The Business Times, 4 August 1977

Microfilm: NL9344
Total Pages: 12
1 12 The Business Times
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  • Title Section
    Masthead
    9 1 BUSINESS TIMES M.C.(P) 300/1/77 THURSDAY, AUGUST 4, 1977 SOCENTS
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  • NEWS IN BRIEF
    • Article
      Lock icon SDRs for oil?
      87 1 AFP VIENNA, Wed. The oil countries could ask for payment in Special Drawing Rights (SDK's) Instead of dollars If the US currency's behaviour caused "a really critical situation", a leading official of the Organisation of Petroleum Exporting Countries (Opec) said today. Mr. Mohammed Yeganeh, chairman of Opec's
      AFP  -  87 words
    • Article
      Lock icon Cavenham suspended
      45 1 Reuter LONDON, Wed. The London Stock Exchange said it suspended trading in the shares of Cavenham Ltd this morning at the company's request, pending an announcement." The Amsterdam Stock Exchange also said it suspended trading In continental depositary receipts (CDR's) of Cavenham. Reuter.
      Reuter  -  45 words
    • Article
      Former MP dies
      51 1 MR. Llm Ouan Hoo, former MP of Buklt Merah, died yesterday after SY» months In a coma. He had served 11 years as an MP for the Buklt Merah Constituency. He was replaced as MP of the constituency last month by lor. Llm Chee Onn In a
      51 words
    • Article
      Lock icon NY bomb blast
      76 1 UPI NEW YORK, Wed. A bomb exploded today* outside an office of the Department of Defence In a Manhattan office building. The explosion occured on the 21 st floor of the Christian Science Building. "We have a US Government office on the 21 st floor an office
      UPI  -  76 words
    • Article
      Lock icon Morgan hikes rate
      30 1 AP NEW YORK, Wed. Morgan Guaranty Trust, America's fifth largest commercial bank, raised its prime lending rate by 0.2S per cent to 6.75 per cent today. AP
      AP  -  30 words
    • Article
      Lock icon End of August
      41 1 AP TOKYO, Wed. Prime Minister T&keo Fukuda said today he will take "comprehensive and decisive measures" by the end of August to lift the staggering Japanese economy, Including a massive supplementary budget for more public Investment. AP m
      AP  -  41 words
    • Article
      Lock icon Record high
      73 1 Reuter TOKYO, Wed. Japan's Imports from China in the first half of this year hit a record high of US$7OB million (511,727 million) an increase of 17.6 per cent over the same period of last year, the International Trade Broaaotlop Association" of ■Tanan f lfolmh<wih|i<! atlH tnrtay. V
      Reuter  -  73 words
    • Article
      Lock icon Dow Jones
      75 1 UPI NEW YORK, Wed. The stock market headed sharply lower this morning in moderate trading. The Dow Jones Industrial average, which fell 4.42 points yesterday to an 18-month low, was off 4.50 points to 882.80 shortly before the first hour of trading. Since yesterday, the closely watched average
      UPI  -  75 words
  • Chief Price Changes
    • Article, Illustration
      In Singapore yesterday
      148 1 MOST shares cloeed marginally lower la moderate trading yesterday as the Singapore stock market failed to follow through Tuesday's rally. At the cioee, the Business Times index dropped 5.28 points to 394.05 and the Straits Times Industrial index shed 0.53 point to 263.01. Rises AMtral Ami 428
      148 words
    • Article
      In Kuala Lumpur
      98 1 Rises Most active 6.29 1.30 5.00 1.10 1.61 4.00 10.80 4.90 I.M 0 .ft Falls 3.M 2.65 3.76 1.37 .28 .20 .14 +.11 .11 +.10 .10 +.06 +.07 +.06 -.12 -.06 -.06 -.06 Olympia 667,000 Berjunuu Duff Dev. 211,000 Tongkah Peuulng City Dev. 161.000 F Cables Olympla
      98 words
  • Article
    Leaders hope for fresh impetus
    194 1 ASEAN leaders said yesterday that they hoped their two day summit meeting would give new momentum and direction to the 10-year-old organisation. President Suharto of Indonesia issued a press statement on his arrival In the Malaysian capital saying that the meeting will reach consensus to
    194 words
  • Article
    No tariff offer yet says Malaysia
    398 1 THS MALAYffiAK Minister for Trad* aisr industry, Datuk Hamsah Abu Samah, yesterday said that Malaysia has not received any offer from the Philippines, Thailand and Singapore to participate in the benefits of the 1,750 products accorded a 10 per cent across-the-board tariff reduction. He
    398 words
  • Article
    The way ahead for the POSB
    811 1 THE Post Office Savings Bank's system for electronic funds transfer will materialise within three years, but the bank will continue to accept only Individual accounts and not corporate ones. The POSB Intends to diversify its Investment portfolio, In partnership with commercial banks, into the
    811 words
  • Article
    KL to defer start-up of urea plant
    655 1  -  ASEAN MINISTERS MEET •r QUEK PECK LIM MALAYSIA Is believed to have deckled to defer startup of their urea plant for one or two year* after Indonesia's plant begins production to assess market demands. Both are believed to have on the drawing board
    655 words
  • Article
    Trading scheme to operate in January
    249 1 IT 18 believed that the Asean Economic Ministers have agreed to recommend to the Heads of Government meeting that the Preferential Trading Arrangement be Implemented no later than January, 1979. Senior Asean officials aay that only two administrative detail* now stand in the way
    249 words
  • Article
    Malayan Credit to pay taxman $14m
    270 1 MALAYAN Credit which reported dsprsssing remits far its first half year has eveastnwhad am far ki It said yesterdav that it has agreed to pay the Inland Revenue $14.28 million ia settlement ef a longstanding tax dispute which aroee after Credit mado a $70.52
    270 words
  • Article
    JC-MPH
    54 1 MUCH against even its own expectations, Jack ChiaMPH yesterday announced a 38.4 per eent rise in group pre-tax profit to Just over $5 million for the year ended March 31. 1977. Accordingly, the directors are proposing an Increased first and final dividend of 12 per cent, up four points
    54 words
  • Article
    US will see fair rate of growth says OECD
    359 1 PARIS, Wed. The US economy will continue to grow during the next 12 months and unemployment will drop, but prices are In danger of soaring further, the Organisation for Economic Cooperation and Development (OECD) said today. The OECD, economic watchdog for
    359 words
  • Article
    Lock icon Inflation is alive and well — ILO
    208 1 Inflation is alive and well ILO UPI GENEVA, Wed. Consumer prices have continued rising this year In all 00 countries for which data are available, the International Labour Organisation (ILO) said today. "Any reports that Inflation la dying are grossly exaggerated,' the ILO said. "It u alive and well and
    UPI  -  208 words
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      Page 1 Advertisements Column 2
      126 1 We're great LISTENERS... ...so, talk to us. Because we stay tuned to what goes on in the world of finance, we can give clear, sound advice. We are constantly developing new and imaginative plans to meet the financial needs of both smaH and big businesses. As a specialised financial institution,
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      3 1 SEE BACK PAGE
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  • OVERSEAS
    • Article
      Lock icon Call for US to offer greater export incentive
      747 2 Reuter NEW YORK, Wed. The US should strengthen present export incentives If It wants to remain competitive in foreign markets, not repeal them as the US Treasury Department proposes, a new private study said. The study, entitled "The Increased Importance of Domestic
      Reuter  -  747 words
    • Article
      Lock icon New strategy in Europe mooted
      335 2 UPI WASHINGTON, Wed. President Carter will be presented with a new defence strategy which secretly concedes the loss of one-third of West Germany to a Soviet invasion, Washington columnists Rowland Evans and Robert Novak reported today. PRM-10, the Carter Administration's top-secret strategic study, suggests accepting
      UPI  -  335 words
    • Article
      Lock icon Energy Dept set-up
      134 2 Reuter WASHINGTON, Wed. An Energy Department, the first new department of the United States Government In 11 years, is expected to be created this week following overwhelming Senate approval last night. At its head will be Mr. James Schleslnger, the 48-year-old former Defence Secretary and head of
      Reuter  -  134 words
    • Article
      Lock icon French steel seeks more govt aid
      171 2 ATP PARIS, Wed. The French private steel Industry wants more public money for "restructuring", Industry sources said today as news came of further sackings of steel workers. When the holiday period ends, steel leaders plan'to seek further state aid. Uslnor and the Sacllor-. Soltac
      ATP  -  171 words
    • Article
      Lock icon Space colonies
      124 2 UPI PALO ALTO (California). Wed. Some 50 US scientist* studying the problems of building space colonies will petition President Carter for stepped up financial support for their pet projects. The group, headed by Princeton physicist Gerard O'Neill say the colonies could be used as bases for manufacturing ocean-liner
      UPI  -  124 words
    • Article, Illustration
      Lock icon Makarios dies of heart attack
      223 2 Reuter NICOSIA. Wed. Archbishop Makarios, President of Cyprus and the leader of the Oreek Orthodox Church here, who Inspired the island's Independence movement, died today following a heart attack. He was 63. Cyrpus Radio announced that the President died at 5.15 a.m. (9.45 a.m. Singapore
      Reuter  -  223 words
    • Article
      Lock icon Coffee drinkers are winning the war
