The Business Times, 31 July 1999
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1999-07-31
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The Business Times
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Title Section11 1999-07-31 1 THE BUSINESS TIMES 85c SINGAPORE Internet: http://business-times.asial.com.sg/ SATURDAY, JULY 31, 199911 words
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Article60 1999-07-31 1 STI 2146.77 (-0.93) BT-SEI 804J1 (-3.43) SDDSCIFUTDBES 299L10 (-1.30) STOCK MAKKET INDICES Friday Change KLSE COMP 768.89 -6.83 NIKKEI -&06 HANO SENG 13,186.86 +69.02 SET INDEX 456.81 -2.01 JAKARTA COMP 597.87 -18.55 MANILA COMP —*342.81 -21.28 TAIPEI WPI 7,413.11 +53.74 SEOUL COMP 969.72 -2899 CLSA CHINA B 938J860 words
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Article78 1999-07-31 1 FOBEX RATES USS SI USS 1.687 £(US$/S$ per 1619 2.731 ElROflSJ/SS per E) 1.070 1.804 DM 1.828 0922 YEN 1I5J 1.463* RM 1800 0.444 HKS 7.762 0.217 BAHT 37.10 0.045 RUPIAH M15 0.026* •Stumunlts FUME SATES SINGAPORE* 5.80 KUALA LUMPUR 7.25 JAKARTA 40 00 BANGKOK 10.00 MANILA 11.0 HONGKONG78 words
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Article24 1999-07-31 1 SINGAPORE 2,3 Region 4,6 ASIA ON THE MEND 5 WORLD 7 TV .9 LIFESTYLE 10 COMPANIES 11-15 FINANCE 16 COMMODITIES 17 STOCKS 18-2224 words
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Article, Illustration904 1999-07-31 1 Marissa Chew - Bat level still 36% below peaks in 1996; HDB resale prices torn up modest 1.5% after 2-year slide By: Marissa Chew [SINGAPORE) The recovery in private home prices accelerated to 11.4 per cent in the second quarter, bringing the increase inSource: URA/HDB - 904 words
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1109 1999-07-31 1 Ruth Wong - Smaller players like Southern Bank, Multi-Purpose Bank and Perwira Affin poised to shine Fron Ruth Wong in Kuala Lurfijmr Two of Malaysia's largest banking groups, RHB Capital and AMMB Holdings, may lose their premier status under the mega-merger plan for the1,109 words
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Article, Illustration65 1999-07-31 1 [SINGAPORE]y\/ter days at the receiving end of the media, e-commerce start-up SBBB.com held a press conference yesterday to give its account of what the company is trying to achieve. Seen above at the briefing were, from left, CEO Damian Tan, founder David Chang andCHRIS LOH - 65 words
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Article, Illustration614 1999-07-31 1 Wong Wei Kong - VPs MONTHLY MARKET CAP RAMKXMG Wong Wei Kong [SINGAPORE] The market value of companies listed on the Stock Exchange of Singapore plunged $13 billion this month from its June 30 level, according to the July market capitalisation rankings byCompiled by BT - 614 words
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314 1999-07-31 1 R Sivanithy - By R Sivanithy [SINGAPORE] Wall Street's overnight slide rattled the region's stock markets yesterday but Singapore blue chips underpinned by expectations of strong corporate earnings stood up well to the sell-down. Still, the Straits Times Index did not escape an initial sharp314 words
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Page 1 Advertisements
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Advertisement120 1999-07-31 1 EwSIDE Haw Par profit soars Haw Par Corporation has turned in an astounding five-fold increase in net profit to $20.8 m for the six months to June this year, Pgll (Tmtra J—fa There's room for a contrary view of the whole question of stockbroking commissions and settlement periods in Singapore,120 words
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Advertisement33 1999-07-31 1 HDB resale prices inch up in Q2 after 2-year fall, Pg 3 Office rents slip 3.9% in Q2 to mid-1994 levels, Pg 3 New private homes: More being sold than launched, Pg 333 words
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SINGAPORE AT HOME & ABROAD
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Article, Illustration755 1999-07-31 2 Catherine Ong, Toh Han Shih - It's 'business as usual', it says; legality issue 'best left to the lawyers' Jiui Catherine Ong, Toh Han Shih TOP executives of SBBB.com, an e commerce start-up un der probe by the Commercial Crime Division, yesterday maintained that they had notCHRIS LOH - 755 words
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396 1999-07-31 2 Catherine Ong - By i Catherine Ong DOES SBBB.com's franchising scheme bear any resemblance to that of Future Net, a US company which was closed down and fined US$l million (551.69 million) by the US Federal Trade Commission (FTC) for pyramid marketing? Future Net, a landmark case396 words
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Article294 1999-07-31 2 Ho Chaw Ming Singapore via Internet - MAILBOX Ho Chaw Ming Singapore via Internet 1 READ with concern your report 'SBBB.com's practices smack of pyramid selling, says Case" (BT, July 28). Aside from Case's allegations. I have some comments after visiting their Web site. I found that "franchisees" who make sales are required294 words
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520 1999-07-31 2 Henry Chai Singapore via Internet - Henry Chai Singapore via Internet I REFER to your report, "SBBB.com's practices smack of pyramid selling, says Case" (BT, July 28). I don't know how BT got its information about SBBB.com but I have something to add. I personally attended one of these so-called520 words
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Article143 1999-07-31 2 Michael Chua Singapore via Internet - Company misleading the public Michael Chua Singapore via Internet I READ with interest your report on SBBB.com. I am very grateful that Dr Toh See Kiatof Case has commented openly about the company. I have visited their office and attended their sales talk. They may have a brilliant idea, but143 words
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284 1999-07-31 2 Matthew Ng Singapore via Internet - Matthew Ng Singapore via Internet I WAS reading the SBBB.com articles and I was very disturbed by them. I work in Suntec Tower 1 and was approached by a young person in my office one day who enthusiastically talked about SBBB.com. I284 words
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Article553 1999-07-31 2 Anna Teo - EYE ON THE ECONOMY By, Anna Teo THE Singapore economy had a "very good" second quarter, Deputy Prime Minister Lee Hsien Loong said this week. He didn't say exactly how good, but the forecasts for Q2 have run up to 8.4 per cent. Granted, that's553 words
