The Business Times, 4 September 1999
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1999-09-04
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The Business Times
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Title Section12 1999-09-04 1 THE BUSINESS TIMES 85e S INGAPORE Internet http://business-times.asial.com.sg/ SATURDAY, SEPTEMBER 4, 199912 words
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Article53 1999-09-04 1 nn Imm *J«3LIB (-936) riszMsanmjKEs mm 284j0 (-1.10) STOCK MAfiXET BODICES Attar Change KLSEOOMP 74SJS +M nukh —*****9 -tn HAMJSFNO 1347&31 -18MS SET INDEX 4IUI *U2 JAKARTA OOMP—MUt AM MANILA COUP MffHWPI M7W7 -IH.I8 SBOOLCOMP SIMS >UJi O&A CHINA B Mtw .its AUSTALLOBD *1614 41J y Now EOT53 words
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Article60 1999-09-04 1 FMEZKUS m s$ £<GM/3per£) li»IZl7» HJRO(Oa«perE) U7I LM DM LSI t» *W Mtf— U»* KM UN 1.444 m 7J» tS17 im *71 UI4 BffUH 7,«_IW •Stuimwm PSBBftCTB SWQAWW. 6.80 KBALALUMFU* 7* MSAHA *M BANGKOK IO.M MANILA aowrono gjt taiph an SYDNEY 7* TOKYO lit 8B0UL 14% ZUMCH" nui«ruRr~ IM60 words
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Article, Illustration964 1999-09-04 1 Christopher Tan, Ruth Wong - Cycle Carriage bids $80m for 20% of listed KL can-maker Group also making bid for stake in NZ vehicle tester to diversify business Bui Christopher Tan, Ruth Wong in Kuala Lumpur FACED with a possible dilution in earnings from the expected entry of DaimlerChrysler into its car distribution business, motor964 words
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457 1999-09-04 1 Christopher Tan - Shares tumble to $7.45; analysts see further selling By i Christopher Tan [SINGAPORE] Some $560 million has been wiped off the market capitalisation of Mer-cedes-Benz distributor Cycle Carriage in the past two days, no thanks to news that the German manufacturer wants457 words
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234 1999-09-04 1 David Boey - By] David Boey [SINGAPORE] The government will unveil its land sale figures for the coming year today, confirming rumours over the past few days that such an announcement would be made this weekend. In a media invitation yesterday, the Ministry of National Development234 words
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442 1999-09-04 1 Dow surges 229 points by noon; Fed-tightening fears allayed for now, say analysts Reuters [NEW YORK] Financial markets on both sides of the Atlantic surged yesterday following weaker-than-expected US jobs data, with the benchmark Dow Jones Industrial Average rising a thumping 228.59 pointsReuters - 442 words
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Page 1 Advertisements
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Advertisement170 1999-09-04 1 I ill W Si""'"'. Wuuk election sno? Flags in Malaysia portend a coming election. And going by the 9ea of flags in towns big and small, the battle has been truly joined. But Prime Minister Mahathir Mohamad is just not totting an, Pf Natural gu deal Indonesia's state-owned oil and170 words
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Advertisement20 1999-09-04 1 Be the first to know For full details of this morning's press conference, visit BTs website at http://business-times.asia 1 com.sg/20 words
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Advertisement196 1999-09-04 1 Jardine. Daimler in distribution talks, Pg 12 V CHRONOMASTER: yellow or roee-colored case In 18 K gold or stool, chronometer-certificate, five year international guarantee. Equipped with the legendary ZENITH EL PRIMERO movement, the only automatic chronograph movement to beat at 36'000 altJhour. Chronograph functions coordinated by a column wheel. ZENITH196 words
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SINGAPORE AT HOME & ABROAD
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482 1999-09-04 2 Eugene Low - Sumatra gas will fuel S'pore power plants; agreement ends talks which have ran for over a year By Eugene Low INDONESIA'S state-owned oil and gas company PT Pertamina said yesterday that it had reached an agreement to sell US$7 billion (Ssll.B482 words
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Article, Illustration496 1999-09-04 2 Carol Eng - Bat company here says it's not heard from Japan on headconnt By < Carol Eng JAPANESE retailer Sogo may cut its workforce in Singapore as part of a revamp of its Asia operations to staunch the corporate bleeding. Since it started operatingFILE PHOTO - 496 words
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Article, Illustration245 1999-09-04 2 Corinne Kerk - By l Corinne Kerk THE 44,000 sq ft space vacated in January by department store Tokyu Scene at Funan The IT Mall has been leased to 15 lifestyle outlets. Premas International, which manages the mall, said that the space left by the former245 words
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228 1999-09-04 2 Carol Eng - tiyy Carol Eng MID-SIZED developer Ho Bee has bought a 26.400 sq ft freehold site at East Coast for $20.3 million. It plans to build a 14-storey apartment project on the plot, which is located at Brooke Rd close to Parkway228 words
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Article, Illustration711 1999-09-04 2 Anna Teo - E7E ON THE ECONOMY By* Anna Teo RECENT signs that Japan may finally be pulling out of its prolonged slump spell good news for South-east Asia, erstwhile one of the biggest beneficiaries of its once-healthy import appetite and strong capitalSource: CEIC - 711 words
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298 1999-09-04 2 Audrey Tan - Byi Audrey Tan SINGAPORE will conduct a study on the obstacles to trade and economic linkages between Asia and Latin America, in a bid to see how these can be overcome. Bilahari Kausikan, deputy secretary at the Ministry of Foreign Affairs, said298 words
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NEWS Roundup
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84 1999-09-04 2 THE Singapore Management University (SMU) and the National Library Board (NLB) have signed a memorandum of understanding under which the board will manage the university's library fin- five years. The 120 m illion deal will also see SMU using NLB collections and data services84 words
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91 1999-09-04 2 THE Senoko Incineration Plant will start levying a peak period surcharge of |6 per tonne for waste disposed at the plant from Nov 1. The surcharge will be levied far waste disposed at the plant between 8 am and 2 pm. At preeent waste91 words
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Article53 1999-09-04 2 ECICS Holdings yesterday said that non-executive chairman Herman Hochstadt retired on Aug 17 after 19 years on its board. Mr Hochstadt will bs replaced by Ng Kok Song, currently managing director, public markets, at the Government of Singapore Investment Corporation. Mr Ng has been s director53 words
