The Business Times, 30 January 1999

Total Pages: 22
1 22 The Business Times
  • 15 1 THE BUSINESS TIMES MITA(P) 04(V12/98 85c SING APORE Internet: http://business-times.asial.com.sg/ WEEKEND EDITION, JANUARY 30-31, 1999
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  • 79 1 Illl IIIB ust st IBS 1J» £(US$/S$ per IMi. 1781 HJIOfUSIftSpvE) L141 LK7 DM 1714 MM YEN I1M 1.414 KM UN 1444 HKS 7.74» 1218 BAHT 8184 IMC H!P!AH 1871 IMi* 'Strnimmuu FUME BATES SINGAPORE* Ml KUALA LUMPUR 11 JO JAKARTA 28.M BANGKOK 14.75 MANILA SIM HONG HONG \%3&
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  • 790 1  -  Prices down 8.7% in 4th-qtr; landed properties worst hit By I Corinne Kerk [SINGAPORE] Private residential prices fell a further 8.7 per cent in the fourth quarter of 1998, bringing the price fall for the whole of last year to a steep
    Source: URA  -  790 words
  • 606 1  -  Down 18% for 1998, prices are now at end-1995 levels By David Boey [SINGAPORE] The drop in resale prices of Housing and Development Board (HDB) flats moderated to 3.5 per cent in the last quarter of 1998, compared with 4.5
    Source: HDB  -  606 words
  • 365 1  -  5 years too long to wait before opening sector: expert panel By< Clarissa Tan [SINGAPORE] The Monetary Authority of Singapore (MAS) is seriously considering speeding up the liberalisation of the financial sector in two to three years, rather than five as it had envisaged.
    365 words
  • 417 1  -  By< Christopher Tan [SINGAPORE] The government has decided to delay the building of Changi Airport's Terminal 3 because of the weakened economy the first time a major public infrastructure project has been put off in recent years. Communications Minister Mah Bow Tan
    ARTHUR LEE  -  417 words
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    • 138 1 nmPB US tea The US economy grew at a better-than-expected annual rate of 5.6% in the 4th quarto* of last year, the strongest pace since the second quarter of 1996, **7 OUB goes on the offensive targetting E5O firms in a bid to hold on to the lion's share of
      138 words
    • 386 1 ■COEs: Govt panel suggests openbidding format, Pg 2 Sing Tel cuts rates twice in a day to fend off M 1 challenge, Pg 3 More reports, Pg 2 STB upbeat as Dec arrivals dip only 0.7%, Pg 2 "One of the world's leading authorities on new approaches to health and
      386 words

  • SINGAPORE AT HOME & ABROAD
    • 394 2  -  Transparency means more sensible bids, says GPC; dealers less keen, fearing it could become auction By\ Christopher Tan THE vehicle quota system review committee will recommend an open-bidding format a radical departure from the current method. Chay Wai Chuen, chairman of the Government
      394 words
    • 774 2  -  By\ Corinne Kerk FAR East Organization (FEO), Singapore's largest private property developer, appears to be the one with the largest number of residential projects that have been launched but not completely sold. Figures released yesterday by the Urban Redevelopment Authority show that Far
      774 words
    • 330 2 PRICES for office space here plunged 30.2 per cent last year, with the last quarter registering a fall of 8.5 per cent, figures from the Urban Redevelopment Authority show. The drop in price was accompanied by a fall in the total amount of occupied office
      330 words
    • 257 2 Carrier wins in half the global sections in OA6 Worldwide poll SINGAPORE Airlines has made a wide sweep of OAG's 1999 Airline of the Year awards winning half the global categories and seven of nine regional categories, while Changi
      257 words
    • 762 2  -  EYE ON TOE ECONOMY By, Anna Teo ONE month before the publication of the Ministry of Trade Industry's 1998 economic survey, the key figures for the year trade, manufacturing, investments, inflation, visitor arrivals, even gross domestic product (at least an early estimate)
      762 words
    • 448 2  -  By] Marissa Chew VISITOR arrivals fell by just 0.7 per cent in December, and the Singapore Tourism Board is optimistic that it marks the end of a long slide and the beginning of growth. STB figures show that visitor arrivals fell 13.3
      448 words
    • 559 2  -  More staff to be employed at plant which also makes all its high-end drives By, Jennifer Lien IN a shift of strategy, Seagate Technology will build its latest low-cost, high-volume desktop disk drive at its Ang Mo Kio plant, which makes
      CHRIS LOH  -  559 words
    • NEWS Roundup
      • 68 3 Reuters [KUALA LUMPUR] The Guinness Brewery has decided to close its Asia-Pacific office in Singapore by mid-1999 as part of the group's global reorganisation, company officials said yesterday. "The office in Singapore is scheduled to be closed in June or July. More than 40 staff
        Reuters  -  68 words
      • 57 3 [SINGAPORE] German chemical group Wacker Chemie yesterday officially opened its first construction powder technical centre in Asia at Loyang Industrial estate. Staffed with 25 people, the 1,900 sq m centre can do onsite reliability testing erf dry-mix mortars for construction materials companies. Wacker will open
        57 words
      • 44 3 IN an AFP report published in BT yesterday under the headline "Managed depreciation of S'pore seen", AFP wrongly described Thio Chin Loo as a currency strategist with Banque Nationale de Paris when he is in fact with Banque Paribas in Singapore.
