The Business Times, 20 February 1999
1999-02-20
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The Business Times
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Title Section14 1999-02-20 1 THE BUSINESS TIMES MIT A 85C SINGAPORE Internet: http://business-times.asial.com.sg/ WEEKEND EDITION, FEBRUARY 20-21 199914 words
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Article62 1999-02-20 1 sn (+39.30) BT-SRI 560.01 (+15.79) SDISCI FUTURES 198.40 (+6.00) STOCK MARKET INDICES Friday Change KLSE COMP 565.29 -1.00 NIKKEI 14,098.04 -48.75 HANG SENG -9,***** -14&27 SET INDEX ***** +0.1 JAKARTA COMP _404.02 +0.61 MANILA COMP 1J926.63 -0.82 TAIPEI WPI dosed SEOUL (DM P 522.18 -1423 CLSA CHINA B62 words
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Article84 1999-02-20 1 FOREX BATES uss ss US$ 1.707 £(l'S$/S$ per S) 1.634 1788 ElJRO(US$/S$ per E) 1.120 1.911 DM 1.747 0.977 YEN 119.9 1.423* RM 3.795 0.450 HKS 7.748 0220 BAHT 3756 0.045 RUPIAH &800 0.019 •Stto 100 units PRIME RATES SINGAPORE* 6.825 KUALA LUMPUR 11.50 JAKARTA .28.00 BANGKOK 14.75 MANILA84 words
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Article, Illustration1294 1999-02-20 1 Harish Mehta - But direct and portfolio investments down by over 80% From Harish Mehta in Bangkok WITH new opportunities opened up by the regional crisis, Singapore's equity investments in Thai companies almost doubled to 18.3 billion baht (*****.1 million) last year, moving Singapore companies to1,294 words
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395 1999-02-20 1 Wong Wei Kong - Retail investors take up only $13.3 m of $30m PENs offered By' Wong Wei Kong [SINGAPORE] Temasek Holdings' offer of convertible DBS Bank notes to retail investors has been undersubscribed by a huge margin despite the small tranche reserved for the public. Of the395 words
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365 1999-02-20 1 Proposals include merger relief and less red tape Reuters [HONGKONG] The Hongkong government has launched a move to update and streamline local company law to create a more business friendly commercial environment amid the economic downturn. Central to the move isReuters - 365 words
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Article, Illustration483 1999-02-20 1 Larry Wee - Byl Larry Wee [SINGAPORE] Asian currencies fell through key support levels yesterday after comments by Japanese officials sent the US dollar clear through the key 120 yen level in Tokyo trading yesterday morning. Follow-through selling of other Asian currencies pushed theSource: Bridge - 483 words
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Article, Illustration315 1999-02-20 1 R Sivanithy - Brokers mystified by rally; regional markets mixed By. R Sivanithy [SINGAPORE) Two program buy orders helped ramp up the Straits Times Index by nearly 3 per cent yesterday, providing the only bright spot in an otherwise indifferent day for regional stock markets. Wall Street'sAFP - 315 words
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Advertisement138 1999-02-20 1 DfSTOE Mew twist Jeremy Hobbins, the chief executive of Inchcape Marketing Services (IMS), has declared his interest in Li Fung Distribution (Singapore), a whollyowned subsidiary of LFD, which this week launched a voluntary takeover of IMS, Pg 13 f II 1 uxmrmea ST Computer Systems Service has confirmed the appointment138 words
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Advertisement13 1999-02-20 1 Hock Lock Siew DBS PENs a neat answer to vexing problem, Pg 1313 words
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Advertisement13 1999-02-20 1 Japan officials unruffled by yen's steep fall, Pg 8 Market reports, Pg 18-2213 words
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SINGAPORE AT HOME & ABROAD
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543 1999-02-20 2 Harish Mehta - Green activists calling for relocation have delayed project for 19 months From Harish Mehta in Bangkok THE future of a flagship US$7OO million (Ssl.2 billion) Singapore-Thai industrial estate project in Thailand looks gloomy, after the developers missed a January deadline to begin construction.543 words
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507 1999-02-20 2 Siow Li Sen - Pilot for instant cash deposit machines a success; other banks likely to follow By\ Siow Li Sen OCBC Bank will be introducing instant cash deposit ATMs which count and credit your cash deposits to your account immediately nationwide, after a 12-month pilot507 words
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206 1999-02-20 2 A NEARLY 51 per cent surge in motor car sales helped to further slow the drop in retail sales volume in December. As a result, the retail sales index fell just 1.7 per cent year-on-year during that month. TTiis follows206 words
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Article, Illustration678 1999-02-20 2 Anna Teo - EYE ON THE ECONOMY By Anna Teo WILL 1998 GDP growth prove to be as is widely expected higher than the early estimate of 1.3 per cent? The full report card on the economy's performance last year will be issued on Thursday, but interestSource: TDB - 678 words
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252 1999-02-20 2 FOREIGN Affairs Minister S Jayakumar will hold discussions on political, trade and defence matters with his Australian counterpart Alexander Downer from tomorrow. Australian High Commissioner Murray McLean told reporters yesterday that the second Singapore-Australia Joint Ministerial Committee (SAJMC) will "review the whole252 words
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293 1999-02-20 2 Eugene Low - By\ Eugene Low OPERATING receipts in the transport and communications services sector rose in 1997 but they were spread more thinly among more players. Receipts per establishment thus slipped from $4 mUlion in 1996 to $3.9 miUion, despite a 4.9 per293 words
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Article, Illustration175 1999-02-20 2 SIX local companies are sending 62 engineers for training overseas under the new $50 minion Training and Attachment Programme (TAP). TAP, announced last October, enables firms to send trainees abroad to learn new technologies in the manufacturing and international services sectors. The sixCHRIS LOH - 175 words
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304 1999-02-20 2 New info gathering for Tear 2000 census will save $50m THE Department of Statistics (DOS) will save $50 million by conducting its Year 2000 census through a register-based system, rather than door-to-door information gathering, chief statistician Paul Cheung said yesterday. The new system304 words
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209 1999-02-20 2 MOST polytechnic graduates were able to land a job within three months of graduation last year, with their starting pay holding up well despite the economic downturn, their employment surveys found. A joint statement by the four polytechnics here Nanyang,209 words
