The Business Times, 24 January 1977

Total Pages: 10
1 10 The Business Times
  • 10 1 BUSINESS TIMES M.C.(P) 300/1/77 MONDAY, JANUARY 24, 1977 50 CENTS
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  • NEWS IN BRIEF
    • 72 1 AP MOSCOW, Sun. President Carter's pardon of draft reslsters Is seen in the United States as "an admission that Interference in Vietnam was a gross political mistake," Pravda said today. But the Communist Party newspaper said the pardon was only a half-way measure. "Peace-loving Americans are
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    • 83 1 Reuter PARIS, Sun. The entire staff on Air France will strike for 24 hours on Jan 27 to protest against the government's economic policy and in a bid to Improve working conditions, union sources said. This follows a strike by flight crews on Jan 10 to protest against
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    • 70 1 UPI TOKYO, Sun. Nearly two and a half tonnes of deadly arsenic acid enough to kill tens of millions of people sank In waters off central Japan but health officials discounted the possibility of danger to human and marine life, the Maritime Safety Agency reported today. The
      UPI  -  70 words
    • 61 1 Reuter DAMASCUS, Sun. Palestinian leaders meeting in Damascus have decided to start talks with King Hussein on their relationship with Jordan. This was announced by the Speaker of the Palestine National Council (PNC) Mr. Khaled AlFahoum following a three-hour meeting here last night of the 40-member Palestine
      Reuter  -  61 words
    • 52 1 UPI RANGOON, Sun. Burma and Laos today reaffirmed their support of a "new international economic order" in a joint announcement at the end of Laotian President Souphanouvong's state visit. The communique noted that economic Issues have emerged as "one of the most acute problems of international relations
      UPI  -  52 words
    • 33 1 Reuter ATHENS, Sun. The Greek merchant fleet at the end of 1976 reached a record 3,509 ships totalling 28.6 million gross tonnes, the Ministry of Merchant Marine announced Reuter
      Reuter  -  33 words
    • 53 1 Reuter BAHRAIN, Sun. The Bahrain Government today launched a campaign to introduce metric weights to the Gulf Island state, the last in the region still Using imperial weights. Bahrain, which severed its British connection five years ago, is already using metric measures in the sale of petrol and
      Reuter  -  53 words
    • 50 1 Reuter JAKARTA, Sun. Forty nine people have died of cholera since the beginning of this month on the Indonesian island of Sumbawa, east of Bali, health officials said today. A mass inoculation campaign was underway to check the disease which spread throughout the island following heavy rains. Reuter.
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    • 45 1 Reuter BANGKOK, Sun. Fifteen Thai labour leaders have been arrested for allegedly instigating unrest among workers, police said today. The arrest was made yesterday in the central province of Saraburi following a go-slow strike by some 1,500 workers at a ceramics factory.
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    • 37 1 AP HONGKONG, Sun. A computerised flight information display system (FIDS) has been installed at Hongkong's Kai Tak International airport, one of the busiest in Asia, the Director of Civil Aviation, Roy Downing, announced today
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    • 32 1 Reuter TOKYO, Sun. The season's first major snowfall in Tokyo today partially disrupted air traffic, forcing some of the incoming flights to divert to western Japan, airport officials here said.
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  • 111 1 THE following list of stocks gives the 10 most traded in on the Stock Exchange of Singapore last week. It gives the turnover in thousands of units, closing prices on Friday and the high and low for 1976/77. Company Turnover Price* High Low 000 Jan 21 197(/77
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  • LOCAL STOCK INDICES
    • 75 1 Jan 17 Jan 18 Jan 19 Jan 20 Jan 21 tt B.T. Index: 268.12 268.12 270.88 287.47 262.36 Industrials: 257 94 257.67 258 92 257.70 256.12 Finance: 446.64 445.83 445.92 443.93 439.70 Hotels: 158.21 157.68 157.81 156.99 156.46 Properties: 151.14 150.91 151.10 151.41 150.09 Tins: 98.52 101.67 102.71 100.15
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    • 82 1 Ju 17 Jan 18 Ju 1* Ju 20 Jm21 tt B.T. Index: 201.73 203.11 204.88 204 36 201.22 Industrials: 282.00 281.73 282.94 282.34 280.46 Finance: 384.44 383.34 383.13 380.21 377.18 Hotels: 171.16 171.16 171.16 171.16 171.16 properties: 149.17 150.03 149.17 149.69 148.55 Tins: 101 62 105.19 105.75 106.29 107.92
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  • 954 1  -  MORE STOCKS, EASIER CRITERION By ANTHONY ROWLEY THE Stock Exchange of Singapore released at the weekend its list of underlying securities upon which option trading will be allowed when the exchange launches Its pilot market In traded options tomorrow week. There are a number
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  • 754 1 Asean common mart long road ahead? Reuter MANILA, Sun. The Just concluded meeting of economic ministers of the Association of South-east Asian Nations (Asean) demonstrated the difficulties the organisation is facing in establishing a regional common market, nearly 10 years after its founding, according to informed sources. Though they were
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  • 208 1 AngloGerman talks on world economy UPI Reuter LONDON, Sun. British and West German government ministers met tonight for a wide-ranging review of economic and other major world problems, as a curtain-raiser for talks President Carter will hold with Western leaders later this year. Prime Minister James Callaghan and West German
    UPI; Reuter  -  208 words
  • 606 1 NYT WASHINGTON, Sun. Vice President Walter Mondale left today on a diplomatic mission to five European nations and Japan, to discuss the Carter Administration's economic and foreign policies, and to assess the mood of the United States key allies. The trip a bare three
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  • 96 1 LONDON, Sun. Foreign nurses who trained In Britain are being refused jobs here because of cutbacks In the state health services, the Government said yesterday. About 1,000 applicants, mainly from Commonwealth countries, have already been refused work permits, it is estimated. The Department of Employment said
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  • 56 1 Reuter JAKARTA, Sun. The Indonesian Government has installed Mr. Omar Abdalla as the president-director of the state Bank Bumi Daya (BBD). Mr. Abdalla. who was Installed as the BBD chief by Finance Minister Dr. All Wardana yesterday, succeeded Mr. R.A.B. Massie, who resigned last week, following a
    Reuter  -  56 words
  • 187 1 WITH the International Monetary Fund's sixth gold auction to be held on Wednesday, the gold price appears to have established a recovery trend following some slippage after the last auction. The fifth auction, on last Dec 10, realised a common price of US$l37 (*****) an ounce
