The Business Times, 28 December 1976

Total Pages: 12
1 12 The Business Times
  • 10 1 BUSINESS TIMES M.C.(P) 1455/7K TUESDAY, DECEMBER 28, 1976 50 CENTS
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  • NEWS IN BRIEF
    • 56 1 UPI TOKYO, Mon. A cold weather spell with heavy snow struck extensive parts of Japan today, disrupting air and land traffic. Two dozen long distance trains to and from Tokyo were cancelled as well as 14 domestic flights. Japan's Meteorological Agency predicted continued snowfalls along the sea coast
      UPI  -  56 words
    • 53 1 AP CHICAGO, Mon. The battle line has been drawn in the struggle to succeed Mr. Richard Daley as mayor of America's second largest city, with blacks on one side and whites on the other. Black leaders were united behind Alderman Wilson Frost, while white leaders backed Alderman
      AP  -  53 words
    • 63 1 Reuter JERUSALEM, Mon. Israel's two major political parties will compromise on May 17 as the date for new parliamentary elections, spokesmen for the ruling Labour and opposition Likud parties said here today. Motions setting the election date may be presented to the House today. A Bill could be
      Reuter  -  63 words
    • 58 1 Reuter PEKING, Mon. Chairman Hua Kuo-feng has told the people of China that their most important duty in 1977 is to struggle against Chairman Mao Tse-tung's widow, Chiang Ching, and her fellow radicals. In a year-end message, the Chairman gave top priority to the anti-radical campaign which
      Reuter  -  58 words
    • 62 1 Reuter CAPE TOWN, Mon. Nineteen people were killed and 97 wounded in bitter fighting between blacks in two African townships near Cape Town over Christmas weekend, police said today. Streams of refugees left Nyanga and Guguletu tonwships today to escape the fighting in which at least 10 homes
      Reuter  -  62 words
    • 71 1 From Schmidt to Fukuda. Reuter BONN, Mon. Chancellor Helmut Schmidt has told new Japanese Prime Minister Takeo Fukuda he looks forward to co-operating closely with him in tackling world economic problems, the West German Government said today. The Chancellor did not, however, specifically mention Mr. Fukuda's call on Saturday for
      Reuter  -  71 words
    • 67 1 UPI MILAN, Mon. The Italian lira sank to its lowest value against the US dollar in almost eight months today, trading at 875.05 against the American currency. The drop in the exchange rate, down 1.1 per cent from the 865.40 closing last Thursday, came after the Government
      UPI  -  67 words
    • 44 1 UPI NEW YORK, Mon. Dow Jones averages, based on the first hour of trading today on the New York Stock Exchange: 30 indust 987.53, up 1.91; 20 transp 232.09, up 0.22; 15 utils. 104.55, up 0.16; 65 stocks 318.65, up 0.51. UPI
      UPI  -  44 words
  • Chief Price Changes
    • 180 1 QUIET conditions ruled at the Stock Exchange of Singapore yesterday. Losses outnumbered gains three to one. However, trading volume declined on the downtrend. The Business Times index fell 1.49 points to 264.27 while the Straits Times Industrials average was fractionally lower at 252.35. Foils Most active O
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    • 126 1 Foils Most active Pacific Dev. $0 71 PMC. $2.86 U A C. $3 44 DBS. $400 U.O Bank $3 54 C Prop $1.42 ENE $287 P Bank $2.24 Supreme Corp $1 42 -.06 -.04 -.04 -.04 -.04 04 -.03 -.03 -.03 Pan Electric 136.000 Central Sugars 136.000
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  • 665 1  -  HECTIC GROWTH SLOWS TO 3 pc By ANTHONY ROWLEY EVIDENCE that Singapore's merchant banking sector has moved into a period of consolidation, following the hectic growth it enjoyed initially, is provided by newlypublished figures on banks' assets and earnings. They show that the total assets
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  • 125 1 THE Asean Federation of Accountants has been formed and a draft constitution approved, which now awaits ratification by national accounting organisations of the five Asean countries. This was announced yesterday by Mr. Tan Hee Chai, vice-president of the Singapore Society of Accountants (SSA). Mr. Tan said
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  • 597 1 SOME 200 travel agency operators are liable to prosecution if they fail to apply for a licence by the end of this month. The Travel Agents Act, 1975, which came into effect on Dec 1, 1976, provides that anyone who has been carrying
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  • 447 1 BEIRUT, Mon. Saudi Arabia will raise its crude oil production by almost 20 per cent in 1977 to meet increased demand for lowerpriced Saudi Oil, The Middle East Economic Survey said today. The oil newsletter, quoting "an authoritative Saudi source", said "Saudi
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  • 436 1 THE thumping PAP victory in the general election has injected Singapore's business community with a fresh dose of confidence. Big business interprets the election result as a vote for the political and economic stability necessary for continued economic growth and foreign investment. Industrialists
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  • 330 1 CONSUMER prices in Singapore have been on a more favourable trend than in practically the whole of Asia over the past six months, and compare very well with trends in the West. This is one factor which emerges strongly from the latest monthly digest of
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  • 345 1 Pernas actions in line with bumi policy Razaleigh KUALA LUMPUR. Mon. Pernas has successfully penetrated the fortress of British investment in this country by acquiring control in two major companies recently, according to the Finance Minister Tengku Razaleigh Hamzah. He explained that Pernas. with an initial capital of MSI2O million,
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  • 102 1 DATUK Hussein Onn, Prime Minister of Malaysia, yesterday congratulated Mr. Lee Kuan Yew for his "decisive victory" and the People's Action Party's "overwhelming success" at last Thursday's elections. Datuk Hussein was among several world leaders who sent congratulatory messages to Mr. Lee. The others included Mrs. R.D.
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  • 115 1 Reuter TOKYO, Mon. Indonesia signed an 18.88 billion yen (*****.6 million) loan agreement here today with Japan to finance its development projects, the government Overseas Economic Co-operation Fund announced. Of the total loan, 11.87 billion yen will be supplied for two projects to build roads in Lampung.
