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BUSINESS TIMES, 28 January 1999

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Article also available on Microfilm Reel NL21374


Masthead [TITLE SECTION]

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MITA (P) 04^12^8 85* THE BUSINESS TIMES SINGAPORE Internet http://business-times.asial.com.sg/ THURSDAY, JANUARY 28,1999

MARKET SUMMARY [ARTICLE]

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FINANCE [ARTICLE]

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Car population down for Ist time since '85 recession [ARTICLE]

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Car population down for Ist time since '85 recession More old vehicles scrapped last year, deregistrations of newer cars also up Byy Christopher Tan [SINGAPORE] Despite rising car sales last year, the car population in Singapore still fell for the first time since the 196S recession a sign some motor

Dr M to set up independent probe on Anwar's black eye [ARTICLE]

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Dr M to set up independent probe on Anwar's black eye PM backs down on plans to kike tolls on some highways From. Rath Wong in Kuala Lumpur BOWING to public pressure, Malaysian Prime Minister Mahathir Mohamad yesterday announced that the government will set up an Independent commission to Investigate

Stanchart selling its $1.1b regional car loans business [ARTICLE]

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Stanchart selling its $1.1b regional car loans business Several Singapore financial institutions are in the hunt By< Conrad Raj [SINGAPORE] Standard Chartered pic is selling its regional car loans business estimated to be worth some $1.1 billion and several bids have come in from local financial institutions. The business, covering

An urban gallery [ARTICLE + ILLUSTRATION]

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An urban gallery {SINGAPORE] This is the place to be if you are at all interested in thepast and, future qf urban development in Singapore. > Opened by National Development Minister UmHngKkmg yesterday, the $42 million URA Gallery is a permanent exhibition centre in the Urban Redevelopment Authority's new home—the

China has no reason to devalue yuan: central bank chief [ARTICLE]

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China has no reason to devalue yuan: central bank chief Mm will not benefit mainland or the region, he says From* Quak Hiang Whai in Hongkong IN the most detailed explanation of China's stand on a yuan devaluation following international market volatility this week, central bank governor Dai Xianglong yesterday

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MMSimkm The Monetary Authority of Singapore is reviewing hanking disclosure laws in relation to securttisatkm activities by financial institutions, Andrew Khoo, senior deputy director of MAS' financial supervision group, said yesterday, ParS 'iS) SembCorp Logistics, to be formed when Logistics merge to March, will writeoff areas, says its president designate,

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■FuffftpOft,PgT2 Toll road politics HB When the government is threatened, it will act in a populist way and we will do something at the expense of the country. 9 —ur Manouiir on wny mo m ran govsmfnont ywiOM to pubNc pressure and rvducad road toll httwa Full report, Pg 6

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Ammtymtammmitogetused to press pluralism, Jfc 4 Pmhrtiwi liiiii to smooth other reforms, Pg 4 Full text of speech, Pg 4

SINGAPORE AT HOME & ABROAD

MAS reviews bank disclosure laws on securitisation [ARTICLE]

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MAS reviews bank disclosure laws on securitisation Secrecy laws make it hard for banks to issue securities Imkfd by mortgages By' Wong Wei Kong THE Monetary Authority of Singapore is reviewing banking disclosure laws in relation to securitisation activities by financial institutions, Andrew Khoo, senior deputy director of MAS' financial

GE Cap paying a premium for its $300 m bond issue [ARTICLE]

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GE Cap paying a premium for its $300 m bond issue It's first foreign corporate bond here since easing of rules By Louis Beokerling UNITED States financial services group GE Capital will pay a premium for its pioneering $900 million bond issue launched in Singapore yesterday but says this is

Economy may be stabilising [ARTICLE + ILLUSTRATION]

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Economy may be stabilising E7E ON TBE ECONOMY Outlook By, Anna Teo DESPITE a poor showing, the December trade data continues to suggest stabilisation in the domestic economy, though uncertain global demand and overcapacity in the electronics industry remain key risks for exports, says J P Mor- gan. Though down

Chevron Chemical plans to double plant capacity [ARTICLE + ILLUSTRATION]

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Chevron Chemical plans to double plant capacity Jurong Island facility will be its largest worldwide By\ Ronnie Lim US-BASED Chevron Chemical, which has just started commercial production at its US$2l5 million (XXXXX.7 million) fuel and lubricant additives plant here this month, plans to double the Singapore plant's capacity in the

Habitat to launch 24 Century Woods houses this weekend [ARTICLE + ILLUSTRATION]

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Habitat to launch 24 Century Woods houses this weekend By David Boey CHEERED on by the recent sell-out success of cluster housing units at Summer Gardens, Habitat Properties will sell 24 houses at its 99unit Century Woods development in Woodlands this weekend. Ivy Lee, senior associate director with SML Real

URA Gallery traces urban growth in S'pore [ARTICLE]

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URA Gallery traces urban growth in S'pore By i Corinne Kerk THE $4.2 million URA Gallery, which traces Singapore's urban development and future plans, officially opened yesterday in the Urban Redevelopment Authority's new home the $118.9 million URA Centre in Maxwell Road. The 1,400 sq m, two-storey gallery is a

SingTel cuts ISDN rates by up to 44% to bolster demand [ARTICLE]

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SingTel cuts ISDN rates by up to 44% to bolster demand Bid to quadruple ISDN subscribers, doable revenues within a year Reports by 1 Teh Hooi Ling SINGAPORE Telecommunications Ltd is cutting the rates of its Integrated Services Digital Network (ISDN) used for high-speed digital transfer of voice, data and

SMEs urged to join hands to tackle food industry woes [ARTICLE]

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SMEs urged to join hands to tackle food industry woes High costs, labour shortage, imports hurt industry: SFMA By Eugene Low THE food industry is in trouble and its small players should group themselves to tackle the problems they face, a leader of the industry said yesterday. Food manufacturers are

Gillette hopes to boost sales with new razor [ARTICLE + ILLUSTRATION]

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Gillette hopes to boost sales with new razor GILLETTE will roll out its new triple-blade razor here in March with hopes that it will help boost its total sales here by 30 per cent. Gillette Singapore general manager Poong Chun said yesterday that while there would be new products introduced

M1 to offer fixed/mobile telecoms services [ARTICLE]

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M1 to offer fixed/mobile telecoms services MOBILEONE, Singapore's second mobile phone operator, plans to offer fixed/mobile telecommunications services this year. "We will be buying fixed products wholesale and mingling with our mobile products and try and get products and services that appeal to people," Ml chief executive officer Neil Monteflore

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iKßistrura EXIST I E I II SLEDGERS: I ~W- -<«• n*» t ><■>—. How to ladder 1. Take the initiative whenever the opportunity arises. 2. Never say "impossible" or "can't". Be forever positive. 3. Seek out new challenges and added responsibility. 4. Be forward-thinking and communicate your ideas on how

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FEARS OF YUAN DEVALUATION

Analysts need to get used to pluralism in China press [ARTICLE + ILLUSTRATION]

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Analysts need to get used to pluralism in China press GHXXAWATGH ffhlimim imWlli my h» ■tatttmnrniril trnt tht 1 "T a T "rt Trt irfflrlnl By Lu Ning FOR a time in the mid-80s, the man that everyone in the Chinese Foreign Ministry would try to avoid was the Indian

China's FDI sets new annual high of US$45.6b [ARTICLE + ILLUSTRATION]

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China's FDI sets new annual high of US$45.6b Last year's figure up marginally despite regional crisis By] Lu Ning [SINGAPORE] Annual foreign direct investment (FDI) in China hit a new record of U5545.58 billion (5576.9 billion) last year after registering a marginal rise of 0.67 per cent from the previous

Devaluation needed to smooth other reforms: China-watcher [ARTICLE]

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Devaluation needed to smooth other reforms: China-watcher Asia could lose out ifynanisnot devalued, he says By' Vikram Khanna [SINGAPORE] China "desperately needs to devalue its currency" to enable its banking and state enterprise reforms to proceed smoothly, according to renowned Chi-na-watcher William Overholt, Asian strategist for Nomura International in Hongkong.