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  • 302 1 THE Prime Minister, Mr. Lee Kuan Yew, last night stressed the importance of proper priorities, so that the most needy and most deserving citizens will benefit most from the distribution of resources. Speaking at the PAP Tanjong Pagar branch victory celebration ceremony, the Prime Minister
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  • 148 1 KUALA LUMPUR, Sun. Leading rubber producing and consuming countries have generally agreed that some aspects of the international price stabilisation agreement signed in Jakar- ta last November can be used for a future agreement on a worldwide basis. In the meantime, signatories from the Association
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  • Page 1 Advertisements
    • 57 1 ©Wtyfoong A krading hand when Wayfoong Mortgage you need and Finance (Singapore) Limited ll lllOSl Shaw House. Ground Floor. 354 Orchard Road. Singapore 9. Tel: *****7. Leisure/TV Radio/ Crossword Leisure Feature International Co news/ Overseas news Local Co Share P2 information service P6 P3 Overseas markets P7 P4 Commodities P8
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    • 108 1 Banking services? ACBC makes it easy. ACBC has the resources, the expertise and the experience And it all adds up to making banking easy for you On a complete range of banking services Both domestic and international! You'll find our people easy to talk to You'll like the simple direct
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    • 31 1 NOW Cool healthy pollution-bee driving is POSSIBLE COOL. /MAS TEF* £s.m CAR AIR COfMOmOMEQ A« (WW T©l CHUNG SHAN MOTORS 5-11 GOLDHILL PLAZA Tel *****2 240 LAVENDfR STRUT Tel *****80 US
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  • 797 2 THERE is to be no dramatic first 100 days period in the presidency of Mr. Jimmy Carter. His aides have already made it clear that the administration will move at "a moderate pace", placing the emphasis on stimulating the sluggish economy, and laying the groundwork for
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  • REVIEWS
    • 701 2 t MUSIC j OPERA composer Giuseppe Verdi liked nothing better than to read himself to sleep with a volume of the plays of Shacespeare. Verdi wasn't sure of the spelling of the bard's name but then, neither were the Elizabethans. "Shachespeare, he Is
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    • 1037 2  -  BOOKS Seeds of Separatism: educational policy in Malaya 1874-1940 by Philip Loh Fook Seng published by Oxford University Press in East Asian social science monographs series, price $30 hardback and $17.50 paperback. By KEVIN RAFFERTY ONE OF the most attractive, and cheering, sights on the streets
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    • 681 3  -  FILMS By BRUCE RUSSEL Reuter SALLY BOWLES, the happy-go-lucky, sex-mad English girl of "Cabaret" and "I am a Camera," has become such a major stage and film character that her creator admits she has tended to overshadow him. But author Christopher Isherwood,
      Reuter  -  681 words
    • Article, Illustration
      844 3  -  By TOSHIO KARIGANE Mr. Toshio Karigane is president of DBS-Daiwa Securities International. The days are not necessarily from the same week. MONDAY: Had the usual Monday morning meeting with tne executives. Main objectives of such meetings are to review the past week's activities and to plan for
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    • 556 3  -  BOOKS By BARRY RILEY Financial Times The Discount Houses in London, by G. A. Fletcher. Macmillan. £10.00. The London Money Market, by J. S. G. Wilson, Societe Universitaire Europeene de Recherches Financieres. £2.00 available from Miss M. C. Hinkenkemper, executive secretary, Societe Universitaire Europeene de
      Financial Times  -  556 words
  • Page 2 Advertisements
    • 198 2 The Bank for All Reasons Long-Term Financing. IBJ is Japan's oldest and largest long-term credit bank. We are the leading bank in arranging yen-denominated bond flotations by both foreign and domestic issuers. Main Bank to Japan's Key Industries. IBJ is main bank to more of Japan's industrial leaders than any
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  • Page 2 Miscellaneous
    • 253 2 RADIO TV SINGAPORE 5 P.M. Opening Announcements followed by Valar Pirai (Tamil) (r) Diary of Events (Tamil) General Hospital Science Report Intermission Opening Announcements followed by December Bride "Family Quarrel" News In Brief The Little Mermaid (r) Wild, Wild World Of People News In Malay Sandiwara A Malay drama Bonanza,
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    • 486 2 TWO-IN-ONE CROSSWORD CRYPTIC PUZZLE 3 It could go to a soldier's head (5) 8 Unslnkable ship! (5) 10 Superior hair arranger? (5) 11 In traffic, a red transport vehicle (3) 12 Many a wrong word from a mob (5) 13 Dad's dance at uncle's place (3-4) 15 Poe's a fabulous
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  • Page 3 Advertisements
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  • 1156 4  -  By COLIN CHEE THE latest figures given by the Development Bank of Singapore show that by the end of last year 29 applications for loans under the Small Industries Finance Scheme had been received, totalling $7 million. Of these $3.1 million consists of
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  • 1062 4 DOINA THOMAS REPORTS ON DOING BUSINESS IN WEST ASIA Financial Times THE RECORDS show that "Lu-Meshlamtae and Nigsisanabsa have borrowed from Ur-Nlnmar two minas of silver, five kur of sesame oil and 30 garments as capital for a partnership for an expedition to
    Financial Times  -  1,062 words
  • 607 4  -  LOCKHEED CASE STARTS THIS WEEK By TEIJI SHIMIZU UPI FORMER Prime Minister Kakuel Tanaka, his reputation tarnished but his political influence apparently still strong, goes on trial this week for allegedly receiving US$l.6 million In payoffs from Lockheed Aircraft Corp. For a
    UPI  -  607 words
  • 576 4  -  By JOHN WALLACE Reuter SHIVERING Americans are counting the cost of the century's coldest winter that has half the nation in an icy grip. Frost and snow have even affected normally sunny Florida, damaging the orange crop and causing Governor Reuben Askew to declare
    Reuter  -  576 words
  • Page 4 Advertisements
    • 275 4 W €> f u*r<,rial M 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 contort and ease. Naturally we've facilities of international standard: luxurious rooms, convention facilities, speciality restaurants serving first-class
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  • Page 4 Miscellaneous
    • 188 4 CROSSWORD SOLUTIONS Easy Solution ACROSS. 3, Idols. 8, Debar. 10, Ewers. 11, Ton. 12. Paste. 13, Leather. 15, Taste. 18 Hip. 19, Better. 21. Despair. 22, Purr. 23, Slap. 24, Erudite. 26, Lovely. 29, Err. 31, Trend. 32, Breathe. 34, Sexes. 35, Neo. 36, Recur. 37, Agent. 38. Essay. DOWN.
