The Business Times, 16 January 1999

Total Pages: 22
1 22 The Business Times
  • 13 1 THE BUSINESS TIMES MITA (P) 04CV12/98 m SINGAPORE Internet http://business-times.asial.com.sg/ SATURDAY, JANUARY 16,1999
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  • 763 1  -  S'pore and KL stocks are ahead, although mpiah and baht take a knock By R Sivanithy and Larry Wee [SINGAPORE] Regional equity markets again showed good resistance to the Brazilian samba contagion. Markets in Singapore and Malaysia closed higher, while the
    Source: BRIDGE  -  763 words
  • 556 1  -  Prime rate may have hit bottom nntil dust from Brazil settles By\ Slow Li Sen [SINGAPORE] The benchmark three-month Singapore dollar interbank rate, a significant factor influencing prime lending rate trends, is now running at its highest level since late October as pressure
    Source: MAS/Reuters  -  556 words
  • 279 1 Analysts surprised by rise in US, European and Brazilian stocks Bloomberg AFP [NEW YORK] After four days of falls that unsettled world share markets, US blue chips rose in the morning yesterday, helped in part by Brazil's scrapping of its currency trading
    Bloomberg; AFP  -  279 words
  • 354 1  -  Exercise price estimated at around $LB9 apiece By] R Sivanithy [SINGAPORE] Months of speculation have finally been laid to rest with US brokers Merrill Lynch emerging as the issuer of a covered warrant on the banking sector. The details are still
    354 words
  • Page 1 Advertisements
    • 43 1 lIUBUINi^ I I H HN| Hg 1 m.'* l mMMTHmWm BINGAPORI A3 ASIAN SLUMP 4 STASIA S CmMA/TAIWAH/HK 0 ASA 7 WOtLD TV, 10 CBOSSWORDS 10 tjJWYLZ. _ll COMPANIES 13-15 B? SHARE INFO .48 VDCANCB 10 ooftocoornßS 17 STOCKS 10-23 j /w* s*
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    • 18 1 Relief as Brazil gives up defending the real, Pg 8 Braxil crisi* not of Russian magnitude, Pg 8
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    • 308 1 Blg-tlm« gains for small caps The small-cap frenzy that has marked trading this entire week continued unabated yesterday, with gair.s running as high as 40-odd per cent in some cases. B Full report, Pg 13 Calling the World at Local Rates T Dial i^Blmriber 1 A 1 up iHphone Pres^^BKey
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  • SINGAPORE AT HOME & ABROAD
    • 669 2  -  Pertamina to supply natural gas via pipeline to S'pore under 22-year pact From I Shoeh Kagda in Jakarta After a delay of two-and-a-half months, Singapore and Indonesia yesterday concluded the US$B billion (5113.4 billion) natural gas agreement which both sides described as
      AFP  -  669 words
    • 258 2 LABOUR chief Lim Boon Heng reiterated yesterday that Singapore's wage system is flexible and not sticky downwards. To support his point, the National Trades Union Congress secretary-general quoted a recent report by Merrill Lynch Securities which said that "wages have become
      258 words
    • 190 2 SINGAPORE Telecom's Virtual Private Network (VPN) service is now open to resellers. Sing Tel yesterday said it has put in place a framework for interested parties to enter into commercial arrangements for resale of its VPN services in Singapore. VPNs are private networks based on
      190 words
    • 442 2  -  Professor assumes sustained growth in the US and EU By] Eugene Low THE Singapore economy is expected to grow between 2 and 3 per cent this year, says Tan Kong Yam, an economist from the National University of Singapore (NUS). Prof Tan,
      442 words
    • 275 2 AFP SINGAPORE kept its top position as the world's busiest port in 1996, with total shipping tonnage rising 6 per cent from 1997 to 858 million tonnes, the Maritime and Port Authority (MPA) of Singapore said yesterday. Total shipping tonnage refers to the
      AFP  -  275 words
    • 635 2  -  EYE OH THE ECONOMY By, Anna Teo BY all indications, the economy is still somewhat in the doldrums. Yet a few recent surveys including two trotted out this week suggest that both business and consumer confidence improved towards the end
      635 words
    • 216 2 DBS Land and the Far East group yesterday cut prices at Casafina by more than 30 per cent and sold 20 units within the day. The joint venture condominium project is located at the junction of Bedok South Avenue 1 and Upper East
      216 words
    • 493 3  -  TOE GDL lawsuit 'Built-in', 'built-up' used interchangeably but given chance, he wffl clarify'gross' and *nett built-in' By* Corinne Kerk A FORMER president of the Singapore Institute of Surveyors Valuers (SISV) told a court yesterday that given the chance, he would
      493 words
    • 315 3  -  Need to open markets, differences in laws among issues By Toh Han Shih MANY obstacles stand in the way of electronic commerce's take-off in Asean, according to a survey by Commerce Net Singapore and the Nanyang Technological University's Information Management Research Centre. The
      315 words
    • 505 3  -  Figure is one third of previous year's USslo6.4b figure Byi Clarissa Tan OVERALL syndicated lending to Asian borrowers excluding Australia dropped drastically to U5536.37 billion (5561.1 billion) in 1998, almost a third of the previous year's U*****.4 billion figure, according to
      505 words
    • 550 3  -  By Roonie Lim US AEROSPACE and industrial precision components maker Sundstrand which has managed to ride out the economic turbulence in Asia so far plans to upgrade its $100 million Singapore plant, amid other regional expansion plans. Disclosing this in an interview yesterday, Sundstrand
      ARTHUR LEE  -  550 words
  • Page 2 Advertisements

  • SATURDAY MAILBAG
    • 705 3  -  Oh Soh Beng I AM a property owner who bought high and have been out of work for the past six months. People like David Tan (BT, Jan 9) and his ilk should state their interests when giving their views on the property market.
