The Business Times, 24 July 1999
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1999-07-24
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The Business Times
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Title Section12 1999-07-24 1 THE BUSINESS TIMES MIT/VWiSSSf 85c SINGAPORE Internet: http://business-times.asial.com.sg/ SATURDAY, JULY 24, 199912 words
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Article61 1999-07-24 1 m 1590J5 (-77.74) BT-SU 74U0 (-27.24) sasanmnss 287J0 (-14.30) STOCK MABKET DTOICEB Friday Change KLSE COMP ***** -21.43 NIKKEI *****.44 -***** HANOSENG 13.***** 276JW SBTWDEX 476.73 -11.49 JAKARTA COMP _***** 16.83 MANILA COMP —2,447.66 .-41.06 TAIPEI WPI 7,***** +4616 SEOUL CO MP ***** -71.70 CLSA CHINA B *****61 words
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Article77 1999-07-24 1 FOBEX KATES ust s$ USS 1.698 £(US$/S$ per l£M 1690 EURO(USS/S$ per E) 1.060 1.784 DM 1.862 0JI2 YEN- 116.8 1.414 RM 3.800 1.447 HKS 7.761 0119 BAHT 37.36 0.045 KIPIAH 6360 0025* St to 100 units PWME KATES SINGAPORE* 5.80 KUALA LUMPUR 7.25 JAKARTA 40.00 BANGKOK 10.00 MANILA77 words
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Article, Illustration771 1999-07-24 1 Andrew Marks - Despite Fed chiefs testimony, fond managers still upbeat about global stocks From, Andrew Marks in New York US fund managers are still upbeat about the outlook for global stocks, especially markets in Singapore and Korea, a day after Federal Reserve chairman Alan GreenspanSource: Bloomberg - 771 words
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507 1999-07-24 1 R Sivanithy - By R R Sivanithy [SINGAPORE] Asian stock markets were yesterday rocked by the US central bank's interest rate warnings, with heavy selling hammering down the Korean market by a full 7 per cent and driving the Straits Times Index down 107507 words
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Article, Illustration386 1999-07-24 1 Larry Wee - By. Larry Wee [SINGAPORE] The US dollar nosedived to a five-month low of 116.20 against the yen in New York following overnight comments by Fed chairman Alan Greenspan, but tumbling Asian stock markets yesterday put paid to hopes of an advance by other AsianSource: Reuters - 386 words
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590 1999-07-24 1 Catherine Ong - No broker will risk its licence to profit from front-running, says one By( Catherine Ong [SINGAPORE] Directors of leading stockbroking firms in Singapore said recent accusations by retail investors of short-selling by their proprietary traders were unfair and misinformed. One590 words
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Page 1 Advertisements
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Advertisement156 1999-07-24 1 DttBPE Beyond the red sea NOL will remain operationally in the red during the first half, although USs3lsm in proceeds fom selling its stacktrain will enable it to record an overall profit, says group president and CEO Flemming Jacobs, Pgll IPO watch Hardware stockist KS Tech is planning to raise156 words
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Advertisement14 1999-07-24 1 Full text of Greenspan's testimony, Pgs 4 5 More reactions and reports, Pg 214 words
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Advertisement149 1999-07-24 1 COLLECTION PRIVfiE CARTIER PA R I S Rare, distinguished, elegant, the Collection Privee Cartier Paris brings together an array olf exceptional watches, each epitomising what haute horlogerie represents. From the legendary Tank, Santos to the Tonneau and Pasha watches, this collection combines true perfection and master watchmaking skills. Precursor of149 words
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FOCUS: MARKETS
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Article, Illustration640 1999-07-24 2 Siow Li Sen, Ven Sreenivasan - Next week seen as crucial for market sentiment as interim results will be out Hy Si Siow Li Sen, Ven Sreenivasan RKMISIER Y Wong looks glumly at his client's handphone which was given to hun in happier days, and itSource: Bloomberg - 640 words
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433 1999-07-24 2 Eddie Toh - KUALA LUMPUR Break in market's upward trend only temporary: analysts From Eddie Toh hi Kuala Lumpur THE Malaysian stock market cracked yesterday on regional tears of a hike in US interest rates, but the saving grace is that analysts remain bullish on Malaysia.433 words
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Article, Illustration233 1999-07-24 2 Reuters [SEOUL] Mounting concerns over the fate of the Daewoo Group empire dealt a heavy blow to South Korea's financial markets yesterday, sending long-term interest rates soaring and stock prices plunging by 7.3 per cent. Creditors of Daewoo Group, the country's second largest business groupReuters; REUTERS - 233 words
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391 1999-07-24 2 Shoeb Kagda - JAKARTA Interest rate jitters, domestic political uncertainty cited From Shoeb Kagda in Jakarta INVESTORS looking to buy Indonesian stocks should hold back as the stock market is headed south from here on, analysts told BT yesterday. Interest rate jitters in the United States391 words
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553 1999-07-24 2 Harish Mehta - BANGKOK Investors not too disturbed by threat of US rate hike From Harish Mehta in Bangkok ALAN Greenspan was far from the minds of Thai stock investors yesterday. But it did not stop them from dumping banking, property and communications stocks and sending553 words
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521 1999-07-24 2 Meera Tharmaratnam - HONGKONG But two US rate hikes could cause problems for banks From Meera Tharmaratnam in Hongkong HONGKONG'S share market meltdown yesterday did not faze analysts who argued that higher US interest rates could be absorbed by the territory's banks. Analysts said banks' very521 words
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Page 2 Advertisements