Stable fdrex rate stands on firm ground [ARTICLE + ILLUSTRATION]

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Stable fdrex rate stands on firm ground The following is thefull text of a speech given to reporters in Beijing on Wednesday by People's Bank of China governor Dai Xianglong. CHINA'S financial sector developed with commensurate reforms in 1998 and has played a significant role in accomplishing the economic growth

ASIA'S ECONOMIC SLUMP

China's central bank chief pledges to restructure Itics [ARTICLE]

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China's central bank chief pledges to restructure Itics Revamp plan being worked out; their total foreign debts no more than US$BJb AFP [BEIJING] Central bank governor Dai Xianglong yesterday pledged to restructure China's international trust and investment corporations (Itics), saying their total foreign debts amounted to no more than UsB.l

Red chips up on Citic Pacific's assurance [ARTICLE + ILLUSTRATION]

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Red chips up on Citic Pacific's assurance Bloomberg AFP [HONGKONG] Citic Pacific said it has plenty of cash to repay US$2.7 billion (554.6 billion) debt even as banks cut lending to Chinese firms and helped fuel a rebound in China-backed shares in Hongkong, or red chips. Rumours over its financial

Korean stocks leap 6.4% in rebound [ARTICLE + ILLUSTRATION]

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Korean stocks leap 6.4% in rebound Reuters [SEOUL] South Korean stocks shot up 6.4 per cent yesterday as a rebound led by foreigners and institutional investors was fuelled by rumours that the central bank would reduce interest rates, brokers said. The central bank's denial that it was planning to cut

No free hutch? Get a cheap one [ARTICLE + ILLUSTRATION]

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No free hutch? Get a cheap one [TOKYO] A Japanese office worker buying a 'bento' lunch boxfrom a street vendor yesterday as prices are slashed to 400 yen (about Ss6) each late in the lunch hour. Amid an economic recession, many people are trying to conserve their earnings until the

M'sian property slump to drag on: report [ARTICLE]

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M'sian property slump to drag on: report AFP [KUALA LUMPUR] Malaysia's property market slump is likely to drag on this year, with prices in all segments set to face further pressure amid economic gloom, a consultant group said yesterday. The residential sector will remain the only bright spot, with interest

Japan's EPA chief sticks to -2.2% economic forecast [ARTICLE]

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Japan's EPA chief sticks to -2.2% economic forecast Mr Yen sees crisis as nearly over, rebound by early next year Bloomberg Reuters [TOKYO] Japan's Economic Planning Agency (EPA) head Taichi Sakaiya reiterated the economy will shrink 2.2 per cent in fiscal 1998, refuting reports that he foresees a worse-than-expected result.

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REGION

Indonesia says it may let go of E Timor [ARTICLE + ILLUSTRATION]

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Indonesia says it may let go of E Timor JAKARTA Separation to be suggested if latest autonomy offer is rejected: minister AFP INDONESIA may let go of the troubled territory of East Timor if Jakarta's latest offer of wide-ranging autonomy is rejected by the majority of the population there, a

Wiranto urges Suharto to help: report [ARTICLE + ILLUSTRATION]

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Wiranto urges Suharto to help: report JAKARTA Reuters INDONESIA'S armed forces chief General Wiranto has asked former President Suharto to use his influence to stop the unrest created by his followers, the Jakarta Post reported yesterday. The message was conveyed to Mr Suharto by Abdurrahman Wahid, leader of the country's

Abri seats in Lower House to fall by half to 38 [ARTICLE]

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Abri seats in Lower House to fall by half to 38 JAKARTA AFXAsia AFP Reuters MILITARY appointees will be allotted 38 seats in the Lower House of Parliament, the People's Representative Council (DPR), armed forces commander General Wiranto said yesterday even as scores of Indonesian students braved heavy rains to

HK will stick to schedule on land sale review [ARTICLE]

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HK will stick to schedule on land sale review HONGKONG No early decision from govt despite Li Ka-shing's call to end freeze Bridge News AFP THE Hongkong government won't fast-track a decision on resuming land sales after comments by prominent property tycoon Li Ka-shing on Tuesday urging an end to

Dr M bows to pressure, cuts toll rates [ARTICLE]

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Dr M bows to pressure, cuts toll rates From] Ruth Wong in Kuala Lumpur PUBLIC protests have not only forced the Malaysian government to reduce planned increases in road tolls for some major highways, but also resulted in Prime Minister Mahathir Mohamad ordering a halt on the building of new

Tung apologises for HK airport fiasco [ARTICLE]

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Tung apologises for HK airport fiasco But he still insists no government official should be punished From] Loh Hui Yin in Hongkong BOWING to public dissatisfaction, Chief Executive Tung Chee-hwa has apologised to the people of Hongkong for last year's airport fiasco but still insisted that no government official should

No-confidence move against Thai govt will fail: analysts [ARTICLE]

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No-confidence move against Thai govt will fail: analysts Froml Harish Mehta in Bangkok THAILAND'S opposition yesterday launched a two-day no-confidence debate that targets three cabinet ministers but analysts said it would fail to topple the government which enjoys a comfortable majority in Parliament The opposition New Aspiration Party (NAP) launched

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ASIA

A cyber-mall for Asian shoppers [ARTICLE]

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A cyber-mall for Asian shoppers SINGAPORE Yahoo!, Visa launch shopping gride linked to 200 merchants By 1 Toh Han Shih PEOPLE in Asia can now buy online from cyber-merchants at the Visa Shopping Guide, the first Web-based shopping guide by Visa International and Yahoo! to be targeted at Asia. The

NZ business confidence shoots up to 4-year high: survey [ARTICLE]

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NZ business confidence shoots up to 4-year high: survey WELLINGTON Overseas markets more robust, interest rates low Bloomberg STRONGER exports propelled New Zealand business confidence to a four-year high in the final quarter of last year, a further sign that the economic recovery may be picking up steam. Companies are

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THE WORLD

Fed likely to up rates in H2 and roil markets: economist [ARTICLE]

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Fed likely to up rates in H2 and roil markets: economist SINGAPORE Invesco sees US as overheated, Japan still in a rut, yuan fears overplayed f*y Ven Sreenivasan THE US Federal Reserve will raise interest rates in the second half of this year, sending Wall Street stocks and Asian markets

IMF must be more accountable: Summers [ARTICLE]

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IMF must be more accountable: Summers WASHINGTON Reuters THE International Monetary Fund, the agency through which bailout loans for struggling Asian countries and Brazil were arranged, must be more accountable for its use of taxpayers' money, US Deputy Treasury Secretary Lawrence Summers said yesterday. "The global economy has changed greatly

Bankers urge nations to give more data [ARTICLE]

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Bankers urge nations to give more data WASHINGTON Reuters INTERNATIONAL bankers yesterday urged borrowing countries to provide regular briefings on their problems and prospects to try to prevent new outbreaks of the world's deadly economic flu. The Institute for International Finance, an umbrella organisation of banks and financial institutions, also

Brazil to have stabilisation package soon: World Bank [ARTICLE + ILLUSTRATION]

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Brazil to have stabilisation package soon: World Bank Bloomberg Reuters [MUNICH] Brazil's government will soon have a package of measures that will help stabilise the economy, stem the decline of Brazil's currency, the real, and win support from international lenders, World Bank president James Wolfensohn said. Brazilian President Fernando Henrique

Call for target forex rates dropped [ARTICLE]

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Call for target forex rates dropped BONN German govt no longer poshing for target trading zones for US$, yen, euro Bloomberg GERMANY no longer wants to set target trading zones for the US dollar, euro and yen currencies, though it wants more stable exchange rates, the government said. "The federal

Senate set to vote on witnesses [ARTICLE]

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Senate set to vote on witnesses GUMTON IMPEACHMENT TRIAL AFP [WASHINGTON! The US Senate was yesterday set to vote on calling witnesses, including Monica Lewinsky, and requesting testimony from President Bill Clinton himself as the impeachment trial neared a pivotal moment. Senators were first expected to reject a Democraticsponsored motion

World Economic Forum goes online, live [ARTICLE]

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World Economic Forum goes online, live THE stage is set for another high-powered meeting of the World Economic Forum (WED and this time it's a truly global stage, thanks to the Internet. For the first time, key sessions of this annual meeting of top business and political leaders will be

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EDITORIAL & OPINION

Low pay a disservice to UK politics [ARTICLE + ILLUSTRATION]

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Low pay a disservice to UK politics THE BOTTOMLDIB OPINION By 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 WHILE British Prime Minister Tony Blair

IN OTHER WORDS [ARTICLE]

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IN OTHER WORDS 'We in this nation believe in one God, but there are many roads leading to Rome.' -B J Habibie Indonesian president, vowing to fight any attempt to make Indonesia a religious state. 4 I suppose everything is going for her except that she is a woman.' Cory

Singapore needs to broaden focus [ARTICLE]

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Singapore needs to broaden focus EDITORIAL JUST when sentiment appears to be a little chirpier than it has been in months, along comes a string of reminders to nip in the bud any sense that the Singapore economy might soon be out of the woods. First, Singapore's investment pull. The

IMF may be flawed but it's better than nothing [ARTICLE + ILLUSTRATION]

