The Business Times, 17 April 1999
1999-04-17
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The Business Times
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Title Section11 1999-04-17 1 THE BUSINESS TIMES MITAjP^MO' 85e SINGAPORE Internet: http://business-times.asial.com.sg/ SATURDAY, APRIL 17,199911 words
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Article61 1999-04-17 1 □sn 17WJ2 (+63.79) BT-SM 9HJM (+21.33) SDOSCI FUTURES 2*050 (+12.60) STOCK MAHET DUHCES Friday Change lttaEcomr 699.41 +i7ji WKKTJ__i *****58 +1245 HANO SENO 12,490.30_+M8J7 SET INDEX 401M +ILM JAKARTA COUP _479JOL-_+a.O§ MANILA COUP -UM4 +0M8 TAIPEI WPI 7,***** -3IJ6 SEOUL COMP 725.14 +11J CLSA CHINA B ***** -19.4661 words
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Article83 1999-04-17 1 FOBEX KATES US) s$ US# 1.197 £(U8fc/SS per 2) 1.604 1722 EUR0(«SS/8$ per E) 1.066 1.809 DM L834 0.125 YEN 1183 1.436* RM im 6.447 HKJ 7.746 0119 BAHT S7J» 0.046 RITIAH 8,625 0.020 'Stto loounUt 'St to 1M mitt PUKE KATES SINGAPORE* 5J85 KUALA LUMPUR 11.50 JAKARTA 28.0083 words
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Article, Illustration825 1999-04-17 1 Ven Sreenivasan - Momentnm created by funds and retail buyers fuels new optimism By' Ven Sreenivasan [SINGAPORE] The Singapore stock market's benchmark index, which has risen almost 500 points in just over two months, could recover to its pre-Asian crisis levels by the early partSource: BT,Bloomberg - 825 words
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Article, Illustration390 1999-04-17 1 Larry Wee - By] Larry Wee [SINGAPORE] The US dollar rebounded sharply in a late spurt of buying yesterday evening, gaining more than one cent to 551.7080 after a week which has seen it fall as much as five cents against the local unit. The market wasSource: Bridge - 390 words
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621 1999-04-17 1 R Sivanithy - S'pore volume sizzles above $lb; Dow eases 2 points at lpm By'. R Sivanithy [SINGAPORE] Asian stock markets exploded to life yesterday as foreign money poured in and sent laggard markets like Thailand skyrocketing by a stunning 8 per cent and kept volume in621 words
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522 1999-04-17 1 Corinne Kerk - Definitions to be in institute's glossary in 2-3 months' time By* Corinne Kerk [SINGAPORE] The Singapore Institute of Surveyors and Valuers (SISV) will survey the construction and real estate industry to get a consensus meaning of the terms "built-in" and "built-up" and include522 words
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Page 1 Advertisements
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Advertisement147 1999-04-17 1 DHBDE Sing Tel pares stake Singapore Telecom yesterday sold 44.8 m shares, or 14.99%, in Australia's AAPT as it struck an alliance with the country's leading telecoms company, Telstra, Pgll CEOs' pew-new The political and economic instability of its neighbours are the biggest impediments to Singapore's economic growth, a gathering147 words
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Advertisement15 1999-04-17 1 More reports, Pg 3 Eleven more companies join billion-dollar club Penny stock punters are back15 words
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Advertisement26 1999-04-17 1 T —SINGAPORE kksIOOO The first of a series of profiles on the top 1000 companies by sales in Singapore, starting with innovative electronics company Hewlett-Packard. Pfl426 words
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Advertisement13 1999-04-17 1 Market reports, Pgs 16-20 Returns on equity: SMEs beat big firms ■Pg 1113 words
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SINGAPORE AT HOME & ABROAD
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Article, Illustration465 1999-04-17 2 US, Asian business leaders see S'pore as a good house in a bad neighbourhood Reuters THE political and economic instability of its neighbours are the biggest impediments to Singapore's economic growth, a gathering of global business leaders concluded yesterday. Some two dozen chiefReuters; SIEW YAW HOONG - 465 words
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Article309 1999-04-17 2 Toh Su Fen - Toh Su Fen IN "COE charge is tax by definition" (BT, April 10), Dr Harold York asserted that the COE ought to be treated as a tax in any analysis. We would like to explain the fundamental objective of the COE and why309 words
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321 1999-04-17 2 Chua Su Li (Mrs - Man.aaii Chua Su Li (Mrs) WE refer to the interest and recent press reports on the proposal by Singapore Technologies Engineering (ST Engg) to extend the life of existing share options. We wish to confirm that all the existing options in321 words
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324 1999-04-17 2 S S Low - S S Low WE refer to Patrick C H Tan's letter "Conflict of interests in property valuations?" (BT, April 10). The Singapore Institute of Surveyors and Valuers (SISV) is the body representing quantity surveyors, land surveyors, property valuers, consultants, managers and estate agents324 words
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Article, Illustration751 1999-04-17 2 Anna Teo - EYE ON THE ECONOMY By, Anna Teo ECONOMIC growth in post-crisis Asia will be lower than before but of "better quality" as it will be powered by efficiency gains, rather than "hu-bris-driven investment", some analysts have postulated. Hardly anything has been said aboutSource: PSB - 751 words
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266 1999-04-17 2 Clarissa Tan - By i Clarissa Tan SINGAPORE Finance has made it into the governmentbacked Local Enterprise Finance Scheme, 15 years after its parent Hong Leong Finance was accepted into the programme. The LEFS is a fixed interest rate financing programme for small and medium-sized enterprises,266 words
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Article, Illustration296 1999-04-17 2 THE family bungalow of bankrupt opposition figure Tang Liang Hong received many bids at a Thursday auction before being finally sq)d for $2.97 million. Put on auction for the first time by OCBC Bank, the sin-gle-storey bungalow at Hua Guan Avenue, off296 words
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Article, Illustration515 1999-04-17 4 Audrey Tan - Events in Indonesia also worrying with violence gone beyond anti-Chinese mood By. Audrey Tan THE trial and imprisonment of former Malaysian deputy prime minister Anwar Ibrahim is a "sad saga" for the people of Malaysia and "saddening" for Malaysia'sFILE PHOTO - 515 words
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431 1999-04-17 4 Ireland Singapore's economic cousin B6 Lee's meeting with Irish PM calls to mind similarities in both countries [DUßLlN] It was in a way, a case of two tigers meeting when Deputy Prime Minister Lee Hsien Loong of Asian tiger Singapore met Prime Minister Bertie Ahem of Celtic tiger Ireland, Europe's431 words