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Advertisement15 1999-07-24 2 How did the regional markets fare yesterday? Below are reports filed by BT's regional correspondents15 words
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SINGAPORE AT HOME & ABROAD
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Article, Illustration1120 1999-07-24 3 Yang Razali Kassim - Frank talks on troubling Issues Including bilateral tensions; bid to draw back foreign Investment ASEAMMZNZSTERZAL MEETING By Yang Razali Kassim THE keynote address at the opening of the 32nd Asean ministerial meeting was gentle, yet paradoxically hard-hitting. Two years after the financial crisis, the Asean economy is1,120 words
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375 1999-07-24 3 Marissa Chew - Proposal seen restoring confidence in the region By) Marissa Chew PRIME Minister Goh Chok Tong's proposal to have the Asean nations hold a joint investment roadshow to the major economies was welcomed as timely as member states are now showing signs of375 words
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244 1999-07-24 3 THE consumer price index (CPI) rose for the second straight month in June with a 0.5 per cent expansion year-on-year. Figures released yesterday by the Department of Statistics (DOS) showed the CPI rose, despite continued price falls in housing and transport communications.244 words
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Article, Illustration60 1999-07-24 3 [SINGAPORE] Asean'sforeign ministers (from left) Myanmar's Win Aung, Philippines 'Domingo Siazon, Singapore's S Jayakumar and Thailand's Surin Pitsuwan starting the grouping's traditional cross handshake yesterday at the end of the opening session of the 32nd Asean Ministerial Meeting in Singapore. Foreign ministersfrom the 10-member grouping started their annualAFP - 60 words
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338 1999-07-24 3 Tan May Ping - Reports by Tan May Ping THE Singapore Tourism Board (STB) will be amending the Travel Agents Act to include stiffer penalties for errant travel agents and to formalise a demerit system. Chief executive of STB, Yeo Khee Leng, said that the move is338 words
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371 1999-07-24 3 The alliance aims to give travellers value-added services FIVE local in-bound tour agencies have formed an alliance aimed at providing travellers with value-added services by pooling their resources and expertise. Established with an initial investment of $500,000, Tourism Entertainment Network (TEN)371 words
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348 1999-07-24 3 Audrey Tan - They are likely to be more active there in coming months, says BG Yeo From, Audrey Tan in Manila SINGAPOREAN businessmen have identified the Philippines as one of the easiest markets to operate in, and they are likely to step up their activities348 words
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377 1999-07-24 3 Siow Li Sen - By I Siow Li Sen SINGAPORE'S gold imports, which are mainly bound for the region, have surged as confidence returns. Singaporeans, meanwhile, prefer to deck themselves in jewellery, pushing sales up in the normally sluggish second quarter, and largely ignoring pure gold377 words
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Page 3 Advertisements
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Advertisement10 1999-07-24 3 HOCK LOCK SIEW I Takes you behind the news TheßlsinessTimes10 words
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GREENSPAN'S TESTIMONY
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Article, Illustration4802 1999-07-24 4 Fed to act if pace of price... and cost rises is too fast The following is the text of Federal Reserve Chairman Alan Greenspan's Humphrey-Hawkins testimony on Thursday to the House Banking Committee He presented the Fed's semi-annual report on monetary policy TO date, 1999 has been an exceptional yearFILE PHOTOS - 4,802 words
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Page 5 Advertisements
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Advertisement23 1999-07-24 5 EXECUTIVE XHcsijilc Doirt leave J o the office without them Every Frida y in the business timesy A must-read for your long weekend.23 words
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REGION
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644 1999-07-24 6 Anthony Rowley - It will focus on manufacturing sector and is a follow-up to USs3ob Miyazawa Initiative From Anthony Rowley in Tokyo JAPAN is expected to launch a imuor new initiative soon to aid industrial recovery in Asean and other crisis-hit areas of Asia as a follow-up644 words
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452 1999-07-24 6 NEW YORK Reuters STRUGGLING to revive a slackening economy and slumping exports, China has opened the door to a currency devaluation, but it is likely to delay the move until next year, Wall Street analysts said. "Pressure is clearly building onReuters - 452 words
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Article, Illustration99 1999-07-24 6 [MANILA] A newspaper vendor displaying copies of two beleaguered Philippine newspapers, the Manila Times and the Philippine Daily Inquirer, in Manila yesterday. The Times has closed down with its owners complaining ofpressure, but there are plans for it to be reopened by new owners who have closeAFP - 99 words
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496 1999-07-24 6 BANGKOK Data shows new laws, restructuring have not stopped default torrent Bloomberg THAILAND'S delinquent loans in May rose to a record 47.7 per cent of all credits, from 47.1 per cent in April, signalling that debt restructuring talks and newBloomberg - 496 words
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276 1999-07-24 6 TOKYO AFP JAPAN'S economy is likely to suffer a contraction for the April-June period following a surge in the previous quarter, Economic Planning Agency director-general Taichi Sakaiya said yesterday. "Given the extremely strong GDP growth achieved in the January-March quarter, it seemsAFP - 276 words
