The Business Times, 13 December 1976

Total Pages: 10
1 10 The Business Times
  • 10 1 BUSINESS TIMES M.C.(P) 1455/76 MONDAY, DECEMBER 13, 1976 50 CENTS
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  • NEWS IN BRIEF
    • 74 1 Reuter MANILA, Sun. Tropical storms over the last week caused an estimated 50 million pesos (5517.15 million) damage as well as nearly 100 deaths In the eastern Philippines, according to a report sent to acting Armed Forces' chief, Major-General Fidel Ramos. The report from the police constabulary commander
      Reuter  -  74 words
    • 60 1 Reuter HONGKONG, Sun. A top-level Soviet Communist Party delegation arrived In Hanoi today to attend the fourth congress of the ruling Vietnam Workers' Party, the Vietnamese news agency reported. The agency, monitored here, also reported the arrivals of other communist delegations from foreign countries who would
      Reuter  -  60 words
    • 54 1 Reuter HONGKONG, Sun. Vietnam and Iraq have signed an agreement on postal services between them, the Vietnamese news agency reported today. The agency said the agreement was signed in Hanoi yesterday by deputy-director of Vietnam's General Department of Post and Telecommunications, Vu Van Quy and Iraqi ambassador
      Reuter  -  54 words
    • 56 1 Reuter LONDON, Sun. The Observer newspaper yesterday announced new appointments to its board following the recent acquisition of a controlling Interest by the American oil companv Atlantic Richfield. The chairman of the board is to be Lord Barnetson, who is also chairman of United Newspapers, of Reuters and
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    • 55 1 Nine lives UPI BEIRUT, Sun. Independent Christian leader Raymond Edde said today he had escaped an assassination attempt by an unidentified gunman as he entered his west Beirut home Just before midnight yesterday. It was the fourth attempt against Mr. Edde's life since May and the eighth since the beginning
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    • 63 1 Reuter BANGKOK, Sun. The overnight curfew in force here since the military coup on Oct 6 will be temporarily lifted on Dec 31 to allow for New Year's eve celebrations, Radio Thailand reported today. The state-run radio, quoting army comman-der-ln-chief, General Serm Nanakhon, said the midnight
      Reuter  -  63 words
    • 49 1 AP TEL AVIV, Sun. Three of the 25 American Fl5 Jets being sold to Israel were put on exhibition at an Israeli airbase, and Prime Minister Yitzhak Rabin praised the advanced fighter as "the best plane in the Middle East," Israeli news reports said yesterday. AP.
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    • 58 1 Reuter BANGKOK, Sun. Thai Prime Minister Thanln Kralvlchien said tonight that he would visit the Philippines next week to hold talks with President Marcos. The Premier told reporters on his return from Indonesia that he would leave for Manila on Dec 20 for a three-day visit aimed
      Reuter  -  58 words
    • 36 1 AP ABU DHABI, Sun. The United Arab Emirates celebrated its fifth birthday today, showing off weapons bought with a flow of petro dollars expected to increase next week when oil producers talk price. AP
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    • 57 1 Reuter LISBON, Sun. Portugal today votes in local government elections, and any large abstentions could deprive the minority Socialist government of a confidence vote it seeks in the poll. The election for 45,000 town hall and Paris representatives amounts to a virtual plebiscite on the five months' performance
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  • 117 1 THE following list of stocks gives the 10 most traded in on the Stock Exchange of Singapore last week. It gives the turnover in thousands of units closing prices on Friday and high and low for 1976. Company Turnover Price* High Low '000 Dec 10 197$ Sime
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  • LOCAL STOCK INDICES
    • 81 1 B T. Index: 2 Industrials: i Finance: 4 n Hotels: 1 Properties: 1 Dec 6 Dec 7 Dec 8 DkI Dec 10 142.72 244.93 250.32 248.59 249.96 145.14 245.72 247.18 246.81 247.09 131.60 433.31 437.72 438.0* 438.26 52.14 152-47 153.13 1S3.46 133.S9 39.02 139.22 144.11 143.80 143.41 Tins: rubbers:
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    • 97 1 Dec 6 De c7 Dec 8 Dm* Dm 18 B.T. Index: 181.18 184 187 3 1(6.14 187 14 Industrials: »*v5r -4l< .W 271.41 272 61 Finance: 375 .71 .71 374.71 377 16 ri Hotels: Vi> 7 1 170 .71 170.63 170 63 140.07 141 .12 1 141 IT 141.04
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  • 1048 1  -  PUT THE HOUSE IN ORDER WITH ANTHINY ROWLEY SINGAPORE companies are likely in future to face hluch stricter vetting of their financial position and their accounts, as a result of measures agreed yesterday by the accountancy profession. These include a suggestion that Singapore should adopt its
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  • 701 1 IN THE first three months of Its operations, Export Credit Insurance Corporation of Singapore (ECICS); the govern-ment-backed export insurance company, has already underwritten 20 policies with an export value of roughly $50 million. Its ambition Is to provide protection for some
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  • 403 1 NYT DOHA, (Qatar) Sun. This remote Arabian Sheikhdom has been taking stern security measures In recent days to guard agalrtst any terrorist assaults or incidents during a meeting this week of the Organisation of Petroleum Exporting Countries. Desert patrols have been Intensified. Bullet-proof
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  • 99 1 Reuter BANGKOK, Sun. Thai Prime Minister Thanln Kralvlchlen tonight announced that two of the country's former military leaders who have been living in exile since their overthrow three years ago can now return home. The Prime Minister told reporters that former Deputy Premier Field Marshal Praphas Charusathien
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  • 303 1 Reuter LONDON, Sun. The economic sacrifices to be imposed on Britain next Wednesday will present a severe test to the loyalty of the ruling Labour Party, according to Chancellor of the Exchequer Denis Healey. In a speech last ni|ht the Chancellor warned
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  • 539 1 WITH the Opposition still largely unorganised, at least seven People's Action Party (PAP) candidates for election are likely to be unopposed when nominations close at noon today. This estimate, based on the combined line-up of candidates declared by the various opposition parties, may