      705 words
    • 349 3  -  Charles Chua I REFER to the letter by Jack Ng Toh Lam attacking Lee Han Shih's property columns. I fail to see how Mr Ng has added to the important debate on how the government should regulate the property market, given the varied and conflicting
      349 words
    • 549 3  -  Goh Che Tien via email from Washington DC I REFER to Lee Han Shih's article on Jan 5 calling on the government to resume land sales. As a regular reader of BT, I noticed that Mr Lee has long been one of the
      549 words

  • ASIA'S ECONOMIC SLUMP
    • 250 4 Reuters [WASHINGTON] Deputy US Treasury Secretary Lawrence Summers on Thursday postponed a scheduled trip to Japan, China and other Asian countries due to international economic developments. A Treasury spokeswoman said the trip was scheduled for Jan 17-23. Mr Summers has been concentrating on
      Reuters  -  250 words
    • 511 4 13% fell this week as Indon political and economic woes add to the Brazilian crisis Reuters [JAKARTA] Indonesia's fast weakening currency fell to a two-month low yesterday, dragged down by concerns the country was facing even more political turmoil, traders and analysts
      Reuters; Source: Bloomberg  -  511 words
    • 67 4 [MANILA] Filipino public school teachers dramatising their concerns by serenading President Joseph Estrada outside the gate of the presidential palace in Manila yesterday. They hope to compel the president to order the government to pay them 7,ooopesos (SS3O4) each in "amelioration benefits". The protesters said the bonus
      REUTERS  -  67 words
    • 521 4 End-Jan deadline; do word on yesterday's NPL draft plans Reuters [BANGKOK] Thailand took another step on its road to recovery yesterday as a deadline passed for debt-laden banks to submit recapitalisation plans to cope with crippling non-performing loans. Bank of Thailand deputy governor Kitti
      Reuters  -  521 words
    • 231 4 AFP [SEOUL] South Korea expects the International Monetary Fund (IMF) to raise the country's 1999 economic growth forecast following a joint policy review which begins next week, officials said yesterday. "In fourth quarter consultations of last year, the IMF and the government
      AFP  -  231 words
    • 211 4 Its gross intl reserves stood at USSIO-8b at end-Dee Bridge News [MANILA] The Philippines' gross international reserves (GIR) this year will likely hit US$l2 billion (5520.1 billion), central bank governor Gabriel Singson told Bridge News yesterday. Mr Singson earlier said the country's GIR stood at
      Bridge News  -  211 words
    • 295 4 Draft law requires all capital transfers to be reported Bernama [JAKARTA] The Indonesian government plans to strictly monitor the flow of foreign exchange by requiring all transfers of capital in and out of the country to be reported, according to a
      Bernama  -  295 words
    • 363 4 Bloomberg [KUALA LUMPUR] Malaysian inflation slowed to 0.2 per cent in December from a month earlier, as the government stepped in to control prices of some foods during the festive season. The increase was slower than the 0.7
      Bloomberg  -  363 words
    • 219 4 ODP contracted 7% last year, will grow AM in 2000: RAM Reuters (KUALA LUMPUR] Rating Agency Malaysia Bhd said it expects the country's 1999 gross domestic product (GDP) to contract by 0.5 per cent. RAM estimated GDP contracted 7 per cent year-on-year
      Reuters  -  219 words
  • Page 4 Advertisements
    • 147 4 Higher Quality and Efficiency with the Software System LAGOS for the Warehouse and Material Flow Optimization Logistics management centre with logistics controlling Dynamic storage location management Fully automated high bay warehouse control Order orientated material flow control Fork lift control system with radio frequency Picking, packing and shipping control Online
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    • 9 4 The Straits Times Classified Where buyers furniture at CATA
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  • SOUTH-EAST ASIA
    • 407 5 JAKARTA Polls on track with agreement on proportional system, election commission Reuters INDONESIAN political parties debating new election laws made a breakthrough yesterday in deadlocked discussions, meaning June's election would go ahead as planned, a top government official said. Analysts had
      Reuters  -  407 words
    • 252 5 MANILA AFP FORMER Philippine president Corazon Aquino yesterday said it appeared likely that popular Indonesian opposition leader Megawati Sukarnoputri would win in upcoming polls, but warned of sacrifices should she succeed. "Megawati seems to be leading in the surveys. I suppose everything is going for
      AFP  -  252 words
    • 416 5 KUALA LUMPUR AFP Reuters A PAKISTANI biologist jailed for having sex with sacked Malaysian deputy premier Anwar Ibrahim will be released next week, his lawyers said yesterday. Balwant Singh Sidhu, defence counsel for Munawar Ahmad Anees, said his client would be freed on
      AFP; Reuters  -  416 words
    • 494 5 The following is the full text of a statement yesterday by Mohamed Rahmat, Minister of Information and Secretary-General of Barisan Nasional "On Wednesday, 13th January 1999, the Singapore Business Times published an article alleging that senior members of the Government and Umno met
      494 words
    • 285 5 KUALA LUMPUR Bernama MALAYSIAN Prime Minister Mahathir Mohamad said yesterday the appointment of Abdullah Ahmad Badawi as his new deputy last week has somewhat eased anxiety over the national political situation. "It appears so," he said in an interview with Radio and Television Malaysia
      Bernama  -  285 words