        44 words
    • 514 3  -  By] Eugene Low SINGAPOREANS should be cautious and not assume that the economy will be out of the woods in the latter half of this year, said Minister without Portfolio Lim Boon Heng yesterday. "I hope that we would see a recovery
      SIEW YAW HOONG  -  514 words
    • 272 3  -  SATURDAY MAXLBAG Toh Tau Paing Singapore PLEASE allow me to join the debate on property prices. First, I would like to let it be known that I am an investor with only secondary education, not an expert with credentials. I sold my 5-room HDB
      272 words
    • 237 3  -  David Tan Singapore I MUST first apologise for not revealing that I too had bought high and have been servicing my mortgages with high interest rates that bring tears to my eyes. In fact, I was one of those who had to pay
      237 words
    • 496 3  -  Bat its moves in responding to rival's package could halve profit margins By' Teh Hooi Ling IN a fierce price war which erupted yesterday, Sing Tel Mobile cut its rates twice in one day in the hope
      496 words
    • 179 3 WHAT began as a mission to modernise the local bakery and confectionery sector has now grown into one of Singapore's most successful franchises. PrimaDeli was named domestic franchisor of the year by the Productivity and Standards Board (PSB), the Trade Development Board and Arthur Andersen Business
      179 words
    • 260 3 CITYCAB will scrap all peak hour surcharges from March 1, and lower its booking fees for normal taxis by 20 cents. But it will introduce a fee for making multiple stops for passengers who share a cab to different destinations. The charge will
      260 words

  • Page 3 Advertisements
    • 131 3 Logistics in the 21 century mCC t€ C^lil^ eU^ CS higher quality, efficient}', prompt deliveries and service by integrated teamwork with the Software System LAGOS for the Warehouse and Material Flow Optimisation riiin-K sr. Knae ,v."v f a>- ,"n > Or i,t f!,'.<;<•</ 'i.' f<t'k n v. ioJx ■>'<■ .K
      131 words

  • ASIA'S ECONOMIC SLUMP
    • 572 4  -  But it's also the riskiest, says Templeton chief now bullish on Asia Reports byi Quak Hiang Whai in Hongkong INDONESIA is the Asian market with the greatest potential for appreciation but it also comes with the greatest risks, according to renowned flind manager Mark
      572 words
    • 392 4 CHINA will not go for a dramatic devaluation but will instead opt for a gradual process of devaluing its currency, leading fund manager Marc Mobius has predicted. In a taped interview released to the media yesterday, Mr Mobius, president of Templeton Emerging Funds,
      392 words
    • 661 4  -  From. Anthony Rowley in Tokyo AFTER months of worsening economic data on just about every front, Japan was finally able to point yesterday to what appears to be evidence of incipient recovery. The unemployment rate fell fractionally in December, from 4.4 per cent to
      FILE PHOTO  -  661 words
    • 187 4 AFP [KUALA LUMPUR] Malaysia's state-backed asset management agency said yesterday it issued another 1.1054 billion Malaysian ringgit (*****.1 million) in bonds to various banks in exchange for non-performing loans. Pengurusan Danaharta Nasional Bhd, set up to absorb banks' rising bad debts, said the bonds were
      AFP  -  187 words
    • 551 4  -  10 state, 2 private recipients; Bank Lippo to get largest sum of 3.7t rnpiah Prom Shoeb Kagda in Jakarta INDONESIA yesterday announced it will inject 4.3 trillion rupiah (*****.9 million) in liquidity support into 10 state banks and two private banks to kick
      551 words
    • 309 4 AFP [BANGKOK] The central Bank of Thailand (BOT) yesterday slashed its discount rate to a historic low as a signal to commercial banks that longer term rates should be eased. Central bank director of banking Thasna Ratchatapobhi said the move, effective on
      AFP  -  309 words
    • 325 4  -  Stocks slip 2% on worse than expected 1998 nnmbers From., Al Labita in Manila SELLDOWNS swamped Philippine equities yesterday on news that the country's economy posted a worse-than-ex-pected growth of a measly 0.1 per cent in 1998. Hardest hit were index heavyweights San
      325 words
    • 166 4 Bloomberg [TAIPEI] Foreign direct illvestment in Taiwan including investments in factories and businesses, but not portfolio flows fell 22.8 per cent last year to U553.29 billion (555.5 billion), as Asian investors cut back on crossborder expansion. "Foreign investments in Taiwan have
      Bloomberg  -  166 words
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  • REGION
    • 435 5  -  From Ruth Wong in Kuala Lumpur WITH the recovery of the motor sector since September last year, the Malaysian Motor Traders Association (MMTA) predicts vehicle sales will grow by 22 per cent to 200,000 units this year, despite expectations of a price
      435 words
    • 140 5 DAVOS Reuters INDONESIA'S top economics minister said on Thursday that independence for the disputed territory of East Timor could come as early as next year if the Parliament in Jakarta approved. Ginandjar Kartasasmita, Coordinating Minister for the Economy, Finance and Industry,
      Reuters  -  140 words
    • 517 5 BEIJING Move aims to boost competition in industry; may help country's WTO bid Bloomberg CHINA is to allow foreign companies to operate jointventure trading companies across much of the country to boost competition in the industry, a Ministry of Foreign
      Bloomberg  -  517 words
    • 362 5 BEIJING Talk is amendments will give private sector more freedom Reuters CHINA'S Parliament yesterday began deliberating proposed amendments to the constitution amid speculation it would give greater freedom to the private sector. The official Xinhua news agency said the Central Committee of the ruling Communist
      Reuters  -  362 words