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Article, Illustration381 1999-04-17 4 Soh Tiang Keng - Rider plan covers events like divorce, death of spouse By I Soh Tiang Keng PRUDENTIAL Assurance yesterday launched a rider plan that caters to the needs of women at different life stages such as marriage, childbirth, divorce or death of spouse. With381 words
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187 1999-04-17 4 EXHIBITORS at the Pacific Asia Travel Association (Pata) Travel Mart expect to make $7 million in sales within three months of the trade exhibition. The amount is based on responses from exhibitors in a survey by organisers Reed Travel Exhibitions, the first time187 words
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Page 2 Advertisements
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Advertisement11 1999-04-17 2 The Straits Times Classified Where Buy H. ScO it. Find It.11 words
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MARKETS FOCUS
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742 1999-04-17 3 Siow Li Sen - Market cap of 368 SES firms jumps 24% since start of year to $247b yesterday By\ Siow Li Sen [SINGAPORE] The market value of Singapore's listed companies has risen 23.7 per cent in less than four months, throwing up 11 more companies with market742 words
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420 1999-04-17 3 Shoeb Kagda - From, Shoeb Kagda in Jakarta DEFYING weak corporate fundamentals and a moribund economy, the Jakarta stock market has soared by more than 20 per cent this month, fUelled by hot portfolio money pouring into the country. The Jakarta Composite Index has risen from420 words
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Article, Illustration591 1999-04-17 3 Quak Hiang Whai - Counters surge on Internet fever; some brokers warn upside's limited From Quak Hiang Whai in Hongkong FOREIGN fUnds, encouraged by overnight Wall Street performance and regional stock rises, poured heavily into Hongkong stocks yesterday pushing the benchmark Hang Seng Index past the psychological591 words
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Article, Illustration899 1999-04-17 3 Louis Beckerling - oommiTAxr Blgjnmps but analysis of small cap stock gains shows most are still reasonably priced By Louis Beckerling Emboldened by the blue chip bull run, penny stock punters have come back to the market in a stirring display of confidence. And more good news is899 words
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373 1999-04-17 3 Harish Mehta - From, Harish Mehta in Bangkok THAI stocks broke through the psychological 400-point barrier yesterday, hitting a three-month high on a flood of foreign funds as the shine of the regional markets rubbed off on them and hopes grew that the Thai economy373 words
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380 1999-04-17 3 Eddie Toh - Prom Eddie Toh in Kuala Lumpur FOREIGN boys are back in the Malaysian stock market. Brokers and analysts said softer interest rates and rising liquidity are expected to drive the Kuala Lumpur Stock Exchange Composite Index higher despite some lingering concerns like the Anwar380 words
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SINGAPORE 1000
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Article, Illustration929 1999-04-17 4 Annette Pau - Part of the struggle is how to scale the value-added ladder while keeping operating costs down By, Annette Pau This is the first of a fortnightly series of profiles on the top 1000 companies by sales in Singapore ISINGAPORE,I HEWLETT-PACK-ARD will be toting upCHRIS LOH - 929 words
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Page 4 Advertisements
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Advertisement34 1999-04-17 4 Hewlett-Packard Singapore is ranked sixth by sales/turnover in the Singapore *****998/99. The ranking of Singapore-incorporated companies is compiled by DP InformatUmm Network Pte Ltd and Ernst Young Consultants Pte Ltd. Strait Talk Shipping Times34 words
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ASIA ON THE MEND
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116 1999-04-17 5 Bridge News [WASHINGTON] The International Monetary Fund is expected to create a new lending mechanism to prevent a financial crisis from spreading on a global scale, according to Kyodo news service. The IMF's board of governors will approve a plan to establish suchBridge News - 116 words
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Article, Illustration486 1999-04-17 5 Larry Wee - Rising markets not always reliable indicator, it warns By Larry Wee [SINGAPORE] It may be premature to declare that the financial woes of Asian banks have stabilised, or that a sustained recovery is around the corner, senior Standard and Poor's analystsCHRIS LOH - 486 words
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Article, Illustration547 1999-04-17 5 Macabe Keliher - Exports up; more foreign money in bourse; 5% growth seen this year From Macabe Keliher in Taipei WITH Taiwan's stock market accumulating record numbers in foreign investment and the local currency making strong ground against the dollar, the economy is expected to begin growingFILE PHOTO - 547 words
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583 1999-04-17 5 Rebonnd quicker than expected but 2000 bumpy, says chief rep in Seoul AFP, Bloomberg, Reuters [SEOUL] South Korea is recovering faster than the International Monetary Fund had expected and on present trends, 4 per cent economic growth is possible, theAFP,; Bloomberg,; Reuters - 583 words
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189 1999-04-17 5 AFP [MANILA] The Philippines is confident it can get a passing grade at the latest International Monetary Fund (IMF) review of its economic performance, top officials said here yesterday. "As of now, there are really no major issues because we're in compliance with monetaryAFP - 189 words
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225 1999-04-17 5 AFX-Asia [JAKARTA] Bank Indonesia (BI) director Subarjo Joyosumarto said foreign partners in unhealthy joint venture banks must pay the cost of recapitalisation themselves. "For mixed ownership banks, they have been instructed that they should be recapitalised by the foreign partner,"AFX-Asia - 225 words
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160 1999-04-17 5 AFP [BEIJING] China's economy grew by 8.3 per cent in the first quarter over the same period last year, as a fastpaced rise in fixed assets investment fuels economic growth, state press reported yesterday. Economic growth for the quarter was 1.1 percentage pointsAFP - 160 words
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495 1999-04-17 5 Economists divided in their reply but agree worst is over Reuters [HONGKONG] If recent opinion polls are correct, Hongkong people have grown more positive about the economy in recent weeks, but is the good feeling warranted? Economists say yes, and no. With HongkongReuters - 495 words
