The Business Times, 26 May 2001

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Microfilm: NL22892
Total Pages: 24
1 24 The Business Times
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  • Title Section
    Lock icon Masthead
    15 1 THE BUSINESS TIMES MITA (P) 107/03/2001 SINGAPORE Internet: http://business-times.asial .com.sg/ SATURDAY, MAY 26. 2001 85$
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  • Article
    Lock icon MARKET SUMMARY
    76 1 sn 1487.75 (-4.63) BT-SRI 6MM» (-5.91) ST INDEX FUTT7IES 1,685 (-9.00) SIMSCIFUTURES 20&80 (-1.70) STOCK MABKET INDICES Friday Change KLSE COMP ***** -3.86 NIKKEI 225 13,765.92 -129.87 HANG SENG 13,753.99 -56.61 SET INDEX 311.11 -L16 JAKARTA COMP 390.12 +9.44 MANILA COMP 1,***** -24.45 TAIPEI WPI 5,170.08 -56.71 SEOUL
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  • Article
    Lock icon FINANCE
    80 1 FOREX SATES us$ s$ USS (SS per USS) 1.806 £(USS/SS per 1.412 1550 EURO(l"SS/SS/E) 0.858 1.550 DM 2178 1161 YEN 1201 66.60 RM 3.800 1105 HKS 7.800 4.320 BAHT 45.49 25.20 RUPLAH 11,418 6,324 •S$ to 100 units PRIME SATES SINGAPORE* 5.8(1 KUALA LUMPUR 7.67 JAKARTA 39.00 BANGKOK 8.50
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  • Article
    Lock icon OUB and BNP merger talks are off
    773 1  -  FT cites regulatory problems, but MAS denies intervention in talks From. Angela Tan, Serena Ng, Quak Hiang Whai OVERSEAS Union Bank and BNP Paribas of France have abandoned merger talks after more than six months. "The bank wishes to announce that it has
    773 words
  • Article
    Lock icon Electronic financial services to get $50m MAS boost
    402 1  -  Venture capital fond to act as catalyst for e-banking services By Angela Tan [SINGAPORE] The Monetary Authority of Singapore intends to set up a venture capital fund and grant assistance scheme to help develop the city-state into a leading electronic financial services
    402 words
  • Article
    Lock icon SMRT, Tibs seek to raise fares by possibly 5 cents
    244 1  -  -llexclusive SBS expected to increase fares too but not taxis By* Christopher Tan [SINGAPORE] At least two public transport operators are seeking approval for a small increase in fares, possibly by five cents each. BT understands rail company SMRT Corp
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  • Article
    Lock icon US trims Q1 GDP growth figure to 1.3%
    727 1  -  Inventory correction points to better second hall: analysts Front Catherine Ong in New York THE US economy grew slower in the first quarter than earlier government figures showed, but signs that businesses are fast coming to grips with excessive inventories point to
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      Lock icon Page 1 Advertisements Column 1
      82 1 prams Top Stories HK lowers growth forecast from 4% to 3%. Next Page Announcement on GES-Eltedh deal deferred again. Next Page Now its back in black, Metalock seeks merger. Pg 3 NTUC Income raises assets by 28% to $6.6b. Pg 6 Karim Raslan: Time for South-east Asia to close ranks.
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      130 1 i MOTORING I The Arts Uncertainty jf. mounts as jjfr f fiptl-Y S'pore ybt Mega rejects UCII A actors ill a power-sharing Jag new role Next Page Pa e 2 Back Pase v s- c f• ti(fcjGr v Breguet. La passion laisse des traces. /X/ Wristwatch "Complication" in 18-carat yellow
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      10 1 Greenspan hints of more Fed rate cuts ahead, Pg 10
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  • NEXT page
    • Article, Illustration
      Lock icon Uncertainty mounts as Mega rejects power-sharing deal
      682 2  -  She leaves Cabinet meeting after jnst 20 minutes, ending hopes of last-ditch deal From Shoeb Kagda in Jakarta INDONESIA plunged deeper into political uncertainty yesterday as a last-ditch power-sharing formula offered by President Abdurrahman Wahid was rejected by Vice-President Megawati Sukarnoputri. "Mrs Mega
      REUTERS  -  682 words
    • Article
      Lock icon HK lowers growth forecast from 4% to 3%
      590 2  -  Move follows economy's slower-th&n-expected 2.5% growth for Q1 From Quak Hiang Whai i n Hong Kong IN line with the regional economic weakness stemjning from weakening global demand, Hong Kong yesterday, revised its economic forecast for 2001 downwards by one full point
      590 words
    • Article, Illustration
      Lock icon Announcement on GES-Eltech deal deferred again
      599 2  -  GES cites pending approval for fourth postponement By Serena Ng [SINGAPORE] Computer firm GES International further tested the market's patience yesterday by postponing for the fourth time its long-awaited announcement on buying Eltech Electronics citing a pending approval from a "regulatory body". Amid a
      ARTHUR LEE  -  599 words
    • Article, Illustration
      Lock icon Financial regulators keen to work with players
      576 2  -  They urge di&logne so that roles do not hinder development By) Larry Wee [SINGAPORE] Global regulators must encourage, not hinder, change and innovation in the financial services industry wrought by globalisation, rapid advances in transaction and information technology, and the advent of large,
      RICHARD CHNG  -  576 words
    • ON THE grapevine
      • Article
        Lock icon Drink dealing
        56 2 ASKED when the company first started talks to acquire a controlling stake in Eltech Electronics, GES International's managing director Daniel Yeong said it was probably around two months ago in a bar. "You know, these deals usually get struck at the drinking table, and most of the time
        56 words
      • Article
        Lock icon Getting into the front row
        141 2 FOR decades, Sinologists used to scrutinise the photo-lineup of Chinese leaders at public functions for clues on the pecking order of the Communist leadership. This practice was apparently applied to visiting Hong Kong VIPs to see who the VVIPs are. In a group photo with
        141 words
      • Article
        Lock icon Dim Sum with Superman
