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BUSINESS TIMES, 27 November 1996

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Article also available on Microfilm Reel NL20739


Masthead [TITLE SECTION]

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THE BUSINESS TIMES lITA (P) 046/12/95 J SINGAPORE nternet: http://www.asial.com.sg/biztimes WEDNESDAY, NOVEMBER 27,1996

MARKET SUMMARY [ARTICLE]

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MARKET SUMMARY It ■> 3SS£^**^S2S

FINANCE [ARTICLE]

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FINANCE TTWMHfSiPPWP"* 1 (Source: NatWest Bank)

SingTel to slash IDD rates by up to 46% from Jan 1 [ARTICLE+ILLUSTRATION]

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SingTel to slash IDD rates by up to 46% from Jan 1 Cots in rates to some 100 destinations aimed at keeping S'pore competitive By i Genevieve Cua [SINGAPORE] Singapore Telecom yesterday announced a deeper-than-expected round of cuts in International Direct Dialing (IDD) rates aimed at keeping Singapore competitive as

EU faces crucial monetary decisions at December summit [ARTICLE]

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EU faces crucial monetary decisions at December summit By Larry Wee [SINGAPORE] When European leaders next meet in Dublin on Dec 14, they must make several key decisions on European Monetary Union (EMU). Sceptics suggest that they should also reconsider the time-table set out by the Maastricht Treaty (MT) on

Rashid Hussain swings deals to create M$28b Malaysian superbank [ARTICLE+ILLUSTRATION]

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Rashid Hussain swings deals to create M$28b Malaysian superbank Stockbroker will land 54% controlling stake in merged Kwong Yik Bank and DCB Bank From' Ven Sreenivasan in Kuala Lumpur MALAYSIAN stockbroker Rashid Hussain Bhd (RHB) yesterday announced a series of deals which will give it a controlling 54 per cent

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Sing Tel chief sees SPas credible threat, Pg 4 ■m ERICCHU Look, no cash What does a finance minister do when he wants a soda? He could use a Cash Card to buy one. This was what Dr Richard Hu did yesterday when he bought a can of soft drink

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Mayhaakt* use Mf 1.87b gains for expansion, Pg 19

SINGAPORE AT HOME & ABROAD

Seven banks launch CashCard [ARTICLE+ILLUSTRATION]

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Seven banks launch CashCard Stored-value card can be used for purchases of op to $200 at some 300 outlets By\ Shiv Taneja IN A major step towards a cashless society, Singapore's seven local banks yesterday formally launched the CashCard, an electronic off-line stored-value card scheme. Speaking at the launch, Finance

Building productivity hammered [ARTICLE+ILLUSTRATION]

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Building productivity hammered EYE ON THE ECONOMY Construction By I Siow Li Sen PRODUCTIVITY in the construction sector has been dismal despite increasing mechanisation because contractors have had to rely on a transient foreign workforce during the building boom of the last four years, say observers. They ad- ded that

Only 20% say more women politicians will benefit S'pore [ARTICLE+ILLUSTRATION]

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Only 20% say more women politicians will benefit S'pore But 75% in survey by Gallnp-NUS believe sexes treated equally Reports by Anna Teo NOT enough women in politics is an oft-heard lament. But only one in five Singaporeans think Singapore would be better off if more women held political office,

Gallup considering poll for S'pore GE [ARTICLE]

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Gallup considering poll for S'pore GE THE Singapore office of the Gallup Organisation may conduct opinion polls on the coming general election. "Whether or not we'll do a Gallup election poll will depend on a few things," said Wong Toon Quee, managing research director of Gallup Singapore. This includes whether

MAS unveils new-look info service [ARTICLE]

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MAS unveils new-look info service FINANCE Minister Richard Hu yesterday launched a new platform for the Monetary Authority of Singapore network service, Masnet, which will use the latest developments in data communication and information technology. Dr Hu said with the new platform, subscribers have more user-friendly features such as a

S'pore, Mexico can be gateways to two dynamic areas: PM [ARTICLE]

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S'pore, Mexico can be gateways to two dynamic areas: PM BahUMBl ran rich hinterlands of both countries Walton Morais SINGAPORE and Mexico can be the gateways to the vast opportunities in two of the fastest growing economic regions in the world, Prime Minister Goh Chok Tong said last night. Speaking

TechLink completion in April [ARTICLE+ILLUSTRATION]

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TechLink completion in April KAKI Bukit will have its first hi-tech multi-tenanted industrial facilities when the $60.5 million Tech Link building is Completed next April. Tech Link part of developer Tech Parks' 6-hectare Kaki Bukit Techpark project offers customers well-locat-ed self-contained industrial facilities with easy access to a labour pool,

NEWS Roundup

S Africans to study S'pore housing [ARTICLE]

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S Africans to study S'pore housing NINE members from the South Africa Parliamentary Portfolio Committee on Housing will arrive here today for a five-day visit to study Singapore's housing experience. They will visit the Housing and Development Board and call on Matthias Yao, Senior Parliamentary Secretary for National Development. They

Jailed for hiring illegal workers [ARTICLE]

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Jailed for hiring illegal workers THE proprietor of San Wah Lee Building Construction, ChongNgee Sen, was jailed for one year yesterday by the, court for hiring 46 foreign workers illegally in various construction sites. It was Cheng's first offence. This is the sixth case this year in which a first-time

Two new Net services for business and home users [ARTICLE]

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Two new Net services for business and home users Move part of NGB goal to make Singapore information technology hnb for the region Reports by* Annette Pau THE National Computer Board yesterday unveiled new Internet-based services for Singapore business and home users to help achieve its goal of making Singapore

One-stop Net base for business contacts [ARTICLE]

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One-stop Net base for business contacts LOOKING for the best business contact in Singapore? Try Singapore Connect, a one-stop Internet-based information service about and for Singapore companies. The service is a joint effort of the Productivity and Standards Board, National Computer Board, and Singapore Press Holdings (SPH). A search directory

Upgrading lifts prices of flats by 40-50%: SM Lee [ARTICLE]

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Upgrading lifts prices of flats by 40-50%: SM Lee RESALE prices of flats afler main upgrading have gone up by 40 to 50 per cent, Senior Minister Lee Kuan Yew said yesterday. He was speaking at the launching ceremony for polling of the Main Upgrading Programme (MUP) at Everton Park

SingTel chief sees SP as credible threat [ARTICLE]

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SingTel chief sees SP as credible threat SINGAPORE Telecom chief executive BG Lee Hsien Yang expects Singapore Power to be a "credible threat" to Sing Tel if it succeeds in securing a licence here to operate telecommunications services in the year 2000. Speaking to reporters yesterday during the opening of

Mech-Power's focus on govt projects pays off [ARTICLE+ILLUSTRATION]

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Mech-Power's focus on govt projects pays off spotlight on SINGAPORE'S BEST A $lte PSA contract opened many doors for power generator manufacturer By Jennifer Lien MECH-POWER Generator's focus on government projects and a big $16 million contract from the Port of Singapore Authority played a key role in propelling the

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Malaysian market's dizzy height calls for caution [ARTICLE+ILLUSTRATION]

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Malaysian market's dizzy height calls for caution TECHNICAL VIEWPOINT Be careful if and when the index crosses the 1,250 level and nears 1,300 By] Naresh Verma The writer is a manager of technical analysis advisory (South-east Asia) at Dow Jones Telerate. The opinions in this column are personal and do

US retirement funds taking more risks [ARTICLE]

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US retirement funds taking more risks Bloomberg Business News [BOSTON] Americans are taking more risks in their 401(k) retirement pians, as the longest bull market in US stock market history stretches into its seventh year, according to an industry research group. "The average investor is being more aggressive about buying

Chance to diversify with N Asia fund [ARTICLE+ILLUSTRATION]

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Chance to diversify with N Asia fund Less volatility as North Asia markets do not always move in tandem By\ Shiv Taneja [SINGAPORE] Diversify or die. That might be overstating the case just a tad, but investors brought up on a diet of unit trusts that invest in Singapore, Malaysia

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SOUTH-EAST ASIA

Apec stand on IT pact open to interpretation [ARTICLE]

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Apec stand on IT pact open to interpretation MANILA US and other Apec members are still at odds over what the Apec position actually means Yang Razali Kassim THE controversial American proposal for a global pact on information technology trade remains what it is controversial notwithstanding the Apec summit in

Weighty question [ARTICLE+ILLUSTRATION]

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Weighty question [HANOI] A customer scrutinising the weighing scale as a fruit vendor weighs a papaya for her on a street here yesterday. Buyers generally are not confident about the accuracy of these antiquated scales which invariably result in losses for the customer. AFP

Outage in KL's business district [ARTICLE]

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Outage in KL's business district M KUALA LUMPUR Reuter A POWER outage struck three areas of the Malaysian capital's business district yesterday afternoon but power authorities said they expected resumption of supply later in the evening. State power utility Tenaga Nasional Bhd said electricity supply should be restored after 8

M'sia ties up with UK racing team [ARTICLE]

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M'sia ties up with UK racing team KUALA LUMPUR Move will boost KL's plan to hold its own Grand Prix in 1999 AFP MALAYSIA yesterday tied up with Britain's Stewart-Ford racing team to promote the country through the 17-race Formula One 1997 Grand Prix championship campaign held on five continents.

Chavalit says first task is to put economy on course [ARTICLE+ILLUSTRATION]

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Chavalit says first task is to put economy on course BANGKOK Amnuay, among three outsiders in cabinet, to be finance minister By\ Loh Hui Yin THAILAND'S new Prime Minister Chavalit Yongchaiyudh has said his first priority will be to put the slowing economy back on track, and also confirmed that

Army pledges support for Chavalit [ARTICLE]

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Army pledges support for Chavalit BANGKOK Reuter THAILAND'S military yesterday gave an unprecedented show of support for an elected government by pledging full cooperation with former army chief turned premier, Chavalit Yongchaiyudh, military officials said. Gen Chavalit received the backing of the armed service chiefs on his front lawn after

Indonesia's half-year deficit up 20% to US$4.5b [ARTICLE]

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Indonesia's half-year deficit up 20% to US$4.5b JAKARTA Reuter INDONESIA'S current account deficit widened 20.6 per cent in the first half of fiscal 1996-97, the government said yesterday, adding that cooling the overheating economy was top priority. Finance Minister Mar'ie Muhammad said the deficit widened to U554,521 billion (556.3 billion)

US$670b needed to help meet Asia-Pac power demands [ARTICLE]

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US$670b needed to help meet Asia-Pac power demands SINGAPORE China, India, S Korea Account for nearly half the investment required: expert AFP ASIA-Pacific developing economies require massive investments of up to US$67O billion (Ss93B billion) in power utilities to meet soaring demand for electricity, a UN energy expert said yesterday.

