The Business Times, 22 May 1999

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Total Pages: 22
1 22 The Business Times
  • 11 1 THE BUSINESS TIMES 85c SINGAPORE Internet: http://business-times.asial.com.sg/ SATURDAY, MAY 22, 1999
    11 words
  • 63 1 □at MOJO (+26.41) fm ET-SBI U7MJ9 (+12.48) sasa FUtiißEs LJ 274.70 (+2.30) STOCK MiUBTlIMCBS Friday Change KLSE COMP m.7t -183 NIKKEI 16,***** +9199 HANG SENG 1****** -***** SET INDEX ***** -«7 JAKARTA COMP IM -l» MANILA COMP +7*3 TAIPEI WPI 7,006.69 -SJ» SEOUL COMP ***** +L89 C1SA CHINA
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  • 80 1 iMIin USS 89 U8f 1.729 £(US$/S$ per S) l.Mft 1712 EURO<USS/S$ per E) 1069 1.820 DM I 1.846 0.331 YEN 123.7 1JM* RM UN 0.462 HKS 7.754 1222 BART 27.02 0.946 rupiah ans MSI •SttoMm* FUME BATES SINGAPORE* KUALA LUMPUR 11 A) JAKARTA 28.M BANGKOK 1476 MANILA nM HONGKONG
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  • 1724 1  -  Akbar Khan matches Tnnkn Abdullah's proposal, emphasises he has all the necessary approvals From] Eddie Toh, Ruth Wong, Conrad Raj THE 172,000 investors holding more than 12 billion ringgit (555.4 billion) worth of frozen Malaysian Clob shares now have two competing closed-end
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  • 702 1  -  Attractiveness of prize may lore new proposals analysts From. Ruth Wong in Kuala Lumpur TUNKU Abdullah's closed-end fund offer, and the almost immediate response from Akbar Khan's Effective Capital, is a battle for a multimillion dollar prize fees to manage an 11
    702 words
  • 712 1  -  P L Una's price is 20% higher than what DBS Land has agreed to pay By. Ang Wan May {SINGAPORE] Kua Phek Long, the second largest shareholder of ANA Hotels Singapore, is a very angry man. A day after DBS Land announced
    712 words
  • Page 1 Advertisements
    • 114 1 nremE HaWUe pbji ku-AtH But can he win next month's election? Yang Razali Kassim rates his chances, P|9 Tltw r>rik'l' The merger of Tibs Holdings and Singapore MRT Ltd is expected to be sealed by the aid of the year, Py IS V Back Ltck Star Should investors see Creative
      114 words
    • 36 1 Sinking of the Sun Vista dft: Business impact on owner Sun Cruises |Ba t|tofe|k^f_'^^ l -i *jR bbm& to i i J| £^£-L*J" IUWMI S?•/••• a jj^&jk#' w-.. j^bbbi? I i ■Jl AJf ji ji t
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    • 35 1 MORE REPORTS, PgS KLSE unlikely to release Clob shares to individual accounts Clob resolution a factor in fund managers' decision Statements from Effective Capital and Bintang Melewar Tonka Abdullah: A prince with an unorthodox lifestyle
      35 words

  • SINKING OF SUN VISTA
    • 659 2  -  Sunken ship main money-spinner; finding a new ship is hard in a tight market for quality second-hand cruise ships By. Marcus Hand (SINGAPORE] THE future of locally owned cruise line, Sun Cruises, hangs in the balance following the sinking of its flagship Sun
      659 words
    • 489 2  -  By] Marcus Hand [SINGAPORE] Shipping industry officials were baffled yesterday as to why the Sun Vista should have sunk in calm seas as a result of an engine fire. "I can't imagine how it did that," was the reaction of one former ship's
      489 words
    • 475 2 Diary of a sinking With 472 passengers and 632 crew on board, the Singapore-owned and Bahamas-flagged cruiseship leaves Singapore Cruise Centre on Sunday, May 16, on a six day-five-night cruise The Singapore-Malacca-Penang-Phuket Singapore trip was due to end here yesterday at 2pm. The ship left Phuket,
      – Reuters photo.; AFP photo  -  475 words
    • 432 2  -  New ship likely to be same size as Snn Vista: Metro boss Hyi Conrad Raj [SINGAPORE] Sun Cruises will look for another vessel to replace its cruise ship, the Sun Vista, which sank off the north-west coast of Peninsular Malaysia after catching fire. "The
      432 words
    • 667 2 [SINGAPORE] Malaysia's Maritime Rescue Coordination Centres (MRCC) at Port Klang and Penang swung into action after the ill-fated Sun Vista's Swedish Master Sven Hartzell made the distress call at 6.30pm on Thursday. Coordinated and supervised by the Port Klang MRCC, passing ships, ferries, and Malaysian
      667 words

  • SINGAPORE AT HOME & ABROAD
    • 442 3  -  Call also for New Miyazawa Initiative funds to be extended to all Asean states From, Anthony Rowley in Tokyo SINGAPORE Deputy Prime Minister Lee Hsien Loong yesterday urged Tokyo to send investment missions to Asean later this year to further assist in
      442 words
    • 528 3  -  ABN-Amro, Amex made quick inroads in Taiwan, Hongkong By i Siow Li Sen THE government might be issuing only six qualifying full bank (QFB) licences, but Singapore banks had better brace themselves for a more-than-proportionate impact. Although regulators have said they hope
      528 words
    • 275 3  -  Tan May Ping THE National Library Board has appointed Singapore firm Swan and Maclaren Architects to design its new building at Victoria Street, next to Bras Basah Complex. Out of 30 firms that made submissions, five were shortlisted for the final selection. Swan
      275 words
    • 299 3  -  By\ Siow Li Sen THE upturn in the key threemonth interbank interest rate continued yesterday, ending the week at 1.75 per cent, the highest in eight weeks. Bankers, however, say the hikes are probably short term and lending rate changes are unlikely
      299 words
    • 327 4  -  By Chuang Peck Ming EXTERNAL political risks have raised Singapore's overall political risk profile in the wake of the Asian financial crisis, according to a Hong-kong-based risk consultancy firm. Saying it would be foolhardy to suggest Singapore still deserves a very low political risk
      327 words
    • 291 4  -  Q1 data shows situation much better, says incoming trade minister Reports by] Eugene Low WHILE it is early days yet to celebrate a complete rebound in the local economy, Singapore should not "pull the brakes" but "feed the incipient recovery",
      291 words