      490 2 AFP NEW YORK, Wed. The United States appears to be winning the "coffee war", commodity markets sources said here yesterday. After a hectic time when coffee prices on the world market sky-rocketed, the floor has now fallen out of the market largely due to
      AFP  -  490 words
    • Article
      Lock icon Peru miners return to work
      91 2 Reuter LIMA, Wad. The woekold strike of minors and ■natal workers has ended, official sources said yeeterMo»t of the 13,000 work force employed by the stateowned aiining giant Centromin returned to work and the labour situation is expected to he back to normal. The strike
      Reuter  -  91 words
    • Article
      Lock icon BRAZIL BUILDING UP ITS RESERVES
      261 2 UPI BRASILIA, Wed. Brazil will keep Its coffee exports to a minimum during the next 12 months to build up reserves in case a crippling frost damages trees as In 1975, the Brazilian Coffee Institute announced yesterday. The Brazilian decision came in a note released
      UPI  -  261 words
    • Article
      Lock icon Stringent safeguards on nuclear sales
      265 2 Reuter WASHINGTON, Wed. A Congressional committee yesterday approved legislation that would automatically cut off US nuclear exports to countries which detonate an atomic device or violate International nuclear safeguards. The bill passed by the House of Representatives international relations committee is In line with President
      Reuter  -  265 words
    • Article
      Lock icon Soviet state's grain crop hit by rain
      366 2 Reuter MOSCOW, Wed. Farmers In the Soviet republic of Byelorussia are facing "exceptional difficulties" In harvesting this year's grain crop, because much of It has been flattened by heavy rain, according to a local newspaper reaching here yesterday. In southern regions of the
      Reuter  -  366 words
    • Article
      Lock icon Acute fuel shortage in Leningrad
      388 2 UPI LENINGRAD, Wed. A major fuel crisis has struck the Soviet Union's second largest city, effectively curtailing petrol purchases by private car owners to a bare minimum, and that only after hours of queuelng. It is reminiscent of a similar shortage last year, except It
      UPI  -  388 words
    • Article
      Lock icon No uranium stolen
      66 2 AP WASHINGTON, Wed. Two new government reports show there Is no evidence any significant amount of uranium or Plutonium has been stolen or diverted from the .nation's processing facilities, a spokesman said yesterday Uranium and plutonlum are Ingredients In atomic weapons. The reports are expected to be
      AP  -  66 words
    • Article
      Lock icon Keep oil firms out of coal: Kennedy
      210 3 UPI WABHINOTON. Wed. America's energy future may wind up In the hands of a few oil executives unless Congress keeps major petroleum companies out of the coal and uranium business, a Senator and a House of Representatives members said yesterday. The warning was
      UPI  -  210 words
    • Article
      Lock icon Need for a deep port
      96 3 AFP NEW YORK, Wed. Five US oil companies agreed yesterday that a deep-water oil port costing an estimated USBI billion (882.43 billion) should be constructed off the coast of Louisiana. The five companies, with their respective interests, are: Marathon Oil (32.1 per cent), Texaco Incorporated
      AFP  -  96 words
    • Article
      Lock icon Treasury bills auction
      112 3 Reuter WASHINGTON, Wed. The U8 Treasury announced it will pay down its debt by US$3 million (557.29 million) next Monday, with the auction of 12.4 billion worth of three-month bills and $3.5 billion worth of six-month bills to redeem $5.9 billion In maturing securities. The Treasury said
      Reuter  -  112 words
    • Article
      Lock icon Higher new orders
      33 3 Reuter WASHINGTON, Wed. New orders received by US manufacturers rose by US$447 million, (551.07 billion), 0.4 per cent, in June to a seasonallyadjusted $112.14 billion, the Commerce Department said. Reuter
      Reuter  -  33 words
    • Article
      Lock icon ALASKA GAS PIPE-LINE PROJECT HELD UP
      666 3 NYT OTTAWA: A Canadian Government board of Inquiry on the proposed Alaska highway pipeline. Intended to bring natural gas by the so-called A] can route from northern Alaska through Canada to consumers in the United States, has recommended a two-year delay in the start
      NYT  -  666 words
    • Article
      Lock icon Final touches to Witteveen plan in Paris
      563 3 Reuter WASHINOTON, Wed. The International Monetary. Fund's new supplementary lending facility could be In place before the IMF board's annual recess, If enough progress Is made at Saturday's meeting In Paris, informed monetary sources said. The board starts Its annual two-week break on
      Reuter  -  563 words
    • Article
      Lock icon Bonn's June surplus stands at $805 m
      303 3 Reuter FRANKFURT, Wed. West Germany had a provisional current account payments surplus in June of DM7BO million (***** million) against May's upvard revised DM1.65 billion and the year ago upward revised DM22l' million surplus, the Bundesbank said. This compares with the Erovlslonal June
      Reuter  -  303 words
    • Article
      Lock icon Germans big spenders in tourist league
      426 3 Reuter PARIS, Wed. West Qermans forked out a staggering US$9 billion (8121.9 billion) on foreign trips last year, putting them top of the big spending tourist league, according to a report by the 24-nation Organisation for Economic Cooperation and Development (OECD). The report by
      Reuter  -  426 words
    • Article
      Lock icon Oil find in Argentina
      175 3 AP BUENOS AIRES, Wed. Oil has been discovered in southern Argentina near Chile, but the size of the pool' has not been determined. First word of the discovery was published yesterday in the news- < paper La Naclon and later i confirmed by the Govern- i
      AP  -  175 words
    • Article
      Lock icon Brazil may see new rubber boom
      181 3 AP SAO PAULO, Wed. The petroleum crisis may stimulate a new boom In natural rubber production, the Braslllan Tyre Industry Association (ANIP) said yesterday. This could prove an economic bleealng to Brasll, once a major robber producer. ANIP said the United Nations Conference on
      AP  -  181 words
    • Article
      Lock icon Have no truck with rascist regimes
      143 3 AP UNITED NATIONS. Wed. The UN Special Committee on Decolonisation asked all countries yesterday to refrain from all investments In loans to or trade agreements with "the minority racist regimes In southern Africa" 1U term for South Africa and Rhodesia. A resolution of the
      AP  -  143 words
    • Article
      Lock icon Subpoena served on Oswald's brother
      97 3 AP WASHINGTON, Wed. A federal grand Jury ben has subpoenaed the minister brother of suspended Interstate Commerce Commission -secretary Robert Oswald to question blm about reportedly large donations made by Oswald to his brother's church in recent years. Sources familiar with the scope of the
      AP  -  97 words
    • Article
      Lock icon Members of Opec borrow $10b so far this year
      325 3 AP NEW YORK. Wed. 00pwfcehs oountrfoo have Umwed U893.9 billion (899.1 billies) ea world Mrtm se bur this year, almost equalliag the 94.1 UUea they teek eat la all sf 1979, aeeordiag to a now study. Msrgaa Oaaraaly Trust Company ef
      AP  -  325 words
    • Article
      Lock icon British reserves: New record not good enough
      359 3 Reuter LONDON, Wed. Though the UK's foreign exchange reserves roee to a new record of U8913.42 billion In July, they are still historically fairly low In terms of the country's Imports, government economists point out. The July ressrves would finance little move than
      Reuter  -  359 words
    • Article
      Lock icon Engineering union backs pay rule
      191 3 Reuter LONDON, Wed. The executive of the engineering section of the Amalgamated Union of Engineering Workers has decided to obeerve the 12-month rule on pay settlements If the majority of other unions follow suit at the Trades Union Congress in September, a union spokesman said.
      Reuter  -  191 words
    • Article
      Lock icon Rice imports by govt
      105 3 Reuter KINGSTON, Wed. The Jamaica Government announced it has taken over the importation of rice as part of a policy to make the state-owned Jamaica Nutrition Holdings (JNH) responsible for most of the country's basic food imports. Guyana will be the main supplier of rice to
      Reuter  -  105 words
    • Article
      Lock icon BROKERS SEE ROCKETING INFLATION
      141 3 Reuter LONDON, Wed. UK stockbrokers Phillips and Drew has revised upwards its projection for average earnings in the UK over the coming 12 months, and has sharply increased its inflation forecast for 1978. In its August economic review, Phillips and Drew forecast Inflation of 14 per
      Reuter  -  141 words
    • Article
      Lock icon Sabotage is ruled out
      56 3 AFP ANKARA, Wed. The Tur-klsh-Iraql oil pipeline, which was damaged by a welding leak on July 23 183 km inside Turkish territory, will resume operations on Friday, it was announced here today. An explosion damaged eight metres of the pipeline. The Turkish Ministry of Energy and
      AFP  -  56 words
    • Article
      Lock icon Clear air accord defuses threat to close plants
      230 3 AP WASHINGTON, Wed. A US House of Representatives senate Conference Committee early todav averted a threatened shutdown of car assembly lines by agreeing on a broad revision or federal clean air laws. After a marathon sevenhour negotiating session lasting into the early
      AP  -  230 words
    • Article
      Lock icon Trade ties in the balance
      49 3 AFP LONDON, Wed. Britain Is still studying the possibility of breaking off trade relations with Uganda, Whitehall sources said here today. They emphasised that since diplomatic relations between the two countries were severed in July last year, London had not sullied arms to Uganda.