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Article, Illustration408 1999-09-04 3 David Boey - Civil Defence facility equips them to deal with three types of industrial and urban disasters By) David Boey MORE than 1,000 people working in the oil and gas, ship repair and chemical industries have been sent to the hothouse quite literally. A spokesman for thePHOTOS BY SIEW YAW HOONG - 408 words
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330 1999-09-04 3 Soh Tiang Keng - Feedback group may also urge IBAS to drop 5% penalty By I Soh Tiang Keng A TAXPAYER feedback panel may recommend that the deadline for taxpayers to submit their returns be extended beyond the current date of April 15. It may330 words
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Article188 1999-09-04 3 Audrey Tan - MANPOWER 21 Unions, employers, govt will jointly workout strategies for labour issues By, Audrey Tan THE government is proposing an annual National Manpower Summit involving the unions, employers and government bodies, to better formulate responses to major manpower issues. The summit will aim to widen participation188 words
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Page 3 Advertisements
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Advertisement257 1999-09-04 3 NEW MILLENNIUM V REWARD Yes. The reward is for you. You 45 years) have pursued a dream of to own the all-new prestige, luxury, had a vision. Worked smart and hard, Technology without boundaries, Cadillac Seville SLS, from the world's and succeeded. You have made it, the Performance without limits,257 words
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FOCUS
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Article, Illustration3845 1999-09-04 4 Despite the nascent recovery from the regional crisis, policy-makers have to work at resolving some fundamental issues before another storm blows up We reproduce below the opening address by Deputy Prime Minister Lee Hsien Loong at the fifth meeting of finance and central bank deputies onFILE PHOTO - 3,845 words
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ASIA ON THE MEND
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Article, Illustration623 1999-09-04 5 Stronger yen could dampen business sentiment, delay capital spending recovery: economists Reuters [TOKYO] Japan's economy can ride out the adverse effects of the yen's recent 10 per cent jump against the dollar, but a further increase would risk derailing recovery of theReuters - 623 words
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Article, Illustration403 1999-09-04 5 Larry Wee - Bat main concern is still for a weaker greenback By\ Larry Wee [SINGAPORE] Profit-taking was the main feature of Asian currency markets yesterday, ahead of the release of vital US employment statistics and a long weekend in the United States, but the mainSource: Reuters - 403 words
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286 1999-09-04 5 Eddie Toh - Stock market picks up; Bank Negara says USs4s6m over three days is small From, Eddie Toh in Kuala Lumpur THE amount of foreign funds fleeing Malaysia has tapered off. Only US$5O million (SsB4 million) was repatriated on the third day of286 words
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Article479 1999-09-04 5 Harish Mehta - corporate culture From Harish Mehta in Bangkok THE Bank of Thailand (BOT), which has been severely criticised for draining foreign reserves worth U5535.9 billion to defend the baht in 1997, has been given a new look, a flatter structure, and a culture of transparency, effective479 words
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245 1999-09-04 5 Reuters [HONGKONG] The Hongkong stock market is significantly undervalued considering the flexibility of local corporate managements in restructuring their businesses, Goldman Sachs said yesterday. "Hongkong is one of the best restructuring stories in Asia," Goldman's chief strategist for Asia, Anand Aithal, told reporters.Reuters - 245 words
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Article, Illustration501 1999-09-04 5 AFX-Asia [JAKARTA] The scandal surrounding PT Bank Bali could knock several percentage points off economic growth next year by stalling the revival of bank lending to the credit-starved industrial sector, analysts said. In the meantime, the rupiah and interest rates will bear theAFX-Asia; AFP - 501 words
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525 1999-09-04 5 Issues are for Bank Central Asia, shrimp farm Dipasena Bloomberg [JAKARTA] The Indonesian Bank Restructuring Agency (Ibra) has asked for proposals from banks to underwrite the initial public offering of PT Bank Central Asia, as part of a series of asset sales promised byBloomberg - 525 words
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THE REGION
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701 1999-09-04 6 Eddie Toh - PM's decision to skip Nov Apec summit fuels more talk of snap election From. Eddie Toh in Kuala Lumpur FLAGS in Malaysia may portend a coming election. And going by the sea of flags in towns big and701 words
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397 1999-09-04 6 HONGKONG Merger papers show shares are valued at 7.69 times earnings Reuters THE Stock Exchange of Hong Kong and The Hong Kong Futures Exchange Ltd yesterday released proposed terms for the merger of the two exchanges that valued the new entity well below currentReuters - 397 words
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187 1999-09-04 6 MANILA AFP PHILIPPINE authorities will allow more foreign banks to operate here, President Joseph Estrada's spokesman Fernando Barican said yesterday. The central bank "intends to further liberalise the banking environment by working, over a limited period, for the entry of more foreign banks",AFP - 187 words
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Article, Illustration262 1999-09-04 6 KUALA LUMPUR Bernama FORMER US Secretary of State Henry Kissinger will join a select group of top American chief executives to promote closer business and economic relationships between Malaysia and the United States. They will be members of the newlyBernama - 262 words
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Article, Illustration320 1999-09-04 6 JAKARTA Announcement brought forward from Tuesday AFP, Reuters INDONESIAN armed forces chief General Wiranto said yesterday he had been told the results of East Timor's landmark autonomy vote would be announced today. "I was told that the announcement of the result of the consultationAFP,; Reuters; REUTERS - 320 words
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274 1999-09-04 6 TAIPEI Reuters TAIWAN'S Chinese Petroleum Corp yesterday revealed plans to build a US$6OO million (Ssl billion) petrochemical plant in the Philippines, a move seen as way of coping with the loss of its domestic energy monopoly. Spokesman Liao- Chunglung said the plantReuters - 274 words
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NOTE Book