    • 395 5  -  They are responding to Guangdong official's charge of stock speculation Fronn Quak Hiang Whai i n Hongkong FIVE Hongkong-listed companies linked to financiallytroubled Guangdong Enterprises (Holdings) yesterday denied they had used funds raised from the market for speculative stock activities as
      395 words
    • 303 5 KUALA LUMPUR Mag had questioned M'sia's right to loan from foreign banks Bridge News MALAYSIA'S National Economic Action Council (NEAC) yesterday criticised an article in a British publication that questioned the country's receipt of a US$l.35 billion (552.27 billion) loan from 12 foreign
      Bridge News  -  303 words
    • 1667 5 CITY FUGm ETA FLIGHT ETO LH6374 1540 S026 2355 AMoMo 1*7381 1930 8A7382 2050 IH779 2359 Of81 1930 Of12 2050 ««79 2359 AH8229 2230 1650 $***** 2359 LH6380 2230 S0229 2210 vAiMJt »o4U Of 6 1840 AfltsttrtfMi KL&43 0540 KLS44 0105 $023 0645 CA974 0205 $0909
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    • 577 5  -  Chavalit govt's wrong policies drained foreign reserves, he says From, Harish Mehta in Bangkok THAILAND'S dynamic finance minister, Tarrin Nimmanhaeminda, yesterday attacked the Opposition's strategy to discredit the government and said that the former Chavalit government had emptied foreign reserves and failed to
      FILE PHOTO  -  577 words

  • THE REGION
    • 191 6 HONGKONG Bloomberg HONGKONG'S top court declared its independence, ruling part of a law unconstitutional and giving itself the right to review some of Beijing's actions. Yesterday's judgment by the Court of Final Appeal invalidated part of an immigration law requiring some Hongkong permanent residents
      Bloomberg  -  191 words
    • 179 6 SHANGHAI AFP INDIRECT trade between China and Taiwan rose 3.3 per cent to hit a record US$2O.5 billion (5534.6 billion) in 1998, the official China Securities News reported yesterday, citing Trade Ministry figures. Two-way trade was U5519.84 billion the previous year,
      AFP  -  179 words
    • 540 6 TOKYO Some banks dealing at above-market prices to avoid losses as JGBs fall Bloomberg JAPANESE regulators have started a probe into trades by the nation's banks to hide losses caused by a four-month plunge in government bond prices. The Japan Securities Dealers
      Bloomberg  -  540 words
    • 336 6 TAIPEI Dec's 0.63% figure is sth consecutive rise and a two-year high Bloomberg TAIWAN'S bounced cheque ratio rose for a fifth consecutive month in December to the highest level in two years, as a slowing economy and falling asset values continued to squeeze some
      Bloomberg  -  336 words
    • 320 6 BOMBAY AFP THE Indian government's decision to cut its huge state subsidies on food-grains and fertiliser is a hint of greater austerity measures to come in next month's budget, analysts said yesterday. Finance Minister Yashwant Sinha announced the cuts on Thursday, which
      AFP  -  320 words
    • 304 6 HONGKONG Corruption body making further inquiries into scam AFP HONGKONG'S justice department said it may review a controversial decision not to prosecute a prominent media tycoon with close links to Beijing, a newspaper reported yesterday. The Independent Commission Against Corruption is
      AFP  -  304 words
    • 176 6 HONGKONG AFP A RECOVERY in Hongkong's property market faltered in December with the number of new loans rising at half the rate of the previous month, data released yesterday showed. New lending rose 28.6 per cent from the previous month when mortgages soared
      AFP  -  176 words
    • 576 6 TOKYO AFP JAPAN launched on Friday a multi-billion-dollar shopping voucher give-away in a desperate attempt, derided by some analysts, to prise open wallets and rescue the moribund economy. The start of the unprecedented scheme coincided with the release of data
      AFP  -  576 words
  • Page 6 Advertisements
    • 33 6 Come to The Straits Times Classified's 1 "Open House" first for that new home, office or shop space. EH ■t>A i 's 1 mi L B m K"'| I Classifications 402-568: Properties irrm^rmmd
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  • THE WORLD
    • 555 7 WORLD ECONOMIC FORUM New system to prevent crises with better monitoring and control needed AFP [DAVOS, Switzerland] Financial leaders of the major industrial powers yesterday urged swift action to reform the global financial system to cope with future crises, saying the time
      AFP; REUTERS  -  555 words
    • 225 7 DAVOS The Straits Times SENIOR Minister Lee Kuan Yew called on Malaysian Prime Minister Mahathir Mohamad at the latter's hotel here yesterday. Mr Lee's spokesman told The Straits Times that the two leaders met for an hour in Dr Mahathir's suite, with
      The Straits Times  -  225 words
    • 641 7 DAVOS He maintains currency traders to blame for crisis Bernama PRIME Minister Mahathir Mohamad of Malaysia, who appeared to be irked by the almost never ending debate over the destructive roles of currency traders, says governments which harbour them and claim they cannot
      Bernama  -  641 words
    • 429 7 DAVOS The Straits Times THE onus is on developed countries to help developing countries join the international financial system in such a way that the latter will not suffer shocks unknowingly, Senior Minister Lee Kuan Yew said yesterday. When the World Bank,
      The Straits Times  -  429 words
    • 157 7 DAVOS The Straits Times RECENT media hype about Singapore and Hongkong competing head to head is overblown and overdone, leaders of the two countries say. Senior Minister Lee Kuan Yew and Hongkong Special Administrative Region chief executive Tung Chee Hwa agreed on this at an informal
      The Straits Times  -  157 words