Viet land permits for investors still wrapped in red tape [ARTICLE]

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Viet land permits for investors still wrapped in red tape HANOI AFP VIETNAM'S attempts to cut through the red tape surrounding land, often cited as one of the biggest obstacles for foreign investors, have mostly failed with many companies waiting more than two years for land use permits, a report

NOTE Book

Benefits from a wider US$-rupiah band [ARTICLE+ILLUSTRATION]

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Benefits from a wider US$-rupiah band Reuter {JAKARTA] Indonesian finance Minister Mar'ie Muhammad said yesterday that the widening of the central bank's US dollar-rupiah trading band was positive for foreign debt payments. "The strengthening of the rupiah does not put a burden on our principal and interest debt payments. The

Thai economic growth seen slowing [ARTICLE]

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Thai economic growth seen slowing AFP {BANGKOK] Thailand's economic growth is expected to k alow to 6.1 per cent in 1906, well below previous estimates and sharply down from last year's 8.6 per cent, the head of a top think-tank said yesterday. Economic growth was expected to show only slight

S Korean president visits M'sia [ARTICLE]

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S Korean president visits M'sia AFP [KUALA LUMPUR] South Korean President Kim Young Sam arrived here yesterday for a three-day state visit as part of his three-nation tour of South-east Asia. Mr Kim is accompanied by his wife and a delegation of cabinet ministers and businessmen. He will hold talks

KL willing to employ Gurkhas in HK [ARTICLE]

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KL willing to employ Gurkhas in HK AFP [KUALA LUMPUR] Malaysia is willing to employ British Gurkhas now stationed in Hongkong as security guards here after the handover of the colony to China in July, a report said yesterday. The government is in favour of their employment because the Gurkhas

US, Thai leaders hail double tax pact [ARTICLE+ILLUSTRATION]

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US, Thai leaders hail double tax pact BANGKOK But American firms expect few immediate benefits Reuter, AFP US AND Thai leaders hailed a bilateral treaty to avoid double taxation signed yesterday but American company executives expected to reap few immediate benefits from the long awaited agreement. US President Bill Clinton,

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CHINA-HONGKONG-TAIWAN

Give Beijing MFN for good, US urged [ARTICLE]

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Give Beijing MFN for good, US urged WASHINGTON Senate minority leader says it will help US businesses by removing uncertainty Bloomberg Business News SENATE Minority Leader Tom Daschle said the US should extend its Most Favoured Nation trading status to China permanently. The South Dakota Democrat, returning from a Senate

Developers pay record HK$540m for HK home [ARTICLE]

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Developers pay record HK$540m for HK home HONGKONG AFP DEVELOPERS have shelled out HK$54O million (5597.7 million) for a single-family home in Hongkong, a record price even by the territory's inflated property values, newspapers reported yesterday. No 23 Severn Road, located on Victoria Peak, has 28,923 sq ft of floor

Canada, Beijing sign nuclear reactor deal [ARTICLE]

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Canada, Beijing sign nuclear reactor deal ■SHANGHAI Cs4b deal is for construction of two 700-MW reactors Reuter CANADA and China yesterday signed their biggest single commercial contract for two nuclear reactors which Ottawa hopes will be the first in a series of such orders, Canadian officials said. The Atomic Energy

US announces December visit by China defence minister [ARTICLE]

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US announces December visit by China defence minister WASHINGTON Reuter AFP IN A sign of improving relations between Washington and Beijing, the Pentagon announced on Monday that Chinese Defence Minister Chi Haotian will visit the US for two weeks beginning Dec 5. The statement said Mr Chi and a 20-member

Lighting up life aiming China's rich [ARTICLE+ILLUSTRATION]

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Lighting up life aiming China's rich [BEIJING] A visitor watching yesterday as his colleague tests a full-spectrum lightwave machine, the latest of high tech/new age leisure items to hit China, at a recreational productsfair in Beijing. The company is marketing its products to health clubs and holiday villas in China

Rush in Shenzhen for baguettes [ARTICLE]

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Rush in Shenzhen for baguettes HONGKONG AFP THE French retailing chain Carrefour yesterday opened its first hypermarket in southern China's booming Pearl River Delta, and found itself mobbed with shoppers seeking a taste of the French baguette. The US$6 million (SsB.4 million) store, in the booming city of Shenzhen, on

SINO Briefs

Beijing to aim for 'civilised govt' [ARTICLE]

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Beijing to aim for 'civilised govt' AFP [BEIJING] China is to launch a "civilised government" campaign next year. Premier Li Peng announced yesterday, marking Bering's latest attempt to throw off the twin mantles of inefficiency and corruption. The key to creating a civilised government is to raise government efficiency and

Patten to discuss visa issue in Tokyo [ARTICLE]

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Patten to discuss visa issue in Tokyo AFP [HONGKONG] Governor Chris Patten headed for Japan yesterday on a mission to lobby Tokyo to give visa-free access to Hongkongers holding the territory's post-1997 passport Mr Patten, who returns on Sunday, will take part in an annual meeting of the Hongkong-Japan Business

Don't use loans as lever, Japan warned [ARTICLE]

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Don't use loans as lever, Japan warned AFP [BEIJING] China warned Japan yesterday to refrain from using its low-interest loans to Beijing as a political lever or face a deterioration of already strained relations. "Economic cooperation between China and Japan must be based on equality," said Foreign Ministry spokesman Cui

Weddings put off until HK handover [ARTICLE]

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Weddings put off until HK handover AFP [BEIJINGJ Young couples throughout China are postponing their weddings until the return of Hongkong next year, In order to give their married life an auspicious start According to the Tianjin Evening News yesterday, there is a growing trend among couples to arrange marriage

China to build 10,000 new towns to absorb excess rural labour [ARTICLE]

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China to build 10,000 new towns to absorb excess rural labour BEIJING Number of urban workers op by five million in a year AFP CHINA'S urban workforce expanded this year to the extent that the government is planning to build some 10,000 small towns to absorb excess labour from rural

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ASIA Notes

Japan may get new financial watchdog [ARTICLE]

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Japan may get new financial watchdog AFP [TOKYO] Japanese Prime Minister Ryutaro Hashimoto reportedly indicated yesterday that his government will create a new body outside the finance ministry to inspect and supervise all financial institutions. "There is an option to merge the inspection and supervisory functions which are now spread

Changes to Okinawa pact [ARTICLE]

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Changes to Okinawa pact AFP [WASHINGTON] The United States and Japan will make "substantial changes" to an agreement on a US base on Japan's Okinawa island, a senior US defence official said on Monday. The accord includes a return to certain training areas north of the US base to Japanese

Higher bonuses for Japanese [ARTICLE]

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Higher bonuses for Japanese AFP [TOKYO] Year-end bonus payments at major Japanese companies this year are likely to grow by 3.05 per cent over a year ago, marking the second consecutive yearly rise, according to a newspaper survey published yesterday. Bonus payment is an average 789,108 yen (559,855), the Nihon

Korean MPs okay entry into OECD [ARTICLE]

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Korean MPs okay entry into OECD AFP [SEOUL] South Korea's parliament yesterday ratified Seoul's entry into the Organisation for Economic Cooperation and Development (OECD), National Assembly officials said. According to the officials of the main opposition National Congress for New Politics, the assembly voted 159 to 101 in favour of

Telstra to spend A$20b on goods, services [ARTICLE]

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Telstra to spend A$20b on goods, services CANBERRA Reuter AUSTRALIAN governmentowned telecoms carrier Telstra Corp yesterday said it would spend a total of As2o billion (5522.6 billion) on goods and services by 1997, doubling the initial target of Aslo billion set in 1992. It will also spend Asl2 bil- lion

S Korea faces first electronics fall in 14 years [ARTICLE]

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S Korea faces first electronics fall in 14 years SEOUL Sharp drop in global chip prices main cause of downturn Reuter, AFP SOUTH Korea's electronics exports are expected to fall 4.4 per cent year-on-year in 1996, the first drop in 14 years. The Electronics Industries Association of Korea yesterday said

US-Japan insurance talks make no headway as deadline looms [ARTICLE]

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US-Japan insurance talks make no headway as deadline looms TOKYO Ministerial talks to be held on Dec 6, before Dec 15 cnt-off AFP JAPAN and the United States have made no progress in resolving differences in the insurance sector, Japanese and US officials said yesterday, less than three weeks before

Checking an Olympic link [ARTICLE+ILLUSTRATION]

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Checking an Olympic link [SYDNEY] Officials walking towards the entrance of a five km rail tunnel being drilled at the Sydney 2000 Olympic site, Homebush Bay, yesterday. The As 93 million (Sf 105.5 million) rail link, due to be finished in early 1998, is expected to handle 50,000 people an

Probe into officials' possible links to scandals [ARTICLE]

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Probe into officials' possible links to scandals TOKYO AFP TWO senior Japanese ministers yesterday said they were .scrutinising ties between bureaucrats and businessmen at ithe centre of corruption scan dais. Shinichi Sato, Minister of International Trade and Industry, said he had ordered an i nquiry into links between officials and

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Doubts over the 'ins' and 'outs' [ARTICLE+ILLUSTRATION]

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Doubts over the 'ins' and 'outs' EUROPEAN MONETARY UNION Several questions remain unanswered as the deadline for implementing a single currency draws near Reports by] Larry Wee [SINGAPORE) European politicians spearheaded by Germany and Erance seem deter mined that come Jan 1 1999, stage three of th;i European Monetary Union

Who's joining when [ARTICLE]

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Who's joining when FROM their comparatively informal economic grouping call ed the European Union (EU), 15 Wes tern European nations are progressing.*: at different speeds, and with mixed feelings towards European Monet ary Union. Twelve are now members of the exchange rate mechan ism or ERM, which binds their currencies

The key convergence criteria [ARTICLE+ILLUSTRATION]

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The key convergence criteria THE Maastricht Treaty (MT) sets five convergence criteria to qualify European Union members for closer cooperation. On Jan I, 1999. these core nations will advance to stage 3 of European Monetary Union (EMU) the most significant features of which are a centralised monetary policy and a

Euro's value likely to hang on the mean rate [ARTICLE+ILLUSTRATION]

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Euro's value likely to hang on the mean rate THE authors of the Maastricht Treaty appear to assume that the determination of the value of the Euro can be postponed till Stage Three starts in early 1999. In contrast, European heads of state are currently expected to have finalised the

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THE WORLD

Minor tax cuts in pro-growth UK budget [ARTICLE+ILLUSTRATION]

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Minor tax cuts in pro-growth UK budget LONDON Growth projected at 3-5% next year while inflation will fall below 3% Hy\ Neil Behrmann CHANCELLOR of the Exchequer Kenneth Clarke yesterday opted for a prudent UK budget with minor tax cuts to underpin economic growth ahead of next spring's general election.

British govt orders probe alter budgets leaked to newspaper [ARTICLE]

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British govt orders probe alter budgets leaked to newspaper LONDON By\ Neil Behrmann THE British government has launched a full-scale inquiry after key budget documents were leaked to the Daily Mirror newspaper, a day ahead of their being made public yesterday. Fortunately for Chancellor of the Exchequer Kenneth Clark, the

Crashes: Airlines to drop limits on compensation [ARTICLE]

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Crashes: Airlines to drop limits on compensation GENEVA lata expects many carriers to remove ceilings from Jan Reuter THE global airline body lata said yesterday it expected many world carriers to begin removing limits on compensation for victims of air disasters and their dependents from January. An industry accord, which

Russia will pay Tsarist debts to France: Chernomyrdin [ARTICLE]

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Russia will pay Tsarist debts to France: Chernomyrdin PARIS Reuter RUSSIAN Prime Minister Viktor Chernomyrdin met French President Jacques Chirac yesterday after pledging to resolve a dispute with Paris over its Tsarist debt that has blocked trade in a new Russian bond in France. The Russian premier, in Paris for

Opec must cut output to re-admit Iraq: experts [ARTICLE]

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Opec must cut output to re-admit Iraq: experts ABU DHABI Move will prevent fresh weakening in crude oil prices AFP OPEC needs to cut excess oil production to readmit Iraq into the market and prevent a fresh weakening in crude prices despite projected seasonal growth in demand. Gulf experts said

Russians tighten grip on telecoms sector [ARTICLE]

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Russians tighten grip on telecoms sector MOSCOW FT BUSINESSMEN close to Russian President Boris Yeltsin have taken control of the privatisation of the country's telecommunications sector as the backlash against foreign investment gathers momentum. In an announcement due today, the Russian government will terminate the work of the Western consortium

No change to strong dollar policy: Rubin [ARTICLE+ILLUSTRATION]

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No change to strong dollar policy: Rubin WASHINGTON Defends policy against US manufacturers' charge that exports, growth hurt by it Reuter US TREASURY Secretary Robert Rubin said on Monday that the Clinton administration has no plans to change its strong-dollar policy, despite stepped-up criticism from US manufacturing companies. "A strong

US economy may grow at 2.3% in 1996/97: survey [ARTICLE]

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US economy may grow at 2.3% in 1996/97: survey WASHINGTON Economists also see inflation rising 2.9% for both years Reuter ROLLING quietly and steadily along, the US economy is expected to grow 2.3 per cent this year and next, according to a survey of business economists issued on Monday. The