        107 2 FRANCIS Leung, who has been dubbed the Father of Red chips in Hong Kong, won a solid public endorsement on Thursday, this time from none other than the territory's richest man Li Ka-shing. At Cheung Kong's annual general meeting, Mr Li told the media that Mr
        107 words
      • Article
        Lock icon Unseat Superman? Dream on
        91 2 SPEAKING of accolades, Li Ka-shing himself received a huge one from Premier Zhu Rongji on Thursday too. In his remarks to visiting Hong Kong tycoons in Beijing, the Chinese Premier promised that those who invest in the Western region of China would become very rich very
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      • Article
        Lock icon No Oil Left
        58 2 NEPTUNE Orient Lines, or NOL, has been variously referred to as No Orients Left, Not One Local, Number One Liner and No One's Listening. Now, with the listing of its tanker business American Eagle Tanker, does this mean that if the group ever decides to divest AET
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  • SINGAPORE companies
    • Article, Illustration
      Lock icon Now it's back in black, Metalock seeks merger
      658 3  -  Executive chairman claims several suitors have already come forward Ven Sreenivasan HAVING bounced back into the black, the debt-free and cash-rich marine services specialist, Metalock Singapore, is seeking a takeover by or merger with a bigger and more established marinesector player. Executive
      658 words
    • Article
      Lock icon Today newspaper's losses dent SMRT profit by $3.5m
      571 3  -  Bnt group still manages 5.2% rise in earnings to $104 m By < Christopher Tan LISTED metro operator SMRT Corp posted a 5.2 per cent rise in net profit to $104 million for the year ended March 31, 2001. Its first yearend
      571 words
    • Article
      Lock icon K1 approached by strategic investors
      303 3 KEPPEL Corp's venture unit, K1 Ventures, yesterday disclosed that it had been approached by strategic investors. Queried by the Singapore Exchange over the substantial increase in price and volume of its shares, K1 said: "We have been approached by strategic investors and we are considering
      303 words
    • Article
      Lock icon Cost-cuttingpaying off in Japan
      837 3  -  hock lEW!Wf!WI anthony rowley There are always winners and losers in any corporate reporting season, but the large number of irauor Japanese companies reporting handsome profit increases for the financial year to March 31 needs some explaining at a time when Japan's economy appears headed back
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    • COMPANY Briefs
      • Article
        Lock icon Chevalier earnings rise 18% to $7.8m
        89 5 CHEVALIER Holdings reported an 18 per cent rise in net profit to $7.8 million. Turnover, however, declined by 34 per cent to $35.9 million due to the decline in lift and escalator installation projects completed during the year. The higher profit was due mainly
        89 words
      • Article
        Lock icon Fu Yu warns of fall in H1 sales
        84 5 FU Yu Manufacturing yesterday warned that sales for the first half of2ool is expected to decline by 30 per cent from the corresponding period a year ago due to the slowdown in the electronics industry and the lack of orders in the
        84 words
      • Article
        Lock icon Green World profit down 1%
        79 5 GREEN World reported a one per cent drop in net profit to $2.9 million for the financial year ended Feb 28. Turnover rose 36 per cent to $123 million on the strong demand from China for stainless steel. However, its gross margin dropped by 2.2
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      • Article
        Lock icon Frontline to buy stake in Philippine firm
        106 5 FRONTLINE Technologies said it will be acquiring a 26.89 per cent stake in IT Holdings (ITH) of the Philippines from Walden AB Ayala Ventures Company Inc. Frontline will pay Walden U*****,292 in cash and 5.4 million Frontline shares valued at $0.22 each. Frontline
        106 words
      • Article
        Lock icon Colorland launches IPO of 20m shares
        94 5 ANIMATION services provider Colorland Animation Ltd yesterday launched an initial public offer (IPO) of 20 million shares at 20 cents each for a main board listing. The company will offer 1.5 million shares to the public, while 18.5 million will be placed out. The
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      • Article
        Lock icon Solectron buys local firm
        80 5 SOLECTRON Corporation yesterday signed an agreement to acquire Singapore Shinei Sangyo Pte Ltd, a privately held manufacturer and designer of enclosures for electronic products. Shinei, which will be renamed Shinei International, will be an independently operated subsidiary within Solectron's newly formed Power, Packaging and Cooling unit,
        80 words
    • Article
      Lock icon Funds from IPOs fall 80% in first four months
      345 5  -  MAS study cites listing deferments, lower subscriptions By Rachel Ong THE global economic slowdown and poor market sentiment have taken their toll on intial public offerings: the first four months of this year saw just 16 new listings on the Singapore
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    • Article
      Lock icon Acma announces rights issue
      269 5  -  By R Sivanithy DIVERSIFIED electronics group Acma Ltd yesterday announced a 7-for-2 renounceable rights issue with free warrants at a whopping 77 per cent discount to the current market price to help pay off its debts. In a statement, Acma said the shares will be offered
      269 words
    • Article, Illustration
      Lock icon Cerebos interim net soars 52% to $30m on tax effect
      575 5  -  By Ven Sreenivasan FOOD and tonic maker Cerebos Pacific recorded better-than-expected earnings of $30.6 million for the half-year to Mar 31, thanks to a big drop in effective tax rate. Analysts had expected Cerebos to post interim earnings around $25
      RICHARD CHNG  -  575 words
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      29 3 MONDAY TUESDAY Knowledge Economy Campus Life WEDNESDAY THURSDAY FRIDAY SATURDAY WEEKLY SPECIALS More than just business news. Six days a week. Plus: New Asia Biz Women and E-News daily.
