The Business Times, 2 December 2004
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2004-12-02
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The Business Times
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Title Section13 2004-12-02 1 THE BUSINESS TIMES Thursday December 2,2004 SING online at .cociLsg MCA (P) 023/03/200413 words
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Article, Illustration918 2004-12-02 1 KENNETH LIM - SIAS condemns company's handling of affair; SGX expects a full explanation By KENNETH LIM [SINGAPORE] Rocked by China Aviation Oil's (CAO) staggering US$55O million losses from oil derivatives trading, investors and analysts yesterday raised concerns about shoddy corporate governance and possible insider-trading while speculating aboutARTHUR LEE - 918 words
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Article140 2004-12-02 1 STI 2.038.84 (+11.18) ST INDEX FUTURES 2,030.00 (+4.00) SIMSCI 241.63 (+1.12) SIMSCI FUTURES 241.40 (+1.40) MARKETS Wednesday Change KLSECOMP 914.62 -2.57 NIKKEI 225 10.784.25 -115.00 HANG SENG 14.162.80 +102.75 SET INDEX 655.44 -1.29 JAKARTA COMP 986.19 8 43 MANILA COMP 1,816 47 -14.49 SEOUL COMP 876.80 -1.26 SHENZHEN140 words
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Article50 2004-12-02 1 TOP STORIES PG2 COMPANIES... PG 4-5 MARKETS PG 6 MID CAPS PG 8 SINGAPORE PG 9 ECONOMY PG 12 MALAYSIA PG 14 CHINA/INDIA ...PG 15 WORLD PG 16 AVIATION PG 17 SHIPPING PG 18 EDITORIAL PG 20 LETTERS PG 21 STOCKS PG 22-23 BizlT PG 27-28 PROPERTY.. PG 29-3050 words
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Article671 2004-12-02 1 WONG WEI KONG - HOCK LOCK SIEW By WONG WEI KONG THE financial crisis at China Aviation Oil (Singapore) has put the spotlight again on Temasek Holdings, this time as a potential white knight. Even as the market wondered how CAO dug itself into such a deep hole,671 words
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Page 1 Advertisements
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Advertisement44 2004-12-02 1 FATTER BONUS S'pore civil servants to get biggest bonus in 4 years pg 2 MSBE Mqjor corporate losses on derivatives over the years re 2 Editorial PG 20 Option bets likely cause of CAO losses PG 4 Chen Jiulin —a fallen star PG 444 words
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Advertisement20 2004-12-02 1 GIVE ME SPEED Bosses in Asia find speed and flexibility more important than growth pg 9 III! B *****1 *****420 words
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Advertisement38 2004-12-02 1 t -gvwm IMAGE MAKER S Millennium Copthorne is out to create its own icon pg 30 CHIPS ARE UP Global semiconductor equipment sales set to rise 59% BizITPG27 n w* IL W SINGAPORE HILTON HOTEL. *****652 TAKASHIMAYA DEPARTMEN^^^^^^^^^^^M38 words
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TOP STORIES
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680 2004-12-02 2 COMMENTARY Even an indication of price would have been appreciated, says ANDREA TAN THE sale of HDB Corp to Temasek Holdings has already begged several questions in the business community. Why was there no tender and no transparency on the transaction price? And680 words
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502 2004-12-02 2 ANNA TEO - There are signs that bonuses in private sector could also be fatter By ANNA TEO [SINGAPORE] Setting the trend for the private sector, civil servants will get their highest bonus in four years this year. On top of a one-month "annual variable component"502 words
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Article689 2004-12-02 2 CAO woes likely to be due to option losses A LARGE part of China Aviation Oil's shocking loss of US$55O million from derivatives, or paper trades in oil, is likely to have come from wrong bets on options, and not just from over-the-counter Swap trades here. It also689 words
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Article110 2004-12-02 2 IN yesterday's report, "FHTK's capital strained by repayment of loan in 2005", we said FHTK Holdings is controlled by controversial Chinese entrepreneur Yang Bin, who is under house arrest. FHTK has pointed out that the company is not controlled by Mr Yang, nor has he been a110 words
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437 2004-12-02 2 Reuters SINGAPORE-LISTED China Aviation Oil's US$55O million loss from speculative oil derivatives is not the first and unlikely to be the last to hit corporates. The following is a list of similar corporate disasters over the last decade or so: January 2004:Reuters - 437 words
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Page 2 Advertisements
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Advertisement190 2004-12-02 2 i'H i'l»i > --w. 'pPF^j "<T m W i Br H ;Jt Hlpr ll~nfri now in#f r. coffee ■HHP on BT But ifs no ordnary cuppa. Its one of Startxjcks' biggest and boldesl blends. A combination of beans from around the world is brought together to (M thii iikxxfcd, rich,190 words
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Advertisement59 2004-12-02 2 Incorporation services in all major jurisdictions Global network of offices Ready-made companies available Management and administration services China business registration Accounting and trade support services Virtual office solutions Personal and corporate bank introductions TO ARRANGE A FREE CONSULTATION CONTACT: Simonne Toh T: +65 6535 3382 F: +65 6535 3991 E:59 words
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Advertisement19 2004-12-02 2 Releasing a financial statement? Call 1800 289 8822 or email notices@sph.com.sg to book your advertisement in our newspapers now.19 words
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Page 3 Advertisements
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Advertisement113 2004-12-02 3 i i Jf £WMF .p jp^K There's never been a better climate for growth in Asia Pacific. With this pace of growth comes a demand for the latest products, from air conditioners to refrigerators to washing machines. Whether you export or import blowers, dryers, pumps, compressors or just about anything113 words
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COMPANY NEWS
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Article, Illustration692 2004-12-02 4 RONNIE LIM - It was probably into non-core, physical trades also, besides Swaps: sources By RONNIE LIM A LARGE part of China Aviation Oil's (CAO) shocking loss of US$55O million from derivatives, or paper trades in oil, likely came from wrong bets on options, and notCompiled by BT - 692 words