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77 1999-09-04 6 Bloomberg [JAKARTA] Indonesia's consumer prices fell for a sixth month in August, aided by lower prices for staple foods such as rice and eggs, Indonesia's Bureau of Statistics said yesterday. The consumer price index tell 0A per cent last month, after fallingBloomberg - 77 words
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68 1999-09-04 6 Reuters [HANOI] Vietnam has issued a decree paving the way for the country's first bank deposit insurance company, but it was unclear if foreign banks would need to comply with the ruling, an official said yesterday. The official from the central bank said DecreeReuters - 68 words
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63 1999-09-04 6 AFP [PHNOM PENH] The Cambodian National Bank yesterday warned currency speculators against "economic terrorism" after the local rial currency foil slightly against the US dollar. The bank urged traders to look at favourable economic indicators, including a largely positive International Monetary Fund visit, and '"notAFP - 63 words
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86 1999-09-04 6 AFP [AUCKLAND] Top security foxes including coda names related to US President Bill Clinton's visit hare next weak for the Apec summit are arriving in a chicken processing factory, the New Zealand Herald reported yesterday. Instead of orders for chickens, foctory manager Sa)iAFP - 86 words
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Article, Illustration657 1999-09-04 7 BOMBAY Opinion polls pointing to stable govt after elections this month also cheer market Bloomberg SIGNS that India's economy may be turning the corner are making stock market stars out of stragglers like the biggest truck maker Tata Engineering Locomotive Co and cement makerBloomberg; Source: Bloomberg - 657 words
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Article, Illustration486 1999-09-04 7 SEOUL Group's problems worsen as suppliers hold back on delivery of parts Bloomberg DAEWOO Group affiliates, including its automotive and the electronics units, have been running their plants at partial capacity this week because of a shortage of components. The move suggests thatBloomberg; REUTERS - 486 words
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ASIA Notes
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88 1999-09-04 7 Reuters [SYDNEY] The Australian government will unveil details of the Af 17 billion (Ssl&s billion) sale of Telstra Corp Ltd shares on Monday, the biggest offering in Australian history. Finance Minister John Fahey and Telstra chief executive Ziggy Switkowski will launch the offerReuters - 88 words
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101 1999-09-04 7 AFP [TOKYO] The Japanese government will start a new trade insurance programme this month to boost trade with other Asian countries, a report said yesterday. The international trade and industry ministry will encourage Japanese banks to extend loans to other Asian banks which offerAFP - 101 words
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67 1999-09-04 7 Reuters [BEIJING] China's value-added industrial output is likely to grow 9.29 per cent year-on-year in August, according to a poll of non-government economists. Value-added industrial output grew 9.3 per cent in July from a year earlier, official data showed. Economists said industrial outputReuters - 67 words
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111 1999-09-04 7 AFP [SEOUL] South Korea yesterday issued a stern warning to North Korea against attempting to cross its disputed sea border with the South, hinting it could resort to military might to defend the boundary. Seoul also put maritime police in the area on alertAFP - 111 words
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238 1999-09-04 7 Seoul Bloomberg SOUTH KOREA said yesterday it win spend another 4.5 triUion won (556.4 biUion) by around Sept 20 to keep SeoulBank afloat after HSBC Holdings pic abandoned a sixmonth takeover bid. The Korea Stock Exchange suspended trading in the bank's shares, withBloomberg - 238 words
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281 1999-09-04 7 BEIJING Bloomberg CHINA Unicom, the nation's No 2 phone company, said it must terminate by the end of this month more than 30 joint ventures with foreign companies that exploited a regulatory loophole to develop telecommunications networks in mainland China.Bloomberg - 281 words
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425 1999-09-04 7 WASHINGTON Reuters THE United States and China have agreed to resume talks next week on Beijing's request to join the World Trade Organisation, five months after Nato's bombing of the Chinese Embassy in Belgrade halted negotiations. The ClintonReuters - 425 words
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271 1999-09-04 7 BEIJING FT CHINA has issued a series of regulations that severely limit foreign companies' ability to conduct market research, threatening to disrupt the inflow of foreign investment. The rules, issued recently by the State Statistics Bureau (SSB) but not published in the media, requireFT - 271 words
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Page 6 Advertisements
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Advertisement649 1999-09-04 6 mit' j C.KTANG J (Incorporated in the Republic of Singapore) Registered Office:- 310 320 Orchard Road, Singapore *****4 NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN that the 39th Annual General Meeting of C. K_ TANG LIMITED will be held at Belimbing Room, Level 2, Marriott Hotel, 320 Orchard649 words
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Page 7 Advertisements
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Advertisement463 1999-09-04 7 I^^—■—^— CKTANG (Incorporated in the Republic of Singapore) Registered Office: 310 320 Orchard Road, Singapore *****4 NOTICE OF EXTRAORDINARY GENERAL MEETING NOTICE IS HEREBY GIVEN that an Extraordinary General Meeting of C. K. TANG LIMITED will be held at Belimbing Room, Level 2, Marriott Hotel, 320 Orchard Road, Singapore *****5463 words
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THE WORLD
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527 1999-09-04 8 Shada Islam - Euro MPs happy with all but three members of new 19-man team From I Shada Islam in Brussels A NEW European Union Executive Commission, headed by former Italian prime minister Romano Prodi and including Hongkong's last governor Chris Patten527 words
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483 1999-09-04 8 LONDON Reuters WESTERN governments are trying to limit the political damage from Investigations into alleged Russian laundering of international financial aid rather than questioning their support for President Boris Yeltsin. As details emerge of separate probes into the alleged recyclingReuters - 483 words
