The Business Times, 23 January 1999
1999-01-23
1
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The Business Times
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Title Section11 1999-01-23 1 THE BUSINESS TIMES "Meiv 85c SINGAPORE Internet: http://business-times.asial.com.sg/ SATURDAY, JANUARY 23,199911 words
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Article50 1999-01-23 1 □mm MIUS (-25 J1) □ssu, n an runms MM 2ML3Q (-2.29) nm cbaofB KUKOOMF I1M4 *4Ml NflKB HtRM «LB HAN68BW SJS8J3—-HUk sarnwx s*«—-m JAKARTA OOMP —Ctowd r HAraLACONP —MttJM TAIPH WFI U*»— 880ULOOMP 1MJ8.—4L4I CUBA CHINA B 4«JI -fcll AUST ALLOCS —3£tt4. 4* HmmRBT Cknge DOW W7L» mn50 words
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Article66 1999-01-23 1 WM turn UBS SS QM Lf7» tjDMprq—MB ins HJRO(U8t/SSperE) LMI LSO ■f UBS UM YEN !1U LI71* III SJSS 9.MI BKS 7.74S UM BUT *M UN WHAM SJBSS—IW' •U*mmm SM2ATOKE* Sufi SUALA LUMPUR 1LM mxamoa mm MANILA 8M BONO BONO Ml» VUFH U» SYDNEY S 4E TOW) in SEOUL66 words
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750 1999-01-23 1 Meera Tharmaratnam - Losses form 7.7% of total funds; gains from in vestments in Thai, S'pore stocks From Meera Tharmaratnam in Kuala Lumpur MALAYSIA'S Employees Provident Fund (EPF) has disclosed that its investments in equities lost about 10 billion Malaysian ringgit (554.4 billion) in value750 words
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281 1999-01-23 1 Spotlight now on HE currency; Dow skids 93 points by noon Reuters [SAO PAULO] Brazil had world financial markets on red alert again yesterday as the value of its newly floated currency fell precipitously and fuelled fears of dominolike devaluations from Latin America to Asia.Reuters - 281 words
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Article, Illustration564 1999-01-23 1 Anthony Rowley - But he gives warning on Wall Street and global economy From Anthony Rowley in Tokyo JAPAN'S "Mr Yen" Eisuke Sakakibara, who has earned an international reputation for calling the trend correctly in foreign exchange and other markets, yesterday pronounced Japan's564 words
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Article, Illustration591 1999-01-23 1 Siow Li Sen - kmmn paper giant aims to join ranks of world's top 10 By Siow Li Sen [SINGAPORE] Elizabeth Sam, Singapore's best-known ex-banker who stunned the industry by taking early retirement from OCBC Bank, and former central banker Koh Beng Seng have joined591 words
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Page 1 Advertisements
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Advertisement151 1999-01-23 1 RHQF WUTSItI w Punters yesterday switched their attention to penny warrants due to expire in 1988 as part of a rotational erase that sent some of these counters flying as much as 100%, Vjftt Foreigners yesterday fled the riot-torn Indonesian city of Ambon where ii ii ian 11 n|l AAak151 words
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Advertisement47 1999-01-23 1 Asian currencies hit as real tumbles, Pg 5 Market reports, Pg 16-22 (totting on the Info supotMghway The Telecommunication Authority of Singapore (TAS) is providing generous financial assistance to help Singapore's telecommunications industry bloom. Full report, Pg 4 US »*>»■ Japan not to test its patience, Pg 747 words
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Advertisement67 1999-01-23 1 mm National University |Mj IMj] of Singapore 1 PROFESSOR ANTHONY KELLY H H Lee Kuan Yew Distinguished Visitor H B "HOW THE SCIEHCE OF MATERIALS BB| Mi CONTROLS ENGINEERING ADVANCE" U|fi Wji Date Monday, 25 January 1999 MM ■Ug Time 6.00 pm MM LLfij Venue Lim Seng Tjoe Lecture Theatre67 words
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SINGAPORE AT HOME & ABROAD
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585 1999-01-23 2 Larry Wee - New entity will be one of the largest here in terms of staff strength By] Larry Wee JAPANESE money broker Nihon Tanshi (Nittan) has taken a major stake in Singapore's financial market by buying over the local operations of two British-owned outfits. The585 words
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532 1999-01-23 2 Corinne Kerk - THE CDL LAWSUIT URA, PWD also use 'built-up', 'built-in' interchangeably, says defence Corinne Kerk ILISTED developer City Developments Ltd yesterday completed its closing submissions in a lawsuit brought against the company. CDL is being sued by Roger Lim Bio Hiong, who claims a 35532 words
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58 1999-01-23 2 PRIME Minister Goh Chok Tong was hospitalised yesterday for urinary infection. The Prime Minister's Office said yesterday he was admitted to the Singapore General Hospital for "management of urinary infection". It added that Mr Goh's condition was reported to be satisfactory and that he58 words
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Article, Illustration124 1999-01-23 2 David Boey - -By David Boey SHIFTING wads of $50 notes, packed into slabs valued at a cool half-a-million dollars each, is all in a day's work for security personnel with the Commercial and Industrial Security Corporation better known by its acronym Cisco. The slabs of cash in the pictureARTHUR LEE - 124 words
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Article, Illustration935 1999-01-23 2 Anna Teo - EYE ON THE ECONOMY By, Anna Teo THE December (and hence full-year 1998) consumer price index figures to be released this weekend will mark the first time since 1986 that Singapore sees negative year-round inflation. In the first 11 months of 1998, the CPI had fallenSource: OOS - 935 words
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Article1450 1999-01-23 2 PIT MW CT* MB Oi $0325 540 1*779 2359 mm* ww mo win am I wtti mm W4sn vm or* mt nt m n«n mso suom vm ARK29 2210 SO 2005 *50 r UMNO 2230 *T** S0229 12)0 W AmterMa UM3 0540 KL844 0(05 WW TO1,450 words
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518 1999-01-23 3 Ronnie Lim - Contractors to call tender for Indon part of pipeline in next two weeks By Ronnie Lim PREPARATIONS are in full swing to build the infrastructure including a 480-km international pipeline and two new power stations here for the US$B billion (5513.4 billion) Singapore-Indonesia518 words
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313 1999-01-23 3 Reuters SINGAPORE'S largest private property developer, the Far East Organisation group, will top up for the fall in value of properties pledged as security for two bond issues, a company spokesman said yesterday. The two issues, secured against properties beingReuters - 313 words
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Article432 1999-01-23 3 Eugene Low - Bat it's got some way to goc only 0.0% of firms in poll allow working from home By] Eugene Low TELEWORKING working from home using information and communication technologies is catching on in Singapore. Though it is a new concept, some 2,625 workers from 4,600432 words