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  • SINGAPORE markets
    • Article, Illustration
      Lock icon China stocks, new listing Norelco take centre stage
      605 4  -  =11 comment STOCKS r. sivanithy CHINA plays and new listing Norelco Centreline were the dominant themes in the second line yesterday, where the action was again fast and furious. In contrast, blue chips turned in another lacklustre performance. Their lethargy has lasted
      605 words
    • Article, Illustration
      Lock icon Penguin wrt: awaiting the tide
      178 4  -  WARRANT WATCH By R Sivanithy WHAT seems to be happening in the market at the moment is that when a stock starts to move, traders quickly jump on board, while at the same time concocting a story to explain the movement. China seems to be
      178 words
    • Article, Illustration
      Lock icon Hotung looks set to clear 24 US cts
      236 4  -  HOT STOCK By' Ven Sreenivasan TAIWANESE venture capitalist Hotung Investment Holdings has surged on rising volumes recently. It closed 1.5 US cents higher at 23.5 US cents yesterday a 20.5 per cent gain from 19.5 US cents at the start of the
      236 words
    • Article
      Lock icon Yen loses ground ahead of long US weekend
      436 4 AFP [TOKYO] The yen fell against the US dollar in late Tokyo trade yesterday as foreign investors sold the Japanese currency to adjust their positions ahead of a long weekend in the United States. The yen traded at 120.37-40 to the greenback
      AFP  -  436 words
    • Article
      Lock icon Untitled
      339 4 Stocks Volume Norelco 5c 76,356,(XX) K1 Ventures 10c 44,280,000 Frontline 5c 23,208,000 Autron 22,956,000 WahShing HKlc 22,661,000 North 22 USlc 20,738,000 Tianjin Zhong.. 20,463,000 Hotung Inv NT5 19,393,000 Wizoffice 5c 18,348,000 Surface MT HK20c 17.227,000 Stocks Chart Semiconductor 26c 59,532,200 Omni Ind 10c 32,415,700 Norelco 5c 27,339,690 Tianjin Zhong 26,540,693
      339 words
  • Article
    Lock icon UNIT TRUSTS & FUNDS
    2906 4 UNIT TRUSTS FUNDS Manager's prices (Ss):May 26 Aberdeen Asset Mgt Asia Ltd Aberdeen Select Portfolio: Global MNCFd 0.797 0.837 Global Technology Fd!** 0.730 0.768 UK Blue ChipFd!** 0.788 0.828 American Opport Fd 0.877 0.922 Cont Euro Eqty Fd!** 1.082 1.137 Japan Eqty Fdl** 1.274 1.338 Asian Fixed Income Fd 1.097
    2,906 words
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      35 4 ll EXECUTIVE SUITE Get up-to-date on the property niatkut, and look out tor out now wookly legal matters column, interior decor, architecture and gardening stories. |L 5r In The Business Times every Thursday. 1 i
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  • Article
    Lock icon BT SHARE information service
    5311 5 Nat earn CP# MAC Engg 26-Mar P 3.W1 2376 233 23 Data TY LV TY IV Mayfran 22-Mar P 12 0.234 0.62 0.17 Timnrv (im) (Sm) lets) (et»> MCL Land 21-Feb P 25.969 33.818 7 92 company ann L£2i 12-2 5—t-i-S' MPH Ltd tl-May P 17.649
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  • SINGAPORE news
    • Article
      Lock icon Data backs govt view slowdown will not be drastic
      474 6  -  r=H3 on the economy outlook By* Anna Teo THE current economic slowdown actually "compares favourably" with the past three downturns in the 90s, an IDEAglobal report says. And the source of the latest slowdown the electronics downturn is also one of
      474 words
    • Article, Illustration
      Lock icon Another Kembangan condo enters market
      332 6 ANOTHER condominium joins the battle for sales in the Kembangan/Telok Kurau area this weekend. Sunny Palms, a 56-unit freehold project at 65 Telok Kurau Lorong G about five minutes walk from Kembangan MRT will be officially launched today. Earlier this month in the area, Bonvests
      332 words
    • Article
      Lock icon S'pore, Myanmar investment guarantee talks
      260 6 SINGAPORE and Myanmar have agreed to begin talks on a bilateral investment guarantee agreement in yesterday's meeting of the Joint Ministerial Working Committee (JMWC). Myanmar's Minister at the Office of the Chairman of the State Peace and Development Council, BG David Abel, said they had
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    • Article
      Lock icon CPF keeps interest rates unchanged
      179 6 THE interest rate for Central Provident Fund (CPF) savings in Ordinary and Medisave Accounts will remain unchanged at 2.5 per cent a year between July 1 and Sept 30. The computed CPF interest rate derived from the interest rates from February to April works out
      179 words
    • Article
      Lock icon NTUC Income raises assets by 28% to $6.6b
      454 6  -  But insurer is hard put to match last year's performance By) Marissa Chew NTUC Income's total assets grew 28 per cent to $6.6 billion last year, but it says turning in a comparable performance this year will be "challenging". Income chairman Ng
      454 words
    • Article
      Lock icon Reclaimed water to meet 20% of Singapore's needs by 2010
      487 6  -  Initial take-op will be from wafer fobs: Swee Say By Eugene Low WATER reclamation will play a bigger role in satisfying Singapore's water needs, with reclaimed water expected to meet 20 per cent of the island's requirements by 2010, Acting
      487 words
    • Article
      Lock icon FairPrice, Aussie food group to set up themed supennart
      231 6 SUPERMARKET chain NTUC Fair Price signed a memorandum of understanding yesterday with Australian government-linked company Supermarket to Asia (STA) to operate an Australian-themed supermarket at Fair Price's Bukit Timah Plaza branch. Fair Price will put in an initial $600,000 to develop
      231 words
    • Article, Illustration
      Lock icon Seagate installing new automated lines in S'pore plant
      627 6  -  It plans to expand the line of products it makes here By Chua Hui Min US-BASED disk drive titan Seagate Technology is installing new fully-automated production lines at its Ang Mo Kio manufacturing plant which will reduce production time from 20-25 seconds
      ARTHUR LEE  -  627 words
    • Article
      Lock icon Not obvious, but fund does track index
      289 6  -  MAILI»ET*I Raymond Chow Vice-President Corporate Communications Singapore Exchange WE refer to the letter "ETFs: relationship with underlying index necessary" by Ms Sim Siew Tin, Carol (Mailbag, May 18). We would like to take this opportunity to thank Ms Sim for her comments and
      289 words
    • Article
      Lock icon Private banking remark untrue: DBS
      75 6  -  John Dahlberg Managing Director Head of Private Banking DBS Bank I REFER to your article "DBS axes several of its managing directors" (BT, May 23). It mentions that DBS "sometimes requires more than 10 people to sign off on a private banking transaction". I am