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  • OVERSEAS
    • 164 5 Reuter MANILA, Sum. The Philippine Government has objected to recent moves by Canada to restrict garment imports, the Foreign Affairs Department said this weekend. In a note sent to the Canadian Embassy In Manila, the Philippines expressed "grave concern" at the measures introduced by the
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    • 490 5 Reuter RIYADH, Sun. President Valery Giscard D'Estaing and King Khalid of Saudi Arabia, France's biggest oil supplier, began talks today on the Middle East and other world problems. The President arrived here yesterday on the firstever state visit to this desert kingdom by
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    • 203 5 LONDON Sun. France is considering the early activation of its US$l.5 billion (553.67 billion) Eurocurrency facility, set up in early 1974 and so far untouched despite a weak external position, Euromarket bankers here said this weekend. The seven-year loan, with spreads over London
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    • 180 5 AP BRASILIA, Sun. The President of Brazil's Coffee Institute said yesterday that Brazil will seek a worldwide survey of coffee stocks in an effort to gain adquate supplies for the international market. Brazil's coffee output dropped last year after a severe frost and coffee prices
      AP  -  180 words
    • 265 5 Reuter COPENHAGEN, Sun. Danish Prime Minister Anker Joergensen has called early elections to get a fresh mandate for his minority social democratic government. He called tor new elections next month after talks with the opposition on economic, housing and defence policies broke down
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    • 51 5 Reuter LIMA. Sun. Canada has offered Peru credits totalling US$3OO million (***** million), Canadian External Affairs Minister Donals Jamleson said. Mr. Jamleson told reporters at the end of an official four-day visit that Peru could use the funds to carry out whatever projects it considered most valuable.
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  • INTERNATIONAL COMPANY NEWS
    • 193 5 Reuter TOKYO, Sun. Honda Motor president Kiyoshi Kawashima said the company plans to boost exports of four wheeled vehicles to 350,000 units this year from 307,500 in 1976 and domestic sales to 300,000 from 249,000. Mr. Kawashima a'so told a press conference Honda plans to
      Reuter  -  193 words
    • 142 5 NEW YORK, Sun A 52.3 per cent Jump in fourth quarter net profit to U5553.6 million ($35.2 million) has been achieved by GeorgiaPacific Corp. The profit Increase came on the back of a 21.6 per cent rise in sales to $767.4 million ($630.9 million) and raised
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    • 327 5 Reuter NEW YORK, Sun Higher aluminium demand, some price Improvement and a slower rate of Increase in costs at Aluminium Co of America have accounted for a substantial rise in its net earnings for the fourth quarter. Net earnings jumped to U5539.63 million from $6.11 million
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    • 181 5 Reuter LONDON. Sun. Hanson Trust chairman Sir James Hanson told the annual meeting the company has ruled out a distribution of capital reserves in the style of General Electric Co. "One of the strengths of this company has been the remarkable strength of our reserves,
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    • 104 5 Reuter SYDNEY. Sun. Burns, Phtlp said Redesdale acquired a further 24,400 shares in Robe River bringing its total holding to 20.82 million shares, equal to 48.4 per cent of Robe's 43 million Asl par shares issued capital. Burns, Philp did not disclose the purchase price but
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    • 327 5 Reuter NEW YORK.Sun. With its fibres and chemical division giving a good account of itself. Allied Chemical has been able to raise fourth quarter profit by 7.4 per cent to U5536.4 million ($33.9 million). The increase was achieved on a sales rise of 5.8 per cent to
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    • 261 5 Reuter NEW YORK. Sun. Foreign exchange losses are affecting Sperry Rand results, reducing Its increase In net profit for the first nine months ended Dec 31. 1976. to only 4.7 per cent at US$lO9.Ol million ($104.11 million). This Includes a 4.8 per cent gain in
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    • 260 5 NEW YORK. Sun. RCA sales should Increase between 10 and 12 per cent during 1977, its president. Mr. Edgar H. Griffiths, told a luncheon press meeting. He said about seven per cent of this gain should reflect real growth with about five per cent resulting
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    • 141 5 Reuter PITTSBURGH. Sun. Westinghouse Electric said new orders taken during 1976 ran eight per cent ahead of 1975 orders, raising its backlog about six per cent. No specific figures were given. The company said all of its operating companies, plus Westinghouse Broadcasting and Westinghouse Credit, had improved
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    • 129 5 TORONTO. Sun. Higher costs, coupled with other adverse factors, hit Denison Mines so badly last year that It suffered a 43.3 per cent plunge In net profit to C 515.04 million ($26.52 million) despite a sales rise of 14.4 per cent to $160.1 million ($139.9 million).