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Article, Illustration70 1999-01-23 3 DWARFED by the huge passenger liner, 'Superstar Leo', this energetic tug nevertheless gave a rousing demonstration of its fire-fighting prowess during a simulated rescue exercise at the Singapore Cruise Centre yesterday afternoon. 'Superstar Leo', which can carry2,Boopassengers and I,3oocrew, was the centrepiece of the exercise conducted byARTHUR LEE - 70 words
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SATURDAY MAILBAG
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255 1999-01-23 3 Denis Distant Singapore - Denis Distant Singapore I REFER to the article, "Singapore One expected to progress steadily" (BT, Jail 18), which suggested that the national high-speed information project has yet to take off and is still far from its stated goal of 400,000 users by the255 words
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530 1999-01-23 3 Peggy Lim Singapore - Peggy Lim Singapore IT is with great interest that I have followed the arguments for and against the resumption of land sales by the government in the year 2000. The letters fall into two groups: those who insist that the government should resume530 words
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717 1999-01-23 3 Lucas Low Singapore via Internet - Lucas Low Singapore via Internet A LIVELY debate among BT readers has been going on after Lee Han Shih's article "Govt should consider resuming land sales" (BT, Jan 5). I believe this issue should be viewed from the national perspective of how we manage717 words
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Article393 1999-01-23 3 Tan Guan Heng Singapore via Internet - Tan Guan Heng Singapore via Internet I REFER to the letter by Oh Soh Beng, "Raising land supply is economic suicide" (BT, Jan 16). I note that this is not his first letter to defend the high prices of property in Singapore. I am sympathetic393 words
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Page 3 Advertisements
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Advertisement24 1999-01-23 3 Feeling out of your° depth: when it comes to aquarium care? Keep afloat with Aquariums, every Saturday in o The Straits Times Classified, [cats.]24 words
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FOCUS
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Article, Illustration1570 1999-01-23 4 Catherine Ong - The TAS is providing generous financial assistance to help Singapore's telecommunications industry bloom Ry< Catherine Ong [SINGAPORE] HE Telecommunication W H Authority of Singapore V H 1 (TAS) has millions of dol- lars to dish out to compaH nies able and willing to build theARTHUR LEE; FILE PHOTO - 1,570 words
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Page 4 Advertisements
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Advertisement7 1999-01-23 4 V M r mmmrn TheßibinessTimis Mondays TheßusinessTimes7 words
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Advertisement15 1999-01-23 4 Buy It. Sell It. Find It. Classified. Call Today For Results Tomorrow. 1800 737 116615 words
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ASIA'S ECONOMIC SLUMP
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420 1999-01-23 5 Eddie Toh - Reports say he may also ask them to buy MTrian bonds to boost economy From Eddie Toh in Kuala Lumpur MALAYSIAN Prime Minister Mahathir Mohamad will meet key foreign fund managers on Monday to gather more feedback in a420 words
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258 1999-01-23 5 Bloomberg [HONGKONG] Consumer prices here fell for a second straight month in December, raising concern the the city's economy, mired in its worst recession in a generation, may be slipping into a deflationary spiral. Hongkong's composite consumer price index fell 1.6 perBloomberg - 258 words
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462 1999-01-23 5 Reuters [BANGKOK] The International Monetary Fund said yesterday it expected South Korea and Thailand to be among the Asian nations leading the region's recovery from the economic crisis. Hubert Neiss, IMF director for the Asia-Pacific region, confessed at a news conference in Bangkok thatReuters - 462 words
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Article, Illustration40 1999-01-23 5 [BANGKOK] Two Thai women looking at the store-front display of a new Taiwanese wedding studio in Bangkok. Thais an still interested in spending lavishly on wedding ceremonies in spite of the economic slump. AFPAFP - 40 words
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468 1999-01-23 5 They cite huge forez reserves, current accoont surplus Reuters [SHANGHAI] China has stepped up its "no devaluation" chants since Brazil became the latest currency casualty, and analysts yesterday said Beijing had no reason to change its mantra. While Brazil's surrender toReuters - 468 words
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Article, Illustration472 1999-01-23 5 Larry Wee - Rupiah hits 9,000, market braces for attack on HK$ By\ Larry Wee [SINGAPORE! Brazil's tumbling currency and stock markets sent Asian currencies into retreat in nervous pre-weekend trading in Asia yesterday. Bogged down by worries over a worsening political climate as wellAFP; Source: Bridge - 472 words
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483 1999-01-23 5 Ruth Wong - No my to avnid effects when bubble bants, he says From, Ruth Wong in Kuala Lumpur MALAYSIA, as a trading nation dependent on its partners, must brace itself for possible global deflation, Prime Minister Mahathir Mohamad warned yesterday. "When the483 words
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Advertisement22 1999-01-23 5 Come to The Straits Times Classifieds "Open House" first for that new home, office or shop space. 1 Classifications 402-568; Properties i22 words
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THE REGION
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431 1999-01-23 6 WASHINGTON Some 28% of bank-fnnded schemes in region may not reach goals Bloomberg MORE than a quarter of World Bank projects in East Asia are in danger of failing to achieve their goals because of the economic slump in Thailand, Indonesia and SouthBloomberg - 431 words
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303 1999-01-23 6 JAKARTA AFP FOREIGNERS yesterday fled the riot-torn Indonesian city of Ambon where troops patrolled alter three days of clashes which left 45 dead. The eastern city was calm but smoke still rose from torched buildings as residents ventured out to find food.AFP - 303 words
