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BUSINESS TIMES, 12 February 2002

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Masthead [TITLE SECTION]

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THE BUSINESS TIMES Internet: http://business-times.asial com.sg/ SINGAPORE TUESDAY, FEBRUARY 12, 2002 MITA (P) 107/03/2001

MARKET SUMMARY [ARTICLE]

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MARKET SUMMARY □an 1,14MB (+4.26) IT-SU mm (+0.85) ST INDEX FUTU1ES 1,***** (+12.00) W% SDBCX FURIES UaM0(+2.90) STOCK KABKET INDICES Monday Change KLSE COMP Closed. NIKKEI 228 fln—f BANG SENG —10,***** *313.75 SET INDEX 3-56.94 +3.3-5 JAKARTA COMP _4*s.$5 +1.87 MANILA COMP AjtiM +21.61 TAJPE1WP1 Closed SEOll COMP iCtosed SHENZHEN

FINANCE [ARTICLE]

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FINANCE FOUX BATES ust St U8$ (S$ per IJSS) 1.833 £(ISS/SS per 1.417 1597 EIHOfUSS/SS/E). 0.873 1.600 DM 1241 1.28 YEN 134.9 73.60 RM 3.800 1073 HKS 7.800 4154 BAHT 43.91 23.95 RCPIAfl ***** 5,577 FUME BATES SINGAPORE* 515 MALA LUMPIR 6.40 HONG KONG 8.125 JAKARTA 3900 TAIPEI 6.725 TOKYO

HDB review may benefit big private developers [ARTICLE]

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HDB review may benefit big private developers Capita Land, Allgreen, CityDev best positioned if public housing is privatised: broker By. Kalpana Rashiwala [SINGAPORE] Any move by the government to allow private developers to build public flats for the Housing Development Board will favour the major developers with larger balance sheets

Industry players up in arms over investor portals' links to PR units [ARTICLE]

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Industry players up in arms over investor portals' links to PR units By Serena Ng, David Boey [SINGAPORE] Singapore's investment advisory and public relations firms are crying foul over the tactics used by some online investor education portals, which have moved to combine stock information services for the public with

A bouquet for the Horse [ARTICLE+ILLUSTRATION]

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A bouquet for the Horse [SINGAPORE] It's goodbye to the Year of the Snake. And after a tough year, Singaporeans are looking forward to the Year of the Horse, seen by many as a business-friendly year in the Chinese calendar. S'pore stock market trots into Tear of the Horae, Pg

Motor stocks: Where has the lave gone? [ARTICLE]

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Motor stocks: Where has the lave gone? COMMENTARY By Christopher Tan THE romance of the motor trade, if ever there was one to begin with, must now be truly over with the planned delisting of Inchcape Motors. Parent company Inchcape pic of London has decided to buy up the one-third

Jobless execs will be first to be hired in upturn: Dr Ng [ARTICLE+ILLUSTRATION]

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Jobless execs will be first to be hired in upturn: Dr Ng By\ Chuang Peck Ming [SINGAPORE] Jobs Task Force chairman Ng Eng Hen has some good news for out-of-work executives: they'll be the first to be reemployed when the economy bounces back and companies start hiring. "The graduates, professionals,

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DKOPE Enron Saga Former Enron chief Kenneth Lay will refuse to testify. Pg 13 Top Stories Singapore plans to tighten screening of shipping. Pg 2 Temasek in early redemption of US$l b of bonds. Pg2 Hock Lock Stew. Ifs just Chapter 2 ir the tale of Internet stocks. Pg 3

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Lee Han Shih: HDB resale market might soon not be the same, Next Pg No BT tomorrow There will be no publication of The Business Times tomorrow. Publication will resume on Feb 14.

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HDB resale market might soon not be the same Lee Han Shih, Page 2 Quiet session as stocks trot into Year of the Horse R Sivanithy. Pg 4

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Jobs for execs Pages 7-9 On the executive merry-go-round, Pg 7

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Temasek in early redemption of US$1b of bonds [ARTICLE]

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Temasek in early redemption of US$1b of bonds Bondholders better off with redemption than conversion to Sing Tel shares By Andrea Tan [SINGAPORE] Temasek Holdings yesterday said it was calling for an early redemption of US$l billion in zero per cent guaranteed bonds exchangeable for Singapore Telecommunications shares so that

Singapore plans to tighten screening of shipping [ARTICLE]

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Singapore plans to tighten screening of shipping Some US officials say arms smuggling is now among their worst fears IHT [SINGAPORE! Singapore is preparing legislation to regulate trade in strategic goods, such as weapons of mass destruction, and will soon start consultations with the shipping industry and other interested parties

HDB resale market might soon not be the same [ARTICLE+ILLUSTRATION]

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HDB resale market might soon not be the same I comment PROPERTY lee han shih THIS could be the year the Housing and Development Board kicks the bottom out of the resale market for property agents. For nearly 40 years since it was set up in 1960, HDB has been

Hotel owner Teo Lay Swee dies [ARTICLE+ILLUSTRATION]

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Hotel owner Teo Lay Swee dies By< Conrad Raj [SINGAPORE] Millionaire hotelier and property developer Teo Lay Swee died on Sunday, aged 75. Well known for his zest for life, the quintessential Teochew towkay almost always had a ready smile even when all appeared bleak. "Life's to be enjoyed," he

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Lost uour m^ Try finding it at Classification 821 (Found) of The Straits Times Classified. Buy It Sdllt FM H

COMPANIES singnews

People's Food share sale sparks fears of price slide [ARTICLE+ILLUSTRATION]

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People's Food share sale sparks fears of price slide Second largest shareholder's move comes despite his undertaking Byi Serena Ng THE second largest shareholder of People's Food Holdings sold some of his shares in the past few weeks sparking fears that it would depress the company's share price once again.