    • 472 7 WASHINGTON It's strongest pace of quarterly growth since 2nd qtr '96 AFX-Asia THE US economy expanded at a 5.6 per cent annual rate in the fourth quarter, faster than the 3.7 per cent rate in the third quarter, the Commerce Department
      AFX-Asia  -  472 words
    • 311 7 BRUSSELS Bloomberg INFLATION in the 11-nation European single currency region fell in December to its lowest annual rate ever, led by falling commodity costs and greater price competition in Germany and France. The annual rate fell to 0.8 per cent
      Bloomberg  -  311 words
    • 366 7 BRASILIA AFP BRAZIL is headed for higher inflation and a recession despite desperate efforts to keep prices down and capital in the country, according to two studies out on Thursday. Brazil's economy could shrink by 4 per cent this year while prices go up by
      AFP  -  366 words
    • 170 7 MADRID Reuters JUAN Antonio Samaranch, under pressure to resign as president of the International Olympic Committee (IOC) because of a bribery scandal, has stepped down as chairman of Spain's largest savings bank, officials said here yesterday. Mr Samaranch quit as active chairman on
      Reuters  -  170 words
    • 274 7 WASHINGTON Reuters THE Congressional Budget Office (CBO) has raised its estimate for this year's US budget surplus to US$lO7 billion (*****.6 billion) from its previous forecast of US$63 billion, according to a CBO summary on Thursday. June O'Neill, who is leaving as director of
      Reuters  -  274 words
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  • FOCUS
    • 1984 8 The following is the full text of US Federal Reserve chairman Alan Greenspan's prepared testimony to the Senate Budget Committee's hearing on social security in Washington on Thursday THE dramatic increase in the ratio of retirees to workers that is projected, as the
      REUTERS  -  1,984 words
    • 457 8 Reuters Federal Reserve Chairman Alan Greenspan, in answer to a senator's question on Thursday about the rush to invest in Internet stocks, quipped, "Is that called investment?" Following is the full transcript of the rest of his comments to the Senate
      Reuters  -  457 words
  • Page 8 Advertisements

  • FOCUS: INTERNET MANIA
    • 1054 9 Rise will be short-lived as most Net firms won't enjoy the unprecedented growth in sales and margins that would justify their inflated prices The Economist S HE electric W H light is very ill probably a great inven- t i on and let us take
      The Economist  -  1,054 words
    • 2724 9 Soaring stock prices indicate Net-obsessed investors have lost tonch with reality The Economist [LONDON] A few weeks ago, Jeff "Bezos, the founder of Amazon. com, the Internet's leading book and music retailer, was asked what he thought about his company's sky-high
      The Economist; Source:; FILE PHOTO  -  2,724 words

  • EXECUTIVE LIFESTYLE
    • 701 10 ART Computer scientists use laser scanner to create exact replicas of famous artworks Reuters [PALO ALTO, California] Enter the name "Michelangelo" on any Internet search engine and you will be directed to images of David, the Sistine Chapel and other masterpieces that
      Reuters; FILE PHOTO  -  701 words
    • 812 11  -  And Prada bags fly out the window at HK$5O a pop. Jonathan sharp checks out the bargains this side of HK JONATHAN SHARP Reuters MRS Lam, who is from Hongkong and knows a thing or two about shopping, is proud of her new purchase, a black
      Reuters; FILE PHOTOS  -  812 words
    • 597 11 PEOPLE Reuters [LOS ANGELES] It is when he utters words like "man" and "bread", slowly for emphasis, in his familiar deep voice, that James Coburn, movie star, rises up from the past. There he is, under a dusty black cowboy hat in the 1960
      Reuters  -  597 words
  • Page 10 Miscellaneous
    • 1553 10 CRYPTIC CROSSWORD *486 Volume turned up at home to ••28 St cover, lest pie —i 1 1 I—-i— •I is thrown? (7) ""DOWN say(4Ms) YESTERDAY'S SOLUTION 1 A pound rate of exchange in 13 Wonder-worker in India hides Canada (7) a king in tree (5) 2 Exaggerated rainfall get her
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  • Page 11 Advertisements
    • 153 11 Where to wine, dine and aSSiStetiS. "Tunch" is the best for lunch and high tea roiled into orie. Which means longer serving hours and even more scrumptious spreads. "Tunch" on Saturday, Sunday 8L Public Holiday from 12 noon Spm 15.80 (Adult) $11.80 (Child) "Tunch Karaoke" on Saturday from 3pm Bpm
      153 words
    • 170 11 I VALENTINE'S DAY LOVER SET MENU h PRIC ES AT $30 NETT PER HEAD -14 FEB '99 fe i My STECIAL LOVE 4 p Souffle Omelitte With Salmon Top With Tomato Saba i ——m h I CHERISH y<X* LOVE Home Made Minestrone Chicken Di Verdura AN ETERNAL ItOMBE L Raso
      170 words
    • 153 11 fiißfafr "1212" LUNCH PROMOTION (From 12 noon 2.30 pm daily) Come and try our value for money "1212" lunch promotion bring at least one friend to enjoy the following special prices and discount. Z 1 ii 2rf |Mimnrt| Oria wiliiiiit Mon Chicken Rice $8.50 $1.00 $4.25 Tue Nasi Goreng $7.50
      153 words
    • 115 11 $.ys (S^V $25 BEIJING DUCK DURING THIS MONTH ONLY AT PINE COURT CHINESE RESTAURANT Reservations: 831-6262/6 Price is subject to 10% service chasge and prevailing govt, taxes including GST at 3% *—98-^ Man3kuin\jX Singapore 333 Orchard Road, Singapore *****7. Tel: 737 4411 Sat Sun 12 noon to 5:30 pm Adult
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  • SPORTS
    • 919 12 Kafelnikov makes it to the finals; Hingis and Kournikova win the women's doubles. But the hottest topic in the Australian Open is the sexuality of French women's finalist Mauresmo AFP, Reuters RAGING controversy over the sexuality of women's finalist Amelie Mauresmo overshadowed yesterday's matches to
      AFP,; Reuters; AFP; REUTERS  -  919 words