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Article, Illustration49 1999-01-23 6 [JAKARTA] An Indonesian student cursing security forces guarding a courthouse here after the presiding judge yesterday ruled against a fellow student activist on suspicion ofabducting an intelligence officer. The judge said that the Indonesian Christian University student's claim of being illegally arrested could not be proven. AFPAFP - 49 words
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347 1999-01-23 6 KUALA LUMPUR He says it has failed to appreciate Malaysia's goodwill AFP A TOP official from Prime Minister Mahathir Mohamad's ruling party blasted Singapore yesterday for allegedly failing to appreciate Malaysia's goodwill towards the neighbouring republic. Mustapha Yaakub, secretary of the international bureauAFP - 347 words
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Article116 1999-01-23 6 BANGKOK AFP THAI Finance Minister Tarrin Nimmanhaeminda yesterday denied resignation rumours that sparked a fall on the stock market "I wish to state to you that resignation has never been in my thoughts. I have been working with transparency and focusing on benefits for the country,"AFP - 116 words
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SHIPS IN PORT
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Article564 1999-01-23 6 Vtssd Voy Wo BtrMi An1w< Ptyrtwt JH|M fcqu lactY 02/99 JO) 4l4*pl«4 22.01/1900 InMHrtu 02/99 JT7 lllljlill 2101/600 HDk*«J*V *****9 J01 lIlipKl 210V0100 ■Mfi (Mta JH J09 lIlipHl 24.01/2)00 CM* 4 02/99 J02 Ilu»i4l 23.0V060G 80*4«<*M 01 JM 4taa*i*t 04.02AMOO Hm4t OrtfM UctS J22 llli|lHl 22.01/1900 MM Prwlw564 words
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Article1538 1999-01-23 6 RECEIVING OF EXPORT Fa CONTAINERS AND La CARGO Boofclno/BtUnco Rstb SMp Voy Mo Ett/Btr Nriod froM To Frw *1 Ml m 24/0900 U 22/1900 22/BM 22/BM 22.-50C 22/1459 22,'W U 22/1700 23M4M 21/MM a 22/17W 21/0499 23/0900 1 23/0700 2VH99 2VMOO 4 21/1200 23/1499 21/fTM to MipUl MM1,538 words
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REGION
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300 1999-01-23 7 NEW DELHI AFP PRIME Minister Atal Behari Vajpayee said on Thursday that the Indian industry's response to his government's economic policies "is disappointing". Mr Vajpayee told a meeting of leaders of India's top trade body, the Confederation of Indian Industry (CII), that hisAFP - 300 words
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Article, Illustration202 1999-01-23 7 SEOUL AFP THOUSANDS of employees of South Korea's Samsung Motors Inc rallied outside Seoul's railway station yesterday to protest against the high-profile merger of their company with a rival firm. "Protect our jobs," read one head banner worn by some of the protesters as they gatheredAFP - 202 words
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Article, Illustration602 1999-01-23 7 Loh Hui Yin - XHfimMKHf or inquiry report Press conference focuses on why Anson Chan was not censured From Loh Hui Yin in Hongkong LACK of coordination, personality clashes among senior airport executives and over-confidence were the main reasons behind the chaos when Chek Lap Kok602 words
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435 1999-01-23 7 Firm is latest in Guangdong stable hit by Gitic collapse Bridge News [SHANGHAI] Creditors of Guangdong Overseas Chinese Trust and Investment Corporation (Goctic) are awaiting a debt restructuring plan from Goctic before deciding whether to resort to legal action to recover an overdue loan,Bridge News - 435 words
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201 1999-01-23 7 ■HONGKONG AFP HONGKONG'S de facto central bank said yesterday it may probe a unit of China's official Xinhua news agency that reportedly is unable to repay debts amounting to HK$l3 billion (Ss2.B billion). The announcement follows a report in the Ming PaoAFP - 201 words
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570 1999-01-23 7 WASHINGTON It says Tokyo's trade barriers also holding back Asian recovery AFP, IHT THE United States has served notice of its growing impatience with Japan's failure to liberalise its economy and open its markets. US "tolerance" for Japanese intransigenceAFP,; IHT - 570 words
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253 1999-01-23 7 NEW YORK This could happen when Premier Bra visits US in April AFP CHINA will have an opportunity this year to join the World Trade Organisation (WTO) when Prime Minister Zhu Rongji visits the United States, US Trade Representative Charlene Barshefsky said onAFP - 253 words
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229 1999-01-23 7 BEIJING AFP CHINA is breaking up the virtual monopoly of telecommunications giant China Telecom, restructuring it into four independent units in a substantial reform plan, a newspaper reported on Thursday. The Shanghai Securities News said the company, which has a Hongkong-listed unit, wouldAFP - 229 words
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THE WORLD
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358 1999-01-23 8 GENEVA Bringing WTO into dispute is'appalling' and a'bad faith action', says US Reuters THE United States, voicing anger over the latest European Union move in their mounting banana row, signalled yesterday that it would pursue its right to slap hefty sanctionsReuters - 358 words
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209 1999-01-23 8 WASHINGTON AFP ARGENTINE central bank governor Pedro Pou said on Thursday that Argentina and the US are in talks aimed at replacing the peso, pegged one-to-one to the US dollar since 1991, with the US dollar. "A treaty of monetary association inAFP - 209 words
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409 1999-01-23 8 WASHINGTON NYT US President Bill Clinton said on Thursday that it is "highly likely" that a terrorist group will launch or threaten a germ or chemical attack on US soil within the next few years. In an interview in theNYT - 409 words
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339 1999-01-23 8 BANGKOK Thai official cites misunderstandings over meeting format AFP DISCUSSIONS between high ranking European Union and Asean officials scheduled next week have been postponed indefinitely due to disagreement over the "format" of the meeting, a Thai official said yesterday. The foreign ministry official said theAFP - 339 words
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Article, Illustration88 1999-01-23 8 [LONDON] Crowds eager to see dOof Claude Monet's important works continue to snake across the courtyard and into Piccadilly yesterday in London, as they wait to get into this week's private views of the highly anticipated exhibition. More than 150,000 people have bought tickets for what isAFP - 88 words
