The Business Times, 4 January 1977

Total Pages: 12
1 12 The Business Times
  • 10 1 BUSINESS TIMES M.C.(P) 300/1/77 TUESDAY, JANUARY 4, 1977 50 CENTS
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  • NEWS IN BRIEF
    • 92 1 AP SAN JUAN, (Puerto Rico), Mon. Governor Carlos Romero Barcelo, whose lifelong dream has been to make Puerto Rico the 51st state of the United States of America, said that President Ford's announcement yesterday that he would ask the US Congress to support statehood for Puerto Rico
      AP  -  92 words
    • 67 1 Reuter KUALA LUMPUR, Mon. Malaysia said today it would not allow greyhound racing because this was a form of gambling. Deputy Finance Minister Richard Ho told the Senate that gambling would not be approved by many people, including religious groups, in this Muslim country. A private
      Reuter  -  67 words
    • 85 1 Reuter TEL AVIV, Mon. Israelis were without their hourly radio newscasts for the second day running today as the state-owned broadcasting network suspended its Hebrew bulletins because of a dispute with staff. Radio Journalists, who were sent on compulsory leave, have accused top editors of mismanagement of
      Reuter  -  85 words
    • 65 1 Reuter HONGKONG, Mon. The Dutch Minister of Justice, Mr. A.A.M. Van Agt will arive here on Wednesday for a four-day visit, a government spokesman said today. He is on his way to Bangkok for talks with the Thai Government on the problem of drug trafficking from the
      Reuter  -  65 words
    • 67 1 Reuter MADRID, Mon. The Spanish Government today abolished coffee subsidies sending the price of best quality coffee up to 563 pesetas (5521.32) per kilo from 265 pesetas. Morning and evening newspapers in Madrid and Barcelona also chose today to put up their prices by 50 per
      Reuter  -  67 words
    • 47 1 Reuter COLOMBO, Mon. The daughter of Prime Minister Mrs. Sirimavo Bandaranaike today became Sri Lanka's first woman chairman of a state corporation r Miss Chandrlka Bandaranaike, 29, heads the new Janawasa (Estates) Corporation which has 120 co-operative settlements with a membership of 20.000. Reuter.
      Reuter  -  47 words
    • 43 1 UPI NEW YORK. Mon. Dow Jones averages, based on first hour of trading today on the New York Stock Exchange: 30 Indus 1,002.74, down 1.91; 20 transp 236.76, down 0.27; 15 utlls 108.51, up 0-23; 65 stocks 325.14, down 0.35. UPI.
      UPI  -  43 words
  • Chief Price Changes
    • 192 1 SHARES ruled steady to firm in moderate trading at the Stock Exchange of Singapore yesterday. Most of the gains were chalked up in the morning session as the afternoon noted some profit-taking. At the close, the Business Times rose !.(»!> points to 274.U while the Straits Times
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    • 125 1 Rises Most active M. F'mills W J&cks Taiplng Text Rothmans Rahman Hyd. P Chem Fand N Fusan S H Chan Sel Dredge U.M W Loan B. Kawat F« T'ggong Carls berg K Kampar SI.96 .32 Pan Electric 184.000 $1.54 .24 Haw Par 175,000 $0.84 09 Inchcape 167,000
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  • 1053 1  -  WE'VE NEVER HAD IT SO GOOD By JOHN TAN SINGAPOREANS have never had It so good, Judging from the money they are spending and the sums they manage to tuck away for a rainy day. Higher earnings have allowed them to spend more,
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  • 1258 1 AN INFLUX of foreign accountants Into the Singapore market will not so much hurt the domestic firms as those large overseas outfits which are at the moment doing very nicely here, thank you. A survey of the 79 Singapore registered companies listed on
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  • 200 1 Reuter KUALA LUMPUR, Mm. Trad* ud eeonomic mattw y mimM to feature promlaaaUy ta talks Malay- Prime Miaieter Datuk Hussein Ou win have with Efvptiaa and Libyaa leaders la his earning tour of Watt Aaia. Datuk Hussoia, who leave* here tomorrow for a four-day visit
    Reuter  -  200 words
  • 540 1 INTRACO will be devoting a greater amount of its energy in helping to boost the growth of Singapore's manufactured exports. This was stated by Mr. S. Chandra Das, the new managing director of Intraco. in an interview with Business Times, in which he outlined the
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  • 90 1 DEMAND for overnight funds remained strong in the Singapore money marhet and overnight interest rates once again leaped to the 15 per cent level yesterday. Rates had hit this level on New Year's Eve but fell to 3'4 per cent at the close. Yesterday, however, with the anticipation
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  • Page 1 Advertisements
    • 44 1 INSIDE Overseas news/TV ft Radio Overseas news/ Features Local Co news Overseas stocks P 2 Commodities Transport ft C< P 3 nications P 4 Features International Co news P 5 Local ft Overseas news Pll Local stocks P 6 Local ft Overseas news PI2
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    • 121 1 THE SMOOTH SIMPLE STYLE OF 9 You have to drive the 504 to appreciate its excellent performance and high standard of engineering. Its pick-up, power, road-holding, braking and reliability. Its economical 1971cc petrol engine, giving minimum consumption for maximum efficiency. The endurance of its oversquare 4-cylinder inline engine over long
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  • OVERSEAS
    • 804 2 NYT LONDON, Mon. The great British Christmas break has gone out of Control. At least four out of ten workers are staying home nearly two weeks, factories are closed, businessmen are complaining, government offices are half-empty, the roads and trains are quiet during the
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    • 96 2 Reuter LISBON, Mon.- The US has agreed to a US$3OO million (***** million) emergency loan for Portugal to help revive the country's sagging economy, the Prime Minister's Office said. The announcement came at the end of a brief visit by US Treasury Under Secretary for Monetary
      Reuter  -  96 words
    • 328 2 AP BUENOS AIRES, The respected Argentine newspaper La Opinion said yesterday there is danger of war iff South America involving Chile, Peru and Bolivia over Bolivia's demand for a sea outlet. The liberal paper said Chile and Pej-u are locked in an arms
      AP  -  328 words
    • 305 2 AP ISLAMABAD, Mon. Pakistan said today It will proceed with Its plans to purchase a nuclear reprocessing plant from France despite discouragement from the United States and Canada. Mr. Aziz Ahmed, Minister of Defence and Foreign Affairs, told a news conference the transaction