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    • Briefly
      • 88 5 WUPPERTAL, Sun. Akzo unit Enka Glanztoff group cut its losses to "at least 100 million guilders" last year from around 500 million the previous year, management board chairman Hans Guenther Zempelin told a press conference. Turnover last year rose to 3.15 billion guilders from 2.87 billion guilders
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      • 101 5 ROTTERDAM. Sun. Unilever said it is carrying out a study of the increasingly serious losses of its meat processing activities in Holland and a report will be presented to the unions within a few months. Changes already made are not sufficient to guarantee the continuance of the division
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      • 77 5 NEW YORK. Sun. Champion International has reported net profit of U*****.12 million for 1976 compared with $61.02 million last time. The rise includes a 48 per cent increase in fourth quarter net profit to $23.78 million ($16.07 million). Sales rose by 20.8 per cent to $2.9 billion ($2.4 billion),
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      • 104 5 SOUTHFIELD. Mich, Sun. Bendix Corp said although its first quarter 14 per cent rise in earnings to US$26.B million was well balanced in three of its major business areas, the industrial energy segment had a decline in earnings and revenue from a year ago. Bendix said the decline
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      • 79 5 ST. LOUIS. Sun. Ralston Purina said it will build a soy protein plant in Belgium subject to Belgian Government approval, which is expected to include certain grants. Construction is to begin this spring with completion scheduled for autumn 1978. Capacity of the multi-million dollar plant was not disclosed.
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      • 51 5 LONDON. Sun. BritishBorneo Petroleum Syndicate said the 140p per stock unit offer from Consolidated Goldfields is inadequate following the rise in the value of its stock portfolio since announcement of the offer on Dec 17. Consolidated Goldfields does not Intend to raise its offer which it is holding
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      • 51 5 SCHOENENWERD. Sun. The board of directors oi C.F. Bally resigned at the extraordinary general meeting held on Thursday. Syndikats. a group of dissident shareholders competing for control of the company, at whose request the extraordinary meeting was called, was able to push through its votes at the
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      • 60 5 LONDON. Sun. Trafalgar House Investments said acceptances of its agreed bid for the issued share capital of the Direct Spanish Telegraph have been accepted for 8.31 mill'on shares or 90.54 per cent of Direct Spanish. The offer became unconditional on Jan 12. Trafalgar now intends to apply a
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    • 400 5 FT AMSTERDAM, Sun. Increased internatlonallsatton, a state of near-satu-ration in several areas of the home market and reaction against certain unpopular government measures: All these will be conspicuously reflected in the policies this year of nine major Dutch companies, according to views expressed at what
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  • Page 5 Advertisements
    • 50 5 We are another knowledgeable and ethical source for HYDRAULIC PUMPS, nhtt, cyfcntfen. has*, fitcartrtf|* repair kits. DIESEL ELECTRIC GENERATOR SETS ■sm| CatarpMar. OttrwtfeCSCl. AikS-CJufcMfSM* Zummm M|HW(. S#ara parts larail afceta •of was Pltasa airmail f»« t» grobian 6IOIAN INTCMUTIONAL.MC 9300 S. Drtxil CHicjfO. IL SOSIIU.SJL Cable: firobanco-Cbicafo Tclti: 2 S-3009
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    • 145 5 Cl«»Mnnro in Singapore. Chief Representative: Saburo Itoh. Z V v 4 -w, f 1 ■"-V', v f; 7 5 i&m t 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
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  • COMPANY NEWS
  • Page 6 Advertisements
    • 120 6 TOAEOOD START. ami with mum pußiiaiTim HOMf STIIDIfS DIVISION WOLSEY HALL COURSES Professional Examination Courses Institute of Administrative Management Institute of Bankers Inst, of Chartered Secretaries and Administrators Institute of Statisticians London Chamber of Commerce and Industry < '-<* 7 Business studies courses Economics Commerce Administrative Practice SwittrW Company Secretarial
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  • WALL STREET AND OTHER OVERSEAS MARKETS
    • 1135 7 NEW YORK: A modest recovery In tome recently depressed blue chip* and glamour* helped •hove the stock market Into the plus column on Friday. Analyst* said the firmer performance simply was a case of Investors "reaching for bargains" in a market that had become slightly oversold. Some retail
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    • 337 7 PARIS: The market was generally lower In active trading on Friday, dealers said. Political uncertainties, the newspaper strike and the easier trend on Wall Street were the main factors. All sectors lost ground, with the exception of banks, which added a few points and Investments and transports which were
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    • 296 7 AMSTERDAM: The market closed lower In line with Wall Street on Friday. Dutch internationals rallied slightly from early lows but closed lower on balance. Akso rose 0.40 guilders after Its Enka Glanzstoff division said It hopes to further reduce losses and Its US unit. Akzona, said It expects better
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    • 301 7 TORONTO: Mines and oils led a broad advance during the final hours of trading on Friday, as the composite index rebounded from slim early losses to rise 4.0 points at the close of moderate trading. Pacific Pete rose 1* to 295, Husky Oils was up one at 22, Texatftulf
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    • 295 7 FRANKFURT: Most shares were easier In hesitant trading on Friday, though they closed above opening lows, market sources said. Duetsche Bank lost 2.00 marks and among motors Daimler was 2.50 easier. Engineering GHH lost 4.50 and Liade 2.50 while In electrlcals Siemens lost marks and BBC three. Among stores