    • 248 4 THE government should consider introducing a pension scheme for expatriates taken out of the CPF scheme. Singapore International Chamber of Commerce's (SICC) newlyelected chairman Dirk Paulsen said such people no longer have a tax-efficient pension scheme available to them here. This matter was brought
      248 words
    • 346 4  -  mmifl Adisak Panupong Ambassador Royal Thai Embassy Singapore I REFER to your Bottom Line column ("Thailand must keep out of Supachai's fight", BT, May 14) in which your writer Tye Kim Khiat questions Thailand's active engagement in Dr Supachai's campaign for
      346 words
    • 218 4  -  L S Lim via Internet Singapore I PROPOSE this "win-win" solution for the Clob shares impasse: the KLSE should set up a third board for the trading of Clob shares. These should be called "C" shares or "C" warrants. Trading
      218 words
    • 672 4  -  EYE ON THE ECONOMY By, Audrey Tan THE economic recession may seem to be firmly behind, but expert opinion is divided on how strong this year's recovery will be. This question, like the Singapore economy, hangs on whether April's export rebound
      Source: CEIC  -  672 words
  • Page 3 Advertisements
    • 447 3 New Identity for Compact Group of Companies Compact A Symbol of In conjunction with the launch of the new identity, we are pleased to present names of all companies within the Compact Group under the new identity. Integrated Capabilities and Commitment iiNavow Compact Metal Industries Ltd The Evefutien A homegrown
      447 words

  • Page 4 Advertisements
    • 1005 4 Hitachi Zosen Keppel Hitachi Zosen Ltd (Incorporated in the Republic of Singapore) Notice of Annual General Meeting NOTICE IS HEREBY GIVEN that the 29th Annual General Meeting of the shareholders of the Company will be held at the Board Room of Keppel Corporation Limited at 325 Telok Blangah Road Singapore
      1,005 words

  • FOCUS ON CLOB
    • 319 5  -  This emerged from an electronic poll at an HE conference Fromi Quak Hiang Whai in Hongkong THREE-quarters of international fund managers surveyed at a conference in Hongkong this week said a resolution of the Clob issue will contribute to their decision
      319 words
    • 425 5  -  Bint&ng Melewar's offer made on basis there's no staggered release of shares From Eddie Toh in Kuala Lumpur THE Kuala Lumpur Stock Exchange is not expected to execute its agreement with the Stock Exchange of Singapore to release the Clob shares
      425 words
    • 629 5  -  A ladies' man, he's better known for his colourful social life From Diana Oon Abdullah in Kuala Lumpur TUNKU Abdullah Tuanku Abdul Rahman, the man behind the second offer for frozen Malaysian Clob shares, is described as a prince who has led an unorthodox,
      629 words
    • 211 5 The following is the full text of the statement issued by Bintang Melewar yesterday: Why this solution is a win-win solution for all For Clob investors For Singapore -For Malaysia A. For Clob investors: ♦Invitation extended to all holders of Malaysian securities. ♦unit trust in the
      211 words
    • 863 5  -  Mohamed Moiz Chief executive officer, Effective Capital Sdn Bhd Director, Straits Fund Bhd The following is the text of the statement from Effective Capital Sdn Bhdyesterday: > Effective Capital's sister company intends to launch closed end fkind ♦Effective Capital also intends to launch irrevocable request and
      863 words
  • Page 5 Advertisements

  • ASIA ON THE MEND
    • 501 6 Stronger demand for electronics, IT and electrical appliances boosts exports Bloomberg [TAlPEl] Taiwan's economic growth accelerated in the first quarter, as higher exports drove the government to boost its outlook for the economy this year. Gross domestic product expanded 4.33 per
      Bloomberg  -  501 words
    • 338 6 They will yield better returns than bank deposits Bloomberg [BANGKOK] Thailand will sell "long-term" bonds to the public to provide a safe investment with better returns than bank deposits, and to help fund the government deficit, Finance Minister Tarrin Nimmanahaeminda said. Mr Tarrin
      Bloomberg  -  338 words
    • 199 6 Reuters [JAKARTA] Indonesia plans to launch a recovery programme to reduce the bad debts of four state banks to 53.9 trillion rupiah (5511.5 billion) in December 1999 from 98.9 trillion rupiah in March, State Enterprise Minister Tanri Abeng said yesterday. "(The
      Reuters  -  199 words
    • 206 6 Bridge News [SHANGHAI] China's gross domestic product growth rate may continue to slow down for another year, but should recover after that as other Asian economies begin to grow again, Flemming Lar sen, vice-director of the research department under the International Monetary Fund was
      Bridge News  -  206 words
    • 419 6 Minister says fresh fiscal spending must follow reforms Reuters [TOKYO] Japan yesterday appeared closer to a supplementary budget, as senior cabinet members said fresh fiscal spending may be needed to tackle the record jobless rate as the economy goes
      Reuters  -  419 words
    • 683 6 Widening golf in interest rates between Japan and the rest of the world Reuters [TOKYO] The yen is reclaiming its place as the vehicle of choice among currency speculators as interest rates between Japan and the rest of the world diverge and point the way
      Reuters; FILE PHOTO  -  683 words
    • 87 6 Dow Jones [TOKYO] Stability in the foreign exchange market is vital for the Japanese economy, Japan's Vice-Finance Minister for International Affairs said here yesterday. Asked by reporters what he thought about the US dollar approaching 125 yen recently, Eisuke Sakakibara (left) said: "Currency stability is going to
      Dow Jones  -  87 words
    • IN BRIEF
      • 80 6 Reuters [SEOUL] South Korea said its central bank received US$25O million (Ss43o million) in loans from the International Monetary Fund yesterday, bringing the total of loans received from the IMF to US$l9.5 billion The IMF began disbursing the money from December 1997 under its US$2l
        Reuters  -  80 words