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IMF may be flawed but it's better than nothing Before we throw it out, perhaps we ought to improve it and fond it better to do a necessary job Tom Plate The writer, aLosAngeies Times columnist, also teaches at the University of California, Los Angeles. E-mail TplfittQiirki ftiu WITH dramatic

WHAT THE OTHERS SAY [ARTICLE + ILLUSTRATION]

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WHAT THE OTHERS SAY OOP: the party of crybabioo A CYNIC might say that US President Bill Clinton was exploiting the papal visit to burnish his image. But you could argue that the pope has more to gain: in a year-end Gallup poll, Americans named the president as "most admired"

EXECUTIVE LIFESTYLE

Asterix takes on Hollywood [ARTICLE + ILLUSTRATION]

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Asterix takes on Hollywood The diminutive Gallic hero hits the US next week in the most expensive French film ever mounted, osnnur waits with bated breath CRISPIAN BALMER Ratters PRANCE'S comic-strip hero Asterix has routed the Romans, built Cleopatra's palace, discovered America and introduced tea to the English. Now he

Make way for Hingis v Seles [ARTICLE + ILLUSTRATION]

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Make way for Hingis v Seles AUSTRALIAN OPEN Bimria'i KiMiriki? outwits US' Martin to emerge as the only surviving male seed Reuters [MELBOURNE] Monica Seles and Martina Hingis came out on top yesterday as a quartet of champions battled it out for the last two women's semi-final spots at the

Prize for late Ted Hughes [ARTICLE + ILLUSTRATION]

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Prize for late Ted Hughes BOOKS Whitbread award for powerful poems on his doomed affair with Sylvia Plath Reuters [LONDON] Poet Ted Hughes was posthumously awarded one of Britain's top literary prizes on Tuesday for the powerful poems about his tragic love for Sylvia Plath. Their daughter Frieda was close

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Page 11 Miscellaneous

Page 11 Miscellaneous Column 1 [MISCELLANEOUS]

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CBYPTIC CROSSWORD 14 Small daughter a nuisance in —LhLhi LmJ mJ 17 Tall, powerful, and very arro- I I III! I po J 19 Men notice data are wrong 27 Skill I found in man is out erf 28 Euphoric with heroin? On one's dignity, here (4,5) 29TimeforAeopposition(5) < 5

MOTORING

BUMPER to BUMPER

Renault sells 2.13m cars in '98 [ARTICLE]

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Renault sells 2.13m cars in '98 WITH record sales of 2.13 million vehicles in 1996 (up by 300,000 units), Renault of France could well be the top marque in Europe for the first time in 15 years. It posted a one point gain in market share to 11 per cent,

Seat sales up 7.2% in '98 [ARTICLE]

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Seat sales up 7.2% in '98 VOLKSWAGEN-owned Seat of Spain posted a record year in 1906 too, selling 432,000 vehicles, 12 per cent up on 1967. At home, sales rose 19 per cent to 154,000 units, its best result in 20 years. The company expects the same level of success

Bold design [ARTICLE + ILLUSTRATION]

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Bold design GENERAL Motors unveiled five concept designs at the recent Detroit Motor Show. The Pontiac Aztek is a futuristic front-wheel-driven cross between a sedan, van and sport-utility vehicle (SUV). Next the Buick Cielo represents a targa-style four-door convertible that features voice-activated controls. For the off-duty Swat sniper, there is

Mini to hold 40th anniversary blitz [ARTICLE]

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Mini to hold 40th anniversary blitz THE 40th anniversary of the Mini will be held on Aug 21 at Silverstone, the same venue for its 30th and 3Sth "birthday parties". A foil day of celebrations is being put together. For enthusiasts who can't wait or who can't make it visit

Mitsubishi Spacewagoms are favourites [ARTICLE]

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Mitsubishi Spacewagoms are favourites Coaplled by Christopher Tan THERE was a vagueness in last week's article on the popularity of multi-purpose vehicles (MPVs). In it, we stated that the Mitsubishi Spacewagon Chariot was the most popular MPV, with 466 sold last year. In fact, it was not the Chariot in

COE categories may be merged [ARTICLE + ILLUSTRATION]

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COE categories may be merged Feedback to review committee favours fewer categories, says Christopher taw CHRISTOPHER TAN THE vehicle quota system review committee will wrap up its final discussions this week, a top official said. And while details will only be made public by March, changes are likely to include

QAFAuto bags Rover for Brunei [ARTICLE]

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QAFAuto bags Rover for Brunei [SINGAPORE] QAF Auto, a venture between royaltylinked QAF Brunei and Sin-gapore-based Trans Eurokars, will take over the Rover distributorship in the sultanate. The franchise, which includes Land Rover vehicles, was previously held by Champion Motors Brunei, a subsidiary of listed Inchcape Motors. QAF Brunei and

Honda explores smart-car system here [ARTICLE + ILLUSTRATION]

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Honda explores smart-car system here All reports by Christopher Tan [SINGAPORE] Honda Motor has embarked on an exploratory mission to see if a futuristic vehicle-sharing system it is developing could be implemented here. A high-level team, which included board member Masaaki Kato, was here earlier this week on a trip

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COMPANIES & MARKETS

China risk small: S'pore banks [ARTICLE + ILLUSTRATION]

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China risk small: S'pore banks Some say exposure to Itics minimal as concerns grow over loans to HE, China By\ Siow Li Sen [SINGAPORE] Local banks yesterday said their exposure to China was small, in response to growing concerns that they could be hurt by developments there. Ever since China

SembCorp still riding on PacNet IPO wave [ARTICLE + ILLUSTRATION]

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SembCorp still riding on PacNet IPO wave Analysts see strong demand and debut for IPO in New York By\ Rahita Elias [SINGAPORE] The SembCorp Industries stock yesterday rose 6 per cent to close at $2.39 as investors pile in with expectations of strong demand for its subsidiary Pacific Internet's initial

ASX-Sydney Futures Exchange merger may come sooner [ARTICLE]

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ASX-Sydney Futures Exchange merger may come sooner HOCK LOCK SIEW Russell Baker THE expected merger between the Australian Stock Exchange (ASX) and the Sydney Futures Exchange (SFE) looks like it's happening sooner rather than later. Spurred by the huge success of the ASX's demutualisation and public listing, the SFE is

Analysts await clues on Creative's longer-term outlook [ARTICLE + ILLUSTRATION]

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Analysts await clues on Creative's longer-term outlook By, Jennifer Lien [SINGAPORE] While strong December-quarter results from Creative Technology this weekend are almost a foregone conclusion, the lon-ger-term outlook for the company is murky. "Visibility beyond the December quarter is low," said Dresdner Kleinwort Benson analyst Janardan Menon, who expects Creative

COMPANIES

SembCorp Logistics gears up for new take-off [ARTICLE + ILLUSTRATION]

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SembCorp Logistics gears up for new take-off Byy Jennifer Lien [SINGAPORE] SembCorp Logistics, to be formed when ST Logistics and listed Sembawang Marine Logistics (SML) merge in March, will write off some "underperforming" areas in its 1998 and 1999 results, its president-designate said. The company also sees annual ised overhead

Indocement in talks to sell 'significant' stake [ARTICLE]

Page 14

Indocement in talks to sell 'significant' stake Bloomberg Bridge News [JAKARTA] PT Indocement Tunggal Prakarsa, a major Indonesian cement maker controlled by the Salim family, is in talks with Heidelberger Zement AG of Germany, and Lafarge SA of France to sell a "significant" stake, a company official said. "Yes, we

Chosen gets green light for IPO [ARTICLE]

Page 14

Chosen gets green light for IPO [SINGAPORE] Local plastics injection moulder Chosen Holdings Ltd yesterday said it has received the go-ahead from the Stock Exchange of Singapore for a mainboard listing. The Singapore-dollar IPO is slated for mid-February, market sources say. The Chosen group was first set up in 1986,

Dairy Farm to go on S'pore expansion spree [ARTICLE + ILLUSTRATION]

Page 14

Dairy Farm to go on S'pore expansion spree [SINGAPORE] Dairy Farm will spend "tens of millions" this year on over 20 new stores here, in the firm's "most intensive ever" expansion programme in Singapore, said lan McClellan, country manager of Dairy Farm International South Asia. Speaking to BT at last

PCRD in Asian property tie-up [ARTICLE]

Page 14

PCRD in Asian property tie-up (SINGAPORE] Mainboardlisted Pacific Century Regional Developments (PCRD) is forming a joint venture company with a "major financial institution" to invest in Asian properties. Each of the partners will fork out up to US$l5O million (XXXXX million) over three years or a shorter period, and will

Amtek buys stake in S'pore firm [ARTICLE]