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517 1999-01-23 8 ■LONDON GDP grew 0.2% in Q4; all eyes on interest rates now Reuters BRITAIN'S Chancellor of the Exchequer Gordon Brown could afford a quiet smile yesterday after official figures showed the economy narrowly avoided the downward spiral into recession at the end ofReuters - 517 words
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785 1999-01-23 8 TBE MICROSOFT I TRIAL Netscape, Intel, Apple claims untrue, top exec says Bloomberg [WASHINGTON] Microsoft Corp group vice-president Paul Maritz characterised as "untrue" claims by Netscape Communications Corp, Intel Corp and Apple Computer Inc that Microsoft oppressed them with illegal, anti-com-petitive tactics. Mr Maritz isBloomberg - 785 words
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305 1999-01-23 8 WASHINGTON AFP FORMER US vice-president Dan Quayle will run for the presidency in 2000, he confirmed in an announcement on CNN on Thursday. Mr Quayle, who will file his candidal next week, said he was "the best qualified person" to doAFP - 305 words
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Page 8 Advertisements
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Advertisement20 1999-01-23 8 car dealer. The Straits Times Classified helps to accelerate my business. [CATA 1800-737-1166 Call Today For Results Tomonuw. i\) .ft20 words
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FOCUS
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Article, Illustration2659 1999-01-23 9 Mike Penner, Alan Abrahamson - The Salt Lake City scandal has brought about calls for reform in the bidding to host the Olympics By B Mike Penner, Alan Abrahamson LAT-WP IT is nice work if you can get it: life as a virtual head of stateLAT-WP - 2,659 words
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EXECUTIVE LIFESTYLE
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Article, Illustration581 1999-01-23 10 DAVID JONES - He tells david jokes it was a harrowing time which 'became a way of life' he got used to, helped by his sheltering mother DAVID JONES Reuters THE son of controversial British novelist Salman Rushdie spoke in public for the first timeReuters; REUTERS - 581 words
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318 1999-01-23 10 HEALTH Serins side effects prompt recall if gamma butyroUctone items Heaters (WASHINGTON! The US Food and Drug Administration (FDA) on Thursday said it was asking companies to recall dietary supplements made with gamma butyrolactone (GBL) and urged consumers to avoid purchasing or using CheHeaters - 318 words
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Article, Illustration1495 1999-01-23 11 JACK MATHEWS - And the Lord of the Empire may be right about synergy between blockbusters and art films given the spillover effect, says jagkmathbws JACK MATHEWS LAT-WP WE are nearing the end of our allotted time with His Eminence, Lord of the Empire, Creator ofLAT-WP; FILE FHOTOS - 1,495 words
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Page 10 Miscellaneous
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Miscellaneous1531 1999-01-23 10 CRYPTIC CROSSWORD 4 Churchwarden's fancy, a cas- -—|1V pV 9 Almost replete, several are ad- LhJ LhU miring (7) power (5) !Z-jlHZZplC^|lßZZptZjiL^flHZ-jA|H 19 Reviews Tate's peculiar mo21 Trees shown in the Spanish 26 Worker returns holding Hin(9) 29 Xf® 8110 time for COmP Ser 10 Special piano's played for US1,531 words
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Page 11 Advertisements
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Advertisement465 1999-01-23 11 Where to wine, dine and ftss&ir Tunch" is the best for lunch and high tea rolled into one. Which means longer serving hours and even more scrumptious spreads. "Tunch" on Saturday, Sunday 8C Public Holiday from 12 noon spm *15.80 (Adult) *11.80 (Child) "Tundi Karaoke" on Saturday from 3pm Bpm465 words
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Advertisement118 1999-01-23 11 fiTI I ii" n u V^V $25 BEIJING DUCK DURING THIS MONTH ONLY AT PINE COURT CHINESE RESTAURANT Reservations: 831-6262/6 Price is subject to 10% service charge *nd prevailing govt. taxes including GST at 3% Man&irut Singapore 333 Orchaid Road, Singapore *****7. Tel: 737 4411 Sat Sun 12 noon to118 words
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SPORTS
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Article, Illustration828 1999-01-23 12 paultait - AUSTRALIAN OPEN Rafter, Novotna, Henman and Martinez crash out, and of the top 8 men's seeds only Agassi and Kucera survive, reports paultait paultait Reuters Third seed Pat Rafter and Wimbledon champion J ana Novotna were knocked out of the Australian Open yesterday, victims ofReuters; AFP PHOTOS - 828 words
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Article, Illustration324 1999-01-23 12 AFP [MELBOURNE] Poor Monica Seles. The affable star has had a hard few years and now feels she cannot leave her hotel room to enjoy the sights of Melbourne. She ventured alone to a well-known movie complex this week but was set upon byAFP - 324 words
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Article, Illustration588 1999-01-23 12 GOLF Golfs greatest reclamation project says he's off anti-depressants LAT-WP [LA QUINTA, California] This time he means it. He's clean, he's sober, he's got a goatee and he's not taking any prescription medication, so meet the New John Daly version, oh, probably eightLAT-WP; FILE PHOTO - 588 words
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679 1999-01-23 12 OLYMPICS Probe to be widened to cover every bid from 1996 Games LAT-WP [NEW YORK] The International Olympic Committee's chief investigator apologised on Thursday for the corruption scandal sweeping the Olympic movement even as he disclosed that some lOC members got cash and benefits "intoLAT-WP - 679 words
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COMPANIES & MARKETS
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303 1999-01-23 13 Edmund Loh - By. Edmund Loh [SINGAPORE] Singapore's Cycle Carriage and sister company Dairy Farm are raising to 100 per cent their stake in Selangor Ice Company Sdn Bhd (SIC), which runs the Guardian pharmacy and Cold Storage supermarket chains in Malaysia. CCL,303 words
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433 1999-01-23 13 R Sivanithy - Some prices more than doable as speculators circulate takeover stories Reports by', R Sivanithy [SINGAPORE] Punters yesterday switched their attention to penny warrants due to expire in 1999 as part of a rotational craze that sent some of these counters flying by as433 words
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192 1999-01-23 13 [SINGAPORE] Regional equities continued to retreat against a backdrop of plunging Korean and Hongkong stocks, a volatile and vulnerable Wall Street and worries of a Chinese yuan devaluation. The Straits Times Index here fell for the second consecutive day under the same set of fears192 words