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240 1999-04-17 5 Reuters, Bridge News, AFP [JAKARTA] Indonesia's Parliament yesterday passed a bill providing for a new agency to take over central Bank Indonesia's current supervisory role. Speaking to a plenary session of the House of Representatives, Minister of Finance Bambang Subianto said the law would enableReuters,; Bridge News,; AFP - 240 words
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Page 5 Advertisements
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REGION
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Article, Illustration544 1999-04-17 6 WASHINGTON Substantial progress made but unresolved issues are also very important, he says AFP. Reuters A DEAL between Washington and Beijing on China's accession to the World Trade Organisation (WTO) is close if certain key issues are cleared up, US TreasuryAFP.; Reuters - 544 words
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404 1999-04-17 6 KUALA LUMPUR Focus on critical areas, contingency plans encouraged Reuters THE Malaysian government expects that the computer systems of industries critical to the nation's survival will be ready to handle the so-called millennium bug by end-June, a senior minister said yesterday. Minister for Energy,Reuters - 404 words
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390 1999-04-17 6 KUALA LUMPUR Reuters SEVERAL hundred supporters of jailed former finance minister Anwar Ibrahim demonstrated in the heart of Malaysia's capital yesterday, the third consecutive day of anti-government protests. Police, who had clashed with demonstrators on Wednesday and Thursday, refrained from interveningReuters - 390 words
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Article, Illustration73 1999-04-17 6 [BEIJING] A crowd gathering around a large scale model ofa condominium on display at a sales booth during a major housing and real estate exhibition in central Beijing yesterday. Local governments across the country have been accelerating policies to promote the commercialisation ofAFP - 73 words
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433 1999-04-17 6 BANGKOK They're facing hanger and rejection by parents AFP MILLIONS of children are paying a terrible price for Thailand's economic crisis, as malnutrition stunts their growth and some face rejection by their parents, a report said yesterday. Between seven and ten millionAFP - 433 words
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120 1999-04-17 6 BANDAR SERI BEGAWAN AFP ASEAN environment ministers yesterday sounded the alarm once more against forest fires raging in the large Indonesian island of Sumatra that have brought back air pollution to Singapore and Malaysia. With the onset of the dry season in theAFP - 120 words
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92 1999-04-17 6 BANGKOK Reuters A JUNIOR-LEVEL European Union-Association of Southeast Asian Nations meeting, shelved in January because of Myanmar's human rights record, will be held from May 24 to 26, Thailand's foreign minister said yesterday. "The EU and Asean recognised the fact that the rela- tionsReuters - 92 words
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280 1999-04-17 6 KUALA LUMPUR Ali said to have made remark at investors meet in London Bloomberg MALAYSIA'S securities commission will prosecute a "major corporate figure" as early as next week for breaching its securities laws, said its chief Ali Abdul Kadir, at Merrill LynchBloomberg - 280 words
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502 1999-04-17 6 Harish Mehta - Probe report by August; govt to file formal charges From, Harish Mehta in Bangkok A HIGH-POWERED Thai commission of inquiry is planning to take legal action against former top ministers and ex-central bankers who allegedly drained foreign reserves to502 words
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188 1999-04-17 6 BANGKOK Reuters MALAYSIAN Foreign Minister Syed Hamid Albar said yesterday that Malaysia had agreed to a request from Thailand to ease currency controls on cross-border trade". The controls had restricted the amount of money that could be taken out of the country into ThailandReuters - 188 words
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Article, Illustration663 1999-04-17 7 GOVERNMENT IN CRISIS News rating coalition has won backing of 2 more parties sends shares soaring Bloomberg, AFP, Reuters [NEW DELHI] India's ruling coalition yesterday looked almost certain to scrape a looming vote of confidence in Parliament after it won the backing of twoBloomberg,; AFP,; Reuters; REUTERS - 663 words
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190 1999-04-17 7 TOKYO AFP A JAPANESE court yesterday found a former vice-pres-ident of Dai-Ichi Kangyo Bank Ltd guilty of paying off a corporate racketeer. The Tokyo District Court gave 62-year-old former vicepresident of Dai-Ichi Kangyo Bank Tsuneo Uchida an eight-month jail term, suspended for four years, for violatingAFP - 190 words
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Article, Illustration601 1999-04-17 7 TOKYO Cable and Wireless miffed by IDC accepting NTT's bid AFP FEARS of a Britain-Japan trade battle rose here yesterday as Cable and Wireless pic (C&W) fought the giant Nippon Telegraph and Telephone Corp (NTT) to keep a toe-hold in Japan's lucrativeAFP; FILE PHOTO - 601 words
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490 1999-04-17 7 SEOUL New limit: 49%; attention likely to focus on SK Telecom Bloomberg [SEOUL] South Korea moved earlier than promised to widen foreign access to its US$l3 billion (5522.1 billion) telecommunications services market, speeding up efforts to pull the economy out ofBloomberg - 490 words
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476 1999-04-17 7 SYDNEY Economist sees severe knock-on effects of Asian crisis AFP THE economist credited as the first to predict the Asian financial crisis yesterday dismissed any hope of an immediate recovery, and warned that the ongoing problems will "wipe out" Australia with the loss ofAFP - 476 words
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391 1999-04-17 7 SYDNEY Robust economy and relative immunity to global shocks cited AFP AUSTRALIA'S robust economy and relative immunity to global shocks helped merger and acquisition activity surge to record levels in 1998. The Ernst and Young Corporate Finance Mergers and Acquisitions Index alsoAFP - 391 words
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132 1999-04-17 7 TOKYO AFP JAPANESE Finance Minister Kiichi Miyazawa hinted at tax cuts yesterday to boost investment and reduce levies imposed on asset holdings including property. "Rather than cuts in ordinary taxes (such as income taxes), we should always keep in mind a possibleAFP - 132 words