French govt racing to broker deal with truck drivers [ARTICLE]

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French govt racing to broker deal with truck drivers PARIS Reuter THE French government raced against time yesterday to bring a nine-day-old truck drivers' strike strangling highways and fuel supplies in France to an end before it spread to other sectors. But while hurrying to broker a deal between the

Strikes seen as German sick-pay talks collapse [ARTICLE]

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Strikes seen as German sick-pay talks collapse FRANKFURT Bloomberg Business News THE third attempt by German employers and the IG Metall union to negotiate an agreement on sick pay was abandoned early yesterday morning in Dusseldorf, increasing the likelihood of strikes from early next year, the employers' association said. Employers

WORLD Watch

US consumer confidence steady [ARTICLE]

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US consumer confidence steady Reuter [NEW YORK] The index of US consumer confidence held steady at 107.3 in November, unchanged from a revised reading of 107.3 in October. The Conference Board yesterday said the expectations component of the November index fell to 91.4 from a revised 95.7, and the present

US, UK warning on germ warfare [ARTICLE]

Page 14

US, UK warning on germ warfare Reuter [GENEVA] The US and Britain warned yesterday of the growing threat of germ warfare and called for an agreement by 1996 to allow inspection of countries suspected of cheating on a 1972 pact banning biological weapons. John Holum, director of the US Arms

German lower boose debates budget [ARTICLE]

Page 14

German lower boose debates budget Reuter [BONN] The German lower house of parliament began a four-day parliamentary debate yesterday on Finance Minister Theo Waigel's 1997 austerity budget, which will culminate in a final vote on Friday. Irmgard Karwatzki, state secretary at the Finance Ministry standing in for Mr Waigel—absent due

Page 13 Advertisements

Page 13 Advertisements Column 1 [ADVERTISEMENT]

Page 13

Iraq's deal likely to benefit S'pore refineries, Pg22 We're need to keep track of our H transportation performance and costs 1 especially since our fleet constantly travel 2 U P and down Singapore and Peninsula Malaysia. Mobil Fleet Card helps us do that with one singlemonthly report. I Because Mobil's

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EDITORIAL & OPINION

Patronage on the way out in Thai politics [ARTICLE+ILLUSTRATION]

Page 15

Patronage on the way out in Thai politics THB BOTTOMLDVE OPINION By Loh Hui Yin The writer is BT's Bangkok correspondent THE THAI election on Nov 17 threw up a few interesting electoral patterns that could shape Thailand's future political landscape. More than ever, the polls highlighted the divide between

IN OTHER WORDS [ARTICLE]

Page 15

IN OTHER WORDS 'We talk to consumers from the neck up while almost everyone else is talking to them from the neck down, hinting about sex.' -Steve Davis Heine ken NV marketing director and vice-president on the beer company's new commercials in which hidden actors re-enact real eavesdropped conversations. There's

Apec moves ahead with caution [ARTICLE]

Page 15

Apec moves ahead with caution EDITORIAL IN pushing his own plan for an Information Technology Agreement (ITA), United States President Bill Clinton may also have helped the AsiaPacific Economic Cooperation (Apec) forum to edge forward. Yet, it is not easy to overlook the sombre implications of Malaysian International Trade and

Steel's new strength [ARTICLE+ILLUSTRATION]

Page 15

Steel's new strength J&p&n's big 5 steelmakers on the mend bat plans for new capacity across Asia pose a threat By. Anthony Rowley The writer is BT's v Tokyo correspondent' JAPAN's big five steelmakers are finally emerging from a long, dark night of recession as prices and profits move back

WHAT THE OTHERS SAY [ARTICLE]

Page 15

WHAT THE OTHERS SAY Financial reform affects all IN reforming Japan's finance ministry, the first step should be to create an independent department to inspect and supervise financial institutions. But even this preliminary change seems to be hitting a snag already. Koichi Kato, secretary-gen-eral of the Liberal Democratic Party, has

Page 15 Miscellaneous

Page 15 Miscellaneous Column 1 [MISCELLANEOUS]

Page 15

DOONESBURY By Garry Trudeau SSJJE lH

EXECUTIVE LIFESTYLE

An addiction to life [ARTICLE+ILLUSTRATION]

Page 16

An addiction to life William Burroughs, renowned for his book Naked Lunch, is still feisty at the age of 83 and enjoying a festival in his honour, reports kathrym shattuck KATHRYN SHATTUCK NYT WILLIAM Burroughs is contemplating admiration. "What do you mean it's an anaemic emotion?" he says, brow furled.

US$150m gifts of art for two NY museums [ARTICLE]

Page 16

US$150m gifts of art for two NY museums ART Bequests by heiress indnde works by Picasso, Bonn&rd and Braque [NEW YORK] Florene May Schoenborn, a department store heiress who became a passionate collector of modern art, bequeathed 32 works by masters like Picasso, Brancusi, Bonnard and Braque to the Metropolitan

China warns Disney of Tibet film [ARTICLE+ILLUSTRATION]

Page 16

China warns Disney of Tibet film FILM Disney's lucrative deals in China may be jeopardised by film on life of Dalai Lama [SHANGHAI] Walt Disney Co is planning on a big future in China: The appetite for animated features like The Lion King seems limitless, sales of merchandise at Disney-owned

Trials, triumphs and a tennis trophy [ARTICLE+ILLUSTRATION]

Page 18

Trials, triumphs and a tennis trophy TENNIS The Davis Cap whips ftp highly charged Motions among players and fans Reuter CLONDONI When Henri Cochet hit the winning shot to bring France their first Davis Cup in 1927, his wife swooned at the side of the court. T- News of the

Edberg to play his last Davis Cup match [ARTICLE+ILLUSTRATION]

Page 18

Edberg to play his last Davis Cup match Swedish team seeking sixth title represents change of gnard Reuter [STOCKHOLM] A quartet seeking their country's sixth Davis Cup title this weekend against France represent the changing face of Swedish tennis. Stefan Edberg, 30, the supreme stylist of his generation, will grace

Page 16 Miscellaneous

Page 16 Miscellaneous Column 1 [MISCELLANEOUS]

Page 16

THE WEATHER. Singapore: Showers in the afternoon over northern, western, central and southern Singapore. Temperature (31-23) Aate-Partflc HVLo* Cond. Europe Hi/Lo* Coo«L America HVXo* Oood. Auckland 2115 (loudy Amsh-ntam OT>l k*> Atlanta 09-2 Sunm Bangkok 31 22 (Touch Alliens IT 119 Showers Burns Aim 29 16 Sunm ■tjtag ®2-# <

Page 17 Advertisements

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Page 17

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Page 17

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Page 17 Advertisements Column 3 [ADVERTISEMENT]

Page 17

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Page 17 Miscellaneous

Page 17 Miscellaneous Column 1 [MISCELLANEOUS]

Page 17

TV&BAPIO r 1,,, ft h Holly. Subts, See Our Choice). i. id U;f JT7tTTST»^^^—^^M UO Simon—Simon Goes Tin- IXOO MNIV Innovations. L3O PM TV Innovations. kyTown. 230 AM Close. 230 The Winners. Tour of Duty Hard 3.00 Money. Money. Money. Stripe. WKtm* 3.30 The Money Club. 338 Gossip Show. NN

Page 17 Miscellaneous Column 2 [MISCELLANEOUS]

Page 17

CRYPTIC CROSSWORD ACROSS i ri u.y 28 Supervisors prosecute workwriter (8) YESTERDAY'S SOLUTION DOWN 9 Disenchanted after having 2 Retiring chum is a real gem solved anagrams (5,3,5) (5) 15 US government employs 3 Ban imposed by former pawnbrokers in the morn- EybUNycßfyAycy* Yorkshire captain (7) ing (5,3) syo^^BoMw^w^lHfTlp 4

Page 18 Advertisements

Page 18 Advertisements Column 1 [ADVERTISEMENT]

Page 18

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COMPANIES & MARKETS

Maybank to use M$1.87b gains for expansion [ARTICLE]

Page 19

Maybank to use M$1.87b gains for expansion By' Ven Sreenivasan in Kuala Lumpur MALAYAN Banking will use the M 51.87 bfflion (551.03 billion) in extraordinary gains it netted from the sale of its 75 per cent stake in Kwong Yik Bank to finance acquisitions in Malaysia and around the region.

VDH moves into space imaging business [ARTICLE+ILLUSTRATION]

Page 19

VDH moves into space imaging business It is joining Lockheed Martin, Raytheon and Mitsubishi to develop satellite system Byi Conrad Raj [SINGAPORE] Van der Horst has decided to get itself a piece of the pie in the sky. It is joining forces with America's Lockheed Martin and Raytheon E-Systems and

Shenzhen developer seeks S'pore listed firm as partner [ARTICLE]

Page 19

Shenzhen developer seeks S'pore listed firm as partner By Lu Ning [SINGAPORE] A Shenzhen company developing a $1. billion commercial estate next to the Shenzhen Airport is looking for a lisMflpompany in Singapore to take part in a share swap or property-share swap. The firm, Shenzhen Airtown Eastern Industrial Co

British Telecom a better buy than Deutsche Telekom? [ARTICLE]

Page 19

British Telecom a better buy than Deutsche Telekom? HOCK LOCK SIEW Neil Behrmann WHICH share is the better buy? The muchhyped Deutsche Telekom which came on to the market last week, or British Telecom? Deutsche Telekom management, their underwriters and German brokers have waxed lyrical about the issue which was

Hock Hua (Sabah) to be injected into UCM broking unit? [ARTICLE]

Page 19

Hock Hua (Sabah) to be injected into UCM broking unit? Daim confirms acquisition talks have started NST [KUALA LUMPUR] Hock Hua (Sabah) Bank Bhd, now the target of a takeover by parties linked to Daim Zainudin, is likely to be injected into UCM Industrial Corporation Bhd's stockbroking arm. It is

REGIONAL COMPANIES

Tussle for Busang deepens [ARTICLE]

Page 20

Tussle for Busang deepens Govt moves to alter its ownership structure will damage investor sentiment: analysts Prom S N Vasuki in Jakarta THE Indonesian government is attempting to restructure the ownership of the world's single largest gold deposit at Busang. Kalimantan. However, analysts cautioned that the exercise would be complicated

Causeway to raise $8.6m from share placement [ARTICLE]

Page 20

Causeway to raise $8.6m from share placement [SINGAPORE] Industrial equipment supplier Causeway Investments has proposed a private share placement to raise $8.6 million for property development and loan repayment. The company said in a statement yesterday that it planned to place out 7.45 million new shares, or 10 per cent

US futures expert hails BT-SRI index [ARTICLE+ILLUSTRATION]

Page 20

US futures expert hails BT-SRI index By'. Louis Beckerling [SINGAPORE] The newlylaunched Business Times Singapore Regional Index (BTSRI) won a vote of approval yesterday from visiting US futures broker and consultant, Leo Melamed. Mr Melamed, head of Chicago futures' broking company Sakura Dellsher Inc, and honorary chairman of the Chicago

BNP buys HK's PrimeEast Capital [ARTICLE]

Page 20

BNP buys HK's PrimeEast Capital Move aimed at beefing npßNP's Asian presence Bloomberg Business News [HONGKONG] Banque Nationale de Paris SA has bought control of Hongkong-based Prime East Capital Group, a stock brokerage and corporate financier, with the aim of boosting its Asia business. BNP, France's third-largest bank, bought a

MAS' interim earnings fall 1.7% to M$137m [ARTICLE]

Page 20

MAS' interim earnings fall 1.7% to M$137m Analysts likely to revise down their fall-year forecasts From Ruth Wong in Kuala Lumpur NATIONAL carrier Malaysian Airline System Bhd (MAS), weighed down by higher fuel costs, posted a marginal 1.7 per cent decline in group earnings to M 5137.11 million (5576.5 million)

Datacraft starts catalogue sales [ARTICLE]

Page 20

Datacraft starts catalogue sales [SINGAPORE] Publicly-listed Datacraft Asia has set up an independent direct marketing catalogue sales division to boost the company's regional turnover in computer communications equipment. Known as Expresso Commsware, the division is targeting corporate customers in Singapore, Hongkong and Malaysia. The customers are small and medium-term enterprises,

Metroplex in US$40m Subic Bay resort casino [ARTICLE]

Page 20

Metroplex in US$40m Subic Bay resort casino Bernama [KUALA LUMPUR] Subic Bay Resort (HK) Ltd, a subsidiary of Metroplex Bhd, will develop a US$4O million (Sss6 million) resort casino on a one-hectare site in Subic Bay Freeport. Metroplex has entered into an agreement with Subic Bay Metropolitan Authority (SBMA) to

KL regulator postpones balloting on two IPOs [ARTICLE]

Page 20

KL regulator postpones balloting on two IPOs Reuter (KUALA LUMPUR] Malaysian capital markets regulator, the Securities Commission, said yesterday it was postponing the balloting of shares for two companies due to be listed on the Kuala Lumpur Stock Exchange (KLSE). The balloting of shares in Fumakilla (Malaysia) Bhd and Trans

COMPANY Briefs

L&M buys out partner in cleaning unit [ARTICLE]

Page 20

L&M buys out partner in cleaning unit [SINGAPORE] Listed L&M Group Investments said yesterday its wholly-owned subsidiary L&M Geotechnic has increased its stake in L&M Envirocare from 80 per cent to 100 per cent. L&M Geotechnic acquired 80,000 ordinary shares of $1 each in Envirocare for a nominal sum of

Chemair subsidiary in liquidation [ARTICLE]

Page 20

Chemair subsidiary in liquidation [SINGAPORE] Chemair Investment, a subsidiary of Chemical Industries (Far East), was put into voluntary liquidation following an extraordinary general meeting yesterday. Lim Soo Peng has been appointed liquidator.

