The Business Times, 13 May 1977

Microfilm: NL9307
Total Pages: 12
1 12 The Business Times
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  • Title Section
    Masthead
    10 1 BUSINESS TIMES M.C.(P) 309/1/77 FRIDAY, MAY 13, 1977 50 CENTS
    10 words
  • NEWS IN BRIEF
    • Article
      Lock icon Tokyo calms refiners
      41 1 AP TOKYO, Thurs. The Government will urge local Japanese refiners and trading firms to stay calm about an oilfield fire In Saudi Arabia, believing any oil supply decrease will be only temporary, Kyodo News Service reported today. AP
      AP  -  41 words
    • Article
      Lock icon Bahrain visit report
      58 1 Reuter BAHRAIN, Thurs. A Singapore delegation Is expected to visit Bahrain shortly for talks on bilateral relations, It was reported here today. The dally newspaper Akhbar al-Khalij (Gulf News) quoted Commerce and Agriculture Minister Hablb Kassem as saying the delegation would discuss cooperation In all fields. Mr.
      Reuter  -  58 words
    • Article
      Lock icon China jolted
      43 1 Reuter PEKING, Thurs. Separate earth tremors shook north and south China today but there were no reports of damage or casualties. In TEHERAN, an earthquake measuring five on the open-ended Rlchter scale rocked the village of Mouslyan In south-west Iran. Reuter.
      Reuter  -  43 words
    • Article
      Lock icon IEA may act
      45 1 Reuter PARIS, Thurs. The International Energy Agency (lEA) might activate its emergency oilsharing plans for the first time If a fire now raging in Saudi Arabia's second largest oil field caused serious supply difficulties, agency officials said today. Reuter. See Thii Page
      Reuter  -  45 words
    • Article
      Lock icon Back to work
      51 1 Reuter HELSINKI, Thurs. A crippling eight-week strike involving as many as 50,000 technical workers ended today following a compromise twoyear package agreement on pay and working hours. The strike began two months ago when electricity production and distribution staff stopped work to back demands for big pay
      Reuter  -  51 words
    • Article
      Lock icon Tea strike averted
      29 1 AP COLOMBO, Thurs. A strike by some half million tea and rubber workers was averted today when government and plantation union representatives negotiated a settlement. AP
      AP  -  29 words
    • Article
      Lock icon US oil leases
      60 1 AP WASHINGTON, Thurs. Legislation for a US government-sponsored programme to make sure proposed oil leases off the American coast will yield oil is encountering stiff Industry opposition. Currently, oil companies bid for leases without knowing if oil will be discovered. The proposed legislation would permit the American
      AP  -  60 words
    • Article
      Lock icon Bonn inflation rate
      33 1 Reuter FRANKFURT, Thurs. Retiring Bundesbank president Karl Klasen said he believes prices In Germany will continue to stabilise and that the 1977 inflation rate will be below four per cent.
      Reuter  -  33 words
    • Article
      Lock icon Dow Jones
      84 1 UPI NEW YORK, Thurs. Prices headed sharply and broadly lower early today In moderately active trading of New York Stock Exchange Issues amid growing speculation the banks will raise the prime lending rate they charge top customers. The Dow Jones industrial average, which plunged 9.24 points yesterday, was
      UPI  -  84 words
  • Chief price change
    • Article, Illustration
      In Singapore yesterday
      185 1 A GENERALLY easier trend prevailed ai the Stock Exchange of Singapore yesterday partly in sympathy with the weaker markets overseas. Small losses were written across the board also as a result of further reaction to the bullish spell in the previous week. At the close, the Business
      185 words
    • Article
      In Kuala Lumpur
      109 1 Foils Most active N Iron 3.12 -.28 General Lumber 302,000 M. Flour 2.70 —.09 Pacific Dev. 337,000 Sea View 0.44 —]06 Central Sugars 224,000 C. Sugars 2.10 —.05 Perak Carbide 79,000 Bt. Semb A.P.I. O. Lumber 2.07 0.61 0.86 —.05 —.04 -.04 Total Turnover: 1.82 M Total
      109 words
  • Article
    Malaysia tax ruling sparks worry here
    1128 1  -  FOLLOWING KL'S NEW INTERPRETATION By QUEK PECK LIM INVESTORS may have to review their portfolio of Singapore shares following the latest ruling from the Malaysian Inland Revenue Department (IRD) on the treatment of Malaysianderived profits. The IRD's Non-Resident branch recently ruled that under its
    1,128 words
  • Article
    Lock icon US, Manila sign commodity pact
    149 1 Reuter MANILA, Thurs. The Philippines and the United States have signed an agricultural commodities agreement for 1977 which provides among others for the sale to the Philippines of tobacco worth US$l3.2 million (5532.5 million), the Foreign Office said today. The agreement was signed by acting
    Reuter  -  149 words
  • Article
    Lock icon RAIL FREIGHT UP
    89 1 Reuter KUALA LUMPUR, Thurs. Malaysia's state-owned Malayan Railway will Increase freight rates on several commodities but rates on essential Items like rice and sugar will remain unchanged, It was announced here today. A railway spokesman said increase of the rates in stages beginning this month was for
    Reuter  -  89 words
  • Article
    Lock icon Mystery blast, fire at Saudi oilfield
    515 1 Reuter AP DHAHRAN (Saudi Arabia). Thurs. A mysterious explosion and fire at one of Saudi Arabia's largest oilfields forced the shutdown of a pipeline but has been brought under control, officials said today. The explosion occurred yesterday afternoon at a section of pipeline between
    Reuter; AP  -  515 words
  • Article
    Lock icon Mueller: Chiasso branch didn't obey orders
    284 1 Reuter BERNE. Thurs. Swiss Federal Banking Commission director Bernhard Mueller told a press conference criticism is Justified that Credit Suisse general management did not check sufficiently on warnings received in connection with Texon-Flnanzanstal t. Mr. Mueller said Chiasso branch records show the general management
    Reuter  -  284 words
  • Article
    Lock icon Before Fukuda's visit
    119 1 Reuter TOKYO, Thurs. Japan will carefully examine economic cooperation before Prime Minister Takeo Fukuda visits all five Asean countries and Burma in August, the official Foreign Ministry spokesman said today. Mr. Kensuke Yanaglya, director of the ministry's information bureau, told foreign newsmen here that "we understand the
    Reuter  -  119 words
  • Article
    Narodny granted wind-up petition
    249 1 THE Chief Justice, Mr. Wee Chong Jin, yesterday granted Moscow Narodny Bank its petition to wind up two firms which owe it a total of $17.63 million. In granting the order, however, the Chief Justice ruled that the bank should produce a proper affidavit which would
    249 words
  • Article
    And yet another foray by the POSB
    291 1 THE Post Office Saving* Bank conducted another brief sortie into the local inter-bank market yesterday in spite of the snubbing it got from bankers on Wednesday. The effort was not wasted, for bankers estimated that the national savings bank may have lent out
    291 words
  • Article
    Chen warns
    63 1 THE world will see slower growth rates than before In the next five to 10 years, Mr. Bernard Chen, the People's Action Party candidate for the Radln Mas by-election said at a rally last night. With this reduced growth, Singaporeans will have to work harder to be where
    63 words
  • Article
    Lock icon 'Growth in rich countries will slow to 4.5pc'
    309 1 Reuter WASHINGTON. Thurs. The International Monetary Fund's managing director said today the real economic growth rate of the industrialised countries would slow this year to 4.5 per cent, compared to about 5.5 per cent in 1976. Mr. H. Johannes Wltteveen was speaking
    Reuter  -  309 words
  • Article
    Lock icon Shares chalk up gains in London
    161 1 UPI LONDON, Thurs. Hopes that tomorrow's figures will show a substantial surplus, strengthened bv> reports that North Sea oil is flowing In faster than ever, gave the stock market its best oneday gain since July 1975 today. Rises of 10 to nearly 20p were
    UPI  -  161 words
  • Article
    June talks on the diesel project
    135 1 SENIOR government officials from five Asean member countries will meet next month to work out a detailed framework for the proposed Asean dlesel engine project. Informed sources said that the officials will discuss and study the basic outlines submitted by Singapore so that the
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      104 1 for quality gifts and souvenirs I m Selangor Pewter has long been admired by connoisseurs the world over for its elegance and beauty. Individually handcrafted from 97% lead free Straits refined tin,the beauty of quality pewter never dates. Functional as it is decorative, Selangor Pewter is the ideal gift. Selangor
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      3 1 SEE BACK PAGE
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  • OVERSEAS
    • Article
      Lock icon Steel firms are likely to hold increase at 6pc
      464 2 BLUMENTHAL HAILS ROLLBACK NYT NEW YORK. Thurs. The Treasury Secretary. Mr. W. Michael Blumenthal, yesterday hailed the cutback in the price increase by the US steel industry. In remarks at the Economic .Club of Chicago last night, he said: "Now there
      NYT  -  464 words
    • Article
      Lock icon Nato imbued with new buoyancy
      513 2 UPI LONDON, Thurs. The North Atlantic Treaty Organisation looked forward with a new sense of purpose today after a summit conference during which the alliance endorsed President Carter's proposals to improve the 15-member alliance. Mr. Carter urged the alliance to adopt both short and long-term
      UPI  -  513 words
    • Article
      Lock icon 'Give China wheat credit'