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Article, Illustration487 1999-09-04 8 LOS ANGELES Net seen spreading beyond PCs into a variety of devices Reuters THE Internet is just now leaving its Stone Age, scientists and entrepreneurs said on Thursday at a conference to mark the 30th anniversary of the vast network that hasReuters; REUTERS - 487 words
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Article, Illustration73 1999-09-04 8 [SAN SEBASTIAN, Spain] An employee removing bottles ofßudweiser beer from a deposit in San Sebastian on Thursday. Anheuser-Busch, the world's largest brewer, said it recalled 5.8 million twist-off bottles of Budweiser in 12 European countries, adding to a summer of food and drinksREUTERS - 73 words
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172 1999-09-04 8 m NEW YORK AFP RUSSIAN mobsters are trying to infiltrate Western banks by placing moles in key positions, US investigators said in a Wall Street Journal report Thursday. The financial daily said public information supporting the charge is scant, but investigatorsAFP - 172 words
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542 1999-09-04 8 PARIS France slashes sales taxes; Germany to cut corporate tax Bloomberg EUROPEAN governments are cutting taxes to prolong the fastest economic growth in a decade. This time there's no danger that the extra revenue generated by the expansion will be eaten up byBloomberg - 542 words
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297 1999-09-04 8 NEW YORK Bloomberg NEW York City has said it will create a US$25 million (Ss42 million) fund to invest in start-up technology companies as an incentive for them to situate in the nation's largest city. Telecommunications, biotechnology, Internet andBloomberg - 297 words
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467 1999-09-04 8 NEW YORK Virus, geared to strike on Dec 13, can wipe out hard disks Reuters A NEW computer virus which infects Microsoft Word documents and threatens to wipe out computer hard drives on Dec 13 has been identified, but experts on ThursdayReuters - 467 words
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EXECUTIVE LIFESTYLE
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Article, Illustration695 1999-09-04 9 PARVATHI NAYAR - Necessary Stage's novel museum jaunt fails to connect with audience, says FABVATHX HATAR PARVATHI NAYAR THE lines between theatre, performance art, and installations can get very blurred today. The public has long suspected, with some justification, that the more incomprehensible art becomes, the more critics rub theirFILE PHOTO - 695 words
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Page 9 Miscellaneous
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Miscellaneous1959 1999-09-04 9 CRYPTIC CROSSWORD 1 Slaughter huge number by Outremer fort (8) HH Sb ggjg 5 Good landlords serve spirits (6) 9No marines join forces in gen- 3 I I I I I I I eral (8) 188 ~■H HBr ■H" 12 Dropping in at the pub to get I I cheap1,959 words
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US OPEN
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Article, Illustration812 1999-09-04 10 The war of teen tennis tongues wages on, with Serena Williams returning with a hard-hitting, passing shot NYT, LAT-WP, AFP [FLUSHING MEADOWS, New York] SERENA WILLIAMS glanced down, pouted her lips and surveyed the size of her mouth. Not big, not big at all. This did not matchNYT,; LAT-WP,; AFP - 812 words
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Page 10 Advertisements
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Advertisement435 1999-09-04 10 Where to wine, dine and (jjjasSir CELEBRATE THE LAST CENTURY WITH DE GRAND /hipf>\ limn to 'J fMlpiu I kit |>rr |itt; N'l (HI. > fl ret' ilbih J JjSli CITY THAI SHAKKSnN KISTAUKANT 1 Braised Superior Shark's Fin w/Crabmeat 4 JE3£ Braised Superior Shade's Rn wCrabmeat a Ofpotperpenon) Braised435 words
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Advertisement30 1999-09-04 10 \\\GH TEa At Every Saturday, Sunday 8t Public Holiday iQP Noon to 5.00pm *JRF Adult: $23+ < R*«oWln( Child: $15+++ »«tk floor Reservations: *****58/88 333 Orchard Road, Singapore *****7 Tel: *****1130 words
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COMPANIES & MARKETS
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531 1999-09-04 11 Soh Tsang Keng - Revamp aims to help it be more flexible with impending liberalisation of insurance industry By\ Soh Tsang Keng [SINGAPORE] Great Eastern Life Assurance (GE Life) will be revamped to give the group greater flexibility to develop new531 words
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Article, Illustration306 1999-09-04 11 [SINGAPORE] Singapore Bus Service (SBS) yesterday posted an 18.6 per cent rise in interim net earnings to $19.2 million despite lower advertising revenue. For the period to June 30, 1999, turnover for the sepa-rately-listed transport unit of Delgro Corp fell 4.7FILE PHOTO - 306 words
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581 1999-09-04 11 Al Labita - HOCK LOCK SIEW Al Labita SAN Miguel Corp's sale of some of its equity assets has sparked a guessing game among analysts. Not only is the SMC group flush with cash it boasts a cash hoard of over US$l billion (Ssl.7 billion)581 words
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399 1999-09-04 11 [SINGAPORE] Mainboardbound haulage and heavy equipment specialist Tiong Woon Corp yesterday launched its initial public offering (IPO) of 56.6 million shares at 20 cents each. Based on the group's unaudited profits of $3.7 million for the year ended June 1999,399 words
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418 1999-09-04 11 Marissa Chew - Bnt both see profitability weakening in H2 By\ Marissa Chew UNITED Industrial Corp (UIC) and its subsidiary Singapore Land yesterday posted strong interim profit growth up by two-thirds and 47 per cent respectively but both companies warned that rising interest rates and a weak418 words
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Article, Illustration488 1999-09-04 11 Ven Sreenivasan - It made $128,000 of the $220,000 raised for charity By Ven Sreenivasan [SINGAPORE] OUB Asset Management (OUBAM) came out tops in the final lap of the SES Charity Investment Race, accounting for some $128,000 of the $220,000 total raised in a one-yearLIANHE ZAO BAO - 488 words
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334 1999-09-04 11 Teh Hooi Ling - By' Teh Hooi Ling [SINGAPORE! The Securities Investors Association of Singapore (SIAS) has urged Malaysia to release Malaysian shares formerly traded on Singapore's over-the-counter market, Clob International, in view of its recovering economy. "Economic justifications to withhold tradability of Clob securities are diminishing334 words
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COMPANIES