M'sia Mining sells Sime Darby shares [ARTICLE]

Page 20

M'sia Mining sells Sime Darby shares AFX-Asia [KUALA LUMPUR] Malaysia Mining Corp Bhd has placed out 33 million Sime Darby Bhd shares at MsB.Bo (554.87) each to Baring Brothers, which described the purchase as a long-term investment. Barings has agreed to buy the shares net of all commissions. Malaysia Mining

Great River in Japan sock tie-up [ARTICLE]

Page 20

Great River in Japan sock tie-up [SINGAPORE] Jakarta-listed PT Great River International, which recently bought control of local retailer Ray Summers Pte Ltd, has tied up with Japan's largest stocking manufacturer, Gunze. Great River's president director, Sunjoto Tanudjaja—who became the first Asean national to head the International Apparel Federation last

REGIONAL/INTERNATIONAL COMPANIES

Dow's climb worries Fed and market players: paper [ARTICLE]

Page 21

Dow's climb worries Fed and market players: paper The fear is that the higher the market climbs, the farther it will plunge AWSJ. Bloomberg Business News [WASHINGTON] The Dow's relentless climb is starting to raise worries of market players like Barton Biggs, as well as the Fed. The Federal Reserve

UBS to reorganise and take SFr 3b charge [ARTICLE]

Page 21

UBS to reorganise and take SFr 3b charge Overhaul and charge a bid to boost earnings at home Bloomberg Business News [ZURICH] Union Bank of Switzerland said it will streamline its domestic operation and take a one-time charge of three billion Swiss francs (553.2 billion) for Swiss credit risks in

Duke Power and PanEnergy in US$7.7b stock swap [ARTICLE]

Page 21

Duke Power and PanEnergy in US$7.7b stock swap FT [NEW YORK] The rapidly consolidating US energy industry is set to see its biggest combination yet with the announcement on Monday that Duke Power and Pan Energy had agreed to merge in a stock swap worth US$7.7 billion (SIIO.B billion). Duke

High-tech advertisement [ARTICLE+ILLUSTRATION]

Page 21

High-tech advertisement [NEW YORK) A half-size replica of a British Airways Concorde near Times Square in New York on Monday as workmen made preparations to lift the 31 m long, 11,000 kg model to a nearby rooftop as part of a high-tech advertisement billboard. Placement of the model was postponed

Carlsberg profit hits record but firm wary [ARTICLE]

Page 21

Carlsberg profit hits record but firm wary Reuter [COPENHAGEN] Danish brewing giant Carlsberg on Monday reported annual net profits hitting a new record high but warned that growing competition, burgeoning promotion costs and fluctuating global economies could hit earnings in future. In its report for 1995-96, Carlsberg logged net profit

Brunei buys stake in Australia's Macquarie Bank [ARTICLE]

Page 21

Brunei buys stake in Australia's Macquarie Bank Reuter [SYDNEY] The Brunei Investment Agency (BIA) yesterday bought a 13.4 per cent stake in Macquarie Bank Ltd, removing the links between one of Australia's top four investment banks and its British founder. Macquarie said in a stock exchange statement just after the

Pearson to buy Putnam from MCA for US$336m [ARTICLE]

Page 21

Pearson to buy Putnam from MCA for US$336m Deal will help Penguin double its market share in US Bloomberg Business News [LONDON] Pearson pic, a UK media and publishing company, said it agreed to buy Putnam Berkley Publishing Group from Seagram Co's MCA Inc for US$336 million (Ss47o million) in

ITC posts 28% jump in six-month net profit [ARTICLE]

Page 21

ITC posts 28% jump in six-month net profit AFP [CALCUTTA] India's largest cigarette maker, ITC Ltd, yesterday said its net profit for the six months to September shot up 28 per cent to US$52 million (5572.8 million) compared to the same period last year. Turnover climbed 18 per cent to

FINANCE & COMMODITIES

Iraq's UN deal likely to benefit S'pore refineries [ARTICLE]

Page 22

Iraq's UN deal likely to benefit S'pore refineries Chide prices fall on deal news bnt winter stocking keeps product prices firm to Ronnie Lim [SINGAPORE] Iraq's acceptance of the United Nations oil-for-food deal on Monday is expected to reap good margins for Singapore refineries. This is because crude prices have

Korean bank opens branch in Dhaka [ARTICLE+ILLUSTRATION]

Page 22

Korean bank opens branch in Dhaka [DHAKA] The president of South Korea's Hanil Bank, Lee Kwan Woo (second from left), posing with Bangladesh central bank chief Lutfar Rahman Sarkar (centre) at a reception on Monday arranged by the Hanil Bank in Dhaka. It is the first South Korean bank to

Visa sues Amex over trademark [ARTICLE]

Page 22

Visa sues Amex over trademark NYT [NEW YORK] Visa opened another front on Monday in its fierce and protracted struggle with American Express, accusing the company in a lawsuit of trademark infringement. At issue is a new Visa card, issued by Advanta, a big credit card company, that gives customers

No immediate upturn seen in Taiwan's banking sector [ARTICLE]

Page 22

No immediate upturn seen in Taiwan's banking sector 3 commercial banks cnt or freeze profit forecast for FY9B From Bruce Cheesman in Taipei TAIWAN'S three biggest commercial banks have cut or frozen their pre-tax profit forecast for the 1998 financial year a strong signal that there is no immediate upturn

US papers testing new newsprint [ARTICLE]

Page 22

US papers testing new newsprint Material made partly from rice straw and grass instead of wood palp FT [TORONTO] Six US newspapers have started publishing on newsprint made up partly of material from farmers' fields rather than forests. The experiment in California and Oregon will give heart to publishing companies

Ops in HK crucial to DBS' China expansion [ARTICLE]

Page 22

Ops in HK crucial to DBS' China expansion Hy I Shiv Taneja [SINGAPORE) DBS Bank s Hongkong operations will play a pivotal role in the group's strategic thrust in the Greater China region, chief operating officer Ng Kee Choe said in Hongkong on Monday. Mr Ng, who is also chairman

Wheat output forecast raised [ARTICLE]

Page 22

Wheat output forecast raised Bloomberg Business News (LONDON) The International Grains Council (IGC) has raised its forecast for the 1996-97 wheat crop and for world consumption from its estimate a month ago. "Production estimates both for Argentina and Australia have been increased further," said the London-based IGC in its end-October

CURRENCY REPORT [ARTICLE]

Page 22

CURRENCY REPORT Reuter THE dollar was steady against the mark in but beneath a three-week high of 1.5237 touched in overnight dealings. "It has come off a bit on profit-taking. But I think it's more the case of a stronger mark than a weaker dollar," said an analyst. Against the

Upbeat outlook for tanker freight rates [ARTICLE]

Page 22

Upbeat outlook for tanker freight rates ENERGY REPORT Reuter [SINGAPORE) Increasing crude oil sales by the Middle East to Asia and a rise in tanker demand are factors expected to keep tanker freight rates buoyant into the next century, industry experts said yesterday. Tanker life expectancy was rising and the

Untitled [ARTICLE+ILLUSTRATION]

Page 22

IHTERBAHK CROSS RATES Nov 26 AS C$ H* ECU Ffr Pa HK$ Yen Wow MS t Peso S$ imt Mr 1$ W *mX USS Australa 1.086 6.178 0.639 4.16a 1231 6.254 0.910 6.704 2.043 ***** IQ2 3.719 1043 22.231 20.591 6.483 0J09 Cwdi 0.921 6.196 0.58* 3.837 1133 5.756 26.587

COMMODITY PRICES [ARTICLE]

Page 23

COMMODITY PRICES 81 COM FUTURES Nov 26 WMtKCMmsdosfataiatSJOpm) ISS1 CONTRACTU C«iu/k«) Closa VoImm Opm Month M«h Lot Satt (towm) tat arret Dtc 96 179.75 550 Jan 97 102.00 925 Ft* 97 105.50 103.75 «3.75 800 2100 ftter 97 188.00 186.75 186.75 300 1550 Apr/Jim 97 109.25 4050 Jut/Sap 97 190.00

WORLD STOCK MARKETS [ARTICLE]

Page 23

WORLD STOCK MARKETS LONDON Mvstriils Iwa Naca *h AB Ports 280 -4 AbOay National 683 *9 Alliad Domacq 440.400 -5 Amac 97.400 unch Aid* Group 118.400 unch BAT Ind 465.200 7 BKC 290.400 8 BOC Group 891.400 16.400 BR Patroiaum 692.400 -6.800 8TP 240.400 2.200 Bank of Scotland 296 2.600

TOKYO [ARTICLE]

Page 23

TOKYO AFX-Asia □>fikM22s +M4JB SHARE prices closed broadly higher yesterday on renewed buying near the close, ahead of the release today of the Bank of Japan's quarterly tankan survey, but with persistent profit-tak-ing capping the upside, brokers said. The 225-share Nikkei Average closed up 124.68 points at 21,418.25. The December

HONGKONG [ARTICLE+ILLUSTRATION]

Page 24

HONGKONG AFX-Asia Hang Seng +245.94 SHARE prices closed sharply higher yesterday, led by Financials and selected property stocks, dealers said. The Hang Seng Index closed up 245.94 points at 13,485.33 on turnover of HK513.14 billion. A trader said the market continues to be extremely strong with good momentum. "Around 3.30pm,

CHINA [ARTICLE+ILLUSTRATION]

Page 24

CHINA Reuter Shenzhen B Share Index +9.52 THE Shenzhen market surged 7.1 per cent in heavy trade yesterday due to buying by institutions. The B Index rose 9.52 points to 142.94 after touching a morning high of 147.70 on turnover of HK5420.20 million compared to Monday's HK5347.13 million. Brokers said

TAIPEI [ARTICLE]

Page 24

TAIPEI AFP QwPlnfcx -ILIO SHARE prices finished lower yesterday after institutional investors took profit following recent major gains. "Discouraged by yesterday's heavy sales of shares by institutional investors, some retail investors followed to take profit," said a trader, saying the downturn was a technical correction. The TSE Weighted Price Index

WELLINGTON [ARTICLE]

Page 24

WELLINGTON Reuter Wellington +17.12 SHARES closed strongly yesterday with demand wellspread among leaders and second liners. The NZSE-40 Capital Index ended 17.12 points higher at 2,356.29 on turnover of NZ$67 million. Reuter a »zs i oooi ANZ Banding 912 *012 ***** Advantages Hldgs 1.27 unch ***** Air New Zealand (A)

BANGKOK [ARTICLE+ILLUSTRATION]

Page 24

BANGKOK AFP C 3 SET Index -9.63 SHARE prices fell yesterday with continued foreign selling due to uncertainty over the new government's economic team and Bangkok Bank expectations of steady interest rates, analysts said. If foreign investors decided to unload Thai shares on a large scale, they could knock 15-20

SEOUL [ARTICLE]

Page 24

SEOUL AFP CI Composite Index -0.48 SHARES closed slightly lower yesterday, giving up gains earlier in the day due to a lack of follow-through buying. The Composite Index closed down 0.48 point to 715.97. Turnover was 16.8 million shares worth 264.3 billion won. Falls beat risers 443 to 376. A

SYDNEY [ARTICLE]

Page 24

SYDNEY AFP nAUOrdinirieg -12.7 SHARES slumped 0.5 per cent for no obvious reason yesterday after a roller-coaster ride in which the bourse hit highs and broke through the 2,400 barrier in its first minute of trade, brokers said. The All Ordinaries Index finished 12.7 points weaker at 2,382.0. Turnover saw

JAKARTA [ARTICLE+ILLUSTRATION]

Page 24

JAKARTA AFP fj) Composite Index -2.02 SHARE prices closed 0.3 per cent lower yesterday following active trade that saw prof-it-taking on Bank Negara Indonesia (BNI) and other heavyweight stocks. "The market is now in prof-it-taking mode again. This is good. We cannot keep going up. We will lose our edge.