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Page 7 Advertisements
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THE WORLD
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743 1999-04-17 8 WASHINGTON It's trying to figure oat what's keeping inflation out of fast growing US economy Reuters AFTER more than eight years of US expansion, Federal Reserve policymakers are still scratching their heads about what it is that has allowed the world's topReuters - 743 words
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340 1999-04-17 8 WASHINGTON Bloomberg THE International Monetary Fund (IMF) said rich nations should push banks and bondholders to help cash-strapped governments of developing countries renegotiate the terms of Eurobonds when they can't make payments on time. The idea of forced renegotiations, which manyBloomberg - 340 words
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371 1999-04-17 8 WASHINGTON Bloomberg Bridge News US industrial production increased marginally in March, driven mainly by output from utilities as snow and ice blanketed the Atlantic Cfoast, Federal Reserve figures showed yesterday. Factory production was sluggish. Output at factories, mines and utilities rose 0.1 per centBloomberg; Bridge News - 371 words
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Article, Illustration449 1999-04-17 8 THE KOSOVO CRISIS Bloomberg [BRUSSELS] The North Atlantic Treaty Organisation (Nato) stepped up air strikes against Yugoslav military targets as US Defence Secretary William Cohen said he'll ask President Bill Clinton to call up "a significant number" of reserve troops toBloomberg; AFP - 449 words
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416 1999-04-17 8 MIAMI Analysts credit ex-Soros man with Brazil's turnaround NYT ONLY months ago, doommeisters were having a field day with Latin America after reverberations from Asia's financial crisis appeared to be swamping the region. There were bloated deficits, collapsed currencies, and weaker earnings by USNYT - 416 words
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441 1999-04-17 8 MOSCOW He cites improving indicators; World Bank, IMF deals AFP RUSSIA'S troubled economy has turned the corner and is pulling back from the abyss eight months after the August financial collapse, the government declared yesterday. Government economic supremo Yury Maslyukov sketched an optimisticAFP - 441 words
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286 1999-04-17 8 BERLIN Reuters THE German Parliament returns to Berlin's Reichstag on Monday, ushering in what many hope will be a new era of peaceful self-confidence for reunited Germany, 66 years after democracy died in the ashes of the same chamber. Chancellor Gerhard SchroederReuters - 286 words
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WORLD Watch
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57 1999-04-17 8 Reuters [GENEVA] The US submitted a resolution yesterday criticising violations in China to the mail? UN human rights body, but failed to win formal co-sponsors. The US text, introduced at the United Nations Commission on Human Rights, expresses concern about abuses including unfair trials,Reuters - 57 words
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105 1999-04-17 8 Reuters [LONDON] Forex dealers are bracing themselves for further losses after the euro fell to new lifetime lows against the dollar yesterday. The euro dropped to lows near US$l.O6BO as hopes for an end to the war over Kosovo dimmed, fuelling investor concernReuters - 105 words
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Article80 1999-04-17 8 Bloomberg [BONN} The German government said it doesn't expect the economy to recover soon from the current slump, though It added that a further weakening was unlikely as I well. Signs of economic recovery were mixed so Car, the Finance Ministry said in its monthlyBloomberg - 80 words
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63 1999-04-17 8 Reuters [BRASILIA] Brazil announced yesterday it was scaling down its diplomatic activities as part of a sweeping cost-cutting plan designed to restore foreign investor confidence in Latin America's biggest economy. Brazil will shut its embassies in Cameroon, Kuwait and Tunisia and close consulates inReuters - 63 words
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EXECUTIVE LIFESTYLE
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Article, Illustration817 1999-04-17 9 ...thanks to tanked musicals and imports from London's West End Reuters [NEW YORK] Something strange is happening on Broadway this spring the play's the thing. From the much-hyped, sold-out The Blue Room, wherein Nicole Kidman's baring her bottom gave a new spin to theReuters; FILE PHOTO; REUTERS - 817 words
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Article, Illustration747 1999-04-17 10 ANDREW WEE - The Winamp music player has gained popularity with MP3 users, writes amdrewwse ANDREW WEE IF you belong to the in-group of savvy Internet users, you've probably heard of MP3 files or even listen to them regularly. If you haven't the MP3 file format747 words
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Article, Illustration508 1999-04-17 10 Parvathi Nayar - SINGAPORE INT'L FILM FESTIVAL Japanese film offers a powerful idea but the plot lacks focus By: Parvathi Nayar SUPPOSE you had to go through your life and pick just one memory as your moment of ultimate joy, what would you pick? This is a508 words
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Page 9 Miscellaneous
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Miscellaneous1695 1999-04-17 9 CRYPTIC CROSSWORD in tte (6) 28 Noise of grandsire's battle? 7 Law-breaker, in beginning. YESTERDAYS SOLUTION (*4) using brick? (8) IyBATWi^MiM DOWN 14 Spirit of Rugby master (3) HaH smßßo^^TOiP 1 Moths love to become silky to 16 Reproduce and amuse oneself ycary ulEllsy the touch (6) (8) 2 Lead1,695 words
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Page 10 Advertisements
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Advertisement581 1999-04-17 10 Where to wine, dine and entertain..."*^(®££sB£r Secretaries' Week 19 to 23 April The Plaza Parkroyal of course, where you stand to win 2 return air tickets to Penang, OR a weekend stay at the hotel's Orchid Club Floor 6C other attractive prizes! Cafe Plaza 4-course set lunch at $28 per581 words
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Advertisement33 1999-04-17 10 After Life screens tomorrow at 7pm at Capitol as part of the 12th Singapore International Film Festival. I 1-30 April 1999 m Australian Wines featured at our restaurants 333 Orchard Road. Singjpof* *****733 words
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COMPANIES & MARKETS
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1279 1999-04-17 11 Ven Sreenivasan - By Ven Sreenivasan {SINGAPORE] While the banks and conglomerates chalked up the highest profits last year, it was the smalland medium-sized companies which provided the best returns on capital invested. BT's ranking of companies on the basis of returns on equity (ROE) shows1,279 words