    Reuter  -  115 words
  • Page 1 Advertisements
    • 39 1 cpMncbflre# 3 See Page Two INSIDE Overseas news/TV Radio Overseas news/Features Local Co news International Co news Local stocks Overseas stocks P7 Commodities P8 Transport communications P9 Features PlO Local Overseas news PI 1 Local Overseas news Pl 2
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  • OVERSEAS
    • 461 2 Economist. NEW YORK: The Ford administration is leaving office half convinced that the United States needs a stockpile of raw materials as an insurance against peacetime .crises, not just against the risk of war. Waiting for the Carter team is a batch of studies
      Economist.  -  461 words
    • 205 2 TEL AVIV With three hats already In the ring, there is an unprecedented scramble for the Labour Party's nomination for premier. For the first time since Israel was created in 1948, the rank and file of the ruling Labour Party will have a say in
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    • 48 2 PLAINS, Mon.—Mr. Bert Lance, President-elect Jimmy Carter's budget chief talking with newsmen outside the Plains Methodist Church yesterday. Mr. Lance told newsmen there is a possibility of a US$l5 billion (5537.8 billion )taxcutasa method of stimulating the economy AP photo. AP photo.
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    • 211 2 Reuter NEW YORK, Mon. US interest rates are expected to respond shortly to the recent reduction of bank reserve requirements by the Federal Reserve Board, money market analysts said. The market performed erratically last week as dealers showed some disappointment with federal
      Reuter  -  211 words
    • 154 2 AP LONDON, Mon British Premier James Callaghan has told the Soviet Union he is "extremely disappointed" at the low level of Soviet orders from British Industry, according to a report in the Times of London. Mr. Callaghan complained to the Soviets that trade between the two countries
      AP  -  154 words
    • 160 2 UPI NAIROBI. Mon. Palestinian guerillas warned today that they will strike at targets either In the United States, Europe, Africa or Asia in the coming year to avenge the Israeli commando raid on Uganda's Entebbe Airport. Official Uganda Radio monitored In Nairobi said a spokesman
      UPI  -  160 words
    • 194 2 AP ROME, Mon. Italian Labour Minister Tina Anselmi won approval of the Cabinet on Thursday for proposed legislation to ban discrimination against women in the labour market. The proposed law, which will be presented to parliament for consideration, bans "discrimination of any kind based on sex
      AP  -  194 words
    • 166 2 UPI SEOUL. Mon. South Korea has informed the Soviet Union through third countries that it hopes to conduct fishery operations in Russia's 320-km economic zone, Seoul newspapers reported today. Quoting government sources, the reports said South Korea has made it clear it would be wiHing to
      UPI  -  166 words
    • 844 2 Reuter DACCA, Mon. The economy of Bangladesh, one of the world's poorer nations, is showing encouraging signs of revival, but even its own planners caution that there is a long way to go. The country's exports boomed by 48 per cent
      Reuter  -  844 words
    • 418 2 NYT MEXICO CITY, Mon. The Mexican Government has announced plans to raise the price of its oil exports by 10 per cent and to increase foreign sales of crude oil to at least 400,000 barrels per day by 1982. Although Mexico is
      NYT  -  418 words
    • 70 2 AP ISLAMABAD, Mon. Pakistan's six opposition parties announced today their tentative willingness to participate in next year's general election, but expressed dissatisfaction over the state of political and civil rights in the country. The parties, which have grouped themselves into the United Democratic Front, met in Lahore, 288
      AP  -  70 words
    • 461 2 AP OTTAWA, Mon. Prime Minister Pierre Elliott Trudeau said yesterday he would not minimise the danger of civil strife if largely French-speaking Quebec moves to break away from the rest of Canada. In a television interview, Mr. Trudeau repeated an earlier statement that he
      AP  -  461 words
    • 175 2 Reuter NEW YORK. Mon. US trade unions are expected to Increase demands for pay rises, cost of living protection, and benefits for working women by 1977 labour negotiations, the conference board's labour relations forum said. It expects that first-year wage and benefit packages in contracts covering
      Reuter  -  175 words
    • 288 2 Reuter WASHINGTON. Mon. A US government lawsuit against one of the biggest American grain trading companies. Cook Industries, is the first of several actions expected to recover millions of dollars of public funds lost in grain trade frauds, officials said today. The Justice Department last
      Reuter  -  288 words
    • 116 2 AP CAIRO. Mon. Egypt has asked the United States and the Soviet Union to spell out their specific plans for achieving peace in the Middle East, it was reported yesterday. The semi-official newspaper A 1 Ahram said Egypt asked the two superpowers to write their
      AP  -  116 words
    • 306 3 NYT VIENNA, Mon. Eastern European officials are shuttling between their capitals and Moscow to obtain economic concessions and additional assistance for their countries from the Soviet Union, according to information available here. The pressing economic problems of the Soviet Union's European allies are believed
      NYT  -  306 words
    • 548 3 WASHINGTON, Mon UPI AP WHILE oil-producing countries have grown richer in recent years, the world's poorest nations have made almost no economic progress, according to figures released on Sunday by the World Bank. The data, which will become part of the bank's 1976 atlas, to
      UPI; AP  -  548 words
    • 396 3 AP WASHINGTON. Mon. China has been an erratic buyer of American farm products, but two reports published by the US Agriculture Department today indicate that US officials are hopeful of some regular trade in the future. Beginning in 1972, farm exports to China
      AP  -  396 words
    • 1518 3  -  By EDWIN DALE Jr. NYT IT ALL began in early 1966 with a largely deliberate understatement by the Johnson Administration to the tune of US$lO billion in the initial cost of the Vietnam war. It ended, perhaps fittingly, with
      NYT  -  1,518 words
    • 890 3 PRIVATE BANKS ADD TO THE EVER INCREASING... LONDON, Monday THE Job of financing the huge balance-of-pay-ments deficits of the world's poorer countries Is still being left largely to the private banking system. Governments have become increasingly concerned (they say) at the exposure of their banks,