CapitaLand expected to be back in the black [ARTICLE+ILLUSTRATION]

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CapitaLand expected to be back in the black Net profit of $105 m to $135 m seen with no provisions CAPITALAND Ltd will likely turn around this year with net profit expected at $105 million to $135 million primarily on the absence of the heavy provisions which prompted the losses

COMPANY Briefs

SNP buys digital printing firm [ARTICLE]

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SNP buys digital printing firm SNP Corporation's subsidiary SNP SPrint has acquired 500,000 shares or 100 per cent of digital printing firm eOS Resource Management for $1.08 million. SNP Corp says that the acquisition will have no material impact on its current-year results.

KepFels expects 2 US repair orders [ARTICLE]

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KepFels expects 2 US repair orders RIG builder Keppel Fels expects to win two repair orders soon from US-based customers. The contracts are likely to be valued at tens of millions of US dollars, probably in "low double digits," says KepFels general manager Michael Chia. Marine business including rig building

Kim Eng ups ST Engg to 'trading buy' [ARTICLE]

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Kim Eng ups ST Engg to 'trading buy' KIM Eng Securities has upgraded ST Engineering to a "trading buy" from a "sell" ahead of the coming Asian Aerospace exhibition, which it expects will generate positive sentiment for the stock. Kim Eng says in a research report that it has a

It's just Chapter 2 in the tale of Internet stocks [ARTICLE]

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It's just Chapter 2 in the tale of Internet stocks !!*?•!'A lock siew paul chan SOME Singapore Internet companies have been back in the headlines lately after a two-year hiatus. That break is a decade in Internet time, so a pulse-rate check is due: After the dotcom bust, have these

AirOcean to woo more carriers [ARTICLE]

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AirOcean to woo more carriers Bloomberg AIROCEAN Group Ltd, which sells air cargo space for 16 carriers including Deutsche Lufthansa, plans to increase the number of airlines it represents to improve profit growth in the next fiscal year. Air Ocean wants to convince carriers that outsourcing the sale of cargo

ING upbeat on Korea, S'pore and Thailand stocks [ARTICLE+ILLUSTRATION]

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ING upbeat on Korea, S'pore and Thailand stocks Seoul market ready for re-rating ERC measures will boost S'pore economy Dow Jones Newswires [HONG KONG] ING Investment Management Asia Pacific (Singapore) Pte Ltd is most bullish about the prospects for the Asian equity markets of South Korea, Singapore and Thailand. South

SINGAPORE markets

Untitled [ARTICLE+ILLUSTRATION]

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OTHER SINGAPORE INDICES Feb 11 VALUE CLOSE BTO&QS -195.00 -36.00 BTCAM_ -*****.00 476.00 BT 10-4*y MA -*****.00 -19.00 HMtEpiw 456.23 +1.21 SS D>il 153.53 >1.68 SG EqaMcs Fla 1537.13 +0.61 SCrptiiPnp 455.73 ->-2.32 MSa Snsapor* 217.86 +0.28 SMSCt Fatam 219.60 +2.90 Stocks Volume PacflcCenturylOc 7,612.000 Chart SemtCond 6,380,000 CfitnaAvOil 5c

Elec & Eltek's technical indicators show weakness [ARTICLE+ILLUSTRATION]

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Elec Eltek's technical indicators show weakness HOT STOCK/ WARRANT By Ven Sreenivasan THE stock of contract manufacturer Elec Eltek International has weakened significantly during the past month. However, it closed two cents higher at U552.94 in yesterday's holi-day-shortened trading session. Volume was extremely thin, with just 49,000 shares changing hands

Market trots into Year of the Horse [ARTICLE+ILLUSTRATION]

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Market trots into Year of the Horse comment STOCKS r. sivanithy BULLS hoping that local stocks would gallop into the Year of the Horse had to be satisfied with a trot yesterday as prices firmed marginally in half-day trade ahead of the two-day Chinese New Year break. With little in

Yen survives another US$ push to 135 [ARTICLE+ILLUSTRATION]

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Yen survives another US$ push to 135 CURRENCIES Euro holds its own as US nnit remains soggy versus non-Asian counterparts larry wee A QUIET ending to the weekend's G7 meeting found the US dollar mixed during an abbreviated Asian session yesterday, although the euro showed a bit more promise of

UNIT TRUSTS & FUNDS [ARTICLE]

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UNIT TRUSTS FUNDS Prices as at 2pm AM Amro Asset Mgt (S'pore) Star Europe Eqty!* 0 754/ Star Europe Bd 0 954/ Star Europe Bal 0 848/ Star Asian Tiger Eqty 0774/ Star Asia Bond 1.237/ Star Asia Balanced 0 837/ Star Global Technology Fund 02BI Star Bhv Finance Japan

MAIL bag

Good corporate governance is mere common sense [ARTICLE]

