The Business Times, 11 February 1989

Total Pages: 20
1 20 The Business Times
  • 12 1 BUSINESS TIMES MCI (P) 45/12/88 Weekend Edition, February 11-12 1989 75 CENTS
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  • 250 1 Dow Jones down WALL STREET opened sharply lower yesterday following the announcement that wholesale prices had risen by one per cent in January. The Dow Jones Industrial Average fell 16.06 points to 2,306.96 five minutes after trading began. Nearly 10 million shares changed hands in moderately active
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  • 106 1 THE TOKYO currency market yesterday shrugged off President Bush's 1990 budget proposals, with dealers saying there was little that was unexpected. The US currency tumbled two yen and two pfennigs in New York on Thursday on waning expectations that Mr Bush would produce significant deficit
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  • 262 1 Reuter THE BUDGET PLAN outlined by US President George Bush may disappoint investors who hoped for a clear-cut programme to reduce the US budget deficit, Wall Street analysts said. But the financial community gained some comfort from a number of incentives Mr
    Reuter  -  262 words
  • 230 1 REGIONAL MARKETS closed mixed yesterday after starting on a quiet note as investors held back to assess the implications of US President George Bush's budget speech. In Singapore, trading was hectic with prices rising over a broad front. The market started on an easier note following
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  • 597 1  -  S'pore officials said to be talking to CME By ALVIN TAY and SOH TIANG KENG THE SINGAPORE International Monetary Exchange (Simex) is widely expectsd to join its counterparts in Chicago, New York and Sydney in the electronic global trading system called Globex by the end
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  • 461 1  -  By LILIAN ANG IN FOUR YEARS, the now-quiet stretch of Tanglin Road from Ming Court Hotel onwards may be a hub of activity. Two major hotel-cum-shopping centre projects have been proposed for the area. The two projects one by the Hong
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  • 163 1 THE ACCOUNTANTS Act (Ch 2A). passed in August 1987, comes into operation from today. This means that the Singapore Society of Accountants will now be known as the Institute of Certified Public Accountants of Singapore (ICPAS), continuing its role as a professional governing body.
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  • 146 1 Reuter JAPANESE Prime Minister Noboru Takeshita yesterday called for a more activist approach to foreign affairs as his nation grows in economic might. But in a wide-ranging policy speech to Parliament, he warned that Japan must retain its humility in order to avoid "past
    Reuter  -  146 words
  • Page 1 Advertisements
    • 219 1 'ikon The World's Finest Photographic System. Helping the disabled 2 Report by the Advisory Council on how the disabled can be integrated into society Employer groups 2 Lobbying the government for review of levy, CPF increases Bush budget 3 Call for cut in defence spending US-EC row 3 Gatt investigation
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    • 4 1 >)%:(")~-~!$?{/--%?`^/.!\`!?<.` Budget details, PAQE 3
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    • 8 1 Lazarus tender results out by April, BACK PAGE
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    • 222 1 Nika Ths World's Finest Photographic System. That first hot date Page 11 Hygienic and healthy are not synonymous Pag* 14 Those affordable 'second' wines Page 15 TV programmes for today and tomorrow Page 16 St Gallen: still a force to be reckoned with Page 17 Analysts expect KL market to
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  • HOME NEWS
    • 545 2  -  Report by the Advisory Council on the Disabled By SHOEB KAGDA DISABLED PEOPLE have the same right as normal people to live as independent a life as possible. But those who do need care should not be the government's sole responsibility. These
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    • 241 2 BASEMENTS and areas below the void decks of eight Housing and Development Board estates wilt soon be turned into civil defence shelters. The shelters are primarily for residents to use in times of emergency. This would further strengthen civil defence facilities in Singapore. During
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    • 391 2  -  By JAYARAM MENON EMPLOYER GROUPS have come together to quietly lobby the government into reviewing the propoeed rises in the foreign worker levy and the employer's CPF contribution rate. The Singapore National Employers' Federation has been coordinating feedback from the employer
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    • 225 2 THERE are still five days to go before nominations for the Construction Industry Development Board's construction excellence award cloee. The closing date was extended for two weeks from the end of January to F#b 15. A CIDB spokesman said this was in
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    • 215 2 EARNINGS from Exxon Corp's worldwide chemical operations reached a record last year of more than US$l billion. Exxon Chemical Asean area director R E Baze said Exxon Chemicals' three business groups Basic Chemicals. Performance Products and Polymers achieved higher volumes. In the Asean
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    • 663 2  -  By FOO CHOY PENG Hongkong Correspondent A RENEWED ATTEMPT to interest Hongkong professionals to settle or work in Singapore seems to be showing some results. "I think the response (to the renewed attempt) has been quite good from Hongkong professionals," said Mr Michael
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    • 371 2  -  -By Shoeb Kagda EMPLOYERS should be given tax incentives so that they would modify the work place to accommodate the special needs of disabled workers. Tax deductions could be similar to those currently offered to companies that make changes to conserve energy or
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    • 1113 2 AT CONVENTIONAL WHARVES 1 i■■>!!■ i n«n■■hii■ utiui Arnvw k/tpinurt KEPPEL WHARVES April Glory KI8 olongsid* 11.02/1800 Continent 1 K19 along*}* 15 02/0700 Equator HI K23 olongsid* 11.02/0400 Honfom K33 alongsid* 11OQ/OS30 HotiBo* K27 olongsid* 1102/2300 Koto S*gor K32 olongsid* 17.*****0 Nad Son Juon CIO alongsid* II
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  • Page 2 Advertisements
    • 165 2 welcome to the new comforts of home There are changes in the air at Hotel Equatorial Kuala Lumpur. Most important is the total make-over in our rooms and suites, now in a modern, contemporary style that's charmingly comfortable. IP A new refreshing look greets you at our lobby. Plush, inviting
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  • OVERSEAS
    • 349 3 AP THE US blocked a demand on Thursday by the European Community for a Gatt inveetigation into high US duties on European food imports, imposed to retaliate for an EC ban on shipments of hormone-treated meat. The EC. which charges that Washington's measures
      AP  -  349 words
    • 199 3 AFP WEST GERMANY had a record trade surplus in 1988 for the fifth straight year, 128 billion deutschemarks (US$7l.2 billion). The Federal Statistics Office said on Thursday the surplus was 8.8 per cent higher than the 1987 figure of 117.7
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    • 886 3 ARRIVALS DEPARTURES Operator nurabor Local tfcno From Oparator Sorvic* numbor Local tfrno For OAl MAS SU CAL SIA SIA AAAS MAU SIA SU MAS SVA KAl MAS MAS ACA SIA CAL cpx GU SIA MA SIA GU SIA SIA THA AIC THA GU MAS SIA SIA SU
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    • 105 3 Reuter JAPAN will eliminate or sharply cut import tariffs on 179 tropical products in a concession to help Third World nations. It told the ruling council of the General Agreement on Tariffs and Trade (Gatt) that the move would take effect in April.