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  • Page 2 Advertisements
    • 166 2 A&r&/ x^tjudzrarfa/ < KUALA LUMPUR Where the byword is service. Fast, efficient, smiling service. A helping hand at your elbow, a warm spontaneous smile with your drink, genuine concern for your comfort and ease. Naturally we've facilities of international standard: luxurious rooms, convention facilities, speciality restaurants serving first-class Continental, Japanese
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  • Page 2 Miscellaneous
    • 88 2 WEATHER report for 24 hours prior to 7.30 p.m. on Dec 27 at Singapore airport: Maximum temperature 29.9° C Associated humidity 72 Minimum temperature 23.6° C Associated humidity Hours of sunshine 5.30 Rainfall in millimetres trace Total rainfall for the month 166.7 Total rainy days for the month 13 BnStow:
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    • 246 2 RADIO TV SINGAPORE 5 3.00 P.M. Opening Annoucements followed bv Flvina Nun (r) 0 3.2sDiary of Events (English) 3.3oMagazine Zero One (r) 3.45 General Hospital 4.25 Intermission 6.osOpening Annoucements followed by The Swiss Family Robinson "Terror on South Island" 0 6.30 News in Brief 0 6.35 Krazy Kat 7.00 The
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  • Page 3 Advertisements
    • 213 3 SOUTH CHINA MORNING POST Subscription rates: 3 months for Ssl36 (inc. postage) 6 months for ***** (inc. postage) 12 months for ***** (inc. postage) Single copies at 551.50 each Place your order with the Circulation Dept., Times Publishing Bhd. Tel: *****1 New Issue All these bonds having been sold, this
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  • COMPANY NEWS
    • 1165 4 PROFIT growth at Batu Kawan has dwindled from a hefty 75 per cent In 1974/75 to a mere two per cent for the year ended Aug 31, 1976. Group pre-tax profit came to M$ 12.55 million compared with $12.24 million previously. The lower
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    • 607 4 AFTER three years on the profit plateau, Acma Electrical Industries Is pinning Its hopes on Increasing export sales to hit the growth path again. For the period 1968-73, the company saw an average annual compound growth rate of 70.6 per cent In pre-tax
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    • 167 4 MR. PETER J. HOLZER, vice president and general manager of Chase Manhattan Bank, recently announced the assignment of three Singaporeans to its head office in New York for a period of two to three years. They are Messrs. David Ban Song Long, Tang Meng Tat and Lim
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    • 88 4 CHEMICAL INDUSTRIES (FAR EAST) Unaudited pre-tax operating profit $1.10 million ($1.30 million) for the first six months ended Sept 30, 1976. ALEXANDRA HOLDINGS Unaudited group pre-tax operating profit $238,611 ($344,853) for the first six months ended Sept 30, 1976. Parent company pre-tax operating profit $142,381 ($217,958) on Income
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    • COMPANY MEETINGS
    • 447 4 Current Ex Date Total for Total for payment Date payable the year previous year Bukit Katil 10*+ Dec 8 Dec 28 10%+ 16% P.M. Holdings Island A Pen. 7.5% Dec. 14 Dec 29 7.5% 12.5% 7%+ Dec.7 Dec 29 7%+ 13% Metal Box Bhd. 5%+ Nov 26 Dec.
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    • 1447 4  -  This week Rupert Murdoch, the Australian publisher, will take over as the new owner of the New York Post. The following article looks at Murdoch and his plans for the Post. A companion piece describes what he has done with two
      NYT  -  1,447 words
    • 872 4  -  By JAMES P. STERBA NYT EVERY day, a young businessman here puts 15 cents into a street-corner rack for a local newspaper that he thinks is absolutely horrible. It's called the News, and he cannot resist its shrill, eye-popping headlines. He collects and mails
      NYT  -  872 words
  • Page 4 Advertisements
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  • INTERNATIONAL COMPANY NEWS
    • 93 5 SYDNEY, Mon. Hooker said the Murchlson Brothers Investment Partnership of Dallas, Texas, exercised an option, erolrlng Dec 29, to take up 2.38 million Hooker shares at 50 Australian cents par. The Murchlsons have options to take up a further 594,000 shares at 75 cents and 594,000
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    • 79 5 ROTTERDAM. Mon. Nederlandse Aardolie Mlj (NAM) said it struck gas in the fifth drilling in block L--2 of the Dutch continental shelf. The first well had shown the presence of gas but the next three were dry. NAM said. The high pressure of 600 atmospheres under which
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    • 80 5 TOKYO, Mon. Nippon Steel said it and Nissho Iwal have jointly won a six billion yen order from Abu Dhabi Marine Areas (ADMA) for the construction of a 55 miles long oil pipeline linking ADMA with its offshore oilfields Zakum and Ummshalf in the Gulf. The pipe-laying
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    • 55 5 BRUSSELS, Mon. GB-Inno-BM said it proposes a one-for-25 scrip issue. The issue, independent of any dividend which may be declared for the financial year ending Jan 31 next, involves capitalising 99.24 million francs of reserves and issuing 99,243 new shares. This will raise issue capital to 2.69
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    • 81 5 SAN FRANCISCO. Mon. Natomas said a federal district court judge ruled that the company did not violate anti-fraud laws in its 1974 acquisition of Thermal Power. The ruling by Judge Cecil Poole came in a suit brought by a stockholder who also accused Natomas of violating federal securities
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    • 277 5 Reuter TOKYO, Mon. Sony Corp expects to boost both consolidated sales and net Income by 14 to 15 per cent In the current financial year from the record levels of US$l.5B billion and $104 million respectively reported for the 1976 year ended Oct 31, executive
      Reuter  -  277 words
    • 159 5 Reuter OTTAWA, Mon. The Canadian Government approved a proposal by Denison Mines and four foreign partners to establish a coal mining operation in northeastern British Columbia to produce about nine million tonnes coal per year for export, Industry Minister Jean Chretien said. Approvals were made under
      Reuter  -  159 words