      • 80 6 AFX-Asia [BANGKOK] Thai Finance Minister Tarrin Nimmanahaeminda said he expects die rising trend in non-performing loans to be reversed under the government's ongoing reforms. "I believe that the conditions are now set for a reversal of that trend," Mr Tarrin said in an interview with
        AFX-Asia  -  80 words
      • 93 6 AFP [TOKYO] Asia-Pacific business leaders gathering in Tokyo said yesterday that developing an Asian debt market was a key priority for crisis-hit economies. "One of the key priorities for the region is the development of an Asian debt market," said Timothy Ong, deputy chairman
        AFP  -  93 words
      • 59 6 Bloomberg [MANILA] The Philippine central bank cut overnight interest rates for the 15th time this year to encourage lending and hasten the economy's recovery. The central bank said that from Monday it will pay 9.875 per cent to borrow overnight from banks, the lowest in
        Bloomberg  -  59 words
      • 65 6 Reuters [TOKYO] Corporate capital investment may begin recovering in the October-March period, TakafUsa Shioya, Vice-Minister of Japan's Economic Planning Agency (EPA), said yesterday. He added there were growing signs that industrial output was picking up. Mr Shioya told a news conference he thought forecasts
        Reuters  -  65 words
  • Page 6 Advertisements

  • REGION
    • 526 7  -  Move follows Jakarta pledge not to nse money until after election Prom\ Shoeb Kagda in Jakarta DESPITE strong objections from the Clinton administration and widespread concerns of ongoing pilferage of its financial assistance to Indonesia, the World Bank yesterday approved two loans totalling US$l.l
      526 words
    • 210 7 JAKARTA AFP [JAKARTA] Forty-eight foreign airlines operating in Indonesia have sought permits to increase flights in anticipation of a jump in outbound passenger numbers in the run-up to the June 7 elections, a report said yesterday. "On average, the demand for stepped-up flights
      AFP  -  210 words
    • NOTE Book
      • 115 7 Reuters [KUALA LUMPUR] The trial of Malaysia's former police chief, charged with hitting former finance minister Anwar Ibrahim while in custody, will start on Sept 20— exactly one year from the date of the assault. Former Inspector-General of Police Abdul Rahim Noor was
        Reuters  -  115 words
      • 60 7 AFP [JAKARTA] Indonesia's Muslim United Development Party (PPP) and the People's Mandate Party (PAN) of reformist leader Amien Rais will join forces in the elections to stall anti-reform forces, reports said yesterday. PPP chairman Hamzah Haz and Mr Rais were to sign the
        AFP  -  60 words
      • 50 7 AFP [BEIJING] China has approved banker Edmund Ho, 44, as chief executive of Macau after the Portuguese-ruled territory reverts to China this December, press reports said yesterday. The State Council (cabinet) approved his nomination at a fall session on Thursday, the People's Daily said.—AFP
        AFP  -  50 words
    • 222 7 JAKARTA AFP FORMER Indonesian strongman Suharto appeared on television yesterday a year after his downfall to insist he had no intention of running away despite the controversy over his rule. "I am still here," said the smiling former president, who resigned amid mass
      AFP  -  222 words
    • 420 7 BEIJING Bering still angry over Nato bombing of its Belgrade embassy Bloomberg, FT CHINA banned visits by US naval vessels to Hongkong, underscoring persistent official anger at the US two weeks after Nato's accidental bombing of the Chinese embassy in Belgrade. The Chinese
      Bloomberg,; FT  -  420 words
    • 363 8 TOKYO Area only part of world with no regional grouping AFP JAPAN yesterday proposed creating a new free trade area in North-east Asia to rival strong economic blocs elsewhere. North-east Asia, including Japan, Hongkong, South Korea and Taiwan, is "the world's only
      AFP  -  363 words
    • 104 8 SYDNEY AFP SYDNEY'S Olympic organisers bowed to pressure yesterday from Rupert Murdoch's Fox Studios and decided to move the road cycling races to a different suburb. Management at the media baron's Australian film headquarters requested the change after calculating it would lose as
      AFP  -  104 words
    • 277 8 SEOUL Seoul wants him to use assets to pay off Samsung debt AFP SOUTH Korea's giant Samsung Group and the government are at loggerheads over Seoul's demand that the group's owner use his private assets to pay off a part of the debt
      AFP  -  277 words
    • NOTE Book
      • 71 8 AFP [TOKYO] Japanese banks have agreed with troubled construction firm Haseko Corp on its restructuring plan under which the banks would forgive 350 billion yen (5J4.9 billion) in debt, a report said yesterday. Haseko reached a debt-forgiveness agreement with 36 banks including its main
        AFP  -  71 words
      • 103 8 AFP [TOKYO] A group of investors led by JP Morgan and Co Inc of the US to buy the collapsed Long-Term Credit Bank of Japan Ltd, which is now under state control, a report said yesterday. The group would act to restore LTCB's operations
        AFP  -  103 words
      • 73 8 AFP [TOKYO] Japan's troubled regional bank Kofuku Bank Ltd, which has struggled to clear out bad loans, yesterday decided to close down, a report said. Kofuku, a 52-year-old bank based in the western city of Osaka, sought approval from the Financial Supervisory Agency yesterday
        AFP  -  73 words
      • 92 8 Bridge News [SHANGHAI] Hanil Leasing, an arm of South Korea's Hanil Bank, is waiting for a Jun 8 financial report from accounting firm PriceWaterhouseCoopers (PWC) on Guangzhou Finance before it decides if it will proceed with a bankruptcy claim to collect the US$4 million
        Bridge News  -  92 words
    • 288 8 SEOUL Instead, they hope to raise capital by issuing new shares FT HYUNDAI and Daewoo, South Korea's two largest conglomerates, or chaebol, appear to be scaling back plans to sell assets to foreign investors only a month after promising substantial reforms to
      FT  -  288 words
    • 497 8 NEW DELHI Their leader claims many Congressmen will back the front AFP INDIA'S opposition Congress party, still reeling from the resignation of leader Sonia Gandhi, faced a fresh challenge yesterday as three expelled rebels vowed to set up a rival front. With a