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Good corporate governance is mere common sense Thomas C Dawson CHALMERS Johnson's name-calling ("Economic Fanaticism Bad for Seoul", Feb 5) does not mask his failure to grasp the significance of the reforms embraced and sustained by South Korea after the 1997 financial crisis. His reasoning seems to suggest that Korea

LawNet runs online requisition service [ARTICLE]

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LawNet runs online requisition service Vincent Hoong I REFER to your article "iLied database set to rival new credit bureau" by Siow Li Sen (BT, Feb 5). The report states that William Lai is working on a "pooled legal requisition website to help lower the cost of buying property". The

Allow securitization of knowledge, HDB assets [ARTICLE]

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Allow securitization of knowledge, HDB assets Alex Thian Singapore I REFER to your article "SM spells out changes needed to boost entrepreneurship" by Chuang Peck Ming (BT, Feb 6). It was fascinating to hear Senior Minister Lee Kuan Yew talk about entrepreneurial culture, in particular his insights on the issue

Unit trusts offer greater safety [ARTICLE]

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Unit trusts offer greater safety Vasu Menon I REFER to the letter "Don't trust unit trusts too much" by James Lim (Mailbag, Feb 7). He raised concerns about investing CPF money in unit trusts and warned that investors may get "a rude shock on retirement". As a unit trust distributor

Let market farces prevail in the property market [ARTICLE+ILLUSTRATION]

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Let market farces prevail in the property market Jaspal Singh Singapore I REFER to the letter "Don't let up on property speculators" by Tan Wei Ping (Mailbag, Jan 22). I am sick and tired of reading letters of complaint from "genuine" buyers every time there is a slight pick-up in

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We welcome letters. E-maHusat btfett9rHsph.com.ag or tout at3l9-6277, or wrtta to: The Busineas Times, SPH HQ, 1000 Toa Payoh North. Podkan Lave! 3, need your fuM name, addreee and telephone number, so we can verify It came from you Please use temperate language, and bear In m§na nost laws. WB

EDITORIAL & opinion

Jiang comes into his own— reassuring all [ARTICLE+ILLUSTRATION]

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Jiang comes into his own reassuring all ggMEHpH Ksmsxnsa OPINION frank chlng The writer is a Hong Kong-based journalist and commentator JIANG Zemin was widely regarded as a lightweight and a transitional figure when he became general secretary of the Chinese Communist Party in 1989, succeeding Zhao Ziyang, who was

IN OTHER WORDS [ARTICLE]

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IN OTHER WORDS 'Our case has got to be unique in modern world history. To start off with such abundance and end up this poor that takes a very special talent' Daniel MW an Argentine high-school teacher, as he sat with friends at an outdoor cafe on Buenos Aires' Avenida

Koizumi out of touch with reality [ARTICLE]

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Koizumi out of touch with reality EDITORIAL MUCH has been made of the fact that Prime Minister Junichiro Koizumi's fall from grace among Japanese voters has put his so-called reforms in peril. Yet Mr Koizumi's reforms were never really what was needed and dismay at his setbacks is clearly misplaced.

In the spring, there will be growth [ARTICLE+ILLUSTRATION]

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In the spring, there will be growth That's a truism for a gardener. Economists, however, hope that corporate earnings will hold np and that it'll also ring trne for the US economy By] Edward Yardeni The writer is chief investment strategist at Deutsche Bank ONE of my favourite movies is

Lack of regulation to blame [ARTICLE]

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Lack of regulation to blame COMMENTARY That is what's holding India backnot a plethora of regulations By 1 Patrick Smith The writer is a former Bloomberg correspondent in Asia and the author of 'Japan: A Reinterpretation The opinions expressed are his own. Bloomberg [BOMBAY] In his busy office in the

FOCUS jobs

On the executive merry-go-round [ARTICLE+ILLUSTRATION]

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On the executive merry-go-round Temporary jobs offer plenty of opportunities for laid-off executives, and are likely to grow in importance even after the recession as the economy changes. CHUAKG pecs mxng finds out why CHUANG PECK MING ONE reason la id-off executives often cite these days about how hard it

Jan job ads show worst may be over [ARTICLE+ILLUSTRATION]

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Jan job ads show worst may be over 4 the economy job ads By Adeline Chiah FIRST, the bad news: Total job advertisement volume was down 42 per cent in January, compared with the same month last year. Now, the good news: That is easily the smallest contraction so far.

Demand for executives on the rise [ARTICLE+ILLUSTRATION]

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Demand for executives on the rise Search firm's index up 22% in Jan from Q3 2001; senior jobs most wanted in health, manufacturing, bio-sciences By, Anna Teo EXECUTIVE hiring appears to be back up to pre-Sept 11 levels, going by the newspaper ad count. But compared with a year ago,

Jobs for the asking [ARTICLE+ILLUSTRATION]

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Jobs for the asking by Chuang Peck Ming In true Keynesian form, the public sector has kept the job tap flowing in these recessionary times. But employment in the private sector has not exactly dried up either there are still pockets of jobs available, especially for the less choosy executive

Easing the trauma of job loss [ARTICLE+ILLUSTRATION]

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Easing the trauma of job loss Outplacement services suss out new careers for retrenched staff but few local companies engage these 'corporate undertakers', ukka too reports ANNA TEO LITTLE wonder they have been called "corporate undertakers" theirs is one industry that thrives when the economy is in tatters and people

in short

Australian is Hong Leong S'pore Finance president [ARTICLE]