    • 137 5 Reuter LONDON, Mon. The UK Energy Department said Shell UK and Esso Petroleum have agreed In principle to government partlciKation In their North Sea oil iterests. Memoranda of principles will be signed on Jan 5,1977, when further details will be released, energy secretary Tony Benn
      Reuter  -  137 words
    • 84 5 Reuter TOKYO, Mon. Okasan Securities said it has established a joint venture called Okasan International (Asia) in Hongkong jointly with two other Japanese and six local concerns. Okasan International, which will undertake securities underwriting business, is capitalised at HKS2 million with Japan's Okasan holding 30
      Reuter  -  84 words
    • 267 5 Reuter TOKYO, Mon. Toyo Kogyo has achieved a big turnround In the year ended Oct 31, 1976, with after-tax profit of 1.05 billion yen against a loss of 1.67 billion yen previously. Sales rose to 588.21 billion yen from 496.49 billion yen. The company is maintaining
      Reuter  -  267 words
    • 140 5 Reuter DETROIT, Mon. The continuity of the business of American Motors depends upon the availability of adequate financing as well as an Improvement in operating results, AMC's auditors Touche Ross said. The auditors made the statement In a qualification to their audit of the
      Reuter  -  140 words
    • 791 5 NYT NEW YORK, Mon. The stock market is winding up 1976 in seemingly good shape. Both Interest rates and the inflation rate are at their low for years. The lagging economy shows signs of revival. And president-elect Carter is standing In the wings
      NYT  -  791 words
    • 1383 5 Exit a bearish year FOREIGN STOCK MARKETS NYT NEW YORK, Mon. While many American Investors are complaining that 1976 has been a so-so year for the stock market foreign stockholders have done worse much worse. In the United States, the Dow Jones industrial average advanced 15.6 per cent to 985.62
      NYT  -  1,383 words
    • 719 5  -  By ROBERT METZ NYT IN the disastrous bear market of the first half of the nlneteen-seventles, no Industry group suffered more In the stock market than the real estate Investment trusts those portfolios of real estate holdings modelled on mutual funds and designed to open the
      NYT  -  719 words
  • Page 5 Advertisements
    • 165 5 -v. *4 'i: <■•• i in Singapore. Chief Representative: Saburo Itoh. We are Japan's oldest trust bank and command a key position in the Mitsui Group. Our services are worldwide in scope. We have the research capability, a worldwide network and the best of personnel to serve you. In commercial
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  • 1988 6 wmmm mm® imi hhmmmi SECTION ONE INDUSTRIALS 1976 High Low Company Last Sale +orGr'i div Div c'vr Gr'» y'M Net P/E Vol COW) Day High Low 175* 206 100 Tan 186 402 204 248 460 137 135* 172 60 185 66 254 149 172 394 39 Ac
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  • 1159 6 BID and offer prices officially Hated and business In and reported to the Stock Exchange of Singapore yesterday with the number of shares traded shown In brackets In lots of 1000 units unless otherwise specified. All Time Settlement Contracts are quoted after the word "Bett Big Board
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  • 1230 6 BID and offer prices officially listed -and business In and reported to the Kuala Lumpur Stock Exchange yesterday with the number of shares traded shown In brackets in lots of 1,000 units unless otherwise specified. INDUSTRIALS Acma (1.308 1.388), XRI. A|lnamata (1MB) U> 180 Alcam (2 12Bi
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  • 168 6 SINGAPORE UNIT TRUST (Manager*' price* for Dec 28) The Commerce 1.74 1.84 The Saving Fund 0 96 I 01 S pore Prog Fund 0 80 0 85 S pore Security Fund 1.29 1 38 S'pore Invest Fund ...104 1.10 ASIA UNIT TRUST (Manager*' price* for Dec 28) Mai
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  • 143 6 B O T 8 1/2% 1981 (100.000) (103V«B 103*S) D B S 8 1/2% 1982 (100.000) (9Q'jß IOO'jS) DBS Convert* 6 1/2% 1991 (100.000) (988 995) E I B 9% 1982 (100.000) (102*.8 103*«S) E I B 8 1/4% 1983 (100,000) (100B 100*«S) I B J 8
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  • 105 6 5 1/2% 15/4/78 (1,000,000) (101 538 101.635) 5 1/4% 15/7/78 (1,000,000) (101.308 101.375) 7% 1/7/79 (1.000,000) (104.808 104.905) 5 1/4% 15/10/79 (1,000.000) (100 708 100.85S) 6 3/4% 15/6/80 (1.000.000) (102.958 103 05S) 6 3/4% 1/12/80 (1,000,000) (102 SSB) 5% T F 15/4/81 (1,000.000) (101.358 101.455) 5% T
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  • Page 6 Advertisements
    • 230 6 i c~* if i > ti 1 4 J <■ r fe jC '/v L#&f& ppsfp 1 '..&,<■<■*>' r -Z <■-. >••_♦ > .< W m •v m PR J& ■<"- 'W>> f" v> ;>. m u A A <:• >; H>. ■S •v Alex Josey has long been an
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  • 452 7 TRADING conditions turned quiet and easier at the Stock Exchange of Singapore yesterday. Both speculative and investment support was at a low ebb as the market was still in a festive mood. Reflecting the very quiet conditions were the volatile issues which saw only scattered
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  • 360 7 CAUTION was the watchword at the Kuala Lumpur Stock Exchange yesterday, when it traded for the first time under the requirements of the Securities Industry Act. Transactions from yesterday onwards would be under a new set of rules and regulations of the restructured KLSE, and the first
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  • OVERSEAS MARKETS
    • 503 7 TOKYO: The market surged to a further year's high on Monday in active trading, on widespread demand In anticipation of stimulatory economic measures by the new cabinet, dealers said. The Dow Jones average rose to 4.973.69. up 31.40 with volume 400 million shares. The New Index was 381.45 up
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    • 191 7 MANILA: Mining and oil Issues advanced strongly at the opening on Monday and closed with substantial gains, dealers said. Commercials remained firm, and overall turnover rose substantially. Mines led the gainers, supported by rising metal prices, and uninterrupted drilling at Western Palawan continued to generate positive demand for oils,
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    • 80 7 DEC 27 Bants ♦A Asia Fibre 110 Bangkok Bank 241 ♦2 Bangkok Invest 129 Bangkok-Metro-politan Bank Bata 359 Berll Jucker Charoong Thai Wire 152S Dumex DusltThant Faber Merlin First Trust 140S unch Indo-Thal J And J Ho 164 unch Jalaprathan Cement 77 unch Karnasuta 35S unch Lee Kwang Mln
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    • 15 7 THE London, Hongkong and Sydney stock markets were closed yesterday for Boxing Day.