      AFP  -  497 words
  • Page 7 Advertisements
    • 35 7 ©The tycoon. his mistress and her $4.7 million will She was married and living in Singapore He was married and a billionaire in Indonesia Their fascinating 30 year romance in The New Paper On Sunday
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  • Page 8 Advertisements
    • 1443 8 I RI Noble group limited (Incorporated in Bermuda with limited liability) Notice of Annual General Meeting NOTICE IS HEREBY GIVEN that the 1999 Annual General Meeting of the Company will be held at 23rd Floor, CRC Protective Tower, 38 Gloucester Road, Hong Kong on Tuesday, 15 June 1999 at 12:00
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  • FOCUS
    • 2800 9  -  Dr Habibie played political hardball this month and won Golkar's presidential nomination. Can he similarly have his own way in next month's GE? By' Yang Razali Kassim The writer isßT's regional analysis editor. He filed this from Jakarta WITH Indonesia in election mood
      AFP  -  2,800 words

  • THE WORLD
    • 453 10  -  Currency down 12% in 20 weeks; concern over poor outlook for Germany, Italy From Neil Behrmann in London MARKET fears that the euro could plunge to 1.00 against the US dollar in the short term are growing because of an unexpectedly poor economic outlook
      453 words
    • 210 10 CHICAGO Bloomberg THE US economy, which accounted for nearly half the world's demand last year, cannot support weak economies worldwide forever, said Michael Moskow, president of the Federal Reserve Bank of Chicago. "The ability of the United States to sustain the global economy
      Bloomberg  -  210 words
    • WORLD Watch
      • 74 10 Reuters [BONN] German Foreign Minister Joschka Fischer yesterday said there was an "urgent need" for Nato to discuss its bombing strategy in Yugoslavia to ensure that there was minimal damage to civilian targets. Nato warplanes on Thursday night fired missiles at a fuel depot
        Reuters  -  74 words
      • 82 10 Reuters [BANGKOK] Thailand's Deputy Prime Minister Supachai Panitchpakdi, a candidate for the World Trade Organisation leadership, yesterday said the body's governing General Council would meet on Wednesday to try to resolve a stalemate over the next WTO leader. Mr Supachai said if a solution
        Reuters  -  82 words
      • 81 10 Reuters (LONDON] Sex on the Web lis a billion dollar industry and is set to triple by 2003, according to a new report. Market analysts Datamonitor yesterday said that adult material dominated the paid-for online content market, accounting for 69 per cent
        Reuters  -  81 words
      • 113 10 Reuters [LONDON] Severe turbulence in financial markets over the past 12 months sharply deflated bonuses and pay rises across the City of London, a survey showed yesterday. Sympathy from the wider public is unlikely to be forthcoming, however, given that six-figure salaries are still
        Reuters  -  113 words
    • 53 10 [LONDON] To mark the final event in the English soccer season, the FA (Football Association) Cup, The Globe pub in Marylebone Road, London, decorated its exterior yesterday with a huge Newcastle United football shirt. Newcastle will meet Premier League champion Manchester United today. A non-hysterical
      AFP  -  53 words
    • 367 10 MOSCOW Reuters RUSSIA may undergo a new banking crisis in the absence of understanding of the need for quick action and funds from the central bank, a former central bank official said yesterday. Russia's turmoil had brought to the surface already existing serious management
      Reuters  -  367 words
    • 528 10 WASHINGTON, But officials opted for status quo due to fears of harming financial markets Reuters FEDERAL Reserve officials talked seriously of adopting a formal bias to raise interest rates when they met on March 30 but opted against it, in part
      Reuters  -  528 words
    • 522 10 LONDON Bat he escapes full-blown probe into price-cutting Reuters MEDIA magnate Rupert Murdoch yesterday had his wrists slapped by British regulators but avoided a full-blown antimonopolies probe into pricecutting at his famous newspaper, The Times of London. The Office of Fair Trading (OFT)
      Reuters; FILE PHOTO  -  522 words
    • 522 10 MILAN Reuters, Bloomberg OLIVETTI'S US$65 billion (*****.7 billion) hostile bid for Telecom Italia closed yesterday with word that several key Telecom allies had switched allegiance, raising Olivetti's hopes of securing a significant stake. Banks and insurers controlling 3.1 per cent of Europe's
      Reuters,; Bloomberg  -  522 words
  • Page 10 Advertisements
    • 92 10 KHATTAR WONG PARTNERS Advocates Solicitors CORPORATE LAWYERS The Corporate and Securities Law Department of Khattar Wong Partners has been earmarked for significant investment and growth. It is looking to engage top quality corporate partners and associates who will offer practical commercial and responsive legal advice. The culture within the office
      92 words

  • EXECUTIVE LIFESTYLE
    • 791 11 Many visitors find the country expensive, the infrastructure inadequate and the touts too persistent Reuters [HO CHI MINH CITY] With its long coastline, stunning mountains, fascinating history and charming colonial-era cities, Vietnam should be overrun with tourists. But travellers have yet to flock
      Reuters; FILE PHOTO; REUTERS  -  791 words
  • Page 11 Miscellaneous
    • 1716 11 CRYPTIC CROSSWORD roadwort^^ ness that's a deliberate steD /q c\ v 9 The sort of attention celebri- YESTERDAY'S SOLUTION DOWN ties enjoy (4,9) ■lIMCBAMuW»WI«M o D M i, n 15 Me boy came back with a fflpßnßoHpßoßTfflMrS 2 Russian poet put pfgssutg on onno /c\ i iniqi familv (Ti 8
      1,716 words

  • SPORTS
    • 906 12  -  With its players in top form, SHAHStON sees Premier League champion Manchester United dominating the treble chase SHAHIRON SAHARI The writer, a Sydney-based journalist, supports neither Liverpool nor Manchester United. IT is said that you can put an age to someone by the English football club he