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485 1999-07-24 6 TOKYO Tackling investors head on isn't always best way: Miyazawa Bloomberg JAPANESE Finance Minister Kiichi Miyazawa said tackling investors head on isn't always the best way to keep the yen weak, suggesting that Japan may have to better time its intervention in foreign exchangeBloomberg - 485 words
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517 1999-07-24 6 JAKARTA Negotiations for restructure of bad loans must be completed by then Bloomberg INDONESIA, looking to remove the biggest hurdle to its economic recovery, has set an April 1 deadline for the completion of negotiations for restructuring most of the bad debt inBloomberg - 517 words
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321 1999-07-24 6 JAKARTA AFP THE Indonesian government has cancelled 24 toll road projects worth 13.06 trillion rupiah (553.2 billion), many of them linked to the family of former president Suharto, citing "irregularities", press reports said yesterday. The projects include a triple-decker venture that would haveAFP - 321 words
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195 1999-07-24 7 TOKYO AFP A KNIFE-WIELDING hijacker yesterday flew a Boeing 747-400 with 517 passengers and crew aboard and was only overpowered when the plane began to fall, Jiji Press news agency said. The 28-year-old lone attacker on a domestic Japanese flight fatally stabbed theAFP - 195 words
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Article, Illustration78 1999-07-24 7 [TOKYO] "Hinomaru "or Japanese Rising Sun flags, are made at a flag-manufacturing factory in the suburbs of Tokyo on June 29. A controversial bill to grant legal status to Japan's defacto national flag and anthem took a big step forward on Thursday with its passage by theREUTERS - 78 words
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262 1999-07-24 7 HONGKONG Bloomberg HONGKONG'S May retail sales contracted at the slowest pace since December 1997, as falling prices and shorter jobless lines lured shoppers back to stores. Total retail sales for the city fell 8 per cent in May,Bloomberg - 262 words
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265 1999-07-24 7 TAIPEI Asian crisis, evasion crackdown among reasons cited for drop AFP APPROVED Taiwanese investment in China fell 31 per cent year-on-year in the six months to June due to a decline in exports and domestic demands on the mainland, Investment Commission saidAFP - 265 words
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395 1999-07-24 7 TAIPEI Reuters TAIWAN reassured a US emissary yesterday it had no plans to pursue independence and never meant to cause a row with China by asserting itself as a "state". "(Our) mainland policy of promoting constructive dialogue and genuine exchange has notReuters - 395 words
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Article, Illustration351 1999-07-24 7 BEIJING Reuters CHINA would not make any major tax cuts in the short term. Finance Minister Xiang Huaicheng was quoted as saying yesterday. "At present, conditions do not exist in China for a large-scale tax cut," the semiofficial China News Service quotedReuters; FILE PHOTO - 351 words
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258 1999-07-24 7 NEW DELHI Investors find sector mired in red tape: global survey AFP INDIA tops the list of countries where telecom players are dissatisfied with the slow pace of reforms, according to a global survey released by British Telecommunications pic yesterday. The report, which surveyedAFP - 258 words
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205 1999-07-24 7 SEOUL Reuters SOUTH Korea has set new rules for starting up an insurance company, including minimum capital requirements, a financial regulator said yesterday. The Financial Supervisory Service said in a statement a company should have a minimum capital four times higher than its investmentReuters - 205 words
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Page 6 Advertisements
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Advertisement5 1999-07-24 6 Strait Talk THEBuß>asTura SHIPPING TIMES5 words
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Advertisement66 1999-07-24 6 OVERSEA-CHINESE BANKING CORPORATION LIMITED (Incorporated in Singapore) ANNOUNCEMENT FOREIGN SHAREHOLDINGS Notice is hereby given that in the opinion of the Directors as at 30 June 1999 and in accordance with the Articles of Association of the Bank, the percentage of foreign shareholdings in the Bank's issued share capital, including those66 words
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Page 7 Advertisements
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Advertisement55 1999-07-24 7 Make mountains out of molehills. With so many fine educational and upgrading opportunities in The Straits Times Classified daily, it's no wonder our readers are inspired to scale the heights of knowledge. Advertise in the Education/ Training section (Classifications 703 to 794). Call C.A.T.S. at 1800-737-1166. ft i |cata| Buy55 words
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Advertisement112 1999-07-24 7 0 WORLD GOIRMFT SIMM IT SINGAPORE Featuring Master Chef Heinz von Holzen of Bumbu Bali Restaurant Cooking School, who will cook up electic Indonesian fusion cuisine to tease your discerning palates at Top of the M' Revolving Restaurant as you enjoy our selection of the finest wines from Santa Monica.112 words
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THE WORLD
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209 1999-07-24 8 BRUSSELS AFP BELGIAN farmers were yesterday facing a new crisis following reports that toxins up to 50 times the permitted level had been found at pig farms across the country. High levels of polychlorinated biphenyls (PCBs), a known carcinogen, were found at 70AFP - 209 words
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546 1999-07-24 8 WASHINGTON Gold sale plan has drawn fire from various quarters Reuters, Bloomberg, FACED with Congressional opposition to gold sales, the White House is looking at different ways to use International Monetary Fund (IMF) gold reserves to fund aReuters,; Bloomberg, - 546 words