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  • 489 7 Reuter TOKYO. Mon. The Finance Ministry has dropped for the time being the idea of allowing Japanese commercial banks to issue bonds overseas, ministry officials said. They said the ministry still wants the banks to secure more lonfe-term external liabilities to balance long-term assets, and
    Reuter  -  489 words
  • 161 7 Reuter TOKYO. Mon. For the year ended Oct 31, 1976, Olympus Optical has reported a rise in after-tax profit to 3.18 billion yen from 2.69 billion yen on sales up to 53.57 billion yen from 45.94 billion yen last time. With the improved performance, Olympus has raised the
    Reuter  -  161 words
  • 209 7 Reuter TOKYO, Mon. The Finance Ministry said net foreign investment in Japanese bonds and debentures during November rose sharply to an all-time monthly high US$293 million compared with $126 million in October. The previous high was $243 million in March, 1976, the Ministry said. The
    Reuter  -  209 words
  • 1145 7  -  EURODOLLAR BUSINESS By PETER KILBORN NYT ALONO the cluttered gray streets of the financial centre of London, a district that's as morose as any here over the harsh turns In the British economy, the Eurodollar business Is thriving. This is the awkwardly named business
    NYT  -  1,145 words
  • 673 7 NYT NEW YORK, Mon. Of the many fast food companies in this nation, none has so captured the imagination of investors as McDonald's corp. While some fast food companies were skirting ruin or even going under in the early lflrfos when the fallout from overexpansion was greatest, McDonald's
    NYT  -  673 words
  • Briefly
    • 72 7 LUXEMBURG, Mon. The European Investment Bank announced loans totalling £30.7 million to British Petroleum. The loans, for £19.9 million and £10.8 million, are for eight years with a coupon of 8.5 per cent. The first will help finance construction of an acetic acid plant while the second will contribute
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    • 76 7 Reuter WASHINGTON. Mon. The International Monetary Fund said the Interest rate it pays on the special drawing right and Its remuneration rate will remain unchanged at four per cent in the first quarter of 1977. The remuneration rate is the interest rate the IMF pays on super gold tranche
      Reuter  -  76 words
    • 80 7 FRANKFURT, Mon. The German Government will issue a 750 million mark seven per cent six year loan at par and a 750 million mark 7V4 per cent 10 year loan at 99 per cent, the Bundesbank said following a meeting of the Federal Loan Consortium. For both issues, 500
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    • 56 7 BANGKOK, Mon. Thailand is ne gotlatlng for a six billion yt;n loan from Japan for aifrlculture development projects, manager of the government-run Bank for Agriculture and Cooperatives, Mr Chamlong Tohthong, said. He gave no details but said Jajjan granted a two billion yen loan to the Thai government five
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    • 28 7 LONDON, Mon. Sumitomo Heavy Industries plans to raise a US$2O million seven year Eurobond, Daiwa Securities said as Joing lead manager. No further details were Immediately available.
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  • 697 7 NYT NEW YORK, Mon. The year's Christmas shopping season, which softened after a vigorous start, concluded with a strong flurry that spelled a vital difference to many retailers across the nation and gave a smaller number doubledigit gains over 1975. Sales advances of four per cent
    NYT  -  697 words
  • Page 7 Advertisements
    • 168 7 Sv •STV-r-.; u ?>.v. A3® ■fl/f ?K>^nV 'V'V 3-fc k* \*Ss <®S *3 r**i. v»" fc- H V ■I if* > rvvs A< '^sT > Jr A '"V 4 tfHWSfcS Only Qantas gives you 28 departures to Australia and Europe every week. Singapore Amsterdam Athens Bahrain Belgrade Brisbane Darwin Frankfurt
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  • Money and exchanges
    • 409 8 An easier tendency was noted in the overnight rates in the Singapore domestic money market despite attempts by some banks to withhold funds from the i >ystem. Before lunch, overnight n ites fell to as low as 3Vi and 3 oer cent from the opening le\ 'el of around
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    • 154 8 Asian rates ASIAN currency deposit Interbank rates as at close on Dec 2 7 US Dollar* (Spat) 7 days 1 mth 2 ruths 3 mths 6 mths 9 mths 12 mths 5 1/2 5 3/8 5 4 7/1 5 1/16 4 15/18 5 7/16 5 5/16 5 1/2 5 3/6
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    • 231 8 IN the early part of last week, the market continued easy although a slight reduction in market sur&luses was noticed. owever, in advance of the election Holiday, funds ran short and overnight Interbank funds were taken up to 10 per cent. The latter part of the week saw
      231 words
    • 144 8 TOKYO, Mon. The dollar for overnight delivery closed lower at 292.80 yen, compared with 293.40 at the opening and at Friday's close, reflecting Increased sales of dollar export bills for year-end reasons, dealers said. There was also some yen buying for Investment In Japanese stocks In view of a
      144 words
    • 31 8 FRANKFURT exchanges quoted on Dec 27. US 2.3665/85 Can 2.3320/50 UK 3.988/4.003 Neth 95.67/82 Switz 96.60/80 Italy 2.695/725 France 47.40/55 Norw 45.66/76 Belg con 6.532/547 Belg fin 6.545/555 Japan 0.8040/8060
      31 words
    • 62 8 Minimum lending rates (in ACBC r. 6% Algemene Bank 8* Bangkok Bank .7* Bank of America 6*4 Bank of China .7* Bank of Tokyo .6*4 Bank Negara Indonesia .7% Chartered Bank 6V, Chase Manhattan 6*4 DBS 6'4 First Chicago .6% Citibank 6^4 HSBC 7 Indosuez 8% Malayan Banking 6\ Mitsui
      62 words
  • COMMODITIES
    • 42 8 TOKYO, Mon. Natural rubber futures fir med up in active trading wit h gains of 1.9 yen to 3.5 yen, following a reported decllnc in local motor tyre stocks, dealers said. The Malaysian and Singapore rubber markets were closed yesterday.
      42 words
    • 26 8 THE Straits tin pr ice In Penang yesterday was unchanged at $1,25(1,000 per picul on an official offering up 90 tonnes to 27i'» tonnes.