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    • 403 3 AP JAPAN'S Parliament resumed business yesterday amid expectations that a widespread stock scandal would generate stormy confrontations and stall debate on the government's budget for the next fiscal year. The legislative body opened its regular session with a ceremony and an
      AP  -  403 words
    • 235 3 UPI PRESIDENT George Bush asked Congress to cut US$2 billion out of crop subsidies on Thursdsy and called for loan guarantees to replace many rural loan programmes. Mr Bush's request on subsidies was virtually the same as one made by President Ronald
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    • 508 3 Social programmes to get more funds AP PRESIDENT George Bush proposed a US$l.l6 trillion budget on Thursday night that would increase money for social programmes but cut defence spending. He also promised to "work day and night" with Congress to get America's
      AP  -  508 words
  • Page 3 Advertisements
    • 37 3 The business person's choice every Tuesday, Thursday, Saturday and Sunday. Leaving Changi Airport at 22:05 hours and arriving Heathrow early the following morning. Call your Travel Agent or Air Canada M 7)*****. A BREATH OF FRESH AIR
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    • 65 3 ae BALENCIAGA 111 m M-t^/l <a r i 11 '•J SUCCESS ALL WATCHES AND LEATHER PTE LTD LUCKY PLAZA, WISMA ATRIA CHAP MAI JEWELLERY PTE LTD RAFFLES CITY INTERNATIONAL WATCH CO PTE LTD PEOPLE'S PARK COMPLEX LEE CHAY WATCH CO PTE LTD PENINSULA PLAZA NANKING WATCH FUNAN CENTRE, LUCKY P£AZA.
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  • Page 3 Miscellaneous
    • 49 3 Singapore OUTLOOK: Pair, mpl Report for 24 houn prior to 7.30pm on fob 10 a* Hra o< mm MM Ini Now MM Now York Rio 'Janeiro Rome San Frfe'co San Juan Santiago Sao Paulo S#oul •—i wfOQulONn Sydney Taipei Tokyo Toronto Vancouver Vienna Wonow \A/n Jiln ntri i TTO«W>yT(XI
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    • 59 3 Doonesbury 0H...HeY... I REMEMBER. THIS ONE! LISTEN TO "THIS, J.J./ *PEAR MIKS, ALL I m. Vr U *lWi w rr seemed thb. longer hje TALKED, THE WORSE THINGS GOT. JUHEN ME FINAUX HUNG UP, I FEW LIKE MY HEART HAP BEEN TORN OUT. GOP, LOVE IS HARD. I FEEL SO
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  • MONEY AND EXCHANGES
    • 263 4 IMM currency futures ended with strong gains on Thursday after rallying sharply amid speculation that president Bush could announce a budget proposal containing a larger deficit than previously thought. Many traders had expected the first Bush administration budget to call for significant progress in cutting the steep US budget
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    • 62 4 THE OVERNIGHT rate on the Singapore money market fell by 1/4 point to close at sper cent yesterday. Short term rates were unchanged across the board. N S$ Interbank rates at It* dose yesterday: OffB NO OMT3 4 3/4 1-awn* 5 5/16 9 3/16 2-monh 3 3/16 3
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    • 116 4 Treasury bills Day's Period Issue Yesterday's dosing code Maturity WD OFFtt HKJH LOW 3 mmirtw BQ*****N 11.05.89 3J0 3.45 3.62 3JO 6 moth* BY*****S 20.07.89 3J5 3.50 3.80 3J0 1 year BY*****H 23.11.89 375 3.70 3.97 3.76 Government notes and bonds Period Issue Maturity Coupon Yesterday's dosing
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    • 180 4 IndlcitM the sversgs of the prime lending rates oI 12 ma|or In B'pore Interbank market rates (offer/bid) on Feb 10 us* DM SWFC 7 day* 9 3/1* 3/1* 13 13 7/3 17/1 3 11/1* 3/1* 4 3/1* 1/1* 1 m* 9 7/1* 3/1* 13 1/1* 13 13/1*
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    • 1181 4 SINGAPORE: THE US dollar extended its losses into Asia yesterday as President Bush's budget contained little more than what had previously been released. His growth assumptions remain tenuous, and after Thursday's rather disappointing response to the 30-year refunding, there was little to shore up the buck. Range: D-mark
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    • 492 4 EURODOLLAR futures fell on profit-taking and liquidation in active trading yesterday, dealers said. They aaid the absence of significant measures in US President Bush's budget statement and the poor response to the Treaaury's laat leg auction of 30-year bonds affected sentiment. The market will be watching the 1330 GMT
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    • 504 4 HONGKONG: GOLD closed easier in quiet and thin trading yesterday with light selling orders from US investors. Dealers said the market was featureless and slow for most of the day. Bullion ended at U*****.e(V394.10 an ounce against an initial U*****.80/394.30 and compared with New York's close of U*****.30/394.00.