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    • 101 2 Reuter LONDON. Mon. Only two of Britain's nine national daily newspapers, the Daily Express and the Guardian, were published in London today following a dispute over Christmas holiday pay. The major printing unions were demanding extra payment for time worked over the Christmas period. A one-day
      Reuter  -  101 words
    • 293 2 AP VIENNA, Mon. In New Year's addresses, party and state leaders of three East European countries admitted on Saturday that their economies had not developed as well as had been expected. They called on their countrymen to work harder and produce better goods in
      AP  -  293 words
    • 204 2 UPI LONDON, Mon. Prime Minister James Ullafhin made a strong plea yesterday for the Inited States, West Germany and Japan to take positive action to boost world trade. "President-elect Carter has pledged some stimulation of the, American economy, and r this is absolutely
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    • 109 2 Reuter KUWAIT, Mon. The Central Bank of Kuwait has decided to supply Kuwaiti banks with 300 to 500 million dinars (552.51 billion to $4.18 billion) to meet home demand for credits and stimulate the economy, the Kuwait newspaper Al-Ras Al-Aam reported today. The unsourced story, which did
      Reuter  -  109 words
    • 421 2 AP ROME. Mon. Five Italian parliamentarians have sharply attacked the vast real estate holdings of the Vatican and its religious orders, reportedly amounting to at least a quarter of Rome, and some of which have been sold with massive profits. They have demanded immediate
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    • 397 2 UPI WASHINGTON. Mon. Researchers say a revolutionary method of grinding coal into fine, explosive powder free of most pollutants can and should be used to help tap America's most abundant energy resource. Disputing earlier claims that the technique will not work,"
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    • 698 2 NYT WASHINGTON: The United States Treasury has attacked. in terms that sometimes approach the scornful, the argument of some other industrial countries that floating currency exchange rates can produce a vicious circle of Inflation, declining exchange rates, more Inflation and still
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    • 163 2 AP LONDON, Mon. British naval vessels have been told for the time being not to fire warning shots across the bows of unauthorised fishing vessels operating within Britain's new 320-km limit, government officials said Saturday. Three Royal Navy frigates. HMS Hardy, HMS Falmouth and HMS Berwick,
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    • 90 2 Reuter WASHINGTON, Mon. The Federal Energy Administration extended for three months the price freeze on domestic crude oil. The move will continue the price for crude at the upper tier for new oil at US$ll.6O (5528.42) a barrel and for oil at $5.20 a barrel.
      Reuter  -  90 words
    • 291 3 NYT NEW YORK, Mon. Working women fared better than men during the 1974-75, recession in the industrial countries, according to a recent study by the Organisation for Economic Co-oper-ation and Development. In an analysis of unemployment, employment and labour force partipation rates in 16
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    • 63 3 AP TOKYO, Mon. A delegation of British conservatives met yesterday with Vice Premier Li Hslen-nlen, now China's number two administrator, the official Hsinhua News Agency reported. The British group is led by Baroness Elles, president of the international department of the central office of the Conservative Party,
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    • 508 3 OTTAWA, Monday NYT FOREION fishing vessels except those of the United States and France now need licences to operate within 320 km of the Canadian coast. The extension of offshore control from the old 19 km limit took effect at midnight on Friday.
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    • 334 3 NEW YORK, Monday NYT BUSINESS prospects for the new year look brighter than they did two months ago, and economic signs Indicate a significant rate of improvement that will be felt toward midyear, Mr. E.F. Andrews, a leading spokesman for the United States purchasing agents said
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    • 390 3 NYT MEXICO CITY. Mon. Mexico's new government has won approval from the International Monetary Fund for an economic recovery programme that would permit continued price increases and deficit spending as an alternative to sharp deflation and massive unemployment. A dollar US$l.2
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    • 249 3 Reuter ZURICH. Mon. Swiss National Bank President Fritz Leutwller said he expects the dollar to rise against the Swiss franc this year, particularly If the hopes placed on the new US administration are fulfilled. Mr. Leutwller was speaking In an Interview with the
      Reuter  -  249 words
    • 125 3 Reuter PARIS, Mon. The book value of France's gold reserves may be raised by about 3,425 million francs In the half-yearly revaluation of the gold stocks due to be published early this month, informed sources said. The rise will reflect a small Increase In the volume of
      Reuter  -  125 words
    • 167 3 Reuter NEW YORK, Mon. United States business firms are getting ready to place new orders again after reducing their inventories over the past few months, the December survey by the National Association of Purchasing Management shows. "There are scattered signs in the December data
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    • 585 3 NYT NEW YORK, Mon. The 7.5-mllllon-gallon oil spill off Nantucket Island has raised fears among both Industry and government officials that the sale of oil leases In the same area now scheduled for next May or June may be postponed
      NYT  -  585 words
    • 163 3 AP TOKYO. Mon. Many Japanese business leaders believe the conservative Liberal Democratic Party will not be able to continue governing Japan alone, according to a survey Sublished today by the ihon Keizai Shlmbun. The indeoendent. nationally circulated economic daily said the survey was
      AP  -  163 words
  • Page 2 Advertisements
    • 93 2 Great Scott! The v JbjjKMll r /v WHi i'i ►iii'.t Af&' ''J rJust arrived from the States. The All-American Saxon 1 and Saxon 2 Copiers. Unequalled copy quality using ordinary plain paper. Saxon 1 makes up to 30 copies per minute; Saxon 2, up to 15 copies per minute. Fully
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  • Page 2 Miscellaneous
    • 323 2 i WEATHER report for 24 hours prior to 7.30 p.m. on Jan 3 at Singapore airport: Maximum temperature 31.1° C Associated humidity Minimum temperature Associated humidity Hours of sunshine Rainfall in millimetres Total rainfall for the month Total rainy days for the month D I O&TV SINGAPORE 5 3.00 P.M.