Page 14

Amtek buys stake in S'pore firm (SINGAPORE] Amtek Engineering has entered into a shareholders' agreement with Mainland Gold Assets an investment holding company incorporated in the British Virgin Islands to take up a 40 per cent stake in ACPS Investments. Under the agreement, Amtek will subscribe for 800,000 new ACPS

Bakrie in preliminary pact with creditor group [ARTICLE]

Page 14

Bakrie in preliminary pact with creditor group Bloomberg [SINGAPORE] Indonesian group PT Bakrie Brothers said it has reached a preliminary agreement with an informal committee of lenders to restructure US$l.l5 billion (Ssl.9 billion) in debt. Bakrie, which has investments in telecommunications and agricultural plantations, is one of hundreds of Indonesian

Talk with Hicom on Proton deal still on: Petronas chief [ARTICLE]

Page 14

Talk with Hicom on Proton deal still on: Petronas chief Companies trying to work ont price for 27% stake Bloomberg [KUALA LUMPUR) Petroliam Nasional Bhd (Petronas) president Hassan Marican said yesterday that the statecontrolled oil company is discussing the purchase price for a 27 per cent stake in car maker

Flextech unit gets pioneer status incentive from EDB [ARTICLE]

Page 14

Flextech unit gets pioneer status incentive from EDB It will develop semiconductor equipment {SINGAPORE] Semiconductor Technologies and Instruments Pte Ltd, a whollyowned subsidiary of Flextech Holdings, has been awarded a pioneer status incentive by the Economic Development Board (EDB) for the design and manufacture of ad-vanced-package semiconductor equipment. Mainboard-listed Flextech

Gain from sale of stocks pulls Sony Q3 net up 2% [ARTICLE]

Page 15

Gain from sale of stocks pulls Sony Q3 net up 2% It posts record 112b yen profit as sales dip; yen's rise, lower prices hart margins Bloomberg [TOKYO] Sony Corp said third-quarter earnings rose 1.8 per cent as a one-time gain from stock investments masked a slump in sales at

Japan Tobacco plans to buy food business from Asahi Chemical [ARTICLE]

Page 15

Japan Tobacco plans to buy food business from Asahi Chemical It plans to broaden revenue base amid decline in smokers Bloomberg [TOKYO] Japan Tobacco Inc, the nation's only tobacco cfimpany, said it will buy Asahi Chemical Industry Co's food business on July 1 for an amount that has yet to

Komag's Q4 loss less than forecast on cost cutting, better sales [ARTICLE]

Page 15

Komag's Q4 loss less than forecast on cost cutting, better sales Bloomberg [SAN JOSE, California] Komag Inc, the largest maker of discs for personal computer storage devices, had a smaller-than-expected loss in the fiscal fourth-quarter on cost cutting and demand from PC disk drive makers. The company's loss in the

Amazon.com sales quadruple to US$2533m but Q4 loss doubles [ARTICLE]

Page 15

Amazon.com sales quadruple to US$2533m but Q4 loss doubles Bloomberg [SEATTLE] Amazon.com Inc said its fourth-quarter loss widened less than expected, while sales almost quadrupled to UXXXXX.9 million (XXXXX.6 million) as more holiday shoppers used its World Wide Web site to buy gifts. The No 1 online book retailer lost

Ayala Land net seen diving 34.5% [ARTICLE]

Page 15

Ayala Land net seen diving 34.5% Reuters [MANILA] A protracted slump in the property market will weigh on 1998 earnings of Ayala Land Inc, the Philippines' biggest real estate firm, but lower domestic interest rates could bring some relief in 1999, analysts said. Ayala Land's net income for 1998 is

Compaq beats forecasts with 2.2% rise in Q4 profit [ARTICLE + ILLUSTRATION]

Page 15

Compaq beats forecasts with 2.2% rise in Q4 profit Bloomberg LATWP [HOUSTON] Compaq Computer Corp, the second largest computer maker, yesterday reported a 2.2 per cent rise in net earnings for the fourth quarter, beating analysts' predictions as cost cuts helped recently-acquired Digital Equipment Corp add to its earnings. Net

CSC 3rd-qtr profit rises 26%, meets analysts' forecasts [ARTICLE]

Page 15

CSC 3rd-qtr profit rises 26%, meets analysts' forecasts Reuters [EL SEGUNDO, California] Computer Sciences Corp (CSC), which has mounted a takeover of mainboard-listed CSA Holdings, met Wall Street's consensus thirdquarter expectations as net profits rose nearly 26 per cent versus 1997's last quarter. In a statement, the No 3 ranked

McDonald's, IBM, Xerox join stock splits [ARTICLE]

Page 15

McDonald's, IBM, Xerox join stock splits Investors welcome splits as pointer towards price gains Bloomberg [NEW YORK] McDonald's, IBM and Xerox led a parade of companies announcing stock splits a cosmetic change that investors nonetheless greet as a sign of optimism that share prices are going higher. Microsoft too has

COMPANIES/FINANCE & COMMODITIES

JP Morgan to shut down energy trading unit [ARTICLE + ILLUSTRATION]

Page 16

JP Morgan to shut down energy trading unit Plans to sell it fail amid commodity slump; 35 jobs hit in US, UK, S'pore Reuters Bloomberg [NEW YORK] JP Morgan Co said on Tuesday that it would close down its energy trading unit after plans to sell it were derailed by

No room for further cuts in HK rates, says Stanchart [ARTICLE]

Page 16

No room for further cuts in HK rates, says Stanchart AFX-Asia [HONGKONG] Standard Chartered pic does not see any room for further cuts in local interest rates until asset markets "calm down", its executive director Mervyn Davies said. At present, he said, local deposit and prime lending rates are at

A reflection of change in the Mirror [ARTICLE + ILLUSTRATION]

Page 16

A reflection of change in the Mirror [LONDON] John Allwood (right), the new chief executive of the Mirror Group pic, publisher of the Daily Mirror and Sunday Mirror, on Tuesday leaving the city with group chairman Victor Blank. Former chief executive David Montgomery resigned on Tuesday after Mirror's stocks had

HSBC Americas Q4 earnings rise 32% [ARTICLE]

Page 16

HSBC Americas Q4 earnings rise 32% Bloomberg AFX-Asia [LONDON] HSBC Americas Inc said fourth-quarter net income rose 32 per cent because of a US$33 million (5555.4 million) tax settlement and falling costs. It is the US unit of HSBC Holdings pic, Britain's largest bank, HSBC Americas, whose main company is

Warner-Lambert to buy biotech firm Agouron for US$2b [ARTICLE]

Page 16

Warner-Lambert to buy biotech firm Agouron for US$2b NYT [NEW YORK] Warner-Lam-bert Co, one of the hottest drug companies in the industry, announced on Tuesday that it would acquire Agouron Pharmaceuticals Inc, a small San Diego biotechnology concern, for US$2.l billion (553.5 billion) in stock. The deal enables WarnerLambert to

S&P rates Bangkok Bank debt as highly speculative [ARTICLE]

Page 16

S&P rates Bangkok Bank debt as highly speculative Bank's credit profile reflects decline in asset quality, it says From Harish Mehta in Bangkok US credit rating agency Standard Poor's yesterday assigned a highly speculativegrade rating of B+ to Bangkok Bank's US$75O million (Ssl.3 billion) debt, reflecting a negative outlook for

NAB Q1 profit jumps 39%; shares leap to record high [ARTICLE]

Page 16

NAB Q1 profit jumps 39%; shares leap to record high It makes more from currency and stock trading Bloomberg [MELBOURNE] National Australia Bank Ltd, the country's biggest bank, said yesterday first-quarter profit rose a better-than-expected 39 per cent, as it earned more money from fees and stock and currency trading.

