The Business Times, 13 October 2001

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Total Pages: 16
1 16 The Business Times
  • 12 1 THE BUSINESS TIMES weekend MITA (P) 107/03 2001 OCTOBER 13-14, 2001 85c
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  • 1016 1  - 11.3b aid package unexpectedly generous Business leaders hail the measures as responsive, but others worry it will not do enough to save jobs By Anna Teo [SINGAPORE] Extraordinary circumstances call for extraordinary action. By most accounts, the wide-ranging $11.3 billion aid package unveiled by the government yesterday was generous beyond
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  • 890 1  -  By' Teh Hooi Ling [SINGAPORE] Richard Branson's Virgin Group is gearing up to win hearts and customers in Asia with plans to spearhead about US$2 billion in investments in the region over the next five years. In addition to mobile phone services which it
    ARTHUR LEE  -  890 words
  • 650 1  -  SATURDAY SOAPBOX vikram khanna SINGAPORE'S worst-ever economic bust called for the biggest-ever boost, and that's what we got. The $11.3 billion package of off-Budget measures announced yesterday seems carefully tailored to deal with the problem at hand. It's not a problem related to competitiveness or
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  • Page 1 Advertisements
    • 64 1 jr How to turn your state-of-the-art sound Njpp system. PAGE 16 MORE REPORTS 52.7b New S 'pore Shares to be given out on Nov 1, Pg2 Reactions: What the business community say, Pg 3 S2b measures for individuals, Pg 3 Lee Han Shih: Why put developers before homeowners? Pg 4
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    • 26 1 WRITER'S JOURNAL Karim Raslan: Malaysia's role in re-inventing the Islamic world. PAGE 6 Branson sees window in excess capacity, Pg 2 (*****1 l 8 *****1 *****4
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    • 129 1 miiu j MOTORING Cmf9m Nissan's Infiniti Q45, m Subaru's new Impreza, W Porsche 911 Targa, SlbO IQI Volkswagen's Dl. PAGE 12 IN THE MONEY SIA stocks still a good long-term bet. PAGE 9 The fall works, Pg 3 i. i' i I i I p" .^v-v I till li .D
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  • next page
    • 530 2  -  MARKET REVIEW ven sreenivasan THE Singapore stock market rose but property shares slumped as the government unveiled an $11.3 billion off-Budget package aimed at softening the impact of the economic slowdown. The Straits Times Index recovered from mid-after-noon weakness to close 20.5 points higher
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    • 78 2 STI 1,416.24 (+20.50) BT-SRI 592.60 (+6.81) ST INDEX FUTURES 1,417.00 12.00) SIMSCI FUTURES 17&80 (+1.60) Friday Changp KLSECOMP fit *1.93 NIKKEI225 10.***** +285.34 HANG SENG 10.274 13 -248.48 SET INDEX ..2H4.97 145 JAKARTA COM P 378.60 +8.01 MANILA COMP 1.017.87 +27 K4 TAIPEI WP! aWJIM +11.57 SEtHLCOMP *****) 065
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    • 70 2 FOREX RATES US$ S$ l'SS(SSperlSS) 1824 V(1*SS/SS per V| 1451 2 64*> ErR()(I SS/SS/K| 0.911 I Mil DM 2.148 1.178 TEN 1204 MM KM 38M0 2.083 HKS 7.800 4.276 BAHT 44 HO _US* RI'PIAH 9918 5.4.17 PRIME RATES SINGAPORE 525 KIALA LIMPTR7«7 JAKARTA MM BANGKOK KM MANILA mm HONGKONG
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    • 664 2  -  Shares worth $1 each; guaranteed min dividend of 3% pa for 5 years By\ Serena Ng [SINGAPORE] The Government yesterday said it will give shares under the New Singapore Share scheme to all eligible Singaporeans on Nov
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    • 82 2 IN yesterday's report, "Tee off for charity at Tanah Merah Country Club", we said the TMCC-Mercedes Benz Charity Tournament will be held on Monday and Tuesday, Oct 15-16. The club has clarified that the correct tournament dates are Oct 20-21, on Saturday and Sunday. The two earlier dates are
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    • 600 2  -  Aviation downturn may allow Virgin Atlantic to fly to S'pore sooner Byi Conrad Raj [SINGAPORE) Everyone may be talking about the global recession, but British entrepreneur Richard Branson appears not to be listening. In fact, he believes the current recession and the aftermath of
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  • off budget measures
    • Article, Illustration
      1364 3 Tax and fee rebates Corporate tax rebate YA (Year of assessment) 2001: 50% of the first $25,500 and 5% of subsequent tax payable Cost: $570 m. YA 2002: 5% on top of lowered tax rate of 24.5% and new exemption scheme announced in Budget Cost: $405 m.