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  • 78 1 UPI TOKYO, Sun. The Government and the Bank of Japan have agreed to lower the official discount rate In mid-January to stimulate the stagnant economy, Kyodo news service reported yesterday. Quoting government sources, Kyodo said the central bank favours a 0.5 per cent cut from the present
    UPI  -  78 words
  • Page 1 Advertisements
    • 42 1 Wyfbong Wiling hand when Wayfoong Mortgage you need and Finance (Singapore) Limited it ITIOSt Shaw House. Ground Floor, Orchard Road. Singapore 9. Tel: *****7. INSIDE Locml Co mwi/ Pi Share information P3 Overseas stocks P4 Commodities Sports Local ft Overseas P# news
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    • 128 1 ACBC makes it easy. Come to the bank that not only has the resources, but the connections. Be it in renminbi, or other major foreign currencies. Or other aspects of international transactions. ACBC is the bank that makes banking easy for all its clients. With a simple direct service. As
      128 words
    • 138 1 D 3 p*co pOt-: K *»4! I'fl# Only 2.5 mm thick. And automatic. GOLDEN SHADOW 18 ct wtMe goto Rat *****8/0411 With a 48-hour power reserve. Over 150 precision parts, that make up the movement, ingeniously fitted into a space no larger than a silver coin. The Golden Shadow. The
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  • 812 2 LATER this week the Organisation for Economic Cooperation and Development (OECD) will publish its forecasts for 1977, and they axe unlikely to make cheerful Christmas reading. All the Indications are that the previously optimistic expectations will be revised downwards, because in all the major, Industrialised countries growth is
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  • REVIEWS
    • 869 2  - Now in paperback the lives and music of the great composers t. MUSIC By CKT THE unintelligent music lover, it seems, can Jolly well go get lost. Dent and Son's catalogue of the excellent Master Musicians series recommends the books only to students of music, professional musicians and intelligent music
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    • 466 2  -  By ILSA SHARP WHATEVER else one may aay of Christianity, It has undeniably produced some of the world's most exquisite music Handel's "Messiah", an oratorio written In 1741, being a case In point. Although very lengthy at almost three hours, the United World College of
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    • 881 3  -  BOOKS By ANATOLE BROYARD NYT The End Of Education. By Geoffrey Wagner. 252 paget. A.S. Barnes. US$B.95. A GREAT licentiousness treads on the heels of reformatlon, Ralph Waldo Emerson wrote In 1841, and, according to Geoffrey Wagner, this is what we are witnessing today
      NYT  -  881 words
    • Article, Illustration
      1467 3  -  By BOON YOON CHIANG (The days are not necessarily from the same week) MONDAY: Early morning is not my best hours particularly Monday morning. I am not one of those early risers. I envy those who can get up at dawn put an hour or so In
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    • 499 3  -  t THEATRE By Ilsa Sharp AS A GREAT Winnie the Pooh fan (a Piglet stuffed doll resides permanently on my four-poster bed) myself, I was disappointed with The Stage Club's presentation of Julian Slade's adaptation of A.A. Milne's classic which opened last week at the
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    • 966 3  -  By BARRY JAMES UPI IN JUSTIFYING their demand for yet another Increase In the oil price, members of the Organisation of Petroleum Exporting Countries point to the profligate consumption of the industrialised nations. They ask why they should underwrite Western development with their
      UPI  -  966 words
  • Page 2 Advertisements
    • 516 2 NEW. DIRECTIONS The magazine that actually says what you have been thinking all along. New Directions quarterly was born in late 1973 and has since then quietly set about its task to enhance the intellectual climate In Singapore, to stimulate the spirit of debate and |p cast light on major
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  • Page 2 Miscellaneous
    • 506 2 TT WEATHER report for 24 hours prior to 7.30 p.m. on Dec. 12, 1976 at Singapore airport. Maximum temperature 31.2° C Associated humidity Li'or Minimum temperature C Associated humidity J Hours of sunshine 7.90 Rainfall in Millimetres nil Total rainfall for the month 18.9 Total rainy days for the month
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    • 230 2 SINGAPORE 5 300 P.M. Opening Announcements followed by Valar Pirai (Tamil) (r) 3.30 Diary of Events (Tamil) 335 General Hospital 4.15 Science Report 4.30 Intermission 5.55 P.M. Opening Announcements followed by Accent On Youth (r) 630 News In Brief 635 December Bride "Lily Is Bored 7.05 Waterworld News In Malay
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  • Page 3 Advertisements
    • 145 3 k K itf < *3»"T Sintat combines good business sense with hospitality, diplomacy with economy. And, what are YOUR considerations cordiality, punctuality, professionalism. Service means we organise everything conceivable for the convenience of our when you consider using a car rental service? Service of course! clients. YOUR convenience. It means
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  • 1535 4  -  By RICHARD ROWALD NYT PRESIDENT Ford says he Is not sulking over his election defeat and will leave the White House "with my chin up" for the challenge of campus, charity, business, politics and literature. In his first published interview
    NYT  -  1,535 words
  • 959 4  - Eraser one year later... By BRIAN DEWHURST UPI THE Australian dream of a year ago that Mr. Malcolm Fraser's conservative government could lead Australia of 13 million people back to prosperity seems to have been dashed. After 12 months as Prime Minister, millionaire farmer Fraser hasn't come up with the
    UPI  -  959 words
  • 728 4  -  By FRANCOIS RAITBERGER Reuter THE election of Premier Fidel Castro u President of Cuba has formalised the island's government and* institutions in a socialist mould after 17 years of provisional structures. But it has not meant a further concentration of power in
    Reuter  -  728 words
  • Page 4 Advertisements
    • 140 4 zyzz r ;>>% mm *'*■■<■: p v.-. Aim ii* We am Japan's oldest trust bai in the Mitsui Group. Our service! We have the research capMy« bnt of parsonnei to sarve you. If "financing, medium-term Unancin you eamiipaaioi) Mitsui Trust s c* 4* r -I' 4i 4 -t *<■ i-.