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257 1999-04-17 11 Marissa Chew - By: Marissa Chew [SINGAPORE] The Stock Exchange of Singapore yesterday suspended trading in debt-laden Pacific Can Investment Holdings after the company said on Thursday that it would not be able to repay $20.6 million in loan stocks. The exchange said in a statement257 words
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227 1999-04-17 11 [SINGAPORE] Waste management company Colex Holdings' initial public offer has been almost 100 times subscribed. A statement released yesterday by DBS Bank, the IPO's manager and underwriter, said Colex's offer shares were 99.66 times subscribed at the close of the public offer on227 words
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588 1999-04-17 11 David Boey - HOCK LOCK SIEW David Boey THE rubbish collection industry here is so efficient that few of us have taken notice. Often known clinically as the waste management industry, this business segment has enjoyed a burst of publicity in the past few months, thanks to588 words
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Article, Illustration459 1999-04-17 11 Teh Hooi Ling - Sing Tel, KDD and Telstra to explore new opportunities By Teh Hooi Ling [SINGAPORE] Singapore Telecom yesterday sold 44.8 million shares, or 14.99 per cent, in Australia's AAPT as it struck an alliance with the country's leading telecoms company, Telstra. Sing Tel459 words
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Article, Illustration358 1999-04-17 11 Jennifer Lien - By, Jennifer Lien [SINGAPORE] Singapore Press Holdings (SPH) shares soared $2.30 to hit an all-time high of $24.80 yesterday, as analysts upgraded their earnings forecasts in anticipation of a second-half recovery. The SPH 100 stock, which is traded in lots of 100 shares,Source: Bloomberg - 358 words
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SINGAPORE & MALAYSIAN COMPANIES
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Article, Illustration613 1999-04-17 12 Ruth Wong - M'sian carrier arrested losses in H2 of last financial year, says chairman From, Ruth Wong in Kuala Lumpur NATIONAL carrier Malaysian Airline System is expected to return to the black in the current financial year ending March 31, 2000,FILE PHOTO - 613 words
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344 1999-04-17 12 Bloomberg [MANILA] Philippine Long Distance Telephone Co, the country's largest phone company, soared to a record high as investors bet the Philippine economy will be among the first to recover in Asia. PLDT, which accounts for 13 per cent of theBloomberg - 344 words
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243 1999-04-17 12 Bloomberg [JAKARTA] PT Indofood Sukses Makmur said its lenders won't sign off on the sale of a 60 per cent stake unless majority owner Salim Group agrees to use a part of the proceeds to repay some of the noodle maker's debt. Objections fromBloomberg - 243 words
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338 1999-04-17 12 Annette Pau - It'll pay $2.9 m, and later extend a $2 Jm convertible loan By. Annette Pau [SINGAPORE] MMI Holdings yesterday said it has entered into a conditional agreement to buy a 22.5 per cent equity interest, or 2.9 million new shares, in338 words
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Article, Illustration338 1999-04-17 12 David Boey - By\ David Boey PROPERTY stocks ended the week on a high note yesterday with the SES Property Index closing at 725.17 a level not seen since October 1997. A rally that kicked in on Monday was sustained and theSource: Bloomberg - 338 words
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277 1999-04-17 12 Bloomberg [JAKARTA] PT Matahari Putra Prima, which runs Indonesia's largest chain of department stores, expects to post a profit in 1999, after a loss in 1998, said Hanafi Komala, the company's president director, yesterday. The company, controlled by the Riady family's Lippo group,Bloomberg - 277 words
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Article, Illustration425 1999-04-17 12 Shares pledged as collateral for RM3OOm loan Bloomberg [KUALA LUMPUR] Malaysian tycoon Ishak Ismail may forfeit control of the country's Kentucky Fried Chicken, (KFC) franchise, his prized asset, after high interest rates and a cooling economy last year rendered him unable toBloomberg; FILE PHOTOS - 425 words
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COMPANY Briefs
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148 1999-04-17 12 [SINGAPORE] Cycle Carriage yesterday said it has completed its purchase of a 20 per cent stake in UMF from Capital Services of Singapore Ltd (CSS) for $14.5 million cash, doubling its interest in UMF to 40 per cent. CSS' stake is now 20148 words
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Article50 1999-04-17 12 [SINGAPORE] Informatics Holdings has agreed to franchise its IT and business courses in Tianjin, China, to World Hydraulics Pte Ltd, a wholly-owned subsidiary of listed Boustead Singapore. The 10-year exclusive location franchise agreement is worth $300,000 and will see World Hydraulics set up an Informatics College.50 words
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77 1999-04-17 12 {SINGAPORE] Albert Lau Loke Kuen, DBS Land's assistant general manager, will be seconded to Scotts Holding—in which DBS Land has a substantial stake as its chief operating officer from Monday. An accountant by training, Mr Lau will be on secondment initially for77 words
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53 1999-04-17 12 [SINGAPORE] DBS Securities Holdings Pte Ltd, a wholly-owned subsidiary of DBS Bank, has agreed to buy Tat Lee Securities Holdings Ltd's 20 per cent stake in PT DBS Securities Indonesia. This will raise DBS Securities' share in the company to 75 per cent from53 words
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INTERNATIONAL COMPANIES
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GLOBAL Briefs
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98 1999-04-17 13 Reuters [LOS ANGELES] IBM and Sony Corp on Thursday said they were teaming up in the race to deliver pirate-proof songs over the Internet and let consumers play that music on a portable device. Under the partnership, Sony will configure its upcomingReuters - 98 words
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Article74 1999-04-17 13 Bloomberg [ATLANTA] Delta Air Lines Inc, the No 3 US carrier, said fiscal third-quarter earnings rose 10.8 per cent, surpassing analysts' expectations, as it picked up business from cancelled flights at larger rival AMR Corp's American Airlines. Net income in the quarter ended March 31 climbedBloomberg - 74 words