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    • 831 3  -  Measures will lower costs, buy them more time By Chuang Peck Ming, David Boey THE business community heaped praises on the generosity of the latest government package of measures to help them tide over the current economic difficulties, but some still wonder if it is enough
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    • 1107 3  -  5% rebate on YA 2001 income tax, 10% for YA 2002 and 30% cut in stamp duties Eugene Low THE government has put together a raft of wide-ranging measures worth over $2 billion to help individuals hit hard by the economic slump tide over this
      FILE PHOTO  -  1,107 words
    • 378 4 The market expected the measures, so I don't think it will react very much. Asia as a whole is affected more by external factors right now. Whatever happens in the US is key. I don't think we 're out of the woods yet; there may be more
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    • 558 4  -  COMMENTARY The plight of some homeowners could well drag down the whole property market lee han shih THE off-Budget package announced yesterday is one of the most generous Singapore has seen. And yet. it does little for the private property market except for the developers.
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    • 1147 4  -  Private home price slide expected to slow; but HDB property agents not impressed by new moves By\ Kalpana Rashiwala, Andrea Tan THE government's package of at least $1.4 billion to help the struggling property sector is a welcome reprieve but
      FILE PHOTO  -  1,147 words
    • 291 4  -  By Christopher Tan OIL companies and taxi operators were quick to react to the government's offBudget measures relating to their sectors. ExxonMobil, Singapore Petroleum Co (SPC) and Shell said last night they will reduce petrol prices at all their stations. Earlier yesterday. Deputy Prime Minister
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    • 166 4 Changes to govt land sales (GLS) Sites to be transferred from Confirmed to Reserve list Ang Mo Kio Ave 5/8 Residential' Punggol Drive Commercial/Residential Novena Terrace White site Belilios Terrace White site Central Boulevard White site Bras Basah Road Hotel Successful tenderers of GLS sites can dispose of
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  • Page 4 Advertisements
    • 117 4 Since 1975 our worldwide staff of over 275 multi-disciplined professionals BT V including lawyers, chartered accountants a K chartered secretaries and bankers have HP A A provided confidential and cost effective company formation in all the major low Bfc tax areas including bmt 7"" <ii'in Incorporation Fees from USS500 The
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  • in the news
    • 467 5  -  EXCLUSIVE It will launch Cashline, which has one of the lowest rates in town, with an aggressive campaign Byy Vince Chong SOURCES say DBS Bank will be offering its clean credit facility with an interest rate of 12 per cent
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    • 489 5  -  Only a few technical issues' remain to be resolved: official From Anthony Rowley in Tokyo JAPAN and Singapore yesterday reached the end of the fourth and final round of their negotiations on a "partnership agreement" which Singapore's chief negotiator Lim Chin Beng
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    • 373 5  -  Exception for short-term offers, but rules may change in future By' Teh Hooi Ling THE Infocomm Development Authority of Singapore (IDA) said yesterday it will not allow the latest mobile-phone pricing arrangements by Singapore Telecom and Star Hub, except as short-term promotional efforts.
      FILE PHOTO  -  373 words
    • 513 5  -  CURRENCIES US$ should attract buyers closer to Ssl.Bo larry wee THE Singapore dollar recovered a full cent versus the US dollar by the week's close yesterday, despite a hammering for favourite US-dol lar alternatives. Compared with its Asian close on Thursday, the greenback corrected
      Source: Reuters  -  513 words
    • 208 5  -  n, 1 1 Cheah Ui-Hoon A RECORD 99 companies and individuals were recognised for forking out $34.68 million in sponsorships for the arts in 2000 at the National Arts Council's (NAC) Patron of the Arts Award 2001 ceremony last night.