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294 2004-12-02 4 Bloomberg [SINGAPORE] China Aviation Oil (Singapore) Corp, which supplies almost all of China's jet fuel imports, is blocked from trading fuels on oil-pricing service Platts's system after it said it's seeking court protection from creditors, a Platts official said. China Aviation Oil won't beBloomberg - 294 words
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Article, Illustration493 2004-12-02 4 Joyce Koh - By Joyce Koh The Abalone King HE was a philanthropist and trusted businessman from China who made a fortune as the sole distributor of the popular Calmex brand of canned abalone. But that wasn't enough for Singapore's Abalone King Ng Choon Ser. Between May and November493 words
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Article, Illustration659 2004-12-02 4 JOYCE KOH - Chen Jiulin a fallen star By JOYCE KOH HIS was a fast-rising star that tumbled just as rapidly in recent weeks as his China Aviation Oil lost US$55O million speculating in the volatile oil market. Chen Jiulin, 43, was suspended as chief executive officer of CAO after the Singapore-listed companyFILE PHOTO - 659 words
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564 2004-12-02 4 WONG WEI KONG - By WONG WEI KONG NEWS that China Aviation Oil (CAO) is facing US$55O million of losses from speculative oil trading activities and is on the verge of financial collapse took its toll on other Chinese companies on the Singapore Exchange (SGX) yesterday.564 words
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307 2004-12-02 5 CHEN HUIFEN - By CHEN HUIFEN SINGAPORE'S reputation for strong corporate governance must not be tarnished by events at China Aviation Oil (CAO), the Securities Investors Association (Singapore) said yesterday. "It is critical to safeguard Singapore's reputation in actively promoting good corporate governance," said SIAS307 words
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Article225 2004-12-02 5 JOYCE KOH - By JOYCE KOH IT'S not simply a name change for Raffles Lasalle, but the new Raffles Education Corporation says it is poised for more aggressive expansion overseas and an expansion of its services beyond its flagship design education. "We believe the change in our corporate identity225 words
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COMPANY BRIEFS
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Article61 2004-12-02 5 SINGAPORE Airlines' chief executive Chew Choon Seng has been appointed a director of the Singapore Exchange. He replaced Venture Corp's Wong Ngit Liong, who has been on the SGX board since its inception in November 1999. Mr Chew, a veteran of 32 years at SIA,61 words
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Article66 2004-12-02 5 SEMBAWANG Music Holdings Limited (SMH) said its initial public offering has attracted three key investors who have, in aggregate, subscribed for 9.18 million shares representing 48.3 per cent of the invitation of 19 million shares and 17.2 per cent of SMH's enlarged share capital.66 words
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73 2004-12-02 5 UNITED Overseas Bank Limited has almost taken full control of Thailand-based Bank of Asia Public Company. The Singapore bank said it has raised its stake in the Thai unit to 96.1 per cent after buying more shares from the stock market. UOB73 words
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Article48 2004-12-02 5 DBS Bank has opened a representative office in Dongguan, making it the first foreign bank to establish a presence in the fast-growing southern city of China. The move is part of DBS's overall strategy of growing its presence and business in China.48 words
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73 2004-12-02 5 Bloomberg [NEW YORK] A US federal judge granted final approval to a US$325 million settlement of a fraud suit accusing Global Crossing Ltd founder Gary Winnick and other officials of inflating revenue at the defunct fibre-optic network operator. Global Crossing, which was bought out ofBloomberg - 73 words
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Article49 2004-12-02 5 SELECT Catering Services yesterday launched its initial public offering of 17.5 million shares at 23.5 cents each. There was a public tranche of 1 million shares. The IPO opens today and closes at noon on Dec 13. Trading is expected to start on Dec 15.49 words
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428 2004-12-02 5 CSFB named to place $505m of exchangeable bonds UNITED Overseas Land has finally unveiled the divestment of its United Overseas Bank shares, putting to rest months of speculation about what banking tycoon Wee Cho Yaw planned to do with the428 words
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Page 5 Advertisements
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Advertisement78 2004-12-02 5 Ascendas Real Estate Investment Trust 179.3 million units at 551.55 per unit Preferential Offering, Private Placement and ATM Offering A-REIT is managed by Ascendas-MGM Funds Management Ltd A ascendas Macquarie Goodman Financial Advlsar for tha Equity Joint Laad Manager and Underwriter for Fund Raising tha Prafarantlal Offering and tha Private78 words
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SINGAPORE MARKETS
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Article, Illustration537 2004-12-02 6 TEH HOOI LING - STOCKS But debacle sours sentiment in broader market, particularly in other China-related stocks and second-liners TEH HOOI LING Senior Correspondent WHAT a day. After the shock announcement of US$55O million of derivatives trading losses by China Aviation Oil (CAO) late on Tuesday night,Source: Bloomberg - 537 words
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Article999 2004-12-02 6 KENNETH LIM - Compiled by KENNETH LIM China Sun Biochem Technology Group Dec 1 dOSC 40 OMtS KIM EN6 RESEARCH, Dec 1 9M04 profits in line with expectations. Profits for the three quarters to Sept 25D04 rose 22 per cent to 113.7 million renminbi (5522.5 million) ofi the back of a999 words
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Article, Illustration443 2004-12-02 6 OTHER SINGAPORE INDICES Dec 1 VALUE CLOSE BT OB/OS -296.00 -181.00 BTCADI -*****.00 _-1 65.00 BT 10-day MA -*****.00 -30.00 All-SG Equities J20.25 +0.87 SG Equities Elect 157.00 +0.23 SG Equities Fin 1598.95 +5.64 SG Equities Prop 513.73 +3.51 SIMSCI 241.63 +1.12 SiMSCI Futures 241.40 +1.40 MOST ACTIVE STOCKS VOLUME443 words
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Article, Illustration513 2004-12-02 6 LARRY WEE - CURRENCIES LARRY WEE Senior Correspondent IT was the turn of the pound to hit fresh multi-year highs against the unpopular US dollar yesterday, even as commodity currencies such as the Australian and Canadian dollars took a breath- er as did safe-haven favourites like goldSource: Reuters - 513 words