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503 1999-01-23 13 Siow Li Sen - Loss within analyst expectations, NPL rate not as feared By I Siow Li Sen [SINGAPORE] Thai Danu Bank's 8 billion baht (*****.6 million) loss for 1998 was well within analysts' expectations so their estimates of 1998 earnings for parent503 words
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756 1999-01-23 13 Russell Baker - HOCK LOCK SIEW Russell Baker AS part of its long overdue efforts to better promote itself as a regional financial centre and investment destination, Australia is overhauling the regulatory regime that governs its corporate sector. New legislation will introduce significant reforms to the756 words
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1006 1999-01-23 13 LETTER TO THE EDITOR Stock Exchange of Singapore Securities Industry Council WE refer to the letters to the Business Times (Jan 9, 14 and 21): "CSC's 'no delisting rules' claim should be clarified" from Charles Chua, "SES should educate investing public on takeover matters"Stock Exchange of Singapore Securities Industry Council - 1,006 words
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252 1999-01-23 13 Teh Hooi Ling - By 1 Teh Hooi Ling [SINGAPORE] Singapore Telecom is looking into the possibility of bidding for a fixedline telephone licence in Taiwan now that the market will be thrown open in 2001. "We are looking at it, but have not made up our252 words
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288 1999-01-23 13 Marissa Chew - By\ Marissa Chew [SINGAPORE] Home furnishings group Roly International posted an interim net loss of U*****,000 (Ssl.l million), against a net profit of US$l million, as hefty interest charges on borrowings and depreciation took their toll. Operating profit softened 5.4 per cent to US$6.9 million288 words
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REGIONAL COMPANIES
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Article, Illustration900 1999-01-23 14 Wong Wei Kong, Larry Wee - Foundation laid, more intermediaries needed to build market Ifyl Wong Wei Kong, Larry Wee [SINGAPORE] The Monetary Authority of Singapore has put in place measures to change the landscape of Singapore's bond market and it is now up to financialCHRIS LOH - 900 words
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246 1999-01-23 14 Wong Wei Kong - By' Wong Wei Kong [SINGAPORE] The Monetary Authority of Singapore is in the process of approving a new primary dealer in Singapore Government Securities (SGS) and has approved several applications by supranational agencies to issue Singapore dollar bonds, MAS senior director for markets246 words
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538 1999-01-23 14 Harish Mehta - Total losses of the sector now stand at more than 330b baht Reports from Harish Mehta in Bangkok THE enormity of Thailand's banking crisis hit home yesterday when four more Thai commercial banks reported huge losses last year, taking the total538 words
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292 1999-01-23 14 [BANGKOK] In a continuing crackdown on white-collar crime, Thailand's Securities Exchange Commission (SEC) apprehended 282 offenders last year, and fined them more than 350 million baht (Ssl6 million). The SEC advised investors to be cautious when contacting persons who presented themselves as representatives292 words
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327 1999-01-23 14 Conrad Raj - By Conrad Raj [SINGAPORE) Most of the creditors of Scotts Investments (Singapore) have agreed to the deal struck by its judicial managers to sell its stake in local service apartment pioneer Scotts Holdings to listed government! inked property company DBS Land. According to327 words
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348 1999-01-23 14 Bloomberg [MANILA] Philippine Long Distance Telephone Co said it doesn't plan to repay 30 billion pesos (Ssl.3 billion) of loans owed by its mobilephone subsidiary, Pilipino Telephone Corp. "There are no guaranteed loans," said PLDT senior vice-president Antonio Samson. "We considerBloomberg - 348 words
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273 1999-01-23 14 Reuters [TOKYO] DaimlerChrysler AG said yesterday it held constructive talks about cooperation with Nissan Motor Co but reached no decisions, dashing speculation a deal was done but leaving open the possibility of an agreement in the near future. The two automakers have beenReuters - 273 words
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COMPANY Briefs
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Article82 1999-01-23 14 Bloomberg [HONGKONG} Hongkong's securities industry regulator has recommended that the government investigate the oollapse of Peregrine Investments Holdings Ltd. which folded in January 1996 under the weight of hundreds of millions of dollars in loans to insolvent Asian companies, the SoulA China reported yesterday. Without namingBloomberg - 82 words
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68 1999-01-23 14 [SINGAPORE] Standard Chartered Merchant Bank Asia Ltd announced yesterday on behalf of Ingram Micro Singapore Inc that the letter's holding in mainboard-listed Electronic Resources Ltd has risen to 144.63 million shares, or 61.1 per cent of its share capital. Ingram has also expanded68 words
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60 1999-01-23 14 [SINGAPORE] Mainboard-listed Armstrong Industrial Corporation said yesterday that die Stock Exchange of Singapore has granted in-principk approval for a rights issue involvingBB.79 million new shares and not more than 35.52 million detachable warrants. The rights issue will be done on the basis of five rights60 words
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37 1999-01-23 14 [SINGAPORE] The Stock Exchange of Singapore has approved Seksun Precision Engineering's move from Sesdaq to the main board. Seksun said yesterday the effective date of the move would be announced later.37 words
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Article29 1999-01-23 14 Reuters [SINGAPORE] Communications and systems network integrator Datacraft Asia Ltd said yesterday that Ron Cattell is appointed chief executive with effect from July 1,1999. ReutersReuters - 29 words
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Article43 1999-01-23 14 IN this column yesterday, we reported that Pacific Can Investment Holdings had received in-principle approval from the stock exchange for its proposed bonus issue. 71m company in question was actually Pan Pacific Public Co. We are sorry for the error.43 words
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INTERNATIONAL COMPANIES