      146 2 AP WASHINGTON. Thurs. Five farm state senators yesterday asked for early Senate consideration of a proposal to extend government credit to China for the purchase of US wheat. Senator Bob Dole, former President Ford's running mate in the 1976 US presidential election said he and four
      AP  -  146 words
    • Article
      Lock icon Naming of Jay as envoy lands Jim in a jam
      383 2 Reuter UPI LONDON. Thurs. Both backers and opponent* of Prime Minister James Callaghan have reacted with cynicism and bitterness over the appointment of his son-in-law, journalist Peter Jay, to be Ambassador in Washington. This was despite the care the recently-appointed
      Reuter; UPI  -  383 words
    • Article
      Lock icon Pak's crop forecast
      43 2 Reuter ISLAMABAD. ThUrs. Pakistan's wheat crop this year is expected to yield nine million tonnes as against 8.8 million last year. Finance Minister Abdul Hafeez Ptrzada announced here. He said the quantity would be sufficient for the country's needs. Reuter
      Reuter  -  43 words
    • Article
      Lock icon Jenkins views summit with mixed feelings
      386 2 Reuter STRASBOURG, Thur*. Mr Roy Jenkins, president of the Common Market Commission, yesterday expressed mixed feelings over his partial participation In the London summit meeting of non-communist Industrial countries last weekend. In a report to the European Parliament on the London conference, Mr Jenkins
      Reuter  -  386 words
    • Article
      Lock icon C-Mart hopes for sugar accord
      224 2 Reuter BRUSSELS, Thurs. The Common Market and Third World sugar producers hope to reach early agreement when talks resume here today on the price the EEC should pay for Its sugar imports from the developing countries for the coming year, EEC sources said. At the
      Reuter  -  224 words
    • Article
      Lock icon Ensuring that US won't be at losing end
      449 2 Reuter WASHINGTON, Thurs. An influential Senate panel took steps yesterday to strengthen the American bargaining position in any future talks with Cuba on improving relations, after voting to lift part of the 17-year-old US trade embargo. The Senate Foreign Relations Committee accepted
      Reuter  -  449 words
    • Article
      Lock icon 'RUSSIA IS TRYING HARD TO BREAK UP EEC'
      185 2 Reuter HONGKONG. Thurs. China has accused the Soviet Union of trying with every means to undermine and break up the European Economic Community, the New China News Agency reported. It quoted the official People's Daily as saying in an article yesterday that
      Reuter  -  185 words
    • Article
      Lock icon Grain sale to China
      81 2 Reuter BUENOS AIRES, Thurs. Trade sources said a grain exporter registered before the Argentine Grain Board in the last few days a sale of 300.000 tonnes of Argentine wheat to China for shipment believed to be In June through August. They said they understand the seller
      Reuter  -  81 words
    • Article
      Lock icon Ethiopia visit
      44 2 UPI TOKYO. Thurs. A Chinese civil aviation delegation left Peking yesterday for a visit to the African countries of Senegal and Ethiopia. Radio Peking reported. The broadcast said the group Is led by Chang Julhsia. deputy director of the Civil Aviation Bureau.
      UPI  -  44 words
    • Article
      Lock icon Storm over negative report on Arctic gas pipeline
      505 2 NYT OTTAWA: Fierce controversy has erupted across Canada following a negative report on Monday by an inquiry, ordered by the government, into proposed pipelines to bring natural gas from Arctic reserves to southern Canada and the United States. The recommendations, by Justice
      NYT  -  505 words
    • Article
      Lock icon District court to hear Hunts case on Tuesday
      774 2 Reuter CHICAGO, Thurs. Action on the major portion of the Commodity Futures Trading Commission (CFTC) case involving the Hunt family has been put off until next Tuesday. US District Court Judge Frank McGarr said he will not proceed with the hearings on
      Reuter  -  774 words
    • Article
      Lock icon The big dollar snap-up
      210 2 AP BUENOS AIRES, Thurs. Thousands flocked to currency exchange houses yesterday to buy US dollars following a government decision to free the market and readjust the exchange rate. "We can say that the black market has disappeared, for now." a black marketeer said. Government officials and
      AP  -  210 words
    • Article
      Lock icon MORE CASH FOR EGAM
      82 2 Reuter ROME, Thurs. The Italian Government said It will Increase funds available under Its salvage project for state metals group Egam The Ministry for State Participations told a parliamentary commission the government will provide 550 billion lire (SSI.S billion) by July 1. and 290 billion by
      Reuter  -  82 words
    • Article
      Lock icon Sol still on the slide
      112 2 AP LIMA Thurs. Peru's central bank yesterday devalued the sol for the 54th time In eight months, fixing Its new rate at 76.91 to the US dollar. The prior rate was 76.67 to one. In a national development plan for 1977-1978 issued on Tuesday, the
      AP  -  112 words
    • Article
      Lock icon Copper stocks drop
      80 2 Reuter NEW YORK. Thurs. Refined copper Inventories held by refineries outside the US dropped by 28,847 tonnes In March as deliveries outside the country increased by 110,766 tonnes the American Bureau of Metal Statistics (ABMS) said. The ABMS said foreign refineries held 434,269 of refined copper at
      Reuter  -  80 words
    • Article
      Lock icon Carter may lower wide range of taxes
      196 3 Reuter CHICAGO. Thurs. Treasury Secretary Michael Blumenthal said the Carter Administration was considering lowering taxes over a broad range as part of the tax reform package promised later this year. He said the Administration was now hopeful of cutting unemployment to around 6.7
      Reuter  -  196 words
    • Article
      Lock icon Spain to seek big Eurocredit
      154 3 Reuter FRANKFURT, Thurs. Spain Is expected to come to the Euromarket this summer for a large balance of payments loan, possibly on the scale of the US$l billion credit it raised last year. Euromarket bankers said. International banks, though awaiting the result of the June
      Reuter  -  154 words
    • Article, Illustration
      Lock icon Healey is still pressing for new pay policy
      449 3 Reuter LONDON. Thurs. British Chancellor of the Exchequer Denis Healey still insists on the need for a new wage policy to include a stated ceiling, but other government ministers may be prepared to accept, as stage three, an agreement with unions to
      Reuter  -  449 words
    • Article
      Lock icon Britain's public sector debts
      134 3 Reuter LONDON. Thurs. British public sector debt repayment will peak In 1981 at around US$4.7 billion (SSll billion) and will total around US$l7 billion in the years 1979 to 1984, according to Treasury figures. The government Itself owes about US$ll.5 billion with other public bodies scheduled
      Reuter  -  134 words
    • Article
      Lock icon Auction
      32 3 Reuter WASHINGTON, Thurs. The US Treasury announced it will auction US$l.5 billion worth of twoyear notes next Wednesday to help refund US$l95 billion worth of two-year notes maturing on May 31.
      Reuter  -  32 words
    • Article
      Lock icon Yeo sees need to repair corporate profit margins
      432 3 Reuter NEW YORK. Thurs. Rebuilding of corporate profit margins is a key element in repairing the financial ■trains of the early 1970'5, Mr. Edwin Yeo told a Conference Board management of funds seminar. Mr. Yeo, who is chairman of the Asset and
      Reuter  -  432 words
    • Article, Illustration
      Lock icon Burns rules out rapid cut in money supply growth
      956 3 WASHINGTON, Thursday Reuter UNITED States Federal Reserve Board chairman Arthur Burns said if the US and other nations are to control inflation they must accept moderate economic growth and get money supply growths down to a rate that is ultimately consistent
      Reuter  -  956 words
    • Article
      Lock icon German reserves decline 1.6 billion marks
      247 3 FRANKFURT, Thurs Reuter WEST Germany's net monetary reserves fell by over 1.6 billion marks to 83.8 billion In the week ended May 7, the Bundesbank said. Currency reserves fell 1.8 billion marks to 72.1 billion, while non-currency reserves were again unchanged at 11.7 billion.
      Reuter  -  247 words
    • Article
      Lock icon Boardroom role sought for UK workers
      180 3 Reuter LONDON Thurs. The British Government still Intends to press ahead urgently with legislation giving workers the right to representation on the boards of large companies. Industry sources said. In meetings with Confederation of British Industry and the Trades Union Congress over the past
      Reuter  -  180 words
    • Article
      Lock icon Output falls in France
      51 3 Reuter PARIS. Thurs. France's quarterly Industrial production index fell by 0.8 per cent to 124, seasonally adjusted. in the final 1976 quarter, the National Statistics Institute said. The 1970-based Index, which excludes the building sector, was six per cent higher than in the final 1975 quarter.
      Reuter  -  51 words
    • Article
      Lock icon AMERICAN BUDGET TARGETS APPROVED
      174 3 Reuter WASHINGTON. Thurs. A House-Senate conference committee approved a U*****,950 billion spending target for fiscal 1978, carrying a U5564.65 billion deficit which Is greater than that sought by President Carter. The conference committee reach final agreement on a compromise budget target Bill for the year starting
      Reuter  -  174 words
    • Article
      Lock icon 'The Fed should step in more in forex marts'
      318 3 Reuter NEW YORK, Thura. The New York Federal Reeerve Beak should at certain time* intervene more in the foreign exchange market, Forex Aeeociation of North America president Mr. Hans Hunsch, aaid. He told Reuters in an interview the involvement of the
      Reuter  -  318 words
    • Article
      Lock icon $4bil deficit despite a record sales...