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Article, Illustration1339 1999-02-20 3 Christopher Tan - COMMENTARY A pay-as-you-bid system and higher ERF charges may be better alternatives to the likelihood of $100,000 COEs By Christopher Tan IT would be fair to say that the proposed changes to the vehicle quota system have left many a motor dealer cold. In a1,339 words
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Article, Illustration531 1999-02-20 3 Wayne Lim Wei Yuen - SATURDAY MAILBAG Wayne Lim Wei Yuen IN view of the current talk of easing banking regulations, I would like to share a recent experience. Given the publicity on electronic commerce, I was keen to find out more and even try some purchases. IFILE PHOTO - 531 words
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Article126 1999-02-20 3 Ong-Ang Ai Boon, Mrs - Ong-Ang Ai Boon, Mrs Director Association of Banks in Singapore WE refer to your article yesterday headlined "Banks to retain no-inter-est rule for current accounts" which could give an impression of the finality of the decision on the matter. This is not the case. Last126 words
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Page 3 Advertisements
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Advertisement46 1999-02-20 3 Classified First. ■< i" y > v .i MM '•1 I t 7< Want a home with a sea view? Or simply seeking a new nest? Make the right move: Check Classified First. ICATJ& I Buy h. Sell H. Find It. Wednesdays Money Matters by Larry Wee TheßusinessTimes46 words
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ASIA'S ECONOMIC SLUMP
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512 1999-02-20 4 Taxes cut, foreign investment limits eased and bank mergers encouraged Bloomberg [TAIPEI] Taiwan yesterday said it will reduce some bank and securities trading taxes, loosen restrictions on foreign equity investors and encourage banks to merge to shore up the island's financial system inBloomberg - 512 words
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306 1999-02-20 4 Bloomberg [SEOUL] South Korean corporate failures dropped to a five-year low and the establishment of new companies accelerated in January, raising hope that an economic recovery may be in full swing. Corporate bankruptcies totalled 672, down from 862 in DecemberBloomberg - 306 words
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483 1999-02-20 4 Data points to stability, pick-up in domestic demand Bloomberg [BANGKOK) Hopes that Thailand's economy is stabilising were given a boost yesterday with the release of trade statistics showing a turnaround in the country's declining imports. January exports fell 4.2 per cent year-on-yearBloomberg - 483 words
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Article, Illustration74 1999-02-20 4 [PHNOM PENH] Families cleaning fish at their village on the Tonle Bassac River, south of Phnom Penh, yesterday, after fishing boats drop off the morning 's meagre catches. Fish numbers are down dramatically and have caused a severe price increase, the highest in recent memory. It is alsoAFP - 74 words
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269 1999-02-20 4 Bloomberg [BANGKOK] Thailand's Senate approved the first reading of a foreclosure law which will hasten bankruptcy proceedings, a Senate spokesman said. The foreclosure law formally known as "Amendments to the Code of Civil Procedures Regarding Assets Foreclosure" will allow Thai courts to take theBloomberg - 269 words
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161 1999-02-20 4 AFP [TOKYO) Japan's top 15 banks, which are seeking an injection of public funds from the government, will cut 20,000 jobs over the next four years, reports said yesterday. The redundancies were included in restructuring plans submitted by the banks inAFP - 161 words
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Article, Illustration766 1999-02-20 4 Debt paralysis costs firms USs7m a day, adviser estimates Reuters [JAKARTA] Indonesia is in the grip of an economic paralysis that cannot be broken until its debt-ridden, capitalstarved companies can escape the straitjacket of their ruinous foreign liabilities. Private-sector debt is estimatedReuters; AFP - 766 words
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Page 4 Advertisements
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Advertisement35 1999-02-20 4 TODAY stianhe Zaobao _jiasE? «SBtt£s£» FREE! If you have found something, you can advertise for free in Classification 821 (Found) to seek its owner. A a Call C.A.T.S. at 1800-737-1166. I CATS.) Another Classified Service35 words
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SOUTH-EAST ASIA
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727 1999-02-20 5 Shoeb Kagda - Indon president alleged to have abused his power to harass critics From Shoeb Kagda in Jakarta THREE days after being proposed as the leading presidential candidate by the ruling Golkar party, incumbent B J Habibie is facing down a call that727 words
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114 1999-02-20 5 JAKARTA Reuters A SON-IN-LAW of disgraced former president Suharto yesterday said he deployed troops around the home of Mr Suharto's successor to protect him, not threaten him, Indonesia's official Antara news agency reported. Sacked elite forces commander Prabowo Subianto said inReuters - 114 words
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Article, Illustration480 1999-02-20 5 KOTA KINABALU AFP THE two main opposition parties in Malaysia's eastern state of Sabah have ruled out an electoral pact to fight the ruling National Front coalition in upcoming state elections. Officials from the Sabah United Party (PBS) and the FederationAFP - 480 words
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389 1999-02-20 5 KUALA LUMPUR Railway station issue will be part of package agreed by PMs: minister AFP MALAYSIA again vowed to oppose piecemeal negotiations with Singapore related to the unresolved issue of a railway station deep inside the Republic, a senior minister said yesterday. "In thisAFP - 389 words
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Article232 1999-02-20 5 KUALA LUMPUR AFP THE corruption trial of Anwar Ibrahim was postponed yesterday for the second day in a row after the ousted deputy premier complained of "very great pain" following his latest trip to the dentist. "The bridge broke off again," Anwar told reporters before proceedingsAFP - 232 words
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368 1999-02-20 5 KUALA LUMPUR Foreign minister says only a minority disgruntled AFP, Reuters MORE than 1,000 students and other demonstrators staged an anti-government protest in the Malaysian capital yesterday calling on Prime Minister Mahathir Mohamad to resign over a recent damage to aAFP,; Reuters - 368 words