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  • Page 4 Miscellaneous
    • 179 4 Crossword solutions EAST SOLUTION ACROSS.—' 1, Liar. 4, Taper*. 8, Boa. 10, Omen. 13, Proclaim. 14, Minaret. 15, Animal. 17, Pertinent. 21, Ray. 22, Ago. 23, Pit. 26, Signalled. 27, Entail. 28, Earnest. 32, Inviting. 34, Ever. 35. Dog. 36. Retire, 37, Snap. DOWN. —1, Loom. 2, Amen. 3, Hope.
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  • OVERSEAS
    • 445 5 NYT WASHINGTON, Sun. The United States In tends to vote favourably on Tuesday on two World Bank loans to Chile despite strong pressure from Congress to cast a negative vote on human rights grounds. Mr. Gerald Parsky, assistant Secretary of
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    • 148 5 Reuter PARIS, Sun. France had a payments deficit of 10.5 billion francs (554.9 billion) in the third quarter of this year, compared with a surplus of 580 million francs in the same three months in 1975, the Finance Ministry announced yesterday. The huge
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    • 79 5 Reuter TOKYO, Sun The JapanKorea (North Korea) Trade Association said a six-man trade delegation will leave for Pyongyang via Peking tomorrow to negotiate the rescheduling of North Korean trade debts in arrears. The delegation will stay for about 10 days for talks with officials of the North
      Reuter  -  79 words
    • 396 5 AP ROME, Sun. Following various statements over the weekend, It now seems clear that Flat (the giant Italian motor company) will Invest US$lO4 million (*****.8 million) of the US$4l5 million to be received from Libya outside Italy, despite that country's urgent need for
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    • 120 5 TOPIC: BALANCES Reuter ZURICH, Sun. Central bank governors meeting at the Bank for International Settlements In Basle tomorrow are expected to discuss arrangements to help Britain stabilise the sterling balances, Informed European sources said. British Chancellor Denis Healey said last week that he hopes to announce agreement in principle on
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    • 192 5 UPI PLAINS, Sun. Mr. Michael Blumenthal, chairman of Bendlx Corporation, and Mr. Charles Bchultze, budget director for former President Lyndon Johnson, are the two leading contenders for the post of US Treasury Secretary in the forthcoming administration of President-elect Jimmy Carter, aides
      UPI  -  192 words
    • 398 5 GOVT ACCORD WITH BUSINESSMEN Reuter UPI MEXICO CITY, Sun. The Mexican Government and leaders of Industry have agreed a Joint industrial Investment plan involving US$5 billion (SSI2.2S billion), to be spent in 140 firms spread throughout 10 Industrial sectors, a statement
      Reuter; UPI  -  398 words
    • 240 5 UPI NEW YORK, Sun. The supersonic French-British Concorde has flunked its mid-term noise tests at Dulles international airport, according to the Federal Aviation Administration, the New York Daily News reported today. An investigation by the paper disclosed that decibel test scores on the 2,080
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    • 167 5 Reuter LONDON, Sun. Foreigners flocked to British stores this weekend to take advantage of favourable exchange rates and do their Christmas shopping. Many came over with their cars by ferry to load up with items such as television sets, radios, freezers and washing
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    • 69 5 Reuter TOKYO, Sun. A Japanese consortium led by Sumitomo Electric Industries received a 29 billion yen (*****.7 million) order from Tavanir, the Iranian power supply company for construction of a 256 km power transmission network In Iran, Sumitomo said. A formal contract Is likely to be
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  • INTERNATIONAL COMPANY NEWS
    • 148 5 Reuter DUESSELDORF, Sun. Deutsche Bank will propose an unchanged dividend of 10 marks a share (20 per cent) for 1976, a Joint management board spokesman, Mr. F. Wilhelm Christians told a press conference. Operating profits, including those on Its own account, were down 14.6 per cent
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    • 459 5 Reuter LONDON, Sun. BOC International chairman Leslie Smith said US court hearings on the company's 35 per cent stake in Airco Inc could last seven to eight years. The hearing of BOC's appeal against the Federal Trade Commission's divestiture ruling is likely to start
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    • 29 5 Low Bonar LONDON, Sun. Low and Bonar Oroup said It has withdrawn Its offer of A 51.15 per share for H.P Gregory following the $1.2 bid from Comeng Holdings.