      457 3 U.S. TRADE WITH WEST ASIA WASHINGTON, Thurs. UPI UNITED STATES consumption of petroleum last winter led to a US$l.7 billion (Ss4 billion) trade deficit with West Asian nations despite record sales of American goods to oil producers, the Commerce Department said yesterday. US imports,
      UPI  -  457 words
    • Article
      Lock icon 'U.S. GNP deflator at 6 per cent'
      402 3 NEW YORK, Thurs. Reuter THE American Gross National Product inflation deflator will average about six per cent for 1977, up slightly from estimates made in December of last year, Bank of America chief economist Walter Hoadley said. He told a press luncheon that
      Reuter  -  402 words
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      Page 2 Advertisements Column 1
      194 2 COLLECTINQ Oriental Anticwej by Judith Moorhouse and Dries Blitz l~!3 Hamlyn Group, London. have always fascinated collectors througraß the world, evoking as they do the exotic and inscrutablttpast. It Is, however, widely believed that they are too expensive for the average collector. This myth Is perpetuated by all the books
      194 words
  • Page 2 Miscellaneous
    • Miscellaneous
      Page 2 Miscellaneous Column 1
      320 2 THE WEATHER I WEATHER report for 24 hours prior to 7.30 p.m. on May 12 at Singapore airport. Maximum Temperature 33.0° C Associated Humidity 57 Minimum Temperature 24.0° C Associated Humidity 98 Hours of Sunshine 5.0 Rainfall in Millimetres Nil Total Rainfall for the Month 72.7 Total Rainy Days for
      320 words
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      Page 3 Advertisements Column 1
      178 3 Dream Home Countryside Apartments in the Heart of The City. Ready for your Immediate Occupation. Serene surroundings. Linked with the Botanic Gardens. Extremely Artistic Design coupled with your Ideal Planning. Over 5 1 /2 Acres (22,257m 2 of Land for only 72 units of Apartments serviced by as many as
      178 words
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  • COMPANY NEWS
    • Article
      Kent dividend likely to drop
      216 4 KENT FMS Tin Dredging is unlikely to maintain Its dividend for the current year ending Dec 31, 1977 at last year's bumper rate of 150 per cent. This Is because earnings from the company's mining operations are likely to be lower following Its failure to
      216 words
    • Article
      DIVIDENDS ANNOUNCED
      643 4 (.uml Kb Data T«4a)*r Tetallfe* Oavmaal Oiu IV«U> IWWM wilwMyaar Aakain Tit lOHf Apr 4 May U 19HI 25H Tilt 24 Ml Apr 4 May 13 24.0H1 en:m *tAn, Mabya* TIB 24.0*1 Apr 4 May 13 H*U •H 79 OH DBS SH Apr 2! May 14 7H UuiUiwCtuiM
      643 words
    • COMPANY MEETINGS
    • Article
      Sales boost profit at Guinness (M)
      342 4 HIGHER sales demand coupled with, perhaps, lower promotional expenditure on Its new product, "Goldle" SUsner beer, has enabled ulnness Malaysia to turn in a hefty 32.7 per cent lump In group pre-tax profit to M 58.45 million for the first six months ended Feb
      342 words
    • Article
      Earnings slip at Ulu Benut Consolidated
      269 4 GROUP pre-tax profit at Ulu Benut Consolidated Industries dropped 30 per cent to M 5204,319 for the first six months ended Feb 28. 1977. At the attributable level, the decline widened to nearly 38 per cent as profit came to $114,746 although minority interests
      269 words
    • Article
      Sharp rise at M. Flour
      240 4 AS It forecast, Malayan Flour Mills closed the year to Dec 31. 1976 with bumper profits. The group made a pre-tax profit of M 59.62 million compared with $1.51 million previously. And at the parent company level, pre-tax profit rose nearly five-fold from $1.69 million
      240 words
    • LATEST RESULTS
      • Article
        AYER MOLEK RUBBER COMPANY
        50 4 Unaudited pre-tax profit M 5308,764 ($121,039) for the first six months ended Feb 28, 1977. Profits Included $26,813 ($26,510) contribution from sale of oil palm fruits $22,385 ($23,662) from interest and dividend Income. Rubber sales $576,463 ($312,322). Average selling price per lb 61.44 cts (42.36 cents).
        50 words
      • Article
        TEXTILE CORPORATION
        59 4 Group net profit M 5697,782 for the nine months ended Dec 31, 1976. No comparative figure Is available due to change of accounting year-end. In previous year ended March 31, 1976, group net profit was $242,269. First and final gross dividend 3.75 per cent (five per cent) payable
        59 words
      • Article
        DATUK KERAMAT HOLDINGS
        91 4 Group pre- tax profit M 516.55 million ($12.30 million) for the year ended Jan 31, 1977. Turnover $717 million ($560 million). Profit Include $1.63 million ($1.72 million) investment income, $1,28 million ($319,000) net interest Income. Tax $6.78 million ($5.42 million), extraordinary expenses $1,000 ($36,000), leaving net profit
        91 words
      • Article
        GREAT EASTERN LIFE ASSURANCE
        75 4 Group net profit $4.30 million ($3.96 million) for the year ended Dec 31. 1976. Profits Include $4.29 million ($3.97 million) from amounts transferred from life assurance revenue account, $3,000 profit (loss, $5,000) from general insurance and $11,000 ($1,000) net profit from subsidiaries. Finals gross dividend 20
        75 words
    • Article
      CHICAGO BOARD OPTIONS
      1453 4 On May 11 TRADING In options on the Chicago Board Options Exchange onWednesday totalled 97,327 contracts compared with 114,541 contracts on Tuesday. OPTION JLY OCT JAN STOCK Alcoa 50 0 3/8 8 7/0 9 1/4 50 Alcoa •0 1 1/4 2 3/8 3 1/2 50 Am Tel
      1,453 words
    • Article
      Lock icon Weighing up the UK newspapers
      879 4  -  By CHRISTINE MOIR FT SHAREHOLDERS In some of the major newspaper groups must be asking themselves at the moment whether the Interests of their directors are the same as their own. Could It not be argued, they may well think, that the directors are frittering
      FT  -  879 words
    • Article
      Call to tighten anti-monopoly rules
      556 4  -  By BERNARD SIMON AFTER more than two decades of only loose control over corporate competition, the South African Government is shortly to consider tighter anti-monopoly rules. Wide'ranging recommendations calling for reform In both anti-trust policy and machinery to maintain sound competition In the country are
      556 words
    • Article
      Lock icon U. Miniere drops sharply
      59 4 Reuter BRUSSELS, Thurs. Union Miniere said net profit fell sharply from 981.5 million francs to 819.8 million francs in 1976. It made an operating profit of 318.9 million francs against a loss of 318.9 million francs in 1975. The company has already proposed a net dividend
      Reuter  -  59 words
    • Article
      Lock icon Mannesman income slips
      78 4 Reuter DUSSELDORF. Thurs. Net profit at Mannesmann. fell 18.5 per cent to 216 million marks In 1976 (265 million). Total reserve allocations also fell 27.5 per cent to 85.6 million marks (118 million). Its Supervisory Board has proposed a dividend of seven marks per 50 mark nominal
      Reuter  -  78 words
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      Page 4 Advertisements Column 1
      244 4 Sai "AS I WAS PASSING" is now compiled into a book All those articles that you've meant to read, but didn't have time for, but which you promised yourself you'd cut out and keep, and missed, because the papers had been used to wrap up things, or had been sold
      244 words
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  • INTERNATIONAL COMPANY NEWS
    • Article
      Lock icon Deutsche option loan
      356 5 EUROPEAN COMPANIES Reuter STUTTGART, Thurs. The US$l25 million 10-year option loan being raised by Compagnle De La Deutsche Bank of Luxembourg will carry a 4 1/2 per cent coupon when Issued around end-may to early June, Deutsche Bank's Joint management board spokesman Mr. Wilfried Guth told the
      Reuter  -  356 words
    • Article
      Lock icon Jordan Petroleum Refining
      89 5 Reuter LONDON, Thurs. Jordan Petroleum Refining Is raising a US$lOO million, six year Euroloan In currency markets at a margin of ltt per cent over London interbank offered rates, Eurocurrency bankers said here. A management group is being formed for the loan, which will carry the guarantee
      Reuter  -  89 words
    • Article
      Lock icon Generate Immobiliare continues meeting with creditors
      191 5 Reuter ROME. Thurs. Negotiations are still going on between Generate Immoblllare and its creditors and the company hopes to present shareholders with a coherent financial recovery plan at its annual meeting on May 16, banking sources said. Leading the negotiations is Mr. Loris Corbi,
      Reuter  -  191 words
    • Article
      Lock icon Venezuela, Fiat agreement
      94 5 Reuter TURIN Thurs- Flat said it signed an agreement with the Venezuelan Government for production of dlesel motors in Venezuela Jointly with the subsidiaries of Mack Truck and John Deere of the US. Venezuelan partner in the venture is Corporation Venezolana de Guyana and the three foreign
      Reuter  -  94 words
    • Article
      Lock icon Pirelli issue
      67 5 Reuter MILAN, Thurs. An underwriting consortium took up 20 million shares, for 20 billion lire, of a Pirelli five-for-elght rights issue, a company spokesman said. The Issue was to raise capital by between 43.7 and 50 billion lire, depending on the extent of conversion of outstanding bonds into
      Reuter  -  67 words
    • Article
      Lock icon Bayer enjoys first quarter rise
      290 5 Reuter LEVERKUSEN, Thurs. Bayer announced that its parent company pre-tax profit for the first quarter of 1977, rose to 222 million marks from 217 million marks previously. Turnover also increased from 2.44 billion marks to 2.61 billion marks. Domestic turnover increased appreciably by 11.2 per
      Reuter  -  290 words
    • Article
      Lock icon AEG-Telefunken cuts losses
      256 5 Reuter WEST BERLIN, Tnurs. Allgemelne ElektricitaetsGesellschaft AEG-Tele-funken reported its domestic group balance sheet showed a net loss of 27 million marks in 1976 compared with a loss of 381.5 million marks in 1975 It said the loss resulted after a net profit of 396.6 million marks (net
      Reuter  -  256 words
    • Article
      Lock icon VW has no plans to quit Mexico
      246 5 AP MEXICO CITY, Thurs. Volkswagen board president Mr. Toni Schmuecker said yesterday his cpmpany had no plans to pull out of Mexico despite losses registered at the Mexican plant last year. Mr. Schmuecker would not specify the amount of the losses, which he
      AP  -  246 words
    • Article
      Lock icon Steady gold demand
      93 5 Reuter JOHANNESBURG, Thurs. World 1977 gold demand should remain steady at around 1,600 tonnes, while the market generally should remain stable. General Mining and Finance chairman Mr. W.J. De Villiers said in his annual report. General economic conditions, however, are not conducive to a short-term optimistic outlook
      Reuter  -  93 words
    • Article
      Lock icon Forecast by Anglo American
      97 5 Reuter JOHANNESBURG, Thurs. The price of gold should remain above the US$l4O an ounce level this year, although a spectacular rise Is not expected, Anglo American of South Africa chairman Mr. H.F. Oppenheimer said. The recent gradual improvement in the price has a strong foundation, and
      Reuter  -  97 words
    • Article
      Ennia
      32 5 THE HAGUE, Thurs. Ennia said it is preparing to issue a subordinated convertible debenture of about US$2O million on the international capital market. J The Dutch insurance group did not elaborate.