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Article, Illustration760 1999-07-31 2 Anna Teo - The joy of Chimes architecturally encapsulates her work, says don By, Anna Teo ONE day in May 1984, Eric Huay, then a young architect in Ong Ong Architects, was given two tickets for a 21-day tour of Europe by his boss and asked to760 words
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Article376 1999-07-31 2 THE First Lady was a brave woman who kept up with her official duties whenever she could despite her illness and frequent visits to the hospital, Prime Minister Goh Chok Tong said yesterday. In a letter of condolence to President Ong Teng Cheong, Mr Goh376 words
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847 1999-07-31 3 David Boey - Mortgage loans to resale flat buyers rise 12%, but they are down 42% to buyers of new flats By. David Boey PRICES of resale Housing and Development Board (HDB) flats firmed slightly in the second quarter of 1999 after sliding847 words
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Article, Illustration564 1999-07-31 3 Corinne Kerk - Orchard Rd rentals at lowest point in seven years By i Corinne Kerk AS expected, rents and values of offices, shops and factories have continued their downward trend, though industry experts think they may bottom out at year-end. Latest figures releasedFILE PHOTO - 564 words
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763 1999-07-31 3 Carol Eng - By i Carol Eng A TOTAL of 1,360 new private residential units were launched for sale in the second quarter, 5.1 per cent lower than in the previous quarter. And market watchers note that recent quarterly take-up rates "way exceed" launch numbers.763 words
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Page 2 Advertisements
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Page 3 Advertisements
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Advertisement778 1999-07-31 3 Mil HHIIIE CIIPIHIIH 11.5.t.l Consolidated Balance Sheet Consolidated Statement of Income 31 December 1998 Year ended 31 December 1998 1998 1997 1998 1997 (USS million) (USS million) Asset) Operating Income Liquid funds 295 317 Interest income 1,710 1,479 Trading securities 667 555 Interest expense (lj!3) (1.056) Investment iccunoes 2,902 2,176778 words
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THE REGION
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Article515 1999-07-31 4 HONGKONG Merger terms will have to be approved by members of both exchanges in Sept AFP, Reuters, Bloomberg HONGKONG'S stock and futures exchanges reached a preliminary agreement yesterday on the terms of a merger, after coming under pressure from the government. The agreement between theAFP,; Reuters,; Bloomberg - 515 words
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Article, Illustration656 1999-07-31 4 HONGKONG Zhu Xiaohua being transferred back to mainland China Bloomberg CHINA Everbright Holdings Co, an investment firm controlled by China's cabinet, yesterday said Liu Mingkang, the deputy governor of the People's Bank of China (PBOC), would replace Zhu Xiaohua immediately as chairmanBloomberg; FILE PHOTO - 656 words
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Article, Illustration314 1999-07-31 4 TAIPEI Bloomberg Reuters A LANDSLIDE in southern Taiwan knocked over high-tension transmission towers, causing Taiwan's worst power failure ever, said officials with state-run electricity supplier Taipower yesterday. The blackout occurred at about 11:35 pm local time on Thursday. It affected about 80 per centBloomberg; Reuters; REUTERS - 314 words
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397 1999-07-31 4 UKUALA LUMPUR AFP MALAYSIA'S jailed former deputy premier Anwar Ibrahim lodged a police report yesterday against Finance Minister Daim Zainuddin for alleged corruption. Anwar's wife Wan Azizah Wan Ismail told reporters at her home that Anwar lodged the report at the federalAFP - 397 words
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198 1999-07-31 4 BEIJING Reuters CHINA yesterday dismissed Taiwan's attempt to clarify President Lee Teng-hui's call for "special state-to-state" ties with Beijing and said it had broken pledges to uphold a one-China policy. China's Association for Relations Across the Taiwan Straits (Arats) said a letter andReuters - 198 words
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361 1999-07-31 4 JAKARTA AFP THE death toll from two days of ethnic violence on the Indonesian island of Batam has risen to 14 and shoot-on-sight orders have now been issued to police, a report said yesterday. The violence, which claimed 11 lives on Wednesday.AFP - 361 words
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ASIA ON THE MEND
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496 1999-07-31 5 Jane industrial production up 7.9%, imports up 23.1%, exports up 5.8% Reuters [BANGKOK] Thailand announced robust economic data yesterday which showed its economy is well on the road to recovery after two years of severe recession. Analysts had forecast upbeat news and theReuters - 496 words
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445 1999-07-31 5 Reuters [TOKYO] Japan reported record high June unemployment of 4.9 per cent and a fall in wage-earner spending yesterday, cutting into cheer from a surge in industrial output reported one day earlier. Consumer prices in Tokyo and nationwide remained flat to lower, indicating persistentReuters - 445 words
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Article, Illustration547 1999-07-31 5 Shoeb Kagda - Financial strength ratings of 80, Bank Bali could improve Prom Shoeb Kagda in Jakarta INDONESIA'S debt-laden banking sector has received a boost from international rating agency Moody's Investor Services, which said yesterday that it is reviewing an upgrade for the industry. ItREUTERS - 547 words
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Page 5 Advertisements
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Advertisement278 1999-07-31 5 PI W w BW^MkJ^ K. <?jr I j'Jr X ""•ari m ..-n^ur r g#v yji F „.Jj Jr Bk <■ w^ 1 >' £< J^C.. 1 1 1 I iZ ,1 l<t Over the last few years, the word at Rover has been, well,"mum." Fortunately, they had plenty of help278 words
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REGION
