The Business Times, 20 February 1999

Total Pages: 22
1 22 The Business Times
  • 14 1 THE BUSINESS TIMES MIT A 85C SINGAPORE Internet: http://business-times.asial.com.sg/ WEEKEND EDITION, FEBRUARY 20-21 1999
    14 words
  • 62 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 B
    62 words
  • 84 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 MANILA
    84 words
  • 1294 1  -  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 to
    1,294 words
  • 395 1  -  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 the
    395 words
  • 365 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 is
    Reuters  -  365 words
  • 483 1  -  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 the
    Source: Bridge  -  483 words
  • 315 1  -  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's
    AFP  -  315 words
  • Page 1 Advertisements
    • 138 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 appointment
      138 words
    • 13 1 Hock Lock Siew DBS PENs a neat answer to vexing problem, Pg 13
      13 words
    • 13 1 Japan officials unruffled by yen's steep fall, Pg 8 Market reports, Pg 18-22
      13 words

  • SINGAPORE AT HOME & ABROAD
    • 543 2  -  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
    • 507 2  -  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 pilot
      507 words
    • 206 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 follows
      206 words
    • 678 2  -  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 interest
      Source: TDB  -  678 words
    • 252 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 whole
      252 words
    • 293 2  -  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 per
      293 words
    • 175 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 six
      CHRIS LOH  -  175 words
    • 304 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 system
      304 words
    • 209 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
    • 1339 3  -  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 a
      1,339 words
    • 531 3  -  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. I
      FILE PHOTO  -  531 words
    • 126 3  -  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. Last
      126 words

  • Page 3 Advertisements
    • 46 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 TheßusinessTimes
      46 words

  • ASIA'S ECONOMIC SLUMP
    • 512 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 in
      Bloomberg  -  512 words
    • 306 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 December
      Bloomberg  -  306 words
    • 483 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-year
      Bloomberg  -  483 words
    • Article, Illustration
      74 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 also
      AFP  -  74 words
    • 269 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 the
      Bloomberg  -  269 words
    • 161 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 in
      AFP  -  161 words
    • 766 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 estimated
      Reuters; AFP  -  766 words
  • Page 4 Advertisements
    • 35 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 Service
      35 words

  • SOUTH-EAST ASIA
    • 727 5  -  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 that
      727 words
    • 114 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 in
      Reuters  -  114 words
    • 480 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 Federation
      AFP  -  480 words
    • 389 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 this
      AFP  -  389 words
    • 232 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 proceedings
      AFP  -  232 words
    • 368 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 a
      AFP,; Reuters  -  368 words
    • 51 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
    • 280 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 Fernando
      AFP  -  280 words
    • 266 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 the
      Bloomberg  -  266 words
  • Page 5 Advertisements

  • SHIPS IN PORT
    • 492 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 J01
      492 words
    • 1563 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 *****1
      1,563 words
  • REGION
    • 173 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 the
      AFP  -  173 words
    • 491 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 a
      Reuters,; AFP  -  491 words
    • 225 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 reporters
      AFP  -  225 words
    • 364 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 a
      Reuters  -  364 words
    • 285 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 the
      AFP  -  285 words
    • 293 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 Nanjing
      AFP  -  293 words
    • 529 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 Stalinist
      AFP  -  529 words
    • 240 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 a
      AFP  -  240 words
    • 450 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 discipline
      AFP  -  450 words
    • 388 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 with
      AFX- Asia; AFP; REUTERS  -  388 words
    • 451 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 and
      Bloomberg  -  451 words
    • 64 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, is
      AFP  -  64 words
    • 464 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 pace
      Reuters  -  464 words
    • 252 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 of
      Reuters  -  252 words


  • THE WORLD
    • 601 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 set
      Reuters  -  601 words
    • 561 8  -  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 described
      FILE PHOTO  -  561 words
    • 341 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 and
      Reuters; REUTERS  -  341 words
    • 549 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 out
      Reuters,; Bloomberg  -  549 words
    • 384 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 cent
      Bloomberg  -  384 words
    • 436 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 companies
      Bloomberg  -  436 words
    • 234 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 circulated
      AFP  -  234 words
    • 320 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 currency
      AFP  -  320 words