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  • Page 3 Advertisements
    • 482 3 Have you noticed how Bedford trucks keep on turning up in places where there's hard work to be done? BEDFORD TRUCKS AT CHANGI INTERNATIONAL AIRPORT Look at some of the toughest, roughest jobs going on around town today and you're bound to see Bedford trucks. In just about the biggest
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  • COMPANY NEWS
    • 1451 4 CYCLE AND CARRIAGE DESPITE the bleak conditions prevailing In the car Industry, Cycle and Carriage Is looking to Increased sales In the current year ending Sept 30, 1997, In the latest annual report, the chairman, Mr. Chua Boon Peng, says sales of passenger cars
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    • 54 4 WITH the appointment of three new directors on New Year's Day. tiie board of Haw Par Brothers International comprises Messrs. Michael Fam Yue Onn (chairman). George C. Magnus (managing director), A.J.W. Owston, Gordon George Janes, Alfred Ramsay Petrie, Wee Cho Yaw, Sat Pal Khattar, Tan Puav Hee
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    • LATEST RESULTS
      • 28 4 Group net pre-tax loss M 5450,569 (loss $607,722) for the first six months ended Sept 30, 1976. Parent loss $394,856 (loss $540,647). Revenue was $35,360 ($46,441).
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      • 18 4 Unaudited pre-tax profit M 550,000 ($200,000) In the first halfyear ended Sept 30, 1976.
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    • COMPANY MEETINGS
    • 2029 4 GENTING Highlands Is many things to many people. That's what it says In the brochure. To three giant plantation companies Oentlng Highlands has turned out to be a thorn In the flesh. At the beginning of November they laid out their master plan to
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    • 344 4 Current Ex Dhte Total for Total for payment Date payable the year previous year Aokam 18% Nov. 29 Jan. 7 25% 25% Kulim 10% Dec. 10 Jan. 7 10%+ 12.5% Malayan Tin 43 08% Nov. 24 Jan. 7 67.69% 78.5% Sthn. Malaysian Tin 47.88% Nov. 24 Jan. 7
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  • Page 4 Advertisements
    • 440 4 You have only one face make die best of it. Advice from Business Times. w If your corporate face isn't as good as it could be Business Times can help change it for the better. Few people place their trust in a total stranger. This has to be one of
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  • INTERNATIONAL COMPANY NEWS
    • 201 5 Reuter QUITQ. Mon. Ecuador and Oulf Oil reached tentative agreement on the purchase by Ecuador of Gulf's 37.5 per cent share In a consortium exploiting the country's oil Industry, Gulf's representative In Ecuador Terence O'Brien said. He told a press conference that under the agreement,
      Reuter  -  201 words
    • 102 5 Reuter CHICAGO. Mon. Sears Roebuck and Co said reports on pre-Christmas business Indicate that company sales five weeks ended Jan 1 may exceed 1975's record sales of US$2.Ol billion by more than 10 per cent. Chairman Arthur Wood said Sears' sales In December are
      Reuter  -  102 words
    • 95 5 Reuter LONDON, Mon. Unilever's Birds Eye Foods unit plans to continue with its five-year €14 million spending programme this year to boost production despite low returns on investments in the past year, Birds Eye chairman Ken Webb said. The programme started in 1975. Mr. Webb said
      Reuter  -  95 words
    • 99 5 Reuter BOSTON. Mon. International Telephone and Telegraph said its Sheraton subsidiary plans to open 31 new Sheraton Inns and two convention hotels on the US mainland and in Hawaii. The company said It plans to open two inns in Canada and Sheraton hotel franchises will
      Reuter  -  99 words
    • 640 5 BP stock sale NEW YORK, Mon. US institutional investors are showing Increasing interest in the stock of British Petroleum but may be cautious about increasing their holdings through any BP stock sale by the British Government. This is the concensus of several investment advisers surveyed here.