    • 834 12  -  C0MHBMTAI7 It's because their semifinals and tend to deliver By Shahiron Sahari HATE to do this, but let's bring up that old money issue again. More specifically, in the light of what we've witnessed in the first major of the year, the Australian
      834 words
    • 621 12  -  SUPER BOWL XXXIII The underdogs take on defending champ Broncos tomorrow By, Bill Berkrot Reuters [MIAMI] Will the Falcons be dancing the Dirty Bird all over John Elway's NFL farewell party or will Denver's Hall of Fame-bound quarterback go out in a Michael Jordanesque
      Reuters; FILE PHOTO  -  621 words

  • COMPANIES & MARKETS
    • 570 13  -  Bank didn't get due credit for overtaking DBS as top IPO underwriter: chief By Louis Beckerling [SINGAPORE] Overseas Union Bank has gone on the offensive against its rivals in a bid to secure a leading share of underwriting
      FILE PHOTO  -  570 words
    • 487 13  -  TAKEOVER TARGETS US giant now holds 41.5% of S'pore software company Etyy Conrad Raj [SINGAPORE] American IT giant CSC Computer Sciences International is said to be confident of gaining majority control of CSA Holdings although it now holds, directly and indirectly, 41.5 per
      487 words
    • 548 13  -  HOCK LOCK SIEW Conrad Raj IT looks like DBS Land is going to get control of service apartment pioneer Scotts Holdings (Scotts) at a relatively cheap price. For just about $36 million, DBS Land will soon become the
      548 words
    • 271 13 [SINGAPORE] US electronics distributor Ingram Micro says it currently has no plans to deploy any of mainboardlisted takeover target Electronic Resources' fixed assets. It also does not plan to discontinue employment of the group's employees after gaining control of it. Ingram, which
      271 words
    • 400 13  -  Analysts stay bullish about company's growth prospects H,, David Boey [SINGAPORE) The Singapore Technologies Engineering stock fell yesterday, in line with the general market and because its parent is placing out shares. By the end of the day, the counter closed three
      Source: Bloomberg  -  400 words
    • 457 13  -  By, Jennifer Lien [SINGAPORE] Singapore Technologies (Sing Tech) unit CSE Systems Engineering yesterday launched its Sesdaq initial public offering of 48 million shares at 42 cents each. The systems integrator hopes to raise net proceeds of about $14.3 million to finance its expansion in the
      457 words
    • 278 13  -  By' Teh Hooi Ling [SINGAPORE] Datacraft Asia, a communications and network system integrator, is looking at a Nasdaq listing as one of the ways to raise funds for larger acquisitions in the future. "The other options include private placement, more share issues in
      Source: Bloomberg  -  278 words
    • REGIONAL COMPANIES
      • 127 14 [SINGAPORE] US financial services group GE Capital could be back in the local capital market to raise more funds later in the year after the success of this week's pioneering bond issue by a foreign corporate borrower. Hongkong-based treasurer for the group, Robert van
        127 words
      • 252 14  -  No dearth of interest but few offers to match bids; traders By' Wong Wei Kong (SINGAPORE] Jurong Town Corporation's 10-year bonds made a quiet debut on their first day of trading yesterday in .both the interbank market and on the Stock
        252 words
      • 155 14 [SINGAPORE] SembCorp In-dustries-run Bintan Industrial Estate has signed up 10 manufacturing Arms as tenants since the start of 1998, the company said yesterday. The 10 newcomers brings Bintan Industrial Park's confirmed tenant list to 34, with 25 tenants operational. Investment value is
        155 words
      • 164 14 AFP [KUALA LUMPUR] Malaysian Airline System Bhd (MAS) wants domestic air fares to be raised amid falling revenues and low passenger load, executive vice-president Bashir Ahmad was reported yesterday as saying. There is a need to review the fares in relation to costs
        AFP  -  164 words
      • 289 14 It's also looking to exports to offset domestic downturn Bernama [KUALA LUMPUR] Wing Tiek Holdings' turnaround will depend heavily on its proposed restructuring scheme as well as on the national economic recovery, said executive chairman Kamarudin Jaffar. Speaking to reporters
        Bernama  -  289 words
      • 330 14 Its four biggest investors said to have met this week to discuss IPO Bloomberg [LONDON] Canary Wharf Ltd, the 32-hectare London financial centre that went from white elephant to white hot, may seU stock to the public, people famUiar with the situation said.
        Bloomberg  -  330 words
      • 427 14  -  Brand repositioning planned; higher sales contribution seen By i Christopher Tan [SINGAPORE] Volkswagen aims to raise its share of the Asian passenger car market from the current 5.5 per cent to 7.5 per cent within the next five years, according to a
        ARTHUR LEE  -  427 words
      • 187 14 Bernama [KUALA LUMPUR] Promet Bhd registered a pre-tax loss of 34.1 million Malaysian ringgit (5515.2 million) for the first six months ended Oct 31, 1998, from a pre-tax loss of RM14.2 million in the corresponding period of the previous year. In its unaudited
        Bernama  -  187 words
      • 227 14 AFX-Asia, Reuters [HONGKONG] Swire Pacific Ltd plans to raise HK$2 billion (***** million) via a selfarranged three-year syndicated loan for general working capital, including refinancing of debts, company finance director Michael Bell said yesterday. Mr Bell said the company issued invitations to several banks expressing
        AFX-Asia,; Reuters  -  227 words
      • 187 14 [SINGAPORE) Provisions of HK$59 million (Ssl3 million) slashed Wah Shing International Holdings' net profit by almost half to HK$57 million for the year ended Dec 31. The company said the Asian turmoil caused a substantial drop in the value of its shares and
        187 words
      • COMPANY Briefs