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    • Article
      A. Finance
      30 5 FRANKFURT, Thurs. Arbed Finance of Luxembourg's 100 million mark 10-year 6. 75 per cent Eurobond will be priced later this evening at 99.50 per cent, banking sources said.
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    • Article
      Lock icon Fed seeks tighter control
      885 5  -  FOREIGN BANKS OPERATION •y CLYDE M. FARKSWORTH NYT THE Federal Reserve Board is again seeking legislation to bring the 88 foreign banks operating In this country under federal supervision, and this time, legislative analysts say, the chances for passage seem pretty good. Now under the supervision
      NYT  -  885 words
    • Article
      M & G reveals stake in 165 companies
      627 5 M G reveals stake in 165 companies UK COMPANIES LONDON. Thurs. -MliQ, Britain's second largest unit trust group which manages funds of more than £500 million, has told 165 companies that it has a stake of more than five per cent in their capital, although it has no legal obligation
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    • Article
      Royal Insurance buoyant
      117 5 LONDON, Thurs. Royal Insurance said It made a pre-tax profit of £27.4 million for the three months ended March 31, 1977 compared with £3.8 million previously. Earnings per share were 11.4 pence against l 6p The company reported general insurance premiums written were C 315 million (£239.5
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    • Article
      Lock icon Burmah BP share sale proposal
      124 5 Reuter LONDON, Thurs. The Burmah shareholders action group said it Intends to move a resolution at the company's June 10 annual meeting to ensure shareholders have 'he maximum possible voice In proceedings against the Bank of England to recover the British Petroleum stock brought from
      Reuter  -  124 words
    • Article
      Unilever
      51 5 LONDON, Thurs. UK Treasury rules clearly exclude Unilever from UK dividend control exemption, chairman Mr. David Orr told the annual meeting. The Treasury has told the company policy guidelines under which some companies were granted exemption are not intended to apply to companies like Unilever who have sizeable UK
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    • Article
      Lock icon L. Crawford expects higher earnings
      301 5 ASIAN COMPANIES Reuter HONOKONO, Thurs. Lane Crawford, a member of the Wheelock Marden group, said It anticipates consolidated net profit for the year ended March 31, 1077 will not be less than HK516.75 million compared with <14.26 million previously. It is raising the final dividend
      Reuter  -  301 words
    • Article
      Lock icon Drillship Tainaron to aid P.C. Service
      171 5 Reuter MANILA, Thurs. The Philippine Government's Energy Development Board said the drillship Tainaron Is due to arrive here on May 30 to drill a well for the Philippine C itles Service in north-west Palawan Island In Central Philippines. A board spokesman said the well,
      Reuter  -  171 words
    • Article
      Lock icon Marinduque Mining to receive DBP help
      129 5 Reuter MANILA, Thurs. Marinduque Mining and Industrial said the Development Bank of the Philippines agreed to provide the company with financial assistance in meeting its 1977 and 1978 debt service and working capital requirements. It agreed to provide a DBP Euarantee for a 180-day,
      Reuter  -  129 words
    • Article
      Lock icon Dai Nippon plans disposal
      126 5 Reuter TOKYO, Thurs. Dai Nippon Printing said It plans to dispose of its wholly-owned Dutch subsidiary Rotobrlte and Its 51 per cent German subsidiary Harbra Druck Dnb Otto. A company spokesman said the firm Is having talks in both countries on how to dispose of the
      Reuter  -  126 words
    • Article
      Bristol-Myers wins suit
      214 5 NORTH AMERICAN COMPANIES NEW YORK, Thurs. A federal judge dismissed yesterday a complaint by a Roman Catholic order of nuns against Bristol-Myers concerning its marketing of mother's milk substitutes in third World countries. The Sisters of the Precious Blood a .V**-n.#>mber order based in Dayton, Ohio, wanted
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    • Article
      Lock icon Aramco achieves 22pc output rise
      187 5 Reuter WASHINGTON. Thurs. The Arabian American Oil, which accounts for all but a small fraction of Saudi Arabia's oil production, said yesterday it produced a 3.05 billion barrels of oil last year, a 22.6 per cent rise over 1975. Aramco said In its annual report
      Reuter  -  187 words
    • Article
      Taubman
      47 5 LOS ANOELES. lnurs. Taubman-Allen-Irvlne submltted a new bid of U*****.7 million or $37.75 a share for Irvine Co, topping Mobil's offer yesterday of $316.4 million or $37.50 a share, the James Irvine Foundation said. The Taubman group's previous offer was $309.3 million or $36.75 a share.
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    • Article
      Lock icon Shell Oil to improve chemical business
      164 5 Reuter NEW YORK. Thurs. Shell Oil expects to Improve Its position in existing chemical businesses to keep up with the growth rate In chemical products, which is expected to outpace the real growth rate in the general economy, president Mr. John F. Bookout told
      Reuter  -  164 words
    • Article
      Lock icon Borden, China can deal soon
      101 5 Reuter INDIANAPOLIS, Thurs. Borden's can machinery operation Is close to agreement on sale of a can testing machine to China treasurer Mr. Joseph E. Madigan told analysts. Mr. Madigan said, reviewing Borden operations unit by unit, that rainy weather in April brought a slowdown in
      Reuter  -  101 words
    • Article
      Quebec raises Eurobond
      79 5 FRANKFURT. Thurs. Quebec Is raising a 150 million mark 10 year Eurobond, probably at 7tt per cent with an issue price around par, bond market sources said. Lead manager is Commerzbank. Final conditions will be set around Mav 18 or 19. Redemption will be in one amount
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    • Article
      Lock icon American Hoechst
      74 5 Reuter NEW YORK, Thurs. American Hoechst said it expects 1977 sales to be up 12 to 14 per cent, with major gains by chemicals and plastics. The US subsidiary of Hoechst reported 1976 earnings of US$l7 million, up from SlO million, on sales of $749 million, up from
      Reuter  -  74 words
    • Article
      Lock icon First Chicago down
      99 5 Reuter CHICAGO. Thurs. First Chicago Corp said interest reversals and shortfall reduced first quarter earnings 21 US cents per share compared with 27 cents in the fourth quarter and 29 cents in the 1976 first quarter. In April the company reported first quarter profit before securities transactions
      Reuter  -  99 words
    • Article
      Lock icon Union Pacific hopeful
      81 5 Reuter SALT LAKE Union Pacific expects a strong earnings performance in 1977, chairman Mr. Frank E. Barnet told the annual meeting. Mr. Barnet said the company is confident its potential growth rate is greater than that of the overall economy. Union Pacific president Mr. James H. Evans
      Reuter  -  81 words
    • Article
      Lock icon Kaiser Aluminium
      71 5 Reuter OAKLAND, Thurs. Kaiser Aluminium and Chemical said it agreed to sell its Argentine aluminium and refractories operations to a group of Argentine investors for an undisclosed amount of cash. The company said the deal is subject to approval by the Argentine Government and flnalisation of financing by
      Reuter  -  71 words
    • Article
      Lock icon Ito-Yukado to offer US$50m debenture
      95 5 Reuter NEW YORK, Thurs. ItoYukado said It filed a registration statement with the Securities and Exchange Commission covering a proposed offering of US$5O million of convertible debentures due Aug 31, 1992. The company said each debenture will be convertible Into' common stock or American Depository
      Reuter  -  95 words
    • Article
      Lock icon Nichii EDR
      102 5 Reuter OSAKA, Thurs. Nichll Trading said it will offer 5.6 million common shares in the form of European Depositary Receipts (EDRS consisting of 1,000 common shares) through an underwriting group including Nomura Europe, Robert Fleming and Paribas, with payment to be made by June 3. Issue price will
      Reuter  -  102 words
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      Page 5 Advertisements Column 1
      78 5 '1 Presenting PETER BRANDON OF AUSTRALIA He sings in a powerful baritone and plays several instruments. He's hilarious when he mimics Elvis or Dean Martin. He's appeared with Harry Secombe, Perry Como St Olivia Newton-John. Peter Brandon Australia's hot TV cabaret star. (Also performing at the Neptune) *V a r
      78 words
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  • Article
    Share Information Service
    2127 6 1J77 Hi«h Low Ctafuy Last Sale +orGr'« Div c'vr Or's y'U Net P/E Vol Day (*888) High Low SECTION ONE INDUSTRIALS 146 136 Acma Acma A Alcom Allied Choc Bata Ben Boustead Bousteadco CkC CCM 142 1 12.0N 1.1 8.4 7.1 2 142 142 133 204 76
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  • Article
    Transactions in Singapore
    1117 6 810 and offer prices officially listed 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 "Sett." Big Board
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  • Article
    In Kuala Lumpur
    1095 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 INDUSTRIAL*. Acuta (1.40B). Alcam (1.908). A.M. (0.618 0 628) (18 0.64, (12)
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  • Article
    Stock options
    70 6 STRIKING prices of the stock options officially listed on the Stock Exchaafe of Singapore, the periods, b»i and offer prices and business done yesterday, with the number of options traded shown in brackets. DBS (June $3.90) (0.02B). (Dec 53.80) (0.348 378). INCHCAPE (June $2.40) (0.058 0.08S). OUB (Dec