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    • 264 4 Asian dollar deposit rates dosed at their opening levels in quiet trading yeeterdsy. Dealers ssid there was not much reaction from the market to President Bush's budget speech. Short-date* sod term rstss were stsady to slightly firmer st the outset due to continued high US Fed funds
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    • 1342 4 CURRENCY FUTURES OPTIONS Friday, Fob 10, 1989 DEUTK ME MARK (9MEX) Mfk L«v Mpl 99 pan Lm 9a0 31 2A S 52 SA 4 33 I2A 10 34 IX 94 444 37A 37 33 344 34 90A 94 3* y lit 13 144A 142 3* IB 1 Apr Merita
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  • Page 4 Advertisements

  • BANKING AND FINANCE
    • 474 5 Reuter THE SOUTH KOREAN currency crossed the 680 won threshold on Thursday as analysts predicted it could gain a further 10 per cent in 1989. The Bank of Korea, which fixes the won's daily value against an undivulged basket of currencies,
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    • 253 5 AFP THE INDONESIAN government has licensed Japan's Fuji Bank Ltd to operate in Jakarta under a joint venture with a national bank, the finance ministry announced yesterday. The joint venture bank with PT Bank Internasional Indonesia (Bll) will open in July with a
      AFP  -  253 words
    • 277 5 NYT THE CHICAGO Board of Trade confirmed on Thursday that it was developing a computerised after-hours trading system to rival Globex, the system developed by the Chicago Mercantile Exchange and Reuters Holdings The move represented a startling reversal on the part of the
      NYT  -  277 words
    • 455 5 Law on insider trading to be introduced by May Reuter LUXEMBOURG plans to step up its surveillance of banks to make sure no hint of scandal can be attached to its financial centre, Luxembourg Finance Minister Jacques Poos said. The country will also introduce a
      Reuter  -  455 words
    • 272 5 AFP YIELDS on 30-year US Treasury bonds fell to 8.91 per cent at Thursday's auction, their lowest since August 1967 when they averaged 8.89 per cent. The Treasury sold US$9.5 billion worth of the bonds. The
      AFP  -  272 words
  • COMMODITIES
    • 172 5 THE Kuala Lumpur Tin Market (KLTM) price climbed to a new 35-month high of M 520.81 a kg yesterday, up 11 cents from Thursday's close on continued short covering mainly from Europe. Miners are running low of supplies, with turnover dropping to 71 tonnes from Thursday s 110.
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    • 237 5 Chinese Produce Exchange Sclierj' noon dosing pricos on Fob 10 (S$/100 kg) Coconut oil Bulk FOB 108.00 Old drum FOB 118.00 N*w drum FOB 122.00 Copra AAIx*d (loo**) 64.00 s«ll*rs Pepper Muntok whH* FOB NLW 735.00 Sarawak whit* FOB faq NLW 725.00 Sarawak sp*dal block FOB NLW 535.00
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    • 262 5 London Commodity Exchange Buyer/Seller dosing prices on Feb 9, (£/tonne unless specified). Previous dosing prices in parenthesis. Coffee Basis in-store London, sellers option CIF London Mor 1183/85 *****/88) High/Low 1185/68 Moy 1153/55 (1160/62) High/Low 1156/38 Sale* (2756) Cocoa Mor 854/855 (848/851) High/Low 859/845 May 873/874 (862/864) High/Low 874/859
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    • 341 5 SINGAPORE: Rubber prices closed lower yesterday with March 1 RSS buyer quoted at 211.00 cents a kg, down 3.50 cents from Thursday's close. Brokers said prices ended 4.50 cents lower in quiet morning trade on some speculative selling following falls on the Japanese rubber markets. Values recovered slightly in
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    • 280 5 RAS prices m s fob in t»i« 1 NOON CLOSE Buyers Sellers Buyers Seders Int 1 RSS Prompt 210.50 211.50N 210.00 211.00 lot 1 RSS Mar 89 21 MO 212.50N 211.00 212.00 lot 1 RSS Apr 213.50 214 JON 213.00 214.00 Int 2 RSS Of 201 JO
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    • 417 5 Reuter THE LONDON Futures and Options Exchange (FOX) intends to launch a screen-based rubber futures market in the third quarter of this year, a spokesman said. A provisional contract has now been drawn up. The grade to be traded is expected to be
      Reuter  -  417 words
    • 156 5 Telerate FUEL oil prices slip slightly lower in the Singapore market. Quite a few sellers were seen in yesterday's market offer CSTIBO at $73-74 mt fob/cif Sing or at Singapore spot market linked formulas. A number of deals were heard done for CST3BO at $62 5-63
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    • 85 5 (can»l/kg) MARCH 1 1989 APRH 1989 (currant month) (forward month) NOON NOON RAS luyan Salter. Ivyao Saltan SS« 30 193 JO 194 JON 193 JO 194 JON ssi 30 190.50 193 JON 190.50 193JON MRELB Svyarf Saltan •ayan Saltan SMI cv 318 50 330.5ON 330.50 333JON SMI
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    • 446 5 MALAYSIAN CfMIOC PALM (ML FUTUMIS ctoeediower in slightly easier trading on the Kuala Lumpur Commodity Exchange yeeteray. Dealers said the market eaaed as operators were over stock figures of 328,000 tonnes tor January which were higher men expected. The higher overnight chicago futures dM net help tenement on
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  • Page 5 Advertisements

  • WORLD MRKETS
    • 868 6 Reuter PAN AM, once the world's leading air carrier, has admitted what has long been suspected in the airline business that it has been outgrown by competitors and needs to merge to survive. Airline officials and analysts said they have long thought
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    • 549 6 RJR NABISCO Reuter KOHLBERG KRAVIS ROBERTS (KKR) and Co has taken control of RJR Nabisco Inc, the target of the biggest and one of the most controversial takeovers ever. KKR on Thursday morning accepted slightly more than 76 per cent of the food and
      Reuter  -  549 words
    • 367 6 Reuter HONEYWELL INC is being rumoured as a possible takeover target by Unisys Inc. Analysts, however, expressed doubt about such a transaction, which they said might bring a price in the neighbourhood of US$4 billion. They said demand for the stock on the market