      FILE PHOTO  -  906 words
    • 420 12 WORLD CUP CRICKET Loss to NZ adds spice to tomorrow's game against Pakistan Reuters [LEEDS, England] Sunday's Group B clash between Australia and Pakistan always looked to be one of the highlights of the World Cup's first round but the
      Reuters  -  420 words
    • 554 12 TENNIS: FRENCH OPEN Experts says she will dominate the game for years to come AFP [PARIS] She is the talk of tennis. Martina Hingis is living on borrowed time, the experts say. Venus Williams is coming to claim the women's number one ranking and could
      AFP  -  554 words
  • Page 12 Advertisements
    • 455 12 iiyifiA /l{ Mn rfcYi/1 ah 111 Presented g Diners Club Offers Personalised Cash Access To apply, caH: I wnere to wine, (line ana entertain... (<!# ;^fl| 2,***** "Tunch" is the best for lunch and high tea rolled into one. Which means longer serving hours and even more scrumptious spreads. "lunch"
      455 words
    • 35 12 VV\GH tea i o Every Saturday, Sunday Public Holiday IOP Noon to 5.00pm rW Adult: $23+++ I Revolvtnc Child: $15+ «e.t.„r.nt 19th floor Reservations: *****58/88 -BMarukirin [JJ Singapore 333 Orchard Road. Singapore *****7 Tel: *****11
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  • COMPANIES & MARKETS
    • 584 13  -  Source says they 'definitely want to get it on the road as soon as possible' By i Christopher Tan [SINGAPORE] The merger of Tibs Holdings and Singapore MRT Ltd is likely to be sealed by the end of the year, according to
      FILE PHOTO; Source: Bloomberg  -  584 words
    • 980 13  -  HOCK LOCK SIEW Jennifer Lien EXIT Creative Technology, father of computer sound cards. Enter Creative.com, mother of multimedia Web sites. The details are still somewhat fuzzy at the moment, but this is roughly the picture that has finally emerged from Creative chairman
      980 words
    • 353 13  -  Bank also wants to reward staff and directors with shares instead of options By i Carol Eng [SINGAPORE] DBS Bank is proposing to issue share options with conversion prices set at a discount to market prices at the time of granting them, one of
      353 words
    • 364 13  -  Action taken to stave off creditors owed abont $82m Byi Conrad Raj [SINGAPORE] Six privatelyheld companies belonging to the founding family of Jack Chia-MPH were yesterday placed under judicial management to stave off creditors to whom they owe some $82 million. The six
      364 words
    • 561 13  -  By. Annette Pau [SINGAPORE] Creative Technology's chief Sim Wong Hoo has its future all summed up in one word Internet. And he's leveraging the group's muscle in the multimedia hardware business to further his latest vision. "Creative is
      561 words
    • 283 13 [SINGAPORE] SembCorp Industries will be getting about $139 million from the sale of 1.65 million Pacific Internet shares. The company said yesterday that about 215,000 shares of the total are for over-allot-ment. It had earlier indicated that it would sell 1.43 million
      283 words
    • COMPANIES
      • 322 14  -  By, Jennifer Lien (SINGAPORE] Creditors of Vikay Industrial have approved plans to sell its business to Malaysia's Lantech Sdn Bhd, the troubled company's judicial managers said yesterday. In a statement to the stock exchange, judicial manager Tham Sai Choy from KPMG Peat
        322 words
      • 441 14  -  Byy Carol Eng [SINGAPORE] Ipco investors yesterday bailed out of the company en-masse, causing its shares to reckon as the day's top fall with a dive of nearly 22 per cent. The infrastructure stock closed at 53.5 US cents, down 15 US
        Source: Bloomberg  -  441 words
      • 306 14  -  10-month $&25 high comes on news JSL is close to $250 m order By: David Boey [SINGAPORE] After languishing at around $7.40 for the past few days, the shares of Jurong Shipyard Ltd shot past the $8 mark yesterday to end the week at a
        Source: Bloomberg  -  306 words
      • 528 14 Earnings boost from higher yields, better fleet management, rising traffic Bloomberg [SINGAPORE] Singapore Airlines Ltd, which beat earnings estimates for the year ended March by a broad margin, is on the road to post record profit in two years,
        Bloomberg  -  528 words
      • 476 14 Profit growth now mainly through higher operational efficiencies AFX-Asia [SINGAPORE] Singapore Technologies Engineering hopes to maintain its goal of 15-20 per cent annual profit growth by increasing exports to 70 per cent of turnover in the medium term from 50 per cent
        AFX-Asia; FILE PHOTO  -  476 words
      • 422 14 AFXAsia [KUALA LUMPUR] Malaysian Airline System Bhd (MAS) is believed to be selling its landed residential and commercial properties abroad as part of the company's cost rationalisation programme, industry sources said. "The company is planning to auction off some of its residential
        AFX- Asia  -  422 words
      • 247 14 Group loss widens to RMl.3b in nine months to March 31 Reuters [KUALA LUMPUR] Malaysia's debt-laden conglomerate Renong Bhd said yesterday it was confident its financial performance would improve over the coming months in line with the country's economic recovery. The diversified group said
        Reuters  -  247 words
      • 260 14 AFX-Asia [SINGAPORE] Keppel Telecommunications Transportation Ltd has rejected market talk that it is buying Intraco Ltd's stake in Teledata (Singapore) Ltd. "It is not true," a spokeswoman for Keppel T&T parent Keppel Corp said. A dealer with a foreign brokerage said speculation that
        AFX-Asia  -  260 words
      • 180 14 [SINGAPORE] Lion Asiapac is placing out shares to raise net proceeds of US$3.7 million (556.3 million) to reduce borrowings. In a statement yesterday, the company said 17.5 million shares will be placed out at 21.9 US cents apiece. This represents nearly
        180 words
      • COMPANY Briefs
        • 40 14 [SINGAPORE] United Overseas Bank has raised its gtnka in United Industrial Corp to 6.15 per cent from 5.71 per cent. The 5.9 million shares, sold at 97.9 cents each, was registered under Tye Hua Nominees.