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Article, Illustration51 1999-02-20 5 (BEIJING) A pair of workers cleaning windows at a downtown shopping mall here yesterday. While most Chinese are enjoying a seven-day holiday to celebrate the Chinese New Year, many shopping malls and stores have remained open for business, hoping to attract customers during China's biggest gift-giving holiday.REUTERS - 51 words
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280 1999-02-20 5 MANILA AFP PHILIPPINE President Joseph Estrada said yesterday he "did not know" if he is the father of a teenage beauty queen whose mother insists she was their love child. The 61-year-old leader's comments came a day after his spokesman FernandoAFP - 280 words
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266 1999-02-20 5 MANILA Bloomberg THE Philippines is considering the sale of its first central government international bond with a 30-year maturity to help refinance US$6lO million (Ssl billion) in one-year bank loans that mature in September, a Department of Finance official said yesterday. If theBloomberg - 266 words
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Page 5 Advertisements
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Advertisement10 1999-02-20 5 Tuesdays The Property Column by l<i'r Han Shih Theßi sinessTimes10 words
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SHIPS IN PORT
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Article492 1999-02-20 6 Vessel Voy No Berth Arrival Departure Jwonq Port Fortune Exp 01-99 J04 alongside 19.02/1600 Mint Express 0299 J06 alongside 22.02/0700 Orchard 2 3 J05 alongside 19.02/2000 Panda 1 02P099 J13 alongside 19.02/1800 Sarwaguna 9 02Ss99 J13 alongside 19.02/1800 Alphaharmoni 21 J05 20.02/0900 21.02/1000 Bt Aladin Jo 1FEB99 J01492 words
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Article1563 1999-02-20 6 RECEIVING OF EXPORT FCL CONTAINERS AND LCL CARGO Booklng/Bjl«nce Rstls Ship Voy No Etb/Btr Period From To From «t* CoiHr AE0O4N 21/1400 U 19/HOO 19/1*59 19/1900 N/1500 (9/1*59 19/1900 a If/1700 20/0*59 20/0900 21 19/1700 20/0*59 20/0900 1 20/0700 20/1*59 20/1400 4 20/1200 20/1459 20/1700 Al4li<t«»4 2 *****11,563 words
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REGION
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173 1999-02-20 6 HONGKONG AFP CHINESE Premier Zhu Rongji has made another visit to a boom town in southern China's Guangdong province to show his determination to stamp out smuggling in the region, it was reported yesterday. Mr Zhu flew to Guangzhou late Tuesday during theAFP - 173 words
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491 1999-02-20 6 CANBERRA Newspaper says they see exodus, more violence and economic collapse Reuters, AFP AUSTRALIAN diplomats in Indonesia have warned in a series of confidential diplomatic cables that an independent East Timor would collapse into chaos and violence, according to aReuters,; AFP - 491 words
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225 1999-02-20 6 UNITED NATIONS AFP INDONESIA'S offer of independence to East Timor after 20 years should set an example for Irian Jaya, West Papua, a spokesman for a pro-in-dependence movement said on Thursday. John Ondawame, international spokesman for the Free Papua Movement, told reportersAFP - 225 words
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364 1999-02-20 6 HONGKONG Reuters CHINA'S state-owned Guangdong Enterprises (Holdings) Ltd (GDE) is more likely to ask creditors to extend debt maturities than cancel debt in a restructuring proposal, a source close to the talks said. "WiU (the banks) be asked outright to take aReuters - 364 words
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Article, Illustration285 1999-02-20 6 BEIJING Observer says it could be doe to New Year period AFP CHINA'S propaganda machine made scant mention of Deng Xiaoping on the second anniversary of his death, falling yesterday amid Chinese New Year celebrations. The Communist Party Guangming Daily newspaper honoured theAFP - 285 words
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293 1999-02-20 7 TOKYO AFP A TOKYO publisher has shelved plans to launch the Japanese version of an international bestseller on Japan's wartime atrocities in Nanjing, a company official said yesterday. Kashiwa Shobo Publishing Co was to release the Japanese translation of The Rape of NanjingAFP - 293 words
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529 1999-02-20 7 SEOUL Policy aims to ease Cold War tension; Pyongyang responding: Seoul AFP SOUTH Korean President Kim Dae Jung said yesterday that he will seek a package deal with North Korea to ease Cold War tension on the Korean peninsula, declaring the StalinistAFP - 529 words
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Article240 1999-02-20 7 NEW DELHI State-run firm offers 20-30% cuts as more ISPs enter market AFP INDIA'S fledgling Internet service providers stepped up a price war yesterday as a state-run firm said it would slash tariffs by 20 per cent. Videsh Sanchar Nigam Ltd (VSNL), which held aAFP - 240 words
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450 1999-02-20 7 NEW DELHI He says subsidy cuts essential in containing deficit AFP INDIAN Prime Minister Atal Behari Vajpayee yesterday called for greater fiscal discipline and subsidy cuts to pull the economy out of the woods. "We are standing at the crossroads. We need greater fiscal disciplineAFP - 450 words
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Article, Illustration388 1999-02-20 7 NEWDELHI AFXAsia AFP THIS weekend's summit between the Indian and Pakistani premiers will be the "most historic engagement" between the two countries since their 1972 peace pact, Indian Foreign Minister Jaswant Singh said. Indian Prime Minister Atal Behari Vajpayee is set to hold talks withAFX- Asia; AFP; REUTERS - 388 words
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451 1999-02-20 7 SYDNEY Robust domestic economy seen offsetting Asian woes Bloomberg AUSTRALIAN companies' profits probably rose in the October-December quarter, as companies doing business at home benefited from robust consumer spending, offsetting tougher times for those doing business abroad. Profits before tax, interest andBloomberg - 451 words
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Article, Illustration64 1999-02-20 7 [SEOUL] A calf, which a South Korean research team says was cloned from the body cells of a donor cow (top), grazing at a farm in Hwasong County, south of the capital yesterday. The calf, which is the world's fifth cloned animal, isAFP - 64 words
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464 1999-02-20 7 TOKYO Nod allows Tokyo to report progress to G-7 today Reuters THE Japanese government Budget for fiscal year beginning on April 1 cleared the Lower House of Parliament yesterday, ensuring its enactment by March 20 at the latest. the fastest paceReuters - 464 words