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Article, Illustration548 1999-07-31 6 DAEWOO DEBACLE Govt to ask banks to pat off closing credit lines to firm's subcontractors AFP, Bloomberg [SEOUL] South Korea's cashstrapped Daewoo group said yesterday that it will ask its foreign creditors not to call in loans as itAFP,; Bloomberg; REUTERS - 548 words
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800 1999-07-31 6 Some say Seoul could finance the extra cost of Daewoo's restructuring and limit the impact on the financial system Reuters THE Daewoo Group's financial troubles have served as a reminder of South Korea's lingering problem: the high debt burden of the country's corporate sectorReuters - 800 words
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Article, Illustration325 1999-07-31 6 NEW DELHI Congress refuses to say if she is party's choice for PlTs post AFP INDIA'S opposition Congress Party confirmed yesterday that its Italian-born president Sonia Gandhi will stand in upcoming general elections. However, party officials remained coy over the question of whetherAFP - 325 words
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260 1999-07-31 6 TOKYO Govt also answering queries from public through Internet Reuters JAPAN'S Prime Minister Keizo Obuchi established a crisis management commission yesterday to deal with the possibility of emergencies arising from computer malfunctions triggered by the Y2K millennium bug. "We must strengthen governmentReuters - 260 words
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404 1999-07-31 6 TOKYO AFP JAPAN'S lukewarm financial supervision, ridden with loopholes, should be blamed for causing the loss-hiding scandal at a Tokyo branch of Credit Suisse Group AG, Japanese newspapers said yesterday. The Financial Reconstruction Commission said on Thursday it would revoke the banking licenceAFP - 404 words
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289 1999-07-31 6 SEOUL Govt to ease roles on overseas share sale or grant waiver Bloomberg THE South Korean government will either ease rules on overseas share sales or grant a waiver to help Hanvit Bank, the nation's second-largest commercial lender, raise US$l billion (511.7Bloomberg - 289 words
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ASIA Notes
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72 1999-07-31 6 Bloomberg [SEOUL] South Korea said yesterday that tt had given up a plan to auction off Korea Life Insurance Co but would Inject an unspecified amount ofpublic funds to help turn around its third-largest life insurer. The move is a major setback in theBloomberg - 72 words
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77 1999-07-31 6 Bridge News [WELLINGTON] New Zealand will Join Australia and the US In taking World Trade Organisation (WTO) dispute settlement action against South Korea's treatment of imported beef, Trade Minister Lockwood Smith said yesterday. "New Zealand was represented at the consultations phase ofBridge News - 77 words
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67 1999-07-31 6 Bloomberg [TOKYO] Japanese construction orders fell for the third straight month in June as companies spent less on new factories, stores and homes. Japan's 50 largest contractors received orders worth 1.03 trillion yen (Ssls billion) in June, down 17.3 per cent from the same month aBloomberg - 67 words
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THE WORLD
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429 1999-07-31 7 LONDON But they say bias for bonds is still towards further losses Reuters INCREASED growth and inflationary signals in the global economy will continue to put upward pressure on interest rates and the bias for bonds is still towards further losses, analysts saidReuters - 429 words
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286 1999-07-31 7 LONDON Reuters BRITISH global-fund managers are moving money out of US markets, betting that a falling dollar and higher interest rates will undermine Treasuries and high-priced Wall Street shares. A monthly Reuters poll of mostly London-based fund managers and strategists showed money flowingReuters - 286 words
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545 1999-07-31 7 WASHINGTON This was largest gain since Nov; consumer spending rose just 0.3% Bloomberg PERSONAL income, one of the US economy's driving forces, rose in June at the fastest pace in seven months, setting the stage for further consumer spending and economic growth. ButBloomberg - 545 words
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Article, Illustration76 1999-07-31 7 [NEW YORK] A man walks along a promenade at dawn in the Brooklyn section of New York yesterday with the hazy skyline in the background. The temperature in the city has topped 90 degrees F (32 degrees C) for 16 days in July and is expectedREUTERS - 76 words
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Article546 1999-07-31 7 LONDON Bot economists say rate hike headache continues Reuters BRITAIN'S economy enjoyed robust expansion in the second quarter, finally laying to rest lingering fears of an economic downturn. Output expanded 0.5 per cent quarter-on-quarter and 1.2 per cent on the year, still adriftReuters - 546 words
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349 1999-07-31 7 WASHINGTON Bloomberg News THE US will crack down on companies that disguise the country of origin of textiles and clothing, blocking them from sending transhipped goods into the country, US Commerce Secretary William Daley said. "These measures represent the strongest actionsBloomberg News - 349 words
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494 1999-07-31 7 Neil Behrmann - From, Neil Behrmann in London CRUDE oil prices are already at 20-month highs but growing numbers of analysts and dealers expect prices to rise even higher in the autumn. If these predictions prove to be correct, the higher prices could give rise494 words
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Page 7 Advertisements
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FOCUS
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Article, Illustration1135 1999-07-31 8 Chua Chong Jin - Physicist-turned-economist Paul Romer, often placed alongside the likes of Paul Krugman, talks about sacrosanct ideas and his new growth theory By^ Chua Chong Jin The writer teaches mass communications at Nanyang Technological University [SINGAPORE] STANFORD University economist, Paul Romer, was named by Time magazine as1,135 words