      26 words
    • 14 8 Mondav Saturday US J U» Spore .131 01B Closed 134.32S Closed <♦> Average price.
      14 words
    • 103 8 BANGKOK, Mon. Indicative prices for rice quoted in Bangkok yesterday were: US dollars per tonne fob basis Bangkok Whteßice: 100 per cent Ist class 290 100 per cent 2nd 275 100 per cent 3rd 270 5 per cent 258 10 per cent 237 15 per cent 234 20 per
      103 words
    • 125 8 CHINESE PRODUCE EXCHANGE. SINGAPORE NOON CLOSINO PRICES PER PICUL YESTERDAY Coconut Oil: Bulk SB5 sellers, old drum 190 sellers, new drum $95 sellers Copra Mixed (loose) UK/Com. $54 buyers. Pepper Muntok ASTA white f o b. 100% NLW 5295 sellers. Sarawak white to b 90% NLW 1280 sellers.
      125 words
  • 342 8 Reuter RANGOON, Mon The Burmese government is taking steps to increase rice production, which has risen this year to just over five million tonnes from 1975's 4.8 million, but still stands well below the 7.4 million tonne average of the years before the Second
    Reuter  -  342 words
  • 813 8 WASHINGTON, Mon If there is any subject more vital to futures traders In farm commodities than the global weather outlook, It Is government agricultural policy. Thus. President-elect Jimmy Carter's nomination of Mr. Robert S. Bergland, a Minnesota wheat and grass seed grower, to
    813 words
  • 227 8 LONDON, Mon. A meeting between Ivory Coast shipper Jacques Borie and representatives of European commodity dealers to discuss the problems surrounding shipment of 15,000 tonnes of cocoa ended after six hours In Paris last week. London commodity traders were hoping a formula would be worked out to
    227 words
  • 566 8 UPI CHICAGO, Mon. Before private ownership of gold became legal In the United States two years ago, speculators expecting huge purchases by Americans bid up the price of the metal, and found practically no demand for gold here. But demand has picked up lately not
    UPI  -  566 words
  • 104 8 Reuter KUALA LUMPUR, Mon. Bank Negara Malaysia said its gold and foreign exchange reserves fell to M 55.84 billion at Dec 15 from $5.94 billion on both Nov 30 and In mid November 1976. Its fortnightly balance sheets showed total assets also fell to $6.63
    Reuter  -  104 words
  • Page 8 Advertisements
    • 631 8 Confront Singapore's decision makers in Business Times For only $3.50 per single column centimetre Business Times, Singapore's new financial daily, offers you the most costeffective medium to reach Singapore's top businessmen. The decision makers of industry and commerce. Politicians, civil servants, the media and more. It's people like these who
      631 words

  • TRANSPORT AND COMMUNICATIONS
    • 1157 9  -  TO RELEASE STATE FUNDS FOR FURTHER PRODUCTION, BAC AND AEROSPATIALE MUST SELL FIVE MORE AIRCRAFT By MICHAEL DONNE Financial Times CONCORDE salesmen from the British Aircraft Corporation and Aerospatiale are stepping up efforts to dispose of the remaining five unsold aircraft from the 16
      Financial Times  -  1,157 words
    • 172 9 Reuter WASHINGTON, Mon. The United States army today placed its first contract in plans for a fleet of 1,107 transport helicopters to maKe it competitive with the Soviet Union. The contract, initially worth U*****,600,000 (***** million) for the first 15 helicopters and continued development,
      Reuter  -  172 words
    • 85 9 Reuter LONDON, Mon. Brazil has ordered a multi-million sterling offshore oil production platform from a Scottish company. A spokesman for the company, McDermott Scotland, said it had received a letter of Intent for the order from Petrobras, the Brazilian state-owned company. The value of the order
      Reuter  -  85 words
    • Article, Illustration
      416 9 EXPECTED ARRIVAL TODAY KEPPEL WHARVES Ava (2100 after Yue Kwok) 40/41 Centaur (0600 after Baotlng) 13/14 Cerro Grander (3ERA) (1500 after King Dragon) 25/26 Cherry Blossom (B. Barge) (0800 tbc) 20 East Foutune Runner (1700) 6/7 Frotabelra (1800 after Righteous) (Draft 9.15 m) 5 Golden Horse (1500 after
      416 words
    • 71 9 AP WASHINGTON, Mon. The International Development Association announced It has approved a US$lO million (Ss24 million) credit for the rehabilitation of the port of Rangon. The credit from the World Bank affiliate will assist In deepening the access channel to a depth of 4.5 metres below
      AP  -  71 words
    • 30 9 UPI TAIPEH, Mon Saudi Arabia has signed a US$3O million (Ss72 million) loan agreement with Taiwan to support the country's rallraod electrification project, government sources said today UPI
      UPI  -  30 words
    • 986 9  -  The five million people of the Caribbean community have five competing airlines. They might soon have to accept that it is better for one strong carrier to survive than for several weak airlines to go down. in LONDON 1 —By DAVID RENWICK Financial
      Financial Times  -  986 words
    • 590 9 ARRIVALS Service Local Operator Number Time From CAL CI331 0040 TPE/HKG/KUL TMA TL303B 0215 BEY/DXB/ BOM/KUL MAS MH682 0810 KCH JAL JL7I2 1000 HLP SIA SQ211 1010 HLP GIA GA980 1030 HLP GIA GA908 1100 MES CALTAX PKCFD 1130 PKU SAS SK971 1130 CPH/BKK RBA BI325 1155
      590 words
    • 242 9 STRAITS Steamship, on behalf of Blue Funnel Line, has entered into a slot charter arrangement with Neptune Orient Lines (NOL) on the Straits/Australia trade route. Under the charter terms, the company will have a one-third share of the container slots on both NOL vessels on
      242 words
    • 125 9 UPI TOKYO, Mon The manufacturer of the Mercedesßenz car has Informed Japan's Transport Ministry of a defect In the steering mechanism of some of Its models. Daimler Benz of West Germany reported to the ministry It found improper spot welding on mounting points of the steering gear
      UPI  -  125 words
  • Page 9 Advertisements
    • 61 9 This announcement appears as a matter of record only. S$ 4,500,000 secured medium term loan for 0 MARITIME (PRIVATE) LIMITED Incorporated in Singapore Managed By SINGAPORE INTERNATIONAL MERCHANT BANKERS LIMITED (SIMBL) Provided By Bank of Montreal Continental Illinois National Bank Trust Co of Chicago Continental Bank The Hongkong and Shanghai
      61 words