          40 words
        • 42 14 [SINGAPORE] All the operations of Compact Metal Industries are now consolidated at a new $25 million headquarters at Pioneer Road. The company will Alan launch a new corporate identity today to enhance cohesiveness between its subsidiaries.
          42 words
        • 22 14 [SINGAPORE] Liang Court Holdings' chief financial officer Eu Mun Leong has been appointed acting chief executive officer.
          22 words
        • 41 14 [SINGAPORE] Pacific Public Company yesterday posted a 25 per cent rise in net earnings to $2.2 million for the year to March. This was despite a 27 per cent fall in turnover to $22 million.
          41 words
        • 44 14 [SINGAPORE] Chemical Industries yesterday announced a 78 per cent dive in net profit to $833,000 for the year ended March. Extraordinary gains of $6.2 million lifted bottomline profit to nearly $7 million. Turnover rose 19 per cent to $72 million.
          44 words
        • 32 14 AFX-Asia [KUALA LUMPUR] Camerlin Investments has sold 2.083 million shares, or a 0.47 per cent stake, in Hong Leong Credit Bhd for about 8.705 million ringgit —AFX-Asia
          AFX-Asia  -  32 words
        • 37 14 Soh Chee Wen quits Plantation Devt AFX-Asia [KUALA LUMPUR] Businessman Soh Chee Wen has resigned as the chief executive officer and director of Plantation Development (Malaysia) Bhd, the company said. He will be replaced by Rozana Redzuan.
          AFX-Asia  -  37 words
    • INTERNATIONAL COMPANIES
      • 488 15 ResiiltsofBleadiiig banks show the fight to shed problem loans is far from over Reuters, AFP [TOKYO] Without exception, eight leading Japanese banks yesterday unveiled steep losses for the last business year, indicating their battle to shed hefty bad loans is far
        Reuters,; AFP  -  488 words
      • 390 15 A merger will help them fund huge R&D costs for new drags Bloomberg [NEW YORK] Warner-Lam-bert Co, seller of the top US cholesterol-reduction drug, is holding merger talks with Schering-Plough Corp, maker of the world's leading anti-al-lergy pill Claritin, a person familiar with the
        Bloomberg  -  390 words
      • 244 15 FT [NEW YORK] The New York Stock Exchange is close to agreement with several electronic trading networks that would give its members access to shares traded on the Nasdaq market, its arch rival. The details of the plan are expected to
        FT  -  244 words
      • 276 15 Bloomberg [TOKYO] Nissan Motor Co, whose financial problems led it to sell a 37 per cent stake to France's Renault SA, reported its sixth loss in seven years as it made unprofitable investments and slashed prices to sell unpopular cars. And the worst
        Bloomberg; FILE PHOTO  -  276 words
      • 3777 15 Nataara M NatXap Mar jl P 6.318L MM. Ut 344. to* ty iv rv tr Nacstaai ur» p 34*33 iu» «jo *.4 CMfMf MK <9a» t*» MA Ida) Netwertfoeds Mar 31 P tUOk IMU 23L 34t Na»Tor* Mar 24 P 1*48 7ft21 0.f» 3M AaiaraMtt«» Mar
        3,777 words
    • FINANCE & COMMODITIES
      • 630 16 Approval clears way for deal impeded by German bank's Holocaust claims Reuters, Bloomberg [WASHINGTON] The US Federal Reserve on Thursday approved the US$lO billion (5517.2 billion) takeover of Bankers Trust Corp by Deutsche Bank AG, removing the last major obstacle to
        Reuters,; Bloomberg; FILE PHOTO  -  630 words
      • 390 16 Bank suspected of violating Tokyo banking laws Reuters [TOKYOJ Japan's finance industry watchdog will order Credit Suisse Group to suspend operations in the country for suspected violations of banking laws, a local media report said yesterday. The Kyodo news service said the Financial
        Reuters  -  390 words
      • 287 16 Reuters [WASHINGTON] US regulators on Thursday accused Merrill Lynch Co and Global Minerals and Metals with taking part in a scheme to manipulate the world's copper market in 1995. The complaint filed by the Commodity Futures Trading Commission marks the latest development in
        Reuters  -  287 words
      • 302 16 Bloomberg [FRANKFURT] Commerzbank, Germany's fifth biggest bank, said first-quarter profit fell 3.7 per cent as costs increased, and after the yearearlier figure was boosted by the sale of assets. Trading profit and fee income both rose. Profit after minority
        Bloomberg  -  302 words
      • 389 16 Euro/USS: Once again, Euro/USS directions were as clear as night. The unit whipped up and down between 1.0615 and 1.0717 for the first four days of the week before edging lower to touch 1.0583 yesterday morning. As such, while the long-term
        389 words
      • Article, Illustration
        851 17 IIVTERBAMK CROSS RATES Hay 21 —2 *2! S*s P" hk$ Yw Wf Ml MONfcii No S$ tmi T$ 9M Hmt W> sr u» as ss s s s- ssss «s ss gj ssasgss as tsssss .*5 "s K ts 2£ S £2 a is 535 iSuEtS 22 is 2-. Sm
        851 words
      • 1532 17 WOOMPOTOEBS May 21 SiSSSSSMS" 8 O. Mk. *25 m» u« HB (Kg wig Jm99 103.00 50 104J0 (04.50 103.75 75 700 tog 2 ***** 105.00 ***** 600 375 WDiejJ moo moo n|oo 75 1I00 MWflO 97.75 ftSS 3 CONTRACT (UScnts/kq) Votam* Omu U* Wtt (twm) lnUmt M «5 lilt «tt#