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168 1999-07-31 8 IN Professor Paul Romer's brave new world, there is no limit to the amount of things to be discovered. This simple fact throws into disarray those bits in texts on economics which talk about scarcity and choice. It also takes away the intellectual168 words
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SHIPS IN PORT
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Article453 1999-07-31 8 V«sm4 Voy Mo Barth Anlvtl Dapartura IMnk ***** Jmm 301 30/07/1:30 30/07/1340 Up Hfrcntn V001 308 30/07/1540 01/06/840 SfC Cipncar *****9 J12 30/07/1640 30/07/2340 tt Hko JU-31 301 30/07/1340 31/07/640 Bt Pakfcta*2 ***** 301 31/07/840 31/07/1540 8(18 3298 1399 301 31/07/840 31/07/1640 Master 1 9901 303 3V07/840 01/08/1240453 words
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Article1407 1999-07-31 8 RECEIVING OF EXPORT FCL CONTAINERS AND LCL CARGO Boofctnq/Bolonco Isth Ship Voy No Etfc/Btr Ported From To From taMif 026* 0VB00 1* JO/BOO JO/*M J0/T900 30 J0/*59 U 30/1700 IMH JV090C a jo/ttoo jvo»m jwioo 1 WWW JVTB9 JVMM 4 JVHOO JVMM 31/TTOO Mawi Sir oz/uoo 5" jo/boo1,407 words
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EXECUTIVE LIFESTYLE
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Article, Illustration792 1999-07-31 9 PEOPLE The Folk Diva of the protest generation returns to the studio and on stage NYT [SANTA ROSA, California] Depending on the content, it can be deeply flattering to get an advance reading of one's own elegy. Yet, for 58-year-old JoanNYT; CAMERA PRESS - 792 words
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Article, Illustration1125 1999-07-31 10 ALAN COWELL - al&m cowell looks at the challenge facing the British soccer club off the playing field ALAN COWELL NYT THEY were one goal down with less than three minutes to play and Manchester United seemed doomed. Then, magically, the fabled British soccer team scored twice toNYT; FILE PHOTO - 1,125 words
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Page 9 Miscellaneous
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Miscellaneous1838 1999-07-31 9 CRYPTIC CROSSWORD 24 One's clearly being discussed within audible range (7) am are moved by military YESTERDAY'S SOLUTION nnwN music (10,5) Inl fI pIoIsIeMqIbIeIpI i lelwltl Duww 8 Can enter Jerusalem to act as 11UeUpmlmeIIoiBnMhI 1 Visits to ensure eye medica- observer (3,2,2) l s n ß l^ g B1,838 words
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Page 10 Advertisements
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Advertisement520 1999-07-31 10 11/ItAMA n A Presented Diners club Offers Personalised Cash Access To apply, call: w nere to winc> dine snd entertain... at over 30,000 locations worldwide, t^fm *****45 Treat yourself to a wide range of Japanese cuisine. Enjoy Tempura, Sushi Rolls, Sashimi, Soft Shell Crabs and many more plus tantalising desserts.520 words
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Advertisement8 1999-07-31 10 1.30am-11pm Enquiries: Sugaporr 3)3 OrchjitJ Road Singapore *****78 words
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COMPANIES & MARKETS
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Article, Illustration610 1999-07-31 11 Rahita Elias - CORPORATE RESULTS Net $20.8 m interim return is close to analysts' full-year forecast for group By: Rahita Elias [SINGAPORE] Haw Par Corporation, best known for its Tiger Balm, has turned in an astounding five-fold increase in net profit to $20.8 million for610 words
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405 1999-07-31 11 Siow Li Sen - Extraordinary items posh bottom-line figure to $27m loss By! Siow Li Sen [SINGAPORE] Freight Links Express Holdings (FLEH) has plunged into the red with a $6.3 million loss for the 12 months ended April 30 due to lower sales, higher borrowing charges405 words
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678 1999-07-31 11 R Sivanithy - HOCK LOCK SIEW R Sivanithy IF some people could have their way, the settlement period for stockmarket trades would be brought down from five days to three days as soon as possible. The main reason for this is that the more time players have before678 words
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Article, Illustration354 1999-07-31 11 Bloomberg [SINGAPORE] Nat Steel Electronics Ltd, the world's No 5 electronics contract manufacturer, may report a 55 per cent gain in first-half profit as new customers fatten its order books. Profit for the Singaporebased company is expected to rise to $41.4 million from $26.7Bloomberg; FILE PHOTO - 354 words
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Article142 1999-07-31 11 Audrey Tan - By, Audrey Tan [SINGAPORE] Khong Guan Flour Milling is back in the black, with a $1.5 million af-ter-tax profit for the year ended April. The company, which mills flour and trades other agricultural products, saw turnover jump 41 per cent to $67 million due142 words
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Article119 1999-07-31 11 As of yesterday, 17 locally-listed companies had released their results for the six months ended June 30,1999. They recorded a combined $1,055.4m in group profits, up 177.8% over the same period last year. The breakdown is as follows: No with profit* :17 No with loo— 0 higher profits119 words
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342 1999-07-31 11 Eugene Low - Group review now on to restructure core business, strengthen finances By] Eugene Low [SINGAPORE] Cosco Investment (Singapore) Ltd yesterday reported a 90 per cent plunge in profits to $189,000 for the six months to June 30, as the shipping industry continued to342 words
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212 1999-07-31 11 Soh Tiang Keng - By I Soh Tiang Keng [SINGAPORE] Restructuring and cost-cutting measures have steered SNP Corporation back into the black. For the half-year ended June 30, the printing company chalked up group net earnings of $553,000, against a net loss of $5.7 million in the same212 words
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COMPANIES
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405 1999-07-31 12 Ven Sreenivasan - Offering of 28.6 m shares draws subscription of just 6.7 times By' Ven Sreenivasan [SINGAPORE] Processed food giant Del Monte Pacific Ltd's shares are likely to see a 10 per cent upside from its initial public offer price on Monday, according to analysts405 words