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554 1999-09-04 12 Harish Mehta - Offer doubled to 12.4b baht for 75% stake, but analysts say it's a good bay From Harish Mehta in Bangkok AFTER several false starts, Britain's Standard Chartered Bank won a bruising twoyear bidding battle to take a 75 per cent stake in Thailand's554 words
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Article124 1999-09-04 12 As of yesterday, 111 SES-listed companies had released their financial results for the six months ended June 30,1999. They recorded a combined $3,264.8m in group profits, up 73.2% over the same period last year. The total included nine foreign companies listed here. If they were excluded, total profits124 words
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272 1999-09-04 12 [SINGAPORE] Despite recording a 52 per cent increase in turnover to $699 million for the six months ended June 30, Asia Food and Properties yesterday reported a 61 per cent earnings plunge to $38.3 million largely because of a steep drop in272 words
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AT A GLANCE
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138 1999-09-04 12 GENERAL Magnetics has reported a 326 per cent jump in net profits to $2.1 million for the six months ended June 30, despite a 19 per cent drop in turnover to $16.5 million. The company said this was mainly due to a $1.4 million compensation138 words
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115 1999-09-04 12 FALMAC yesterday reported a loss of $2.2 million for the six months ended June 30, down 35 per cent from a $3.4 million loss a year ago. Turnover fell 7.5 per cent to $10.,4 million, due mostly to a drop in sales of machines115 words
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179 1999-09-04 12 Reuters [HONGKONG] Jardine International Motor Holdings Ltd said yesterday it was holding talks with DaimlerChrysler AG on the latter's possible participation in the distribution of Mercedes-Benz vehicles in Hongkong and Macau. The German-US automaker had indicated a wish to take part in the distribution ofReuters - 179 words
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Article, Illustration80 1999-09-04 12 %J A [BEIJING] A Chinese operator checking a storage deck inside a new cargo terminal in Beijing's Capital International Airport yesterday. The newly-opened US$3O million (Ssso million) cargo terminal, run by a joint venture between Singapore Airport Terminal Services and Beijing Capital International Airport, handles moreREUTERS - 80 words
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568 1999-09-04 12 It will tap Thai retailer's JntuhaM of customers Bloomberg [BANGKOK] Dishing out more credit cards in Thailand, where half of all bank loans are in default, is a risk Citigroup Inc is willing to take to charge ahead of local rivals.Bloomberg - 568 words
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Article, Illustration488 1999-09-04 12 Siow Li Sen - Resurgence seems to have come at expense of OCBC By I Siow Li Sen [SINGAPORE] United Overseas Bank (UOB) is basking in its newfound investorfriendly image, with its share prices further boosted yesterday by talk that it is only aSource: Reuters - 488 words
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192 1999-09-04 12 Bloomberg [HONGKONG] Sing Tao Holdings Ltd, a money-losing newspaper publisher taken over by Lazard Asia Ltd in April, may give shareholders a special cash dividend after re-launching its flagship papers and improving its computer systems, executives said. The company is selling its lastBloomberg - 192 words
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COMPANY Briefs
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48 1999-09-04 12 [SINGAPORE] DBS Land unit Raffles Holdings has promoted' Richard C Heifer to chief executive officer from chief operating officer, effective Sept 1. Mr HeUfr,jvho is also Raffles Holdings president, joined the DBS Land group in 1969 and holds directorships in 47 companies.48 words
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53 1999-09-04 12 (SINGAPORE) Following a series of buy and sell transactions, at prices of between $28.13 and $29.07, The Capital Group Companies Inc now owns 19.2 million Singapore Press Holdings shares, or 5.27 per cent of the listed company, up from 18.3 million shares or 5.0253 words
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Article75 1999-09-04 12 [SINGAPORE] New Toyo International Holdings has formed a Joint venture with The Cigarette Packaging and Spare Parts Printing Enterprise-Vinataba Vietnam in Ho Chi Minh City, to manufacture and sell corrugated carton packaglngs. The joint venture company, Vinatoyo Company, will have capital of US$l.3 million75 words
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45 1999-09-04 12 [SINGAPORE] Pacific Can Investment Holdings has come under judicial management, following a High Court order yesterday. It was placed under interim judicial management last month. Steven Lim, Nicky Tan and Tay Swee Sze of Arthur Andersen remain as the judicial managers.45 words
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Article62 1999-09-04 12 [SINGAPORE] Acer Computer International has injected NT$26O million (5513.8 million) into Internet business development company Acer Digital Services Corp (ADSC) by subscribing for 26 million shares of NT$lO each at par. Acer's stake represents 33.33 per cent of ADSC's equity. The other owners are62 words
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71 1999-09-04 12 [SINGAPORE] Pacific Century Regional Developments has secured in-principle approval from the Stock Exchange of Singapore for the listing and quotation of a block of new shares that it is issuing to pay for a stake in a Hongkong-listed company. PCRD has agreed to71 words
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47 1999-09-04 12 [SINGAPORE] Serial System is changing its financial year-end from June 30 to Dec 81, saying that this would allow for its financial year-end to match those of its overseas associate companies, as well as that of most other electronics companies in Singapore.47 words
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Article35 1999-09-04 12 [KUALA LUMPUR] Maybank has signed in-principle merger agreements with Delta Finance and Amanah Merchant. It is also slated to take over EON Bank, EON Finance, Kewangan Bersatu, MIMB and Sime Finance.35 words
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Article50 1999-09-04 12 [KUALA LUMPUR) Prolink Development has struck an options deal with two individuals for the sale of 4&8 million Malaysian ringgit (5521.7 million) worth of irredeemable convertible unsecured loan stocks to than. The ICULS were issued by Farlim when it bought 130 ha of land from Prolink.50 words
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Article77 1999-09-04 12 [KUALA LUMPUR] Debt-laden Faber Group has proposed an issue of five-year zero coupon redeemable convertible secured bonds to raiae 1.23 billion Malaysian ringgit (***** million) and an issue of nominal value five-year zero per cent irredeemable convertible unsecured loan stocks to raise RM33O million Faber, which is77 words