    • 257 5 BANGKOK Reuters THAI Prime Minister Chuan Leekpai said yesterday that he was concerned that a recent spate of bomb attacks and threats in the capital Bangkok would undermine foreign investor and tourist confidence in Thailand. "The bomb attacks and threats may cause turmoil
      Reuters  -  257 words
    • 542 5 MANILA They also demand immediate payment of some dues Reuters MAJOR creditors of Philippine Airlines (PAL) are giving the debt-ravaged carrier more time to come up with a new plan for survival, but are demanding immediate payment of some
      Reuters  -  542 words
    • Article, Illustration
      53 5 [JAKARTA] An Indonesian man slipping through the window ofa passenger train at Jakarta's main railway station yesterday as people left the capital en masse for their hometowns ahead of the Hari Raya holiday. Due to the country's prolonged economic crisis, the number of residents leaving the capital fell
      AFP  -  53 words
    • 159 5 JAKARTA AFP INDONESIAN authorities will lease management of Jakarta's Sukarno-Hatta international airport to a foreign company under a 30-year contract, a repent said yesterday. "We have sent the information memo to the foreign bidders," the president of state-owned airport management company Angkasa Pura 11,
      AFP  -  159 words
  • Page 5 Advertisements
    • 38 5 We ire celebrating our new location with discounts on all items. Look out for our ad in The Straits Times on If) January 1999 vO for details <Sena (pte) L i in: di mo\i) ri.ori r. ft M
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  • CHINA-HONGKONG-TAIWAN
    • 580 6 BEIJING 2nd largest trust firm Itic in USs3sm default as Gitic effect spreads AFP CHINA is battling a nationwide problem as it steps up a financial crackdown that has led to the bankruptcy of its second largest trust firm and a
      AFP  -  580 words
    • 78 6 [BEIJING] A downtown newsstand in Beijing displaying prominently yesterday a magazine featuring NBA superstar Michael Jordan on its front page. Besides the deep impact of Mr Jordan's retirement from basketball in the US, many Asian countries, like China, Japan and the Philippines, will be hit hard
      AFP  -  78 words
    • SINOBriefs
      • 94 6 AFP [SHANGHAI] The firm building the Three Gorges dam, the world's biggest hydroelectric project, wffl tone two billion yuan (*****.4 million) in corporate bonis next week, the official CWnal)ci& reported yesterday. China Yangtze Three Gorges Project Development Corp will launch the issue on Monday with Citk Securities Co
        AFP  -  94 words
      • 108 6 AFP [TAIPEI] The business empire run by Taiwan's ruling Kuomtotang (KMT) is expected to suffer a 30 per cent drop to profits ofNT9B billion (***** million) due to the Asian ftoancial crisis, a KIOT official said yesterday. The official said profits for 1998 were expected to
        AFP  -  108 words
      • 98 6 AFP m [BEIJING] The number of Chineee attempting to illegally flee the mainland registered a massive 50 per cent increase last year, the official China Daily repotted yesterday. Officials at border check-points acroes the country nabbed 6,624 illegal emigrants to 1996 according to public
        AFP  -  98 words
    • 281 6 ■HONGKONG 100 injured after police move in with tear gas HE group Reuters ONE Chinese protester was killed and more than 100 others were injured when paramilitary police moved in to quell a large anti-corruption demonstration to China's Hunan province, a Hongkongbased rights group
      Reuters  -  281 words
    • 354 6 BEIJING Reuters CHINA'S gross domestic product (GDP) is expected to grow by between 7.5 and 8 per cent in 1999, the State Information Centre said in a forecast published in the China Securities newspaper yesterday. The centre, a think-tank under the cabinet-level
      Reuters  -  354 words
    • 439 6 BEIJING Govt officials told to pay welfare, pensions on time Reuters PREMIER Zhu Rongji, architect of reforms to cut back China's ailing state sector, has ordered all-out efforts to meet laid-off state workers' basic welfare needs, official media reported yesterday. Mr Zhu, who is
      Reuters; FILE PHOTO  -  439 words
    • 179 6 BEIJING Reuters CHINA plans to cut taxes on property development and sales to boost its national lowcost housing project, the China Securities said yesterday. The pilot preferential tax policy for low-cost housing buyers in Shanghai would be expanded to the whole country in 1999,
      Reuters  -  179 words
    • 1616 6 an rucwT ro turn era ww 2359 AMMM AN6230 WO SOW OW IH6301 1920 f*wtl $09M TO S0990 OOP ClW0llWC S0603 198 C2354 0910 IMMm ****** 0000 KLM4 0105 $0004 66 $0327 0000 N2432I 2320 m *K741 1310 **742 0905 6*973 1005 S032I 2320 S0T75 1835
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  • ASIA
    • 377 7 ISLAMABAD Fond resumes loan programme with USss7sm advance Reuters PAKISTAN Foreign Minister Sartaj Aziz said yesterday the country's economy should begin to recover after the International Monetary Fund's decision to resume a stalled US$l.56 billion (552.6 billion) loan package. The IMF announced in
      Reuters  -  377 words
    • 235 7 TOKYO Papers say issues like tax reform divide the 2 parties Reuters JAPAN'S new coalition government between the conservative Liberal Democratic Party (LDP) and junior partner Liberal Party was greeted with a mix of tepid enthusiasm and scepticism in yesterday's editorials. Prime Minister and
      Reuters  -  235 words
    • 51 7 [TOKYO] Young men splashing each other with ice-cold water in a pool as part of a mid-winter endurance festival at the Kanda Myojin Shrine here yesterday. The freezing bath event has been held for 12 years and 17 people took part in thefestivities this year.