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    • 344 5 Reuter ESSEN,Sun.- Deutsche Erdoelversorgungs (Deminex) has no Intention of taking a stake In British Petroluem, a Deminex spokesman said. He was commenting to Reuters on reports in British and German newspapers that Deminex might be one of the possible buyers should the British government sell
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    • 141 5 Reuter ZURICH, Sun. CF Bally said It called an extraordinary general meeting for Jan 20 at which the supervisory board will tender Its resignation. The meeting was called at the request of Syndlkats which has raised Its holding to give It a majority of votes at
      Reuter  -  141 words
    • 165 5 Reuter TOKYO, Sun. Toyota Motor said it was considering an increase in Its dividend for the year ending June 30 because of good business prospects and Its current low payout ratio. Commenting on a press report that it was likely to raise its dividend to 10
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    • 124 5 Reuter GOTHENBURG, Sun. Volvo said car production at Its Swedish and Benelux plants must be cut back by about 15 per cent In the first half of next year in order to reduce excessive stocks of finished vehicles. A spokesman said cutbacks equivalent to 15-20 days output
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    • 101 5 Reuter STUTTGART, Sun. Daimler-Benz expects this year's net profits to be above last year's 310 million (269 million) marks despite rising costs and its moderate pricing policy, managing board chairman Joachim Zahn told Journalists. The company last year raised dividend to 8.50 (7.50) marks. World group turnover will
      Reuter  -  101 words
    • 323 5 AP Reuter DETROIT, Michigan, Sun. Ford Motor has cut 400,000 units from Its forecast of US car sales for 1977, citing waning interest In small cars and an Inability to meet consumer demands for larger ones. In a year-end statement, the chairman, Mr. Henry Ford II said
      AP; Reuter  -  323 words
    • 79 5 Reuter TOKYO, Sun. Mitsubishi said it established a car sales company, MMC Automobile, in Switzerland jointly with Erb group of Switzerland to market Mitsubishi cars. Capitalised at about 350 million yen of which 00 per cent is owned by Erb, the company will market 1,700 to 2,000 Mitsubishi
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    • 147 5 Reuter BIRMINGHAM, Sun. About 10,000 British Leyland car workers were Idle as a series of strikes throughout the state-run company continued to defy peace-making moves by union leaders and management. The latest dispute was over Leyland's Sherpa van production here. This came to a standstill after the
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    • 181 5 Reuter EINDHOVEN, Sun. Philips Is to pay a 1976 dividend of 60 US cents (40 cents) on Dec 22. Board members told an extraordinary shareholders meeting the Increase reflects improved business during the first nine months of the year. But added fourth quarter results will be affected In
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    • 104 5 PARIS, Sun. Paris stockbrokers will delay until 1977 their decision on what type of unified cash-only share market to adopt, bourse sorces said. The decision was originally due to be taken at a stockbrokers association meeting on Dec 20, but this has been postponed to allow further
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  • Page 5 Advertisements
    • 98 5 HO! *-4* *>' yisS>J®»:* V '-V A ■< -> v\\ sv n GATHER ROUND THE SHANGRI-LA FESTIVE TABLE! Roast Turkey with Sage dressing, Sauerbraten, hot minced pies, glaced Virginia Ham and the Christmas Log just a peep into the Yuletide stocking at the Golden Peacock. An absolutely sumptuous buffet to
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    • 116 5 Persian Gulf, Europe USA .-■V ...7 <1 dp#*, -«*> r-s. < hi 11 >. y /Q'e r Ulii m Departing every liesday Thursday Other PIA Destinations: Abudhabi Amsterdam Athens Baghdad* Bahrain •Bombay Bangkok Cairo Colombo Copenhagen Dacca* Damascus Delhi Dhahran Doha Dubai Frankfurt Istanbul Jeddah Karachi Kuala Lumpur Kuwait Lahore
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  • WALL STREET AND OTHER OVERSEAS MARKETS
    • 1185 7 NEW YORK: Stocks advanced again in active trading helped by tailing interest rates and encouraging news on retail sales last Friday. Morgan Ouaranty Trust cut Its prime rate to six per cent from 614 per cent the lowest level for the industry in four years and Citibank, as
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    • 263 7 AMSTERDAM: The market closed slightly firmer on balance last Friday although many shares were lower. Dutch Internationals were firmer although Hoocovem and Philips were unchanged. Elsewhere banks firmed with the exception of ABN which lost one guilder after Thursday's sharp rise. Industrial and trading stocks also rose. Transports were
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    • 331 7 ZURICH: The market closed Irregular last Friday, with heavy turnover In special situation stocks, dealers said. In mixed banks, Baakge•ellschaft was higher. In flnanclals Bally bearer fell about 13 per cent on heavy selling and Its registered stocks lost about four per cent following the announced extraordinary meeting set
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    • 231 7 TORONTO: The western oil Index extended the previous session's rise but other Toronto market sectors closed mixed In moderate trading last Friday. Among oil shares, Dome Pete advanced 1-5/8 at 37-5/8, Bow Valley Industries gained one to 22-7/8, Pancanadian Petroleum rose one to 23-1/4 and Imperial Oil A, the
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    • 189 7 FRANKFURT: Bhares were narrowly mixed after opening steady to firmer in very quiet trading last Friday, market sources said. The bond market was restrained, with public issues easing up to 0.30 marks and the regulating authorities buying six million marks nominal of paper. Foreign mark loans were mixed. DEC
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    • 341 7 PARIS: Most sectors last Friday fell on profit-taking following the higher close on Wednesday. The bourse was closed on Thursday owing to a strike by bourse employees. Sentiment was undermined by the call for a strike for two days this week In the French electricity and gas Industries, and
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    • 371 7 JOHANNESBURG: Gold shares eased on profit-taking with lack of interest from overseas despite the lower securities rand quotation last Friday, dealers said. Financial minings remained steady at higher levels. Elsewhere, De Beers was up two at 322. Coppers firmed with Messina recovering from a low at 280 to rule
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    • 420 7 TOKYO: The market closed higher In active trading on Saturday, with strong selective buying of shares with anticipated good earnings more than offsetting Increasing pro-fit-taking, dealers said. The Dow Jones average gained 4.32 to close at 4,769.62, with volume of 150 million shares. The New index closed at 364.53,
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    • 1029 7 On December 10 PRICES were mostly lower on the Chicago Board Options Exchange last Friday. Losers outpaced gainers 246 to 200. Volume approximated 79,457 contracts, off from 118,225 on Thursday. OPTION JAN APL JLY STOCK Alcoa 45 UNTRD NOL NOL 54 7/8 Alcoa SO UNTRD UNTRD UNTRD
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    • 154 7 MILAN: The market closed easier in quieter trading and late Kflt-tsJclng last Friday followstrong gains of the beginning of the week, dealers said. Fist, Snis Viscoea, Olivetti privileged and Pirelli EC were leading industrials to show losses in depressed Industrials. IFI privileged firmed In finanelals against the trend as
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    • 147 7 BRUSSELS: The market last Friday closed with a majority of stocks higher dealers said. Rises included SMiw, FN. and UCB while Htlii*t-Baakr«, Comer* and ArM eased. UK and Canadian stocks were mixed while West German issues (ell. Dutch stocks were little changed, US stocks roee and French Issues eased.