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    • 767 5  -  HOCK LOCK SIEW Home loans from developers are not new, but with razor-thin margins, banks baulk at property firms offering financing quak hiang whai THE home loans business long the bread and butter of banks in once property-crazy Hong Kong is being squeezed
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    • IN BRIEF
      • 65 5 CAPITALAND is setting up a new business unit called Capita Land Financials to specialise in launching and investing in real estate-based financial products with the aim of boosting fee-based income for the group. Capita Land Financials will be headed by group chief
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      • 136 5 AFX THE Securities Industry Council (SIC) said it considers Arthur Andersen's valuation of former Serial System chief executive officer Eddie Chng's Serial System shares at 38.14 cents per share as acceptable. Arthur Andersen was the third party appointed by Mr Chng to value
        AFX  -  136 words
      • 64 5 INDIAN firms are being encouraged to start up knowledge-based activities in Singapore with the inaugural India Centre at Phase Z.Ro Technopreneur Park. The Economic Development Board. JTC Corp, the Federation of Indian Chamber of Commerce and Industry (FICCI) and The IndUS Entrepreneurs (TiE) Singapore Chapter announced
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      • 48 5 JONES Lang Lasalle (JLL) will handle the auction of a freehold boarding house at No 50, Lor 18 Geylang. The 11,314 sq ft site, zoned for residential/institution use. has a plot ratio of 2.8. The auction will be held on Nov 1.
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    • 1187 6  -  WRITER'S JOURNAL As a prosperous democracy, the multi-racial country stands as a model Islamic nation for the 21st centuiy karim raslan I KNOW this might sound ridiculous, but Malaysia will be a key player in the eventual resolution of the events that have
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    • 678 6  -  Warning based on certain information which did not specify targets; law enforcement put on high alert From I Catherine Ong in Sew York IN the starkest public alert since Sept 11, the US Federal Bureau of Investigation (FBI) warned that additional terrorist attacks against American interests
      FILE PHOTO  -  678 words
    • 401 6  -  Mahathir said to have ordered audit of Effective Capital Protn 1 Eddie Toh in Kuala Lumpur THE Malaysian government has launched a probe into the business affairs of Akbar Khan, the man who unlocked the frozen Clob accounts and a close associate of former
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    • 411 6  -  Prom i Anthony Rowley in Tokyo THE Bank of Japan's Policy Board left its monetary policy unchanged at the end of a two-day meeting yesterday, but at the same time the likelihood of legislative changes that will compel the Japanese central bank to
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    • 252 6 WASHINGTON AP, Reuters US retail sales plunged in September in the wake of the devastating attacks on New York City and Washington, posting their sharpest drop in at least nine years, the government said yesterday. Retail sales dropped 2.4 per cent
      AP,; Reuters  -  252 words
    • POLITICAL FRONT
      • 98 6 AP [WASHINGTON] An NBC employee in New York has tested positive for anthrax, the television network said yesterday. The Federal Bureau of Investigation and the Center for Disease Control are investigating. The anthrax is not the same respiratory anthrax that killed a Florida man,
        AP  -  98 words
      • 73 6 AFP, Bloomberg [KABUL] Kabul, came under sustained bombardment early yesterday. Jalalabad and Kandahar also came under attack. In London, Undersecretary of State for Defence Lewis Moonie said air strikes against Afghanistan are likely to be scaled back this weekend while Muslims celebrate a religious festival. In
        AFP,; Bloomberg  -  73 words
      • 70 6 Dow Jones Newswires [ISLAMABAD] With Afghanistan's rulers claiming 200 civilians had died in a US attack, Pakistan yesterday reminded the US of its assurances that only terrorists and their supporters would be targeted in the air campaign. Pakistan reiterated that no US-led military strikes will
        Dow Jones Newswires  -  70 words