      REUTERS  -  51 words
    • 218 7 mSEOUL Bloomberg SOUTH Korea said it approved Cho Hung Bank's turnaround plan, which calls for 2.5 trillion won (553.5 billion) in government aid to help it merge with two Hyundai Group banks. The merger of Cho Hung with Kangwon Bank and Hyundai
      Bloomberg  -  218 words
    • 279 7 SEOUL Nnmberof new firms also goes up signalling economic recovery Bloomberg SOUTH Korean corporate failures fell for a fifth month and the establishment of new companies picked up speed in December, a sign the economy is recovering. The number of corporate
      Bloomberg  -  279 words
    • 167 7 NEW DELHI AFP Bloomberg THE Indian government will sell off 10 per cent of its stake in the Gas Authority of India Ltd (Gail) next week. The issue will be launched on the domestic market on Tuesday and close Jan 31, Gail chief
      AFP; Bloomberg  -  167 words
  • SHIPS IN PORT
    • 455 7 Vmd Voy Wo Bert* Arrival Popartfe J—fNrt Arlsteasp V001 JOS 16.01/1730 17.01/1730 Bt Abe *****9 J01 16.01/0800 16.01/1500 Bt Ca Mud* *****9 J01 16.01/1530 16.01/2200 Bt Harapan J Jan15 J01 16.01/0800 16.01/1300 Bt Mustika *****9 J01 16.01/1000 17.01/0600 Bt R8 2598 0199 J01 16.01/0800 16.01/1500 2692 0299 J01
      455 words
    • 1493 7 RECEIVING OF EXPORT Fa CONTAINERS AND LCI CARCO Booklng/Manco Kstte »oy Wo Etfc/ltr Hrtoi From U Tnm tad* n (7/ttoo a 15/1700 wotn m/owo 1 M)H a/M *,noc 4 M/BOO MM H/1700 mom oa af» a vnt Mi mm a satoo wotw wo*c M/0?00 M/nn *1400 4 Mao
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  • THE WORLD
    • 428 8 WASHINGTON Dec retail sales up 0.9%; CPI rises LG% in 1998 for smallest gain in 12 years Reuters AMERICAN consumers swept into 1999 on a buying wave bolstered by the lowest inflation in more than a decade, government reports on Thursday showed,
      Reuters  -  428 words
    • 307 8 THE MICROSOFT TRIAL Reuters (WASHINGTON] Microsoft's top economist was surprised to learn on the witness stand on Thursday that a survey on which he relied for his testimony had been ordered up by company chief Bill Gates, complete with the results he wanted.
      Reuters  -  307 words
    • 612 8 BRAZIL DT CRISIS More comes after US warning not to waste reserves; Sao Pank shares soar NYT, Reuters [BRASILIA] Brazil yesterday gave up defending its currency, bowing to overwhelming pressure to let the inflationbusting real float as nervous
      NYT,; Reuters; AFP  -  612 words
    • 549 8 WASHINGTON Top staff economist praises FOMC, Irat warns it's fallible Reuters THE Federal Reserve Board's top staff economist said on Thursday in-house forecasts were brushed aside with "some frequency" by chairman Alan Greenspan and other top policymakers in setting US monetary policy. Michael Prell,
      Reuters  -  549 words
    • 234 8 BONN AFP GERMAN energy companies yesterday criticised as too hasty and costly a government plan to stop the treatment abroad of radioactive wastes in a year as part of a nuclear energy phase-out. "The ban on reprocessing depleted fuel a year from now could
      AFP  -  234 words
    • 368 8 LONDON Reuters BRAZIL'S short-term debt refinancing crisis is nothing like the same magnitude as Russia faced last summer and comparisons between the two are overdone, analysts said on Thursday. They said Wednesday's effective devaluation of the real currency did not signal
      Reuters  -  368 words
    • 472 8 WASHINGTON Senators keenly aware that they will also be judged on conduct of case IHT ARGUMENTS in the second presidential impeachment trial in US history were begun on Thursday, with representatives of the three branches of government anxiously sharing the Senate floor in
      IHT  -  472 words
    • 53 8 [LONDON] Protesters supporting the extradition of former Chilean dictator Augusta Pinochet to Spain on charges ofgenocide holding a vigil across the street from. Britain's Houses of Parliament on Thursday. A second hearing begins in the House ofLords next week to decide if Gen Pinochet has toface
      REUTERS  -  53 words

  • FOCUS
    • 3504 9 A generation of young researchers is pushing back the frontiers of traditional economics. The resultant increased meshing with other disciplines may yield new understandings of humans and their behaviour The Economist [CAMBRIDGE, Massachusetts] TEN years ago The Economist published an article about the eight best
      The Economist; FILE PHOTO; Source: US of Justice  -  3,504 words

  • EXECUTIVE LIFESTYLE
    • 743 10 MOVIES There's a scene in 'Shakespeare in Love'that tweaks fltfiiitmk ntwww LATWP EARLY in the delectably rich and inside joke-stuffed movie, Shakespeare in Love, a young William Shakespeare (played by Joseph Fiennes) is walking briskly through a public square when he overhears a
      LATWP; FILE PHOTO  -  743 words
    • 319 11 HEALTH Reuters OIEW YORK] A convenient Basal-spray form of Viagra giat hits the spot within five Minutes, up to 12 times faster fiian the average pill form of {he anti-impotence drug, is on we drawing board. m Anwar Hussein, a rejparcher at the
      Reuters  -  319 words
    • 520 11  -  Recent killings are hurting tourism, mohammad sudam reports MOHAMMAD SUDAM Reuters YEMEN'S blossoming tourist trade has been hard hit by the recent killings of foreigners, with industry officials reporting cancellations across the board. Last month's deaths have put off even the more intrepid travellers
      Reuters; FILE PHOTO  -  520 words
    • 521 11 HEALTH Preliminary studies show He risk for hypertension, stroke LAT-WP [NEW YORK] It's worked against smoking and sleeping sickness, and now scientists are testing a patch to treat depression that they feel will work faster than oral medications. Preliminary tests at McLean Hospital