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  • REGIONAL news
    • Article
      Lock icon Halim Saad wants more time again
      429 7  -  Tycoon has asked Time Engineering for extra year to honour his pledge regarding Renong shares From Eddie Toh in Kuala Lumpur BELEAGUERED Malaysian tycoon Halim Saad has postponed another share purchase agreement with his stable of companies. He has asked Time Engineering for an
      429 words
    • Article
      Lock icon KL picks China firm for RM6b rail project in palm oil swap deal
      268 7 KUALA LUMPUR AFP MALAYSIA is to award China Railway Engineering Corp a RM6 billion (Ss2.B billion) railway contract as part of a planned palm oil swap deal, transport ministry officials said yesterday. They confirmed a report in
      AFP  -  268 words
    • Article, Illustration
      Lock icon UOB Kay Hian Sec latest to quit PSE
      443 7  -  It is the fifth foreign brokerage to leave the market this year From Al Labita in Manila THE down-in-the-dumps Philippine stock market has claimed yet another foreign stock broking house in Manila Singapore's UOB Kay Hian Securities, which will suspend operations next
      AP  -  443 words
    • Article, Illustration
      Lock icon Time for South-east Asia to close ranks
      877 7  -  WRITER'S JOURNAL Future well-being Is at stake as US, China square off in the Asia-Pacific karim raslan THE Republican administration has taken the high road with China. Reversing the Clinton White House's more accommodating approach and with ageing Cold War warriors such as
      877 words
    • Article
      Lock icon MCA to use private Huaren Hldgs to buy Nanyang Press
      411 7  -  Takeover could happen anytime: exec director From] Eddie Toh in Kuala Lumpur THE Malaysian Chinese Association (MCA) will use its private arm Huaren Holdings instead of listed The Star Publications to acquire Nanyang Press in a widely expected deal that
      411 words
    • Article
      Lock icon Taiwan's Q1 growth lowest in 26 years
      414 7 TAIPEI Govt cuts fall-year forecast to 4% from 5.3% Bloomberg TAIWAN'S economic growth slowed in the first quarter to the lowest in 26 years as exports and factory production fell and record unemployment cut consumer spending. Gross domestic product grew 1.1 per cent
      Bloomberg  -  414 words
    • Article, Illustration
      Lock icon Star witness admits Thaksin gave him 100,000 baht in '95
      688 8  -  But the money was for a staff party daring new year, says defence witness From] Harish Mehta in Bangkok A STAR defence witness who works for Thailand's graft buster yesterday admitted Thaksin Shinawatra gave him 100,000 baht (553,966) when Dr
      AFP  -  688 words
    • Article
      Lock icon Put end to irrational, unjust world order, says Jiang
      278 8 BEIJING AFP CHINESE President Jiang Zemin yesterday opened a meeting of Asian and European foreign ministers here with a call for an end to the "unjust and irrational" world order. In a speech to ministers from 10 Asian and 15 European
      AFP  -  278 words
    • Article
      Lock icon BOT chief won't be fired
      102 8 Reuters [BANGKOK] Thai Finance Minister Somkid Jatusripitak yesterday said the government had no plans to sack Bank of Thailand (BOT) governor Chatu Mongol Sonakul amid differences over interest rate policy. Asked whether the BOT governor might be dismissed soon, Mr Somkid told reporters: "It's not
      Reuters  -  102 words
    • Article
      Lock icon New chief at PNB as govt seeks to take control
      274 8 MANILA Bloomberg THE Philippine National Bank's chairman will be replaced by a top government official as authorities seek control of the nation's sixth-biggest lender, which is struggling under a mountain of bad loans. Philippine Deposit Insurance Corp President Norberto Nazareno
      Bloomberg  -  274 words
    • Article, Illustration
      Lock icon No CEO for CyberWorks until next year
      573 8  -  Chairman to decide only after company nnveils 2001 results From Quak Hiang Whai in Hong Kong EXECUTIVE recruitment and pay emerged as hot topics at the annual general meeting of Pacific Century CyberWorks yesterday as its embattled chairman shrugged off protests over directors'
      REUTERS  -  573 words
    • Article
      Lock icon My firms are not monopolising markets, says Li Ka-shing
      381 8 HONGKONG Business in China always creates a win-win situation, the HK tycoon tells shareholders AFP TYCOON Li Ka-shing has denied that his companies hold a monopoly on the markets either in Hong Kong or in China. "If a Hong Kong company
      AFP  -  381 words
    • Article
      Lock icon India's smaller bourses face tough times
      437 8 BOMBAY Some hope to stay afloat through innovative plans Reuters INDIA'S smaller stock exchanges face a grim future as authorities tighten regulations to snufT out unbridled speculation. Beginning July, the market watchdog has shifted most actively traded shares to T+s rolling settlement, ordered a
      Reuters  -  437 words
    • Article
      Lock icon Taiwan to ease curbs on investment in China
      297 8 TAIPEI AFP TAIWAN planned to ease restrictions on China-bound investments later this year and allow full transport links with the mainland, the island's top China policy maker said yesterday. The ban on high-tech and large-scale investments to China might be partially lifted
      AFP  -  297 words
    • ASIA Notes
      • Article
        Lock icon Indon districts to manage reforestation
        66 8 AFP [JAKARTA] A newly-proposed draft law will give Indonesian district administrators greater control over reforestation funds, Antara news agency said yesterday. Forestry Minister Marzuki Usman said the scheme, if approved by President Abdurrahman Wahid, would give district administrators control over 70 per cent of the
        AFP  -  66 words
      • Article
        Lock icon AI staff may strike over MD's sacking
        37 8 Bloomberg [BOMBAY] Air India workers are considering a strike in protest against the government's suspension of managing director Michael Mascarenhas because it may disrupt plans for the airline's privatisation. Bloomberg
        Bloomberg  -  37 words
      • Article
        Lock icon Bangladesh devalues taka by 5.5%
        57 8 AP [DHAKA] Bangladesh yesterday devalued the taka by 5.5 per cent against the US dollar in a bid to boost exports and foreign remittances. One dollar will cost 57 taka after the devaluation, the second since August 2000 when the currency depreciated by 5.8 per
        AP  -  57 words
      • Article
        Lock icon PetroChina invites Taiwan firms