MANILA [ARTICLE]

Page 24

MANILA AFP Qj Manila -30J8 STOCKS fell yesterday as investors remained cautious, waiting for clearer signals. The PSE Composite Index fell 30.18 points to 3,074.28. Turnover was 9.24 billion shares worth 2.4 billion pesos. PLDT lost five pesos to 1,585 while Ayala Land Inc lost 50 centavos to 28 pesos.

KUALA LUMPUR STOCK MARKET

Banks lead stocks to 34-mth high [ARTICLE+ILLUSTRATION]

Page 25

Banks lead stocks to 34-mth high stock AFX-Asia, Bloomberg Business News O Composite Index +9.11 SHARE prices rose to a 34-month high yesterday, led by banks amid expectations mergers and acquisitions will boost industry earnings. The market was also supported in the afternoon by details of the sale of Kwong

WARRANTS & OPTIONS

Black-Scholes pricing model explained [ARTICLE]

Page 26

Black-Scholes pricing model explained WARRANT WATCH R Sivanithy IN RECENT columns, we've start ed to incorporate warrant assessments u sing the Black-Scholes (B-S) option pricin model. This may be unfamiliar to some readers, so here's a short summary of wh:it B-S is all about. It is a mathematical m xlel

CLOB INTERNATIONAL [ARTICLE]

Page 26

CLOB INTERNATIONAL MALAYSIAN STOCKS Gr Gr 1996 Last Vol Day Last Quote Div Dtv YM Net M Cap High Law Stno Company Sale COOP) High Law Buyf SeHor H Cvr P/t SuM 625 360 m s 5000 AISBSOc 408 cd 1 408 408 404 412 50 4.9 03 86.4 418.5

STOCK EXCHANGE OF SINGAPORE

Untitled [ARTICLE]

Page 27

TURNOVER TURNOVER COOO) VALUE COOO) Main CM Tatal Mate CM Tatal Industrial 57,175 6,400 63,575 163,651 15,457 179,10* Flnanet 9.534 6.447 15,981 58.195 11,797 69.992 Hottis 2.113 369 2.482 5.77* *32 6,40* Properties 4.878 6.882 1T.760 28.431 MM 36,690 Plantation U71 U71 4JT7 4.217 Mining Nt M 1.0*9 1.089 M.W

HOT STOCK [ARTICLE+ILLUSTRATION]

Page 28

HOT STOCK -toy! Shiv Taneja IT IS unlikely that Nat Steel will be able to sustain its share price above $3 for very much longer, and investors with a short-term view on the stock should consider taking profit. The stock closed yesterday at $3.06. six cents up on a volume

Banking, property stocks in play as market ends mixed [ARTICLE+ILLUSTRATION]

Page 28

Banking, property stocks in play as market ends mixed STOCK MARKET COMMENTARY STII moves higher above 2,200 level; dealers split on whether rally could be sustained this week BU Teh Hooi Ling [SINGAPORE] Share prices were mixed yesterday, as selective nibbling of index-linked stocks and speculative buying of newly-listed counters

MAIN BOARD [ARTICLE]

Page 27

MAIN BOARD Or Cr M Wt 1996 Laat Va» Day LMt 0uo<« 01* Mv VM M Cap Avq High Law SINa Company M rOOO) HM» Law Buyr Sailar C'w P/t $mil Prtca INDUSTRIALS 5146 ASENT$10 200 US- 1000 900 ASF US$0.***** US900 850 900 214 165 1258 AcarSOc US179 unch

SESDAQ [ARTICLE]

Page 27

SESDAQ Gr Cr M Wt 1996 Last Vol Day Last Quota Dtv Dtv YM Net Cap Av« MH»l Law StNo Company Sata OOP) M%H Ln gggf Sail* C'yt H P/E tin* Prtca tCSDAQ 269 135 a 2000 ABRHtdgsSc 183 *1 IS 183 182 182 186 3.0 V4.2 0.1 114.4 61.4

Page 19 Advertisements

Page 19 Advertisements Column 1 [ADVERTISEMENT]

Page 19

X_ "aaaNn NAoa saoo SJATIXVW From November 25th-30th, Maxim s says G'day Mate to the gourmet world down under. Come and join Serge Dansereau, Executive Chef of Sydney's famous Kable s restaurant, for a menu that throws away all the rule books. With superb, matured Australian wines specially selected by

Page 20 Advertisements

Page 20 Advertisements Column 1 [ADVERTISEMENT]

Page 20

of tender for taxable book-entry Government Bond 1996 Hcp§ 1 July 1998,1 September 2001 and 15 June 2003 0 to be issued on 2 December 1996. i'|n, Tenor approx. 2years approx. syears approx. 7 years '.'4 Amount Offered *****,000,000 *****,000,000 *****,000,000 Allotted < Amount Applied *****,000,000 *****,500,000 *****,008,000 Interest/Coupon Rate

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Page 20

FACT Single User 556,159.40 Not for too long now... Prices of FACT Realtime Accounting Software (both Single User and Multi User) are going up very soon. The current prices are $6,159.40 for FACT Single User and $10,279.40 for FACT Multi User. To save yourself between 25 to 40%, we suggest

Page 21 Advertisements

Page 21 Advertisements Column 1 [ADVERTISEMENT]

Page 21

HANDBOOK FOR ENTREPRENEUR By Goh Tlanwah Revised Edition May 1966 Pile# »is oo A practical guide for anyone including foreigners who want to set up a business in Singapore. Includes recent amendments to the Workmen's Compensation Act and the Employment Act EXPORT IMPORT PROCEDURES AND DOCUMENTATION By Goh Tlanwah jun

Page 21 Advertisements Column 2 [ADVERTISEMENT]

Page 21

f mOTED I A developer with vision for Kings Park Road, Tfest Perth. Western Australia j 1 Prime 2,2645qm Corner Site with Holding Income. J 1 Approval granted for a 2,7485qm NLA office building with additional I residential component. I V The West Perth market is currently one of the

Page 22 Advertisements

Page 22 Advertisements Column 1 [ADVERTISEMENT]

Page 22

♦The Simex dosing report was not available.

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Page 24

All you need to do is take out a Special Feature in our group of newspapers. Not only is it an effective way to celebrate your special events and milestones; it is an excellent opportunity to increase your corporate profile to the people who matter your potential customers and business

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Page 25

—^J There's More Than One Way To Enjoy Being Bullish ujj) SAAB TRdNS EIROK/4RS PTE LTD I ciijj K«» K ...,«l SiiiiM|i..r» I '>«►•» 51. I»|>li..n» t(.si 2?| f.sxs I tN: 4-2 ~li,.«i limns: Mon s.i I S Ml.mi V Hi,,,n Snn.l.n •> lo.im-4|>m it 1 11 in 1 (JAP

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Page 26 Advertisements Column 1 [ADVERTISEMENT]

Page 26

SINGAPORE HANDICRAFTS Master In oriental Charm. With 57 years of tradition. Singapore Handicrafts has mastered the art of furnishing homes with Oriental charm. Rosewood of the hig nest quality is carefully selected. HS^^K^T«|l4Hp"^ v ll then transformed by the expert hand-crafting skills c f our factories master craftsmen, into the

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Page 27 Advertisements Column 1 [ADVERTISEMENT]

Page 27

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Page 27

FOUND SOMETHING? Locate its owner through Classification 821 (Found). Simply call C.A.T.S. at iP 1800-737-1166 forth!s free service. CAT I Another Classified Service

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Page 28 Advertisements Column 1 [ADVERTISEMENT]

Page 28

BUSINESS Notices \v TO ADVKRTISK CAM TOI.I -KKKK 1800-741 1883 iflMfi i J F Kflb>, r Located at 617, Lorong 4 Toa Payoh, Singapore *****7 Land Area 44,000 sq ft (Plot ratio 4.5) Built in area 35,000 sq ft Leasehold 60 years from 1973 Land rent waived No agent Interested,

Page 28 Advertisements Column 2 [ADVERTISEMENT]

Page 28

THE COMPANIES ACT CHAPTER 50 SECTION 290<2Xb) NOTICE Of RESOLUTION DECALIFT (SINGAPORE) PTE LTD ON MEMBERSVOLUNTARY LIQUIDATION) At an Extraordinary General Meeting of Decakft (Singapore) Pte Ltd held at Via Onorato Vigilant, 123 Turin, Italy on *ie 22nd day of November 1996, the following special resolutions were duly passed RESOLVED:

Page 28 Advertisements Column 3 [ADVERTISEMENT]

Page 28

IN THE MATTER OF THE COMPANIES ACT, CHAPTER SO AND IN THE MATTER OF SEAMAR ARGENTINA LINE PTE LTD (In Voluntary Liquidation) At an Extraordinary General Meeting of the member* of Seam ar Argentina Line Pie Ltd duly convened and held at 435 Orchard Road, #14-01 Wisma Atria. Singapore *****7

Page 28 Advertisements Column 4 [ADVERTISEMENT]

Page 28

IN THE MATTER OF THE COMPANIES ACT, CAP. SO Pursuant to Section 290(2Xb) CAPTAIN R F SHORT PTE LTD (In Members' Voluntary Winding-up) At an Extraordinary General Meeting of the abovenamed Company duly convened and held at I Colombo Court »06-19, Singapore *****2 on Monday. 25 November 1996 at I

Page 28 Advertisements Column 5 [ADVERTISEMENT]

Page 28

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Page 28 Advertisements Column 6 [ADVERTISEMENT]

Page 28

rln (he Matter of The Companies Act. Cap. SO And In the Matter of 1 ANTONINUS CELLAR PTE LTD (INCORPORATED IN SINGAPORE) (In Mrmbrn Voluntary Winding Upl At an Extraordinary General Meeting I |of the Company duly convened and I held at 27 Playfair Road. Singapore I *****1 on 22

Page 28 Advertisements Column 7 [ADVERTISEMENT]

Page 28

>o^i! 1 The" Business Times Faster. Sharper. Deoper A bold new kx)k and a ficd) approach to the and views. Faocr \i*h ihc rxrus. and »*h ihc meaning of ihe oe>kS- Sharper focus i* busies and rate. •DiKpaaratysßoftinxkandrrorcapiTxxia^ 1 Start my [TheßusinessTimes i Subscription now! I $265.20 (12 months for

SHIPPING TIMES

DAILY FREIGHT [ARTICLE]