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380 1999-07-31 12 Jennifer Lien - PanpacMedia.com understood to have failed in the bid Reportsby. Jennifer Lien [SINGAPORE] Singapore Press Holdings (SPH), which last week won an Internet Access Service Provider licence with Keppel Telecommunications Transport, has invested $1 million in local Internet startup Buzz City. The publishing380 words
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284 1999-07-31 12 Soh Tiang Keng - By I Soh Tiang Keng [SINGAPORE] MHE Holdings has decided to exit certain businesses and could end up in the red for the year ended June 30 as it will be making one-off provisions totalling $1.68 million in connection284 words
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215 1999-07-31 12 [SINGAPORE] Pacific Century Regional Developments (PCRD), a company controlled by Richard Li, has agreed to buy a 15 per cent stake in Star Telecom International Holding for HK5202.5 million (5542.5 million). Yesterday, PCRD said in a statement that it would be buying215 words
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Article, Illustration225 1999-07-31 12 [SINGAPORE] A group of Sesdaq chief executives, senior executives of multinational firms and assorted business "angels", or investors, last night gathered in a showroom of Jaguars and Rolls Royces to learn about today's hot topic the Internet. Organised by Wearnes International Ltd and ventureSIEW YAW HOONG - 225 words
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264 1999-07-31 12 Bloomberg [KUALA LUMPUR] Genting Bhd, Malaysia's sole legal casino, said first-half profit rose 68 per cent, boosted by lower taxes and gains in the company's property and cruise ship businesses. The company's first-half profit reached RM478.3 million (SS2I2 million), or 67.9 sen perBloomberg - 264 words
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170 1999-07-31 12 AFXAsia [HONGKONG] Shangri-La Asia Ltd has gained in-princi-ple approval for a secondary listing in Singapore as well as approval from Thai regulators for a share placement to fund a planned takeover of Shangri-La Thailand. The company said in a statement that it hadAFX- Asia - 170 words
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COMPANY Briefs
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Article102 1999-07-31 12 [SINGAPORE] Consumer electronics distributer Thakral Corp said yesterday it had reached a standstill agreement with the majority of its bankers. The deal— subject to compliance with certain conditions, some still under negotiation—would allow existing credit facilities to be made available to the group. Thakral booked an102 words
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51 1999-07-31 12 [SINGAPORE] L&M Group Investments yesterday said special accountants Ernst Young have proposed a broad outline of the financial restructuring options to its bank creditors. It also announced the resignation of Erdhi Tandjung from the position of executive director and a member of the audit committee effective51 words
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61 1999-07-31 12 [SINGAPORE] Urn Kah Ngam said the debt restructuring plan proposed by special accountants Ernst Young is now under consideration by the financial creditors of the group. It said, subject to satisfactory documentation, the majority of the financial S creditors have indicated in-principle approval for the61 words
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76 1999-07-31 12 Elec Eltek in China joint venture AFX-Asia [SINGAPORE] Elec Eltek International Co said it hat formed a wholly-owned subsidiary, Elec Eltek Huangpu (Singapore) No 3 Pte Ltd, which will form a joint venture in China to manufacture and sell printed circuit boards. Elec Eltek's investment in the joint venture withAFX-Asia - 76 words
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161 1999-07-31 14 AFP [SYDNEY] Australian property and financial services giant Lend Lease Corp is poised to continue its global expansion, announcing yesterday it was purchasing a US institutional fund manager and real estate company. Lend Lease said its subsidiary, Lend Lease Real Estate Investments Inc, hadAFP - 161 words
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Article, Illustration477 1999-07-31 14 Shift from mutual ownership will give bourse flexibility to raise fnnds for new ventures Bloomberg [LONDON] The London Stock Exchange (LSE) said it plans to offer shares to its members, ending mutual ownership by brokers as it faces competition from electronic tradingBloomberg; FILE PHOTO - 477 words
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371 1999-07-31 14 FT [LONDON] Easdaq, the panEuropean electronic stock market, received a boost on Thursday when several secu-rities-industry companies acquired equity stakes in it. The deal is the latest in a flurry of alliances among share trading organisations in Europe and the US as theFT - 371 words
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Article, Illustration452 1999-07-31 14 Drugs giant says it won't meet promise of doable-digt profit growth this year FT [LONDON] Disgruntled investors wiped over £4 billion (SJIO.B billion) off the value of Glaxo Wellcome on Thursday after the UK drugs company admitted it would not meetFT; Source: Bloomberg - 452 words
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3728 1999-07-31 13 RANK COMPANY MKT CAP CHNG I PRICE CHNG PE 30 JUL 30 JUN 31 DEC 30 JUL 99 FROM 30 JUL 99 PROM RATIO 1999 1999 1990 S$M 30 JUN 99 30JUN99 1 11 SingTel *****.2 -1.7 2.87 -1.7 22.4 2 3 33,728 words
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Article4227 1999-07-31 14 Nat tn KM Nd*l Gm« Mar 31 I U«l U*2L 2.IL L9L Oat* TV LY TY LY NotrtOMlgn M«r 30 P 1134L a731 L3L an ClWHT m (>m> <Ct*> (Ct») NoPteCrp (USS) M*r 26 P 7.727L *208 3JL 0.10 M«f 2S P 0.622 2.449 *78 3.064,227 words
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INTERNATIONAL COMPANIES
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441 1999-07-31 15 Move will give Apple access to one of the largest online communities Bloomberg [DULLES, Virginia] America Online Inc, the No 1 online service, and Apple Computer Inc agreed to tailor AOL's instant-message software to work on Macintosh personal computers, linking MacBloomberg - 441 words
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Article, Illustration59 1999-07-31 15 [TOKYO] Representatives of eleven corporate marketing partnership companies of Universal Studios Japan (USJ) posing as Tetsuji Ueshima (second from right), president of UCC Ueshima Coffee Co Ltd, talks to Snoopy during a press conference at a hotel here yesterday. A Universal Studios theme park is under constructionAFP - 59 words