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371 1999-07-24 8 ■BRUSSELS Bloomberg CARMAKERS that sell vehicles in the European Union would be forced to take back used cars for recycling under compromise rules accepted by EU governments over German opposition. Cars sold as of 2001 will be subject to theBloomberg - 371 words
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520 1999-07-24 8 FRANKFURT Bat if euro picks up, as is likely, hike may come next year, says German group Bridge News, Bloomberg THE European Central Bank may raise key interest rates as early as this autumn if the euro declinesBridge News,; Bloomberg - 520 words
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487 1999-07-24 8 WIESBADEN, Germany Italian prices also higher; ECB may raise interest rates Bloomberg GERMAN inflation accelerated in July, as consumers paid higher prices for fuel and holidays, raising concerns that the European Central Bank will raise interest rates. Four German states said theirBloomberg - 487 words
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Article, Illustration57 1999-07-24 8 [SOLTAU, Germany] Herrmann Kuemmerlehn, from the northern German city of Leer, yesterday sitting on a wood pile he has perched on since May 22 in an amusement park in Soltau between Hanover and Hamburg. Mr Kuemmerlehn and two competitors yesterday will have broken the world record in pile-sittingREUTERS - 57 words
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WORLD Watch
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78 1999-07-24 8 Reuters liAJiNuuiNj British telecoms watchdog Oftel confirmed yesterday that it would allow a new entrant wanting to offer high-tech, third-generation mobile phone services to roam over the country's four existing cellphone networks. "Roaming will allow the new phone operator to use an existingReuters - 78 words
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Article96 1999-07-24 8 Reuters [LONDON] Britain threatened yesterday to exclude electricity produced in France from the UK market in retaliation for what it sees as a French failure to implement EU Competition policy but Paris said it was embracing the ruling. Confirming a Financial Times story, a UKReuters - 96 words
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125 1999-07-24 8 Reuters [LONDON] Britain's trade deficit with the rest of the world unexpectedly narrowed to £1.6 billion (554.3 billion) in May from £2.1 billion in April, the Office for National Statistics said on Friday. While the improvement was largely down to erratic items, economists said aReuters - 125 words
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Article124 1999-07-24 8 Reuters [FRANKFURT] The head of Germany's largest trade union accused Chancellor Gerhard Schroeder's government yesterday of foiling to champion workers' interests and said frustration among union members was increasing. "I have the impression that Bonn is hoping the atmosphere doesn't get any worse and isReuters - 124 words
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Article135 1999-07-24 8 AFP [BRUSSELS] Nato and Russia, never the best of friends, resumed cordial relations yesterday after a tense four-month hiatus over the Kosovo crisis, agreeing to work together on the long task of rebuilding the war-torn Yugoslav province. "Nato and Russia are determined to do their utmost toAFP - 135 words
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469 1999-07-24 8 U MOSCOW Bloomberg RUSSIA is set to get another chance from the International Monetary Fund (IMF) with a multibillion-dollar loan a year after its last loan failed to prop up the rouble or forestall a government default. The IMF's US$4.B billionBloomberg - 469 words
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Page 8 Advertisements
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Advertisement13 1999-07-24 8 Buy It. Sell It. Find It. Classified. Call Today For Results Tomorrow. iBoo^7jmi6613 words
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EXECUTIVE LIFESTYLE
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Article, Illustration513 1999-07-24 9 Ven Sreenivasan - They are now at their highest levels in almost two years By' Ven Sreenivasan BOOSTED by the recent stock market gains, the secondary market prices for golf club memberships have reached their highest levels in almost two years. But whether this uptrend in membership prices513 words
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Article, Illustration581 1999-07-24 9 Parvathi Nayar - Parvathi Nayar ARTHUR Miller's The Crucible is a brilliantly constructed play with an enduring ability to engross and to engage. It deals with the Salem witch hunts of 1692, where mass hysteria caused numerous innocent people to be imprisoned, 20 of whomDRAMAPLUS ARTS - 581 words
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Article, Illustration1237 1999-07-24 10 DESSON HOWE - The former British colony is one of the world's most creative, effervescent founts of filmmaking, says dessonhowe DESSON HOWE LAT-WP THERE'S a new skyline to be revered in the movies. It's not LA. It's not New York. It's Hongkong. No, do not sound that gong. We're notLAT-WP; FILE PHOTOS - 1,237 words
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Page 9 Miscellaneous
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Miscellaneous1739 1999-07-24 9 CRYPTIC CROSSWORD ACROSS B 1 3 J |Hp p I I 3 1 Previous job issued call for re- 5 Maybe whisky gives one cour- j 9 About to get fancy dress from IH hI HH 10 Fool childless person who digs 11 I I trenches (6) —Lm U 111,739 words
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Page 10 Advertisements
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Advertisement40 1999-07-24 10 HOTEL QRANO CENTRAL UMtTEO 22 Orchard Road/Gavenagh Road. Singapore *****7 Tat; 737 9944 Ext 40Q/D2 Fax: 733 3175 F -r > v Western Spanish HHHHHH Indonesian uantoriese American HHHHH Tcochew« Japanese egetarian j. Mexican Mongolian d^i„, iin Hainanese IT 1 > iLtaliam40 words