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Article, Illustration527 1999-09-04 13 Move will allow more time for regulatory issues to be resolved Bloomberg [NEW YORK] New York Stock Exchange directors have pushed back the timetable for a possible initial stock sale from Thanksgiving to next year to allow more timeBloomberg; REUTERS - 527 words
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409 1999-09-04 13 Reuters [WELLINGTON] Ansett New Zealand chief executive Kevin Doddrell yesterday dismissed as speculation a media report that industrial action by pilots at the domestic airline had helped scuttle plans for Qantas to purchase it Ansett New Zealand is owned by News Corp, which wantsReuters - 409 words
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GLOBAL Briefs
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Article91 1999-09-04 13 Bloomberg [BRUSSELS] Exxon Corp and Mobil Corp must accept a European Union deadline for selling assets or risk having their planned US$B5 billion (*****.8 billion) merger blocked, an EU official said. The companies are demanding more time to complete the asset sales required for approvalBloomberg - 91 words
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70 1999-09-04 13 Bloomberg [TORONTO] Canadian Imperial Bank of Commerce's fiscal third-quarter profit rose 1.6 per cent as growth in personal and commercial lending at Canada's largest bank was offset by higher costs and bad loan provisions. Profit before one-time items for the quarter ended July 31Bloomberg - 70 words
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Article49 1999-09-04 13 AFX-Asia [HONGKONG] Cisco Systems said it will on Sept 9 announce an alliance with a leading telecommunications company to develop communications services for Hongkong. Local fixed-line operators include Cable Wireless, Wharf (Holdings) Ltd's New T&T, New World Telephone and Hutchison Telecom. —AFX-AsiaAFX-Asia - 49 words
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Article73 1999-09-04 13 Reuters [FRANKFURT] The head of Germany's Commerzbank AG told Die Welt in an interview published yesterday that he was considering merging the bank's investment banking operations with those of its European partners, but he indicated such a move was not imminent. It quoted Martin Kohlhaussen asReuters - 73 words
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67 1999-09-04 13 AFP [JOHANNESBURG] Soft drinks company Coca-Cola announced on Thursday that it had bought the soft drinks business of Cadbury-Schweppes in South Africa for 1.5 billion rand (*****.S million). The sale includes the operations of Cadbury-Schweppes in Botswana, Namibia, Lesotho and Swaziland. Peter Bester, the chairman ofAFP - 67 words
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91 1999-09-04 13 Bloomberg [MELBOURNE] Computershare Ltd, Australia's largest share registry and securities software company, doubled its second-half profit helped by acquisitions of share registry businesses in South Africa and the UK. The company, which is trying to takeover the Sydney Futures Exchange, said it made a profit beforeBloomberg - 91 words
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70 1999-09-04 13 Bloomberg [TOKYO] Sanwa Bank said it will begin sales of mutual flinds on Sept 20, after regulators lifted a year-long ban that kept it on the sidelines while rivals pushed ahead into one of Japan's most hotly contested areas. Sanwa was barred fromBloomberg - 70 words
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342 1999-09-04 13 Bloomberg [SEATTLE] Boeing Co, the world's biggest aircraft maker, said it will take a thirdquarter pre-tax charge of US$225 million (*****.6 million) after losing overseas sales of its F-15 fighter jet to rival Lockheed Martin Corp. The chargeBloomberg - 342 words
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213 1999-09-04 13 Bloomberg [SAN JOSE] Cisco Systems Inc chief executive John Chambers made almost US$l2l million (*****.5 million) from exercising stock options In the last fiscal year, benefiting as shares of the No 1 Internet equipment maker almost doubled. Mr Chambers also got options thatBloomberg - 213 words
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Article, Illustration365 1999-09-04 13 Retail brokerage business estimated at 8b euros AFP [PARIS] Share trading on the Internet is set to explode in Europe, with the number of online trading accounts seen soaring to 8.3 million by 2002, 20 times the level inAFP; Source: JP Morgan bank - 365 words
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396 1999-09-04 13 Liffe to start e-trading of interest-rate futures New system signals eventual end of 'open outcry' system Bloomberg [LONDON] The London International Financial Futures and Options Exchange will offer electronically traded sterling interest-rate futures contracts for the first time on Monday, signalling the beginning of the end for pit trading. TheBloomberg - 396 words
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Article, Illustration356 1999-09-04 13 FT [SAN FRANCISCO] Microsoft signalled a head-to-head battle with Sun Microsystems on Thursday when it revealed plans to offer its top-selling office software as a service on the Internet. The software industry leader moved swiftly to blunt a challenge from Sun, aFT - 356 words
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Page 13 Advertisements
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Advertisement7 1999-09-04 13 TODAY K Uanhe laobao mm pros sumo7 words
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FINANCE & COMMODITIES
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672 1999-09-04 14 NatWest in talks to buy Legal General If £10.7b deal goes through, it'll create a financial services group with a £30b market value Bloomberg [LONDON] National Westminster Bank pic said yesterday it was in talks to acquire life assurance and pensions group Legal General (L&G) Group pic in a dealBloomberg - 672 words
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300 1999-09-04 14 It's the Ist high profile tax penalty on a foreign bank [TOKYO] Credit Suisse Trust Bank has been forced to pay 2 billion yen (Ss3l million) of back tax and penalties to the Tokyo tax bureau after an inspection found the group had300 words
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Article, Illustration346 1999-09-04 14 Euro/UBs: Euro/US$ rebounded to touch a high of 1.0733 on Thursday, true to the oversold stochastics seen last week, before easing slightly to trade around 1.0675 yesterday morning. Further upside can be expected given the bullish cut-over of the MACD and signal line. The next targetSource: DBS Bank - 346 words
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262 1999-09-04 14 Anti-trust approval for merger conditional on sale [WASHINGTON] Fleet Financial Group, the ninth-largest US bank holding company, received US antitrust clearance to buy Bankßoston after agreeing to the largest sale of branches in US history. Fleet and Bankßoston agreed to sell 306 branches in262 words