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    • 538 5 NYT NEW YORK, Mon. Clay S. Felker, the president and chief executive officer of the New York Magazine has obtained a temporary Federal restraining order against the proposed sale of a major block of company stock by city councilman Carter Burden to Rupert Murdoch,
      NYT  -  538 words
    • 163 5 Reuter SALZGITTER, Mon. The earnings of the state-owned steel and shipping concern, Salzgitter, were worse In the 1975/76 year ended Sept 30 than In the previous year, a company spokesman said. Since accounting Is still being finalised, the spokesman could not say If Salzgitter will report a
      Reuter  -  163 words
    • 114 5 Reuter SYDNEY, Mon. The Le Nickel group of France has received government approval to go ahead with a feasibility study at the Warn bo, New South Wales, coal mine of the Hartogen group of companies, Hartogen said. The agreement envisages that Le Nickel will put In
      Reuter  -  114 words
    • 78 5 Reuter AUGSBURG. Mon. Maschlnen Fabrlk Augs-burg-Nuernberg said it founded an Australian subsidiary Man Australia based In Sydney but did not Indicate its capital. A company spokesman was not available for comment, but Man added in a statement the company will deal with Man interests in the
      Reuter  -  78 words
    • 672 5  -  By ROBERT METZ NYT RESERVE Oil and Gas, which is rumoured to be a takeover candidate, was a strong performer late last week on the New York Stock Exchange in heavy trading. On Friday the shares set a new high for the year at 18*4, and they
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    • 853 5 OVER-THE-COUNTER BUYING NYT NEW YORK, Mon. Institutional investors have long been pilloried for what sometimes seems to be almost a herd instinct some sort of subliminal signal that often leads them to jump in or out of the same stocks at the same time. It is
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    • 436 5 NYT CHESAPEAKE, Virginia, Mon. In this sprawling city where black bear ana bobcats still roam, the planned March opening of the Volvo automobile assembly plant here was eagerly awaited as a welcome boost to the economy. But last month, without warning, Volvo officials announced
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    • 211 5 Reuter HONGKONG, Mon. Interim dividend was nil (same) for year ending March 31 this year, Textile Alliance said. The company said losses continued to be Incurred in the first six months but on a reduced level. Consolidated net loss was HKS7O.6 million in year ended
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    • 432 5 Reuter HONGKONG, Mon. Mohan's Property and Investment has suffered a heavy group loss of HK523.7 million for the first 10 months ended Oct 31, 1976 compared with last time's profit of $944,000 before extraordinary losses of $15.8 million. The company said unaudited net assets per
      Reuter  -  432 words
    • 541 5 NYT WEST BERLIN, Mon. The German motorcycle Industry, whose early demise was predicted In the *****, Is alive and well today, thanks to young people all over the world. The biggest German producer, the BMW motorcycle factory, reported growth of 20 per cent In 1976
      NYT  -  541 words
  • Page 5 Advertisements
    • 165 5 As from 3 January 1977 our first phase removal to our new premises at CLIFFORD CENTRE, 24, Raffles Place, is complete. Our telephone number *****2 remains unchanged. However, the following services will still be rendered from 31 Raffles Place: Banking Lobby—Tel. Nos. (direct lines) -*****, ***** and *****8: New Accounts
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  • 2088 6 SECTION ONE INDUSTRIALS 1971/77 High Low Company Last Sale 4-or-Gr'« div Div c'vr Gr'» yld Net P/E 1* Vol C000) Day High Low 175* 206 100 237 186 402 204 248 460 137 133 172 60 185 66 254 149 172 394 39 Acma Alcom Allied Choc
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  • 1402 6 BID and offer prlcea officially listed and business in and reported to the Stock Exchange of Singapore yesterday with the number of shares traded shown In bracket* In lots of 1000 units unless otherwise specified. All Time Settlement Contracts are quoted after the word "Sett." Big Board
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  • 1333 6 BID and offer prices officially listed and business In and reported to the Kuala Lumpur Stock Exchange yesterday with the number of shares traded shown in brackets in lots of 1.000 units unless otherwise specified A«M (1 35Bi. A. Tap* (0.37B). A|inamata (181B 2.008). AImki (2.208). A.
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  • 145 6 SINGAPORE UNIT TRUST INCOME BOND UNIT (Manacen prkn for Jai 1.4) (Curreat prl ten) INCOME BOND 1 00 1.1S The 8« vine Fund 8pore Pro* Fund 1.7S ON oao 1.09 1.01 0.06 MARA MJMIPUTRA FUND S pore Security Fund 8'pore Invest Fund 1.29 1.04 1.30 1.10 First Bumlputra
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  • 146 6 B O T 8 1/2* IMI (100.000) (103HB 104*8) D B S 8 1/2* 1982 (100,000) I (100B101S) DBS Converts C 1/2* 1991 (100.000) (988 995) E I B 9* 1982 (100,000) (1048 104*S) E I B 8 1/4* 1983 (100,000) t (100 *B 1018) IB J
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  • 127 6 5 1/2% 1/12/77 (1.000,000) (101 568 101.668) 5 1/2% 15/4/78 (1.000.000) (101 70S) 5 1/4% 15/7/78 (1.000.000) (101.358 101.455) 6 1/2% 15/8/78 (1.000.000) (101.308 103 488) 7% 1/7/79 (1,000.000) (104.808 104.955) (1)104.90 5 1/4% 15/10/79 (1,000.000) (100.758 100.908) C 3/4% 15/6/80 (1,000,000) (102 958 103.055) fi 3/4%
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  • Page 6 Advertisements
    • 121 6 men off m memo start mot with mm wbumons HOMI SWOIfS DIVISION WOLSEY HALL COURSES Professional Examination Courses Institute of Administrative Management Institute of Bankers Inst, of Chartered Secretaries and Administrators Institute of Statisticians London Chamber of Commerce and Industry Business studies courses Economics Commerce Administrative Practice Secretariat Company Secretarial
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  • 480 7 SHARES ruled from steady to firm in moderate trading at the Stock Exchange of Singapore yesterday. The market was particularly strong during the morning session when gains of up to two per cent were recorded. During the latter session some profit-taking was noted, resulting
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  • 567 7 MILD profit-taking trimmed prices In fairly active trading on the Kuala Lumpur Stock Exchange yesterday. Opening quotations were a shade In extension of last Friday's better closing. But the lack of followthrough buying and profit taking dragged prices down. On balance, however, most shares managed to
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  • OVERSEAS MARKETS
    • 550 7 HONGKONG: The market was generally firmer In fairly active trading on Monday, although some leading Issues fell back slightly, dealers said. The market opened slightly easier, pertly on nervousness over the disturbances In China, but buying Interest later reemerged. taking prices higher In continuation of the recent rise. The
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    • 71 7 MANILA: Prices firmed on late Interest on Monday, although trading remained quiet, with turnover In minings falling sharply, dealers said. Minings and oils were firmer, aided by drilling operations in Palawan and continued gains In metals prices, but commercials remained quiet. Gainers Included Acoje Mining, Atlas Con A and
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    • 12 7 THE London, Tokyo and Sydney stock markets were closed yesterday.
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  • 50 7 BADEN, Switzerland, Mon. BBC AO Brown Boverl und Cle said Its 564,000 "B" series registered shares of 100 francs nominal each have been admitted to official stock exchange trading In Zurich, Basle and Geneva. The "A" series bearer shares and participation certificates are already listed in the three centres.