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    • 415 7 JOHANNESBURG: Gold shares reflecting lack of buying Interest and recent US trends on Friday, dealers said. Heavyweight shares were generally untraded. while marginal and speculative Issues lost between five and 10 cents. Financial minings were generally quiet but Anglo* fluctuated narrowly following reinstatement this morning. The share opened at
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    • 492 7 TOKYO: Share prices firmed further, extending Friday's rally in fairly active trading on Saturday, dealers said. The Dow-Jones average gained 27.28 to 5.039.21, with volume 210 million shares. The new Index closed at 392.31, up 1.87. Export oriented automobiles and electrical* led the market on active buying by foreign
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    • 973 7 On January 21 PRICES on the Chicago Board Options Exchange advanced as gainers topped losers, 290 to 151. CBOE volume approximated 114,927 contracts, compared with 124,052 contracts on Thursday. OPTION JAN APL JLY 8TOC Alcoa Alcoa Alcoa Alcoa Am Tel Am Tel Am Tel Am Tel Avon
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    • 172 7 MILAN: The market closed firmer in fairly active dealings after an uncertain opening on Friday, dealers said. All leading Industrials firmed but Olivetti Privileged were marginally lower against the trend. Geaerale Immobilliare rose In firmer flnanclals. closing more than five lire up at 127.75 on Thursday's approval of capital
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    • 281 7 ZURICH: Shares drifted lower In light turnover on Friday, with interest centred on both Bally stocks after Thursday's extraordinary shareholders' meeting at whicn a new managing board was elected, dealers said. C.F. Bally expects considerable improvement in current year results and a resumption of dividend payments. Bafiy bearer lost
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    • 149 7 BRUSSELS: The market declined on Friday reflecting Wall Street and wiped out Thursday's gains for most Belgian issues, dealers said. Trading was thin ahead of the weekend. Profit-taking depressed UK stocks. Gold mines were steady, but other foreign issues fell In sympathy with New York. petrofina firmed but US
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    • 64 7 FINANCIAL TIMES INDUSTRIALS Friday 384.7 Thursday 386 9 Week ago 363.9 DOW JONES AVERAGE INDUSTRIALS Friday 962 43 Thursday 959.03 Week ago 972.16 LONDON DOLLAR PREMIUM Friday 108 to 108*% Thursday 109 to 109** H.K. HANG SENG Friday *42.33 Thursday 442.40 Week ago 438.49 SYDNEY INDUSTRIALS Friday 363 29
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    • 299 7 THE New York stock market, which has met with disappointing results In contrast to Its strong January performances in 1975 and 1976, continued to slide last week. Along the way, the Dow Jones Industrial average fell to a low for the new year. On Thursday, It finished
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    • Loans
      • 85 7 FRANKFURT. Sun. Credit Lyonnais Intends to raise a US$BO million loan, probably with a six-year life, via an international banking consortium managed by Itself and Commerzbank, a Commerzbank statement said. The loan will carry a floating interest rate 1/4 per cent above the London interbank offered rate for
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      • 55 7 NEW YORK. Sun. The City of Stockholm said it has filed a registration statement with the Securities and Exchange Commission covering a proposed US offering of $50 million of 15-year debentures. The city said Morgan Stanley. Kuhn Loeb and White Weld will lead the underwriting group and proceeds will
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      • 48 7 CreditFoncier PARIS. Sun. The CredltFoncier Franco-Canadlen US$3O million 83/4 per cent five-year bond issue was priced at par. Banque de Paris et Des Pays-Bas said as lead manager. Other managers are A.E. Ames, Credit Suisse White Weld, Ste Oenerale de Banque. Swiss Bank Corp (Overseas) and S.O. Warburg.
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      • 28 7 WASHINGTON, Sun. Pacific Telephone and Telegraph filed an offering with the Securities and Exchange Commission for $150 million of debentures due 2017 through bids on Feb 2.
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      • 81 7 VANCOUVER. Sun. British Columbia Telephone said Its board of directors authorised It to proceed with an Issue of Cs4o million cumulative redeemable preferred shares by way of private placement with institutional investors. The shares have a par value of $25 and proposed terms include a dividend rate
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      • 62 7 FRANKFURT. Sun. Banque Francaise du Commerce Exterieur's 100 million marK seven per cent. 10-year Eurobond has been priced at par, lead manager Dresdner Bank said. After five years of grace, redemption follows in five equal annual instalments from a sinking fund or by lottery drawing at nominal value. The
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      • 65 7 FRANKFURT. Sun. The City of Bergen is raising a maximum 12-year 50 million mark Eurobond probably with a 71/4 per cent coupon, a spokesman for lead manager Berliner Handles and Frankfurter Bank said. Redemption follows after three years of grace, and the bond goes on sale on
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      • 52 7 WALNUT CREEK. Calif., Sun. Dow Chemical said It indefinitely delayed plans for a proposed US$5OO million petrochemical project In Northern California near here. Dow said the permit process for new facilities in the state was too involved and expensive, and it decided It was impractical to continue with
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      • 49 7 FRANKFURT. Sun. The Brazilian utility LightServlcos de Eletricldade plans a 100 million mark five-year Eurobond with a probable 8-1/2 per cent coupon and pricing below par, banking sources said. Lead manager Is Westdeutsche Landesbank Olrozentrale which managed a US$lOO million Eurocredit for the same borrower late last year.