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252 1999-02-20 7 NEW DELHI Reuters INDIA'S United Forum of Bank Unions said yesterday that wage talks with Indian Banks' Association to avert a planned strike had failed. "Because of IBA's adamant and rigid approach, left with no other alternative, the united forum ofReuters - 252 words
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THE WORLD
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601 1999-02-20 8 G-7 MEETING Speculation is rife that industrial nations may endorse a weaker yen Reuters [TOKYO] Japan's top monetary officials remained unfazed yesterday at the yen's sharp fall against the dollar as speculation grew that the world's top industrial nations are setReuters - 601 words
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Article, Illustration561 1999-02-20 8 Shada Islam - He favours measures to stabilise exchange rate regimes From Shada Islam in Brussels AS the Group of Seven industrial nations get ready to discuss global financial reform in Bonn today, attention is focusing on German Finance Minister Oskar Lafontaine, recently describedFILE PHOTO - 561 words
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Article, Illustration341 1999-02-20 8 THE MICROSOFT CASE Reuters [WASHINGTON] Even top computer maker Compaq Computer Corp, which has a close working relationship with Microsoft, was worried by the software giant's "improper use of a monopoly position", a Compaq memo released on Thursday said. Portions of the memo andReuters; REUTERS - 341 words
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549 1999-02-20 8 WASHINGTON December deficit less than expected at USsl3.Bb Reuters, Bloomberg THE US trade deficit jumped to a record U*****.6 billion (*****.6 billion) last year as the robust domestic economy sucked in imports from countries trying to export their way outReuters,; Bloomberg - 549 words
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384 1999-02-20 8 WIESBADEN, Germany Bloomberg THE German economy contracted for the first time in three years, and French industrial production fell more than expected in December, raising concern Europe's largest economies may slip into recession. Germany's gross domestic product fell 0.4 per centBloomberg - 384 words
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436 1999-02-20 8 BRASILIA Economists estimate 1.5% fall in GDP after OJ% dip in Q3 Bloomberg BRAZIL probably fell into recession in the fourth quarter under the strain of surging interest rates. The slide will deepen this year as inflation picks up and spending by companiesBloomberg - 436 words
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234 1999-02-20 8 MOSCOW AFP THE International Monetary Fund has warned Russia not to tamper with the independence of its central bank or it will jeopardise crucial IMF support for Moscow, documents revealed yesterday. In a letter sent to central bank chairman Viktor Gerashchenko and circulatedAFP - 234 words
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320 1999-02-20 8 LONDON They say a million jobs in Britain could be lost by staying oat AFP BRITISH and German union leaders, and the head of USowned carmaker Vauxhall, yesterday urged the British government to commit itself to joining the euro currencyAFP - 320 words
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FOCUS
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Article, Illustration1778 1999-02-20 9 Benjamin Fulford - Politicians, bureaucrats, gangsters and construction firms are deeply into each other's pockets, and there are few signs of that changing By Benjamin Fulford [TOKYO] JAPAN has spent US$3.5 trillion (Ss6 trillion) on public works projects since 1991, the largest programme of its kind inFILE PHOTO - 1,778 words
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Advertisement28 1999-02-20 9 Was Pratxjwojust a fall guy FTissrrs rv ~t~ 'ymi. W*m w 1 ts—RLjJjß gyiyrr" —<*«.•«.— Court rcj»tisappeal, jails DAP Ml' ESSiSSi Wfidn^dflvq sS;gll:fps WW vlllivwliciyy 0 by YangßazaliKassim TheßusinessTimes28 words
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EXECUTIVE LIFESTYLE
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Article, Illustration444 1999-02-20 10 PEOPLE Clooney's leaving ES for the big screen but move won't hit series, says producer AFP [LOS ANGELES] ER hunk George Clooney, whose compassionate but flawed character slowly has been committing professional suicide, left the top-rated NBC television show Thursday for a full-time film career.AFP; FILE PHOTO; FILE PHOTOS - 444 words
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Article, Illustration632 1999-02-20 11 BEVERLY BEYETTE - Ocean explorer Robert Ballard who found the wreck of the liner 13 years ago looks forward to even better discoveries, says bevesltbeyette BEVERLY BEYETTE LAT-WP SO you're Robert Ballard, a famed ocean explorer, and when you're only 43. you find the wreck of the Titanic, aLAT-WP - 632 words
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Article, Illustration590 1999-02-20 11 ARTS Arts group's mission: To help marginalised people reach their fall potential Reuters [WASHINGTON] During his 21 years as artistic director of Gallaudet University High School for the deaf and hard-of-hearing, Tim McCarty introduced students to a world beyond silence. He used dance,Reuters; REUTERS FILE PHOTO - 590 words
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Page 10 Miscellaneous
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Miscellaneous1737 1999-02-20 10 CRYPTIC CROSSWORD ACROSS C c c 123 j 1 One promised to have a note 4 Crafty stone-cutter 10 Check power back up (9) I 11 Lord North's warning (5) 12 Disorganised but crossing to a resort (7) f2~~ 13 Run in to create terrible row 14 Absolute quiet before1,737 words
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Page 11 Advertisements
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Advertisement579 1999-02-20 11 WliAfn iiinn /linA nn/l Presented Diners club Offers Personalised Cash Access ffipSJlil to apply, vv nere to wine, tune and entertaui... (o#/»«•«/»«✓ a t over 30,000 iwatwns woddwide. ,«.~n 2^4545 "Tunch" is the best for lunch and high tea rolled into one. Which means longer serving hours and even more579 words
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Advertisement29 1999-02-20 11 fIIGH TEa Every Saturday, Sunday Public Holiday iQP Noon to 5.00pm Adult: $23+ Revolving Child: $15+ 39th floor Reservations: *****58/88 Mandarin Singapore 333 Orchard Road, Singapore *****7. Tel: *****1129 words
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SPORTS
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Article, Illustration925 1999-02-20 12 THOMAS BONK - With two victories in four tournaments and over USslm in prize money, life must be a splendid thing THOMAS BONK catches up with David Duval at the Nissan Open and asks: Can he play any better? THOMAS BONK LAT-WP IE took lastLAT-WP; FILE PHOTO - 925 words