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Article60 1999-04-17 13 Bloomberg [PARIS] Carrefour SA, the world's third-largest food retailer, expects operating profit to rise by slightly more than 25 per cent this year as it forecasts sales growing by one-quarter. The French hypermarket operator said sales, excluding taxes, will rise to more than 220 billionBloomberg - 60 words
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63 1999-04-17 13 Reuters [NEW YORK] US drug giant Pfizer Inc said on Thursday that profits rose 18 per cent to US$Bl5 million (Ssl .38 billion) in the first quarter, fuelled by strong sales of highly profitable newer drugs. Pfizer matched Wall Street expectations, with diluted per-shareReuters - 63 words
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187 1999-04-17 13 Bloomberg [BLUE BELL, Pennsylvania] Unisys Corp, which competes with International Business Machines Corp and others to run corporate computer systems, said first-quarter profit rose 77 per cent on increased services revenue. Net income rose to US$lll.2 million (*****.6 million), or 32Bloomberg - 187 words
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338 1999-04-17 13 TELECOM DEALS Advanced discussion to create European telecom* giant worth 200b enros FT [LONDON] Deutsche Telekom and Telecom Italia are discussing a potential merger that would create a European telecoms giant worth nearly 200 billion euros (***** billion). The discussions, held between theFT - 338 words
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260 1999-04-17 13 Bnt shareholder Airtouch could take away a portion Reuters [NEW YORK] British Telecommunications pic has bought an additional 16.28 per cent interest in Spanish mo-bile-phone operator Airtel SA for about US$2 billion (553.4 billion), the Wall Street Journal reported yesterday. Citing people familiar withReuters - 260 words
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Article, Illustration403 1999-04-17 13 Hasbro's Q1 profit ap 75% while Mattel posts USslBm loss Reuters [NEW YORK] In the latest round of the toy wars, Furby and the Teletubbies beat up Barbie and her friend, Tickle Me Elmo. The world's No 2 toymaker, Hasbro Inc,Reuters; Source: Bloomberg - 403 words
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Article4460 1999-04-17 13 Net earn CM MlngWen USS Mar 30 P t3-263 13.031 &S7 6.75 Me TV iV TV IY HOt Mar 31 P 438.161 *****1 61L 4K CwipiPy (tm) ($m» fcta) WD Netlteel CMC Mer3 P 68.606 M.0M 17.1 116 Mppecralt MMl P 4.116 0.4164. UO OA AM4,460 words
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FINANCE & COMMODITIES
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393 1999-04-17 14 Swiss Re support allows Electra to get share bnyback approval Bloomberg [LONDON] 3i Group Pic said it has dropped its £1.3 billion (553.5 billion) hostile bid for rival UK investment trust Electra Investment Trust Pic, after Electra shareholders voted Thursday night to supportBloomberg - 393 words
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Article, Illustration471 1999-04-17 14 Euro/US$: Euro/US$ started the week on a bullish note, edging to the week's high of 1.0880 on Monday. Lacking the drive to head higher and unable to resist the temptation of the south, the unit reversed course and tumbled, culminating in a low of 1.0650 yesterdaySource: DBS Bank - 471 words
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336 1999-04-17 14 It also wants more of world's biggest companies as clients Bloomberg [HONGKONG] Goldman Sachs Group says it's aiming for future returns on equity of more than 20 per cent, partly through expanding its asset management and investment banking business. Goldman executives speakingBloomberg - 336 words
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236 1999-04-17 14 Reuters [LONDON] The Economist Intelligence Unit (EIU) expects base metals to be among the leaders of a 9 per cent fall in its price index for industrial raw materials in 1999, it said yesterday. "The fall will be led by base metals andReuters - 236 words
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Article, Illustration449 1999-04-17 14 Shareholders expect this of bank after former chief quit Bloomberg [LONDON] Barclays pic's shareholders want Britain's second-largest bank to appoint an external candidate as chief executive, just as it did earlier this year, and in 1994 when Martin Taylor took the job.Bloomberg; FILE PHOTO - 449 words
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Article, Illustration72 1999-04-17 14 hree workers fixing parts ofa pipeline on board the offshore rig "Semac 1 "ofßritish company European Marine Contractors in the North Sea on Thursday. The "Semac l"is laying pipes for the gas pipeline "Europipe 2" near Germany's Baltrum island. Norway's energy producer Statoilplans to transferREUTERS - 72 words
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393 1999-04-17 14 Bloomberg (CHARLOTTE, North Carolina] First Union Corp, BankBoston and three other regional banks reported first-quarter earnings grew as the domestic economy and improving capital markets boosted profit. First Union, the sixth-larg-est US bank, said first-quar-ter earnings rose 4.7 per cent toBloomberg - 393 words
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311 1999-04-17 14 Reuters [WASHINGTON] A US House panel adopted without debate on Thursday a bill designed to make it easier for investors in the multi-billion-dollar corporate bond market to compare bond prices. The House Commerce Committee's sub-panel on finance and hazardous materials cleared byReuters - 311 words
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SMALL Change
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71 1999-04-17 14 Bloomberg [FRANKFURT] The Bundesbank said on Thursday that it posted a net profit of 16.2 billion Deutschemarks (SUS.I billion) in 1996, less than the 24.2 billion marks the previous year when the bank re-valued its currency reserves. The German central bank said it willBloomberg - 71 words
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Article128 1999-04-17 14 Reuters (NEW YORK] Citigroup Inc, the US' biggest financial services company, said on Thursday that William Campbell, joint head of its vast global consumer group, will retire by the end of the year. Robert Lipp, 60, the unit*s other leader, will run the consumer business.Reuters - 128 words
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Article65 1999-04-17 14 Bloomberg (SYDNEY] Morgan Stanley Dean Witter Co said yesterday that Rick Ball, former executive director at Warburg Dillon Read Australia Ltd, has joined the company as managing director, investment banking division. Mr Ball led several of Australia's biggest initial public offerings including Qantas Airways Ltd,Bloomberg - 65 words
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114 1999-04-17 14 Reuters [BASLE] Swiss insurer Baloise yesterday reported a 34 per cent increase in net profit to 365 million Swiss francs (*****.2 million), beating analysts' expectations. Baloise, one of the country's biggest general insurance companies, had said in September that it expected a "marked"Reuters - 114 words