      • 67 6 Reuters [OSLO] The United Nations and Secretary-General Kofi Annan won the centenary Nobel Peace Prize yesterday for working for "a better organised and more peaceful world" in tackling challenges from poverty to terrorism. The prize citation said that Annan, a 63-year-old Ghanaian, had been
        Reuters  -  67 words
      • 105 6 NYT [WASHINGTON] A tight-knit group of Pentagon officials and defence experts is working to mobilise support for a military operation to oust President Saddam Hussein of Iraq as the next phase of the war against terrorism, senior administration officials and defence experts said. The
        NYT  -  105 words
    • 1057 7  -  VALLEY VIEW One Singaporean start-up's strategy for surviving the dotcom crash jennifer lien The writer is BT's Silicon Valley correspondent SO many dotcoms have closed shop in the past year or so that when you hear of one that's actually still around,
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  • Page 6 Advertisements
    • 354 6 I I In the natter of The Companies Vet, Cap. SO Vnd In the matter of LAYER 2 COMMUNICATIONS (SINGAPORE) PTE LTD NOTICE OF APPOINTMENT AND SITUATION OF OEFICE OF PROVISION AL LIQUIDATOR (CREDITORS' VOLUNTARY WINDING I P) I. HKNRY S K TAN. of 45 C D Boat Quay. Singapore
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    • 332 6 IN THE MATTER OF THE COMPANIES ACT, CAP 50 AND IN THE MATTER OF INFORMATION RESOURCES SINGAPORE PTE LTD (IN MEMBERS' VOLUNTARY LIQUIDATION) FINAL GENERAL MEETING NOTICE IS HEREBY GIVEN pursuant to Section 308 (I) of the Companies Act, Cap. 50, that a Final Generol Meeting of the above named
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    • 233 6 IN THE MATTER OF THE COMPANIES ACT CAP. 50 AND IN THE MATTER OF MENDOZA WINE PTE LTD (In Voluntary Liquidation) NOTICE IS HEREBY GIVEN pursuant to Section 308 of the Companies Act. Chapter 50. that the Final General Meeting of the Company will be held at 7500 A Beach
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  • 8335 7 SGX MAINBOARD Transaction date: Oct 12 rw»» *2? iytShr <£ W jg_jjg U. Cwht £E (£> U» ff "•'i 50 37.5 0.7 2.5 57.7 233 23.5 85 cKianHolOc 13.5 inch 4 13.5 13.5 11 135 3 59 22 10.2 211 12 9 6 ABNAmroNLG 56c 9 3 4
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  • week in review
    • 1089 8 For the full stories, visit http://business-times.asial.com.sg S'pore headed for worst slump in over 30 years Oct 11 SINGAPORE is headed for its deepest recession in well over 30 years. The Ministry of Trade and Industry now expects the economy to contract about 3 per cent this,
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    • 302 8 WONG WD KONG Oct 12 Brokers can't bank on going it alone INCREASED competition sparked by liberalisation and the subsequent effects of falling commissions, tumbling turnover and rising costs have left brokers fighting for survival. De-mutualisation of the Singapore Exchange also means brokers have lost their clout
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  • 4219 8 KUALA LUMPUR Vol Oct 12 RM 1000) A&M Realty 0.76 -0.01 0 Abric 1.79 -0.02 118 ACP industries 2.69 -0.03 0 Advance Synergy 0.46 0.01 0 Affin Holdings 0.22 unch 12 Ahmad Zaki Res— 3.54 0.04 0 AIC Corp 3 68 0.04 11 AikbeeRes 2.15 -0.04 0 AKN
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  • in the money
    • 874 9  -  EQUITIES Its cash hoard, strong brand name and management give it an edge over rivals, says VEN SREENIVASAN VEN SREENIVASAN THE Sept 11 terrorist attacks on the United States have proved to be calamitous for the global aviation industry. Within days of the outrage, leading
      Source: Bloomberg  -  874 words
    • 254 9  -  By* George Lam The author is a senior consultant at JCF Group IN line with the worsening economic conditions and downward earnings expectations, we saw more negative than positive recommendation changes on Singapore companies last week (Oct 2-9). We received 25 changes in
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    • 552 9  -  FUNDS Bu Fundsupermart.com MICHEAL Karagianis, global strategist for the Aberdeen Group, is a selfconfessed optimist. At a time when many fund managers are reluctant to speculate when stock markets will recover, Mr Karagianis believes that US equity markets can stage a
      FILE PHOTO  -  552 words
  • 5301 9 for more, go to www.asiaonemarkets.com HONG KONG Vo4 Oct 12 HKS COOP) AcrossAsia Multimedia 0.58 -0.02 0 Alpha General 0.03 unch ***** Amoy Prop 7.40 0.05 4922 Ananda Wing On 0.06 unch ***** Anqanq New Steel H 0.87 -0.07 ***** Anhui Conch H 1.45 -0.11 3050 Anhui Eipressway