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Article352 1999-02-20 12 OLYMPICS Reuters [SYDNEY] Leading Australian media figures denied yesterday that they had agreed to keep quiet about Sydney's tactics in wooing International Olympic Committee (IOC) votes for the city's bid to host the 2000 Games. Bruce Baird, a former New South Wales state ministerReuters - 352 words
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Article, Illustration1010 1999-02-20 12 Bill Plaschke - GOLF Watching the game requires as much physical activity and passion as playing it By: Bill Plaschke LAT-WP [LOS ANGELES] Help. I am stuck in the jaws of Andy Gump. I dropped in for a moment of relief while walking upLAT-WP; FILE PHOTOS - 1,010 words
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COMPANIES & MARKETS
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Article, Illustration462 1999-02-20 13 Rahita Elias - Inchcape Marketing chief executive declares interest in unit of LFD By. Rahita Elias [SINGAPORE] The proposed sale of Inchcape Marketing Services Ltd (IMS) to Li Fung Distribution (LFD) took an interesting twist yesterday. IMS chief executive Jeremy Hobbins has declared hisFILE PHOTO - 462 words
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Article, Illustration462 1999-02-20 13 David Boey - But it may signal company's loosening grip on govt deals By. David Boey [SINGAPORE] The Ministry of Education's (MOE) decision not to extend ST Computer's services in its schools for another year will not affect the company's bottom line much,Source: Bloomberg - 462 words
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Article, Illustration322 1999-02-20 13 [SINGAPORE] ST Computer Systems Service has confirmed the appointment of National Computer Board chief executive Stephen Yep as its new president and chief executive officer. BT reported yesterday that Mr Yeo would leave NCB for ST Computer "soon". NCB named deputy chief executive Michael Yap322 words
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240 1999-02-20 13 Sin Soon Huat posts 1.75m half-year loss (SINGAPORE) Industrial hardware dealer Sin Soon Huat yesterday reported a $1.75 million loss for the six months ended Nov 30, 1998, but said it expects to perform better in the second half of the year. The mainboard-listed company said group turnover slid 10240 words
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360 1999-02-20 13 But performance in 1999 likely to be robust, say analysts Reuters [SINGAPORE] Shipping and logistics services group Sembawang Marine and Logistics Ltd (SML) will see weaker profits for 1998 but enjoy strong growth in 1999, analysts said yesterday. The company, a unitReuters - 360 words
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753 1999-02-20 13 R Sivanithy - HOCK LOCK SIEW R Sivanithy THE market hasn't taken too kindly to the recent issue of US$765 million (Ssl.3 billion) worth of DBS Bank privatisation exchangeable notes or PENs. On the day of the original announcement, DBS shares skidded, taking with them753 words
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599 1999-02-20 13 Harish Mehta - Bat airline says it's not disclosing details about the talks From Harish Mehta in Bangkok SINGAPORE Airlines yesterday confirmed that a high-level meeting took place recently in Bangkok between deputy chairman and chief executive officer Cheong Choong Kong and Thai599 words
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COMPANY Briefs
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Article83 1999-02-20 13 [SINGAPORE] Super Coffeemix Manufacturing said it will file a High Court suit on Monday against Unico Trading Pte Ltd and PT Sari IncoFood Corp over alleged trademark infringement. The action will include a suit against the defendants for passing off goods using the company's83 words
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59 1999-02-20 13 [SINGAPORE] OCBC Bank said wholly-owned subsidiary OCBC Holdings Pte Ltd has subscribed for another 98,000 shares in its Malaysian associate OCBC-Perdana Futures Sdn Bhd. OCBC Holdings already owns 49 per cent of the futures company. The purchase maintains OCBC's stake in OCBC-Perdana's59 words
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Article29 1999-02-20 13 [SINGAPORE] Harimau Investments Ltd said yesterday that its net tangible asset backing per share, based on its unaudited accounts at Jan 31, was SI .78.29 words
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REGIONAL COMPANIES
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Article, Illustration547 1999-02-20 14 President resigns; poor sales at US unit, restructuring costs cited Reuters, Bloomberg [TOKYO] NEC Corp, Japan's biggest chipmaker, pledged yesterday to slash 15,000 jobs from its workforce and shore up its faltering US personal computer subsidiary after announcing the biggestReuters,; Bloomberg; AFP - 547 words
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Article, Illustration330 1999-02-20 14 Prudent provisions made for bad debts and restructuring Reuters [MANlLA] Philippine holding firm Metro Pacific Corp (MPC) said yesterday it made prudent provisions in 1998 for restructuring and bad debts across its businesses. MPC reported net income in 1998 tumbled 54Reuters; Source: Bloomberg - 330 words
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Article216 1999-02-20 14 AFP [MANILA] Japan's Nippon Telegraph and Telephone Corp (NTT) is to more than double its stake in the Philippines' leading mobile phone firm Smart Communications Inc to 37 per cent, its local partner said yesterday. NTT would pay 8.3 billion pesos (***** million)AFP - 216 words
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302 1999-02-20 14 Bloomberg [TOKYO] Toyota Motor Corp, the world's third-largest automaker, said it may have a pension fund shortfall of more than 300 billion yen (554.3 billion) based on international accounting standards that the company will adopt next year. The maker of mid-size Camry sedansBloomberg - 302 words
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386 1999-02-20 14 Sale prompted by lower-than-expected results Bloomberg [SINGAPORE] The Royal Dutch/Shell Group, the world's biggest publicly traded oil company, will sell its stakes in two chemical joint ventures in Japan with Mitsubishi Chemicals Corp and JSR Corp because of poorer-than-expected performance. TheBloomberg - 386 words
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213 1999-02-20 14 [SINGAPORE] Hai Sun Hup Group Ltd (HSH) is selling a Sydney office building for A 512.1 million (5513.2 million) in cash, three years after it bought the building for As9.l million. The building at 20 Loftus St in Sydney's central business district will213 words
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649 1999-02-20 14 It cites S Korea, Thailand, S'pore as safer investments Bloomberg [NEW YORK] Bankers Trust Funds Management, which oversees some US$5.5 billion (559.4 billion) of stocks outside the US, is turning to Asia after having spurned the region forBloomberg - 649 words