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TRADES TO WATCH
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Article160 2004-12-02 6 NEW Lakeside joint managing director Go Twan Heng bought 327,000 shares on the open market on Friday last week at about 10.2 cents apiece, raising his direct stake to 0.31 per cent from 0.12 per cent. On Tuesday, his wife, Ho Kam Har, bought160 words
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74 2004-12-02 6 TEMASEK Holdings' deemed shareholding in Singapore Post has been chipped to 30.97 per cent from 31.08 per cent after a series of transactions going back to May last year. Pricing information for the transactions were not disclosed. Temasek, a Singapore investment company, does not74 words
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171 2004-12-02 6 THREE of Sin Soon Huat's directors exercised a total of 51.3 million warrants on Tuesday at the strike price of one cent each, giving them a combined 37.2 per cent stake in the company. Those warrants were exchangeable for one share each and had171 words
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89 2004-12-02 6 KENNETH LIM - Compiled by KENNETH LIM ASIAPHARM Holdings executive chairman Liu Dianbo saw his deemed stake increase to 51.96 per cent from 51.83 per cent yesterday after his wife, WangCuilian, bought 600,000 shares on the open market at 59 cents each. Mr Liu also controls 3.93 per89 words
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Page 7 Advertisements
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Advertisement333 2004-12-02 7 IHL I *—12* ;^H<^ Bl® ■■■HHIHEJi s*l^—-i^pM sfliL^^ 1 We are an integrated food catering and management services provider. S SeSecif SELECT CATERING SERVICES LIMITED (Incorporated in the Republic of Singapore on 27 January 1995) (Company Registration Number: *****0697Z) Invitation in respect of 17,500,000 New Shares of $0,045 each comprising:(1)333 words
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MID CAPS
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Article, Illustration852 2004-12-02 8 WONG WEI KONG - Its products are more affordable in Europe, Australia, NZ and Japan as their currencies continue to appreciate, writes WONG WEI KONG WONG WEI KONG LEATHER tanner and sofa maker HTL International has been winning fans for some time now. But here's a newFILE PHOTO; Source: Bloomberg - 852 words
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Article34 2004-12-02 8 UNIT TRUSTS FUNDS LEGEND:All prices are indicative;Broadly Diversified; Narowly Focused;$ Lower Risk;^ Low to Medium Risk;& Medium to High Risk;** Higher Risk;open-ended;+Before subdivision of units;After subdivision of units;SP after stock split N.A-Non Dealing Day34 words
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SINGAPORE NEWS
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456 2004-12-02 9 VEN SREENIVASAN - By VEN SREENIVASAN BARRING unforeseen circumstances, Singapore will achieve $8.7 billion in tourism receipts and 7.6 million tourist arrivals this year, Minister for Transport Yeo Cheow Tong said yesterday. Speaking at the opening of the Singapore Visitor Centres at Changi Airport456 words
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446 2004-12-02 9 NANDE KHIN - By NANDE KHIN US multinational companies find the non-tariff barriers to trade low in Singapore, but the same cannot be said for other Asean countries, according to a survey commissioned by the American Chambers of Commerce in the region. Singapore consistently performed446 words
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451 2004-12-02 9 ANNA TEO - In third place is growth, which is the top worry of Europe and US bosses: survey By ANNA TEO FOR most business leaders worldwide, sustaining steady top-line growth is the greatest concern. But CEOs in Asia find speed, flexibility and adapting to change to451 words
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Article, Illustration502 2004-12-02 9 SIOW LI SEN - By SIOW LI SEN JAPANESE retail investors will from this month be able to trade online in offshore markets through a tie-up with Phillip Securities another step towards unlocking the trillions of yen stashed away in the post office savings system. PhillipCapital theCHRIS LOH - 502 words
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357 2004-12-02 9 DANIEL BUENAS - By DANIEL BUENAS A NFW initiative by the Media Development Authority (MDA) and Star Hub promises to make it easier for Singapore-based technology companies to secure a digital cable platform for applications supporting interactive services on digital cable TV. The Digital TV357 words
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306 2004-12-02 9 CHEN HUIFEN - Proposed changes to governance code in CCDG paper By CHEN HUIFEN COMPANY directors may soon have to disclose their exact remuneration, if the Council on Corporate Disclosure and Governance (CCDG) has its way. In a consultation paper released yesterday, the CCDG has306 words
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FOCUS:INDUSTRIES
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Article, Illustration768 2004-12-02 10 KENNETH LIM - ENGINEERING AND ENVIRONMENTAL SERVICES This sector contributes about 2% of Singapore's GDP, but that slice could increase as the sector grows faster than the broader economy. KENNETH LIM reports KENNETH LIM THE engineering and environmental services sector is a multibillion dollar industry that768 words
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Page 10 Advertisements
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Advertisement408 2004-12-02 10 IN THE MATTER OF THE COMPANIES ACT, CAP. 50 AND IN THE MATTER OF ARTA LA SALETTE PTE. LTD. (IN MEMBERS' VOLUNTARY LIQUIDATION) Compan> Registration Number: *****8960G At an Extraordinary General Meeting of the abovementioned Company deemed to have been held at 79 Anson Road 10-04 Singapore *****6 on 23408 words
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Advertisement344 2004-12-02 10 IN THE MATTER OF THE COMPANIES ACT, CAP. 50 AND IN THE MATTER OF BETAE ENGINEERING PTE LTD (In Creditors' Voluntary Liquidation) (Co. Reg. No. *****2398R) NOTICE OF RESOLUTION At an Extraordinary General Meeting of the abovenamed Company duly convened and held at 5 Shenton Way #07-00 UIC Building Singapore344 words
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Advertisement388 2004-12-02 10 CAPITAL REDUCTION EXERCISE TO REDUCE THE PAR VALUE OF EACH ORDINARY SHARE IN THE SHARE CAPITAL OF THE COMPANY FROM 550.25 TO 550.03 (THE "CAPITAL REDUCTION") CONFIRMATION BY THE HIGH COURT FOR THE CAPITAL REDUCTION At an Extraordinary General Meeting of the Company held on 3 November 2004, the shareholders388 words