US drug makers post healthy growth in Q4 earnings [ARTICLE]

Page 16

US drug makers post healthy growth in Q4 earnings Volume expansion, robust US sales boost bottom lines Reuters [NEW YORK] Merck Co, Schering-Plough Corp and Johnson Johnson met Wall Street fourth-quarter earnings forecasts on Tuesday, with double-digit growth spurred by volume expansion and sizzling US sales of prescription drugs, analysts

FINANCE & COMMODITIES

Stable currencies help futures recoup losses [ARTICLE]

Page 17

Stable currencies help futures recoup losses m Reports Ffffff giwgppftBHI faltot Bob Butcher STABLE regional currencies and optimism from a prominent local analyst helped the stock market and the MSCI Singapore futures recover more of the losses seen earlier in the week. The trading pattern was unusual in that the

Futures down on poor economic forecast [ARTICLE]

Page 17

Futures down on poor economic forecast MSCa lUwmn tttares Cecilia Loh THE Simex MSCI Taiwan Stock Index futures plunged one point on panic selling following a report that Taiwan's index of leading economic indicators, which forecast the economic condition over the next three months, fell 0.3 point. Early gains in

Squeeze on refining margins depresses crude oil prices [ARTICLE]

Page 17

Squeeze on refining margins depresses crude oil prices EMERGY REPORT Reuters [LONDON] Oil prices slipped again yesterday bringing fresh disappointment to oil producers who were hoping an early January rally might signal a recovery from last year's disastrous market slump. Brent dipped 10 cents a barrel to U5510.54, just US$l

CURRENCY REPORT [ARTICLE]

Page 17

CURRENCY REPORT Reuters London THE US dollar hastened higher yesterday as fears of a full-blown economic crisis in Brazil eased. The sharp gains also came amid relief the dollar had finally broken recent trading ranges, but traders said it would have to hold above 115 yen in New York for

Untitled [ARTICLE + ILLUSTRATION]

Page 17

mTBKBAMK OOS8 KATBS j a 27 C$ faro Ffr Pw HK$ IndtsNpla* Yen Wm H CSPafcts No S$ taad Sfr «T$ M* Hmi W$ Australia 0.959 6.178 0.548 3.593 1.071 4.889 26.812 58.210 0.719 7.413 2.396 1.173 32.414 24.344 LOU 3.786 0.XXXXX372 XXXXX 0J81 0.631 Canada 1043 1462 0.571 3.747

Untitled [ARTICLE]

Page 17

SICOM FUTURES Jan 27 IM0CR (Marts cMa«H«tSJQpB) RSS1 CONTRACTS CMb/fcf) CltM VofcMM Opan II, tfc g HORiB ipQo LOW 5ftt (tORMS) RUfVSi iiioo »o M*r 99 116.00 1250 Apr 99 119.50 1)6.50 117.00 125 950 May 99 XXXXX 25 625 Jw 99 XXXXX 250 J*/Sap99 128.00 600 RSS 3 CONTRACT

HONGKONG [ARTICLE + ILLUSTRATION]

Page 18

HONGKONG AFP Filling Seng *XXXXX HONGKONG stocks closed up 2.2 per cent yesterday, encouraged by China's renewed pledge to maintain a stable currency and gains on Wall Street overnight. The Hang Seng Index was up 209.83 points to 9,719.66 on turnover of HK54.54 billion. The star performers of the day

WORLD STOCK MARKETS [ARTICLE]

Page 18

WORLD STOCK MARKETS LONDON Mwtriils Jaa27 hm 31 Group 623.400 -2.600 AS Port* 261.400 4.400 AtXwy National 1258.360 -49.000 ANiad Oomacq 470.400 5.400 ADM Zurich 911.400 -1600 Aimc 161.200 0.200 Asda Group 156.400 1.400 BAT Ind 617.400 -2.600 BG Pic 376.000 -2.400 B4CC 60.000 -2.000 BOC Group 839.000 6.000 BR

CHINA [ARTICLE + ILLUSTRATION]

Page 18

CHINA Reuters F1 Shenzhen B Index -MU4 SHENZHEN'S hard currency B shares ended with modest gains yesterday as investors took heart from a renewed pledge from China's Central Bank that it would not devalue the yuan currency, analysts said. The B Share Index edged up 0.14 point, or 0.29 per

TAIPEI [ARTICLE]

Page 18

TAIPEI AFP □wp Index +2123 TAIWAN share prices closed 0.4 per cent higher yesterday on improved sentiment, dealers said. "The rise reflected that people are not so pessimistic after all," said Terry Liu at KG Securities. The Weighted Price Index rose 23.23 points to 6,138.87, following a 1.4 per cent

TOKYO [ARTICLE]

Page 18

TOKYO AFP PHiktai 825 +MUK JAPANESE share prices edged up 0.5 per cent yesterday following gains on Wall Street, particularly among high-tech issues, brokers said. "Yesterday's gains on Wall Street pushed share prices, particularly those among hightech issues," said Nikko Securities senior market analyst Kazue Mayuzumi. But bank issues were

KUALA LUMPUR STOCK MARKET

Untitled [ARTICLE]

Page 19

INDUSTRIALS CoiMMf pniidt 1999 Le»t Vol Day M«t Cap Hmi Lew Campany S«H OOP High Ln S«n« 310 292 AjMomoto 300 16.6 121.6 83 73 Angkasa 76 -1 40 78 76 112.1 283 255 Apollo Food Hlg 266 9.3 106.4 204 178 Ber|ayeLand 186 -3 102 N2 186 3.7 1289.4

KL shares ease amid lack of fresh leads [ARTICLE + ILLUSTRATION]

Page 19

KL shares ease amid lack of fresh leads AFP AFX-Asia CI Composite Index -5.70 MALAYSIAN share prices ended 0.9 per cent lower yesterday in dull trade as investors kept out of the market amid an absence of fresh leads, dealers said. The KLSE Composite Index fell 5.70 points to 605.18.

WARRANTS, OPTIONS & REGIONAL MARKETS

Untitled [ARTICLE]

Page 20

BOMBS, LOANS ft WARRANTS Wt S2-*k Last Vol Day Last Ouot* Avq Hlqh Low Stna Company Sal* ♦or- COOO) Hl*h Loo Buyor Sall*r Prko 205 3 3)60 "Acor *XXXXX1 USS 12 unch 26 12 12 12 13.5 35 4.5 3164 Acma *XXXXX4 19 *0.5 769 20 18.5 19 19.5 18

Freight Links wrt appears overpriced [ARTICLE]

Page 20

Freight Links wrt appears overpriced WARRANT WATCH -By R Sivanithy WE'LL keep our focus on penny warrants since this is the hot segment at the moment and today's feature is the 2002 instrument issued by freight forwarding and logistics firm Freight Links. However, like the AFP warrant which was featured

CLOB INTERNATIONAL [ARTICLE]

Page 20

CLOB INTERNATIONAL HONGKONG STOCKS Gf Of 52-Wk Last V04 Day Last Quote Dtv Wv YM Net M Cap High Loo Stno Company Sal* COOO) High Lav Buyer Sewer C »r P/t Smti 5123 CDL (2000) HK 400 8 2.4 2 20.5 7744.7 5124 Cathay Pac 20c HK_. 720 265 2.1

JAKARTA [ARTICLE + ILLUSTRATION]

Page 20

JAKARTA AFP F1 Composite Index +12J0 INDONESIAN shares rose three per cent yesterday in line with regional markets following China's assurance it will not devalue the yuan, dealers said. An analyst with Mitra Dutasekuritas said gains were basically boosted by stateowned companies, including telephone monopoly Telkom, satellite operator Indosat and

BANGKOK [ARTICLE + ILLUSTRATION]

Page 20

BANGKOK AFP |H[SiT Index +&48 THAI shares rose 1.8 per cent at the close yesterday in quiet trade dominated by speculative bargain hunting in banks and finance stocks, dealers said. Dealers said the market got off to a slow start, with investors hesitant about the opening of a parliamentary censure

MANILA [ARTICLE]

Page 20

MANILA AFP Q Manila +11.74 PHILIPPINE share prices rose 0.6 per cent yesterday following assurances that China would not devalue its currency. A rebound in Philippine Long Distance Telephone Co, which rose 25 pesos to 860 pesos, also lifted the market. The Composite Index gained 11.74 points to close at

SEOUL [ARTICLE]

Page 20

SEOUL AFP |H| Composite Indei *33J7 SOUTH Korean share prices surged 6.4 per cent yesterday in a technical rebound supported by foreign buying following recent losses, dealers said. Helping the market were stronger futures and rumours that the central bank was considering lowering money market rates. The Composite Index closed

SYDNEY [ARTICLE]

Page 20

SYDNEY AFP PI All Ordinaries -*-2X50 AUSTRALIAN share prices closed up 0.8 per cent yesterday, brokers said. The All Ordinaries Index closed at 2,851.4, up 23.5 points. The All Industrials Index finished up 49.3 points at 5,162.9 while the All Resources ended the day 0.5 point higher at 950.5. Volume

WELLINGTON [ARTICLE]

Page 20

WELLINGTON AFP ClWeDiiigton -13.72 NEW Zealand shares closed down 0.6 per cent yesterday on late selling, dealers said. The NZSE-40 Capital Index fell 13.72 points to 2,165.58. Turnover totalled NZ$l4B.BO million. Share prices tracked higher on stronger overseas markets before a flurry of selling saw stocks drift off. AFP JwIT

STOCK EXCHANGE OF SINGAPORE: MAIN BOARD [ARTICLE]

