS "A no eta tn ra no Q* sl lB l W 21/05 23/05 23/05 29/05 02/0* KWM 02W117 wa 22/05 23/05 24/05 20/05 01/0* 02/00 04/06 MIO HSMMG 00W032 WP 22/05 23/05 24/05 27? M 3UK 1 1 WWO27 SAT 25/05 20/05 27/05
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    • 795 62 I /MM I LllMcb mtak I W-»»*g1-SS** HUL M-*H7-«1W I asm nu a/os cuoo 2102 m/os aum ms cum ms 24/05 show ism a* sn* 2225 M/ts «a nw 20/05 c— »i«i »/os mm n<t 20/05 G6WB at* nm cuoo lm *1/04 cum na4 07/04 cum nat 07/04 in mi;
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    • 152 62 I rti IWillßlW BREAKBUIK A CONVENTIONAL SERVICE DIRECT SERVICE FROM STORE TO KARACHI I rasa wrm mmunu namuot~| iim is/n/w n/wn SEA-PAC MANAGEMENT Pit LTD. 70 Am Rood #17-07/06 Apw Tonw, fagtyw *****5 Talaphona: 6270 0977 \B focrimfa: 6275 2309 Talue tS ***** SEAPAC PMECT Sm NAMEO, DJ»JL KOREA msn
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  • Page 63 Miscellaneous
    • 122 63 LEGEND: Issued by Meteorological Service Singapore K Thunderstorm A Showers X\ Rain n^?K a,Ure C (J Wind direction and speed in knots Cloudy Day Wea,her Hazy Wind speed symbols Sea Conditions O Full circle w/o line indicates calm or light and variable winds I Slight, < 1.2 m j—»One half
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