        • 119 14 [SINGAPORE] DBS Land has established a Level-1 American Depositary Receipt (ADR) programme, which facilitates trading of its ordinary shares on America's over-the-counter market. The Bank of New York has been appointed depositary bank for the programme, and will issue ADRs to US investors upon deposit of
          119 words
        • 52 14 [SINGAPORE] First Capital Corporation has appointed former police commissioner Goh Yong Hong as an independent director from Feb 1,1999. Mr Goh is currently chairman of Singapore Pools Pte Ltd, executive deputy chairman of Singapore Turf Club, director of Asia Pacific Breweries Ltd and Dragon
          52 words
        • 78 14 [SINGAPORE] United Industrial Corp said its subsidiary Sino- America (UIC) Tours Corporation has formed a joint venture with Tianjin Travel Tourism Corporation (TTTC). The China joint venture will have an initial paid-up capital of 6 million yuan (Ssl.2 million) with SAUIC and TTTC
          78 words
        • 95 14 AFX-Asia [SINGAPORE] Haw Par Corp Ltd said the contribution from wholly owned subsidiary Underwater World International Pte Ltd will likely be maintained this year barring further deterioration of the economy. On Jan 15, Haw Par raised its stake in Underwater World to 100 per
          AFX-Asia  -  95 words
        • 56 14 Reuters [SINGAPORE] Prudential Portfolio Managers has reduced its shareholding in Singapore Land. Prudential made several transactions in Sing Land shares between Jan 12 through to Jan 28, reducing its stake to 6.05 per cent from 6.69 per cent during the period. Prudential sold Sing Land shares
          Reuters  -  56 words
        • 69 14 [SINGAPORE] Inchcape Motors yesterday disclosed that the price which QAF Auto Sdn Bhd will pay for taking over its Brunei Rover distribution business, including vehicles, parts and fixed assets, will be approximately $3 million, equivalent to the net asset value of the
          69 words
        • 46 14 Reuters [SINGAPORE] Construction-based Lim Kah Ngam said yesterday that company director Lim Kong Chong had sold 600,000 of the company's warrants at 12 cents each. The sale cut his holding of company warrants due in 1999 to 1.07 million units.—Reuters
          Reuters  -  46 words
        • 109 14 Reuters [JAKARTA] Indonesian food giant Indofood Sukses Makmur said yesterday that it was being sued for damages 0f620 billion rupiah (SSI 13 million) by businessman Djajadi Djaja for allegedly using a noodle brand name belonging to him. "The plaintiff said that the brands are still
          Reuters  -  109 words
        • 100 14 [SINGAPORE] SPP Ltd said that following its Sept 1 announcement, its joint venture has settled the claims against it by three suppliers. The suppliers had commenced actions against Progressive Builders Pte Ltd-Beng Siew Construction Pte Ltd joint operation for a Port of Singapore Authority project. Progressive
          100 words
        • 44 14 [SINGAPORE] SPP Ltd's wholly-owned subsidiary Bestmix Pte Ltd has sold and disposed of all its 500,000 ordinary shares of $1 each fully paid in Brani Readymixed Pte Ltd. Transit-Mixed Concrete paid Bestmix $1.06 million for the shares.
          44 words
    • INTERNATIONAL COMPANIES
      • 642 15 Ford deal marks setback for Fiat, Renault, Peugeot in tongh market NYT [GOTHENBURG, Sweden] Ford Motor Co's victorious bid for AB Volvo's car business increases the pressure on other European automobile companies to either buy or be bought, industry executives and
        NYT; AFP  -  642 words
      • 243 15 Reuters [STOCKHOLM] General Motors Corp, the world's largest car company, firmly denied yesterday a media report that it was preparing a US$l5 billion (5525.3 billion) counter bid for the whole of Swedish vehicle group AB Volvo. A report in an early edition
        Reuters  -  243 words
      • 437 15 Over 50% reported 44 earnings above analysts' forecasts: research firms Reuters [NEW YORK) America's biggest corporations, finishing what could be a record seven straight years of earnings growth, are showing small signs that they can continue the profit streak in 1999.
        Reuters  -  437 words
      • 406 15 Reuters [STOCKHOLM] LM Ericsson, Sweden's biggest company, unveiled its eagerly awaited new mobile phone on Thursday along with 1998 profits in line with expectations. Ericsson, the world's third largest mobile phone maker, said the new ultra-thin handset, based on a technology platform called T2B, would
        Reuters  -  406 words
    • 4042 15 Nat para CPS Marco Polo Nov 23 I 30.708 2.969 7.70 0.74 Oal* TV IY TV LV Mayfran Sop 24 P 1.142 0.121 180 010 Cmmmr mm itmi (8m (et«> (cts) MotroHMps Novn I i.980t_ 2 585 V9t 2.46 Motatock Ooc 2 I 1.738 0.523 2.41
      4,042 words
    • FINANCE & COMMODITIES
      • 283 16 Justice Dept probing to see if listing practices flout federal law Bloomberg [WASHINGTON] The US Justice Department has asked the four US four stock options markets for information about whether their practice of listing some options on one exchange violates federal an-ti-trust law.
        Bloomberg  -  283 words
      • 473 16 We're not bound by IMF end-Jan target date, says official Bloomberg [SEOUL] Negotiations to narrow pricing differences with HSBC Holdings pic are delaying South Korea's sale of Seoulßank, which was originally due this week, Korean officials said yesterday. "HSBC is still the main negotiating partner,
        Bloomberg  -  473 words
      • 385 16 Investors diverting money to less risky bond fdnds: report Bloomberg [NEW YORK] US investors pared the amount of money they put into stock mutual funds by 30 per cent last year and increased their allocations to less risky fixed income
        Bloomberg  -  385 words