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    • 147 7 1974/77 Week's «■< ling HIGH LOW INDUSTRIAL GROUP 141k list Point Change 210.90 145.90 Automotive 194 24 192 70 1 54 496 57 366.79 Banks. Insurance1 421 69 403 42 -18.27 and Trustees 164 82 135.90 Chemical*, Rubber Product* 141.23
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  • Page 7 Advertisements
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  • COMMODITY REPORTS AND PRICES
    • 134 8 LONDON, Sun. Terminal rubber fell back In the afternoon on Jobber profittaking and associated weekend booksquarlng to close easier at around the day's lows on Friday. Prices were 0.15 pence per kilo down from Thursday (Apl/ Jne 1977 at 60.25 pence bid) to 0.65 pence higher. Lots traded
      134 words
    • 162 8 THE Straits tin price in Penang on Saturday was up $22.00 to $1447.00 on an official offering up 15 tonnes to 240 tonnes. In LONDON on Friday, tin on the day gained about £87 for Cash and £75 for Three Months in both contracts. There was still a
      162 words
    • 114 8 THE following Palm Oil prices were quoted In London on Friday The prices are clf Rotterdam and are quoted In U S dollar per ton unless otherwise stated Thursday Pnv Malaysia 5% ffa bulk Mch/Apl Sumatra 5% 400 410 sir 403slr 465* Jan 465* 405* Feb 465* 409*
      114 words
    • 265 8 CHINESE PRODUCE EXCHANGE, SINGAPORE NOON CLOSING PRICES PER PICUL ON 9ATURDAY Coconut OH Bulk 883 sellers, old drum $88 sellers, new drum $93 sell<? Copra Mixed (loose) UK/Cont 853 U pepper Muntok ASTA white f o b. 100% NLW $340 sellers. Sarawak white lob 96% NLW *320 sellers.
      265 words
    • 32 8 LONDON. Sun. Zinc was £0.25 up for Cash and £1.75 down for three months on Friday. The market held around end morning levels in light two way trading of 775 tonnes.
      32 words
    • 40 8 LONDON, Sun. Lead gained about £1.50 for Cash and £1 for Three Months on Friday. The market softened under fairly aggressive proflttaklng sales although the lower levels found further fresh buying response. Sales of 3400 tonnes were mainly carriers.
      40 words
    • 349 8 IN the Singapore gold market on Saturday, the kllobar was thinly traded between 5510,525 to >10,535 In quiet conditions. On the loco London basis, the market opened at U*****.00/132.50 per ounce and closed at $132.10/132.80. Source: Singmas The Singapore Chinese Gold and Silver Merchants Association on Saturday quoted the
      349 words
    • 215 8 LONDON, Sun. Copper wire bars on the day rose by £6.50 (or Cash and £4 (or three months on Friday. The market hovered around end morning levels during ring dealings with Three Months finishing trading at £862.50 per tonne. There was a sharp mark up on the kerb, however,
      215 words
    • 118 8 LONDON, Sun. Spot silver closed on Friday little changed from Thursday's level at 255.50/265.50 pence per ounce while Three Months was quoted around 264.00/265.00, dealers said. Trading was relatively quiet with earlier price fluctuations ranging to one or two pence around the closing level. Spot was fixed at 256.45
      118 words
    • 289 8 LONDON, Sun. displayed a W trend during theafternoOT on Friday with fre«h buying encouraged by the tone of the New York mart*- constructive chart picture and the ability of the market to consolidate the ln £rofttuSing ln day took prices slightly below the nlKhs to finish £0.60 to £2.15
      289 words
    • 233 8 London, Sun. Futures closed easier on Friday, but with values £112 to £85 per tonne up from Thursday's close. Volume was 3418 lots Including 74 options. March closed at £2,079 bid having traded within a high/ low range of £2,095 to £2.630. Dealers said terminal values fluctuated during the
      233 words
    • 107 8 CHICAGO, Sun. Wheat futures closed 3/4 to 1/4 cent a bushel lower after trading in a narrow range In light dealings on Friday. Light speculative selling pressure followed easiness in corn and soybean futures but resultant small losses were pared late In the session. Corn futures closed 3/4 cent
      107 words
    • 876 8 GENERALLY easier conditions prevailed In Singapore produce market last week when most dealers here were still holding off fresh commitments In the terminal markets. During the week the volume of business written was minimal and confined to small quantities of five or ten tons
      876 words
    • 209 8 BANOKOK, Sun. Indicative prices for rice quoted in Bangkok on Saturday were: US dollars per tonne fob basis Bangkok White Rice. 100 per cent Ist class 288 100 per cent 2nd class 213 100 per cent 3rd class 288 5 per cent 280 10 per cent 239 20 per
      209 words
    • 148 8 CHICAGO, Sun. Soybean futures ranged four cents a bushel lower to 1M cent higher around mldsesslon on Friday. Trading was light ahead of the USDA planting intentions report due after the close. Spreaders continued to sell nearbys and buy deferreds. The reports of warmer weather across the plains and
      148 words
    • 58 8 Jaa 17 Jaa 18 Jul* Jaa 20 Jaa 21 Jaa tTln: SI.390 00 (1.420 00 $1.393 00 $1,418 00 11.425 00 $1.447 00 Tonne: 245 220 227 290 225 240 •Rubber (S): 206 SO 206 75 204 75 203 50 203 25 •Rubber (M): 214.25 ***** 209 50
      58 words
  • MONEY AND EXCHANGES
    • 188 8 SENTIMENTS of higher short-term US Interest rates and some optimism over the US economy saw the US unit firming against the major continental currencies with Dollar/Dm being quoted as hlKh as 2.4085/95. However, the US unit opened practically unchanged this week at $2.4585/95, before easing off to a low
      188 words
    • 269 8 Asian rate THE short date US dollar deposit rates remained fairly easy throughout the week though the terms were harder. The day to day closed around 4* as compared to the previous weeks average of 4%. The term dollar rates saw little fluctuation though there was a small rally at
      269 words
    • 295 8 Source: International Discount Company. EASIER money conditions prevailed through the week so that all Houses were able to square their books and some surpluses were evident. Interbank overnight closed at 3 1/2 3 1/4 per cent on Monday but fell to around 2K 2 per cent on each
      Source: International Discount Company.  -  295 words
    • 44 8 POR the weekend ended Friday Jan 21. the range of call rates received from (M) B had BANK FUND: 2K per cent to 4 per cent GENERAL FUNDS: 2K per cent to 4 per cent. Movements of fund. totalled $530 million.