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181 1999-04-17 15 Bob Butcher, Jardine Fleming - Reports MS& Singapore Index Bob Butcher, Jardine Fleming RUMOURS of an interest rate cut and sky-rocketing stock markets around the region propelled the MSCI Singapore Index to new heights. The market had been flirting with the 250 level but yesterday's trading activity vaulted181 words
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159 1999-04-17 15 Charlie Kuo Refco Singapore - MSCI Taiwan tatoros Charlie Kuo Refco Singapore SIMEX MSCI Taiwan Stock Index futures feU marginaUy yesterday on profit-taking by foreign investors in the cash market which sparked concerns that the recent surges in Taiwan electronic shares would not justify their earnings outlook. The April contract159 words
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360 1999-04-17 15 ENERGY REPORT Bloomberg [NEW YORK} Crude oil rose more than 2 per cent to a oneyear high on expectations that producers will reduce output enough to eliminate an oil glut that sent prices to a 12-year low inBloomberg - 360 words
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Article329 1999-04-17 15 Reuters, Bloomberg London POSITIVE yen sentiment against the dollar and euro prevailed yesterday as markets tried to price in the impact of flows into Japanese equities amid talk of tax cuts for Japan's troubled economy. Euro/dollar hovered above lifetime lows set in overnight trade, burdened by the prolongedReuters,; Bloomberg - 329 words
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Article, Illustration1228 1999-04-17 15 MTEEBAME CROSS RATES <* 0" HK$ lad Rs Bupiah Yta Woo KU HZ$ Nfc B» Peso SS Km* Sfr NTS MX Po«nd ltt$ 0 956 6 T78 0 W3 3.956 1.179 4.984 27.485 55.472 0.760 7.827 2.444 Lt83 ***** 24.536 1091 3.917 0.967 ***** 24.022 0.401 0 643 Canada 10461,228 words
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Article1803 1999-04-17 15 SIC0MP0TURB8 a prie MHO (Mam cMf as at SMm) ISS1C(MTVACT(Scanb/kg) CtOM Vol—I OfM Low Stt (twww) lnhost May» 99.50 99lo 100.00 300 275 J"l 99 102.75 250 99 104.00 200 700 Aaq99 ***** 200 a 99 107.75 200 D« 99 109.75 675 ISS 3 CONTRACT (US cwtsA?) VoNma Opn Mo«tt1,803 words
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Article, Illustration1376 1999-04-17 16 AFP FlHangSepg +528.07 HONGKONG share prices surged 4.4 per cent yesterday to breach the psychological 12,000-point level for the first time in 18 months on overseas buying, buoyed by the fourth consecutive recordhigh close on Wall Street, dealers said. "It is mainly due to inflows of foreign funds," saidAFP - 1,376 words
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Article, Illustration509 1999-04-17 16 Reuters n Shenzhen B Index jjj SHENZHEN'S B share index closed down 4.93 per cent yesterday after Bengang Steel, the market's most heavily capitalised issue, posted poor 1998 results, analysts said. The B index slumped 3.12 points to end at 60.30 on active turnover of HKS6I.O million, expanding fromReuters; Source: Credit Lyonnsis Securities(Asia) Ltd - 509 words
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Article340 1999-04-17 16 AFP HWPlndeg -3L35 TAIWAN share prices slipped 0.4 per cent yesterday in active trading as investors scrambled to lock in profits, analysts said. The stock market went on a roller-coaster ride as investors rushed to take profits when the index approached the psychological 7,500-point level, said Terry Liu, managerAFP - 340 words
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Article2217 1999-04-17 16 LONDON .i.l.i. IIMUSXimIS »< Pwnd *J_ 31 Of oup 6.77 -0.12 A B Foods 4 26 0.1S A B Ports 2.87 0.0! Allied Domecq 4.96 0.U Allied Zurich ai8 -0.35 Anglo American GoM 41.40 4.0C ASOA Croup 1.99 0.22 Bank of Scotland 9.17 -0.0 Barclays 18.98 0.042,217 words
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Article1614 1999-04-17 16 AFP n Nikkei 225 »12iS SHARE prices in Tokyo edged up 0.7 per cent yesterday as individual investors bought lowpriced issues in active trading bolstered by a fourth straight record high on Wall Street, brokers said. Public funds and foreign investors remained net buyers but the market's upside wasAFP - 1,614 words
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KUALA LUMPUR STOCK MARKET
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Article8756 1999-04-17 17 MDUSTRIALS 1W* La»t Day Net C«p High Low Company Srt OOP High Law P/I SmH 310 255 Ajinomoto 290 15 2 290 286 16.0 117.5 83 46 Angkasa 67 7 39 67 63 98.8 283 220 Apollo Food Hlg 240 9 1 240 240 8.4 96.0 204 115 Ber)aya Land8,756 words
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Article, Illustration417 1999-04-17 17 AFP, AFX-Asia n Composite Index +17.51 MALAYSIA'S key share index jumped 3 per cent yesterday in heavy trade spurred by improved inflation and industrial production data and easing tensions over the Anwar Ibrahim saga, dealers said. The KLSE Composite Index surged 17.51 pointsAFP,; AFX-Asia - 417 words
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WARRANTS, OPTIONS & REGIONAL MARKETS
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Article2231 1999-04-17 18 BONOS, LOANS WARRANTS 2 Laat Vol Day Last Quott Avq MH» L— WW CimM»v Sal* *vr- COOO) High Low Buyer Sailer Prtco '8 3 3160 "Acer W*****1 US$ 15.5 »0.5 302 16 153 153 16 27 4S s 3164 Acma W*****4 25 »1.5 3201 26 23 24.5 25 23 S2,231 words
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174 1999-04-17 18 R Sivanithy - WARRANT WATCH -By R Sivanithy THERE seems to be no end to the strength and resilience in this market. Everything and anything that has even the slightest inkling of a story behind it is moving even if the story doesn't have any174 words
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Article226 1999-04-17 18 HONOKONO STOCKS Of Gr 52 W LMt v D*V Last Quae Mv Otv YM Nat M Cap High Low Stno Company Sala COOP) HtqK Law Buyar H C'VT P/I >m« 235 >73 5123 CM. (2000) HK 225 CO -5 6 225 225 a 2 4 3 6 115226 words
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Article, Illustration710 1999-04-17 18 AFP Composite Index ♦32.06 SHARES soared 7.2 per cent yesterday on active followthrough buying by both foreign and local investors amid a new surge of money into Asian markets, dealers said. "This is basically a liquidity and sentiment-driven market," Vickers Ballas Tamara head of research Ferry Hartoyo said. "ObviouslyAFP - 710 words
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Article, Illustration902 1999-04-17 18 AFP n SET Index +3L86 THAI stocks rocketed 8.6 per cent yesterday as foreign investors pinned hopes on a return to growth and powered the market through the psychologically vital 400 points barrier. Dealers said overseas investors targeted blue chip and large cap stocks to broaden their portfolios inAFP - 902 words