      • 496 16 Bloomberg [FRANKFURT] Deutsche Bank AG, Europe's secondlargest bank, said it's on track to create in the fall an independent German retail banking unit which will combine its 1,450 retail branches with its direct banking unit. Bank 24. Germany's No 1 bank said Oct 28
        Bloomberg; FILE PHOTO  -  496 words
      • 299 16 Reuters [NEW YORK] Gen America Corp, a life insurer and financial services firm, said on Thursday that it plans to convert from a mutual holding company to a publicly-traded stock company with a market capitalisation that could top US$3 billion (Sss billion). A number
        Reuters  -  299 words
      • 488 16 Euro/USS: Euro/US$ movements were limited between 1.1546 and 1.1608 for the first two days of this week. Subsequently, the unit took a dive to touch a low of 1.1393 on Thursday and was seen hovering around the 1.1405 level on Friday morning. While a breach of
        Source: DBS Bank  -  488 words
      • 241 17  -  HIIIKI Reports MSCT Singapore Index Bob Butcher, Jardine Fleming THE MSCI Singapore Free Index futures were mired in a narrow range yesterday and ignored raUies in the regional indexes. The Nikkei Average also rose on the back of better employment data and a decline in
        241 words
      • 171 17  -  MSCI Taiwan fatures Charlie Kuo, Refco Singapore THE Simex MSCI Taiwan Stock Index futures slid yesterday despite US high tech boom overnight. Investors found no sign that the Taiwan economy will get better and sold at any rally in the futures market. The TSE
        171 words
      • 319 17 ENERGY REPORT Reuters [MOSCOW] Russia's sixth largest oil producer Sidanko will face bankruptcy proceedings after one of its creditors, Beta-Eko, filed a lawsuit against it, senior Sidanko official Oleg Sapozhnikov said yesterday. The company will be placed in the hands
        Reuters  -  319 words
      • 330 17 Reuters, AFP Tiwwlw THE new euro currency had a torrid time yesterday, dropping to a fresh low against the US dollar for the third day running as data showed the US economy was growing even faster than expected. "The US economy's on fire," said David Bloom, currency strategist
        Reuters,; AFP  -  330 words
      • Article, Illustration
        1191 17 nmraAinLCTOss RATES j an 29 AS B W t« fir P» i> *4 to*** vm Wm H MOP* fa Hm S$ iwd Sfr Wtt P—8 MB Australia 0.955 1178 0.552 1620 1.079 4.171 26.753 55.868 0.730 7-397 2292 1172 32.*****229 U»3 3.794 0******45 21M 1382 8*30 Canada 1047 1471 0.578
        1,191 words
      • 1728 17 SICOM I'UTUkBS Mu 29 HMO (MinsdMh|Mit SJOrm) ISS1C0NTRACT($cMb/M} CtOM VotaM Opa* Mautt Mgli Low Srtt (toww) Iptaraat Fefc 99 tltSO BO Mar 99 113.50 H3J0 1R50 225 1300 Apr9f 16J0 950 Itey 99 06.00 625 J»99 120.00 250 Jaftap 99 123.00 600 tSS3C0«mCT(ttScMhto> VMM Opw wwi fipi Jin iiwwii wmm
        1,728 words
    • Article, Illustration
      1260 18 AFP W Hang Seng +145J4 HONGKONG stocks closed 1.6 per cent higher yesterday, boosted by Wall Street's gains overnight and in a technical rebound from sharp losses in the previous session. The Hang Seng Index ended up 145.94 points at 9,506.9 on slim turnover of HK53.24 billion. Dealers said
      AFP  -  1,260 words
    • Article, Illustration
      534 18 Reuters yiShemfceaß Index SHENZHEN'S hard currency B Share Index closed higher yesterday due in part to a rebound on the Hongkong stock market, analysts said. The B Index rose 0.64 point, or 1.36 per cent, to 47.70 on turnover of HK$2.6 million compared with HK$3.7 million on Thursday. The
      Reuters; Source: Credit Lyonnsis Securities(Asia) Ltd  -  534 words
    • 363 18 AFP QWPMn -7141 TAIWAN share prices fell 1.3 per cent yesterday, pushing the market barometer below the key 6,000-point level, as investors fretted about the market's outlook, analysts said. The TSE Weighted Price Index fell 79.41 points to 5,984, the lowest level so far this year. "Investors have become
      AFP  -  363 words
    • 2113 18 Jmn Htu *h 31 Croup 624.000 3.000 AB Ports 275.000 5.000 ABbay National 1194.000 13.000 AMad Oomacq 469.000 -5.400 AJted Zurich 937.400 32.400 AflMC 165.000 5.000 Asda Group 164.200 7.200 BAT ind 627.000 15.000 BCPIc 375.000 unch BtCC 56.000 unci) BOC Group 836.000 -4.400 M Potrotaum 924.400
      2,113 words
    • 1583 18 AFP Q Nikkei 225 *15X3 JAPANESE share prices closed 1.1 per cent higher yesterday, but with late selling eroding early gains based on the dollar's strength against the yen, brokers said. The Nikkei Stock Average rose 156.93 points to end at 14,499.25. Share prices got off to a firm
      AFP  -  1,583 words
    • KUALA LUMPUR STOCK MARKET
      • 376 19 AFP n Composite Index -4.02 MALAYSIAN share prices ended 0.7 per cent lower yesterday in dull trade ahead of a long weekend and amid a lack of fresh leads, dealers said. The KLSE Composite Index fell 4.02 points to finish at 591.43. The
        AFP  -  376 words
      • 8025 19 MMSTKMU Cmsmmt pniKts •9*9 Last Vel Dey Net Cap W» U» ClWMiy I* •OOP Um P/t 310 292 Ajmomoto 300 unch 2 300 300 16.6 121.6 S3 72.5 Angkasa 73 -1 62 75 72.5 107.6 283 250 Apollo Food Hlg 250 -13 2 250 250 8.7 100.0 204 178 Berjaya
        8,025 words
    • WARRANTS, OPTIONS & REGIONAL MARKETS
      • 207 20  -  WARRANT WATCH By R Sivanithy ONE of the longer-dated warrants that perked up slightly yesterday was the Chemical Industries counter. Although its rise took place after only one lot was traded, there are promising signs that perhaps interest might continue to pick up for this
        207 words
      • 229 20 ittrnmrtrntT stocks Or Cr S2-m Lwt V« Day Last Ouota Mv Mv VM Nat M Cap Hg Law Mm Cam»awy Sata rOOO) M>» Law Buyar SaHar Cw *ft Itn* 5123 CDC (2000) HK 400 8 2.4 2 20.5 7744.7 5124 Cathay Pac20cHK_ 720 265 2.1 7A 6 *****.4
        229 words