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425 1999-07-31 15 Airlines hope to cat 400 m euros a year in costs by end-2002 Bloomberg [AMSTERDAM] KLM Royal Dutch Airlines NV and Alitalia SpA, Italy's flagship carrier, are going ahead with a merger of their operations first agreed to in December 1997, as the money-losing airlinesBloomberg - 425 words
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GLOBAL Briefs
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72 1999-07-31 15 Bloomberg [LONDON] Trinity pic, the UK's biggest regional newspaper company, has agreed to buy Mirror Group pic for £1.55 billion (554.2 billion) in cash, stock and assumed debt, creating Britain's largest newspaper publisher. Mirror owners will get 0.325 Trinity share and 82 penceBloomberg - 72 words
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Article87 1999-07-31 15 Bloomberg [STOCKHOLM] General Motors Corp is likely to buy the half of Sweden's Saab Automobile AB it doesn't already own to strengthen its position in the European luxury car market, analysts said. GM obtained an option to buy the other 50 per centBloomberg - 87 words
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Article61 1999-07-31 15 Bridge News [WELLINGTON] The New Zealand Stock Exchange has decided to make Dec 31 a market holiday, NZSE managing director Bill Foster said yesterday. The decision was not motivated by fear of Y2K problems but was because there was little trading demand anticipatedBridge News - 61 words
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72 1999-07-31 15 Reuters [LONDON] Royal Dutch/Shell Group is expected to show less downstream profit damage than rival Exxon when the Anglo-Dutch oil supermajor reports second-quarter results next week, but analysts will have a critical eye out for evidence that its restructuring is on track. Exxon's drasticReuters - 72 words
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269 1999-07-31 15 Strong growth in core businesses the main factor Reuters [HARTFORD] Inc. the biggest managed-care company in the United States, said on Thursday that secondquarter profits, before onetime items, had gone up 12 per cent to U*****.6 million (SS29O million), outpacing Wall Street expectationsReuters - 269 words
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FINANCE & COMMODITIES
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417 1999-07-31 16 Allies of Soc Gen, P&rib&s and BNP move to bolster their camps FT [PARIS] France's biggest takeover struggle entered its final phase on Thursday as a flurry of market activity marked moves by allies of the three banks involved to bolster iheFT - 417 words
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237 1999-07-31 16 AFP [BRUSSELS] Despite the introduction of the euro as the common currency for most of the European Union last January, consumers have not seen many benefits in crossborder bank transfers, two consumer groups said on Thursday. The risks to banks of variableAFP - 237 words
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509 1999-07-31 16 US funds take to the Web to investors' gain Detailed research on Net allows investors to compare fond* before choosing one NYT [NEW YORK] The mutual fund industry has joined the rush to the Internet over the last two years and the move seems to be benefiting both the fundNYT - 509 words
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Article, Illustration455 1999-07-31 16 Memo issued after talk of friction between Weill, Seed Bloomberg [NEW YORK] Citigroup's cochairmen Sanford Weill and John Reed will split responsibility for managing the largest US financial services company, according to an internal memorandum. Friction was reported between the two co-chairmen, with Mr Reed recentlyBloomberg - 455 words
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Article, Illustration474 1999-07-31 16 Euro/US$: After being depressed by the greenback for so long, the euro continued powering its way higher for the second consecutive week. The unit trekked from a low of 1.0517 on Monday to touch a high of 1.0740 on Thursday eveningSource: - 474 words
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187 1999-07-31 17 Daphne Tay, Jardine Fleming - «imu» Tjeports MS& Singapore Index Daphne Tay, Jardine Fleming THE Singapore stock market slipped from the opening yesterday but managed to recoup most of its losses in the afternoon session. The initial slump was attributed to the sharp 180point fall overnight on187 words
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239 1999-07-31 17 Cecilia Woo Refco Singapore - MSCI Taiwan fixtures Cecilia Woo Refco Singapore THE Simex MSCI Taiwan Stock Index futures contract yesterday finished 5.2 and 6.5 points higher for the July and August 1999 contracts respectively. The Taiwan Weighted Price Index gained 53.74 points at the close239 words
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220 1999-07-31 17 ENERGY REPORT Reuters [LONDON] Oil prices pulled back yesterday from highs not seen since late 1997, failing to breach the US$2O a barrel level in a rally inspired by Opec (Organisation of Petroleum Exporting Countries) output restraints. By 1500 GMT, international benchmarkReuters - 220 words
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Article306 1999-07-31 17 Reuters, AFP London THE US dollar was under pressure in Europe yesterday, hitting multi-month lows against other major currencies as traders smelled a whiff of changing economic fundamentals. Traders said the greenback was still reeling from the previous day's data showing slower US growth and a growing threatReuters,; AFP - 306 words
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Article, Illustration1194 1999-07-31 17 MTERBAIfg CROSS RATB8 j^ a CS Earo rfr Db mi HKb Hphfc Yaa Wow W< nahth h»o tand Sir HT$ la* NK US$ Australia 0.977 6.178 0.606 1977 1186 5.030 28.067 44.161 0.750 7.796 2.462 1234 33.281 24.126 1101 4.018 0.975 21.019 ***** 0.403 0.653 Canada 1019 5-5* 0.622 4.0771,194 words
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Article1759 1999-07-31 17 glCOM FUTURES Jul 30 mHQ (Mint h it UOp) RSS1 CONTRACTS ctntsA?) CtOM VtaNM OpOft Mowtt Hlflft Lot Soft (touts) hrtorost Am 99 89.50 Sep 99 9175 9175 9175 100 1200 Oct 99 9400 300 Now 99 95.50 300 Doc 99 9725 300 Jan/H* 00 100.25 300 RSS 3 CONTRACT1,759 words