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Advertisement133 1999-07-24 10 P 1 1 "1212" LUNCH PROMOTION (From 12 noon 2.30 pm daily) Come and try our value for money "1212" lunch promotion bring at least one friend to enjoy the following special prices and discount. Id M iMtandl i Ortar taawartar ameartar Mon Chicken Rice $8.50 $1.00 $4.25 Tue Nasi133 words
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Advertisement14 1999-07-24 10 WORLD COltMnSlltnilT VHfiSS RESERVATIONS i 831-6258/88 K Jlii| Mwmlarin S 313 »ch*d Ro*i 2)8867.14 words
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COMPANIES & MARKETS
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Article, Illustration665 1999-07-24 11 HI operational loss, but stacktrain sale will pnsh NOL into profit, says Jacobs Reports by Yen fII'IIWiIIMIH [SINGAPORE] NOL will remain operationally in the red during the first half, although US$3l5 million in proceeds from selling its stacktrain will enable it toFILE PHOTO - 665 words
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252 1999-07-24 11 [SINGAPORE] The Securities Investors Association Singapore is embarking on an action plan to boost membership following the recent visit to Kuala Lumpur by its committee members. SIAS president David Gerald said yesterday that the Kuala Lumpur trip illustrated the need for SIAS to get252 words
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126 1999-07-24 11 [SINGAPORE] NOL has set aside 89.5 million international share placement (ISP) shares or 20 per cent of its 447.5 million ISP issue for "entitled shareholders", that is, shareholders as at spm on July 16. The company said it des- patched its Offer Acceptance126 words
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624 1999-07-24 11 David Boey - HOCK LOCK SIEW David Boey TO some investors, the network of automated teller machines (ATM) in Singapore represents the closest thing to having jackpot machines within easy reach. But looking at the hassle that some DBS Bank and POSBank624 words
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Article, Illustration740 1999-07-24 11 Christopher Tan - IMTERZM EARNINGS REVIEW: MOTOR-LINKED FIRMS C6C, Inchc&pe, Oriental should post higher earnings By i Christopher Tan [SINGAPORE] Out of six mo-tor-linked companies here, half had their earnings forecast upgraded from six months back, while the other half underwent downward revisions. Nonetheless, all740 words
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371 1999-07-24 11 Teh Hooi Ling - More services from September for clients of both firms Teh Hooi Ling [SINGAPORE] In what is seen as a formidable partnership, Singapore Telecom and DBS Bank are joining hands to provide a suite of mobile electronic banking (e-bank-ing) services to their customers from371 words
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SINGAPORE & MALAYSIAN COMPANIES
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Article, Illustration524 1999-07-24 12 Annette Pau - INITIAL PUBLIC OFFERS $4m IPO proceeds will be used to develop new lines, secure new agencies By, Annette Pau [SINGAPORE] Homegrown hardware stockist KS Tech is planning to raise up to $4 million from an initial public offer, slated to beALBERT SIM/ST - 524 words
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223 1999-07-24 12 [SINGAPORE] About 37.85 per cent of wooden pallet maker LHT Holdings' initial public offer will go to small investors who applied for up to nine lots or 9,000 shares. The next largest group allotted shares of 30.36 per cent are those who223 words
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354 1999-07-24 12 Rajendra Bajpai - From Rajendra Bajpai in New Delhi SEMBCORP Construction, part of the SembCorp Group of Singapore, has signed a memorandum of understanding with Bombay-based Gesco Corporation Pte Ltd (GCPL) to take a stake of up to 26 per cent in354 words
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400 1999-07-24 12 Teh Hooi Ling - Rationalisation of products pushes earnings up by 24% By 1 Teh Hooi Ling [SINGAPORE] Rice-cracker maker Want Want Holdings has served up another set of healthy results, with net earnings rising 24 per cent to $55.8 million at half-time. Turnover also rose,400 words
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307 1999-07-24 12 David Boey - Sesdaq-listed company will use WizOffice.com. to market its products w David Boey (SINGAPORE) First Engineering, a Sesdaq-listed precision moulds and plastic components maker, has jumped onto the e-commerce bandwagon with plans to acquire a stake in an Internet company to market plasticbased307 words
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177 1999-07-24 12 [SINGAPORE] Paper producer New Toyo International Holdings has proposed an issue of 43 million warrants at 10 cents each for local shareholders, in connection with a $20 million loan facility arranged by DBS Bank. The warrant carries an exercise price of177 words
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185 1999-07-24 12 [SINGAPORE] Lim Kah Ngam has agreed to sell its 25 per cent stake in Pidemco Tower, an office building in Shanghai, a move which will lead to a loss of $12 million. The company said yesterday that since it had185 words
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COMPANY Briefs
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121 1999-07-24 12 [SINGAPORE] Cycle Carriage (CAC) said it has completed its acquisition of a 20 per cent stake in Selangor Ice Company Sdn Bhd (SIC) from Cold Storage (Malaysia) Bhd for 9.2 million Malaysian ringgit (Ss4.l million) cash, thus raising its interest in SIC to121 words
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59 1999-07-24 12 [SINGAPORE] JIT Holdings has subscribed for an additional eight million shares of one Malaysian ringgit each in fully-owned subsidiary JIT Electronics, raising the tetter's paid-up capital to RMIO million (554.5 million). JIT has also raised the paid-up capital of its fully-owned subsidiary in Hungary—by injecting59 words