Page 29

DAILY FREIGHT Bridge News, Reuter THERE was little to report in late trading on the freight market here, brokers said. Some brokers were surprised there was not more activity prior to the Thanksgiving Day holiday. fixtures YANKEBSi Activity remained strong late for Panamax and Aframax tankers in the Caribbean and

MARITIME STOCKS [ARTICLE]

Page 29

MARITIME STOCKS JK ooo «■»»> M V- W CWT OMrtbudon LM unch 29 Chuan Hup 0.933 -0.013 841 Cmco invastmant 148 TO.S 7.4S -0.05 37 ftpfaMUnks 0.675 unch 4 M IwWngi 0.96 unch 75 Hai Sun Hup 100 -0.02 54 HKacNZotan 0.85 *0.005 190 MCHaMnga HK5.60 JayaHaMngt LB *0.02 n

Accord Express to buy local air freight firm [ARTICLE]

Page 29

Accord Express to buy local air freight firm It aims to be a provider of total logistics and has bagged a major deal from Samsung Asia By' Yong Mei Fong [SINGAPORE] Freight forwarder Accord Express Holdings plans to acquire a local air freight company, as it pursues its objective of

FEFC to change its rate-making structure [ARTICLE]

Page 29

FEFC to change its rate-making structure Gronp will implement system of multi-part interim tariffs [SINGAPORE] The Far Eastern Freight Conference (FEFC) is making changes to its rate-making mechanism. Hit by continually fallen rates, the London-based group of lines that cover the EuropeFar East trade plans to implement a system of

TWRA to adjust currency and fuel surcharges [ARTICLE]

Page 29

TWRA to adjust currency and fuel surcharges [SINGAPORE] The Transpacific Westbound Rate Agreement (TWRA) will reduce its currency adjustment fees to two of four Asian destinations, and raise its fuel adjustment surcharges, from Jan 1 next year. The group will lower its currency adjustment factor (CAF) for Japan cargo from

UAE plans heavy fines against dumping [ARTICLE]

Page 29

UAE plans heavy fines against dumping AFP [ABU DHABI] The United Arab Emirates (UAE) is planning to impose heavy fines on ships dumping waste into its water under new tough laws intended to control pollution. A new environment protection law, the text of which was published in Al-Khaleej newspaper, is

When substandard ships seem to conform to international rules [ARTICLE]

Page 29

When substandard ships seem to conform to international rules STRAIT TALK By I Seafarer IT IS a bit unusual for somebody to stand up at an international conference and proudly admit to operating substandard ships. Somebody did just that at last week's Achieving Excellence in the Ship Registry Business conference

Bremerhaven's busy auto terminals [ARTICLE+ILLUSTRATION]

Page 29

Bremerhaven's busy auto terminals [SINGAPORE] The auto terminals (above) in Bremer haven, Germany, continue to experience good growth. Last year, 000,000 vehicles were imported and exported via the seaport. A recent forecast estimates a minimum increase to 920,00 vehicles over the next 10years, with a projected maximum figure of 1.05

Next tanker newbuilding boom coming, says researcher [ARTICLE]

Page 29

Next tanker newbuilding boom coming, says researcher WOULD TANKER OUTLOOK CONFERENCE By Yong Mei Fong [SINGAPORE] The global tanker market is heading towards its next newbuilding boom in the next few years, and this could lead to a hike in the price of newbuildings. Steve Christy, research manager of United

Japan to urge US to avoid sanctions [ARTICLE]

Page 29

Japan to urge US to avoid sanctions [TOKYO] Japan's Ministry of Transport plans to meet its American counterpart to urge the United States to drop its plan to impose punitive charges on Japanese freighters. The Federal Maritime Commission (FMC), a US government agency, is moving to slap a punitive charge

Ling sees 150,000 transhipment cargo boxes at Pt Klang [ARTICLE]

Page 29

Ling sees 150,000 transhipment cargo boxes at Pt Klang Bernama [PORT KLANG] Transhipment cargo through Port Klang is expected to total 150,000 boxes by the end of this year, with more exporters using its facilities, said Transport Minister Ling Liong Sik yesterday. This represented a tremendous growth compared with the

PORT Shots

Japan's Oita port opens new terminal [ARTICLE]

Page 29

Japan's Oita port opens new terminal [HONGKONG] Japan's Oita port opened its first container terminal this month and a delegation from the prefecture visited Hongkong last week to brief shippers. Oita was the first Japanese port to trade with the west some 450 years ago and the new two-berth terminal

Hijacked tanker: Jakarta sends 2 planes [ARTICLE]

Page 29

Hijacked tanker: Jakarta sends 2 planes Reuter. [JAKARTA] Indonesia has pledged two aircraft to help in the search for the Malaysian gasoil tanker, Suci, and its US$6OO,OOO (S$840,000) cargo of gasoil, hijacked by pirates last week, the official Antara news agency reported yesterday. "We have already sent two aircraft to

Workers at Polish yards demand work [ARTICLE]

Page 29

Workers at Polish yards demand work [GDANSK] Several hundred workers from the bankrupt shipyards here occupied the local headquarters of public administration, demanding that the government promise that ships for Germany would be built here. The Solidarity trade union had called a meeting of 1,500 workers who then marched through

In a flap over bad publicity [ARTICLE+ILLUSTRATION]

Page 30

In a flap over bad publicity AZRZONZS INDUSTRY: AIR DISASTERS IN SPOTLIGHT Fearing a collapse in consumer confidence after a string of high-profile air disasters this year, the worried industry is redoubling efforts to cut the accident rate and persuade travellers that they have nothing to fear David Ljunggren Reuter

INDEX TO SHIPPING LINES AND FREIGHT FORWARDERS [ARTICLE]

Page 30

INDEX TO SHIPPING LINES AND FREIGHT FORWARDERS PAGE East M'sia 2 AEIOcean 16 Ethiopian 6 ACL 14 EuroHansa 6 AFTShpg 14 Evergreen 6 ANl 3 FL-Bright 9 Able 16 FMG IS i Accord 8 9 Famous 7 Ahrenkiel 4 Farwide 14 Appenshtp 4 FoongSun 8 Astro 3 Frota 8 Austral

SHIPPING GUIDE [ARTICLE]

Page 38

SHIPPING GUIDE EXPORT ETA ETA Advartlsar Vassal Voy aga TalapMjna ETA ETA Advartlsar V ran Voyaga Tataphona SIN Dasrn Nama Nama Numbar Winter SIN Da*fn Nam* Nama Numbar Numbar A To BELLBAY (BEB) 2048 Tasmania, Australia To ABIDJAN (ABJ) 2003 27/* */b misc e. terasek tn *5-*****2 Ivory Coast. Cote

SHIPS IN PORT

COMVEMTIOHAL WHARVES [ARTICLE]

Page 45

COMVEMTIOHAL WHARVES Vassai Voy No Berth Arrival Deport i AtMuue*! 01W Jit Scnqudt 27IVISOO UUm MM *323 J02 *onqjj« 27IV2300 hot* IMyi *****6 JO] MooqwW 27IV2300 M ItsUn 12/M JOI *«ogs.d. 27 It/1000 KUm 9/96 Ml Uooqsjd, 2711/0100 9«m InU* 20/96 J02 MontSKK 27 n/2359 Ooafin 9601 A3 MotvpiM 2911/0600

CONTAINER SCHEDULES [ARTICLE]

Page 45

CONTAINER SCHEDULES RECEIVING OF EXPORT FCL CONTAINERS AND LCL CAR60 Boofcinq/Bolonco Rstls Ship Voy No Etb/Btr PtrkxJ From To From «<i Saw 2504 N/0400 W 24/1500 26/KH 24/WOO 21 24/1700 27/0651 27/0400 3 27/0700 27/KH 27/MOO 4 27/1200 27/MH 27/1700 Acb VMM 04(1 21/2)59 24/1500 2VKH 2WHM 21 24/1700 27/0451

GLOBAL HOLIDAY [ARTICLE]

Page 45

GLOBAL HOLIDAY Nov 28 Panama Independence from Spain. USA Thanksgiving Day. NYSE. New York Cotton Exchange, NYMEX Coffee Cocoa Sugar Exchange. American Stock Exchange and Nasdaq closed. NOV 29 USA NYMEX Coffee Cocoa Sugar Exchange closed. Yugoslavia: Republic Day. Nov 30 Philippines: Bonificio Day. Yugoslavia: Republic Day. Dm 2 Romania:

COCKETT BUNKER MARKET REPORT [ARTICLE]

Page 45

COCKETT BUNKER MARKET REPORT THIS report, compiled by Cockett Marine Oil Ltd. shows price ranges In US dollars instead of single prices for a more comprehensive description of the market Prices shown are based on average-sized stem Market movements are indicated The Cockett Bunker Price Index change and the individual

VERITAS BUNKER QUALITY REPORT [ARTICLE]

Page 45

VERITAS BUNKER QUALITY REPORT Carton 180 Mai 992.6 1.0 17.6 0.10 64 0.00 v No» 7 Density Water btUw Ask Alailnbw SiHiirt No abow £25 10 10 0 ft- 300 Aw 906.5 0.3 13.7 0.07 33 0.00 low 300 Mu 996.3 12 17.6 0.11 64 0.00 «WWI %Mrf» %gg mi

AIR & LAND TRANSPORT NEWS

Boeing sees more FAA changes for 737 aircraft [ARTICLE]

Page 46

Boeing sees more FAA changes for 737 aircraft Rodder system under scrutiny since two 737s crashed without apparent cause within past 5 years Bloomberg Business News [WASHINGTON] Federal aviation officials are expected to make safety recommendations affecting the Boeing Co' widely used 737 aircraft by the end of the year,

Blocks to save fives [ARTICLE+ILLUSTRATION]

Page 46

Blocks to save fives [NEW YORK] An arriving jumbo jet passes on Monday a new 500 foot "SoftArrestor" bed of approximately2,oooblocks ofaerated cellular cement that has been installed at New York's JFK International Airport The new technology, developed jointly by the New York Port Authority and the FAA, is designed

Flood of phone calls on air bags' safety [ARTICLE]

Page 46

Flood of phone calls on air bags' safety NYT [WASHINGTON] As more people have grown concerned about whether the air bags designed to keep them safe in a car crash could accidentally kill them, the Department of Transportation has been flooded with phone calls from people seeking safety advice. A

French airline unions call 2-day strike [ARTICLE]

Page 46

French airline unions call 2-day strike Reuter [PARIS] Trade unions plan to strike at Air France and other French airlines today and tomorrow, a CFDT union official said. "It is time for all air transport staff to mobilise against provocation by the public authorities and the management of Air France,"

Talks to rescue Canadian Air deadlocked as deadline nears [ARTICLE]

Page 46

Talks to rescue Canadian Air deadlocked as deadline nears Reuter [VANCOUVER] Last-ditch talks on rescuing Canadian Airlines Corp appeared at an impasse on Monday as two of its biggest unions stood firm in their opposition to wage concessions and instead proposed a Cs4oo million (Ss4l6 million) government bailout for the

Site for delayed new Mexico City airport to be decided soon [ARTICLE]

Page 46

Site for delayed new Mexico City airport to be decided soon Reuter [MEXICO CITY] The clock is ticking towards the end of the decade, when the airport in one of the world's biggest cities, Mexico City, is expected to outgrow its current site and be replaced. The project has been

Ford eyes 5% of Thai car market [ARTICLE]

Page 46

Ford eyes 5% of Thai car market It sees demand dominated by pickup trucks Bloomberg Business News [BANGKOK] Ford Motor Co expects to have 5 per cent of the automobile market in Thailand the largest in South-east Asia by 2000, two years after the first vehicles roll out of its

Gulf Air needs urgent cash to service debts: report [ARTICLE]

Page 46

Gulf Air needs urgent cash to service debts: report Reuter [MANAMA] Gulf Air needs urgent cash to finance Its estimated US$l billion (Ssl.4 billion) in debts, the Londonbased Arabic newspaper Ashraq al-Awsat has said. Quoting unnamed Gulf sources, the daily said Bahrain and the United Arab Emirates (UAE) had "voiced