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Article, Illustration1445 1999-07-31 18 AFP H Hang Seng -H».Q2 HONGKONG share prices rose 0.5 per cent yesterday, reversing an early decline which followed an overnight plunge on Wall Street sparked by interest rate fears, dealers said. "The market was hammered initially because of concerns over rising interest rates, following higher-than-expected US economic data,"AFP - 1,445 words
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Article, Illustration576 1999-07-31 18 AFP, Reuters Pi Shanghai B Index +L 27 SHANGHAI'S B shares rose 2.7 per cent yesterday on renewed speculation that the government would release market-boosting measures in the near future, analysts said. The Shanghai Stock Exchange's B Share Index, which tracks shares nominally reserved for foreigners, gained 1.27 pointsAFP,; Reuters; Source: Credit Lyonnsis Securities(Asia) Ltd - 576 words
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Article333 1999-07-31 18 AFP PjwPlnfci +53.74 TAIWAN share prices closed 0.7 per cent higher yesterday as government support buying eroded earlier losses following a plunge on Wall Street, dealers said. The market dived 2.6 per cent on opening but the index was later lifted by buying in financial and technology shares ledAFP - 333 words
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Article2256 1999-07-31 18 LONDON Industrials MI* Pound *h 31 Croup 7.61 -0.43 Abbey National 10.69 -0.68 A B Foods 4.09 -0.05 A B Ports .2.97 -0.03 AstraZeneca 22.66 -1.15 Aliianca Leicester 8.05 -0.38 All tod Ooniocq 5.62 -0.01 AKiod Zurich 7.20 -0-33 Anglo American Gold 43.70 unch ASOA Group 2.202,256 words
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Article1653 1999-07-31 18 AFP ngMMg -&0t SHARE prices in Tokyo eased yesterday as a bout of profit-taking wiped out earlier gains, brokers said. The key Nikkei Average of 225 selected issues on the Tokyo Stock Exchange fell just 8.06 points to finish at 17,861.86. But the Topix Index of all first-section issuesAFP - 1,653 words
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KUALA LUMPUR STOCK MARKET
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Article, Illustration366 1999-07-31 19 AFP CI Composite Index -&B3 MALAYSIAN share prices closed 0.8 per cent lower yesterday on continued program-seUing by foreign funds ahead df the weekend, dealers said. The Kuala Lumpur Stock Exchange Composite Index fell 5.83 points to finish at 768.69, off a low of 765.38AFP - 366 words
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Article8391 1999-07-31 19 INDUSTRIALS CMsmtf predicts 1999 Lift Vol Day Net Cap Mlfll lew C—IM*Y Wl 'OOP HM> lew W W 440 170 Ajlnomoto 340 18 g 137.8 174 35 Anqkau HO -2 383 114 107 2.5 162.2 404 123 Apollo Food Hlg 320 unch 24 322 318 111 128.0 388 108 Ber)aya8,391 words
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WARRANTS, OPTIONS & REGIONAL MARKETS
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182 1999-07-31 20 R Sivanithy - WARRANT WATCH -Byl R Sivanithy IT'S not often that one finds a warrant that appears to offer outstanding value. Today's feature, however, could well fit the mould. The Keppel Tat Lee 2002 instrument, which has time on its side, looks good both in182 words
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Article2148 1999-07-31 20 BONOS, LOANS ft WARRANTS m 32-Wk Last Vol Day Last Ooote A*f Htqh Low Stno Company Sal* ♦or- COOO) High Low Buyer Seller Price 104 3 S 3160 "Acer ******1 US$ US 48 *1.5 520 50 45 47.5 48.5 80 4.5 s 3164 Acma ******4 42.5 *0.5 568 44 39.52,148 words
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Article234 1999-07-31 20 HONOKONC STOCKS Of Cr 52-W* Lost Vol On KM Ouoto Ml Mi TM M M Cac High Low Stno Company Solo COOO) Mtfh Low Buyor Mor Cot H Pft $m* 365 T73 5123 COL (2000) HK 307.5 2.5 8 307 5 307.5 305 8 17 23 10.4 6083.7234 words
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Article282 1999-07-31 20 AFP n Wellington -325 NEW Zealand share prices fell just 0.1 per cent yesterday despite steep offshore falls led by a plunging Wall Street, dealers said. The NZSE-40 Index slipped 3.25 points to close at 2,195.78 on turnover of NZ581.37 million. Telecom Corp accounted for half the turnover. —AFPAFP - 282 words
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Article, Illustration840 1999-07-31 20 AFP Q SET Index -2XI THAI shares slipped 0.4 per cent yesterday following overnight declines on Wall Street, dealers said. Analysts said the market finished off its lows on bar-gain-hunting in line with a rebound in other regional markets. They said the reaction to the latest Bank of ThailandAFP - 840 words
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Article402 1999-07-31 20 AFP nOonUHMtelpfai -28J> SOUTH Korean share prices closed yesterday 2.9 per cent down in volatile trade on active foreign selling in both the spot and futures markets, dealers said. The Composite Index closed down 28.99 points at 969.72, off a low of 957.28 and a high of 1,010.89. VolumeAFP - 402 words
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Article668 1999-07-31 20 AFP Q All Ordinaries -40J AUSTRALIAN share prices fell 1.3 per cent yesterday after fears of a rate hike were reignited in the United States, brokers said. The Australian Stock Exchange's key All Ordinaries Index dropped 40.1 points to 3,019.9. Turnover totalled 625 million shares worth A 52.5 billion.AFP - 668 words
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Article, Illustration675 1999-07-31 20 AFP n Composite Index -1&55 INDONESIAN share prices closed 3 per cent lower yesterday following falls on Wall Street and amid uncertainty on the domestic political front, dealers said. An analyst with Harita Kencana Securities said news of stronger-than-expected labour cost figures in the US had renewed concerns aboutAFP - 675 words
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Article313 1999-07-31 20 AFP □MmuU -2L28 PHILIPPINE share prices closed 0.9 per cent lower yesterday as fears mounted that US interest rates could soon go up, analysts said. The Philippine Stock Exchange Composite Index fell 21.28 points to close at 2,342.81 points. Volume fell to 1.4 billion shares worth 2.3 billion pesosAFP - 313 words
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6411 1999-07-31 21 Or Of M Wt M-W* tart vol Day Last Ouata Wv Dtv Vld Na« Cap A»g J"** L 1 StNo Company Srto COOP) High Low Buyar Cw Pit. Imd Prteo MMHNDUSTRY 182 17.5 m b 1000 Acma 50e 136 -1 209 137 131 1356,411 words