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Australian is Hong Leong S'pore Finance president ONE of the erstwhile two hot vacancies in the corporate sector has been filled. Australian lan Macdonald has come on board Hong Leong Singapore Finance as president, but the four-month search for Alex Au's successor at OCBC Bank continues. While executive search firm

Career services at NUS Business School [ARTICLE]

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Career services at NUS Business School MEANWHILE, the NUS Business School has set up a career services office to match employers with its graduates. The aim is two-fold, it says. It wants to help students develop their potential as global managers, business and industry leaders, via skills training and career

Accounting firms to go slow on recruitment [ARTICLE+ILLUSTRATION]

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Accounting firms to go slow on recruitment THE public accounting firms will be taking in few new graduates this year. "Given the recent economic climate and conservative outlook, our intake for 2002, which was completed in the last quarter of 2001, was at a substantially lower level than that of

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■jf W *^^sswfsra^|^^™ H ftic D6IIIBT hotline K __B The Business Times has moved to fl tfBF K M//J Sk 1000 ToaPayoh North, Podium Level 3. Singapore *****4 fl 188 M H H H H H You can also reach us at the following numbers: S HBBB BB B I

REGIONAL news

Restructurings raise hopes in M'sia [ARTICLE]

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Restructurings raise hopes in M'sia KUALA LUMPUR Analysts feel Mr D&im's resignation speeded np business revamp Reuters THE restructuring of billions of dollars of bad loans and overhauls of Malaysia's biggest debtors have raised hopes the country is swallowing long-overdue medicine for corporate ills laid bare by Asia's financial crisis.

US terror attacks deal a blow to Malaysian tourist spots [ARTICLE+ILLUSTRATION]

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US terror attacks deal a blow to Malaysian tourist spots SANDAKAN, Malaysia Reuters BUSINESS has been slow for months for Khui Lin Lee, a tour guide who organises trips to the orang-out-an rehabilitation centre near Sandakan, Sabah. The three little islands off Sandakan bay where visitors can organise day trips

NOTE Book

Chart Pattana to join Thaksin govt [ARTICLE]

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Chart Pattana to join Thaksin govt Reuters [BANGKOK] A minor Thai opposition party will switch to the government of Prime Minister Thaksin Shinawatra, further boosting his huge majority and prompting a minor cabinet reshuffle, the English-language Nation newspaper reported yesterday. Dr Thaksin planned to make unspecified cabinet changes before the

Indon Speaker Akbar quizzed again [ARTICLE]

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Indon Speaker Akbar quizzed again AFP [JAKARTA] Indonesian prosecutors yesterday questioned Parliament Speaker Akbar Tandjung for the second time since declaring him a suspect in the apparent embezzlement of 40 billion rupiah (Ss7.l million) in state funds intended for the poor. Mr Akbar arrived at the attorney-general's nffiry accompanied by

Galaxy plans HK$10b Macau casino [ARTICLE]

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Galaxy plans HK$10b Macau casino AFX [HONG KONG] Galaxy Casino Co Ltd is planning to spend HKIIO billion (552.3 billion) building a new hotel and casino in Macau, reported the Hong Kong Economic Journal, citing K Wah International chairman Lui Che Woo. K Wah International is one of the investors

Manila may quit Cairns Group [ARTICLE]

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Manila may quit Cairns Group Bloomberg [MANILA] The Philippines may quit the Cairns Group after failing to gain the 18-member association's support for its appeal against European Union tariffs on tuna exports, Trade Secretary Manuel Roxas said. The Cairns Group, an association of agricultural exporting nations, left the Philippines and

Ruling in Italian-Thai case put off [ARTICLE]

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Ruling in Italian-Thai case put off Bloomberg [BANGKOK] Thailand's bankruptcy court postponed a ruling on Italian-Thai Development's 20 billion baht (SJB34 million) debt restructuring plan after the company's adviser asked for time to revise the plan. Yesterday's delay comes after the court delayed a Jan 24 ruling because creditors opposed

Creditors reject Thai Petrochem plea [ARTICLE]

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Creditors reject Thai Petrochem plea Bloomberg [BANGKOK] Thai Petrochemical Industry creditors refused a request by the nation's largest loan defaulter for an extra year in which to raise US$2OO million from asset sales, an official at the company's manager said. Two of the company's about 100 creditors, which earlier agreed

BCA bid worth the risks, says Stanchart [ARTICLE]

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BCA bid worth the risks, says Stanchart JAKARTA High brand awareness, mostly clean loans work in Indon bank's Savour Reuters WITH 800 branches, a million transactions a day through its automated teller machines and national brand recognition akin to Coca-Cola, suitors should be all over Indonesia's Bank Central Asia. But

Ibra appoints Andersen as adviser on mergers [ARTICLE]

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Ibra appoints Andersen as adviser on mergers AFX-Asia THE Indonesian Bank Restructuring Agency (Ibra) has appointed Arthur Andersen as financial adviser on the proposed merger of five banks, the Jakarta Post reported citing Ibra spokesman Suryo SusUo. The banks slated for merger are Bank Bali, Bank Universal, Bank Patriot, Bank

Don't be desk-bound, officials told [ARTICLE+ILLUSTRATION]