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  • Article
    Unit trusts
    140 6 SINGAPORE UNIT TRUST INCOME BOND UNIT (Nui|m price* for May IS) (Current price*) The Commerce The Savln« Fund 1.73 1.83 0 88 0.83 INCOME BOND 1 05 1.11 8'pore Prot Fund S'pore Security Fund 0.80 0.85 MARA BUMIPUTRA FUND 1.44 1.S2 (Manager*' price* far May 13) 8'pore Invest
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  • Article
    Corporate bonds
    161 6 B O T 7 VB% 1984 (100,000) (98HB 98%5) B O T 8 In% 1981 (100.000) (102HB 102%5) D B 8 8 1/2% I*B2 (100,000) (ioovsß ioms) DBS Converte C 1/2% 1991 (100,000) (97*8 98V«S) E I B 9% 1982 (100,000) (1038 103*8) E I B 8 1/4%
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  • Article
    Domestic govt bonds
    104 6 5 1/2% 1/4/78 250,000) (101.488 101.558) 5 1/2% 15/4/78 (250,000) (101 358) 5 1/4% 15/7/78 (250,000) (101 458 101.555) 4 3/4% 1/5/79 250.000) (100.708 100.808) 7% 1/7/79 250,000) (104 05B) 5 1/4% 15/10/79 (250,000) (101.65B) 6 3/4% 15/6/80 (250,000) (103.30B) C 3/4% 1/12/80 (250.000) (103.30B) 5% T
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  • Article
    Easier trend continues
    625 7 A GENERALLY easier trend prevailed at the Sleek Exchaage of Singapore yesterday partly in sympathy with the weaker marfceU overseas. Generally, the market was showiag mom strain after the bullish spell of the previous week. This naturally resulted ia some liquidation with resultant losses written across the
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  • Article
    Third liners slip again
    480 7 SELLING mainly on profittakln» account continued to set prices on an easier trend at the Kuala Lumpur stock market yesterday. Losses, though marginal, were pronounced among the lower-priced stocks, which bore the brunt of the selling pressure. However, the volume of business yesterday, which was noticeably
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  • INTERNATIONAL STOCK MARKETS
    • Article
      Hongkong
      402 7 HONGKONG: The market closed easier In very active trading, following afternoon reports of the fire In a Saudi Arabian oil field, dealers said on Thursday. The Hang Seng index dropped 1.26 to close at 400.91 They sakl the market opsnsd firm after reaching a 13 month high yesterday, but
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    • Article
      Tokyo
      532 7 TOKYO: Prices fell sharply towards the clow after iin easier opening, on reports on an oilfield fire In Saudi Arabia, with investors fearing possible disruption of oil supplies to Japan, dealers said on Thursday. The Dow Jones average lost 30.62 to close at 5,048.99 with volume 180 million shares.
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    • Article
      Sydney
      362 7 SYDNEY: Share prices rose in S\t trading, dealers aald on ursday. The Sydney All-Ordinaries index rose 2.56 to cloee at 455.35. Minings were generally firmer, but PaaceU—atal fell 20 cents to $13.00 and Utah four cents to $4.96. Reaieoa rose 30 cents to $10.50. The Wales gained six cents
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    • Article
      Manila
      130 7 MANILA: The market generally held steady with market leaders showing some strength, dealers said on ThursdayTrading In oils Increased slightly on reports Philippines Cltltes Services' drlllshlp Talnaron Is expected to arrive on May 30 and should start drilling on June 1 at South Ntdo One. Minings, however, declined fractionally
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    • Article
      Bangkok
      93 7 MAT IS Bahu AaMPlbre 1« -3 Bangkok Bank Wl unch Banikok Invest 1868 2 Bar.fk ok-Metro-politan Bank Bate 445 ♦4 Bertl Jucker ass -J Charoonf Thai Duron Duslt Thanl rabar Martin rirtt Trust Indo-Thal Industrial Finance Corp ***** J And J Ho 317 -4 Jalaprathan Cement 1S1 -2 Kamasuta
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      Amsterdam
      310 7 AMSTERDAM: The market closed weaker on Wednesday Unilever led Dutch internationals 3 70 guilders lower after the decline In first quarter profits. Palls elsewhere in the sector were limited to 0.00 guilders while Heegoveae was the sole gainer, closing one guilder firmer. Elsewhere shares were lower with isolated exceptions,
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    • Article
      Brussels
      164 7 BRUSSELS: Bha re prices closed on Wednesday mostly higher following the wall Street trend, but trading was quiet, bourse sources said. Tractioa, Clabecq, GB, Mouse and St Rock rose. BMro and Solvay fell but Arturi——. which reported a nil dividend and higher losses, was unchanged. UM was also unchanged
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    • Article
      Frankfurt
      294 7 FRANKFURT: Shares closed mostly around one to two marks higher on Wednesday. Barf and Aag. which on Tuesday and on Mender held embargoed press conferences, closed 1.10 and 1.50 marks higher respectively, while Bayer which announced higher first quarter profits gained 0.30 marks. Ia sutoe Vw was heavily traded,
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    • Article
      Milan
      165 7 MILAN: The market closed easier after a mixed opening In very quiet activity, dealers said on Wednesday. All leading industrials lost ground with Pirelli SPA marginally lower after the underwriting consortium took up a large share of the company's rights Issue. Financials were also easier but IFI privileged was
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      Paris
      380 7 PARIS: The market recovered slightly from this week's record lows In active trading, with substantial foreign buying interest, particularly from London, dealers said on Wednesday. The government agreement on the tax professionnnelle local corporate tax combined with the morning's fall In French call money to nine per cent helped
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    • Article
      Zurich
      282 7 ZURICH: The market was slightly Irregular with an easier undertone, in moderate trading, bourse sources said on Wednesday. Major banks ruled very steady while KredHaastalt bearer continued slightly higher, arter the resignation of the bank's general management president Gains and Tosses were about even In flnancials. Insurances declined on
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    • Article
      Jo'burg
      406 7 JOHANNESBURG. Oold shares were quietly easier on lack of Interest despite generally steady overseas bullion indications, dealers said on Wednesday Financial minings were steady with Anglos gaining three cents to 383, and Chrtcr 13 cents to 330. De Been gained three cents firmer at 435 also In diamonds, Aaamiat
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      Toronto
      307 7 TORONTO: Share prices closed sharply lower In active trading on Wednesday, with the composite Index off more than eight points and declines outpacing advances 220 to 192. Idco fell one to 28-1/4 while Texaco Canada at 28, Texas golf at 27-1/8 and N«n Can at 325/8 eased 3/4. Caaadiaa
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      New York
      1264 7 NEW YORK: Heavy Institutional liquidation of high quality Issues drafted stock prices broadly lover In moderately active trading on Wednesday. The unsettling factor In the day's session was market concern the Federal Reserve may be tightening credit further, analysts said. This could force up the prime rate which
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    • Article
      Indices
      63 7 FINANCIAL TIMES INDUSTRIALS Wednesday Tuesday 463.6 Week ago 440.0 DOW JONES AVERAGE INDUSTRIALS Wednesday 926 90 Tuesday 936.14 Week ago 940.72 LONDON DOLLAR PREMIUM Wednesday 120v, to 121 Tuesday 122 to 122* H.K. HANG SENG Wednesday 452.17 Tuesday 477.65 Week ago 442.02 SYDNEY INI )USTRIAL8 Wednesday 364.83 Tuesday 364.35
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      Page 7 Advertisements Column 1
      349 7 Yes, Penguin books are not to be found in any ordinary shop. Not in tt,e roa^"s c e stalls. Heavens, certainly not in the pasar ma I am! Because Penguin books are rather special. They are mind-stimulating, deeply researched, M entertaining in a wholesome way, highly educational HB |j| i|m
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  • COMMODITY REPORTS AND PRICES
    • Article
      LOCAL AND FOREIGN RUBBER MARTS
      773 8 OPENING quotations in the Singapore rubber market yesterday were marked down following easier London advices. Thereafter, the market ruled dull and featureless due to lack of incentive, dealers said. Turnover was minimal. The morning session closed quiet and prices were slightly lower, with June RSS
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      Closing prices
      30 8 Rubber: May 12 Singapore: June 199.25 cU (down 1.2S cts.) Malaysia: June 200.25 cts (down 1.25 cts) Tin: $1,454.00 (down 18) Official offering: 270 tonne* (up 74 tonnes)
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      Produce prices
      192 8 CHINESE PRODUCE EXCHANGE. SINGAPORE NOON CLOSING PRICES PER PICUL YESTERDAY. Coconut CHI: Bulk *105 sellers, old drum *110 sellers, new drum $115 sellers Copra: Mixed (loose) UK/Cont 168 buyers. Pepper Muntok ASTA white f.o.b. 100* NLW *392* sellers. Sarawak white f ob 90% NLW *372* sellers, Sarawak special
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      Palm oil
      129 8 THE following palm oil prices wen quoted In London on Wednesday. The prices are clf Rotterdam and are quoted In US dollar per ton unless otherwise stated Wednesday Prev Malaysia b% ffa bulk 660 sir Jul/Aug unq Sumatra iV 670 slr/670 pd May unch June 655 875.50 pd
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      SSR and SMR
      95 8 R.A.8. (Com BBtMtk) (Ferwi iHMtk) Buyer* Seller* Buyer* Seller* i*erk«> lenli i pw kg) (ecati 8SR20 (1-ton Pallet) 1M 50 185 50 N 190.00 197 OON SSR50 (1-ton Pallet) 192.00 193 OON 193.50 194 50N M.K.E.L.B. 224.OON SMR5CV (1-ton Pallet) 220 00 222 00N 222.00 SMR5L (1-ton