      Reuter  -  367 words
    • 1743 6 Reuter AMSTERDAM: Dutch shares yesterday traded off lows, ignoring the downward pressure of a lower Wall Street close and an easier dollar on president Bush's budget statement, while NMB eased from merger-propelled highs, dealers said. The dollar traded quietly easier at mid-session without intervention, but above early
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    • 165 6 Reuter UNILEVER pic has agreed with Faberge Inc to buy the businesses of Faberge and Elizabeth Arden tor US$l.55 billion. The Anglo-Dutch foods and detergents group said in a statement in London that the acquisition of the toiletries, cosmetics and fragrances
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    • 841 6 New York Reuter A BOND MARKET spill following a poorly-received 30-year bond auction added late pressure to an already weak New York stock market on Thursday, resulting in a sharply lower finish for blue chips. Nervousness before President George Bush's budget speech prompted some earlier
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    • 968 6 London Reuter LONDON EQUITIES continued to fall at the official opening yesterday amid disappointment with US President George Bush's budget speech on Thursday night. His comments did little to allay worries over the US budget deficit and could well mean a further fall on
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    • 126 6 Reuter DUTCH trading firm Hagemeyer NV said its bid for pharmaceutical firm NV Medicopharma has failed. "A totally insufficient number of Medicopharma shares have been offered for the bid to succeed,'' Hagemeyer said in a statement. On Dec 14. Hagemeyer offered 0.873 Hagemeyer shares
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  • Page 6 Advertisements

  • REGIONAL MARKETS
    • 1369 7 Hongkong Reuter PROFIT-TAKING on the Hongkong stock market yesterday sent share prices falling, after Thursday's hefty gain of more than 100 points. The Hang Seng Index fell 25.8 points to 3,184.16 and the broader-based Hongkong Index 18 to 2,103.55. Turnover was HK52.49 billion compared with Thursday's HK52.69
      Reuter  -  1,369 words
    • 225 7 Reuter THAI STOCKS closed slightly higher in moderate, lacklustre trading yesterday, with most investors sidelined by the directionless market. The Securities Exchange of Thailand Index firmed 1.02 points to finish at 444.31. Gains led losses by 56 to 29. Turnover stood at 8.12 million shares valued at
      Reuter  -  225 words
    • 179 7 Reuter SHARE PRICES in Seoul fell steadily on profit-tak-ing yesterday, influenced largely by government moves to issue more bonds to restrict money supply. The composite index near the close was down 9.97 points at 812.89. Turnover was a moderate 226.8 billion won against 361.7 billion on Thursday. "Financial
      Reuter  -  179 words
    • 167 7 Reuter SHARE PRICES n Bombay remained subdued for the fourth day in lacklustre trading yesterday, with attention centred on the 1989/90 budget du« at the end of the month. Brokers said activity was limited to squaring positions as investors preferred to see what was in the budget
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    • 508 7 Reuter A LAST MINUTE burst of profit-taking pulled the Taiwan stock index off its earlier peaks yesterday, but most share prices ended higher on the first trading day after the Lunar New Year holidays. The weighted index rose 238.25 points, or 3.6 per cent, to finish at
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    • 165 7 Reuter A NEW-YEAR RALLY in New Zealand gathered pace to push the Barclays Index higher at the close yesterday, shattering the 1988 high set in July. The index rose 18.50 to 2,098.00, surpassing the 1988 high of 2,085.23 set on July 18. This is still well
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    • 95 7 Reuter SHARE PRICES in Manila rallied across the board to close higher yesterday as market sentiment was buoyed by improved copper prices and stronger speculation in oil drilling preparations, brokers said. "Copper has improved well enough. And this is a time for speculation in oil drillings," said
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    • 564 7 Tokyo Reuter LOSERS outnumbered gainers on the Tokyo stock market at the close yesterday as investors took profits after six straight rises and squared positions ahead of the weekend. But late index fu-tures-related buying helped bring the index into positive territory. US President George Bush's budget
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    • 365 7 Australia Reuter AUSTRALIAN share prices closed lower in quiet trade yesterday. Brokers said local investors drew little inspiration from US President George Bush's budget speech and looked to overseas markets for a reaction. They said uncertainty about the Bush approach to monetary policy and booksquaring ahead of
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    • 527 7 Money going into research for new goods Reuter JAPANESE COMPANIES are pumping money into their businesses amid a rosy economic outlook this year, but much of it is going into research for new goods to entice consumers to buy more in future years, economists say. Companies
      Reuter  -  527 words
    • 267 7 Reuter STATE-OWNED AIRLINE Garuda Indonesia expects revenue to rise this year to 1,900 billion rupiah (US$l.O9 billion) from 1,760 billion (US$l.O2 billion) last year and 1,490 billion (U*****.78 million) in 1987. Non-audited figures for 1988 showed a net profit of 127
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    • 191 7 Reuter ISUZU-General Motors Australia Ltd (IGM), the newly formed Australian joint venture of Isuzu Motors Ltd and General Motors Corp, may buy the Dandenong, Victoria, plant of Holden's Motor Co. which is a GM unit, an Isuzu spokesman said on Thursday. Isuzu has