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Don't be desk-bound, officials told AFP [JAKARTA] Indonesian President Megawati Sukarnoputri yesterday told officials to go out and check reports they receive and not to be desk-bound. "I want bureaucrats not only to sit behind their desks," Ms Megawati told the opening of a meeting of the Ministry for Administrative

MSCI asked to amend weighting [ARTICLE]

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MSCI asked to amend weighting BANGKOK SET says including foreign shares will boost market cap AFX-Asia THAILAND'S Securities Exchange Commission has asked Morgan Stanley Capital International to include the Non-Voting Depository Receipts (NVDRs) held by foreign investors to its investment weighting system. "We raised the idea with MSCI representatives early

Thousands leave HK in New Year exodus to China [ARTICLE]

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Thousands leave HK in New Year exodus to China HONGKONG AFP HUNDREDS of thousands of people from Hong Kong are heading for the Chinese mainland for the Chinese New Year holidays, despite caUs for them to stay home to help revive the territory's sagging economy, immigration authorities said yesterday. Some

The Davos Zeitgeist in New York [ARTICLE+ILLUSTRATION]

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The Davos Zeitgeist in New York The message Is clean military might alone cannot rtftllvw pea ce WRITER'S JOURNAL karim raslan THE Asian financial crisis and fears of contagion dominated the Davos meeting back in 1998. The year after, in 1999, the participants were dazzled by the Internet and the

EU import curbs against WTO rules: China [ARTICLE+ILLUSTRATION]

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EU import curbs against WTO rules: China AFP CHINA launched a new salvo yesterday against a European Union decision to suspend imports of some Chinese foodstuffs on health grounds, accusing Brussels of breaking World Trade Organization (WTO) rules. "The EU's decision to ban imports of the Chinese products is using

HK supermarkets plan rice imports [ARTICLE]

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HK supermarkets plan rice imports HONGKONG AFP HONG KONG supermarket chains are planning to import rice directly after 47-year-old restrictions on importers are lifted as expected next year, it was reported yesterday. Leading supermarkets including Wellcome, ParknShop and China Resources plan to enter the rice importing business after the liberalisation

FINANCE [ARTICLE+ILLUSTRATION]

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FINANCE Transaction date:Feb 11 IMTERBAME CROSS RATES f» 'fcl MK$ l*fa8»Ml y lw M jg$yifc HM 8 W ffl HMH1 AwtnOi 0510 4249 0587 3.849 LM8 1994 24.927 ***** 0591 4.734 1946 LZ2030.800 26.268 0.939 5544 0.866 17.*****.4S4 05(1 0512 2?* 0-« 1404 4885 30.49t64.044 0545 8238 2J80 1493 37.675

SGX [ARTICLE]

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SGX Transaction date: Feb 11 Qwi i ftmkmmm m Q— O—i Sg*»» 1.170 *0.020 QJPWMld 151 1J00 *0020 OCBC la 13.000 CNWfcWlCond 154 4.120 -0100 OUC OS1 7100 9*> p*?* 'J' MOO Parkway H 25c 036 0 920 *0.005 CrMh*T2Sc 0.S0 22.(00 KXk 0J7 1J70 *0.020 jmfty 14J0 14J00 -0.100

BONDS & WARRANTS [ARTICLE]

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BONDS WARRANTS Urt Vol Cow* bar 'oEc ■SB Cl *m- nWHt— Wa tmh| tH AST1VW***** 2,5 1 16 12 156 28 AcmaLtd W*****6 -J.5 unch 37 1 SO 435 2.86 33 Amte* W>***** 41 unch 102 1 33 1 1.78 40 Afirnong W*****0 A 1 10 27 2.75 27 AMfoa»>WQ*****

COMMODITIES [ARTICLE]

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COMMODITIES BOOM FUTURES Feb 8 WtKR Fatwn (OoataQ pricts) roiOtwtsAe) CtoM Votane Opee taott Hlflh Low Sett (town) Mam* tar 02 06.50 Apr 02 117.75 Hay 02 l».25 J»02 118.75 RSS 3 (UScenbAft) VMww Coee tawtt HHlh Lew Sett (toa—s) Iwterwt 02 6150 WO Apr 02 65.75 63.75 6425 T125

STOCKS ASIA [ARTICLE]

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STOCKS ASIA Transaction date: Feb 11 (Prices as at 3pm) for more, go to uwrwasixumenrnarketsjxnn HONG KONG Vol -a u- *m AcrossAsu Multimedia 045 unch 0 Alpha General 004 unch 640 AmoyPrap 8.10 005 1019 Anande Wing On 0.06 0.01 *****0 Angara New Steel H 1.19 0.02 9794 Anhui Condi

FOCUS enron

Former Enron chief Kenneth Lay will refuse to testify [ARTICLE+ILLUSTRATION]

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Former Enron chief Kenneth Lay will refuse to testify Stilling could face peijury charges as investigators doubt his sworn testimony Reuters, AP [WASHINGTON] Former Enron Corp chairman and chief executive Kenneth Lay will refuse to testify today when he appears under subpoena before a Congressional committee probing the collapse of

Even Skilling's mom doesn't buy it [ARTICLE]

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Even Skilling's mom doesn't buy it AFP [NEW YORK] Former Enron chief executive Jeffrey Skilling failed to convince even his own mother that he was out of the loop as he told Congress last week —on the company's accounting woes that led to its collapse, Newsweek reported on Sunday. "When