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  • 611 7 NYT NEW YORK, Mon. The corporate bond market, which has Just completed what one trader calls "an absolutely fantastic year" for profits, will test the waters this week to see how much higher prices can go in early 1977. The test comes on Wednesday
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  • 65 7 Reuter FRANKFURT, Mon. The US$2l5 million syndicated loan arranged for the City of Montreal is for five years at 1 3/8 per cent over the London interbank offered rate, banking sources said. Redemption of the loan begins after 24 months and will be in six half?yearly portions, they added.
    Reuter  -  65 words
  • 279 7 UPI DETROIT, Mon. Despite a strong December finish that helped boost 1976 sales by the four US automakers 21 per cent, 39,000 workers will be on temporary layoff today when the Industry begins 1977 production. Workers are Idled at nine of the Industry's 50 North American
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  • 60 7 J>ARIS, Mon. The giant state-owned Renault car :flrm produced a record 166 million vehicles In 1976, a 19-per cent rise over 1975, but forecasts "serious difficulties" In 1977, the company announced. Private car output topped the 1.5 million mark for the first time and more than 157,000 small Industrial
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  • 651 7 NYT NEW YORK, Mon. The friendly broker who once concentrated on selling stocks has adopted supermarket strategy by filling his shelves with a gleaming variety of products and services. He even uses grocers' lingo. "Nowadays, many of our customers depend on the packaged product,"
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  • 1246 7  -  By LEONARD SLOANE NYT ONCE upon a time, before the onrushlng change of recent years, the New York Stock Exchange was unquestionably the world's premier arena for trading securities, the pride and loy of the American capitalist system. It stood at the hub
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  • 700 7 NYT WASHINGTON. Mon. Some promoter with a genius for capturing the mood of a disenchanted investing public was bound to dream It up. Now it's here:, a mutual fund for losers. The idea, filed with the Securities and Exchange Commission Just before Christmas, is
    NYT  -  700 words
  • 85 7 FRANKFURT. Mon. Commerzbank said it believes a rise in German share prices in 1977 is probable following 1976's average 6.3 per cent fall, given the continuance of Germany's steady economic recovery and the unlikelihood of bond market interest rates rising soon. The bank's overall share index (base 1953)
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  • 80 7 LUDWIGSHAFEN, Mon.— Polydor International is negotiating to take over some of Basf's direct music business, which this year should have sales of around 30 million marks, a Basf spokesman said. However, he declined to comment on an Informed industry source estimate that Basf's direct music business has brought losses
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  • 66 7 Reuter NEW YORK. Mon. The American Stock Exch:me< said stock trading volume last year was up 20 per en» to about 649 million shurf from 541 million In 197 Average dally volume \*;i 2.57 million shares, up (roi 2.13 million. Option trading volume rose 151 p< cent to 8.8
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  • Page 7 Advertisements
    • 98 7 CCPIIDF a BRIGHTER FUTURE in ACCOUNTANCY with FOULKS LYNCH Enrol now with FEDERAL PUBLICATIONS Home Studies Division for the following FOULKS LYNCH Courses Association of Certified Accountants Institute of Cost and Management Accountants Association of International Accountants Institute of Taxation Institute of Accounting Staff Society of Company and Commercial Accountants
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  • COMMODITIES
    • 381 8 THE Singapore rubber market opened unchanged yesterday, and thereafter ruled Inactive on lack of Interest and London closure on Monday, dealers said. Towards the morning close, prices advanced slightly on short-covering and some demand for April/June. The morning session closed quietly steady, with January RSS One buyers quoted
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    • 32 8 Rubber: Jan.3 Suga pore: Jan. 195.00 cts (up 1.25 cts.) Malaysia: Jan. 201.25 cts. (up 0.75 cts) Tin: 11,314.37 Vi (down $3.62 *4) Official offering: 375 tonnes (up 60 tonnes)
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    • 113 8 DAILY SSR and SMR prices at noon yesterday: Jaa. Feb. (Current Mtk) (For ward Mth) R.A.S. Buyer* Seller* Buyer* Seller* (cei ■U per kg) (cent* per kg) SSR 20 (1-ton Pallet) 183.00 184 OON 184 00 185 OON SSR 50 (1-ton Pallet) 180 50 181.50N 181.50 182
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    • 147 8 IN the Singapore gold market yesterday, the kilobar was thinly traded In the range of 5510,680 to 5510,720. The loco London gold was traded at U5134.00/134.50 to U*****.25/134.75, with no significant feature either way. Source: Singmas The Singapore Chinese Gold and Silver Merchants Association yesterday auoted the retail price
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    • 115 8 HONGKONG, Mon.- The market was mixed with Kwangtung new crop up 70 cents to $1.50 per plcul and Thai old crop down 20 to 50 cents. The day's turnover totalled 427 tons, comprising Thais 126, Kwangtungs 220 and Australian 81. Arrivals were from Bangkok 753 tons and Australia 365.
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    • 118 8 CHINESE PRODUCE EXCHANGE, SINGAPORE NOON CLOSING PRICES PER PICUL YESTERDAY. Coconut Oil: Bulk $85 sellers, old drum $90 sellers, new drum $95 sellers. Copra: Mixed (loose) UK/ Cont. $54 buyers. Pepper: Muntok ASTA white f.o.b. 100% NLW $307 sellers, Sarawak white f.o.b. 96% NLW $292% sellers, Sarawak special
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    • 24 8 THE Straits tin price in Penang yesterday was down *3.62* to $1,314.37* on an official offering up 60 tonnes to 375 tonnes.