        49 8 Reuters [TAIPEI] China's biggest oil producer PetroChina yesterday invited Taiwan firms to tap into the lucrative mainland market. "We welcome any possible way of cooperation," Zhang Xinzhi, vice-president of PetroChina, said. Mr Zhang is leading a delegation to the Asia Petrochemical Industry Conference here. Reuters
        Reuters  -  49 words
      • Article
        Lock icon Power to cost more in Delhi
        72 8 AFP [NEW DELHI] Residents of the Indian capital already hit by power cuts during a hot summer, will now have to pay 22.5 per cent more for electricity from June 1, reports said yesterday. The Electricity Regulatory Commission said on Thursday domestic consumers will
        AFP  -  72 words
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      34 7 High demand for Australian cattle worldwide J (Disease free). K ,n\x/ IS m A 5850,000 Manager Available^^^^^ Representative b 9ngapore Sol 26th, Sim ITthiSkm 28UI£ Direct Une *****81 H/P9612 5764 AU. HOURS BtislnessCentreQandCopthorne WtftirfrontHotel
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  • e-NEWS
    • Article
      Lock icon Alcatel-Lucent talks spark scramble
      629 9 LONDON Rivals keen to see how merger could affect them and if there is a way they can intrude FT, NYT MERGER talks between Alcatel of France and Lucent Technologies have touched off a scramble among rival telecommunications equipment makers. Faced with a deal that could
      FT,; NYT  -  629 words
    • Article, Illustration
      Lock icon Babies here are bora with domain names
      180 9 REDWOOD CITY, California AFP US newborns will get more than a slap on the rump if they make their debut at a Silicon Valley hospital. They will also be offered their own Internet addresses, for free. Sequoia Hospital in Redwood City will offer
      AFP  -  180 words
    • Article
      Lock icon Agilent slashes 'discretionary' IT spending
      504 9 SANTA CLARA, California Reuters INTERNET economy linchpin Agilent Technologies Inc, whose equipment tests the Web's parts before they are put into place, has a plan to slash its budget: quit buying personal computers. In a clear indication of how far companies can trim costs in
      Reuters  -  504 words
    • Article
      Lock icon IBM sees oil industry buying more Linux computers
      288 9 ARMONK, New York Bloomberg INTERNATIONAL Business Machines Corp, a key backer of the Linux operating system, has sold a Linux supercomputer to Western Geco for oil exploration after similar sales to Chevron Corp and Royal Dutch/ Shell Group. Terms of the sale
      Bloomberg  -  288 words
    • Article
      Lock icon AOL record labels sue file-sharing Aimster
      467 9 LOS ANGELES Hollywood, music business determined to protect their content Reuters THE entertainment industry forged ahead in its quest to squash alleged piracy on the Web on Thursday as major music companies and several divisions of AOL Time Warner Inc filed copyright infringement suits
      Reuters  -  467 words
    • Article
      Lock icon Softbank profits surge fourfold to 36.6b yen
      301 9 TOKYO Jump dne to sale of shares in Yahoo!, Cisco Japan Bloomberg SOFTBANK Corp said annual profit surged fourfold as Japan's largest Internet investor sold some shareholdings in companies such as Yahoo! Inc and Cisco Systems Inc's Japan unit. Group net income rose
      Bloomberg  -  301 words
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      Lock icon Page 9 Advertisements Column 1
      147 9 I High demand for Australian cattle worldw.de I K^UtoBUYNOW. 4 Australian dollars low, 252 acres m a 5850,00 nmprmsmnuMavm w Since 1975 our worldwide staff of over 275 multi-disciplined professionals A > f including lawyers chartered accountants. |0 i V chartered secretaries and bankers have ,< v provided confidential and
      147 words
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  • GREENSPAN on economy
    • Article, Illustration
      Lock icon Greenspan hints of more Fed rate cuts ahead
      1431 10 Weakness will persist for several more quarters, he warns, although inflation does not pose a danger Bloomberg [NEW YORK] THE US still faces a period of slow economic growth. Fed chairman Alan Greenspan has said, hinting that further interest rate cuts may
      Bloomberg; FILE PHOTO  -  1,431 words
    • Article
      Lock icon Greenspan on energy costs
      200 10 "The sharp rise in energy costs has also pressed down directly on profit margins, especially in the fourth and first quarters. A substantial portion of the rise in total costs of non-financial, nonenergy corporations between the second quarter of last year and the first quarter of
      200 words
    • Article
      Lock icon Why a central bank can't predict a bubble — or a bust
      301 10 Why a central bank can't predict a bubble or a bust "Do we have the capability to eliminate booms and busts? Can fiscal and monetary policy eliminate the business cycle? The answer, in my judgment, is no, because there is no tool to change human nature or to predict human
      301 words
    • Article
      Lock icon Greenspan's lowdown on the US economy
      885 10 Federal Reserve president Alan Greenspan spoke on Thursday night to the Economic Club of New York. We reproduce here the main points of his speech on the US economy Inventory liquidation caused the sharp slowdown... "Some slowing in spending was necessary and expected, but
      885 words
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      549 10 MAltlfflTlC? To advertise call toll-free 1800-741 1833 I I N U J. Fa, Mn 7JI I?PR IN THE MATTER OF THE COMPANIES ACT, CAP. 50 AND IN THE MATTER OF NAMLY INVESTMENTS PTE LTD (In voluntary liquidation) MEMBERS' VOLUNTARY WINDING UP NOTICE IS HEREBY GIVEN that the creditors of the
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  • WORLD news
    • Article
      Lock icon Singapore, US make further progress in FTA talks
      600 11  -  Bat whether talks can be wrapped np by year-end remains an uncertainty By i Chuang Peck Ming in Singapore FURTHER progress including the building of "trailblazing" models in the areas of telecommunications and e-commerce have been made in the latest round of
      600 words
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      Lock icon New ball game as Republicans lose Senate control
      967 11  -  Democratic control could affect policy and politics From. Leon Hadar in Washington THE Democratic party has won control of the Senate for the first time since 1994 a development that could have a major impact on the policy agenda of the Bush
      REUTERS  -  967 words
    • Article
      Lock icon Japan braces for more corporate bankruptcies