      AFP  -  49 words
  • Page 2 Advertisements
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      Page 2 Advertisements Column 1
      264 2 1/ r- M J^i-w... $125/J while stocks last! THE TIMES ATLAS Of CHINA The Time* Atlas of China la far mora than a collection of detailed, up-to-date maps. It la an informative, general guide to modern China the land itaelf, and the economy and peopiea it sustaina. The Atlaa containa
      264 words
  • Page 2 Miscellaneous
    • Miscellaneous
      Page 2 Miscellaneous Column 1
      328 2 THE WEATHER WEATHER report for 24 houra prior to 7.30 p.m. on Aug 3 at Singapore airport. Maximum Temperature 30.2' C Associated Humidity 75 Minimum Temperature 25.3° C Associated Humidity 94 Hours of Sunshine 2.65 Rainfall in Millimetres 30.2 Total Rainfall for the Month 30.2 Total Rainy Days for the
      328 words
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  • Page 3 Advertisements
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      Page 3 Advertisements Column 1
      131 3 Art and 'fechnotogy MM WW 11%9| PTE 291,Serangoon Road, Singapore Te1:*****55 m DOLBY is a trademark of Ootby Laboratoria# Inc. fIP >.f Dynamic teac performance is now available to everyone. Buying an inexpensive deck doesn't mean you need to scrimp on features or quality. Not with the TEAC A-100 For
      131 words
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  • Article
    Earnings jump at Jack Chia-MPH
    585 4 AOAINBT even Its own expectations, croup pre-tax profit at Jack Chla-MPH rose 38.4 per cent to Just over $5 million for the year ended March 31, 1977. The latest result, which was achieved on the back of a 20 per cent increase in turnover to
    585 words
  • Article
    KLSE unhappy with San reply
    361 4 THE Kuala Lumpur Stock Exchange Is still far from happy with San Holdings' apology for falling to Inform the exchange promptly of Its decision to wind up Its -wholly-owned Singapore subsidiary, Sanshiba Electronics Last month. Responding to San's apology last week, the KLSE has come
    361 words
  • COMPANY MEETINGS
  • Article
    DIVIDENDS ANNOUNCED
    196 4 Current Ex Date Total for Total for payment t Date payable the year previous year Lower Perak 15% uly 1 Aug 5 30% 30% Oriental Holdings 9% uly 26 Aug 10 15% 15% B. Sembtwui 20% uly 28 Aug 15 20% 20% Riverview Rubber 6%I uly 27 Aug
    196 words
  • Article
    Drop forecast in Kinta's future profit
    732 4 KINTA KKLLAB Tin Dredging has forecast that Its earnings In the future win be substantially lower than the record pre-tax Eflt of M 56.03 achieved In year ended March 31. 1977. For the current year, chairman Tan Sri Nik Ahmad Kami! says that Its
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  • Article
    PEOPLE IN BUSINESS
    104 4 OUINNESS Malaysia Berhad has announced the following appointments to its board, effective Aug 1. Mr. Lim Kheng Guaa, Mr. Low Teng Choo, Mr. Keith Arthur Bertram Rogers, Dr. Yahya bin Ismail, Mr. Richard Caleb Fuanell, alternate for Mr. Charles Alan Wood, and Mr. James William Telfer, alternate
    104 words
  • Article
    Lock icon Less public support now
    1190 4  -  US SECURITY MARKETS By THOMAS E. MULLANEY NYT "IN the perspective of history, I'm not sure that the move to negotiated commission rates on May Day in 1975 will have really served a public purpose." So said Mr. Paul Kolton, chairman of the American Stock Exchange
    NYT  -  1,190 words
  • Article
    CHICAGO BOARD OPTIONS
    1182 4 On August 2 CHICAGO Board Options Exchange volume on Tuesday was 60,834 contracts, compared with 73,149 contracts on Monday. OPTION AUO wov rn STOCK Alcoa M 3 4 UWTRD •13/4 Alcoa •0 1/4 1/4 11/4 •11/4 Am Exp 39 UWTRD 41/8 UWTRD 40 3/1 Am Exp 40
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      389 4 a 4 ii|{ k iill'. 1 "ii THE GREAT BOOKS OF WESTERN CIVILIZATION These are the books that had to burn. For within the GREAT BOOKS are volumes that hold the ideas and thinking that challenge the fettered mind; the thoughts and theories that have built democracies, withered tyrants, opened
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  • Article
    Lock icon Toyota to lease Newark site
    347 5 ASIAN COMPANIES NYT NEW YORK, Wed. The Toyota Motor Co. of Japan has agreed to lease a 12hectare site at Port Newark, as a truck assembly and car preparation facility, officials of the Port of Authority of New York and New Jersey disclosed in New
    NYT  -  347 words
  • Article
    Lock icon Plan to raise export target
    239 5 Reuter AFP TOKYO, Wed. Toyota Motor Co said It plans to raise its US export target to 1.3 million vehicles from 1.2 million for 1977. Toyota said the sale of its trucks and cars In the US during first-half 1977 rose 07.5 per cent to
    Reuter; AFP  -  239 words
  • Article
    Lock icon MOW TAI WILLING TO LIQUIDATE
    279 5 Reuter HONOKONO. Wed. Mow Tal Development Ltd, a Wheelock Marden grpup unit, said It will recommend to an EOM on Sept 17 that the company be voluntarily wound up. The company said In a statement net profit for the year ended March 31 rose to
    Reuter  -  279 words
  • Article
    Lock icon Wheelock unit declines
    210 5 Reuter SYDNEY, Wed. Wheelock Marden's 60 per cent owned subsidiary, Wheelock Marden Investments (Australia), has suffered a sharp drop In audited operating profit to A 595.700 from $252,600 in the year ended March 1977. Its sales, however, have risen to $5.32 million from $4.56 million previously. The
    Reuter  -  210 words
  • Article
    Lock icon Bank confirms issue
    182 5 EUROPEAN COMPANIES Reuter ZURICH, Wed. Union Bank of Switzerland confirmed its forthcoming 100 million franc 12-year bond issue will bear a coupon of 4 ft per cent and be Issued at 99 per cent. The coupon Is thus one quarter percentage point below a similar Issue floated
    Reuter  -  182 words
  • Article
    Gallaher
    30 5 LONDON, Wed. Gallaher, a wholly-owned subsidiary of American Brands Inc., has raised pretax profit to £22.7 million In the half year ended June 1977 from £20.3 million last time.
    30 words
  • Article
    Lock icon GM sets record
    155 5 NORTH AMERICAN COMPANIES ATP Reuter GENERAL MOTORS hu declared an 85 cent dividend, bringing to a record U553.55, the dividend payments for the first three quarters of 1977. The company paid $1.85 a share on June 10. Including a special payment of $1.00, and 85 cents a
    ATP; Reuter  -  155 words
  • Article
    Lock icon Goodyear
    26 5 Reuter OOODYEAR TIRE and Rubber Co said It Increased its quarterly dividend to 32ft cents from 27ft cents, payable Sept 15, record Aug 15. Reuter.
    Reuter  -  26 words
  • Article
    Lock icon Sharp turnround at Revere Copper
    114 5 Reuter REVERE COPPER and Brass Inc. reported net profit for the second quarter and first half, marking a sharp turnaround from losses In he same periods a year ago. nevere saia us secutm quarter net profit was U854.15 million, or 73 cents a share, compared
    Reuter  -  114 words
  • Article
    Lock icon BankAmerica
    19 5 Reuter BANKAMERICA CORP said It increased the quarterly dividend to 23 ft cents a share from 20 cents.
    Reuter  -  19 words
  • Article
    Lock icon US bonds to trade on CFTC
    136 5 Reuter THE Commodity Futures Trading Commission (CFTC) designated the Chicago Board of Trade as a contract market for long term US Treasury bonds. The contract approved by the commission contained two major changes from the original proposal. First, delivery will be by book entry
    Reuter  -  136 words
  • Article
    Lock icon Arco files tariff
    113 5 Reuter ARCO PIPELINE CO said It wiil file a trans-Alaska pipeline tariff of 4.91 per cent with the Interstate Commerce Commission In order to speed the start of oil movements. The US fifth circuit Court of Appeals has rejected the company's supplication to prevent the ICC from
    Reuter  -  113 words
  • Article
    Lock icon Telmex notes
    86 5 Reuter THE US$5O million seven year, 9K per cent notes for Mexico's state-controlled telephone company (Tel me*) were priced at Ear, Kredletbank 8a uxembourgeoise said as joint Issue leader. Meanwhile, It was reported In Frankfurt, that Mexico's Commlsion Federal de Electrlcldad Is exoected to make a 60 million
    Reuter  -  86 words
  • Article
    Lock icon ATT
    90 5 Reuter AMERICAN TELEPHONE and Telegraph Co's American Bell International Ine unit said It was awarded a US$l4l million contract by the government of Iran to begin Implementation of Iran's telecommunications development programme. The company said the contract covers work to be performed from July 16, 1977 until July 15,
    Reuter  -  90 words
  • Article
    Lock icon Reynolds to give Egyptians know-how
    838 5 UPI CAIRO, Wed Louis Reynolds, cnalrman of Reynolds International, Is bullish on Egypt. To prove It, he signed a US$7 million contract on July 3 ana formed a new company with local Investors. The firm, to be called Alumlsr, will draw on Reynolds International's experience
    UPI  -  838 words
  • Article
    Lock icon Exchange details market plan to SEC
    257 5 Reuter THE New York Stock Exchange outlined national market system plan that centre* on a system of competing qualified marketmakers in different markets that would he electronically linked to provide open access among all markets for listed securities. The exchange also urged that until
    Reuter  -  257 words
  • Article
    Bu Ra Da to set up venture with Lucas
    110 5 SEOUL, Wed. South Korean Industrial enterprise, Bu Ra Da, has Joined hands with Lucas Industries, the UK aircraft and motor accessories group, to set up a Joint venture here to manufacture replacement Injection nozzles for diesel engines. This Is the first
    110 words
  • Article
    Lock icon Profit drop at SHK
    103 5 Reuter HONOKONO, Wed. Sun Hung Kal which announced an unchanged Interim dividend of HK seven cents yesterday has revealed that the first half ended June 1977 saw group profit dropping to 920.5 million from $21.8 million. Gross assets however have risen to $867 million at end
    Reuter  -  103 words
  • Article
    Mitsubishi earnings rise
    112 5 TOKYO, Wed. Mitsubishi Heavy Industries Ltd attributed the 27.2 per cent rise in group net profit for the year ended March 1977 to Improved results from its subsidiaries, particularly Mitsubishi Motor Corp, as well as better results for the parent company. The number of subsidiaries reporting lossea
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  • Article
    Kao Soap Eurobond at par
    71 5 LONDON, Wed. KaoSoap Co Ltd's US$2O million six per cent convertible Eurobond Issue was priced at Bar, co-lead manager alwa Europe NV announced. The price for converting the bonds into shares of the company was set at 708 yen giving a conversion premium of 9.6
    71 words
  • Article
    Lock icon Canon
    39 5 Reuter TOKYO, Wed. Canon Inc and Minolta Camera Co said they will raise prices of their cameras for export to the US by four and five per cent respectively this month following the yen's appreciation against the dollar.