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Article, Illustration239 1999-02-20 14 Bloomberg [SYDNEY] Solomon Lew, one of the major shareholders in Coles Myer Ltd, sold his shares in Australia's biggest retailer through a placement reaping more than As7oo million (5J762.4 million.) Mr Lew's family companies sold his 84.2 million shares, accounting for aboutBloomberg; FILE PHOTO - 239 words
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251 1999-02-20 14 Bloomberg [TOKYO] Toshiba Corp, Japan's No 2 microchip maker, is likely to post its first group net loss in 23 years for the year ending March 31, the Nihon Keizai newspaper said yesterday, without citing sources. Toshiba, the world's largest notebookBloomberg - 251 words
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REGIONAL Briefs
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90 1999-02-20 14 Bloomberg [SAN JOSE, California] Acer America Corp. a unit of Taiwan's Acer Inc, said it will stop selling its Aspire line of home personal computers through US resellers to focus on direct sales at its own stores and on the Internet. Acer AmericaBloomberg - 90 words
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Article90 1999-02-20 14 Bloomberg [TOKYO] Kirin Brewery Co, Japan's largest beer maker in terms of sales, said group profit rose 6 per cent in the year ended Dec 31, the first rise in four years, because of cost reductions and strong sales of its low malt brew Tanrei.Bloomberg - 90 words
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Article79 1999-02-20 14 Reuters [WELLINGTON] New Zealand's largest listed company, Telecom Corp, said this week the costs of millennium bug testing might exceed its budget. In March 1997 Telecom set aside NZ$B7 million (5580.4 million) for operational costs of the programme and NZ$2O million for capital expenditure.Reuters - 79 words
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59 1999-02-20 14 Bloomberg [WELLINGTON] Independent Newspapers Ltd, owner of about half New Zealand's newspapers, said its first-half profit fell as the recession crimped demand for advertising, offsetting better-than-expected earnings from its pay television unit. Profit fell 8 per cent to NZ526.6 million (5524.6 million), or 20.6 cents aBloomberg - 59 words
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INTERNATIONAL COMPANIES
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521 1999-02-20 15 Analysts see much of the US$l.3 trillion available flowing into stocks soon Bloomberg [NEW YORK] Rising interest rates and slower revenue growth at Dell Computer Corp are the latest threats to the eight-and-a-half-year old US bull market. Yet the party may goBloomberg - 521 words
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WORLD Briefs
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Article77 1999-02-20 15 Bloom berg [BRUSSELS] AT&T Corp, the No 1 US phone company, has agreed to reduce its influence over UK cable company Telewest Communications pic to win European Union approval for its joint venture with British Telecommunications pic, the European Commission said on Thursday. CommissionBloom berg - 77 words
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84 1999-02-20 15 Bloomberg [NEW YORK] Semiconductor Equipment and Materials International, a trade group, has unveiled the first index of chip-equipment stocks in an effort to attract more investment to member companies such as Applied Materials Inc. The weighted Semindex of 62 stocks will include companies based inBloomberg - 84 words
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Article74 1999-02-20 15 Bloomberg [NEW YORK] Lehman Brothers Holdings Inc paid chairman and chief executive Richard Fuld US$l3.3 million (5522.7 million) last year, 18 per cent more than in 1997, after the US securities firm posted record earnings. Mr Fuld, 52, received a salary of U*****,000, a cashBloomberg - 74 words
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210 1999-02-20 15 Reuters [NEW YORK] UAL Corp has made a conditional cash offer for all of America West Holdings, the Wall Street Journal said yesterday. The regional carrier is a potential acquisition target that has been eyed by three of the US' five largest airlines.Reuters - 210 words
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Article154 1999-02-20 15 Bloomberg [NEW YORK] Microsoft Corp. the world's largest software maker, will spend US$3 billion (Sss.l billion) on research and development this year to keep improving its products, said its chief financial officer, Greg Maffei, on Thursday. "If you let Windows stay stale for evenBloomberg - 154 words
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488 1999-02-20 15 Pooling-of-interest method of accounting under review NYT (NEW YORK) In the first round of what is expected to turn into months of intense lobbying and debate, the accounting establishment is set to consider whether the most favoured method companies now useNYT - 488 words
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260 1999-02-20 15 Bloomberg [SEATTLE] Shares of Internet companies rose in midmorning trading yesterday after CIBC Oppenheimer Co analyst Henry Blodget said it's time to buy industry bellwethers Amazon.com Inc and Yahoo! Inc following recent price declines. Shares of Amazon.com, the No 1 onlineBloomberg - 260 words
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Article4252 1999-02-20 15 NrtMm IPS Moyfron 5*0 24 P 1142 0.121 1.80 0.20 Dote TV LY TY LV M»tro Hldgs No* 11 I 1.980L 2.585 1.9L 2.46 Company onn (Sm) (>m) <cts) (cti) Metalock Dot 2 I 1.738 0.523 2.41 a73 Moibon Sooll I 0.546 1.519 0.63 1.76 Asiomotrtx4,252 words
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FINANCE & COMMODITIES
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Article, Illustration512 1999-02-20 16 AEGOITS TAKEOVER OP TRANSAMERICA Financial hub of American West hit by string of high-profile blows Reuters [SAN FRANCISCO] Dutch insurer Aegon NV's US$9.7 billion (5516.5 billion) takeover of Transamerica Corp on Thursday marked the latest in a string of high-profile businessReuters; REUTERS - 512 words
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Article, Illustration994 1999-02-20 16 Kees Storm refuses to follow fashion, but has he been seduced by the merger wave? The Economist SUMMON up an image of the men running most of the world's top financial services firms. Then picture their opposite. That is Kees Storm, theThe Economist; AFP - 994 words
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272 1999-02-20 16 Bloomberg [TOKYO] Dai-Ichi Kangyo Bank Ltd and Fuji Bank Ltd yesterday more than doubled the number of shares they can issue as the Japanese government prepares to bail out its biggest lenders. The government will take large in someBloomberg - 272 words