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    • 85 7 FINANCIAL TIMES INDU8TKIAL8 Friday 330.1 Thursday 319.4 Week ago 305.3 TIN Friday 119.04 Thursday 119.19 Week ago 117.46 RUBBERS Friday 496.90 Thursday 491.96 Week ago 500.37 OILS Friday 403.97 Thursday 400.57 Week ago 394.21 DOW JONES AVERAGE INDUSTRIALS Friday 973.15 Thursday 970.74 Week ago 950.55 LONDON DOLLAR PREMIUM Friday
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  • 297 7 NYT SHARE prices at the New York Stock Exchange raced higher last week as Wall Street's sentiment was buoyed by both tangible and Intangible factors. The Dow Jones industrial average soared 22.60 Klnts to finish at 973.15, or best level In more than two months. Meanwhile,
    NYT  -  297 words
  • Loans
    • 86 7 LONDON, Sun. Cadbury Schweppes said It arranged a £40 million mediumterm loan of which about £30 million will be used to finance domestic expenditure and £10 million to refinance existing currency debt. Finance director James Forbes told Reuters that while the company has no major new expansion plans
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    • 43 7 HONGKONG, Sun. The HK$2OO million per cent unsecured loan stock 1991 Issued by the Hongkong and Kowloon Wharf and Godown closed oversubscribed, Jardlne Fleming said as co-managers. Payment up to 60 per cent for the issue was due on Dec 10.
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    • 36 7 OSAKA, Sun. Hitachi Shipbuilding and Engineering said it plans to float a $30 million Eurobond in London next February. Hitachi Issued a 50 million mark bond in February this year. No further details were available.
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    • 100 7 LONDON, Sun. The Ivory Coast state agency, Sode Sucre, Is arranging a US$25 million five-year Eurocurrency credit for partial financing of a sugar project, bankers said. The spread on the facility, which will be guaranteed by the government, is two per cent over London Eurodollar Interbank
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    • 99 7 PARIS, Sun. Electriclte De France said It will float a 1.3 billion franc bond Issue on the domestic capital market next Monday but declined to give other details. Primary bond market sources said the loan will be for 15 years 5 months, Issued at par, and have an 11
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    • 25 7 VIENNA, Sun. The Interamerlcan Development Bank's 300 million schilling, eight per cent 10-year loan was priced at 97.25 per cent, primary market sources said.
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    • 90 7 HONGKONG, Sun. A syndicate of South Korean banks has received a US$lOO million medium term loan in support of the country's export promotion loan programme, Citicorp International Group and Chase Asia said as management group co-managers. They said in a Joint statement the lending syndicate, led by
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    • 78 7 ROME, Sun. A US$3O million five-year loan for the Italian Telephone firm Stet has gone into Euromarket syndication with a margin of 1 5/8 per cent over Eurodollar rates, a Stet official said. The credit is being managed by Banque Euro Peene de Credit (BEC) and Kredletbank, and comanaged
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    • 67 7 LONDON, Sun. Primary bond market sources said the Polish Bank Handlowy Is planning to raise US$3O million through a five-year floating rate note issue with a minimum coupon of 6 3/4 per cent for the first two years rising to seven per cent for the last three. The sources
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    • 32 7 AMSTERDAM, Sun. The 8V« per cent seven-year city of Oslo private placement priced at par was subscribed for the maximum 75 million guilders and lists were closed, Algemene Bank Nederland said.