Page 21

STOCK EXCHANGE OF SINGAPORE: MAIN BOARD Transaction dall-: Jan 27 Or Or M W« 92-Wk l«t Vol Day Lilt Ouota Otv Dlv VM N«t Cap Ava Law St No Company Solo COOP) Hljfc Low Boytr Sollor H C'vr Pit >m« Prtca MllLThMDUSTRY 142 17.5 m t 1000 Acma 50c 74.5

SESDAQ [ARTICLE]

Page 21

SESDAQ Qf Q t M Wt 52-Wk Lilt Vol Day Lait Ouota Div Mv YM Nat Cap Am L— StNo Company Sala COOO) High Law Buyar Sa—r C'» P/t SmHPrka MAMffACTURINR 243 30 2049 AS Auto tOc 105 *4 1453 109 103 104 105 15 N 7 14 9.9 119.9

STOCK EXCHANGE OF SINGAPORE

Untitled [ARTICLE]

Page 22

Stefa SembCorpI 25c 15,775,000 STEnqgWc 12,772,000 S Coffewnix 5c 9,575,000 06S Land 8,289,000 S4fX)«tron 20c 6,916.000 Flextech Wt02 5,947,000 SingTel 15c 4,893,000 DBS Foreign 4,735,000 KepTatLee Bank 4,611,000 Keppei LindWOO 4,544,000 Stocks i DBS Foreign 61,417,771 SemtoCorpI 25c 37,001,506 0C8C Foreign 21,363,668 STEnggKk 20,573,174 DBS Land 19.760,119 UOB Foreign 17,323,566

Bank stocks lead as STI stages another rebound [ARTICLE + ILLUSTRATION]

Page 22

Bank stocks lead as STI stages another rebound Wall St, dip in interbank rates spur market bnt cantion remains; penny warrants still in play STOCK MARKET COMMENTARY By R Sivanithy A WALL Street rally and a dip in interbank rates to below 2 per cent sent local stocks soaring for

HOT STOCK [ARTICLE + ILLUSTRATION]

Page 22

HOT STOCK By Wong Wei Kong THE shares of Super Coffeemix Manufacturing closed up $0.03 at $0.39 yesterday on a volume of 9.58 million shares, against its 10-day traded average of 7.28 million units. The daily and weekly RSI, Stochastics and MACD charts are mixed. The stock rose after a

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Page 16

Hflry" »a t/ 1 goh kheng yews [ImIBB Exhibition I :v I 29 Jan 31 Jan 1999 10 am 6 pm Daily at Singapore Chinese Chamber of Commerce And Industry 2nd Floor

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today s?ianhe Zaobao lima j I I AC ÜBL

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Page 18

NOTICE IS HEREBY GIVEN that I, CHAN KENG SOON of 141, Carptnael Road, Singapore XXXXX7, have applied for a Ist Class Public House licence in respect of M/sTe Quiero Pte Ltd located at 2/2 A, Lorong Mambong Singapore XXXXX1, and that this application will be considered by the Liquors Licensing

Page 18 Advertisements Column 2 [ADVERTISEMENT]

Page 18

LIQUOR LICENCE NOTICE NOTICE IS HEREBY GIVEN that. I LOW YAT SUN of Blk 538 Hougang Street 52. #02-86, Singapore XXXXX8, have applied for a Public House, First Class Licence in respect of M/s Seafood Junction Franchise Pte Ltd located at 257, Changi Road, Singapore XXXXX6, and that this application

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Page 18

NOTICE IS HEREBY GIVEN that I, GOH SOON CHAI of Blk 210 Serangoon Central *09-258 Singapore XXXXX0, have applied for a Public House, First Class Licence in respect of M/s Hotel 81 Gold located at No 20 Lorong 20 Geylang Singapore XXXXX8, and that this application will be considered by

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Page 18

NOTICE IS HEREBY GIVEN that I, WONG LIANG WEI of Blk 44 Lengkok Bahru #01-215 Singapore XXXXX4, have applied for a Public House, First Class (Extended) Licence in respect of M/s Nelle's Tavern located at 14 Scotts Road, #04-32 Far East Plaza Singapore XXXXX3, and that this application will be

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Page 19

Thursdays China Watch by Lu Ning TheßusinessTimes

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Page 20

NOTICE IS HEREBY GIVEN that I, SIM YEW HOCK of Blk 638 Woodlands Ring Road *11-49, Singapore XXXXX8, have applied for a Public House, First Class Licence in respect of M/s Hotel 81 Star located at No. 31 Lorong 18 Geylang, Singapore XXXXX8, and that this application will be considered

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Page 20

NOTICE IS HEREBY GIVEN that I, GOH HOCK ANN of Blk 51 Chai Chee Street #13-302 Singapore XXXXX1, have applied for a Public House, First Class Licence in respect of M/s Hotel 81 Princess located at N0.21 Lorong 12 Geylang, Singapore XXXXX1, and that this application will be considered by

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Page 20

NOTICE IS HEREBY GIVEN that I, TAN LAY SUAN of Blk 102 Pasir Ris St 12 *12-47 Singapore XXXXX2, have applied for a Beer House Ist Class licence in respect of M/s Hong En Seafood Restaurant located at 697 East Coast Road, Singapore XXXXX0, and that this application will be

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Page 20

NOTICE IS HEREBY GIVEN that I, ROSEMARY TANG KHEOK HWA of 92 Seletar Hills Drive Singapore XXXXX8, have applied for a Public House, First Class Licence in respect of M/s Euro's Fine Foods (International) Pte Ltd located at 160 Orchard Road *01-14/17, Orchard Point Singapore XXXXX2, and that this application

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Page 22

NOTICES To advertise call toll-free 1800-741 1883 Fax No: 741 1298 NOTICE IS HEREBY GIVEN that I, CHIA CHEOK CHOONG of Blk 678, Hougang Ave 8 #01-517 Singapore XXXXX8, have applied for a Retail Beer Shop Licence in respect of M/s Xie International Pte Ltd located at Blk 678, Hougang

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Page 22

Want to get the best trading ideas? Call DBS Investor Online at 438-1188 gj| )[SSBANK NOTICE IS HEREBY GIVEN that I, SIK HING of Blk 126, Serangoon North Ave 1, #07-71, Singapore XXXXX6, have applied for a Public House 2nd Class Licence in respect of M/s Yanagi Japanese Restaurant located

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Page 22

NOTICE IS HEREBY GIVEN that, I, PHUA SWEE AIK of Blk 726 #09-63 Yishun Street 71 Singapore XXXXX6, have applied for a Ist Class Beer House License in respect of M/s Yu Lai Restaurant located at 22 Jalan Tampang Singapore XXXXX6, and that this application will be considered by the

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Page 22

IN THE MATTER OF THE COMPANIES ACT, CAP.S# AND IN THE MATTES OF CABLE WATER SKIING (ASIA) PTE LTD (In Cred Mors' Voluntary Liquidation) At the General Meeting of the Members and of the Creditors of the company held at 149 Rochor Road *05-07, Fu Lu Shou Complex. Singapore XXXXX5

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Page 22

r W THE MATTER OF THE COMPANES ACT, CAP 50 AND IN THE MATTER OF AXTRAM MA PTI LTD (In Credßora'Voluntary Liquidation) MnajejßMmi og-iia—una NOTICE IS HEREBY GIVEN that an Extraordinary General Meeting <* the Company duly convened and held on the 22nd day ol January 1999. it was resolved

FREQUENT FLYER SPECIAL

Free to fly [ARTICLE + ILLUSTRATION]

Page 23

Free to fly By Rahita Elias ®By Rahita Elias HE battle for passengers is hotting up as airlines fight for a larger slice of the pie in the skies. Even as carriers extend their network and improve services and facilities onboard and on the ground, they are also working hard

SIA woos travellers with KrisFlyer [ARTICLE + ILLUSTRATION]

Page 23

SIA woos travellers with KrisFlyer The airline's new scheme is certainly a cnt above Passages as it caters also to economy class passengers By: Rahita Elias KRISFLYER, Singapore Airlines' (SIA) new frequent flyer programme, opens to the traveller a whole new world of privileges. From Feb 1, its members can

It pays to fly the friendly skies [ARTICLE + ILLUSTRATION]

Page 24

It pays to fly the friendly skies United Airlines' Mileage Pins has over 25 million members which account for more than USsBb of the carrier's annual revenue of US$l4 billion By Bill Byrne The writer is United Airlines 'general manager in Singapore UNITED Airlines' frequent flyer programme, among the world's

Star Alliance attracts more members [ARTICLE]

Page 24

Star Alliance attracts more members THE Star Alliance, formed on May 14, 1997, is the airline world's largest international alliance. Its founder members are United Airlines of the US, Lufthansa of Germany, Scandinavian Airlines System, Air Canada, Thai Airways and Varig of Brazil. The alliance aims to coordinate mutual flights

Cathay Pacific switches to a global focus [ARTICLE + ILLUSTRATION]

Page 26

Cathay Pacific switches to a global focus Its Asia Miles scheme takes advantage of the airline's membership in the oneworld alliance By Rahita Elias WITH the demise of the Passages frequent flyer programme (FFP) this month, Cathay Pacific Airways has come up with its own product capitalising on its membership

Oneworld sees customers as No 1 [ARTICLE]

Page 26

Oneworld sees customers as No 1 NYT LAUNCHED in September last year, the oneworld alliance is aimed at providing better service to the customers of the airlines involved. Its cast of founding members comprises five major international carriers British Airways, American Airlines, Canadian Airlines, Cathay Pacific Airways and Qantas Airways.