    Reuter  -  39 words
  • Article
    Lock icon Kaiser manager leaves after doing too well
    834 5 NYT OAKLAND, Wed. The late Henry Kaiser had a slogan: Find a need and fill It. When his son, Edgar Kaiser Sr., who now heads the Kaiser companies had a need for someone to turn the ailing companies around financially in October 1973,
    NYT  -  834 words
  • Article
    Lock icon CBOE brief anti-NYSE options
    128 5 CBOE brief antiNYSE options Reuter NEW YORK. Wed. The Chicago Board of Options Exchange plana to file a brief with the Securities and Exchange Commission stating that options trading on the New York Stock Exchange may be anti-com-petitive, CBOE president Joseph Sullivan said. He told financial writers the SEC should
    Reuter  -  128 words
  • Page 5 Advertisements
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      Page 5 Advertisements Column 1
      268 5 m o*s A i Within a short period of six years, The Open University, a unique experiment in higher education, has become an established part of the educational scene. It is now recognised all over the world as one of the most important educational and social developments of this century.
      268 words
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  • Article
    Untitled
    2299 6 <*'■ Nat V«1 itn Last Dfcr •*VT fU P/l Day Hick Law Caapujr Sato ■Mr- (•899) Hlgk Law SECTION ONE INDUSTRIALS 154 136 Ac ma 143 +1 12.ON 1.8 8.3 8.7 8 143 143 204 172 Alcorn 172 10.0 0.5 5.8 27.7 96 58 Allied Choc 91 -1 18.2 19
    2,299 words
  • Article
    Transactions in Singapore
    1319 6 is :ssusr;s».?s Stock Eact>ai«a of Btaatpora yaatarriwm In brackata In lota of 1 WO unlta unlaaa oiteM Al Ttma Sttliitnt Contract! art quotad aftar tha wort "Batt." ■> Board dNii (IB lou of t,M unlU) art quoted altar Um Wttar BB section one INDUSTRIALS Ant (1.438) (0)
    1,319 words
  • Article
    In Kuala Lumpur
    1561 6 BID and offer price* officially luted and business In and reported to the Kuala Lumpur Stock Exchange yesterday with the number of shares traded shown in brackets in IoU of 1.000 unit* unless otherwise specified INDUSTRIAL* Aensa (1) I.4ft. AJ mm mete (IMB 2 006) (1) 2.00
    1,561 words
  • Article
    Stock options
    61 6 STOKING prion tt tim wfck omtimmt eflHeUy Ualad m tim Stack Una of Steeapere, tfca iiriih. kU aarf «flhr prieaa ui Maai 4mm j with Iki inakK tt —«i— traM ■km h ktMkM. D.8.8, (Sept 13.88) (0.288). Put Electric (Sept $1.88) (8.84 Viß 8.128). (Dee fl.88) (8.188). U.
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  • Article
    Unit trusts
    139 6 SINGAPORE UNIT 1RUST INCOME BOND UNIT (M prioa far Aag 4) (Carat pr Mil The Commerce.... 1.71 l.U INCOME BOND 1.07 1.13 The Saving Fund 0.89 1.04 MARA BUMIPUTRA PUND 8'pore Prof Fund 0.05 0.90 (Mimqt» prtaw i Mr Aag 4) 8'pore Security First Bumlputra 2.16 Ul Fund
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  • Article
    CORPORATE BONDS
    174 6 B O T 8 1/2% IMI (100,000) (103 MB 103*8) B O T 7 8/8% IM4 (100,000) (98MB (WHS) LTCB J 1982 (100,000)(MSB 908) Credit Lyoonaia Floating IM3 (100,000) (98MB WHS) DBS Coavarta 1/2% IMI (100,000) (968 96MS) D B 8 8 1/2% IM2 (100,000) (101 KB 1028)
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  • Article
    GOVERNMENT BONDS
    120 6 Rep Spore D Mark 7% 1982 (100,000) (100 MB 101M8) Rep Spare 1/2% 1988 (100,000) (99M8 1008) Rep Spare 7 3/4% 1987 (100,000) (100 MB 1018) 5 1/4% 15/7/78 (250,000) (101.408 101.578) 4 3/4% 1/5/79 (250,000) (100.858 100.928) 5 1/4% 18/19/79 250,000) (101.968 102.068) 8 3/4% IS/8/I9 (251,000)
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  • Page 6 Advertisements
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      Page 6 Advertisements Column 1
      176 6 Confront Singapore's decision makers in Business Times For only $3.50 per single column centimetre Business Times, Singapore's new financial daily, offers you the most costeffective medium to reach Singapore's top businessmen. The decision makers of industry and commerce. Politicians, civil servants, the media and more. It's people like these who
      176 words
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  • Article, Illustration
    SES SLIPS AGAIN
    650 7 MOST SHARKS cloeed margiaally Uwtt la moderate trading ywtarday as the Siagapore stock market failed to follow tkrough Tuesday'a lata rally. The markot openod a Una note but profit-takers moved la toward* the close of tko moroln( seeeion and dominated the afternoon. According to brokers, tkis aoo-saw
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  • Article
    SHARES END MIXED IN KL
    342 7 BHARES PRICES moved irregularly before finishing mixed on the Kuala Lumpur stock exchange yesterday. Operators were rather cautious with an inclination to mark time rather than deal. As a result, trading was moderate, with 3.57 million units dealt at $6.06 million compared with 3.47 million
    342 words
  • INTERNATIONAL STOCK MARKETS
    • Article
      Hongkong
      358 7 HONOKONO: The market closed lower in fairly dull trading on Wednesday. Some selling preasure also appealed towards the does, dealsrs said. The Hang Sang Index clossd down 1.10 points to 414.13. Hetekisea and Whsslssk Mirhe fell 2.50 cents each to 03.16 and 02.479 respectively, Heagkeng Beak 20 cents to
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    • Article
      Tokyo
      468 7 TOKYO: The market rose sharply on Wednesday, following Prime Minister Takeo Fukuda's statement on the possible re-denomination of the yen and the government's interim reflatlonary package, dealers said. The Dow Jonese Average gained 47.39 to close at 5,069.13, with trading volume rising to a year's high 500 million shares.