Memo shows lobbyist's plot against Democrats [ARTICLE]

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Memo shows lobbyist's plot against Democrats LAT-WP [WASHINGTON] While the Bush administration was drafting its national energy policy, a leading lobbyist for Enron Corp was plotting strategy to turn the plan into a political weapon against Democrats, according to a newly obtained memo. Edward Gillespie, who parlayed his close ties

SGX MAINBOARD [ARTICLE]

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SGX MAINBOARD Transaction date: Feb 11 for live prices, log on to wwwjcwawhernarketsxxmi 4ft. <— a a rf-u.aya.-t s*; f 6 ABNAmroNLG 56c 9 34 1* 215 13 c ACEDynamto20c 10 11 OJ 49 05 55.6 99 16 205 *«5 MS 20 5 20.5 21 63 742 J? 500 356

SGX XTRANET [ARTICLE]

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SGX XTRANET -n a > a j'u.a.-sa.'t g^-a 11*0 BIO Osmonds U*****cd 97M ga 10 M9C *30 s ISDJUST** US4950 5010 5060 I *0 440 s ISMSOSpore USSC0 SSO 560 usn "*****060 U1S0 9950 s SKMO US***** ***** *****

SGX SESDAQ [ARTICLE]

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SGX SESDAQ >al Bqr IIQaMi 0«tt» Ota fiftw M MCa Mta r "f-| W- PWW M# Lw M» Cur m >3 Ma •s u: PoS** 5 «o 5 t. i« 5 u m S'SJSflSSkz=S 3 151 S15 51 s 652 J® t ASTMttc 33.5 inh 201 335 33 33 335

CLOB INTERNATIONAL [ARTICLE]

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CLOB INTERNATIONAL JW Dw I1QWi bfihr Ohr GrVM MM MCa i— riapn) u* w- hi »i> in »t» Mhr cw wi $3 m w n MS M O II 1M Cj h P c20cM 720 265 2.1 7.4 6 243G62 OwingKongSOcHK._17«0 240 63 67 3 408*5 B 34 Otyc SoMnra

WORLD news

Loophole helps US execs delay news of share sales [ARTICLE]

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Loophole helps US execs delay news of share sales NEW YORK Role allowing them to wait 13 months to disclose sales to their company must go, say analysts NYT AMERICAN corporate executives have found a way, without breaking the law, to delay telling the public when they sell their own

AIB admits doubts about trader arose in Dec [ARTICLE]

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AIB admits doubts about trader arose in Dec NEW YORK Forex traders suspicious of John Rusnak even earlier Dow Jones, NYT ALL FIRST Financial Inc, the US subsidiary of Allied Irish Banks Pic (AIB), became concerned about problems in its currency trading business around the end of December, the Financial

Argentina says it has enough US$ to defend peso [ARTICLE+ILLUSTRATION]

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Argentina says it has enough US$ to defend peso ■BUENOS AIRES Pressure on peso seen when markets open after a week's suspension AFP THE Argentine government insisted on Sunday that it had sufficient reserves to support the peso when currency markets reopen with a full floatation of the peso after

Missed keystrokes slash US$3.9m off News Corp value [ARTICLE]

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Missed keystrokes slash US$3.9m off News Corp value SYDNEY Bloomberg IN less than a minute, a few missed keystrokes sliced US$3.9 million off the market value of News Corp after TD Waterhouse Group Inc bungled an order. The third-biggest discount brokerage sold 600,000 News Corp shares for as low as

Blair accused of helping Indian billionaire's deal [ARTICLE+ILLUSTRATION]

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Blair accused of helping Indian billionaire's deal AFP [LONDON] British Prime Minister Tony Blair was facing a new party funding scandal yesterday, after he was accused of intervening to help an Indian billionaire supporter buy a Romanian steel company. The Labour Party leader returned from a four-nation tour of western

Digital images to rival photos with help of new chip [ARTICLE]

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Digital images to rival photos with help of new chip SANTA CLARA AFP A SILICON Valley start-up yesterday claimed that it has invented a computer chip that enables digital cameras to produce images rivalling those made on 35-millimetre film. The company, Foveon, said it has accomplished that milestone by using

Page 14 Miscellaneous

Page 14 Miscellaneous Column 1 [MISCELLANEOUS]

Page 14

CRYPTIC CROSSWORD t l 27 866 7 Knock one hote into the yard YESTERDAY'S SOLUTION Pft nZrV frnm < 5 > Acrow: 1 Antagonise, 6 Stub. mmnp.l 8 Instrument coming under the 10 Halma, 11 Titfortat, 12 drugged ogarette (6) hammer (9) Crossbar, 13 Swell, 15 Ennobte, DOWN 14 idiot

SHIPPING TIMES

FREIGHT MARKET [ARTICLE]

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FREIGHT MARKET Reuters THE Baltic Dry Index (BDI) rose seven points to 922, the Baltic Panamax Index (BPI) gained 13 points to 912, the Baltic Handymax Index (BHI) fell four points to 6,594 and the Baltic Capes ize Index (BCI) was up nine points to 1,121. ♦Prima n (built 1981)

STOCKS [ARTICLE]