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36 1999-07-24 12 [SINGAPORE] Allied Components yesterday that it has acquired some surface mount technology machines for $5.2 million. The value represents about 14 per cent of its net tangible asset as at June 80,1999.36 words
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INTERNATIONAL COMPANIES
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Article, Illustration798 1999-07-24 13 Dannting task for fast-rising COO; analysts sceptical and disappointed LAT-WP, NYT [HOUSTON] After a difficult three-month search, Compaq Computer on Thursday tapped a fast-rising insider chief operating officer Michael Capellas as president and chief executive, handing him the daunting task of resurrectingLAT-WP,; NYT; REUTERS - 798 words
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457 1999-07-24 13 US regulator sues four promoters and two companies FT [WASHINGTON] Securities regulators here have launched their first crackdown on the new Internet craze of so-called free-stock offerings, suing four promoters and two companies. The Securities and Exchange Commission condemned the offerings often madeFT - 457 words
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451 1999-07-24 13 CORPORATE RESULTS Bat share price goes np as Swedish giant paints rosy outlook Reuters [STOCKHOLM] Sweden's Ericsson, the world's third largest maker of mobile telephones, yesterday posted a 44 per cent fall in its first-half earnings, but painted a rosy outlook which boostedReuters - 451 words
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GLOBAL Briefs
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Article83 1999-07-24 13 Bloomberg [OAK BROOK, Illinois] McDonald's Corp, the world's largest restaurant chain, said second-quarter profit rose 45 per cent and expressed confidence that the worst is over in some regions where flagging economies had hurt its sales. Net income rose to US$5lB.l million (*****.6 million), orBloomberg - 83 words
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Article63 1999-07-24 13 Bloomberg [BURBANK, California] Walt Disney Co, the world's No 2 media company, said its fiscal third-quarter profit rose less than one per cent as slower merchandise sales and marginal gains in broadcasting offset growth at the theme parks. Profit from operations rose 0.7 per centBloomberg - 63 words
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88 1999-07-24 13 Bloomberg [EL SEGUNDO, California] Mattel Inc, the world's biggest toy company, said second-quarter profit rose 81 per cent as new Barbie products fuelled strong retail sales, before a charge for restructuring resulted in a loss. The maker of Hot Wheels miniature cars said profitBloomberg - 88 words
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Article100 1999-07-24 13 FT [PARIS] Vivendi, the French communications and utilities group, on Thursday lifted its stake in British Sky Broadcasting, the UK pay-TV group, to almost 25 per cent. Analysts said the move put pressure on Rupert Murdoch, the international media tycoon who is chairman of BSkyß,FT - 100 words
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Article, Illustration607 1999-07-24 13 Bloomberg [PALO ALTO, California] Sun Microsystems Inc, the world's No 4 maker of server computers, said fiscal fourthquarter profit rose 37 per cent to a record as Internet companies bought more of its powerful machines. Net income for the quarter endedBloomberg - 607 words
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268 1999-07-24 13 Bloomberg [MILPITAS, California] Quantum Corp, the No 2 computer disk-drive maker, reported fiscal first-quarter earnings that missed lowered analyst expectations after warning in June that industrywide price cuts would slash its expected profit at least by half. Net income rose to US$B.3 millionBloomberg - 268 words
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227 1999-07-24 13 Bloomberg [TOKYO] Softbank Technology Corp, a unit of Softbank Corp, rose almost ninefold in its debut on Japan's over-the-counter market as investors attracted by the Softbank name and growth prospects for online business pushed up shares. Shares in the Tokyo-based provider ofBloomberg - 227 words
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FINANCE & COMMODITIES
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265 1999-07-24 14 Bloomberg [NEW YORK) American Express Co, a credit card, travel and financial services company, began offering Internet banking services, joining other financial companies that have entered the growing market. New York-based American Express, the world's biggest charge card issuer and travel agency, will offer chequeBloomberg - 265 words
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Article, Illustration462 1999-07-24 14 Results beat estimates; rise led by gains in its property and casualty division Bloomberg [NEW YORK] American International Group Inc (AIG), the largest US insurer by market value, said secondquarter profit had increased by 20 per cent, led by gains in itsBloomberg - 462 words
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461 1999-07-24 14 US regulators concerned by rise in sales of fake notes Bloomberg [WASHINGTON] Securities regulators say hundreds of Americans have been duped into liquidating millions of dollars in life insurance and other safe investments to buy fake promissory notes that promise double-digit returns. "Interest ratesBloomberg - 461 words
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Article, Illustration399 1999-07-24 14 Euro/US$: The rally that was seen last week seems to be unsustainable when Euro/USD traded to a low of 1.0120 on Monday, off last Friday's closing of 1.0200. However, bears were caught off-guard when Euro/USD posted a strong rally on the same day toSource: DBS Bank - 399 words
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Article4582 1999-07-24 14 Nat Mm EPS Noal Ciftt Mar 31 I 1.3991 1.2621 2.1L 191 Oat* TY LY TY LY NobalOasIgn Mar 30 P L334L 0.731 L3L 0.73 Company ann (Jm) ($m) (cts) (cti) NoblaGrp <USS> Mar 26 P 7.7271 0206 3.2L 0.10 Oak wall Mar 25 P 0.6224,582 words