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270 1999-02-20 16 Bloomberg [BASEL, Switzerland] ÜBS AG plans to sell to institutional investors its 25 per cent stake in Swiss Life, Switzerland's No 1 life insurer, as the largest European bank concentrates on asset management and private banking. At Thursday's closing shareBloomberg - 270 words
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332 1999-02-20 16 State seeks return of profits from bank and others AFP [LOS ANGELES] The state of California filed suit on Thursday against French bank Credit Lyonnais and other firms, accusing them of insurance fraud and seeking millions of dollars in damages, officials said.AFP - 332 words
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118 1999-02-20 16 Bloomberg [TOKYO] The Life Insurance Association of Japan said it abandoned plans to sell Aoba Life Insurance Co, which had attracted interest from abroad as a platform to enter the world's largest life insurance market. Aoba Life was set up to takeBloomberg - 118 words
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Article, Illustration407 1999-02-20 16 Euro/USS: Euro/US$ slipped to a low of 1.1150 on Tuesday before rebounding to a high of 1.1279 on Thursday but only to slide again to trade around the 1.1190 level by yesterday morning. As such, the outlook remains bearish with the next downside target at 1.1085Source: DBS Bank - 407 words
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139 1999-02-20 17 SIMIiX Reports MSCI Singapore Index Jardine Fleming THE Singapore MSCI futures gained ground in trading yesterday as institutional investors gradually re-emerged following the Chinese New Year break. With Hongkong returning to work following the midweek holidays, institutional players were seen returning toJardine Fleming - 139 words
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396 1999-02-20 17 Reuters [SINGAPORE] Fears of imminent fuel oil cargo arrivals from the Middle East to Asia continued to plague sentiment as the market worried about low demand, traders said yesterday. They said a steady movement of arbitrage cargoes flowing to the region from theReuters - 396 words
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212 1999-02-20 17 ENERGY REPORT Reuters [LONDON] Oversupplied oil markets eased yesterday, failing to build on gains made on signs of a supportive supply decline in the US. International benchmark Brent blend traded 16 US cents lower at U5510.45 aReuters - 212 words
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Article314 1999-02-20 17 Bloomberg, Reuters London THE dollar was little changed against the yen after Japan s chief economic planner joined a chorus of officials welcoming a weaker yen, which can buoy economic growth by making exports cheaper. Taichi Sakaiya, directorgeneral of the Economic Planning Agency, said the dollar around 120Bloomberg,; Reuters - 314 words
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Article, Illustration1293 1999-02-20 17 IMTERBAlfK CROSS RATES Fe A$ Bmt > Euf0 HK$ Ind »i Bupiah Yen Won UK *Z$ Prt »t Peso S$ Band Sfr MT$ Bafct Pom* US$ 0-951 6178 0-570 3-742 1-116 4 945 27K)0 56 20 0766 7.693 2.424 1.178 32.820 24.824 1090 3.956 0.913 20.763 23.988 0 391 01,293 words
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Article1847 1999-02-20 17 jgCOMTUTUBBB Feb w RUBBER (futurrs clowxj t% at 5.30pm) RSS1 cwitsAq) Close Volume Open Month High Low Sett (tonnes) Interest Mar 99 m.75 500 Apr 99 112.75 850 May 99 114.75 925 J«n 99 116.75 300 JtH/Sep 99 120.25 825 Oct/Dec 99 123.75 225 RSS 3 CONTRACT (US cmts/kq) Vohiflw1,847 words
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Article2327 1999-02-20 18 LONDON Industrials Ml* tan 31 Group 583.000 3.500 AB Ports 260.000 -1.000 Abbey National 1251.000 -85.000 Allied Oomecq 468.000 3.000 Allied Zurich 898.000 -6.500 Am« 184.000 -4.000 Asdl Group 152.000 -1.500 BA T Ind 563.000 -17.000 BG Pic 354.250 -1.250 BICC 78.000 -1.000 BOC Group 801.000 -21.0002,327 words
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Article1586 1999-02-20 18 AFP Q Nikkei 225 -4&75 TOKYO share prices fell back yesterday as the yen staged a late rebound while many investors stuck to the sidelines ahead of a Group of Seven (G-7) meeting at the weekend, brokers said. The key Nikkei Average closed 0.3 per cent lower for theAFP - 1,586 words
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Article, Illustration1318 1999-02-20 18 AFP Q Hang Seng -14&27 HONGKONG stocks closed 1.6 per cent lower yesterday with buyers sidelined as the market reopened after a three-day holiday for the Chinese New Year, dealers said. The key Hang Seng Index fell 148.27 points at 9,254.12, with the weaker yen weighing on sentiment. TurnoverAFP - 1,318 words
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KUALA LUMPUR STOCK MARKET
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Article8523 1999-02-20 19 INDUSTRIALS Consumer products 1999 Last Vol Day Net Cap High Low Company Soto 000 Hlgn Low P/t Smll 310 280 Ajinomoto 290 10 2 290 290 16.0 117.5 83 62 Angkasa 76.5 3 4 76.5 74 112.8 283 243 Apollo Food Hlg 250 -5 4 250 243 8.7 100.0 2048,523 words
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Article, Illustration444 1999-02-20 19 AFP Q Composite Index -LOO MALAYSIAN share prices closed barely lower yesterday as investors stayed away for an extended Chinese New Year holiday. "Trading remained very thin amid a lack of participation with most investors choosing to prolong their holidays," a dealer said.AFP - 444 words
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WARRANTS, OPTIONS & REGIONAL MARKETS
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Article2130 1999-02-20 20 BONOS, LOANS WARRANTS wt 52-Wk Last Vol Oay Last Quote Avg Htgh Low Stno Company Sal* »or (OOO) High Low Buyor Sailor Prlco 18 3 3160 "Acer ******1USS 12.5 »0.5 10 12.5 12.5 11 12 5 35 4 5 3164 Acma ******4 16 5 *0.5 44 16.5 16 16 162,130 words
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176 1999-02-20 20 R Sivanithy - WARRANT WATCH -By R Sivanithy A COUPLE of months ago. Tibs' shares and warrants were all the rage, routinely chalking up double-digit gains in high volume. Of course, in the stock market a few months can be equivalent to a lifetime so now hardly176 words
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Article223 1999-02-20 20 HONGKONG STOCKS Or Or S2-WH Last Vol Day Last Ouota Dlv Dlv YM Net M Cap High Loo Stno Company Saia COOO) High Low Buyer Seller C'vr P/C SmM 5123 COL (2000) HK 400 8 *4 2 20.5 7744 7 5124 Cathay Pac 20c HK__720 265 2.1 7.4223 words
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Article, Illustration700 1999-02-20 20 AFP PJ Composite Index +0.61 INDONESIAN share prices closed barely changed yesterday on late profit-taking in large-cap issues amid concerns over bank recapitalisation plans, dealers said. "It seems to me that foreign investors do not have firm confidence in the market. Most of them are still concerned about theAFP - 700 words