Page 15

STOCKS win a m CWT Distribution 0.62 -OOI 82 ChoanHup_—041 «ncti 768 Coaco Inuostinonl —(X23 unch 481 rrotaM Links ___007 unct) 42 G0HoMbigs 0.53 unch 0 IMCIMMIngs IX S40 unch 0 Joya Holdings 0.19 uneh 63 Koppol Corp 426 O.K) 1814 Koppol Marino 021 unch 33S Mppol Tot* L09 uncfi

Security experts to discuss anti-terrorist measures [ARTICLE+ILLUSTRATION]

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Security experts to discuss anti-terrorist measures IMO meeting to review maritime security in the aftermath of Sept 11 attacks By] Donald Urquhart [SINGAPORE] International security experts will gather in London next week at the headquarters of the International Maritime Organization (IMO) to discuss maritime security and counter-terrorism issues. A special

Evergreen Marine to keep 62 ships on Panama register [ARTICLE]

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Evergreen Marine to keep 62 ships on Panama register By Donald Urquhart [SINGAPORE] The Panama Maritime Authority (PMA) says Evergreen Marine Corp will maintain some 62 vessels currently registered under the Panamanian flag despite comments by Evergreen's chairman last week that the Taiwanese carrier would reflag most of its current

BULLETIN BOARD [ARTICLE+ILLUSTRATION]

Page 15

BULLETIN BOARD PEOPLE Singapore Aircraft Leasing Enterprise (SALE) has appointed Graham Lacs as its first US-based representative. Based out of Washing DC, Mr Lees will hold the position of senior vice-president marketing SALE USA Corporation. He has 22 years experience in the commercial aerospace sector and joins SALE from Fairchild

PORT Shots

MBA cuts war risk surcharge [ARTICLE]

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MBA cuts war risk surcharge [SINGAPORE] Member lines of the Mediterranean Rate Agreement (MRA) have reduced the war risk surcharge for cargo to and from Egypt, Lebanon and Syria by US$lO per TEU (twenty-foot equivalent units). The surcharge is now US$75 per box following a re view by the regional

UK's Crescent focuses on 2 sectors [ARTICLE]

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UK's Crescent focuses on 2 sectors [SINGAPORE] UK shipping and transport group Crescent pic has focused its operations on short sea tanker and freight ferry operations after exiting the short sea dry bulk sector. Crescent has sold nine vessels over the last year as part of long-term plans to "focus

Another milestone for S'pore Cruise Centre [ARTICLE+ILLUSTRATION]

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Another milestone for S'pore Cruise Centre [SINGAPORE] The largest cruise liner ever to sail the Pacific Rim arrived in Singapore yesterday to begin its maiden cruise. The 109,000 gross tonne, 2,6oopassenger capacity cruise super liner, P&O's Star Princess, sailed to PSA Corporation's Pasir Panjang Wharves direct from her Italian shipyard

Ship that sank 50 years ago blamed for California oil spill [ARTICLE]

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Ship that sank 50 years ago blamed for California oil spill AP [SAN FRANCISCO. California] A ship that sank nearly 50 years ago is to blame for a mystery oil spill that has killed more than 1,300 birds since November, Coast Guard officials said. The Guard matched oil samples taken

EUROPEAN aviation

Airlines face business, economy class revolt [ARTICLE+ILLUSTRATION]

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Airlines face business, economy class revolt Fast expanding budget earners are ousting struggling full-service airlines from intra-European routes Reuters [LONDON] THE future of full-service airlines in the European shorthaul market looks increasingly difficult as business and economy passengers alike move to cheaper seats, especially on rapidly expanding budget carriers. As

SHIPPING SCHEDULES INDEX [ARTICLE]

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SHIPPING SCHEDULES INDEX PACE Appemhip 5 BSA 6 B'tartg Mas 6 CMACGM 3 COSCO 3 Columbus 6 Centra Ex 6 China SHp<j S Cougar 6 CWTGtotettnk 6 Mw 4 DongnaiM 3 Ea 3 Evergreen 4 FoongSun 5 FuM 4 Fuiitrtm 4 Gem*tr«ns 4 Hang* 6 Hyundai 4 Heung-A 3 inter

SHIPPING GUIDE [ARTICLE]

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SHIPPING GUIDE THEBUSINESSTIMES TUESDAY, FEBRUARY 12, 2002 EXPORT ETA ETA Advertiser Vessel voytg* Telephone SIN DbI'h Name Name Number Number To ABIDJAN (ABJ) 2003 Cot* 0'I voir* 20/02 02/04 C0SC0 EMPRESS SEA 0I21W 65-*****00 21/02 24/03 Delmas HYUNOAI LIBERTY 307W *5-*****44 21/02 21/03 CMA COM SAUDI JEOOAH aUW 45 2757*00

SHIPS IN PORT

CONVENTIONAL WHARVES [ARTICLE]

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CONVENTIONAL WHARVES vwl Voy No Jkrth Arrival Depart un M SUCCESS MS1102 11/02/6:50 11/02/2000 t I0S02 J03 n/OZ/7 55 11/02/2000 "2044 J02 11/02/7:40 TV02/1700 "Wt 201 JM 11/02/9:15 12/02/22:00 BT SNAJUSSA IHftt J01 1V02/lt25 11/02/2000 J MACE 204 JOt 12/02/800 M/02/800 G*EA1 PEACE ***** JM 12/02/900 13/02/1800 CHUW HO 2