  • 1187 10 THE YEAR HAS BEEN A BUSY ONE ON THE EQUITIES MARKET. NONE OF ITTHOUGH IS FOR THE ORDINARY INVESTOR. NOORJAHAN KARIM REPORTS... A GREAT deal has happened in Malaysia's corporate sector during 1976, but remarkably little of It has involved the ordinary
    1,187 words
  • 776 10  -  By THOMAS LAND Financial Times WORRIED by dismal standards of Industrial efficiency, the Soviet Union has launched a gigantic campaign against alcoholism. "Drylng-up" stations for the compulsory detention of drunkards are being established in many areas. Special local commissions to organise and oversee the
    Financial Times  -  776 words
  • 1082 10  -  By JUAN DEONIS NYT THE Peruvian military government, disillusioned with Its experiment In Third World socialism, Is restoring private enterprise In much of the economy. President Francisco Morales Bermudez, leader of the moderates who displaced an Influential leftwing group In the armed
    NYT  -  1,082 words
  • Page 10 Advertisements
    • 492 10 Business Management in Penguins THE DEBT TRAP HOW TO I SURVIVE THE SLUMP A to tcooowx C*** ftawnocfc The Debt Trap: Cheryl Payer The International Monetary Fund is the most powerful supra-national government in the world today. This book is about the efforts of poor nations to gain some control
      492 words

  • 458 11 Viets could be buffer against China', says Young AP ATLANTA, (Georgia), Mon. Mr. Andrew Young, who has been selected to be US Ambassador to the United Nations, says repairing America relations with Vietnam could make that country "a buffer against China" and an outlet for US trade. "We need a
    AP  -  458 words
  • 104 11 Reuter JAKARTA, Mon. Indonesia expects net income of US$2OO million (Ss49o million) annually from its liquified natural gas (LNG) plant at Bontang. East Kalimantan (Borneo), which will start commercial production next March, according to a project officer. The officer said the project was nearing completion
    Reuter  -  104 words
  • 95 11 MANILA, Mon. Philippine President Marcos said today he hopes to visit Japan next year. He did not specify a date. "I intend to comply with my diplomatic obligations as soon as possible," he told a news conference In reply to a Japanese correspondent's question. Asked whether he
    95 words
  • 406 11 UPI HONGKONG, Mon. One of China's leading agricultural specialists said development of the country's agriculture "has fallen much behind," according to Peking Radio. In a report to a national conference on agriculture, now under way In Peking, Mr. Chen Yung-kuel outlined policies aimed at
    UPI; AP photo  -  406 words
  • 302 11 UPI TOKYO, Mon. Asian economic columnist Joseph Ready said recently that "with luck" the Philippines might be South-east Asia's economic growth leader in 1977. The prediction by the British businessman columnist was made in his annual Asian forecast published by
    UPI  -  302 words
  • 41 11 Reuter TOKYO, Mon-Job seekers in Japan rose and offers fell in November, with the seasonally ad Justed ratio of of fers to seekers falling to equal the year's low of 0 58, the I.abour Ministry said Reuter
    Reuter  -  41 words
  • 1518 11 AN ALARMING NEW REPORT WARNS OF THE... NYT WASHINGTON: Pre-sident-elect Jimmy Carter will receive an intelligence estimate of long-range Soviet strategic intentions next month that raises the question whether the Russians are shifting their objectives from rough parity with United States military forces to
    NYT  -  1,518 words
  • 169 11 AP WASHINGTON, Mon. South Korea will get more than US$35 million (5W5.7 million) In additional US farm commodities uhder a new food for peace arrangement, the US Agriculture Department said on Thursday. Officials said the aid supplements earlier commodities pledged to South
    AP  -  169 words
  • 157 11 Reuter TOKYO, Mon. Japan's seasonally-adjusted mining and industrial production index rose a preliminary 2.2 per cent In November to 128.5 (base 1970) from a revised 125.7 In October, the Ministry of International Trade and Industry said. The Ministry said the preliminary November index was 15.5
    Reuter  -  157 words
  • 543 11 BID TO LURE FOREIGN CAPITAL AP BANGKOK. Mon. A new investment Bill aimed at promoting the investment climate in Thailand passed its first reading last Friday in the 340-member of the National Reform Assembly. The Bill drafted by the Government was submitted by Prime
    AP  -  543 words
  • 435 11 NYT ISLAMABAD, Mon The Pakistanis, who regard themselves as America's staunchest ally In South Asia, are viewing the advent of President-elect Jimmy Carter with serious apprehension. "I am really concerned about some of the things he has been saying." a highranking official here declared
    NYT  -  435 words
  • 88 11 UPI BANGKOK, Mon. Prime Minister Thanin Kraivichien has announced a partial land reform programme that he said would make more than two million Thai peasants landowners in the next four years. He said the programme involves the redistribution of eight million rai
    UPI  -  88 words
  • Page 11 Advertisements
    • 633 11 APPOINTMENTS DIRECTOR INSTITUTE OF EDUCATION The Institute of Education, Singapore invites applications for the post of Director This is a very challenging position which offers a gross monthly salary in the region of $4,000/- pm and attractive fringe benefits which include an annual allowance equivalent to one month's basic emoluments,
      633 words

  • 394 12 AP Reuter BANGKOK, Mon Communist insurgents killed 22 government soldiers on Saturday In a north Thailand ambush, the worst such attack In the history of Thailand's brushflre war, a military spokesman In Bangkok said today. Insurgents opened fire on a truck and a Jeep
    AP; Reuter  -  394 words
  • 148 12 KUALA LUMPUR. Mon. The staff of the National Joint Council has asked the Prime Minister to arrange an urgent meeting with the cabinet committee on the Ibrahim All commission report. The request Is contained in a letter which, together with a 300-page costing report
    148 words
  • 252 12 KUALA LUMPUR, Mon. A new era in oil industry has begun in Malaysia in which Shell hopes to continue to play a major role, its outgoing chairman and chief executive, Dr. Richard Hu, says in his New Year message to the company's magazine Berita