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      Hongkong comex
      123 8 HONGKONG, Thurs. Cotton futures closed mixed in fairly quiet trading, with December unchanged, March 0.05 cents higher and other months 0.10 to 0.67 cents lower, dealers said. Turnover rose to 129 lots from 104 yesterday, with October and December, the most actively traded. May and July recorded 30
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      Copper
      302 8 LONDON, Thurs. Copper wlrebars finished the morning £6.50 down for Cash and £7 for Three Months. Values eased on the premarket under scattered liquidation prompted by the decline at New York and the request by Japanese copper smelters for an end to the partial ban on copper exports, dealers
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    • Article
      Gold
      313 8 IN the Singapore gold market yesterday the kilobar was traded In the range of 5511,740 to ti1,770. The loco London gold opened at U*****.20/147.50 and was bldded up to close a shade better at $147.40/147.70. The London morning fix was U*****.10 down 60 cents on the previous fix. Source:
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      Straits tin
      191 8 THE Straits tin price in Penang yesterday was down $8 to $1,454 on an official offering up 74 tonnes to 270 tonnes. In LONDON, yesterday tin showed gains of around 12 in both contracts. Pre-market values eased following the downturn at Penang and the trend in other metals
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    • Article
      Lead
      85 8 LONDON. Thurs. Lead eased by £5.25 for Cash and £4.50 for Three Months In the morning. Early pre-market selling took values lower with stopioss operations resulting In Three-Months business down to £386, dealers said. Some short-covering and trade buying developed at the lower levels however, and Three Months picked
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      Silver
      153 8 LONDON. Thurs. Silver lost 2.3 to 2.7 pence per troy ounce In the morning. Prices were marked down initially following the decline In New York. Thereaiier, the market traded In a fairly narrow range with liquidation prompted by lower gold and the trend in most base metals, absorbed by
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      Zinc
      98 8 LONDON, Thurs Zinc lost mostly £4 in the morning. The sagging trend In base metals generally bought out early liquidation which pushed Three-months down to £378 In the pre-market, dealers said. Some short-covering emerged in the ring prompted by reports of modest UK physical demand and this offset market
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      Sugar
      324 8 LONDON, Thurs. Terminal In the morning opened steady, £0.40 to CO.BO up from yesterday afternoon levels. Sales totalled 488 lots. Dealers said the market had moved lower during the early part of last night's kerb but later begun to recover on New York market reports that the holder of
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      Rice
      215 8 BANGKOK, Thurs Yesterday's Indicative prices for rice quoted In US dollars fob basis Bangkok were: (Thursday's prices were unavailable). White Rlw 100 per cent Ist class 284 100 per cent 2nd class 207 100 per cent 3rd class 262 5 per cent 252 10 per cent 232 IS per
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    • MONEY AND EXCHANGES
      • Article
        Singapore
        579 8 SINGAPORE foreign exchange dealers yesterday had a hard time keeping pace with the Japanese yen. After some weeks of stability, the Japanese unit fell against the US dollar which at one stage rose by as much as one yen before dropping back to opening level after Europe opened. Opening
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      • Article
        Asian $ rates
        170 8 Asian rates ASIAN currency deposit Interbank rates u at close on May 11. US EMI ■n<a»«> Offer ■M 7 days 5 1/2 5 3/8 1 mth 5 3/4 5 5/8 2 mthj 5 7/8 3 3/4 3 mths 5 7/1 6 mths 3/8 8 1/4 8 mths 1/2 8 3/8
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        Discount
        44 8 RANGE Of prl ices offered by dis count houses on May 12 Orernlcht 2S to 3* Call deposit 9% Setboc J- month Treasury Mils a 2% 3-Month Bank bills 4 3% 3-Month CD 4-i/W 6-Month CD ♦-7/ie 4-5/16 Source: National Discount Co. Ltd.
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      • Article
        Euro $ rates
        135 8 Euro rates LONDON, Thurs. Period Eurodollar deposits opened higher reflecting the loss of the Friday dealings technicality, dealers said. Shortdates were steady and (airly quiet. Oalns in periods ranged from around 1/4 In One Month to 1/16 In One Year with some early business reported in the popular One, Three
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        New York
        194 8 NEW YORK, Thurs. The dollar closed stronger yesterday than on Tuesday night and slightly above yesterday's European close after a moderate trading session, dealers said. Propelling the currency higher were a rise in Eurodollar Interest rates and the continued dismantling of speculative positions taken in anticipation of a
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        Tokyo
        178 8 TOKYO, Thurs. The Bank of Japan sold an estimated $200 million to stem a sharp fall In the value of the yen following reports of a fire in a Saudi Arabian oilfield, dealers said. The yen weakened sharply in hectic trading to close at 279.35 to the dollar for
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        Hongkong
        210 8 HONGKONG, Thurs. The yen fell sharply here to be quoted at 280.30/50 against the US dollar at one stage on reports of an explosion damaging oil facilities In Saudi Arabia but steadied to close at 278.85/279.10 on reports from Amman the fire Is now under control, dealers said. The
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        London
        162 8 LONDON, Thurs Sterling drifted down to $1.7192/94 this morning from $1.7197/99 overnight. Little market reaction was prompted by reports the British Government hopes to renew 1U pay restraint programme on the basis of an average 10 per cent rise In earnings for the next year. The Swiss franc dropped
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      • Article
        Minimum lending rates (in %)
        56 8 Minimum lending rates (in acbc 6*4 Algemene Bank 6* Citibank 6*4 Bangkok Bank 7 HSBC 7 Bank of America Indosuez 6*4 Bank of China 7 Malayan Banking 6*4 Bank of Tokyo 6*» Mitsui Bank 6»« Bank Negara OCBC 6*4 Indonesia 7 OUB 6*4 Chartered Bank 6* UCB 7 Chase Manhattan
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      • Article
        Australia/NZ
        47 8 AUSTRALIA/NZ exchanges quoted on May 12 Australia: Sterling 0.6447/0.6378 US dollar 1.1052/1.1004 Ninety-day air mail buying rates: Sterling 0.6628 US dollars 1.1302 Ninety-day forward buying rates: Sterling 0.6422 US dollars 1.0933 New Zealand: Sterling 0.5591/0.5560 US dollar 0.9663/0.9563 Ninety-day forward rate: Sterling 0.5773 US dollar 0.9850
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      • Article
        Zurich
        45 8 ZURICH exchanges closing quotes on May 11 US 2.5268-5278 UK 4.3445-3470 Can 2.4105-4120 W Germ 106.50-58 Neth 102.32-41 France 50.92-96 Belg 6.97 1/4-98 Denm 42.13-16 Norw 47.89-93 Swed 57.96-58.00 Italy 0.2849-2852 Austria 14.98-15.00 Port 6.51-53 Spain 3.66-66 1/2 Arg 0.65-80 Japan 0.90 3/4-91 1/4
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      • Article
        Frankfurt
        32 8 FRANKFURT exchanges opening quotes on May 12 US 2.371/20 Can 2.2583/2603 UK 4.075/085 Neth 96.00/10 Switz 93.65/75 Italy 2.671/681 France 47.75/85 Norw 44.92/45.00 Belg com 6.538/548 Belg fin 6.52/54 Japan 0.8490/8500
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        Eurobond prices
        295 8 LONDON, Thurs. Straight Eurobonds were easier where changed, with light but persistent selling noted by dealers. LONDON Eurobond prices quoted on May 12 Straights 1 KM Ofhr Austria 8*. 90 101 101* Bell Canada 8*. M 104* 109* BPCE8*83 101* 102* Brazil 8* 84 97* 97* Can Pacific
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    • Article
      Coffee
      424 8 LONDON, Thurs. Futures closed a moderately active morning opening session £10 lower to £10 higher on last night, ysi lots ware traded and the market tone was "easier" July, after trading up to a high of £3,380 lost ground but still ended the call £10 higher at £3,315. Local
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    • Article
      Soybeans
      169 8 CHICAGO. Thurs. Soybean futures yesterday closed with losses of 19 v* to 10 cents a bushel In old crop months while posting gains of 1 Vt to 16 cents In new crop months. Prices across the board ranged to either side of Tuesday's close during the session as a
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      Wheat
      121 8 CHICAGO. Thurs. Wheat futures finished yesterday's session with gains of one to 2 1/2 cents a bushel. Prices advanced early on shortcoverlng and speculative buying generated by the smaller than expected USD A estimate of winter wheat production. Weaknesses in soybean futures helped limit the initial advance and prompted
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      Page 8 Advertisements Column 1
      202 8 Have you $ot ytmr copy of (he M/ 77 BUKUMERAH? The complete filing cabinet on the Singapore business scene ALPHABETICAL INDEX ■I' UH OFFICIALS AND PUBLIC BODIES INFORMATION o mint PI 'I The Straits Timet DIRECTORY OF SINGAPORE 197*77 a FRASCP I It's the 1976/77 "Red Book" the office/library reference
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  • TRANSPORT AND COMMUNICATIONS
    • Article, Illustration
      Lock icon Concorde flights to N. York by June 20?