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194 1999-07-24 15 Daphne Tay, Jardine Fleming - ■Simrift Reports MSCI Singapore Index Daphne Tay, Jardine Fleming THE Singapore stock market was badly mauled yesterday following comments by the Federal Reserve chairman suggesting possible further interest rate hikes. In reaction to his comments, the Singapore 3-month interbank rate surged to 2.3125 per194 words
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195 1999-07-24 15 Juliana Loo Na Na Refco Singapore - MSCI Taiwan ftitures Juliana Loo Na Na Refco Singapore THE Simex MSCI Taiwan Stock Index futures surged 2.1 points yesterday amid optimism that governmentbacked funds had bought shares to boost investors' confidence. Banks and computer-relat-ed industries were expected to improve their performance during195 words
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307 1999-07-24 15 ENERGY REPORT Bloomberg [NEW YORK] Gasoline rose for a second day, gaining almost 2 per cent, after a report that Mobil Corp has shut down a gasoline-making unit at its Beaumont, Texas, refinery for repairs, reducing supplies during the peak-demand season. TheBloomberg - 307 words
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Article344 1999-07-24 15 AFXAsia London THE yen was slightly easier but remained well supported in afternoon trade yesterday as the market continued to shrug off the threat of intervention from the Bank of Japan, dealers said. They said that in the absence of BOJ intervention, coupled with its diminishing impact onAFX- Asia - 344 words
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Article, Illustration1220 1999-07-24 15 UTTERBAMK CROSS BATES <* Bab Ewo ffr Pa H*$ tad to Kupiah Yn Woa M< M2$ r«fc Rt Pt*> S$ Band Sfr WT$ UK Hmt US$ £22" A 0975 C 6 J™ 4037 1204 W* 27.956 ***** 0.755 7.810 2.456 *****3.259 24.766 1.098 1942 0.969 20.863 24.149 0.408 0.646 n1,220 words
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Article1831 1999-07-24 15 SICOM FUTURES Jul 23 RUBBER (hrtum dosing is at SJOpm) RSS1 CONTRACTS eentsAq) Close Volume Open Month HKjh Low Sett (tonnes) Interest Aug 99 93.00 K)0 300 Sep 99 95.75 900 Oct 99 98.00 300 Nov 99 99.50 300 Dec 99 ***** 300 Jan/Mar 00 104.25 300 RSS 3 CONTRACT1,831 words
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Article, Illustration1422 1999-07-24 16 AFP P Hang Seng .275^6 HONGKONG share prices fell 2.1 per cent yesterday as regional markets suffered from overnight falls on Wall Street sparked by interest rate fears in the US, dealers said. "The market fell as markets in the region affected each other," said Michael Ng, deputy managingAFP - 1,422 words
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Article, Illustration577 1999-07-24 16 AFP, Reuters Shanghai B Index »3J86 SHANGHAI'S B shares shot up 8.8 per cent yesterday on strong support from domestic institutions, analysts said. The Shanghai Stock Exchange's B Share Index, which tracks shares nominally reserved for foreigners, gained 3.86 points to 47.53. The A Share Index of locally tradedAFP,; Reuters; Source: Credit Lyonnsis Securities(Asia) Ltd - 577 words
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Article373 1999-07-24 16 AFP QWPlDdtt *4535 TAIWAN share prices closed 0.6 per cent higher yesterday on strong buying in traditional sectors, but general market sentiment remained weak over tensions with China, dealers said. "The rally led by the manufacturing sectors is merely a technical rebound," said Tsewang Nyima, deputy manager of PresidentAFP - 373 words
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Article2169 1999-07-24 16 LONDON Industrials ■I* 22 powkI 3) Group 8.04 0.08 Abbey National 11.49 -0.01 A B Foods 4.05 0.05 A B Ports 3.00 -0.02 AstraZeneca 22.64 -0.11 Alliance Leicester 8.23 -0.04 Allied Domecq 5.67 -0.06 Allied Zurich 7.40 -0.16 Anglo American Gold 43.70 unch ASDAGroup 2.18 unch Bank2,169 words
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Article1653 1999-07-24 16 AFP Q Nikkei 225 -195J0 SHARE prices in Tokyo fell 1.1 per cent yesterday as the yen's strength triggered selling of export-led issues, brokers said. Share prices here "lost ground due to falls in New York stocks and the yen's rise into the range of 116 yen to theAFP - 1,653 words
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KUALA LUMPUR STOCK MARKET
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Article8821 1999-07-24 17 INDUSTRIALS Consumer products 1999 Last Vol Day Net Cap High Low Company Sale 'OOP High Low_ P/E $mll 440 255 Ajinomoto 364 -4 2 364 364 23.1 147.5 174 46 Angkasa 139 -9 626 148 134 205.0 404 220 Apollo Food Hlg 368 -8 63 372 362 12.8 147.2 2948,821 words
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Article, Illustration433 1999-07-24 17 AFP Dl Composite Index -2L43 MALAYSIAN share prices closed 2.6 per cent lower yesterday on continued foreign program-selling ahead of the weekend, dealers said. The Kuala Lumpur Stock Exchange Composite Index lost 21.43 points to finish at 808.34, off an earlier low of 803.17 points.AFP - 433 words
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WARRANTS, OPTIONS & REGIONAL MARKETS
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Article2255 1999-07-24 18 BONDS, LOANS WARRANTS wt 52-Wk Last Vol Day Last Quote Avq M.gh Low Stno Company S«i* *or- COOO) High Low Buyor SaNor Price 104 3 s 3160 -Ac»r W*****1 USS 45 -3.5 407 47.5 45 45.5 49 80 4.5 I 3164 Acma W*****4 38 -2 366 40 38 38.5 39.52,255 words
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Article222 1999-07-24 18 HONGKONG STOCKS Or Cf 52 1 Vol D«y L«« Oust* Dtv Dtv Yld K*t M Cap High Lew Stno Company Sm (OOP) Htgft Low Buyf S—r Cw P/C 365 173 5123 CDL<2000)HK 315 240 310 8 3.7 2.5 10.7 6098.9 5124 Cattiay Pac 20c HK—720 265 2.1 7.4222 words
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211 1999-07-24 18 R Sivanithy - WARRANT WATCH By R Sivanithy SINCE it was issued last year, the DBS Bank covered warrant on SIA has gone basically in one direction up. Of course, this is mainly because of the stunning performance of the underlying shares. Even now with211 words