Delhi airport to have new traffic control system [ARTICLE]

Page 46

Delhi airport to have new traffic control system AFP [NEW DELHI] A state-of-the-art computerised air traffic control system is due to be installed at New Delhi airport by March next year, an Indian minister said here yesterday. Aviation Minister C M Ibrahim made the announcement while addressing the upper house

AIRCRAFT ARRIVALS AND DEPARTURES [ARTICLE]

Page 46

AIRCRAFT ARRIVALS AND DEPARTURES CITY FLIGHT ETA FU6HT ETD AkaDMM $0442 2000 Hmtitm S0009 2130 S010 1020 (MM S0229 2220 K«NI VM741 1310 S0176 1130 RJI82 1450 RJM3 2210 SOTO WO VM740 1410 Aantartaia $0327 0020 ?A?2f 2320 W5 T6408 0620 KL833 1030 S0328 2320 ***** 2120 HB94 1045 GA893

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Page 29 Advertisements Column 1 [ADVERTISEMENT]

Page 29

Air disasters in spotlight Fearing a collapse in consumer confidence industry doubles efforts to cut accidents Page 2

Page 29 Advertisements Column 2 [ADVERTISEMENT]

Page 29

Boeing sees FAA changes for 737 Firm says rudder control system may get reversed in rare conditions. Rack Page

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Page 30 Advertisements Column 1 [ADVERTISEMENT]

Page 30

I MNtHAWNWty I EXPORT I I OTHER DESTINATIONS I DIRECT TO WEST COAST WEST COAST Of CENTRAL AMERICA {MARGARITA SERViCEj vcsa vor |ma»|ro«i| u I qa« Iva 1 sal I hou I oic |wi lnnnodir |m«n* |mamu HONG KONG EXItESS OSf 27/11 M/ 11 11/n 17/12 17/12 If/]? M/H2 wmi

Page 30 Advertisements Column 2 [ADVERTISEMENT]

Page 30

Lines services represented by Members oH the RegKtry of Accredited Shipping Agents, S pore National Shipping Assoc, Members of the I'l 1 Singapore Freight Forwarders' 1 Association ,1 I I ftroun Asia. Place an ad in... Shipping Times Just talk to us... Iris Lim 740-2044 Tan Lip Chu&n 740-1645 •JarrodLeong

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Page 31 Advertisements Column 1 [ADVERTISEMENT]

Page 31

EXPORT TO: TO; JEDDAH/UK/CONTINENT IviSSfl VOY si JO RMM WWK fMAVtM $1011 UH ALSO ACCEPTING CARGO FOR: NEDUOYD ASIA $47* M/ 11 lt/ll 17/11 21/12 GLASGLOW, GRANGEMOUTH RUM 147* »/11 15/12 17/12 20/12 21/12 M|| cni UC UIIIIK NEDUOYD HONSHU 147* 30/11 20/12 H/12 14/12 17/12 iNtDUOYDQgANU $40* OS/12 2*/12

Page 31 Advertisements Column 2 [ADVERTISEMENT]

Page 31

HANJIN SHIPPING USA CANADA* |uwnMa/vor im sm «a |Poi|nw|ior|oo|pn|c«|pit|oiM|iM|tos|MTC|o» rv» m rm m wg H.IMUM6OOM 27/11 M/ll If/11 11/U a/11 n/11 »/H a/11 11/11 14/11 IS/11 14/11 a/11 17/11 B/11 11/11 tt/11 ls7u~ li/il" a/11 n. vmkouvm oiti m/u m/u a/12 a/12 27/12 a/12 n/n 31/12 a/n si/n oi/oi 31/12

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Page 32 Advertisements Column 1 [ADVERTISEMENT]

Page 32

DSR-SEHATOR aTSb Round the World Container Sen/ices TO UK/CONTINENT FROM UK/CONTINENT vtna Ivor rsn htm I snv I ham I m our uw [mm. Ivor |m* Iwiw Im* IWM Iwji |wt |mi HAMSUMSSfN WFBS2 M.ll «II »12 M.II IS. 12 18.12 »1I VLttWOSTOS SHI K8«8 #111 Ull SS.II 57.11 SSII

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Page 32

NORASIA VESSEL VOY Hii PKTI OOA LAS BCL VAL ALO HOT ANT FEL LHA MSC RAFAELA 9646-3 7WII 14/12 17/11 MTI2 22/12 2V12 16/12 2*12 2*12 22/12 SmSMGA 9647 3 04/12 I*l2 21/12 2*ll 63/tl 2*12 3*12 2*12 2*12 27/12 2*12 MSCJASMME 9646-3 11/12 12/12 2*12 SI/12 2*12 16*1 MSI

Page 32 Advertisements Column 3 [ADVERTISEMENT]

Page 32

FULL CONTAINER SIRVICK VESSEL VOY "SIN JKT SENANG JAYA 3700N M PORT 30/11 BENTOSA JAVA 4029 29/11 02/11 BOTH VESSELS BERTH AT "W1" ANO "UTC 2" ALSO ACCEPTING CARGOES TO LTTC 1 ANO BANDUNG OFFERING OPEN-TOP SERVICE TO ANO FROM JAKARTA JAKARTA AGENT WT. 9EMTO9A OCCAM LINE TEL: *****94 FAX:

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Page 32

Direct Container Service] to Fangcheng *«<• Zhanjiang Vessel S'pore Fangcheng Zhaniiany UANBAO 04/12 09/12 tl/12 111 4 NdfUhOfSS? NWfrPwpm RO/L0 Cankr Accopttay RO/RO, Ramp Capodty opto 40 tots 2 Heavy Lift opto 68.5 tons Cm mUkad/ Brtd kk CmttUg^ Thai Flag Status A* Express VJ4A SAILED 01-04/12 30-01/1J 07-09/W i

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Page 33

10 Ho« Chiang Rood #11-01 Keppel Towers ZZ Singapore *****5 Tel: *****88 Fox: *****17 SAIAH t HUHII CONVENTIONAL SERVICE HO CHI MIWH FUll CONTAINER SERVICE wssa vot 'a mi Ivtssa voy ha siw (sati n*Hui(Tucs) sTumsTM mtn a/n n/n 03/12 o»mn nmmov vi4?m jo/u 03/n smrn how mm 30/11 04/u

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Page 33

ACGPTING TO MOJI, NAGOYA, YOKOHAMA, OSAKA t KOBE VIA HONG KONG L 4 I SINGAPORE'S GENERAI AGENTS: 6 SHENTON WAY TEL: 226 1900 FAX: *****08 OUTWARD (B/L) *****02 JOHORE OFFICE: COSTAR SHIPPING PTE LTD #17-08 DBS 81DG SALES/BKGS *****41/43 INWARD MPT (D/ 0) *****85 COSTAR AGENCIES (M) SDN BHD CR

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Page 33

/TJUPERKAPALAN DAI ZHUN jg§y TONG JOO SHIPPING PTE LTD CR NO: **********0 C REGULAR CONTAINERISED SERVICES TEL: (65)535 7793 FAX: (65) 533 2952 KUCHINQ-fASnST TRANSIT/ MUARA-HtIOKITY BiKTM A/ HO CHI MIHM-MDICATID ~7| GIKIM 9*33 30/11 GIWIII 9652 W/ll GiHUAT AS4U 30/11 GISWIE WS3 02/12 GIHENG 96*1 01/12 GIWI Hll7 03/12

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Page 34

EUROPE/UK/SCANOINAVIA/FINLANO/RU3SM fSOP~| ROM ANW HBO THP ZEE LHV LHV THP ROM ANW HOG PKL MP E REACH RW-011 30/11 19/12 20/12 21/12 22/12 23/12 E. GIFTED RE OM 11/11 13/11 12/11 14/11 15/11 01/12 11/12 E. ROUNO RW 023 07/12 20/12 27/12 20/12 21/12 31/12 E. GROUP RE-001 17/11 20/11

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Page 34

IVESSIL VOTAGf SGf DM AM OMN lAN SWT Ml VtSSfl VOTMi MM AM WAN lAN SGP I I UNI(ONQIT 0431 MOW JVII 01/12 01/17 10/12 11/12 Of/17 Of/12 UWOttIT 0421-0341 17/11 11/11 It/11 70/11 02/12 H Im«M(C» 0432*3* 05/12 IS/12 It/17 17/12 17/12 17/12 Ml CM** 0474 0341 24/11 7S/1I

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Page 34

na> NANTAI LINE j FULLY CONTAINERISED SERVICE TO MAURITIUS SOUTH AFRICA EAST COAST SOUTH AMERICA vessel |voT|ai|riu|p«|tfT|M|aw»|n*|sg ma «ns_ x/11 11/11 is/12 _ii/i? n/11 BW mi mi j mtssa ins ii/h ii/ii ivii ii/ii 11/11 MjMjgji ~om~ "ii/i?" Ij/iT "ti/tn" 23/01 "&ji"inr (*ssa em ii/h ivii 11/11 at/oi 01/w n/w

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Page 35

i BSA ja. HmOT MYANMA VHMHk FIVE STAR UNE (MyoMMN Notioiral Lioo) m Loading far Yoogon (Rangoon) >«a VOY SW KG PW PGM PWTA |43 SU) OMAN 237W SU) VaUYSM AGBfTS: OOUSTIAO SMfPW6 AGOKKS 40L IB 02-03-2417)00 PKL m 02-03-*****01 J* m 02-04-*****02 POO; IH 02-07-*****21 /4 jig| BANK LINE

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Page 35

▲HYUNDAI MERCHANT MARINE CO. UP. WESTBOUND TO EUROPE BKQ: *****32 I w m I w rasa vot so I im im am mm mi fa N/ll If/11 31/11 HT.GMttAI 307W 01/11 U/11 10/12 11/11 11/11 11/11 14/11 •5/11 05/11 07/11 HTOIIU MIW 01/11 15/11 10/11 10/11 10/11 10/11 31/11 11/11

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Page 35

(jfc FAMOUS CONTAINER UNES JlfS 80 ROBINSON ROAD, #22-02 SINGAPORE *****8 HOT UNE: *****33 (30 UNES) JAPAN 2 SAILINGS PER H***** J# CONTACT JANICE LEE FOR BOOKING P. KLANG PH: 0203/*****02 (10 UNES) PENANG PH: 0204/*****7 (10 LINES) J. BAHRU PH: 0207-*****22 CWT GLOBELINK PTE LTD 1 TEL:*****33 (24 UNES)

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Page 36

VESSEL vov aw jkt vcsagL voy sin piii I oantabhum 20s wrtlhPi sun 101/12 ouwubhum <731 t*u |am~ sm [ao/Tr^M =2 WANABHOM 3838 Sat Tua 03/12 B.MAB EMPAT «1«1 Sun 01/12 Tua 03/12 M MATHU BHUM* 306N Wad In Pt St 30/11 OANU BHUM 118 Mon 02/12 Sat 07/12 OUWU

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Page 36

a Alll *^111 I *11 i^HHHHK V y i I k 1 I I ■HSttfiiiifiiiiiiiKAA^MIJLKJLJUUJmJKUIIUX^^ESSZZSai VWt VO» Cf VSML I VOY lIN CCM STAMfOtP 107 SAT 30/11~ WiP 104/1 1 BuOtt »WMWO I ***** WB 17/11~ MOM [01/12 A CONSISTfNCI w rm 06/11 WtD 11/11 |mqu MOON I 139 SAT

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Page 37 Advertisements Column 2 [ADVERTISEMENT]

Page 37

f PACIFIC INTERNATIONAL UNES (PTE) LTD I 140 Cecil Street, #03-00 PIL Building, Singapore *****0. I I mM —fIH CH NO: **********0E Ss"" sL Mi I ill!) I tpi; il)|j Ml I K am I ill I fe" W Ei" iiiF=ffl I laau w re. |m ffl, gw w !t

Page 37 Advertisements Column 3 [ADVERTISEMENT]