        1,532 words
      • 131 17  -  Si win Reports MSCI Singapore Index Edward Cheung, Jardine Fleming THE MSCI Singapore Index whipped around in choppy morning trading yesterday as investors digested news of the merger of Tibs with SMRT and the Singapore Bus Service's mandate to run the new north-east
        131 words
      • 183 17  -  MSCI IMwan fttnrw Charlie Kuo Refco Singapore THE Simex MSCI Taiwan Stock Index futures declined, wiping out early gains as long liquidation by Taiwanese retails and locals pushed down the market during the last hours of trading. The May '99 contract finished 0.6
        183 words
      • 333 17 ENEROT REPORT Reuters [LONDON] Oil prices ticked higher yesterday and dealers said a wave of selling by speculators appeared to have abated. Benchmark Brent blend crude traded 14 cents higher at U5515.37 a barrel after dipping below US$l5 earlier this week. Dealers
        Reuters  -  333 words
      • 319 17 Reuters London THE euro fell towards all-time lows against the US dollar yesterday, as growth and interest rate prospects for the US and euro-zone economies increasingly favoured the dollar, analysts and dealers said. "Everything at the moment points towards a stronger dollar," said Ryan Shea, international economist at
        Reuters  -  319 words
    • Article, Illustration
      1357 18 Reuters ClHangSeng -***** HONGKONG blue chips closed lower yesterday amid worries about local interest rates, and China plays fell sharply ahead of next week's unveiling of Guangdong Enterprises (Holdings) Ltd's restructuring plan. The blue-chip Hang Seng Index finished down 103.28 points or 0.83 per cent at 12,272.14 after opening
      Reuters  -  1,357 words
    • Article, Illustration
      541 18 Reuters □Shenzhenß Index *0«36 SHENZHEN'S hard currency B shares reversed earlier losses to close higher yesterday, buoyed by renewed strength in domestic A shares, analysts said. The B share index added 0.36 point to 56.29 as turnover fell to HK$9.l6 million from HK514.07 million on Thursday. "An A share
      Reuters; Source: Credit Lyonnsis Securities(Asia) Ltd  -  541 words
    • 339 18 AFP Q VP Index -2JI TAIWAN share prices closed slightly lower yesterday in lacklustre trading as late profit-taking wiped out early gains, dealers said. Taiwan Semiconductor Manufacturing Company led a rally in early trade on news it would build a 12-inch wafer plant in Taipei in a joint venture
      AFP  -  339 words
    • 1613 18 AFP Q Nikkei 225 HON SHARE prices in Tokyo closed 0.6 per cent higher yesterday as investors bought back bank stocks, brokers said. The key Nikkei index on the Tokyo Stock Exchange gained 92.99 points to end at 16,292.96. Trading was moderate with volume estimated at 565 million shares
      AFP  -  1,613 words
    • 2185 18 UMMN f-\'- fUfci :*V"W May 21 *mmt 31 Group 7.03 0.03 AMay National 12.97 -0.28 A B Foods 4.79 -0.18 A 8 Port* 247 -0.01 Alttanca LatedStar 8.70 -0.10 Allt*d Oomacq 5.61 unch ADM Zurich 7.97 -0.04 Anqio American Cold 43.70 1.50 ASOA Group 1.80 -0.02 Bank
      2,185 words
    • KUALA LUMPUR STOCK MARKET
      • 8502 19 Commmc pndicti IM» Lest Vef Day Nat Cep High Lew Company 'OOP High Lew P/l im» 380 2SS AJInomoto 362 2 22 180 360 20.0 146.7 ns 46 Angkase 107 unch 643 119 105 157.8 293 220 Apollo Food Hlg 277 1 IS 293 277 9.6 tlO.6 204 IIS BerJeyaLend
        8,502 words
      • 394 19 AFP Q Composite Index ->.83 MALAYSIAN share prices feU 1.3 per cent yesterday as blue chips succumbed to profit-taking, but lower liners gained on strong retaU support, dealers said. "Blue-chip stocks consolidated due to profit-taking after a recent run-up," a dealer with a
        AFP  -  394 words
    • WARRANTS, OPTIONS & REGIONAL MARKETS
      • 2156 20 BONDS, LOANS WARRANTS 52-*k Last Vol Day Last Quata Avq Mtgfc Law strvo Company Sala **r- COOP) High Lao BuyOf SaMar Prtea 25 3 s 3160 A Acaf ******1 US$ 21 *1 99 21 20 20 205 35.5 4.5 s 3164 Acma ******4 30 *1.5 920 30.5 28 29.5 30
        2,156 words
      • 219 20 Of Or **-Wk LMt V* Day LMOmM Oty Mv VM Nat M Cat Ht» iw «w KM roop) K>» L— 8wyr l«m CV M >1 345 173 5123 CDLOOOOIMK ***** 4 8 3.7 23 11 6292 5 5124 Cathay P«C 20c HK-720 2*5 U 74 6 *****4 5125
        219 words
      • 198 20  -  WARRANT WATCH -By Ven Sreenivasan THE warrant of bus services operator Tibs Holdings doubled in price to $1.87 yesterday on news of its imminent merger with Singapore MRT. The number of units traded, at 13.3 million, is almost the total issue
        198 words
      • 286 20 AFP □Wellington *13.7 NEW Zealand share prices rose yesterday as Telecom Corp rebounded from recent selling generated by its purchase of a stake in Australia's AAPT Ltd, dealers said. The NZSE-40 Capital Index closed up 13.7 points at 2,148.84 on turnover of NZ5241.24 million. —AFP «w roow Advantage MOS
        AFP  -  286 words