      468 words
    • Article
      Sydney
      409 7 SYDNEY: The market was mixed In dull trading, on Wednesday, with the Australian dollar devaluation having little impact on sentiment, dealers said. The Sydney All-Ordinaries index closed 0.01 point higher at 430.64. Among minings, Peacestinsntal lost 30 cents to 90.10, Queensland Mines five cents to 42.50 and gstkleee a
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    • Article
      Manila
      130 7 MANILA: The market eased on Wednesday, due to unfavourable metal prices abroad, with turnover falling to 5.07 million pesos from 5.28 on Tuesday, dealers said. Atlaa fell five points and Philra two, while Lspute lost one and Picop, three while other commercials held steady. AUG Aco)eMining 01U ♦A -OOOOB
      130 words
    • Article
      Bangkok
      93 7 AataFibt* 1M Ml Ml -1 Bangkok Bank unch -1 7. i -19 Bangkok-Metro-politan Bank aao -S Berll Jucker 413 ■4 Charoong Thai Dumex Ouilt Thanl Faber Merlin First Trust Indo-Thal Industrial finance Corp 1235 -10 J And J Ho 275 -3 Jalaprathan Cement 143 ♦I Karnasuta Lee Kwang Mln
      93 words
    • Article
      Amsterdam
      315 7 AMSTERDAM: The market closed easier In quiet conditions on Tuesday. Dutch internationals were lower on balance but cloeed above their lows for the day. Akae and Phlli*s were unchanged. Elsewhere Isolated exceptions to the generally lower trend among transports, banks, trading stocks and Industrials were Tlsieshoo. which firmed 1.60
      315 words
    • Article
      Brussels
      162 7 BRU88EL8: The market vas sharply lower, bourse dealers said on Tuesday. Soflna, Uur(, Aaturleaae, Viailla Moauo*. FN whose offer for Browaiag opened on Monday. BruxeUae Lambart, Mro, UmiM MUsr* TnmMn and Cockerlll were lower. Kmni, ill electiic&l. Tiktoo, St Koch and Aadre Domt rose. Oold mines shares unchanged. In
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    • Article
      Frankfurt
      298 7 FRANKFURT: Shares cloeed firmer In lively trading bourse sources said on Tuesday. BMW up eight marks, led strong autos with VW up 4.20, Delator up 3.00 and Msreodss up 2.50 marks. In higher banks, Gsmassnbaak gained 4.20, Deateehe Beak 3.40 and Dieedbsr Bonk 2.30 marks. In stores, Feafhsl rose
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    • Article
      Milan
      148 7 MILAN: The market closed mixed to lover In small trade confined to professional Investors, dealers said on Tuesday. Scotti was 20 per cent lower, with Nsrt Milaao, Da Madid. BAI, PWrrel and Cutoai also weaker. niain, pref, Ton pref, Italsidsr and OHvattl pref were higher. Bonds were quiet and
      148 words
    • Article
      Paris
      300 7 PARIS: The market eased on balance In very quiet and featureless trading, dealers said on Tuesday. Investments, oils and chemicals made small gains, with hotels mixed and metals steady, while all other sectors eased. Among foreign stocks Americans weakened but Oermans, oils and golds were all well maintained with
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    • Article
      Zurich
      282 7 ZURICH: The market cloeed generally steady In restricted trade, dealers said on Tueedav. Both Swissair stocks rose slightly in transports. Leading banks and Insurances were little changed. In flnandals, both stocks of Oertikee Beskrls advanced. with the bearer share reaching a new yearly high. Among narrowly mixed Industrials, Nsstls
      282 words
    • Article
      Jo'burg
      356 7 JOHANNESBURG: Oold shares were steady on the stock exchange at earlier firmer levels, dealers said on Tuesday. Turnover was thin. Financial minings were harder Da Bean traded five cents up at 470 on overseas Interest. Coppers and platinums were steady and asbestos shares mixed. Tins were unchanged to slightly
      356 words
    • Article
      Toronto
      318 7 TORONTO: Share prices closed moderately higher In light trading with the composite index up more than three points on Tuesday. Advances outnumbered declines 100 to 173. Paper and forest products were stronger while pipelines declined. Among companies reporting earnings Geular gained H to 26 V Brunswick Mining and Smelting
      318 words
    • Article
      New York
      1092 7 HEW YORK: Stocks closed broadly lowwr in moderate trading 0() T\IMdjLT Analysts said Investors are concerned about an apparent tightening of Federal Reserve monetary policy that could result in higher interest ratee and about an economic slowdown In the second ball. The market retreated late In the session
      1,092 words
    • Article
      Indices
      62 7 FINANCIAL TIMES INDUSTRIALS Tuesday 451.9 Monday 446.3 Week Ago 490.1 DOW JONES AVERAGE INDUSTRIALS Tuesday 887 39 Monday 801.81 Week Ago 008.18 LONDON DOLLAR PREMIUM Tuesday Ill* to 111* Monday 113* to 114 H.K. HANG SENG Tuesday 418.02 Monday closed Week Ago 414.03 ALL ORDINARIES Tuesday 430.83 Monday closed
      62 words
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      Page 7 Advertisements Column 1
      429 7 BUSINESS TIMES Airline Directory 110-112 Show Centra, Orchard K*W, 9 (Tal: 377.111) Air C«yton 302-B, 3rd Floor, Marina Hou*a \A/ Aw (1) #nvniv«l VT t (Tal: *****00) Air Franca Ground. Floor, ICS Building, Shonton Way Singapore 1 (Tal: *****11) Air Indio 14th Floor, UIC Building, Shantan Way, Sin«apara 1 (Tal:
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  • COMMODITY REPORTS AND PRICES
    • Article
      LOCAL AND FOREIGN RUBBER MARTS
      482 8 ON the Singapore rubber market yesterday, opening Suotatlons were marked up .75 cents In line with higher London advices after which trading was quiet. After midday, however, values fell marginally on light selling of September RSS One and liquidations In August, dealers added. Volume was
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    • Article
      R.A.S. PRICES
      313 8 Prices In cents per kilo yesterday: Noon Cloee (per kilo) E* r kilo) Buyers Sellers Buyers Sellers Int. 1 R 8 8 prompt f.o.b. 191.50 192.50N 190.50 191.90N Int. 1 R.S.S. August 192.75 193.29 191.75 192.29 Int. 1 R.S.S. September 194.50 194.73 193.50 194.00 Int. 2 R.S.S. 191
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    • Article
      SSR AND SMR
      87 8 NOON S8R AND SMR prices yesterday R.A.S. (Can Buywi raat Mtfc) Mlar* _(Forw«r4 Mtfc) (MB •apvkf) SSR20 ('-ton pallet) 191.90 193.90N 192.90 194.SON SSR50 u y V L (1-ton pallet) 189.00 191. OON 190.00 192.00N SMR9CV (1-ton pallet) 213.00 215 OON 213.00 219.OON SMR SL (1-ton pallet)
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    • Article
      Closing prices
      29 8 Rubber: August 3 Singapore: August 191.75 cents 2 own 9.50 eont.) ysia: August 193 cents (unchanged) Tin: 91.C28 (up S3) Official offering: 201 tonnes (down 2 tonnes)
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    • Article
      Produce exchange
      471 8 TRADING conditions remained generally listless In the Singapore market as dealers withdrew further Into the background. Until the close, a wait-and-see attitude pervaded. A barely steady condition ruled for coffee In line with the easier conditions prevailing on the London terminal market, brokers said. Enquiries received for coffee
      471 words
    • Article
      Cocoa
      288 8 LONDON, Wed. Cocoa futures dropped sharply initially against New York, taking In an almost Immediate £40 limit decline In near September at £2,815 per tonne. °rne special limit call that followed was relatively short, but showed extended losses from last night of £48 with near December at £2,583.50 to
      288 words
    • Article
      Duty rates
      66 8 THE Malaysian Minister of Finance has fixed these rates for the period from Aug 4 until further notice: Ruober 88 3/8 cent* a pound Copra 8818.00 a ton Palm kernel 8235.25 a ton The rates of dutle* payable are: Rubber 9 5/8 cent* a pound (Total 15 1/8
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    • Article
      Palm oil
      58 8 C.I.F. Rotterdam. 08 dollai t per ton. LONDON: Twlajr hwlm MalajrMa 5* ffa bulk: Sept unq unq Sumatra 5* Aug MSN MSN Sept JJOpd 536tlr S00/490pd Oct 495pd No* 48S«lr 492.50pd Dec 480tlr 4IOpd Nigerian 5H (fa bulk unq unq (Sterling per long ton) ROTTERDAM: Sumatra: Sept UOpd/*lr
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    • Article
      Coffee
      276 8 LONDON, Wed. Futures closed the opening session steady, £40 to £79 per tonne up on last night. 382 lots were traded. Initial selling In the September position was well absorbed by local dealer shortcoverlng which moved the price up to an end call high of £2,830 after an Initial
      276 words
    • Article
      Straits tin market
      220 8 THE Strait* tin price In Penang yeeterday iu ud M 93 to $1,029 on an official offering down 2 tonnes to 201 tonnes. In LONDON yesterday, tin advanced by around £90 for cash and £83 for Three Months standard metal. High grade was £97 and £90 up
      220 words
    • Article
      Sugar
      259 8 LONDON, Wed. Terminal opened £1.75 to £0.90 per tonne down from yesterday afternoon's closing levels. Sales totalled 484 lots. Dealers said most losses were recorded during last night's kerb In line with an easing In New York which followed trade hedge selling there. There was no fresh news and
      259 words
    • Article
      Rice
      212 8 BANGKOK. Wed. The following were Indicative* prices quoted here today. All were unchanged from yesterday. (In US dollars per tonne fob butt, Bangkok). White Rice: 100 per cent lit clan. 306 100 per cent 2nd. 200 100 per cent 3rd. 2M 5 per cent 277 10 per cent 253
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    • Article
      Hongkong comex
      277 8 HONOKONO, Wed. The cotton futures market closed slightly higher In fairly quiet trading, closely In line with the overnight trend In New York, dealers said. March and July rose 0.17 US cents each, while other months gained 0.28 to 0.58 cents. Total turnover fell to 16 lots from
      277 words
    • Article
      Soybeans
      159 8 CHICAGO, Wed. Soybean futures finished yesterday with a gain of 24 cents a bushel In the August and 10* to four cents In other months. Prices were firm on shortcoverlng and speculative buying generated by the larger than anticipated export inspections last week, continued lack of deliveries against the
      159 words
    • Article
      Wheat
      67 8 CHICAGO, Wed. Wheat futures closed 2* to 1H cent a bushel lower yesterday, finishing the session at the day's lows. Speculative support was generated early by the strength in soybean futures, Increased export Inspections last week and expectations of more business in the near futures. But when soybeans eased
      67 words
    • Article
      Copper
      323 8 LONDON, Wed. Copper wlrebars finished the morning with gains of mostly £4.50 per tonne. Prices staged a modest technical reaction following the recent decline with the main supporting Influence stemming from buying from one quarter In particular which was generally said by traders to be on Japanese account. Three
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    • Article
      Silver
      229 8 LONDON, Wed. Silver showed gains of mostly 1.4 pence. Pre-market values advanced under the influence of overnight gains In New York and the continued buoyancy In gold this morning, dealers said. A distinct lack of trading Interest was evident In the ilng but prices held around the higher levels
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    • Article
      Gold
      362 8 IN the Singapore gold market yesterday, the kilo bar opened higher at 8111,498 due to good support In the Hongkong market. Prices was bid up to close at the high of 8111,538. In the London market, the metal opened at U*****.20/60 and closed at U*****.95/148.15 In hectic trading. The
      362 words
    • Article
      Lead
      86 8 LONDON, Wed. Lead rose by £1.75 for cash and £1 for Three Months. Three Months started the pre-market at £317 and touched £324 in the ring before profit-taking shaded prices, dealers said. At the same time, the contango narrowed further to £1.75. Sales were only 1,775 tonnes. On Tuesday,
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    • Article
      Zinc
      86 8 LONDON, Wed. Zinc closed with gains of mostly £1.50. The generally steadier trend was reflected In this metal where lightweight shortcoverlng lifted Three Months from £311 on the early pre-market up to £315 in the ring. Sales were 1,350 tonnes. On Tuesday, zinc closed with losses of £2.50 for
      86 words
    • MONEY AND EXCHANGES
      • Article
        Singapore
        570 8 THE US dollar weakened against most currencies yesterday In Singapore's foreign exchange market, In line with world trends. Activity, however, was centred In the UBs Deutschemark counter which saw the dollar dropping unimpeded from the opening of DM2.2885 to DM2.2837 In the afternoon when London opened. Dealers said that
        570 words
      • Article
        Minimum lending rates
        54 8 Art*r «v. Firat Ckietfo 6S Almnma Rank CI. Citibank Bangkok Buk 7 HNRr Ik But «T Anwrica H IiiiLlhui 1 u 7 CH Buk of Tokyo lu n MiUua Bask L < Bank Nefkra OCBC I ndonfii i T OUB «V. fkirUrad Rank «v. UCB 7 Out
        54 words
      • Article
        Asian $ rates
        142 8 Asian rates ASIAN currency deposit interbank rates u at cioee on Aug 1: U8D*Uan (Spat) OChr Bid 7 da rt S 15/16 5 11/16 lmth 5 11/16 5 9/16 Imtfca 5 15/16 5 13/16 Smtha 6 1/1 6mthi 6 5/1 1/4 tmUia 8/16" 7/16 12 mttia 6 M 6 1/1
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      • Article
        Discount
        48 8 RANGE of p rkw offered by dt< count houaw on Aoc S: Ownliht 3* Call depoait OmJ Bv fwiun 3-Month Tnuury S 2 7/B 3-Month Bank Mill 4 1/1 4 S-Month* CD 4 9/16 4 7/1* 8-Month* CD 4 11/16 4 »/16 Source: National Discount Co. Ltd.