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Article322 1999-04-17 18 AFP n Manila +5<L2B PHILIPPINE share prices closed 2.5 per cent higher yesterday, with trading sentiment boosted by a drop in interest rates and a stabilising currency, analysts said. The Composite Index jumped 56.28 points to close at 2,233.64. A total of 1.72 billion shares worth 3.05 billion pesosAFP - 322 words
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Article413 1999-04-17 18 AFP >1 Composite Index +3J3 SOUTH Korean share prices closed barely higher yesterday, a day after punching through the 700-point level for the first time in 20 months, dealers said. Early gains made on foreign and investment trust interest were capped by profit-taking by retail investors, brokerages and insuranceAFP - 413 words
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Article653 1999-04-17 18 AFP All Ordinaries +5,3 AUSTRALIAN share prices ended the week at another record high yesterday, firming 0.2 per cent on the back of a buoyant resource sector, brokers said. The All Ordinaries Index rose 5.3 points to 3,099.8. The All Resources Index stacked on 74.5 points to 1,187.2 whileAFP - 653 words
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Article297 1999-04-17 18 AFP F1 Wellington +5L23 SURGING commodity stocks spurred the New Zealand stock market 2.4 per cent higher yesterday. The benchmark NZSE-40 Capital Index rose 51.23 points to close at 2,205.78 points. Yesterday's turnover was worth NZ$lB6 million. AFP A** «S (000) Advantage HOS 133 -0.01 23 AirN2A 2.79 0.01AFP - 297 words
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7079 1999-04-17 19 Gr Or M Wt Last Vol Day Last Quota Di* Otv VW Net Cap Ayij High Law St No Company Sal* (OOP) High Low Buyer Sailor Cvr P/t $mll Prko UHLTHNMISraV 125 17 5 m 6 1000 Acma 50c 90.5 cd *5 2755 92.57,079 words
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Article1395 1999-04-17 19 52-W* LMt V«4 Oay Last Ouota C*» Ot< YM IM Cap A^g MH> La» 8tM« Umtmi ut» fOOB> H» L— »wy»r %mm CV M hto MANUFACTUMM 193 30 C 2049 AS Auto 10c HO *4 2042 112 107 108 110 15 N 7 14 10.4 125.6 109 79.5 451,395 words
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Advertisement26 1999-04-17 17 Classified First. a Looking for a holiday destination? Or simply getting away from it all? Top of your itinerary: Check The Straits Times Classified First. Buyk.MH.FMK.26 words
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Advertisement13 1999-04-17 18 P piaTl q >u <£ 1 j j| Mr-"*■'""% m I Ifcrr S_ T%13 words
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Advertisement69 1999-04-17 19 f I think we Let's use f Now we can I have outgrown /\a e Straits Times afford some new all this stuff J f ow are Classified. It's the fastest toys, thanks to J we should sell J I we going to to make our garage 1 Classifieci^^ nV-vT69 words
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STOCK EXCHANGE OF SINGAPORE
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Article396 1999-04-17 20 Stocks Volume Frt Links 20c 44.753.000 OCBC DBeCW*****8 31.856,000 SIA OB eCW*****9 29,508.000 Nippecraft 10c 23,658.000 Hotel Prop 22,188,000 Thakral 10c 21,944,000 Liang Huat 10c 20,088,000 Wing Tai 25c 19,752,000 Liang Huat Wt 18,746,000 DBS DB eCW*****5 18,594,000 Stocks DBS Foreign 75.535.445 SPH 68,272,414 OCBC Foreign 48.217,580 City Dev 50c_396 words
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Article, Illustration605 1999-04-17 20 R Sivanithy - STOCK MARKET COMMENTARY Blue chips in demand as STI gains 64 more points and volnme stays above billion-dollar mark By R Sivanithy STAMPEDE buying of blue chips yesterday sent the Straits Times Index shooting up 63.79 points to 1,769.92, making recent talk605 words
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ON THE GRAPEVINE
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Article97 1999-04-17 20 MORGAN Stanley Dean Witter said Singapore banks remain compelling investments despite their recent share price rallies. It offered four argumentsasset quality was not a major hindrance although the market underestimated the potential size of their non-performing loans, the provisioning cycle is over, operating profits remain robust,97 words
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Article178 1999-04-17 20 WE hear that Singapore Telecoms has abandoned its threat to sue Internet user "Nokia Boy" for alleging that Sing Tel Mobile was misleading when it said subscribers benefit from the latest 50 per cent price cut for calls made during "hot hours". Nokia Boy had178 words
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Article100 1999-04-17 20 WHILE we are on mobile phones, it seems they have usefc other than for making and receiving phone calls and short messages. At an Ml Chat media party on Thursday, comedian Hossan Leong demonstrated new uses for the latest Motorola StarTAC CDMA. This phone is "small,100 words
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Article120 1999-04-17 20 REMEMBER Christopher Lingle, the NUS lecturer who had a run-in w#h the government over an article he wrote in the International Herald Tribune in 1994? Now living in Hongkong, the self-professed critic of Singapore's leaders is now extolling the talents of DPM BG Lee Hsien Loong. In a120 words
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Article, Illustration53 1999-04-17 20 Wong Wei Kong - -By Wong Wei Kong NIPPECRAFT shares closed up $0,035 yesterday at $0.22 with 23.7 million shares traded, compared with its 10-day traded average of 2.67 million shares. The stock has broken through its 52-week high of $0.19, but the RSI, Stochastics and MACD charts suggest a pullback in53 words
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Advertisement594 1999-04-17 20 Want to talk investments with your peers? Join our forum at http://www.dbs. com.sg/iol/bbs/ 88 DBS BANK To advertise call toll-free 1800-741 1883 Fax No: 741 1298 Is LABROY MARINE LIMITED (Incorporated in the Republic of Singapore) NOTICE IS HEREBY GIVEN that the Nineteenth Annual General Meeting of the Company will594 words
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Advertisement272 1999-04-17 20 IN THE HIGH COURT OF THE HONG KONG SPECIAL ADMINISTRATIVE REGION COURT OF FIRST INSTANCE ACTION NO ***** OF 1998 Between BANK AUSTRIA AKTIENGESEIi.SCHAFT Plaintiff And SUWARDI SUKAMTO .Defendant To: Suwardi Sukamto late of 3918 Orchard Road. 26th Floor A Penthouse, Ngee Ann City Tower B. Singapore *****4 TAKE NOTICE272 words
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Advertisement210 1999-04-17 20 uur aaugnier was reunited with her on the very day the ad appeared!" Mrs Christine Low... "Business picked up iifler we advertised in Classified, ll really works!" Trevor Koh... 'It no secret that The Straits Times Classified is the key to our success." Low Kok Meng... "We received quite a210 words
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