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  • Page 7 Advertisements
    • 176 7 Confront Singapore's decision makers in Business Times For only $3.50 per single column centimetre Business Times, Singapore's new financial daily, offers you the most costeffective medium to reach Singapore's top businessmen. The decision makers of industry and commerce. Politicians, civil servants, the media and more. It's people like these who
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  • COMMODITY REPORTS AND PRICES
    • 254 8 LONDON, Sun. Terminal rubber on Friday Closed easier mostly 0.65 pence (January 54.25 pence seller) to 2.25 pence down from Thursday's close. Volume Included 24 lots of five tonnes and 148 lots of 15 tonnes. There were five call options posted, comprising Jly/Sep 77 premium 1.50 pence basis
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    • 135 8 THE Straits tin price in 1 Penang closed $8.37 V» higher 1 at $1,242.50 per plcul last 1 Saturday on an official of- i ferlng down 39 tonnes to 196 i tonnes. In LONDON, on Friday, tin rose by £25 for Cash standard and £12 for Three <
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    • 125 8 THE tallowing Palm Oil prices were quoted In London on Thursday. The prices are clf Rotterdam and are quoted In US dollar per long ton unless otherwise stated. Friday Prev. Malaysia 5% ffa bulk 465 sir Dec unch Jan unch 458 sir Feb/Mch unch 457 sir Sumatra 5S
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    • 272 8 CHINESE PRODUCE EXCHANGE, SINGAPORE NOON CLOSING PRICES PER PICUL ON SATURDAY. Coconut OU: Bulk $80 sellers, old drum $85 sellers, new drum $90 sellers. Copra Mixed (loose) UK/Cont. 151 buyers. Pepper: Muntok AST A white f.o.b. 100* NLW $307'< i sellers, Sarawak white f o b. 00* NLW
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    • 40 8 LONDON, Sun. Lead closed £3 up for cash and £2.50 higher for Three Months last Friday. Trade buying gave the market a very steady appearance and Three Months moved from £292.50 up to £294. Ring sales were 1,000 tonnes.
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    • 42 8 LONDON, Sun. Zinc was up £3 and £1.75 per tonne for Cash and Three Months respectively last Friday. The market was again rather thin and prices moved higher with mixed buying Interest finding sellers rather reserved. Ring sales totalled 1,025 tonnes.
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    • 440 8 IN THIN and featureless trading In the Singapore gold market on Saturday the London delivery gold was quoted at U*****.50/ $138.00. The market seems to be marking time after the IMF auction and dealers are squaring their books In the face of uncertainty as to whether the price would
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    • 220 8 LONDON, Sun. Copper wlrebars last Friday finished £2 down for both Cash and Three Months. Prices recovered steadily from lower morning levels and three months traded from £793 up to £795 per tonne before gains were pared slightly on the kerb with last business at £794. Ring sales were
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    • 123 8 LONDON, Sun. Silver closed 0.5 pence per troy ounce higher to unchanged last Friday. Values edged higher In rather light volume with the undertone aided by firmer gold and easier sterling. Sales of 93 lots were more than half carries. In NEW YORK, on Friday, Comex silver futures finished
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    • 170 8 LONDON, Sun. Terminal sugar held very steady in late trading last Friday, closing at or Just below the day's highs with gains of 13.40 (near May at £13) to £2.15. Dealers said sentiment was bullishly affected by reports that China had bought between 90,000 and 100,000 tonnes of Thailand
      170 words
    • 180 8 CHICAGO, Sun. Soybean futures last Friday closed at the day's lows with losses of BV4 to 3V4 US cents a bushel. Speculative selling pushed prices to the downside In early dealings and prices fluctuated below the previous close on a light trade before selling pressure increased late In the
      180 words
    • 105 8 CHICAGO. Sun. Wheat futures closed on Friday with prices of most contracts unchanged from Friday. December lost IV* cent a bushel and September cent. Speculative selling appeared early in the thin trade on the weakness of soybean futures but sellers were reluctant to press the market below current levels.
      105 words
    • 658 8 THE Singapore produce market last week lapsed into a state of Inactivity as traders steered clear of speculative deals because commodity arrivals from the chief source, Indonesia, have continued to be Irregular. While the big traditional buyers In Europe and America were believed to
      658 words
    • 269 8 BANGKOK, Sun. Indicative prices for rice quoted on Saturday were: US dollars per tonne FOB basis Bangkok: Loonzaln (brown): 100 per cent Ist grade unq, 100 per cent 2nd grade 250, 100 per cent 3rd grade unq. Parboiled: 5 per cent 240, 10 per cent 213, Maize 126 seller.
      269 words
    • 135 8 LONDON. Sun. Robusta futures closed irregular on Friday £3 higher (Dec £2426) to £10 lower (May £2486) with 2,429 lots including 35 call options traded. MarKet sources said the irregular close stemmed from pre-weekend profittaking and book-squaring allied to an easier afternoon tendency in New York. In NEW YORK.
      135 words
    • MONEY AND EXCHANGES
      • 184 8 STERLING weakened slightly in the Singapore forex following news of a rise In UK wholesale prices in November, opening last week at U551.6620-30. Selling pressure however was light. Sterling later rallied strongly to $1.*****0 as UK negotiations with the IMF fof a $3.9 billion loan were well under way.