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  • what's in style food
    • Article, Illustration
      1207 10  -  GEOFFREY EU meets the discrete Yoshio Nogawa, whose stash of super-fresh sushi and precious seasonal items are well-prized GEOFFREY EU JAPANESE cuisine was a definite mystery to most Singaporeans when 24-year-old sushi chef Yoshio Nogawa arrived here in 1972 to work at Oko restaurant in Supreme House. Only
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  • 1931 10 MHrn EPS Drt# TY UY TY IV Com—wy «nn l>m) ($m) <cts» (ct«) ABR Htdgs 28-Sap I 3.072L 2.343 1.59L U1 Acms 26S»p I 4.761L 4 088 2.7L 2.4 AEM-Evartach 27-Sap t 1.97 10.114 0.54 3.12 Amara Hldqs 26-Sap I 1.946L 2.247 0.34L 0.39 840 Joo
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  • Page 10 Advertisements
    • 406 10 wine&dine with weekendßT A Cafe D'Amfgo Hotel Windsor Plaza Parte Royal Hotol N|| Spring Court Restaurant 72th UO2-38 Specialist Shopping Centre, 401 Macpherson Road. Tel *****38 7500 A Beach Road 1 iu Anniversary Special Orchard Road. Tel. 835 0238 Enjoy a sumptuous spread of salads and Tel. *****05 1 Il
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  • what's in style travel
    • Article, Illustration
      1124 11  -  This is no posh office interior but the plush reception area of a hair salon in Seoul's stylishly seductive Chongdam-dong district. GEOFFREY EU discovers it's all about GEOFFREY EU A LEISURELY stroll through the hilly, narrow lanes of trendy Chongdam-dong in Seoul's posh Kangnam (south of the Han
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  • 3686 11 UNIT TRUSTS FUNDS Aberdeen Asset Mgt Asia Ltd Aberdeen Select Portfolio: American Opport Fd 0.713 0.750 Asian Fixed Income Fd 1.129 1.164 China OpportunitiesFd!** 0 867 0.911 Cont Euro Eqty Fd!** 0 920 0.967 Global MNC Fd 0 625 0 657 Global Technology Fd!** 0 453 0.477 Indonesia Equity Fd!**
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  • Page 11 Miscellaneous
    • 295 11 CRYPTIC CROSSWORD ACROSS 4 Greek keen to get pregnant (6) IF |Hp BP I F I P I 5 Stop supplying alcoholic liquor 5 Worsted worker's rank (8) —PH m (6) 6Go round otherwise a scrap 3 J 9 be- 7 to study a certain BB Mj BB 10 (5)
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  • what's in style motoring
    • 983 12  -  Nissan has never been as successful as Toyota in the high-end luxury segment but CHRISTOPHER TAN feels the new Infiniti Q45 might change things CHRISTOPHER TAN LIKE many late baby boomers, I stand in awe of Japanese innovation. I remember my first transistor radio then a miniaturisation
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    • 478 12  -  By i Christopher Tan WHEN I first saw Subaru's latest Impreza last December, I thought to myself, what an ugly car. I confess I was too hasty to dismiss the unconventional styling as hotchpotch. Yes, the Impreza's new face large oval eyes, thick lips and dimpled with
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    • BRAVE NEW WHIRL
      • 142 12 HERE it is. the first official photo of the Volkswagen Dl a car that will take on Mercedes' S-class, BMW's 7-series, Jaguar's XJ and Lexus' LS. Measuring just over 5 m tip to tip and 1.9 m wide, the car will initially be offered with
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      • 86 12 IN line with the culture of transparency, here's the Porsche 911 Targa. a sports car with a retractable glass canopy. Made of pre-tensioned splinter-free laminated security glass, the roof opens at the touch of a button. The new Targa also has folding rear window a first
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      • Article, Illustration
        49 12 NISSAN'S X-Trail is Japan's best-selling sportutility vehicle, outselling more established products such as Honda's CR-V and Toyota's RAV4. The 2.5-litre XTrail Nissan's maiden foray into the segment features a specially developed permanent 4x4 system. The car will be available here soon. Call 466-7711 for inquiries. Nissan X-Trail
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      • 61 12 IF you thought the BMW X 5 was beyond reach, here's a more accessible option a 3.0litre version of the award-win-ning car. It packs a new six-cyl-inder, 230 horsepower engine matched with a five-speed Steptronic automatic gearbox. At $267,000 with COE, it is in the