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Advertisement32 2004-12-02 10 We've made a haul! {m I Share the good news with your investors Releasing a financial statement? Call 1800 289 8822 or email notices@sph.com.sg to book your advertisement in our newspapers now.32 words
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Advertisement30 2004-12-02 10 FTiin Lianhe Zaobao I Fast-growing I I Chinese ad I I market I I likely to I I exceed I 1120 bHlien I wan mart I I ttftftStißS I s«i2ooc7cAgm30 words
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Advertisement23 2004-12-02 10 Copycats beware! f «s ■tav Protecting your rights? Call 1800 289 8822 or email notices@sph.com.sg to book your advertisement in our newspapers now.23 words
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Page 11 Advertisements
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Advertisement171 2004-12-02 11 |IIJB m If% l fife *3ffl£#' v |V'"" V--' P-^iV i# W < :v Seize the day with M 1 Roaming and be connected wherever you are. With so many ways to roam, 7|3g 1 '> ■^Snpr>i Win FRFF Pnamina for 1 Vitr! you can now keep track of important171 words
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ECONOMY WATCH
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Article, Illustration630 2004-12-02 12 And Asean has decided to engage the giant rather than confront it Reuters [VIENTIANE] The grin on the face of Chinese Premier Wen Jiabao said it all. Gliding from meeting to meeting, signing ceremony to gala dinner at the Asean summitReuters; AFP - 630 words
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246 2004-12-02 12 ANNA TEO - By ANNA TEO [SINGAPORE] Asia's exports will likely slow further next year, hit not only by weaker global demand but also by currency appreciation. Credit Suisse First Boston (CSFB) has cut its forecast for Asia's export growth in the first246 words
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129 2004-12-02 12 [LONDON] Leading investors have changed their views about the likely euro/dollar rate next year and now see a sharply weaker dollar in 12 months than they did in a September poll. Ten strategists at US., UK and eurozone fund firms in129 words
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283 2004-12-02 12 AFP [BRUSSELS] The 12-nation eurozone should see economic growth next year of about 2 per cent, European Central Bank (ECB) president Jean-Claude Trichet said here on Tuesday, adding that momentum in the zone had slowed in the second half of 2004. "AfterAFP - 283 words
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Article143 2004-12-02 12 AFP [BRUSSELS] The 12-nation eurozone's GDP growth slowed in the third quarter to 0.3 per cent, from 0.5 per cent in the second quarter and 0.7 per cent in the first three months of the year, Eurostat said yesterday. In the full 25-member European Union,AFP - 143 words
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189 2004-12-02 12 AP [TOKYO] Japan's former top currency bureaucrat said yesterday the dollar's recent decline against the yen and other currencies is excessive, but unlikely to last too long because of the strong US economy. Market fears about the US trade deficit, which isAP - 189 words
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353 2004-12-02 12 Reuters, Bloomberg, AP [WASHINGTON] Strong consumer spending and income data and gains in the manufacturing sector cheered Wall Street yesterday, pushing stocks higher as investors found reason to be optimistic about the strength of the economy. At 1 lam EST, the Dow Jones IndustrialReuters,; Bloomberg,; AP - 353 words
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Page 12 Advertisements
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Advertisement100 2004-12-02 12 Where to wine, dine and entertain... r w "^J l S out SyyccitvL BUTTER PRAWNS For a-la-carte diners only Singa Inn Seafood Restaurant 920 East Coast Parkway. Singapore *****5 f" n*™™ Tel: *****111 Fax: 6345 2138 HT *S•• ButiiMM Hours 5.00pm 1100pm One-Ninety Restaurant Cd Four Seasons Hotel (Te1:*****250) f100 words
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Advertisement16 2004-12-02 12 THE BLUE ELEPHANT HJI Tel: 6438-4888 #01-06 Millenia Walk, 9 Raffles Boulevard CATERING AVAILABLE CALL 964M73516 words
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Advertisement110 2004-12-02 12 PLAZA PAWKROVAL The Most Enchanted Moment In Life "View The Latest Bridal Gowns of 2005" Bridal Show Sunday, 5 December, Ipm to spm $15 nett per couple For a most enchanting wedding of a lifetime, come to Plaza Parkroyai's wedding show. Get to view our booths showcasing a variety of110 words
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Advertisement65 2004-12-02 12 I WjßL^ Watch a bevy of beauties show off the latest in leisure wear at Discovery Pub's Friday Fashion Nite. Show starts at 9pm every Friday. Also catch our happy hour from 3pm to Bpm on weekdays and all day weekends. RAFFLES MARINA 10 Tuas West Drive 56M404 Tel 686165 words
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Advertisement107 2004-12-02 12 I M E RIT U S MANDARIN S I N GAP O R i The Finesse of 'Gourmet Bordeaux' 3-21 November 2004 Be enraptured by Guest Rkapsod* I 2 00noonio 2 30pir. Chef Jean Jacques W* P" i*""" ("<• Dugardin's refreshing interpretations of tradiuonal Bordeaux J specialties and the region's107 words
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Page 13 Advertisements
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Advertisement917 2004-12-02 13 .>■*■'■■ I I- I Get your copy of the prospectus of Suntec REIT from any DBS branch (including POSB). Subscribe now via DBS/POSB, OCBC or UOB Group ATMs islandwide. Offer closes at 8 am on Friday 3 December 2004. 1 > a EI Singapore's largest integrated commercial development comprising 0917 words
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MALAYSIA/INDONESIA
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Article, Illustration569 2004-12-02 14 PAULINE NG - They oppose plans to give CEO stock options while cutting their shares By PAULINE NG in Kuala Lumpur MALAYSIAN remisiers should be a happy lot, but they're not. Despite a proposal by Bursa Malaysia to make a capital repayment before the listing of the bourse,FILE PHOTO - 569 words
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Article392 2004-12-02 14 The deal will give Proton a foothold in European market Reuters [MILAN] Malaysian carmaker Proton Holdings Bhd has rescued MV Agusta by pumping 70 million euros (S$ 152 million) into the Italian motorcycle maker. The deal allows Agusta to pay off its debts and gives ProtonReuters - 392 words