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  • Money and exchanges
    • 153 8 Asian rates ASIAN currency deposit tnurtenk rates as at close of Jan. 3. UM Dollars <Sp««> Offer By 7daj» 5 4 7/6 1 mth 5 4 7/6 2 mthi 5 1/16 4 19/16 3 mth* 9 1/8 9 6 mth* 9 19/16 9 3/16 9 mth* 9 1/2 9 3/6
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    • 48 8 RANGE of prices offered by discount houass on Jan. 3 Overnight 3% Call deposit I to 3* Ctoaiaf 3-Month Buy ieiliaf Treaiury bill* 3 2 7/8 3-Month Bank billa 33/4 3 5/1 3-Month CD 3 7/8 33/4 8-Month CD 41/4 4 1/16 Source: National Discounts Co
      48 words
    • 112 8 HONGKONG, Mon. The US dollar was being quoted around HK54.6560/6600 In late trading, after touching Its lowest point since February 1975, of 4.6500/6550 at one stage on Monday, dealers said. The US unit opened at Friday's closing level of 4.6680/6710 but then fell back before recovering, with only small
      112 words
    • 31 8 FRANKFURT exchanges quoted on Jan 3. US 2.3530/50 Can 2.3240/50 UK 3.995/4.001 Neth 95.82/97 Switz 96.17/32 Italy 2.680/695 France 47.42/57 Norw 45.55/65 Belg com 6.552/567 Belg fin 6.55/56 Japan 0.8005/15
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    • 613 8 THE situation of high interest rates for overnight funds in the Singapore domestic money market continued Into the second successive day yesterday when the market closed at 15 per cent. Last Friday rates went to as high as 15 per cent but came down at the close. The market
      613 words
    • 59 8 Minimum lending rates (in ACBC 6\ Algemene Bank .6* Bangkok Bank ..7* Bank of America Bank of China 7 Bank of Tokyo Bank Negara Indonesia 7% Chartered Bank .6*. Chase Manhattan 6** DBS 6 First Chicago 6^4 Citibank 6^ HSBC 7 Indosuez 6* Malayan Banking 6* Mitsui Bank 6\ OCBC
      59 words
  • 1010 8 KUALA LUMPUR: In contrast to depressed market conditions of the two earlier years, 1976 saw a sharp upturn in the timber industry of Peninsula Malaysia with prices, export volume and value up considerably. For the first ten months, sawn timber and plywood
    1,010 words
  • 752 8 FT LONDON: The Indian tea Industry has never had it so good. Production, prices and exports (in value terms) and every other Indicator, point to a year of prosperity In 1976 such as the Industry has not experienced before. Production last year Is
    FT  -  752 words
  • 95 8 RANGOON, Mon. Heavy rain during the past three days has caused widespread damage to harvested padl still lying on threshing ground, government officials said. The Government Agriculture Department In repeated broadcasts over the state radio has urged farmers to minimise their loss by covering up the
    95 words
  • 75 8 MOSCOW, Mon. The Soviet Union said it achieved a record grain harvest in 1976, but gave no figures. Since October, Soviet officials have been referring publicly to a "near-re-cord" harvest, and in private have described it as a record. But Western observers have been puzzled over the failure
    75 words
  • 536 8 TRADING conditions were generally quiet In the Singapore produce market last week. Business was minimal as much of the overseas demand had to be ft unsatisfied because of k ne low stock position here. In sympathy with the firmer trend In
    536 words
  • 488 8 LONDON, Mon. Soaring cocoa, coffee and tin prices lifted the Reuter commodity index to within 18 points of Its all-time high of 1586.8 set last July 7. The weighted index, which groups 17 Internationally traded commodities, of which 15 are
    488 words
  • 111 8 LONDON, Mon. The relatively narrow range of silver prices in December may be repeated in January, in the absence of outside influences, Samuel Montagu co said. In its monthly silver letter, it said if the current low level of speculative Interest continues and consumer demand is again
    111 words
  • 42 8 Reuter KUALA LUMPUR, Mon. Peninsula Malaysia's production of tin concentrates fell to 4,944 tonnes of tin metal in November from 5,127 tonnes in October, the Statistics Department said. However, shipments from mines to smelters rose to 5,583 tonnes (5.241)
    Reuter  -  42 words
  • Page 8 Advertisements
    • 160 8 Keep in touch with business developments in Singapore wherever you are in the world Subscribe now to Business Times BUSINESS TIMES Singapore's Financial Daily Subscription Rates (in Singapore currency) Surface mail a Zone Singapore Malaysia. Brunei Overseas Second class airmail (Individually wrapped and mailed) Zone Brunei. Sarawak. Sabah Australasia/Pacific (excluding
      160 words

  • TRANSPORT AND COMMUNICATIONS
    • 1227 9 NYT DETROIT. Mon. It is almost as If 1974 and 1975 never happened. Back then, the vision of long fillingstation lines still lived vividly In memory and It seemed that consumers had simply stopped buying new cars. The American love affair with the
      NYT  -  1,227 words
    • 497 9  -  By TERESA LIM SEA-LAND Service Intends to start a new service directly linking the Persian Gulf and the Far East around the third quarter of 1977. This Is one of Sea-Land's major projects for the new year. But Sea-Land Singapore's general manager, Mr.
      497 words
    • 482 9 LONDON, Reuter REVISIONS to some worldscale nominal freight rates for tanker chartering came Into effect on Saturday. These revisions were announced earlier last month by the International Tanker Nominal Freight Scale Association Ltd here and the Association of Ship Brokers and Agents (worldscale) incorporated
      Reuter  -  482 words
    • Article, Illustration
      434 9 EXPECTED ARRIVAL TODAY KEPPEL WHARVES Akihlro Maru (JERR) (0600 29/30 Brlanski Rabotchl (1500 after MikolaJ ReJ)(dr. 9m) 46 Bunga Setawar (1100 after Bunga Mas) (SubJ. freeboard) 19 Ellen Bakke (0600 after Hagurosan Maru) 47 Glenfalloch (UTM/L) (after Pulawy Nankuo hauls) 31/32 Jalaglrlja (after Recife Maru) (Draft 9m) 10/11
      434 words
    • 45 9 SINGAPORE Slipway and Engineering will launch four 600 dwt shallow draft ro-ro vessels, built for Offshore Supply Association, today at 1U Tanjong Rhu yard. The four vessels are the M/S "OSA Hawk", M/S "OSA Kestrel", M/S "OSA Merlin" and M/S "OSA Osprey."