  • FOCUS
    • 1778 9  -  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 in
      FILE PHOTO  -  1,778 words
  • Page 9 Advertisements
    • 28 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 TheßusinessTimes
      28 words

  • EXECUTIVE LIFESTYLE
    • 444 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
    • 632 11  -  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, a
      LAT-WP  -  632 words
    • 590 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
  • Page 10 Miscellaneous
    • 1737 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 before
      1,737 words

  • Page 11 Advertisements
    • 579 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 more
      579 words
    • 29 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: *****11
      29 words

  • SPORTS
    • 925 12  -  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 last
      LAT-WP; FILE PHOTO  -  925 words
    • 352 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 minister
      Reuters  -  352 words
    • 1010 12  -  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 up
      LAT-WP; FILE PHOTOS  -  1,010 words

  • COMPANIES & MARKETS
    • 462 13  -  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 his
      FILE PHOTO  -  462 words
    • 462 13  -  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
    • 322 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 Yap
      322 words
    • 240 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 10
      240 words
    • 360 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 unit
      Reuters  -  360 words
    • 753 13  -  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 them
      753 words
    • 599 13  -  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 Thai
      599 words
    • COMPANY Briefs
      • 83 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's
        83 words
      • 59 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's
        59 words
      • 29 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
    • REGIONAL COMPANIES
      • 547 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 biggest
        Reuters,; Bloomberg; AFP  -  547 words
      • 330 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 54
        Reuters; Source: Bloomberg  -  330 words
      • 216 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
      • 302 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 sedans
        Bloomberg  -  302 words
      • 386 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. The
        Bloomberg  -  386 words
      • 213 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 will
        213 words
      • 649 14 It cites S Korea, Thailand, S'pore as safer investments Bloomberg [NEW YORK] Bankers Trust Funds Management, which oversees some US$5.5 billion (559.4 billion) of stocks outside the US, is turning to Asia after having spurned the region for
        Bloomberg  -  649 words
      • 239 14 Bloomberg [SYDNEY] Solomon Lew, one of the major shareholders in Coles Myer Ltd, sold his shares in Australia's biggest retailer through a placement reaping more than As7oo million (5J762.4 million.) Mr Lew's family companies sold his 84.2 million shares, accounting for about
        Bloomberg; FILE PHOTO  -  239 words
      • 251 14 Bloomberg [TOKYO] Toshiba Corp, Japan's No 2 microchip maker, is likely to post its first group net loss in 23 years for the year ending March 31, the Nihon Keizai newspaper said yesterday, without citing sources. Toshiba, the world's largest notebook
        Bloomberg  -  251 words
      • REGIONAL Briefs
        • 90 14 Bloomberg [SAN JOSE, California] Acer America Corp. a unit of Taiwan's Acer Inc, said it will stop selling its Aspire line of home personal computers through US resellers to focus on direct sales at its own stores and on the Internet. Acer America
          Bloomberg  -  90 words
        • 90 14 Bloomberg [TOKYO] Kirin Brewery Co, Japan's largest beer maker in terms of sales, said group profit rose 6 per cent in the year ended Dec 31, the first rise in four years, because of cost reductions and strong sales of its low malt brew Tanrei.
          Bloomberg  -  90 words
        • 79 14 Reuters [WELLINGTON] New Zealand's largest listed company, Telecom Corp, said this week the costs of millennium bug testing might exceed its budget. In March 1997 Telecom set aside NZ$B7 million (5580.4 million) for operational costs of the programme and NZ$2O million for capital expenditure.
          Reuters  -  79 words
        • 59 14 Bloomberg [WELLINGTON] Independent Newspapers Ltd, owner of about half New Zealand's newspapers, said its first-half profit fell as the recession crimped demand for advertising, offsetting better-than-expected earnings from its pay television unit. Profit fell 8 per cent to NZ526.6 million (5524.6 million), or 20.6 cents a
          Bloomberg  -  59 words
    • INTERNATIONAL COMPANIES
      • 521 15 Analysts see much of the US$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 go
        Bloomberg  -  521 words
      • WORLD Briefs
        • 77 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. Commission
          Bloom berg  -  77 words
        • 84 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 in
          Bloomberg  -  84 words
        • 74 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 cash
          Bloomberg  -  74 words
      • 210 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
      • 154 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 even