      791 9 LONDON, Thur*. NYT JUBILANT British and French officials announced yesterday that despite plans by the Port Authority of New York and New Jersey to appeal the decision of a federal Judge lifting the ban on the Concorde. they hoped to start New
      NYT  -  791 words
    • Article
      Lock icon Spending millions of dollars on publicity campaign
      500 9 NEW YORK, Thur». Reuter CONCORDE'S battle to win landing rights In New York may have achieved a major breakthrough In the courts, but not in the courtroom of public opinion an area where the French spent millions of dollars on persuasion. In what
      Reuter  -  500 words
    • Article
      Lock icon London freight market
      191 9 AP LONDON, Thurs. Chinese sugar imports enlivened the non-grain chartering sector on the London freight market yesterday as tonnage was fixed from both the Philippines and Thailand. Elsewhere, North American grain provided most of the interest in terms of concluded business but at rates which showed little
      AP  -  191 words
    • Article, Illustration
      IN PORT
      417 9 EXPECTED ARRIVALS TODAY KEPPEL WHARVES Cherry Vllja (B. Barge) (2300 tbc) 48 Golden Eastern (0600) (Subject freeboard) 23 Loon Mau (3FQQ) (0600 after Fedor Shalyapln) 44 Mozhaysk (0800) 1/2 Nagoya Maru (JCCT) (2300 after Vishva AJay) 37/38 Palm Sea Horse (Tanker) (1500) (P/O) 14 Pleiades (H3VV) (2200) 25/26
      417 words
    • Article
      Lock icon Govt support can prolong crisis
      187 9 Reuter OSLO. Thurs. Continued state support to shipbuilding could prolong the current crisis In the world's shipping industries. executive director of Hambros Bank Ltd. Mr. O.R. Norland, said. He told a shipping seminar here the real danger lies In governments and a failure to understand
      Reuter  -  187 words
    • Article
      Lock icon 'Expansion of Soviet fleet no threat to other nations'
      316 9 Reuter OSLO, TTiurm. A Soviet Government official hat rejected charge* the Soviet Union aimed at developing its merchant fleet to such a degree that it would become a threat to shipping of traditional maritime nations. Mr. Igor Averin, chief of the
      Reuter  -  316 words
    • Article
      DAILY AIRCRAFT MOVEMENTS
      540 9 ARRIVALS Service Local Operator Number Time From MAS MH682 0810 KCH SIA SQ211 1015 HLP QIA GA980 1030 HLP QIA OA 908 1100 MES PAR PR501 1115 MNL SIA SQ240 1140 MES RBA BI325 1155 BWN SIA SQ201 1200 HLP KLM KL833 1240 AMS/FRA/ KHI/CMB MAS MH684
      540 words
    • Article
      Proceedings of Gastech
      173 9 GASTECH 76, one of a series of LNG/LPG meetings held in New York last October, was considered the most comprehensive in scope of any of the series. Attended by about 1,000 delegates, the conference was divided into six main sessions where more than 20 original papers were
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      77 9 Everybody is asking... ASEAN what is it really all about? New Directions tells yon Vol V£>!_4_NO 1. -Vol 4 No 1 MCIP* 1 m PLiNOI. 1977 > i a**. ASEAN' YEAR VFTt® RiMi 1/2/77 MARCH 1977 C The Circulation Manager Times Periodicals Pte. Ltd., 422 Thomson Road. Singapore 11. Date.
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  • Article, Illustration
    Lock icon Russians making economic inroads in Latin America
    1644 10  -  By ORLANDO LIZAMA Reuter THE Soviet Union is making substantial economic inroads in Latin America despite leftwing political setbacks there in recent years. Moscow's economic success lies in the fact that, although riehtwlng, military or military backed governments in the continent are determined
    Reuter  -  1,644 words
  • Article
    Lock icon China's aid to Chile shows growing ties...
    528 10  -  RAUL DUQUE Reuter A MULTI-MILLION dollar Chinese loan to Chile illustrates the growing warmth in relations between the two countries' ideologically-opposed governments. The lecent agreement renews a US$62 million (Ssl49 million' credit to Chile for the purchase of Chinese industrial equipment and technical
    Reuter  -  528 words
  • Article, Illustration
    Lock icon Mondale all set for another vital mission
    794 10  -  Talks with Vorster on black majority rule By PETER KIERNAN Reuter WALTER Mondale, who has already emerged as probably the most influential Vice-President in American history, will be off again soon on another important diplomatic mission. On May 19 and 20 he is
    Reuter  -  794 words
  • Article
    Lock icon WESTERN AUSTRALIA – THE GIANTS' CLUB
    995 10  - WESTERN AUSTRALIA THE GIANTS' CLUB By DONALD LIPSCOMBE FT AFTER a seven-year gestation, the world's biggest alumina refinery is about to take shape in Western Australia. Most of the loose ends of the Alwest project were drawn together late last year when Alcoa and Reynolds Metals, two of the world's
    FT  -  995 words
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      276 10 PI t f I M i£/ f ft THEHAMLYN PICTORIAL ATLAS OF THE WORLD A modern and comprehensive atlas has become indispensable both to students of geography and to general readers who want to understand the new economic and political shape of the world Here, for the first time, a
      276 words
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  • Article
    OF UNIONS AND THE EXTENDED FAMILY ROLE
    567 11 TRADE union leaders and organisers were urged last night to take steps towards Implementing the extended family concept within the trade union movement. The call was made by the late Professor T.H. Elliott whose paper on "The union as an extended family" was
    567 words
  • Article
    Lock icon HK child labour offenders not easy to catch
    552 11 Reuter HONGKONG. Thurs. Ever sensitive to foreign crltlclsm, the Hongkong Government has doubled the fines for factories caught employing children under 14 as cheap sweated labour. But policing those factories Is a gargantuan task for the 100 labour Inspectors In this booming
    Reuter  -  552 words
  • Article, Illustration
    MK PLANT BEGINS TURNING OUT PARTS
    217 11 MK'S NEW factory for electrical accessories at Telok Blangah has started production. Total investment in this plant, with an area of 2,000 sq m and employing about 200 people, is said to be $1.2 million. The new factory owned by MK Electric Singapore, is
    217 words
  • Article
    Lock icon Talks on colour TV curbs to reopen
    128 11 Reuter TOKYO, Thurs. Japan and the US will reopen talk* next week on restrictions on Japanese colour television exports to the US after failing to reach agreement in London, Mr. Miroru Masuda, Vice-Minister of Trade and Industry said. Mr. Masuda told an air-,
    Reuter  -  128 words
  • Article
    Seismic work contract
    79 11 GEOPHYSICAL Service International, s subsidiary of Texas Instruments, has signed a two-year contract with Shell Brunei to conduct seismic work in conJunction with oil exploration. A team of six engineers from Singapore will be stationed In Serla for the purpose. According to a OSI spokesman, this is
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  • Article
    Lock icon Loan of surplus grain idea is put to India
    279 11 Reuter NEW DELHI, Thurs. The director general of the Food and Agriculture Organisation (FAO) Dr. Edouard Sao u ma said he has held preliminary discussions with Indian Government officials on loaning some of Its surplus food grain stocks to neighbouring countries
    Reuter  -  279 words
  • Article
    Lock icon Frozen—Sanjay firm's accounts
    314 11 Frozen —Sanjay firm's accounts Reuter NEW DELHI, Thurs. The bank accounts .of Marutl. the small car project run by Mr. Sanjay Gandhi, have been frozen, Samachar news agency reported yesterday. Quoting official sources, It said the action had been taken In an attempt to recover loans totalling 15 million rupees
    Reuter  -  314 words
  • Article
    Lock icon 'People have tasted blood' warning
    256 11 AP NEW DELHI. Thurs. Elderly stateswoman Vijaya Lakshml Pandit warned India's new government yesterday to carry out its election pledges swiftly or face possible ouster. With the defeat of former Prime Minister Indira Gandhi's regime in the March election, "the people have tasted blood" and
    AP  -  256 words
  • Article
    Lock icon TOKYO, PEKING TO OPEN SHIPPING OFFICES
    131 11 AP TOKYO, Thurs. Japanese and Chinese shipping firms are to open offices in Tokyo and Peking next month under notes exchanged last year by the two governments, the JapanChina Marine Transportation Council said today. The council, with headquarters In Tokyo, is made up of
    AP  -  131 words
  • Article
    Lock icon Soviet-Japan ties cool as isle row hots up
    665 11 Reuter TOKYO, Thurs. JapanSoviet relations are currently as chilly as the waters surrounding four desolate northern Islands at the centre of their latest dispute. The chill stems directly from a series of breakdowns In negotiations over fishing agreements which has halted Japanese
    Reuter  -  665 words
  • Article
    KL oil: Kuwait pledge to help
    154 11 KUALA LUMPUR, Thurs. Kuwait's Foreign Minister Sheikh Sabah AlAhmad Al-Jabir Al-Sabah said today his country will do its best to help Malaysia develop Its oil resources. Sheikh Sabah. who arrived this afternoon for a three-day visit, told newsmen that Malaysia had not asked Kuwait
    154 words
  • Article
    Jakarta gets the biggest slice