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505 1999-01-23 15 US CORPORATE RESULTS Hardware sales dip; shares seen falling as results foil to justify recent hike Bloomberg [ARMONK, New York] International Business Machines Corp, the world's largest computer maker, said fourthquarter earnings rose 12 per cent, missing the most optimisticBloomberg - 505 words
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Article, Illustration313 1999-01-23 15 Paperwork delay on more than USsBoom in orders Bloomberg [MURRAY HILL, New Jersey] Lucent Technologies Inc, the No 1 US telephone-equipment maker, reported a better-than-expected 26 per cent rise in fiscal first-quarter earnings as revenue lagged forecasts for the firstBloomberg; Source: Bloomberg - 313 words
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292 1999-01-23 15 Reuters [SAN FRANCISCO] Sun Microsystems reported slightly better-than-expected second quarter earnings, propelled by strong sales of servers, workstations, services and storage products in almost all regions. It also announced a two-for-one stock split to shareholders. Sun reported net income of U*****.1 millionReuters - 292 words
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295 1999-01-23 15 Bloomberg [IRVING, Texas] Exxon Corp, the biggest US oil company, said on Thursday that fourthquarter earnings fell 30 per cent, the fourth consecutive quarterly decline, as oil prices dropped to historic lows and profit from chemical sales slid. Net income fellBloomberg - 295 words
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Article, Illustration243 1999-01-23 15 Bloomberg [CUPERTINO, California] Apple Computer Inc's iMac home computer was the No 1 selling machine through US retail stores and mail order in the fourth quarter, a research firm said. The curvy, translucent blue machine from the No 7Bloomberg; FILE PHOTO - 243 words
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164 1999-01-23 15 AFP [MILAN] US media magnate Rupert Murdoch's News Corp is to take up its announced 80 per cent majority stake in Telecom Italia's pay-TV unit Stream next week, one of the company's top executives said on Thursday. Letizia Moratti, who headsAFP - 164 words
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Article3273 1999-01-23 15 Not oar* CM Lunfl Km Nov 30 I 2X792 ***** lt9 2U 0*0 TV tV TV IY MMHMgs $9 21 P ***** 7421 7.t2 43# Cm—rni mm I9mi ($mt UW (cto) MHCNKg* Sop 25 P am 1442 4U3 90.0 NortoPo* No* 23 I 30.708 2 9693,273 words
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FINANCE & COMMODITIES
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294 1999-01-23 16 Reuters [LONDON] The proposed merger between Spain's Banco Santander and Banco Central Hispano will achieve its earnings growth targets of 25 per cent in 1999 and 2000, JP Morgan said in a note. The note, published by banking analyst Carlos Pertejo,Reuters - 294 words
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Article, Illustration398 1999-01-23 16 Euro/USUfc Trading was relatively sedate this week when euro/US$ was confined between 1.1538 and 1.1639 in the first four days. The unit was seen trading around 1.1605 yesterday morning. As such, the short-term and mediumterm outlook remains mixed. A clear break of 1.1640 will set upSource: COS Bank - 398 words
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385 1999-01-23 16 Analysts question choice of the five counters for sector's April launch Reuters [LONDON] London stock market authorities have jumped on the Internet bandwagon, spelling out plans to create a new grouping dedicated to the fast-growing industry. Responding to feverish investor interest in Internet-re-latedReuters - 385 words
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Article, Illustration72 1999-01-23 16 [PHNOM PENH] A Cambodian woman contract rice planter working in water up to her knees and elbows planting rice in a padi field east of Phnom Penh yesterday. Last season's rice harvest was very poor and farmers are hopingfor a better crop this season. In some provinces thereAFP - 72 words
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236 1999-01-23 16 Royal Sun set to offer £3.5b for rival insurer: report Reuters [LONDON] Britain's Royal Sun Alliance pic is poised to offer about £3.5 billion (559.7 billion) for rival Guardian Royal Exchange pic after being told it had made the highest bid in the auction for the insurer, the Times newspaperReuters - 236 words
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350 1999-01-23 16 Trading, investment losses from Asia, Latin America cited Bloomberg [NEW YORK] Bankers Trust Corp said on Thursday fourth-quarter earnings fell 54 per cent, beating analysts' expectations, as trading and investment losses from Asia and Latin America widened. The eighth-largest US bank, whichBloomberg - 350 words
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457 1999-01-23 16 Soh Tiang Keng - Simex members will be able to do screen-based trading in Nymex contracts By\ Soh Tiang Keng {SINGAPORE] The Singapore International Monetary Exchange (Simex) and the New York Mercantile Exchange (Nymex) yesterday signed an agreement here to allow Simex corporate members to do screen-based trading457 words
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177 1999-01-23 16 AFX-Asia [LONDON] Bank America Corp is retreating from overseas markets responsible for losses of US$433 million (*****.3 million) over the past two quarters and a US$5OO million provision against other potential losses, the Wall Street Journal Interactive reported, citing insiders. It said Hugh McCoU Jr,AFX-Asia - 177 words
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194 1999-01-23 17 Bob Butcher, Jardine Fleming - HIMKI Reports Bob Butcher, Jardine Fleming THE MSCI Singapore Free Index futures were off yesterday but held up weU against some of the regional markets, in particular the Hang Seng Index in Hongkong which took a pounding. The range was rather narrow. The194 words
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193 1999-01-23 17 Charlie Kuo, Refco Singapore - MSOI Taiwan fttnrea Charlie Kuo, Refco Singapore THE Simex MSCI Taiwan Stock Index futures fell as the US Nasdaq Composite Index suffered its biggest tumble since Dec 14, 1996, sparking concerns that demand for Taiwan's electronic products will decline. The January '99 contract193 words
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311 1999-01-23 17 ENERGY REPORT Reuters [LONDON] Oil prices moved lower yesterday following Thursday's modest price recovery after weekly US inventory statistics showed that oil stockpiles in the world's biggest petroleum consumer had eased. Early excitement in the wake of report thatReuters - 311 words
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Article304 1999-01-23 17 Bridge News, Bloomberg THE foreign exchange markets continued to be awash with news and rumours of further emerging market distress, though traders seemed reluctant to take strong positions as they sifted through a range of different factors. Dollar/yen found support from speculation overnight that the Chinese and HongkongBridge News,; Bloomberg - 304 words