      44 words
    • 275 8 LONDON, Sun. Sterling regained some early losses to close barely changed on the day In Europe, after a further substantial Inflow of foreign funds Into London this week, dealers reported. The dollar eased In most leading centres, chiefly on a decline in short-term Eurodollar Interest rates. Sterling closed at
      275 words
    • 315 8 ZURICH, Sun. The continued dollar gains last week, have been mainly due to Improved economic prospects in the US and to expected rising interest rates. Additionally, the latest figures show a slowing down of the inflation, with the year-to-year consumer price Increase amounting to only 4.8 per cent In
      315 words
    • 62 8 Source: Astley Pearce FROM a Monday close of 3Vfc the overnight rate continued to slide closing at 2V.- level for the rest of the week. In response to the flush overnight situation, the term rates eased off by 3/16, Vt and 1/16 per cent to close at 4*-4,
      Source: Astley & Pearce  -  62 words
    • 59 8 Minimum lending rates (in ACBC Algemene Bank .0% Bangkok Bank .7* Bank of America 6* Bank of China 7 Bank of Tokyo .6* Bank Ncgara Indonesia 7Vi First Chicago 6* Citibank 6% HSBC 7 Indosuez 6% Malayan Banking 8% Mitsui Bank 6* OCBC 6* OUB M Chartered Bank .6*« Chase
      59 words
    • 196 8 NEW YORK. Sur. The dollar closed on Friday slightly stronger on balance from Thursday in a session dominated by gyrations of the Mexican peso, dealers said. The stronger dollar appeared to reflect position squaring rather than any fundamental move with economic news from the US, including a fall
      196 words
    • 145 8 Euro rates LONDON, Sun. Period Eurodollar deposits closed slightly easier against openings where rates drifted In afternoon trading, continuing the pattern of the few days, dealers said. Shorts were little changed. Slack conditions were reported ahead of the weekend. reflectins a lack of general interest, light rollovers and some uncertainty
      145 words
    • 33 8 FRANKFURT exchanges closing quotes on Jan 21. US 2 3990/4000 Can 2.3745/60 UK 4.107/117 Neth 95.90/95.97 Swltz 56.55/80 Italy 2.720/725 France 48.20/30 Japan 0.8260/75 Belg con 6.50/51 Belg fin 6.55/56 Norw 45.15/20
      33 words
  • Page 8 Advertisements
    • 413 8 ,I^° LAND 20,677 sq. metres of residential commercial land at Kowloon Bay Hong Kong on 8 Marchl977. By order of The Amoy Canning Corporation {Hong Kong) Limited,a superb residential/commercial development site of 222,560 sq. ft. (20,677 sq. metres) wilt be offered FOR SALE in Hong Kong by public auction, at
      413 words

  • 1032 9 nrani HUGH McILVANNEY, named last week as joint winner of the first Astro Turf award to the Best Sports Journalist of 1976, makes a pleasant, ir unprofitable, return to the unique world of greyhound racing. The Observer LONDON, Sun. One of the penalties of a
    The Observer  -  1,032 words
  • 691 9 LONDON. Sun. In its endless pursuit of the impossible the sport of swimming never establishes solid milestones. Today's record is tomorrow's qualifying standard. One Olympic record was improved three times in 35 minutes in Montreal. Nothing grows old in swimming. Last August, at the age of
    691 words
  • 877 9 LIAN Ho Peng producedlhls best golf to beat 35 medal champions to win the annual SICC Gold Medal championship with a creditable nett score of 69 at the New Course yesterday. Llan, a strong 19handlcapper. paid the penalty of returning a good
    877 words
  • 801 9 LONDON, Sun. The spectacle of an utterly Inept batsman has always been a subject of fascination, and It's sad that In modern cricket the number of such has declined. Spectators enjoy seeing some bowler coming In last and making a scarcely better show than they imagine
    801 words
  • 615 9 PHILADELPHIA, Sun. Nations that manipulate the hormones of their Olympic athletes, particularly women, could force the end of the Olympic Oames by 1984, warns the head physician of the 1976 U.S. Olympic Committee. "Sex manipulation Is now being done and will be done," sports physician Dr. John
    615 words
  • 619 9 Daily Express LONDON, Sun. Vivian Pratt, blonde, 23-year-old, •tands on the quayside at Southampton with a wistful expression on her pert face. This, given the history of the British Empire and the number of young ladies who have waved farewell to loved
    Daily Express  -  619 words
  • 568 9 AP LONDON, Sun Brian Kldd hit four goals yesterday as Manchester City hammered Leicester 5-0 and closed In behind the leaders In the race for tho English soccer championship. The two top teams both lost Liverpool 1-2 at Norwich and Ipswich 0-1 at Tottenham. Kidd's brilliant shooting
    AP  -  568 words
  • Page 9 Advertisements
    • 58 9 Chivas Regal Scotland's prince of zvhiskies It's waited {12 years I for you. Or y H Ml 12 Vas t* o *v s Another fine product brought to you by Af ood beverage (private) red. 875 Hl'Kll lIMAH KO*l> tail SINf.APOKf I" TEL 6*691* po h.« ji:j kuuiiMfiK ret hmjj
      58 words

  • 351 10 SINGAPORE and other countries in this region will reap the spin-off benefits of President Carter's plans to stimulate the US economy. This Is the view of American economist, Dr. George Betz, the newlyappointed professor of banking and finance at the University of Singapore. He expects
    351 words
  • 318 10 KUALA LUMPUR, Sun. The Government's proposal to ensure that insurance cover notes are only issued on a "cash-on-delivery" basis, if implemented, would be favourable to the Malaysian insurance industry and economy, an expert from India said here this weekend. The chairman of the
    318 words