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Article, Illustration532 2004-12-02 14 It intends to reduce the tax further to 25% in five years Bloomberg [JAKARTA] Indonesia will cut its corporate tax rate by a percentage point in the coming year and reduce it further in the next four years to spurBloomberg; AFP - 532 words
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431 2004-12-02 14 Bloomberg [JAKARTA] Indonesian exports surged 46 per cent in October, more than expected, on rising oil prices and demand for palm oil, nickel and coal in China and India. Exports rose to U557.27 billion from a year earlier, the Central Statistics BureauBloomberg - 431 words
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252 2004-12-02 14 AP [JAKARTA] Indonesia said yesterday that it will soon slash fuel subsidies, a move that risks angering the country's millions of poor but will please international lenders, who have long called on Jakarta to take steps to balance its budget. Economics Minister Aburi/.al BakrieAP - 252 words
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GREATER CHINA/INDIA
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493 2004-12-02 15 Revenues reached US$3.6b last year, with a 38% jump in Q1 this year [HONG KONG] Macao's gambling revenues will surpass those of Las Vegas next year, an industry executive told the Financial Times. This underlines the former Portuguese colony's swift emergence as493 words
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200 2004-12-02 15 Bloomberg [HONGKONG] MTRCorp, Hong Kong's governmentcontrolled subway operator, asked real estate developers to submit expressions of interest for a planned residential project on its Tseung Kwan 0 line. The 139,840 square metre development will contain 2,096 apartments in five blocks on top of aBloomberg - 200 words
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134 2004-12-02 15 Bloomberg [HONG KONG] PCCW Ltd, Hong Kong's biggest phone company, raised HK$l.l billion (*****.1 million) selling shares in its property unit, and will use the proceeds to repay debt. PCCW sold 450 million shares in Pacific Century Premium Developments Ltd at HK$2.4B apiece, aBloomberg - 134 words
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Article, Illustration600 2004-12-02 15 As China opens up further, banks need to develop ability to survive, says Liu AP. Bloomberg [BEIJING] China needs to finish reforming its fragile banks before it ends capital controls that limit free trading of its currency, the country's banking regulator said yesterday.AP.; Bloomberg; AFP - 600 words
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Article, Illustration591 2004-12-02 15 They bought more than US$7b of stocks this year Bloomberg [MUMBAII India's benchmark stock index rose to a record close on Tuesday, as overseas investors including Calpers and Morgan Stanley bet the expansion of Asia's fourth-biggest economy will helpBloomberg; Source: Bloomberg - 591 words
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257 2004-12-02 15 Reuters [MUMBAI] Investors welcomed signs of a thaw between the Ambani brothers sparring over control of the Reliance group, driving up shares in the companies that make up India's biggest private conglomerate. In a move by the petro-chemicals-to-telecoms group toReuters - 257 words
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396 2004-12-02 15 Bloomberg [MUMBAI] State Bank of India Ltd, the nation's biggest lender, increased its bond sale by a third to US$4OO million after attracting excess demand for its first overseas debt offering. The Mumbai-based lender priced the five-year bonds toBloomberg - 396 words
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ASIA-PACIFIC/WORLD
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Article, Illustration943 2004-12-02 16 ANTHONY ROWLEY - JAPAN INSIGHT The disruptive consequences of the colossal US deficit are still being taken too lightly ANTHONY ROWLEY Tokyo Correspondent THE emperor in Hans Christian Andersen's immortal fairy tale was given to going around naked, but his loyal subjects politely ignored this943 words
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304 2004-12-02 16 NYT [WASHINGTON! Tom Ridge, who as the first secretary of homeland security led the post-9/11 effort to protect the US from a terrorist attack at home, said on Tuesday that he would leave his job no later than Feb 1. Mr Ridge,NYT - 304 words
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Article, Illustration421 2004-12-02 16 Reuters [SYDNKY] Telstra Corp Ltd showed its long-serving chief executive the door yesterday as the Australian government gears up for the As3o billion (5537.8 billion) full privatisation of the country's biggest telecoms group. Ziggy Switkowski will step down before July 1, 2005, once aReuters; AFP - 421 words
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410 2004-12-02 16 It says Merck knew but didn't disclose drug's dangers NYT |NKW YORK] The pension fund of New York State filed a federal lawsuit on Monday against Merck Co that accused Merck of misleading shareholders about the safety of its now-withdrawn arthritis painNYT - 410 words
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401 2004-12-02 16 NYT (NEW YORK] American International Group (AIG) and federal regulators have completed a settlement that calls for the company to pay US$l26 million in penalties and restitution and to allow an independent monitor to comb through the company's books. The settlement, whose broad outlinesNYT - 401 words
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423 2004-12-02 16 Bloomberg [TOKYO] Jim Rogers, who co-founded the Quantum hedge fund with George Soros, said the industry has peaked because stock and bond returns are dwindling and there's a shortage of good money managers. "I'm not too optimistic about hedgeBloomberg - 423 words
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AVIATION
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Article, Illustration619 2004-12-02 17 Strong tail wind, pool of water on runway may have caused tragedy AFP. AP. Xinhua [SOLO, Indonesia] Budget carrier Lion Air yesterday blamed bad weather after one of its planes skidded off a runway in the central IndonesianAFP.; AP.; Xinhua; WUTERS/AFP - 619 words
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Article385 2004-12-02 17 AIRLINE CODES: AA: American Airlines (AAL), AF Air France (AFR), AI: Air India (AK), AY Finnair Oy (FIN), AZ: Alitalia Airlines (AZA),BA: British Airways Public Ltd Co (BAW), BG Biman Bangladesh Airlines (BBC), BI: Royal Brunei Airlines Sdn Bhd (RBA), BO Bouraq Airlines (BOU), BR EVA385 words
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LOG BOOK