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    • 248 7 AFP JAPANESE electronics giant Toshiba Corp announced on Thursday that it will reorganise its entire US subsidiary operations with effect from April 1 to "align business activities for further development". At present, Toshiba has two US subsidiaries Toshiba America. Inc (TAI). which has four business
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    • 89 7 Reuter INTERNATIONAL Digital Communications Inc is seeking Japanese government approval to link its network with the American Telephone and Telegraph Co (AT&T) network in the US, an IDC spokesman said. IDC plans to offer an international leased circuit service from May 1 and an
      Reuter  -  89 words
  • Page 7 Advertisements
    • 202 7 Shofu Dental Company (S) Pte Ltd (In Voluntary Liquidation) NOTICE IS HEREBY GIVEN pursuant to Section 308(2) of the Companies Act, Cap. 50 that the Final Meeting: of Members of the above-named Company will be held at the offices of Messrs Ernst Whinney, 10 Collyer Quay #21-01, Ocean Building. Singapore
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    • 187 7 NOTICES IN THE MATTES OF THE COMPANIES ACT, CHAPTER 90 AND IN THE MATTER OF NATUNA SHIPPING PTE LTD (IN MEMBERS' VOLUNTARY WINDING-UP) NOTICE OF FINAL MEETING NOTICE IS HEREBY GIVEN pursuant to Section 306 of the Companies Act, Cap.so that the Final General Meeting of the Members of the
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  • SES
    • 1546 8  -  by MICHELLE OH THE SINGAPORE stock market pulled off another convincing show of resilience yesterday, recouping early morning losses to close almost unchanged on the year's highest turnover. Strong institutional support pushed the trade done on the market to 81.93 million shares worth
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    • 97 8 WEARNE BROTHERS LIMITED: 74th AGM at OCBC Centre, 65 Chulia Street #19-00, Singapore 0104, on Wednesday, 22 Feb at 10.30 am. THE NEW STRAITS TIMES PRESS (MALAYSIA) BERHAO: 17th AGM at the Theatrette of the company, Balai Berita, 31 Jalan Riong, ***** Kuala Lumpur on Saturday, Feb 25,
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    • 5733 8 1968/89 High Low Tel Cod* Company Last Sale FEB 10 orVol (•000) Day High Low Last Quote Buyer Seller Gr's Dlv Dlv C'VT Qr's Y'W Not PIE M Cap $mll SESDAQ 187 120 170 70% 110 130 82% 199* 144 92 135 126 122 114 t 70
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  • KLSE
    • 3381 9 BULLS crushed profit-tak-ers on the Kuala Lumpur stock markat yaatarday with pricas advancing acroas the board on markedly increaaed turnover. Tin stock* continued to attract buyers with the sectors settling higher on balance. Interest Is said to have been fuelled by the performance of tin
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  • COMPANIES & STOCK MARKETS
    • 602 10 NST FINANCIALLY-STRAPPED Faber Merlin Malaysia Bhd is negotiating with several parties on the sale of its Merlin chain of hotels, which is one of the largest in South-east Asia with 1,600 rooms in 10 locations throughout Peninsular Malaysia. Industry sources said that
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    • 534 10  -  By HERMAN PHUA HONG LEONG Industries Bhd (HLI), the manufacturing arm of the Malaysian Hong Leong group, is selling its Wisma Hong Leong Yamaha property in Petaling Jaya for MslB million to sister company Hong Leong Credit Bhd (HLC). In an announcement
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    • 264 10 Reuter ANTAH HOLDINGS Bhd is planning to start operations in Europe and South-east Asia, as well as expand in Malaysia over the next five years to boost earnings, group chairman Naquiyuddin Ja afar said. "Malaysia might be too small. We are
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    • 88 10 THE CASE against Low Chang Hian, a former director of Great Pacific Finance, has been adjourned for another week. No explanation was given for the fresh adjournment. Low Chang Hian, 44. is to appear in court again next Friday. The case had earlier f been adjourned
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    • 621 10  -  DEACON CHIU CASE By FOO CHOY PENG Hongkong Correspondent ANOTHER MEMBER of the Chiu family of Hongkong has been charged with conspiring to falsify the accounts of Far East Bank Ltd. David Chiu, son of businessman Deacon Chiu, and a director of the
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    • 398 10 MBT TRACTORS MALAYSIA and UMW Holdings are supplying heavy equipment worth Ms 9 million to Malaysian Mining Corporation for Stage 2 of the Peninsular Gas Pipeline Utilisation project. Industry sources say Tractors has secured orders for some 20 units of Caterpillars worth
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  • Page 10 Advertisements
    • 302 10 B Koppel Corporation UmHed Notice to all Warrantholders of Keppel Corporation Limited Keppel Investment Limited 5575,000,000 4% Guaranteed Bonds due 1991 with warrants to purchase 75,000,000 stock units of Straits Steamship Company Limited from Keppel Corporation Limited On 8 February 1989. Straits Steamship Company Limited ("Straits Steamship") announced its intention
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    • 5 10 Clamlpo has been held over.
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    • 15 10 Financial Newsmakers eel 0 4 i PARIS Lancel Boutique: 435 Orchard Road, #02-28/31 Wisma Atria.
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  • Executive Lifestyle
    • 936 11  -  TAN KEE WEE, delirious from lovesickness (posing as 'flu), offers you ahead of Valentine's Day, a dedication t0... TAN KEE WEE TOO MANY ROMANCES blur the memory. But with moat men or women in this world, there is usually one romance or date which is seared
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    • 1356 11  - love means never having to say you're Hoooee With Valentine's Day approaching fast, the non-cynics have already started to pucker their lips slowly together as they walk along the streets humming Secret Love, and the ad men have puckered back for a different reason. But, beware, says JAIME LYE, for...