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Article285 1999-07-24 18 AFP n Wellington -9.22 THE New Zealand share market continued to be a onestock story with Telecom again dominating turnover and direction yesterday. On light turnover of NZ$72.B million, the NZSE-40 Index lost 9.22 points to 2,186.11. Telecom shed 19 cents to NZ$B.l6. —AFP j* 23 room Advantage HQSAFP - 285 words
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Article, Illustration865 1999-07-24 18 AFP □set Into -11.49 THAI shares closed 2.4 per cent weaker yesterday, dogged by poor regional sentiment and local worries about banks, dealers said. Dealers said investors cashed in positions in line with regional markets following a warning by US Federal Reserve chairman Alan Greenspan on the dangers ofAFP - 865 words
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Article412 1999-07-24 18 AFP P Composite Index -71.70 SOUTH Korean share prices nose-dived 7.34 per cent yesterday amid higher money market rates and concerns about the shaky Daewoo Group, dealers said. A senior analyst with a European brokerage said the market was running out of liquidity amid mounting concerns about the embattledAFP - 412 words
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Article660 1999-07-24 18 AFP □All Ordinaries -16J AUSTRALIAN stocks closed down 0.5 per cent yesterday despite a late rally. The Australian Stock Exchange's benchmark All Ordinaries Index lost 16.1 points to close at 3,070.2, after tumbling as low as 3,040.2 at one point. The All Industrials Index closed down 19.4 points atAFP - 660 words
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Article, Illustration749 1999-07-24 18 AFP E| Composite Index -1(183 INDONESIAN shares prices tumbled 2.6 per cent yesterday amid regional market weakness following Wall Street's overnight fall, dealers said. They said renewed concerns over a possible US interest rate hike and the rupiah's fall triggered panicselling across the board. The Jakarta Stock Exchange CompositeAFP - 749 words
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Article309 1999-07-24 18 AFP Manila -4L06 PHILIPPINE share prices fell 1.6 per cent yesterday in reaction to interest rate remarks by US Federal Reserve chairman Alan Greenspan and concerns over the stability of the local currency, analysts said. The Philippine Stock Exchange Composite Index fell 41.06 points to close at 2,447.56. VolumeAFP - 309 words
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7236 1999-07-24 19 Traasaction date: Jul 23 ut H 2 Last Vol Day Last Ouote Dtv Dlv VM Net Cap Avg High Low St No Company Sale COOO) High Law Buyer Seller Cyr P/E Smll Price MULTI-INDUSTRY 182 17.5 m b 1000 Acma SOc 127 -2 3657,236 words
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Article1552 1999-07-24 19 52 r V Oay LMlOwti M» Ml n NM Cap Avq High Law StNo Company Sat* COOP) HlgH Law 8«yar Sa«ar C'vf P/I Smil Prtco MANUFACTURING 218 30 c 2049 ASAutolOc I6S -8 554 >69 159 164 165 ION 0.6 188 4 174 137 45 c 2051 ASJ Htdgs1,552 words
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STOCK EXCHANGE OF SINGAPORE
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Article400 1999-07-24 20 Stocks VoIuim Asia FoodSProp 25,477,000 ST Engg 10c 21,896,000 Hotung Inv NT5 21,590,000 Golden Agri USIOc 15,147,000 •Genting Int 13,458,000 *TanChonglnt50c 12,366,000 IPC Corpn 5c 11,907,000 NOL 10,922,000 ICT HKIOc 10,560,000 Pertama 25c 9,842.000 Stocks SPH 70,344,777 SIA Foreign 56,536,021 ST Engg 10c 42,522,053 City Dev 50c 38,297,000 DBS Foreign400 words
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Article, Illustration584 1999-07-24 20 R Sivanithy - Traders pounce on rate fears; STI down 107 points at its day's low; penny stocks not as badly hurt STOCK MARKET COMMENTARY By R Sivanithy HEDGE funds and proprietary traders yesterday pounced on the sudden emergence of US interest rate fears by short-selling584 words
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Article, Illustration84 1999-07-24 20 Ven Sreenivasan - iu ue -By Ven Sreenivasan KEPPEL Corp's stock experienced one of its sharpest singlesession plunges yesterday on the back of relatively heavy volume. The counter broke through its key $5.50 medium term support and is staring down at its next support at $5.00. However, the stock is now84 words
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ON THE GRAPEVINE
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Article184 1999-07-24 20 WE hear that 1200 has become one of the hottest numbers being pursued by 4-D bettors in Singapore. It had already won a starter prize in the four-digit lottery in the last two weeks running. This week, we were told, it was sold out by184 words
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Article56 1999-07-24 20 THERE'S a joke making the rounds on the Internet now "that might not be so funny for some of us here", quipped Andersen Consulting Singapore's managing director Willie Cheng at a Y2K seminar on Thursday. Question: What are Y2K analysts and programmers going to do after the56 words
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Article110 1999-07-24 20 WE hear that the people at Mobile One are scrambling to source more pre-paid cards, having been caught by surprise at the overwhelming demand for the company's latest product. By last weekend, all Ml shops were out of M Cards, the brand name for its 128110 words
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Article132 1999-07-24 20 THE things that senior executives have in their offices may tell a lot about them. Chong Huai Seng, vice-chairman of panpac media.com, has a photo of US President Bill Clinton and another of Monica Lewinsky. Why a photo of Bill Clinton? Mr Chong replied that Mr Clinton132 words
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Advertisement18 1999-07-24 20 Dont leave the office without them Every Friday ...in THE BUSINESS TIMES. Must reading for y<mr long weekend.18 words
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