    75 11 JAKARTA. Thurs. Indonesia Is the biggest recipient of Japanese aid. receiving a total U551,540 million (553.788 million) so far, according to Mr. Satoshl Sumlta. president of the Japanese Export and Import Bank. Antara News Agency today quoted Mr. Sumlta as saying in Medan, north Sumatra,
    75 words
  • Article
    Lock icon No dollar clamp on Japanese tourists soon
    193 11 UPI TOKYO, Thurs. The Finance Miniatry will aoon allow Japaneae traveller* going abroad to take virtually aa many US dollar* a a they want. Tokyo newapapera aaid today. According to a miniatry deciaion expected to be formally announced thia week, each Japaneae traveller
    UPI  -  193 words
  • Article
    Building firm sues another
    178 11 TAI Seng Construction Co. Pte Ltd. yesterday filed a $73.931 10 suit at the High Court against Sing Guan Construction Co. The sum was alleged to be the costs of supplies and laying of white glass wall and mosaic tiles. In another suit, Balfour Williamson (Singapore)
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  • Article
    Lock icon 'Peace campaign at home and abroad'
    397 11 Reuter MANILA, Thurs. President Marcos said today he was campaigning on both the domestic and foreign fronts to try to maintain the peace in the southern Philippines where he still hoped to get a negotiated settlement of the five-year-old Muslim rebellion. Speaking to newsmen,
    Reuter  -  397 words
  • Article
    Lock icon Report accuses Manila
    258 11 Reuter JEDDAH, Thurs. The Islamic Foreign Ministers' Conference, which opens In the Libyan capital of Tripoli on Monday, will discuss a report on the troubled southern Philippines accusing Manila of breaking an agreement with Muslim rebels. The report on the Philippines accused Manila of breaking the Tripoli
    Reuter  -  258 words
  • Article
    Lock icon Marcos appeals to rice, corn farmers
    208 11 Reuter MANILA, Thurs. President Marcos today called on Filipino rice and corn farmers to help boost the government's grains production programme as he expressed hope that Philippine rice production in 1977 would rise by 4.7 per cent to four million tonnes. Speaking before a
    Reuter  -  208 words
  • Article
    Lock icon Vietnam food relief
    108 11 AP ROME. Thurs. The United Nations Food and Agriculture Organisation (FAO) has approved a grant of U554.95 million (5512.4 million) in emergency food relief from the World Food Programme (WFP) to Vietnam. FAO announced today. The grant follows a request from the Government of Vietnam, which reported
    AP  -  108 words
  • Article
    Thai PM urges US to help fight Reds
    132 11 BANGKOK, Thurs. Thai Prime Minister Thanin Kraivlchlen has urged the United States to help South-east Asian countries combat communism. Radio Thailand reported today. The radio quoted him as telling a visiting US National War College delegation yesterday that he did not think
    132 words
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      371 11 NOTICES Eastern Shipping Line* Inc M.V. EASTERN COMET Arr'd 4/8/77 At Godowa PPW 301 Consignees of all damaged cargo ex the above vessel are notified that the General Survey will be held on Saturday 14th May, 1977 as from 0800 to 1100 hours. No further survey will be held. Agents:
      371 words
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  • Article
    Affidavits of 3 S'pore businessmen read out in London court
    1404 12 LONDON. Thurs. Affidavits of three businessmen In Singapore two of them British citizens were read In a London appeals court yesterday to dispel any fear of prejudice and hostility against foreign businessmen by the Singapore Government. They were tendered In
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  • Article
    TAS TO SPEND $1 bil ON SERIES OF PROJECTS
    739 12 THE Telecommunication Authority of Singapore (TAS) will spend more than $1 billion over the next five years in a series of projects planned to improve and increase its range of communication services. These projects include doubling the telephone density In Singapore
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  • Article
    Procedures on study of straits adopted
    141 12 THE memoranda of procedures for the joint tidal and current studies and common datum charts protects of the Straits of Malacca were formally adopted yesterday by the four participants Indonesia, Japan. Malaysia and Singapore. The signing of the memoranda concluded two days of technical
    141 words
  • Article
    When members and leaders count more
    476 12 THE degree of development of a trade union movement is dependent on the character of its leadership and membership, according to Mr. Eric Cheong, NTUC's secretary for cooperatives and business projects. It is not dependent on the degree of industrial development or economic affluence
    476 words
  • Article
    LONDON STOCKS
    755 12 LONDON. Thurs. Renewed Investment demand for equities caused a broad advance and government bonds firmed In sympathy. Press comment on the North Sea oil outlook and speculation about good trade figures contributed to the advance but acute stock shortage pushed prices even higher, dealers said. At 3.00 p.m.
    755 words
  • Article
    Aziz now deputy governor of Bank Negara
    151 12 KUALA LUMPUR. Thurs. Encik Abdul Aziz Taha, an Australian-trained chartered accountant, has been appointed a* the deputy Governor of Bank Negara. bacik Aziz, 41, replaces Datuk (Dr.) Ashad Ayub who is now the deputy director general of the Economic Planning Unit. He began
    151 words
  • Article
    UK trade team keen on diesel project
    149 12 MEMBERS of the British Engineering Industries Association are interested In participating In the Asean diesel project, according to the association's deputy director. Colonel R.E.Scott, yesterday. Colonel Scott Is here as the leader of an eightmember British engineering trade mission which will be leaving
    149 words
  • Article
    Lock icon Govt action if strike continues
    409 12 Reuter ADELAIDE. Thurs. Prime Minister Malcolm Fraser announced today Parliament would be recalled on Monday to pass special emergency legislation if Australia's 900 air traffic controllers voted tomorrow to continue their six-day-old strike. Mr Fraser made the announcement after a sixhour Cabinet meeting In this
    Reuter  -  409 words
  • Article
    Lock icon CONCORDE SERVICE TO NY SOON
    107 12 Reuter LONDON. Thurs. British Airways hopes to begin flights to New York's Kennedy Airport by the end of next month following yesterday's go-ahead by a US judge for the supersonic Anglo-French jet to land there, a British Airways spokesman told Reuter. He said British Airways
    Reuter  -  107 words
  • Article
    Lock icon High demand for oil proves that it is underpriced
    348 12 Reuter NEW YORK. Thurs. High world demand shows that oil is still nnderpriced, the Organisation of Petroleum Exporting Countries secretary general Ali Jaidah told a business meeting here. He said some Opec countries with dwindling reserves are becoming increasingly concerned about
    Reuter  -  348 words
  • Article
    Suisse can take Chiasso affair in its stride
    152 12 CREDIT Sulsse's financial stability will not be affected by the recent loss sustained by its Chiasso branch according to the manager of the bank's Singapore branch. Mr. K.E. Blochllnger who is also a senior vice-presi-dent of Credit Suisse said yesterday that the
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  • Article
    Lock icon 'Local laws were not breached'
    103 12 Reuter LIECHTENSTEIN, Thurs. The Liechtenstein prosecutor's investigations Into Texon Finanzanstalt have given no reason to suppose offences against local laws were committed by directors and former directors resident In Liechtenstein, the government said in a statement to Parliament. Head of the government Walter Kieber said
    Reuter  -  103 words
  • Article
    Protectionism: The harm it inflicts on developing nations
    189 12 MR. C.V. Devan Nalr, secre-tary-general of the National Trade Union Congress, left yesterday for Rome where he will tell Western trade unionists of the perils of protectionism to developing countries. Mr. Devan Nalr, who Is also the president of the Asian Regional
    189 words
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    Ministry rejects reinstate MB watchmen plea
    102 12 THE Labour Ministry has rejected an appeal by the Singapore Metal Box Workers Union (BMBWU) to reinstate six retrenched watchmen en the geunds that the retrenchaaeat was the result of a reorganisation of the company's security arrangement This is the fourth of a liat
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  • Article
    Lock icon 55pc leap in Royal Dutch Shell first quarter earnings
    280 12 Reuter LONDON, Thurs The Royal Dutch/ Shell group has enjoyed a 54.5 per cent jump in net income to £416 million (55i.762 million) in the first quarter of the current vear The proiit i. crease was achieved on th*' back of
    Reuter  -  280 words
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      3 12 SEE PAGE 11
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      356 12 '<}%^^(),/:=]{"@=/;[\&*}-{[!?&! Good reading on from Penguin China the most populous nation in the world. Fast emerging as a major power in world politics. Isolated from the rest of the world for over two decades, world attention has nevertheless turned to this most enigmatic of nations time and again. Starting with
      356 words