Generous perks in Northwest's revamped scheme [ARTICLE + ILLUSTRATION]

Page 26

Generous perks in Northwest's revamped scheme It launches an upgraded World Perks scheme to provide better service to members Rahita Elias NORTHWEST Airlines heralded the new year with the relaunch of its enhanced version of World Perks, which now lays claim to being Asia's most generous airline loyalty programme. In

Ames members earn mileage as they spend [ARTICLE + ILLUSTRATION]

Page 29

Ames members earn mileage as they spend Card company offers two rewards schemes that members can choose from, depending on whether they travel frequently or not By. Anthony Lee The writer is country manager head, consumer services group, American Express International Inc YOU'VE seen them offered everywhere, from restaurants to

Getting the most out of a rewards scheme [ARTICLE + ILLUSTRATION]

Page 29

Getting the most out of a rewards scheme THE frequent flyer programme is meant to be a loyalty programme encouraging repeat business, so it is important to note that it is not meant to get cardmembers to overspend. In that light, we offer some pointers here on how to make

Air NZ sees its fixture in Star Alliance [ARTICLE + ILLUSTRATION]

Page 29

Air NZ sees its fixture in Star Alliance Tie-up seen as a tool for the carrier to compete regionally gtui global reach By Rahita Elias NO one, it seems, believes more in the power of powerful Mends than Air New Zealand. In April, it will join the airline industry's largest

ANA links its FFP with 3 other carriers [ARTICLE]

Page 29

ANA links its FFP with 3 other carriers KnightRidder [TOKYOI Japan's All Nippon Airways Co (ANA) said yesterday that from this April it is linking up its frequent flyer programme (FFP) with that of Scandinavian Airline System, Air Canada and British Midland. Through the cooperation ANA's 3.2 million "ANA Mileage

Key to picking a loyalty scheme [ARTICLE + ILLUSTRATION]

Page 31

Key to picking a loyalty scheme w Rahita Elias YOU look at the ads and you think: "Hey, this is a good deal. I can get a free ticket, if I fly with ABC airline often enough. ifNot only that, I can use my credit card to .earn points that

UOB offers KrisFlyer to card members [ARTICLE]

Page 31

UOB offers KrisFlyer to card members It sees tie-up with an airline FFP as a means of giving valne-added service '4feC Rahita Elias THE UNITED Overseas Bank has become the first of the Big Four Singapore banks to join the frequent flyer game. It has tied up with Singapore Airlines'

All my bags are packed... [ARTICLE + ILLUSTRATION]

Page 31

All my bags are packed... JMS ■»&■>> W" 1 «nppp««p" P<«> .juipp Wjaf tf& different frequent tiyer programmes have to offer t 4 j>,..v ••a- 'J*£ m airline Cathay Pacific A Northwest Slngapora Airlines United Airlines PROGRAMME AataMHw WortdPtrla KrisFlysr Mileage Plus -i— —rt Lyp rZ tt" HOW .TO EAfWMILES

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Page 23

Page Itoo: Loyalty pays off in United Airlines' award-winning FFP Genesis of the world's largest airline alliance Plfl6 Four Cathay Pacific launches new programme with global reach Northwest revamps scheme to offer generous perks Page Seven: How Amex members are shopping for air miles on the ground Air New Zealand

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Page 24

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Page 25

v ;.> J§| Somebody's going to love you tor joining Asia Miles. JL- x i cr p ml W&VMMIaw r. »f* X \'j r i W '^^k.v" ®j wF I?;- '.-?-.v'i'. lr -%«.-<-

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Page 27

I mj* J*' V 'C I Join Asia Pacific's most generous mileage program and find out how we've made it even more tempting. Miles that never expire £0% As if our WorldPerks* program didn't have enough m to offer, we've added a rather impressive collection Improved elite programs of benefits.

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Page 28

There's a better way to fly for free. With UOB Credit Cards ||/v f 1 g and Singapore Airlines' KrisFlyer. I§4

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Page 30

As Ml grows bigger, our roaming services seem to make the world smaller. With 102 networks, 72 countries and every major city worldwide covered, the sun never sets on Ml. A st a 'Azerbaijan Bahrain Belgium Brunei Bulgaria Canada Cambodia China Croatia Cyprus Czech Republic Denmark wL AA I Gibraltar

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Page 32

|ra JOIN KRISFLYER NOW AND YOU COULD BE A WINNER IN OUR 1,000,600 MILE DRAW.* Join KrisFlyer by 28 February, 1999, and every time you fly Singapore Airlines between renowned partners airlines, hotels, credit and charge 1 February and 30 June, 1999, you stand a chance to win in our

SHIPPING TIMES

FREIGHT MARKET [ARTICLE]

Page 33

FREIGHT MARKET Bridge News Reuters THERE was a lot of talk about rates on the US Gulf to Japan route with brokers saying rates on concluded business were actually lower than reported, but confirmation remained sorely lacking. TAMKBft Trading was buoyant for Mediterranean Suezmaxes with rates for Black Sea loaders

MARITIME STOCKS [ARTICLE]

Page 33

MARITIME STOCKS cwTowrth«*_ase *0.029 so oiuanHup__a9S9 *0.01 25 Coko tnv*«tm«n( .090 unct) a SfKSr—S-OJS SS2J2fcn355 IMC __HK 5.60 ■MytNoMtop OS1S *OlOS 12 Jurona SNpyard 7.00 -0.05 179 ;W"C«rp 412 *0.06 2300 KapprtrtLS XOO -0.04 IM KappalMarta* 1.85 *0M 241 NmT* 141 +0.07 470 latrorMarin* U2 *0.01 1 Matatock 0.52 *0.02

Do more for straits safely, Japan urges user nations [ARTICLE + ILLUSTRATION]

Page 33

Do more for straits safely, Japan urges user nations More must be involved in Malacca/S'pore straits' problem: Tokyo adviser By Marcus Hand [SINGAPORE] Countries other than Japan, whose ships transit the Straits of Malacca, should take responsibility for navigational safety and oil spill response services, a senior Japanese official said

Hanjin Shipping sets US$3.15b sales target [ARTICLE]

Page 33

Hanjin Shipping sets US$3.15b sales target Reuters [SEOUL] South Korea's Hanjin Shipping Co Ltd said yesterday it had set a sales target of US$3.l5 billion (555.2 billion) this year, up 5 per cent from last year's estimate of US$3.O billion. Hanjin said in a statement it aims to transport 2.0

Protectionism not the answer to European yards' problems [ARTICLE]

Page 33

Protectionism not the answer to European yards' problems MEWEUILDS By\ David Hughes IT is more than slightly ironic that, at a time when European shipbuilders are crying foul over the low level of newbuilding prices in South Korea, this week's newbuilding order list is stuffed full of expensive vessels to

Tanker crew to plead innocent in oil spill case [ARTICLE]

Page 33

Tanker crew to plead innocent in oil spill case Crew charged with discharging bunker fuel oil as ship left San Francisco Reuters [SAN FRANCISCO] Two senior crew members from a Liberian tanker charged with causing an oil spill off the California coast are returning voluntarily to the United States to

Caribbean most popular cruise spot for Americans [ARTICLE]

Page 33

Caribbean most popular cruise spot for Americans NYT [NEW YORK] The Caribbean, including Bermuda, remains the most popular cruise destination, attracting 46.2 per cent of the US market. But its share has fallen from 50.5 per cent in 1996, in part because the industry has expanded its range and itineraries,

14 stowaways found in cargo ship in Kobe port [ARTICLE]

Page 33

14 stowaways found in cargo ship in Kobe port Reuters [TOKYO] Port officials discovered 14 people hidden in a container aboard a Chinese cargo ship docked in the central Japan port of Kobe on Tuesday, an official at the Maritime Safety Agency said. The nine men and five women, all

Adapting to business needs [ARTICLE + ILLUSTRATION]