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    • Executive Lifestyle: Entertainment, the Arts & Pursuits
      • 741 12  -  ARCHITECTURE By TONG SUIT CHEE HOW CAN YOU tell the difference between colonial houses that are occupied and owned by Chinese families and those that are inhabited by the Europeans in Singapore? Mr Lee Kip Lin, author of The Singapore House 1918-1942, which was
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      • 491 12  -  By Tong Suit Chee THE SINGAPORE HOUSE 1919-1942 took retired architect Lee Kip Lin four years to complete. But actually, he has been researching Singapore's history and collecting old photographs and maps as a hobby much longer than that several decades, in
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      • 634 12  -  NOSTALGIA By DAVID CHEW IN 1960, a chicken plucker from Philadelphia thrilled hia bored cuatomera with ainging and dance impersonations aa chicken feathers flew all round him. Little did he dream that a stroke of luck would turn hia gimmick into a new dancing
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      • 858 12  -  BRIDGE By SYBIL HOLLOWAY MR CC TING of Singapore has sent in today s textbook problem deal which turned up during the Golden Harvest Trophy Event played recently in Singapore. He was sitting south and held: QJ972V432 10 6 J 3 2 Mr Ting did
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    • Executive Lifestyle: Pursuits
      • 822 13  -  Leave your clothes and daily woes behind as you take the waters' at Baden-Baden, a small picturesque village, in the south of West Germany. By SUZANNE SOH THERE IS NO BETTER cure for executive stress and exhaustion of the mind and body than a therapeutic
        822 words
      • 152 13 Geographical: The village of Baden-Baden ia lesa than two hours drive south from Frankfurt Protected by the Black Forest in the north and east and open towards the Rhine valley. Climate: Generally mild all year round, with an early spring and a long autumn season. Population: About 50,000
        152 words
      • 301 13 THIS LETTER shared with the now-retired Ah Beng wins a dinner for two at Derwent Restaurant at Chateau-at-Scotts, plus a bottle of asti spumante and an entry for two at Heartthrob Discotheque, all on Valentine's Day. The untutored Ah Beng thanks the others for writing, regrets
        301 words
      • 316 13 ON THE DAY Tan Sri Lee Slow Mong launched his book. The Chinese Art of Studying the Face, Head and Hands, a fortnight ago. an advertisement described the book as his "latest bestseller". A bit presumptuous, no doubt. But maybe Tan Sri Lee had read his
        316 words
    • Executive Lifestyle: Entertainment & Pursuits
      • 813 14  -  HEALTH By RICHARD SEAH MORE THAN JUST "good luck", raw fish may also bring good health. The unlucky diners who got food poisoning after eating raw fish might disagree. But we are talking about two different things here health and hygiene. They
        813 words
      • 1020 15  -  *>■ Roger Loh MULTI-SET RETROSPECTIVES have become the measure of superstar status. In recent years, record executives have worked diligently to dig out from the vaults recordings some flawed, but mostly definitive which represent a historical chronicle of an artist's career. The contention is
        1,020 words
      • 758 15  -  Offline By N K YONG THE PRICES of the classified growths of claret, still the mainstay of the wine-lover's repertoire (especially the First and Second Growths), have put many of them out of reach of the average winelover's pocket. It
        758 words
      • Article, Illustration
        688 15 CINEMA: Cocktail starring Tom Cruise of Top Gun fame. Now showing at Orchard: 11; 1.30; 4; 6.30; 9.15. There will be a midnight show as well today. Short Circuit 2 starring Fisher Stevens. Michael McKean and Cynthia Gibb. Now showing at Cathay: 11; 1.30; 4; 6.30; 9.15, and at
        688 words
      • 894 15 SHORTTAKES Agencies FAME AND WEALTH have proved a mixed blessing to China's most famous inventor, whose herbal lotion for baldness has swept Asia. Zhao Zhangguang is driven to his Beijing factory in a black Mercedes and feted as a hero by the hairless of Japan
        Agencies  -  894 words
    • Executive Lifestyle: Sports
      • 331 17 GOLFING AFP RECENT Australian winners Isao Aoki of Japan and American Curtis Strange will be looking to continue their plunder Down Under when they tee off in the world's richest skins tournament in Port Douglas today. Along with Australia's Greg Norman and US
        AFP  -  331 words
      • 487 17 TENNIS AP SIXTEEN-YEAR-OLD Michael Chang outslugged second-seed-ed Jimmy Connors from the baseline and capitalised on numerous unforced errors on Thursday to upset the 36-year-old veteran 6-3, 7-6 (7-2) in a second-round match at the U*****,000 Volvo Chicago Tennis tournament. After losing his serve in the 11th game
        AP  -  487 words
      • 430 17 DRUGS: THE HUMAN GROWTH HORMONE UPI WE'VE SEEN Steve Howe ruin his baseball career, and perhaps his life, with cocaine. We've watched Olympic athletes, including Ben Johnson, leave for the airport under the shame of anabolic steroids. We've heard Don Newcombe and Sam McDowell describe
        UPI  -  430 words
      • 619 17  -  on TMCK With JEROME FANDOR WITH OUR BEST STAYERS in quarantine after their Hongkong sojourn, this weekend's $150,000 Tunku Gold Cup lacks horses in true form. The quality is still there though, represented by Ivan Allan's aging cup campaigner
        619 words
      • 438 17 TRACK AP THE TALK is of world records three of them in less than an hour at the Meadowlands Invitational in New Jersey last night. A fast track and performers such as Said Aouita, Marcus O'Suilivan, Paula Ivan, Mary Decker Slaney and Doina
        AP  -  438 words
      • 65 17 AFP THIRD SEED Yannick Noah of France and Australia's sixth seed Darren Cahill swept in the quarter-finals of the U*****,500 Rotterdam Tennis Grand Prix in Rotterdam on Thursday, and neither dropped a set. Noah's powerful serves and spectacular volleys saw off Sweden's Christian Bergstroem 6-3,
        AFP  -  65 words
    • Executive Lifestyle: Personal Investment