      LAT-WP  -  521 words
  • Page 10 Miscellaneous
    • 1636 10 UKVPTIC CROSSWORD 1 Post-impressionists affect the value of his collection 9 Gangster placing cowl in front j—^^^^ of chimney (7) *****1 I I I 1 1 10 Song of loyalty from worker at ~TBI 12 Hand may crack up in coal- 12 I I I I mine? (7) —U LmJ
      1,636 words

  • Page 11 Advertisements
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    • 95 11 'V' 24-hour Coffee Houm I*l floor The CHicken Rice Capital Of The World rr 333 Orchard Road. Singapore *****7. Tel: 737 4411 Sat Sun 12 noon to 5:30 pm Adult $18.80 Child $9.40* Enjoy a leisurely Buffet Lunch that stretches into High Tea every weekend. And for exceptional value, kids
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  • COMPANIES & MARKETS
    • 432 13 Noel warrant tops gainers with 42% surge; house traders said to be active HyR Sivanithy [SINGIAPORE] The small-cap frenzy that has marked trading this entire week continued unabated yesterday, with gains running as high as 40odd per cent in some cases. Also
      432 words
    • 171 13 [SINGAPORE] Sesdaq-listed Metalock Singapore yesterday proposed a placement of 12 million new shares at 53.5 cents apiece to raise $3.7 million for working capital. The placement price represents a 7.8 per cent discount to the stock's last transacted, price of 58 cents before
      171 words
    • 267 13  -  By] David Boey [SINGAPORE] Healthcare and leisure group Haw Par Corp has bought out its partners in popular Sentosa attraction Underwater World under a $32 million deal. The company said yesterday that it had taken over investment holding company South River, which was owned
      FILE PHOTO  -  267 words
    • 537 13  -  Interest wanes; more bnying-ins expected next week By i Conrad Raj [SINGAPORE] It appears that most of the turnover in CK Tang shares and warrants has been churned up by retail speculators rather than the bigger players. According to several brokers, it
      537 words
    • 375 13  -  PC maker expected to offer 100 m new shares next week By, Annette Pau [SINGAPORE] Local PC maker and distributor GES International is seeking to raise some $25 million to $27 million in a public listing, based on a probable "attractive"
      375 words
    • 709 13  -  HOCK LOCK SIEW Neil Behrmann HOW that 11 European countries have one common currency, foreign investors no longer need to fear whether the Italian lira or Spanish peseta will crumble. The only currency risk is whether the euro, representing all the
      709 words
    • 313 13 [SINGAPORE] Only 3,260, or 18 per cent, of the 17,586 applicants who sought Circuits Plus* initial public offer were successful in their bid for the Sesdaq offering. The IPO is this year's first, and its public tranche consisted of just 4.33
      313 words
    • REGIONAL COMPANIES
      • 546 14  -  Higher provisions, low interest margin, lending volume fall cited; sector stood np well to stress Reports from. Quak Hiang Whai in Hongkong BANKS in Hongkong will report sharply lower profits for 1996 and face another difficult year again in 1999,
        546 words
      • 589 14 China in transitional phase and banks must adjust: HKMA FINANCIAL problems which are emerging among the Guangdong provincial government companies should not hurt the mainland's creditability in the long term and banks should not rush to get out of lending to Chinese
        589 words
      • 499 14 Finns will raise new capital to cnt debt ratios, says SG Sec AFP [HONGKONG] Asian equity issues in 1999 could top US$6O billion (Ssloo.B billion) as businesses go on a capitalraising spree to reduce massive debt ratios and governments dispose of assets,
        AFP  -  499 words
      • 139 14 Reuters [KUALA LUMPUR] Six Malaysian companies announced yesterday they have received approval from stock market regulator the Securities Commission to extend the exercise period of their warrants. The six companies are MCB Holdings Bhd, PK Resources Bhd, Poly Glass Fibre (Malaysia) Bhd,
        Reuters  -  139 words
      • 203 14 Bloomberg [HONGKONG] Two HongKong phone companies announced moves to reduce international telephone rates again as the fight for market share intensifies in the city's newly deregulated telecommunications market. City Telecom (HK), which claims the second-largest share of overseas calls in Hongkong, said it
        Bloomberg  -  203 words
      • 582 14 This brings total to 40 bat analysts say figure could be 50 Reuters [BElJlNG] Ten more Chinese listed companies have announced that they expected to post losses for 1998, as a result of the country's declining economy and lax controls
        Reuters  -  582 words
      • 309 14 Bloomberg [SYDNEY] Air New Zealand Ltd chairman Sir Selwyn Cushing said yesterday he hasn't talked with Singapore Airlines Ltd about the possible sale of the New Zealand airline's half-stake in Ansett Australia. "If they're interested, then obviously they're going to come
        Bloomberg; FILE PHOTO  -  309 words
      • 180 14 [SINGAPORE] Ipco International yesterday reported a net loss of $17.68 million for the half-year ended Oct 31 nearly 10 times the $1.8 million loss it posted for the corresponding period in 1997. Group turnover dived 66 per cent to $40.3 million. The
        180 words
      • 227 14 Reuters [KUALA LUMPUR] Malaysian stockbroking firm K&N Kenanga Holdings Bhd said yesterday it made a net profit in 1998 and would stay in the black this year if the stock market stayed buoyant. "Definitely we made a profit last year, but we can't