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282 1999-09-04 15 Daphne Tay, Jardine Fleming - «iMm Reports MS& Singapore Index Daphne Tay, Jardine Fleming THE Singapore stock market yesterday reeled on the back of overnight losses on Wall Street and generally weak regional markets. The rise in the Singapore 3-month interbank rate by 12.5 basis points to 2.375 per cent282 words
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168 1999-09-04 15 Cecilia Woo Refco Singapore - MSCI Taiwan (Mores Cecilia Woo Refco Singapore THE Simex MSCI Taiwan Stock Index futures contract yesterday took a ride down of 12.2 points foUowing in the direction of the Taiwan Weighted Price Index which closed 152.18 points lower yesterday. Investors stayed out of the168 words
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226 1999-09-04 15 ENERGY REPORT Reuters [LONDON] OU prices yesterday made a partial recovery from two days of decline, underscoring the resUience of a seven-month-old raUy. Benchmark Brent crude traded up 22 cents at U5521.02, preparing for another assault on Wednesday's U5521.48 peak, as dealers refocused attentionReuters - 226 words
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Article321 1999-09-04 15 AFP, Reuters THE US dollar staged a sharp recovery yesterday as weak-er-than-expected US August jobs data spurred a rally in US assets, but its rebound was seen as unsustainable. US August non-farm payrolls rose 124,000 compared with an expected 220,000 and versus a revised 338,000 rise in July.AFP,; Reuters - 321 words
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Article, Illustration1065 1999-09-04 15 IMTOIBIWE OQ8S KATB8 *> o i* a— f» o» ws y in m mm* n$$ u m* wt minmi mi Aastm* 0.967 6.178 0X04 3.999 l«0 5.013 ***** SOiSM 0.710 7Ml 2.453 124(3X359 25X51 1009 3X99 09M ***** 24.992 0.401 0X46 CM* 10* 5X42 0X24 <095 1221 UN 29.052 *****1,065 words
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Article1584 1999-09-04 15 gCOMFOTUEBS Sep; RS$ 1 CONTRACT S :KttsA<jj CftNO VofaM OpOB m«tt IP* Low Sott Bui fcttroot Od 99 9SJ5 95.25 9425 400 MOO No* 99 9U0 9190 9175 50 350 OK 99 9175 ZOO Jon/MorOO *****5 300 Apr/Jw 00 107.75 M5# 00 H75 K$$ 3 CONTRACT (US cMbfa) Votaaw Opon1,584 words
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Article3837 1999-09-04 14 KM Mm CPS Mrtton Sop t I ixOft 1946 LM 043 Ooto TV LY TV LV Motro Jun 25 P 1777L 3XML Ml Ul Csmgsny aw (fen) Itmi (cts) (et*) Motatock Jun 4 P 1.772 1426 Ml 4.7ft —i______ Mtng Waft USS Aug 17 6JT7 UU3,837 words
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Article, Illustration1341 1999-09-04 16 AFP Q Hug Seng -MMS HONGKONG share prices dropped 1.4 per cent yesterday as worries flared anew over the prospect of a third successive US interest rate increase, dealers said. "There were several issues overhanging the market including worries over a further US interest rate hike," said Alex Tang,AFP - 1,341 words
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Article, Illustration542 1999-09-04 16 Reuters, AFP Q Shenzhen B Index -(186 SHANGHAI'S B shares closed 1.9 per cent lower yesterday in slow trading, with cautious sentiment reducing demand, analysts said. The Shanghai Stock Exchange B Share Index, which tracks shares nominally reserved for foreigners, shed 0.85 point to 44.38. The A Share IndexReuters,; AFP; Source: Credit Lyonnsis Securities(Asia) Ltd - 542 words
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Article330 1999-09-04 16 AFP QWP lata -152-18 TAIWAN share prices closed 1.8 per cent lower yesterday on selling across the board due to sharp overnight losses on Wall Street, dealers said. "Selling was mainly sparked by the fall in the US market overnight and latest reports that Morgan Stanley had advised itsAFP - 330 words
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Article2125 1999-09-04 16 Mistrials 1—1 NH *h 3i Group aw -0.11 AMayNatianai 10.13 -054 A B Foods 4.25 -ail A B Port* 3.35 0.04 AltriZlMCI 24.19 -0.16 ABiad Dofliacq 9.79 -050 ASM Zurich 756 -0.06 Anglo Amortcan Gold 43.70 unch ASOA Croup 250 unci) Sank of Scotland 7.34 -052 Barclays2,125 words
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Article1600 1999-09-04 16 AFP Nikkei 225 -t» SHARE prices in Tokyo closed marginally lower yesterday as profit-taking offset earlier gains, brokers said. The Nikkei Average of 225 leading issues on the Tokyo Stock Exchange eased 1.26 points to finish at 17,629.99. The broader Topix Index of all issues on the first sectionAFP - 1,600 words
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Advertisement10 1999-09-04 16 HOCK LOCK SIEW Takes you behind the news TheßusinessTimes SIMOAPOBB10 words
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KUALA LUMPUR STOCK MARKET
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Article7849 1999-09-04 17 MMffllMLS Cmsmmt prWicti Laat V*4 Day Net Cap Ui ega «n -poo wm. L— m. %m* 440 2SS Apnomoto 320 20.3 129.7 "4 46 Angkasa MM 2 97 KM 103 136.3 404 220 AppapFood Hlg 320 -4 10 324 320 HI 1210 294 115 BerJayaLand 200 7 567 201 1887,849 words
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Article, Illustration339 1999-09-04 17 AFP □Composite Index ♦tjj MALAYSIAN share prices ended 1.3 per cent higher yesterday on a technical rebound after two consecutive days of sharp losses, dealers said. The Kuala Lumpur Stock Exchange Composite Index rose 9.80 points to finish at 745.32. The Second Board Index addedAFP - 339 words
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Advertisement29 1999-09-04 17 Classified First. T -Want to pickup a new hobby? Or simply join the paper chase? Lesson number one: Check The Straits Times Classified First. |cata| Buv h Mk Flndh29 words
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WARRANTS, OPTIONS & REGIONAL MARKETS
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147 1999-09-04 18 R Sivanithy - WARBAMT WATCH -By] R Sivanithy ONE of the longest dated local warrants is the Boustead 2004 instrument, which has been featured in this column only once before. Back then, a buy recommendation was issued. The counter subsequently enjoyed a lift from the liquidity-driven147 words
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Article2058 1999-09-04 18 BONDS. LOANS ft VARIANTS ta«« V«t Day Last Owta Ay* H*9* Law »toa Campany SM *af COOP) Hlgfc Lai Buyar SaMar Prtca KM 3 i 3160 *Acar ******1USS 47.5 unch 291 48 5 47 47 47.5 50 4.5 t 3144 Aetna ******4 35.5 -0.5 171 37 35 35.5 37 362,058 words
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Article202 1999-09-04 18 MMMW STOCK Or Or MW> v Lwtewt* Oh Ok VN M MCw Ht» L— Stn. Cumin W» COOP) HH» L— gggr m> Cw >/| If* 365 173 5123 CDL(2000)HK 285.0 305 8 3.7 24 97 5124 C*h»y P«c 20c MK_720 id 265 2.1 7,4 0 *****/4 5125 Clwun9Konq50cHK.T780cd202 words