        48 words
      • Article
        Euro $ rates
        133 8 Euro rates LONDON, Wed. Period Eurodollar deposits up to six months opened easier reflecting Friday dealings technicality while day-to-day rates opened steady but the market tended mostly easier from openings in early quiet trading, dealers said. Initial technical falls which ranged from 5/16 in one month to 1/16 In six
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      • Article
        Treasury bills
        38 8 THE Monetary Authority of Singapore Invites banks and discount houses to tender a total of $20 million 91-day Treasury bills to be issued from Aug 8 to 12. Each tender must not be less than $250,000.
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      • Article
        New York
        167 8 NEW YORK Wed. The Canadian dollar ended the day weaker but above Its lows following unusually aggressive Bank of Canada intervention, while the US dollar closed lower on balance, dealers said. The Canadian unit firmed to 93.15/17 US cents In very late trading. It earlier hit a low
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      • Article
        London
        209 8 LONDON, Wed. The dollar eased to around 2.2835/45 marks in moderately active early trading while the Canadian dollar dropped to 93.08/09 US cents, dealers said. The dollar fell to 2.2810/20 marks at one stage from Its overnight 2.2897/2907, the main reason for the fall was selling in New York
        209 words
      • Article
        Tokyo
        114 8 TOKYO, Wed. The US dollar for overnight delivery closed at 266.30 yen In light trading, marginally higher on Its 266.20 opening and slightly down from 266.80 at yesterday's close, dealers said. After an Initial decline reflecting an overnight recovery In European currencies In overseas centre, the US unit moved
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      • Article
        Hongkong
        110 8 HONGKONG, Wed. The US dollar eased In fairly active afternoon trading with some early selling from Europe, dealers said. The US unit fell to 2.2825/35 marks from New York's mid-point equivalent close of 2.2910, and to 1.7392/97 against sterling from 1.7371/79 in New York. The Hongkong dollar closed at
        110 words
      • Article
        Australia/NZ
        49 8 AUSTRALIAN exchanges on Aug 3: Sterling 0 6367/0.6326 US doUar 1.1077/1.102# Ninety-day Mr mall buying mee: Sterling 0.0666 US dollar 0.637S Ninety-day forward buying rate*: Sterling 1.1330 U8 dollar 1.0062 New Zealand Sterling 0 5607/0.5576 US dollar 0.9790/0.9690 Ninety-day forward rate Sterling (V 5778 US doUar 0 9993
        49 words
      • Article
        Zurich
        47 8 ZURICH exchanges closing quotes on Aug 2: UB2 3996-4003 UK 4.1710-1736 Can 2.2360-2370 W Oerm 104 79-67 Neth 96.36-46 Prance 46.44-46 Belg 6.76 H 79* Denm 46.13-16 Norw 46.67-70 Swed 64.62-66 Italy 6.2721-2724 Austria 14 73-75 Port 6 23-25 Spain 2.53-63% Arg 0.56-65 Japan 0 90-90*
        47 words
      • Article
        Frankfurt
        36 8 FRANKFURT exchanges opening quotes on Aug 3: US 2.3645/56 Can 2.1366/00 UK 3.976/962 Neth 61.66/96 Swttl 66.36/40 Italy 2 662/66 Prance 47.16/25 Norw 43.43/51 Belg (com) 6 467/477 Belg (fin) 6.435/445 Japan 0 6500 AM
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      • Article
        Eurobonds
        291 8 LONDON, Wed. Straight debt Eurobonds held steady In quiet trading, dealers said. US convertibles were generally steady while Japanese Issues tended a fraction lower. Straight* BM Offer Austria 8*. 90 101* 102* Bell Canada IK 86 104* 108* BFCE8*83 102* Bra*U9*84 98* 88 Can Pacific 9* 83 101* 102*
        291 words
  • Page 8 Advertisements
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      Page 8 Advertisements Column 1
      319 8 from Penguin ui rj i IN PENGUINS Ufi Yukio Mishima firmly upheld the traditions of Japan's imperial past, which he believed were being slowly eroded by Western materialism. Disillusioned he astonished the worlcf in 1970 by committing hara-kiri or ritual suicide by disembowelment. One of his last works, Runaway Horses,
      319 words
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  • TRANSPORT AND COMMUNICATIONS
    • Article
      Lock icon US preference bill on shipping of oil approved
      260 9 Reuter WASHINGTON, Wed. A congressional committee yesterday supported proposed legislation which would require nearly 10 per cent of Imported oil to be carried In American flag tankers by 1984. But Republican national chairman Bill Brock bitterly attacked the proposal as a violation
      Reuter  -  260 words
    • Article
      Neptune Orient Lines
      281 9 NEPTUNE Orient Lines (NOL), Singapore's national shipping line, has regular contalnershlp liner services from Singapore and Malaysia to two continents one to UK/ Europe and the other to Australia. NOL's services to UK/ Europe commenced In April, 1976, when the Ace consortium was formed, comprising NOL, "K"
      281 words
    • Article
      The going could be rougher says Seatrade
      974 9 "THINGS could be worse" that Is the headline given to this year's annual review of the world's shipping Industry by the British-based monthly, Seatrade. In a 16-page review, Seatrade In Its latest issue Hv: "If every aspect of pplng was in a permanent
      974 words
    • Article
      Lock icon New Lockheed chairman
      158 9 Reuter BURBANK, (California), Wed. Lockheed Aircraft Corp. said yesterday its directors had decided to appoint Roy Anderson to replace Robert Haack as chairman of the board. The company said Mr. Anderson, vice-chairman of the board and the company's chief financial and administrative officer, would assume the position
      Reuter  -  158 words
    • Article
      Lock icon London freight market
      194 9 UPI LONDON, Wed. Coverage of cement movements on a time-charter basis provided the only real Interest on a freight market unusually devoid of grain business. Unlmarlne featured prominently In the cement chartering field when they booked four vessels for trips from East Africa and Poland. They paid
      UPI  -  194 words
    • Article, Illustration
      IN PORT
      399 9 EXPECTED ARRIVALS TODAY KEPPEL WHARVES Bunga Mas (1500 after Yue Man) (Subject free board) 19 Cherry Vllja (B. Barge> (1200) 48 Hoeel Maru (Car carrier) (1000) 47 South Korean Mall (0800 after Straat Nagasaki) 1/2 Montes (0600) 24 Palm Sea Horse (Tanker) (1800 P/O) 15 Perak (0600 after
      399 words
    • Article
      Lock icon Transfair '77- America's answer to the Paris Air Show
      241 9 Transfair '77America's answer to the Paris Air Show AP ATLANTIC CITY, (New Jersey), Wed. Transfair '77, set for mid-August as a rival to the Paris Air Show, will feature the latest in air, land and sea transportation, the promoters promised. Sponsors of the event, set for Aug. 17-21 at the
      AP  -  241 words
    • Article
      Lock icon KARACHI SURCHARGES
      67 9 Reuter LONDON, Wed. Conferences covering trade between Europe and Pakistan said they will defer Increased port surcharges on Karachi If the authorities relieve the turnaround situation in the port. However, they said If no significant relief ensues, surcharges will be raised to 20 per cent eastbound from 16
      Reuter  -  67 words
    • Article
      DAILY AIRCRAFT MOVEMENTS
      570 9 ABKIVALS Operator Wm>h 1 31 CPA 8IA CX003 SQ662 0145 HKO 0250 CMB MAS CPA OIA 8IA OIA OIA PAL RBA SIA MAS SIA THAI OIA MAS SIA SIA CAL OIA MAS 8IA SIA OIA JAL MAS MH682 CX71 OAMO SQ211 OA944 OA9O0 PRSOl BI32S SQ240 MH684
      570 words
    • Article
      Lock icon Typhoon damage in Taiwan
      134 9 Reuter TAIPEH, Wed. Damages caused by recent typhoons to container handling facilities at Kaohslung and Keelung ports will temporarily pose difficulties to moving export-import commodities there, the Central News Agency reported yesterday. The agency said the Board of Foreign Trade would call a meeting tomorrow to
      Reuter  -  134 words
  • Page 9 Advertisements
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      Page 9 Advertisements Column 1
      100 9 /r 'o, Jh 111 I fill <1 Have you got your copy of the 1976/77 BUKU MERAH? It's the 1976/77 "Red Book office/library reference book covering the business scene in Singapore. It is complete. Built up over 80 years and updated each year. This book contains all the vital information
      100 words
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  • Article, Illustration
    Lock icon Europe's approaching liability explosion
    2431 10 Economist LONDON: Manufacturer* throughout Europe may soon be subjected to the toughest product liability laws in the world. They could then be required to compensate their customers (or any injuries their products cause, whether they have been negligent or not. Both the EEC commission and the
    Economist; Source: Interagency Task Force's random sample; SOURCE: Interagency Task Force's random sample  -  2,431 words
  • Article
    BRIGHT FUTURE FOR KL POLICE COOPERATIVE
    1786 10  -  By STEVEN TAN "TORS is no reason why the Police Cooperative Society should tell to be a significantly viable conglomerate In five years, given the right long-term planning and proper support." In taking this view, genera] manager fticlk Monamed Zaln bin Hajl Daud Is
    1,786 words