      • 666 18  -  EQUITIES By KEVIN GWEE THE MALAYSIAN stock market has been given the thumbs up by analysts for the Year of the Snake. A recent poll conducted by the Malaysian Business Times revealed that the optimism stemmed from the strong economic fundamentals
        666 words
      • 276 18 HERE IS HOW some of the stockbrokers view the different sectors of the economy in the year ahead. Consumer-related slocks. Because of the robust consumer spending and the projected increase in disposable income, both Crosby Research Ltd and Halim Securities consider investments in this
        276 words
      • 520 18  -  mm By LORETTA McLAUGHLAN LAST NOVEMBER'S rise in car taxes has done little to dampen the nation's enthusiasm for wheels. If anything, the hike has helped accelerate car sales in Singapore as owners or would-be owners reckon that the
        520 words
      • 681 18 UNIT TRUSTS FT CLIENTS of GT Management may be wondering whether a royal wedding is suitable compensation for the group's loss of independence. After months of speculation, GT. one of the UK's last remaining independent fund management groups, has recommended that
        FT  -  681 words
      • 354 18 ART SALES THE INTERNATIONAL art market finished 1988 on an extremely firm note. Overall prices, as measured by Sotheby's Aggregate Art Index, increased by 44 per cent, with 12 per cent of that rise coming within the autumn period. These increases
        354 words
      • 259 18  -  By Mr Leong Ying Yong THE CURRENT rally which started in late December last year reflects the pent-up demand for stocks from investors. They had held back their purchases following the sharp drop in stock prices last August. The long period of consolidation which the
        Source: Investamatic  -  259 words
      • 961 18  -  GOVERNMENT SECURITIES BEDinriEß's/ By ROSIE TAN THIS WEEK, Beginner's Corner resumes (ho series on financial AniiliM a ftln n planning wim kxm it oingapore government securities (BGS) s marketable, low risk, fixed-interest Investment which you can buy for as little as $1,000. SGS are simply
        961 words
    • Executive Lifestyle: Perspective
      • 1045 19 THERE HAS BEEN some talk recently, more strident than usual, that the PAP would gain more credibility if it attacked opponents' arguments and not their character. For example, at an SBC discussion on whether the government's style alienates the young, a speaker said that "a
        1,045 words
      • 183 19  -  letters to the Editor SEEK HENG PENG Public Relations Officer Registry Of Vehicles Dear Sir, Please refer to the letter 'How effective are car inspections?' by DW Distant (BT 28.189). The main objective of compulsory vehicle inspection is to make the roads safer for all
        183 words
      • 43 19  -  D W DISTANT Dear Sir, The 1989 $10 uncirculated coin, which is currently on sale, costs $13.80. The premium of $3.80 is said to be the cost of the case. Could CASE advise whether this is a fair price?
        43 words
      • 57 19  -  PETER CHIA Public Affairs Manager, Slock Exchange of Singapore Dear Sir, We refer to the letter "Small investor tells of deals that he didn't make" by Mr Tay Hian Chye (BT. Feb 4-5, 1989). Mr Tay has also written to us and we are obtaining further
        57 words
      • 344 19  -  REMISIER BARU Dear Sir, The Stock Exchange of Singapore haa taken a step in the right direction in organising seminars and workships for its dealers and remisiers. This will certainly upgrade the profeaaionaliam of those engaged in the trading of stocks and shares for
        344 words
      • 505 19  -  TEO CHING MING Manager (Contracts) Jurong Town Corporation Dear Sir, Please refer to the letter 'Fire Equipment Maintenance Company in a Quandry' dated Jan 21, 1989. The past three tenders were called aa follows: For the 1964/85 term contract, no financial classification waa indicated
        505 words
      • 490 19 THE WORDS of opponents and critics need to be remembered for what they are, but Frank Lorenzo, chairman of Texas Air Corp, would seem to be in a class by himself if an anonymous critic were to be believed. Mr Lorenzo allegedly cultivates parallel
        490 words
  • Page 11 Advertisements
    • 193 11 Straws in the Wind, Pag* 13 N ML. -'C i':; m (S? mcM ijM. v\*V K^MssSll m 3e i"»&afc£Tc^'.'. at'Stjv^ an^> Viqjfc St? v-. 5 I tf -fl sSf* i V y-■ '.J .J, '■■■> a i >vn?-<" i t* Ma. r. i \:7 V in? rk K*■ V a«B
      193 words

  • Page 12 Miscellaneous
    • 775 12 CRYPTIC PUZZLE ACROSS 9 Remains where you fell (4, 5) 10 Must it never be drunk from a plastic container? (5, 3) 12 Give a name to the singer (4) 13 Start off with a number of layers (6) 14 He's taken a long time to join the throng (7)
      775 words


  • Page 14 Advertisements
    • 1017 14 m 1 Whet? to entertain... Where tv entertain... Where tv entertain... Where to BE MY VALENTINE (14 Feb 1989) Time of the year for pink hearts, red ruses, cupid's arrows, endearing words. Whisper sweet nothings over a candlelight set dinner, where soft lights and romantic music prevails. Toast to an
      1,017 words
    • 281 14 «5S m B £Q£ '^5 ssa 3 SSSS OQd if*% alen tine's Day Mandarin February 14, 7.30 pm The Mandarin Ballroom is magically transformed into a garden of Eden. Spend a romantic evening with your sweetheart at our Park. Dine on choice food and wine, dance to your favourite big
      281 words

  • Page 15 Advertisements
    • 210 15 ewterfttfH.... A a w 4 Sunday Brunch: A great family outing Ifs a wonderful way to combine a late breakfast with an early lunch on a lazy Sunday. Sausages, bocon, eggs any way you want them oysters, smoked salmon, tasty entrees, roast right through to pastries, puddings, fruit salad and
      210 words

  • Page 16 Miscellaneous
    • 1723 16 'tXt > i 2 'A SLOTS TO WATCH A killer confesses, a deity repents MOVIES TWO LAWYERS keep their client's private confession of murder confidential. But the murderer then confesses in court and the townspeople get really mad with the lawyers for abiding by the rule of privileged information. Dabney
      1,723 words
    • 2309 16 t» r r /r.'v SA ft—The four mopheads from Liverpool who changed the musical taatea of Americans 25 years ago THE BEATLES The conquest of America TWENTY-FIVE YEARS ago this week, the Beatles made their first appearance on American television and changed the musical tastes of the nation that invented