      885 11  -  Nikkei slips again, reflecting concern in finmiftiftl mar)n>tg From, Anthony Rowley in Tokyo AS more Japanese banks yesterday reported heavy losses for the year to March 31, Prime Minister Junichiro Koizumi's government indicated that it was bracing for a new wave of corporate bankruptcies
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    • Article
      Lock icon Murdoch's DirecTV hopes hit as another bidder joins fray
      413 11 CHICAGO FT, Reuters RUPERT Murdoch's attempt to take control of the largest US satellite TV broadcaster was dealt another blow on Thursday as it emerged that General Motors, DirecTV's ultimate owner, had opened the door to a potential rival bidder. The
      FT,; Reuters  -  413 words
    • Article
      Lock icon GE Cap down US$1.2b on derivatives, Citigroup gains US$992m
      661 11 WASHINGTON Bloomberg THREE of the world's biggest companies have just disclosed the market value of their derivatives for the first time under a new accounting rule designed to prevent Barings-like debacles in the US$lO9 trillion derivatives market. In their filings for
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  • MOTORING
    • Article, Illustration
      Lock icon Gen-X Jag
      1680 12  -  How well will Jaguar's very first compact go down with its target younger audience? CHRISTOPHER TAN travels to Dijon, France to find out CHRISTOPHER TAN THEY say age, like various other human conditions, is a state of mind. I'd like to differ, if I can just locate my
      1,680 words
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      Lock icon MG Rover on road to recovery
      650 13  -  The group, which has decided to go it alone, expects to break even by 2002, Christopher tam reports CHRISTOPHER TAN MG Rover, the British carmaker bought from BMW for a token £10 (Ss2s) in May last year, expects to trim losses to £150 million
      650 words
    • Article
      Lock icon Basis for fixing Open COE rebate unfair
      587 13  -  Lee Thien Poh Singapore, via Internet I WENT to the Land Transport Authority (LTA) website www.onemotoring.com.sg to confirm what I have heard of the manner in which LTA gives rebates for unused portions of Open Category COEs. I was dumbfounded to see the
      587 words
    • Article
      Lock icon New car's gearbox 'groans'
      434 13  -  Soon Chong Yew Singapore, via Internet I REFER to "New car came with a rusted frame structure" (Wheel Matters, April 28). In December, I collected my new car made by a top Japanese manufacturer. I found that the gearbox groaned when I decelerated from 70 kmh
      434 words
    • Article, Illustration
      Lock icon COE bid problem 'not ATM glitch'
      150 13  -  Peter Heng First Vice-President, Corporate Affairs, United Overseas Bank WE REFER to the letter "Fix ATM glitches in COE bidding" by Andre Yeo (Wheel Matters, May 19). We are sorry for the inconvenience Mr Yeo suffered. We would like to point out that UOB
      150 words
    • Article
      Lock icon Customer service top priority: CityCab
      287 13  -  Priscilla Chan Head, Corporate Affairs, City Cab WE REFER to recent letters in BT comparing taxi services in Hong Kong and Singapore. Customer service is City Cab's top priority. We have various means to encourage our cabbies to provide good service to passengers. All our
      287 words
    • BUMPER to BUMPER
      • Article
        Lock icon Toyota opens spare parts hub in Jurong
        78 13 TOYOTA Motor Asia Pacific has opened its first regional parts hub in Asia at Jurong Port. The centre will distribute 24,000 vehicle parts sourced from the region to 30 countries around the world. Toyota has similar parts centres in Japan, North America and
        78 words
      • Article, Illustration
        Lock icon Tan Chong adds Renault to its list
        73 13 LISTED Nissan/Subaru distributor Tan Chong International has added Renault heavy vehicles to its line-up. The new range of trucks will complement the range of Nissan Diesel commercial vehicles it sells. Renault is the controlling shareholder of Nissan. Government-linked Intraco used to hold the
        73 words
      • Article
        Lock icon Ford Mondeos go like hot cakes
        97 13 ALMOST 100 new Ford Mondeos have been snapped up since the car made its showroom debut here last weekend. Agent Regent Motors said more than 400 people packed its Übi showroom on Saturday alone. The Mondeo, which comes in four-door, five-door and stationwagon versions,
        97 words
      • Article
        Lock icon Porsche inclusion in indices a surprise
        138 13 MORGAN Stanley Capital International has taken investors by surprise by including Porsche in its new indices while leaving out the much bigger carmaker, BMW. According to the Financial Times, the inclusion of Porsche was unexpected because of its relatively small market capitalisation. The new
        138 words
      • Article
        Lock icon Delpi's aggression pays off
        88 13 DELPHI Automotive Systems says its aggressive pursuit of Asia-Pacific business led to more than 35 new contracts in the region during the first quarter of this year. The new contracts, which average three years in length, are for 23 products and support 19 customers, including Delphi's
        88 words
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        Lock icon Hyundai testing its 'world car'
        82 13 HYUNDAI Motor has completed development of its "world car" sub-compact and, according to Bloomberg, has begun testing prototypes. The company aims to start production in March next year at its main domestic plant and will aim the model mainly at Asian countries. There will be
        82 words
      • Article
        Lock icon Now a cab that seats 12
        107 13 A CROSS between a cab and a minibus —that best describes City Cab's 3.5-tonne 13-seater Mercedes-Benz taxi. Called the MaxiTaxi, it is the first cab here that can seat 12 passengers three times the number a normal taxi can take. DelGro-owned City Cab has
        107 words
      • Article, Illustration
        Lock icon Coming soon: hemp cars
        141 13  -  Compiled by Christopher Tan AUSTRALIAN researchers believe that within a decade, cars could be made of hemp the cannabis plant as backyards and dumps overflow with rusty metal hulks and vehicle makers turn to biodegradable materials. Alan Crosky, of the University of New South Wales' Material
        141 words
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  • Page 13 Advertisements
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      91 13 If you have something $100 worth of motor-related to get off vouchers. Prizes are your chest, write to us. A/h ee I ?JL°' e 5. by We welcome feedback STAMFORD TYRES. inT" T st',* tr* and suggestions from i* I O I Singapore s only readers. listed tyre and auto