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      193 10 Give us a man for a monthwell give him a language for life now the largest group of language schools in the world offers a range of intensive language courses specifically designed for the busy executives whose work and position require them to attain a high degree of proficiency in
      193 words
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  • Article
    Lock icon Japan is not likely to boost defence spending
    282 11 UPI TOKYO. Wed. The government to not likely to umtnm its ratio at dame* ■pending next year despite a stated intention at reducing its military dspsndsncy on tko United States, a Japanese defence official Mr. Keiicki I to, policy director at Japan's
    UPI  -  282 words
  • Article
    Lock icon Manila to rent Jakarta's satellite
    181 11 AFP JAKARTA, Wed. The Philippines has agreed to rent the spare Indonesian domestic satellite hovering over the Indian Ocean for its own domestic communications system, spokesman for the Post and Telecommunications Department announced here today. The Philippine decision was contained in a memorandum of understanding
    AFP  -  181 words
  • Article
    Lock icon Japan adopts measures to reflate economy
    565 11 Reuter UPI TOKYO, Wed. Japan adopted a package of measures to stimulate the economy before Introducing fuller fiscal and monetary policies late this month, the Economic Planning Agency said. Controls against cartels will be eased to help depressed Industries, and terms of loans by
    Reuter; UPI  -  565 words
  • Article
    Lock icon More Japanese buy vehicles
    73 11 Reuter TOKYO, Wed. Japan's vehicle registrations rose 12.1 per cent in July to 345,397 units from 306,081 in June, but fell 7.5 per cent from 373,353 In July last year, the Automobll Dealers Association said. The July total comprised 239,142 cars, 104,182 trucks and 2,073 buses.
    Reuter  -  73 words
  • Article
    Lock icon Less trade done with China in first half
    352 11 AFP TOKYO, Wed. Two-way trade between Japan and China totalled US$l.5 billion (813.7 billion) In the January-June period of this year, down 10.8 per cent from the same period of last year, a private trade association reported today. The Association for the
    AFP  -  352 words
  • Article
    Lock icon Fear of change in quota system
    263 11 AFP TAIPEH, Wed. Government officials and textile manufacturers are concerned about a possible change in the US quota system fearing it might hurt local Industry. The US quota implementation committee recently suggested reducing the current quota categories of Taiwan-made textile goods shipped to the
    AFP  -  263 words
  • Article
    Lock icon UK raps Taiwan for dumping doors
    182 11 AFP LONDON, Wed. Another call for "servere restrictions" on the flood of Imports of wooden doors from Taiwan was received by Trade Secretary Edmund Dell yesterday. This time It was a Labour Member of Part lament, David Stoddart, who claimed that alleged dumping threatened
    AFP  -  182 words
  • Article
    Lock icon Taipeh to have display centre in Holland
    131 11 AFP TAIPEH, Wed. Taiwan will set up a permanent machinery display centre in Roosendaal, Holland, according to a cooperation agreement signed here recently with C. Akkermans B.V, a Dutch machinery Importer. A total of 542 machines, including 93 larae machine tools, made by
    AFP  -  131 words
  • Article
    Good money for roaches
    67 11 OSAKA, Wed. A supermarket here has Introduced a sales gimmick with a twist buying nearly 100,000 cockroaches from housewives "to do something ussful for society." The store set aside oqe million yen (859,200) to purchase cockroaches for 10 yen each during a six-day campaign. According to
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  • Article
    Warning on cig packets
    66 11 KUALA LUMPUR, Wed. A health warning will come with every packet of cigarettes tram Oct 1. The wording will be: Warning by the Malaysia Government. Smoking la lnJurlous to health, according to a government saastte. The order stipulates that the warning must be "clearly and conspicuously"
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  • Article
    Lock icon Signing of Soviet-Japanese fishing accord
    190 11 Signing of SovietJapanese fishing accord UPI TOKYO, Wed. Japan and the Soviet Union will sign an Interim afreement on fishing In their new 320 km economic tones tomorrow. Although catch quotas have not yet been worked out, Japan Is expected to be allowed far less than the 1.8 million tonnes
    UPI  -  190 words
  • Article
    Lock icon Work on Jordan oilfield soon
    149 11 UPI TOKYO, Wed. A petroleum development corporation may shortly start exploring the first oil field in Jordan in cooperation with French and American counterparts. Informed sources here said today. Fuyo Petroleum Development Corporation Is reportedly boiling down Its talks on the proposed joint venture with
    UPI  -  149 words
  • Article
    Sewage sludge in parks
    108 11 A MINISTRY of National Development spokesman said Singapore has been using dry sewage sludge for the development of parks and gardens for some time. The spokesman said this In reply to a report that New Zealand scientists have completed a two-year study of possible horticultural and
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  • Article
    Yuan Ching School
    63 11 THE PUBLIC Works Department has recently completed construction of the $3.00 million Yuan Ching Secondary School, overlooking Jurong Lake, under Phase n of Its school twituHng programme. The schooT built on 3 J hectares of land, comprisss a four-storey classroom block, a four-storey science block, a three-storey
    63 words
  • Article, Illustration
    BUILD UP YOUR FLEET SAYS MAYOR
    175 11 A 8 AN ISLAND historically dependent on trade, Singapore will stand to fain if it concentrates on the development of its marine industry such as the building up of a large and efficient merchant fleet. This should be Singapore's target In its next stage
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  • Article
    Lock icon Dunlop will quit if IAC report is accepted
    567 11 Reuter lIBLBOURNS, Wed. Dunlop Australia Ltd forecast an Immediate withdrawal of resources from the Australian textile, clothing and footwear Industries If the government accepted the Industries Assistance Commission's (lAC) philosophy on reduced protection. Dunlop, a major textile, clothing and footwear maker, was
    Reuter  -  567 words
  • Article
    Index Fund pioneer opens local office
    307 11 THE American National Bank and Trust Comoanv of cnicago, pioneers of the Index Fund In the UB, has Kned a representative ofi In Slngpore to service ltr UB-based clients In this, region. Its representative here, Mr. Foo Kok Swee, said yesterday that although the
    307 words
  • Article
    Cooker hoods joint venture
    245 11 A NEW ZEALAND manufacturing firm, Kitchen Requirements Ltd., has embarked on a Joint-venture scheme with Khlnco (Singapore) Pte. Ltd. for the production of cooker hoods In Singapore. Under the licensing agreement, Kitchen Requirements will provide about 80 per cent of the components needed for the assembly
    245 words
  • Article
    Lock icon Thailand to cut maize supply
    180 11 AFP Reuter BANGKOK. Wed. Thailand will cut Its malse supply to Japan and Taiwan by 50 per cent due to severe drought affecting this year's crop, Informed sources reported today. The decision was reportedly taken during a meeting of the Board of Trade, the Thai
    AFP; Reuter  -  180 words
  • Article
    Prices of eggs in KL go up
    115 11 KUALA LUMPUR, Wed. The prices of eggs have gone up by one cent to 10 cents each for the A grade and 14 1/3 cents for ths D grade In the markets here and in Petahng Jaya. The wholsMle pries for the B,
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  • Article
    Lock icon STRAITS TIN HIGHER
    60 11 Reuter KUALA LUMPUR. Wed. -1 The Straits tin price In i Penang rose Ms 3 to 01,010 0130 above the Inter- 1 national Tin Agreement ceiling, dealers said. 1 Despite London Metal < Exchange easiness, the market remained strong with moderate buying from US and Japan, they
    Reuter  -  60 words
  • Article
    Lock icon Six-month lumber sales rake in $86m
    172 11 Reuter MANILA, Wed. The Philippines exported U5535.34 million (5586.6 million) worth of lumber during the first six months of 1077, up by 17.0 per cent over last year's figure of $30.05 million for the same period. Department of Trade figures show the United States
    Reuter  -  172 words
  • Article
    Lock icon Vietnam buys Manila sugar
    91 11 AFP MANILA, Wed. Vietnam Is to purchase 00,000 tonnes of raw sugar from the Philippines at prevailing world market prices, the Chamber of Commerce of the Philippine (OCP) announced today. "Because of current commitments, Vietnam has agreed to take delivery at a later date." said chairman
    AFP  -  91 words
  • Article
    Lock icon Firm owes it to subsidy
    97 11 AFP CANBERRA, Wed. One Australian towel-making company has Just announced a 70 per cent Jump in net profits thanks to a government subsidy worth A 15.000 (813,650) per employee. The Sydney comany, Supertex Industries Limited, last year sold towels worth $4.1 miltfon, but they cost
    AFP  -  97 words
  • Article
    Burmese envoy
    39 11 THE NEW ambassador for Burma, Mr. U Tuang Hmung, presented his credentials to President Sheares at the Istana yesterday. Mr. U Tuang, concurrently ambassador to Thailand, will continue to reside In Bangkok. He succeeds U Theln Maung.