      45 words
    • 593 9 ARRIVALS Service Operator Number Local Time From CAL TMA CI331 TL303B 0040 0215 TPE/HKO/KUL BEY/BOM/KUL JAL SIA JL712 SQ211 1000 1010 HLP HLP OIA OIA GA980 OA 908 1030 1100 HLP MES CALTAX KCFD SAS SK971 1130 1130 PKU CPH/BKK RBA SIA BI325 SQ201 1155 1200 BWN
      593 words
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    • 98 9 A wealth of answers to scientific phenomena LIFE SCIENCE LIBRARY A thousand questions you've asked but never had answers to. Now to be found in these fantastic volumes from Life Science Library. Vast information on every conceivable branch of science. The power of pure energy molecular theory mathematics the human
      98 words

  • 2135 10  -  By QUEK PECK LIM LAST yeaf was perhaps the busiest and most innovative year on record for several segments of Singapore's capita! market While the stock market may have been somewhat subdued, the bond market both primary and seconds saw activity of a
    2,135 words
  • 1326 10  -  A COMPANY WITH A $99m REASON TO SHOUT 'CHEERS!' By ALAN LEE GUINNESS, as we all know. Is "good for you." More surprising perhaps Is that Malaysia has proved so good for Guinness. Last year marked the 10th anniversary of the brewery in Sungei
    1,326 words
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    • 193 10 1 ASIA RESEARCH BULLETIN This unique publication offers businessmen each month a comprehensive guide to the latest developments that have taken place in all important sectors of the economies of countries in East and Southeast Asia. The Bulletin is divided into six separate reports of about 8,000 words each. There
      193 words

  • 321 11 UPI HONGKONG, Mon. Chinese Vice Premier Li Hslen-nlen yesterday paid slowing tributes to the new leadership In Bangladesh, but gave no Indication as the kind of help the young republic cquld expect In future from his country. Mr Li spoke at a
    UPI  -  321 words
  • 169 11 UPI BANGKOK, Mon. Air Siam, a privately-owned airline which caused panic last week by suspending flights, "will resume normal fight operations" on Wednesday, a spokesman said today. The airline announced last Wednesday it was suspending operations because of the "intolerable conditions" under which
    UPI  -  169 words
  • 94 11 UPI BANGKOK, Mon. Vietnam grudgingly admitted today that the US legacy from the Indochina war was not all bad. The official Vietnam News Agency (VN A) monitored in Bangkok praised the United States Information Service (USIS) library In Ho Chi Mlnh City (formerly Saigon) and said:
    UPI  -  94 words
  • 1547 11 KUALA LUMPUR: Malaysia goes into 1977 in good shape and can afford to be more confident than most countries about the future. Nevertheless there are some danger signs which need to be watched or they might quickly lead to deterioration in the
    1,547 words
  • 872 11 KUALA LUMPUR: As 1976 advanced It brought welcome relief to most people in Malaysia, to those running the country's economic and financial affairs and to traders and industrialists In the private' see tor. It signalled the end of the year of depressed economic activity and set the
    872 words
  • 366 11 AP NEW YORK, Mon. Japanese Prime Minister Takeo Fukuda pledged to rid his ruling Liberal Democratic Party of the "black mist" of corruption and renovate the organisation by giving leadership to "newer, younger, fresher people" In a year-end interview with Newsweek magazine. The newly-elected
    AP  -  366 words
  • 194 11 UPI SYDNEY, Mon. Leading Australian scientists today called on the Government to ban the mining and export of uranium. In an advertisement which appeared in the current edition of the weekly magazine, National Times, 200 scientists signed a statement which called on the Government to "embark
    UPI  -  194 words
  • 225 11 UPI TOKYO, Mon. The Foreign Ministers of South Korea and Japan will meet in March to "adjust views" on problems affecting both nations, Including the question of US troop withdrawals from Korea, a Tokyo dally said today. The Tokyo Shlmbun newspaper said Foreign Minister
    UPI  -  225 words
  • 338 11 Reuter RANGOON, Mon. Burma Is moving to revitalise its ailing rice industry, once the pride of Asia, by Introducing htgh-yleldlng varieties. Before the Second World War, Burma produced more than seven million tonnes of rice a year. More than three million
    Reuter  -  338 words
  • 190 11 VIETNAM WONT BE CHINA'S PUPPET YOUNG UPI WASHINGTON, Mon. United Nations Ambtna-dor-designate Andrew Young<above)said yesterday be considers Vietnam "a kind of Asian Yugoslavia," remaining independent of China. He said the Carter Administration will move toward normalising relations with Vietnam. Mr. Young, a black, also indicated the new administration will continue
    UPI  -  190 words
  • 342 11 UPI TOKYO, Mon. China's leading newspaper said yesterday that the "gang of four" headed by Mao Tsetung's widow badly damaged China's economy and foreign policy by opposing sales of oil to foreign nations. Japan's Kyodo News Agency said In a dispatch from Peking that the
    UPI  -  342 words
  • 278 11 KUALA LUMPUR. Mon. The Malaysian Timber Industry Board Is considering setting up a timber freight bureau to encourage ships to call at Malaysian ports for direct shipment of Malaysian timber to West Asian markets. The bureau, when set up, will consolidate cargo on behalf of Malaysian
    278 words
  • Page 11 Advertisements
    • 376 11 l\>;j Singapore automotive engineering (pie) ha. invites applications from suitably qualified Singapore Citizens for the following positions:1. MARKETING MANAGER Qualifications Experience Preferably with Degree in Mechanical or Automctive Engineering, Possess a car with valid driving licence, A successful record of achievements in Sales/ Marketing particularly in the automotive field; 5
      376 words
    • 313 11 07 VO/PER THORNYCROFT PRIVATE LTD. EN6INEER: SUPPORT SERVICES This is a management position reporting to the Support Services Manager. The incumbent will be required to negotiate, estimate and manage specific contracts and to ensure that technical documentation and services meet contractual requirements in terms of overall technical and commercial content
      313 words

  • 424 12 AP BANGKOK, Mon. Work, work and work and more work stem to be In store for people In communist IndoChlna during 1977, Judging from the various New Year resolves and retrospectives being issued in Vietnam, Laos and Cambodia. Vietnam's official mecua have
    AP  -  424 words
  • 437 12 THE oil price hike announced recently by Opec members has caused some Singapore oilmen- to toy with the idea of importing crude from China. Before the idea can come to fruition however, there are several tricky questions to be answered. Besides price and quality.