  • 72 10 TWO British leading manufacturers of scientific, educational and laboratory equipment, Griffin Oerrard International and A. Gallenkamp. will display some of their products at an exhibition at Marco Polo Hotel from Wednesday to Friday this week. The exhibition, staged by their Singapore representative, Morgal Scientific (S), will also
    72 words
  • 218 10 Reuter SYDNEY, Sun. The Australian Transport Minister, Mr. Peter Nixon, said today industrial action by Australian unions was damaging vital trade relations between Australia and Nixon was speaking here on his return from a week-long trip to Japan where he took part in talks with
    Reuter  -  218 words
  • 183 10 KUALA LUMPUR. Sun. Judgment on the Bank Rakyat case involving its former chairman, Datuk Haji Harun Idris, and two other executives will be made tomorrow. It will be delivered by Mr. Justice Eusoffe Abdoolcader. Judgment was reserved on last Nov 9 after a 58-day
    183 words
  • 540 10 ARRIVALS Service Operator Number Time From CPA JAL SIA OIA CPA THAI OIA PAL SAS KLM SIA SIA OIA OIA OIA UB MAS OIA SIA CAL OIA CPA CX003 JL712 SQ211 OA08O CX710 TO 423 OA908 PR501 SK097 KL811 SQ201 SQ240 OA893 OA944 OA982 UB231 MH051 OA
    540 words
  • 403 10 Reuter WASHINGTON, Bun. Mr. Charles Schultze, chairman of the Council of Economic Advisors, said that although the American economy continues to recover from the recession, the recovery is taking place too slowly. In a television interview this weekend, Mr Schultze said the policy of
    Reuter  -  403 words
  • 34 10 THE first official photograph from the White House, showing President Jimmy Carter with his national security adviser, Mr. Zhigniew Brzezinski (above left), after Saturday's meeting of the National Security Council.
    34 words
  • 320 10 SEREMBAN, Sun. Malaysians of Chinese origin were urged today to remove any "mental reservations" they might have on the Third Malaysia Plan In order to participate fully in it. Any such doubts should be erased by continuing dialogue with the Government, Minister withoutPortfolio In
    320 words
  • 259 10 A DISPUTE over packaging designs has emerged between two chocolate manufacturers in Singapore, with one party claiming that the other has a package which passes off as its original. Allied Chocolate, a local company and the licensees In Singapore for the Van Houten Brand of
    259 words
  • 111 10 AP NEW DELHI, Sun. Highlevel talks between India and Bangladesh on the sensitive issue of sharing the waters of the Ganges River collapsed today, plunging relations between the once friendly South Asian neighbours into uncertainty. The Bangladesh delegetion flew back to Dacca this afternoon, following
    AP  -  111 words
  • 535 10 Reuter NYT CAIRO, Sun. The semiofficial newspaper AlAhram today accused the Soviet Union of helping to fan last week's price rise riots In Egypt. "It was strange that the Soviet Union today should Join the band of states hostile to Egypt and exploit the
    Reuter; NYT  -  535 words
  • 166 10 KUALA LUMPUR, Sun. Trade unions in the country are responsible representatives of workers and take "no fancy" in issuing threat of industrial action, the Joint chairman of the National Staff Sides Council. Mr. T. Narendran said here today. He was commenting on Labour
    166 words
  • 216 10 MR. George Barrie (above), president of Brut Productions and chairman of the Faberge group, told Business Times this weekend that Shaw Brothers has been awarded the distribution rights for eight Brut production films. He said the rights for the films, which involved production costs
    216 words
  • 139 10 PROF. Saw Swee-Hock, Dean of Commerce, Nanyang University, has been re-elected president of the Singapore Institute of Statistics for 1976/77. Other officials are Dr. Louis Chen (vice-presi-dent), Dr. Yeo Gee Kin (secretary), Mrs. Chla Slow Yue (treasurer), and Prof. Tye Cho Yook, Dr. Cheong Choong
    139 words
  • 233 10 Reuter PADANG BESAR. Sun. A Malaysian soldier was killed when a booby trap exploded during Joint operations by Thai and Malaysian forces against communist guerillas in southern Thailand, military officials said here today. They said the booby trap went off in the path of Malaysian
    Reuter  -  233 words
  • 275 10 THE Importance of having the right man for the job, and how to get him. were outlined over the weekend by Mr. Ronald Blnks, managing director of Korn/Ferry Singapore, a branch of an international "head-hunting" company. Speaking at a Singapore Manufacturers' Association function. Mr. Blnks said
    275 words
  • 275 10 AP TOKYO, Sun. Chinese Communist Party Chairman Hua Kuo-feng has called on Japan to make an early decision In favour of a peace and amity treaty formally ending World War II hostilities between the two countries, and pledging a united front against "third nation" aggression
    AP  -  275 words
  • 237 10 AP TOKYO, Sun. Chinese Shipbuilders and seamen in Shanghai have charged that the "gang of Four" did their best to sabotage China's shipbuilding and shipping industries in an attempt to restore capitalism, the official Hslnhua News Agency reported. Shanghai. China's biggest city, was
    AP  -  237 words
  • 165 10 Reuter PEKING. Sun. Purged moderate leader Teng Hsiao-ping will be rehabilitated as first ViceChairman of the Communist Party, a Chinese source said today. The non-official source said people were briefed about the appointment yesterday by Communist Party cadres in neighbourhood meetings. No indication was given
    Reuter  -  165 words
  • Page 10 Advertisements
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      83 words