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120 2004-12-02 17 AP [SEOUL] South Korean airlines yesterday restored regular flights to Taiwan that were stopped 12 years ago when Seoul broke off diplomatic ties with the island. The new flights come after the countries signed an aviation agreement in September, marking a significant thaw inAP - 120 words
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Article99 2004-12-02 17 Bloomberg [BANGKOK] Thai Airways International Pel, the country's largest carrier, will start to levy surcharges of as much as US$2O on its intercontinental flights starting Dec 1 to cover rising Jet ftiel costs. The airline will add surcharges of US$lO per passenger ticket for flightsBloomberg - 99 words
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621 2004-12-02 17 Reuters [LONDON] Plane maker Boeing is aiming for orders for 200 of its all-new 7E7 jets by the end of the year but would not be too concerned if that target slipped by a month or two, it said on Tuesday.Reuters - 621 words
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398 2004-12-02 17 AP [ATLANTA] At least 100 Delta Air Lines pilots were expected to retire effective yesterday, the start date for a 32.5 per cent pay cut agreed upon in a US$l billion concessions package aimed at saving the nation'sAP - 398 words
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189 2004-12-02 17 AP [BANGALORE] India will invest US$lOO million in a US-Russian Joint venture to build short-haul passenger aircraft, a top official said on Tuesday. "Joining international aviation as a partner is our new priority," said N R Mohanty, chairman of the state-owned Hindustan AeronauticsAP - 189 words
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SHIPPING
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Article, Illustration467 2004-12-02 18 GEORGE JOSEPH - It wins US$164m job to build platforms for state oil firm By GEORGE JOSEPH [SINGAPORE] Keppel Corporation has made a major inroad into the Mexican offshore market with a US$l64 million contract to build two accommodation platforms for Mexican state oil company Petroleos Mexicanos.FILE PHOTO - 467 words
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231 2004-12-02 18 Bloomberg [HONG KONG] China Merchants Holdings (International) Co. a port-manage-ment unit of Chinas communications ministry, said it is in talks with Shanghai International Port Group Co as it seeks to expand its port-related business. "We've had talks," Park Pu, a spokesman forBloomberg - 231 words
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Article306 2004-12-02 18 SGX '000 DtcJ w- VI CH Offshore 0.37 -0.01 1S75 Chuan Hup 0.65 -0.01 2625 Cosco Corporation 1.15 -0.02 ***** CWT Distribution 0.56 -0.01 117 Ezra Hldgs 1.18 unch 180 Freight Links 0.10 unch 497 Grand Banks Yacht 0.91 0.01 23 Java Holdings 1.02 unch 2642 K1 Venture306 words
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277 2004-12-02 18 GEORGE JOSEPH - GEORGE JOSEPH [SINGAPORE] Listed shiprepair and shipbuilder ASL Marine Holdings said yesterday its subsidiary ASL Shipyard has secured $73.3 million of newbuilding contracts. Additionally, subsidiary ASL Energy won a 10-year floating terminal charter contract worth US$5O million. The newbuilding contracts involve the building277 words
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Article, Illustration47 2004-12-02 18 [TAIPEI] A capsized Panamanian-flagged cargo ship floating off the coast of southern Taiwan. Four Chinese sailors died and seven were saved after the 1,745-tonne ship, which was carrying sand from Hong Kong to Taiwan s southern port ofKaohsiung, sank off the island. AFPAFP - 47 words
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Article, Illustration685 2004-12-02 18 DONALD URQUHART - Competition watchdog may even intervene: report By DONALD URQUHART [SINGAPORE] A winning bid by Hutchison Port Holdings for the global terminal network of CSX Corporation could meet stiff resistance in South Korea where nine CSX berths are up for grabs and where the685 words
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Article, Illustration68 2004-12-02 18 [PHILADELPHIA] Clean-up and ecological workers passing through the black oil that the Cyprus-flagged tanker Athos 1 spilled on Saturday into the Delaware River, across Philadelphia International Airport. The type of ship that spilled the 30.000 gallons of crude oil into the river after something ripped a hole inAP - 68 words
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Page 19 Advertisements
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Advertisement25 2004-12-02 19 More Choices for RORO Breakbulk Services to Middle East India For more information, please refer to the 3rd Page of Shipping Times, DAWN INTERNATIONAL LIMES25 words
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THE BUSINESS TIMES SHIPPING TIMES
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EDITORIAL & OPINION
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505 2004-12-02 20 EDITORIAL HOW could this happen in spite of all the measures to ensure adequate corporate transparency? Where was the shortfall in governance and how did it occur? Why didn't the quarterly reporting system reveal that not all was right? Did the independent directors know? If505 words
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Article, Illustration752 2004-12-02 20 NEIL BEHRMANN - THE BOTTOM LINE NEIL BEHRMANN London Correspondent BRITISH Chancellor of the Exchequer Gordon Brown's baby son John has made him acutely aware of working parents' problems. He is expected to unveil new spending and tax relief plans today to help families enjoy birth and752 words
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Article, Illustration1584 2004-12-02 20 JOHN MULLEN - Logistics will help unlock Asean's economic potential in the face of growing competition By JOHN MULLEN W§ ITH a population of about 500 milI lion, a combined gross domestic F product of US$737 billion, and total trade of US$72O billion, Asean today is very much anREUTERS - 1,584 words
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Article, Illustration893 2004-12-02 21 ELAINE KURTENBACH - Rush to feed industrial boom makes its killer coal mines even more deadly By ELAINE KURTENBACH AP TWO accidents that have killed more than 300 miners in the past month are driving home the human price of China's ravenous appetite for coal to fuelAP; REUTERS - 893 words
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Article301 2004-12-02 21 Leong Sze Hian - LETTERS TO THE EDITOR Leong Sze Hian I REFEB to the article "Temasek buys HDB Corp for undisclosed sum in surprise deal" (BT, Dec 1). It says that the Housing Development Board is selling its corporatised arm, HDB Corporation, to Singapore investment company Temasek Holdings301 words