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Article, Illustration886 1999-01-23 17 DfTBUAMX 0&088 KATB8 Mn2 2 1 1 c< Ml hw n h Mto-nyi Tw Iw ig$Nfci» n» i»4 s» ts mFw< M66 «2 ©201 100 1077 4952 27.172 ***** 0.721 7234 2429 UK ********** 1070 1910 *****0445 ***** 0J07 0639 S2? 1 V®" 14,5 5W UB *****M63 #.753 7J0I 2JH886 words
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Article941 1999-01-23 17 SICOH FUTUBB8 jan22 WMEB (Mww dotafu at UOp*) am mm MlZn gfg 2S 5S» 'S 55 5 Sg""""""",g» jg- «8 Jj rS 99 Sjj llll^l £5 1 2* A* 99 fKM S#» 1*M mmm*»*smzsam V, 111 1 nil MtAos OTJS jig mm* turn mm g- *T WM> as g J»00941 words
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Article, Illustration1175 1999-01-23 18 Reuters QHingSeng -31(106 STOCKS closed sharply lower yesterday, pummelled by worries about bank provisions and fears that Brazil's financial crisis may slow US growth and put pressure on currencies in China and Hongkong, brokers said. The blue chip Hang Seng Index dived 310.05 points or 3.09 per cent toReuters - 1,175 words
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Article, Illustration441 1999-01-23 18 Reuters QStottdwßliiex 441 SHENZHEN'S hard currency B shares ended at a historical closing low yesterday for the fourth time this week as fears that companies would post lower 1998 earnings fuelled continued foreign selling, analysts said. The B Share Index closed down 0.49 of a point, or 1.01 perReuters - 441 words
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Article318 1999-01-23 18 AFP DWP Ma -IMJS TAIWAN share prices fell 1.6 per cent yesterday, tugged down by an overnight loss on Wall Street and a weak Hongkong market, analysts said. The Weighted Price Index fell 103.25 points to 6,228.95, following a 0.3 per cent rise in the previous session. "Strong sellingAFP - 318 words
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Article1740 1999-01-23 18 JmO Hw 91 Group 617.000 -<000 At Ports 248.000 -12.000 AtBoyNatlonol *****00 -U00 AModDomocq 4*2.000 -6.400 AMod Zurich 904.000 -***** Amoc 199.000 -9400 <UMCmp 157.400 1.400 •AT Md 597.400 -27.600 ■6 He 378.000 -8.400 •ICC 63.000 unch 80C Group *****0 -MOO BRPotrotoum *****0 unch BTR >06.000 0.6001,740 words
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Article1423 1999-01-23 18 Bloomberg, AFP □WktaUK -tua JAPANESE stocks fell for the first time in three days, paced by semiconductor and Internet issues as the Nasdaq Composite Index's overnight drop suggested share prices outstripped earnings prospects. Softbank Corp, Murata- Manufacturing Co and Advantest Corp fell. Uninspired results from International Business Machines Corp,Bloomberg,; AFP - 1,423 words
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KUALA LUMPUR STOCK MARKET
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Article7550 1999-01-23 19 Chhw prefects 1999 Laat Vol toy Nat Cap H» u» cmm u» •boo m 120 170 AJInamoto 300 -W S 312 300 IM OU *48 35 Angkasa SO 4 KM SO 76 1.9 nS-0 310 123 Apollo Food Hlg 282 12 4 282 266 9.8 112.8 3M KM BarjayaLand 1997,550 words
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Article, Illustration287 1999-01-23 19 AFP P Composite Index +4M MALAYSIAN share prices ended 0.6 per cent higher yesterday on local and foreign institutional support for banking and gamingrelated stocks. "The bourse closed off highs with particular support by foreigners on gaming stocks like Genting," an institutional dealer with a localAFP - 287 words
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WARRANTS, OPTIONS & REGIONAL MARKETS
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Article1868 1999-01-23 20 SJ*» Laat V«i Day Lad Ovata A«| Wph lw It— Cwgg %tt» *ac- rooo) HM> Law Bayar Mh Prtca 20.5 3 3*60 *Acar ******1 US$ 13 unch 75 13.5 13 13 133 36 4.5 3164 Acma ******4 20 -0.5 909 22 20 20 20.5 22 3161 AKTtch W*****7 28.5 25.31,868 words
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Article205 1999-01-23 20 R Sivanithy - WARRANT WATCH -By R Sivanithy THERE'S stUl a lot of confusion about covered warrants, particularly the latest one on the DBS 50 Index. For instance, we heard that someone bought the warrant on Thursday and wanted to exercise it immediately, not realising that it205 words
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Article197 1999-01-23 20 nonhomtracts v: Or Or S2 W* Lm* V«t On Lwl OiMto Dk Ok w m hc« HI* L— Mm C«wny COOP) M» L— 8»yr »—r Cw P/t $W> 5123 COC (2000) HK 400 i4 2 203 7744.7 5124 C«th*vP«c20cHK_720 2.1 1A 6 *****.4 5125 ChMigKanq50cMl.1780 240 6-3 6.7197 words
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Article, Illustration713 1999-01-23 20 AFP □set Mm 437 THAI shares slid 2.4 per cent at the close yesterday, dogged by a wave of terrible bank results and rumours of the resignation of Finance Minister Tarrin Nimmanahaeminda, dealers said. They said the sell-off began in the morning session with the release of the bankingAFP - 713 words
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Article278 1999-01-23 20 AFP n*" 8 -80.41 PHILIPPINE share prices closed 3.8 per cent lower yesterday due to negative reports concerning blue-chip telephone firms and the downturn in Wall Street. The Philippine Stock Exchange Composite Index fell 80.46 points to close at 2,062.34 points. Volume fell to 476.30 million shares worth 1.6AFP - 278 words
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Article394 1999-01-23 20 AFP IJnupngtohlg jM| SOUTH Korean share prices dived 5.4 per cent yesterday as regional concerns and rising interest rates ended the market's bull run, dealers said. LG Securities dealer Yoon Sam-Wui said the sharp losses appeared to indicate an end to the recent liquiditydriven rally following the upturn inAFP - 394 words
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Article568 1999-01-23 20 AFP QAllOrtiuriM -34 SHARE prices closed down just 0.1 per cent yesterday as the market shrugged off the previous day's easing on Wall Street, brokers said. The All Ordinaries Index closed down 3.6 points at 2,848.4. The All Industrials was up 0.3 of a point at 5,147.3 while theAFP - 568 words
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Article245 1999-01-23 20 AFP Q Wellington jjg NEW Zealand shares closed 1.2 per cent lower yesterday as profit-taking cut short a strong rally this week. The NZSE-40 Capital Index closed down 27.52 points at 2,189.35 but was still well ahead of last Friday's 2,113.11 close. Turnover was worth NZ5149.9 million. —AFP *nAFP - 245 words
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6713 1999-01-23 21 Transaction date: J.m 22 j Cr Or M Wt S2-Wk Last Vol Day LMt Ouata 01* Dlv YM Nat Cap Avg Nl» t— WWa cinm Ml COOP) Mfh Law «Myar la»o Cw WI W Prtca MULTHHOUSTRY 142 17.5 ml 1000 AcmaSOc 77.5 -0.5 3176,713 words