      2,309 words

  • Page 17 Advertisements
    • 152 17 BT SURVEYS Looking Wider, Thinking Deeper Some subjects are of such interest to our readers that they demand more space and more research than can be given in our daily reporting. As part of BT's overall service we have always recognised this and taken the necessary steps. Filling the gap
      152 words

  • Page 18 Advertisements
    • 25 18 BT welcomes investment Ideas and viewpoints from brokers, bankers and other readers. Address The Editor, Personal Investment, Business Times, 390 Kim Seng Road, S'pore 0923
      25 words

  • Page 19 Advertisements
    • 243 19 SINGAPORE BUSINESS AN OFFER YOU CANNOT REFUSE! JANUARY WINNER: EDDIE LIM HUNG HUAT IC No: *****61/G Two more computer sets to be won one each in February and March *89 THE GIFT YOU WILL RECEIVE SUBSCRIPTION /RENEWAL FORM. (Subscription/renewal orders received by 25 February '89 will be entitled for the
      243 words
  • Page 19 Miscellaneous
    • 27 19 BriStc^ften&Ifccfeas IT GOES INTO\ THIS OLD OF j "THe futility fMine DesFt(?Rri 0 M OF CMesi^-f^RRy ReAPiHG..r jm Hou)eveR RR e we, GOING to nRNRGe? .*3KA •«i<«
      27 words

  • 585 20  -  Two southern islands to be converted By LEE HAN SHIH IN WHAT COULD be its most ambitious building project in recent years, the government plans to convert two of Singapore's southern islands into probably the largest off-shore dumping ground in South-east Asia. The dumping site,
    585 words
  • 439 20 THE CONTRACT for developing a resort hotel on Lazarus Island, closely contended by the Hong Leong and the Kuok groups, is expected to be awarded by April at the latest. Sources said listed City Developments, the property arm of Hong Leong, bid $50 million
    439 words
  • 267 20 UPI Reuter PRINCE Norodom Sihanouk, expressing frustration over a deadlock in peace talks on Cambodia, acknowledged yesterday that the Soviet Union and China might impose a settlement to end Vietnam's occupation, but warned that it would lead to a prolonged civil war. The
    UPI; Reuter  -  267 words
  • 259 20 Reuter INDONESIAN officials said yesterday that they were still trying to determine the identity and strength of a group of radical Muslims which they said bore the hallmarks of religious fanatics. On Tuesday, at least 27 of the rebels died in
    Reuter  -  259 words
  • 173 20 Reuter A CRUCIAL meeting of Afghan Muslim rebels opened yesterday but discussions are to be postponed because of failure to resolve a last-minute row between fundamentalists and moderates. The consultative council, or shura, originally scheduled to last up to three days at an Islamic pilgrims'
    Reuter  -  173 words
  • 317 20 AFP THAI COMPANIES have been warned not to rush into capital investments in Laos or Vietnam because of high risks. Officials of Thailand's Board of Trade said that the warning, made by the BOT in a statement issued on Wednesday,
    AFP  -  317 words
  • 705 20  -  By HARISH MEHTA THE REMAINING WRINKLES in the Philippine debt talks will be smoothened out next week in negotiations with the International Monetary Fund, laying the groundwork for the long-expec-ted dialogue in March between the Philippines and the Paris
    705 words
  • 527 20  -  *9 Harish Mehta SINGAPORE'S interest in joining a "mini-Marshall Plan" to help the Philippines to rebuild Its economy could be concretised at a proposed "pledging session" to which international donor countries would be invited. Speaking to BT at his headquarters at the Central
    527 words
  • 109 20 Reuter COMEX GOLD futures backtracked to unchanged early yeaterday after producer selling cut short a rally built on the unexpected large increase of 1.0 per cent in US producer prices for January. After a half hour of choppy fluctuations, April gold was at Thursday night's close
    Reuter  -  109 words
  • LATE FILE
    • 39 20 Reuter CHINA and Thailand yesterday reaffirmed their support for Cambodian resistance leader Prince Norodom Sihanouk following talka between Thai Foreign Minister Siddhi Savetsila and hit Chinese counterpart, Qian Qichen, in Beijing. Reuter See Ma page
      Reuter  -  39 words
    • 43 20 AFP MICHAEL Manley swept to a landslide victory in Jamaica's parliamentary electiona, ending eight years of rule by conservative Prime Minister Edward Seaga. The victory puts Mr Manley back in power for a third term aa prime minister. AFP
      AFP  -  43 words
    • 57 20 Reuter INDONESIA promised not to renege on its debts but said that it needed its Western creditors to provide further massive amounts of aid in the coming year. "We would like to avoid debt rescheduling and non-payment of debt... We want to maintain our
      Reuter  -  57 words
    • 41 20 Bernama THE JOHOR government will review its policy on house ownership by foreign nationals if it is found to have affected the opportunity of the people to own houses, Chief Minister Tan Sri Muhyiddin Yassin said. Bemama
      Bernama  -  41 words
    • 40 20 UPI AUSTRALIAN Prime Minister Bob Hawke yesterday called on Asian nstions to unite against "economic discrimination" by Europe and the US, warning that a failure to correct global financial imbalancee would breed "political instability". UPI
      UPI  -  40 words
    • 38 20 UPI PRESIDENT Roh Tae-Woo said yesterday that the government would aponaor a large-acale international trade fair in 1991 which would demonatrate to the world that South Korea was the world's tenth largeat economy. UPI
      UPI  -  38 words
    • 42 20 UPI MANILA court authorities have impounded more than 4,000 copies of the Far Eastern Economic Review in connection with an article on the alleged plunder of the natural resources of a Philippine province, a Judge said yesterday. UPI
      UPI  -  42 words
  • Page 20 Advertisements
    • 318 20 Kashmir comes to Singapore in an exciting Festival at Hotel Imperial from February 13th to 15th 1989. ksshkHir Every night for Dinner 7JO pm onwards Kashmir. They uv Cod put his best into one land and called Paradise. If you are a honeymooner or just an incurable romantic, you'll find
      318 words