        Reuters  -  227 words
      • 317 14 FT [BEIJING] Two of China's leading Internet companies plan to list on overseas stockmarkets, providing retail investors with their first opportunity to venture into one of cyberspace's most promising but perilous frontiers. Internet subscribers in the world's most populous nation doubled in the second
        FT  -  317 words
      • COMPANYBriefs
        • 63 14 [SINGAPORE] Ingram Micro Singapore Inc yesterday bought another 835,000 shares in mainboard-listed Electronic Resources Limited, raising its shareholding to 60.4 per cent from 60.05 per cent Ingram paid between $1.93 and $1.95 apiece for the shares. It also bought another 450,000 ERL warrants, giving it
          63 words
        • 58 14 [SINGAPORE] G K Goh Holdings has completed its merger with Lee Co. It has appointed Lee Kong Ghee a board director, effective yesterday. Mr Lee has also been made a director of the merged stockbroking business, G K Goh Stockbrokers Pte Ltd, subject
          58 words
        • 108 14 [SINGAPORE] General Magnetics yesterday said it would write off the current net book value of $5.8 million for its micro floppy disk (MFD) products "as a prudent measure". This follows a review of current 10-year depreciation policies for the assets used for manufacturing the MFD
          108 words
        • 86 14 Bernama [KUALA LUMPUR] Mayban Assurance Bhd (MAB) yesterday signed a memorandum of understanding with Sime Bank Bhd to acquire 77.24 percent ofUMBC Insurans Bhd. MAB, a 70 per cent-owned subsidiary of Malayan Banking Bhd, said its proposed acquisition will be paid in cash. It
          Bernama  -  86 words
        • 126 14 Bernama [KUALA LUMPUR] Malaysian Second Finance Minister Mustapa Mohamed said the government has decided that Tenaga Nasional Bhd would come up with suggestions on how to revive the Bakun hydro-electric dam project. "We have put in lots of money in the project Obviously we
          Bernama  -  126 words
    • INTERNATIONAL COMPANIES
      • 579 15 Hit Internet stocks periodically removed from auto system to cot risk Bloomberg [JERSEY CITY, New Jersey] Large market makers are causing delays for investors trying to make online trades because they periodically remove certain Internet stocks from automatic execution systems, industry executives said. They're
        Bloomberg  -  579 words
      • 430 15 Yefoe, already in talks with Fiat, still likely to go with Fiat Bloomberg [DETROIT] Ford Motor Co told analysts it approached Volvo AB, which is already in talks with Fiat of Italy, about buying all or part of the Swedish company to boost luxury car
        Bloomberg  -  430 words
      • 351 15 Bloomberg [ORLANDO, Florida] Planet Hollywood International Inc said on Thursday it will sell or discontinue some operations and cut costs to focus on its theme restaurants amid an expected decline in fourthquarter sales. The company will report a loss for the quarter, even before taking
        Bloomberg; FILE PHOTO  -  351 words
      • 507 15 It may restructure deal as acquisition; Bell Atlantic too plans to raise offer FT Bloomberg [LONDON] The bid for the leading US wireless telephone operator is about to enter an intense phase with Vodafone and t ßell Atlantic planning to improve their offers
        FT; Bloomberg  -  507 words
    • 3406 15 Mftoar* M LunttMt Nov SO I ***** MtfT 119 ai MM TV ur W IT HMMMH tapN P OT*7 7321 7.12 *M *■—T <taM CM* «t«t MM MMCHM* (wis 9 AIM 0442 410 903 mmwi. nwu i SO.TM IM* T.TO 0.74 1 034O 7.240 U U4
      3,406 words
    • FINANCE & COMMODITIES
      • 158 16 Reuters [CHICAGO] Bank One Corp on Thursday unveiled a new Internet application that would allow customers all across the country to get home equity loans approved within 50 seconds after filing an online application. The online service builds on the bank's Bank
        Reuters  -  158 words
      • 193 16 Bloomberg [NEW YORK] Soros Fund Management, run by billionaire investor George Soros, said its flagship Quantum Fund gained ground on Wednesday, refuting speculation that the US$9 billion (5515.1 billion) hedge fund suffered hefty losses. "Reports coming from London and Switzerland that Quantum suffered
        Bloomberg  -  193 words
      • 414 16 Euro/US$: Euro was sold down to a low of 1.1446 on Tuesday. Subsequently, heavy US dollar selling vis-a-vis most major currencies on concerns of a Brazilian real devaluation powered euro/US$ to a high of 1.1786 on Wednesday. However, the unit could barely hold on to
        Source: OBS Bank  -  414 words
      • 364 16  -  Simex says move won't have adverse impact on local futures exchange By Soh Tiang Keng [SINGAPORE] Chicago Mercantile Exchange seat holders have approved daytime electronic trading of eurodollar futures in a move to deter potential electronic rivals from encroaching on the exchange's
        FILE PHOTO  -  364 words
      • 292 16 Bloomberg [TAIPEI] HSBC Holdings pic is talking with Bank America Corp to buy the US bank's consumer banking and credit card businesses in Taiwan. "We're certainly interested in expanding our retail banking business, and on that basis, Bank of America's unit would be of
        Bloomberg  -  292 words
      • 277 16 Bloomberg [SINGAPORE! Royal Bank of Canada said that it will close its branches in Shanghai, Hongkong, Taiwan and Thailand by the middle of the year and cut 96 jobs. It will keep open its other existing operations in Australia, Beijing. Japan,
        Bloomberg  -  277 words