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Article, Illustration698 1999-09-04 18 AFP n Composite Index -5J2 INDONESIAN shares closed yesterday one per cent lower with the market awaiting government steps to tackle the Bank Bali scandal and the vote result in East Timor, dealers said. "I think they were selling this market for the same reason as in the pastAFP - 698 words
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Article, Illustration858 1999-09-04 18 AFP FISET Index +4.42 THAI share prices closed one per cent higher yesterday on late bargain-hunting mainly in banks and finances after recent sharp losses, dealers said. Volume was thin however with many investors sidelined over concerns about the baht along with the possibility of a further US interestAFP - 858 words
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Article292 1999-09-04 18 AFP n Manila -186 PHILIPPINE share prices closed 0.2 per cent lower yesterday pulled down by the performance of the US market, analysts said. The Philippine Stock Exchange Composite Index fell 3.86 points to 2,155.09 points. Volume fell to 691 million shares worth 2.3 billion pesos from 946 millionAFP - 292 words
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Article381 1999-09-04 18 AFP Composite lada +1L66 Share prices on the Korea Stock Exchange rose 1.3 per cent yesterday in volatile trade, with gainers led by semiconductors and oversold brokerages, dealers said. The Composite Index closed up 11.65 points at 910.62, off a low 0f887.76 and a high of 920.82. Retail investorsAFP - 381 words
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Article608 1999-09-04 18 AFP flOMMji -3L3 AUSTRALIAN share prices shed one per cent yesterday with investors taking their cue from Wall Street, brokers said. The Australian Stock Exchange's benchmark All Ordinaries Index slipped 31.3 points to 2,962.4. Turnover totalled 357.80 million shares worth A 5847.8 million. The All Industrials Index was downAFP - 608 words
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Article271 1999-09-04 18 AFP Q Wellington -15.73 NEW Zealand stocks ended down 0.7 per cent yesterday, with investment company Strathmore Group bolting ahead while publisher Independent Newspapers Ltd took a hit. The NZSE-40 Capital Index was off 15.73 points at 2,138.76 on volume of NZ$5l.4 million. —AFP m rmm Atfvtntag* HDS 2.5SAFP - 271 words
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Page 18 Advertisements
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Advertisement14 1999-09-04 18 to ihi^caT^X advertisement to J WW I the very I that I found rm14 words
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5868 1999-09-04 19 Transaction date: Sep 3 Last Vol Dlv Last Quota Dtv CMv Yld MM Cm Am ComMny SaM C800) Ml|> U» Buyar M« Cyr p/r 5 mil Prtca HUtTHNOUSTRY 182 17.5 m b 1000 Acma 50c 128 67 128 125 126 130 10 33 395,868 words
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Article934 1999-09-04 19 1MU iff V* ""V OHO—«» M Mf W NH cJp Aw| -3? 1*! lw> C *WI M* *f~ fOOBI H» C— 4nyr Mr Cw W t3T W MAMUFACTUMW 43 c 2049 AS Auto 10c 143 -I 134 143 141 Ml WJ 10 N 0J vu« tar i\ >g is^934 words
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Page 19 Advertisements
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Advertisement14 1999-09-04 19 I USE of today Imagination THE BEST t IMPORTANT PREPARATION AftJ^ TOMORROW J& KNOWLEDGE14 words
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STOCK EXCHANGE OF SINGAPORE
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Article270 1999-09-04 20 Stidi Veteew W HKHk 25,851^000 •Canting M 22.405,000 Asia FoodSProp USS 16,693,000 Eagia Brand HMqs MK75c 10,367,000 GoMan Agri USIOc W,298^000 Noting Inv NT5 9,064,000 WC Corpn 5c 8,969,000 C«~- 8,875,000 •TwChooQlnt50c 8,403,000 ■"»y WUSWc 8,194,000 StKta CSC 67,852,005 Sunway tnt'l HKIOc 31,818,660 nes 23,463,540 DBS Land 19,257,834 1)08 Foreign270 words
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Article, Illustration571 1999-09-04 20 R Sivanithy - STOCK KAUBT COMMHKTABY C&C stock plunges iftin over Merc franchise fears; Wall Street weakness and HE fall add to woes By R Sivanithy FEARS that Cycle Carriage may lose its lucrative Mercedes-Benz franchise, worries that the government's latest land sales policy will571 words
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ON THE GRAPEVINE
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Article87 1999-09-04 20 PHILIP Ng of Far East Organization is quite unlike hit chatty, media-friendly, Hongkong-based brother, Robert Turning down a request for an interview from this newspaper yesterday, he sent his director of corporate affairs Chia Boon Pin to tell the reporter that lots of journalists have asked87 words
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Article123 1999-09-04 20 IN his latest report dated Aug 23, Morgan Stanley's investment strategist Barton Biggs says Asia is still the place to be. "I still believe the EAFE (Europe, Australasia and Far East) Index will outperform the SAP. Tokyo win be the best big market in the world and123 words
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Article136 1999-09-04 20 CUSTOMER service in Singapore is generally not something that will wow yon but the competition between the mobile Phone players seems to be nhanyfag it far telecommunications. We know of somebody who bought a GSM handphone from Sing Tel and it kept throwing up a "Check136 words
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Article105 1999-09-04 20 WE VE heard of eat log and running, but this is ridiculous. Reuters news agency reports that in Hongkong, two robbers who broke into a house on Wednesday and made off with a tidy sum of cash gota home-cooked meal to boot The knife-wielding duo held a105 words
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Article, Illustration61 1999-09-04 20 Teh Hooi Ling - By Teh Hooi Ling KEPPEI Telecommunications and Transportation shares yesterday closed six cents down to $1.93. Some half a million shares changed hands yesterday, slightly more than the average 410,00 units traded in the last ten days. The technical charts suggest the share price may drift down further.61 words
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Advertisement2131 1999-09-04 20 Want to talk investments with your peers? Join our forum at "http://iol.dbs. com.sg" gjpusßANK TJQTTCES 1_ To advertise call toll-free 1800-741 1883 Fax No: 741 1298 IN THE MATTES OF THE COMPANIES ACT, CHAPTER 5t AND IN THE MATTE* OF REMARKABLE ENGINEERING CO. PTE LTD (Former* known M POLY STAR2,131 words
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Advertisement184 1999-09-04 20 MTMBMCTTMOr Tf ooaaa—i ear, aa* ee MmiMMRM M an Odrednanr General Maetng of toe Members of BRIGHT WAY PTE LTD ddy convened and had a 151 Q*t Swae Road K6-06/07 on 25 AuguM 19M toe toajwtog *ade tsaoUton wei duly pemedHESOUra) toat BRWHT mr PTE LID be wound up volunlarty184 words
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