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Article1101 1999-07-31 21 Transaction date: Jul 30 Or Or mm «2-Wk LMt V* Day ml Owata Dh DK YM IM Ca» A«* Hl» Law ttW ClH>> rOOOl HN» L— Tar «*r CV W 8— MANUFACTURING 218 30 c 2049 AS Auto K>C 190 *8 1925 194 172 190 191 OA 21*9 1721,101 words
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STOCK EXCHANGE OF SINGAPORE
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Article392 1999-07-31 22 Stodu Vetame Asia FoodS Prop 20,023.000 GoMen Agri USIOc 18.043,000 Amara Hidgs Ltd 17,943,000 Hot unq Inv NT 5 17,890,000 Twinwood 5c 16.825.000 •Ofltinqlnt 15,432,000 Datapuise 5c 14,405.000 Leong Hin 20c 13.392.000 N0L 13.129,000 Samudera 10c 12,791,000 Stacks DBS Foreign 77,612,215 OCBC Foreign 37,105,040 *TanChonglnt50c 31,135,350 NOl 28,707,338 Nat El«c392 words
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Article, Illustration574 1999-07-31 22 R Sivanithy - STOCK MARKET COMMENTARY Electronics stocks take centre stage as shares recover after tumbling over Bow's overnight fall By R Sivanithy AN interest rate warning from Wall Street threatened to knock the local market off its recovery course yesterday, with the Straits Times574 words
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ON THE GRAPEVINE
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Article75 1999-07-31 22 WITH the increase in trading volume, Vickers Bellas has set up a helpdesk to handle enquiries. Manned by two knowledgeable staffers, the helpdesk has been a real boon to customers calling up to check on orders and payment status. One customer told BT that instead of75 words
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Article77 1999-07-31 22 A BT staffer recently had occasion to deal with DBS' credit card unit and came away with nothing but praise. She had been prepared to argue with them over some finance charges for a supplementary card that was issued but not used, and which has now gone77 words
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Article116 1999-07-31 22 CITIBANK has shared top honours with HSBC Bank as the best financial institutions in foreign exchange and risk management in a survey. The survey, by The Asset magazine, covers 212 leading corporations and includes multinationals in Hongkong and Singapore. For those in the know, it116 words
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Article97 1999-07-31 22 STILL on the subject of foreign exchange, Barclays Capital, the investment banking arm of Britain's Barclay pic, has appointed three new persons to beef up its strength in that area. Dilip Ghosh, formerly from Bankers Trust, will loin on Aug 10 as director and senior97 words
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Article84 1999-07-31 22 THINGS are Indeed looking up for Cere bos Pacific after it posted a $6.06 million loss for last year. Following a 7 per cent rise in interim net earnings to J6.62 million on a 3 per cent slide in revenues to $250.4 million, it now84 words
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Article, Illustration65 1999-07-31 22 Wong Wei Kong - ■By Wong Wei Kong ASIA Food Properties shares closed up half a cent at U550,575 yesterday with 20 million shares traded, compared with its 10-day traded average of 32 million units. The technical indicators such as the RSI. Stochastics and MACD charts are sending out buy signals, and65 words
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Advertisement14 1999-07-31 11 BusinesslT Tbenw*m you need to know O. IT NEWS. ILHBJS.njIEy: Every Monday in ThhBuSINES^MES;14 words
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Advertisement214 1999-07-31 12 I Senior Money Market Derivatives Trader Deutsche Bank is one of the world's largest and The successful candidate most prominent financial institutions. We are a global bank with a network that spans Europe, Asia ou mus ave Pacific and the Americas. This presents you with Strong technical and mathematical skills,214 words
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Advertisement9 1999-07-31 12 Tuesdays The Property Column by Lee Han Shih Theßuscve^Times9 words
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Advertisement1358 1999-07-31 15 13 Paribas Head Office: Banque Paribas, 5, rue d'Antin ***** Paris, France. Singapore Branch: 80 Raffles Place #43-01, UOB Plaza 1, Singapore *****4. Tel: *****00. Exchanga rat* at Dacambar 31,1996: EUR 1 FRF 6.***** Consolidated Balance Sheet (In EUR million) 1998 1997 1996 ASSETS Treasury operations and interbank transactions 15,2701,358 words
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Advertisement766 1999-07-31 16 Den norske Bank asa Dnß Group Dnß Group PROFIT AND LOSS ACCOUNTS BALANCE SHEETS Amounts in NOK million 1998 1997 Amount* in NOK million 31 Dec. 1998 31 Dec. 1997 Interest income 15 725 11 967 ASSETS Interest expenses 11 219 7 587 Cash and deposits with central banks 2766 words
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Advertisement9 1999-07-31 16 HOCK LOCK SIEW Takes you behind the news TheßusinessTimes9 words
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Advertisement25 1999-07-31 18 f v T'jty* JJJ jw Making sense of financial markets |J ftyj WheroJLho>fae been... where they're headed s Money Matters Eikry Wednesday in THBHI SINESSTIMES25 words
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Advertisement29 1999-07-31 19 Classified First. Need to get something fixed? Or simply seek out a good buy? ■a, v Your best bet: I CATS. I Boy It Sdik. Ftad k. 1 u29 words
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Advertisement20 1999-07-31 20 girl friend. > Buying or selling through iLu" J The Straits Times Classified is child's Play. HCall C.A.T.S. at 1800-737-1166. diUi20 words
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Advertisement51 1999-07-31 21 I riiiifiii'l' v "I I I VV4h' DEM A R Pi Cortina Watch Centre JK^B^MAVAILABLE Cratrr aS .<*,,• Raffles #01-36 Lucky Plaza #01-12 *****68 Millema WM.t PlWrr~fSlNo APOREI *****2 a* Paragon Tel: *****84 h )ff?ft *****6. Tel; MALAYSIA: Lr Cortina Watch Sdn Bhd (*****-H) G32 K L Plaza .udrmaiipijurl.com mmammlm^l51 words
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Page 22 Advertisements
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Advertisement1571 1999-07-31 22 Want to talk investments with your peers? join our fcrum at http://iol.dbs. com.sg w BSDUSBANK I NOTICES To advertise call toll-free 1800-741 1883 Fax No: 741 1298 NOTICE IS HEREBY GIVEN that I, HAJIME SUZUKI of 6 Gcylang East Ave 2 *1607 Sims Ville, Singapore *****6, have applied for a1,571 words
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