      • 39 16 [HANOI] Rice vendors sitting behind baskets of rice on a Hanoi pavement yesterday. Vietnam achieved a record production of rice and rice substitutes last year, reaching nearly 31.5 million tonnes of paddy rice. AFP
        AFP  -  39 words
      • 386 16 SAP names 5 other int'l banks; cites possible losses from emerging markets Bloomberg [NEW YORK] The credit rating outlook for Citigroup, J P Morgan Co and five other international banks has been revised to negative by Standard Poor's Corp because of possible
        Bloomberg  -  386 words
      • 414 16 Reuters [WASHINGTON] Accounting firm PricewaterhouseCoopers LLC Thursday agreed to be censured by federal regulators to settle charges that its independence as an auditor was compromised by its ownership of client stock. Without admitting or denying wrongdoing, the firm agreed to set aside US$2.5 million (554.2
        Reuters  -  414 words
      • 167 17  -  Reports l»!gf!I gngapftro tmtor Bob Butcher, Jardine Fleming TREMORS from the Brazil devaluation continued to disturb the market which started the day on the defensive. The January MSCI Singapore Index futures opened at 213.00. As the underlying cash market opened the futures hit their low
        167 words
      • 172 17  -  Charlie Kuo, Refco Singapore THE Simex MSCI Taiwan Stock Index futures rose sharply on speculation that government-related funds bought financial issues in an attempt to support the stock market. The stock index soared 213.28 points, the largest gain in three weeks. The MSCI
        172 words
      • 310 17 HIB&OTBBPOftT Reuters [LONDON] Oil prices clung precariously to slender gains yesterday, with market sentiment still fragile in the light of lingering oversupply and new data projecting sluggish world demand in the coming months. World benchmark Brent traded six cents
        Reuters  -  310 words
      • 313 17 AFX-Asia AFP THE dollar was firmer against the yen and the euro in late trade as US equities rallied following sharp gains among Brazilian stocks after the central bank allowed the real to float, dealers said. They said the market, for now, interpreted Brazil's IMF-prescribed action in a
        AFX-Asia; AFP  -  313 words
      • Article, Illustration
        1184 17 PrTBRBAMK CROSS RATB8 Jam 5 AS C$ I— ffr 9m m Iwit>V Wen HBNfcts Nw it Mr W tMPmmi I«$ Australia 0.968 6.T78 0.536 1520 L049 4J77 26.*****.4* 0.708 7.450 2292 1170 ***** ***** L057 1953 0J52 ***** 23.44* 0279 0.630 Cauda 1033 5.397 0.554 1635 1004 1031 27.630 58.355
        1,184 words
      • 1695 17 81COM FUTURES Jan 15 RIMER (Mures dMtog as at SJ0*«) RSS t CONTRACT(S cantsAq) CJo* VoiMM OpM mutt High Low Sttt (towm) tatamt Fob 99 ***** 150 Mar 99 122.75 122.75 125.50 300 1250 tor 99 128.25 275 May 99 130.75 625 Jan 99 132.75 275 Jul/Sep 99 05.75 600
        1,695 words
    • Article, Illustration
      1286 18 Reuters AFP n Hang Seng -35.73 STOCKS closed moderately lower yesterday as caution over higher interbank interest rates outweighed a recovery in China-related stocks, brokers said. The Hang Seng Index bounced around the 10,000 level before closing down 35.73 points, or 0.35 per cent, at 10,147.40. It hit a
      Reuters; AFP  -  1,286 words
    • Article, Illustration
      486 18 Reuters PShanheaßlndai -&06 SHENZHEN'S hard currency B shares closed a touch lower in light trade yesterday as news that two companies expected 1998 losses put most buyers on the sidelines, analysts said. The B Share Index trimmed 0.05 of a point to 50.3 on turnover of HK$2.l million. North
      Reuters; Source: Credit Lyonnais Securities (Asia) Ltd  -  486 words
    • 328 18 AFP HWPMm ♦213J8 TAIWAN share prices closed 3.4 per cent higher yesterday, snapping a four-day losing streak on strong buying of financial shares amid support from government-linked funds, analysts said. "Brilliant gains on the financial sector triggered buying of low-price shares," said Andy Wei, manager of Master Link Securities
      AFP  -  328 words
    • 2068 18 Jmn toMlllHl Ma *h 31 Group 628.000 23.000 AB Ports 276.000 -3.SOO Abfeay National 1316.000 56.000 AMod Domacq 487.500 -7.500 AM Zurich 91.450 1.400 Amac 171.000 -2.500 Asda Croup 155.750 2.750 •AT Ind 656.000 ***** 80 PIC 407.000 -2300 WCC 64.500 -1500 80C Group 832.500 *11.000 M
      2,068 words
    • KUALA LUMPUR STOCK MARKET
      • 305 19 AFP FlOwnpogto Index +6J3 SHARE prices ended 0.9 per cent higher yesterday, driven by local institutional support ahead of the long Muslim festival break next week, dealers said. The Composite Index rose 5.63 points to finish at 598.97. One local dealer said the bourse
        AFP  -  305 words
      • 8100 19 MMMTMALS 1*** Laat V« Day NM Cw Hl» lb» Clim -OOP Lurn Pfl tm* 300 292 Ajtaomoto 300 unch 2 300 300 IU 1216 •3 73 Angkasa 76 -2 MS 78 73 IU.I 2*3 255 Apollo Food Hlg 264 t 5 265 264 93 105.6 204 176 BertayaLand 163 unch
        8,100 words
    • WARRANTS, OPTIONS & REGIONAL MARKETS
      • 163 20  -  WARRANT WATCH -By R Sivanithy THE Compact Metal warrant has been very active lately, benefiting from the rotational frenzy the market seems to be in these days. But it is running out of steam not surprising going by its numbers. The instrument
        163 words
      • 1924 20 B0NM, LOAMS «IAMAMTS m 92-Wk Last Vat Day Last Ouota Avg M0I Law Mm Cmwmv Saia »ar- COOO) Htgh Law Buyar Mar Prtca 20S 3 3160 *Acar W0I073I US$ MS -0.5 40 19 MS V4.S 15 95 4.5 3*64 Ac ma ******4 23.5 unch 381 24 23 23 23.5 23
        1,924 words
      • 201 20 HONGKONG STOCKS Cr Or u wk L*t V«( Day LMtOwrt* Mv Mv VM N« M Cm HI* L— itn» CawMny Sate rOOO) H*» L— «yy«r S—w Cw P/t jmM 5123 COt (2000) HK 400 I U I 20.5 7744.7 5124 CM»wvPac20cHK_720 265 2.1 7A 6 *****.4 5125 Cheung