        Bloomberg  -  154 words
      • 488 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 use
        NYT  -  488 words
      • 260 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 online
        Bloomberg  -  260 words
    • 4252 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 Asiomotrtx
      4,252 words
    • FINANCE & COMMODITIES
      • 512 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$9.7 billion (5516.5 billion) takeover of Transamerica Corp on Thursday marked the latest in a string of high-profile business
        Reuters; REUTERS  -  512 words
      • 994 16 Kees Storm refuses to follow fashion, but has he been seduced by the merger wave? The Economist SUMMON up an image of the men running most of the world's top financial services firms. Then picture their opposite. That is Kees Storm, the
        The Economist; AFP  -  994 words
      • 272 16 Bloomberg [TOKYO] Dai-Ichi Kangyo Bank Ltd and Fuji Bank Ltd yesterday more than doubled the number of shares they can issue as the Japanese government prepares to bail out its biggest lenders. The government will take large in some
        Bloomberg  -  272 words
      • 270 16 Bloomberg [BASEL, Switzerland] ÜBS AG plans to sell to institutional investors its 25 per cent stake in Swiss Life, Switzerland's No 1 life insurer, as the largest European bank concentrates on asset management and private banking. At Thursday's closing share
        Bloomberg  -  270 words
      • 332 16 State seeks return of profits from bank and others AFP [LOS ANGELES] The state of California filed suit on Thursday against French bank Credit Lyonnais and other firms, accusing them of insurance fraud and seeking millions of dollars in damages, officials said.
        AFP  -  332 words
      • 118 16 Bloomberg [TOKYO] The Life Insurance Association of Japan said it abandoned plans to sell Aoba Life Insurance Co, which had attracted interest from abroad as a platform to enter the world's largest life insurance market. Aoba Life was set up to take
        Bloomberg  -  118 words
      • 407 16 Euro/USS: Euro/US$ 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 1.1085
        Source: DBS Bank  -  407 words
      • 139 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 to
        Jardine Fleming  -  139 words
      • 396 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 the
        Reuters  -  396 words
      • 212 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 a
        Reuters  -  212 words
      • 314 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 120
        Bloomberg,; Reuters  -  314 words
      • Article, Illustration
        1293 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 0
        1,293 words
      • 1847 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) Vohiflw
        1,847 words
    • 2327 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 -21.000
      2,327 words
    • 1586 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 the
      AFP  -  1,586 words
    • Article, Illustration
      1318 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. Turnover
      AFP  -  1,318 words
    • KUALA LUMPUR STOCK MARKET
      • 8523 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 8.7 100.0 204
        8,523 words
      • 444 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
    • WARRANTS, OPTIONS & REGIONAL MARKETS
      • 2130 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 16
        2,130 words
      • 176 20  -  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 hardly
        176 words
      • 223 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 7.4
        223 words
    • Article, Illustration
      700 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 the
      AFP  -  700 words
    • Article, Illustration
      746 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 mixed
      AFP  -  746 words
    • 330 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 million
      AFP  -  330 words
    • 418 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 the
      AFP  -  418 words
    • 607 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 Index
      AFP  -  607 words
    • 264 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 million
      AFP  -  264 words
    • 6870 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 *1
      6,870 words
    • 1380 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 94
      1,380 words
    • STOCK EXCHANGE OF SINGAPORE
      • 421 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 20,538,148
        421 words
      • 572 22  -  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 and
        572 words
      • ON THE GRAPEVINE
        • 74 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
        • 129 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 expecting
          129 words
        • 96 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 Mahathir
          96 words
        • 136 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 report
          136 words
      • Article, Illustration
        65 22  -  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 the
        65 words





  • Page 18 Advertisements
    • 69 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 Business
      69 words

  • Page 19 Advertisements

  • Page 20 Advertisements

  • Page 21 Advertisements
    • 47 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 ffnnrßflW
      47 words

  • Page 22 Advertisements
    • 710 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