        184 words
      • 205 8 Asian rates ASIAN currency average deposits rites (or the week ended Dec 10 U8I (Bid Prim) Hick Law 7 days 4% 48/16 1 mth > 4* 2 mths 4't 4 11/16 3 mths 415/18 413/16 6 mths SVfc 51/16 9 mths 5 5/16 5* 12 mths 57/16 5 5/16 Swiaa
        205 words
      • 262 8 Source: Commercial Discount. THE easing of the Interbank overnight rate continued throughout most of last week and generally houses had no difficulty In squaring their dally positions. The easier trend was reflected In the reduction In rates for all discount market Instruments. Trading, however, was cautious In view
        Source: Commercial Discount.  -  262 words
      • 121 8 Reuter WASHINGTON, Sun. The Treasury said It will roll-over maturities of three and six-month treasury bills at this Friday's regular weekly auction, when It will offer a total of USSS.2 billion of bills to replace the same amount of maturities. The auction, which is traditionally held on
        Reuter  -  121 words
      • 80 8 RATES were easing towards last weekend, losing about 11/16 and to In the one month, two months and three months respectively. From Monday's closing of 3% to 3*., 3 5/10 to 3 3/16 and 4 to 3%. However an upturn was seen on Friday when rates closed at
        80 words
      • 169 8 LONDON, Sun. Currencies closed on Friday little changed after a quiet session with little trading Interest shown, dealers said. Cuts In US bank prime rates, with Morgan Guaranty moving down to six per cent, and deferment of the Bank of England's call for special deposits from the UK banking
        169 words
      • 306 8 ZURICH, Sun. The dollar drifted downwards last week against most European currencies, though in a moderate way. Interest rates which have become very low by any yardstick are mainly responsible for the dollar's weak showing. The best performance was chalked up by the D-Mark, which was frequently traded firmer
        306 words
      • 102 8 Reuter DUESSELDORF, Sun. This year's volume of foreign loans denominated In marks is likely to be around the 1975 level at some 6.5 billion marks (556.63 billion), Mr. Wllfried Guth, Joint management board spokesman of Deutsche Bank, said. Total Eurobond volume at the end of November was some US$l4
        Reuter  -  102 words
      • 32 8 FRANKFURT: Exchanges closing quotes on Dec 10 US 2.3950/60 Can 2.3385/3400 UK 4.012/018 Neth 95.96/96.02 Swltz 97.71/78 Italy 2.764/772 France 48.08/13 Japan 0.8110/40 Belg con 6.550/558 BelK fin 6.435/445 Norw 45.78/84
        32 words
      • 46 8 For the week ended Saturday, Dec. 10 the range of call rates received from Short Deposits M Berhad was as follows: GENERAL FUNDS: 3 per cent to 5* per cent. Movements of funds totalled $487 million. BANK FUND: 2% to 6% per cent.
        46 words
      • 61 8 Minimum lepding rates (in ACBC 6% Algemene Bank 8* Bangkok Bank ..7% Bank of America 6\ Bank of China 7* Bank of Tokyo .8*4 Bank Negara Indonesia 7'« Chartered Bank 6 J Chase Manhattan 6?« DBS 8'* First Chicago Citibank 6*« HSBC 7 Indosuez 8* Malayan Banking 8*« Mitsui Bank
        61 words
      • 145 8 NEW YORK, Sun. The dollar closed slightly weaker here on Friday after Morgan Guaranty Trust cut Its prime lending rate to a fouryear low of six per cent and many major banks moved to 6 1/4 per cent from 6-1/2 per cent, dealers said. Sterling, which drifted in
        145 words
      • 102 8 Euro rates LONDON, Sun. Trading in Eurodollar deposit was relatively quiet on Friday because of the weekend, dealers said. Period rates closed little changed from opening steady levels. The onemonth rate which had opened 1/4 higher reflecting the Friday end of period technicality eased 1/16 to close at 5-1/16 4-15/16.
        102 words
      • 134 8 Reuter ROME, Sun. Italy has added over US$2OO (Ss49o) million to its drawing on the gold-linked Bundesbank credit line, bringing the total drawing to over $1.7 billion, with the rise in gold prices allowing it to keep the gold pledge amount unchanged, senior bankers
        Reuter  -  134 words
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    • 161 8 Keep in touch with business developments in Singapore wherever you are in the world Subscribe now to Business Times i BUSINESS TIMES Singapore's Financial Daily Subscription Rates (in Singapore currency) Surface mail Zone Singapore Malaysia. Brunei Overseas Second class airmail (Individually wrapped and mailed) Zone Brunei. Sarawak. Sabah Australasia/Pacific (excluding
      161 words

  • 1204 9  -  GOLF Peter Doberainer The Observer LONDON, Sun. What do the following golfers have In common: Bobby Nichols, Lee Trevlno, Jerry Heard and Gary Player? The answer is that they have all recently been struck by lightning and, happily, survived with no apparent lasting damage. I
    The Observer  -  1,204 words
  • 778 9 Liverpool turn on the heat. LONDON, Sun Liverpool stormed home with two goals In the last four minutes yesterday to beat Queens Park Rangers 3—l and returned to the top spot In the English Division One soccer League. Liverpool, the defending champions, moved above Ipswich, whose game at Newcastle was
    778 words
  • 751 9 PALM SPRINGS, Sun. The American team of Jerry Pate and Dave Stockton shot a combined four-under-par 140 to take a onestroke lead over Spain going Into the final round of the World Cup and International Trophy golf championship. Two strokes back In third
    751 words
  • 56 9 MELBOURNE, Sun. Margaret Court, who says the Lord wants her back in tennis, scored a speedy win over England's Sue Barker In the final of the Toyota Women's Classic at Kooyong here today. The 34-year-old triple Wimbledon champion, on the comeback trail for the third time, outclassed Miss
    56 words
  • 512 9 AP LOUISVILLE. Bun Who's the greatest boxer of all time? That's a ridiculous question, according to world heavyweight champion Muhammad All, who has again said he has not retired. In his hometown to shoot scenes for a move on his live, All told