      • Article, Illustration
        846 20 AFP Q SET Index -A 27 THAI stocks edged down yesterday as investors adjusted their portfolios before the weekend, dealers said. An analyst with a local brokerage said sentiment was dampened after the index fell below the support level of 480 points. "Some investors are sidelined on uncertainties about
        AFP  -  846 words
      • 381 20 AFP FlOompoßflite +LBI SOUTH Korean share prices yesterday edged up 0.3 per cent on a moderate rebound led by institutions, dealers said. The Korea Stock Exchange Composite Index closed up 1.89 points at 710.49. Volume was 167.4 million shares worth two trillion won, down from 196.7 million shares worth
        AFP  -  381 words
      • 650 20 AFP QABMhMjM -L> AUSTRALIAN share prices fell 0.1 per cent yesterday as lingering inflation fears in the United States affected key industrial stocks and the futures market, brokers said. The All Ordinaries Index dropped 1.9 points to 2,950.70. The All Industrials Index closed down 4.9 points at 5,181.50, while
        AFP  -  650 words
      • Article, Illustration
        697 20 AFP Composite Index -13> INDONESIAN share prices dropped 0.4 per cent yesterday amid selective profit-tak-ing in second and third-line stocks, while the election campaign proceeded relatively smoothly, dealers said. "There could be mild concern over the campaign for this weekend. But I am starting to believe that the campaign
        AFP  -  697 words
      • 310 20 AFP P Manila +7J3 PHILIPPINE share prices rose 0.3 per cent yesterday as fears of a US interest rate increase eased and investors took advantage of low prices. The Philippine Stock Exchange Composite Index rose 7.93 points to close at 2,377.13 points. Volume rose to 5.22 billion shares worth
        AFP  -  310 words
    • 7093 21 Transaction date May 21 Or Qf n ft 52W> L4«t Vet Day Last Ouote ON ON YM Nit Cm Awn L< StNo Company Sala COOP) H1«h Law 8wyor Sa*x Cvr H P/I >mS Price multhmwstit 127 17.5 m b 1000 Acma 50t 118 cd
      7,093 words
    • 1405 21 Cr Gr M Wt M w L«« Vot On lootOuoto D* Mv YM Not Cap Avg HH> Loot «MH Clim Said rOOO) HM» lw —yr So«oc CV W laSlPrto MAMUFACTURMQ 'if 30 c 2049 AS Auto 10c 117 unch 873 119 116 116 117 15 N 7 1.3 T1
      1,405 words
    • STOCK EXCHANGE OP SINGAPORE
      • 439 22 Stocks V Ota KM Popular 10c 55,012,000 Teledata 10c 37,510,000 Uraco HkkjslOc 35,030,000 S Coffeemix 5c 33,701,000 Samudera 10c 32,208,000 GES Intl Ltd 20c 30,392,000 ComfortGrp 25c 25,499,000 CSC Hldgs 10c 25,086,000 TIBS H 50c 500 22,547,000 Allgreen 50c 15,678,000 MldB TIBS H 50c 500 65,760,565 OCBC Foreign 43,814,825 DBS
        439 words
      • 594 22  -  STOCK MARKET COMMENTARY Bnt some traders are worried over rush for penny stocks based on 'pretty ridiculous rumours' By Ven Sreenivasan THE Singapore stock market all but ignored a sharp rise in the threemonth interbank rate to close at its third
        594 words
      • Article, Illustration
        67 22  -  By Ven Sreenivasan THE Uraco Holdings stock has surged to a new 52-week high on the back of strong volumes Yesterday's volume of 35 million shares is double its 10-day average. However, the technical charts short that the counter is deep in overbought territory. Even so, Uraco could
        67 words
      • ON THE GRAPEVINE
        • 104 22 THE booming American economy could take a hit from the release of The Phantom Menace, the first "prequel" of Star Wars. A study said some 2.2 million workers could claim sick leave on the first few days of the show so they could watch it ahead
          104 words
        • 113 22 THE much hyped-up CLSA Global Emerging Markets investment conference in Hongkong must go down as one of the most media-unfriendly events. And it is really perplexing why it has to be so. Any reporter who moved away from "approved areas" at the just-ended conference would immediately be
          113 words
        • 136 22 SINGAPORE investors who have parked some of their money in Pacific Century shares might like to know what they didn't get to see. The counter excited punters in both the Singapore and Hongkong markets recently after it announced that it would develop Hongkong's
          136 words
        • 155 22 CHARLOTTE Parsons, a reporter with the South China Morning Post, recently scoffed at the boxy and unspectacular form of Hongkong tycoon Li Kashing's spanking new Cheung Kong Centre. In a recent column, she quoted a prominent local architect as saying it was
          155 words



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    • 1058 22 Want to talk investments with your peers? Join our forum at "http://iol.dbs. com.sg/iol/bbs". 88 DBS BANK NOTICES To advertise call toll-free 1800-741 1883 Fax No: 741 1298 NOTICE IS HEREBY GIVEN pursuant to Section 76(10)(h) of the Companies Act, Chapter 50 that at an Extraordinary General Meeting of Independent Economic
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