Page 37

1Q*****0000Z VESSELS VOV MM DAMCTTA LE HAVRE HAMBURG TMAA4ESPORT ROTTERDAM ANTWERP VILLE DC LYRA YI7W (XVI 2 14/12 23/12 24/12 28/12 27/12 28/12 VH-LE DE VELA ~VI7W 10/12 21/12 30/12 31/12 02/01 03AM 06/01 VtLLE OC CAPELLA TIOW 17/12 26/12 06/01 07/01 09/01 1(y01 12/01 VILLE DE LIBRA LIBW 2V12

Page 39 Advertisements

Page 39 Advertisements Column 1 [ADVERTISEMENT]

Page 39

VISA FREIGHT SERVICES PTE LTD I st.ihlishcil Sincc 1 4 ><S4 Tin: TOTAL TRANSPORTATION PTOPI Kl Cilll \K liKOlllWlil" IL I COXSOI 11> I I(»\ I MI'OK I .S I XI'OKI SI KVK I S OCEANIA PORTS AUCKLAND SYDNEY HRISIiANE MELBOURNE FREMAXTLE mm fiM *1~ VISA I Rl U.H I

Page 40 Advertisements

Page 40 Advertisements Column 1 [ADVERTISEMENT]

Page 40

44— AS AGENTS: "K" LME (SINGAPORE) P¥« LTD (CM m 124W3WNMST KG M M-mim*) K T TEL *****77 TELEX KAWAKI R*****5 FAX *****167/&S V W T|\ MALAYSIA: "K" LMEBAARffIME(MALAYSIA)SONM I |j I TEL: SA *****00 PK *****75 PEN *****20 J8 *****01 PGU *****25« 1 MOONESIA: P.T. K" LME (MDONESBA), TEL

Page 40 Advertisements Column 2 [ADVERTISEMENT]

Page 40

1 Sfl (SHIPOWNERS I SHIPPING AGENTS) UVSIB II Am* M *14-13/14, IS/17,19-11 MnNtad Mm *****3 Ttkimsil (J4 Ikuj far (U) *****94 Obb Uk IUHUOK" Ttluc K ***** MB IBMIAT (Mik 1991H*****W w'JytLwro NDONESIA VESSEL I VOT I SRI TW VBSH VOT SRI OCSTRUnON SINGAJOG M 049 21/11 04/12 HONG SOON

Page 40 Advertisements Column 3 [ADVERTISEMENT]

Page 40

*****1 T¥WCE WEEKLY EVERY THURSDAY/SUHOAY (EH23B ARRIVAL FIXED DAY-MONDAY WWH NOT I M I HTM NAM f*T L£H AM HtSl «0T LEH FIT MM Mft I >*« IM2 »12 MING SUN A64IE SLO SLD SU) SLO I Oli| 21(1? I Wl2 20,12 21/12 23/12 MMG GALAXY A64X SU) SLO SLD

Page 40 Advertisements Column 4 [ADVERTISEMENT]

Page 40

1 NEWARK SHIPPING: AGENCIES PTE LTD 48-A Campbell Lane, Singapore *****1 SINGAPORE T CHITTAGONG BOMBAY CALCUTTA COLOMBO MADRAS KARACHI TUTICORIN COCHIN DUBAI CALL: (65) 294 0949 FAX (65) 294 9395. Agents for CONTINENTAL UNES INT'L 0 t 4 i llSMiiaii KAWASAKI KINKAI KISEN KAISHA. LTD. JAPAN/ HON6 KONG STRAITS S'por*

Page 41 Advertisements

Page 41 Advertisements Column 1 [ADVERTISEMENT]

Page 41

> I V i r? i a- ■B^^^^^HI^PWPWPV^I i HIpKmnHEIH.Jr TJ bIM-H |g J»yj^M■ I J 9II A I *j/Ai>w«ytr**v J ]1 ]I I I a MAA SIN I RWAVE 488N 27 01-04/12 09-KVI2 I R ISLAND 489N 29-30/11 04-08/12 13-14/12 I R BRIDGE 490N 02-03/12 08-11/12 16-17/12 I R

Page 41 Advertisements Column 2 [ADVERTISEMENT]

Page 41

Sea K Land I ALL-WATER SERVICE TO U.S.A I SL MISTRAL V.004W j ETA SIN ETDSIN I 01 DEC '96 02 DEC' 96 [*k» vor rnsoi now aMMcmc vissa |vot|ik |su| cm I ik ios|vui|ao«!iot lin| on unw HO3 M/ 11 ~m~ shemm SS" W WIi7!T"S7iT "Wirls7iTTi7iT"W~mlW *KMm Nil »/ll

Page 41 Advertisements Column 3 [ADVERTISEMENT]

Page 41

Nedllovd EVERY FRIDAY Nedlloyd Unes TO MEDITERRANEAN SINGAPORE PHONE (GENERAL) *****89 RATE ENQUIRIES ******8/ 280 CFS (PHONE) *****10 CfS (FAX) *****23 I TOitHtOPE EVtHY THURBJBI/SAT u. S4n Rtm A»* Hm Mi ohLc 28/11 29/11 21/12 19/12 20/12 17/12 6 29/11 20/12 21/12 15/12 16/12 17/12 ST rSZztmi HU 30/11 16/12

Page 42 Advertisements

Page 42 Advertisements Column 1 [ADVERTISEMENT]

Page 42

-w— SAMUDERA INDONESIA (S) PTE LTD 15 McCALLUM STREET #03-01/02 NATWEST CENTRE S'PORE 0106 TEL: *****81-3 FAX: *****36 (3 HUNTING LINES) TLX: R*****0 CM MO. IM7MMSMMM J es sica/celia 8 SLGS/WEEK 3 SLGS/WEEK VESSEL |~VOY [SM [JAK I VESSEL IVDY I SIN I SUB SWARNUSA 926 WPT 30/11 (SAT) LUMOSO

Page 42 Advertisements Column 2 [ADVERTISEMENT]

Page 42

TO E. CANADA US ATLANTIC US QULF LOADING VOY SPORE P.KELANG" HALF AX N.YORK NORFOLK N.ORLEANS SAVANNAH TAMPICO HOUSTON HOeQHOYKE 0638 I<yil OEC 03 DEC 28 JAN 31 JAN 01 FEB 08 FEB 04 FEB 12 FEB WFB HOEOHMMERVA 0838 3CV3I OEC 23 DEC 17 FEB 20 FEB 21 FEB

Page 42 Advertisements Column 3 [ADVERTISEMENT]

Page 42

SIN FAR EAST 30/11 KEELUNG/KAOHSIUNG 01/12 BANGKOK 01/12 manila/cebu 01/12 JAKARTA/BELAWAN/SURABAYA 01/12 PORT KELANG/PENANG/E. MALAYSIA 01/12 BUSAN 01/12 TOKYO/YOKO/KOBE/NGO/OSA 01/12 HONG KONG SIN CHINA 01/12 GUANGZHOU/HUANGPU/SHENZHEN FUZHOU/XIAMEN/SHANTOU/SHEKOU OALIAN/SH ANGHAI/XING ANG TIANJIN/QINGDAO/HAIKOU SIN EUROPE/UK 01/12 LDN/FLX/LVP/SOU ROM/ANT/LEH/HAM/GOT/OSL also accepting cargo to EASTERN BLOCK COUNTRIES SIN USA/CANADA 01/12 LOS ANGELES/NEW YORK all

Page 42 Advertisements Column 4 [ADVERTISEMENT]

Page 42

Singapore Soviet Shipping Co. Pte. Ltd. CR NO: **********0N BOMBAY/COCHIN VESSEL VOY SIN BOM VANESSA 12N 28/11 06/12 TRADE FAST TF8173 04/12 12/12 KOTACAHAYA CAMI7I 10/12 1«/12 MEKHANIK KUR MK26N 14/12 22/12 REGULAR ILYICHEVSK SERVICE VESSEL VOY I S PORE I ILYCHEVBK EVER GOLDEN 0130-066* 20/11 28/12 EVER OLEAMY 0137-060W

Page 43 Advertisements

Page 43 Advertisements Column 1 [ADVERTISEMENT]

Page 43

i ASIA EUROPE EXPRESS (AEX) WESTBOUND SERVICE I VESSEL vor I »T IB I IM AW I HAW fCT HY GENERAL 302W 02 DEC 18 DEC 19 DEC 19 DEC 21 DEC 24 DEC I HY DUKE 3Q2W 09 DEC 25 DEC 26 DEC 26 DEC 28 DEC 31 DEC

Page 43 Advertisements Column 2 [ADVERTISEMENT]

Page 43

Ivpsa sfoti pjhang jMpn kd wm sou W |WW I wiIBSLJ Ivna I m swm mc jaj im mi kot ngo M NO. HONGKONG 14M Jill Jo.ll* *11 Jo.ll 111 4.1 0112 IKLANGI 2444 1111* 1111 JS.II 24.11 J7.1l mi OCLGBMANT M 44 Jill Jill* JI.II 00.12 10. J ItlJ

Page 43 Advertisements Column 3 [ADVERTISEMENT]

Page 43

APM SAIQQN SHIPPING L_ THRICE WEEKLY DIRECT TO HO CHI MINH CITY \EXFOKT TO HO CHI MIHH CITY lit POUT FROM HO CHI MIHH CITY vtssa vor Sr na* mcmc vosa vor (tdhqk wntma Sir OS/ill (M/II) »/u <m m/ii ram* nm vjv\ »/n m nuncsbrosa nm (27/ in 00/

Page 44 Advertisements

Page 44 Advertisements Column 1 [ADVERTISEMENT]

Page 44

J SINO KXPRISS SHIPPING (PTI) LTD. Mm I 11 COLLYER QUAY #06-01 THE ARCADE SINGAPORE *****7. m TEL: *****90 (4 LINES) FAX: *****08 TLX: R*****1 SINOEX SINOTHANS SHANGHAI (CONTAIN!* SERVICE) Also occepfing container cargo to: VESSEI/VOY ETA SIN ETAHKG ETASHA W/T HKG: Bcifioo. flliwon. 6000 UKK mmilwZ m od*ll6Um MOVWM

Page 44 Advertisements Column 2 [ADVERTISEMENT]

Page 44

CONSOLTO: CEBU "PACIFIC IXPRSSS" V29N ETA SIN: 4-12-96 CONSOL TO: ASHDOD < "CONTSHIP SYDNEY" V 6142 ETA SIN: 9-12-96 CALL BOOKING: 220-2022 XIUHUA/HAMIDAH/YEO/PHYUSS BOOKINGS HOTLINE NUMBERS F&O SINGAPORE *****64 IPOH OS *****8 Containers kuala lumpu* 03 24*4544 johoriahru- *****4254 Pint Cla* Connection# WORLDWIDE PORT KIANO 03 *****67 JAKARTA 21 *****00

Page 44 Advertisements Column 3 [ADVERTISEMENT]

Page 44

MELERI 29/11 Rdm/AfcaAJK/Nan I PAN FORTUNE 25/11 01/12 RdrrVAtwAJK/Nan I ANNA Outai/A.Dhtf»/Darnman/J«fcMi I BUFFALO 9 KAVO ALEXANDfOS I RAINIER Dubat/A.Dhabi/Bahrark/DammaiVKiNMftH, ORKUN KALKAVAN Hodetdah/JeddatVAqaba/Pt StW I *Loada Singapore, E7W. Malaysia, Indoneew I ILoadng tor I PAN QUEEN Loa Anqel»»/»lew Ortaana/Ctiaileelon/ CTRADA Loa Angaiaa/Naw OriMrVCtarlecton/ I I Toads EVW. Malaysia, Indoneaia J

Page 45 Miscellaneous

Page 45 Miscellaneous Column 1 [MISCELLANEOUS]

Page 45

—W MV J H < LEGEND: R Thunderstorm Tomperoture c A y Shower Weather Wind direction with speed m knots Rom V^/ Cloudy Sky Wov h l 9 hf Surface winds ore indicated by arrows wtoch Hy wit* Hie wind One fuM circle represents calm or light ond variable wmds