    AP  -  512 words
  • 1165 9  -  CHRISTOPHER BRASHER finds reward among those who pursue their sport off the beaten track. CHRISTOPHER BRASHER The Observer LONDON, Sun. IT HAD all the ingredients of an epic evening. Jos Naylor, the Lakeland sheep farmer, was down in London to visit the Queen at
    The Observer  -  1,165 words
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    • 165 9 The name of the gome is pleasure golfing with Confidence! And why. Unlike conventional drivers, in Confidence Solid State woods, the weight is cast directly into the one-piece 'sole-n-face' plate, which allows weight distribution the most important part of any club to be directly behind and underneath the ball. With
      165 words
  • Page 9 Miscellaneous
    • 44 9 11 the 12^ Vthib £>r hsfe £$r0Min0 is 2t33r\^nad b LSSl A(^ S\ i Mi' 1 1 I .h i! i i i i ft#; i M 'WW, I 1 f 1-1 ''.7 f i 11 I II 11 r?us.-» k 'i U SF
      44 words

  • 469 10 UPI TOKYO, Sun. Mr. Talc eo Fukuda has enlisted enough support In the ruling Liberal-Democratic Party (LDP) to succeed outgoing Prime Minister Takeo Mlkl, political sources reported today. The former Deputy Prime Minister, has emerged as one of the likeliest choices for the premiership
    UPI  -  469 words
  • 293 10 KUALA LUMPUR, Sun. Petronas chairman. Tan Sri Abdul Kadlr Shamsuddin, yesterday outlined the triggering effect that large reserves of natural gas discovered offshore Sarawak would have on two giant petro-based projects. The first was the setting up by Petronas of a fertiliser plant capable of
    293 words
  • 166 10 UPI CAIRO, Sun. Premier Mamdouh Salem yesterday pledged that Egypt would seek a Middle East peace settlement with Israel in 1977 but announced increased military spending and the co-ordination of peace moves with Syria and the Palestine Liberation Organisation. "The battle (with Israel) is continuing," Mr. Salem said
    UPI  -  166 words
  • 193 10 KUALA KANGSAR, Sun. Deputy Prime Minister Dr. Mahathir Mohamed advised the people today to adopt a more positive attitude towards foreign investment and industrial development. The contention that factories breed vice among youths was negative and conservative, he said after visiting the Perak Textile Mills
    193 words
  • 541 10 ARRIVALS Service Local From Operator Number Time CPA CX003 0145 HKG JAL JL712 1000 HLP SIA SQ2I1 1010 HLP OIA GA980 1030 HLP CPA CX710 1030 HLP THAI TG423 1035 BKK OIA GA908 1100 MES PAL PR501 1115 MNL SAS SK097 1140 CPH/NDH/BKK KLM KL811 1145 AMS/ABD/KHI/
    541 words
  • 904 10 KUALA LUMPUR, Sun. The plan to form one of Malaysia's biggest Incorporated companies Harrisons Plantations Berhad has run into unexpected and possible serious problems. Two years of work have gone into devising a scheme that, while complex, could be generally acceptable, to
    904 words
  • 435 10 THE Singapore Growth Fund's (SGF) seventh distribution of Income for the year ended Nov 5, 1976 has been announced at $2.74 net per 100 units, by Mr. G.G. Janes who is chairman of Chartered Unit Trust Management, managers of the fund. Accounts of the fund
    435 words
  • 444 10 THE state-owned Bank of India alms to increase Its penetration of financial markets In the Asean region and elsewhere In Asia, the bank's chairman, Mr C.P. Shah, disclosed In Singapore at the weekend. Mr Shah was In Singapore, where his bank Is
    444 words
  • 116 10 Via the Suez Canal THE larger container vessels of the Far Eastern Freight Conference (FEFC) lines are to transit the Sues Canal. The effect of this Sues routing on the current Buez surcharge will be examined by the FEFC. From the second half of this month till the end of
    116 words
  • 146 10 IPOH, Sun. A pollution control system costing Msl6 million has been Installed at Tasek Cement Sdn. Bhd. It is the most sophisticated and advanced of its kind In the country. Included In the system which operates at various stages of production are ultra high
    146 words
  • 122 10 Reuter KUALA LUMPUR. Sun. Thailand and Malaysia will launch either co-ordinated or Joint operations against the communist guerillas present along their common border, Home Minister Tan Sri Ghazall Shafle has said. Tan Sri Ohacali who met reporters after briefing the ruling United Malay National
    Reuter  -  122 words
  • 327 10 KUALA LUMPUR, Sun. Prime Minister Datuk Hussein Onn will launch I'mno's national co-operative some time next year. Finance Minister Tengku Razaleifh Hannah said today. The co-operative's constitution was passed by the Party's Supreme Council during its meeting yesterday. He said the public,
    327 words
  • 406 10 Reuter LONDON, Sun. US Secretary of State Henry Kissinger flew home from Britain today carrying new hopes, according to a US spokesman, of a settlement to the Rhodesia problem. The optimism arose after a message which Dr. Kissinger received here last night,
    Reuter  -  406 words
  • 278 10 SINGAPOREANS should regard the learning of <hp«Bwe u valuable adjunct to their business knowledge, because of Japan's increasing economic impact on Southeast Asia. This was stated yesterday by Encik Sha'ari Tadin, Singapore Senior Pariiaasentary Secretary for Culture at the 11th Japanese language graduation ceremony, held at the
    278 words
  • 397 10 IF the Opec meeting this week results In a substantial Increase In oil prices, Singapore will not be able to attain Its six to eight per cent growth target, warned Mr. Ong Pang Boon, Minister of Labour, yesterAnd the employment situation,
    397 words
  • 30 10 UPI TOKYO, Sun. Military experts In Peking anticipate China will complete the Inter Continental Ballistic Messile (ICBM) In a year or two, a Japanese newspaper reported Sunday. UPI.
    UPI  -  30 words
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