    252 words
  • 82 12 Reuter OSLO, Mon. Deliveries of natural gas from theFrigg field to the British consumers are expected to start next October 1, some 18 months behind schedule, a spokesman for Elf Norway, operators of the field told the Oslo paper Arbelderbladet. Development of the Frigg field, sltutated about
    Reuter  -  82 words
  • 208 12 EVER since the Malaysian rlngglt started to weaken against the Singapore dollar, eventually falling below par against our currency In April last year, the rlngglt has never been able to regain the trround It lost. This year the closest the rlngglt came to being
    208 words
  • 128 12 UPI TOKYO, Mon. Six major Japanese steel makers have decided to extend for another year their voluntary restrictions on steel exports to the European Common Market, the Ministry of International Trade and Industry reported today. The group, including Nippon Steel Corp., enforced a one-year voluntary
    UPI  -  128 words
  • 278 12 ANOTHER department store may open up In the Orchard Road area If current negotiations between a property subsidiary of Slme Darby Holdings and a prospective tenant come to a successful conclusion. The Sime group owns a 24-storey ccommerclal and residential development off Orchard Road called
    278 words
  • 662 12 Reuter MANILA, Mon. President Marcos today said a peace agreement signed In Libya with Muslim Separatists from the Southern Philippines was "tentative", and will be "thrashed out again" in negotiations, beginning Feb. 3. The agreement, including a ceasefire and an er.d to all Philippine
    Reuter  -  662 words
  • 84 12 A PETITION to wind up Amalgated Bus Company (ABC) has been filed In the High Court by Motor Traders on grounds of insolvency. Motor Traders, in its petition, alleged that ABC failed and neglected to pay its debt of $11,397.16 with costs obtained in a
    84 words
  • 54 12 THE International Federation of Forwarding Agents Associations (FIATA) will stage Its first seminar on vocational training In August next year. The ten-day International seminar In Mltterdorf/Styrla Is for teachers and training staff, responsible for vocational training In the member countries of FIATA. Registration forms will be sent soon
    54 words
  • 26 12 A SUIT was filed In the High Court yesterday by Mr Lee Boon Chin, trading as ABC Timber Co, against Orchid Woodcraft for $71,126.55.
    26 words
  • 154 12 AP JAKARTA, Mon. President Suharto has expressed hope that US-Indonesian relations will be enhanced under the administration of US President-elect Jimmy Carter, Indonesian Ambassador to Washington Rusmin Nurjadin said today. Mr Jurjadin told reporters following talks with Mr. Suharto that he believed there will be
    AP  -  154 words
  • 109 12 DACCA, Mon. Soviet Deputy Foreign Minister Nikolai Flryubln left here for Singapore after four days of talks with Bangladesh officials and promised that Soviet economic assistance to Bangladesh would be "streamlined and enlarged." Mr. Flryubln, speaking to reporters at Dacca airport, praised Bangladesh's success In economic fields
    109 words
  • 84 12 THE Singapore Institute of Management'* course on "Applied Strategic Corporate Planning" beginning Jan 17, ia meant for middle and upper level managers concerned with planning, about to assume planning responsibilities, or desiring to become better acquainted with recent planning concepts and techniques. Four other courses scheduled for
    84 words
  • 333 12 'US Japan summit should come first' Reuter TOKYO, Mon. Japanese Prime Minister Takeo Fukuda said he believes a summit meeting between Japan and the US should precede a multilateral summit meeting of industrialised Western nations. He told a press conference a multi-lateral meeting should be held as soon as possible
    Reuter  -  333 words
  • 104 12 PROMET WINS $20mil CONTRACTS THE Promet Shipyard Group In Jurong has won $20 million worth of contracts for two civil engineering projects and the construction of vessels for Its US and Bahrain clients. Tne nrst $15 million contract Is for the construction of a harbour Jetty for the Mlna Sulman
    104 words
  • 26 12 AP VIENNA, Mon. Tremors were registered for the second day in a row in Austria's westernmost province of Voralberg today. No damage was reported. AP
    AP  -  26 words
  • 318 12 SINGAPORE may be sending its first trade delegation to India in the near future, but definite plans have not been drawn up yet. The chambers of commerce here have agreed, in principle, to accept an invitation issued to them in October by the Federation
    318 words
  • 34 12 Reuter TOKYO, Mon. US Presi-dent-elect Jimmy Carter has sent a message of congratulations to Mr. Takeo Fukuda on his taking office as Japanese Prime Minister, Chief Cabinet Secretary Sunao Sonoda said today
    Reuter  -  34 words
  • 227 12 IT appears almost certain mat Singapore Airlines has decided to continue using its award-winning "A way with people" theme in its advertising campaign for the coming 1977/78 financial year. SIA executives say that although they cannot state for certain that the advertising approach
    227 words
  • 82 12 Reuter ST SIMONS ISLAND, (GA.), Mon. Presidentelect Jimmy Carter today began a three-day meeting with his Cabinet appointees and senior economic advisers. The economy is expected to be the main topic under discussion, and Mr. Carter has indicated he expects draft proposals to emerge from the
    Reuter  -  82 words
  • Page 12 Advertisements
    • 158 12 Keep in touch with business developments in Singapore wherever you are in the world Subscribe now to Business limes BUSINESS TIMES Singapore's Financial Daily Subscription Rates (in Singapore currency) Surface mail Zone Singapore Malaysia, Brunei Overseas Second class airmail (Individually wrapped and mailed) Zone Brunei. Sarawak, Sabah Australasia/Pacific (excluding Hawaii)
      158 words
    • 112 12 Newsweeg The only truly international n.w«_B JANUARY 3 SS A special year-end (Dec 27/ Jan 3) issue printed on mechanical paper highlighting where we're going, as wel I as where we've been. •MONEY TROUBLE Its Not Over Yet •OPEC Breaking Ranks NEWS HIGHLIGHTS OF 1976: 8 Pages In Full Colour
      112 words