    437 words
  • 130 12 UPI MANILA, Mon. The Asian Development Bank (ADB) announced today Australia has agreed to contribute the equivalent of US$34 million (5583.3 million) as first replenishment to the Bank's special funds for least developed member countries. An ADB announcement said the Australian instrument of contribution
    UPI  -  130 words
  • 224 12 KUALA LUMPUR, Mon. Trade and Industry Minister Datuk Hamzah Abu Samah plans to seek assistance from India or other developing countries for the setting up of small Industries, including the machine tool industry In Malaysia. He will also explore the possibilities of aid from
    224 words
  • 162 12 Reuter KUWAIT, Mon. Kuwait will cut back it» oil production in the coming month» because its customers have decided to reduce their purchases, Oil Minister Mr. Abdel-Muttaleb Al-Kazimi was quoted as saying here. In similar statements published in the newspapers AlWatan and Al-Rai Al-Aam, Mr. Kazimi
    Reuter  -  162 words
  • 167 12 Reuter NEW YORK, Mon. The prospective value of world exports in 1977 will exceed US$l trillion (552.45 trillion) if trading nations co-operate to avert restrictions. the National Foreign Trade Council said. The private non-profit organisation, in a year-end statement, called lor a maximum level
    Reuter  -  167 words
  • 166 12 AP WASHINGTON, Mon. Paul Mall, President of the Seafares International Union, called yesterday for a comprehensive examination of America's oil transportation system. Mr. Hall made his request to Senator Warren Magnuson, Democrat-Washing-ton, chairman of the Senate Commerce Committee, who has said his panel
    AP  -  166 words
  • 87 12 IN a suit filed with the High Court yesterday, stockbrokers Llm and Tan (Pte) sued Ng Way Seng for $110,089.76 being money allegedly due and owing to the plaintiff. Two other suits were filed, both by Diners' Club one against Llgers (Singapore) and Chua Tok Peng for credit facilities
    87 words
  • 418 12 KUALA LUMPUR, Mon. The amendments to the labour laws which came into force on Jan 1 were a "rude shock" to the Malaysian Trades Union Cony ess (M--TUC), its secretary-general, Encik Yahya Mohamed All said today. "What appear* to he a new deal for workers,
    418 words
  • 647 12 IF SAUDIS INCREASE PRODUCTION UPI JAKARTA, Mon. Indonesia may be forced to cut Its oil production if Saudi Arabia Increases its crude oil output, a Mining Ministry spokesman said tier* today. The spokesman warned that a world-wide oil crisis can not be avoided if
    UPI  -  647 words
  • 259 12 UPI HONGKONG, Mon. The Chinese array has taken over railway operations in one of the country's key rail junctions, according to a provincial radio report monitored here yesterday. Mr Kuo Wei-cheng, a deputy commander of the army's railway corps for more than 20 years, has
    UPI  -  259 words
  • 476 12 KUALA LUMPUR, Mon. China Underwriters Life and General Insurance, a Philippine-based company, has taken In bumiputra interests to form a new comEany known as Universal lfe and General Insurance Sdn. Bhd. The chairman of Universale five-member board of directors Is Tengku Abdullah. younger brother of
    476 words
  • 185 12 KUALA LUMPUR, Mon. A new insurance brokerage company was formed today between Albar holdings, the Hogg Robinson group of London and a local businessman, Mr. Oh Hong Choon. The company, Albar and Hogg Robinson, will have as chairman, Tan Sri Syed Jaafar Albar, as managing
    185 words
  • 157 12 PENANO, Mon. The Penang division of the Malaysian Trades Union Congress (MTUC) has advised electronic factory workers who were recently retrenched to consult the employment exchange and industrial relations office of the labour Department as soon as possible. "We would like to see that they
    157 words
  • 238 12 AP BONN, Mon. "Many hundreds, if not thousands," have died in an Zising by supporters of o Tse-tung's widow in China's province of Szechuan, the West German news agency DPA reported from Peking. DPA said Chinese sources reported fighting in at least 10 provinces,
    AP  -  238 words
  • 22 12 BEIRUT, Mon. A stiff censorship decree, largely preventing newspapers from publishing anything but official communiques, took effect in Lebanon today.
    22 words
  • 149 12 THERE is 1 a cautious mood prevailing in the US at the moment, said Dr. Lee Soo Ann (above). Dr. Lee, back for a short holiday from the States said that he did not think Mr. Jimmy Carter would resort to such drastic policies
    149 words
  • 213 12 UPI BRUSSELS. Mon. The dollar, slumped at its worst prices in more than a year and a half, lost further ground at the opening of European money markets today*. It hit a 21-month lou in Brussels. The dollar opened at .15.65 francs in the
    UPI  -  213 words
  • 226 12 A LOCAL shlDbrokinar company, Ngo Hong Hang, has sold a 2,000-tonne freighter to the Vietnamese Foreign Trade Transportation Co. and there Is talk that more sales may follow. It Is reliably learnt that the freighter, re-named Polar Star, will be used on the Singapore-Hongkong
    226 words
  • 391 12 A NEW competitor has come into the $25 million market for plain paper copiers (ppc) and reprographic machines in Singapore. It was announced ysterday that Saxon Industries of the United States has appointed Scott and English, a member of the Haw Par group
    391 words
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