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Article215 2004-12-02 21 Jean Tan - Jean Tan Director, Corporate Communications for Permanent Secretary, Ministry of Manpower WE refer to the report "Hng Hen wants to ease curbs on foreign workers" (BT, Nov 30) by Chuang Peck Ming. The opening sentence states that "Manpower Minister Ng Fng Hen wants to ease restrictions on215 words
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730 2004-12-02 21 HOWARD FRENCH - By HOWARD FRENCH NYT SEEN from outside, there is nary a hint of the Magic Kingdom about this ambitious young animation studio nestled amid magnolias and palms on the campus of Shenzhen University. A glimpse inside one specially secured building, accessible only withNYT - 730 words
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Page 21 Advertisements
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Advertisement15 2004-12-02 21 Call 1800 289 8822 or email notices@sph.com.sg to book your advertisement in our newspapers now.15 words
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Page 21 Miscellaneous
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Miscellaneous332 2004-12-02 21 CRYPTIC CROSSWORD 1 Disciplinarian marks a test 9lt may be produced by carbon l|pL-JHL__pHL—JHL_fIH— monoxide to a degree (4) i 10 It's used on watch (6-4) 1 What one may say when beLam is H H| 15 Two sailors start to eat sauce j required (7) U ■HHM6 HIHH Hi332 words
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Article3907 2004-12-02 22 STRAITS TIMES INDEX STOCKS Stock rum m Oom Chang# Stodi imM m Oom Chang* Ailgreen 50( 0.29 1.060 +0.020 NOL 2 09 2.950. Bit Intl US20C 0.44 0.955 +0.005 OCBC 10.05 13.500 +0.100 Capita Land 1.39 2 100 +0.030 Parkway H 25c 0.65 1.410 +0.010 Chart SetraCond 26c3,907 words
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Article3000 2004-12-02 23 FINANCE COMMODITIES MORGAN STANLEY CAPITAL INTERNATIONAL INDICES In local tun In SS M Utt Nit) IT N<l|i %|i %irf No» M Index Chany Change Changt Change Change Chang* AtiiVI ryjei Preliminary 8264 04 61 -04 4.9 -04 8.9 t EAfE PrHimin«y 7486 06 68 -05 8.6 0 5 12.7 I3,000 words
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Page 24 Advertisements
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Advertisement1720 2004-12-02 24 «—■>—.'■ PVH iIW PWI iMwalgaßaaßM g'J.u J i MJEMi I IMPORT I NORTH AMERICA AUSTRALIA/NEW ZEALAND I SUPER SHUTTLE EXPRESS (SSX) |AUSTRAUA ASIA EXPRESS (AAX) 1 VESSEL VOY IGB SIN PKG PtO NEOUOTD KOBE 43W45 14/11 *02/12 OMIT YtSSEL D 5!!! POLIOS ANGEUS EXPRESS 09W46 20/11 '07/12 OMIT API MEXICO1,720 words
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Advertisement626 2004-12-02 24 ANL CMA CGM CMA CGM ANL Weblif: http://wWW.Cma-C9m.COn, ANL, it'i Australia far Shipping http://www.anl.com.au IvtSSELS VOY SIN MIA lEH «TM HAM ZEE SOU API IRIS 124W 03/12 25/12 23/12 21/12 Ma PERFORMANCE 019W 04/12 25/12 CMA CGM KALAMATA SXOB9W 08/12 23/12 29/12 30/12 31/12 02/01 MONTEOUVIA SCO4IW 10/12 01/01 30/12626 words
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Page 25 Advertisements
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Advertisement1060 2004-12-02 25 MOL Combines a range of shipping modes to ensure timely, reliable services covering major ports in Norm America, Europe, Japan, Asia, Africa Oceania. Abo occsjrt Nitro-Asla Cargoes to: BUSAN KWANGYANG SHANGHAI YANTIAN XIAMBI QMGDAO BILAWAN JAKARTA SURABAYA KAOHSIUNG BANGKOK lAIM CHABAHG HOCHIMUNH PASIR GUDANG PtNANG PORT KEANG For Schedules, BL1,060 words
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Advertisement1253 2004-12-02 25 VESSEL I VOY I SIN I PGU j HCM VESSEL VOY SffP PKG GOLDEN GATE 435N 128 1 2129.1? 31/17 [77~| NEW DYNAMIC 07SA 1711" 11/12 1 GOLDEN TRADE 141 IN I 12/1? 113/12 I IS/1? I I I I PERTH BRIDGE 069 A "TO" 16 1? IKUO LUNG i(M7N1,253 words
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Advertisement196 2004-12-02 25 Qemartrans (S) Pte Ltd GEMARTRANS OPERAYOR COOE •OT CR NO: **********0R V FOR BOOKINGS: TEL: BMC V SINGAPORE *****662/*****682 *****661/*****110 KUALA LUMPUR (03) *****889 (03) *****102 3 SAILINGS WEEK TO HCM VESSEL VOY I SIN HCM GOLDEN GATE 434N 02/12 05/12 lIUUM 188NA 04/12 07/12 DA XM 080E 06/12 09/12196 words
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Advertisement1021 2004-12-02 25 WEEKLY EXPRESS SAILING SCHEDULE ALSO ACCEPTING TO ALL NORTHERN AND WESTERN ICD POINTS YESSCI VOT SIN P.KLANO COLOMBO N.SHEVA COLOMBO INDIRA GANDHI .Mm-Mffl BMII fliM Q4M UJK RAJIV GANDHI 0088W 07 DEC OMIT 12 DEC 15 DEC 18 DEC MLBMt liM 2IM 21M PACIFIC QUEST 0001W 20 DEC DEC 251,021 words
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Page 26 Advertisements
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Advertisement548 2004-12-02 26 UXAI WALLENIUS WILHELMSEN wibsite: http://www.2wjlobal.com IK 10 NOMf MA MV Mi OM WTC WW MM WW 4M23 nn» U» MNH 25/12 04/41 11/01 11/11 14/01 14/11 14/41 04/11 TAMfSiS UAH 3201 ms 4.4* I 19/12 N/01 19/01 24/01 17/11 11/01 30/01 01/01 23/01 T>f> I tfSOl |420fci IM* I 01/01548 words
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Advertisement351 2004-12-02 26 ■■BsnpnniH ii&pniiH yp» m m m m jd mum iww 04/» _tauuift m ami am mum iism os/» «/u ficuu I-iin 82a zB/gH IE —ss —m —lb ssaa? s; i!;ii jfc nfiti im izzu Q7/12 %BL» S>6 Sfli Bfii S _gB=—llffl- -*gj i~^ i 111 Bu 1 reus 1 &i351 words
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Advertisement404 2004-12-02 26 al JL ia WfiwT JL. UUtM IM 04/17 07/1} I". V* Imm WW 4)11 00/17 11/11 IVII 10/11 10/11 «w*ni IMM SMI M 11/11 IVII atOta*MW 0071 I« i; I?|?. 1;s [:s WW* Nayt *Ma Haw «ia ii/ii e/ii ivn JOUT (M N/ll 11/11 17/11 is/ii nScfeyi 4IM Pfi iTTi404 words
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BizIT
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544 2004-12-02 27 RAJU CHELLAM - But SEMI sees sector slipping in 2005 as it digests capacity, reports RAJU CHELLAM RAJU CHELLAM Despite the quickening slowdown in the chip inmand for miconductor manufacturing equipment is still set to grow a healthy 59 per cent in 2004, the second544 words
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207 2004-12-02 27 The Bangalore facility will employ two dozen staff Bloomberg [BANGALORE] Microsoft Corp, the world's largest software maker, said it will open a research lab in Bangalore, India, in January to boost the company's presence there and take advantage of the country's population of engineers.Bloomberg - 207 words
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232 2004-12-02 27 Reuters [AMSTERDAM/SEOUL] South Korea's Samsung Electronics overtook Motorola as the world's secondbiggest mobile phone maker in the third quarter, industry sources said yesterday. Quoting the latest quarterly statistics by research group Gartner, the sources said Samsung had taken a narrow lead over Motorola. SamsungReuters - 232 words