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  • FINANCE & commodities
    • Article
      Lock icon STI futures down in lower volumes
      260 14  -  SGX Derivatives Trading Report ST Intac/MSd SFpore Index Daniel Wong Refco Singapore Pie Ltd SINGAPORE stocks yesterday fell for the first time in five days. The benchmark Straits Times Index fell 4.63 points, or 0.3 per cent, to end at 1,687.75 points with 21
      260 words
    • Article
      Lock icon Futures settle near days low
      241 14  - Futures settle near da ys low MSCI Taiwan Index Daniel Wong Refco Singapore Pie Ltd TAIWAN stocks feU yesterday on concerns that a government report on the first-quarter may show the economy growing at its slowest pace in over 25 years. The MSCI Taiwan Stock Index feU 2.48 points, or
      241 words
    • Article
      Lock icon CURRENCY REPORT
      236 14 Reuters THE euro rose almost one per cent against the yen and a quarter per cent against the US dollar yesterday as wariness of central bank action in its defence lifted the single currency from this year's lows set a day ago. The euro, however, fell more than
      Reuters  -  236 words
    • Article, Illustration
      Lock icon Untitled
      1211 14 WTBEBAMM OOSS EATBS May 25 A$ C$ t— Ftr Da IK> Van W KM «$Nfct» Naa S$ 8a>4 Sfr NTS Baht Po—< US$ Australia 0.804 4322 0507 3.979 166 4.063 24.453 59.461 0.626 6.711 L979 1227 32.527 ***** 0.940 4134 0.926 17.448 23.693 0569 0.521 Caaatfa 1243 1373 0.754 4946
      1,211 words
    • Article
      Lock icon Untitled
      1890 14 m s immwm tmmmmtmtmmmmmmmmmmmmmmmm SI COM FUTURES May 25 RUBBER (Mares closing <s at 5,30pm) RSS1 CONTRACT (S centsAg) Close VoiMM Op* Month m» Low Sott (to—s) htemt JunOI 1M.00 Jul 01 *4.00 250 AugOl 1M.25 250 SepOl H5.75 250 RSS 3 CONTRACT (US cwtsAg) *0*«M Op* Month HH> Low
      1,890 words
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  • STOCKS east asia
    • Article, Illustration
      Lock icon Hong Kong trading cautious ahead of GDP data release
      2872 15 HONG KONG AFP p Hag Seng -5&61 HONG Kong share prices fell 0.4 per cent yesterday amid cautious sentiment, as investors awaited the release of first-quarter gross domestic product data after the market close, dealers said. The key Hang Seng Index
      AFP  -  2,872 words
    • Article
      Lock icon CHINA
      1264 15 Reuters I Shenzhen B Index +7J5 CHINA'S hard currency B shares closed at record highs yesterday, resuming their dynamic bull run in the afternoon after slight corrections in morning trade. The Shenzhen B Share Index rose 7.15 points, or 1.67 per cent, to a record close at 435.57 points
      Reuters  -  1,264 words
    • Article
      Lock icon TAIPEI
      384 15 AFP C IWPIndeE -5(171 TAIWAN share prices closed 1.1 per cent lower yesterday. The Weighted Price Index shed 56.71 points to 5,170.08, on a turnover of NT556.10 billion. Losers outpaced gainers 351 to 158, as 85 issues were unchanged. "The market was depressed by concerns over a Chinese military
      AFP  -  384 words
    • Article
      Lock icon Tokyo investors find few incentives to buy
      2104 15 TOKYO AFP Nikkei 225 -***** SHARE prices in Tokyo closed 0.9 per cent lower yesterday as investors found few buying incentives ahead of a long weekend for US markets, brokers said. The Nikkei Average of 225 select issues lost 129.87 points to 13,765.92,
      AFP  -  2,104 words
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  • STOCKS klse
    • Article, Illustration
      Lock icon KL market pulls back on profit-taking
      417 16 AFP, AFX-Asia □ftmpontelate -XM MALAYSIAN shares closed 0.7 per cent lower yesterday on profit-taking and weak interest in blue chips, dealers said. The Kuala Lumpur Stock Exchange Composite Index (KLCI) ended down 3.86 points at 563.72. The Second Board Index slipped 0.65 point to
      AFP,; AFX-Asia  -  417 words
    • Article
      Lock icon Untitled
      8765 16 INDUSTRIALS Cmsmmt pnMt 2001 Last Vol Day Nat Cap High lew Company Sla OOP W|> l>» W/t 340 290 Ajinomoto 290 37 "7.5 45 24.5 Angkasa 27.5 -2 56 33 27 405 342 282 Apollo Food Hlg 312 '243 356 266 Asia File 278 -6 4 280 278 1M 185.1
      8,765 words
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  • SGX clob & regional stocks
    • Article
      Lock icon Untitled
      2640 17 BONDS A WARRANTS May 25 wt an* M i**n J2-M Urt M Day MMi M Can bar MM Mi Mid iw Mi ««r- rwti i— u» »tw w» w» t—*n mm w« m> uw 37 0.5 s Acma W*****4 0.5 -0.5 1 4t.O 1 300 615 84.00 2 15 2.5
      2,640 words
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      Lock icon BANGKOK
      724 17 AFP SET Index -Lit THAI stocks closed 0.4 per cent lower yesterday as investors focused on Thai Prime Minister Thaksin Shinawatra's ongoing corruption trial. The Stock Exchange of Thailand (SET) Index lost 1.16 points to close at 311.11 points, and the blue chip SET 50 Index was off 0.04
      AFP  -  724 words
    • Article
      Lock icon MANILA
      288 17 AFP 4 4 Composite Index -24.45 PHILIPPINE share prices fell 1.7 per cent yesterday amid inflation fears and political uncertainties, brokers said. The Philippine Stock Exchange Composite Index lost 24.45 points to 1,410.23. Volume fell to 406 million shares, but value grew to 1.07 billion pesos. AFP tUy 25
      AFP  -  288 words
    • Article, Illustration
      Lock icon JAKARTA
      735 17 AFP Composite Index *>.44 INDONESIAN share prices closed 2.5 per cent higher on speculative trade in blue chips yesterday, after President Abdurrahman Wahid hinted he was ready to compromise to stay in power, dealers said. The Jakarta Stock Exchange Composite Index rose 9.44 points to close at 390.12. Trade
      AFP  -  735 words
    • Article
      Lock icon WELLINGTON
      264 17 AFP QNZSE-40 +123 NEW Zealand stocks closed up 0.2 per cent yesterday. The NZSE-40 Capital Index was up 3.23 points at 2,052.72 on a turnover of NZ5320.8 million. Montana closed up six cents at NZ$4.Bl. Telecom Corp closed seven cents higher at NZ55.66. —AFP WT» MS COOP) Advantage HDS
      AFP  -  264 words
    • Article
      Lock icon SYDNEY
      549 17 AFP PmOrftmiM *1120 AUSTRALIAN shares closed 0.3 per cent higher yesterday. The benchmark All Ordinaries Index rose 11.2 points to 3,361.7. The SP/ASX 200 Index gained 10.1 points to close at 3,426.1. The All Industrials Index rose 37.5 points to 5,728.6 and the All Resources slipped 24.2 points to
      AFP  -  549 words
    • Article
      Lock icon SEOUL