      • 1891 20 MM, IIAMIVMMKVS u rn Last Vol Day Last Qu*t» Avg High L« StiM c«wn« Sat* ♦or- COOO) High Lav Buyar SaMar Prtca 20.5 3 3160 "Acar ******1 US$ 13 12 13 35 4.5 3164 Acma ******4 17.5 -I 427 19 17.5 17.5 18.5 M 3161 AHTach ******7 28.5 25 5
        1,891 words
      • 253 20 AFP I*l Wellington ♦17.41 NEW Zealand shares closed up 0.8 per cent yesterday on the heels of Wall Street, with telecommunications and media shares leading the charge. The NZSE-40 Capital Index closed up 17.41 points at 2,179.53. Rises outnumbered falls 54 to 30 of the 140 stocks traded, on
        AFP  -  253 words
      • Article, Illustration
        761 20 AFP □set late -3IM THAI shares slipped 0.9 per cent yesterday as investors took profits after the release of monthly economic figures, dealers said. Dealers said the market closed off its lows after the central Bank of Thailand cut its discount rate to a new historic low. "Commercial banks
        AFP  -  761 words
      • 409 20 AFP Composite Index -00K SOUTH Korean share prices closed mixed in volatile trade yesterday as positive influence from easier money market rates offset subsiding foreign interest. The Composite Index closed down 0.04 point at 571.43, off a low 0f563.73 and a high of 576.14. Volume was 176.9 million shares
        AFP  -  409 words
      • 588 20 AFP FlAllOriiMriMi +111 AUSTRALIAN share prices closed up 0.6 per cent yesterday thanks to continuing investor interest in blue chips and gains on Wall Street, brokers said. The All Ordinaries Index closed up 16.6 points at 2,893.8. It set a record intraday high of 2,911.5. The All Industrials closed
        AFP  -  588 words
      • Article, Illustration
        700 20 AFP Q Composite Infax INDONESIAN stock prices closed 1.1 per cent up yesterday in line with most regional markets, with investors cheered by a firmer rupiah and the approval of crucial political bills, dealers said. "Overnight gains on Wall Street and news of several favourable domestic events helped lift
        AFP  -  700 words
      • 306 20 AFP Q Manila -4U» PHILIPPINE share prices plunged 2.2 per cent yesterday, pulled down by disappointing growth figures for last year, analysts said. The Composite Index fell 44.66 points to close at 1,954.15. Turnover reached 455.98 million shares worth 1.92 billion pesos from Thursday's 1.03 billion shares valued at
        AFP  -  306 words
    • 6104 21 Transaction dati' Jan 29 6r Gr M Wt 52-Wk Last Va4 Day Last Ouata W* W* VM Mat Caa Aag m» Law SMta Cs—ny tola rOOO) Ml# Law 8«yar 8aBar Car P/t Prtca MILThMMISTVY 142 17.5 m« lOOO Acma50c 72.5 -0.5 284 73.5 72
      6,104 words
    • 1208 21 Or Or M Wt 52-WH Last vat Day LM« Ouata Mv D* YM Nat Cap A»g Htgfc t— 8tMa CimpMy *rn COOP) HM» L— Buyr t—r Clr Wl t— mca 243 30 #2049 AS Auto 10c TOO unch 444 >04 100 100 101 15 N 7 1.5 ».4 1142
      1,208 words
    • STOCK EXCHANGE OF SINGAPORE
      • 374 22 VIIHN STEngglOc 36.479,000 SemftCorpi 25c 9.213,000 SingTel 15c 6.004,000 DBS Land 3,311,000 CK TangWt99 3,302,000 Oatacraft 10c 3,301,000 NatEleclOc 2,465,000 Liang Huat Wt 2,335,000 *TanChonglnt50c 2,319,000 UIC 2,133,000 Stein STEngqlOc 55,560,246 SPH 22,566,007 SenftCorpI 25c 21,280,542 OCBC Foreign 14,828,102 SingTel 15c 14,242,621 NatEleclOc 12,529,212 MS Foreign 12,364,781 UOB Foreign 11,444,055
        374 words
      • 632 22  -  STOCK MARKET COMMENTARY Gains in Wall St and Hongkong fail to have any major impact as liquidity dries up; signs of some institutional accumulation R Sivanithy THE stockmarket pendulum continued to swing back and forth yesterday as the bulls continued
        632 words
      • ON THE GRAPEVINE
        • 132 22 THERE'S no such thing as an innocent lunch, as journalists invited to dine with Peter Seah, president and CEO of Overseas Union Bank, rediscovered yesterday. Turning the tables on his bank's critics. Mr Seah wanted to know why they, and everyone else for that matter, were
          132 words
        • 131 22 PROPERTY tax changes due to come into effect in the United Kingdom from April this year could have a sobering impact on the tide of Asian investment that has flowed into London real estate, says financial advisory services group HW Fisher Co. As from April 6
          131 words
        • 99 22 THE US Securities and Exchange Commission reported this week that online trading in US shares now accounts for 25 per cent of all retail trading and is growing fast By the end of the year, some 10 million brokerage accounts are expected to be able to
          99 words
        • 107 22 DBS Investor Online, which is the online advisory service for DBS' private banking clients, is really taking an aggressive approach to getting new customers. Most readers would by now have noticed the daily advertisement on this page that it has taken to raise its profile. The latest
          107 words
      • Article, Illustration
        55 22  -  By Wong Wei Kong DATACRAFT Asia yesterday closed up US$O.l9 at US$l.97 with 3.3 million shares traded, compared with its 10-day traded average of 978,000 shares. The daily and weekly RSI and Stochastics, as well as the MACD charts, indicate that the near-term upside is likely to be
        55 words
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    • 822 22 Trade all over Asia, anytime you want. Call DBS investor Online at 438-1188 gg ()BSBANK NOTICES To advertise call toll-free 1800-741 1883 Fax No: 741 1298 NOTICE IS HEREBY GIVEN that I, NG TIAN HOCK of 81k251 ChoaChuKang Ave 2 #11-290, Singapore *****1, have applied for a First Class Beer
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    • 329 22 EXECUTIVE APPOINTMENTS .Mlu rliM t .ill 1011-lm ISIHi-~4 I ISS.t I t \<i: ~41 I 2'>N P' ABN AMRO Bank# The Network Bank J ABN AMRO is the Bth largest bank in the world in terms of Tier 1 assets. It seeks international expansion in a select number of areas
      329 words