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      • 67 12  -  Compiled by Christopher Tan CASTROL, the lubricant brand behind BMW's Formula One efforts, has introduced Formula RS a synthetic blend endorsed by none other than Ralf Schumacher. The 10W/50 oil is especially beneficial to multivalve and turbocharged engines, is long-lasting and reduces noise, vibration and harshness levels. It
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  • what's in style art
    • Article, Illustration
      983 13  -  Sculptures may not have enjoyed the popularity of paintings among art lovers, but this is changing with firms and individuals casting a favourable eye, reports CHEAH UI-HOON CHEAH UI-HOON THEY draw attention, they add a "personality" to a space, the large ones even make good location markers. They
      RICHARD CHNG; ARTHUR LEE  -  983 words
    • 296 13  -  -By Choah Ui-Hoon ONE of the most interesting sculptures in public spaces around Singapore is the simple bronze 'O' in front of Suntec City. It looks twodimensional when you are looking at it from the front, but walk around and you realise it's actually three-dimensional with a
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    • 593 13  -  The late German artist Hannah Hoch's photomontages are whimsical yet powerful commentaries on her life and times, says PARVATHINAYAR PARVATHI NAYAR NEAT. The single word encapsulates the feel of the photomontages by German artist Hannah Hoch (1889-1978). For Hoch's smaU, collaged images are neatly composed, the images
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  • Article, Illustration
    1261 13 MTERBAMR CROSS RATES OeU2 AS CSRmbEaro Fft Pwi HK$ Ind ft tapiah Yon Woo Wl llZSPith teo S$ to— Sfr Mtt la* Hmt US$ Australia 0.782 4.147 0.554 3.631 1063 3.896 ***** 49.855 0.607 6.482 1899 1.205 31.003 25.891 0.910 4.568 0521 ***** ***** 0.345 0.500 Canada 1.279 5.305
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  • what's in style collections
    • 534 14 Since its inception in 1889, Parker has been involved in historic events. The 71 pens being showcased in the Parker Beyond Words exhibition include limited edition pieces, persohality pens, treaty pens and innovative pens. Here are some highlights. The Parker 75 Limited Edition RMS Queen
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    • 660 14  -  Household name Parker presents a collection of fine writing instruments that marked significant moments in history. CORINNE KERK takes notes CORINNE KERK IT'S probably happened to everyone at some point in their life. You need to buy a present in a hurry and you have
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    • 911 14  -  BIZWOMAN Homewares designer Geraldine Archer hopes to bridge the gap between fashion and furnishing. CHEAH UI-HOON is suitably impressed CHEAH UI-HOON DESIGNED and conceptualised in Singapore. That's what Mara Miri's managing director-owner-designer would like to say about her products which she hopes will make
      PHOTOS BY RICHARD CHNG  -  911 words
    • Article, Illustration
      280 14  -  Compiled by CORINNE KERK Our top picks of what's on the shelves The lighter side TOO many people spend too much time huddled at their tiny desks, says Haworth Furniture. And the solution to what it cans Daa aesK synarome 7 a new generation of functional and fun
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    • 858 15  -  Brilliant colours, detailed hand-embroidery and a mixture of fabrics are the distinct components of the Valaya look. Now there's the Studio Valaya diffusion line, says PARVATHINAYAR PARVATHI NAYAR THE grand finale of the Celebrating India-Singapore 2001 evening which showcased the chic-classic end of the subcontinent's culture
      PHOTOS BY ARTHR LEE  -  858 words
    • 490 15  -  Seats with sass set Moroso apart from the rest of the modernist pack, as CORINNE KERK discovers CORINNE KERK EVERY year for almost six years. Xtra Designs' Lim Choon Hong would hang around the booth of Italian designer sofa-maker Moroso, at the annual Milan International Furniture Fair.
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  • Page 15 Advertisements
    • 1146 15 iDßjf TREK 2000 INTERNATIONAL LTD I (Incorporated in the Republic of Singapore) NOTICE IS HEREBY GIVEN THAT an Extraordinary General Meeting of Trek 2000 International Ltd (the "Company") will be held at Conference Room, 30 Loyang Way #07-13/14/15, Loyang Industrial Estate. Singapore *****9 on 8 November 2001 at 11.00 a.m.
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