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  • Article
    Tobacco plant for Senoko
    179 11 A TOBACCO-LEAF drying and processing plant Is being set up at Senoko, one of the newer Industrial estates In Singapore over looking the Straits of Johore. The $800,000 plant of the Leaf Tobacco Development Corporation, a subsidiary of Rothmans (Singapore), Is under construction and Is scheduled
    179 words
  • Article
    Solid gold lighter on sale for $10,000
    104 11 MARUMAN'S second 22k solid gold lighter Is now available here. Priced at $10,000, the hand-carved lighter portrays a Japanese landscape in gold Intermingled with specks of silver and chrome. Maruman's first solid gold lighter was Introduced in Singapore In October last year at
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      354 11 /I —N MARKETING SALES EXECUTIVE/MANAGER Jurong Alloys Pte Ltd require an outstcnding person to fill the post of Marketing Sales. This position carries responsibilities in marketing and sales for South East Asia and Singapore. The person we seek should fall within the oge group of 25 35. He should preferably
      354 words
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  • Article
    Lock icon Australian $ devalued a further 1.51 pc
    627 12 Australian devalued a further 1.51 pc Reuter SYDNEY, Wed. The Australian dollar was devalued today by 1.51 per cent. The dollar was devalued In term* of a tradeweighted basket of currencies used bj Australian authorities to manage the currency. The Reserve Bank announced the tradeweighted Index value of the dollar
    Reuter  -  627 words
  • Article
    Lock icon As the year wears on, recovery hopes fade
    279 12 Reuter SYDNEY, Wed. Observer* who last year were optimistic about a recovery in Australian economic activity are now lees confident, the Bank of New South Wales said in its quarterly review. Production, consumption and employment figures for the early months at 1*77
    Reuter  -  279 words
  • Article
    Lock icon Tin buffer
    33 12 Reuter TOKYO, Wed. Japanese Government sources said Japan would probably contribute about eight billion yen (8170.4 million) to a fund for building up a 20,000 tonne buffer stock of tin. Reuter.
    Reuter  -  33 words
  • Article
    Demand for phone service increasing at remarkable pace
    466 12 APPLICATIONS for telephone service In Singapore have been growing at a rate of 25 per cent yearly. Describing this figure as "remarkable", the Minister for National Development and Communications, Mr. Llm Kim San, yesterday said that Telecoms receives, on average, 6,500 new
    466 words
  • Article
    Wywy loses 8 sales reps
    117 12 WYWY, a local trading company, has lost its entire Ricoh copier sales force. Its eight sales representatives with an average of five years experience among them In the sale of Ricoh copiers, resigned collectively from Wywy with effect from Aug. 1. It Is understood that
    117 words
  • Article
    $55m for safe straits
    100 12 THE Japanese Government has recommended the adoption of a $55 million scheme to reduce accidents In the Malacca Straits and the Straits of Singapore to Indonesia, Malaysia, and Singapore. The scheme, outlined In a draft report by the survey team from the Maritime Safety Agency after
    100 words
  • Article
    LONDON STOCKS
    643 12 LONDON, Wed. Equities made fresh headway In moderate trading, dealers said. At 3 p.m. the Financial Times index was up 7.2 at 490.1. Hopes of a cut in minimum lending rate this Friday continued to influence sentiment but stock shortage accentuated the advance, dealers added. Government bonds ended
    643 words
  • Article
    Boost for gas output
    121 12 THE PUBLIC Utilities Board has commissioned the Installation of two more naptha reformers worth $5.7 million at Its gasworks In Kallang. Each having a dally production capacity of 150,500 cu metres, the reformers will add to the present five m operation. The five have a total
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  • Article
    Malaysia- Japan economic association formed
    262 12 MalaysiaJapan economic association formed A Malaysia-Japan economic association has been set up to promote greater economic and trade relations bstween the private sector* of the two countries, Datuk Hussein Onn announced todav. He said the association would be formally Inaugurated later this year. Datuk Hussein said in a statement that
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  • Article
    SWEET MOVE
    34 12 THE 20 per cent customs duties on perfumeries, cosmetics, and toiletries, are abolished with effect from today. The move is expected to promote reexports of these products and help the tourist trade.
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  • Article
    Japanese not singled out
    525 12  -  »r QUEK PECK LIM KUALA LUMPUR, VM. Aaean officials are bebsvod to have UNNd Japan that shs to not the only country singled out to hetp In the association's proposed Export Commodities Earnings Stabilisation Scheme (Stabex). R to learnt that Assan has also approached the European
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  • Article
    Lock icon Fukuda pledge to up zinc buffer stocks
    158 12 UPI TOKYO, Wsd. Prime Minister Takeo Fukuda to expected to pledge Japan's contribution to the International zinc Agreement by increasing its buffer stocks during his two-week visit to the South east Asian countries starting Saturday, sources close to the government said today. Mr.
    UPI  -  158 words
  • Article
    Lock icon Tokyo may relax tariff barriers
    259 12 Reuter TOKYO. Wed. Japanese Prime Minister Takeo Fukuda Is expected to announce soon a plan to relax trade tariff barriers between Japan and the five member states of Asean, the International Trade and Industry Ministry said today. The ministry said the government was considering a
    Reuter  -  259 words
  • Article
    Lock icon Kuwait to base oil prices on SDRs
    254 12 AP KUWAIT, Wed. Kuwait, upset by unstable dollar conditions, will ask Its customers to the price of its crude oil In terms of the International Monetary Fund's Special Drawing Rights, the Undersecretary for Economic Affairs said today. Mr. Mohammed Naslr said In a
    AP  -  254 words
  • Article
    Lock icon $254 m loan for Taipower
    65 12 UPI TAIPEH, Wed. Seventeen banks of the Citicorp International Group signed a loan contract with the state-owned Taiwan Power Company (Taipower) today to extend US$lOO million (***** million) for Talpower's nuclear power construction pro/ects, financial sources said. The loan, granted by the banks from the
    UPI  -  65 words
  • Article
    Gold buyers, where are you?
    134 12 LOCAL response to yesterday's International Monetary Fund gold auction was patchy up to late afternoon, dealers reported. With gold going for U***** an ounce in the market, buyers were not forthcoming. The current market price Is up UB9O from the last auction's cut-off mice of
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  • Article
    Accord on central accrediting body
    456 12 ADVERTISING agencies and media owner* In Singapore have agreed in principle to have one central accrediting body for the advertising Industry. Members of the AsaodaUon of Accredited Agents (4A>) and the Advertising Association Singapore (AMOAS) met recently to review accrediting po&dee of media owners in
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  • Article
    Muldoon arrives tomorrow
    64 12 THE Prime Minister of New Zealand, Mr. Robert Muldoon, will arrive In Singapore tomorrow for a twoday stopover visit. Mr. Muldoon Is en route to Kuala Lumpur to attend the post-summit meeting of Asean heads of government. He will also make an official visit to Thailand between
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  • Article
    Insurers urged to set up disciplinary committees
    370 12 INBURANCB companies should form disciplinary committees to deal with malpractices of their agents. This is one of the key recommendations put forward at the close of the .three-day life Insurance seminar at Hyatt Hotel yesterday. Irresponsible agents should be censured or even dismissed
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  • Article
    Warehousing complex space available
    252 12 PROSPECTIVE tenants may now apply for space In the Port of Singapore Authority's 8152 million warehousing flatted factory complex at the Junction of Paslr Panjang Road and Alexandra Road. Work Is now 85 per cent completed and the complex Is scheduled for completion next month. It
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  • Article
    Lock icon Big wage claims at ICI
    88 12 Reuter LONDON, Wed. A Hnim for substantial Improvements In pay and fringe benefits for 20,000 Imperial Chemical Industries Ltd workers had been lodged with the company, a Kkesman for the Assoclai of Scientific, Technical and Managerial Staff said. He would not say what the total
    Reuter  -  88 words
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      3 12 SEE PAGE S
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      62 12 f This Sign Means Business Businessmen Find new products, new ideas, new profits at the NEW ZEALAND INDUSTRIES TRADE EXHIBITION Shangri-La Hotel (Island Ballroom and Foyer) Open daily until Saturday August 6. Hours: 9.30 am 1.30 pm; 4pm 7 pm. For information, contact New Zealand Trade Commissioner, 13 Nassim Road,
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