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Article, Illustration197 2004-12-02 27 ROLAND LIM - By ROLAND LIM ORACLE Corp yesterday announced the appointment of Alan Payne, formerly chief technology officer at US-based financial institution JPMorganChase (JPMC), as vice-president of its fmancial services industry (FSI) business unit in the Asia-Pacific. Mr Payne was also managing director of global technology197 words
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Article, Illustration699 2004-12-02 28 AMIT ROY CHOUDHURY - Analysts say this software is a milestone in the company's vision By AMIT ROY CHOUDHURY STORAGE solutions provider Network Appliance, which expects its growth in the Asia-Pacific region to outperform the company's global average, recently started shipping the latest version of its enterprise storage software699 words
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Article506 2004-12-02 28 Many operators complain phone makers focus too much on gadgets and not enough on cheap phones IHT IF YOU think a camera-equipped, web-browsing, MP3-playing phone is too smart, you are not alone. Many of the world's wireless operators, chasing growth in promising emerging markets, complain thatIHT - 506 words
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308 2004-12-02 28 Reuters [NEW DELHI] Leading handheld computer maker Palm One Inc launched its popular Treo device in India yesterday, with its eyes on a slice of the world's fastest-growing major mobile market. Palm One will enter a US$2.5 billion handset market already saturated withReuters - 308 words
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Article167 2004-12-02 28 AFP [SINGAPORE] Television soap operas will be taken to an even smaller screen next year when a 45-episode drama is shown on thirdgeneration (3G) mobile phones in Singapore, a local media studio said. Billing it as Asia's first 3G mobile drama, MediaCorp Studios said theAFP - 167 words
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Article, Illustration426 2004-12-02 28 ROLAND LIM - It hopes to carve out a bigger slice of the Singapore digital copier market By ROLAND LIM NOT content with being a market leader in the printer industry, Hewlett-Packard has unveiled four new net-work-capable digital multifunction printers that they hope will help them get426 words
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Page 27 Advertisements
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Advertisement234 2004-12-02 27 EX SOFTWARE jfl NetApp announces i. msgor upgrade. PG 28 IMOKIA Connecting People IB saknr Cava Mknv 1 Hwp^m&si, I3IH The megapixel Nokia 6670 imaging phone. Welcome to the perfect work tool. Now you can view Microsoft® Office* applications with ease while on the move. With dual language capability and234 words
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Page 28 Advertisements
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Advertisement34 2004-12-02 28 aNA G E R .k™„ir™™ T $6,995* Premium Pack comes with Cisco Switch ISR Router, Internet Access 9 Cisco IP Phones ClscaSmtM> Visit www.lPTel.net.sg for more details ■IHHH I GST iliHlli. I Partrw mwwmrwmrnmrwmfrmrTrmwrrmrmrwmrmmmmmmmmm^^^^^B^^^^^^^m34 words
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PROPERTY
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363 2004-12-02 29 Prime office and retail properties will be star sectors, says consultant Reuters [HONG KONG] Hong Kong's red-hot luxury residential market will not see a repeat of this year's explosive jump in prices and rents in 2005, and some investors may take profitsReuters - 363 words
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224 2004-12-02 29 CAPITALAND and Thailand's TCC Group yesterday officially launched their first joint residential project, Athenee Residence in Bangkok. Capita Land said more than 80 units have already been booked before the official launch of the freehold 219-unit condominium. The units were sold at an average224 words
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314 2004-12-02 29 Reuters [LONDON] Standard Poor's Ratings Services yesterday affirmed its "A-" long-term rating on Singa-pore-listed property trust, Capita Mall Trust (CMT). The outlook is stable. The rating reflects the modest improvement in CMT's asset and tenant diversity after the acquisition of Plaza Singapura. "The acquisitionReuters - 314 words
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120 2004-12-02 29 CPG Corporation's project management arm, PM Link, will provide project management services for the redevelopment of the Second Affiliated Hospital of Kunming Medical College in China's Yunnan province. The construction cost of the project is estimated at $80 million. Besides the upgrading of120 words
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Article, Illustration786 2004-12-02 30 VINCE CHONG - Group considering whether to create a new upmarket brand, reports VINCE CHONG VINCE CHONG F| ORMER Singapore Airlines stalwart Michael Tan is exploring ways to create the equivalent of the SIA Girl for tycoon Kwek Leng Beng's Millennium Copthorne (M&C) hotelFILE PHOTO - 786 words
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16 2004-12-02 30 Brought to you by HSBC M16 words
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Article, Illustration374 2004-12-02 30 KALPANA RASHIWALA - By KALPANA RASHIWALA TURF City Pte Ltd has opened a 30,000 sq ft department store at its namesake mall, in the latest change of offerings at the three-year-old facility built within the grandstands of the former race course in Bukit Timah. Some retail market374 words
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Page 29 Advertisements
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Advertisement398 2004-12-02 29 v. i —P- A Prime Redevelopment Site p* Cr cS™ Next to Lavender MRT Station ■■■■■■■■■■■■■J \<f S^sav^- •Site Area: 40,377 sq ft •GPR 6.36,24-storey Nsf 'CP 5 ho\ o» 1 J-T \f •Commercial Residential 19$) R K^Se Zoning r r Prominent frontage; Panaromic S Bwg at view of Kallang398 words
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Page 30 Advertisements
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Advertisement128 2004-12-02 30 Got the right home? Now get the right home loan. life C M_ mm -mJ Buying a house in Singapore is a heavy investment. However, you can still have the freedom to live life the way you want, with HSBC home loans. Enjoy these benefits when you take up an128 words
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