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Article1261 1999-01-23 21 Or 6r M Wt 52-Wt Last Vol Day Last Ouott DW Mv YM Not Cap Avg High Law StNo Company Solo COOOI High Low Buyer So8or C'vr ?/l $m8 Ww MMMFACTUMM 243 30 0 2049 AS Auto 10c 106 -2 613 >08 10S 105 106 IS N 7 1.41,261 words
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STOCK EXCHANGE OF SINGAPORE
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Article377 1999-01-23 22 Stedu Votaut LKN Wt99 21.317,000 UmKahNgam 17.473,000 DBS Land 15,703.000 SingTel 15c 14,333,000 ScmbCorpI 25c 13,069,000 Pacific CWt99 10,351,000 OAF Ltd 40c 10,043,000 CK Tang Wt99 8,683,000 Liang Huat 10c 7,n5.000 Keppel Land50c 6,635,000 IWH DBS Foreign 49,141,678 DBS Land 38,434,815 SingTel 15c 34,584,772 OUB Foreign 31,843,500 SembCorpi 25c 30,109,070377 words
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Article, Illustration596 1999-01-23 22 R Sivanithy - Brazilian crisis rekindles worries over ynan devaluation; also worrying is Wall Street volatility; bank stocks worst hit STOCK MARKET COMMENTARY By R Sivanithy [SINGAPORE] The Straits Times Index lost the 1,500 mark yesterday, weighed down by steep plunges in Korea,596 words
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ON THE GRAPEVINE
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Article79 1999-01-23 22 OCBC Bank's new chief executive officer Alex Au has quickly acquired a nickname among staffers. He is called AA or double A, which is better recognised as the letters denoting the size of a 1.5-volt battery. Well, we think the nickname is quite appropriate given that79 words
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Article69 1999-01-23 22 SALOMON Smith Barney said DBS Bank will find it difficult to lift its return on asset and equity significantly above the 10 per cent level in the near term. It believed that the bank's ambition to become a full-service regional bank will likely prove challenging as its69 words
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Article122 1999-01-23 22 IN a speech in Tokyo yesterday, Eisuke Sakakibara, Japan's maverick Vice-Minister of Finance for International Affairs, had a nice little anecdote that throws light on what he calls the IMF's "blind application" of a universal economic model to countries in distress. He said that an IMF director visited122 words
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Article74 1999-01-23 22 HERE we go again. Renewed market talk of Malaysian national oil company Petrohas buying a controlling 32 per cent of national car distributor Edaran Otomobil National Bhd (EON) from Hicom Bhd has pushed up its share price by 12.5 per cent on Thursday. In74 words
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Article86 1999-01-23 22 IN Japan the going is getting tough and the tough are getting going. In fact things are so bad on the economic front now that even gangsterism doesn't pay. So it teems the famed tough men of Japanese society, the yakuzas, are giving up their wicked ways.86 words
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Article, Illustration63 1999-01-23 22 Wong Wei Kong - By Wong Wei Kong LIM Kah Ngam shares closed yesterday up $0.04 at $0,545 with 17.5 million shares traded, compared with its 10-day traded average of 2.16 million shares. The daily and weekly RSI and Stochastics and MACD charts suggest some upside potential in the very near term,63 words
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Advertisement14 1999-01-23 13 Tanglin Mall, every third Saturday of the month, spm 11pm ICATl CAT a, l14 words
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Advertisement7 1999-01-23 14 TheßusnessTimes Shipping times 5 days a week7 words
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Advertisement37 1999-01-23 16 11 SjCiu II mnrwtmi* mwmxtinJkiSSSm I I li mmmt \ntmmmi I —m MUMVmS«S|| I I II "Hi*?"*"f *'g! II I+m I I tm> I 1 BslßSftSk. c:v 1 2 -i KwßiNßffy"i «y* Strait Talk TheßusinessTimes Shipping times37 words
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Advertisement31 1999-01-23 19 +The KLSE scoreboard can be found at the folio wing Internet address: www.asial.com.sg/btstocks Classified First. Need to get something fixed? Or simply seek out a good buy? Your best bet: CATS.31 words
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Advertisement10 1999-01-23 20 HOCK LOCK SIEW Takes you behind the news TheßusinessTimes BINOAPOBE10 words
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Advertisement47 1999-01-23 20 ♦The Jakarta market was closed yesterday for holiday I wanna If Its time you take a break, explore the Travel Section in the Classified.^Whether its a leisurely cruise, a free 'n' easy adventure, or a convenient packaged tour, visit Classifications 570 to 590 for a wide choice.47 words
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Advertisement234 1999-01-23 22 NOTICE IS HEREBY GIVEN that I, LIM HAK SIO of 134 Emerald Hill Road, *02-134 Singapore *****4, have applied for a Ist Class Beer House Licence in respect of M/s Steam Concepts Pte Ltd located at #05-128, Shaw House, 350 Orchard Rd, Singapore *****8, and that this application will be234 words
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Advertisement234 1999-01-23 22 NOTICE IS HEREBY GIVEN that I, TAN CHENG WATT of Blk 547, Ang Mo Kio Ave 10, #02-2240 Singapore *****7, have applied for a Beer House, First Class Licence in respect of M/s 134 Coffee Shop located at 134 Casuarina Road Singapore *****6, and that this application will be considered234 words
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Advertisement618 1999-01-23 22 NOTICE IS HEREBY GIVEN that, I Tang Kheng Bok of 73C Carlisle Road, Singapore *****3, have applied for a Retail Liquor Shop Licence in respect of M/s Tang Brothers Provision Store, Located at Blk 46 Owen Road, #01-287, Singapore *****6, and that this application will be considered by the Liquors618 words
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Advertisement572 1999-01-23 22 IN THE MATTER OF THE COMPANIES ACT.CAP 50 ANO IN THE MATTER OF ENESI INVESTMENT TRADING At an extraordinary general meeting of the members of the above-named Company duly convened and held at 10. J ALAN BESAR, #06-02. SIM LIM TOWER.SINGAPORE *****7 ON 18TH JANUARY 1999, the special resolution set572 words
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Advertisement402 1999-01-23 22 M THE SUPREME COURT Of THE REPUIUC Of SMGAPORE COMMMES WMDMG-UP NO: 223 OF 1991 IN THE MATTER OF THE COMPANIES ACT (CHAPTER 50) ANO IN THE MATTER OF TECHFORD F 4 B PTE LTD ADVERTISEMENT OF APPOINTMENT OF LIQUIDATOR By order of tKe High Court, dated the 25 September402 words
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