      315 17 Reuters pj Composite Indei *LB3 SEOUL'S Composite Stock Index rose 1.83 points to close at 624.11. Volume traded rose to 634.2 million shares worth 2.9 trillion won. Reuters Mat 25 Won *h Arum Semi 4650 200 Brain T»ch 66S -40 Central B«nk 170 unch Cheil Comm *****0 1000 Dm
      Reuters  -  315 words
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  • Article
    Lock icon STOCKS sgx
    8317 18 SGXMAINBOARD Or M W| M«* UM M tey iMt Quota Mv Mr YM Nat Cm Avg h# i—» iih cat hi# t— mmt 5*fcr o* m Hi *ka MULTI-INDUSTRY 143 35 t AcmaSOc 42cd *2 5 159 42 39.5 41 42 0.5 19.9 0.6 11.1 72.9 40 41
    8,317 words
  • Page 18 Advertisements
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  • Article
    Lock icon THE PROGRAMME
    913 19  -  Compiled by Aaron Lye MUSIC Groovy Saturday Nights An evening performance by The Groove, a 6-piece musical band consisting of piano, saxophone, keyboards, bass guitar and vocalist. Featuring a variety of music genres, including Latin, Afro-Cuban and other contemporary styles. Every Saturday from May 19- June 23, 7:45pm-10pm,
    913 words
  • Article, Illustration
    Lock icon Art beat
    774 19  -  A bite-sized roundup of the weekly arts scene Compiled by Cheah Ui-Hoon Catch the last night of German-Singapore films With the revival of interest in filmmaking— both commercial and artistic in Singapore, the Singapore's Centre for Film and Media Studies at Ngee Ann Polytechnic presents documentary and feature
    774 words
  • Article, Illustration
    Lock icon SPOTLIGHT
    129 19  -  By, Aaron Lye The buzz: Flower Forever, an exhibition of ink and watercolour paintings by acclaimed Chinese artist Zhao Zhun Wang. Plot and players: Born in 1945, Zhao has been an avid artist and is the president of the Modern American Art Correspondence Association. He is also a member
    129 words
  • Page 19 Miscellaneous
    • Miscellaneous
      Lock icon Page 19 Miscellaneous Column 1
      835 19 The Business Times, Saturday, May 26,2001 DOJEBEIHHHHHHHHHHi TV Wnrka 6.00 Tech 21. L3O Cardcaptor Sakura. L3O Primetime Tuesday. eJO News. SLOO Goggles Life. 2.00 Headlines. I__ 10.00 AM Sir Arthur Conan 7.00 Life Science. 130 MTV Fresh. 2.02 Primetime Thursday Dpyle s The Lost 7<30 what's Life Got To Do
      835 words
    • Miscellaneous
      Lock icon Page 19 Miscellaneous Column 2
      310 19 CRYPTIC CROSSWORD ACROSS tative with degree (9)^ 1& 9 Always ready by the stream 7 Ifs not true, it's a fly going berwith large number, everybody 7 (2, 3, 4, 3, 4) 8 He's no tailor, this man of the 10 It's a platitude that newly-wed cloth (9) needs order
      310 words
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  • Page 20 Advertisements
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      Lock icon Page 20 Advertisements Column 1
      390 20 SINGAPORE PRESS HOLDINGS NEWSPAPERS PRESENT Shop and be a winner in the sales event of the year! I,——— I v Spend $30 minimum in a single receipt at any participating YV outlet and call the hotline on the same day to submit your j/tk 4 BW0 |llSt, e j 5
      390 words
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  • New Asia Biz Woman
    • Article, Illustration
      Lock icon Breaking out of the mould
      1025 21  -  Blind artist Chng Seok Tin, Singapore's leading printmaker, will focus instead on sculptures and collages in her upcoming exhibition. liy] Parvathi Nayar TO borrow from printers' jargon, she's a printmaker who wants to break out of the mould and who doesn't want to be typecast.
      1,025 words
  • The Arts
    • Article, Illustration
      Lock icon Disabled artists strut their stuff
      603 21  -  Despite their handicaps, the artists' works speak for their capabilities By 1 Tan Hwee Hwee FACE it. It's tough being an artist, the hours are long, the pay sucks, recognition is hard to come by. There's the image of the proverbial artist starving in the
      603 words
    • Article, Illustration
      Lock icon Buildings within a building
      1029 22  -  PARVATHINAYAR talks to UK's Brendan Neiland who paints contemporary buildings and abhors the brush. His spray-painted works now grace Capital Tower, bringing the building's exterior landscape to within PARVATHI NAYAR IT'S an interesting intersection of art and architecture, when paintings of buildings are hung in buildings.
      PHOTOS BY RICHARD CHNG  -  1,029 words
    • Article, Illustration
      Lock icon Le Corbusier: artist, architect, visionary
      807 22 ft/ Geoffrey En DEEP within the art-soaked heart of Le Corbusier (1887-1965) the Swiss-born, French-based titan of 20th-century architecture was the soul of a painter and sculptor. Fortunately for architects everywhere, he turned instead to architecture as the primary means to project his artistic inclinations.
      807 words
    • Article, Illustration
      Lock icon Back to the village
      919 23  -  COOMTDOWM TO ARTS FEST riflr 3 The FestivaJViiiage segment ofthe Singapore Arts Festival will recreate a village ambience at the Fort Canning Park to evoke the spirit of Asia's traditional-style performances. OEOFCTtBT ED reports GEOFFREY EU LIVING in a global village may be the message of
      919 words
    • Article, Illustration
      Lock icon Arts on the Move
      203 23 ALL the world's a stage in Arts on the Move, another self-contained element of the Arts Fest. It's about three weeks of the festival going walkabout: 13 foreign acts and four local ones will utilise spaces like malls, parks, MRT stations and building exteriors in an
      203 words
    • Article, Illustration
      Lock icon Esplanade plans an Asian Arts Mart
      561 23 The event will facilitate interaction between performing arts companies in Asia and international presenters THE Asian Arts Mart: the name conjures a surreal image of a supermarket filled with cash-and-carry Chinese paintings but that could not be further from the truth. The three-day event
      561 words
    • Article
      Lock icon Miss Saigon comes to South-east Asia finally
      742 23  -  Creator Schonberg says the cross-cultural element, emotional subject material fnel the musical's staying power By. Aaron Lye TO create even one internationally-acclaimed musical isn't exactly an easy task. So when you've created two such musical hits, as Claude-Michel Schonberg has done, it makes
      742 words
    • Article, Illustration
      Lock icon Actors turn directors
      1900 24  -  Actor-directors are a new breed in S'pore and BT talks to four, who've either been there done that, or are giving it a stab soon. AARON LYE and Ul-HOON report AARON LYE,CHEAH UI-HOON PRINGE events at arts festivals around the world bring the same descriptive words to
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