        201 words
      • 258 20 AFP +L3S NEW Zealand shares closed slightly higher yesterday after recovering ground from earlier declines caused by a sharp fall on Wall Street. The NSZE-40 Capital Index fell 23 points at one stage before steadying to end 1.35 points, or 0.1 per cent, higher at 2,113.11, on total turnover
        AFP  -  258 words
      • Article, Illustration
        626 20 AFP □set Ma -504 THAI share prices lost 1.3 per cent yesterday as foreign investors cashed in on gains while the market nervously watched Brazil's currency crisis and amid steep declines on Wall Street, dealers said. The SET Composite Index dropped 5.14 points to finish at 381.82 points. "The
        AFP  -  626 words
      • 398 20 AFP ♦10JS SHARE prices closed 1.7 per cent higher yesterday on cautious buying following a steep decline the previous day over Brazil's worries, dealers said. A Boram Securities dealer said a significant reduction in selling by foreign investors indicated their stance was not so negative. The dealer said the
        AFP  -  398 words
      • 585 20 AFP flAllOriattrieß +4JS SHARES rose 0.2 per cent yesterday, defying heavy losses on Wall Street and shrugging off fears of international fallout from the currency crisis in Brazil, brokers said. The All Ordinaries Index finished 4.5 points higher at 2,809.3. The All Industrials rose eight points to 5,039.3 and
        AFP  -  585 words
      • Article, Illustration
        641 20 AFP P Composite lifex -U5 SHARE prices closed 1.5 per cent lower yesterday on fol-low-through selling amid worries about the Brazilian crisis and a weakening rupiah, which raised concerns over interest rates, dealers said. "In general there is nothing new today. The rupiah was still weak and people are
        AFP  -  641 words
      • 301 20 AFP n Manila -2L73 PHILIPPINE share prices fell 1.1 per cent yesterday due to the plunge in US markets that was caused by the outbreak of a financial crisis in Brazil. The Philippine Stock Exchange Index fell 21.73 points to settle at 2,041.55 points. Volume fell to 1.04 billion
        AFP  -  301 words
    • 5967 21 Ti .uis.irtn>n (l:nc Jan 10 j Or Or M Wt M Wt Laat Vai Day Laat Quota CNv Otv YM MM Cap Av« m*t Law StNa Camp any COOP) Hm> Law 6uyar 8a*af H C'»r P/l »w3i Prtca MULTl MMUTIY 142 17.5 m t
      5,967 words
    • 1240 21 Or Or m m 92-n Laat Vai Day Last OlMt* Mv Mv VM Nat Cap A«« H>» L— 9Wa Ci—my »ata room M$k La» B*fr SaBar Cw M >— Wn 243 30 a 2049 AS Auto 10c 112 -1 609 113 toa ttl 112 IS N 7 13 103
      1,240 words
    • STOCK EXCHANGE OF SINGAPORE
      • 360 22 Muti Votom PSC 25c 24,486,000 HesiwHMgs25c 22,699,000 PSLHMgslOc 22,345,000 SeinbCorpI 25c 21,334.000 IPC Corpn5c 21,329,000 Liang Huat It 20,479,000 S Coffeemix 5c 11.454,000 CMI Wt02 10,103,000 Iiwo-PK 20C 9,938,000 fft Unto 20c 8,646,000 Hada > DBS Foreign 93.345.488 SembCorpi 25c 46.530.990 0C8C Foreign 46,255,920 SPH 39,645.645 U08 Foreign 29,741,469 OUB
        360 words
      • 637 22  -  STOCK MARKET COMMENTARY Investors not as worried about a domino-type collapse; institutions seem cautious but small-cap play continues unabated By R Sivanithy [SINGAPORE] An initial Wall Streetled correction was reversed as the day progressed yesterday, signalling that investors may not be as worried
        637 words
      • ON THE GRAPEVINE
        • 69 22 AT a strategy seminar this week, Goldman Sachs banking analyst Roy Ramos described OCBC Bank as a "wet towel". The reason, according to the top-ranked analyst, is because a lot more profits can be squeezed out from the bank. And the man to do the wringing?
          69 words
        • 113 22 IT has to happen. Mustafa's has gone on-line. The mega-retailer at Serangoon Road now offers about 1,000 items which customers can buy from the comfort of their homes and pay for with secure credit card verification and settlement "The online shoppers are mostly from the US, Europe and
          113 words
        • 80 22 WITH the trading volumes in the stock market on an uptrend in recent weeks, some broking houses appear to be recruiting again. One investment analyst who resigned a few months ago told us he has lately been wooed by not one but three firms. On his
          80 words
        • 125 22 WE like the way China handles the fear of flying at the dawn of the new millennium. According to a dispatch from Reuters, quoting the Financial Times, China has ordered its airline executives to take a flight on Jan 1,2000 to show that the
          125 words
        • 70 22 THE Y2K bug has already caused the re-scheduling of an international education confereiwetoHxmgkOTig n«t January. The 13th International Congress of School Effectiveness and Improvement 2000, originally scheduled for Jan 3 to 7, has been changed to Jan 4 to 7. TO arrive in Hongkong before Jan 3,
          70 words
      • Article, Illustration
        61 22 HESHE Holdings' shares rose half a cent to 9.5 cents yesterday. Volume was a hefty 22.7 million shares against a daily average of about nine million for the week. The stock has benefited from the current interest in low-cap stocks but with the charts showing a mildly overbought
        61 words
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    • 165 22 top students be 'A' level results in February. Because of the promise they have shown, they will be inundated with offers of scholarships and bursaries. Make sure you get to them before they sign on with a competitor. A D C I The Straits Times will run a three-part guide
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