Page 34

Adapting to business needs TRANSPORT INDUSTRY Transport and logistics providers now offer 'value-added' services enhanced by the Internet and new technology By\ David Smith The writer is director, strategy alliances—Asia, FedEx AS new technology alters all aspects of the way business is done, so support services such as transportation have

SHIPPING SCHEDULES INDEX [ARTICLE]

Page 34

SHIPPING SCHEDULES INDEX PAGE Dongnama 3 ACL 6 E CU Line 6 ANL 3 ECL 5 Accord 8 Ewr 6 Appenship 5 F00n9Sun 8 Austral 8 GL,nk 4 Baiaji Shpg 4 Gefflartran$ 8 HaiSunHup 8 rutins CCM 7 5 CM M W 4 Hyundai 7 C0SC 5 ICFS 3 CSAV

SHIPPING GUIDE [ARTICLE]

Page 41

SHIPPING GUIDE THEBUSINESSTIMES EXPORT ETA ETA Advertiser VhsU Voyage Telephone ETA ETA Advertiser Vessel Voyage Telephone SIN Dest'n Name Name Number Number SIN Destn Name Name Number Number MMMNMNMMNMMMNNMNNMMMMnMNMNMMMNMMMMMMMNMNI To BUENAVENTURA (BUN) 2059 Colombia To ABIDJAN (ABJ) 2003 Coto D'lvolrt 04/02 zm3 cians a estoril esto*j/va v whsb 45-XXXXX34 13/02

SHIPS IN PORT

CONVENTIONAL WHARVES [ARTICLE]

Page 45

CONVENTIONAL WHARVES VtsstJ Voy No Brth Arrival Dqwrturt Bt Alfvan XXXXX9 J01 alongside 27.01/1400 Bt Citradaya XXXXX9 J01 alongside 29.01/0800 Bt Mur XXXXX9 J01 alongside 28.01/0615 Bt Sejati XXXXX9 J01 alongside 28.01/0400 Eiottc Dotph 02* J03 alongside 27.01/1400 Goidenfakon 01 JM alongside 04.02/0800 Hms Premium XXXXXP JU alongside 27.01/0700 JupiterUgM

CONTAINER SCHEDULES [ARTICLE]

Page 45

CONTAINER SCHEDULES RECEIVING OF EXPORT FCL CONTAINERS AND La CARGO BooMno/Balanct Rstls SMp VoyNo Etb/Btr Pork* Fro* To frow Aci Mmill 0064 30/1500 M 27/1500 VMS* n/BOO 0 27/HOO 27/MSt n/BOO 2A 2T/170C 21*151 21*100 21 fr/1700 21/0*99 2t/0»00 21/0700 21/1199 21/MOO 4 21/1200 21/M59 21/7700 0CI1IH1 «M3 JO/BOO 5

GLOBAL HOLIDAYS [ARTICLE]

Page 45

GLOBAL HOLIDAYS Ml Thailand: Makha Bucha Day. Fob IB China: Chinese New Year Eve. Taiwan: Chinese New Year Eve. United State\ Washington's Birthday Holiday. FabM Brunei: Chinese New Year. China: Chinese New Year. Portugal: Carnival. Singapore: Chinese New Year. South Korea: Chinese New Year. Taiwan: Chinese New Year. Fab 17

COCKETT BUNKER MARKET REPORT [ARTICLE]

Page 45

COCKETT BUNKER MARKET REPORT THIS report, compiled by Cockett Marine Oli Ltd, shows price ranges in US dollars Instead of single prices for a more comprehensive description of the market Prices shown are baaed on averagesized stem Market movements are Indicated The Cockett Bunker Price Index chance and the Individual

VERITAS BUNKER QUALITY REPORT [ARTICLE]

Page 45

VERITAS BUNKER QUALITY REPORT Cartoo NO Max M2 U *.6 0.10 127 0.M JmM OMHttv Mr BhMm Aril AtoaMaa "Tiflmurt HoatOME25 1 0 5 0 2 0 1 ZZm 3M Am *8.5 0.3 WJ 0.04 25 0.02 taii 380 Mu 994.2 15 19.8 0.12 54 0.06 Mn %M/M MM Ho

AIR & LAND TRANSPORT NEWS

Boeing expects plane orders to plunge in 1999 [ARTICLE + ILLUSTRATION]

Page 46

Boeing expects plane orders to plunge in 1999 Fall due entirely to global economic slowdown, not loss in market share AFX-Asia [NEW YORK] Boeing Company expects full-year 1999 commercial aircraft orders to be "significantly" down, due to the global economic slowdown. Boeing's commercial aircraft division's president Allan Mullaly said this

Delta drops US$2 ticket charge on domestic flights [ARTICLE]

Page 46

Delta drops US$2 ticket charge on domestic flights Bloomberg [ATLANTA] Delta Air Lines Inc, the No 3 US airline, said it ended a US$2 (553.28) surcharge on round-trip US tickets not purchased on its Internet site because other airlines did not follow its lead. The Atlanta-based airline started the fee

American Air plans US$1b expansion at Kennedy airport [ARTICLE]

Page 46

American Air plans US$1b expansion at Kennedy airport Bloomberg [NEW YORK] American Airlines unveiled plans to build a US$l-billion (551.68 billion) terminal at Kennedy International Airport that will have 59 gates and a check-in area larger than Giants Stadium. Officials touted the project as a major step towards restoring Kennedy's

Paris launches partial sale of Air France [ARTICLE]

Page 46

Paris launches partial sale of Air France 32m shares, or 16.4% of carrier's total capital, will be put on stock market Reuters [PARIS] The French government on Tuesday launched a partial privatisation of its flag carrier Air France. The finance and transport ministries said the government would put around 32

Safety first [ARTICLE + ILLUSTRATION]

Page 46

Safety first [BRUSSELS] European Transport Commissioner Neil Kinnock poses next to a crashed Mercedes A Class at the presentation of European car crash test results at the Autoworld museum. Mr Kinnock praised manufacturers for pushing occupant safety beyond legal requirements. Four new small family car models Ford Focus, Mercedes A

HK panel blames airport authority for opening chaos [ARTICLE]

Page 46

HK panel blames airport authority for opening chaos Reuters [HONGKONG] A panel of Hongkong lawmakers said yesterday the management of the government's Airport Authority (AA) bore the greatest responsibility for the shambles at the opening of the territory's new airport last July. In a 248-page report, the second to be

AIRCRAFT ARRIVALS AND DEPARTURES [ARTICLE]

Page 46

AIRCRAFT ARRIVALS AND DEPARTURES cm maw m rucm tip sotoot im m*m mm mo unu zoso sow tm sowo ooo 0F« mo 0T62 2050 tm0liWC $0603 1915 C2352 0835 W6229 2230 COP MB $0064 MB **741 1310 **740 1410 «a» a» **743 wzs ,?22 ??J2 TG407 1545 TG408 1645 mws

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Transport industry adapting to business needs Services offered are enhanced by Internet and new technology. Page 2

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Boeing expects plane orders to ptangeinl999 Fall due entirely to global economic slowdown, not loss in market share. Page Uk pai club TTCLIIB CLUBS EXPANDING IN SINGAPORE T The SE Asia branches of the UK P&l Gub and the TT Gub were established in Singapore during the first half of

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DIRECT SERVICE J to INDONESIA 11 PT. Pelayaran Meatus HUALf Check It Out P a e On Page 13 Nevy Service To Shanghai direct service; to Calcutta 'JSQ Wan Hai Lines Q^ shi|)ptog Page 5 Page 12 (Mon/Wed/Fri)

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■r^TAjl SToTk Dial 740-6000 on demand] (Retrieve more schedules!) Press-r ~JC\ Select the port and key in the four digit code eg: To New York (NYC) 2275 sj£) Key in your fax number ft33i& i Enter your phone number Anoth«innoy»tiy« wvic* offered by The document will be SHIPPING TIMES s

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Page 45 Miscellaneous

Page 45 Miscellaneous Column 1 [MISCELLANEOUS]

Page 45

LEGEND: R Thunderstorm Temperature »q V Shower Weather Wmd direction with speed in knots ee Rom Cloudy Sky Wov h «^>« Serfoce winds ore indicated by arrows which Hy with the wind One full circle represents colm or kght ond variable wmds i__ One half Heche represents 5 knots L_

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GLOBAL TENDER INVITING PARTNERS TO MANAGE A MODERN CONTAINER FREIGHT STATION NEAR JAWAHARLAL NEHRU PORT, NEW BOMBAY, INDIA. The Jawaharial Nehni Port (JNP), New Bombay is India's most modern and fastest growing container port. A premier, World Bank aided project, the port surpassed the half million TEU mark in 1997-98