CONTAINER SCHEDULES [ARTICLE]

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CONTAINER SCHEDULES RECEIVING OF EXPORT FCl CONTAINERS AND LCL CARGO BooMdq/Mmc* Rstls Voy No Etb/Btr Ported From To From Wt CMITt ATO5N 12/1300 10/1500 10/1659 Oct-00 a kvttoo n/Mw n/owo 2t 10/1700 VOtW TV0900 3 n/oroo n/iM n/Moo iwoo vmw n/i7oo ACI DANUA MM 13/500 KVBOO WA654 Oct-OO a ronno

GLOBAL HOLIDAYS [ARTICLE]

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GLOBAL HOLIDAYS February 12 Singapore: Chinese New Year Malaysia: Chinese New Year Indonesia: Chinese New Year China: Chinese New Year Hong Kong: Chinese New Year Taiwan: Chinese New Year Vietnam: Chinese New Year Brunei: Chinese New Year February 13 China: Second Day of Chinese New Year Hong Kong: Second Day

COCKETT BUNKER MARKET REPORT [ARTICLE]

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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 averagesixed stem. Market movements are indicated The Cockett Bunker Price Index change and the individual

VERITAS BUNKER QUALITY REPORT [ARTICLE]

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VERITAS BUNKER QUALITY REPORT Carfeoa !ii ■>—*T «win %v/v »«/>i mi £aZ ISO/Cimac LMMts Spec £25 991 10 6.0 0.10 80 010 Sp«t635 991 Ul 18.0 Q.I5 90 Q.|Q NortHem Europe 180 Ave 9810 0.1 IL7 0.04 26 0.02 »0«" 992.1 12 *J 0.08 1M 0.06 No above E25 T

AIR & LAND transport

Airline bosses see brighter skies but call for reform [ARTICLE+ILLUSTRATION]

Page 24

Airline bosses see brighter skies but call for reform Catting costs and capacity key to recovery, say industry executives AFP [LONDON] There are brighter skies ahead for airlines battered by the recent slump in air demand, but carriers must cut costs and capacity if they are to return to profitability,

Malaysia Airlines cuts sale price of eight jets [ARTICLE+ILLUSTRATION]

Page 24

Malaysia Airlines cuts sale price of eight jets Reuters [KUALA LUMPUR] Malaysian Airline System (MAS) said on Friday that it had revised the total consideration for its proposed sale of eight aircraft to RM3.87 billion (551.86 billion) from RM4.13 billion. The loss-making airline said the reduction in the price was

M'sia wants more flights from China [ARTICLE]

Page 24

M'sia wants more flights from China It aims at half a million Chinese tourists this year Bernama [KUALA LUMPUR] Malaysia's Culture, Arts and Tourism Ministry is trying to get airlines to mount more flights from China to boost tourist arrivals from that country. Deputy Minister Ng Yen Yen said the

FAA to let California police carry guns on planes [ARTICLE]

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FAA to let California police carry guns on planes Bloomberg [SACRAMENTO, California] The Federal Aviation Administration (FAA) has approved a plan to let California Highway Patrol police officers carry handguns on airplanes while flying for work, an aide to Governor Gray Davis said. Mr Davis received a letter from FAA

Virgin Group, Tesna to hold more talks [ARTICLE]

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Virgin Group, Tesna to hold more talks Richard Branson wants to sell minority stake in Virgin Bine Bloomberg [SYDNEY] Virgin Group and Tesna Holdings, which is set to revive failed Australian airline Ansett Holdings. will hold further talks this week, the companies said in a joint statement. Virgin Group's Richard

Hainan Airlines shrugs off industry merger [ARTICLE+ILLUSTRATION]

Page 24

Hainan Airlines shrugs off industry merger Dow Jones [SHANGHAI] Hainan Airlines, one of China's profitable regional air carriers, yesterday said the consolidation among the nine stateowned airlines will not severely impact its core operations. Hainan Airlines is not part of the governmentsponsored plan to merge smaller regional air carriers with

Page 15 Advertisements

Page 15 Advertisements Column 1 [ADVERTISEMENT]

Page 15

European airlines face business, economy class revolt Pg 2 Airline bosses see brighter skies but call for reform BackPg ■Virgin Group, Tesna to hold more talks BackPg

Page 15 Advertisements Column 2 [ADVERTISEMENT]

Page 15

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Page 16 Advertisements Column 1 [ADVERTISEMENT]

Page 16

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Page 16

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Page 17

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Page 17

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Page 17

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Page 18

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Page 18

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Page 19

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Page 19

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Page 20

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Page 20

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Page 20

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Page 23

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Page 23 Miscellaneous

Page 23 Miscellaneous Column 1 [MISCELLANEOUS]

Page 23

1_ -iitL I .3-^ JLQ sfe^__ 11 )E 12^^^^^^^ LEGEND: Issued by Meteorological Service Singapore Is Thunderstorm Showers S^\ a n e JZT U e Wind direction and speed in knots Cloudy Day Weather l><3 Hazy Wind speed symbols Sea Conditions O Full circle w/o line indicates calm or light

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Page 24

The aircraft arrival and departure schedule was not available due to technical reasons The advent of Information Technology and intermodal logistics solutions have dramatically changed the global logistics industry. In addition, Singapore is fast becoming the logistics hub of the region. To keep our readers updated Shipping Times now features