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Article, Illustration746 1999-02-20 20 AFP n SET Index +0J THAI stocks ended yesterday hardly changed in light trade due to a lack of incentives for buyers to enter the market and fears over the weakening Japanese yen, analysts said. The Composite Index edged up 0.10 point to close at 336.57. Results were mixedAFP - 746 words
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Article330 1999-02-20 20 AFP |p! Manila -0.82 SHARES closed lower yesterday as foreign fund managers stayed away ahead of the release of several key earnings reports next week. The Composite Index inched down 0.82 point to 1,926.63. Volume was down to 403.03 million shares worth 1.19 billion pesos from Thursday's 556 millionAFP - 330 words
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Article418 1999-02-20 20 AFP P Composite Index -1423 SOUTH Korean shares closed 2.7 per cent lower yesterday amid selling triggered by a lower yen and a weaker futures market, dealers said. The Korea Stock Exchange Index closed down 14.23 points at 522.18, off a low 0f509.14, reflecting a slight recovery in theAFP - 418 words
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Article607 1999-02-20 20 AFP T| All Ordinaries +4LBO 1 SHARES surged almost 1.5 per cent, led by blue chips and buoyed by an overnight rise on Wall Street, weaker bond markets and a week of strong company results. The All Ordinaries Index rose 41.8 points to 2,924.3 points. The All Industrials IndexAFP - 607 words
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Article264 1999-02-20 20 AFP PJ Wellington +57-51 NEW Zealand share prices closed at a nine-month high yesterday, rising 2.6 per cent on the back of dramatic late rush on Telecom Corp that propelled the stock to an all-time record. The NZSE-40 Index rose 57.51 points to 2.234.94 on volume of NZ5172.3 millionAFP - 264 words
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6870 1999-02-20 21 Transaction date: Feb 19 Of Cf M wt 52-Wk Last Vol Day Last Ouott Olv Olv via Nat Cap Avg High Low St No Company Sala COOO) High Low Buyar Seller CWr P/E $W Prtca MULTI-INDUSTRY 142 17.5 m t 1000 AcmaSOc 72.5 *16,870 words
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Article1380 1999-02-20 21 n* 2 1 Val Day Last Ouot* Olv Olv YM Nat Cap Avq High Low StNo Company Sal* COOP) HlqA Lm Buyar SaNar C'vr P/E SmM Prkct MANUFACTURING 30 a 2049 AS Auto 10c 92.5 *2 398 93.5 90.5 92.5 93 15 N 7 1.6 8.7 105 6 941,380 words
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STOCK EXCHANGE OF SINGAPORE
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Article421 1999-02-20 22 Stocks VolunM ST Engg 10c 14,194,000 SembCorpI 25c 10,625,000 DBS Land 7,597,000 Keppel Land50c 4,615,000 Keppel LandWOO 4,489,000 SingTel 15c 4,466,000 Bank BKt ML CW99 3,472,000 JSH US5c 500 3,186,500 OUB Foreign 3,173,000 OCBC Foreign 2,643,000 Stocks OCBC Foreign 28,418,653 DBS Foreign 26,974,738 ST Engg 10c 20,788,401 SembCorpI 25c 20,538,148421 words
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Article, Illustration572 1999-02-20 22 R Sivanithy - STOCK MARKET COMMENTARY Index surges 39.3 points as foreign orders bring back house traders and retail players Ru R Sivanithy TWO overseas programme buy orders targeting mainly banks and index stocks yesterday helped yank the local market out of the red and572 words
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ON THE GRAPEVINE
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Article74 1999-02-20 22 SOMETIMES things have a habit of going awfully wrong at the most awkward of times. The Economist magazine this week reports how World Bank president Jim Wolfensohn kicked off a teamwork campaign in December last year by getting senior colleagues to physically score football goals at their headquarters.74 words
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Article129 1999-02-20 22 LOCAL stock broking house Vickers Ballas, it appears, wanted to make themselves better known in the Philippines and so decided to have a big bash at the Mandarin Oriental in Manila. Over 150 guests, mainly Singaporeans working in Manila, showed up at the cocktail seminar expecting129 words
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Article96 1999-02-20 22 AND here's another morsel from our Kuala Lumpur contacts. Securities Commission chairman Munir Maid's second three-year term will expire in March and it isn't altogether clear whether it will be extended. Mr Munir was close to former finance minister Anwar Ibrahim, dismissed by Prime Minister Mahathir96 words
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Article136 1999-02-20 22 SINGAPORE Telecoms has enjoyed such a strong hold on fixed line and mobile phone markets here for so long that it sometimes fails to receive due credit for breaking other people's monopoly. We hear that Sing Tel execs were amused to learn from a report136 words
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Article, Illustration65 1999-02-20 22 Wong Wei Kong - By Wong Wei Kong Overseas Union Bank Foreign shares closed up $0.35 yesterday at $6.40 with 3.17 million shares traded, compared with its 10-day traded average of 2.35 million units. The daily and weekly RSI and Stochastics and MACD charts suggest that upside may be capped in the65 words
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Page 18 Advertisements
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Advertisement69 1999-02-20 18 HOCK LOCK SIEW Takes you behind the news TheßusinessTimes V J > J. f f There is no smnlfp without fire. With so many lucrative business opportunities and services sizzling in The Straits Times Classified daily, it's no wonder our readers are always hungry for more. Advertise in the Business69 words
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Advertisement23 1999-02-20 19 Classified First. Want a home with a sea view? Ik simply seeking a new nest? Make the right move: Check Classified First. bhhhhhhhhhhhhi23 words
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Advertisement23 1999-02-20 20 tw i;. IM» "J- 11 11 1 ■OTORIWO K-CT ggg Thursdays sort budget ru&w-Kius ia tr>ia« ttuo 1 PwnwiwiiwwM——— M mi iMrt* TheßusinessTimes23 words
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Page 21 Advertisements
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Advertisement47 1999-02-20 21 HW Too bay. Construction *K .lL |£;«P SINGAPURA pj?v build,ng soc,ety ltd B Shares... Factoring WC WM Kfr g5831M «ng Mo Klo Tel: 458 4222/4383 Beach Road Tel: *****89/1810 BeJofc Tel: 445 8011/8255 Bukit Tim ah Tel: *****18/1818 »East Coatt Tel: 848 8262/8263 Serangoon Tel: 298 ffnnrßflW47 words
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Advertisement710 1999-02-20 22 Trade all over Asia, anytime you want. Call DBS Investor Online at 438-1188 gg D Q SBANK NOTICES To advertise call toll-free 1800-741 1883 Fax No: 741 1298 IN THE MATTER OF THE COMPANIES ACT. CAP SO AND IN THE MATTER OF QBASE SYSTEMS PTE LTD (IN MEMBERS' VOLUNTARY LIQUIDATION)710 words
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